The Executive Board of the International Monetary Fund (IMF) concluded the Twelfth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations. 

Since being instituted in January 2007, the PMR has been reporting on the status of implementation of Board-endorsed IEO recommendations. 

The Twelfth PMR assessed the progress made over the past year on 88 actions contained in 10 MIPs. These include: two new MIPs issued in response to IEO evaluations issued after the Eleventh PMR; one new MIP to reformulate off-tracked management actions, and another seven MIPs in response to older evaluations. The Twelfth PMR concluded that significant progress has been made, since the last PMR, with the implementation of management actions despite continued challenges associated with the COVID-19 pandemic and the shocks from the war in Ukraine and its spillover effects. The pace of implementation observed in the Twelfth PMR, with the 39 actions closed, was slightly faster than in the Eleventh PMR and significantly exceeded the previous trend of an average of 15 implemented actions per year. Strong progress has been made over the last year on actions in response to the IEO evaluations covering IMF Collaboration with the World Bank on Macro-Structural Issues, IMF Advice on Capital Flows, IMF and Fragile States, and Behind the Scenes with Data at the IMF. 

Executive Board Assessment

Executive Directors welcomed the opportunity to discuss the Twelfth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations, and endorsed the assessment contained in the PMR. 

Directors welcomed the significant progress achieved in the implementation of management actions since the last PMR, with a faster pace of implementation despite continued challenges associated with the COVID-19 pandemic and the new shock from Russia’s war in Ukraine and its spillover effects. Directors also appreciated that several of the actions implemented over the last year were of a strategic nature and included the completion of important reviews to address pending issues that had been delayed because of the reprioritization of activities due to the COVID-19 pandemic.

Notwithstanding the overall positive assessment, Directors urged faster progress in actions relating to the financial sector workforce analysis and talent inventory, as well as other pending actions on social protection, data initiatives, adequate mission chief tenure and handover, the Fund’s work with fragile states, advice on capital flows, role as trusted advisor, including through greater diversity and inclusion, and collaboration with the World Bank. A number of Directors also emphasized the need for additional efforts to ensure the effectiveness of the completed action on the advisory group on monetary policy. Given ongoing pressures from competing work priorities and resource constraints, Directors generally stressed the need for continued management engagement, as well as focus and vigilance by accountable departments, to maintain and build on the momentum achieved. 

Directors welcomed the ongoing work by staff to develop a slippages framework, including the outline of guiding principles, and broadly agreed that the development of the framework will need to be closely aligned with that of the broader institutional ERM framework. They looked forward to additional details on the timeline and resource implications, as well as on the roles, responsibilities, and accountability under the new framework.