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International Monetary Fund. External Relations Dept.

part of their financial sector reform strategy, Botswana, Ghana, Namibia, Sierra Leone, and Swaziland are modernizing their payment and settlement systems. With funding from the Japanese government, the IMF’s Monetary and Financial Systems Department stationed a regional payment systems advisor in Botswana to assist these countries in the modernization process. The IMF advisor has been working with the country authorities to develop legislation in support of the new payment systems. implement Electronic Clearing Houses, Electronic Funds Transfer, and Real Time

International Monetary Fund

with an IMF advisor funded by JSA grants and with its international auditors, the BB has reached the point at which its annual financial statements are certified as compliant with International Financial Reporting Standards (IFRS). Further work under a separate World Bank project is expected to improve the quality of the BB’s underlying accounting and information technology systems and the timeliness of the published financial statements. Internal audit reform has seen the introduction of a modern risk-based framework for audit planning and operations, along with the

International Monetary Fund
This report on the observance of Standards and Codes—Data Module provides an assessment of Mauritius’s macroeconomic statistics against the Special Data Dissemination Standard complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework July 2003. The assessment reveals that the quality of the macroeconomic statistics in Mauritius has improved significantly since the previous assessment conducted in 2001. Quarterly national accounts were successfully put in place. Work is well advanced to implement the new international methodology for government finance statistics.
Mr. Jack Diamond and Mr. Barry H Potter

was emphasis on the legal aspects and the need for organizational restructuring, but rather less attention was paid to the human dimension. Yet. IMF advisors (without exception) have stressed that the presence of capable counterpart personnel was one of the most significant critical factors. How well the authorities understood the ultimate goals of reforming treasury operations was also important in sustaining the reform effort. Officials were often diverted to other priorities in crisis conditions. Bolstering the counterparts technically and within their

Mr. Jack Diamond and Mr. Barry H Potter

progress. However, some countries have clearly made much more substantial progress (e.g., Latvia) while others have lagged behind (e.g., Uzbekistan). Surprisingly, few countries have put in place a full legal and regulatory framework for treasury operations that IMF advisors would judge as suitably comprehensive. It is clear, however, that, with the exception of Uzbekistan, all countries are making efforts to computerize their operations—over half are judged to be developing an adequate in-house financial information system and are extensively using personal computers

Mr. Jack Diamond and Mr. Barry H Potter

, leading to the recent accelerated development of the treasury system. The acceptance of ownership of the reform measures by the working group led by the treasury director in Kazakhstan was regarded as a critical factor in the substantial progress made there. Apart from the motivation factor, the degree of power delegated to treasury officials in pursuing reform was also noted as very important by IMF advisors (e.g., in the Kyrgyz Republic). Those countries that show the least progress generally exhibited a high turnover in counterparts (as in Uzbekistan) or lacked