Guidance Note On Imf Engagement On Social Safeguards In Low Income Countries
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Guidance Note on IMF Engagement on Social Safeguards in Low-Income Countries by International Monetary Fund. Strategy, Policy, & Review Department Pdf
This note provides operational guidance to staff on how to engage on social safeguard issues with low-income countries in both program and surveillance contexts. The note is not intended as a comprehensive guide, and should be used in conjunction with other operational guidance notes, such as those relating to conditionality and surveillance.
Operational Guidance Note for IMF Engagement on Social Spending Issues by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept. Pdf
This note provides general guidance on the operationalization of the strategy for IMF engagement on social spending. Social spending plays a critical role as a key lever for promoting inclusive growth, addressing inequality, protecting vulnerable groups during structural change and adjustment, smoothing consumption over the lifecycle, and stabilizing demand during economic shocks. Social spending policies have also been playing an important role in tackling the structural challenges associated with demographic shifts, gender inequality, technological advances, and climate change. This note builds on a series of notes on IMF engagement on specific social spending issues since the publication of the 2019 strategy paper and provides operational guidance on when and how to engage on social spending issues, in the context of surveillance, IMF-supported programs, and capacity development.
Operational Guidance Note On Program Design and Conditionality by International Monetary Fund. Strategy, Policy, & Review Department Pdf
This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.
International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Middle East and Central Asia Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Western Hemisphere Dept.
Author : International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Middle East and Central Asia Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Western Hemisphere Dept. Publisher : International Monetary Fund Page : 56 pages File Size : 44,5 Mb Release : 2018-01-26 Category : Nature ISBN : 9781498307598
2017 Staff Guidance Note on the Fund's Engagement with Small Developing States by International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Middle East and Central Asia Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Western Hemisphere Dept. Pdf
"This guidance note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small state characteristics might shape Fund surveillance and financial support, program design, capacity building activities, and collaboration with other institutions and donors. The note updates the previous version that was published in May 2014. It incorporates modifications resulting from Board papers and related Executive Board discussions that have taken place since the March 2013 Board papers on small states, which provided the foundations of the original guidance note. Based on these inputs, five key thematic areas (G.R.O.W.TH.) have been identified as central to the policy dialogue: • Growth and job creation. With small states experiencing relatively weak growth since the 1990s, Fund staff working on small states should ensure an explicit focus on growth in both surveillance and program-related work. • Resilience to shocks. Small states experience higher macroeconomic volatility and more frequent natural disasters. Staff should be ready to advise on how to tailor macroeconomic policies to provide greater resilience to shocks and climate change. • Overall competitiveness. Options to improve relative prices may include exchange rate adjustment (where possible) or measures supportive of internal devaluation (if not), and efforts to improve the business climate, including through regional initiatives. • Workable fiscal and debt sustainability options. With many small states having very high debt burdens, reducing debt to manageable levels requires sustained fiscal consolidation with supporting policies and structural reforms. In cases where the amount of adjustment needed to restore debt sustainability is not feasible or adequate financing is not available, debt restructuring may be needed. • Thin financial sectors. Developing deeper and more competitive, yet sound, financial sectors contributes to macroeconomic stability and enhances the effectiveness of policy interventions while strengthening competitiveness by improving business access to financial services."
Author : International Monetary Fund Publisher : International Monetary Fund Page : 39 pages File Size : 46,9 Mb Release : 2012-04-25 Category : Business & Economics ISBN : 9781498340588
Staff Guidance Note on the Fund’s Engagement with Countries in Fragile Situations by International Monetary Fund Pdf
This note aims to provide country teams with broad guidance on engagement with countries in fragile situations. The aim of the guidance note is to help staff maintain focus on issues specific to countries in fragile situations. While engagement should focus on the issues and principles laid out in the note, there is, of course, scope for staff to tailor engagement to country specific circumstances beyond proposed practices.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 47 pages File Size : 52,8 Mb Release : 2014-03-24 Category : Business & Economics ISBN : 9781498343619
Staff Guidance Note on the Fund's Engagement with Small Developing States by International Monetary Fund Pdf
This note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small country size might influence the use of Fund facilities and instruments, program design, capacity building activities, and collaboration with other institutions and donors. The guidance note draws on the March 2013 Board papers on small states and the associated Executive Board discussion. The findings of the paper and implications for Fund engagement with small states were presented to small states authorities during the 2013 Annual Meetings, as well as in regional IMF conferences with small states in the Bahamas (September 2013) and Vanuatu (November 2013). Series
Author : International Monetary Fund Publisher : International Monetary Fund Page : 56 pages File Size : 40,9 Mb Release : 2020-03-04 Category : Business & Economics ISBN : 9781513536194
Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations by International Monetary Fund Pdf
The Tenth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over the last year on actions contained in 10 MIPs with open management actions.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 24 pages File Size : 52,7 Mb Release : 2014-07-11 Category : Business & Economics ISBN : 9781498342612
Staff Guidance Note on Macroprudential Policy - Considerations for Low Income Countries by International Monetary Fund Pdf
This note explores how characteristics of financial systems commonly observed in low income countries may shape the approach to the staff’s advice on macroprudential policy. It explores the implications of the ongoing process of financial and institutional development for the conduct of macroprudential policy in these countries. This note is a supplement to the Staff Guidance Note on Macroprudential Policy.
A Strategy for IMF Engagement on Social Spending by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf
Interest in social spending issues has intensified over the last decade. This reflects concerns about rising inequality and the need to support vulnerable groups, especially in the aftermath of the global financial crisis. In line with this, the Fund has also increased its engagement on social spending issues. This paper outlines a strategy to guide IMF engagement on social spending issues going forward.
IMF Engagement on Social Safety Net Issues in Surveillance and Program Work by International Monetary,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf
The International Monetary Fund’s engagement on social safety net (SSN) issues is likely to expand as member countries respond to growing challenges in the economic and fiscal landscape. SSNs play a crucial role in protecting households from poverty, promoting inclusive growth, and maintaining social stability. This technical note discusses (1) the different channels through which SSN spending may become macro-critical, (2) how to assess the importance of these channels, and (3) the types of policy responses that are appropriate and the trade-offs involved in choosing among them. To facilitate a more comprehensive assessment of SSN spending, the paper also examines the complementary role of labor market programs (for example, unemployment benefits and active labor market programs). The paper emphasizes the importance of early engagement and coordination with development partners with expertise on social safety nets and with different stakeholders when formulating policy advice.
Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation Report - "The IMF and Social Protection" by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept. Pdf
"This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) report on “The IMF and Social Protection.” The management implementation plan (MIP) proposes specific actions to address the IEO recommendations endorsed by the Executive Board in its discussion on July 19, 2017, specifically to: (i) establish a clear strategic framework to guide Fund involvement in social protection; (ii) provide tailored advice based on in-depth analysis of the particular country situation; (iii) find more realistic and effective approaches to program design and conditionality to ensure that adverse impacts of program measures on the most vulnerable are mitigated; (iv) realistically explain in external communications the IMF’s approach to social protection issues; and (v) engage actively in inter-institutional cooperation on social protection to find ways to work constructively with development partners, particularly institutions with different mandates and policy priorities. The MIP notes that the Board underscored the need to be mindful of the Fund’s mandate to engage only in macro-critical areas while bearing in mind its resource constraints and comparative expertise in implementing these recommendations. Implementation of some of these proposed actions is already underway. The paper also explains how implementation will be monitored and the MIP’s resource implications."
2018 Review of Program Design and Conditionality by International Monetary Fund. Strategy, Policy, & Review Department Pdf
The 2018 Review of Program Design and Conditionality is the first comprehensive stocktaking of Fund lending operations since the global financial crisis. The review assesses program performance between September 2011 and end-2017. Programs during this period were defined by the protracted structural challenges faced by members and hampered by the persistently weak global environment.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 5 pages File Size : 55,8 Mb Release : 2017-07-24 Category : Business & Economics ISBN : 9781498346627
Statement by the Managing Director on the Independent Evaluation Office's Report on the IMF and Social Protection by International Monetary Fund Pdf
I welcome the report of the Independent Evaluation Office (IEO) on the IMF and Social Protection. This is an area in which the Fund has broadened its engagement in recent years, responding to the needs of the membership. The conclusion that I draw from the report—that the Fund has made strong progress—is therefore an encouraging one, even as I recognize that there is scope to do better. The IEO’s analysis and findings have much in common with recent work by Fund staff, while providing a broader perspective that is very valuable. Overall, I find the IEO’s recommendations for refining the Fund’s approach to social protection to be well-judged, and the proposals have my support.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 5 pages File Size : 43,9 Mb Release : 2016-06-07 Category : Business & Economics ISBN : 9781498345460
Statement by the Managing Director on the Independent Evaluation Office’s Report on the IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting - July 19, 2016 by International Monetary Fund Pdf
I welcome the report of the Independent Evaluation Office (IEO) on the Euro Area crisis programs. Their work provides an independent and in-depth account, which I have no doubt will make an important contribution to understanding the Fund’s approach to the crisis. As I have emphasized repeatedly, the IEO plays a vital role in enhancing the learning culture within the Fund, strengthening the Fund's external credibility, and supporting the Executive Board's institutional governance and oversight responsibilities.
International Monetary Fund Annual Report 2021 by International Monetary Fund. Secretary's Department Pdf
A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.