Press Release No. 01/50

The IEO provides objective and independent evaluation on issues related to the IMF. The Office operates independently of IMF management and at arm's length from the IMF's Executive Board.

Mr. Montek Singh Ahluwalia, Director of the International Monetary Fund's Independent Evaluation Office (IEO), today announced the work program for the IEO:

The work program has been derived following an extensive process of consultation with government authorities, non-government organizations, members of the academic community and representatives of the financial sector, as well as the staff, management, and Executive Board of the IMF. Consistent with the independence of the IEO, which operates independent of management and at arm's length from the Executive Board, final decisions on the composition of the work program were made by the IEO Director. The work program was reviewed and welcomed by the Executive Board, but was not subject to Executive Directors' approval.

The first three projects, to be completed in FY 2003¹, will consist of (i) an examination of fiscal adjustment in IMF-supported programs in a select group of low- and middle-income countries; (ii) an evaluation of the role of the IMF in three recent capital account crisis cases (Brazil, Indonesia and Korea); and (iii) an investigation of the IMF's role in those countries that have been repeat users of Fund financial resources. A short-list of 12 other projects, from which the projects to be undertaken in FY 2004 and FY 2005 will be chosen, has also been established. The full list can be seen on the IEO's website (http://www.imf.org/external/np/ieo/index.htm). However, this list will be reviewed every year, in light of new developments. It is expected that the IEO will be able to undertake three-four projects in FY 2004 and at least four projects in FY 2005.

The Executive Board also approved, without change, the IEO's revised budget proposal for FY 2002 and the proposed budget for FY 2003.

The full-time staff of the IEO is relatively small—11 people (including the Director), with an increase to 12 next year. Recruitment is almost complete and the staff come with a diversity of backgrounds and experiences. As indicated in the terms of reference for the IEO, more than half have been recruited from outside the Fund staff.

The IEO intends to consult extensively with both internal and external stakeholders in deriving the detailed terms of reference for each study. Issues papers/draft terms of reference (TOR) will be discussed with Executive Directors, staff/management, member country governments (especially in the case of evaluations involving individual countries) and other external observers. They will also be posted on the IEO's website to elicit comments and the final TOR, as determined by the IEO after these consultations, will also be posted on the website.

Once completed, it is expected that evaluation reports will be made public. External stakeholders will be given further opportunities to comment through the IEO's website and other outreach channels.

The IEO is inviting the members of the public to subscribe to the IEO documents through the automatic e-mail notification system on the IMF's website (http://www.imf.org/external/cntpst/index.aspx).

IEO Contacts: David Goldsbrough, Tel: (202) 623-4735

Isabelle Mateos y Lago, Tel: (202) 623-7219

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¹ The IMF's financial year runs from May 1 to April 30.