economies. 50 The criteria currently used for FCSclassification by the IMF—a CPIA score of less than 3.2 or the presence of a UN peacekeeping mission in the past three years—are similar, but not identical to those used by the World Bank.
33. The World Bank’s FCS list is public and contains 39 countries in FY22. 51 It is updated annually and reflects a differentiated approach to FCS which captures the typology and severity of challenges faced by this heterogenous group of countries. In addition to the CPIA score (below 3.0 out of a maximum of 6) or the presence of a
clear justification on the approach adopted in a country be included in staff reports for Board discussion.
Directors supported enhancing partnerships to amplify the impact of Fund engagement in FCS by leveraging complementarities while avoiding duplication of efforts and leveraging the Fund’s engagement to catalyze increased donor support. Collaboration with the World Bank is especially critical and the adoption of its methodology for FCSclassification as proposed in the FCS strategy is an important step to ensure greater consistency of approaches between the two
This paper proposes a comprehensive Strategy to strengthen IMF support to FCS in accordance with the Fund’s mandate and comparative advantage. The Strategy is a response to the Board-endorsed recommendations of the 2018 Independent Evaluation Office (IEO) Report on The IMF and Fragile States. To achieve these goals, the Strategy will benefit from additional resources reflected in the FY23-25 Medium-Term Budget, as per the budget augmentation framework discussed by the Board in December 2021. The Strategy also provides measures to better support staff working on FCS. Given the inherent risks in FCS engagement, the Strategy will be phased in starting in FY22, with implementation gradually accelerating between FY23-FY25.
(FCS). Classification/sectorization The classification and sectorization of financial instruments follow the guidelines outlined in the MFSM . Basis for recording Beginning in January 2001, the CBO and the commercial banks have been following the IAS 39 to value financial assets and financial liabilities (see CBO, Banking Circular, BM 913 dated May 5, 2001), hence basis for recording for compiling monetary statistics follow the recommendations of the MFSM and MFSCG .
Source data The source data for compiling monetary statistics are the balance sheet of the CBO
is required. Directors requested that more information and a clear justification on the approach adopted in a country be included in staff reports for Board discussion.
Directors supported enhancing partnerships to amplify the impact of Fund engagement in FCS by leveraging complementarities while avoiding duplication of efforts and leveraging the Fund’s engagement to catalyze increased donor support. Collaboration with the World Bank is especially critical and the adoption of its methodology for FCSclassification as proposed in the FCS strategy is an important
Based on internal data, this paper finds that the capacity development program of the IMF’s Statistics Department has prioritized technical assistance and training to fragile and conflict-affected states. These interventions have yielded only slightly weaker results in fragile states than in other states. However, capacity development is constantly needed to make up for the dissipation of progress resulting from insufficient resources that fragile and conflict-affected states allocate to the statistical function, inadequate inter-agency coordination, and the pervasive impact of shocks exogenous to the statistical system. Greater coordination with other capacity development providers and within the IMF can help partially overcome low absorptive capacity in fragile states. Statistical capacity development is more effective when it is tailored to countries’ level of fragility.
(IEO, 2018). Political instability and conflict are other common characteristic of FCS along with vulnerability and exposure to natural disasters, all of which entail great economic and human costs. A country’s fragility status is also not permanent and may change over time.
Lending Facility 1
High Risk Location Designation
World Bank FCSClassification
Methodology Assessment Score 3 2020
This paper discusses the findings and recommendations of the Report on Observance of Standards and Codes (ROSC)—Data Module for Oman. It is observed that Oman has made significant progress in the compilation and dissemination of macroeconomic statistics since the 2004 ROSC mission. The main progress has been achieved in monetary statistics, price indices, and balance of payments, in particular the introduction of the producer price index, and improvements in data relevance, transparency, classification, and sectorization. The report also recognizes the need for Oman to move to higher data standards and identifies shortcomings in statistical practices and products that remain to be addressed.