Washington - The International Monetary Fund's operations will need improved oversight and more clearly defined roles for the crisis lender to remain relevant over the coming years, an investigation found Wednesday.

The Independent Evaluation Office, tasked by the IMF with looking into the 63-year-old body's management structure, said governments should take on a greater role in monitoring the fund's activities and the work of its managers.

The IMF has come under fire for not giving developing countries enough say over its lending operations. Earlier this year the institution approved a moderate shift in voting rights towards poorer nations.

The report warned that the lack of accountability was harming the IMF's legitimacy around the world, and that a failure to overhaul management would "undermine" its effectiveness in tackling global financial crises in the future.

The IEO called for the Executive Board - a group of 24 directors appointed by the fund's 185 member countries - to supervise the management's work instead of dictating its daily operations.

IMF Managing Director Dominique Strauss-Kahn said he welcomed the findings and would lay out his own measures in the coming weeks. (dpa)