Front Matter

Front Matter

International Monetary Fund. Independent Evaluation Office
Published Date:
September 2015
  • ShareShare
Show Summary Details


Independent Evaluation Office of the International Monetary Fund

Annual Report 2015

Independent Evaluation Office

IEO Director Moises Schwartz at an IEO workshop.

Teresa Ter-Minassian (former Director of the Fiscal Affairs Department) and Meg Lundsager (former U.S. Executive Director) participate in an IEO workshop in December 2014.

Louellen Stedman (IEO Lead Evaluator), Alisa Abrams (Senior IEO Research Officer), and Joe Eichenberger (Chief Evaluator, European Bank for Reconstruction and Development) at an IEO workshop in May 2015.

Mary O’Dea (former Alternate Executive Director for Ireland) and Nicholas Veron (Senior Fellow at Bruegel) at an IEO workshop in December 2014.

IEO staff.

© IMF photo

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


Independent Evaluation Office of the International Monetary Fund

Annual Report 2015

© 2015 International Monetary Fund

Cover: IMF Multimedia Services

ISBN: 978-1-51353-629-3

Publication orders may be placed online, by fax, or through the mail:

International Monetary Fund, Publication Services

P.O. Box 92780, Washington, D.C. 20090, U.S.A.

Tel.: (202) 623-7430 Fax: (202) 623-7201


Message from the Director

I am pleased to present the twelfth Annual Report of the Independent Evaluation Office (IEO), describing activities during financial year 2015 (May 1, 2014–April 30, 2015). During the financial year, the IEO completed an evaluation of the IMF response to the global financial and economic crisis. It also issued two reports updating three past evaluations: The IMF’s Approach to Capital Account Liberalization: Revisiting the 2005 IEO Evaluation; and Revisiting the IEO Evaluations of the IMF’s Role in PRSPs and the PRGF (2004) and the IEO Evaluation of IMF and Aid to Sub-Saharan Africa (2007). In addition, the Executive Board discussed the IEO evaluation of Recurring Issues from a Decade of Evaluation: Lessons for the IMF, which was issued to the Board in FY2014.

The evaluation of the IMF Response to the Financial and Economic Crisis covered the period from 2007 to 2013, excluding euro area programs, which are covered by a recently launched ongoing study. The evaluation, which was discussed by the Board in October 2014, concluded that the IMF played an important role within the global response to the crisis by responding promptly and proactively to reform its lending toolkit, ramp up lending, and provide timely and influential advice on the need for a coordinated fiscal expansion. At the same time, the evaluation emphasized that more work was needed to better equip the IMF to anticipate and respond to future crises, in particular to detect and warn about systemic risks; to provide for sufficient resources to cover member needs under likely crisis scenarios; and to establish broad principles for engaging and cooperating with other organizations in a way that safeguards the IMF’s independence and helps ensure uniform treatment of all member countries.

These areas for further work align with some of the persisting challenges for the IMF identified in the Recurring Issues evaluation. These issues are to some degree inherent to the IMF’s character as a multilateral institution with multiple objectives and a complex governance structure. Nonetheless, they are of vital importance to the IMF’s effectiveness and credibility. I am encouraged by the responses of the Managing Director and receptivity of the Executive Board to the conclusions and recommendations of both evaluations discussed this year.

The Sixth Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations, prepared for the first time by the IMF’s Office of Internal Audit, was issued in August 2014. Following a discussion by the Evaluation Committee, the Executive Board supported the conclusions of this report. The IEO was encouraged by the increased candor, objectivity, and depth of analysis in this report. We look forward to further strengthening of periodic monitoring reports in the future, including assessments of whether and how actions in response to IEO recommendations were implemented, and an analysis of whether they met their intended goals.

The IEO is actively engaged in its FY2016 work program. The assessment of self-evaluation at the IMF is almost complete and will be discussed by the Executive Board in the first half of FY2016. In addition, we are working on evaluations of data and statistics at the IMF and the IMF and the euro area crisis, as well as revisiting the findings and conclusions of past evaluations.

Moises J. Schwartz

Director Independent Evaluation Office

    Other Resources Citing This Publication