December 21, 2023
PRESS OFFICER: Pavis Devahasadin
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Washington, DC: The International Monetary Fund has made substantial progress in advancing the Implementation Plan actions following the conclusion of the Institutional Safeguards Review (ISR) .
The ISR, which was completed and discussed by the Executive Board in June 2022, concluded that the Fund’s safeguards mechanisms are generally robust in ensuring a high standard of institutional governance and analytical integrity. It also found that the Fund has a dispute resolution system comparable to the practices and procedures in other benchmarked organizations and provides multiple formal and informal mechanisms for employees to express their workplace concerns.
At the same time, the Review identified areas where the data and analytical integrity frameworks at the Fund could be bolstered and in which the smooth and effective functioning of the Fund’s system for internal disputes could be strengthened. In response to the ISR recommendations, a comprehensive Implementation Plan (IP) was developed by drawing on the work undertaken by a Board Steering Group, Management, and staff. The IP outlines a set of actions and policy changes that reflect the strong shared commitment of the Board and Management to a durable change in the institution (also see PR22/438).
The Board and Management are committed to open and transparent information sharing on the IP to ensure successful roll-out. In this regard, the IP envisaged substantial progress on most actions targeted for completion in 2023. As of today, 85 percent of these actions have been completed or remain on track for completion.[1]
As IP roll-out approaches the completion of a full year, the focus will increasingly shift to mainstreaming and operationalizing the policy, process, and accountability changes. The Office of Internal Audit (OIA) will conduct an independent assessment of the ISR implementation progress in 2024.
