The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.

The framework guiding the IMF's communications-established by the Executive Board in 2007-has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund's role and policies; (ii) better integrating communications into the IMF's daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund's outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media-including social media.

The strategy proposed in this paper seeks to build understanding and support for the IMF’s reform agenda as outlined in the IMF's Medium-Term Strategy, further integrate communications with operations, raise the impact of communication tools, and rebalance outreach efforts.

In 1999, the IMF and the World Bank adopted a new frame work for supporting economic reform in low-income member countries to achieve the objectives of poverty reduction and economic growth. The frame work consists of two key elements: country-authored Poverty Reduction Strategy Papers, drawing on broad-based consultations with key stake holder groups; and a vehicle for the provision of IMF concessional lending, the Poverty Reduction andGrowth Facility. This evaluation takes stock of progress to date and attempts to identify short comings that may require course corrections in the design and implementation of the initiative.

This report updates the 2009 IEO evaluation of IMF Involvement in International Trade Policy Issues. Since then, the composition and structure of international trade have evolved, but trade has not regained its former dynamism. With increasing concern about potential winners and losers from trade, there has been a loss of political support for globalization, increasing trade tensions and protectionism, and the institutional framework supporting multilateral trade has come under heavy strain. The report concludes that overall the IMF deserves considerable credit for its active and timely response, playing a prominent role in championing commitment to an open, rules-based multilateral trading system. The Fund has largely implemented the recommendations of the 2009 evaluation and has strengthened and consolidated its trade policy analysis and advice, appropriately focusing on the key macroeconomic effects and associated risks of trade policy developments at the national and international levels. IMF advocacy on trade has been underpinned by a major expansion in the attention to trade policy issues in multilateral surveillance—and to some extent in bilateral surveillance—supported by high-quality research and analysis, building on the Fund’s well-established modeling capacity. Looking forward, the Fund will need to sustain its current high level of advocacy and analysis on trade policy issues and consider how to increase the overall impact of this work. Key challenges include: contributing to foster a recommitment to trade policy cooperation; further attention to translating multilateral surveillance into bilateral policy advice; consolidating relations with partner institutions; and increased attention to rapidly developing trade policy issues. Across all these dimensions, care will be needed to ensure appropriate evenhandedness in trade policy surveillance across countries. A holistic review of the IMF’s “trade strategy” would help to guide trade policy work and the allocation of scarce resources among competing priorities.

A stronger presumption of publication for all program-related documents could further increase publication rates, while defining prompt publication should help reduce publication lags. Streamlining external communication products could reduce the risk of inconsistent messaging. The review also presents new evidence on evenhandedness with now only few cases not fulfilling the criteria for modifications under the policy. It nevertheless suggests measures to strengthen monitoring in this area. The review sets out the Fund’s policies on confidential information, and proposes that staff systematically explains these policies in its interactions with country authorities. In response to recent surveillance reforms, the review also proposes a new publication regime for multi-country documents. Staff sees the introduction of a publication regime for a new category of multi-country documents as the best way to ensure that the Fund publishes candid multilateral surveillance, while respecting members’ needs. Similarly, the modification rules for country documents will need to be adapted to take into account the implications of the Integrated Surveillance Decision (ISD).

The IMF, The World Bank Group, and the Question of Human Rights explores various issues facing international financial institutions and their obligations to adhere to human rights norms. Bahram Ghazi gets to the heart of the most important issues facing the global community today: namely, how to reconcile globalization and the activities of the World Bank and the IMF with the implementation of international human rights rules. His comprehensive work explains the relation between economy, finance, and investments and their impact on the human rights situation. Using an interdisciplinary approach, the author incorporates historical, political, economic, financial, and institutional dimensions into his analysis. The IMF, The World Bank Group, and the Question of Human Rights is the fourth volume to be published in Transnational’s International Law and Development series, edited by Raj Bhala. Published under the Transnational Publishers imprint.

External study prepared by John Palmer, Chair, Toronto Leadership Centre, former Superintendent, Office of the Superintendent of Financial Institutions, Canada, former Deputy Managing Director Monetary Authority of Singapore, former Canadian Managing Partner of KPMG and Yoke Wang Tok, Former Senior Advisor to the IMF Executive Director representing ASEAN, Nepal, Fiji and Tonga and former Principal Economist, Monetary Authority of Singapore: This report aims to provide an independent view of how the Fund is discharging its multilateral surveillance responsibilities, in particular its contribution to global financial stability and crisis prevention, working in coordination with other relevant international groupings/institutions such as the FSB and BIS. As we emerge from the global financial crisis (GFC), the Fund has regained much of its credibility and relevance. The GFC caught many, including the IMF, by surprise. Since then, the Fund has done considerable self-analysis and taken active steps to strengthen its surveillance and policy advice and to improve traction with policy makers. The IEO report on the Fund’s performance in the run-up to the financial and economic crisis identified various shortcomings that needed to be addressed. One of its key findings was the inability of the Fund to connect-the dots, to deliver hard-hitting messages and the difficulty experienced by the Fund in thinking beyond mainstream/official views. Many of the IEO’s findings have relevance to this review.

Seven years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International Monetary Fund (IMF) Managing Director Christine Lagarde says in her foreword to the institution’s Annual Report 2014—From Stabilization to Sustainable Growth, published today. The recovery is ongoing, but it is still too slow and fragile, subject to the vagaries of financial sentiment. Millions of people are still looking for work. The level of uncertainty might be diminishing, but it is certainly not disappearing.” Ms. Lagarde said that “throughout the crisis and in the recovery period, the IMF has been, and continues to be, an indispensible agent of economic cooperation” for its membership. The report covers the work of the IMF’s Executive Board and contains financial statements for the year May 1, 2013, to April 30, 2014. It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.