As specified under the terms of reference established by the IEO, the IMF Executive Board should initiate an external evaluation of IEO to assess its effectiveness and to consider possible improvements to its structure, mandate, operational modalities, or Terms of Reference. Without prejudging how that review would be conducted, it should be understood that the review would include the solicitation of broad-based input from outside the official community.

In keeping with the terms of reference, the first external evaluation of IEO was commissioned and discussed by the IMF’s Executive Board in 2006. The second external evaluation was commissioned in 2012 and discussed by the IMF's Executive Board in 2013.