The IMF’s approach to transparency is to disclose information in a timely way unless there are strong, specific reasons against such disclosure. By being open and clear about its policies and the advice it provides to member countries, the IMF contributes to a better understanding of the organization and makes it easier to hold it accountable.
Transparency by IMF member countries helps their economies function better and makes them less vulnerable to crises. By being open, member countries encourage public discussion and examination of policies, enhance accountability and credibility, and contribute to efficient and orderly functioning of global financial markets.
The IMF’s efforts on transparency are guided by a Transparency Policy. Publication of policy advice reports about countries that are prepared for consideration by the IMF Executive Board is typically “voluntary but presumed,” meaning the IMF encourages their publication but does not require it. Publication of documents on IMF loans to countries is voluntary, but with an even stronger presumption of publication. The publication of policy papers is presumed but is subject to Board approval. Finally, publication of multi-country documents requires consent either from the Board or the involved countries depending on the type of document involved.
More specifically, the IMF’s efforts on transparency focus on four areas: policy advice and lending, financial operations, review and evaluation, and external communications.
IMF policy advice or surveillance has become increasingly transparent. In 2020, 98% of member countries published a statement providing the IMF Executive Board’s assessment of the member’s macroeconomic and financial situation, and 95% of members published the IMF country report. In the same year, 98% of member countries that used IMF financial resources published the reports, and 97% published additional documents, such as a country’s letter of intent and memoranda of economic and financial policies. About 93% published their technical memoranda of understanding.
The IMF provides detailed information on its website including:
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Members' financial data—timely information for every member country on its financial position with the IMF. |
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IMF financial activities (updated weekly), monthly data on financial resources and liquidity and quarterly data on financial transactions. |
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The IMF also posts its Codes of Conduct for IMF staff, Codes of Conduct for IMF Executive Directors, IMF recruitment policies, and IMF procurement guidelines. |
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IMF staff regularly review policies and procedures to improve the IMF’s effectiveness. Recent reviews include the role of trade in the IMF’s work, how to improve IMF policy advice, the effectiveness of the Financial Sector Assessment Program (FSAP), and evenhandedness of IMF advice.
An Independent Evaluation Office (IEO) evaluates IMF policies and operations, working independently of IMF management and at arm's length from the IMF's Executive Board. The IEO's objective, independent reports and work program are publicly available. IEO’s work is typically open and inclusive and often draws on contributions from IMF member countries, donor agencies, international organizations, and civil society organizations.
The IMF maintains various channels of communication with the public about its work. It continuously publishes reports, policy analyses, country data, financial information, and Executive Board decisions on its website. These are explained to the public through various digital formats including blogs, podcasts and videos. Through social media, the IMF communicates key aspects of its operations and decision-making process.
The IMF maintains open lines of communication with media to help explain the institution’s work. IMF staff and management engage also with numerous stakeholders, including representatives of Civil Society Organizations (CSOs) and academics. In addition to regional and country-focused engagements, the IMF often incorporates external consultations with CSOs into its process of developing institutional policies, seeking views online and in discussions with staff.
The last update was in March 2023
