A scathing report from the Independent Evaluation Office highlights the IMF's lack of transparency and accountability, but there appears to be little shareholder agreement on the IEO's conclusions and consolidation of European board representation.
The IEO has released the draft issues paper for an evaluation on the relationship between the IMF and its member countries, which will focus on the interaction of staff with member-country officials.
At this year's spring meetings, the World Bank faced increasing opposition to its plans to tackle climate change, while the IMF was forced to admit that the lack of democracy in its governance is probably why it missed the boat on the credit crisis.
The Independent Evaluation Office released the draft issues paper for its planned evaluation of the IMF’s trade policy advice.
A report by the IMF’s evaluation arm faulted the Fund’s overuse of structural conditionality and partially blamed donors for the problem, but civil society critics of conditionality are not satisfied with the scope of the report or the changes accepted by the Fund.
With the wait for new leadership at the IMF over and the deadline for a deal on quota reform looming, the hard bargaining over power at the Fund will now begin. Still no end to European dominance of the institution is in site.
At this year's annual meetings, both the World Bank and the IMF faced serious challenges to their continued relevance and legitimacy. Observers were keen to see the tone that new heads Robert Zoellick and Dominique Strauss-Kahn would set for the institutions.
The IMF executive board agreed to revise the legal framework for bilateral surveillance in June with the final text incorporating many of the safeguards demanded by developing countries but still angering the Chinese.
Civil society dialogue, spring meetings 2007 (12 April 2007) on the IEO Evaluation of the IMF and Aid to Sub-Saharan Africa
A report released by the Independent Evaluation Office (IEO) of the IMF criticises the role of the IMF in managing aid inflows to Sub-Saharan Africa, but fails to address more fundamental questions about the Fund’s role in low-income countries.
In an evaluation of the IMF Independent Evaluation Office's first five years of work, an external committee concluded that the IMF board may have undue influence over the body. Additionally the IEO set itself an ambitious work plan for the next year, as it plans to delve into the Fund's internal organisation and trade policy
In an evaluation of the IMF Independent Evaluation Office's first five years of work, an external committee concluded that the IMF board and management may have undue influence on the body and that IMF management may not be appropriately implementing the body's recommendations when they are endorsed by the board.