On July 29, 2002, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the United States.1
Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. This PIN summarizes the views of the Executive Board as expressed during the July 29, 2002 Executive Board discussion based on the staff report.
The following discussion is based on information and data that were available at the time of the July 29, 2002 Executive Board discussion, and does not take into account the subsequent release of GDP data for the second quarter, or the historical revisions to national accounts that were also issued at that time.