Report of Managing Director to the International Monetary and Financial Committee on the IMF in a process of change

The Fund has been engaged in a process of change. The reform process is aimed at making it more effective in promoting macroeconomic stability and sustained growth, helping countries to benefit from the opportunities that come with global economic integration and safeguarding the stability of the international financial system. This report highlights the efforts underway with a particular focus on progress since the spring 2002 meeting, and outlines major elements of agenda for the period ahead. However, it is concluded that the process of reform initiated at the Fund is still underway.