Staff Response to the Independent Evaluation Office Report on International Reserves: Imf Concerns and Country Perspectives

We welcome the opportunity to discuss the IEO’s evaluation of this critical policy area, and its findings that Fund research on the topic is at the frontier, and that Fund surveillance of the largest reserve holders was commendable. However, this report fails to acknowledge that many of its general recommendations are already reflected in Fund policy papers and other initiatives. We are also concerned that the report misconstrues the motives of the Fund in undertaking this work.