Regional technical assistance centers have become an increasingly important modality for Fund technical assistance. This review is a response to Executive Directors' calls for close monitoring and regular evaluation of their operations. The centers include, the Africa Regional Technical Assistance Centers (AFRITACs), the Caribbean Regional Technical Assistance Center (CARTAC) and the Pacific Financial Technical Assistance Center.

CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.

"Capacity development (CD) is one of the Fund’s three core activities and has grown in importance in recent years. It supports member countries’ efforts to build the institutions and capacity necessary to formulate and implement sound economic policies, thereby complementing the Fund’s surveillance and lending mandates. Member countries, partners, and external commentators give the Fund high marks for the quality of its CD. At the same time, efforts need to continue to strengthen Fund CD to serve members’ current and evolving needs. The 2018 CD Strategy Review examines progress under the Fund’s 2013 CD Strategy and proposes a CD strategy for the next five years. It notes substantial progress in addressing the 2013 recommendations, which included strengthening the CD governance structure, enhancing the prioritization processes, clarifying the funding model, strengthening monitoring and evaluation, promoting greater integration of TA and training, exploiting new technologies for delivery, and leveraging CD as outreach. However, background work for this review also pointed to the need to strengthen the CD framework further. The review builds upon the existing CD strategy, focusing on two mutually reinforcing objectives. First, the impact of Fund CD needs to be increased by further strengthening integration with the Fund’s policy advice and lending operations, while continuing to make progress in framing CD through comprehensive strategies tailored to each member’s needs, capacity, and conditions, focusing on implementation and outcomes. Stronger coordination between CD and the Fund’s other core functions will better connect CD with countries’ risks and vulnerabilities and ensure surveillance and lending integrate lessons from CD more effectively. Second, the efficiency of CD needs to be increased by improving CD processes and systems. This will enhance transparency and strengthen the basis for strategic decision making. Five specific areas of recommendations support the strategy. Likewise, they mitigate institutional risks stemming from the Fund’s CD activities. They include clearer roles and responsibilities for key internal and external stakeholders in the CD process; continued strengthening of prioritization and monitoring; better tailoring and modernization of CD delivery with a focus on implementation of TA recommendations; greater internal consultation and sharing of CD information; and further progress in external coordination, communication, and dissemination of information (Annex I)."

This supplement provides clarifications and proposes revision to the reforms of the nonconcessional lending toolkit contained in the staff papers on “The Fund’s Mandate—Future Financing Role: Reform Proposals”. The focus of this supplement is on the Flexible Credit Line (FCL) and the Precautionary Credit Line (PCL), for which revised proposed decisions are attached.

On March 1, 2021, the IMF Executive Board approved a 36-month arrangement under the Extended Fund Facility (EFF) with access of SDR 1.23749 billion (335 percent of quota, equivalent to US$1.778 billion) to support the country’s response to the pandemic and its reform efforts toward strong, inclusive, and sustainable growth. The authorities’ proactive response to the COVID-19 crisis, combined with sustained export performance, have supported a robust recovery. The outlook remains subject to downside risks, amid tighter global financial conditions, higher commodity prices, and the threat of new COVID variants.

"The economic and social imperative for women’s economic empowerment is clear. Greater gender equality boosts economic growth and leads to better development outcomes. It contributes to reducing income inequality and boosting economic diversification and, in turn, supports economic resilience. Gender equality is one of the 17 global UN Sustainable Development Goals, which provide a roadmap for ending poverty, protecting the planet, and ensuring that all people enjoy peace and prosperity. The G7 has emphasized the need for closing the gender gap. The Taormina Leaders’ Summit in 2017 renewed the emphasis on promoting women’s empowerment, which the leaders see as a crucial contribution to promoting sustainable development. In this regard, leaders committed to mainstreaming gender equality into all their policies. This is carried forward by Canada’s G7 Presidency. With growing recognition that gender equality promotes economic stability and growth, the IMF has scaled up its work in this area and is committed to continue these efforts. Work by the IMF will focus on (i) deepening its understanding of the economic benefits of women’s empowerment, both in the labor market and through more equal opportunities for boys and girls, also against the background of persistent megatrends, including in an environment of rapid technological change; (ii) integrating the analysis into Fund policy dialogue with member countries; (iii) providing customized assistance, workshops, and peer-learning courses in areas such as gender budgeting; and (iv) expanding collaboration with other international institutions on the subject to benefit from complementary areas of expertise."

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.

This paper describes the functions, policies, and operations of the IMF. The IMF is an independent international organization, and is a cooperative of 185 member countries, whose objective is to promote world economic stability and growth. The member countries are the shareholders of the cooperative, providing the capital of the IMF through quota subscriptions. In return, the IMF provides its members with macroeconomic policy advice, financing in times of balance-of-payments need, and technical assistance and training to improve national economic management.

Since its creation in 1944, the International Monetary Fund has developed a special technical language, reflecting its evolving facilities, initiatives and operations. This bulletin is a special edition containing IMF-specific terms and acronyms, prepared by the language Services Division of the IMF’s Corporate Services and Facilities Department on the occasion of the 2023 Annual Meetings of the World Bank Group and International Monetary Fund.