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International Monetary Fund. Asia and Pacific Dept
Early and decisive measures successfully prevented an outbreak of COVID-19 in Nauru, and as of January 2022 there have been no COVID-19 cases on the island. Strong pandemic policy measures supported the economy, which continued to expand in FY20 and FY21. Nauru’s remoteness and size constrain potential growth and it is severely exposed to the negative effects of climate change on sea levels and the ocean stock of tuna. Development challenges are exacerbated by limited capacity and a high incidence of non-communicable diseases (NCDs).
International Monetary Fund. Monetary and Capital Markets Department
Important improvements have been made to the bank resolution, safety net and crisis management framework since the last FSAP. The resolution framework has been strengthened with the creation, within the Banco Central do Brasil (BCB), of a new Resolution Department, and requirements for recovery and resolution planning have been established. The early intervention powers of the BCB are robust and flexible. Notwithstanding this progress, the current framework has limitations that are broadly acknowledged by the authorities. Resolution powers are incomplete and no formal inter-agency arrangements for crisis management are in place. The BCB has taken the lead in preparing a comprehensive draft law (the “Draft Law”) that seeks to introduce a new resolution regime in line with international best practices. This FSAP takes place therefore at a critical juncture. It provides recommendations on the design features of the new resolution regime, examining the existing framework as well as the areas not addressed in the Draft Law.
International Monetary Fund. Monetary and Capital Markets Department

powers are incomplete and no formal inter-agency arrangements for crisis management are in place. The BCB has taken the lead in preparing a comprehensive draft law (the “Draft Law”) that seeks to introduce a new resolution regime in line with international best practices. This FSAP takes place therefore at a critical juncture. It provides recommendations on the design features of the new resolution regime, examining the existing framework as well as the areas not addressed in the Draft Law. The Draft Law represents a major improvement of the resolution framework