This report covers IEO activities through end-July 2021. Since the 2020 Annual Report, the IEO has completed an evaluation of growth and adjustment in IMF-supported programs, to be discussed at the Executive Board at end-August. Moreover, the evaluation of IMF collaboration with the World Bank on macro-structural issues was finally discussed by the Executive Board, while the evaluation of IMF advice on capital flows was also completed and discussed by the Board.