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International Monetary Fund. Legal Dept.
At the request of the authorities of Zambia, an interdepartmental (LEG/FAD/MCM/FIN) Governance Diagnostic Assessment (GDA) mission was conducted during January 14 – May 6, 2022.1 In line with the IMF’s 2018 Framework on Enhanced Fund Engagement on Governance,2 the diagnostic assessment focused on governance weaknesses and corruption vulnerabilities in macroeconomically critical priority areas of: (i) the anti-corruption and anti-money laundering; (ii) fiscal governance (e.g., public financial management, revenue administration, oversight of State Owned Enterprises, natural resource management, and procurement); (iii) enforcement of contract and protection of property rights; (iv) central bank governance and operations, and (vi) financial sector oversight.
Rohit Goel, Deepali Gautam, and Mr. Fabio M Natalucci
Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature, analyzes the evoluiton of EM sustainable finance markets, including differences with advanced economies. The analysis shows how sustainable finance in EMs is growing fast not just in aggregate but importantly across many dimensions. The paper also identifies key development areas for EMs and policies to strengthen the resilience of sustainable finance markets.
International Monetary Fund. Monetary and Capital Markets Department
The implementation of a twin peaks model represents a significant change to the South African financial supervisory architecture. The Prudential Authority (PA), operating within the administration of the South African Reserve Bank (SARB), is responsible for promoting and enhancing the safety and soundness of financial institutions that provide financial products and securities services. A separate authority, the Financial Sector Conduct Authority2 (FSCA), is responsible for market conduct regulation and supervision. The introduction of the twin peaks architecture was motivated by a need to increase the robustness of the financial sector regulatory and supervisory system, reinforce financial stability, improve protection of customers, and enhance cooperation among the regulators.
Mark Adams, Hanife Yesim Aydin, Hee Kyong Chon, Anastasiia Morozova, and Ebru S Iskender
This paper highlights the distinct challenges and suggests practical solutions to the effective regulation, supervision, and crisis management for public banks. It acknowledges that public banks exist for variety of reasons (legacy, ideology, public policy) and will likely remain a feature of financial systems in a number of countries. On this basis, it provides advice on how to best incorporate public banks in the regulatory paradigm commensurate with their risk profiles.