THE IMF’S long-awaited report on Ireland was finally published yesterday, but how exactly is the report compiled?

Yesterday’s report is known as an “Article IV consultation report”. These reports are generally compiled annually, although it is two years since a report on Ireland has been published.

The IMF compiles these reports on its 185 member countries. IMF economists visit the member country to gather information and hold discussions with government and central bank officials, and stakeholders from the public and private sectors.

The delegation then submits a report to the IMF’s executive board for discussion.

Before publication, the board’s views are summarised and transmitted back to the country’s authorities – in Ireland’s case, the Department of Finance. The department then liaises with the IMF board, checks there are no inaccuracies, and a draft report is finalised. The report is then published in full.

This year a small group of officials from the IMF visited Ireland for a period of two to three weeks in April.

The delegation included two Irish officials from the Department of Finance and the Central Bank who are on secondment to the IMF, and who share the position of Ireland’s permanent official at the IMF on a rotational basis.

During their stay, the delegation met representatives from the public and private sectors, including the Department of Finance, the Department of Enterprise Trade and Employment, the NTMA, the ESRI, representatives of the country’s main banks, stockbroking firms, private economists and union representatives.