I. OVERVIEW OF DEVELOPMENTS IN FISCAL YEARS 2005 AND 2006
The Independent Evaluation Office (IEO) was established by the Executive Board of the IMF
in July 2001 to provide objective and independent evaluation on issues related to the IMF.
The office operates independently of IMF management and at arm’s length from the
Executive Board. Its terms of reference emphasize the objectives of enhancing the learning
culture within the IMF, strengthening the IMF’s external credibility, promoting greater
understanding of the work of the IMF throughout its membership, and supporting the
Executive Board’s institutional governance and oversight responsibilities.
The IEO’s terms of reference provided for an external evaluation of the office, after an initial
period, to assess its effectiveness and to consider possible improvements to its structure,
mandate, operational responsibilities, or terms of reference. In the autumn of 2005, an
independent panel of experts was appointed and, in April 2006 the Executive Board
discussed their report.1 The report assesses whether the IEO is meeting its goals to (a) serve
as a means to enhance the learning culture within the IMF; (b) strengthen the IMF's external
credibility; (c) promote greater understanding of the work of the IMF throughout its
membership; and (d) support the Executive Board's institutional governance and oversight
responsibilities. Section A discusses the work of the panel of experts as well as the Executive
Board’s reaction and follow up activities to the main findings and recommendations.
Key developments in FY2005–06, including outreach activities and relations with other
evaluation offices are described in Section B, while Section C presents common messages
that have arisen from evaluation reports. Appendix I describe procedures developed by the
IEO that allow for extensive consultations in designing the evaluation project and also for
receiving substantive inputs during implementation.
A. Evaluating the Evaluators: Messages from the