2023-09-26-IMF-Key_Trends_in_Implementing_The_Fund_s_Transparency_Policy_16页_1mb

Summary of IMF Transparency Policy Implementation

Key Findings

• Publication Rates: The overall publication rate for documents reviewed by the Executive Board in 2021 was 96%, unchanged from 2020. Advanced economies published all reports, while publication rates for emerging market and developing economies (EMDEs) were stable except in regions like emerging and developing Asia and Middle East and Central Asia, where they slightly declined. No publications were strictly mandated from non-compliant members.

• Publication Lags: The average lag for reports decreased to 14 days in 2021, nearly matching pre-pandemic levels. This improvement was driven by shorter delays in Sub-Saharan Africa and other EMDEs, while advanced economies saw consistently short lags (<8 days) compared to EMDEs (~15 days). Some members had exceptionally long lags (>28 days).

• Deletions: Deletion requests slightly increased in 2021 but remained relatively low. Most requests were denied on the grounds that the information was not sufficiently specific to trigger market risks. High deletion activity was observed in the Middle East and Central Asia.

• Corrections: Correction requests normalized in 2021, aligning with pre-2020 levels. Approval rates were higher for advanced economies (79%) than for EMDEs (75%), with most rejections due to policy presentation limits under the transparency policy.

Context

• The analysis covers trends from 2019–2021, influenced by the COVID-19 pandemic, which temporarily reduced Article IV consultations and led to lower publication rates in 2020.
• The policy allows for market-sensitive information deletion and prevention of premature policy disclosures to ensure transparency without undue market impacts.