RECENT IMF INITIATIVES: A Guide to Progress in Strengthening the Architecture of the International Financial System

RECENT IMF INITIATIVES:
A Guide to Progress in Strengthening the Architecture of the International Financial System

April 28, 1999

This short reference guide provides information on the status of various proposals for the reform of the international financial system. For more details, readers should consult the full text of relevant papers and reports, which are available on the IMF website (and links to which are denoted in the table by underlining). The two principal documents summarizing progress to date on strengthening the architecture of the international financial system are the Managing Director's Statement of April 16, 1999 to the IMF Executive Board and his Report to the Interim Committee on April 26, 1999. The table below is an abbreviated version of Table 1 of the Managing Director's Report. It follows the same outline and lists reform proposals put forth by the International Monetary Fund, other international bodies, national authorities, the private sector, and others. Progress to date and likely next steps are indicated for each major proposal, with the latter incorporating the recommendations contained in the Communiqué of the Interim Committee of April 27, 1999.

Transparency, Standards, and Surveillance
Strengthening Financial Systems
Orderly Integration of International Financial Markets
Involving the Private Sector in the Prevention and Resolution of Financial Crisis
Systemic Aspects

I. Transparency, Standards, and Surveillance

A. Transparency
Basic Objective: Help foster better decision-making and economic performance by further improving transparency in the policies and practices of member countries and international institutions.
The IMF’s role: Encourage member countries to be more transparent. Become more open about IMF policies and advice to members, while respecting legitimate needs for confidentiality and candor.

*Proposal: Make available more information on IMF surveillance* of member countries.** Specific proposals: Actively encourage members to release Public Information Notices (PINs) following Article IV consultations. Take steps to accelerate their release. Post PINs on the IMF external website. Allow the voluntary release of Article IV staff reports. Increase access to the Fund’s archives.
Progress to Date Most steps agreed/reaffirmed by the Executive Board in July 1998 and/or March 1999 (See PIN 99/36). PINs were being released for about 70 percent of Article IV consultations, as of the latter part of 1998. The lag between the Board discussion and the issuance of the PIN has been shortened, and the number of modifications reduced. In March/April 1999, the Executive Board authorized an 18-month pilot project for the voluntary release of Article IV staff reports, and shortened the time limits for access to the archives.			Next Steps IMF: Evaluate the Article IV staff report pilot project within 18 months. Review the archives policy in two years, with a view to possible further liberalization. National authorities: Actively consider the release of PINs following Article IV consultations. Volunteer for the pilot project for release of Article IV staff reports.
Proposal: Make available more information on countries’ IMF-supported programs of economic reform and adjustment. Specific proposals: Actively encourage members to release to the public the Letters of Intent(LOIs) and Policy Framework Papers (PFPs) underpinning Fund-supported programs, and post the released documents on the IMF external website. Publish the Chairman’s remarks following Board discussions of the use of Fund resources (UFR). Allow for the voluntary release of PINs and staff reports on requests for, or reviews of, the use of Fund resources.
Progress to Date Release of LOIs/PFPs and posting on the IMF external website was begun in December 1997. In March/April 1999, the Board agreed on a "strong presumption" that LOIs and PFPs would be made public by member countries, and to proceed with the release of the Chairman’s remarks in UFR cases.			Next Steps IMF: Make new policy known to members. Revisit the question of PINs for UFR discussions and the release of UFR staff reports in six months. Review policies further after one year. National authorities: Release LOIs and PFPs.
*Proposal: Make available more information about IMF analyses of policy issues.* Specific proposals: Broaden the use of Public Information Notices (PINs) beyond Article IV consultations to inform the public of the Executive Board’s conclusions following policy and regional surveillance discussions. Release more IMF staff papers on policy issues.
Progress to Date The release of Summings Up on policy discussions was agreed by the Executive Board in July 1998, and the first policy PIN, on the Executive Board discussion of Special Data Dissemination Standard (SDDS) reserves data, was issued in March 1999. Various staff papers have been released, e.g., in January 1999, "IMF-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment," along with the Chairman’s Summing Up of the Executive Board’s discussion of the report, and in April 1999, "Involving the Private Sector in Forestalling and Resolving Financial Crises" and "Experimental Case Studies on Transparency Practices."			Next Steps IMF: Staff papers on policy issues along with the Summing Up/PIN to be released on a case-by-case basis. Finalize guidelines for the release of PINs on policy discussions. Review the PIN policy by March 2000.
*Proposal: Enhance the consultative process* for the Initiative for the Heavily Indebted Poor Countries (HIPC).** Specific proposals: As part of a comprehensive review of HIPC to increase its effectiveness, in conjunction with the World Bank, consult with member countries, NGOs, other members of civil society, academics, officials, and the public at large on the HIPC Initiative and on the relationship between debt relief, social policies, and poverty reduction. Post documents related to the HIPC on the IMF and World Bank external websites.
Progress to Date The public release of HIPC country documents began in September 1998. An enhancement of the consultative process began in February 1999. A joint paper prepared by the staffs of the IMF and World Bank and discussed by their respective Executive Boards on perspectives on the current framework of the HIPC and options for change, along with a supplement on costing, was released to the public in April 1999.			Next Steps IMF and the World Bank: Requested by the Interim Committee to develop more specific proposals to strengthen the current framework to enhance debt relief, and to provide the Committee with a report at its next meeting in September 1999 on ways to enhance the link between HIPC Initiative assistance and poverty reduction. Official international bodies/national authorities/civil society: Continue to consult on the HIPC and to consider the options identified by the IMF, the World Bank, and the interested public.
*Proposal: Make available more financial information* about the IMF.** Specific proposals: Make available on the IMF external website members’ financial accounts with the IMF and information on the Fund’s liquidity position.
Progress to Date A comprehensive site on the IMF external website provides information about the Fund’s level of financial resources and liquidity position, and current and historical data on credit extended to, and debt payments made by, members. Extensive data on members’ quotas, voting power, exchange rates, and interest rates are also provided.		Next Steps IMF: Release more financial data, including members’ forthcoming obligations to the IMF.
*Proposal: Carry out enhanced evaluation* of IMF policies and practices.**
Progress to Date An external evaluation of the ESAF was undertaken, and the report of the external evaluators released to the public in June 1998. Two new external evaluations, of IMF surveillance and IMF economic research activities, are currently underway and will be presented in Summer 1999.	Next Steps IMF: To take stock of the evaluation process toward the end of 1999.
*Proposal: Make available more information from the private sector.* Specific proposals: Consider greater disclosure requirements, including for offshore financial centers, non-bank financial institutions, and for transactions involving highly leveraged institutions (HLIs).
Progress to Date Coverage of Bank for International Settlements (BIS) data has been widened (www.bis.org).			Next Steps National authorities and official international bodies: The Basle Committee on Banking Supervision (BCBS), the Committee on the Global Financial System (CGFS), International Association of Insurance Supervisors (IAIS), International Accounting Standards Committee (IASC), and International Organization of Securities Commissions (IOSCO) to pursue ongoing work on disclosure requirements. The Financial Stability Forum, established to strengthen cooperation among the international groups involved in financial regulation and oversight, will prepare a report on offshore centers in the next six months (See http://www.bis.org/wnew.htm).
Proposal: *Consider strengthening supervisory/regulatory structures as well as disclosure for highly leveraged institutions* (HLIs).**
Progress to Date The BCBS produced guidance in January 1999 on sound practice in bank dealings with highly leveraged institutions, and IOSCO established a task force on HLIs in February. BCBS and IOSCO published recommendations in February on disclosure of trading activities of banks and securities firms (See http://www.bis.org/wnew.htm).			Next Steps National authorities and official international bodies: Further develop and implement practices for banks’ relations with highly leveraged institutions, and consider public data disclosure requirements. The Financial Stability Forum to prepare a report on highly leveraged institutions in the next six months.

B. Internationally Accepted Standards Basic Objective: Foster the development, dissemination, and adoption of internationally accepted standards or codes of good practice for economic, financial, and business activities. The IMF’s role: Help develop or refine standards in its core areas of expertise (data dissemination, transparency of fiscal, monetary, and financial policies, and, in conjunction with others, banking supervision). Assist in the dissemination of standards, their adoption by members, and the monitoring of their implementation, including, as appropriate, standards in areas outside the Fund’s direct operational focus, e.g., accounting and auditing, bankruptcy, corporate governance, insurance regulations, payment and settlement systems, securities market regulation, et cetera.
Proposal: Strengthen the Special Data Dissemination Standard (SDDS). Specific proposals: Strengthen, in the areas of international reserves and external debt, the SDDS, the standard established by the IMF in 1996 to guide countries that have, or that might seek, access to international capital markets in the dissemination of economic and financial data to the public. Establish procedures for monitoring observance of the standard. Consider inclusion of "macro-prudential" indicators, variables that can indicate the health of the banking sector.
Progress to Date The Executive Board in December 1998/March 1999 agreed to strengthen the SDDS in the areas of debt and international reserves, and to develop monitoring procedures (See PIN 99/25). The IMF is considering the advantages and disadvantages of incorporating macro-prudential indicators in the SDDS.		Next Steps IMF: Establish monitoring procedures; consult with compilers; and draft operational guidelines on international reserves data. Official international bodies: The BCBS to coordinate with the IMF on developing macro-prudential indicators. The Committee on the Global Financial System to collaborate with the IMF in the preparation of operational guidelines on reserves data. National authorities: Contribute to the development of operational guidelines. Subscribing countries to comply with the provisions of the SDDS; others to consider subscribing to the SDDS or theGeneral Data Dissemination Standard (GDDS), as appropriate, and take the necessary steps.
*Proposal: Implement the "Code of Good Practices on Fiscal Transparency* - Declaration on Principles" that was adopted by the Interim Committee in April 1998.**
Progress to Date The Code, along with a draft manual and questionnaire, was posted on the IMF external website in November 1998. A revised draft manual on fiscal transparency was approved by the Executive Board in April 1999. Pilot assessments of members’ fiscal transparency have commenced.		Next Steps IMF: Continue work on pilot assessments of members’ fiscal transparency. National authorities: Aim to adhere to the Code.
*Proposal: Create a Code of good practices on Transparency in Monetary and Financial Policies.*
Progress to Date The IMF has produced a draft Code, after consultations with the BIS, World Bank, Organization for Economic Cooperation and Development (OECD), national authorities, international and national financial agency experts, and academic experts (See IMF Press Briefing on the draft code.) In April 1999, the Board discussed a revised draft and approved placing it on the IMF external website for public consultation (See www.imf.org./monfintransparency) following the April 1999 Interim Committee Meeting.		Next Steps IMF: The Executive Board to consider the Code for approval in Summer 1999, and not later than the Annual Meetings in September 1999, for subsequent submission to the Interim Committee. The staff to develop a supporting document with examples of good practices related to the Code.
*Proposal: Improve the quality of banking supervision* internationally.** Specific proposals: Address the gaps in existing standards on banking supervision. Help countries achieve compliance with the Basle Committee’s Core Principles for Effective Bank Supervision. Review the 1988 Basle Capital Accord.
Progress to Date The BCBS is reviewing gaps. A draft handbook to aid assessment of countries’ implementation of the BCBS’ Core Principles for Effective Bank Supervision (See http://www.bis.org/publ/bcbs30a.htm) is being prepared by the BCBS with input from the IMF and the World Bank. A BCBS Task Force has been established to review the Capital Accord.		Next Steps IMF/World Bank: Likely to be the main agencies responsible for assessing compliance with the Core Principles for Effective Bank Supervision. Official international bodies: BCBS to finalize the handbook. BCBS hopes to approve amendments to have concrete proposals to improve the Capital Accord by end 1999.
Proposal: Complete work in other standard-setting bodies on developing standards relevant for the functioning of financial systems, including on accounting and auditing, bankruptcy, corporate governance, insurance regulations, payment and settlement systems, and securities market regulation.
Progress to Date Work is underway by: the International Organization of Securities Commissions (IOSCO) on securities markets; the International Association of Insurance Supervisors (IAIS) on insurance; the International Accounting Standards Committee (IASC) and the International Federation of Accountants (IFAC) on accounting and auditing; the United Nations Commission on International Trade Law (UNCITRAL), the World Bank, the IMF, and the International Bar Association on bankruptcy; the OECD, World Bank and the BCBS on corporate governance; and the Committee on Payment and Settlement Systems (CPSS) on payment systems (See Part IV of Experimental Case Studies on Transparency Practices for Progress Report: Developing International Standards).		Next Steps Official international bodies/national authorities/private sector: Relevant standard-setting bodies to continue work. Over time, national authorities to support, and private sector to implement, standards at the level of individual entities.
*Proposal: Strengthen social policies* as an essential complement to the reform of the international financial system.**
Progress to Date The IMF, the World Bank, and other international institutions have been deeply involved in establishing social safety nets including in recent IMF-supported programs in Asia, and the IMF is placing a growing emphasis on the social dimensions of its policy dialogue. The World Bank is developing principles of good practice in social policy.	Next Steps IMF and official international bodies: Focus further on developing social safety nets before crises strike.

C. Surveillance Basic Objective: Strengthen the incentives for the adoption of international standards, including via monitoring the extent to which countries observe them. The IMF’s role: Review members’ adherence to international standards in the context of Fund surveillance of member countries.
*Proposal: Better integrate the use of international standards in Fund surveillance.* Specific proposals: The IMF to investigate publishing transparency reports on member countries, which would summarize an economy’s observance of internationally recognized disclosure standards.
Progress to Date The IMF has carried out and published two initial experimental studies along the lines of transparency reports, and participated in the preparation of a third. The Executive Board has met several times to discuss the Fund’s role in international standards.	Next Steps IMF: Prepare a second round of case studies. Initiate an outreach program to solicit public reactions to the initial studies. Provide the Executive Board with proposals on Transparency Reports before the 1999 Annual Meetings. The Interim Committee in April 1999 asked the IMF to use transparency reports on a trial basis as a part of its surveillance. National authorities: Consider participating in the second round of case studies.
Proposal: Move towards comprehensive reporting on the capital account, as part of mechanisms for better assessing capital flows and external vulnerability. Specific proposals: Improve members’ systems for monitoring of short-term external debt.
Progress to Date The IMF has expanded reporting to the Executive Board on capital account issues and continued technical assistance efforts to members on improving capital account data and monitoring systems. Fund staff have strengthened high frequency contacts with the private sector to monitor developments in capital flows and market positions. The Inter-Agency Task Force on Finance Statistics (IATF), which includes the IMF, BIS, the OECD, and the World Bank, has developed a joint presentation of creditor-side data, which has been available on the Internet since March 1999.	Next Steps IMF: Continue technical assistance to members and work needed to implement detailed recommendations of the IATF. Continue enhanced contacts with private capital markets and further refine monitoring of capital flows. The Interim Committee in April 1999 requested the IMF and other relevant fora to move forward expeditiously with efforts under way to improve data on capital flows, and supported the establishment of systems for high-frequency monitoring of private external liabilities. National authorities: Strengthen data systems on external debt and reserves and further the public dissemination of data, including through the SDDS. Official international bodies: IMF, BIS, OECD, and World Bank to continue to collaborate on the IATF to widen coverage of creditor data systems and shorten publications lags. The Financial Stability Forum to prepare a report on short-term capital flows within six months.
*Proposal: Develop an early warning system* (EWS).** Specific proposals: Develop and test empirical models that may help to predict balance of payments crises.
Progress to Date IMF staff have analyzed existing EWS models and work is continuing on producing prototype "enhanced models." Results to date suggest limited scope for operational role owing to limited predictive power.	Next Steps IMF: Refine empirical analysis and consider integration with surveillance.

II. Strengthening Financial Systems Basic Objective: Undertake further concerted action to strengthen financial systems. The IMF’s role: Contribute to the strengthening, development, and dissemination of international principles and good practices of sound financial systems; strengthen its surveillance of countries’ financial systems, and, in conjunction with the World Bank, support structural reforms aimed at strengthening financial sectors.
*Proposal: Improve financial market supervision.*
Progress to Date As described under "Internationally Accepted Standards," the BCBS is reviewing gaps in bank regulation, and has established a task force, drawing on input from the IMF and the World Bank, to review the 1988 Capital Accord. The Financial Stability Forum has been established to strengthen cooperation among the international organizations, regulatory associations, and other groups involved in financial regulation and oversight.	Next Steps National Authorities: Review their ongoing procedures to enhance oversight of financial sectors in light of recent events, notably with respect to highly leveraged institutions and the offshore sector.
*Proposal: Take actions to ensure effective collaboration* between the IMF and the World Bank in strengthening financial systems.**
Progress to Date The Financial Sector Liaison Committee (FSLC) has initiated actions to enhance coordination of the two institutions’ work programs and agreed in principle to coordinate a joint financial sector monitoring and assessment program aimed at improving evaluations of the health and vulnerabilities of members’ financial systems.	Next Steps IMF/World Bank: The FSLC will continue to coordinate in this area.
*Proposal: Increase the focus of Fund surveillance on the linkages* between macroeconomic policies and banking system soundness.**
Progress to Date The IMF is strengthening financial system surveillance in the context of Article IV consultations.	Next Steps IMF: Fund staff to start financial system stability assessments (FSSAs) in the context of Article IV consultations in a set of pilot countries and report to the Board thereafter on experience and next steps. The Interim Committee in April 1999 welcomed the plan to produce FSSAs.

III. Orderly Integration of International Financial Markets Basic Objective: Allow countries to reap the benefits of financial integration, including capital account liberalization, while carefully managing the process to reduce the risks. The IMF’s Role: Continue the work it began in 1995, at the request of the Interim Committee, investigating how it might best foster the orderly integration of international financial markets.
*Proposal: Consider the role of capital controls, and how to achieve orderly liberalization.*
Progress to Date IMF staff have produced a paper for the Executive Board on the use of capital controls, and the Board has reached some agreement on certain broad principles; e.g., that financial integration, including capital account liberalization, brings important benefits, but must be carefully managed.	Next Steps IMF: Study further detailed country cases focusing on the use and effectiveness of specific controls and on experiences with the liberalization of different parts of the capital account, aimed at drawing conclusions for best practices. The Interim Committee in April 1999 encouraged the IMF to continue its work on the appropriate pace and sequencing of capital account opening. National authorities: Pursue orderly integration/liberalization, building on the need for strengthened financial systems and prudential regulation.

IV. Involving the Private Sector in the Prevention and Resolution of Financial Crises Basic Objective: Better involve the private sector in crisis prevention and crisis resolution, in order to limit moral hazard, strengthen market discipline, and help bring about orderly adjustment processes when crises inevitably do occur, while still maintaining international financial flows. The IMF’s Role: Join with the international community to assess and, where appropriate, advance specific proposals to achieve the objective of involving the private sector in the prevention and resolution of financial crises.
*Proposal: Consider measures to raise the cost of short-term cross-border capital flows.* Specific proposals: Make capital requirements a function of the type of funding; have the monetary authority charge banks directly for the existence of sovereign guarantees; and on the lending side, assign higher risk weightings to interbank lines under the Basle Capital Accord.
Progress to Date The Executive Board has urged consideration of these proposals on a fast track.	Next Steps Official International Bodies: The BCBS to address this issue. The Interim Committee in April 1999 endorsed further work on seeking to eliminate the present regulatory bias in favor of short-term interbank credit lines.
*Proposal: Encourage countries to arrange commercial contingent credit lines.*
Progress to Date Argentina, Indonesia, and Mexico have such lines. More experience needs to be gained.		Next Steps Official International Bodies: Assess whether there is a role for the official sector to support such instruments. The Interim Committee in April 1999 endorsed further work on proposals to maintain adequate foreign exchange liquidity, including commercial contingent credit lines. Private sector: Debtor countries should discuss with creditors.
*Proposal: Embed call options* in interbank loan agreements.**
Little progress to date.		Next Steps Official International Bodies: Further examination required. The Interim Committee in April 1999 endorsed further work on proposals to maintain adequate foreign exchange liquidity, including call options. Private sector: Debtor countries should discuss with creditors.
*Proposal: Organize creditor-debtor councils.*
Little progress to date.		Next Steps Official International Bodies: Assess and, if appropriate, advance specific proposals.
*Proposal: Expand the IMF’s dialogue with the private sector.*
Progress to Date There has been an ongoing discussion at the Executive Board about balancing the need to improve the flow of information with the risks relating to inside information.		Next Steps IMF and Official International Bodies: Further examination required. The Interim Committee in April 1999 endorsed effective communications with the private capital markets.
*Proposal: Encourage countries to consider changes in the terms of foreign sovereign bond contracts* to speed the negotiation process in times of difficulties, as appropriate.**
Progress to Date The G-22 has consulted with the private sector on model clauses. IMF staff have written several papers reviewing the relevant features of bond contracts, and IMF Executive Directors have discussed the issues on the basis of the staff papers.		Next Steps IMF: Study further the terms of debt instruments. The Interim Committee in April 1999 invited the Executive Board and other relevant fora to explore ways to introduce collective action clauses in sovereign bond issues. More generally, the Interim Committee asked the Executive Board to continue its work and report to the Committee on proposals to involve the private sector in resolving financial crises, including on ways to assure more orderly debt workouts. National authorities: The Interim Committee in April 1999 advised sovereigns to consider the modification of bond terms in instruments they issue. Private sector: Possible endorsement by relevant trade associations of modified clauses.
Proposal: Allow the IMF to lend into sovereign arrears to private bondholders to support adjustment measures during debt negotiations.
Progress to Date The Executive Board has agreed in principle to extend the IMF’s 1989 policy on lending into arrears on a case-by-case basis.		Next Steps IMF: Further analysis and discussion to make operational the agreement in principle.
*Proposal: Allow the IMF to lend into nonsovereign arrears* arising from the imposition of exchange controls, to support adjustment measures during debt negotiations.**
Progress to Date The Board has agreed that the Fund should be willing to lend into arrears under these circumstances on a case-by-case basis.		Next Steps IMF: Further analysis and discussion to make operational the agreement in principle.
*Proposal: Provide for the imposition of stays on creditor litigation* to facilitate orderly nonsovereign debt renegotiation.**
Progress to Date Consideration by the Executive Board about whether amending Article VIII Section 2(b) of the IMF Articles of Agreement may be warranted.		Next Steps IMF: Further consideration required.

V. Systemic Aspects Basic Objective: Strengthen the international monetary system in view of the profound changes in recent years. The IMF’s Role: Contribute to the analysis of exchange rate regimes, to propose ways to improve the functioning of the international financial system. Adapt its financial facilities, resources, and its organization to the evolving international monetary system.
*Proposal: Assess measures related to exchange rate arrangements* to improve the functioning of the international financial system.**
Progress to Date The Executive Board will consider a staff study on the topic shortly after the April 1999 Interim Committee meetings.	Next Steps IMF: The staff to convene a seminar in May 1999 on measures to improve the functioning of the international monetary system, intended to provide policy makers and academics an opportunity to express their views. The Interim Committee in April 1999 requested the Executive Board to consider further the issue of appropriate exchange rate arrangements, including in the context of large-scale official financing.
*Proposal: The IMF to provide contingent credit lines* (CCL).**
Progress to Date The Executive Board approved the CCL in April 1999. The CCL provides short-term financing, if needed, for member countries with strong economic policies, as a precautionary line of defense readily available against future balance of payments problems that might arise from international financial contagion.	Next Steps IMF: To implement and review experience after one year.
*Proposal: Increase the Fund’s quotas,* bring into force the New Arrangements to Borrow (NAB), and allow for the special one-time allocation of Special Drawing Rights (SDRs).**
Progress to Date The increase in Fund quotas and the NAB have become effective. In January 1999, the consent of the 85 percent majority of member countries needed for the quota increase to become effective was secured. As of March 31, 1999, 154 members, accounting for 96 percent of quotas, have consented to their increases. The NAB became effective on November 17, 1998.	Next Steps IMF: The Executive Board to review the quota formulae as called for by the Interim Committee in April 1997. The Interim Committee in April 1999 called on members that have not done so to complete the necessary procedures for accepting the Fourth Amendment of the IMF Articles of Agreement, which allows for the special one-time allocation of SDRs.
*Proposal: Secure full financing* for the interim ESAF and the Fund’s participation in the HIPC Initiative.**
Progress to Date In April 1999, status of financing was discussed by the Executive Board; the paper on costs was released to the public; and the topic was put on the agenda of the Interim Committee.	Next Steps IMF: Requested by the Interim Committee in April 1999 to adopt as soon as possible the decisions needed to ensure that the Initiatives are fully funded. National authorities: Continue efforts to secure full financing of these initiatives, including coming forward with the resources required to support ESAF operations until the start of the interim ESAF in 2001.
*Proposal: Strengthen and/or transform the Interim Committee.*
Progress to Date The IMF staff has prepared various proposals for the Executive Board, including measures to strengthen the Interim Committee or to transform it to a Council, and the Board has prepared a report for the Interim Committee.	Next Steps IMF: The Interim Committee in April 1999 asked the Executive Board to explore further, and to report back to the Interim Committee at its next meeting, in September 1999.

Excerpted from the Official IMF Website. For most updated version, please visit www.imf.org for more information.

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