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IMF Public Consultation: IMF Transparency Review

The IMF is currently in the process of revising its Code of Good Practices on Fiscal Transparency and Manual on Fiscal Transparency. Fiscal transparency is a critical element of effective fiscal policymaking, risk management and empowers citizens to hold governments and financial institutions accountable. A recent IMF study found that fiscal transparency standards and policies were inadequate and in need of revisions since the global financial crisis.

At the first consultation meeting, the IMF staff said it would incorporate comments/suggestions from the first round to produce a draft of revised codes – expected in early April. The IMF will release this draft document for a second round of public consultation. At that time, we will share with you information on how to participate.

Comments will be posted on consultation webpage: Consultation on Revisions to the Code of Good Practices on Fiscal Transparency,

PLEASE NOTE: The two resource documents (see above) are available only in English. We have contacted the IMF and expressed our concern with this. If you would like to have these IMF documents in your language, please send a letter to your Executive Director. Please see the list below of Executive Directors with their emails.

 

Executive Director

Country

Email

Momodou Bamba Saho

Angola, Burundi, Eritrea, Ethiopia, The Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Nigeria, Sierra Leone, South Africa, Sudan, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe

 

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Andrea Montanino

Albania, Greece, Italy, Malta, Portugal, San Marino and Timor-Leste

 

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Menno Snel

Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, former Yugoslav Republic of Macedonia, Moldova, the Netherlands, Romania and the Ukraine

 

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Jong-Won Yoon

Australia, Kiribati, Korea, the Marshall Islands, Federated States of  Micronesia, Mongolia, New Zealand, Palau, Papua New Guinea, Philippines, Samoa, Seychelles, Solomon Islands, Tuvalu, and Vanuatu

 

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Johann Prader

Austria, Belarus, Belgium, Czech Republic, Hungary, Slovak Republic, Slovenia and Turkey

 

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René Weber

Azerbaijan,Kazakhstan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan

 

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A. Shakour Shaalan

Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syrian, Arab Republic, United Arab Emirates and the Republic of Yemen

 

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Rakesh Mohan

Bangladesh, Bhutan, India and Sri Lanka

 

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Paulo Nogyeira Batista Jr.

Brazil, Cape Verde, Dominican Republic, Ecuador, Guyana, Haiti, Panama, Suriname and Trinidad and Tobago

 

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Der Jiun Chia

Brunei Darussalam, Cambodia, Fiji, Indonesia, Lao People's Democratic Republic, Malaysia, Myanmar, Nepal, Singapore, Thailand, Tonga and Vietnam

 

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Thomas A Hockin

The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Ireland, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines

 

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José Rojas Ramirez

Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Spain, and the Repiblica Bolivariana de Venezuela

 

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Benny Andersen

Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden

 

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Ambroise Fayolle

France

 

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Kossi Assimaidou

Francophone Africa

 

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Hubert Temmeyer

Germany

 

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Daikichi Momma

Japan

 

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Ahmed Abdulkarim Alkolifey

Saudi Arabia

 

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Mohammad Jafar Mojarrad

The Islamic State of Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan and Tunisia

 

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Aleksei V. Mozhin

The Russian Federation

 

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Alexander Gibbs

United Kingdom

 

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Meg Lundsager

United States

 

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Pablo Garcia-Silva

Argentina, Bolivia, Chile, Paraguay, Peru, Uruguay 

 

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Tao Zhang

China

 

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Summary of Christine Lagarde's New Years IMF Speech

On January 17, 2013, the International Monetary Fund held the New Year’s Press Briefing at their Washington DC headquarters.

"We stopped the collapse. We should avoid the relapse. And it's not time to relax” -Christine Lagarde’s, International Monetary Fund’s Managing Director, Economic Outlook for 2013.

Christine Lagarde emphasized that the threat of financial collapse in the global economy appears to have alleviated. However, Lagarde recommends that developing economics must continue to follow through on debt reduction and financial reforms. Lagarde added that advanced economies, such as the United States and European countries, have taken monumental steps to manage their financial systems but still have a lot of work left to do. Another point Lagarde draws attention to is their focus on the real economy and on growth. “Not just any growth, but growth that can actually deliver jobs,” states Lagarde.

Globally, Lagarde cautions that there are signs of a declining responsibility to reform the financial sector, despite the recent troubles that began with the collapse of some of the United States’ financial institutions in 2008. Lagarde pointed out that many reforms have been deferred and diluted, and expressed concern that banks are pushing back against essential reforms. On the flip side, Lagarde sees a lot of progress on reform in Europe because the European Union has many new tools to deal with financial crises. Lagarde adds that the European Union still has work to do on its banking union in order to prevent future problems. On the topic of Greece, which many believed would have to leave the currency union, Lagarde reassured the audience that recent reforms appeared to have restored confidence in Greece.

Lagarde concluded by emphasizing that the IMF is stronger and better equipped financially to continue to monitor their projects in the financial sector and continue assistance in areas all over the world. 

 

Transcript of Christine Lagarde's Speech

As of January 17, 2013, The International Monetary Fund has 48 financial arrangements with it's members.

Sub Type Member                     Effective Date   Expiration Date   Agreed Amount (Millions)   Balance (Millions)
Stand-by Arrangements
Antigua & Barbuda 6/6/2010 6/6/2013 68 24
Bosnia 9/26/2012 9/25/2014

338

237
El Salvador 9/26/2012 3/16/2013 514 214
Georgia 4/11/2012 4/10/2014 125 125
Iraq 2/24/2010 2/23/2013 2,377 1,307
Jordan 8/3/2012 8/2/2015 1,364 1,108
Kosovo 4/27/2012 12/26/2013 91 13
Romania 3/31/2011 3/30/2013 3,091 3,091
Serbia, Republic of 9/29/2011 3/28/2013 935 935
St. Kitts and Nevis 7/27/2011 7/26/2014 53 9
Extended Arrangements
Armenia 6/28/2010 6/27/2013 133 28
Greece 3/15/2012 3/14/2016 28,785 22,386
Ireland 12/16/2010 12/15/2013 19,466 2,922
Moldova 1/29/2010 4/30/2013 185 36
Portugal 5/20/2011 5/19/2014 23,742 5,340
Seychelles 12/23/2009 12/22/2013 26 7
Flexible Credit Line
Colombia 5/6/2011 5/5/2013 3,870 3,870
Mexico 11/30/2012 11/29/2014 47,292 47,292
Poland 1/21/2011 1/20/2013 19,166 19,166
Precautionary and Liquidity Line
Macedonia 1/19/2011 1/18/2013 413 216
Morocco 8/3/2012 8/2/2014 4,117 4,117
Extended Credit Facility
Afghanistan 11/14/2011 11/13/2014 85 61
Armenia 6/28/2010 6/27/2013 133 27
Bangladesh 4/11/2012 4/10/2015 640 549
Benin 6/14/2010 9/13/2013 74 21
Burkina Faso 6/14/2010 6/13/2013 82 6
Burundi 1/27/2012 1/26/2015 30 25
Central African Rep. 6/25/2012 6/14/2015 42 35
Comoros 9/21/2009 12/31/2013 14 3
Cote d'Ivoire 11/4/2011 11/3/2014 390 179
Gambia, The 5/25/2012 5/24/2015 19 9
Grenada 4/18/2010 4/17/2013 9 6
Guinea 2/24/2012 2/23/2015 129 92
Guinea-Bissau 5/7/2010 5/6/2013 22 7
Haiti 7/21/2010 5/6/2013 41 10
Kenya 1/31/2011 1/30/2014 489 144
Krygz Republic 6/20/2011 6/19/2014 67 29
Lesotho 6/2/2010 6/1/2013 51 11
Liberia 11/19/2012 11/18/2015 52 44
Malawi 7/23/2012 7/22/2015 104 78
Mauritania 3/15/2010 6/30/2013 77 11
Moldova 1/29/2010 4/30/2013 185 14
Niger 3/16/2012 3/15/2015 79 68
Sao Tome 7/20/2012 7/19/2015 3 2
Sierra Leone 7/1/2010 6/30/2013 31 9
Solomon Islands 12/7/2012 12/6/2015 1 1
Standby Credit Facility
Georgia 4/11/2012 4/10/2014 125 125
Tanzania 7/6/2012 1/5/2014 149 149
   
   

Heinrich Böll Stiftung E-Newsletter

There is an update on the G20 and an article by New Rules' Executive Director Jo Marie Griesgraber on the importance of the Financial Stability Board.

To read the E-Newsletter, click here.

   
   

FSB update on the group of G-SIBs

In November 2011, the FSB published a set of policy measures to address the systemic and moral hazard risks that are associated with systemically important financial institutions (SIFIs). The FSB initially identified a list of 29 globally systemically important financial institutions (G-SIBs), noting that the list will be updated annually – based on new data – and published by the FSB every November. In the updated list, two new banks were added (BBVA and Group BPCE) and three banks were removed (Banque Populaire CdE, Commerzbank, and Dexia), reducing the number of G-SIBs from 29 to 28. The new update will be in November 2013.

The updated list

  1. Citigroup
  2. Deutsche Bank
  3. HSBC
  4. JP Morgan Chase
  5. Barclays
  6. BNP Paribas
  7. Bank of America
  8. Bank of New York Mellon
  9. Credit Suisse
  10. Goldman Sachs
  11. Mitsubishi UFJ FG
  12. Morgan Stanley
  13. Royal Bank of Scotland
  14. UBS
  15. Bank of China
  16. BBVA
  17. Groupe BPCE
  18. Group Crédit Agricole
  19. ING Bank 
  20. Mizuho FG
  21. Nordea
  22. Santander
  23. Société Générale
  24. Standard Chartered
  25. State Street
  26. Sumitomo Mitsui FG
  27. Unicredit Group
  28. Wells Fargo

To read the entire report, click here

   

Newsletter October 2012

Dear Friends and Colleagues,

One of the objectives of this newsletter is to analyze the activities of international financial institutions in the context of human rights, poverty reduction and other global development objectives. Too often the debates over global financial reform overlook or dismiss the impact on human rights and poverty. The complexities of global financial flows, international taxation and financial regulations can blur their impact on the poor, but they are intimately connected. With the cost of the financial crisis estimated at $2.8 trillion and another$21-32 trillion estimated to be hidden offshore, available financing for development has been dwarfed or depleted.  Furthermore, the US too-big-to-fail banks are even bigger today than before the financial collapse in 2008 - solidifying their skewed influence, through excessive speculation, in commodities markets (especially food and fuel) which has severe consequences for developing countries and their populations.

   

The G24 holds 88th meeting in Tokyo, Japan

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development held its eighty-eighth meeting in Tokyo, Japan, on October 11, 2012 with Mr. P. Chidambaram, Minister of Finance of India, in the Chair, Mr. José Antonio Meade, Secretary of Finance and Public Credit of Mexico, as First Vice-Chair, and Dr. Ashraf El-Araby, Minister of Planning and International Cooperation of Egypt, as Second Vice-Chair.

To read the entire press release, click here 

   

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