The corporate-Level evaluation reveals that replenishment consultations are critical for IFAD's financial sustainability and also provide a unique platform to ensure accountability for results and collective reflection on IFAD policy and strategic priorities. In particular, the changes introduced in the Ninth Replenishment of IFAD Resources have further strengthened the effectiveness and efficiency of the Fund's replenishment processes. At the same time, the evaluation identifies some areas for further development. On the financing side, IFAD would need to intensify its ongoing efforts to mobilize additional resources beyond replenishment contributions to meet the increasing demand for its assistance in all recipient countries. Moreover, the current representation system of IFAD Member States in the replenishment consultations might require some adjustments to better reflect the existing geopolitical and economic landscape. Finally, the evaluation also highlights the value for IFAD to simplify the current results measurement framework, including by more explicitly defining a theory of change for achieving rural transformation.