In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund, and with a view to supporting the Fund's ability to provide timely and effective balance of payments assistance to its members, the Central Bank of Malta agrees to...

The last comprehensive discussion of reform of the international monetary system (IMS)-the set of official arrangements that regulate key dimensions of balance of payments-international reserves, exchange rates, current payments, and capital flows-was held nearly four decades ago. In light of...

This paper presents for the approval of the Executive Board a draft borrowing agreement between Norges Bank and the Fund. On March 28, the Finance Minister of Norway announced that the Ministry of Finance and Norges Bank (the central bank of Norway) were exploring a possible Norwegian...

The broader governance reform debate-which goes beyond quotas to issues such as engagement by high-level policymakers, Fund management selection, Board structure, rules and accountability-has not got very far in garnering a consensus at the Executive Board. This is the case even though, in...