On November 22, 2024, the Executive Board of the International Monetary Fund (IMF) convened to discuss a paper reviewing the IMF's Communication Strategy. This document outlines the objectives and scope of Fund communication, reviews its recent implementation, and suggests updates for modernization.
The discussion complements the Board Review of the IMF's Transparency Policy, which dictates guidelines for public information release (refer to Press Release 24/436 for details on this policy review).
Executive Directors expressed appreciation for the opportunity to evaluate the Fund’s Communications Strategy. They acknowledged that transparency and effective communication are vital to the IMF's success. The importance of maintaining dual roles as a trusted advisor and candid truth-teller was emphasized. Directors noted that effective communication fosters understanding of the Fund’s work, maintains trust in its policy advice, enhances policy traction, and supports its mission of promoting economic and financial stability.
Directors recognized progress made since the 2014 Review in enhancing communication. They noted that evolving global economies and advancements in communications technology have necessitated accessible messaging through digital platforms. These efforts have been pivotal in maintaining effectiveness and have been recognized by stakeholders who view the Fund as influential.
Acknowledging uncertainties in global economics and media transformations such as AI's advent, Directors stressed maintaining trust through evolved communication strategies. They supported measures outlined in the paper focusing on evidence-based selective communications within the Fund’s mandate; strengthening controlled channels; uniting traditional media with social media; and bolstering internal staff dialogue on priorities.
While legal frameworks remain unchanged since the last review, some Directors highlighted ensuring communications do not preempt Board discussions. Empathy and evenhandedness were also underscored as crucial beyond mere communications.
Reaching broader audiences including policymakers remains essential for achieving institutional goals. Proposals to expand engagements with local/regional media especially in program countries were welcomed. Directors encouraged more granular audience segmentation for tailored communication while emphasizing direct engagement with country authorities is key.
Progress in measuring communications impact through digital tools was acknowledged but further efforts were called for. A modern goal-setting framework was urged along with integrating AI into measurement tools and regularly soliciting stakeholder feedback.
Regular reviews of the Communications Strategy every five years were agreed upon with annual updates proposed on strategy implementation under flat budget conditions.