On November 8, 2012, the Executive Board of the International Monetary Fund (IMF) considered the IMF's Work Program (Program) for the next twelve months. The focus will be on key policies that, building on the latest reforms, will secure recovery and lay the foundation for a more robust global financial architecture. “The key is to ensure that good policies are not only designed but also implemented, and for this to happen countries have to act,” IMF Managing Director Christine Lagarde said in presenting the Work Program to the Board. Recent developments point to continued weak global economic activity and the high potential of renewed stresses, she noted, adding that the Fund will continue to assist members in identifying systemic risks and designing strong policies to respond to threats to domestic and global stability.

The Program, published today, translates the broad policy directions laid out in the Global Policy Agenda presented to the International Monetary and Financial Committee during the 2012 IMF-World Bank Annual Meetings, into a specific agenda for the Fund. It highlights the efforts the Fund will pursue in further strengthening its policy analysis and in following up on progress in policy implementation in the advanced economies, in emerging market economies, and low-income countries. With regard to Fund lending, the Managing Director emphasised that “well-designed programs and adequate safety nets remain key to crisis resolution and management.”