Review Of The Imf S Communications Strategy

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.

This paper reviews implementation of the Fund’s external communications strategy and suggests issues that the Board may wish to discuss at its third meeting since 1998 on the subject. The strategy has been shaped by the previous Board discussions and more recent decisions and discussions on transparency, conditionality, PRSP/PRGF, the Independent Evaluation Office, and other issues. This paper represents more of a stocktaking than a fundamental reconsideration of the Fund’s approach to external communications. It examines the progress made in recent years and steps that might be taken with current resources to increase the effectiveness of the strategy.

Transparency and communication have become central to the IMF's mission. The main thesis is that an important means of further strengthening the IMF's external communication in the period ahead will be better coordination and integration of communication with the IMF's policies and operations, especially in country work and for major policy initiatives and issues. Options for implementing the IMF's existing external communications strategy that can be accommodated within existing budget limits are highlighted for discussion.

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 paper (a) provides a snapshot of the overall value added of Fund‘s surveillance perceived by stakeholders; (b) details where the Fund stands in terms of four operational priorities set out in the 2008 TSR; (c) examines key issues identified in the recent IEO paper on the IMF performance in the run up to the global crisis; and (d) discusses stakeholders' perception on the communication aspects of surveillance.

The paper provides an overall view of communications across various areas of economic policy, aiming to help country authorities as they increasingly use communications as a policy tool in its own right. The paper identifies frontier communications challenges, drawing on a large body of research on the salient issues. Although communications can never be a substitute for good policies, economic reforms are more likely to fail or even be reversed if they are not understood or accepted by those whom they affect.

The program went off-track in mid-2022, due to the delayed completion of a prior action on parliamentary approval of the VAT law and, subsequently, to spending overruns which injected local currency liquidity into the system, fueling currency depreciation and inflation. The authorities have taken concerted efforts to restore fiscal discipline including through passage of a 2023 budget. The central bank has also taken measures to tighten monetary conditions. Progress has been made in restructuring both official and privately-held public debt.