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International Monetary Fund. Independent Evaluation Office

Abstract

In 2008, the IEO undertook an evaluation on the IMF governance and concluded that effectiveness had been the strongest aspect of IMF governance, while accountability and voice had been the weakest. Since then, IMF governance has been strengthened aided by quota and voice reforms to address misalignments in shares and chairs as well as numerous improvements in governance procedures and practices. The update finds that IMF governance has proven its effectiveness in supporting the Fund to fulfill its mandates, but concerns remain on voice and accountability. Challenges remain related to representation and voice, interaction between governance bodies, the selection process for management, and the role of the G20 in IMF governance. Addressing these challenges will take time and may be subject to difficult tradeoffs between governance objectives such as preserving effectiveness while ensuring appropriate representation.

International Monetary Fund. Independent Evaluation Office

Abstract

This paper discusses that the Independent Evaluation Office (IEO) has also launched three new evaluations—which will analyze the IMF’s role on fragile states, its financial surveillance activities, and its advice on unconventional monetary policies—and two evaluation updates—which will look into the IMF’s exchange rate policy advice and structural conditionality. The evaluation found that, for the most part, the IMF’s euro area surveillance identified the right issues during the pre-crisis period but did not foresee the magnitude of the risks that would later become paramount. The IMF’s surveillance of the financial regulatory architecture was generally of high quality, but staff, along with most other experts, missed the buildup of banking system risks in some countries. The report found several issues with the way decision making was managed by the IMF. In May 2010, the IMF Executive Board approved a decision to provide exceptional access financing to Greece without seeking preemptive debt restructuring, even though its sovereign debt was not deemed sustainable with a high probability.

International Monetary Fund. Independent Evaluation Office

Abstract

This fifth Annual Report describes the activities of the Independent Evaluation Office (IEO) during the year to April 30, 2008. This period saw the completion of two evaluations, "Structural Conditionality in IMF-Supported Programs" smf "Governance of the IMF".

International Monetary Fund. Independent Evaluation Office

Abstract

The IEO’s latest Annual Report covers its activities during the financial year ended April 2007. It summarizes the most recent IEO evaluations of The IMF and Aid to Sub-Saharan Africa and IMF Exchange Rate Policy Advice. The report also presents messages that are common to many IEO evaluations and are particularly noteworthy as the IMF proceeds with the implementation of its Medium-Term Strategy. Other topics discussed include implementation of recommendations made in 2006 by the External Evaluation Panel of the IEO, ongoing projects, the identification of future evaluations, and summaries of follow-ups of past evaluations.

Hulya Ulku and Mr. Tito Cordella
Under what conditions should grants be preferred to loans? To answer this question, we present a simple model à la Krugman (1988) and show that, for any given level of developmental assistance, the optimal degree of loan concessionality is positively associated with economic growth if countries are poor, have bad policies, and high debt obligations. We then test our model by estimating a modified growth model for a panel of developing countries, and find evidence supporting our predictions. Finally, we assess the determinants of current aid allocations and find that the degree of concessionality is negatively correlated with countries' levels of development.
Murray Petrie
This paper explores initiatives to date by the IMF, financial markets, and civil society organizations to assess and utilize information on fiscal transparency. The results of surveys and interviews of rating agency analysts and surveys of civil society organizations on their level of awareness of, and use of IMF fiscal transparency assessments are presented. The paper then considers the relative roles of the IMF, the private sector, and civil society organizations in assessing and promoting fiscal transparency, and the scope for greater complementarity among their roles. The paper concludes with a number of suggestions for making the IMF's fiscal transparency initiatives more effective.
International Monetary Fund

Abstract

This paper presents Selected Decisions and Selected Documents’ Supplement to Eighth issue of the IMF. This volume, which is presented as a Supplement to the Eighth Issue of Selected Decisions of the IMF and Selected Documents includes general decisions adopted by the IMF since May 10, 1976, the date of publication of the Eighth Issue. Some of these decisions were adopted in connection with the Second Amendment of the IMF's Articles of Agreement that took effect on April 1, 1978. All references to the Articles and to the By-Laws, Rules and Regulations in this Supplement are to the Articles of Agreement as modified by the Second Amendment and to the By-Laws, Rules and Regulations of the Thirty-Fifth Issue, July 1, 1978, respectively, unless indicated otherwise. The IMF has not yet completed the process of making the modifications in existing decisions, and adopting the new decisions, that are required in connection with the Second Amendment. The Ninth Issue of this collection will be published as soon as this task of adaptation is complete. It will include the decisions in the Eighth Issue that remain in effect, the decisions in this Supplement, and any further decisions that are adopted. Meanwhile, in view of the accumulation of new and modified decisions, there is need for this Supplement.