Washington, DC:
The Executive Board of the International Monetary Fund (IMF) concluded
the Thirteenth Periodic Monitoring Report (PMR) on the Status of
Management Implementation Plans (MIPs) in Response to Board-Endorsed
Independent Evaluation Office (IEO) Recommendations.
Since being instituted in January 2007, the PMR has been reporting on the
status of implementation of Board-endorsed IEO recommendations. The
Thirteenth PMR assessed the progress made over the past year on 95 actions
contained in 11 MIPs. These include two new MIPs issued in response to IEO
evaluations issued after
the Twelfth PMR
.
The Thirteenth PMR concluded that further progress has been made, since the
last PMR, with the implementation of management actions despite intense
competing work pressures. The pace of implementation observed in the
Thirteenth PMR, with the closure of 23 actions, was faster than the average
implementation rate achieved prior to the COVID-19 pandemic. Strong
progress has been made on actions contained in the MIP in response to the
Executive Board-endorsed Categorization of Open Management Actions in
Management Implementation Plans. Progress has been somewhat slower in
certain actions in response to the IEO evaluations covering IMF Financial
Surveillance and Behind the Scenes with Data at the IMF although work is
advancing on all these fronts. Further progress has been made in the
development of a slippages framework, since the last PMR, through the Board
endorsement of the institutional Enterprise Risk Management (ERM) framework,
and the deployment of a pilot for the application of the slippages
framework.
Executive Board Assessment
[1]
Executive Directors welcomed the opportunity to discuss the Thirteenth
Periodic Monitoring Report (PMR) on the Status of Management Implementation
Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office
(IEO) Recommendations. Directors broadly endorsed the assessment contained
in the PMR.
Directors appreciated the further progress made in the implementation of
management actions since the last PMR, which they noted was above the
pre-pandemic average but slower relative to the previous PMR. Directors
recognized that several factors contributed to this slower
implementation
, including: the backdrop of intense competing work pressures; a
concentration on actions of a more operational nature; the relatively high
implementation rate recorded in the period covered by the Twelfth PMR; that
some actions still open entail complex or additional processes; and that
many of the management actions envisaged in two new MIPs have target
implementation dates in the future. They also acknowledged that many of the
remaining open actions depend on the implementation of some important
reviews/key steps that are expected to be completed in or soon after
December 2023.
Directors noted that of the 72 actions that remain open after this
Thirteenth PMR, 13 actions are more than one year—a number of which are
several years—past their target implementation dates. They therefore urged
for continued prioritization and faster progress in a range of areas,
including those relating to the financial sector workforce analysis and
talent inventory, data items, social protection, and small developing
states (SDS). Directors supported the modified definition of overdue
actions, starting from the Fourteenth PMR, to include all actions that are
not completed by the originally agreed-upon implementation due dates.
Directors welcomed the progress made in developing a slippages framework
since the last PMR. They took note of the experience to date from the use
of the MIP on the “IMF’s Emergency Response to the COVID-19 Pandemic” as a
pilot and that a recommendation to move forward with the slippages
framework on a more permanent basis will be issued following the full
implementation of the pilot MIP.
[1]
At the conclusion of the discussion, the Managing Director, as
Chairman of the Board, summarizes the views of Executive Directors,
and this summary is transmitted to the country's authorities. An
explanation of any qualifiers used in summings up can be found
here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.