To deliver on its mandate and achieve its goals, IFAD has the option of using grant financing. As these resources are limited, IFAD Management is committed to ensuring the highest standards with regard to the rationale, efficiency and effectiveness in the use, management and impact of these funds. 2. In order to address perceived shortcomings in the 2009 (revised) IFAD Policy for Grant Financing and weakness in its implementation, IFAD Management undertook an internal review from December 2013 to April 2014. The review concluded that a new grant policy and revised procedures were necessary. In addition, the corporate-level evaluation on the IFAD Policy for Grant Financing – conducted by the Independent Office of Evaluation of IFAD (IOE) in 2014 – revealed significant gaps between the potential of the policy and achievements thus far.