The Role Of The Fund In Governance Issues Review Of The Guidance Note Preliminary Considerations
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The Role of the Fund in Governance Issues - Review of the Guidance Note - Preliminary Considerations
Author: International Monetary Fund. Strategy, Policy, & Review Department
language: en
Publisher: International Monetary Fund
Release Date: 2017-02-08
Following the request of the IMFC, this paper represents a first step in reassessing the Fund’s approach to tackling governance issues, the guidelines for which are contained in a 1997 Guidance Note. The paper examines the record of implementation of these guidelines in the period since the last such review was conducted in 2004, focusing on the handling of issues relating to corruption.
The Role of the Fund in Governance Issues - Review of the Guidance Note - Preliminary Considerations - Background Notes
Author: International Monetary Fund. Strategy, Policy, & Review Department
language: en
Publisher: International Monetary Fund
Release Date: 2017-02-08
The Background Notes in this Supplement provide essential context and analysis needed to understand the problem of governance and corruption, its impact on the economies of Fund members, and the history and nature of Fund engagement on these issues. They also seek to support the assessment of the Fund’s overall approach to promoting good governance and reducing corruption—including through the lenses of key stakeholders—with a view to identifying strength and closing any remaining gaps.
Review of 1997 Guidance Note on Governance - A Proposed Framework for Enhanced Fund Engagement
Author: International Monetary Fund. Fiscal Affairs Dept.
language: en
Publisher: International Monetary Fund
Release Date: 2018-04-22
This paper proposes the adoption of a framework that would supplement the 1997 Fund’s Guidance Note on the Role of the Fund in Governance Issues, adopted by the Executive Board (the “1997 Governance Policy”). While the 1997 Governance Policy remains an appropriate basis for the Fund’s work in this area, further guidance from the Executive Board is needed to ensure that the objectives of that policy are achieved. Experience over the past 20 years has underscored the critical impact that governance issues can have on the Fund’s work. In particular, there is evidence that corruption can have a pernicious effect on a country’s ability to achieve sustainable, inclusive economic growth. As requested by the Executive Board, the proposed Framework for Enhanced Engagement by the Fund (“Framework for Enhanced Fund Engagement”) is designed to promote more systematic, effective, and candid engagement with member countries regarding those governance vulnerabilities, including corruption, that are judged to be macroeconomically critical. Perhaps most importantly, the application of the Framework for Enhanced Fund Engagement to all members on a systematic basis will enhance evenhandedness. Finally, the Framework is designed to strengthen the global fight against corruption by promoting governmental measures that prevent private actors from offering bribes or providing services that enable the proceeds of corrupt acts to be concealed, particularly in the transnational context.