## Guidance Note for Surveillance Under Article IV Consultations

_Policy Papers, June 23, 2022_

## Source details

**Canonical URL:** [Guidance Note for Surveillance Under Article IV Consultations](https://www.imf.org/en/publications/policy-papers/issues/2022/06/23/guidance-note-for-surveillance-under-article-iv-consultations-519916)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2022/06/23/guidance-note-for-surveillance-under-article-iv-consultations-519916/index.md)
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## Bibliographic details
- Published: June 23, 2022
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400211522.007

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### 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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## Content in this bundle

- **Policy Paper**
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_Source: https://www.imf.org/en/publications/policy-papers/issues/2022/06/23/guidance-note-for-surveillance-under-article-iv-consultations-519916_