The International Monetary Fund published the communiqué agreed by the International Monetary and Financial Committee (IMFC), setting out its assessment of the global outlook amid repeated shocks and endorsing the Diriyah Guiding Principles to steer future IMF quota and governance reforms, including under the 17th General Review of Quotas. IMFC members described the conflict in the Middle East as a major new global shock with asymmetric impacts that could, if prolonged, keep fuel and fertilizer prices elevated, disrupt key inputs, and amplify risks to energy and food security, inflation, external accounts, and financial stability. The communiqué reaffirmed commitments to price stability, central bank independence, and clear communication; called for fiscal policy anchored in credible medium-term frameworks, with temporary and targeted measures where fiscal space is available to protect the most vulnerable; and highlighted monitoring and tackling financial vulnerabilities, including systemic risks stemming from artificial intelligence, non-bank financial institutions, and digital assets, while reaffirming April 2021 exchange rate commitments. On next steps and IMF workstreams, members backed efforts to improve debt restructuring processes, including under the Common Framework, welcomed the updated Global Sovereign Debt Roundtable “Restructuring Playbook,” and called for enhanced debt transparency and additional subsidy resources to sustain the Poverty Reduction and Growth Trust’s self-sustained lending capacity. They looked forward to finalizing the Comprehensive Surveillance Review, the Financial Sector Assessment Program review, and the Review of Program Design and Conditionality, and committed to complete domestic approvals for consent to the quota increase under the 16th General Review of Quotas; the next IMFC meeting is expected in October 2026 in Bangkok.
International Monetary Fund 2026-04-17
International Monetary Fund’s IMFC endorses Diriyah Guiding Principles for quota and governance reforms
The International Monetary Fund’s International Monetary and Financial Committee communiqué assesses the global outlook amid repeated shocks and endorses the Diriyah Guiding Principles to steer future IMF quota and governance reforms under the 17th General Review of Quotas. It highlights the Middle East conflict as a major new shock, reaffirms commitments to price stability and central bank independence, and calls for targeted fiscal support, closer monitoring of financial vulnerabilities from AI, non-bank financial institutions and digital assets, and adherence to April 2021 exchange rate commitments. IMFC members also back better sovereign debt restructuring, greater debt transparency, more subsidy resources for the Poverty Reduction and Growth Trust, and completion of key IMF reviews, while committing to domestic approvals for the 16th General Review of Quotas increase.