Review of the IMF’s 2018 Governance Framework for Enhanced Engagement on Governance, July 2022

The International Monetary Fund (IMF) is reviewing the implementation of the 2018 Framework for Enhanced Engagement on Governance (“the Governance Framework”). The Governance Framework is designed to promote more systematic, effective and candid engagement with member countries regarding governance vulnerabilities, including corruption. The Review aims to assess the implementation of the Governance Framework over the past five years, based on the candidness, effectiveness and evenhandedness (i.e., equitable treatment of similarly-situated countries) of IMF engagement and policy advice. It also provides an opportunity to improve implementation. A report presenting the findings of the Review will be submitted to the IMF’s Executive Board in Spring 2023 for consideration.

A Background Note summarizes key elements of the 2018 Governance Framework, as well as the methodology and areas of focus for the upcoming Review.

The IMF values stakeholder engagement and feedback to shape IMF policies and programs. Views from stakeholders, based on the questions below, will contribute to the Review.

The public consultation on the Governance Framework launched on July 26 concluded on October 19, 2022. This was an opportunity for CSOs from all over the world to share their views on the Fund’s work on Governance issues. Participation was far and wide with more than 55 organizations providing input, including global and local CSOs as well as individuals (such as academics), from 5 different regions of the world.

As an immediate next step, an in-person and a virtual follow up meeting on the online consultation with CSOs will take place to present the inputs received, discuss the results and seek further insights from them.  If additional follow up is needed, bilateral meetings might be organized. 

Questions

  • Since adoption of the 2018 Governance Framework, has the IMF engagement with member countries on governance and anti-corruption issues been enhanced with respect to its candidness, effectiveness and evenhandedness?
  • In your view, has the IMF provided more specific, concrete, and actionable policy advice on governance and anti-corruption to member countries since 2018?
  • Has IMF engagement with civil society organizations (CSOs) on governance and anti-corruption issues improved since 2018? How could this engagement be further enhanced?
  • How should the IMF strengthen its engagement in key areas of governance and anti-corruption (e.g., anti-corruption frameworks, fiscal governance, financial sector oversight, central bank governance and operations, market regulation, rule of law, anti-money laundering and combatting the financing of terrorism)?
  • Do you have any other views or suggestions on the IMF’s work on governance and anti-corruption issues that you would like to share?