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Obstacles to progress

Realities

an external panel, of which all three members were former IMF executive directors, alternates

or governors, found that there was a lack of traction of the work of the IEO within the IMF, "at a
time of weakening trust in both domestic and international institutions, in which political

support for institutions like the IMF cannot be taken for granted.
The evaluation followed two prior external evaluations – the 2006 Lissakers report and the
2013 Ocampo report – both of which also raised concerns about the uptake and impact of IEO

reports by the Fund. Building on those findings, the evaluation found that, "Too few
stakeholders read the IEO's evaluation reports – some do not even know about their existence,

too few find them very useful and too many recommendations remain open for too long." It
attributed the lack of traction across a range of actors: the IMF board, for not having

"consistently demonstrated the importance it attaches to independent evaluation";
management, for not having "instilled...the value of the IEO's work in the IMF's senior staff nor
given incentives to shape desired behaviour"; and the IEO itself, for not engaging "sufficiently

with management and staff...to ensure understanding of each other's viewpoints." It called for
a "reboot of commitment" from all parties.”

"Independent Evaluations Continue to Lack Traction at IMF," 242
Bretton Woods Project.
*****

Debt Overhang of Developing Economies
“ Debt is an efficient tool. It ensures access to other peoples' raw materials and
infrastructure on the cheapest possible terms. Dozens of countries must compete for
shrinking export markets and can export only a limited range of products because of
Northern protectionism and their lack of cash to invest in diversification. Market
saturation ensues, reducing exporters' income to a bare minimum while the North enjoys
huge savings. The IMF cannot seem to understand that investing in ... [a] healthy, well-
fed, literate population ... is the most intelligent economic choice a country can make. “

"A Fate Worse Than Debt" 243
Susan George
*****
“ Ghana is in a debt crisis. Having had significant amounts of debt cancelled a decade ago, the

country is losing around 30% of government revenue in external debt payments each year.
Ghana's crisis is the result of a gradual increase in lending and borrowing off the back of the

discovery of oil and high commodity prices. More money was then borrowed following the fall
in the price of oil and other commodities since 2013, to try to deal with the impact of the