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This management implementation plan (MIP) proposes actions in response to the Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The full implementation of the MIP package will help ensure that, at a time when many countries face strong headwinds, IMF-supported programs not only deliver necessary adjustment to address balance of payments needs but also pay greater attention to their growth effects. While the policy-related deliverables are already incorporated into current departmental work plans and budgets, the operational implementation of these recommendations may require mobilizing additional resources.
This paper presents a Management Implementation Plan (MIP) with actions to take forward the Board-endorsed recommendations from the Independent Evaluation Office (IEO)'s report on IMF Engagement with Small Developing States (SDS). The actions in the MIP are broad in scope, touching on all modalities of the Fund's engagement with SDS, and seek to be comprehensive, self-reinforcing, cost-effective, and designed to be adopted as a package. The MIP aims to support a targeted and effective recalibration of engagement with SDS; enhance IMF's surveillance and capacity development in SDS members; strengthen the Fund's lending engagement with SDS, in line with the applicable policy frameworks; and secure an effective, well-tailored and more continuous staff presence in SDS.
"This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) report on “The IMF and Social Protection.” The management implementation plan (MIP) proposes specific actions to address the IEO recommendations endorsed by the Executive Board in its discussion on July 19, 2017, specifically to: (i) establish a clear strategic framework to guide Fund involvement in social protection; (ii) provide tailored advice based on in-depth analysis of the particular country situation; (iii) find more realistic and effective approaches to program design and conditionality to ensure that adverse impacts of program measures on the most vulnerable are mitigated; (iv) realistically explain in external communications the IMF’s approach to social protection issues; and (v) engage actively in inter-institutional cooperation on social protection to find ways to work constructively with development partners, particularly institutions with different mandates and policy priorities. The MIP notes that the Board underscored the need to be mindful of the Fund’s mandate to engage only in macro-critical areas while bearing in mind its resource constraints and comparative expertise in implementing these recommendations. Implementation of some of these proposed actions is already underway. The paper also explains how implementation will be monitored and the MIP’s resource implications."
This Management Implementation Plan (MIP) proposes actions in response to the Board-endorsed recommendations provided by the Independent Evaluation Office (IEO)’s report on IMF and Capacity Development (CD). Staff has already begun addressing some of the IEO recommendations and several of the actions proposed in this MIP reflect initiatives in train. Resource implications are therefore expected to be manageable in the near term as these actions have mostly been incorporated into departmental work plans and budgets for fiscal year (FY) 2024. Medium-term resource implications will be discussed in the context of the FY 2025-FY 2026 medium-term budget proposals.
This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) evaluation report on Self-Evaluation at the IMF. The implementation plan proposes specific actions to address the recommendations of the IEO that were endorsed by the Board in its September 18, 2015 discussion of the IEO’s report, namely: (i) adopt a broad policy or general principles for self-evaluation in the IMF, including its goals, scope, outputs, utilization, and follow-up; (ii) give country authorities the opportunity to express their views on program design and results, and IMF performance; (iii) for each policy and thematic review, explicitly set out a plan for how the policies and operations it covers will be self-evaluated; (iv) develop products and activities aimed at distilling and disseminating evaluative findings and lessons. The implementation of some of these proposed actions is already underway. The paper also explains how implementation will be monitored.
The Management Implementation Plan (MIP) proposes actions in response to the Board-endorsed recommendations provided by the Independent Evaluation Office (IEO)’s report on the IMF’s early response to the COVID pandemic. The two IEO recommendations aim for the Fund to (i) Develop special policies and procedures that could be quickly activated to address particular needs and circumstances of global crises and (ii) Take steps to reinforce the Fund’s institutional preparedness to deal with global crises and other large shocks. The MIP highlights how existing workstreams will be used to address part of the recommendations, specifically: (i) Drawing the lessons from the use of precautionary lending instruments during the pandemic and using them in the ongoing review of these facilities; (ii) Drawing the lessons from the implementation of governance safeguards in the context of covid-related emergency financing and respond to the actions identified in the final stocktaking; and (iii) Reviewing financial implications of covid-related lending on Poverty Reduction and Growth Trust (PRGT) resources in the regular updates on PRGT financing and resources. The MIP also defines new actions that aim to enhance the Fund’s preparedness to face future crises and are slated to be implemented by the end of FY25. These consists in: (i) Developing a crisis playbook, which will further codify Management’s commitment to an early participatory consultation with the Board in the event of a global crisis and inform the engagement with the Board on the broad strategy and institutional priorities for responding to the crisis; (ii) Enhancing the process of staff reallocation during a crisis through expanding the staff Talent Inventory to include skills and experience relevant in crises and examining HRD’s coordinating role in staff reallocation, as well as reviewing how recruitment processes could be made more agile in a crisis; (iii) Developing a strategy for surge capacity of the Crisis Management Team; (iv) Reviewing the experience of pandemic-related lending to low-income countries to consider the adequacy of access norms and the possible need for enhancements of the low-income lending toolkit against the long-term financial sustainability of the PRGT; and (v) Exploring ways to further strengthen the coordination with partners, especially the World Bank.
This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) report entitled Behind the Scenes with Data at the IMF: An IEO Evaluation. The implementation plan proposes specific actions to address the recommendations of the IEO that were endorsed by the Board in its March 17, 2016 discussion of the IEO’s report, namely: (i) develop a long-term strategy for data and statistics at the Fund; (ii) define and prioritize the Fund’s data needs and support data provision by member countries accordingly; (iii) reconsider the role and mandate of the Statistics Department; (iv) reexamine the staff’s structure of incentives in the area of data management; (v) make clear the limits of IMF responsibility regarding the quality of disseminated data, and clarify the distinction between “IMF data” and “official data.” The implementation of some of these proposed actions is already underway. The paper also explains how implementation will be monitored.
This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) evaluation of IMF Response to the Financial and Economic Crisis. The implementation plan proposes specific actions focusing on the three of the four recommendations that received broad support from the Executive Board, namely (i) ensuring that the IMF as a quota-based institution has sufficient resources to contribute to future crisis resolution; (ii) developing guidelines for structuring engagements with other organizations, and (iii) consolidating and simplifying the current framework to identify and assess risks and vulnerabilities. Some of the proposed actions to address the Board-endorsed IEO recommendations are underway as part of the 2014 Triennial Surveillance Report (TSR) Action Plan, the FY2016–18 Medium-Term Budget and the ongoing efforts to ratify the 2010 Quota and Governance Reforms. The paper also explains how implementation will be monitored.
This Management Implementation Plan (MIP) focuses on further strengthening collaboration between the IMF and the World Bank on strategic macro-structural issues. In macro-structural areas, the Fund and the Bank have complementary roles. The Bank provides structural and development-focused assessments and recommendations, while the Fund focuses on integrating macro relevant structural issues in the macroeconomic frameworks and policies. In some areas, including financial sector and public debt sustainability assessments, Bank-Fund collaboration modalities are well established. In other areas, such as climate change, Fund staff is developing comprehensive strategies on how the IMF can step up its engagement and collaboration with external partners, including with the World Bank, to better serve its membership. This MIP proposes concrete steps aimed at further enhancing: • Bank-Fund collaboration on strategic macro-structural issues, with an initial focus on the climate workstream; • Fund staff’s incentives for collaboration with external partners, including the Bank • Access to and exchange of information and knowledge between Bank and Fund staff.
This Management Implementation Plan was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The actions in the plan and their timeline, therefore, do not reflect the implications of these developments and related policy priorities. This MIP includes a package of self-reinforcing actions that aim to: • Strengthen in-house expertise on monetary policy • Deepen the work on UMP and related policies • Further strengthen financial spillover analysis • Explore ways to enhance the Fund’s traction