[Board of Governors] Establishment of the Independent Evaluation Office (IEO)

Dear Executive Directors,


In light of the recent progress in the management of the crisis, the Board of Governors has commenced discussions with the Managing Director of the Executive Board to establish an independent and autonomous body to evaluate the decisions of the EB. This is to ensure the accountability of the EB following growing international condemnation of the failure of the IMF in handling the financial contagion in East Asia. As such, the Independent Evaluation Office, comprising research officers and economists, will be established to assess the decisions made by the EB. Under its Terms of Reference, the IEO is fully independent from the Management of the IMF and operates at arm's length from the EB. While the IEO will not interfere with the internal discussions of the EB, senior economists and research officers will provide constructive feedback on the Board’s activities as they see fit.


Board of Governors


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