## ppea2026023 ## Source details **Canonical URL:** [ppea2026023](https://www.imf.org/-/media/files/publications/pp/2026/english/ppea2026023.pdf) ## Other formats - [Markdown version](/-/media/files/publications/pp/2026/english/ppea2026023.pdf.md) - [Structured JSON version](/-/media/files/publications/pp/2026/english/ppea2026023.pdf.json) --- ### Main changes and principles - The Decision incorporates preserving the independence and candor of staff’s views as an explicit Policy principle. - The Policy incorporates that no changes to published documents should be permitted except under very limited circumstances. - Documents received from other institutions required for Board consideration are published together with the related staff report unless the authoring institution requests otherwise; modifications by the authoring institution are only allowed prior to Board consideration. - The Guidance Note updates and replaces the 2014 Transparency Policy Guidance Note to reflect changes adopted in November 2024. ### Faster communication and presumed consent rules - Press releases: - Consent deemed provided unless, prior to conclusion of the Board’s consideration, the member explicitly objects or requests more time. - Surveillance press releases should be issued no later than two business days after Board consideration; member can request postponement up to 7 calendar days if it consents to publish the staff report. - Any country document press release published separately from the staff report shall indicate the member’s publication intention for the staff report. - Staff reports: - Consent to publication is deemed provided through non-objection unless, prior to conclusion of Board consideration, the member (i) objects, (ii) requests additional time, or (iii) consents subject to agreement on deletions. - If member requests more time, consent is deemed provided after 14 calendar days from Board consideration unless the member objects or requests additional time; in that latter case consent is deemed provided 28 calendar days after Board consideration, unless the member objects. - If a member objects to publication, a factual statement (or the press release) is issued notifying that the member does not intend to publish the country report. - Stronger presumption for UFR and PCI staff reports: - Members requesting UFR or PCI are expected to indicate, before circulation to the Board, that they explicitly consent to publication; consent normally indicated in the Authorities’ Letter of Intent (LOI) and reported to the Board in the SEC cover memorandum. - The Managing Director will generally not recommend Board approval of access to resources in the GRA, PRGT, the RST, HIPC Trust, or assistance through the PCI unless the member explicitly consents to publication of the associated staff report. Exceptions: stand-alone requests for extensions of Fund arrangements or a PCI. ### Publication decision points and timelines (non-objection modality) - Three decision points for staff report publication: - Before conclusion of Board consideration: - If no notification, consent deemed provided and Fund shall promptly publish after resolving any modification requests. - For surveillance, member that consented may request a 7 calendar day combined publication schedule (“extended time schedule”). - If member objects before conclusion, a factual statement is issued. - 14 calendar days after Board consideration: - If member requested additional time or consented subject to deletions and gives no further notification within 14 calendar days, consent deemed provided and Fund will promptly publish following resolution of modifications. - If member objects within 14 days, factual statement issued; member may request another extension to 28 calendar days. - 28 calendar days after Board consideration: - If member requested further extension and has not objected within 28 calendar days, consent deemed provided and Fund will promptly publish following resolution of pending modification requests. No further extensions after 28 calendar days. - Timeliness expectations: - Country documents expected to be published promptly, i.e., no later than 14 calendar days after Board consideration. - Some documents circulated for information may be published immediately after circulation (SEC typically indicates five business days). - Documents published more than 90 days after Board consideration will be published in a low-profile manner and not included under “What’s New.” ### Opting out of non-objection - A member may opt out of non-objection; explicit consent is then required for publication of any country documents. - To opt out, member notifies SEC in writing via its ED; SEC will record this choice on the cover memorandum of every country document about the member. - The latest list of opt-outs is recorded in the Fund’s yearly “Key Trends in Implementing the Fund's Transparency Policy.” ### Press release timelines and “extended time schedule” - UFR/PCI press releases: normally issued immediately after and on the day of Board consideration. - Surveillance press releases: expected no later than two business days following Board consideration; member may request up to 7 calendar days if it consents to publish the staff report. - If the staff report is not published within 7 calendar days under an extended schedule, the Fund will issue the press release or a factual statement. - Press releases for combined Article IV/UFR and Article IV/PCI country documents normally issued immediately after Board consideration; if Summing Up not available immediately, two separate press releases will be issued. ### Factual statements — issuance and templates - Factual statements are issued when press releases or staff reports are not published within timelines or when members object. - Surveillance press releases: - Factual statement issued immediately if press release not issued after two business days (or 7 calendar days under extended schedule), or if member does not consent to press release. - Statements indicate that the Board considered the matter and the member’s publication intention for the staff report; typically posted like press releases. - UFR/PCI: - Factual statement issued immediately in lieu of a press release if press release not issued immediately after Board consideration or member does not consent. - Statements describe Board’s decision relating to use of Fund resources or approval/review under a PCI. - Stand-alone PFAs or EPEs: - Factual statement issued if after 28 calendar days member has not consented to publication of the press release. - Factual statements in lieu of staff reports: - For non-objection members: issued if member objects to publication, with timing dependent on when objection received (before conclusion, within 14 days, or within 28 days). - For opt-out members: issued immediately if no consent within 14 calendar days (or 28 if pending modifications) or if member objects. - Templates and standard language are provided in Appendix VIII; statements include a description of Board consideration and members’ publication intentions. ### Modifications of country documents — scope, timing, and procedures - Modifications limited to: - Corrections, - Additions to the authorities’ views in surveillance country documents, - Deletions. - Prior to publication, changes can also remove confidential information, references to internal documents/processes, and specific SRDSF-related information (paragraph 55). - Timing rules: - Corrections and deletions expected to be requested no later than two business days before Board consideration. - Normally requested no later than 7 calendar days after Board consideration (or 21 days after the document was issued to the Board, whichever is later); stricter approval criteria apply to correction (but not deletion) requests received after Board consideration. - Modification requests received after 28 eight calendar days following Board consideration will not be considered. - All approved modifications should normally be issued to the Board ahead of Board consideration. - Requests for additions to authorities’ views have shorter timelines and must be issued no later than two business days before Board consideration. - Procedure to implement approved modifications (Paragraph 59): - Authoring department submits to SEC all approved corrections and additions, and separately all approved deletions, with redlined pages, SPR clearance, and categorization and justifications. - SEC circulates memoranda detailing approved corrections and deletions with redlined pages. - For additions to authorities’ views, coordinate timely issuance to the Board (no later than two business days before Board consideration). ### Rules for corrections, additions, and deletions - Corrections permissible categories: - Typographical errors; - Data and factual mistakes (only where underlying facts were inaccurate and available at time of Board submission; updating data to a more recent vintage is not allowed); - Evident ambiguity to avoid plausible misinterpretation; - Mischaracterization of the authorities’ views (parsimonious redrafting to improve clarity; not adding new arguments). - Post-Board corrections prior to publication must fall into permissible categories and be either raised before conclusion of Board consideration or the failure to correct would undermine publication value. - Additions to authorities’ views (surveillance documents): - Limited to views on main issues and policy recommendations where no authorities’ views were provided in the version issued to the Board. - Parsimonious, cannot introduce new unrelated content. - Indicative limit of 30-40 additional words applicable to each relevant authorities’ views section on a topic area. - Must be issued to the Board no later than two business days before Board consideration; requests normally submitted via the transparency submission portal at least forty-eight hours ahead of the two business days circulation deadline. - Deletions: - Generally requested by the authorities; rarely by third parties if criteria met. - Permissible deletion categories (information not already in public domain): - Highly market-sensitive material (criteria: not in public domain; market-relevant within the near term; sufficiently specific to create clear risk of disruptive market reaction). - Premature disclosure of authorities’ policy intentions (criteria: not public; operational details of intended policy; premature disclosure would seriously undermine implementation). - Politically sensitive information not meeting these criteria shall not be deleted. - Staff views, analyses, projections and recommendations are generally not specific enough to meet high market sensitivity threshold. - Deletions should be minimal and targeted. ### Mandatory removals and SRDSF - SRDSF-related items that must be deleted from country documents (Paragraph 55): - (i) results of the near-term sovereign risk assessment; - (ii) the mechanical signal for debt sustainability; - (iii) any mention of whether debt is sustainable “with high probability” or “not with high probability,” for Article IV consultations or for Fund arrangements where this qualification is not required for UFR; - (iv) the near-term risk analysis table, chart, and commentary. - These SRDSF deletions are mandatory and submitted through the transparency submission portal for SPR approval; they do not need to be issued to the Board but should be communicated to SEC. - Other mandatory removals (Paragraph 56) prior to publication: - references to unpublished documents; - references to certain internal processes not disclosed publicly (e.g., inquiries about misreporting); - any discussion of a breach of Article VIII, Section 5 proposed to be treated as de minimis; - confidential information provided by a member or third party (removal requires Management approval). ### Confidential information — handling and removal - Management and staff may not disclose information provided in confidence unless member consents or required to be shared with the Board. - Confidentiality remains vis-à-vis the public even if shared with the Board. - Staff should identify confidential information during discussions and clarify disclosure modalities with authorities. - Confidential information can be shared with the Board verbally or via secure platforms; inclusion in Board documents is rare and must follow procedures. - Removal of confidential information from Board documents prior to publication requires Management approval and that: - (i) information is not in public domain at time of request; and - (ii) authorities substantiate that information was provided in confidence or it was inadvertently included. - To remove confidential information, staff issue a memorandum to Management including SPR’s views and LEG’s and SEC’s views as needed; authoring department coordinates removal with SEC ahead of Board circulation. ### Dispute resolution and reporting - Disagreements on application of modification rules between staff and member can be considered by Management and, if serious, referred to the Board. - Existing procedures for resolving disagreements between Management and a member (or staff and authorities) on deletions apply to disagreements on any modification type. - Detailed annual reports of all modification requests will be shared with the Board, including justification for approval or rejection; staff plans to substitute these reports with digital solutions. - Staff will continue to issue annual reports with aggregated data on “Key Trends in Implementing the Fund’s Transparency Policy.” ### Publication mechanics, bundles, and operational steps (Box 3 and Appendices) - Country staff reports are published in a bundle including: - the staff report, - related staff supplements or statements circulated to the Board, - the ED’s statement (unless ED explicitly objects), - and the press release. - The first page of the bundle will reference other relevant documents published separately. - Authoring department responsibilities: - Ensure approved modifications incorporated; - Include ED’s statement as issued to the Board unless ED objects; - Remove confidential information following Management approval; - Remove references to internal documents/processes and legal texts of arrangements not to be published; - Prepare an electronic file with the bundle for SEC and coordinate publication with COM. - Typical operational timing: - Authoring department should note it typically takes up to two business days for SEC and COM to clear and publish the bundle. - Administrative errors procedure (Appendix XII): - Rectify administrative errors at least two business days before Board consideration; supplements or reissued pages used depending on error type. - SEC will circulate corrected pages or replace full documents as needed; Board informed in the Secretary’s cover. ### Policy and multilateral documents (publication and modifications) - Presumption: policy papers and related press releases will be published following a Board decision, with exceptions for administrative/internal matters. - Staff will strive to publish policy papers and press releases promptly and, whenever possible, within 7 days of Board consideration; policy papers normally published no later than 14 days after Board consideration. - Modifications to policy documents prior to publication allowed for factual corrections and deletions under Policy rules; changes affecting policy proposals or staff’s analysis require Management approval and specific procedures and disclosure. - Board should be informed of all approved modifications to policy papers via redlined versions, list of approved modifications and justifications. ### Languages, translations, and web posting - Publication rules concern English versions; materials cleared in English are presumed cleared in one non-English language version per document where available. - Translations should be done by the Fund’s language services; machine translations are not official and should not be used. - Authoring departments responsible for web-posting LOE versions and keeping ED offices informed. *Source: 2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY — excerpt (ppea2026023).* ### 1. Main Changes to the Transparency Policy in the 2024 Policy Review ___________________________ 5 ### 1. Main Changes to the Transparency Policy in the 2024 Policy Review ### Reinforcing Principles and Coverage - The Decision now includes, as one of the principles of the Policy, the objective of preserving the independence and candor of staff’s views. - The Policy incorporates the principle that no changes to published documents should be permitted except under very limited circumstances. - Documents received from other institutions, required for Board consideration, are published together with the related staff report, unless the authoring institution requests or the Fund’s Board decides otherwise; modifications by the authoring institution are only allowed prior to Board consideration. ### Faster Communication and Publication of Country Documents - Press Releases - Consent for the publication of press releases is deemed to be provided unless, prior to the conclusion of the Board’s consideration, the member explicitly objects or indicates that it requires more time to decide. - Any country document press release published separately from the staff report shall indicate the member’s publication intention for the staff report. - Surveillance country document press releases should be issued no later than two business days after Board consideration. The member can request to postpone their publication up to 7 calendar days after Board consideration if it consents to publish the relevant staff report. - Staff Reports - Consent to publication is deemed to be provided through non-objection unless, prior to the conclusion of Board consideration, the member objects to publication, requests additional time, or consents to publication subject to reaching agreement with the Fund on deletions. - If the member requests more time to decide on the publication of a country document, consent is deemed provided after 14 calendar days from Board consideration, unless the member objects to publication or requests additional time. In this latter case, consent is deemed provided 28 calendar days after Board consideration, unless the member objects to publication. - If a member objects to publication, a factual statement (or the press release) is issued providing notification that the member does not intend to publish the country report. ### Strengthening and Clarifying Modification Rules and Processes - Limited additions to the authorities’ views in surveillance country reports are allowed, subject to safeguards. Such additions should be issued to the Board not later than 2 business days before Board consideration of the relevant document. - Limited additions and revisions are allowed to the background section of surveillance document press releases to better reflect wording used in the related staff report and associated documents or to include information discussed during Board consideration and not included in the above-referenced documents; these revisions are in addition to the existing modification categories. - Requests to modify Board documents should be normally submitted no later than 7 calendar days after Board consideration. Requests received after 28 calendar days from Board consideration will not be considered. - The Policy now incorporates the process to remove confidential information from staff reports. - The Policy now incorporates the process for rectifying “administrative errors.” ### Widening Dispute Resolution Procedures - The existing procedures for resolving disagreements between Management and a member (or between staff and the authorities) on the application of deletion rules would apply to disagreements on any type of modification. ### Related Operational and Drafting Guidance Emphasized in the Note - The Guidance Note updates and replaces the 2014 Transparency Policy Guidance Note to reflect the recent changes to the Transparency Policy Decision adopted in November 2024. - The Guidance Note is organized to provide guidance on: publication and modification of country documents (including press releases), treatment of confidential information, publication and modification of policy and multi-country documents, procedures for rectifying administrative errors and modifying published documents, and processes for addressing disagreements about application of modification rules. - Drafting safeguards reiterated (Box 2: Guidelines to Prepare and Draft Country Documents): - Non-negotiation of documents: staff reports must not be negotiated with country authorities or IMF Executive Directors (EDs). - No sharing of draft country documents or parts thereof, except limited exceptions (e.g., draft background sections of press releases; SIPs that do not contain staff advice; DSA output charts/tables/mechanical signal/risk and sustainability assessment but not write-up; ROSCs modules, PRA/EPE reports, FSAP aide-mémoires and Technical Notes, DARs, and TA reports). - Staff expected to share with the authorities the wording describing the authorities’ views and to confirm their understanding of the authorities’ views. - Inform the authorities of their right of reply; the Board’s internal work procedures (last updated in January 2026) indicate that a member country that has agreed to publication of a staff report may provide a statement regarding the staff report and the Executive Board’s assessment. The statement is published together with the staff report and the press release summarizing the Board’s assessment. - Use internal services for translation of documents transmitted to Management or the Board; machine translated documents not certified by the Fund’s services cannot be considered official documents and will not be modified to address translation mistakes unless these fall under the Policy’s correction and deletion categories. *Source: 1. Main Changes to the Transparency Policy in the 2024 Policy Review (Guidance Note on the Fund’s Transparency Policy).* ### 8. A stronger presumption of publication applies to all staff reports relating to UFR and ### 8. A stronger presumption of publication applies to all staff reports relating to UFR and ### Presumption of publication for UFR and PCI staff reports - Given the importance of these documents for markets and for public scrutiny and transparency of Fund-supported programs, members that request access to Fund resources or support under the PCI (initial requests, reviews) are expected to indicate, before circulation to the Board, that they explicitly consent to the publication of the related staff reports (including in cases where the UFR/PCI request or review is combined with an Article IV consultation). - Consent to publication is normally indicated in the Authorities’ Letter of Intent (LOI) document and reported to the Board in the SEC cover memorandum. ### Effect of non-consent on Management’s recommendation - A member’s decision not to consent to publication of UFR or PCI staff reports will affect Management’s recommendation to the Board about approval of the member’s request. - The Managing Director (“Management”) will generally not recommend that the Board approve a request for: - (i) access to resources in the General Resources Account (GRA), the Poverty Reduction and Growth Trust (PRGT), the RST, or under the HIPC Trust, or - (ii) assistance through the PCI, - unless the member explicitly consents to the publication of the associated staff report. This includes initial requests, completion of a review under an arrangement or a PCI, and augmentations, but does not apply to stand-alone requests for extensions of Fund arrangements or a PCI. - The Managing Director will not recommend that the Board approve: - (i) an arrangement or completion of a review under the PRGT, or - (ii) a HIPC decision point or completion point decision, - if the member concerned does not explicitly consent to the publication of its Interim Poverty Reduction Strategy Paper (I-PRSP), Poverty Reduction Strategy Paper (PRSP), PRSP preparation status report, PRSP annual progress report, or Poverty Reduction Growth Strategy (PRGS). - If a member requesting UFR or support under the PCI consents to the publication of the staff report and subsequently withdraws its consent after the Board’s consideration of the document, staff should inform Management and the relevant ED of the changes in publication consent. In these cases, Management does not generally recommend that the Board approve any subsequent reviews and new requests if previous staff reports regarding access to UFR or support under the PCI remain unpublished. ### Consent to publication: “Non-Objection” modality - A member’s consent to publish is typically obtained on a “non-objection” basis. Consent is deemed provided unless, prior to the conclusion of the Board meeting at which the document is considered or the date of adoption of a decision on an LOT basis (“Board consideration”), the member notifies the Fund that it: - (i) Objects to the publication of the document; - (ii) Requires additional time to decide whether to publish; or - (iii) Consents to publication subject to reaching agreement with the Fund on deletions to the document. - Members can notify the Fund about (i)-(iii) through the ED’s BUFF statement, an oral or written statement to the Board, or inform staff before the conclusion of the Board’s consideration. If communication is made to staff (e.g., for LOT cases), staff should promptly inform the Secretary’s department (SEC) via email (publicationreminder@imf.org). - In the absence of any notifications about (i)-(iii), consent to publication is deemed to have been provided and staff shall proceed to publish the country document promptly after the date of the Board’s consideration. - These rules apply to all country documents, including, for example, SIPs, FSSAs, and stand-alone DSAs. - Note: However, stand-alone DSAs shared with the Executive Board for information only require explicit consent of the member. ### Opting out of the “Non-Objection” modality - A member may “opt out” of providing consent for publication of country documents through “non-objection.” In this case, consent will not be presumed and explicit consent by the member concerned is required for staff to proceed with the publication of any country documents related to the member. - To opt out, the member should notify the Fund (SEC) in writing, via the Executive Director (ED) of the member, that its country documents and related documents with the authorities’ policy intentions should be published only with its explicit consent. SEC will record this choice on the cover memorandum of every country document about the member issued to the Board. - The latest list of countries that have opted for explicit consent can be found in the most recent version of the Fund’s yearly publication on the “Key Trends in Implementing the Fund's Transparency Policy.” ### Consent to publication of press releases for country documents - Publication of country-related press releases is voluntary, and publication consent is typically provided through non-objection. Consent is deemed provided unless, prior to the conclusion of the Board’s consideration of the matter to which the press release pertains, the member notifies the Fund that it: - (i) objects to the publication of the press release; or - (ii) requires additional time to decide whether to publish the press release. - If a member has opted out of providing consent to the publication of its country documents through non-objection, then the publication of a press release will require the member’s explicit consent. ### Publication timeline for staff reports — decision points (members providing consent through non-objection) - The Policy establishes three possible decision points for staff reports (Figure 1, Appendix IV): - Before the conclusion of the Board’s consideration: - If there is no notification from the member before the conclusion of the Board’s consideration, publication consent is deemed to have been provided, and the Fund shall promptly publish the staff report, following the resolution of any modification requests. No further confirmation of consent to publication from the authorities or the relevant ED is required. - For surveillance documents, the member that has consented to the publication of the staff report can request a 7 calendar day publication schedule, which applies to the combined publication of the staff report and the associated press release (“extended time schedule,” see paragraph 18). If, before the conclusion of the Board’s consideration the member objects to publication, a factual statement is issued. - 14 calendar days after the date of the Board’s consideration: - If, before the conclusion of the Board’s consideration, the member requested additional time or consented to publication subject to agreement on specific deletions, and no further notification is received within 14 calendar days after the date of Board consideration, publication consent is deemed to have been provided. The Fund will promptly proceed with publication, following the resolution of any modification requests. - If in the 14 calendar days following Board consideration the member objects to publication, a factual statement is issued. During this time, the member may request another time extension; the next decision point is at 28 calendar days after Board consideration. - 28 calendar days after the date of the Board’s consideration: - If the member that requested another time extension has not explicitly objected to publication within 28 calendar days from Board consideration, the member’s consent to publication is deemed to have been provided. The Fund will promptly proceed with publication, following the resolution of any pending modification requests. After 28 calendar days, there are no further time extensions. - If, at any time, the member objects to the publication of the document, the Fund will issue a factual statement informing the public of the Board’s consideration and the member’s publication decision. Such statements will be issued immediately after Board consideration and following the receipt of the publication objection from the member. Members retain the right to consent to publication at any time; once consent has been received, the Fund will proceed with publication. ### Publication timeline for members that have opted out of non-objection - If a member has opted out from providing publication consent through non-objection, it is expected to explicitly communicate its publication decision: - (i) No later than 14 calendar days from the date of the Board’s consideration; or - (ii) No later than 28 calendar days from the date of the Board’s consideration, in the case there were pending modification requests 14 calendar days after the date of the Board’s consideration. - If the authorities consent to publication of the staff report, the Fund will promptly proceed with its publication, following the resolution of any pending modification requests. - If the authorities object to publication, staff should promptly inform SEC (publicationreminder@imf.org) and the senior reviewer from the Strategy, Policy, and Review Department (SPR), and the Fund will issue a factual statement. - The Fund will issue factual statements if: - (i) the member has not communicated its publication decision to the Fund within 14 calendar days from the date of the Board’s consideration (or within 28 calendar days if there were pending modification requests at 14 days); or - (ii) the member objects to the publication of the staff report. - Members that have not indicated their publication intentions within 28 calendar days may still decide to provide consent to publication at a later date. Members that had previously objected can subsequently consent. ### “Extended Time Schedule” for combining staff report and press release publication - For surveillance documents, the member may combine the publication of the staff report with the related press release. The member should consent to the publication of the staff report before the Board completes its consideration and request the press release to be published within 7 calendar days, to allow time for finalization of the staff report. - If the staff report is not published within 7 calendar days, the Fund will issue the press release or a factual statement informing the public of the Board’s action and the members’ publication decision. ### Timeliness expectations and other specific cases - Country documents are expected to be published promptly, i.e., no later than 14 calendar days after the date of the Board’s consideration. - Some documents circulated to the Board only for information may be published immediately after their circulation (e.g., I-PRSPs, PRSPs, ROSCs, and Staff-Monitored Programs (SMPs)). SEC usually indicates on the cover memorandum to the Board that these documents will be published five business days after their circulation to the Board. - Documents published more than 90 days after the date of the Board’s consideration (e.g., because of a previous publication objection) will be published in a low-profile manner to avoid presenting the information as new, and shall not be included under the “What’s New” section of the Fund’s external website. - The authoring department is responsible for the publication of country documents and for coordinating with COM to ensure timely publication. Box 3 provides step-by-step guidance to prepare country documents for publication. ### Publication timeline for press releases - Press releases are expected to be issued following the Board’s consideration of specific country documents, including surveillance, UFR, and PCI documents. Timelines depend on the nature of the discussion or decision. - Press releases related to UFR or PCI country documents will normally be issued immediately after and on the day of Board consideration. If a member does not consent to the publication of the press release, the authoring department will issue a brief factual statement in lieu of the press release immediately after the Board’s consideration. - Press releases for surveillance country documents are expected to be published no later than two business days following the Board’s consideration of the relevant document or, upon request, within 7 calendar days. If the member consents to publication of the staff report, it may request to publish the press release within 7 calendar days (“extended time schedule”). - The publication of surveillance staff reports requires that the member consents to the publication of the related press release, which includes the Summing Up of the Board discussion. Any press release published separately from the related staff report shall indicate the member’s publication intentions for the staff report. - If the press release is not issued after two business days (or 7 calendar days, if the “extended time schedule” was requested) from the date of the Board’s consideration, or if the member objects to its publication, the Fund will promptly issue a brief factual statement in lieu. - Press releases for combined Article IV/UFR and Article IV/PCI country documents will normally be issued immediately after and on the day of Board consideration. They contain both the Summing Up (Article IV) and the Chair’s statement (UFR/PCI). If the Summing Up is not available immediately, two separate press releases will be issued. - Specific adjustments apply if the Board considers a document on an LOT basis. - The authoring department, in coordination with COM, is responsible for ensuring timely issuance of press releases. Press releases will be translated into languages other than English when feasible. ### Factual statements in case of delayed or non-publication - If a member objects to publication, or fails to communicate a decision within the specified timelines, the Fund will issue factual statements informing the public of the Board’s consideration and the member’s publication decision. Such statements will be issued immediately after Board consideration and upon receipt of the publication objection. *2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY — Excerpt* ### 27. To support timely communications, the Fund will issue factual statements if press ### ppea2026023 - 27. To support timely communications, the Fund will issue factual statements if press ### Factual statements in lieu of press releases - Surveillance country documents: - A factual statement will be issued immediately in lieu of a press release if: - (i) The press release is not issued after two business days (or 7 calendar days, if the member requested an “extended time schedule”) from the date of the Board’s consideration of the document to which it pertains, or - (ii) The member does not consent to the publication of the press release. - Factual statements will be issued for all members, including those that have opted out of providing publication consent through non-objection. - Statements will indicate that the Board has considered the matter and will indicate the member’s publication intentions with respect to the relevant staff report. - These statements will typically be posted on the IMF website in the same way as press releases. - UFR or PCI country documents: - A factual statement will be issued immediately in lieu of a press release if: - (i) The press release is not issued immediately after the Board’s consideration, or - (ii) The member does not consent to the publication of the press release. - Statements will describe the Board’s decision relating to: - (a) the member’s use of Fund resources (including waivers, HIPC initiative decisions, and consideration of PRSP documents, and PRGSs when relevant), or - (b) the approval of, or review under, a PCI. - These factual statements will typically be posted on the IMF website in the same way as press releases. - Stand-alone PFAs or EPEs: - For press releases related to stand-alone PFAs or EPEs, a factual statement will be issued if after 28 calendar days from the Board’s consideration the member has not consented to the publication of the press release. The statement will state that the Board’s consideration of the matter took place. ### Factual statements in lieu of staff reports - Members providing consent through non-objection: - A factual statement in lieu of the staff report will be issued if the member objects to publication. - Timing for issuance after authoring department receives the objection: - (i) after the Board’s consideration, if the member objects before the conclusion of the Board’s consideration; - (ii) within 14 calendar days from the relevant Board consideration, if the member requested additional time to decide and objects within this time; - (iii) within 28 calendar days from the Board’s consideration, if the member requested further additional time to decide within 14 calendar days and subsequently objects. - The factual statement will indicate the member has not consented to publication and will typically be posted as a dated notice on the external IMF country webpage; it will remain until the report is published. - If the objection is received before conclusion of Board consideration, the objection can be included in the press release (or factual statement in lieu of the press release). - Members that have opted out of providing consent through non-objection: - A factual statement in lieu of the staff report will be issued immediately if: - (i) After 14 calendar days from the Board’s consideration, the member has not consented to publication and there are no pending modification requests, or - (ii) There were pending modification requests after 14 calendar days from the Board’s consideration and after 28 days, the member has not communicated any decision about publication, or - (iii) The member has objected to publication of the staff report. - Statements will indicate the member has not taken a publication decision (cases (i)-(ii)) or has decided not to publish the staff report (case (iii)). - Statements will typically be posted as a dated notice on the external IMF country webpage and will remain until the report is published. - Applicability and special case for SLL reports: - Rules also apply to country staff reports not explicitly listed in the Policy and to Short-Term Liquidity Line (SLL) staff reports. - For SLL reports, deadlines are calculated from the effective date of the SLL arrangement; factual statements will state the fact of the effectiveness of an SLL arrangement and clarify the authorities’ publication decision with respect to the staff report. - Similarly, for SMPs, if the member objects to publication of the report, the Fund will issue a brief factual statement stating that the authorities have objected to publication. ### Procedures to issue factual statements - The authoring department is responsible for preparing factual statements and coordinating with COM to ensure timely posting. - Factual statements follow standard language; neither consent of, nor consultation with, the country’s authorities are required. - Specific templates and procedures are detailed in Appendix VIII. ### Modifications of country documents and press releases — scope and timing - Modifications are limited to: - Corrections - Additions to the authorities’ views in surveillance country documents - Deletions - Prior to publication, changes can also be made to remove confidential information shared with staff, specific references to internal documents and processes, and specific information related to the Sovereign Risk and Debt Sustainability Framework (paragraph 55). - Administrative errors made in submitting documents to the Board can be rectified separately ahead of Board consideration. - Timing rules: - Corrections and deletions are expected to be requested no later than two business days before the Board’s consideration. - They shall normally be requested no later than 7 calendar days after Board consideration (or 21 days after the document was issued to the Board, whichever is later), although stricter approval criteria apply to correction (but not deletion) requests received after Board consideration. - Modification requests received after 28 eight calendar days following the date of the Board’s consideration will not be considered. - All approved modifications should normally be issued to the Board ahead of Board consideration. - Requests for additions to the authorities’ views have shorter timelines. ### Rules for corrections - Permissible corrections (limited to ensure factual accuracy) include: - Typographical errors (grammar, punctuation, spelling, repetitions of single words). - Data and factual mistakes: permitted only where underlying facts are determined to be inaccurate provided the information was available at the time the document was submitted to the Board. Staff’s projections are considered staff’s views and are not to be modified (unless as permitted under applicable deletion rules). Clear inconsistencies in projections within the same report can be corrected. Fund credit tables can be modified to correct factual mistakes in reporting information from the Fund’s Finance Department. Incorrect references can also be modified. Updating data to a more recent vintage is not allowed even if data were available prior to issuance to the Board. - Evident ambiguity: allowed to avoid plausible and specific misinterpretations where more than one interpretation is possible; used to address inconsistencies across documents related to a specific country issued to the Board around the same time or to align presentation with the published WEO explicitly referred in the document, and to rectify cross-references and correct inadvertent repetition. - Mischaracterization of the authorities’ views: allowed to modify or clarify views of the authorities presented in a staff report through parsimonious redrafting to improve clarity; adding new arguments and justifications not originally presented is not allowed under this category. - Post-Board consideration corrections (prior to publication) must: - Fall into one of the four permissible categories, and - Be either brought to the Board’s attention before conclusion of Board consideration (e.g., oral intervention), or the failure to make the correction would undermine the overall value of the publication. - Corrections should not be used to: - Facilitate publication; - Improve presentation; - Modify originally intended meaning or extend staff’s or authorities’ arguments; or - Add information or update data based on new information received after the report was issued to the Board. - Form and submission: - Corrections should retain as much original text as possible, typically via substitution in existing sentences rather than adding or deleting entire sentences. - All approved corrections should be submitted to SEC for issuance to the Board. - Submissions should flag any corrections that, in consultation with SPR, are deemed to have significant implications for presentation of staff’s analysis and views. - SEC will circulate a memorandum to the Board detailing corrections, typically ahead of Board consideration, except for requests approved just before Board consideration. ### Rules for additions to the authorities’ views - Scope: - For country surveillance documents, limited additions to the authorities’ views can be requested by the member to which the document pertains. - Additions are separate from corrections for mischaracterization and pertain only to views on main issues and policy recommendations covered in the related staff report on which no authorities’ views were provided in the report issued to the Board. - When approved, additions modify the original document and the version to be published. - Constraints: - Additions must be parsimonious and cannot introduce new content unrelated to main issues and policy recommendations. - Additions can only refer to information available to staff and authorities at the time of consultation discussions with staff. - Indicative limit: an indicative limit of 30-40 additional words is applicable to each relevant authorities’ views section on a topic area (e.g., fiscal, monetary, financial, structural). - Timing and process: - All additions to the authorities’ views need to be issued to the Board no later than two business days before the date of Board consideration. - Requests for additions should normally be submitted for approval via the Fund’s transparency submission portal at least forty-eight hours ahead of the two business days circulation deadline. - The authoring department will coordinate with SEC (SECDO@imf.org) the issuance of additions to the Board. - Staff expectations: - Staff should strive to minimize the need for additions and ensure authorities’ views are accurately reflected in surveillance documents issued to the Board. - Surveillance staff reports should include the authorities’ views on main issues and staff’s policy recommendations included in the report. - Staff should make every effort to ensure accuracy, including by sharing wording describing the authorities’ views with the authorities before the staff report is issued to the Board. ### Rules for deletions - General: - Deletions are generally considered at the request of the authorities of the member concerned; rarely, deletion requests from a third party may be considered if: - (i) the text to be modified refers to that other member, - (ii) the member concerned consents to the deletion, and - (iii) the deletion criteria are met. - Criterion (ii) does not apply to staff reports for Article IV consultations and regional surveillance discussions. - When approved, deletions modify the version of the document to be published while the original document is not modified; Board consideration is based on all information, including deleted parts. - Permissible deletion categories (information not already in the public domain): - Highly market-sensitive material, typically Fund’s views on the outlook for exchange rates, interest rates, the financial sector, and assessments of sovereign liquidity and solvency. Material is considered highly market-sensitive when all of the following criteria apply: - (i) The material is not already in the public domain; - (ii) The material is market-relevant within the near term; - (iii) The material is sufficiently specific to create a clear risk of triggering a disruptive market reaction if disclosed. - Premature disclosure of the authorities’ policy intentions, when all of the following criteria apply: - (i) The material is not already in the public domain; - (ii) The information consists of operational details of a policy the authorities intend to implement; - (iii) Premature disclosure of the operational details of policy intentions would, in itself, seriously undermine the ability of the member to implement those intentions. - Restrictions: - Politically sensitive information that does not meet the above two sets of criteria shall not be deleted. - Highly market-sensitive material is associated with specific, factual or highly detailed information; staff views, analyses, projections and recommendations have not normally been considered specific enough to meet the threshold for high market sensitivity. - Deletions should be minimal and targeted; excessive deletion, particularly of staff analysis and views, is inconsistent with the general principle of non-negotiation of staff reports and can undermine the integrity and credibility of Fund documents. - Note: - There have been rare cases where very sensitive elements of downside scenarios were considered to meet the threshold of high market sensitivity. Certain types of information generated under the SRDSF are always deleted as authorized by the Board (see paragraph 55). *2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY — excerpt from ppea2026023* ### 51. Information relating to any performance criteria or structural benchmarks (UFR), ### 51. Information relating to any performance criteria or structural benchmarks (UFR) ### Deletion rules and exceptions - Paragraph 51: Information relating to any performance criteria or structural benchmarks (UFR), quantitative or reform targets (PCI), quantitative targets or structural benchmarks (PMB, SMP) may not be deleted. The only exception is if the information is such of character that it would have been eligible for communication to the Fund in a side letter, in accordance with the relevant Fund policies. - Paragraph 52: Deletions can be accompanied by minor rephrasing to minimize misinterpretation or retain candor (e.g., to avoid deleting non-sensitive information along with highly market sensitive material). Rephrasing must not add substance or mislead. High parsimony and caution required; deletions should not eliminate large portions of text, such as boxes and appendices. - Paragraph 53: Primary responsibility for handling deletion requests lies with the authoring department, and the Managing Director’s approval of deletions is delegated to the SPR Director. Staff need to obtain explicit Management approval only if there is disagreement between department Directors or between staff and the country authorities (see section VI). ### Board circulation and mandatory deletion submissions - Paragraph 54: All approved deletions should be submitted to SEC for issuance to the Board. SEC will circulate to the Board a memorandum detailing the deletions. The memorandum is typically issued ahead of the Board’s consideration, except for requests approved just before Board consideration (see section on procedures to implement modifications). - Paragraph 55: Specific information related to the Sovereign Risk and Debt Sustainability Framework (SRDSF) should be deleted from country documents. Authoring departments should request deletions of any references to: - (i) the results of the near-term sovereign risk assessment, - (ii) the mechanical signal for debt sustainability, - (iii) any mention of whether debt is sustainable “with high probability” or “not with high probability,” for Article IV consultations or for Fund arrangements where this qualification is not required for UFR under such arrangements, and - (iv) the near-term risk analysis table, chart, and commentary. - Paragraph 55 (continued): These SRDSF deletions are mandatory and should be submitted through the Fund’s transparency submission portal for SPR approval. While these deletions do not need to be issued to the Board, they should be communicated to SEC. ### Other mandatory removals from Board documents - Paragraph 56: The following elements shall be removed from Board documents prior to publication: - (i) references to unpublished documents, - (ii) references to certain internal processes not disclosed to the public under existing policies, including inquiries regarding possible misreporting and breaches of member’s obligations, - (iii) any discussion of a breach of obligation under Article VIII, Section 5 of the Articles of Agreements (“Articles”) or misreporting proposed to be treated by the Managing Director as de minimis, - (iv) confidential information provided by a member or a third party. Removal of confidential information requires Management approval (see Section II. G). ### Modifications of country press releases - Paragraph 57: Background sections of surveillance press releases issued to the Board can be modified following the Policy’s correction and deletion rules. Staff should submit requests for corrections and deletions to press releases through the Fund’s transparency submission portal for SPR approval. Limited additions and revisions to better reflect wording used in related staff documents or to include information discussed during Board consideration may be made; requests for such changes should be submitted to SEC. Modifications to the Summing Up in the Board assessment section of surveillance press releases are not subject to the Policy’s modification rules and are to be resolved by SEC. - Paragraph 58: For UFR and PCI press releases, the ED for the member concerned will have the opportunity to review the press release and propose minor revisions immediately after Board consideration. These press releases are not covered by the Policy’s rules to modify Board documents. ### Procedure to implement approved modifications - Paragraph 59: To implement modifications following SPR approval, the authoring department should: - Submit to SEC (via the dedicated Submission Module) all approved corrections and additions to the authorities’ views, and separately all approved deletions, for issuance to the Board. Submissions should include pages to be modified with all modifications in redline, SPR clearance, and the categorization and justifications of the modifications. SEC will circulate separate memoranda detailing the approved corrections and deletions, with redlined pages. - In submitting corrections, flag to SEC any corrections that, in consultation with SPR, are deemed to have significant implications for the presentation of staff’s analysis and views, with an explanation to be included in the memorandum to the Board. - For additions to the authorities’ views, coordinate with SEC the timely issuance of such additions to the Board (i.e., no later than two business days before the date of Board consideration). - Submit to SEC (copying SPR) two days ahead of Board consideration any modification requests to the background section of surveillance country press releases that go beyond the Policy’s correction and deletion categories (paragraph 56). Post-Board requests to incorporate information shared at the Board meeting or to better align wording to the staff report should be submitted immediately after the Board’s consideration. SEC will review these requests to determine whether a revised press release including any approved changes should be issued to the Board for information. - Paragraph 60: The authoring department is expected to share with the requesting ED, authorities, or third parties the reasons for rejecting deletion requests. Upon request, staff is expected to share justifications for rejecting correction requests and requests for additions to the authorities’ views with the authorities and the ED of the member concerned. Such justifications, when provided by SPR, are available in the Fund’s transparency submission portal. Authoring departments should report in the Fund’s transparency submission portal the number of correction and deletion requests received and not submitted to SPR for consideration for a specific document along with a file containing the specific requests. ### Transparency, reporting, and dispute resolution - Paragraph 61: Detailed annual reports of all modification requests will be shared with the Board, including justification for approval or rejection of all modification requests submitted through the Fund’s transparency submission portal and assessed by SPR. Staff plans to substitute these reports with digital solutions as soon as possible. Staff will continue to issue to the Board and the public annual reports with aggregated data on “Key Trends in Implementing the Fund’s Transparency Policy,” including data on modification requests and publication trends of Board documents. - Paragraph 62: In the case of disagreement between staff and the country authorities on modification requests, members may request the case be considered by Management. Procedures to address such disagreements with respect to country documents are detailed in section VI. ### Handling and protection of confidential information - Paragraph 63: Management and staff may not disclose information provided by a member or a third party on a confidential basis, unless the member consents or such information is required to be shared with the Board. Management and staff should disclose to the Board any information required under the Articles of Agreement or assessed as necessary for the Board to make decisions in the context of both surveillance and Fund-supported programs. Staff should not reach understandings with the authorities to withhold such information from the Board. - Paragraph 64: Even when information shared with staff on confidential basis is provided to the Board, confidentiality remains vis-à-vis the public. The Fund—including the Board, individual EDs, Management, and staff—cannot disclose or publish information provided by a member or a third party on the understanding that it remains confidential, unless the member or the third-party consents. - Paragraph 65: During discussions with members, staff should identify information provided on a confidential basis and clarify what, if anything, needs to be disclosed to the Board. A determination that information has been provided in confidence is based on examination of all surrounding circumstances, including the nature of the information. Staff should: - (i) provide country authorities detailed information on how the Fund safeguards confidential information (Appendix X), including possible modalities of sharing confidential information with the Board, and - (ii) ensure a common understanding of what should remain confidential, including whether the information is meant to remain confidential within staff/Management, and whether it can be shared with the Board but not the public. - Paragraph 66: Confidential information can be shared with the Board through various means. Staff is expected not to include in Board documents information provided by the member on the understanding that it will remain confidential and should consult SEC/SPR on the modalities for sharing confidential information with the Board. Staff can share such information verbally during Board meetings or through a secure platform. If staff determine that such information cannot be shared through available modalities, staff can include such information in Board documents issued for Board consideration—these cases are rare. - Paragraph 67: The Policy allows removal of confidential information from Board documents prior to publication, upon Management approval. Confidential information included in Board documents can be removed if it qualifies for deletion under the Policy’s deletion rules, i.e., if it is highly market sensitive or constitutes premature disclosure of policy intentions (paragraph 48). In rare cases where confidential information does not fall under a deletion category, it can be removed prior to publication following specific procedures. - Paragraph 68: Requirements to remove confidential information included in Board documents: - (i) Such information should not be publicly available at the time of the request for removal, and - (ii) Management approval is required. - Paragraph 69: To request Management approval to remove confidential information prior to publication, staff will issue a memorandum to Management. In coordination with SPR, the authoring department must confirm and explain that: - (i) The information to be removed is not in the public domain at the time of the request for removal; - (ii) The authorities have substantiated their claim that the information, at the time it was shared, was provided on a confidential basis and was not intended to be included in the staff report or shared beyond staff and Management or the Board; - (iii) If confidential information was inadvertently included in a Board document, that staff included such information in the document by mistake. The memorandum will include SPR’s views, prepared in consultation with the SPR transparency team, and LEG’s and SEC’s views as needed, and will be issued when staff seeks Management clearance of the relevant document for Board circulation. - Paragraph 70: To remove confidential information included in Board documents, the authoring department will coordinate the removal with SEC. The authoring department should inform SEC ahead of Board circulation if any such information is included in the documents to be issued to the Board, to ensure proper security classification, and coordinate with SEC the removal of confidential information for which removal was approved. *51. Information relating to any performance criteria or structural benchmarks (UFR),* ### 71. Several practical steps are needed to finalize Board documents following the Board’s ### 71. Several practical steps are needed to finalize Board documents following the Board’s ### Steps for Publication of Country Documents After Board Consideration (Box 3) - Country staff reports are published in a bundle that includes: - the staff report, - any related staff supplements or statement circulated to the Board, - the ED’s statement (provided the ED does not explicitly object), - and the press release. - The first page of the bundle will reference other relevant documents published separately (e.g., SIPs, FSSA, ROSC modules, or PRS documents). - FSSAs: ROSCs can be published without publishing the FSSA, but the FSSA cannot be published without ROSCs; ROSCs may be published immediately after circulation to the Board when issued for information. - Authoring department responsibilities: - Ensure approved modifications have been incorporated. - Include in the bundle the ED’s statement as issued to the Board, unless the ED explicitly objects to its publication (or requests changes). The country authorities may issue another statement without the consent of the ED. - Following Management approval, remove any confidential information provided by the member or a third party from the report. - Remove references and information as follows: - Internal documents: Fund documents not in the public domain should not be referenced; published documents should not be referenced under their internal reference number. - Internal processes: References to certain internal processes (e.g., inquiries regarding possible misreporting and breaches of member’s obligations) should not be disclosed. - Legal texts of arrangements and decisions: Texts of members’ arrangements with the Fund and of proposed or final country-specific decisions are not published and should be removed from staff reports. - Deletions of the relevant references to the outcome of the SRDSF for market access countries, as approved by SPR (Paragraph 55). - Prepare an electronic file with the bundle for submission to SEC, including in a single file all bundle documents, coordinate publication with COM, and communicate the date of publication to the relevant ED. - Timing and coordination: - If publication is to be made immediately after Board consideration, the authoring department should consult with COM and SEC on timing. - Staff should consider that it typically takes up to two business days for SEC and COM to clear and publish the bundle. - The authoring department is also responsible for preparing any other relevant documents published separately from the main document (e.g., Selected Issues Paper, FSSA, ROSC modules, or PRS documents) and applying the above rules where relevant. ### Additional practical notes from Box 3 (footnote-derived operational points) - Press releases can be published individually ahead of the bundle and still need to be included in the bundle. - An authorities’ statement (typically provided through the ED of the member) is usually published as part of the bundle when, for example, no ED’s BUFF statement is available, or if the ED objects to the publication of the BUFF statement. EDs may modify their statements prior to publication; such modifications are not subject to the Transparency Policy and should not be used to incorporate new information that had not been previously communicated by the ED to the Board. - The removal of restricted material does not require SPR approval but needs to be coordinated with SEC. - The authoring department should copy the ED’s Office when sending the bundle to SEC. No further confirmation of previous publication consent will be required. ### I. Communicating with Country Authorities about Publication and Modification of Board Documents - Staff should inform the authorities of: - the publication process, - the Policy’s rules to modify documents issued to the Board, - objectives of the Policy: timely disclosure of Fund documents and information; protection of the integrity of staff assessment and staff independence; safeguarding confidential information provided by members and third parties; and protection of the Board’s decision-making process. - Staff should ensure authorities understand: - the publication process and that: - (i) publication of country documents is encouraged but requires their consent, typically obtained through non-objection; - (ii) documents are published immediately after Board consideration, unless the member requests otherwise; - (iii) there are specific timelines for members to communicate publication decisions and for staff to issue factual statements; - (iv) for UFR and PCI staff reports, the authorities’ publication intentions should typically be included in the LOI as Management will generally not recommend approval of a member’s financing request or completion of a review unless the member consents to publication of the related staff report (withdrawal of publication consent after Board consideration will normally affect subsequent approval or reviews); - (v) press releases have a faster publication track; - (v) to ensure accurate reflection of the authorities’ views, staff is expected to share drafts of the authorities’ views sections in surveillance staff reports prior to issuing the report to the Board. - the limited cases in which country documents can be modified once issued to the Board: - (i) modifications are limited to those permitted under the Policy; - (ii) modification requests should be submitted as early as possible; - (iii) requests for additions to the authorities’ views have tighter deadlines; - (iv) no modification request will be considered 28 eight calendar days after Board consideration; - (v) the authorities will receive justification for the rejection of any deletion they request and may request justifications for any other of their modification requests that was rejected. ### III. Policy Documents — Publication Regime, Timelines, and Modifications A. Publication Regime - Presumption: all policy papers and related press releases will be published following a Board decision, with specific exceptions. - Exceptions: presumption does not apply to papers dealing with administrative matters of the Fund (except administrative matters pertaining to the Fund’s income, financing or budget matters that do not involve market sensitive information) and to documents explicitly not presumed to be published under the Policy (Appendix I). - Publication requires a Board decision based on staff’s recommendation; when staff does not recommend publication, it should provide reasons in the SEC cover memorandum. - Authoring departments should consult with COM in cases where policy documents or documents related to the Fund’s financial position are not proposed for publication. - Board consent: The Board is understood to consent to publication if no Director objects to staff’s proposal for publication either: - (i) during the Board meeting or before the relevant LOT decision date, or - (ii) for a paper prepared for information, by the date set forth in the SEC cover memorandum. - If there is an objection, the Board can decide on publication by a simple majority of votes cast. B. Publication Timeline for Policy Documents and Press Releases - Staff will strive to publish policy papers and related press releases promptly and, whenever possible, within 7 days of the Board’s consideration. - Policy papers will normally be published no later than 14 days after Board consideration. - For policy issues discussed repeatedly with multiple staff papers, the Fund will normally publish each paper within 7 days of the relevant Board consideration. - Only in exceptional circumstances can publication be deferred until the Board has completed its final deliberations; staff will inform Management in such cases. - If a policy paper is not expected to be published within 7 calendar days of the Board date, a press release will be issued shortly after the Board date following the issuance of the Summing Up. - If there are delays in finalizing the press release, Management may issue a brief statement indicating that the Board has discussed a policy issue and specifying the expected publication date. - Policy papers sent to the Board for information only may be published immediately after circulation to the Board; SEC typically indicates when these will be published, typically five working days after their circulation. For documents discussed in informal sessions, SEC usually indicates that they will be published two working days after the session. C. Modifications of Policy Documents - Staff may make modifications and changes to policy documents presented to the Board. At any time following issuance to the Board and prior to publication, staff may make necessary modifications, including factual corrections, deletions, and related rephrasing (including of highly market-sensitive material and country-specific references) under the general rules of the Policy and established procedures. - Modifications cannot affect policy proposals and staff’s analysis and views, except that with Management approval staff can make changes to policy proposals and related staff’s views and supporting analysis under specifically defined circumstances and following procedures and public disclosure requirements. - Modifications for Corrections and Deletions (prior to publication, following SPR approval): - Corrections for: - (i) typographical errors; - (ii) data and factual mistakes; - (iii) mischaracterization of views expressed by others; - (iv) evident ambiguity. - These corrections are limited to information available at the time the paper was issued to the Board and include clarifications of technical terminology. - Deletions of highly market-sensitive information and information on authorities’ policy intentions (as defined in paragraph 48). - Deletions of country-specific references when they contain unpublished views of the Fund. - Requests can be made by staff or received from an ED and should be submitted by staff for approval via the Fund’s transparency submission portal. - All other modifications require Management approval on a case-by-case basis, including: - Deletion of country-specific references that could unduly single out a member country or group of countries. - Removal of confidential information (see section II.G). - The authoring department should request Management approval through a memorandum prepared in consultation with the SPR transparency team (copied to SEC) and explain the rationale for the requests. Removal of confidential information follows procedures for country documents (Section II.G). - Board notification: The Board should be informed of all approved modifications to the version of the policy paper originally issued to the Board. The authoring department will submit to SEC: - a redlined version of the modified sections, - the list of all approved modifications, - and their justifications (from the Fund’s transparency submission portal or SPR approval emails). - Whenever possible, corrections and deletions should be circulated before the date of the Board’s consideration. - Changes to Policy Proposals: - Prior to Board consideration, staff can make changes to policy proposals and supporting analysis, normally via a supplement. For substantial changes, a revised paper may be issued, accompanied by an explanation of changes (e.g., on the Secretary’s cover page). - Revised papers should identify the main changes from the paper originally issued to the Board and briefly explain reasons for the changes. - Following Board discussion and prior to a Board decision, staff can revise a policy paper to make changes in light of the Board discussion if staff has modified their views and staff and Management share those views; such changes should normally be presented to the Board for approval in a supplement or revised paper accompanied by an explanation of changes. - After the Board has adopted a decision, the policy paper can no longer be revised to reflect changes in staff’s views. Corrections and deletions can still be made prior to publication if they meet Policy criteria. ### Preparing Policy Documents for Publication - Authoring department responsibilities: - Ensure all approved modifications and other changes, including removal of any confidential information, have been incorporated. - Remove certain references to internal processes and documents, including references to unpublished documents and Fund departments’ processes as appropriate. - Make necessary modifications aimed at clarifying any differences between the staff’s proposals and the Board’s conclusions, as reflected in the Summing Up. Where confusion might arise, the published version should highlight differences and clearly indicate which staff proposals the Board did not endorse. ### D. Press Releases for Policy Documents - If a policy paper is not expected to be published within 7 calendar days of the Board date, a press release will be issued shortly after the Board date following the issuance of the Summing Up. - Management may issue a brief statement indicating that the Board has discussed a policy issue and specifying the expected publication date of the paper when there are delays in finalizing the press release. *2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY — excerpt* ### 86. A press release can be issued on a stand-alone basis or together with the underlying ### 86. A press release can be issued on a stand-alone basis or together with the underlying ### Press releases and background requirements - A press release may be issued on a stand-alone basis or together with the underlying policy document (see Appendix VI). - The press release will be based on: - the decision adopted by the Board and/or - the Chair’s Summing Up of the Board discussion or the Chair’s Concluding Remarks. - The press release will include a short, purely factual, background section to put issues in context for outside readers. - To ensure transparency vis-à-vis the public, the press release should indicate whether substantial changes and additions to policy proposals were made to the document originally circulated to the Board. This can be accomplished by: - referring to any supplement, or - providing information about the changes if a revised paper was issued, or - referring to the revised paper if changes are reported there. - Where a press release will be issued, the authoring department should attach a draft of the press release’s introductory section to the paper circulated to the Board; that draft is expected to be reviewed by COM before circulation to the Board. - The rules for corrections and deletions applicable to country documents apply to the draft background section circulated to the Board. ### Multi-country documents — scope and treatment - This section covers modification and publication of multi-country documents, and material sections of such documents, whether considered in a formal Board meeting or an informal session. - A differentiated treatment of parts of a report is permitted only if each element is a self-standing material section (i.e., a full chapter or appendix); individual paragraphs or boxes cannot be handled separately. ### Sub-categories of multi-country documents (Box 4) - Multilateral Policy Issues Documents: cover multilateral global economic issues. Examples include the World Economic Outlook (WEO), the Global Financial Stability Report (GFSR), the Fiscal Monitor (FM), and the External Sector Report (ESR) (main report). - Country Background Pages: contain information and data on individual countries, where coverage of each country is presented separately with no significant cross-country discussion. Country Background Pages are normally issued alongside a multilateral policy issues paper or a policy paper (examples: Individual Economy Assessments of ESRs). - Cluster Documents: analyze cross-cutting issues affecting a discrete group of countries, with discussion of individual countries fully integrated into the overall analysis. ### A. Multilateral Policy Issues Documents - Guidelines for publication of Policy Documents apply to Multilateral Policy Issues Documents and related press releases (Sections III.A, III.D). - Rules to modify policy documents also apply to Multilateral Policy Issues Documents (Section III.C), with the exception of the WEO, the GFSR, and the FM. - Staff may modify the WEO, the GFSR, and the FM prior to publication to take into account views expressed at the relevant Executive Board meeting. ### B. Country Background Pages — consent, timelines, and publication mechanics - Publication of a section in a Country Background Pages document that refers to a specific member (the “member concerned”) requires the consent of the member. - Consent is normally obtained through non-objection unless the member has opted out of non-objection, in which case explicit consent is required (see Section II.B). - If the member concerned objects to publication of information pertaining to the member, the Managing Director may: - decide to publish the Country Background Pages without that information, or - recommend to the Executive Board not to publish the Country Background Pages and/or the associated Multilateral Policy Issues Document or Cluster Document if non-publication of the information would substantially undermine the overall analysis and substance of the document. - Any of the members concerned can request deletions or corrections of information pertaining to the member in accordance with the rules and procedures for country documents (Section II.F). - The Fund will strive to publish Country Background Pages promptly after the date of Board consideration. - However, if before the end of the Board’s consideration one or more members notify the Fund that they require additional time to decide on publication or consent subject to reaching agreement on deletions, or if any members that have opted out of non-objection have not provided explicit publication consent, staff will wait for 14 days before publishing the paper, in the interest of trying to publish a complete document. Following the 14 day period, staff will proceed with the publication of the document. - The pages of members that have not reached agreement with staff on deletions, or have objected to publication, or have opted out of non-objection and have not provided explicit consent will not be published. - Where one or more members concerned object to publication of information pertaining to them, Management may decide to publish the Country Background Pages without the information pertaining to the objecting member(s) or recommend to the Board not to publish the Country Background Pages and/or the associated policy document, if non-publication of individual Country Background Pages substantially undermines the overall analysis and substance of the document. - If the paper is published without some of the Country Background Pages, once the member concerned for which no such page was published consents to publication or reaches agreements on deletions, an updated version of the paper with the additional Country Background Pages will be posted on the website. This publication will include an addendum to clarify the changes made compared to the original version. If the member decides not to publish, no further action is required. - The document containing the Country Background Pages will always include a list of all countries involved in relevant analytical exercises, even if not all of their Country Background Pages are published. ### C. Cluster Documents — consent, press releases, and dispute handling - Publication of a Cluster Document requires the consent of all the members concerned. - Consent is obtained through non-objection, unless a member has opted out of providing consent on such basis, in which case explicit consent is required from that member. - The timelines for publication of the staff report follow the guidelines for surveillance country documents, and publication is normally expected promptly after Board consideration (section II.C). - A press release pertaining to a Cluster Document is expected to be published no later than two business days after Board consideration, with the consent of the members concerned. - Consent is obtained through non-objection following the same procedures as for single country document press releases (Section II.B), unless one or more members concerned have opted out of providing consent through non-objection; in that case explicit consent is required. - If all members concerned consent to publication of a Cluster Document, one or more members concerned may request the press release to be published within 7 calendar days after the Board’s consideration to allow time for finalization of the Cluster Document. - Any press release published ahead of a Cluster Document will indicate the publication intentions of the members concerned for such document. - If Cluster Documents or press releases are not published as per the timelines set for surveillance country documents and press releases, the Fund will issue a factual statement. - Such factual statements will be issued in the circumstances and within the time periods as per the guidelines for factual statements for single country surveillance documents (section II.E). - The factual statements will state that the Board’s consideration of the Cluster Report took place and clarify the publication intention of the members concerned with respect to that report. - Each member concerned has the right to request deletions or corrections in accordance with the criteria and procedures applicable to Country Documents (see Section II.F). - If there are serious disagreements among the members concerned regarding requests for deletions, the Managing Director shall propose a solution. If no commonly acceptable solution can be found, the Managing Director or the EDs for the members concerned may refer the matter to the Board. ### Administrative errors, modification of published documents, and documents prepared by other institutions - Administrative errors (limited cases): - Use of the administrative errors procedure is limited to: - the document issued to the Board does not correspond to the version approved by Management, or - key elements necessary for the Board’s consideration of the document are missing or incomplete (e.g., DSA tables and charts, External Sector Assessment, structural benchmarks table). - Administrative errors should be rectified at least two business days before Board consideration of the relevant document and their rectification follows a specific procedure. The procedure is expected to be rarely used and is detailed in Appendix XII. - Modification of published documents — general principle and exceptions: - As a general principle, published Board documents may not be modified. Documents considered by the Board are final. - Modifications of published Board documents are permissible only in the following two exceptional and specific circumstances: - The published document does not correspond to the version that was considered by the Board in material ways or does not contain elements considered integral to the publication (e.g., Summing Up, Board decisions), or - The published document, or part of it, poses significant legal, reputational, or operational risks for the Fund (e.g., copyright attribution, internal risk analyses). - Any request to modify published Board documents is expected to be submitted as soon as possible following publication. - The authoring department should submit such requests to SEC and to SPR for approval. - Following approval of any modification requests, the authoring department will be responsible for notifying Management of any approved modifications and the related justifications and coordinating with SEC the documentation to inform the Board of the change, before proceeding with re-publishing the modified document. - Documents that are republished will include an addendum to clarify the re-publication and its date. - Any other changes, including corrections, deletions, and other modifications otherwise permitted under the Transparency Policy prior to publication are not permitted for published documents. - Documents prepared by other institutions: - Documents prepared by other institutions and required for Board consideration are not considered Board documents under the Policy and are handled separately (e.g., RSF assessment letters). - Such documents will be published together with the related staff reports in the version considered by the Board. - The Fund will proceed with publication unless the authoring institution objects to publication, or the Board has decided against the publication of the specific category of documents. - These documents do not require the member’s consent to publication, are not subject to the modification rules of the Policy and cannot be modified after Board consideration. - Modifications requested by the authoring institution prior to Board consideration will be incorporated in the version to be considered by the Board. - To protect the decision-making role of the Board, no modifications will be made after Board consideration as the document is considered final. ### VI. Resolving disputes about modification rules - In case of disagreement between staff and a member on assessing modification requests, the member is entitled to have the requests considered by Management. This applies to disagreements on assessing any type of modification requests, including corrections, deletions, removal of confidential information, and modifications of published documents. - In case of a serious disagreement between Management and a member on the member’s modification requests, Management or the ED for the member may refer the matter to the Board. Disagreements on any type of modification request can be referred to the Board, including disagreements on corrections, deletions, removal of confidential information, and modifications of published documents. - For staff reports for Article IV consultations and regional surveillance discussions, if the Managing Director approves deletions requested by other members, and the primary member disagrees with the assessment of the Managing Director, the Managing Director, or the ED of the primary member may refer the matter to the Board. - Any disagreements arising from modification requests shall be resolved by Management and the Board in accordance with the provisions of the Transparency Policy. If deletions undermine the overall assessment and credibility of the Fund, the Managing Director shall recommend to the Board that the document not be published. *2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY — INTERNATIONAL MONETARY FUND* ### 1. Staff Reports for Article IV consultations, Combined Article IV consultations/Use of Fund ### 1. Staff Reports for Article IV consultations, Combined Article IV consultations/Use of Fund ### A. Document types covered (selected extract) - Staff Reports for Article IV consultations, Combined Article IV consultations/Use of Fund Resources, Combined Article IV consultations/PCI, Combined Article IV consultations/SMP, Combined Article IV consultations/PMB, and regional surveillance discussions - Selected Issues Papers - Reports on Observance of Standards and Codes (ROSCs), Financial System Stability Assessment (FSSA) Reports, and Assessment of Financial Sector Supervision and Regulation (AFSSR) Reports - Press Releases following Article IV consultations, regional surveillance discussions, and stand-alone Board consideration of FSSA reports - Stand-alone Debt Sustainability Analysis (DSA) report - Documents prepared for informal Board briefings for countries with excessively delayed Article IV consultations or mandatory financial stability assessments ### B. Use of Fund Resources documents (selected) - Joint Fund/World Bank Staff Advisory Notes (JSANs) on I-PRSPs, PRSPs, PRSP Preparation Status Reports, RSP Annual Progress Reports (APRs), and PRGS - Staff Reports for Use of Fund Resources, Post-Financing Assessments, Ex-Post Peer-Reviewed Assessments (PRAs), and Ex-Post Evaluations of exceptional access arrangements (excluding staff reports dealing solely with a member’s overdue financial obligations to the Fund) - Press Releases containing a Chair’s Statement for Use of Fund Resources - Preliminary, decision point, and completion point documents under the Heavily Indebted Poor Countries Initiative - I-PRSPs, PRSPs, PRSP Preparation Status Reports and APRs and PRGSs - Letters of Intent (LOIs), Written Communications from authorities, and Memoranda of Economic and Financial Policies (MEFPs) - Technical Memoranda of Understanding (TMUs) - Staff Notes on preliminary evaluation of high and/or exceptional access - Overdue Financial Obligations Documents ### C. SMP and PMB documents (selected) - LOIs/MEFPs for SMPs and PMBs - Stand-alone Staff Reports on SMPs and PMBs - Press Releases following Executive Board discussions on PMBs ### D. PCI documents (selected) - Program Statements for PCIs - Technical Memoranda of Understanding (TMUs) - Staff Reports for PCIs - Press Releases containing a Chair’s Statement for PCIs ### E. Statements on Fund Decisions - Statements on Fund decisions on waivers of applicability, or for nonobservance, of performance criteria, and any other matter as may be decided by the Executive Board from time to time ### Indicative negative list (documents not presumed to be published) - Internal Fund Administrative Documents - Documents prepared for informal Board briefings for countries with excessively delayed Article IV consultations or mandatory financial stability assessments - Staff Notes on preliminary evaluation of high and/or exceptional access and on preliminary evaluation of exceptionally high uncertainty - Overdue Financial Obligations Documents - Stand-alone Enterprise Risk Assessments (ERA) ### Appendix II — Publication policies for specific document types (selected points) - Technical assistance reports: publication is encouraged. - Safeguard assessments: considered confidential; full reports are not published; full reports made available to the central bank and the ED of the member; Executive Board receives a summary; subsequent monitoring information appears in the country’s staff report. - IMF Assessment letters: the Fund does not generally publish assessment letters, although it may do so with the consent of the member and the authoring department; staff should seek authorities’ consent and notify recipient institution; if authorities do not agree, staff should request omission from the recipient institution’s published document. - Overdue financial obligations and misreporting: separate publication regime applies to staff reports dealing solely with a member’s overdue financial obligations to the Fund. - Misreporting (except de minimis) under the GRA, PRGT, PCI, breach of Article VIII, Section 5, and HIPC Trust Instrument misreporting guidelines: relevant information must be made public in every case by including it in documents published after the Board date, such as a press release containing the Chair’s Statement or Summing Up, with prior Board review of the text for publication. - De minimis misreporting: fact of de minimis misreporting under the GRA, PRGT, and PCI would not be required to be published; the Fund would publicize the granting of a waiver for nonobservance in a low-key fashion in the background section of a press release or other public statement. De minimis misreporting under the HIPC Trust Instrument is exempt from the requirement that the Fund issue a press release on its decisions regarding circumstances of a misreporting. - All Board decisions arising from a breach of obligations with regard to Article VIII, Section 5 will give rise to a public announcement with prior review by the Board except where the breach relates to misreporting being treated as de minimis, in which case the finding of a breach would not be published. - Delayed Article IV consultations: Management’s decision to delay the completion of Article IV consultation discussions and the issuance of a staff report because of lack of adequate data should be made public in the form of a press release, with prior Board review of the text for publication. - FSSA-related documents: other than the FSSA and ROSCs, other FSAP-related documents are not Board documents and are not covered by the Policy; sections such as DARs and technical notes can be published provided both the member concerned and Management (or delegated heads of departments) consent. ### Appendix III — Publication expectations and timing (selected timing rules and regimes) - Publication is voluntary (consent of the member concerned is needed) but presumed and prompt publication is expected for: - Article IV, FSSAs, combined Article IV/UFR, combined Article IV/PFA, combined Article IV/PCI, combined Article IV/SMP, combined Article IV/PMB, regional surveillance discussions, supplementary information, stand-alone reports for PFA/PRA/EPE/PMBs, stand-alone staff reports for UFR or PCI, background papers (Selected Issues Papers). - Consent is normally obtained through non-objection. Explicit consent is required from members who have opted out of providing consent through non-objection. - For requests for access to UFR or support under the PCI, the Managing Director will generally not recommend approval for completion of the review unless the member explicitly consents to the publication of the related staff report. - Press releases on Article IV consultations, stand-alone FSSAs, combined AIV/FSSA, regional surveillance, PFA/PRA/EPE discussions, Chair’s Statements following UFR/PCI/HIPC/PRSP discussions: - Publication is voluntary but presumed. The Fund will aim to issue press releases as soon as possible after the Board date. - Press releases containing the Chair’s Statement are normally released within one day. - Press releases for surveillance documents containing the Summing Up should be published no later than two business days after Board discussion, even if the staff report is not ready for publication yet. - The member that has consented to publish the staff report can request to publish the press release together with the staff report 7 calendar days after Board consideration (“extended time schedule”). - Publication timing expectations (definitions): - Publication is expected to occur promptly after the Board date, unless otherwise indicated. “Prompt publication” is defined as being within 14 calendar days from the Board date or 28 calendar days from issuance of document to the Board, whichever is later. - Policy papers will normally be published no later than 14 days after Board consideration and policy papers sent to the Board for information only may be published immediately after circulation to the Board. - The staff report and/or press release will normally be published promptly after a Board meeting or an informal session and, whenever possible, within 7 days of the Board’s consideration. - Staff reports issued to the Board for information may be published immediately after issuance to the Board or as indicated in the SEC’s cover memorandum (typically five business days after issuance to the Board). - Publication of SMPs, ROSCs, ROSCs updates, and AFSSRs issued to the Board for information can occur immediately after circulation to the Board. SEC usually indicates a publication time of five business days after Board circulation. - PRSP-related documents in the context of UFR or a PCI: - Publication is voluntary but presumed. - The Managing Director will not recommend approval of (i) an arrangement or completion of a review under arrangements under the PRGT, or (ii) a HIPC decision point or completion point decision, or (iii) a member’s request for a PCI or the completion of a review under a PCI, if the member concerned does not consent to the publication of the PRSP-related document. - Publication may occur immediately after circulation to the Executive Board. _Extracted from 2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY_ ### Appendix IV. Publication Timeline for Country Documents and Press Releases ### Appendix IV. Publication Timeline for Country Documents and Press Releases ### IV.A Publication of Surveillance Country Documents: Consent Through Non-Objection - Surveillance country documents follow publication rules depending on member consent and non-objection procedures (section header present; detailed steps not included in supplied excerpt). ### IV.B Publication of Surveillance Country Documents: Opt-Outs of Non-Objection - Opt-out procedures for non-objection publication are referenced (section header present; detailed text not included in supplied excerpt). ### IV.C Publication of Surveillance Country Document Press Releases - Press release timing and processing for surveillance country documents are governed by the Fund’s transparency guidance (section header present; detailed text not included in supplied excerpt). ### Appendix V. Publication of PRGS, PRSP, JSAN and HIPC Documents — Key Rules and Timing - PRGSs, PRSPs, and PRSP Annual Progress Reports (APRs) should be published immediately after circulation to the Executive Board, provided that the authorities have not objected to their publication. - Interim PRSPs and PRSP Preparation Status Reports: - Normally issued to the Fund’s and/or World Bank’s Boards only when either the Bank or the Fund or both need such a document to support a financial operation. - If prepared in the absence of any lending by either Board, an interim PRSP may be posted on the Fund website after it has been circulated to both Boards for information by the relevant ED. - JSANs: - JSANs scheduled for discussion by one or both Boards may be published only after consideration by the relevant Boards. - JSANs circulated to the Board for information may be published only after the stated period within which an ED may request the document be placed on the agenda of the Board. - If modifications are introduced to the JSAN before publication, the JSAN cannot be posted until both the Fund’s and Bank’s Board have been formally informed of these changes. - HIPC documents: - May be published after each Board has had the opportunity to discuss them. - If the Fund Board meets before the Bank Board, a press release including a Chair’s Statement may be issued following Fund Board consideration, except in the case of stand-alone HIPC meetings where a joint Bank-Fund press release will be issued after the Bank Board has met. - Chair’s Statement should indicate where Board decisions are contingent on action by the Bank. - Timing of press releases for HIPC, joint HIPC/PRSP, or HIPC/PRGT: - Must take into account timing of Bank Board discussions. - Specific procedures: - In stand-alone PRGT and stand-alone PRSP (or APR) cases, the Chair’s Statement may be released immediately after Board consideration. - In stand-alone HIPC cases, the Chair’s Statement is embargoed until after the Bank Board has met (but transmitted to the Bank within two hours of the Fund Board discussion). After the Bank Board meets, a joint Bank-Fund press release and the Fund Chair’s Statement would be issued, cross-referenced through hyperlinks. - In combined HIPC/PRGT or HIPC/PRSP (or APR) cases, if the Bank has not yet considered the HIPC decision at its Board, a press release containing the Chair’s Statement may be released immediately but include only PRSP-related and PRGT-related aspects, and state: “A final decision on [Country X’s] debt relief under the enhanced HIPC initiative is still pending action [this]/[next] week by the World Bank’s Executive Board. A press release will be issued jointly with the Bank following those deliberations.” - Publication of PRSP-related documents may occur immediately after their circulation to the Fund and Bank Boards, whichever is later. - Cross-reference: See Appendix V of the 2025 Handbook of IMF Facilities for Low-Income Countries; IMF policy paper, April 2025. ### Appendix VI. Press Releases: Content and Processing — Overview - Press release content and process depend on document type: surveillance, UFR/PCI, combined surveillance/UFR/PCI, policy and multi-country documents follow separate rules. #### A. Surveillance Country Documents — Content and Structure - For Article IV consultations, regional surveillance discussions, and stand-alone consideration of FSSA, PFA, PRA, and EPE for exceptional access or combinations: - Press release comprises an introductory (background) section and the Board’s Summing Up (included as Executive Board Assessment), and will also include a Selected Economic Indicators (SEI) table, and up to three summary bullet points. - Background section: - Contains factual information on the member’s economy (recent developments, current policies, and as needed outlook). - For stand-alone FSSA reports, include factual information on the member’s financial system. - Board’s Summing Up: - Included as the Executive Board Assessment, with deletion of the first sentence (on the Board agreeing with the staff appraisal). - If the consultation is concluded on an LOT basis, the Board Assessment should follow the staff appraisal verbatim except for permitted deletions and deletion of the last sentence (on the consultation cycle). - If no staff appraisal is available (e.g., some FSSA), only the background section will be issued. - If published separately from the related staff report, press release will indicate a member’s publication intentions for the related staff report. - Special considerations: - Stand-alone EPE meeting press releases include a short introductory section with justification for exceptional access, and the Summing Up focused on Board’s assessment of appropriateness of policy response, and the role of the Fund in managing the crisis. - Regional surveillance and PRAs and EPEs covering more than one member require the consents of all members concerned. #### A. Surveillance Country Documents — Procedures to Process Press Releases - Background section with SEI table should be circulated to the Board together with the staff report, whenever possible, and sent to COM and SPR for comments before submitting to SEC for circulation to the Board. - If the background draft is not ready when the staff report is issued, it should be issued as a supplement prior to Board consideration. - Modifications to the draft introductory section should follow guidelines in section II.F. #### A. Surveillance Country Documents — Template (Article IV Board consultation) - Template elements: - Title: IMF Executive Board Concludes [YEAR] Article IV Consultation with [Country] - FOR IMMEDIATE RELEASE - Up to 3 succinct bullet points summarizing key news elements. - Dateline format: Washington, DC – [Month dd, yyyy]: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation for [name of the country] - If press release published ahead of staff report, include one of footnote options about authorities’ consent: - Option 1: The authorities have consented to the publication of the Staff Report prepared for this consultation. - Option 2: The authorities have not consented to the publication of the Staff Report prepared for this consultation. - Option 3: The authorities need, at this date, more time to consider the publication of the Staff Report; a final decision is expected not later than 28 days from the Board consideration date. - Option 4 (opt-outs): The authorities have not yet communicated their decision on the publication of the staff report. - Background section: 2–3 paragraphs covering (1) Recent economic developments; (2) Current policies; (3) as needed, outlook and trends. - Executive Board Assessment: Insert Executive Board Assessment. - Insert Selected Economic Indicators (SEI) Table — otherwise delete page. - Digital posting note: submit to COM the press release with an editable table in Microsoft Word. - Footnotes provided clarify Article IV process and alternative wording options. #### Surveillance — Additional Processing Notes - Publication intentions and footnotes may be updated after Board consideration. - Draft press releases issued to the Board should include all options in square brackets. - Changes to draft press releases reflecting staff report publication decisions are to be agreed directly with SEC and do not need SPR approval nor processing through the Fund’s transparency submission portal. - When a press release is published separately from the staff report, it will be added to the staff report publication bundle. #### B. UFR, HIPC, PRS, and PCI Documents — Content and Structure - Press release comprises a brief introductory (background) section and the Chair’s Statement; typically includes a SEI table and up to three summary bullet points. - Background section: factual information on the member’s economy. - Chair’s Statement: - Short statement (3–4 key points) providing Board’s overall policy message and guidance. - Unlike Summing Up, it should not attempt to cover the whole discussion or reflect divergent Board views. - Press release containing the Chair’s Statement, or a factual statement issued in lieu, shall also include where relevant: - A summary of HIPC Initiative decisions pertaining to the member; - The Executive Board’s views on members’ PRS-related documents; - References to waivers for nonobservance, or of applicability, of performance criteria, or waivers for quantitative targets, if any — these references should clarify the nature of waivers and the basis for Board approval. - Note: When such nonobservance is considered de minimis in the context of the misreporting guidelines or breach of Article VIII, Section 5, they should not be referred to. - Chair’s Statement does not replace the Summing Up — the UFR/HIPC or PCI Summing Up is prepared and circulated internally but not published; they should be brief, forward-looking, focus on program issues, and may contain dissenting views from Directors. #### B. UFR/PCI/HIPC — Special Considerations and Procedures - UFR or PCI request or review concluded on a LOT basis: - No press release; a factual statement is issued in lieu, including all relevant factual information on Board decision (nature of facility, stage in program, amount disbursed, any granted waivers) and, where relevant, HIPC Initiative decisions. - Stand-alone PRA meeting press releases: - Concise, with short introductory section and Summing Up focused on past policies and lessons for future challenges. - Matters related to overdue financial obligations to the Fund should not be mentioned in the published part of the Summing Up unless a press release has been issued following a decision to limit the member’s UFR. - Processing procedures: - Drafts of UFR/PCI press releases are not expected to be included in staff reports circulated for Board consideration. - Area department should send a draft of the Chair’s Statement to SEC and Management (and COM for information) at least four days before the Board’s consideration date. - Chair’s Statement is intended as a quick release document; at the end of the Board discussion, Chair will announce the statement is prepared for publication and would only read it if requested by an ED. - The ED of the member concerned may review the statement to propose minor revisions and to communicate consent for publication. #### C. Combined Country Documents — Content and Processing - For combined cases (Article IV/UFR, Article IV/PCI, PRA/UFR, PRA/PCI, EPE/UFR), press release comprises: - Introductory (background) section; - Chair’s Statement; - Board’s Summing Up included as the Executive Board Assessment; - For surveillance documents, the SEI table. - Processing: - Background section for combined cases should be circulated to the Board with the staff report; if not ready, issued as a supplement prior to Board consideration. - Special considerations: - Article IV combined with UFR/PCI: normally one press release including background, Board’s Summing Up (Article IV) and Chair’s Statement (UFR). If Article IV Summing Up not available soon after consultation, two separate press releases may be issued referencing each other. - Article IV combined with FSSA: single press release including sentence noting FSAP discussion and a brief paragraph summarizing FSAP findings. - Article IV combined with PFA/PRA/EPE or any combination of PFA/PRA/EPE: single press release. - Article IV combined with PRA: introductory section contains 1–2 paragraphs providing PRA background (preferably at end); Summing Up includes short references to PRA, focusing on forward-looking lessons. - Article IV combined with EPE: introductory section contains 1–2 paragraphs describing EPE and justification for exceptional access; Summing Up includes 1–2 paragraphs on EPE discussion focused on effectiveness of Fund involvement. - PRA/ UFR or PRA/PCI combined: single press release. - EPE/UFR or EPE/PCI combined: single press release. - PRA combined with EPE: introductory section covers settings for both PRA and EPE, including justification for exceptional access; Summing Up includes (a) assessment of past policies and lessons under PRA; (b) assessment of appropriateness of policy response and role of the Fund under EPE. If PRA is a “streamlined” update, more coverage should be devoted to EPE. #### D. Policy Documents and Multilateral Policy Issue Documents - Before Board consideration: - Authoring department must send COM drafts of press release introductory paragraphs and draft Summing Up for COM advice on consistency and accessibility. - Submit draft introductory section (reviewed by COM) as an appendix to the staff report for Board circulation. If not ready, issue as a supplement prior to Board consideration. - After Board consideration: - Authoring department should obtain the final Summing Up from SEC and assemble final press release. - Final press release should be sent to COM with mention of a special release time if appropriate. - Press release will be released as soon as final text is received by COM, and in conjunction with release of the policy paper if Board agreed to release both. - Goal: publish press releases and policy documents within 7 calendar days of the Board discussion. #### E. Multi-Country Documents - Content: - For cluster documents, press release comprises an introductory (background) section containing the key context of the report, and the Board’s Summing Up included as the Executive Board Assessment. - Procedures: - Authoring department should submit the draft introductory section (reviewed by COM) as an appendix to the staff report for Board circulation; if not ready, issue as a supplement prior to Board consideration. - SPR should be consulted in the rare case of a stand-alone press release issued for Country Background Pages. *2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY — Appendices IV–VI* ### Appendix VII. Publication of Documents in Languages Other Than ### Appendix VII. Publication of Documents in Languages Other Than English ### Scope and Presumption - The rules approved by the Board on the publication of Board documents concern the publication of documents in English language. - Materials prepared by staff and cleared for publication in English are presumed to be cleared in substance for publication in languages other than English (LOE). - Non-English versions of press releases, staff reports, and mission concluding statements can be posted on the Fund’s website in one language other than English per document (press releases for policy papers can be posted in more than one language) if the English text has been cleared for publication, and the non-English version is available. ### Translation Requirements and Standards - Translations should be accurate versions of the published English documents. - Translation should be done in line with the Fund’s internal Language Service Policy and the IMF Administrative Manual by the Fund’s language services to avoid inaccuracies and reputational risks. - Attention should be given to ensure that modifications to the documents are correctly reflected in the translated version to be published. - Where needed, it should be noted explicitly that the English versions prevail. - The authoring departments are expected to make the necessary arrangements for accurate translation. - Machine translations should not be used and are not recognized as official translations. - For further information on translation of documents for publication, see the internal policies and guidance of the Fund’s language services on Translation of Documents for Publication in Languages other than English. ### Web Posting Procedures - Authoring departments are responsible for ensuring web-posting of LOE versions, where available, and should keep ED offices informed. - For PRSPs that are originally in LOE: - When the area department receives a finalized PRSP (or an update) in LOE, it should send COM a link to the authorities’ website where the PRSP is uploaded for posting on the PRSP site and arrange for the prompt translation of the document in English. - Once the English version of PRSP is circulated to the Board it should be promptly posted on the PRSP site. --- ### Appendix VIII. Factual Statements in Case of Delayed or Non-Publication of Country Press Releases or Staff Reports ### Purpose and Structure - The Fund will issue factual statements if press releases or staff reports are not published or are published beyond their publication timelines. - These statements inform the public of the Board’s activities and the members’ publication intentions. - They include two sections: (a) a description of the purpose of the Board consideration and (b) a statement on the member’s publication intentions. - The factual statements vary depending on whether they refer to press releases or staff reports. ### When to Use a Factual Statement in Lieu of Press Releases - To be used in case: - The member objects to the publication of the press release by the end of the Board’s consideration, or - The press release (for surveillance cases) is not issued within two business days from Board consideration, or - The press release is not issued within 7 calendar days from Board consideration, if the member requested publication of the press release and staff report on an “extended schedule,” or - The UFR/PCI press release is not issued immediately after Board consideration. - The member objects to the publication of the staff report by the end of the Board’s consideration and, in addition, either object to the publication of the press release or (for surveillance cases) the press release is not issued within two business days from the date of the Board’s consideration. ### Templates: Factual Statements in Lieu of Press Releases and Staff Reports - Templates include placeholders for: - [date], [discussion type (hyperlink here)], [country name], [XX]-month [name of arrangement/ PCI (hyperlink here)], SDR [XX] million, [x-th] review, and related standard clauses about authorities’ consent or objections. - For PCIs, the reference to the amount should be omitted in the templates. - Template 1—Factual Statement for Staff Reports: Objection to Publish the Staff Report - To be used when the member objects to the publication of the staff report before or immediately after, or within 28 calendar days from, the date of the Board’s consideration. - The same statement applies to members that opt out of providing publication consent through non-objection and object to the publication of the staff report within 28 calendar days from the date of the Board’s consideration. - Template 2—Factual Statement for Staff Reports: For Members That Have Opted Out of Providing Publication Consent Through Non-Objection and Have Not Communicated a Publication Decision - To be used only for members that have opted out of providing publication consent through non-objection, and (i) within 14 calendar days from Board consideration, the member has not communicated its decision on the publication of the staff report and there are no pending modification requests, or (ii) there were pending modification requests 14 calendar days from Board consideration and within 28 calendar days from Board consideration, the member has not communicated its decision on the publication of the staff report. - Example template language excerpts preserved verbatim in the source include: - “On [date], the Executive Board of the International Monetary Fund (IMF) concluded the consideration of the [discussion type (hyperlink here)] for [country name].” - “The Board’s discussion was based on a staff report prepared by staff of the IMF.” - Options for authorities’ positions: “[have consented to the publication of the staff report and the report is expected to be published shortly on this website.]”; “For surveillance cases only: [have consented to the publication of the staff report and the related press release and these documents are expected to be published shortly on this website.]”; “[have not consented to the publication of the staff report.]”; “[need additional time to consider the publication of the staff report] and [if the member provides publication consent through non-objection, add: [a final decision is expected within 28 days from the Board consideration date.]]” - Template 1 (alternative phrasing) includes: “The authorities have not consented to the publication of the staff report. Under the IMF's Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent.” - Template 2 (alternative phrasing) includes: “The authorities have not yet communicated their decision about the publication of the staff report. Under the IMF's Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member’s consent.” ### Attachment VIII.1 — Hyperlinks for Factual Statements by Type of Document and Arrangement (Content Summaries) - Article IV and Regional Surveillance - Content: 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. IMF economists visit the member country, usually once a year, and staff submit a report to the Executive Board for discussion. - Financial System Stability Assessment (FSSA) - Content: The Financial Sector Assessment Program (FSAP), established in 1999, produces an FSSA summarizing key findings; where discussed outside Article IV, the Chairperson summarizes Board views for the authorities. - Use of Fund Resources — Facility summaries (preserved durations and features): - Stand-By Arrangement (SBA): Typically covers a period of 12–24 months, but not more than 36 months. - Extended Fund Facility (EFF): Typically approved for periods of 3 years but may be approved for periods as long as 4 years. - Rapid Financing Instrument (RFI): Provides prompt financial assistance and is for single disbursement. - Flexible Credit Line (FCL): Renewable credit line, initially for one or two years. - Precautionary and Liquidity Line (PLL): Renewable and initially approved for six months, one year and two years. - Short-Term Liquidity Line (SLL): Provides a liquidity backstop for members with very strong policy frameworks. - Extended Credit Facility (ECF): Typically approved for 3-5 years, with an overall maximum duration of 5 years. - Stand-By Credit Facility (SCF): Duration of this facility is 12–36 months. - Rapid Credit Facility (RCF): Fast concessional assistance for single disbursement. - Resilience and Sustainability Facility (RSF): Minimum duration is 18 months; RSF automatically ends upon termination, cancellation, or expiry of the concurrent IMF-supported program. - Policy Coordination Instrument (PCI): Typically approved for 2–3 years but can be approved for a minimum of six months and up to four years; no limit on the number of successor PCIs. - Staff-Monitored Program (SMP): Last for a minimum of six months and are not expected to exceed 18 months. - Staff-Monitored Program with Board Involvement (PMB): Allows limited Executive Board involvement to opine on robustness of policies under an SMP. - Ex-Post Evaluation (EPE): Must be completed within one year of the end of the arrangement. - Post Financing Assessments (PFA): IMF economists visit usually twice a year; staff submit a report to the Executive Board. - Ex-Post Peer Reviewed Assessments (PRAs): Established in 2003 (initially as Ex Post Assessments and replaced in 2015 by PRAs); lessons from the PRA are integrated into staff reports for successor arrangements. *International Monetary Fund — 2026 Guidance Note on the Fund’s Transparency Policy* ### Appendix IX. How to Submit and Process Requests to Modify Country Documents ### Appendix IX. How to Submit and Process Requests to Modify Country Documents ### Overview - The Fund’s Transparency Policy defines publication rules and rules to modify documents prepared by staff for consideration by the IMF Executive Board or for information. - Publication of staff reports is “voluntary but presumed.” “Voluntary” = requires member consent. “Presumed” = Fund encourages consent. - Staff reports are not negotiated; staff cannot share drafts of country documents or portions thereof with country authorities and Executive Directors ahead of submission to the Board. Staff is expected to share wording describing the authorities’ views to be included in Board documents and may share certain non-policy background outputs (e.g., Debt Sustainability Assessment outputs, Selected Issues Papers without policy recommendations, background sections of country press releases). ### Consent to publish — procedures and presumptions - Consent is generally provided through non-objection. Consent is deemed provided unless, prior to the conclusion of Board consideration (Board meeting or date of adoption in LOT consideration), the member: - (i) objects to publication; - (ii) requires more time to decide; or - (iii) consents to publication subject to agreement with the Fund on deletions. - A member can opt out of the non-objection procedure; in that case explicit consent is required. - Stronger presumption of publication applies to documents related to the use of Fund resources (UFR) and the Policy Coordination Instrument (PCI): members are expected to indicate prior to circulation (typically in their Letter of Intent) that they consent to publication. Unless the member explicitly consents, management would not generally recommend Board approval. ### Timelines for publication when consent is provided through non-objection - Press Releases (PRs): - PRs for UFRs and PCIs are expected to be published immediately after Board consideration. - PRs for surveillance cases are expected to be published within two business days after the date of the Board’s consideration. The member that consented to staff report publication may request publication within 7 calendar days from Board consideration with the staff report (“extended time schedule”). - PRs published separately from the related staff report will contain the member’s decision about the staff report publication. - If a PR is not published within the publication timelines, the Fund will issue a factual statement (FS) informing the public that Board consideration took place and of the members’ publication decision for the staff report. - Staff Reports: - If by the conclusion of Board consideration the member has consented to publication (through non-objection or explicitly), the Fund will promptly publish the staff report after resolving pending modification requests or agreed deletions. - If a member requests more time, consent is deemed provided 14 calendar days from the date of Board consideration and staff will proceed to publish unless by that date the member explicitly objects or requests more time. If more time is requested, consent is deemed provided 28 calendar days from Board consideration and the report will be published unless the member explicitly objects. No extensions beyond 28 days are possible. - For surveillance cases, publication of the staff report requires that the member consent to publication of the related PR. - If the member objects to publication, the Fund will issue an FS noting Board consideration and the member’s publication decision. - A member can at any time decide to publish a document it previously objected to publish. ### Timelines when a member has opted out of non-objection - Press Releases: - All PR and FS requirements above apply, but PR publication requires the member’s explicit consent. - Staff Reports: - Members are expected to communicate their publication decision no later than 14 calendar days from the date of Board consideration. If there are pending modification requests, a decision is expected no later than 28 calendar days from Board consideration. - The Fund will issue an FS if, after 14 calendar days, the member has not communicated its decision unless there are pending modification requests. If after 28 calendar days the member still has not communicated, the Fund will issue an FS stating Board consideration took place and the member has taken no decision on publication. - If at any time the member objects to publication, the Fund will issue an FS stating the member has objected. ### Modification of country documents (pre-publication) - Modifications after issuance to the Board and before publication are strictly limited to: - Corrections to rectify: - (i) typographical errors; - (ii) data and factual mistakes; - (iii) evident ambiguity; and - (iv) mischaracterization of the authorities’ views. - Deletions of: - (i) “highly market-sensitive” material with a clear risk of triggering a disruptive market reaction in the near term; and - (ii) premature disclosure of the authorities’ policy intentions that could undermine policy implementation. - Politically sensitive information that does not meet those criteria shall not be deleted. - Additions to the authorities’ views in surveillance staff reports on main issues or policy recommendations covered in the staff report on which the report includes no views. Such additions are limited to an indicative limit of no more than 30–40 words per section. - Timing for requests: - Requests for corrections and deletions are expected no later than two business days before the date of the Board’s consideration and normally no later than 7 calendar days from Board consideration. - Correction requests received after Board consideration will only be made if failure to make the correction would undermine the overall value of the publication. - Requests for modifications submitted more than 28 days after Board consideration will not be considered. - Additions to the authorities’ views need to be issued to the Board at least two business days ahead of Board consideration. - Modifications to published documents are generally not allowed, with very few exceptions. - Resolving disagreements: - If staff and the member disagree about application of modification rules, the member may request Management consideration. Disagreements are resolved under the Transparency Policy provisions. ### Protection of confidential information and handling within the Fund - The Fund has a comprehensive legal framework safeguarding confidential information. As a general principle, the Board, management and staff may not disclose information that a member or other person has provided in confidence unless that party consents and disclosure is consistent with Fund rules. Determination of confidence is based on all surrounding circumstances; when in doubt, the Fund gives the benefit of the doubt to the member or other party. - Key legal bases and rules: - Article IX, Section 5 (archives inviolable) — non-public documents produced by the Fund are protected and cannot be published or produced without Fund approval; nonpublic documents received from members are covered by archives inviolability and released only in accordance with Fund policies and author approval. - Article XII, Section 8 — Fund publication of documents containing Fund views regarding a member generally requires the member’s consent except in specific circumstances (a 70 percent majority provision exists but has not been used). - Rules N-6 and N-11 of the Fund’s Rules and Regulations, Staff Handbook, GAO 35 Rev.2, and the Code of Conduct prohibit unauthorized disclosures by staff, EDs, management, and EB members. Fund rules on confidentiality apply to contractual employees per employment terms. - Confidentiality vis-à-vis the Executive Board: - Management and staff cannot always undertake to withhold information from the Board. Authorities should be informed when staff cannot undertake to withhold. - Three broad circumstances where disclosure to the Board is required: - Information required to be reported under Article VIII, Section 5 or otherwise necessary for surveillance cannot be withheld from the Board on confidentiality grounds. - Board-established policies may require disclosure of certain information received from members to the Board; members are on notice and considered to have consented. - In absence of mandatory policies, disclosure is required if the information is critical for the Board to exercise its responsibilities meaningfully; management would not recommend Board action unless the member consents to disclosure where necessary. - Examples: - Surveillance: members, management, and staff may not withhold from the Board information required under Article VIII, Section 5 or judged necessary for surveillance. - Use of Fund resources: Board policy requires disclosure to the Board of confidential information provided by a member in the form of a side letter. - Technical assistance/capacity development outputs: final TA/CD outputs are automatically made available to the Board 30 business days after submission in the Nexus CD Documents folder unless the CD recipient objects. High-level summaries of strategic final CD outputs are shared with the Board following the LOT procedure and are intended for publication without confidential information. - Confidential Board material handling: - Confidential information is provided to the Board via secure platforms allowing access by each ED and individually authorized member country officials. For the most sensitive information, EDs receive access via uniquely identifiable encrypted documents that may not be copied or shared. All such confidential information is encrypted to prevent further distribution. - EDs are governed by the Code of Conduct for EB members requiring protection of confidential information. Authorities must ensure Fund access restrictions and classification limitations are respected, including no public disclosure or citation of confidential information. - Confidentiality, information security, and data privacy: - Fund staff must safeguard non-public information they create or access and comply with information classification and security policies (Staff Handbook Chapter 11.01, GAO 35, Information Security Policies). - The Information Security Framework of the Offices of EDs is set out in Decision No. a/14300–(20/106) adopted on 30 October 2020. - Document information security classifications (originator must classify) are: - FOR OFFICIAL USE ONLY — accessible to all staff and in some cases may be shared with national officials or other authorized individuals or institutions; - CONFIDENTIAL — accessible on a need-to-know basis; - STRICTLY CONFIDENTIAL — accessible on a strict need-to-know basis. - The authoring department or office, in consultation with the Secretary of the Fund, classifies documents issued to the EB and Board of Governors and their committees when in categories “for official use only” or “confidential.” Determination whether a Board document should be “strictly confidential” is made by the Secretary in consultation with staff/management and, for a country report, with the ED concerned. - If a document lacks a classification or classification is unclear, staff should treat it as at least FOR OFFICIAL USE ONLY or consult the originating or communications department. - Documents containing personal information/personal data are subject to additional safeguards and classified according to the same security categories and are subject to the Fund’s personal data privacy rules. - Personal Information Privacy Guidelines are in place; these will be superseded by the Personal Data Privacy Policy effective on May 1st, 2025. The Personal Data Privacy Policy imposes additional restrictions (e.g., legitimate basis for processing personal information, retention only as long as a valid business need exists, access restricted based on security classification) and establishes certain rights for individuals to access their information and seek redress for mishandling. *Appendix IX. How to Submit and Process Requests to Modify Country Documents — 2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY* ### Appendix XII. The Administrative Errors Procedure ### Appendix XII. The Administrative Errors Procedure ### Overview - This Appendix provides the procedure to rectify administrative errors that occurred in the process of submitting documents to the Board (section V.I). - This procedure is expected to be rarely used. - The rectification of administrative errors is only allowed for the specific cases set forth under the Transparency Policy. - This appendix applies to all documents circulated to the Board whether it is for consideration or information. - Prior to publication, the correct pages will be incorporated into the original document. ### Definition — Administrative errors (examples) - Administrative errors include cases when staff circulates to the Board: - (i) A document in which key elements necessary for Board consideration are missing or incomplete (e.g., Debt Sustainability Analysis tables and charts, External Sector Assessment, or structural benchmarks tables); - (ii) A document with an entirely wrong attachment (e.g., LOI for a different country or program review); - (iii) An earlier version of a document (i.e., an early draft) that was not approved by Management, instead of the finalized version that existed at the time of the initial Board circulation, or an entirely wrong document (e.g., a document not pertaining to the specific topic under Board consideration). ### Rectification approach - Rectifying an administrative error requires reissuing to the Board the specific pages of the original document or, in rare cases, the full document. - If the administrative error is limited (e.g., cases (i)-(ii) above) and specific tables, figures, attachments, or a few pages are missing or incomplete or wrong, a supplement to the main document will be issued to the Board indicating that the original page(s) containing the identified errors are replaced. - The rectification of errors like in example (iii) above would require the reissuance of the full document. - In all cases, the Board will be informed of the administrative error, which will be identified in the Secretary’s cover issued to the Board, as well as its rectification. ### Procedural steps for authoring departments - As a first step, the authoring department should consult with SPR and SEC (SECDO@imf.org) to determine whether an administrative error has occurred under the rules of the Policy. - If SEC, in consultation with SPR, determines that the error qualifies as an administrative error, the authoring departments will: - Prepare the redlined pages or paper to rectify the error, in consultation with SEC; - Notify Management (e.g., via email or memorandum copied to SEC and SPR) explaining the administrative error and providing details on the implications of rectifying the error for the thrust of the document. - Inform the ED(s) concerned of the administrative error prior to the issuance of the corrected documents to the Board. - Submit to SEC the correct version of the pages or the modified document with rectified errors for circulation to the Board (no redlined version). ### Timing and Board consideration - Administrative errors should be rectified at least two business days before the date of Board consideration or the deadline to request a Board meeting for LOT cases. - This timeline, specified in the Policy, aims to ensure that the Board discussion is based on the correct version of the documents. - If the error is discovered too close to the Board meeting date or the LOT object by date, the date of Board consideration will need to be adjusted. ### SEC handling of corrected material - If the error is limited to specific pages, the original document containing the error will remain listed, and SEC will only issue the rectified pages for Board consideration. - When the full document needs to be reissued, SEC will replace the original document with the correct one for Board consideration. *Source: Appendix XII. The Administrative Errors Procedure — 2026 GUIDANCE NOTE ON THE FUND’S TRANSPARENCY POLICY* --- _Source: https://www.imf.org/-/media/files/publications/pp/2026/english/ppea2026023.pdf_