This document summarizes key elements of the work plan and budget of the Independent Evaluation Unit (IEU) for 2018. This document contains three main elements that were promised at B.16: (1) Key elements of IEU’s three-year rolling work plan; (2) Key elements and budget of IEU’s annual (2018) work plan and budget; and (3) An outline of the independent evaluation policy. The Board is requested to consider and approve a budget of USD 2,639,467 for FY2018. A draft decision for the Board’s consideration is presented in annex I.