Issues Raised at Global Conferences Reflected in IMF's Work

• Pages: 26-27

Page 26

Recent global conferences have dealt with a range of important issues, most of which are reflected in the work of the IMF. Indeed, the IMF has strengthened collaboration with other United Nations agencies and has reinforced its efforts with respect to key issues raised at these conferences. The Interim Committee's Partnership for Sustainable Global Growth, in particular, contains "11 commandments" for good governance of the world economy (see IMF Survey, October 14, 1996, page 327), some of which emphasize the importance of the quality of government expenditure and the need to make more room for spending on key social sectors. In the article below, J.B. Zulu, Director of the IMF's Office at the UN, summarizes IMF work on such issues, with input from the Fiscal Affairs and Policy Development and Review Departments.

UN Conference on Environment and Development

The IMF's work is relevant for the UN Environment and Development Conference (Rio de Janeiro, June 1992), in that it pays due attention to the link between environmental and macro-economic issues, thereby enhancing prospects for sustainable development. Specifically, the IMF helps member countries achieve sustainable macroeconomic and financial stability-a prerequisite for sustainable development; helps low-income countries using its resources to prepare three-year policy frameworks for macroeconomic and structural policies (including environmental policies); and calls attention to the macroeconomic and financial implications of environmental policies in its policy dialogue with its members wherever necessary. The IMF staff helps members design and implement the structural policies-including subsidy and price reform, trade liberalization, and tax reform-that promote more efficient resource use and facilitate sustainable development, including from an environmental standpoint.

The IMF maintains contacts on environment issues with the World Bank and other specialized UN agencies, including the UN Development Program. It also participates in multilateral forums, including the UN Commission for Sustainable Development, the Inter-Agency Task Force on Environment Statistics, the UN Conference on Trade and Development, and in World Trade Organization discussions on trade...