IMF takes another step to increase its openness

• Pages: 297-298

Page 297

The IMF announced October 10 that its Executive Board had agreed on measures to enhance further the transparency of the institution, in particular by promoting the publication of more country documents. The agreement will be implemented following the Board's adoption, in the coming weeks, of specific amendments to its previous decision on transparency.

Over the past decade, the IMF has dramatically increased the number of documents it publishes. But progress in the publication of country documents- which, in each case, requires the agreement of the country concerned-has been uneven, with some regions lagging behind others. This prompted the Board, concluding its recent discussions of IMF transparency, to encourage more countries to agree to publication of their documents by adopting a policy of presumption that all country staff reports should be published.

Presumed publication means that countries are expected-and strongly encouraged-to publish reports prepared by IMF staff on their economies.

However, the country's consent is still required for the document to be published. This policy of presumption already applies to policy (as opposed to country) documents, which address issues relevant to the global economy or international financial system.As always, the Executive Board juggled the benefits of more transparency with the need to preserve candor in IMF reports and confidentiality in communications with member countries.

The most important changes in the IMF's transparency policy are the following:

First, the IMF will move from just "voluntary" to "voluntary but presumed" publication for all Article IV staff reports, Article IV Public Information Notices (PINs) and related Article IV papers (Selected Issues papers, Statistical Annexes, and Appendices prepared as backgroundPage 298 material for Article IV consultations). These changes will take effect on July 1, 2004.

Publication of documents will be presumed

Second, the IMF will move from just "voluntary" to "voluntary but presumed" publication for Use of Fund Resources (UFR) and Post Program Monitoring (PPM) staff reports. These changes will become effective as soon as the Executive Board approves the amendments to its previous decision. Documents that spell out country policy intentions (such as Letters of Intent and Memorandums of Economic and Financial Policies) and often accompany UFR staff reports are already subject...