- International Monetary Fund. Independent Evaluation Office
- Published Date:
- October 2008
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 (www.imf-ieo.org) or contact the IEO at +1-202 623-7312 or at
© 2007 International Monetary Fund
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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
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
Office of Technical Assistance Management (IMF)
Public expenditure management
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
TA Country Strategy Note
TA Information Management System
Terms of reference
World Economic Outlook