IMF Work Agenda Stresses Agile, Integrated, Member-Focused Approach

IMF work agenda strives to integrate activities, exploit synergies

Emphasis is increasingly shifting to preventing—instead of reacting to—crises

Agenda focuses on structural reforms as means of spurring growth

The latest IMF Work Program centers on translating the directions laid out in the Global Policy Agenda in October into a concrete plan for the next twelve months.

The agenda highlights the need to support growth, invest in resilience and safeguard financial stability, implement the structural reforms needed for sustainable and inclusive medium-term growth, and fortify the international monetary system.

In the following interview, Siddharth Tiwari, Director of the IMF’s Strategy, Policy, and Review Department, discusses the institution’s priorities in the coming months.

IMF Survey : How are the IMF’s priorities shifting in response to global developments?

Tiwari: The work program is responding to three transitions under way in the global economy, all of which are relevant for the Fund and the way we engage.

One is the prospect of raising interest rates in the United States and its consequences. That transition will have an impact on advanced economies and, more importantly, emerging markets. Emerging markets have been slowing in recent years, and tightening financial conditions could put further pressure on them and make it more difficult for them to converge.

The second transition, which will be important in 2016, is China’s rebalancing. China’s economy is expected to slow as it rebalances growth, and the world is watching very closely to see what the impact will be.

The third transition—which is partly a consequence of the second—is falling commodity prices, a phenomenon that will affect many emerging market economies.

IMF Survey : The IMF Managing Director has called for the IMF to be more agile, integrated, and focused on its member countries. How does the work agenda advance this goal?

Tiwari: A key focus of this work program is “AIM,” which stands for agility, integration, and member focus. By agility, we mean responding to the transitions that are in play—being able to look at the spillovers, anticipate consequences before they happen, and focus on lifting growth in an environment where the room for policy maneuver is decreasing.

By integration, we will better align policy advice across sectors and take advantage of synergies across work streams. For example, we are focusing on integrating our capacity building...