3. Ongoing Evaluations and IEO Work Program

International Monetary Fund. Independent Evaluation Office

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International Monetary Fund. Independent Evaluation Office

International Monetary Fund. Independent Evaluation Office
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Keywords:: IEOR; IEO; background color; IEO Evaluation; IEO Director; staff allocation; discretionary budget; seminar program; Budget planning and preparation; Global financial crisis of 2008-2009; Civil society organizations; Exchange rate policy; Communications in revenue administration; Global; Sub-Saharan Africa; Caribbean; IMF surveillance; IMF performance; IMF response

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Abstract

The IEO is currently working on three new evaluations and two updates.

An evaluation of the work of the IMF in fragile states is well underway. It analyzes the role played by the IMF in countries in post-conflict and other fragile situations through policy advice, program design (with and without financing), and capacity building. It focuses on the general framework for IMF engagement, how the Fund interacts with external stakeholders, the role of the Executive Board, and internal human resource issues. Executive Directors discussed a draft issues paper for this evaluation in November 2017. The IEO expects to present a report to the Executive Board in early 2018.

The IEO is also working on an evaluation of the IMF’s financial surveillance. The report will examine the Fund’s efforts to strengthen financial surveillance since the outbreak of the global financial crisis. It will analyze the relevance, quality, and effectiveness of Fund’s financial surveillance products and activities, both at the bilateral and multilateral levels. On May 16, 2017, Executive Directors discussed this evaluation’s draft issues paper. The IEO expects to present a report to the Executive Board around mid-2018.

The IEO is starting preliminary work on an evaluation of IMF advice on unconventional monetary policies. The report will assess the quality and effectiveness of the Fund’s advice, both to the major advanced economies pursuing unconventional monetary policies and to the advanced and emerging market economies dealing with the spillovers from such policies. It is expected that the draft issues paper will be presented to Executive Directors by end-2017 and the report completed in the second half of 2018.

Finally, the IEO is carrying out two evaluation updates to be concluded before the end of FY2017: IMF Exchange Rate Policy Advice, 1999–2005: Revisiting the 2007 IEO Evaluation and Structural Conditionality in IMF-Supported Programs, 2010–16: Revisiting the 2007 IEO Evaluation.

Future evaluations will be started as ongoing evaluations are completed. Topics for future evaluation are considered by the IEO, in consultation with various stakeholders. A list of prospective topics has been posted on the IEO website and discussed with the Executive Board on June 22, 2017.

The Evaluation Committee of the Executive Board met in May 2017 to launch the process for a new periodic external evaluation of the IEO. In accordance with the IEO’s terms of reference, and following the first two antecedents—the Lissakers Report in 2006, and the Ocampo Report in 2013—a team of external experts will assess the effectiveness of the IEO and consider possible improvements to its structure, mandate, operational modalities, and terms of reference.

Completed and Ongoing IEO Work Program

EVALUATIONS	STATUS
Evaluation of Prolonged Use of IMF Resources	Completed 08/02
The IMF and Recent Capital Account Crises: Indonesia, Korea, Brazil	Completed 05/03
Fiscal Adjustment in IMF-Supported Programs	Completed 08/03
Evaluation of the IMF’s Role in Poverty Reduction Strategy Papers and the Poverty Reduction and Growth Facility	Completed 07/04
The IMF and Argentina, 1991–2001	Completed 07/04
IMF Technical Assistance	Completed 02/05
The IMF’s Approach to Capital Account Liberalization	Completed 05/05
IMF Support to Jordan, 1989–2004	Completed 11/05
Financial Sector Assessment Program	Completed 01/06
Multilateral Surveillance	Completed 03/06
The IMF and Aid to Sub-Saharan Africa	Completed 03/07
IMF Exchange Rate Policy Advice	Completed 05/07
Structural Conditionality in IMF-Supported Programs	Completed 12/07
Governance of the IMF: An Evaluation	Completed 05/08
IMF Involvement in International Trade Policy Issues	Completed 06/09
IMF Interactions with Member Countries	Completed 12/09
IMF Performance in the Run-Up to the Financial and Economic Crisis: IMF Surveillance in 2004–07	Completed 01/11
Research at the IMF: Relevance and Utilization	Completed 06/11
International Reserves: IMF Concerns and Country Perspectives	Completed 12/12
The Role of the IMF as Trusted Advisor	Completed 02/13
IMF Forecasts: Process, Quality, and Country Perspectives	Completed 02/14
Recurring issues from a Decade of Evaluation: Lessons for the IMF	Completed 06/14
IMF Response to the Financial and Economic Crisis	Completed 10/14
Self-Evaluation at the IMF: An IEO Assessment	Completed 09/15
Behind the Scenes with Data at the IMF: An IEO Evaluation	Completed 03/16
The IMF and the Crises in Greece, Ireland, and Portugal	Completed 07/16
The IMF and Social Protection	Completed 07/17
The IMF and Fragile States	In progress
IMF Financial Surveillance	In progress
IMF Advice on Unconventional Monetary Policy	In progress
EVALUATION UPDATES
Prolonged Use of IMF Resources: Revisiting the 2002 IEO Evaluation	Completed 07/13
Fiscal Adjustment in IMF-Supported Programs: Revisiting the 2003 IEO Evaluation	Completed 07/13
IMF Technical Assistance: Revisiting the 2005 IEO Evaluation	Completed 03/14
Revisiting the IEO Evaluations of The IMF’s Role in PRSPs and the PRGF (2004) and The IMF and Aid to Sub-Saharan Africa (2007)	Completed 08/14
The IMF’s Approach to Capital Account Liberalization: Revisiting the 2005 IEO Evaluation	Completed 02/15
Multilateral Surveillance: Revisiting the 2006 IEO Evaluation	Completed 02/17
IMF Exchange Rate Policy Advice, 1999–2005: Revisiting the 2007 IEO Evaluation	In progress
Structural Conditionality in IMF-Supported Programs, 2010–16: Revisiting the 2007 IEO Evaluation	In progress

Completed and Ongoing IEO Work Program

EVALUATIONS	STATUS
Evaluation of Prolonged Use of IMF Resources	Completed 08/02
The IMF and Recent Capital Account Crises: Indonesia, Korea, Brazil	Completed 05/03
Fiscal Adjustment in IMF-Supported Programs	Completed 08/03
Evaluation of the IMF’s Role in Poverty Reduction Strategy Papers and the Poverty Reduction and Growth Facility	Completed 07/04
The IMF and Argentina, 1991–2001	Completed 07/04
IMF Technical Assistance	Completed 02/05
The IMF’s Approach to Capital Account Liberalization	Completed 05/05
IMF Support to Jordan, 1989–2004	Completed 11/05
Financial Sector Assessment Program	Completed 01/06
Multilateral Surveillance	Completed 03/06
The IMF and Aid to Sub-Saharan Africa	Completed 03/07
IMF Exchange Rate Policy Advice	Completed 05/07
Structural Conditionality in IMF-Supported Programs	Completed 12/07
Governance of the IMF: An Evaluation	Completed 05/08
IMF Involvement in International Trade Policy Issues	Completed 06/09
IMF Interactions with Member Countries	Completed 12/09
IMF Performance in the Run-Up to the Financial and Economic Crisis: IMF Surveillance in 2004–07	Completed 01/11
Research at the IMF: Relevance and Utilization	Completed 06/11
International Reserves: IMF Concerns and Country Perspectives	Completed 12/12
The Role of the IMF as Trusted Advisor	Completed 02/13
IMF Forecasts: Process, Quality, and Country Perspectives	Completed 02/14
Recurring issues from a Decade of Evaluation: Lessons for the IMF	Completed 06/14
IMF Response to the Financial and Economic Crisis	Completed 10/14
Self-Evaluation at the IMF: An IEO Assessment	Completed 09/15
Behind the Scenes with Data at the IMF: An IEO Evaluation	Completed 03/16
The IMF and the Crises in Greece, Ireland, and Portugal	Completed 07/16
The IMF and Social Protection	Completed 07/17
The IMF and Fragile States	In progress
IMF Financial Surveillance	In progress
IMF Advice on Unconventional Monetary Policy	In progress
EVALUATION UPDATES
Prolonged Use of IMF Resources: Revisiting the 2002 IEO Evaluation	Completed 07/13
Fiscal Adjustment in IMF-Supported Programs: Revisiting the 2003 IEO Evaluation	Completed 07/13
IMF Technical Assistance: Revisiting the 2005 IEO Evaluation	Completed 03/14
Revisiting the IEO Evaluations of The IMF’s Role in PRSPs and the PRGF (2004) and The IMF and Aid to Sub-Saharan Africa (2007)	Completed 08/14
The IMF’s Approach to Capital Account Liberalization: Revisiting the 2005 IEO Evaluation	Completed 02/15
Multilateral Surveillance: Revisiting the 2006 IEO Evaluation	Completed 02/17
IMF Exchange Rate Policy Advice, 1999–2005: Revisiting the 2007 IEO Evaluation	In progress
Structural Conditionality in IMF-Supported Programs, 2010–16: Revisiting the 2007 IEO Evaluation	In progress

Foresee

Completed and Ongoing IEO Work Program

EVALUATIONS	STATUS
Evaluation of Prolonged Use of IMF Resources	Completed 08/02
The IMF and Recent Capital Account Crises: Indonesia, Korea, Brazil	Completed 05/03
Fiscal Adjustment in IMF-Supported Programs	Completed 08/03
Evaluation of the IMF’s Role in Poverty Reduction Strategy Papers and the Poverty Reduction and Growth Facility	Completed 07/04
The IMF and Argentina, 1991–2001	Completed 07/04
IMF Technical Assistance	Completed 02/05
The IMF’s Approach to Capital Account Liberalization	Completed 05/05
IMF Support to Jordan, 1989–2004	Completed 11/05
Financial Sector Assessment Program	Completed 01/06
Multilateral Surveillance	Completed 03/06
The IMF and Aid to Sub-Saharan Africa	Completed 03/07
IMF Exchange Rate Policy Advice	Completed 05/07
Structural Conditionality in IMF-Supported Programs	Completed 12/07
Governance of the IMF: An Evaluation	Completed 05/08
IMF Involvement in International Trade Policy Issues	Completed 06/09
IMF Interactions with Member Countries	Completed 12/09
IMF Performance in the Run-Up to the Financial and Economic Crisis: IMF Surveillance in 2004–07	Completed 01/11
Research at the IMF: Relevance and Utilization	Completed 06/11
International Reserves: IMF Concerns and Country Perspectives	Completed 12/12
The Role of the IMF as Trusted Advisor	Completed 02/13
IMF Forecasts: Process, Quality, and Country Perspectives	Completed 02/14
Recurring issues from a Decade of Evaluation: Lessons for the IMF	Completed 06/14
IMF Response to the Financial and Economic Crisis	Completed 10/14
Self-Evaluation at the IMF: An IEO Assessment	Completed 09/15
Behind the Scenes with Data at the IMF: An IEO Evaluation	Completed 03/16
The IMF and the Crises in Greece, Ireland, and Portugal	Completed 07/16
The IMF and Social Protection	Completed 07/17
The IMF and Fragile States	In progress
IMF Financial Surveillance	In progress
IMF Advice on Unconventional Monetary Policy	In progress
EVALUATION UPDATES
Prolonged Use of IMF Resources: Revisiting the 2002 IEO Evaluation	Completed 07/13
Fiscal Adjustment in IMF-Supported Programs: Revisiting the 2003 IEO Evaluation	Completed 07/13
IMF Technical Assistance: Revisiting the 2005 IEO Evaluation	Completed 03/14
Revisiting the IEO Evaluations of The IMF’s Role in PRSPs and the PRGF (2004) and The IMF and Aid to Sub-Saharan Africa (2007)	Completed 08/14
The IMF’s Approach to Capital Account Liberalization: Revisiting the 2005 IEO Evaluation	Completed 02/15
Multilateral Surveillance: Revisiting the 2006 IEO Evaluation	Completed 02/17
IMF Exchange Rate Policy Advice, 1999–2005: Revisiting the 2007 IEO Evaluation	In progress
Structural Conditionality in IMF-Supported Programs, 2010–16: Revisiting the 2007 IEO Evaluation	In progress

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