IMF outlines work priorities
| Pages | 185-187 |
Page 185
The IMF has set itself an ambitious work program for the coming months. In addition to developing a medium-term strategy for the institution, it will focus on sharpening its efforts in surveillance of economic and financial developments, and in lending to members seeking to stabilize and reform their economies. Also a top priority: ensuring the effectiveness of the IMF's role in low-income countries, including consideration of the recent G-8 debt proposal.
Page 187
The work program of the IMF's Executive Board over the coming year has among its key priorities making the institution's medium-term strategy operational, strengthening the effectiveness of its surveillance and crisis prevention efforts, refining its role in low-income countries, and reviewing its instruments, IMF Managing Director Rodrigo de Rato said in a statement released on June 22. These priorities, which reflect the guidance of the International Monetary and Financial Committee (IMFC) at its April 16 meeting, were confirmed by the Executive Board when it discussed the Managing Director's statement. On June 22, the Board agreed that the work program will be modified to allow consideration of the Group of Eight debt relief proposal (see page 188).
Fleshing out a medium-term strategy. The IMF, de Rato said, is working to reach understandings on a medium-term strategy paper that incorporates the priorities, organizational implications, and potential trade-offs among the IMF's major activities over the next few years. In the next stage, the IMF will focus on enhancing the effectiveness of surveillance; intensifying work on financial sector and capital account issues; the planning, prioritization, and integration of technical assistance activities; calibrating the intensity of future work on standards and codes; refining instruments for supporting low-income countries; and the prioritization, efficiency, and allocation of resources in the IMF's operations. A comprehensive Board discussion of the Fund's medium-term strategy is planned for September. De Rato added that as deliberations on the medium-term strategy are completed, it will be "important to turn more intensively to issues related to the longer-term evolution of the international monetary system and the role of the Fund."
Surveillance and crisis...
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