Independent Evaluation Office (IEO) of the International Monetary Fund
The Independent Evaluation Office (IEO) was established in July 2001 to systematically conduct objective and independent evaluations on issues of relevance to the mandate of the Fund. It is intended to serve as a means to enhance the learning culture within the Fund, strengthen the Fund's external credibility, and support the Executive Board's institutional governance and oversight responsibilities. IEO was designed to complement the review and evaluation work within the Fund and improve the institution's ability to draw lessons from experience.
IEO is independent of Fund management and staff, it operates at arm's length from the Fund's Executive Board, and it reports regularly to the International Monetary and Financial Committee of the IMF. To ensure IEO's independence, its work program is determined solely by the IEO Director after extensive consultation with the Executive Board, Fund Governors, Management, and external stakeholders. Also, IEO's budget is considered and approved by the Executive Board separately from the Fund's administrative budget.
The IEO aims at producing 2 evaluations per year, as well as reviews of its past evaluations five to ten years after they were first issued. These studies can be found on IEO's website, which also features relevant Board statements; documents dealing with follow-up on its evaluations; and the reports of external, independent evaluations of IEO's activities.