Public Information Notice: IMF Board Discusses the Fund's Role in Signaling Assessments of Members' Policies, February 13, 2003

Signaling by the Fund—A Historical Review, July 16, 2004

Signaling Assessments of Members' Policies

Prepared by the Policy Development and Review Department

January 8, 2003

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I. Introduction

II. Monitoring for Signaling Purposes

Signaling SMPs: Key Concern
Monitoring to Signal Assessments of a Member's Economic Policies: A Modified Approach

III. Ad Hoc Signaling Through "Comfort Letters": Experience and Proposed Policy

IV. Summary and Issues for Discussion


Appendix I Enhanced Surveillance: Modalities and Experience
Appendix II Fund Monitored Programs: Modalities and Experience

Appendix III

Staff Monitored Programs: Evolution, Modalities and Experience
Appendix IV "Comfort Letters"--Background and Practices
Box A.1 Modalities of Staff-Monitored Programs
Appendix Tables
Table A1. Signaling SMPs: Reporting on Initiation and Performance
Table A2. Recent Experience with "Comfort Letters"