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International Monetary Fund. Independent Evaluation Office

Abstract

The Independent Evaluation Office (IEO) was established by the IMF’s Executive Board in 2001. It provides objective and independent evaluation of issues related to the IMF. The IEO operates independently of IMF management and at arm’s length from the IMF Executive Board. For more information on the IEO’s activities, visit the IEO website: www.ieo-imf.org.

International Monetary Fund. Independent Evaluation Office

Abstract

1. This evaluation assesses the governance arrangements of the International Monetary Fund and identifies areas where they can be strengthened to help the Fund better fulfill its mandate. It defines governance as the institutional structure and the formal and informal relationships that govern the organization’s decision-making processes and activities. Good governance can contribute to the IMF’s legitimacy by ensuring appropriate representation for the membership and by facilitating transparency that allows scrutiny by relevant stakeholders. It allows the Fund to fulfill its mandates effectively and efficiently, it renders the Fund and its main organs accountable to the membership, and provides voice to relevant stakeholders. These four dimensions—effectiveness, efficiency, accountability, and voice—constitute the conceptual framework of this evaluation. The overarching evaluation questions are the following: To what degree do the Fund’s governance arrangements allow the institution to operate effectively and efficiently? To what degree do these arrangements render the IMF accountable, and do they provide the membership with voice in decision making?1

International Monetary Fund. Independent Evaluation Office

Abstract

6. This chapter introduces the analytical framework of the evaluation, briefly describing the tools and methods used and listing the main sources of information.

International Monetary Fund. Independent Evaluation Office

Abstract

11. This chapter discusses the Fund’s overall governance structures and practices using the framework provided by the four dimensions set out above: effectiveness, efficiency, accountability, and voice. Overall, the evaluation evidence points to effectiveness as the strongest feature of the Fund’s governance. Accountability appears to be the weakest feature and voice is also weak. These weaknesses entail risks to the Fund’s legitimacy, which in turn has a bearing on its effectiveness. This chapter and the following chapter (which discusses the roles and performance of individual governing bodies) examine the complementarities and trade-offs between these dimensions of governance.10

International Monetary Fund. Independent Evaluation Office

Abstract

31. This chapter presents evaluation findings specific to the IMFC, the Board, and Management. For each of these governing bodies, it identifies strengths and weaknesses by answering, inter alia, the following questions: Are the statutory roles of each body clear? Are there overlaps with the roles of other bodies? Are there gaps? Could structures or processes be modified to allow these roles to be discharged more effectively? Are governing bodies and individuals held accountable for their behavior and performance, and for the results of their actions? What are the costs of the governance structure? Do the governing bodies provide stakeholders with sufficient access to express their views?

International Monetary Fund. Independent Evaluation Office

Abstract

64. The IMF is at an important juncture, with its legitimacy and relevance being questioned. The causes and solutions to this challenge are multifaceted. Much attention has recently been focused on quotas and voting power. But broader governance reform also holds the potential to contribute to strengthened legitimacy and relevance. The Fund’s structures, rules, and practices need to be better aligned with the needs of its current membership and mandate, and the challenges that it faces in a globalized economy. For the IMF’s governance structure, as a whole, to function effectively, each governance body must play its part. After presenting the main conclusions and recommendations, this chapter proposes detailed measures specific to the IMFC, the Board, and Management.

International Monetary Fund. Independent Evaluation Office

Abstract

La Oficina de Evaluación Independiente (OEI) fue creada por el Directorio Ejecutivo del FMI en 2001. Proporciona evaluaciones objetivas e independientes sobre asuntos relacionados con el FMI. La OEI opera con independencia de la Gerencia y sin interferencias del Directorio Ejecutivo del FMI. Véase más información sobre las actividades de la OEl en su sitio web: www.ieo-imf.org.

International Monetary Fund. Independent Evaluation Office

Abstract

The Independent Evaluation Office (IEO) was established by the IMF’s Executive Board in 2001. It provides objective and independent evaluation of issues related to the IMF. The IEO operates independently of IMF management and at arm’s length from the IMF Executive Board. For more information on the IEO’s activities, visit the IEO website: www.ieo-imf.org.

International Monetary Fund. Independent Evaluation Office

Abstract

The Independent Evaluation Office (IEO) was established by the IMF’s Executive Board in 2001. It provides objective and independent evaluation of issues related to the IMF. The IEO operates independently of IMF management and at arm’s length from the IMF Executive Board. For more information on the IEO’s activities, visit the IEO website: www.ieo-imf.org.

International Monetary Fund. Independent Evaluation Office

Abstract

This paper assesses the degree to which the IMF governance is effective and efficient, and whether it provides sufficient accountability and channels for stakeholders to have their views heard. The focus is on institutional structures as well as on the formal and informal relationships between the IMF’s main bodies of governance: the Executive Board, Management, and the International Monetary and Financial Committee. The evaluation highlights that for much of the past six decades, gradual reforms in its governance allowed the IMF to remain relevant in a changing world economy.