International Monetary Fund

HM Treasury written question – answered on 19th September 2016.

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Photo of Lord Blencathra Lord Blencathra Conservative

To ask Her Majesty’s Government, in the light of the criticisms in the report published on 8 July by the Independent Evaluation Office of the International Monetary Fund (IMF), The IMF and the Crises in Greece, Ireland, and Portugal, what value they now place on the IMF's forecasts and policy statements.

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

The government continues to value the IMF’s forecasts and other analytical outputs, which are supported by high quality technical analysis and data-gathering. This is used alongside the government’s own analysis, and the work of other institutions. We do not believe that the International Evaluation Office’s (IEO) report entitled The IMF and the Crises in Greece, Ireland and Portugal provides compelling evidence to alter this practice.

The government values the work of the IEO, which is important in improving transparency, oversight and enhancing the learning culture at the Fund.

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