Press Release No. 24/310

IMF’s Office of Internal Audit Releases an Independent Progress Assessment of the Implementation of the Recommendations of the Institutional Safeguards Review

August 28, 2024

Washington, DC:  Following the December 2023 update on the Implementation Plan (IP) to address the recommendations of the 2022 Institutional Safeguards Review (ISR) (see PR 23/471), the Office of Internal Audit (OIA) has conducted an independent assessment of the ISR implementation progress.

The ISR, completed and discussed by the Executive Board in June 2022, concluded that the Fund’s safeguards mechanisms are generally robust in ensuring a high standard of institutional governance and analytical integrity. In response to the ISR recommendations, a comprehensive IP was developed to outline a set of actions and policy changes that reflect the strong shared commitment of the Board and Management to a durable change in the institution and the highest standards of institutional governance. Staff reported to the Board in December 2023 that substantial progress was made in advancing the IP, with 85 percent of the actions having been completed or remaining on track for completion by end of 2023.

A recent OIA assessment largely confirms the staff’s update.

OIA found that a total of 82 percent of IP actions were completed and on track for completion (64 and 18 percent, respectively), while 18 percent were delayed. The remaining open actions are expected to be completed by the end of this year.

OIA will continue to engage with staff during 2024-2025 to evaluate in-progress and delayed IP actions and will issue the next ISR progress assessment report at the outcome of the evaluation.