Some issues which may warrant closer examination include: •  Ensuring that resources in the Poverty Reduction and Growth Facility – our main lending instrument for developing countries – remain adequate to meet future demands;  •  New ways to help low-income countries deal with economic shocks;  •  In the case of low-income countries which do not need or want IMF lending, how to enhance the IMF’s role in signaling to others the strength of these countries’ policies;  •  The role of the Fund in supporting low-income countries’ poverty reduction strategies; and  •  Our relationship with donors and aid agencies. As a partner of the 2002 Monterrey Consensus, the IMF is committed to supporting countries in their efforts to reduce poverty and reach the Millennium Development Goals. Our unique position gives us the potential to contribute to building both pillars of the Monterrey Consensus. On one side, we can work with countries to design policies and build institutions that will help them grow out of poverty. On the other, we can advocate for more and better international support, and help with its coordination. Nevertheless, examining the issues highlighted earlier will help frame a better understanding of the areas of low-income country work for which the IMF can take responsibility, and those that will fall to other institutions and actors. It would be helpful to have greater definition in this area as we approach the U.N. Millennium Summit in September. Fifth, the IMF’s internal governance and management.
By helping to build institutional and human capacity for the making of sound economic policies, IMF technical assistance contributes to the building of strong economies and stable growth. The IMF’s purposes, and its operational activities, were therefore designed with a key objective in mind – that is, the fostering of healthy national economies, linked by finance and trade, as the foundation for a robust global economic system. I think it correct to say that this vision for international peace and stability has produced remarkable results, for the past fifty years have been a period of growing economic prosperity and freedom. Global per capita income has more than tripled, and most of the world has experienced major improvements in literacy and life expectancy. Among the biggest gainers have been the developing nations, home to half of the world’s population. Many of them have been quick to take advantage of the opportunities afforded by the global economy, especially during the last two decades. These countries – whose ranks include Brazil, Chile, China, India, Korea, and Mexico – were able to double their share in world trade, raise per capita incomes, and lift millions out of poverty. Their experience demonstrates that integration into the global economy can bring major benefits. The IMF’s evolution The world has witnessed many changes and developments – in technology, politics, culture, as well as economics – over the years, and the IMF has adapted itself accordingly.