Following recent criticism from its largest shareholder, the IMF is undertaking a Comprehensive Surveillance Review in 2026 that will shape how it monitors and advises all 191 of its members. In a new BWC Backgrounder, Stephanie Segal examines IMF surveillance, including what it is, how it has evolved in response to global shocks, and what to expect from the upcoming Comprehensive Surveillance Review. With the review due ahead of the Annual Meetings in Bangkok this October, Segal lays the groundwork for understanding how the IMF sets priorities across both core and emerging policy areas, from exchange rates and fiscal policy to artificial intelligence and climate.

In a new Explainer, BWC Members Eli Whitney Debevoise II and Brian Bombassaro break down what the administration’s Fiscal Year 2027 Budget Request means for the international financial institutions, and what’s at stake for US leadership in the global financial system.

The request reflects a roughly 20 percent cut to the Treasury International Affairs budget, with notable reductions to U.S. contributions to the World Bank’s IDA and several other multilateral development banks. The explainer walks through the specifics of each institution’s request, flags key areas of congressional tension, and explains what the numbers signal about the administration’s broader posture toward the Bretton Woods institutions.