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

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
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Volume/Issue: Volume 2023 Issue 008
Publication date: March 2023
ISBN: 9798400235580
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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Political Economy , lending toolkit , risk assessment , emergency financing access limit , COVID-19 , Emergency assistance , Crisis management , Global

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.