Accountability & Transparency
The IMF ensures accountability, transparency, and ethical conduct with its 191 members through audits, committees, risk management, and public engagement.
The IMF is accountable to its 191 members countries and has a system of checks and balances to ensure accountability— ranging from internal and external audits to risk management and evaluations of its policies and operations. Similarly, the IMF staff is expected to observe the highest ethical and workplace standards of conduct.
Committees of the Executive Board
The general purpose of the Board committees is to examine the issues under their purview in greater detail and forward to the full Board matters requiring further discussion. Board committees are not decision-making bodies; only the full Board has decision-making authority.. Board committees are reconstituted every two years following the regular election cycle for Executive Directors. The composition of committee members takes into account geographic and gender balance; a need for rotation, with some continuity; and maintenance of a reasonable distribution of the burden of committee work among Executive Directors. Executive Directors may participate in all meetings of the Executive Board’s committees, except the Ethics Committee, whose meetings are restricted to members and the permanent secretary of the committee. There are currently seven committees of the Executive Board and one Working Group on Gender Diversity.
- Committee on Agenda and Board Procedures (APC): Recommends ways to support the development and orderly implementation of an effective management-guided work program and agenda of the Executive Board. The committee promotes such procedures for timely document distribution, the conduct of Board meetings, timing, logistics, and related matters so as to avoid bunching in the Board’s schedule, allow for adequate time for preparation by Executive Directors, and enable the efficient use of time spent in Board meetings.
- Committee on Executive Board Administrative Matters (CAM): Considers and reports to the Executive Board for decisions on general aspects of administrative policy relating to the Executive Directors, Alternates or their Senior Advisors, Advisors, and Administrative Assistants, referred to it by the Executive Board or by an Executive Director. Individual cases that involve individual Directors or Alternates or their Senior Advisors, Advisors, or Administrative Assistants with no broader implications are considered and decided by the committee on request of an Executive Director without reference to or consideration by the Executive Board. The committee may consider and make recommendations on the specific administrative policy involved. It may develop, consider, and report to the Executive Board for decisions, on budgetary proposals for the aggregate and individual Offices of Executive Directors and carry out related budgetary responsibilities assigned to the committee by the Board.
- Ethics Committee (EC): Considers matters relating to the Executive Board’s Code of Conduct. In addition, if requested by Executive Directors, the committee gives guidance to them on ethical aspects of conduct, including the conduct of their Alternates, Senior Advisors, Advisors, and Administrative Assistants. The Ethics Committee is also responsible for advising on issues that may arise in connection with the application of the standards of ethical conduct to the Managing Director pursuant to the Managing Director’s contract.
- Evaluation Committee (EVC): Follows closely the evaluation function in the IMF and advises the Executive Board on matters relating to evaluations, including those of the IEO. The committee also reviews the Annual Report, with ad hoc staff membership.
- Committee on Liaison with the World Bank and Other International Organizations (LC): With a view to promoting greater coherence in the international economic, financial, trade, and development agenda, particularly regarding economic capacity building, the Committee takes stock of developments in the policies and programs of other international organizations with complementary mandates to that of the IMF, in particular the World Bank and the World Trade Organization. The committee gathers information on, and maintains close liaison with, these institutions as needed, with a view to keeping abreast of evolving developments. It makes recommendations to the Executive Board regarding IMF relations with these organizations, as appropriate.
- Pension Committee (PC): Decides all matters of a general policy nature arising under the Staff Retirement Plan, and all other matters, including interpretation of the provisions of the plan as required under the provisions of the plan or submitted to it by any committee appointed by it. The members of the committee are the Managing Director, ex officio; four Executive Directors elected biennially by the Executive Directors, one staff member appointed by the Managing Director; and one staff member elected biennially by the participants.
- Ad Hoc Audit Selection Committee (ASC): This committee is convened to recommend a suitable candidate as a new member of the External Audit Committee, whose staggered three-year appointments leave a vacancy every year. Traditionally, five Executive Directors have comprised the ASC.
- Working Group on Gender Diversity: Promotes more inclusive, credible, and strengthened decision-making by the Executive Board through enhanced representation of women on the Board, and as Senior Advisors and Advisors in the Offices of the Executive Director. To this end, the working group develops recommendations for the Executive Board on its evolving gender diversity strategy; promotes that strategy within the Board and with the membership; and regularly reports progress toward implementation of the strategy to the Executive Board, for referral to the Board of Governors.
Checks and Balances
The IMF conducts audits of all its operations. Audit mechanisms are set up to improve governance, transparency, and accountability and include an external audit firm, the independent External Audit Committee, and the Office of Internal Audit (OIA).
The External Audit Committee is independent of the IMF and its Executive Board. The Committee reports to the Board of Governors and has general oversight responsibilities for the annual external audit of the IMF’s financial statements and the internal audit framework.
The OIA is an independent assurance and advisory function designed to protect and strengthen the IMF. The OIA’s mandate is twofold: (1) to assess the effectiveness of the IMF’s governance, risk management, and internal controls; and (2) to act as a consultant for the improvement of the IMF’s business processes by advising on best practices. To ensure its independence vis-à-vis IMF departments and offices, the OIA reports directly to the Managing Director and maintains a functional reporting relationship with the External Audit Committee. The OIA’s 2025 audit coverage encompassed several key areas, including support for the IMF’s modernization programs, administration of the Fund’s official social media and public websites, and supervision of the IMf’s implementation of the recommendations from the institutional safeguards review.
The OIA also issued its “Fourteenth Periodic Monitoring Report on the Status of Management Implementation Plans in Response to Board-Endorsed Independent Evaluation Office Recommendations.” Despite of IMF staff’s continued heavy workload, a record number of management actions in response to Board-endorsed IEO recommendations were implemented, and the pace of implementation was the same as reported in the previous periodic monitoring report.
Precautionary Balances
The IMF’s precautionary balances—which consist of adjusted balances in the general and special reserves—are a key element of the institution’s multilayered framework for managing financial risk and safeguarding members’ resources. Precautionary balances provide a buffer to protect the IMF against potential losses resulting from credit, income, and other financial risks. They help protect the value of reserve assets represented by member countries’ positions in the IMF and underpin the exchange of assets through which the IMF provides financial assistance to countries with balance of payments needs. The medium-term precautionary balances target of SDR 25 billion was reached at the end of FY 2024.
Safeguards Assessments
When the IMF provides financing to a member country, it carries out a safeguards assessment to establish reasonable assurance that the country's central bank can appropriately manage Fund resources and provide reliable monetary data under an IMF-supported program.
The assessments involve an evaluation of central bank operations in six areas:
From 2000 to the end of April 2025, 410 assessments were conducted, covering 106 central banks; 10 of these assessments were completed in FY 2025, and 4 were in progress at the end of the financial year.
The IMF also monitors the progress of central banks as they work to improve their safeguards frameworks and implement recommendations issued in assessments. The monitoring continues as long as IMF credit remains outstanding, and about 80 central banks are currently subject to monitoring.
In addition, the IMF conducts fiscal safeguards reviews of state treasuries when a member requests exceptional access to IMF resources whenever a substantial portion of the funds-at least 25 percent- is directed toward financing the state budget, and whenever there is high combined credit exposure with at least 25 percent of resources also directed to budget financing. During FY 2025, two fiscal safeguards reviews were in progress at the end of the financial year. Safeguards seminars are also as part of outreach activities. During FY 2025, three regional seminars were held and covered leading international practices in the safeguards' framework areas, including emerging risks in central bank operations. As part of the implementation of the 2022 safeguards assessment policy review proposal to conduct regional outreach on governance, two forums were held that focused on topical and unique regional issues. These forums were respectively hosted by the central banks in Ecuador and South Africa. A ninth high-level central bank governance forum in Riyadh covered topics such as digitalization, fintech, central bank autonomy, new internal audit standards, and negative equity positions, among other governance topics. Other outreach activities included participation in several conferences spanning the breadth of the central bank's governance and control framework, known as "GELRIC" framework. These included the International Operational Risk Working Group's 18th Conference in Rome, the lAASB- IESBA (International Auditing and Assurance Standards Board-International Ethics Standards Board for Accountants) Consultative Advisory Group Meeting in New York, the Central Bank Audit Leadership Forum in Canada, and the Eastern Caribbean Currency Union Accountants Workshop in St. Kitts and Nevis, along with a World Gold Council (WGC) Executive Forum workshop in France.
Managing Enterprise Risks
The Office of Risk Management (ORM) carries out a centralized risk management function for the IMF. It constitutes the second line of defense in the IMF’s risk management governance architecture, providing independent risk oversight of departments enterprise risk assessments to focus on identification and treatments of critical enterprise risks. ORM steers and supports the implementation of the IMF’s enterprise risk management framework and the existing risk tolerance statements and risk tolerance levels approved by the Executive Board. It enhances risk-based decision-making at the IMF by providing leadership, awareness and analysis of enterprise level strategic, business, operational, financial, reputational, environmental, social, and governance risks.
Learning from Experience
The Independent Evaluation Office (IEO) conducts objective and independent evaluations based on criteria relevant to the IMF mandate. The IEO is fully independent of the IMF’s management team and staff, and operates at arm’s length from the Executive Board. Its purpose is to enhance the learning culture within the IMF, strengthen the institution’s external credibility, and support the Executive Board’s institutional governance and oversight responsibilities. The Fourth External Evaluation of the Independent Evaluation Office concluded in July 2024, reaffirming the IEO’s high credibility and rigorous approach in delivering on its mandate. In FY 2025 the IEO completed two evaluations, “The Evolving Application of the IMF’s Mandate”, and “The IMF’s Exceptional Access Policy,” and launched three evaluations: “IMF Advice on Fiscal Policy,” “The IMF and Climate Change,” and “IMF Engagement on Debt Issues in Low-Income Countries.” More information about the IEO is available at https://ieo.imf.org.
Ethics and Staff Conduct
The IMF has a comprehensive ethics framework. The Ethics Office advises management and the Human Resources Department on the promotion of ethical standards within the IMF and provides information, education, training, and outreach, and confidential advice and guidance to IMF personnel on the rules of conduct. It oversees the Annual Ethical Conduct and Core Values Certification and the Financial Disclosure Program for IMF Staff. During FY 2025, the Ethics Office amplified its communications, outreach and training efforts and was consulted on policy development initiatives, including the IMF’s revised policy on gifts and hospitality and the new IMF Anti-Fraud and Anti-Corruption Policy.
The Ombudsperson is a confidential, impartial, independent, and informal resource for resolving employment-related problems. The Office of Internal Investigations conducts inquiries and investigations into allegations of misconduct, including breaches of the code of conduct. The IMF Integrity Hotline, administered by an independent third party, is available for anonymous and confidential reporting by staff members or members of the public of suspected misconduct involving IMF employees.
Engagement with the Public
The IMF meets regularly with political leaders and country authorities and routinely engages with a wide range of private sector representatives, the media, and nongovernment stakeholders such as the academic community, civil society organizations, parliamentarians, labor unions, and youth leaders. Opportunities for such two-way dialogue allow the IMF both to explain its approaches and to learn from others to improve its policy advice.
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