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...

IMF advice on fiscal policy is given within a strong accounting framework. Published sources in the last ten years show the direction and change of advice. The treatment of central bank losses, government arrears, and credit subsidies are discussed as examples. Advice on taxation, expenditure,...

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1957. The report highlights that boom conditions continued throughout 1956, sustained by an undercurrent of private business investment sufficiently strong to compensate for such weaknesses as...

The Annual Report to the Board of Governors reviews the IMF’s activities and policies during any given year. There are five chapters: (1) Overview, (2) Developments in the Global Economy and Financial Markets, (3) Policies to Secure Sustained and Balanced Global Growth, (4) Reforming and...

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended September 1946. This report covers the operations and policies of the IMF in the period from May 6, 1946, when the Executive Directors held their first meeting in Washington, through early September 1946....