The Articles of Agreement set out the obligations of member countries and the IMF, which form the legal basis of IMF surveillance over members’ economic policies.10 The core article in this respect is Article IV of the IMF’s Articles of Agreement. The principles and procedures of surveillance were set out in further detail in a 1977 Executive Board Decision, which established how surveillance would be conducted after the adoption of the Second Amendment to the Articles.*

Its Functions, Policies, and Operations