Fourteenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations

FOURTEENTH PERIODIC MONITORING REPORT ONTHE STATUS OF MANAGEMENT IMPLEMENTATIONPLANS IN RESPONSE TO BOARD-ENDORSED IEORECOMMENDATIONS IMF staff regularly produces papers proposing new IMFpolicies, exploring options forreform, or reviewing existing IMF policies and operations. The following documents havebeen released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsNovember 7, 2024considerationof the staff report. •TheStaff Report,preparedby IMF staff and completed onOctober 10, 2024for theExecutive Board’s consideration onNovember 7, 2024.•AProposed Decisionthat was approved by the Executive Board on November 7,2024. TheIMF’stransparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. International Monetary FundWashington, D.C. FOURTEENTH PERIODIC MONITORING REPORT ON THESTATUS OF MANAGEMENT IMPLEMENTATION PLANS INRESPONSE TO BOARD-ENDORSED IEORECOMMENDATIONS October 10, 2024 EXECUTIVE SUMMARY The Fourteenth Periodic Monitoring Report (PMR) on the Status of ManagementImplementation Plans (MIPs) in Response to Board-Endorsed Independent EvaluationOffice (IEO) Recommendations assesses the progress made over the past year on 91actions contained in eleven MIPs. Notwithstanding a continued heavy workload on the Fund’s staff arising fromimportant global challenges, substantial progress has been made with theimplementation of management actions since the last PMR.Implementation overthe last year continued to be affected by multiple demands on staff and capacityconsiderations.Whilst staff workload continues to be impacted by important globalchallenges, the winding down of work on the COVID-19 pandemic allowed staff tofocus on several important strategic actions, some of which had been postponed owingto the reprioritization of activities related to the pandemic. As a result, a record numberof 49 actions (out of 91) are deemed to have been satisfactorily implemented, with 42actions remaining open. The pace of implementation/closure in the Fourteenth PMR ismore than double that of the previous PMR (24 closed actions), and also much higherthan that of the pre-pandemic annual average (17 closed actions). Since the completion of the Thirteenth PMR, attention has shifted back to theimplementation of strategic actions (as opposed to operational or tactical actions)involving important reviews and key policy steps.These included, among others, thecompletion of the Capacity Development Strategy Review, the Review ofImplementation of the 2018 Framework for Enhanced Fund Engagement onGovernance, the Operational Guidance Note on Program Design and Conditionality,Operational Guidance for IMF Engagement on Social Spending Issues, an update of theStaff Guidance Note on the IMF’s Engagement with Small Developing States (SDS-SGN),the Interim Review of the Resilience and Sustainability Trust (RST), and the finalizationof the Review of Data Provision to the Fund for Surveillance Purposes. Overall, progress has largely been made across the board since the Thirteenth PMR.The paceof implementation has been particularly faster on actions contained in theMIPs in Response to theIEO Evaluations on the IMF’s Emergency Response to the COVID-19 Pandemic, the IMF and CapacityDevelopment, IMF Engagement with Small Development States, and Behind the Scenes with Data atthe IMF.Several remaining open actions depend on the implementation of other importantreviews/key steps that are expected to be completed in the near future, such as the issuance of anew Capacity Development Guidance Note, a Board paper on Bank-Fund collaboration, the Reviewof PRGT Facilities and Financing, and the Review of Program Design and Conditionality. Starting with this PMR, OIA has broadened the definition of overdue actions to include allactions that are not completed by the originally agreed-upon implementation due dates.Inrecent PMRs, OIA had focused on those overdue actions that were more than one year past theirtarget implementation dates. The one-year grace period was allowed in recognition that progress inimplementation could have been hindered by the reprioritization of activities that took place in thecontext of the COVID-19 pandemic.With the return to a post-pandemic normal, OIA is of the viewthat the retention of this one-year grace period is no longer deemed necessary. Thirteen of the 42 open actions are past their target implementation dates; most of theseactions continue to progress at varying paces.HRD is working to finalize a proposal to introduceadjustments on the country team tenure matrix and target, following the recent completion of astaff analysis in this area. Other overdue actions include the preparation of a background paper totake stock of how the Fund has integrated select macro-structural areas in surveillance, includingcollaboration with other