2021 Comprehensive Surveillance Review— Modalities for Modernizing Surveillance

Policy Papers, May 18, 2021

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Modern Fund surveillance needs to be more targeted, topical and timely, better interconnected and better informed.
Modernizing surveillance will likely require additional resources, although estimates are highly uncertain at this stage.
The paper offers a tentative costing of new proposals with significant budgetary implications.
Other proposals could rely on optimizing processes.
Some proposals are underway and funded separately.
The resource implications of yet other proposals are being picked up in the context of other workstreams.
Estimates do not include short-term transition costs or pressures on support services and are subject to a significant degree of uncertainty.
A flexible approach to implementing the new modalities, characterized by experimentation and learning-by-doing—a “sandbox” for new modalities—is proposed.

Tentative costing of new proposals indicates significant budgetary implications.
A mix of approaches is envisaged:
- Proposals requiring additional resources (estimates highly uncertain).
- Proposals relying on optimizing processes (no additional funding implied).
- Proposals already underway and funded separately.
- Proposals whose resource implications are being captured by other workstreams.
Implementation approach:
- Flexible, experimental implementation.
- Learning-by-doing through a “sandbox” for new modalities.
Limitations of estimates:
- Do not include short-term transition costs.
- Do not include pressures on support services.
- Subject to a significant degree of uncertainty.

Subjects: Climate change; Corporate social responsibility; Economic sectors; Environment; Financial Sector Assessment Program; Financial sector policy and analysis; Monetary policy; Political economy; Spillovers; Systemic risk assessment.
Keywords: Climate change; contingent Policy advice; Corporate social responsibility; Financial Sector Assessment Program; fund mission; Fund surveillance; Global; IMF surveillance; IMF's transparency policy; policy advice; Spillovers; surveillance activity; Systemic risk assessment.