“Checking the Receipts” Audits of Emergency Finance: A preliminary analysis of the implementation of the Letter of Intent commitment on audits in 50 countries
IMF Working Papers, April 11, 2025
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- “Checking the Receipts” Audits of Emergency Finance: A preliminary analysis of the implementation of the Letter of Intent commitment on audits in 50 countries
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Bibliographic details
- Authors: Sebastiaan Pompe, Alice F French, Martin Aldcroft, Camilla Fredriksen
- Published: April 11, 2025
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798229006910.001
Summary and purpose
- Examines one dimension of the IMF’s COVID response: support for conducting and publishing independent audits of COVID-related spending.
- Context: The economic impact of COVID created stresses on the balance of payments of member countries, and many members turned to the IMF for emergency financing.
- Guidance cited from the IMF Managing Director: “do what it takes but keep the receipts.”
- Focus: How commitments in IMF emergency financing programs to put in place transparency and accountability measures—specifically commitments for Supreme Audit Institutions (SAIs) to audit COVID-related spending—were implemented across member countries.
- Scope: Commitments for SAI audits were included in Fund financing in 56 member countries; SAI audit reports were ultimately published in 50 member countries.
Key findings and statistics
- Number of member countries with Fund financing that included commitments for SAIs to audit COVID-related spending: 56
- Number of member countries where SAI audit reports were published: 50
- Paper length: 83 pages
Themes analyzed
- Implementation of Letter of Intent commitments on audits in the context of IMF emergency financing during COVID-19.
- The role of transparency and accountability measures attached to emergency financing.
- Interaction between IMF program commitments and Supreme Audit Institutions’ audit activities and publication practices.
Subject areas and keywords
- Subject classifications: Auditing, Budget planning and preparation, Corruption, COVID-19, Crime, Emergency assistance, Foreign aid, Health, Public financial management (PFM)
- Keywords: Accountability, audit report, Auditing, Budget planning and preparation, Corruption, COVID response, Covid-19, East Africa, Emergency assistance, emergency financing, Europe, Global, governance, IMF COVID-19 emergency, IMF emergency finance, IMF emergency financing, Middle East, Middle East and Central Asia, North Africa, pandemic, Supreme Audit Institutions
Authors and publication metadata
- Authors: Sebastiaan Pompe, Alice F French, Martin Aldcroft, Camilla Fredriksen
- Publication date: April 11, 2025
- Series: Working Paper No. 2025/075
- Issue: 075
- Volume: 2025
- Pages: 83
- DOI: https://doi.org/10.5089/9798229006910.001
- Stock No: WPIEA2025075
- ISBN: 9798229006910
- ISSN: 1018-5941
IMF Working Paper — “Checking the Receipts” Audits of Emergency Finance: A preliminary analysis of the implementation of the Letter of Intent commitment on audits in 50 countries
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- Working Paper