Sir,

Isabelle Grunberg (Letters, July 27) is correct in pointing out the importance of peer review for an institution such as the International Monetary Fund. Indeed, such review by our member governments, academics, other international organisations, non-governmental organisations and outside evaluators appointed to assess IMF policies and programmes is essential to our work.

Criticism based on careful evaluation of the facts has in recent years contributed to reform of the IMF in areas including conditionality, transparency and the terms of specific lending programmes. And the IMF's Independent Evaluation Office, established in 2001, now provides a continuous service of review.

Our objections to Joseph Stiglitz's form of "peer review" are based on his misunderstanding or distortion of the facts in so many cases and his use of innuendo. His attacks on the IMF do not demonstrate the kind of careful and objective analysis that Ms. Grunberg advocates.