Safeguards Policy
The Safeguards Assessments policy applies to all member countries with arrangements for use of IMF resources. Introduced in 2000, the policy’s main objective is to mitigate the risks of misuse of Fund resources and misreporting of program monetary data under Fund arrangements. Safeguards Assessments are diagnostic reviews that cover six key areas of control and governance within central banks, summarized by the acronym GELRIC, that is (i) Governance Arrangements; (ii) the External audit mechanism; (iii) the Legal structure and independence; (iv) the financial Reporting framework; (v) the Internal audit mechanism; and (vi) the internal Controls system.