IMF Accountability

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The IMF is governed by and accountable to its member countries.
It meets regularly with government and private-sector representatives to inform and improve its work.
To ensure accountability, the IMF relies on internal and external audits, risk management tools, and independent evaluations.
IMF staff are subject to strict ethical and workplace standards of conduct.
Last updated September 2022.

The IMF meets regularly with political leaders and country authorities.
The IMF routinely engages with private sector representatives, members of the media, parliamentarians, academics, civil society organizations, labor unions, and youth leaders.
These public engagements allow the IMF to inform and improve its policy advice.

The IMF conducts audits to improve governance, transparency, and accountability.
External audit framework:
- The IMF’s Executive Board, in consultation with the External Audit Committee, selects the external audit firm.
- The external audit firm conducts the IMF’s annual external audit and expresses an opinion on the IMF’s financial statements.
- The External Audit Committee is independent of IMF management and reviews the performance of the external audit firm and key risks affecting financial reporting.
Internal audit function:
- The IMF’s Office of Internal Audit assesses and advises on the effectiveness of governance, risk management, and internal controls.
- The Office of Internal Audit acts as consultant to improve the IMF’s business processes.

The IMF’s Internal Risk Management Unit assesses and manages risks arising from surveillance, lending, and capacity development activities.
The unit ensures implementation of the IMF’s strategic direction as outlined in the Managing Director’s Global Policy Agenda.

The IMF’s Independent Evaluation Office (IEO) provides objective evaluations of IMF policies and activities.
The IEO is fully independent from IMF management and staff and operates at arm’s length from the Executive Board.
The IEO promotes learning within the IMF, strengthens external credibility, and supports institutional governance and oversight.
IEO evaluations include topics such as the IMF’s engagement with small developing states, collaboration with the World Bank, and advice on unconventional monetary policies.

Integrity measures include financial disclosure and certification requirements.
Codes of conduct:
- A code of conduct for staff.
- A similar code of conduct for members of the Executive Board.
Whistleblower protection: an integrity hotline offering protection to whistleblowers.
The IMF Ethics Office provides independent ethics advice and promotes ethical awareness through outreach and training.
The IMF Office of Internal Investigations conducts independent administrative investigations into suspected misconduct involving IMF staff.