Growth and Adjustment in IMF-Supported Programs

Abstract

Established in 2001, the Independent Evaluation Offi ce (IEO) conducts independent and objective evaluations of the IMF's policies, activities, and products. In accordance with its terms of reference, it pursues three interrelated objectives.▶ To support the Executive Board's institutional governance and oversight responsibilities, thus contributing to accountability.▶ To enhance the learning culture within the Fund by increasing the ability to draw lessons from experience.▶ To strengthen the Fund's external credibility by enhancing transparency and improving understanding of the work of the IMF.Independence is the fundamental anchor of the IEO's work. It is completely independent of the IMF's management team and staff, and operates at arm's length from the Executive Board. Its budget is separate from the Fund's (it accounts for about 0.5 percent of the institution's total budget), but subject to the same control procedures. The IEO is entitled to access any internal information and documents and does with very limited exceptions. The offi ce's work is evaluated periodically by external experts.