保障措施评估-2025年更新

SAFEGUARDS ASSESSMENT—2025 UPDATE IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations. The following document hasbeen released and is included in this package: •TheStaff Reporton Safeguards Assessment—2025 Update, prepared by IMF staff andcompleted on September 11, 2025. The staff report was issued to the Executive Board for information. The IMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Electronic copies of IMF Policy Papersare available to the public fromhttp://www.imf.org/external/pp/ppindex.aspx International Monetary FundWashington, D.C. SAFEGUARDS ASSESSMENTS—2025UPDATE EXECUTIVE SUMMARY Thisperiodicupdate provides an overview of safeguards assessment activity fromMay 2022 to April 2025—the firstfollowingthe 2022 Safeguards Assessments PolicyReview. Thesafeguardsframework wasenhancedin 2022 mainlythrough theestablishment of a standalone governance pillar, broader coverage of financial riskswithin central banks’ risk management,a defined approach for addressing Central BankDigital Currencies (CBDCs) in assessmentsand strengthenedmodalities for FiscalSafeguards Reviews (FSRs).Outreachto member countries wasalsoexpanded.Implementation of these enhancements is well underway. Safeguards activity remained high, with 44 assessments completed during the periodand four more underway at end-April 2025. This reflects the impact of the post-COVID-19 pipeline, driven by the surge in emergency financing during the pandemicandsubsequent IMF arrangements for member countries.Risk-based streamlining measurescontinue to yieldefficiency by reducing the number of assessments required.Monitoring of central bank safeguards also intensified, reaching record levels in 2023due to the increased number of member countries with outstanding Fund credit.However, the implementation rate of safeguards recommendations was low during theperiod, including due to the structural nature of the needed reforms and someprograms going off-track. Staff continues to engage withauthorities to improvetraction, including through technical assistance (TA).In addition to core activities—assessments and monitoring—IMF Finance Departmentstaff(FIN) participated in FSRsandcontributed to related workstreams, including governance diagnostic assessments,central bank transparency code reviews,and TA on central bank legal reforms andgovernance.Furthermore,collaboration with stakeholders experienced new keychannels for staff to share examples and disseminatebest practices on safeguards-related topics. While some areas have improved, assessment results highlight persistentvulnerabilitiesat central banks under purview.While external audit and financialreporting practices showed improvement, oversight and governance arrangementscontinue to require attention. Legal reforms remain difficult, largely due to complex andtime-consuming legislative processes.Internal audit functions face systemic capacityconstraints, andinternal controls need further strengthening—particularly inforeignreserves(including gold management) andemergency liquidity assistance. Prepared byElie Chamoun,Riaan van Greuning,Mowele Mohlala,JúliaCardoso, and Racheal Nanyonjo(all FIN). CONTENTS INTRODUCTION_________________________________________________________________________________3 FOLLOW UP ON THE 2022 POLICY REVIEW____________________________________________________3 A. Outcome and Key Takeaways__________________________________________________________________3B. Implementation of 2022 Policy Review Proposals______________________________________________5 SAFEGUARDS ACTIVITY DURING THE PERIOD_________________________________________________7 A. Assessments___________________________________________________________________________________7B. Monitoring_____________________________________________________________________________________8C. Safeguards Findings___________________________________________________________________________9D. Implementation of Recommendations________________________________________________________11E. Misreporting and Mitigation__________________________________________________________________13F. Fiscal Safeguards Reviews_____________________________________________________________________14G. Staff Resources_______________________________________________________________________________14 COLLABORATION WITH STAKEHOLDERS_____________________________________________________15 A. Outreach Activities and Collaboration with Stakeholders_____________________________________15B. Reporting to the Board and Sharing of Safeguards Reports___________________________________16 BOX 1. 2022 Safeguards Policy Review–Conclusions and Recommendations_________________________4 FIGURE 1. Safeguards Risk RatingsAcross the GELRIC Fra