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International Monetary Fund. Independent Evaluation Office

Abstract

During FY2015, the IMF Executive Board discussed the IEO evaluations Recurring Issues from a Decade of Evaluation: Lessons for the IMF and the IMF Response to the Financial and Economic Crisis. The IEO also issued two reports updating three earlier evaluations. The first report covered the 2005 IEO evaluation of The IMF’s Approach to Capital Account Liberalization, and the second one updated two evaluations covering low-income countries: The IMF’s Role in PRSPs and the PRGF (2004) and The IMF and Aid to Sub-Saharan Africa (2007). In addition, the IEO has three ongoing evaluations: self-evaluation at the IMF, data and statistics, and the IMF and the euro area crisis.

Parmeshwar Ramlogan and Mr. Bernhard Fritz-Krockow

Abstract

The IMF is an independent international organization. It is a cooperative of 185 member countries, whose objective is to promote world economic stability and growth.1 The member countries are the shareholders of the cooperative, providing the capital of the IMF through quota subscriptions (Box 1.1 and the Appendix). In return, the IMF provides its members with macroeconomic policy advice, financing in times of balance of payments need, and technical assistance and training to improve national economic management.

International Monetary Fund. Independent Evaluation Office

Abstract

Independent evaluation is widely regarded as an essential requirement in international financial institutions, contributing to increased transparency and accountability and strengthening the process of learning from experience. The IMF had a long tradition of internal evaluations of its operations and policies that were regularly submitted to the Executive Board and led to new directions on policy and procedure. However, it did not have a mechanism for independent evaluation of its activities until the establishment of the Independent Evaluation Office (IEO) by the Executive Board in the second half of 2001.

Parmeshwar Ramlogan and Mr. Bernhard Fritz-Krockow

Abstract

The present chapter provides a brief overview of the internal organization of the IMF. In addition, the chapter discusses the structure of the IMF’s income, making particular reference to the ongoing efforts to remedy the operational deficit and restructure the income sources and position of the IMF.

International Monetary Fund. Independent Evaluation Office

Abstract

This chapter provides a brief summary of the main findings and recommendations of the first three evaluation reports and the conclusions reached in the Executive Board discussion on each of these reports.

International Monetary Fund. Independent Evaluation Office

Abstract

This chapter discusses in further detail the evaluations of Recurring Issues at the IMF and the IMF Response to the Financial and Economic Crisis, as well as two updates of past evaluations.

Parmeshwar Ramlogan and Mr. Bernhard Fritz-Krockow

Abstract

The Articles of Agreement set out the obligations of member countries and the IMF, which form the legal basis of IMF surveillance over members’ economic policies.10 The core article in this respect is Article IV of the IMF’s Articles of Agreement. The principles and procedures of surveillance were set out in further detail in a 1977 Executive Board Decision, which established how surveillance would be conducted after the adoption of the Second Amendment to the Articles.*

Parmeshwar Ramlogan and Mr. Bernhard Fritz-Krockow

Abstract

According to Article I of the IMF’s Articles of Agreement, the purposes of the IMF include making the resources of the IMF temporarily available to member countries under adequate safeguards to provide an opportunity to the countries to correct balance of payments imbalances and to shorten the duration and lessen the degree of these imbalances.

International Monetary Fund. Independent Evaluation Office

Abstract

Following the 2006 External Evaluation of the IEO, the IMF adopted a framework for follow-up on IEO evaluations. The main components of the follow up process are the Management Implementation Plans (MIPs) and the Periodic Monitoring Reports (PMRs). Soon after the Executive Board discussion of an IEO evaluation report, IMF Management is expected to present to the Board for its approval a forward-looking MIP laying out the actions intended in response to evaluation recommendations endorsed by the Board. The implementation status and any necessary remedial or substitute actions are then to be summarized in an annual Periodic Monitoring Report for Board consideration. From 2007–12, PMRs were prepared by the Strategy, Policy, and Review Department. As recommended by the 2013 External Evaluation of the IEO, in 2014 the IMF shifted responsibility for preparation of PMRs to the Office of Internal Audit and Inspection. The IEO historically has played an informal role by advising the Executive Board during the follow-up process.