Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 3
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Book Description
This evaluation assesses the decision-making processes that guided the evolution of the application of the Fund's mandate, the criteria and principles used to operationalize engagement in newer policy areas, and the coherence of the Fund's framework for engaging with partners. It finds that the systematic widening of the Fund's areas of work is posing adaptation challenges, necessitating trade-offs, and overburdening staff within a context of budgetary and expertise constraints. The evaluation offers a framework for approaching these challenges that is centered on a trilemma that exposes the tension between the steady expansion of the Fund's scope of work, its limited resources, and the need to maintain the high quality and value-added of its policy advice. It identifies several problems within this framework, including the ad hoc decision-making process for engaging in newer policy areas, which lacks a longer-term strategic anchor. Furthermore, decisions on policies, resources, and risks were taken in a piecemeal manner, without due consideration for crossed effects. It also identifies several open questions regarding the depth and frequency of the Fund's engagement in newer policy areas and the lack of an institutional approach to Fund partnerships.The evaluation proposes classifying newer policy areas across a spectrum of recommended engagement, ranging from signaling their macrocriticality while leaving deeper assessments to other institutions, to in-depth high-frequency engagement. It also offers four main recommendations: (i) developing an inclusive Fund-wide institutional strategy for engagement in newer policy areas that better links decisions related to scope, resources, and risks; (ii) producing budget data that enables the tracking of Fund activities and operations by policy area; (iii) updating the 2022 Guidance Note for Surveillance to enhance the clarity of principles for engagement; and (iv) adopting a Board-approved high-level Statement of Principles for engagement with partners.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 3
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Book Description
(IEO), which provides an early evaluation of the Fund’s emergency response to the initial stage of the COVID-19 pandemic and seeks to draw lessons from the experience for responding to possible future global crises. They highlighted the report’s key finding that the Fund’s response was effective and agile to a crisis like no other, despite the extraordinary challenges and risks, as the Fund rapidly adapted its lending framework and internal processes to serve the membership, help to close large financing gaps, and give confidence to the membership and markets by making its resources available expeditiously under adequate safeguards. Besides lending, Directors noted that the Fund also undertook useful analytical work and gave extensive and timely policy advice and capacity development. They welcomed the report’s finding that the Fund’s corporate response was adapted quickly, including by reprioritizing work, introducing HR and budget initiatives, and swiftly embracing the virtual environment. Directors especially commended staff for their strong dedication during these challenging circumstances.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 4
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Book Description
Executive Directors welcomed the report of the Independent Evaluation Office (IEO) on IMF Engagement with Small Developing States (SDS) and appreciated its insights and recommendations. They welcomed the report’s finding that the Fund has substantially stepped up its engagement with its SDS members over the past decade, and that SDS country officials generally considered Fund surveillance and capacity development (CD) activities of high quality and well-tailored to their needs.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344151
Category : Business & Economics
Languages : en
Pages : 3
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Book Description
Executive Directors welcomed the report by the Independent Evaluation Office (IEO) on self-evaluation at the IMF, the accompanying statement on the report by the Managing Director, and the IEO’s response. They were encouraged by the report’s findings that there is considerable self-evaluation at the IMF; that such self-evaluation is generally of high quality; and that it contributes usefully to reforms in policies and operations. At the same time, they also noted the finding that there are gaps and weaknesses in the Fund’s self-evaluation. Against this background, Directors considered the recommendations of the report to adopt an overall policy for self-evaluation; conduct self-assessments for every IMF-supported program; explicitly set out a plan for how policies and operations will be self-evaluated; and better disseminate lessons from self-evaluation. In this context, many Directors supported strengthening the current mechanisms for self-evaluation. More broadly, Directors agreed on the importance of having a clearly articulated approach to self-evaluation that builds on current processes, takes due account of resource constraints, and adapts over time to changing circumstances. Directors also concurred on the need to better disseminate lessons from self-evaluation. The implementation plan would be a first opportunity to reflect on how best to carry these considerations forward.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 7
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Book Description
This evaluation assesses the decision-making processes that guided the evolution of the application of the Fund's mandate, the criteria and principles used to operationalize engagement in newer policy areas, and the coherence of the Fund's framework for engaging with partners. It finds that the systematic widening of the Fund's areas of work is posing adaptation challenges, necessitating trade-offs, and overburdening staff within a context of budgetary and expertise constraints. The evaluation offers a framework for approaching these challenges that is centered on a trilemma that exposes the tension between the steady expansion of the Fund's scope of work, its limited resources, and the need to maintain the high quality and value-added of its policy advice. It identifies several problems within this framework, including the ad hoc decision-making process for engaging in newer policy areas, which lacks a longer-term strategic anchor. Furthermore, decisions on policies, resources, and risks were taken in a piecemeal manner, without due consideration for crossed effects. It also identifies several open questions regarding the depth and frequency of the Fund's engagement in newer policy areas and the lack of an institutional approach to Fund partnerships.The evaluation proposes classifying newer policy areas across a spectrum of recommended engagement, ranging from signaling their macrocriticality while leaving deeper assessments to other institutions, to in-depth high-frequency engagement. It also offers four main recommendations: (i) developing an inclusive Fund-wide institutional strategy for engagement in newer policy areas that better links decisions related to scope, resources, and risks; (ii) producing budget data that enables the tracking of Fund activities and operations by policy area; (iii) updating the 2022 Guidance Note for Surveillance to enhance the clarity of principles for engagement; and (iv) adopting a Board-approved high-level Statement of Principles for engagement with partners.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498342353
Category : Business & Economics
Languages : en
Pages : 87
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Book Description
We have been asked by the Executive Board of the International Monetary Fund to undertake an external review of the activities of its Independent Evaluation Office (IEO). This is the second such evaluation in the IEO’s twelve year history. The first review, led by Karin Lissakers (the “Lissakers Report”), was presented to the Board in 2006. That report considered the extent to which the Office had succeeded during its first five years of operation in fulfilling its mandates and made recommendations to enhance its role within the IMF’s institutional architecture. Our report thus focuses on IEO activities since 2006. As set out in the terms of reference of our Panel (see Appendix I), the central objective of this report is to evaluate how well the IEO has met its institutional mandates. The terms of reference, while not constraining the range of issues we could consider, also asks that we “assess the IEO’s effectiveness along several dimensions, including: (i) the appropriateness of evaluation topics; (ii) the independence of the IEO; (iii) the cost-effectiveness of the IEO and its operations; and (iv) the appropriateness and adequacy of the evaluation process including, but not limited to, how IEO recommendations are endorsed by the Board and implemented.”
Author: International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781513558073
Category : Business & Economics
Languages : en
Pages : 3
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Book Description
Executive Directors welcomed the report of the Independent Evaluation Office (IEO) on IMF Advice on Capital Flows. Directors appreciated the high quality of the report, and its thematic and background country studies. Directors welcomed the finding that the adoption of the Institutional View (IV), along with the development of other frameworks and additional tools, had represented a major advance in the Fund’s policy framework to provide systematic advice to member countries on the management of capital flows and capital account liberalization. Directors also noted the conclusion that, in its application, the Fund had generally followed the IV and other policy frameworks to ensure that the advice was consistent, tailored to country circumstances, and evenhanded across countries. Directors welcomed that capital flow management measures (CFMs) have generally not been used to substitute for warranted policy adjustments. Directors also welcomed the finding that most authorities broadly support the IV’s sequenced framework to capital account liberalization and appreciated the Fund’s specific advice in many cases, especially in the context of technical assistance. More recently, faced with the abrupt capital flow reversals during the COVID-19 crisis, Directors noted that emerging markets and developing economies generally followed a multi-pronged approach broadly consistent with the IV framework and made relatively little use of CFMs.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498343236
Category : Business & Economics
Languages : en
Pages : 3
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Book Description
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Author: International Monetary Fund. Independent Evaluation Office
Publisher: International Monetary Fund
ISBN: 148437343X
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
In 2008, the IEO undertook an evaluation on the IMF governance and concluded that effectiveness had been the strongest aspect of IMF governance, while accountability and voice had been the weakest. Since then, IMF governance has been strengthened aided by quota and voice reforms to address misalignments in shares and chairs as well as numerous improvements in governance procedures and practices. The update finds that IMF governance has proven its effectiveness in supporting the Fund to fulfill its mandates, but concerns remain on voice and accountability. Challenges remain related to representation and voice, interaction between governance bodies, the selection process for management, and the role of the G20 in IMF governance. Addressing these challenges will take time and may be subject to difficult tradeoffs between governance objectives such as preserving effectiveness while ensuring appropriate representation.
