“Checking the Receipts” Audits of Emergency Finance: A preliminary analysis of the implementation of the Letter of Intent commitment on audits in 50 countries

Sebastiaan Pompe, Alice French, Martin Aldcroft and Camilla Fredriksen

No 2025/075, IMF Working Papers from International Monetary Fund

Abstract: This paper explores one dimension of the IMF’s COVID response – support for conducting and publishing independent audits of COVID-related spending. The economic impact of COVID was felt across the globe and created stresses on the balance of payments of member countries. Many members turned to the IMF for emergency financing . The IMF Managing Director urged member countries to “do what it takes but keep the receipts.” In line with this guidance, the majority of IMF emergency financing included commitments by members to put in place transparency and accountability measures. In 56 member countries, Fund financing included commitments for SAIs to audit spending related to the response to COVID. SAI audit reports were ultimately published in 50 member countries. This paper examines how these commitments were implemented, and the broader lessons which can be derived.

Keywords: Supreme Audit Institutions; Accountability; Covid-19; pandemic; governance; emergency financing; audit report; IMF emergency finance; IMF emergency financing; IMF COVID-19 emergency; COVID response; Auditing; Emergency assistance; Corruption; Budget planning and preparation; Middle East; North Africa; East Africa; Global; Middle East and Central Asia; Europe (search for similar items in EconPapers)
Pages: 83
Date: 2025-04-11
New Economics Papers: this item is included in nep-acc
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