Amendment to Steps to Address Excessive Delays in the Completion of Article IV Consultations or Mandatory Financial Stability Assessments PDF Download
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Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498341101
Category : Business & Economics
Languages : en
Pages : 4
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Book Description
In February 2012, the Executive Board adopted new procedures to address excessive delays in the completion of Article IV consultations. These consisted of three formal steps to be applied to all members with serious delays, regardless of the reason for delay, recognizing that the obligation to consult with the Fund under Article IV applies uniformly to all members. These steps are: (i) sending a letter from the Managing Director where an Article IV consultation is delayed for more than 12 months from the expected deadline for its conclusion; (ii) publishing a list of members with Article IV consultations delayed for over 18 months; and (iii) holding an informal session to brief Executive Directors on the economic developments and policies of a member with Article IV consultations delayed for over 18 months. While the implementation of the Decision has been relatively smooth, experience to date has led staff to believe that a modification of the Decision should be considered. In particular, the lack of leeway in the Decision regarding the notification by the Managing Director to a member whose Article IV consultation has been delayed by more than 12 months has proved to be inappropriate in some cases.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498341101
Category : Business & Economics
Languages : en
Pages : 4
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Book Description
In February 2012, the Executive Board adopted new procedures to address excessive delays in the completion of Article IV consultations. These consisted of three formal steps to be applied to all members with serious delays, regardless of the reason for delay, recognizing that the obligation to consult with the Fund under Article IV applies uniformly to all members. These steps are: (i) sending a letter from the Managing Director where an Article IV consultation is delayed for more than 12 months from the expected deadline for its conclusion; (ii) publishing a list of members with Article IV consultations delayed for over 18 months; and (iii) holding an informal session to brief Executive Directors on the economic developments and policies of a member with Article IV consultations delayed for over 18 months. While the implementation of the Decision has been relatively smooth, experience to date has led staff to believe that a modification of the Decision should be considered. In particular, the lack of leeway in the Decision regarding the notification by the Managing Director to a member whose Article IV consultation has been delayed by more than 12 months has proved to be inappropriate in some cases.
Author: International Monetary Fund. Secretary's Department
Publisher: International Monetary Fund
ISBN: 1498346014
Category : Business & Economics
Languages : en
Pages : 11
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Book Description
Management has received a request from the Argentine authorities to publish documents on economic developments in the country prepared by Fund staff for informal Board briefings in 2013–15. The Argentine authorities see publication of these papers as part of their commitment to transparency and accountability in their operations. The documents were prepared pursuant to the Fund’s policy on excessive delays in the completion of Article IV consultations and mandatory financial stability assessments, which requires that staff informally brief Executive Directors every 12 months on the economic developments and policies of relevant members. The objectives of the policy are to promote re-engagement with members with excessively delayed consultations, and to share information with the Board to help it fulfill its surveillance function. Under current policy, the briefing documents are not published. Instead, a short factual statement is issued in a press release, noting that the Board was given an informal staff briefing on the member’s economy based on available information. Under the policy, the Fund decided against publication of the briefing documents since it was considered that publication could expose the Fund to a significant reputational risk if the analysis set out in the documents missed key vulnerabilities due to large information gaps created by the lack of consultation with the member. Also, outside audiences may not appreciate that the documents represent the views of staff, not the views of the Board, and do not constitute an Article IV consultation. A further concern was that publication could reduce the pressure on members to proceed with an Article IV consultation. In light of the current policy, any publication of these documents would require a change in policy approved by the Executive Board
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498340911
Category : Business & Economics
Languages : en
Pages : 13
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Book Description
Bilateral surveillance is mandatory for both the Fund and its members, and all members have an obligation to consult with the Fund for this purpose.3 Periodic consultations with members on their policies and access to necessary information are essential for effective bilateral surveillance. Furthermore, to enable the Fund to effectively conduct multilateral surveillance, bilateral surveillance needs to cover all economies at a reasonable frequency.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344844
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
This note provides country teams with guidance on bilateral and multilateral surveillance in the context of Article IV consultations. It covers the following issues: Focus on stability. Stability is the organizing principle of surveillance. Article IV consultations should focus on the conduct of economic and financial policies pursued by members to promote present and prospective domestic and balance of payments stability, as well as global economic and financial stability. For the latter, Article IV consultations should discuss spillovers from members’ economic and financial policies that may significantly affect global stability, including alternative policy options that would minimize their adverse impact. Operational guidance. The note provides detailed guidance, suggestions and references in areas covered in surveillance including risks and spillovers, fiscal policy, macrofinancial and monetary policy, BOP stability, structural policies and data issues. Communication and Engagement. Effective two-way communication is key to surveillance, including with the authorities (to help staff’s advice get traction), the Executive Board (to support effective peer review), and the public and other stakeholders (to gain support for necessary policy adjustments). Surveillance messages need to be clear, concise, and focused. The Fund needs to be evenhanded, in line with the principle of uniformity of treatment, for surveillance to command the confidence of the membership. Process and formal requirements. A number of procedures, rules, and requirements are summarized in this note.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498302858
Category : Business & Economics
Languages : en
Pages : 1088
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Book Description
The Thirty-Seventh Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents to which frequent reference is made in the current activities of the Fund. In addition, it includes documents relating to the IMF, the United Nations, and other international organizations.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498309305
Category : Business & Economics
Languages : en
Pages : 5
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Book Description
"In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments have been delayed by more than 18 months, as of June15, 2018, since the expected deadline for conclusion. The latest version of this list, as shown in Appendix I, will be published on the Fund’s external website on or after June 27, 2018."
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1589068556
Category : Business & Economics
Languages : en
Pages : 962
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Book Description
This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1475595999
Category : Business & Economics
Languages : en
Pages : 1048
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Book Description
This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1513540890
Category : Business & Economics
Languages : en
Pages : 1026
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Book Description
This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498318983
Category : Business & Economics
Languages : en
Pages : 854
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Book Description
This volume is the Fortieth Issue of Selected Decisions and Selected Documents of the IMF. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents, to which frequent reference is made in the current activities of the IMF. In addition, it includes certain documents relating to the IMF, the United Nations, and other international organizations. As with other recent issues, the number of decisions in force continues to increase, with the decision format tending to be longer given the use of summings up in lieu of formal decisions. Accordingly, it has become necessary to delete certain decisions that were included in earlier issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions. Wherever reference is made in these decisions and documents to a provision of the IMF’s Articles of Agreement or Rules and Regulations that has subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.
