The International Monetary Fund (IMF) Executive Board has concluded its Fourteenth Periodic Monitoring Report on the status of Management Implementation Plans (MIPs) in response to recommendations from the Independent Evaluation Office (IEO). The report, which covers 91 actions across 11 MIPs, shows significant progress since the previous report.
Since its inception in January 2007, the PMR has monitored the implementation of IEO recommendations endorsed by the Board. This latest report notes that substantial progress has been achieved despite intense work pressures. "The pace of implementation observed in the Fourteenth PMR, with the closure of 49 actions, was more than double that of previous PMR," states the report.
Actions related to IMF's Emergency Response to COVID-19, capacity development, engagement with small developing states, and data management have seen strong progress. However, work on IMF advice regarding capital flows has progressed more slowly. A pilot for a slippages framework is ongoing and may become permanent after full implementation.
Executive Directors welcomed discussions on this latest PMR and broadly supported its findings. They noted that implemented actions are strategic rather than operational or tactical. Directors also highlighted that prioritizing efforts will be essential due to high workloads and multiple demands on staff.
The Directors stressed closing overdue actions related to capital flows advice and collaboration with other institutions like the World Bank. They also called for increased diversity at senior levels and reduced turnover among mission chiefs in small developing states.
Regarding the slippages framework, it was noted that no updates are needed as there have been no slippages in implementing planned actions related to COVID-19 emergency responses.