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International Monetary Fund. Independent Evaluation Office

Abstract

During the financial year 2013, the IEO produced two evaluations, International Reserves: IMF Concerns and Country Perspectives and The Role of the IMF as Trusted Advisor, both of which were discussed by the Executive Board. As part of a pilot project, the IEO prepared two reviews of past IEO evaluations, which are summarized in this report and attached in full as annexes. In addition, the IEO published a volume of self-evaluative papers produced for the conference marking its first ten years.

International Monetary Fund. Independent Evaluation Office

Abstract

During FY2013, the IEO issued reports on its evaluations of International Reserves: IMF Concerns and Country Perspectives, in December 2012, and The Role of the IMF as Trusted Advisor, in February 2013. In addition, the IEO initiated a pilot project to review past evaluations, revisiting the Evaluation of Prolonged Use of IMF Resources and Fiscal Adjustment in IMF-Supported Programs. The IEO also produced a volume of self-evaluative papers prepared for the conference marking its first ten years.

International Monetary Fund. Independent Evaluation Office

Abstract

When the IEO was established in 2001, periodic external evaluations of its work were envisaged. The first external evaluation, completed in 2006, assessed whether the IEO had fulfilled its mandate in its first five years of operation and made a number of recommendations to enhance the IEO’s role. In discussing the 2006 evaluation report, IMF Executive Directors agreed that the IEO had served the IMF well and had earned strong support across a broad range of stakeholders. Directors also welcomed the report’s recommendations to enhance IEO effectiveness, including a more focused and strategic orientation as well as enhanced Board involvement, and agreed on another external evaluation of the IEO in five years.

International Monetary Fund. Independent Evaluation Office

Abstract

An approach to follow-up on IEO evaluations was established in the IMF following the first external evaluation of the IEO in 2006. Under this framework, after the Executive Board discusses an IEO evaluation report, the IMF prepares a forward-looking Management Implementation Plan (MIP) for each evaluation to implement IEO recommendations endorsed by the Executive Board. Implementation status is then assessed in a Periodic Monitoring Report (PMR) prepared annually by IMF staff for Board consideration.

International Monetary Fund. Independent Evaluation Office

Abstract

The IEO is currently working on five evaluations and is also undertaking two reviews of past evaluations. The status of each is summarized below.

International Monetary Fund. Independent Evaluation Office

Abstract

The Independent Evaluation Office (IEO) evaluation on International Reserves: IMF Concerns and Country Perspectives was discussed by the Board in December 2012. This evaluation examined the IMF’s analysis of the effect of reserves on the stability of the international monetary system and its advice on reserve adequacy assessments in the context of bilateral surveillance. In the multilateral context, the evaluation acknowledged the IMF’s broader work stream on the international monetary system but noted that this work had not sufficiently informed the analysis and recommendations regarding reserves. The IEO evaluation of The Role of the IMF as Trusted Advisor was discussed by the Board in February 2013. This evaluation found that perceptions of the IMF had improved, but that they varied markedly by region and country type. Recognizing that there will always be an inherent tension between the IMF’s roles as a global watchdog and as a trusted advisor to member country authorities, the evaluation report explored how the IMF could sustain the more positive image it had achieved in the aftermath of the recent global crisis. The evaluation found that among key challenges facing the IMF were improving the value added and relevance of IMF advice and overcoming the perception of a lack of even-handedness.