Transparency at the IMF
Greater transparency in economic policy and data on economic and financial developments is critical for smoothly functioning national economies and a stronger international financial system. The IMF's transparency and communications policies ensure that meaningful and timely information on its own role and on the economies of member countries are provided to its global audience. |
Transparency—on the part of the International Monetary Fund's member countries and the Fund itself—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 members' policies; it enhances the accountability of policymakers and the credibility of policies; and it 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 members contributes to a better understanding of the IMF's role and operations, and increases the Fund's accountability for its policy advice.
The IMF's Executive Board has adopted a series of measures that aim to encourage greater transparency of members' policies and data, and to enhance the Fund's own external communications. The Fund's transparency policy—which establishes the rules governing publication of documents considered by the IMF's Executive Board—designates the publication status of most categories of Board documents as "voluntary but presumed," meaning that publication requires the member's explicit consent but is expected to take place within 30 days following the Board discussion. As a result, the Fund now routinely makes available information on the following topics:
IMF surveillance of members
• In recent years, surveillance has become increasingly transparent. 93 percent of member countries agreed to the publication of a Public Information Notice (PIN) in 2007, providing information on the IMF Executive Board's assessment of the member's macroeconomic and financial situations, and 82 percent published the Article IV staff report (stand-alone or combined with assessment of a Fund-supported program or other related matter) that was the basis of the Board's assessment.
Countries' IMF-supported programs
• 89 percent of members now choose to release their letters of intent for requests for/reviews of the use of Fund resources in 2007, and 85 percent of stand-alone reports on IMF-supported programs were published.
• Following Board discussions of members' requests for loans or use of Fund resources, 92 percent of members agreed to publish the Chairman's Statement in the form of a Press Release.
Financial and operational information about the IMF
• Members' Financial Data—timely information for every member country on its financial position with the IMF—is posted on the IMF website.
• IMF Financial Activities (updated weekly), quarterly data on Financial Transactions, and monthly data on Financial Resources and Liquidity are posted on the IMF website.
• Other information posted about the IMF includes the Codes of Conduct for IMF staff and Executive Directors, recruitment policies, and procurement guidelines.
Dialogue and consultation with the public on IMF activities
• Each year the IMF receives roughly 15,000 queries via email and phone and about 7,500 letters addressed to the Managing Director of the IMF—a large proportion of those letters are requests for information. The IMF's External Relations Department responds to all such inquiries.
• Each month, the Fund's external website receives around half a million visitors, and around 200,000 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 CSOs 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;
Carrying out internal and external evaluations of IMF practices
• An Independent Evaluation Office (IEO) was established in July 2001 to provide objective and independent evaluations on issues related to IMF policies and operations. The Office operates independently of IMF management and at arm's length from the IMF's Executive Board. Both the IEO reports and work program are publicly available.
• Each year the IMF reviews a number of its policies and programs. For example, in 2008, among the reviews that have been held are ones regarding the Fund's financing role in member countries; its role in low-income countries and in fragile states and post-conflict countries; and data provision to the Fund by member countries for the purposes of surveillance. Typically, reviews are open and inclusive, often drawing on contributions from developing countries, donor agencies, international organizations, and civil society organizations, as well as analyses by IMF and World Bank staff.
In taking these steps to enhance the IMF's transparency, the Executive Board has had to consider how to balance the Fund's responsibility to oversee the international monetary system with its role as a confidential advisor to its members. As part of its regular reassessment of this balance, the Executive Board will complete another review of the IMF's transparency policy by the end of 2009.