Front Matter

Front Matter

International Monetary Fund. Independent Evaluation Office
Published Date:
October 2008
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    Established in July 2001, the Independent Evaluation Office (IEO) provides objective and independent evaluation on issues related to the IMF. The IEO operates independently of IMF management and at arm’s length from the IMF’s Executive Board. Its goals are to enhance the learning culture within the IMF, strengthen the IMF’s external credibility, promote greater understanding of the work of the IMF throughout the membership, and support the Executive Board’s institutional governance and oversight responsibilities. For further information on the IEO and its work program, please see its website ( or contact the IEO at +1-202 623-7312 or at

    © 2007 International Monetary Fund

    Production: IMF Multimedia Services Division

    ISBN 9781589066922

    Cover design: Luisa Menjivar and Massoud Etemadi

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    The following conventions are used in this publication:

    • In tables, a blank cell indicates “not applicable,” ellipsis points (…) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.” Minor discrepancies between sums of constituent figures and totals are due to rounding.

    • An en dash (–) between years or months (for example, 2005–06 or January–June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2005/06) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).

    • “Billion” means a thousand million; “trillion” means a thousand billion.

    • “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    As used in this publication, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

    Some of the documents cited and referenced in this report were not available to the public at the time of publication of this report. Under the current policy on public access to the IMF’s archives, some of these documents will become available five years after their issuance. They may be referenced as EBS/YY/NN and SM/YY/NN, where EBS and SM indicate the series and YY indicates the year of issue. Certain other documents are to become available 10 to 20 years after their issuance, depending on the series.

    Message from the Director

    This fourth Annual Report describes the activities of the Independent Evaluation Office (IEO) during the year to April 30, 2007. This period saw the implementation of a number of initiatives aimed at addressing the recommendations made in 2006 by the External Evaluation Panel charged with investigating whether the IEO is meeting its goals. These initiatives are discussed in Chapter 1 of this Annual Report. They, together with others on which the IEO, the Executive Board, and IMF management and staff are currently working, will help to strengthen further the effectiveness of the IEO.

    Chapter 2 of the Annual Report summarizes the findings and recommendations of the evaluation, “The IMF and Aid to Sub-Saharan Africa,” which was discussed by the Board on March 5, 2007. A report for a second evaluation, “IMF Exchange Rate Policy Advice, 1999–2005,” was circulated on April 18, 2006, but was not discussed by the Board until after the cutoff point of April 30, 2007 for this Annual Report.

    Chapter 3 presents messages that are common to many of our evaluations. Important lessons that arose from our two most recent evaluations are particularly noteworthy as the IMF proceeds with the implementation of its Medium-Term Strategy. Of most significance, perhaps, is the finding of difficulties in the process of managing and achieving institutional change at the IMF. A combination of factors has prevented some policy decisions originating at the Executive Board from being effectively implemented. Overcoming this problem will require strong leadership from management and support from the Executive Board. Other cross-cutting lessons include the need for greater clarity about the goals of various IMF initiatives and properly aligned external communications, the importance of strengthening partnerships with other international financial institutions and donors, and the desirability of clear metrics to facilitate the assessment of the impact of the IMF’s policy advice.

    Finally, Chapter 4 discusses ongoing projects and the process leading to the identification of topics of future evaluations.

    The IEO is small by design; therefore, to be effective, it must be very strategic. As our choice of topics and reports shows and as set out in this Annual Report, I believe we are increasingly succeeding in this challenge.

    Thomas A. Bernes


    Independent Evaluation Office



    Annual Progress Report


    Committee on Capacity Building


    Fiscal Affairs Department (IMF)


    Financial Sector Assessment Program


    Financial Sector Liaison Committee


    Financial Sector Surveillance


    Financial System Stability Assessment


    Financial year


    Group of Seven


    Group of Twenty


    General Data Dissemination System


    Global Financial Stability Report


    Heavily Indebted Poor Countries


    Human Resources Department (IMF)


    Independent Evaluation Office (IMF)


    International financial institution


    International Monetary Fund


    International Monetary and Financial Committee


    International Organization of Securities Commissions


    Joint Staff Assessment


    Joint Staff Advisory Note


    Longer-term program engagement


    Monetary and Capital Markets Department (IMF)


    Management implementation plan


    Monitoring of Fund arrangements database


    Medium-Term Strategy


    Office of Technical Assistance Management (IMF)


    Public expenditure management


    Post-Program Monitoring


    Poverty Reduction and Growth Facility


    Poverty Reduction Strategy


    Poverty Reduction Strategy Paper


    Poverty and Social Impact Analysis


    Quarterly External Debt Statistics


    Resource Allocation Plan


    Report on the Observance of Standards and Codes


    Regional Strategy Note


    Sub-Saharan Africa


    Technical assistance


    TA Country Strategy Note


    TA Information Management System


    Terms of reference


    World Economic Outlook

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