IMF Working Papers

“Checking the Receipts” Audits of Emergency Finance: A preliminary analysis of the implementation of the Letter of Intent commitment on audits in 50 countries

By Sebastiaan Pompe, Alice F French, Martin Aldcroft, Camilla Fredriksen

April 11, 2025

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Sebastiaan Pompe, Alice F French, Martin Aldcroft, and Camilla Fredriksen. "“Checking the Receipts” Audits of Emergency Finance: A preliminary analysis of the implementation of the Letter of Intent commitment on audits in 50 countries", IMF Working Papers 2025, 075 (2025), accessed May 19, 2025, https://doi.org/10.5089/9798229006910.001

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper explores one dimension of the IMF’s COVID response – support for conducting and publishing independent audits of COVID-related spending. The economic impact of COVID was felt across the globe and created stresses on the balance of payments of member countries. Many members turned to the IMF for emergency financing . The IMF Managing Director urged member countries to “do what it takes but keep the receipts.” In line with this guidance, the majority of IMF emergency financing included commitments by members to put in place transparency and accountability measures. In 56 member countries, Fund financing included commitments for SAIs to audit spending related to the response to COVID. SAI audit reports were ultimately published in 50 member countries. This paper examines how these commitments were implemented, and the broader lessons which can be derived.

Subject: Auditing, Budget planning and preparation, Corruption, COVID-19, Crime, Emergency assistance, Foreign aid, Health, Public financial management (PFM)

Keywords: Accountability, Audit report, Auditing, Budget planning and preparation, Corruption, COVID response, Covid-19, East Africa, Emergency assistance, Emergency financing, Europe, Global, Governance, IMF COVID-19 emergency, IMF emergency finance, IMF emergency financing, Middle East, Middle East and Central Asia, North Africa, Pandemic, Supreme Audit Institutions

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