The document outlines reforms to the Global Environment Facility's (GEF) policies and project cycle for its 4th replenishment period (GEF-4) from 2007-2010. Key reforms include revising the GEF's focal area strategies to have a stronger focus on priority issues, measurable results, and integration across areas. A results-based management approach is also adopted to shift from approval-based to outcome-based monitoring. The project cycle is streamlined and a Resource Allocation Framework is introduced to distribute funds across focal areas more objectively. The International Waters focal area will have 4 strategic programs focusing on issues like coastal fisheries, land-based pollution, transboundary water basins, and reducing persistent toxics.