IMF Board concludes 2021 surveillance review

IMF Board concludes 2021 surveillance review

The Executive Board of the International Monetary Fund (IMF) has concluded a comprehensive review of the Fund’s surveillance activities.

In a press release, IMF said that against the background of the global crisis, occasioned by COVID-19, the Comprehensive Surveillance Review (CSR) provides the strategic direction for its surveillance work for the coming years.

The statement said: “The review identifies key surveillance priorities, which are informed by the major trends impacting on the global economy.

The priorities that will  guide the IMF surveillance are confronting risks and uncertainties, preempting and mitigating spillovers, fostering economic sustainability and a unified approach to policy advic

“The priorities should better position Fund engagement and policy advice to help the membership confront the challenges posed by the emerging macrofinancial landscape. The review aims to strengthen the practice of Fund surveillance by making it more timely, topical, targeted, interconnected, and better informed.”

It further said: “The fund’s comprehensive surveillance review builds on extensive background work, including in-depth analysis of Confronting Risks and Uncertainties; Preempting and Mitigating Spillovers, and Ensuring Economic Sustainability.

“Additional background papers are dedicated to Integrating Climate Change into Article IV Consultations and Systemic Risk and Macroprudential Policy Advice in Article IV Consultations.”