Chapter

3. Ongoing Evaluations and IEO Work Program

Author(s):
International Monetary Fund. Independent Evaluation Office
Published Date:
October 2017
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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
EVALUATIONSSTATUS
Evaluation of Prolonged Use of IMF ResourcesCompleted 08/02
The IMF and Recent Capital Account Crises: Indonesia, Korea, BrazilCompleted 05/03
Fiscal Adjustment in IMF-Supported ProgramsCompleted 08/03
Evaluation of the IMF’s Role in Poverty Reduction Strategy Papers and the Poverty Reduction and Growth FacilityCompleted 07/04
The IMF and Argentina, 1991–2001Completed 07/04
IMF Technical AssistanceCompleted 02/05
The IMF’s Approach to Capital Account LiberalizationCompleted 05/05
IMF Support to Jordan, 1989–2004Completed 11/05
Financial Sector Assessment ProgramCompleted 01/06
Multilateral SurveillanceCompleted 03/06
The IMF and Aid to Sub-Saharan AfricaCompleted 03/07
IMF Exchange Rate Policy AdviceCompleted 05/07
Structural Conditionality in IMF-Supported ProgramsCompleted 12/07
Governance of the IMF: An EvaluationCompleted 05/08
IMF Involvement in International Trade Policy IssuesCompleted 06/09
IMF Interactions with Member CountriesCompleted 12/09
IMF Performance in the Run-Up to the Financial and Economic Crisis: IMF Surveillance in 2004–07Completed 01/11
Research at the IMF: Relevance and UtilizationCompleted 06/11
International Reserves: IMF Concerns and Country PerspectivesCompleted 12/12
The Role of the IMF as Trusted AdvisorCompleted 02/13
IMF Forecasts: Process, Quality, and Country PerspectivesCompleted 02/14
Recurring issues from a Decade of Evaluation: Lessons for the IMFCompleted 06/14
IMF Response to the Financial and Economic CrisisCompleted 10/14
Self-Evaluation at the IMF: An IEO AssessmentCompleted 09/15
Behind the Scenes with Data at the IMF: An IEO EvaluationCompleted 03/16
The IMF and the Crises in Greece, Ireland, and PortugalCompleted 07/16
The IMF and Social ProtectionCompleted 07/17
The IMF and Fragile StatesIn progress
IMF Financial SurveillanceIn progress
IMF Advice on Unconventional Monetary PolicyIn progress
EVALUATION UPDATES
Prolonged Use of IMF Resources: Revisiting the 2002 IEO EvaluationCompleted 07/13
Fiscal Adjustment in IMF-Supported Programs: Revisiting the 2003 IEO EvaluationCompleted 07/13
IMF Technical Assistance: Revisiting the 2005 IEO EvaluationCompleted 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 EvaluationCompleted 02/15
Multilateral Surveillance: Revisiting the 2006 IEO EvaluationCompleted 02/17
IMF Exchange Rate Policy Advice, 1999–2005: Revisiting the 2007 IEO EvaluationIn progress
Structural Conditionality in IMF-Supported Programs, 2010–16: Revisiting the 2007 IEO EvaluationIn progress

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