IMF国际货币组织全球-Statement-by-The-Managing-Director-on-the-Work-Program-of-The-Executive-Board_6页_243kb

Summary of the Executive Board Work Program, June 3, 2019

Core Content

The Executive Board Work Program for the next twelve months is based on the strategic directions and policy priorities outlined in the Spring 2019 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué. It focuses on four main areas: Supporting domestic policies to enhance resilience and inclusion, Upgrading global cooperation, Adapting the Fund's toolkits to lead and support change, and Modernizing the Fund to deliver for the future.

Main Policy Priorities and Deliverables

1. Support Domestic Policies to Enhance Resilience and Inclusion

• World Economic Outlook (WEO): Will analyze global economic forces and discuss policies to sustain growth, enhance inclusion, and improve resilience.
• Global Financial Stability Report (GFSR): Will assess financial system vulnerabilities and examine the stability implications of US dollar funding for non-US banks.
• 2019 External Sector Report (ESR): Will provide a multilaterally consistent assessment of major economies' external positions, focusing on exchange rates and global value chains.
• Staff Discussion Note (SDN) on Financial Services and Inequality: Will explore how financial policies can enhance inclusion and opportunities.
• Integrated Policy Framework: Will be developed to systematically assess the effectiveness of monetary, exchange rate, macroprudential, and capital flow management policies.
• Early Warning Exercise: Will be presented in October 2019 and April 2020.

2. Upgrade Global Cooperation to Level the Playing Field

• Illicit Financial Flows (IFFs): A stock-take will clarify the definition of IFFs and showcase the Fund’s work on AML/CFT, tax evasion, and IFF measurement.
• Fintech: A Board paper will review countries' experiences with fintech and its impact on financial systems.
• Trade: The Fund will continue to support open trade through policy advice and macroeconomic analysis, in collaboration with the WTO and WB.
• Financial Regulation: The Board will be updated on financial stability monitoring frameworks and national prudential approaches.
• Climate Change and Natural Disasters: The Fall 2019 Fiscal Monitor will focus on fiscal policies for climate change mitigation and adaptation. The Fund will also assess climate-related risks to financial stability.

3. Adapt the Fund's Toolkits to Lead and Support Change

• Surveillance: The 2020 Comprehensive Surveillance Review (CSR) and Review of the Financial Sector Assessment Program (FSAP) will be discussed, with midpoint and final papers in 2019 and 2020.
• Lending: Reviews on program design, conditionality, and concessional financing will be implemented, with updates on eligibility and misreporting policies.
• Debt Sustainability: The Debt Sustainability Framework for Market Access Countries and Debt Limits Policy will be reviewed, with multiple engagements planned before formal Board meetings.
• Capacity Development: Integration with surveillance and lending will be emphasized, with regional briefings and stand-alone sessions.

4. Continue to Modernize the Fund

• Diversity and Inclusion: The 2019 Diversity and Inclusion Report and Comprehensive Compensation and Benefits Review (CCBR) will be discussed.
• Big 5 Modernization Projects: The Fund will continue its modernization efforts, including budget trends, capital investment frameworks, and risk management updates.
• Communication Strategy: An update on the Fund's communication strategy will be presented in January 2020.

Key Information and Themes

• The Fund will focus on macroeconomic analysis, financial stability, and policy coordination to support sustainable global growth.
• Fiscal policy will play a central role in addressing climate change and enhancing resilience in low-income countries.
• Capacity development will be integrated with surveillance and lending activities to improve effectiveness.
• Debt management and financial regulation will be key areas for policy reform and adaptation.
• The Fund will continue to collaborate with international institutions such as the World Bank and the G-20 to address global challenges.

Additional Highlights

• The Fund will review its monetary and financial transparency code and multiple currency practices.
• Human resources reforms will focus on compensation, benefits, performance management, and diversity initiatives.
• Internal operations will be modernized through the Big 5 projects, which include cost-benefit analyses and strategic planning.

This Work Program reflects the IMF's ongoing commitment to economic stability, financial inclusion, and global cooperation, while adapting its tools and practices to meet evolving challenges.