Economic Surveillance

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The IMF uses bilateral and multilateral surveillance, Article IV consultations, and financial sector assessments to identify risks and guide policy.
Surveillance identifies stability risks to member countries and advises governments on potential policy adjustments.
Surveillance supports the international monetary system by facilitating the exchange of goods, services, and capital among countries, thereby promoting sound economic growth.
The IMF groups member countries into five regions and publishes regional outlook reports covering regional policy developments, challenges, and country-specific analysis.
Timely and tailored surveillance enables lessons to be shared and provides members with well-calibrated policy advice.

Bilateral surveillance gives country-specific advice; it takes place through Article IV consultations, typically during annual or biennial missions to member countries.
During Article IV missions, IMF staff and country authorities engage in in-depth dialogue on fiscal, financial, and monetary policies and high-impact structural reforms.
IMF staff recommendations and the authorities’ views are discussed by the Executive Board, which concludes the consultation.
The FSAP informs Article IV consultations by providing in-depth assessments of countries’ financial sectors.

The FSAP provides in-depth assessments of countries’ financial sectors and is a key instrument of IMF surveillance.
Financial stability assessments under the FSAP are mandatory for jurisdictions with financial sectors the IMF deems systemically important and are expected every five or ten years.
In FY 2026:
- The IMF conducted 138 Article IV consultations.
- The IMF conducted 11 financial system stability assessments under the FSAP.

In FY 2026, work commenced on the Comprehensive Surveillance Review (CSR) to analyze the evolving surveillance landscape and set surveillance priorities for the next five years.
In FY 2026, work also started on the 2026 Financial Sector Assessment Program (FSAP) Review to:
- assess the implementation of the 2021 FSAP Review priorities,
- identify priorities for the future as the financial system landscape evolves,
- help guide ongoing efforts to deepen macro-financial analysis in Article IV consultations.
Both the CSR and the FSAP Review are expected to conclude in FY 2027.

As part of multilateral surveillance, the IMF issues biannual reports and updates on global economic developments, including:
- the World Economic Outlook,
- the Global Financial Stability Report,
- the Fiscal Monitor.
The first chapter of each report analyzes changes in global conditions since the previous edition; thematic chapters provide in-depth analyses of selected topics.
Interim updates on global economic conditions are issued when warranted.
The IMF publishes the External Sector Report annually to provide a rigorous and candid assessment of global excess imbalances and their causes.
The IMF Executive Board discusses all aspects of the IMF’s work and bases its work on policy papers prepared by IMF staff.
In FY 2026, the IMF published 45 policy papers externally.

The 2025 Review of The Short-Term Liquidity Line (SLL): SLL introduced in 2020 as a revolving liquidity backstop; uptake limited with only one arrangement for Chile in 2022, which was canceled shortly thereafter in favor of a Flexible Credit Line (FCL). (12/17/2025)
Chair’s Summing Up—Independent Evaluation Office—IMF Advice on Fiscal Policy: Executive Board discussion highlighted the evolution from a narrow focus on debt sustainability toward an integrated approach balancing fiscal sustainability, output stabilization, and long-term growth; Directors noted improvements in analytical tools and the need for clearer articulation of fiscal stance. (12/16/2025)
Statement by the Managing Director on the Independent Evaluation Office Report on IMF Advice on Fiscal Policy: The Managing Director welcomes the IEO assessment noting the Fund’s evolution over the past 15 years. (12/16/2025)
Gulf Cooperation Council (GCC)—Enhancing Resilience to Global Shocks: Despite challenging external environment, GCC economies have been resilient; non-hydrocarbon activity robust; external positions overall strong; near-term risks tilted to the downside; medium-term risks two-sided. (12/06/2025)
Fifteenth Periodic Monitoring Report on the Status of Management Implementation Plans in Response to Board-Endorsed IEO Recommendations: Assesses progress on 48 actions contained in 11 MIPs; over the past year, closure of 24 actions. (11/24/2025)