The International Financial Architecture Working Group (IFA WG) has been reactivated. The WG undertook extensive work this year, enhanced by very valuable contributions from the international organizations. Discussions took place at four meetings of the WG, with a focus on achieving concrete deliverables and proposals. This final report, endorsed by the members of the Working Group, summarizes the Group’s discussions and progress achieved so far, and presents a set of recommendations for consideration by Ministers and Governors. Against this background, five interconnected sets of recommendations have been developed by the IFA WG as key recommendations that would contribute to further strengthening the international financial architecture. They include concrete policy recommendations to (i) improve the early detection and management of vulnerabilities stemming from large and volatile cross-border flows including through enhancing the availability, completeness and timeliness of data, and share experiences on early warning systems and build on country experiences with regards to capital flows to enhance policy responses; (ii) further strengthen the Global Financial Safety Net (GFSN) as a key component of a stable and robust international monetary system, with a strong, quota-based and adequately resourced IMF at its center, equipped with a lending toolkit that is adapted to evolving vulnerabilities, and enhanced cooperation between the IMF and Regional Financing Arrangements (RFAs); (iii) preserve the legitimacy of the IMF as the core of the GFSN, by keeping pace between IMF’s quota shares, voice and governance structure and countries’ relative position in the world economy; (iv) improve debt sustainability and debt restructuring processes as key elements to strengthen the international financial architecture; (v) examine broader use of the SDR as a way to enhance resilience, and support the development of local currency bond markets where appropriate.[…]