The technical assistance is focused on enhancing the joint financial stability report of the Central Bank of Barbados and the Barbados Financial Services Commission. The mission concluded that the preparation of a detailed FSR production plan and communication strategy is of critical importance and could facilitate improvements and promote the report. The report should encompass all crucial elements of financial stability assessment and needs to be streamlined to follow the central storyline with key messages. The quality of the report could be further enhanced though advancements in the analytical toolkit employed and the utilization of all available data sources.
Anastassiya Marina, Phousnith Khay, David Farelius, Vernon McKinley, Ravi M Periyakavil R., and Rodolfo Wehrhahn
The IMF conducted a diagnostic review of the financial system of the Kingdom of Eswatini and proposed a Technical Assistance Roadmap to support the authorities’ detection of risks and vulnerabilities and to enhance capacity in financial sector oversight. The financial stability module focused on areas agreed with the country authorities: financial stability and systemic risk monitoring, macroprudential frameworks and tools; crisis management and financial safety net; and supervision and regulation of banks, nonbank deposit-taking institutions, insurance, and retirement funds. The financial sector statistics module focused on key gaps in monetary and financial statistics and financial soundness indicators that hamper financial stability analysis.
This paper discusses Philippines’ Summary Technical Assistance Report series that provides high-level summaries of the assistance provided to IMF capacity development recipients, describing the high-level objectives, findings, and recommendations. Responding to a request from the Bangko Sentral ng Pilipinas (BSP) for developing a regulatory and supervisory framework for operational resilience, a Technical Assistance mission aided the authorities in identifying regulatory gaps, provided guidance in enhancing the regulatory framework and delivered a training program focusing on regulatory aspects pertaining to operational resilience. The recommendations focused on articulating the case for policy initiative, developing a regulation in consultation with the industry, considering potential severe but plausible scenarios. The report recommends identifying and addressing regulatory gaps in existing regulations on corporate governance, information and communication technology/cyber risk, outsourcing, business continuity management, and operational risk management from an operational resilience perspective based on the feedback and the inputs provided.
Trever A Lessard, Laszlo Buzas, and Bill Northfield
This paper discusses high-level summery technical assistance report that focuses on Botswana’s domestic bond market development. The implementation of a new monetary policy framework to support the Bank of Botswana’s (BoB) inflation targeting regime is a welcome development for domestic debt market development. There is significant scope to make progress on the authorities’ goal to shift funding from nonconcessional external borrowing to the domestic bond market. Coordination between debt management and liquidity management should be enhanced to facilitate the expansion of the domestic debt market. Material improvements in the secondary market will take more time to bear fruit, and efforts in this area should be sequenced after building blocks that are more foundational are operating more efficiently. Measures to develop the domestic debt market are likely to result temporarily in higher funding costs, but this is a necessary investment in the process and will likely be counterbalanced by lower financing costs in the medium-to-long term.