## Economic Surveillance ## Source details **Canonical URL:** [Economic Surveillance](https://www.imf.org/annual-report/2026/what-we-do/economic-surveillance/) ## Other formats - [Markdown version](/annual-report/2026/what-we-do/economic-surveillance/index.md) - [Structured JSON version](/annual-report/2026/what-we-do/economic-surveillance/index.json) - [Bundle manifest](/annual-report/2026/what-we-do/economic-surveillance/bundle-manifest.json) --- ### Role and Purpose of IMF Surveillance - 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 and Article IV Consultations - 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. ### Financial Sector Assessment Program (FSAP) and Financial Stability Assessments - 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. ### Reviews and Strategic Workstream - 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. ### Multilateral Surveillance and Publications - 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. ### Examples of Policy Papers and Board Work (Selected) - 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) --- ## Content in this bundle - **Appendices** - [Appendices (Markdown version)](/annual-report/2026/pdfs/imf-annual-report-2026-appendices.pdf.md){rel="alternate" type="text/markdown"} - [Appendices (PDF)](/annual-report/2026/pdfs/imf-annual-report-2026-appendices.pdf){rel="external" type="application/pdf"} - **Web Tables** - [Web Tables (Markdown version)](/annual-report/2026/pdfs/imf-annual-report-2026-web-tables.pdf.md){rel="alternate" type="text/markdown"} - [Web Tables (PDF)](/annual-report/2026/pdfs/imf-annual-report-2026-web-tables.pdf){rel="external" type="application/pdf"} --- ## References - [The 2025 Review of The Short-Term Liquidity Line](https://www.imf.org/en/publications/policy-papers/issues/2025/12/16/the-2025-review-of-the-short-term-liquidity-line-572629) - [View Press Release](https://www.imf.org/en/news/articles/2025/12/17/pr-25426-imf-executive-board-concludes-the-2025-review-of-the-short-term-liquidity-line) - [The Chair’s Summing Up Independent Evaluation Office—IMF Advice on Fiscal Policy Executive Board Meeting December 4, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/12/15/the-chairs-summing-up-independent-evaluation-office-imf-advice-on-fiscal-policy-executive-572614) - [Statement by the Managing Director on the Independent Evaluation Office Report on IMF Advice on Fiscal Policy Executive Board Meeting December 4, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/12/15/statement-by-the-managing-director-on-the-independent-evaluation-office-report-on-imf-572609) - [Gulf Cooperation Council (GCC)— Enhancing Resilience to Global Shocks: Economic Prospects and Policy Challenges for the GCC Countries](https://www.imf.org/en/publications/policy-papers/issues/2025/12/05/gulf-cooperation-council-gcc-enhancing-resilience-to-global-shocks-economic-prospects-and-572372) - [Fifteenth Periodic Monitoring Report on the Status of Managment Implementation Plans in Response to Board-Endorsed IEO Recommendations](https://www.imf.org/en/publications/policy-papers/issues/2025/11/24/fifteenth-periodic-monitoring-report-on-the-status-of-managment-implementation-plans-in-572085) - [View Press Release](https://www.imf.org/en/news/articles/2025/11/19/pr-25382-imf-concludes-15th-monitoring-report-on-mang-implplans) _Source: https://www.imf.org/annual-report/2026/what-we-do/economic-surveillance/_