Supplement to the Guidance Note for Surveillance Under Article IV Consultations

Policy Papers, February 8, 2021

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Canonical URL: Supplement to the Guidance Note for Surveillance Under Article IV Consultations

This note provides updated guidance to country teams on bilateral surveillance in the context of Article IV consultations in light of the COVID crisis.
The guidance impacts the focus, format and presentation of staff reports while keeping intact the substance of all existing Board-endorsed requirements.
The supplement aims to strengthen the focus of Fund surveillance on the fallout from the crisis and related challenges and to adapt flexibly to a rapidly evolving context.

All aspects of the comprehensive 2015 Guidance Note for Surveillance Under Article IV Consultations remain in effect, except as modified by this supplement.
The supplement will remain in effect, in the absence of further communication, until comprehensive new guidance is issued following the completion of the upcoming Comprehensive Surveillance Review.

Focus: Increased emphasis on the fallout from the COVID crisis and related challenges in bilateral surveillance.
Format and presentation: Changes to the format and presentation of staff reports to reflect the crisis-focused emphasis while preserving Board-endorsed substance.

Subject: Debt sustainability, Debt sustainability analysis, External debt, Financial Sector Assessment Program, Public debt
Keywords: ESR country, ESR template, PP, sustainability assessment