Selected Decisions and Selected Documents of the IMF, Thirty- Third Issue -- Bilateral Surveillance-Implementation of the Decision-Transitional Issues
Prepared by the Legal Department of the IMFAs updated with decisions adopted during the first quarter of 2009 (posted July 2009)
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| ARTICLE IV | ||||
| Exchange Arrangements and Surveillance | ||||
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BILATERAL SURVEILLANCE-IMPLEMENTATION OF THE DECISION-TRANSITIONAL ISSUES In the context of the application of the Decision No. 13919-(07/51) (the 2007 Surveillance Decision), which came into effect on June 15, 2007, there are essentially three categories of countries. With reference to those, the following treatment is provided for: Category 1: Countries for which consultations have been concluded by the Executive Board as of June 29, 2007, including Madagascar and Kazakhstan. Such cases will stand as "Article IV Consultations Concluded" under the 1977 Surveillance Decision. Category 2: Countries for which missions commence after June 15, 2007. In such cases the 2007 Surveillance Decision shall apply. Category 3: Other countries for which, as of June 15, 2007, the process has commenced and consultations are at different stages before their completion, e.g., (i) mission discussions have been completed; (ii) staff papers are under preparation after the completion of the mission; or (iii) staff papers have already been circulated to the Board. Such cases will be re-examined by staff and Management and if, with respect to a member in this category, the Managing Director, after informing the Executive Director for the member concerned, informs the Executive Board that, in his view: (a) there are no grounds for concern as to whether the member's external position is in a state of external stability or as to whether its policies are promoting external stability, the staff report for that member may be taken up for discussion in the Executive Board without further discussion by staff with the relevant member, and the Executive Board will complete that consultation and reach conclusions in accordance with the provisions of the 2007 Surveillance Decision; or (b) there are grounds for concern as to whether the member's external position is in a state of external stability or as to whether its policies are promoting external stability, either (i) additional discussions will be required between staff and the member, the modalities of which will be determined in consultation with the member, or (ii) if the member so requests, a fresh full range of consultation discussions will take place, and the Executive Board will complete that consultation and reach conclusions in accordance with the provisions of the 2007 Surveillance Decision. (SM/07/222, Sup. 1, 6/29/07) | ||||
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