## csr-consultation-download-form-072525 ## Source details **Canonical URL:** [csr-consultation-download-form-072525](https://www.imf.org/-/media/files/topics/cso-consultations/csr-consultation-download-form-072525.pdf) ## Other formats - [Markdown version](/-/media/files/topics/cso-consultations/csr-consultation-download-form-072525.pdf.md) - [Structured JSON version](/-/media/files/topics/cso-consultations/csr-consultation-download-form-072525.pdf.json) --- ### Quality assessment of IMF flagship products - Respondents assess quality over the last (question header): "How do you assess the quality of the following IMF products over the last" - Quality assessment of IMF flagship products (response choices): - World Economic Outlook: Very poor; Poor; Adequate; Good; Very good; N/A - Global Financial Stability Report: Very poor; Poor; Adequate; Good; Very good; N/A - Fiscal Monitor: Very poor; Poor; Adequate; Good; Very good; N/A - External Sector Report: Very poor; Poor; Adequate; Good; Very good; N/A - Article IV Staff Reports: Very poor; Poor; Adequate; Good; Very good; N/A - Financial Sector Assessment Program Reports: Very poor; Poor; Adequate; Good; Very good; N/A - Regional Economic Outlooks: Very poor; Poor; Adequate; Good; Very good; N/A ### Structural issues (non-fiscal/monetary/financial/external) — ranked choices - Rank 1 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - Rank 2 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - Rank 3 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - Rank 4 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - Rank 5 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - If applicable, respondents may specify 'Other' (free-text field). ### Evenhandedness of IMF surveillance (last three years) - Overall choices: - Not evenhanded - Somewhat not evenhanded - Balanced (equal shares of evenhanded and not evenhanded) - Somewhat evenhanded - Evenhanded - Don’t know - If answered Not evenhanded; Somewhat not evenhanded; or Balanced, respondents can rank which aspects were lacking. - Rankable aspects (Rank 1–5; Rank 3 list omitted External sector assessments in one block where omitted in source): - Policy advice was different for countries in similar circumstances - Coverage of surveillance topics, in terms both depth and quality, were not consistent across countries - External sector assessments were not consistent across countries that were in similar circumstances - Debt sustainability assessments were not consistent across countries that were in similar circumstances - The macroeconomic projections were not consistent across countries that were in similar circumstances - Depth of analyses of the macroeconomy differed across countries in similar circumstances - Consideration of country specific factors, including the political and social situation, varied across countries in similar circumstances - The "Authorities' views" were not consistently covered in Article IV staff reports across countries in similar circumstances in terms of depth and accuracy - Economic forecasts were biased for certain countries or groups of countries (e.g. giving perception of unevenhanded treatment) - Surveillance appeared influenced by geopolitical or political considerations - Policy advice to protect social spending and safety nets was not provided consistently - The level of stakeholder engagement and transparency was not consistent across countries - If applicable, respondents may specify 'Other' (free-text field). - Note: Evenhandedness of IMF surveillance is generally understood as treating members in similar circumstances in a similar way both in terms of policy advice and how surveillance is conducted. ### Traction (relevance and value-added of IMF analysis and advice) - Traction includes: dialogue (extent of constructive policy discussions), action (extent IMF advice influences policy making or results in policy action), and public debate (extent IMF policy advice generates public debate). - Engagement in policy dialogue (question 14) — choices: - Not at all - To a limited extent - To some extent - To a great extent - Not applicable - Influence on macroeconomic policies affecting the community served (question 15) — choices: - Not at all - To a limited extent - To some extent - To a great extent - Not applicable - Generation of public debate in the community served (question 16) — choices: - Not at all - To a limited extent - To some extent - To a great extent - Not applicable - Respondents may elaborate on their responses (free-text field, question 17). ### Looking ahead — Policy challenges and Fund roles (what would improve IMF surveillance) - Rank 1 recommended improvements (list respondents can rank): - More comprehensive analysis and policy advice on price stability - More detailed discussion in Article IV consultations of financial sector developments, risks, and vulnerabilities, and the provision of relevant policy advice - More comprehensive analysis and policy advice on fiscal policy, including public debt sustainability - More comprehensive analysis and policy advice on monetary policy - More comprehensive analysis of distributional aspects, social stability, and political economy constraints in the fiscal policy advice - More detailed coverage of demographic trends in relation to growth and macroeconomic polices - More detailed coverage of climate change / natural disasters in relation to growth and macroeconomic polices - More detailed coverage of geoeconomic fragmentation in relation to growth and macroeconomic polices - More detailed coverage of gender issues in relation to growth and macroeconomic polices - More detailed coverage of digitalization/AI in relation to growth and macroeconomic polices - More discussion of the cost and benefits of building policy buffers (for instance lower fiscal deficit to withstand shocks in the future) and supporting growth in the near term - More coherent policy advice, taking into account policy interactions across different policy areas such as monetary-fiscal policy coordination or synergies between structural issues and fiscal policy - More detailed discussion of trade-offs/ synergies between correcting external imbalances and international reserve accumulation - Wider range of policy options to support resilience and growth - More detailed, specific, and evidence-based structural policy advice - More integration of capacity development support (e.g. technical assistance missions) into the surveillance to implement policy advice - Rank 2 options: (same list as Rank 1) - Rank 3 options: (same list as Rank 1) - Rank 4 options: (same list as Rank 1) - Rank 5 options: (same list as Rank 1) - Respondents may specify 'Other' (free-text field). ### Strengthening assessment of external imbalances, risks and spillovers - Question 20: How do you assess the quality and value-added of IMF surveillance in the areas of global imbalances, risks, spillovers. - Very poor - Poor - Adequate - Good - Very good - Don't know - Question 21: How could the IMF best improve quality and value-added in external sector assessments, risks and spillovers? (choice options) - Conducting more detailed analysis in external sector assessments (see notes for definition of these assessments) - Providing more comprehensive policy advice on the external sector, including scenario analysis - Improving the communication of the external sector assessment - Conducting more analyses of external sector issues for countries under or near IMF supported program - Providing more comprehensive policy advice on external sector issues for countries under or near IMF supported program - Providing more systematic and comprehensive analysis of the linkages between the domestic and the global economy - Providing more detailed analysis of cross-border spillovers (when policies or developments in one country affect or have the potential to affect another country, see notes) - More systematic and comprehensive analysis of industrial policies - More systematic and comprehensive analysis of trade policies - Provide integrated policy advice on how to address shocks and capital flow volatility based on the Integrated Policy framework (IPF, see notes) - Better integration of the assessment of risks and contingent policy advice - More systematic, consistent and transparent assessment of the likelihood and potential impact of identified risks - Other (please specify) - Note: The Integrated Policy Framework (IPF) guides the use of monetary, exchange rate (including exchange rate interventions), macroprudential and capital flow management policies in a systematic and integrated way. - Note: The external sector assessment evaluates how aligned is a country's external sector with the country’s economic fundamentals and desirable policies (for details see the IMF’s External Sector Reports). External imbalances can manifest as excessive surpluses or deficits in the current account, misalignments in exchange rates, or vulnerabilities in external funding. External imbalances are identified and assessed using methodologies such as the External Balance Assessment (EBA) framework, which provides a structured approach to quantify deviations of external indicators from the levels consistent with economic fundamentals and desirable policies. - Note: "Risks" are defined as potential shocks that may impact macroeconomic or financial conditions in a country or across countries. Risks can be both domestic and external, and they may arise from exogenous factors or policy-related decisions. These risks are distinct from vulnerabilities, which represent weak economic and financial fundamentals that could interact with risks to stability if left unaddressed. Uncertainties are also considered, representing events that may or may not happen and their potential impacts on objectives. - Note: "Spillovers" refer to the impact that the economic and financial policies of one country have on other countries. Spillovers can arise from various policy measures, including fiscal, monetary, financial, and exchange rate policies, and they can significantly influence the effective operation of the International Monetary System (IMS). These impacts can manifest as either outward spillovers, where a country's policies affect other countries, or inward spillovers, where a country's economy is influenced by policies adopted by other countries. Spillback effects refer to adverse feedback effects on the source country from the policies it has implemented. - Question 22: To what extent can the IMF improve quality, traction and evenhandedness of external sector assessments through the following: - Enhancing the analysis and assessment of current account balances (including the composition and drivers of trade and income balances) - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Enhancing the analysis and assessment of financial account balances (including the composition, sources and drivers of capital flows) - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Enhancing the analysis and assessment of international investment positions (including sustainability risks) - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Enhancing the analysis and assessment of exchange rates - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Enhancing the analysis and assessment of the country's own domestic drivers of external imbalances (national savings and investment) - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Increasing the focus on the forward-looking aspects of the external sector assessment - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Addressing data limitations and/or measurement issues - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Incorporating a greater degree of staff judgement in the assessment of the external sector - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Note: Enhancing an aspect could refer to improving its quality and/or increasing its use. Analysis refers to tools, models, processes, and data. Assessment refers to conclusion drawn from analysis and expert judgement. - Question 23: If there are other ways, please specify below. - Question 24: To what extent can the IMF improve external sector assessments by considering domestic and trading partners policies: - Enhancing the analysis and assessment of potential spillovers from the country’s own external imbalances to other countries and the global economy and financial markets - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Enhancing the analysis and assessment of domestic contributions to the country’s own external imbalances (e.g. the alignment of the country’s economic policies with desirable policy settings) - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Enhancing the analysis and assessment of trading partner’s contributions to the country’s external imbalances (e.g. the alignment of the country’s economic policies with desirable policy settings) - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Question 25: If there are other ways, please specify below. - Question 26: To what extent can the IMF improve external sector assessments through adjustments to communication: - Better integrating the external sector assessment in the main text of Article IV staff reports - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Providing greater granularity of the external sector assessment in the Article IV staff report (e.g. more detailed information, including simulations and/or scenarios, cross-country comparison) - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Increasing IMF’s outreach to explain the external sector assessment framework and related policy implications - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Increasing the use of less formal communications on the external sector assessments such as blog posts and explainer articles to provide less technical and/or more intuitive explanations - Not at all; To a limited extent; To some extent; To a great extent; Don't know; N/A - Question 27: If there are other ways, including any specific recommendations on adjusting communication, please specify below. ### Prioritizing and calibrating engagement in new areas - Question 28: At the institutional level, the IMF currently engages in several topics beyond fiscal, monetary, financial, and external sector policies. Institutions indicate whether IMF should Decrease / Maintain / Increase engagement in: - Climate change, incl. natural disasters - Gender disparities - Labor market policies - Product market policies - Pension system - Ageing - Rapid population growth - Migration - Digital money/Cryptocurrency - Digital technology, including Artificial Intelligence - Governance and anti-corruption - AML/CFT - Income / wealth inequality - If applicable, respondents may specify 'Other' (free-text field). ### Adjusting surveillance to better serve member countries (Questions 29–35) - 29. Options for adjusting the focus and scope of Article IV consultations: - Narrowing the focus of Article IV consultations to the fiscal, monetary, external sector, and financial policies, and being selective on other areas - Strongly disagree; Disagree; Neither agree nor disagree; Agree; Strongly agree; Don’t know; N/A - Increasing the coverage of structural issues (such as climate, digital money, gender etc.) beyond mandatory policy areas (fiscal, monetary, financial, and external sector policies) - Strongly disagree; Disagree; Neither agree nor disagree; Agree; Strongly agree; Don’t know; N/A - Modifying the approach for choosing new policy areas covered in the IMF’s surveillance - Strongly disagree; Disagree; Neither agree nor disagree; Agree; Strongly agree; Don’t know; N/A - Increasing the frequency of Article IV consultations - Strongly disagree; Disagree; Neither agree nor disagree; Agree; Strongly agree; Don’t know; N/A - Reducing the frequency of Article IV consultations - Strongly disagree; Disagree; Neither agree nor disagree; Agree; Strongly agree; Don’t know; N/A - Increasing collaboration with other International Financial Institutions on the coverage of structural issues other than fiscal, monetary, financial, and external sector policies - Strongly disagree; Disagree; Neither agree nor disagree; Agree; Strongly agree; Don’t know; N/A - Note: Other international financial institutions (IFIs) refer to multilateral financial institutions other than the IMF, such as World Bank and regional development banks. - Enhancing the integration of capacity development and surveillance - Strongly disagree; Disagree; Neither agree nor disagree; Agree; Strongly agree; Don’t know; N/A - 30–31. Open prompts: - Question 30: Please add any additional thoughts on improving/adjusting IMF surveillance. - Question 31: Are there any additional considerations you would like to share regarding the IMF’s surveillance engagement in policy areas other than fiscal, monetary, financial, and external sector policies? - Modality — 32. Areas for improving the content of Article IV consultations (response scale: Not at all; To a limited extent; To some extent; To a great extent; Don’t know; N/A): - The main text of Article IV staff reports - Baseline macro framework tables, e.g. Selected Economic Indicators etc. - Debt sustainability analysis (DSA) / Sovereign risk and debt sustainability assessment (SRDSF) - External sector assessment (ESA) - Risk assessment matrix (RAM) - Other country-specific annexes - Selected issues papers - 33. Considering the size of Article IV outputs — modification choices: - The main text of Article IV staff reports: More concise – shorter; Already appropriate; More detailed – longer; Don’t know; N/A - Baseline macro framework tables, e.g. Selected Economic Indicators etc.: More concise – shorter; Already appropriate; More detailed – longer; Don’t know; N/A - Debt sustainability analysis (DSA) / Sovereign risk and debt sustainability assessment (SRDSF): More concise – shorter; Already appropriate; More detailed – longer; Don’t know; N/A - External sector assessment (ESA): More concise – shorter; Already appropriate; More detailed – longer; Don’t know; N/A - Risk assessment matrix (RAM): More concise – shorter; Already appropriate; More detailed – longer; Don’t know; N/A - Other country-specific annexes: More concise – shorter; Already appropriate; More detailed – longer; Don’t know; N/A - Selected issues papers: More concise – shorter; Already appropriate; More detailed – longer; Don’t know; N/A - 34. Frequency of regional / multi-country surveillance: - Less frequent; Just about the same amount as now; More frequent; Don't know; Not applicable - Note: Multi-country / regional surveillance is the surveillance to a specific group of countries, sometimes called cluster reports in the Fund. For example, Cluster Report: Trade Integration in Latin America and the Caribbean - 35. Final prompt: - Do you have any additional suggestions for how the IMF's surveillance work could be strengthened over the next five years? *Source: International Monetary Fund consultation form csr-consultation-download-form-072525.* ### 10. How do you assess the quality of the following IMF products over the last ### csr-consultation-download-form-072525 - 10. How do you assess the quality of the following IMF products over the last ### Quality assessment of IMF flagship products (response choices) - World Economic Outlook: Very poor; Poor; Adequate; Good; Very good; N/A - Global Financial Stability Report: Very poor; Poor; Adequate; Good; Very good; N/A - Fiscal Monitor: Very poor; Poor; Adequate; Good; Very good; N/A - External Sector Report: Very poor; Poor; Adequate; Good; Very good; N/A - Article IV Staff Reports: Very poor; Poor; Adequate; Good; Very good; N/A - Financial Sector Assessment Program Reports: Very poor; Poor; Adequate; Good; Very good; N/A - Regional Economic Outlooks: Very poor; Poor; Adequate; Good; Very good; N/A ### Structural issues (non-fiscal/monetary/financial/external) — ranked choices - Rank 1 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - Rank 2 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - Rank 3 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - Rank 4 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - Rank 5 options: - Medium-term productivity growth - Climate change, incl. natural disasters - Gender disparities - Digital technology (including Artificial Intelligence) - Industrial and trade policies - Digital money, including CBDC and digital currency - Income / wealth inequality - Governance and corruption vulnerabilities - Labor market - Product markets - Pension system - Ageing - Population rapid growth - Migration - Other - If applicable, respondents may specify 'Other' (free-text field). ### Evenhandedness of IMF surveillance (last three years) - Overall choices: - Not evenhanded - Somewhat not evenhanded - Balanced (equal shares of evenhanded and not evenhanded) - Somewhat evenhanded - Evenhanded - Don’t know - If answered Not evenhanded; Somewhat not evenhanded; or Balanced, respondents can rank which aspects were lacking: - Rank 1 options: - Policy advice was different for countries in similar circumstances - Coverage of surveillance topics, in terms both depth and quality, were not consistent across countries - External sector assessments were not consistent across countries that were in similar circumstances - Debt sustainability assessments were not consistent across countries that were in similar circumstances - The macroeconomic projections were not consistent across countries that were in similar circumstances - Depth of analyses of the macroeconomy differed across countries in similar circumstances - Consideration of country specific factors, including the political and social situation, varied across countries in similar circumstances - The "Authorities' views" were not consistently covered in Article IV staff reports across countries in similar circumstances in terms of depth and accuracy - Economic forecasts were biased for certain countries or groups of countries (e.g. giving perception of unevenhanded treatment) - Surveillance appeared influenced by geopolitical or political considerations - Policy advice to protect social spending and safety nets was not provided consistently - The level of stakeholder engagement and transparency was not consistent across countries - Rank 2 options: (same list as Rank 1) - Rank 3 options: (same list as Rank 1, excluding External sector assessments in one block where omitted in source) - Rank 4 options: (same list as Rank 1) - Rank 5 options: (same list as Rank 1) - If applicable, respondents may specify 'Other' (free-text field). - Note: Evenhandedness of IMF surveillance is generally understood as treating members in similar circumstances in a similar way both in terms of policy advice and how surveillance is conducted. ### Traction (relevance and value-added of IMF analysis and advice) - Traction includes: dialogue (extent of constructive policy discussions), action (extent IMF advice influences policy making or results in policy action), and public debate (extent IMF policy advice generates public debate). - Engagement in policy dialogue (question 14) — choices: - Not at all - To a limited extent - To some extent - To a great extent - Not applicable - Influence on macroeconomic policies affecting the community served (question 15) — choices: - Not at all - To a limited extent - To some extent - To a great extent - Not applicable - Generation of public debate in the community served (question 16) — choices: - Not at all - To a limited extent - To some extent - To a great extent - Not applicable - Respondents may elaborate on their responses (free-text field, question 17). ### Looking ahead — Policy challenges and Fund roles (what would improve IMF surveillance) - Rank 1 recommended improvements (list of options respondents can rank): - More comprehensive analysis and policy advice on price stability - More detailed discussion in Article IV consultations of financial sector developments, risks, and vulnerabilities, and the provision of relevant policy advice - More comprehensive analysis and policy advice on fiscal policy, including public debt sustainability - More comprehensive analysis and policy advice on monetary policy - More comprehensive analysis of distributional aspects, social stability, and political economy constraints in the fiscal policy advice - More detailed coverage of demographic trends in relation to growth and macroeconomic polices - More detailed coverage of climate change / natural disasters in relation to growth and macroeconomic polices - More detailed coverage of geoeconomic fragmentation in relation to growth and macroeconomic polices - More detailed coverage of gender issues in relation to growth and macroeconomic polices - More detailed coverage of digitalization/AI in relation to growth and macroeconomic polices - More discussion of the cost and benefits of building policy buffers (for instance lower fiscal deficit to withstand shocks in the future) and supporting growth in the near term - More coherent policy advice, taking into account policy interactions across different policy areas such as monetary-fiscal policy coordination or synergies between structural issues and fiscal policy - More detailed discussion of trade-offs/ synergies between correcting external imbalances and international reserve accumulation - Wider range of policy options to support resilience and growth - More detailed, specific, and evidence-based structural policy advice - More integration of capacity development support (e.g. technical assistance missions) into the surveillance to implement policy advice - Rank 2 options: (same list as Rank 1) - Rank 3 options: (same list as Rank 1) - Rank 4 options: (same list as Rank 1) - Rank 5 options: (same list as Rank 1) - Respondents may specify 'Other' (free-text field). *Source: International Monetary Fund consultation form csr-consultation-download-form-072525.* ### 19. If applicable, please specify 'Other' from above. ### csr-consultation-download-form-072525 - 19. If applicable, please specify 'Other' from above. ### Strengthening assessment of external imbalances, risks and spillovers - Question 19: If applicable, please specify 'Other' from above. - Question 20: How do you assess the quality and value-added of IMF surveillance in the areas of global imbalances, risks, spillovers. - Choice options: - Very poor - Poor - Adequate - Good - Very good - Don't know - Question 21: How do you think the IMF could best improve the quality and value-added of its surveillance in the areas of external sector assessments, risks and spillovers? - Choice options: - Conducting more detailed analysis in external sector assessments (see notes for definition of these assessments) - Providing more comprehensive policy advice on the external sector, including scenario analysis - Improving the communication of the external sector assessment - Conducting more analyses of external sector issues for countries under or near IMF supported program - Providing more comprehensive policy advice on external sector issues for countries under or near IMF supported program - Providing more systematic and comprehensive analysis of the linkages between the domestic and the global economy - Providing more detailed analysis of cross-border spillovers (when policies or developments in one country affect or have the potential to affect another country, see notes) - More systematic and comprehensive analysis of industrial policies - More systematic and comprehensive analysis of trade policies - Provide integrated policy advice on how to address shocks and capital flow volatility based on the Integrated Policy framework (IPF, see notes) - Better integration of the assessment of risks and contingent policy advice - More systematic, consistent and transparent assessment of the likelihood and potential impact of identified risks - Other (please specify) - Note: The Integrated Policy Framework (IPF) guides the use of monetary, exchange rate (including exchange rate interventions), macroprudential and capital flow management policies in a systematic and integrated way. - Note: In the context of IMF surveillance, the external sector assessment evaluates how aligned is a country's external sector with the country’s economic fundamentals and desirable policies (for details see the IMF’s External Sector Reports). External imbalances can manifest as excessive surpluses or deficits in the current account, misalignments in exchange rates, or vulnerabilities in external funding. External imbalances are identified and assessed using methodologies such as the External Balance Assessment (EBA) framework, which provides a structured approach to quantify deviations of external indicators from the levels consistent with economic fundamentals and desirable policies. - Note: In the context of IMF surveillance, "risks" are defined as potential shocks that may impact macroeconomic or financial conditions in a country or across countries. Risks can be both domestic and external, and they may arise from exogenous factors or policy-related decisions. These risks are distinct from vulnerabilities, which represent weak economic and financial fundamentals that could interact with risks to stability if left unaddressed. Uncertainties are also considered, representing events that may or may not happen and their potential impacts on objectives. - Note: In the context of IMF surveillance, "spillovers" refer to the impact that the economic and financial policies of one country have on other countries. Spillovers can arise from various policy measures, including fiscal, monetary, financial, and exchange rate policies, and they can significantly influence the effective operation of the International Monetary System (IMS). These impacts can manifest as either outward spillovers, where a country's policies affect other countries, or inward spillovers, where a country's economy is influenced by policies adopted by other countries. Spillback effects refer to adverse feedback effects on the source country from the policies it has implemented. - Question 22: To what extent can the IMF improve the quality, traction and evenhandedness of the external sector assessments in its surveillance through the following: - Enhancing the analysis and assessment of current account balances (including the composition and drivers of trade and income balances) - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Enhancing the analysis and assessment of financial account balances (including the composition, sources and drivers of capital flows) - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Enhancing the analysis and assessment of international investment positions (including sustainability risks) - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Enhancing the analysis and assessment of exchange rates - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Enhancing the analysis and assessment of the country's own domestic drivers of external imbalances (national savings and investment) - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Increasing the focus on the forward-looking aspects of the external sector assessment - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Addressing data limitations and/or measurement issues - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Incorporating a greater degree of staff judgement in the assessment of the external sector - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Note: Enhancing an aspect could refer to improving its quality and/or increasing its use. Analysis refers to tools, models, processes, and data. Assessment refers to conclusion drawn from analysis and expert judgement. - Question 23: If there are other ways, please specify below. - Question 24: To what extent can the IMF improve the quality, traction and evenhandedness of the external sector assessments in its surveillance by considering the following regarding domestic and trading partners policies: - Enhancing the analysis and assessment of potential spillovers from the country’s own external imbalances to other countries and the global economy and financial markets - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Enhancing the analysis and assessment of domestic contributions to the country’s own external imbalances (e.g. the alignment of the country’s economic policies with desirable policy settings) - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Enhancing the analysis and assessment of trading partner’s contributions to the country’s external imbalances (e.g. the alignment of the country’s economic policies with desirable policy settings) - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Question 25: If there are other ways, please specify below. - Note: Enhancing an aspect could refer to improving its quality and/or increasing its use. Analysis refers to tools, models, processes, and data. Assessment refers to conclusion drawn from analysis and expert judgement. - Question 26: To what extent can the IMF improve the quality, traction and evenhandedness of the external sector assessments in its surveillance through the following adjustments to communication: - Better integrating the external sector assessment in the main text of Article IV staff reports - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Providing greater granularity of the external sector assessment in the Article IV staff report (e.g. more detailed information, including simulations and/or scenarios, cross-country comparison) - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Increasing IMF’s outreach to explain the external sector assessment framework and related policy implications - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Increasing the use of less formal communications on the external sector assessments such as blog posts and explainer articles to provide less technical and/or more intuitive explanations - Not at all - To a limited extent - To some extent - To a great extent - Don't know - N/A - Question 27: If there are other ways, including any specific recommendations on adjusting communication, please specify below. ### Prioritizing and calibrating engagement in new areas - Question 28: At the institutional level, the IMF currently engages in several topics beyond fiscal, monetary, financial, and external sector policies. Based on your institution's views, in which of the following such areas should the IMF increase, decrease, or maintain its level of engagement. - Areas with choice options (Decrease / Maintain / Increase): - Climate change, incl. natural disasters - Gender disparities - Labor market policies - Product market policies - Pension system - Ageing - Rapid population growth - Migration - Digital money/Cryptocurrency - Digital technology, including Artificial Intelligence - Governance and anti-corruption - AML/CFT - Income / wealth inequality *Content unit: csr-consultation-download-form-072525 - 19. If applicable, please specify 'Other' from above.* ### 29. In your institution's view, how should the IMF adjust its surveillance to better ### 29–35: How should the IMF adjust its surveillance to better serve its member countries? ### 29. Options for adjusting the focus and scope of Article IV consultations - Narrowing the focus of Article IV consultations to the fiscal, monetary, external sector, and financial policies, and being selective on other areas - Strongly disagree - Disagree - Neither agree nor disagree - Agree - Strongly agree - Don’t know - N/A - Increasing the coverage of structural issues (such as climate, digital money, gender etc.) beyond mandatory policy areas (fiscal, monetary, financial, and external sector policies) - Strongly disagree - Disagree - Neither agree nor disagree - Agree - Strongly agree - Don’t know - N/A - Modifying the approach for choosing new policy areas covered in the IMF’s surveillance - Strongly disagree - Disagree - Neither agree nor disagree - Agree - Strongly agree - Don’t know - N/A - Increasing the frequency of Article IV consultations - Strongly disagree - Disagree - Neither agree nor disagree - Agree - Strongly agree - Don’t know - N/A - Reducing the frequency of Article IV consultations - Strongly disagree - Disagree - Neither agree nor disagree - Agree - Strongly agree - Don’t know - N/A - Increasing collaboration with other International Financial Institutions on the coverage of structural issues other than fiscal, monetary, financial, and external sector policies - Strongly disagree - Disagree - Neither agree nor disagree - Agree - Strongly agree - Don’t know - N/A - Note: Other international financial institutions (IFIs) refer to multilateral financial institutions other than the IMF, such as World Bank and regional development banks. - Enhancing the integration of capacity development and surveillance - Strongly disagree - Disagree - Neither agree nor disagree - Agree - Strongly agree - Don’t know - N/A ### 30–31. Open prompts for further input - Question 30: Please add any additional thoughts on improving/adjusting IMF surveillance. - Question 31: Are there any additional considerations you would like to share regarding the IMF’s surveillance engagement in policy areas other than fiscal, monetary, financial, and external sector policies? ### Modality — 32. Areas for improving the content of Article IV consultations - The main text of Article IV staff reports - Not at all - To a limited extent - To some extent - To a great extent - Don’t know - N/A - Baseline macro framework tables, e.g. Selected Economic Indicators etc. - Not at all - To a limited extent - To some extent - To a great extent - Don’t know - N/A - Debt sustainability analysis (DSA) / Sovereign risk and debt sustainability assessment (SRDSF) - Not at all - To a limited extent - To some extent - To a great extent - Don’t know - N/A - External sector assessment (ESA) - Not at all - To a limited extent - To some extent - To a great extent - Don’t know - N/A - Risk assessment matrix (RAM) - Not at all - To a limited extent - To some extent - To a great extent - Don’t know - N/A - Other country-specific annexes - Not at all - To a limited extent - To some extent - To a great extent - Don’t know - N/A - Selected issues papers - Not at all - To a limited extent - To some extent - To a great extent - Don’t know - N/A ### 33. Considering the size of Article IV outputs — modification choices - The main text of Article IV staff reports - More concise – shorter - Already appropriate - More detailed – longer - Don’t know - N/A - Baseline macro framework tables, e.g. Selected Economic Indicators etc. - More concise – shorter - Already appropriate - More detailed – longer - Don’t know - N/A - Debt sustainability analysis (DSA) / Sovereign risk and debt sustainability assessment (SRDSF) - More concise – shorter - Already appropriate - More detailed – longer - Don’t know - N/A - External sector assessment (ESA) - More concise – shorter - Already appropriate - More detailed – longer - Don’t know - N/A - Risk assessment matrix (RAM) - More concise – shorter - Already appropriate - More detailed – longer - Don’t know - N/A - Other country-specific annexes - More concise – shorter - Already appropriate - More detailed – longer - Don’t know - N/A - Selected issues papers - More concise – shorter - Already appropriate - More detailed – longer - Don’t know - N/A ### 34. Frequency of regional / multi-country surveillance - How should the IMF change the frequency of such regional / multi-country surveillance for your community (e.g. country, region, etc.)? - Less frequent - Just about the same amount as now - More frequent - Don't know - Not applicable - Note: Multi-country / regional surveillance is the surveillance to a specific group of countries, sometimes called cluster reports in the Fund. For example, Cluster Report: Trade Integration in Latin America and the Caribbean ### 35. Final prompt for strengthening surveillance over the next five years - Do you have any additional suggestions for how the IMF's surveillance work could be strengthened over the next five years? --- _Source: https://www.imf.org/-/media/files/topics/cso-consultations/csr-consultation-download-form-072525.pdf_