“Checking the Receipts” Audits of Emergency Finance

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.