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IMF Policies and Social Values. Are They Compatible?

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(1)

IMF Policies and Social

Values

Are They Compatible?

Carlo Sdralevich – IMF

USI - Università della Svizzera italiana International conference

(2)

Summary

• The work of the Fund

• The extension of the Fund’s mandate to poverty and debt reduction

• Emerging importance of social issues • Recent and future developments

(3)

The work of the Fund

• Historical mandate: macro-stabilization (Articles of Agreement, 1945) • Modalities: – Surveillance – Policy advice – Financial assistance – Technical assistance

(4)

Should the Fund be concerned with

social issues?

(5)

Arrangements in place

November 31, 2003

• Stand-By, Extended Facility (middle-income countries): 19

• Poverty Reduction and Growth Facility (low-income countries): 39

(6)

The program work of the Fund is

now entirely with low- and

(7)

Poverty reduction

• Increased attention to low-income countries since the 1980s

• Focus is on development as a macroeconomic challenge, with particular emphasis on fiscal sector

• Fund is one actor among many: international division of labor and the PRSP approach

• Instruments:

– Poverty: SAF (1986), ESAF (1987), PRGF (1999) – Debt reduction: HIPC (1996) and Enhanced HIPC

(8)

The PRSP approach (1999

onwards)

• Multi-year poverty strategy document • Country-driven, participatory

• Result-oriented, comprehensive

• Partnership-oriented: common framework for development partners (including Fund with PRGF)

(9)

The fiscal sector and social issues

• One of the core areas of the Fund • Developing countries:

– Expenditure management

– Size/composition of expenditure – Efficiency

– Aid absorption capacity

• Advanced countries:

(10)

The experience with poverty

confirms that social issues matter

• Role of ownership (and cooperation with Fund) • Poverty is multidimensional

• Growth needs “soft” and “hard” inputs

• Fund-supported programs have social impact – and increasing visibility

• Economic development must be

comprehensively and consistently addressed by the international community

(11)

Recent/future developments

• Millennium Development Goals

• Governance

• Poverty and Social Impact Analyses • Relations with civil society

(12)

Millennium Development Goals

• Long-term perspective with measurable targets • The Fund is recasting its work in low-income

countries consistently with the international effort to achieve MDG objectives (Monterrey,

Johannesburg)

• The Fund’s role focuses on macro-implications of MDG effort...

• ... and on the needed policies and actions: the Global Monitoring Report

• Issues: the tension between realism and ambition

(13)

Governance

• Importance of sound policies / institutions for success of economic policy

• The boundaries of Fund intervention in governance:

– Governance is a national prerogative

– Fund’s interest stems from macro-relevance

– But issues must be confined to economic aspects

• Instruments:

– Standards and Codes (for transparency) – Public expenditure management

(14)

Poverty and Social Impact Analysis

• Analysis of distributional impact of policy reforms • Objectives:

– Understand impact of policies – Assess policy alternatives

– Design compensating measures

• World Bank leads, but Fund plans to expand its role

(15)

The Fund and civil society

• The principle of intensified relations is in PRSP • Openness, transparency of Fund operations

imply public scrutiny but also constructive relations with civil society

• Regular consultations with NGOs, trade unions, national assemblies

• Intensified relations with civil society in program countries

(16)

Conclusions

• The Fund’s mandate has evolved since 1945 • Focus is still on macro-stabilization

• But macro-stabilization means also poverty/debt reduction...

• ... where attention to social issues is particularly important

(17)

IMF Policies and Social

Values

Are They Compatible?

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