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International Monetary Fund. Independent Evaluation Office

Abstract

This report seeks to help the IMF enhance its effectiveness by identifying major recurring issues from the IEO’s first 20 evaluations and assessing where they stand. The IMF’s core areas of responsibility are surveillance, lending, and capacity development. The aim of this report is to strengthen the follow-up process by focusing on key issues that recurred in IEO evaluations, rather than on specific recommendations on their implementation. The IEO believes that a framework of reviewing and monitoring recurring issues would be useful in establishing incentives for progress, strengthening the Board’s oversight, and providing learning opportunities for the IMF.

International Monetary Fund. Independent Evaluation Office

Abstract

1. This evaluation aims to help the IMF enhance its effectiveness by identifying major recurring issues from the IEO’s first 20 evaluations and assessing where they stand. These issues are tendencies that the IEO has found in specific instances and that have affected the IMF’s performance in all of its core areas of responsibility: surveillance, lending, and capacity development. Almost all of them have been frequently discussed within the IMF as requiring institutional attention. While the Fund has addressed these issues in specific instances, their recurrence in different contexts in multiple IEO evaluations suggests that they are intrinsic to the nature of the IMF, with deep roots in its culture, policies, and governance arrangements.

International Monetary Fund. Independent Evaluation Office

Abstract

8. Previous authors have identified high-level, generic issues in the IMF’s performance that have been repeatedly highlighted by IEO evaluations (Lamdany and Edison, 2012; Salop, 2012; Reichmann, 2013).4 Instead of attempting to distill high-level findings from multiple evaluations, this evaluation takes a bottom-up approach, first identifying findings from past IEO evaluations and then grouping them according to common themes. Using this approach allows us to track how similar issues have recurred in different contexts and what the IMF may have done over time to address them.

International Monetary Fund. Independent Evaluation Office

Abstract

17. The Executive Board is “responsible for conducting the business of the Fund” (Article XII, Section 3 of the IMF’s Articles of Agreement), and it is under the Board’s direction that the Managing Director conducts “the ordinary business of the Fund” (Section 4). As such, the Board plays the critical role in setting strategic policies for the institution and overseeing their implementation. Not surprisingly, then, as many as 36 findings across 14 evaluations relate in one way or another to the Executive Board (see Annex 1 for the complete list of findings).

International Monetary Fund. Independent Evaluation Office

Abstract

55. This evaluation can be said to have confirmed the usefulness of an occasional exercise to take a strategic view of IEO findings, as the 2013 External Evaluation of the IEO proposed. It has identified the following issues as most frequently recurring in the IEO’s first 20 evaluations: