IMF Board Endorses Implementation Plan in Response to Institutional Safeguards Review
IMF News, December 16, 2022
Source details
- Canonical URL
- IMF Board Endorses Implementation Plan in Response to Institutional Safeguards Review
Other formats
Bibliographic details
- Published: December 16, 2022
Press and contact details
- Title: IMF Board Endorses Implementation Plan in Response to Institutional Safeguards Review
- Publication type: Press Release No. 22/438
- Date: December 16, 2022
- IMF Communications Department — MEDIA RELATIONS
- PRESS OFFICER: Jose Luis de Haro
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- Social: @IMFSpokesperson
- Location: Washington, DC
Executive summary of Board action
- The Executive Board of the International Monetary Fund endorsed an Implementation Plan to strengthen the institution’s framework of institutional governance and analytical integrity.
- The Implementation Plan responds to the Institutional Safeguards Review, which the Executive Board completed on June 30, 2022.
- The Board and Management committed to developing an action plan to guide implementation of the Review’s recommendations by the end of 2022.
Key findings from the Institutional Safeguards Review (as cited)
- The Review found that the Fund’s safeguards mechanisms are generally robust.
- The Review identified several areas in which:
- the data and analytical integrity frameworks could be further bolstered, and
- the smooth and effective functioning of the Fund’s system for internal disputes could be strengthened.
Structure and focal areas of the Implementation Plan
- The Implementation Plan sets out a comprehensive package of policy and process reforms intended to:
- better support Fund staff in their work, and
- modernize the working environment so the Fund can serve member countries even better.
- Measures are anchored on four focal areas:
- Data and Analytical Integrity
- Leadership
- Building Trust and Increasing Transparency in the Dispute Resolution and Integrity framework
- Strengthening the Dispute Resolution System and its processes
- The plan entails actions by the Board, Management and staff, and outlines:
- timelines,
- responsibilities,
- the required resourcing, and
- how outcomes will be monitored.
- Overarching aim: maintaining the highest standards of institutional governance and operating culture of the Fund.
Process, consultation, and approach
- The plan discussed at the Board reflected consultations with, and contributions from, a wide range of stakeholders, including IMF staff.
- The plan reflects a consensus-based approach by the Board Steering Group and Management.
Leadership statement
- IMF Managing Director Kristalina Georgieva: “We strongly welcome the Board’s endorsement of the clear and detailed roadmap to implement the recommendations from the review of our institutional safeguards. We have already made good progress on the priority items identified at the June 2022 Board meeting, and will continue to enhance our work environment, support our staff in providing high quality analysis and advice, and strengthen our ability to serve our member countries.”
Source: IMF press release dated December 16, 2022 (Press Release No. 22/438).