Eleventh Periodic Monitoring Report on The Status of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations

Policy Papers, November 30, 2021

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The Eleventh Periodic Monitoring Report (PMR) assessed progress made over the past 18 months on 72 actions contained in 10 Management Implementation Plans (MIPs).
Significant progress has been made with the implementation of management actions, despite challenges from the ongoing COVID-19 pandemic.
Overall implementation status:
- 29 of the 72 actions were deemed to have been satisfactorily implemented.
- 35 actions remain open.
- 8 actions are being reformulated in line with the Board-approved triage framework for long-standing open actions.
The pace of implementation in this Eleventh PMR, with 29 actions closed, significantly exceeds the previous trend of about 15 implemented actions per year.

Coverage:
- 72 actions in total across 10 MIPs were assessed.
Outcomes:
- 29 actions closed (satisfactorily implemented).
- 35 actions open.
- 8 actions under reformulation per triage framework.
Timeliness concerns:
- Of the 35 open actions, 16 are more than one year past their implementation due dates.

Reprioritization of activities to address urgent membership needs stemming from the COVID-19 pandemic reduced capacity to implement some MIP actions.
Resource constraints arising from several years of flat budgets contributed to delays.
Postponement of important reviews partly explains delays in implementation of several actions.

Subjects: Balance of payments, Capital flows, COVID-19, Financial Sector Assessment Program, Financial sector policy and analysis, Health, Institutional View on capital flows, Monetary policy, Political economy, Unconventional monetary policies.
Keywords: Capital flows, COVID-19, East Asia, Eleventh PMR, Financial Sector Assessment Program, Global, H. IMF, IEO evaluation, IEO recommendation, Institutional View on capital flows, transparency policy, Unconventional monetary policies.