By Independent Evaluation Office (IEO)
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Extra info for Governance of the IMF. An Evaluation
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After presenting the main conclusions and recommendations, this chapter proposes detailed measures specific to the IMFC, the Board, and Management. 65. The broad conclusions and recommendations are: v First, to strengthen the IMF’s effectiveness and to facilitate accountability, the roles and responsibilities of each of its governance bodies need to be clarified with a view to minimizing overlaps and addressing possible gaps. There is a lack of clarity on the roles and responsibilities of the IMFC, as an advisory body that lacks a mandate for setting strategic directions but whose communiqués in practice shape the Fund’s work programs.
32 The IMFC meets twice a year and issues a communiqué at the end of its meetings. There is no formal voting at the IMFC, as the Committee is only an advisory 30In particular, Article XII. A more detailed description of the Fund’s governance arrangements can be found in Mountford (2008a). Mountford (2008b) discusses the historical evolution of the Fund’s governance. org. 31Governors have retained the power to approve quota increases, special drawing right (SDR) allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws.
Code of Conduct and “cooling-off” period. The staff Code of Conduct should be revised to make its provisions explicitly binding on the MD, while specifying what mechanism would be used to apply this Code in an independent and credible manner. Upon leaving the IMF, the MD and DMDs should be subject to explicit cooling-off periods before they may take private sector jobs related to Fund activities. ANNEX 1 IMF Governance: Outline of Current Structures and Practices his annex provides a description of the IMF’s governance arrangements.
Governance of the IMF. An Evaluation by Independent Evaluation Office (IEO)
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