WASHINGTON, USA – On November 22, 2024, the executive board of the International Monetary Fund (IMF) discussed a paper on the Review of the IMF’s Communication Strategy that outlines the objectives and scope of Fund communication, reviews its implementation in recent years, and proposes updates and modernization of its approach going forward.
The discussion on Fund communication is in addition to the board review of the IMF’s Transparency Policy, which sets the guidelines for the types and extent of information that the Fund may release publicly (see Press Release 24/436 for the latest review of the IMF’s Transparency Policy).
Executive board assessment
Executive directors welcomed the opportunity to review the Fund’s Communications Strategy. They agreed that transparency and communications are critical to the effectiveness of the IMF, and highlighted the importance of maintaining the Fund’s dual role as a trusted advisor to authorities while also being a candid truth-teller in challenging situations. Directors also emphasized that communication builds understanding of the Fund’s work, helps to maintain trust in the institution’s policy advice, furthers policy traction, and contributes to the Fund’s mission of promoting economic and financial stability.
Directors agreed that the Fund has made commendable progress in enhancing its communication since the 2014 Review. They also recognized that against the backdrop of an evolution in the global economy and significant transformations in communications technology over the last decade, the Fund’s approach to communicating with wider audiences through accessible messages on new digital and social platforms has been pivotal to the effectiveness of its work. Directors highlighted that the Fund’s efforts to support member countries – backed by its communications approach – have been recognized in the recent global stakeholder survey in which the Fund is seen as one of the most effective, trustworthy and influential multilateral institutions.
Directors emphasized the need to maintain and build on this trust given the uncertainty in the global economy and ongoing transformations in the media landscape, including the advent of AI. To that end, they noted that communication will play an increasingly important role going forward, and endorsed an evolution in Fund’s approach. Directors supported the measures set out in the paper to transition from “doing more” to being more evidence-based and selective in communications, focusing on topics within the Fund’s mandate that can provide the most value-added; strengthen communication channels and platforms controlled by the Fund; unite the Fund’s traditional media operations with social media; and internally, continue to bolster staff community and dialogue on institutional priorities.
While directors agreed that the legal frameworks underpinning Fund communications have not changed since the last review, many Directors also emphasized the importance of ensuring that communications do not preempt executive board discussions, with some Directors calling for more active engagement on strategic or sensitive issues. Directors also stressed that the Fund must demonstrate empathy and even-handedness – issues that go beyond communications.
Directors agreed that while policymakers must remain the Fund’s north star for its communications, reaching a wider audience of policy influencers and the general public will be essential to achieving the Fund’s institutional objectives. They therefore welcomed staff’s proposals in this area, including those to expand and deepen engagements with local/regional media and stakeholders, particularly in program countries, including early engagements to inform policy advice; bring communications upstream into Fund operations, including by informing policy advice; and strengthen the capacity of economic news reporting in developing and low-income countries.
Many directors encouraged staff to implement a more granular segmentation of target audiences to facilitate more effective and tailored communication. While emphasizing the importance of direct engagement and relationship management with country authorities, directors also agreed that strengthening communication skills across the institution will be critical to increasing the traction of Fund policy advice.
Directors recognized the progress made in measuring the impact of the Fund’s communications with digitalization of communications products and the availability of real‑time analytical tools. They however called for further efforts in this area, including to strengthen the Fund’s evaluation framework for communications – with many Directors urging staff to employ a modern goal‑setting framework -as well as utilizing impact measurement in line with industry standards. Directors also supported greater consideration of integrating AI in measurement tools, and more regularly soliciting stakeholder feedback.
Directors agreed that the Communications Strategy should be reviewed more regularly, with formal reviews scheduled on a five-yearly basis. They welcomed the proposal for annual updates to the board on the implementation of the Strategy, including the practical application and operationalization of a detailed plan in a flat budget environment.
IMF Communications Department
