Abstract
42. Policy dialogue between staff and the authorities is a key part of the IMF’s surveillance process. It is an input into the formulation of staff views and a channel of transmission of the resulting policy advice to the authorities, as well as of the authorities’ views to the Executive Board.1 While the official IMF view on a country’s policies is formulated only after discussion by the Executive Board and then transmitted to the authorities through the summing up of that discussion, staff views as endorsed or altered by management are earlier communicated in-country during policy discussions with the authorities.2 Significant changes of these positions at the Board level, though possible, are infrequent, limiting the impact of Executive Board views.3 The effectiveness of the staff’s dialogue with the authorities is thus of central importance for—though not synonymous with—the impact of the IMF’s surveillance activities (Figure 4.1).
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