2009年-IMF国际货币组织全球_Statement_by_the_Managing_Director_on_the_Work_Program_of_the_Executive_Board_13页_621kb

Summary of the Managing Director's Statement on the Executive Board's Work Program (June 3, 2009)

Core Content

The Managing Director outlined the IMF's work program for the period leading up to the 2009 Annual Meetings, emphasizing the Fund's role in responding to the global economic crisis, strengthening the global financial safety net, and advancing reforms in governance and surveillance. The program includes a wide range of policy discussions, seminars, and reviews aimed at improving the Fund's effectiveness, transparency, and alignment with international financial system needs.

Main Policy Areas and Key Points

I. Crisis Response

The IMF is focusing on addressing the global financial crisis through several key initiatives:

• Strengthening the Global Financial Safety Net (GFSN):

  • Proposing a $250 billion SDR allocation to be discussed by end-June.
  • Expanding the New Arrangements to Borrow (NAB) with more participants and increased credit flexibility.
  • Finalizing operational guidelines for borrowing by June.
  • Reviewing blackout periods in Stand-By Arrangements (SBAs) in July.

• Concessional Lending to Low-Income Countries (LICs):

  • Enhancing concessional financing capacity to support LICs' medium-term needs.
  • Proposing a new concessional financing framework in July.
  • Revisiting PRGF eligibility to ensure concessional resources are well-targeted, with a paper to be presented in October.

• Monitoring and Policy Advice:

  • Assessing the effectiveness of Fund-supported programs in crisis response.
  • Holding seminars on:
    • Tax policy distortions and their macro-financial implications (June).
    • Trade finance developments (June).
    • Public acquisition of crisis-related assets and exit strategies (July).
    • Fiscal policy rules for sustainable public finances (August).
  • The World Economic Outlook (WEO) and Global Financial Stability Report (GFSR) will provide ongoing analysis of global economic conditions and financial sector stability.

II. Building a More Robust Global Architecture

• Enhancing Surveillance:

  • Conducting an early warning exercise with a dry-run and finalizing next steps for its formal launch at the Annual Meetings.
  • Reviewing cross-country analyses from Article IV consultations to inform more evenhanded policy dialogue with major economies.
  • Revamping the Financial Sector Assessment Program (FSAP) to make it more flexible, integrated, and targeted.
  • Improving transparency policies for Fund operations, including surveillance and UFR (Use of Fund Resources) processes.
  • Assessing the systemic importance of financial institutions, markets, and instruments, in coordination with the FSB and BIS.
  • Exploring cross-border bank insolvency resolution mechanisms, in line with G20 demands.

• Governance and Quota Reforms:

  • Advancing quota and voice reform, including updating the quota formula and revisiting alternative variables for calculations.
  • Discussing governance reforms proposed by the G20, IEO, civil society, and the Eminent Persons Group.
  • Preparing a report on governance reforms for the IMFC, scheduled for mid-July.
  • Holding an informal briefing on the Eminent Persons Group's report in mid-June.
  • Considering broadening the Fund's investment mandate to improve capital management and asset diversification.

III. Continuing Work of the Fund

• Streamlining and Work Practices:

  • Proposing streamlined procedures for policy and Board paper flows to improve efficiency, with a discussion in early-August.
  • Reviewing the Joint Management Action Plan implementation progress with the World Bank, to be presented in August.

• Budget Matters:

  • Revising capital budget benchmarks and establishing a multiyear framework for the capital budget by TB1 (August 10).
  • Updating budget envelopes for FY 11–13, with a proposal to be considered in January 2010.
  • Finalizing the Medium-Term Budget (MTB) and Income Expenditure Framework for FY 11–13 by March–April 2010.

• External Audit:

  • Presenting the FY2009 external audit results in July.

Key Information and Timeline

• The work program is intensive, reflecting the Fund's global responsibilities and member needs.
• Key activities are categorized into Crisis Response, Building a More Robust Global Architecture, and Continuing Work of the Fund.
• A variety of discussions (DIS), seminars (SEM), and informal briefings (IB) are planned, with time bands (TB1, TB2, TB3) indicating when each activity is expected to occur.
• Collaboration with the World Bank, FSB, and other international bodies is emphasized in several reform initiatives.
• Transparency, surveillance effectiveness, and financial system resilience are central themes.

Conclusion

The IMF's work program for the 2009 period is designed to address the immediate and long-term challenges posed by the global financial crisis. It includes a mix of crisis management, institutional reforms, and policy advice to ensure the Fund remains effective, transparent, and responsive to its members' needs. The program reflects the Fund's commitment to global financial stability, equitable resource distribution, and enhanced governance and collaboration.