- The IMF executive board concluded the Review of the Fund’s Transparency and Open Archive Policies and approved reforms to improve their design and implementation to better adapt the policies to the current shock-prone world and fast-moving media environment.
- Key reforms under the Transparency Policy include steps to reinforce the policy’s objectives, including protecting the independence of staff analysis, ensure faster communication of the IMF Board’s views and document publication, and strengthen the rules and processes to modify board documents ahead of publication, including to better capture authorities’ views in surveillance reports.
- The reforms under the Open Archives Policy allow for the faster release of some documents, adapt archival records to the modern digital environment, and help manage implementation risks with adequate oversight.
WASHINGTON, USA – On November 15, 2024, the executive board of the International Monetary Fund (IMF) concluded its review of the IMF’s Transparency Policy and Open Archives Policy. These policies were last reviewed in 2013.
The value of transparency for the IMF is well recognized. Transparency enhances the Fund’s credibility, effectiveness, and the traction of its advice by making important documents and the Fund’s views available to the public on a timely basis. Transparency also supports the quality of Fund surveillance and program work by subjecting the Fund to outside scrutiny and accountability. Thus, transparency is important to support the Fund in fulfilling its mandate of promoting global economic and financial stability.
Over the past decade, the IMF has made significant progress towards greater transparency. Nearly all board documents are now published and are on average published more quickly. The information available in the Fund’s archives has significantly increased and is more easily accessible to the public. The policy’s principles and objectives are largely shared by the membership.
Experience with the implementation of the Transparency Policy and feedback from stakeholders suggest that the policy is effective, but there is room for improvement. Some country papers continue to be published with long delays and the timeliness of communicating the board’s surveillance activities could be improved. Concerns about the evenhanded application of the modification rules under the policy have abated since the last review but remain among some stakeholders. Finally, developments since the last review suggest that the scope of the policy needs to be extended.
The paper proposes reforms to improve the transparency policy and its implementation, focusing on five areas: (i) reinforcing the objectives underlying the policy; (ii) ensuring the adequate scope and coverage of the policy; (iii) supporting faster communication of the Board’s decisions and document publication; (iv) strengthening the rules and processes for modifying board documents prior to publication, including the presentation of authorities’ views, removal of confidential information and modification of policy documents; and (v) enhancing safeguards under the policy. In addition, the paper recommends steps to improve processes and better support the effective implementation of the policy.
The paper also finds that the Open Archives Policy remains broadly adequate. Nevertheless, the paper proposes specific adjustments to the policy and underscores the need for additional investment to support the quicker release of some documents, adapt archival records to the modern digital environment, and manage implementation risks with adequate oversight.
