This Selected Issues paper for Romania reports that the practice of nonpayment and arrears accumulation has been widespread in Romania. Managers of enterprises that remain in the pipeline for privatization for long periods of time have little incentive to reduce arrears. The state contributed to...

This paper proposes a stylized sequencing of banking supervision and bank restructuring measures designed to complement and expedite the adoption of indirect instruments of monetary policy. Appropriate sequencing reflects both operational considerations and macroeconomic effects of structural...

This Work Program (WP) translates the policy priorities and strategic directions laid out in the Fall 2016 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communique into an Executive Board agenda for the next six-twelve months. The Managing Director's...

The Managing Director's Global Policy Agenda (GPA) presented to the International Monetary and Financial Committee (IMFC) in April called on member countries to reinforce their commitment to strong, sustainable, inclusive, job-rich, and more balanced global growth and to employ a three-pronged...

The Managing Director's Global Policy Agenda (GPA) presented to the IMFC in April identified a range of actions needed to bolster today's actual and tomorrow's potential output, diminish risks, and confront emerging global challenges. These actions included calibrating fiscal adjustment to...

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2017 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communique into an Executive Board agenda for the next twelve months, with a focus on the next six...

This Work Program (WP) translates the policy priorities and strategic directions laid out in the Spring 2017 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communique into an Executive Board agenda for the next twelve months. The Managing Director's GPA,...

Our work on restructuring the IMF is now well advanced, but our work on refocusing the IMF is only beginning. Over the next few months I expect to see a shift of emphasis in our work away from our internal concerns such as the size and governance structure of the IMF and toward the actions the...

Against the backdrop of a global economic crisis, the IMFC has underscored the Fund's central role in responding to its membership's needs and restoring prosperity and financial stability. The Fund has acted with alacrity-by overhauling its lending framework; mobilizing strong support and firm...