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This note provides updated guidance to country teams on bilateral surveillance in the context of Article IV consultations in light of the COVID crisis. This guidance impacts the focus, format and presentation of staff reports while keeping intact the substance of all existing Board-endorsed requirements. Similarly, all aspects of the comprehensive 2015 Guidance Note for Surveillance Under Article IV Consultations also remain in effect, except as modified below. This supplement aims to strengthen the focus of Fund surveillance on the fallout from the crisis and related challenges flexibly to adapt to a rapidly evolving context and will remain in effect, in the absence of further communication, until comprehensive new guidance is issued following the completion of the upcoming Comprehensive Surveillance Review.

Supplement to the Guidance Note for Surveillance Under Article IV Consultations