The Independent Evaluation Office (IEO) was established by the International
Monetary Fund’s Executive Board in July 2001. The office operates independently of
IMF management and at arm’s length from the IMF’s Executive Board. Its mission is
to provide objective and independent evaluation of issues related to the IMF’s man-
date and thereby support the Executive Board in its governance and oversight respon-
sibilities, to contribute to enhancing the learning culture of the IMF, and to promote
understanding of the IMF’s work.
This Evaluation of Prolonged Use of IMF Resources is the first report produced and
published by the IEO. The terms of reference for the evaluation were prepared follow-
ing extensive consultation with various stakeholders. An initial draft of an issues paper
for the evaluation was posted for comments on the IEO’s website (www.imf.org/ieo).
After input from a range of groups and individuals, the final terms of reference were
determined by the IEO, and also posted on the website. Interested parties were invited
to submit material relevant to items included in the final terms of reference. This con-
sultative approach will be followed for all IEO evaluations.
The process for review and publication of the final report followed the standard
rules that have been established by the IEO; a detailed description of these procedures
is also available on our website. The final report was circulated to IMF management
and the Evaluation Group of Executive Directors at the same time. Subsequently,
management’s comments, and the IEO’s response, were circulated to the Executive
Board, but the report was not changed in light of these comments. The Executive
Board discussed the evaluation on September 20, 2002, and the Chairman’s summing
up of that discussion is also included.
This report was prepared by a team headed by David Goldsbrough and including
Kevin Barnes, Isabelle Mateos y Lago, and Tsidi Tsikata. Sections of the report have
also benefited from comments and other input from Professor Graham Bird, Pro