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International Monetary Fund. Middle East and Central Asia Dept.

not been able to repay the banks. These illiquid foreign exchange assets are recorded as excess reserves in the central bank’s balance sheet. 7. Banking regulation and supervision capacity need to be improved . According to the World Bank’s assessment, Central Bank supervision is constrained due to limited resources and capacity, the supervision approach is fragmented and lacks understanding of banks’ risk profiles, corrective action is not effective and prudential requirements are incomplete and outdated. Implementation of IMF TA on supervision has been slow

International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper on Sudan provides a first stock-taking of the scale, main transmission channels and potential costs of poor governance and corruption in Sudan and offers preliminary recommendations. A large body of literature and country analyses confirm that weak governance and corruption undermine economic growth, amplify income inequality and erode public trust in the institutions. According to international agencies and existing literature, Sudan has scored very poorly on compliance with rule of law best practices in the past. Effective implementation of preventive measures is important; particularly in relation to politically exposed persons. Transparency on beneficial ownership of legal persons and arrangements to prevent their misuse for laundering the proceeds of corruption are necessary. Transparency, accountability, and comprehensive communication should be the backbone of governance and anti-corruption reforms in each sector. Rationalizing tax exemptions and phasing out tax holidays would strengthen governance while boosting fiscal revenues.
International Monetary Fund
Financial sector reform in the Baltic countries is reviewed in light of the banking crises that emerged during the reform period. It is argued that the crises had their roots in the structural deficiencies specific to planned economies and the financial environment that developed before and after these countries regained their independence, thus rendering them largely inevitable. Because of the low level of financial intermediation, however, even the failure of large banks had limited systemic effects and a minor negative impact on output and incomes. The crises slowed down the financial reform process, but brought about a desired consolidation of the banking sector.
International Monetary Fund

to be put in place for conducting market-based monetary policy; (f) banking supervision capacity needed to be built up and effectiveness of prudential regulations needed to be strengthened in order to discourage banks from excessive risk-taking and to ensure the viability and health of the banking system; and (g) bankruptcy and collateral legislation needed to be passed to allow banks and enterprises to enforce and secure contracts. 18. Although financial liberalization measures were implemented early in the transition process ( Box 1 ), supporting structural