## Statement by the Managing Director on the Independent Evaluation Office Report on Governance of the IMF: Evaluation Update

## Source details

**Canonical URL:** [Statement by the Managing Director on the Independent Evaluation Office Report on Governance of the IMF: Evaluation Update](https://www.imf.org/-/media/files/publications/pp/2018/pp092718mdstatement-on-ieo-report-on-imf-governance.pdf)

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### Overview
- The Independent Evaluation Office (IEO) prepared an update on the 2008 report on governance of the IMF.
- The Update covers governance developments over the last decade—the period covered by the Update—and recognizes significant progress in improving efficiency, accountability, and voice of the Fund’s main governance bodies.
- The Managing Director concurs that remaining challenges require continued attention and collective commitment.

### Governance reforms and progress (findings highlighted in the Update)
- Major quota and voice reforms that:
  - Better align quota shares with members’ relative weights in the world economy.
  - Make quotas and voting shares more responsive to future changes in economic realities.
  - Increase voting shares of most emerging market and low-income countries.
- Other reforms enhancing efficiency and accountability of the Fund’s governance bodies:
  - Modifications to the practices and procedures of the Executive Board.
  - The move to an all-elected Board.
  - Introduction of Board self-evaluations.
  - Creation of the Office of Risk Management.
  - Adoption of more transparent policies for accessing Fund documents.
  - Revisions to the Managing Director’s accountability framework.
- The Update finds the Fund remains effective in fulfilling its mandate and recognizes improvements in voice, efficiency, and accountability.

### Remaining challenges and opportunities (issues identified in the Update)
- Need for further accountability and voice reforms.
- Challenge of finding an appropriate balance between:
  - Achieving a strong and more representative Board.
  - Preserving Management’s operational latitude.
- Concerns related to the selection of IMF Management.
- The 15th General Review of Quotas provides an opportunity to make further progress on voice and representation.
- The Managing Director looks forward to further dialogue with the membership on these issues toward an even stronger, more representative, more accountable, effective and efficient Fund.

### Closing
- The Managing Director thanks the IEO for the informative Update as a good basis to advance dialogue.

*Statement by the Managing Director on the Independent Evaluation Office Report on Governance of the IMF: Evaluation Update*

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_Source: https://www.imf.org/-/media/files/publications/pp/2018/pp092718mdstatement-on-ieo-report-on-imf-governance.pdf_