2016年-IMF国际货币组织全球_Statement_by_the_Managing_Director_on_the_Work_Program_of_the_Executive_Board_8页_518kb

2016 Executive Board Work Program Summary

Core Content

The 2016 Executive Board Work Program (WP) outlines the IMF's strategic priorities and operational plan for the next six to twelve months, translating the Fall 2016 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué into actionable items. The program is structured around four key elements: guiding the global policy dialogue, helping policymakers identify policy space and enhance resilience, supporting shared prosperity, and ensuring multilateralism works for all.

Main Points of the Work Program

1. Guide the Global Policy Dialogue

• Global Policy Agenda (GPA): The GPA will continue to guide engagement with the IMFC, with early feedback from the Executive Board.
• Economic Developments and Outlook: The Board will discuss global, regional, and other economic developments through joint sessions on the World Economic Outlook (WEO), Global Financial Stability Report (GFSR), and Fiscal Monitor.
  • WEO (2017): Focus on labor income share evolution, technological change, globalization, and inequality.
  • GFSR (2017): Analyze the impact of low interest rates on financial intermediation.
  • Fiscal Monitor (2017): Examine how structural fiscal policies can improve productivity.
• Early Warning Exercise (EWE): The Board will assess low-probability, high-impact risks to the global economy and discuss mitigation strategies in April and September 2017.

2. Help Policymakers Identify Policy Space and Enhance Resilience

• Fiscal Space: The framework for assessing fiscal space will be finalized in November 2016 and integrated into bilateral surveillance.
• Structural Fiscal Policies: The Board will be briefed on the Fiscal Cost and Gains of Structural Reforms in December 2016.
• Monetary Policy: The initial experience with Negative Interest Rate Policies (NIRP) will be reviewed in February 2017.
• Debt Sustainability: The Review of the Low-Income Countries Debt Sustainability Framework will be discussed in March 2017.
• Macroprudential Policies: The Board will examine the role of macroprudential policies in enhancing resilience to capital flows in March and June 2017.
• Resilience to Natural Disasters: The Fund will expand its focus on climate change and natural disaster preparedness, including 12 new pilot cases in bilateral surveillance.
• Capacity Development: The Fund will continue to support capacity development, especially in fragile states, and integrate gender issues into surveillance.

3. Help Promote Shared Prosperity

• Global Productivity Slowdown: The Board will be briefed on the causes and remedies of the productivity slowdown in January 2017.
• Support for Low-Income Countries (LICs): The Fund will provide tailored policy advice and technical assistance to LICs, including support for the 2030 Developmental Agenda.
• Social Protection and Inequality: The Board will discuss policies to make globalization work for all and the evolution of social protection in a changing world.
• Trade and Growth: A joint paper with the WTO on making trade an engine of growth for all will be presented in March 2017.
• International Taxation: The Board will be updated on the Platform for Collaboration on Tax initiative, including toolkits for international tax matters.
• Macro-Structural Policies: The Fund will deepen its work on macro-structural policies and income inequality in low-income developing countries.

4. Make Multilateralism Work for All

• Global Financial Safety Net (GFSN): The Board will strengthen the GFSN by reviewing the adequacy of the Fund's safety net and considering reforms to the lending toolkit.
• Debt Restructuring: The Board will discuss debtor-creditor engagement and the role of state-contingent financial instruments in preventing and resolving sovereign debt crises.
• Quota Review: The Fifteenth General Review of Quotas will be considered, with updates on quota data and simulations in August 2017.
• Resource Adequacy: The Fund will ensure adequate resources through discussions on Fund resources in September 2017.
• Capacity and Governance: The Fund will enhance its capacity development efforts and review the role of the Special Drawing Rights (SDR) in strengthening the international monetary system.
• Risk Management: The Board will review the Risk Report and strengthen the Fund's risk management framework.
• Internal Oversight and Communication: The Board will evaluate the implementation of the IMF Communications Strategy and the IEO evaluation of the Fund's role in social protection.

Key Deliverables and Timelines

• January 2017: Briefing on WEMD updates, debt sustainability framework, and the role of SDR.
• February 2017: Review of initial experience with NIRP, briefing on the 2030 Developmental Agenda, and the Diversity and Inclusion Report.
• March 2017: Discussions on macro-structural issues, fiscal capacity in fragile states, and macro-financial surveillance.
• April 2017: Early Warning Exercise and review of debtor-creditor engagement modalities.
• May 2017: Briefing on finance and technology, and the role of macroprudential policies.
• June 2017: Review of the MCP Policy and diversity and inclusion report.
• July 2017: External Sector Report and WEMD updates.
• September 2017: Adequacy of Fund resources and discussions on the 2017 Risk Report.
• November 2016: Consideration of the New Arrangements to Borrow and the Fifteenth General Review of Quotas.

Conclusion

The Work Program emphasizes the importance of balanced policy tools, resilience building, shared prosperity, and robust multilateral cooperation. It outlines a comprehensive agenda that includes both traditional and emerging areas of economic policy, with a focus on improving global financial stability, supporting low-income countries, and enhancing the Fund's role in governance and capacity development.