Policy Papers

Statement by the Managing Director on the Independent Evaluation Office Report on The IMF’s Emergency Response to the COVID-19 Pandemic: Executive Board Meeting March 13, 2023

Publication Date:

March 20, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

As the evaluation notes, the Fund’s rapid response was not without costs and risks. The decision to provide extraordinary access, including through emergency financing, in the face of this unprecedented crisis has inevitably raised pressures on the Fund’s own, and its members’, balance sheets. Moreover, according to the report, some stakeholders did not feel adequately consulted in the initial weeks of the pandemic, staff experienced enormous work pressures, and in at least a few instances, national authorities did not perceive that the way policy guidance on 2 access was applied was entirely evenhanded. I am confident we can learn from the experience and do even better in the future; and I believe the IEO’s high-level recommendations will help us to do so.

Series:

Policy Paper No. 2023/008

Subject:

Monetary policy Political economy

Frequency:

occasional