Following the initial report from August 2024, the International Monetary Fund's (IMF) Office of Internal Audit has published its second independent assessment regarding the Implementation Plan for recommendations from the 2022 Institutional Safeguards Review.
The Institutional Safeguards Review, completed and discussed by the Executive Board in June 2022, found that the IMF's safeguards mechanisms generally ensure high standards of institutional governance and analytical integrity. In response to these findings, a comprehensive Implementation Plan was developed. This plan outlined actions and policy changes reflecting a strong commitment by both the Board and Management to achieve durable change within the institution and uphold high standards of governance.
In December 2023, IMF staff reported substantial progress on this plan to the Executive Board, with 85 percent of actions either completed or on track for completion by the end of that year. The first assessment by the Office of Internal Audit, released in August 2024, largely confirmed this evaluation.
The latest assessment reviewed ongoing or delayed actions. It concluded that 92 percent of Implementation Plan actions have been completed. Six actions remain in progress or delayed with different timelines for completion.
The Office of Internal Audit will continue monitoring these remaining action plans and report back to Management and the Board as needed.