IMF Discusses Third Periodic Monitoring Report on Implementing IEO Recommendations Endorsed by the Executive BoardPublic Information Notice (PIN) No. 10/23
February 17, 2010
Public Information Notices (PINs) form part of the IMF's efforts to promote transparency of the IMF's views and analysis of economic developments and policies. With the consent of the country (or countries) concerned, PINs are issued after Executive Board discussions of Article IV consultations with member countries, of its surveillance of developments at the regional level, of post-program monitoring, and of ex post assessments of member countries with longer-term program engagements. PINs are also issued after Executive Board discussions of general policy matters, unless otherwise decided by the Executive Board in a particular case.
The Executive Board established the Periodic Monitoring Report (PMR) in 2007 to ensure that recommendations by the Independent Evaluation Office (IEO), which were subsequently endorsed by the Executive Board, are followed-up and systematically monitored. Previous PMRs have documented follow-up measures to IEO recommendations and stressed that close monitoring of implementation is important to maintain an effective institutional accountability framework and strong learning culture.
Each PMR focuses on how the implementation of recent Management Implementation Plans (MIPs) has advanced and whether outstanding recommendations from the previous PMR have been implemented. The present PMR examines the implementation status of the MIP pertaining to recommendations in the IEO's evaluation of Structural Conditionality in IMF-supported Programs. It does not include examinations of the status of the recent MIP that resulted from recommendations from the IEO Evaluation of Trade or the IEO Evaluation of Interactions with Members.
This third PMR demonstrates that IEO recommendations continue to have a significant impact on Fund operations. Examples of progress include the Monitoring of Fund Arrangements (MONA) database, the annual report on structural conditionality, the classification of exchange rate arrangements, and improved work on exchange rate methodologies. Some aspects of the implementation plans are still being executed, as Board-endorsed IEO recommendations continue to be integrated into the Fund’s ongoing work program.
Executive Board Assessment
The Executive Board supported the conclusions in Paragraph 7 of the Periodic Monitoring Report.