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IMF POLICY PAPER
ELEVENTH PERIODIC MONITORING REPORT ON THE STATUS OF MANAGEMENT IMPLEMENTATION PLANS IN RESPONSE TO BOARD-ENDORSED IEO RECOMMENDATIONS
November 2021
IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following documents have been released and are included in this package:
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©2021 International Monetary Fund
Press Release
PR21/351
IMF Executive Board Concludes Eleventh Periodic Monitoring Report on the Status of Management Implementation Plans in Response to Board-Endorsed IEO Recommendations
FOR IMMEDIATE RELEASE
Washington, DC – November 29, 2021: The Executive Board of the International Monetary Fund (IMF) concluded the Eleventh Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations.
Since being instituted in January 2007, the PMR has been reporting on the state of implementation of Board-endorsed IEO recommendations. The Eleventh PMR assessed the progress made over the past 18 months on 72 actions contained in 10 MIPs. These include three new MIPs in response to recent IEO evaluations issued after the Tenth PMR, and another seven MIPs in response to older evaluations.
The Eleventh PMR concluded that significant progress has been made with the implementation of management actions, despite challenges that have arisen from the ongoing COVID-19 pandemic. Despite the effect of reprioritization to make space for the urgent needs of the membership resulting from the pandemic, the pace of implementation observed in the Eleventh PMR, with the 29 actions closed, significantly exceeded the previous trend of about 15 implemented actions per year. Strong progress has been made on actions in response to the IEO evaluations on IMF Advice on Unconventional Monetary Policies and IMF Financial Surveillance.
Further progress over the next year on the M IP in response to the evaluation on The IMF and Fragile States is contingent on the completion of the Strategy for Enhanced Fund Engagement with Fragile and Conflict-Affected States. Progress is also being made on the MIP in response to the evaluation on Behind the Scenes with Data at the IMF, but several circumstances have led to delays in completing several actions that depend on the projected March 2022 completion of the Review of Data Provision to the Fund for Surveillance Purposes.
Executive Board Assessment1
Executive Directors welcomed the opportunity to discuss the Eleventh Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office Recommendations. They broadly endorsed the assessment of implementation status contained in the PMR.
Directors were encouraged to see that the pace of implementing management action plans has accelerated despite the challenges brought by the ongoing COVID-19 pandemic. They welcomed, in particular, the strong progress in recent MIPs, including in response to the EO evaluations on IMF Advice on Capital Flows, IMF Advice on Unconventional Monetary Policies, and IMF Financial Surveillance.
Directors regretted that about half of the open actions are more than one year past their implementation due dates. In this context, they called on the accountable Fund Departments to expedite implementation of all delayed open actions, particularly those that respond to the EO evaluations on IMF Financial Surveillance, The IMF and Fragile States, The IMF and Social Protection, Behind the Scenes with Data at the IMF, and The Role of the IMF as Trusted Advisor. Directors also looked forward to the reformulation of the agreed eight actions to make them more effective and measurable, in line with the Board-approved triage framework for long standing open actions.
Directors welcomed the ongoing work to develop a framework to assess the impact of slippages in the implementation of open actions, while acknowledging that this is a difficult but important exercise to enhance governance. They agreed that it will be important to define “impact” ex-ante, as part of the MIP process, and to analyze the multiple actions that are proposed in response to a single recommendation in respect of their collective effectiveness rather than individually. Many Directors suggested that the Office of Risk Management could assess the impact of slippages in the implementation of open actions on enterprise risk. Directors looked forward to receiving a draft framework by the end of the fiscal year.
Title Page
ELEVENTH PERIODIC MONITORING REPORT ON THE STATUS OF MANAGEMENT IMPLEMENTATION PLANS IN RESPONSE TO BOARD-ENDORSED IEO RECOMMENDATIONS
August 25,2021
EXECUTIVE SUMMARY
The Eleventh Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over the past 18 months on 72 actions contained in 10 MIPs.
Significant progress has been made with the implementation of management actions, despite challenges that have arisen from the ongoing COVID-19 pandemic. Overall, 29 of the 72 actions for which implementation progress is assessed in the Eleventh PMR were deemed to have been satisfactorily implemented, while 35 remain open, and eight actions are being reformulated in line with the Board-approved triage framework for long-standing open actions. Despite the effect of reprioritization to make space for the urgent needs of the membership resulting from the pandemic, the pace of implementation observed in the Eleventh PMR, with the 29 actions closed, significantly exceeds the previous trend of about 15 implemented actions per year.
As has been the case with recent trends, a faster pace of implementation was observed on actions contained in more recent MIPs. Strong progress has been made on actions in response to the IEO evaluations on IMF Advice on Unconventional Monetary Policies and IMF Financial Surveillance, which show rates of implementation of approximately 80 percent and 60 percent, respectively. Further progress over the next year on the MIP in response to the evaluation on The IMF and Fragile States is contingent on the completion of the Strategy for Enhanced Fund Engagement with Fragile and Conflict-Affected States.
Of the 35 open actions, 16 are more than one year past their implementation due dates. Progress is being made on the MIP in response to the evaluation on Behind the Scenes with Data at the IMF, but several circumstances have led to delays in completing several actions that depend on the projected March 2022 completion of the Review of Data Provision to the Fund for Surveillance Purposes (DPF Review). The timing of the DPF Review was contingent on the completion of the Comprehensive Surveillance Review (CSR), which was delayed until May 2021. Work on an enhanced talent inventory of financial sector experts and experiences and a comprehensive workforce analysis may take longer to complete, given the ongoing work pressures and change management challenges associated with a number of modernization initiatives.
Approved By
Nancy Onyango
Prepared by Office of Internal Audit
Contents
Glossary
OVERVIEW
IMPACT OF SLIPPAGES IN THE IMPLEMENTATION OF OPEN MANAGEMENT ACTIONS
IMPLEMENTATION STATUS OF MANAGEMENT ACTIONS
A. IMF Advice on Capital Flows (2020)
B. IMF Advice on Unconventional Monetary Policies (2019)
C. IMF Financial Surveillance (2019)
D. The IMF and Fragile States (2018)
E. The IMF and Social Protection (2017)
F. Behind the Scenes with Data at the IMF (2016)
G. Self-Evaluation at the IMF: An IEO Assessment (2015)
H. IMF Forecasts: Process, Quality, and Country Perspectives (2014)
I. The Role of the IMF as Trusted Advisor (2013)
J. Research at the IMF – Relevance and Utilization (2011)
FIGURES
1. High Level View of the Evaluation and Follow-up Process
2. Status of Management Actions
3. Summary of Overdue Actions by MIP
TABLES
1. List of Overdue Actions
2. Key for Status of Implementation Actions
Glossary
| AG | Advisory Group |
| CBT | Central Bank Transparency Code |
| CES | Country Engagement Strategy |
| CFMs | Capital Flow Management measures |
| CPM | Career Path and Mobility Framework |
| CSR | Comprehensive Surveillance Review |
| DGG | Data Governance Group |
| DPF | Data Provision to the Fund for Surveillance Purposes |
| DSBB | Dissemination Standards Bulletin Board |
| DSI | Data Standards Initiative |
| D4D | Data for Decisions Fund |
| EBA | External Balance Assessment |
| e-GDDS | enhanced General Data Dissemination System |
| FM | Fungible Macroeconomist |
| FSAP | Financial Sector Assessment Program |
| FSB | Financial Stability Board |
| FTEs | Full Time Equivalents |
| FXI | Foreign Exchange Intervention |
| GaR | Growth-at-risk |
| HIPC | Heavily Indebted Poor Countries |
| IEO | Independent Evaluation Office |
| IGs | Institutional Goals |
| IPF | Integrated Policy Framework |
| IV | Institutional View |
| JFCF | Job Family and Career Framework |
| LICs | Low Income Countries |
| MIPs | Management Implementation Plans |
| MMU | Monetary Modeling Unit |
| MPMS | Macroprudential Policy Measures |
| NIRP | Neutral Interest Rate Policy |
| PMR | Periodic Monitoring Report |
| SDDS | Special Data Dissemination Standard |
| SIA | Statistical Issues Appendix |
| SMP | Staff-Monitored Program |
| SSN | Social Safety Nets |
| UMP | Unconventional Monetary Policy |
| URRs | Under-Represented Regions |
| WG | Working Group |
At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.orc/extanal/np/sec/misc/qualifiers.htm.
