IMF Board Approves Plan to Improve Safety Measures

Washington, DC: The Executive Board of the International Monetary Fund today endorsed an Implementation Plan to further strengthen the institution’s framework of institutional governance and analytical integrity. The Implementation Plan responds to the Institutional Safeguards Review, which the Executive Board completed on June 30, 2022. [1] The Review found that the Fund’s safeguards mechanisms are generally robust, and identified several areas in which the data and analytical integrity frameworks could be further bolstered, and the smooth and effective functioning of the Fund’s system for internal disputes could be strengthened. [2] The Board and Management committed to developing an action plan to guide implementation of the Review’s recommendations by the end of 2022. The plan discussed at the Board today reflects consultations with, and contributions from a wide range of stakeholders, including IMF staff, and reflects a consensus-based approach by the Board Steering Group and Management.

The Implementation Plan sets out a comprehensive package of policy and process reforms that seek to better support Fund staff in their work and to modernize our working environment so that the Fund can serve its member countries even better. These measures are anchored on four focal areas: Data and Analytical Integrity, Leadership, Building Trust and Increasing Transparency in the Dispute Resolution and Integrity framework, and Strengthening the Dispute Resolution System and its processes. The plan entails actions by the Board, Management and staff, and outlines timelines, responsibilities, the required resourcing, as well as how outcomes will be monitored with the overarching aim of maintaining the highest standards of institutional governance and operating culture of the Fund.

In a statement, IMF Managing Director Kristalina Georgieva remarked: “We strongly welcome the Board’s endorsement of the clear and detailed roadmap to implement the recommendations from the review of our institutional safeguards. We have already made good progress on the priority items identified at the June 2022 Board meeting, and will continue to enhance our work environment, support our staff in providing high quality analysis and advice, and strengthen our ability to serve our member countries.”

Public Release. More on this here.