Following its first report issued in August 2024, the IMF's Office of Internal Audit (OIA) has released the second independent assessment of the Implementation Plan (IP) that addresses the recommendations of the 2022 Institutional Safeguards Review (ISR).
The ISR, completed and discussed by the Executive Board in June 2022 , concluded that the Fund's safeguards mechanisms are generally robust in ensuring a high standard of institutional governance and analytical integrity. In response to the ISR recommendations, a comprehensive IP was developed to outline a set of actions and policy changes that reflect the strong shared commitment of the Board and Management to a durable change in the institution and the highest standards of institutional governance. IMF staff reported to the Executive Board in December 2023 that substantial progress was made in advancing the IP, with 85 percent of the actions having been completed or remaining on track for completion by end of 2023. The first OIA assessment , published in August 2024 (see PR24/310 ), largely confirmed the staff's evaluation.
Following the first report, the second OIA assessment monitored the progress of the remaining actions that were either ongoing or delayed. It was concluded that 92 percent of IP actions have been completed. Six IP actions are still in progress or delayed, with varying implementation timelines.
OIA will continue to monitor implementation of the remaining actions plans and will report to Management and the Board as appropriate.
