The global economy is going through a period of unprecedented financial instability. The Fund has been asked by the IMFC to play a leading role in helping the membership both to deal with the immediate crisis and work towards a new strengthened global architecture. These tasks are well within our mandate. Addressing these challenges—and doing so within a compressed timeframe—will require strict prioritization on three key areas: (i) providing policy advice and timely financial support that meets members’ needs; (ii) understanding what went wrong; (iii) and assembling the building blocks of a new international financial architecture.

Against the backdrop of a global economic crisis, the IMFC has underscored the Fund's central role in responding to its membership's needs and restoring prosperity and financial stability. The Fund has acted with alacrity-by overhauling its lending framework; mobilizing strong support and firm pledges toward a tripling of its resources; and continuing to strengthen the quality of its surveillance. The work program is heavy, reflecting the responsibilities assigned to the Fund by the international community and the needs of our membership.

This document translates the policy priorities laid out in the Global Policy Agenda (GPA) and the IMFC communiqué into a work agenda for the Executive Board over the next six to twelve months

This document translates the policy priorities laid out in the Global Policy Agenda (GPA) and the IMFC communique into a work agenda for the Executive Board over the next six to twelve months.

Persistent challenges: The multi-speed nature of the global economic recovery is testing the system, with strains already appearing in the form of large capital inflows to many emerging market countries and exchange rate pressures. At the same time, slow employment growth, high indebtedness, and remaining financial sector fragilities in some countries could yet derail a fragile recovery. Only cooperative approaches will succeed in relieving tensions and building a strong and sustainable recovery, based on a more balanced pattern of global growth.

This report seeks to help the IMF enhance its effectiveness by identifying major recurring issues from the IEO’s first 20 evaluations and assessing where they stand. The IMF’s core areas of responsibility are surveillance, lending, and capacity development. The aim of this report is to strengthen the follow-up process by focusing on key issues that recurred in IEO evaluations, rather than on specific recommendations on their implementation. The IEO believes that a framework of reviewing and monitoring recurring issues would be useful in establishing incentives for progress, strengthening the Board’s oversight, and providing learning opportunities for the IMF.

The membership is facing significant challenges, including high inflation, rising food and energy insecurity, elevated debt levels, tightening financial conditions, volatile capital flows and exchange rates, and intensifying geopolitical fragmentation. To this end, the Executive Board Work Program focuses on policy responses and bilateral and multilateral advice to stabilize the global economy and build resilience, critical financial assistance to those countries most affected by these shocks, and capacity development support to help implement policy advice. More than ever, the Fund has a key role to play in promoting international cooperation and collaborative solutions to shared challenges, including those related to climate, digitalization, and inclusion.