B the imf has not always been well positioned to deliver messages that would add value to the appropriate decision makers when exchange rate policy is a live issue it often requires the attention of ministers and government leaders to be effective in providing advice the imf needs to be expert at communicating messages. 4 chapter1 1 exchange rate policy advice is critical to the imfs purpose1 the imf is charged by its articles of agree ment and a landmark 1977 executive board decision to exercise surveillance over the international monetary. This report is the seventh in a series of evaluation updates by the independent evaluation office of the imf ieo that return to past ieo evaluations and assess the continuing relevance of their main conclusions the report revisits the 2007 evaluation of imf exchange rate policy advice which found that the imf was not as effective as it needed to be in fulfilling its responsibilities for . While acknowledging the inherent complexity of providing exchange rate policy advice including the lack of professional consensus on many of the key issues the evaluation observed serious weaknesses in the imfs work on key analytical issues and in its engagement with members. The imf is charged by its articles of agreement and a 1977 executive board decision to exercise surveillance over the international monetary system and members exchange rate policies
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