## IMF Accountability

## Source details

**Canonical URL:** [IMF Accountability](https://www.imf.org/en/about/factsheets/sheets/2022/imf-accountability)

## Other formats

- [Markdown version](/en/about/factsheets/sheets/2022/imf-accountability/index.md)
- [Structured JSON version](/en/about/factsheets/sheets/2022/imf-accountability/index.json)
- [Bundle manifest](/en/about/factsheets/sheets/2022/imf-accountability/bundle-manifest.json)

## Bibliographic details
- Published: February 27, 2024

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### Accountability and governance
- 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.

### Engaging with the public
- 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.

### Checks and balances (audits and oversight)
- 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.

### Assessing risk
- 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.

### Global Policy Agenda — Learning from experience
- 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.

### Ethics and staff conduct
- 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.

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## References

- [youth leaders](https://www.imf.org/en/About/Partners/Youth)
- [What's The IMF](https://www.imf.org/en/About/Factsheets/IMF-at-a-Glance)
- [The IMF & the World Bank](https://www.imf.org/en/About/Factsheets/Sheets/2016/07/27/15/31/IMF-World-Bank)
- [How the IMF Makes Decisions](https://www.imf.org/en/About/Factsheets/Sheets/2016/07/27/15/24/How-the-IMF-Makes-Decisions)
- [Factsheet List](https://www.imf.org/en/about/factsheets)
- [IMF’s Office of Internal Audit](https://www.imf.org/en/News/Articles/2017/12/04/pr17461-imf-managing-director-christine-lagarde-names-nancy-asiko-onyango-as-director-of-oia)
- [surveillance](https://www.imf.org/en/About/Factsheets/IMF-Surveillance)
- [lending](https://www.imf.org/en/About/Factsheets/IMF-Lending)
- [Global Policy Agenda](https://www.imf.org/en/Publications/SPROLLs/Global-Policy-Agenda)
- [IMF Office of Internal Investigations](https://www.imf.org/en/About/Office-of-Internal-Investigations)

_Source: https://www.imf.org/en/about/factsheets/sheets/2022/imf-accountability_