Contents Contents Highlights Message from the Managing Director Executive Board IMF Surveillance—Promoting Growth and Stability Strengthening the International Financial System E} Improving IMF Lending Policies and Practices EW The Fight Against Poverty in Low-Income Countries J Technical Assistance and Training 6 |G overnance, Cooperation, and Transparency Financial Operations and Policies EJ Budget, Human Resources, and Organization Appendixes A Global Institution The International Monetary Fund is a specialized agency of the m Lends to member countries with balance of payments prob- United Nations system set up by treaty in 1945 to help pro- lems, to provide temporary financing in support of adjust- mote the health of the world economy. Headquartered in Wash- ment and reform policies aimed at correcting the underlying ington, D.C., it is governed by its almost global membership of problems. 184 countries. m Provides the governments and central banks of its member The IMF is the central institution of the international monetary countries with technical assistance and training in its areas system—the system of international payments and exchange of expertise. rates among national currencies that enables business to take By working to strengthen the international financial system and place among countries. to accelerate progress toward reducing poverty, as well as pro- The IMF’s statutory purposes include facilitating the balanced moting sound economic policies among ali its member coun- expansion of world trade, promoting the stability of exchange tries, the IMF is helping to make globalization work for the rates, avoiding competitive currency devaluations, and helping benefit of all. in the orderly correction of a country’s balance of payments problems. This Annual Report of the Executive Board of the IMF reports on the activities of the Board during the financial year May 1, To achieve these goals, the IMF 2003, through April 30, 2004. Most of the Report consists of a Monitors economic and financial developments and policies, reviews of Board discussions of the whole range of IMF policy in member countries and at the global level, and gives policy and operations. Further information is provided on the Fund’s advice to its members based on its 60 years of experience. website: www.imf.org. | 1- . ——— 7 —7 ase ioe s i