Promoting stability is a core component of the International Monetary Fund (IMF) surveillance’s mandate. The Covid-19 pandemic hit almost every country worldwide. This article evaluates whether and how the IMF surveillance documents in the aftermath of the health and economic crisis have identified risks and mitigation measures to improve health outcomes, protect vulnerable people and firms, and address climate change. Through the IMF COVID-19 Surveillance Monitor, a textual analysis index, the authors found that these issues received relatively little attention in Article IV consultations in 2019, with fiscal issues dominating the discussion. However, the consultations conducted in 2020 show some timely incremental shifts and more attention toward health systems and protecting vulnerable matters. While climate change has become a key part of senior IMF official narratives, it has not had a significant presence in surveillance activities. The techniques and indices developed here can help the IMF improve its surveillance policy.

促进稳定是国际货币基金组织 ( IMF ) 监督任务的核心组成部分。Covid-19 大流行席卷了全球几乎每个国家。本文评估了IMF在健康和经济危机之后的监督文件是否以及如何确定风险和缓解措施以改善健康结果、保护弱势人群和企业以及应对气候变化。通过文本分析索引IMF COVID -19 Surveillance Monitor，作者发现这些问题在第四条中受到的关注相对 较少2019 年的磋商，主要讨论的是财政问题。然而，2020 年进行的磋商显示了一些适时的渐进式转变，以及对卫生系统和保护弱势群体的更多关注。虽然气候变化已成为国际货币基金组织高级官员叙述的重要组成部分，但它在监督活动中并未占据重要地位。这里开发的技术和指数可以帮助IMF改进其监督政策。