This paper reviews experience with the safeguards assessment policy since the last review in 2010. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.
This paper presents the Fund’s net income outcome for FY 2010. The actual outcomes in this paper follow the closing of the Fund’s accounts for the financial year and completion of the FY 2010 external audit conducted by Deloitte & Touche, the Fund’s external auditor. The paper also provides an update on the restructuring costs incurred during FY 2010.
This paper reviews experience with the safeguards assessment policy since the last review in 2015. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.
The safeguards assessments policy was introduced in March 2000 to provide reasonable assurance that central banks have adequate financial control systems in place to manage their resources and Fund disbursements. The safeguards policy’s main objective is to minimize the possibility of misreporting or misuse of Fund resources associated with the Fund’s lending activities. Safeguards assessments apply to all member countries that have a Fund arrangement.
This paper provides Executive Directors with an update of safeguards assessment activities from July 1, 2006 through June 30, 2007. This is the second annual update report of safeguards activities since the last review of the safeguards policy in April 2005. The next review of the policy by the Executive Board is scheduled for 2008.
The safeguards policy was introduced in 2000 to reduce the risks of misuse of Fund resources and misreporting of program monetary data to the Fund. It supports the Fund’s approach to prudent lending and complements other safeguards such as program design, conditionality, and access limits, to name a few. Some 242 assessments of 92 central banks have been completed since 2000. Assessments are followed by a period of monitoring for as long as Fund credit is outstanding.
This Handbook provides guidance to staff on the IMF’s concessional financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in December 2017 (IMF, 2017e) by incorporating modifications resulting from the 2018–19 Review of Facilities for Low-Income Countries and Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries (IMF, 2019a, b), approved by the Board in May 2019; the reforms introduced in 2021 on the basis of the Board paper Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (IMF, 2021a), approved in July 2021; and a number of other recent Board papers. Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in the Handbook.
This paper notifies the Executive Board of a pilot exercise for fiscal safeguards. The pilot will be conducted by the Fiscal Affairs Department and will cover a limited number of large budget financing cases over the next twelve months. Contrary to the existing safeguards assessment for central banks, participation in this exercise will be voluntary but will follow similar procedures in terms of confidentiality.
This 2002 Annual Report describes world economic and financial developments in FY2002. During FY2002, the IMF faced important new challenges in an unusually unsettled world environment. After a period of strong expansion, the global economy experienced a widespread slowdown during the 2001 calendar year. By early 2002, however, thanks in large part to actions taken by key central banks to lower interest rates, there were encouraging signs that growth was recovering, although serious concerns remained in a number of countries.
