Press Release: Statement on the Conclusion of the 2010 Article IV Consultation with Myanmar
March 17, 2011Press Release No. 11/87
March 17, 2011
The Executive Board of the International Monetary Fund (IMF) concluded—on a lapse-of-time basis1—the 2010 Article IV consultation with Myanmar on March 16, 2011, and considered and endorsed the staff appraisal without a meeting.
Under Article IV of its Articles of Agreement, the IMF has a mandate to exercise surveillance over the economic, financial and exchange rate policies of its members in order to ensure the effective operation of the international monetary system. The IMF’s appraisal of such policies involves a comprehensive analysis of the general economic situation and policy strategy of each member country. IMF economists visit the member country, usually once a year, to collect and analyze data and hold discussions with government and central bank officials. Upon its return, the staff submits a report to the IMF’s Executive Board for discussion. The Board’s views are subsequently summarized and transmitted to the country’s authorities.
1 The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.