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Executive Directors welcomed the report of the Independent Evaluation Office (IEO)on IMF Advice on Capital Flows. Directors appreciated the high quality of the report, and itsthematic and background country studies. Directors welcomed the finding that the adoptionof the Institutional View (IV), along with the development of other frameworks andadditional tools, had represented a major advance in the Fund’s policy framework to providesystematic advice to member countries on the management of capital flows and capitalaccount liberalization. Directors also noted the conclusion that, in its application, the Fundhad generally followed the IV and other policy frameworks to ensure that the advice wasconsistent, tailored to country circumstances, and evenhanded across countries. Directorswelcomed that capital flow management measures (CFMs) have generally not been used tosubstitute for warranted policy adjustments. Directors also welcomed the finding that mostauthorities broadly support the IV’s sequenced framework to capital account liberalizationand appreciated the Fund’s specific advice in many cases, especially in the context oftechnical assistance. More recently, faced with the abrupt capital flow reversals during theCOVID-19 crisis, Directors noted that emerging markets and developing economiesgenerally followed a multi-pronged approach broadly consistent with the IV framework andmade relatively little use of CFMs.

The Chair’s Summing Up Independent Evaluation Office - IMF advice on Capital Flows Executive Board Meeting 20/93 September 18, 2020