In late 2022, Triangle conducted an in-depth assessment of the IMF’s engagement with civil society organizations (CSOs), commissioned by OXFAM. The findings reveal that IMF interactions with CSOs remain largely symbolic, underscoring the urgent need for meaningful, accountable, and transparent dialogue in shaping loan agreements. 

[GLOBAL, JANUARY 12, 2023] – Triangle and OXFAM have released a groundbreaking global assessment examining the role of CSOs in IMF conditional loan programs. The report, titled “From Stunt to Substance,” evaluates IMF engagement across six diverse political and economic contexts: Argentina, Ecuador, Tunisia, Zambia, Pakistan, and Egypt. The study finds that, despite efforts to include CSOs in negotiations, their participation often remains superficial, lacking the structured mechanisms needed to influence loan conditions effectively. 

“When countries turn to the IMF for financial support, the conditions imposed can shape economies for decades. Ensuring that civil society has a substantive role in these negotiations is not just about inclusion—it is about accountability,” said Sami Halabi, Triangle’s Director of Policy. 

The report’s findings were presented as part of a broader dialogue on global economic governance, hosted by OXFAM and attended by policymakers, CSO representatives, and economic researchers. Discussions centered on how the IMF can institutionalize participatory mechanisms to ensure civil society concerns are formally documented, addressed, and integrated into loan program designs. 

Key components of the assessment include: 

• Framework Development: A new evaluative framework to measure the depth and impact of IMF-CSO engagement, identifying gaps in transparency and influence. 

• Contextual Assessment: Detailed interviews with CSO representatives, IMF officials, and global experts across six countries to analyze the impact of political environments on engagement quality. 

• Policy Recommendations: Concrete steps to institutionalize CSO participation, including the adoption of a formal IMF policy on CSO engagement and enhanced transparency in tracking engagement outcomes. 

• Scalable Institutional Tool: The development of a model for broader IMF reform, ensuring civil society engagement is embedded in loan negotiation processes rather than treated as an afterthought. 

“The current model of IMF-CSO engagement does not go far enough in ensuring that civil society voices translate into real policy influence,” Halabi added. “This report presents a roadmap for how the IMF can move beyond symbolic participation and foster genuine, structured dialogue with CSOs.” 

The study has already begun informing global policy discussions on IMF transparency and accountability. By identifying systemic gaps in IMF-CSO interactions, the report empowers CSOs with the tools to advocate for more inclusive economic policies. 

Workshop participants emphasized the need for structural reforms to IMF engagement practices, calling for a shift from ad hoc consultations to formalized, impact-driven collaboration with CSOs. 

Triangle and OXFAM’s assessment underscores that genuine engagement with CSOs is not optional, rarather essential for sustainable and equitable economic policies. As the IMF continues to negotiate loan agreements worldwide, it must institutionalize transparent and accountable engagement processes. Triangle remains committed to working with global partners to refine these approaches, ensuring that economic governance frameworks prioritize people, not just financial stability. 

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The full report “From Stunt to Substance” is available here.