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International Monetary Fund. Independent Evaluation Office

Abstract

This report presents the findings of an evaluation of the effectiveness of IMF interactions with its member countries during the period 2001-08, with special emphasis on 2007-08. It analyzes IMF interactions with its entire membership, broken down into three main country groups: advanced economies, emerging economies, and Poverty Reduction Growth Facility (PRGF)-eligible countries. The report comes at a critical juncture for the international monetary system, when the IMF has adopted a more flexible approach to lending and been given new responsibilities, as well as a major infusion of resources to help members deal with the global financial crisis. It highlights lessons learned from the evaluation that are most relevant to the tasks that lie ahead for the IMF.

International Monetary Fund. Independent Evaluation Office

Abstract

The Financial Sector Assessment Program (FSAP) is a joint IMF–World Bank initiative to provide countries with comprehensive evaluations of their financial systems.The IEO evaluation assessed the effectiveness of the FSAP from the perspective of the IMF. The main findings address the following areas: the nature of priority setting under the FSAP; the efficiency of FSAP processes and quality of the main diagnostic tools; the overall quality of FSAP content; how well the IMF has used FSAP results in its surveillance, technical assistance, and program activities; and evidence on the overall impact of the FSAP on the domestic policy dialogue, changes in policies and institutions, and market participants.