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International Monetary Fund. Strategy, Policy, & Review Department
This Guidance Note provides guidance to country teams for surveillance under Article IV consultations. It supersedes the 2015 Guidance Note and its supplement. Fund surveillance continuously adapts to the evolving economic and financial landscape. The 2021 Comprehensive Surveillance Review (CSR) identified priorities for Fund surveillance, both in terms of content and modalities. This Guidance Note covers: Scope and requirements: The note lays out the coverage of, and formal requirements for, Article IV consultations and staff reports. It also outlines best practices aimed at enhancing the traction of Fund analysis and policy advice. Priorities and focus. The note reflects the four surveillance priorities identified in the CSR: (i) confronting risks and uncertainties, (ii) preempting and mitigating spillovers, (iii) ensuring economic sustainability, and (iv) adopting a more unified approach to policy advice. The note also provides guidance on sharpening the focus and selectivity of Article IV staff reports. Policies. The note discusses the content of surveillance in the areas of fiscal policy, macrofinancial analysis and financial policies, monetary policy, external sector policies, and macrostructural policies. Applications. The note considers several applications of such policies, such as with respect to the Integrated Policy Framework, climate change, and gender. Process and procedures. The note describes the Article IV consultation cycle and process, lays out drafting and publication guidelines for staff reports, and covers the treatment of confidential information.
International Monetary Fund. Strategy, Policy, & Review Department

SECTION I. INTRODUCTION SECTION II. SCOPE AND REQUIREMENT A. Scope B. Requirements C. Traction, Evenhandedness, and Best Practices SECTION III. PRIORITIES AND FOCUS A. CSR Surveillance Priorities B. Focused Article IV Consultations and Reports SECTION IV. POLICIES A. Fiscal Policy B. Macrofinancial Analysis and Financial Policies C. Monetary Policy D. External Sector Policies E. Macro-Structural Policies SECTION V. APPLICATIONS A. Integrated Policy Framework B. Climate Change C. Gender SECTION VI. PROCESS AND PROCEDURES A

International Monetary Fund. Strategy, Policy, & Review Department
The scenario planning exercises help to draw out the surveillance priorities and stress- test the robustness of those priorities to uncertainties in the decade ahead. To inform the two priorities on confronting risks and uncertainties and mitigating spillovers, the scenarios illustrate how different shocks and alternative policy approaches carry their own risks and can have both positive and negative spillovers. The scenarios also illustrate some of the complex economic and non-economic factors that feed into the priority on economic sustainability and demonstrate how resource constraints and changing economic structures underpin the need for a unified policy approach.
International Monetary Fund. Strategy, Policy, & Review Department

validity of the Fund’s proposed surveillance model in these imagined future states of the world. 2 Using pre-mortem techniques ( Klein, 2007 ) in workshops with the offices of the Executive Board, members of the Managing Director’s External Advisory Groups, the ISC, and CSR authors, the scenarios helped us to design our CSR surveillance priorities to be more robust for the future. Figure 1. From Scenarios to Strategy Source: IMF Staff illustration. 3. The scenarios bring out potential policy challenges and tradeoffs (see Figure 2 ). Briefly, the

International Monetary Fund. Strategy, Policy, & Review Department

IV staff reports should meet the formal requirements and expectations outlined earlier, they should be focused and selective. In deciding the focus, staff is encouraged to take into account specific country circumstances and be guided by the four surveillance priorities identified in the CSR ( Box 1 ). This section first summarizes the CSR surveillance priorities, and then turns to operational questions of how staff reports can be focused, while still meeting requirements and expectations. A. CSR Surveillance Priorities Surveillance Priority 1. Confronting