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Harsh internal IMF audit calls for ‘major changes’

Harsh internal IMF audit calls for ‘major changes’

by Toby Lucich on May 29, 2008

Internal auditors at the International Monetary Fund released a harshly critical report on governance Wednesday and urged “major changes” to maintain the embattled institution’s relevance.

The Independent Evaluation Office of the IMF said that effectiveness had been the strongest aspect of the 185-nation institution’s governance, “while accountability and voice have been the weakest.”

“If left unaddressed, these weaknesses would likely undermine effectiveness over time,” IEO director Thomas Bernes said in a statement.

Harsh internal IMF audit calls for ‘major changes’

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