2008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_518kb

Summary of the Managing Director's Statement on the Work Program of the Executive Board (November 24, 2008)

Core Content

The Managing Director of the IMF outlined the work program for the Executive Board, emphasizing the need to address the global financial crisis and to lay the groundwork for a new international financial architecture. The program was structured around three key areas: restoring global financial stability, continuing Fund work, and modernizing the Fund. The agenda was time-bound, divided into three time bands: TB1 (now through January 2009), TB2 (February–April 2009), and TB3 (after April 2009).

Main Priorities

1. Restoring Global Financial Stability

A. Fund Programs and Lending

• Emergency Financing: The Fund will provide rapid and flexible financial support to emerging market and developing countries affected by the financial crisis. Conditionality will be tailored to country-specific needs.
• Reforming Instruments: A new Short-Term Liquidity Facility (SLF) has been established. Papers on Access Limits (A.1), Charges and Maturities (A.2), Analytical Considerations (A.3), and Conditionality (A.4) will be considered before the end of 2008. A Stock-Taking paper (A.5) will consolidate findings for the 2009 Annual Meetings.
• Early Warning Systems: Staff will provide updates on early warning findings and progress, highlighting vulnerabilities and systemic risks.
• Impact on Low-Income Countries (LICs): A staff paper (B.7) will assess the actual and potential impact of the financial crisis on LICs, including their balance of payments, growth, and financial stability.

B. The Path Out of the Crisis

• Understanding the Crisis: A review of the causes and lessons (B.1) will be conducted by RES, MCM, and SPR. A seminar on fiscal implications (B.2) will examine fiscal sustainability and government liabilities.
• Global Financial Architecture: The Fund is expected to play a leading role in shaping a new financial architecture, such as Bretton Woods II, through coordinated international efforts.
• Crisis Management Frameworks: Staff will analyze legal and regulatory frameworks for bank insolvency (B.6), including cross-border issues and systemic risks from derivatives.

2. Continuing Work of the Fund

C. Advancing Surveillance Priorities

• Global Financial Stability Report (GFSR): Will examine the de-leveraging process, credit creation, and institutional linkages. It will also contribute to the development of early warning methodologies.
• World Economic Outlook (WEO): Will update forecasts and analyze the implications of financial stress for economic recovery and policy.
• Data Standards Review: A Seventh Review of Data Standards Initiatives (C.2) will assess progress and propose future work plans for SDDS and GDDS.
• Exchange Rate Arrangements: A review of classification methodology (C.3) will clarify definitions and criteria for exchange rate regimes.
• Financial Sector Assessment Program (FSAP): A review of FSAP (C.5) will enhance its effectiveness by focusing on higher-risk areas, cross-border spillovers, and streamlining processes.

D. Fund Support for Low-Income Countries

• External Financing Issues: A paper (D.1) will assess changes in the financing environment for LICs and propose policy adjustments.
• Debt Management: A pilot program report (D.2) will evaluate debt management strategies and suggest next steps.
• Lending Role and Facilities: A review (D.3) will examine the adequacy of the Fund’s instruments for supporting LICs, including potential new tools and a streamlined framework.
• Policy Support Instrument (PSI): Experience with the PSI will be reviewed (D.4), with broader implications for LIC facilities.

3. Modernizing the Fund

E. Modernizing the Fund

• External Audit: An informal briefing (E.1) will be provided on the FY2009 external audit.
• Risk Management: A report on FY2009 risk management (E.2) will assess strategic, core mission, financial, and operational risks.
• Control and Audit Matters: Quarterly informal briefings (E.3) will be conducted on control and audit issues. An activity report on internal audit (E.4) will be presented in TB3.
• Transparency Policy: A review (E.5) will examine the Fund’s transparency policy and propose changes to align with a modern communications strategy.
• Budget and Income Reform:
  • Precautionary Balances: A review (E.6) will assess their role under the new income model.
  • Investment Mandate: Consideration (E.7) will be given to broadening the Fund’s investment authority to include alternative asset classes.
  • Administrative Budget Reform: A discussion (E.8) will focus on activity-based costing, fungibility, and standard costs.
  • Medium-Term Budget Framework: A paper (E.9) will explore the income and expenditure framework for FY10–12.
  • FY10–12 Medium-Term Budget (MTB): A detailed proposal (E.10) will outline resource allocations across departments.
  • Income Position Review: A paper (E.11) will update income projections and propose Board decisions for FY2009 and FY2010.

F. Human Resource Policies

• Staff Compensation Review: An interim report (E.13) will update progress on the 2009 compensation review. A full comparator-based review (E.14) will be conducted in March 2009.
• Medical Benefits Plan: An assessment (E.15) will be made of the MBP’s contribution framework and proposed increase, along with RSBIA governance and subsidies for national health coverage.

Key Information

• The Fund’s work is prioritized to address the immediate crisis and build a new financial architecture.
• Surveillance will focus on financial stability, exchange rates, and data standards.
• Lending instruments will be reviewed and reformed, including the introduction of the SLF and a revised FSAP.
• Capacity building and technical assistance are central to the Fund’s strategy, especially for LICs.
• Budget reforms are underway, including activity-based costing and modernizing the income model.
• The IMFC is a key partner in the reform process, and the Fund will continue to provide policy advice and financial support under a new, more flexible framework.
• Governance reforms are being coordinated through a Steering Committee, with a focus on IMF governance and external consultations.

Conclusion

The Fund’s work program for 2008–2009 reflects a strategic shift toward enhancing financial stability, modernizing operations, and improving surveillance and policy support. The program is designed to be flexible, responsive, and aligned with global priorities, including the Bretton Woods II initiative and the IMFC’s reform agenda.