Protecting IMF Resources - Safeguards Assessments of Central Banks

How does the IMF conduct safeguards assessments?

Central banks, country authorities, and the IMF staff play a role in the assessment process. Central banks provide information on the GELRIC areas to the IMF, including financial statements, internal and external audit reports, legislation relevant to the central bank, and reports or summaries of internal controls. IMF staff review the materials and typically conduct visits to the central bank to complete the safeguards assessment. Meetings are held with the bank’s staff, governance bodies, and external auditors. A report is then produced with prioritized recommendations to address identified vulnerabilities, which may become part of program benchmarks.