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International Monetary Fund. External Relations Dept.

IMF Managing Director Rodrigo de Rato said in a June 14 speech in Madrid that the IMF should look for new ways to encourage countries to heed its advice and that there is substantial room for improving the IMF’s surveillance of member countries’ economies. “In the area of surveillance, success cannot rely on early warning alone, it must also prompt early action,” he said at an event organized by Spain’s central bank and the IMF to mark the 60th anniversary of the Bretton Woods institutions.

International Monetary Fund. External Relations Dept.

Jack Boorman, Director of the IMF’s Policy Development and Review Department, addressed the Berlin policy dialogue, examining ownership and IMF conditionality. Below are edited excerpts of his remarks.

International Monetary Fund. External Relations Dept.

Following is a summary of the September 28 opening address of the Annual Meetings Chairman, Mahesh Acharya, Governor of the Bank and the IMF for Nepal.

International Monetary Fund. Independent Evaluation Office

Abstract

This chapter discusses key developments in financial year (FY) 2007, including the institutional efforts at implementing the Board-endorsed recommendations made by an independent panel of experts charged with evaluating the activities of the Independent Evaluation Office (IEO).

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.

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

One evaluation was completed in FY2007: “The IMF and Aid to Sub-Saharan Africa.” A report for a second evaluation—“IMF Exchange Rate Policy Advice”—was circulated to the Board but not yet discussed by the end of FY2007. A description of the former’s main findings and recommendations is provided below. For the latter, a brief account is made of the main findings.1

International Monetary Fund. Independent Evaluation Office

Abstract

A number of common messages emerging from earlier evaluations were identified in previous IEO Annual Reports. The evaluations of “The IMF and Aid to Sub-Saharan Africa” and “IMF Exchange Rate Policy Advice, 1999–2005” highlight the need for improvements in managing the process of institutional change within the IMF. The former also stresses some of the messages that had been brought up by previous evaluations that focused on low-income country issues—Prolonged Use of IMF Resources, Poverty Reduction Strategy Papers and the Poverty Reduction and Growth Facility, Fiscal Adjustment in IMF-Supported Programs, and IMF Technical Assistance. These messages include the need to clarify the role of the IMF in various areas and the importance of strengthening partnerships with other international financial institutions (IFIs) and donors. The evaluation of IMF Exchange Rate Policy Advice also reached conclusions similar to those made in previous evaluations, such as the need to provide clear yardsticks to facilitate the assessment of the impact of IMF advice. These common messages are discussed below.

International Monetary Fund. Independent Evaluation Office

Abstract

Work on two of the three projects identified for the FY2003–04 work program commenced in the course of FY2002–03. The status of all three projects is summarized in this chapter.

International Monetary Fund. Independent Evaluation Office

Abstract

The IEO is currently engaged in the preparation of three evaluation projects: Structural Conditionality in IMF-Supported Programs; Aspects of IMF Corporate Governance—Including the Role of the Board; and The IMF’s Interactions with Its Member Countries.1 The first evaluation is expected to be completed before the 2007 Annual Meetings. The other two projects will likely be completed in FY2008 or the first half of FY2009. Two other evaluations added to the pipeline in FY2006—The IMF’s Research Agenda and The IMF’s Approach to International Trade Issues—are expected to commence sometime in FY2008; Table 4.1 shows the status of the various evaluations completed, in progress, or in the work program of the IEO. In September/ October 2007 the IEO will initiate a consultation process with the IMF’s Executive Board, management, and staff as well as external stakeholders to identify a set of topics to be added to the office’s pipeline in FY2009.