Transparency at the IMF

March 17, 2021

Transparency in economic policy and the availability of reliable data on economic and financial developments are critical for sound decision-making and for the smooth functioning of an economy. The IMF has policies in place to ensure that meaningful and accurate informationboth about its own role in the global economy and the economies of its member countriesis provided in real time to its global audiences. 

Transparency helps economies function better and makes them less vulnerable to crises. Greater openness on the part of member countries encourages more widespread public discussion and examination of policies, enhances the accountability of policymakers and the credibility of policies, and facilitates efficient and orderly functioning of financial markets. Greater openness and clarity by the IMF about its own policies and the advice it provides to its member countries contributes to a better understanding of the IMF's own role and operations, building traction for the Fund’s policy advice and making it easier to hold the institution accountable. Outside scrutiny should also support the quality of surveillance and IMF-supported programs.

The IMF’s approach to transparency is based on the overarching principle that it will strive to disclose documents and information on a timely basis unless strong and specific reasons argue against such disclosure. The principle respects the voluntary nature of publication of documents that pertain to member countries.

Publication of country documents prepared for consideration by the IMF Executive Board (“Board documents”) is typically “voluntary but presumed,” meaning that, while voluntary, the publication of these documents is encouraged. An even stronger presumption applies to publication of documents relating to the use of Fund resources, though their publication is voluntary. A member’s consent to publication of a Board document is typically obtained on a non-objection basis. The publication of policy papers is presumed but it is subject to Board approval, while the publication of multi-country documents requires consent either from the Board or the involved members depending on the type of document involved.

The IMF’s efforts to improve the understanding of its operations and engage more broadly with the public has been pursued along four broad lines: (i) transparency of surveillance and IMF-supported programs, (ii) transparency of its financial operations; (iii) external and internal review and evaluation; and (iv) external communications.

Transparency of surveillance and IMF-supported programs

  • In recent years, the IMF’s surveillance has become increasingly transparent. In 2018, 100 percent of member countries published a press release, providing the IMF Executive Board’s assessment of the member’s macroeconomic and financial situation, and 95 percent of members published the IMF country report.
  • In 2019, 98 percent of member countries that used an IMF resource program published the reports, and 97 percent published their letters of intent, memoranda of economic and financial policies, and 93 percent published their technical memoranda of understanding

Financial and operational information about the IMF

Internal and external evaluations of IMF practices

External communications

  • Each year the IMF receives roughly 28,000 general queries via email and phone and about 1,060 inquiries addressed specifically to the Managing Director of the IMF. The IMF’s Communications Department responds to these inquiries.
  • Each month, the Fund’s external website receives about 6 million page views, 1.2 million visitors, and around 319,000 report downloads.
  • A Civil Society Policy Forum, organized jointly with the World Bank, runs in parallel with the Annual and Spring Meetings of the IMF and World Bank, covering a wide range of topics, including many organized by civil society organizations themselves.
  • IMF staff and management hold regular meetings, seminars, and consultations with civil society and other stakeholders at Fund headquarters and worldwide on specific policy or country issues. Invitations are extended by the IMF to contribute to reviews of its policies, by attending seminars or by providing comments to papers posted on its external website.