Guidance Note for Surveillance Under Article IV Consultations

Policy Papers, June 23, 2022

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Guidance Note for Surveillance Under Article IV Consultations

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Bibliographic details

• Published: June 23, 2022
• Series: Policy Papers
• DOI: https://doi.org/10.5089/9798400211522.007

Summary and scope

• Provides guidance to country teams for surveillance under Article IV consultations.
• Supersedes the 2015 Guidance Note and its supplement.
• Notes that Fund surveillance continuously adapts to the evolving economic and financial landscape.
• References the 2021 Comprehensive Surveillance Review (CSR) as identifying priorities for Fund surveillance in content and modalities.
• Covers scope and formal requirements for Article IV consultations and staff reports, and outlines best practices to enhance the traction of Fund analysis and policy advice.

Priorities and focus

• Reflects the four surveillance priorities identified in the CSR:
  • (i) confronting risks and uncertainties
  • (ii) preempting and mitigating spillovers
  • (iii) ensuring economic sustainability
  • (iv) adopting a more unified approach to policy advice
• Provides guidance on sharpening the focus and selectivity of Article IV staff reports.

Policies (areas of surveillance content)

• Fiscal policy
• Macrofinancial analysis and financial policies
• Monetary policy
• External sector policies
• Macrostructural policies

Applications

• Considers applications of surveillance and policy advice to:
  • the Integrated Policy Framework
  • climate change
  • gender

Process and procedures

• Describes the Article IV consultation cycle and process.
• Lays out drafting and publication guidelines for staff reports.
• Covers the treatment of confidential information.

Subjects and keywords

• Subject: Balance of payments, Climate change, Debt sustainability analysis, Environment, External debt, Financial sector policy and analysis, Financial sector stability, Institutional View on capital flows, Monetary policy, Political economy, Spillovers
• Keywords: Climate change, CSR surveillance priority, Debt sustainability analysis, Financial sector stability, Global, guidance note, IMF's transparency policy, Institutional View on capital flows, policy advice, Policy advice, Spillovers

International Monetary Fund. Guidance Note for Surveillance Under Article IV Consultations (Policy Paper No. 2022/029), June 23, 2022.

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