The Chair’s Summing Up Independent Evaluation Office—The IMF’s Exceptional Access Policy: Executive Board Meeting: Executive Board Meeting December 5, 2024

Policy Papers, December 12, 2024

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The Chair’s Summing Up Independent Evaluation Office—The IMF’s Exceptional Access Policy: Executive Board Meeting: Executive Board Meeting December 5, 2024

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Bibliographic details

• Published: December 12, 2024
• Series: Policy Papers
• DOI: https://doi.org/10.5089/9798400295508.007

Summary of Executive Directors’ reception

• Executive Directors welcomed the report of the Independent Evaluation Office (IEO) on the IMF’s Exceptional Access Policy (EAP).
• The report covered:
  • the policy’s objectives and design,
  • successive reforms,
  • experience with its implementation.
• Directors recognized that the Fund has sought to find a generally good balance between rules and flexibility in applying the EAP, while reinforcing transparency and accountability and adopting adequate safeguards.
• Directors generally concurred with the thrust of the evaluation that the EAP:
  • provided a structured framework for higher scrutiny through the exceptional access criteria (EAC) and enhanced decision making procedures,
  • maintained flexibility through room for judgment in assessing the EAC.

Major themes and policy-relevant observations

• Balance between rules and flexibility:
  • The EAP aims to balance prescriptive criteria (EAC) with discretion to allow judgment in individual cases.
• Transparency and accountability:
  • Reforms have reinforced transparency and accountability in decisions involving exceptional access.
• Safeguards:
  • The Fund has adopted adequate safeguards as part of the EAP reforms.
• Decision-making procedures:
  • Enhanced decision-making procedures accompany the EAC to provide higher scrutiny where exceptional access is sought.

Publication and metadata

• Publication title: The Chair’s Summing Up Independent Evaluation Office—The IMF’s Exceptional Access Policy: Executive Board Meeting: Executive Board Meeting December 5, 2024
• Date: December 12, 2024
• Pages: 3
• Volume: 2024
• Issue: 062
• Series: Policy Paper No. 2024/062
• DOI: https://doi.org/10.5089/9798400295508.007
• Stock No: PPEA2024062
• ISBN: 9798400295508
• ISSN: 2663-3493
• Subjects: Asset and liability management, Balance of payments, Balance of payments need, Credit risk, Debt restructuring, Debt sustainability, External debt, Financial regulation and supervision
• Keywords: Balance of payments need, Credit risk, Debt restructuring, Debt sustainability, EAP review, Global, NA program, risk tolerance

Independent Evaluation Office — The IMF’s Exceptional Access Policy: Executive Board Meeting December 5, 2024 (Policy Paper No. 2024/062).

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