2022-02-27-IMF-Key_Trends_in_Implementing_the_Fund_39_s_Transparency_Policy_16页_375kb

Overview of IMF Transparency Policy Implementation Trends (February 2022 Report)

This summary outlines key trends from the IMF staff report on implementing the Fund's transparency policy in 2020. The policy permits the deletion of market-sensitive information and avoids premature disclosure of policy intentions in published reports.

Key Findings

• Publication Rates: The overall publication rate for 2020 was 95%, slightly up from 94% in 2018-2019. This increase was mainly due to higher publication rates for Article IV and UFR combined reports. Publication rates remained stable across income groups, with advanced economies publishing all reports. In 2020, regions like Sub-Saharan Africa and Middle East and Central Asia saw significant improvements, though Latin America and the Caribbean experienced a decline.
• Publication Lag: The average lag increased to 22 days in 2020, partly due to COVID-19 disruptions that temporarily postponed Article IV consultations.
• Deletions: The number of deletion requests decreased, with only 1% of reports published in 2020 including deletions, down from 9% in 2019. Deletion rejections were primarily due to information being sufficiently general or already in the public domain.
• Corrections: The share of reports with corrections fell to 44% in 2020, from 61% in 2019. Reasons for rejection included maintaining the integrity of presentations or arguments without changing staff assessments.
• Geographical Variations: Advanced economies showed consistent publication of all reports. Emerging markets improved in some regions but lagged in Latin America. Sub-Saharan Africa experienced fewer deletions, while others saw reductions in correction requests.
• Underlying Factors: The 2020 trends were influenced by COVID-19, which impacted consultation schedules, and the continuation of policies requiring member consent in some cases.