董事总经理关于执行局2027财年工作计划的声明

FY2027 April27, 2026 Statementby the Managing Directoron theFY 2027Work Program of the Executive BoardExecutive Board MeetingMarch 25,2026 The war in the Middle East, in addition to its human toll, hastriggeredspillovers that represent anothermajor test for the global economy. At the same time, profound transformations in technology,demographics, and the environment continue creating complex challenges but also opportunities.Inthis highly uncertain environment, supporting macroeconomic stability and resilience remains essentialto support private sector‑led investment and growth. This requires addressing fiscal and debtchallenges, tacklingglobalimbalances, lifting medium‑term growthprospects, and reinforcing corenational economic institutions.And whiletradeuncertaintyweighs onthe outlook, building moreresilient supply chains and diversifying trade relationships could also present opportunities. This Executive Board Work Program (BWP) forFY2027(May 2026to April 2027)isdesigned tosupportthe membership in addressingthesepressing macroeconomic challenges through tailored policy advice,financial support, assistance in tackling debt vulnerabilities, and capacity development.1It alsoadvances the Fund’s medium‑term priorities, including helping the membership contain emerging risks,harness the benefits of structural transformations, and deliberate on key Fund policies and operations.Severalkey institutionalpolicy reviewsare expected tobe completed inFY27. Efforts have been made to focus and streamline the BWP by combining related projects, reprioritizingand re-bundling workstreams, and sequencing items to better align with the membership’s needs andpriorities and with the Fund’s capacity. The BWP is designed to remainagile,while operating within theFund’s constrained resource environment. Itcan be updated over the course of the fiscal year to reflectmembers’ evolving needs and new developments. Policy advice.The Fund is committed to deliver tailored and timely policy advice, throughsurveillance and the use of Fund resources, to continue supporting members in safeguardingstability, strengthening resilience, and fostering prosperity. Key policy priorities andanalytical workon cross‑cutting and pressing issues will be covered in theManaging Director’s Global Policy Agenda,which will also lay out how the Fund is advancing its medium-term priorities, and will support themembership, including inthe multilateral surveillance publications, flagship publications, regionalreports, and Board briefings on country matters. The Board will be presented with additionalanalytical work on theFramework on Development of the Government Local Currency Bond Marketand theUpdate onFund Work on Macro-Structural Issues. Global cooperation.The Fund continues to leverage collaboration with partners and engage withinternational fora, including the G20 and the Financial Stability Board, to foster cooperation and promote global solutions to shared challenges. Following earlier Board engagements onglobalimbalances, the July 2026External Sector Reportwill provide assessments of external positions andhelp frame policy priorities and engagement going forward. This will be followed by a paper onCapital Flows and Stock Imbalances—Implications for Global Financial Stability,which will build on theanalysis of capital and financial flows and their links to stock imbalances, including feedback fromstock imbalances tocurrent account positions andmacroeconomic stability risks. The Board willreceive anUpdate on Global Regulatory Developmentswhich gives insight to important policydevelopments and implementation assessments in areas relevant to the Fund’s surveillance andanalysis of financial stability. Surveillance.The Board will conclude theComprehensive Surveillance Review (CSR),which will assessthe evolving surveillance landscape amid transformative changes and set surveillance priorities forthe next five years, proposing principles to ensure appropriate engagement in non-traditional areas,and suggest enhancements to surveillance modalities, while considering trade‑offs, enterprise risks,and available expertise. A Board presentation onResilience Amid Structural Transformations: AreMacro PolicyFrameworks Fit for Purpose?will highlight policy options for fiscal, monetary, andexternal policy frameworks in a more shock-prone environment. The Board will also conclude theFinancial Sector Assessment Program (FSAP) Review, whose objective is to ensure the FSAP remainseffective and relevant in a rapidly evolving macro-financial environment. This will be followed by astrategic engagement with the Board on the macroeconomic implications ofStructuralTransformationsin Global Finance, including moresignificant roles of non-bank financial institutions(NBFIs) and the rapidly progressing digitalization of finance, with a focus on policy implications,potential consequences for the international monetary and financial system,and the role of theFund. The presentation