The IEO sets its work program with considerable care in consultation with stakeholders to ensure that its limited evaluation resources are directed towards issues of importance to the membership, taking into account current institutional priorities. The topic selection process is described in “Selection of IEO Evaluation Topics and IEO Product Mix” (IEO, 2019).
After broad consultation on its future work program, the IEO published a list of possible topics on the IEO website in January 2021 for public comment and discussed it with Executive Directors (IEO, 2021a). In February, the IEO announced its new work program, launching a new evaluation on the IMF’s emergency response to the COVID-19 pandemic as well as continuing the three evaluations already underway (the first of these on growth and adjustment in IMF-supported programs has now been completed) (IEO, 2021b). Additional evaluations will be launched as evaluations currently in train are completed, drawing on the menu of future IEO topics.
The evaluation of IMF engagement with small developing states is now well underway and is on track for completion during the winter months. The overarching goal of the evaluation is to consider how best the IMF can support its small developing state (SDS) members given these countries’ distinctive vulnerabilities and needs and respecting the IMF’s limited overall resource envelope. Key tasks will be: (i) to assess whether approaches for the IMF’s core operations—surveillance and policy advice, program support, and capacity development activities—are appropriate for the specific challenges facing SDS; and (ii) to assess the institutional framework and procedures for the IMF’s engagement with SDS, including its strategic approach, human resource management, and engagement with other development partners and institutional stakeholders. While most of the activity being evaluated will relate to the pre-COVID-19 pandemic experience, this evaluation will provide evidence on how the Fund adapted to help SDS meet the challenges posed by the COVID-19 pandemic during its initial phase, including the role of emergency financial assistance. A draft issues paper outlining the motivation, themes and scope for this evaluation (IEO, 2020a) is available on the IEO website (https://IEO.IMF.org/en/our-work/Evaluations).
Work continues on the evaluation of IMF capacity development (CD), which will assess how effectively the IMF is delivering on its CD objectives and meeting the needs and expectations of member countries to identify steps the Fund could take to enhance the impact and effectiveness of its CD. The evaluation will assess progress made against, inter alia, the objectives identified in the IMF’s last internal strategic review of CD in 2018. It will also consider broader strategic issues, such as the scale of CD, the sustainability of and risks associated with external financing, the implications of alternative funding models, and long-standing issues concerning the role of the Board. It will reflect how the IMF prioritizes the use of CD resources, how it assesses the impact of CD work, the effectiveness of different modes of delivery and follow-up, human and financial resource issues, working with CD partners, and dissemination. It will pay particular attention to the challenges posed by the initial phase of the COVID-19 pandemic, including adaptability to new priorities and the challenges of remote CD delivery and follow-up. The IEO expects to complete the evaluation by summer 2022, in time to inform the next five-year internal strategic review of IMFCD which is due in 2023. The link to the Issues Paper of the evaluation (IEO, 2020c) is available on the IEO website (https://IEO.IMF.org/en/our-work/Evaluations).
The IEO has recently launched a new evaluation on the IMF’s emergency response to the COVID-19 pandemic. The issues paper (IEO, 2021d) detailing how the IEO plans to conduct the evaluation was discussed in a seminar with Board members and posted for comment on the IEO website (https://IEO.IMF.org/en/our-work/Evaluations). The evaluation will provide a first assessment of the IMF’s response to the pandemic, focusing on experience during the period between January 2020 and April 2021. It aims to examine how effectively the Fund adapted its lending framework, provided emergency financing, and modified processes for economic assessment and policy advice to help countries during the early emergency phase of an unprecedented global shock. The evaluation team is coordinating closely with other IFI evaluation offices that are conducting similar assessments of their institutions’ pandemic response. The findings will be used to help the IMF draw early lessons with which to inform its response to future global crises. The IEO is anticipating a second more comprehensive evaluation, which could be initiated in perhaps 2–3 years, to provide a more holistic assessment of the Fund’s response to the pandemic, including during the stabilization and recovery phases, that could evaluate still evolving issues such as how to handle policy normalization and address rising debt vulnerabilities that would benefit from a longer term perspective.
IEO@20 Anniversary
The IEO is planning an IEO@20 conference to mark the 20th anniversary of the opening of the IEO in 2001, tentatively scheduled for the end of this year, a successor to our 10th anniversary conference in 2011. Since 2011, the IEO has completed 15 evaluations as well as 10 evaluation updates. The conference aims to highlight the IEO’s work and contribution to the Fund, reflect on experience over the past decade, and anticipate what challenges may be ahead. The conference will bring together IMF colleagues, past and present, with a rich group of experts from both within the Fund and the broader community who have worked with the IEO over the years. To prepare for the conference, the IEO is working on a series of papers to draw lessons from the experience with IEO evaluation over the past ten years, and to consider the implications of the evolving role of the Fund for independent evaluation at the IMF going forward.
The IEO’s Second Decade
IEO evaluations completed over the last 10 years
The IEO’s Second Decade
IEO evaluations completed over the last 10 years
The IEO’s Second Decade
IEO evaluations completed over the last 10 years
Completed and Ongoing IEO Work Program
Completed and Ongoing IEO Work Program
| 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 | Complete d 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 | Completed 03/18 |
| IMF Financial Surveillance | Completed 01/19 |
| IMF Advice on Unconventional Monetary Policies | Completed 06/19 |
| IMF Advice on Capital Flows | Completed 09/20 |
| IMF Collaboration with the World Bank on Macro-Structural Issues | Completed 11/20 |
| Growth and Adjustment in IMF-Supported Programs | Board discussion in August 2021 |
| IMF Engagement with Small Developing States | In Progress |
| IMF Capacity Development | In Progress |
| The IMF’s Emergency Response to the COVID-19 Pandemic | In Progress |
| 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 | Complete d 02 /17 |
| IMF Exchange Rate Policy Advice, 1999–2005: Evaluation Update | Complete d 10/17 |
| Structural Conditionality in IMF-Supported Programs: Evaluation Update | Completed 5/18 |
| Governance of the IMF: Evaluation Update | Completed 11/18 |
| IMF Involvement in International Trade Policy Issues: Evaluation Update | Completed 12/19 |
Completed and Ongoing IEO Work Program
| 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 | Complete d 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 | Completed 03/18 |
| IMF Financial Surveillance | Completed 01/19 |
| IMF Advice on Unconventional Monetary Policies | Completed 06/19 |
| IMF Advice on Capital Flows | Completed 09/20 |
| IMF Collaboration with the World Bank on Macro-Structural Issues | Completed 11/20 |
| Growth and Adjustment in IMF-Supported Programs | Board discussion in August 2021 |
| IMF Engagement with Small Developing States | In Progress |
| IMF Capacity Development | In Progress |
| The IMF’s Emergency Response to the COVID-19 Pandemic | In Progress |
| 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 | Complete d 02 /17 |
| IMF Exchange Rate Policy Advice, 1999–2005: Evaluation Update | Complete d 10/17 |
| Structural Conditionality in IMF-Supported Programs: Evaluation Update | Completed 5/18 |
| Governance of the IMF: Evaluation Update | Completed 11/18 |
| IMF Involvement in International Trade Policy Issues: Evaluation Update | Completed 12/19 |
Administrative Budget
(In U.S. dollars)
Resources carried forward from the previous year under established rules, aside from FY2020, FY2021, and FY2022 when higher carry-forwards were approved on a one-time exceptional basis.
Administrative Budget
(In U.S. dollars)
| Budget | Budget | Outturn | Budget | Outturn | Budget | ||
|---|---|---|---|---|---|---|---|
| Total resources including carry-forward | 7,162,501 | 6,644,639 | 7,228,157 | 6,206,897 | 7,374,881 | ||
| Of which carry-forward1 | 723,215 | … | 515,143 | … | 537,041 | ||
| Administrative resources | 6,439,286 | 6,644,639 | 6,713,014 | 6,206,897 | 6,837,840 | ||
| Regular staff allocation | 5,050,550 | 5,016,461 | 5,295,460 | 5,145,934 | 5,393,040 | ||
| Discretionary budget | 1,388,736 | 1,628,178 | 1,417,554 | 1,060,963 | 1,444,800 | ||
| Of which: | |||||||
| Contractual services (including overtime) | 706,831 | 1,173,954 | 725,758 | 886,224 | 743,297 | ||
| Business travel and seminar program | 427,761 | 366,008 | 431,553 | 70,835 | 435,274 | ||
| Publications | 27,315 | 17,477 | 27,970 | 4,067 | 28,613 | ||
| Other administrative items | 226,829 | 70,739 | 232,273 | 99,837 | 237,616 | ||
Resources carried forward from the previous year under established rules, aside from FY2020, FY2021, and FY2022 when higher carry-forwards were approved on a one-time exceptional basis.
Administrative Budget
(In U.S. dollars)
| Budget | Budget | Outturn | Budget | Outturn | Budget | ||
|---|---|---|---|---|---|---|---|
| Total resources including carry-forward | 7,162,501 | 6,644,639 | 7,228,157 | 6,206,897 | 7,374,881 | ||
| Of which carry-forward1 | 723,215 | … | 515,143 | … | 537,041 | ||
| Administrative resources | 6,439,286 | 6,644,639 | 6,713,014 | 6,206,897 | 6,837,840 | ||
| Regular staff allocation | 5,050,550 | 5,016,461 | 5,295,460 | 5,145,934 | 5,393,040 | ||
| Discretionary budget | 1,388,736 | 1,628,178 | 1,417,554 | 1,060,963 | 1,444,800 | ||
| Of which: | |||||||
| Contractual services (including overtime) | 706,831 | 1,173,954 | 725,758 | 886,224 | 743,297 | ||
| Business travel and seminar program | 427,761 | 366,008 | 431,553 | 70,835 | 435,274 | ||
| Publications | 27,315 | 17,477 | 27,970 | 4,067 | 28,613 | ||
| Other administrative items | 226,829 | 70,739 | 232,273 | 99,837 | 237,616 | ||
Resources carried forward from the previous year under established rules, aside from FY2020, FY2021, and FY2022 when higher carry-forwards were approved on a one-time exceptional basis.
