This section expands on the best practices developed in the Institute of International Finance (IIF) Action Plan of 2002.  The best practices build on the key elements of the 2002 list.  
 
A central feature of a successful investors relation program (IRP) is the country’s direct communication with market participants.  The “Strengthened Investor Relations Best Practices” highlights the importance of formal communication channels between countries’ authorities and market participants.  In the countries’ efforts to formulate market-informed macroeconomic policies, IR provides the opportunity to obtain investors’ feedback in the formulation of economic policies.  The new best practices also stress the need for continuous self-assessment.