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Law > Business and Financial

You are looking at 1 - 10 of 42 items for :

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Cover IMF Staff Country Reports
Sri Lanka: Technical Assistance Report-Governance Diagnostic Assessment
International Monetary Fund. Legal Dept., International Monetary Fund. Fiscal Affairs Dept., International Monetary Fund. Monetary and Capital Markets Department, and International Monetary Fund. Finance Dept.
This technical assistance report on Sri Lanka discusses the Governance Diagnostic Assessment. In recent years, a confluence of shocks and policy missteps led to a deep economic and governance crisis. Sri Lanka continues to face severe economic, social and governance challenges. The authorities have requested IMF assistance to analyse governance weaknesses and corruption vulnerabilities that are macro-critical in their own right and stand in the way of achieving the objectives of the reform program. The report highlights immediate and short-term measures to address key corruption issues, as well as structural reforms that require more time and resources but are essential to strengthen governance and initiate lasting change. The recommendations are designed as a coherent approach to improving governance through a focus on: clarity of authority and responsibility for core functions; financial and operational independence of essential accountability and law enforcement institutions; transparency in government practices and performance, especially relating to the planning, spending, and accounting for the use of public funds and assets; inclusive, accessible, and rule-based means to enforce private agreements and challenge official behaviour; and efficient mechanisms for making information public and holding organizations and individuals to account for their performance and behaviour.
Keywords:
governance weakness; revenue administration recommendation; governance arrangement; governance concern; governance dynamics; Corruption; Revenue administration transparency and accountability; Budget planning and preparation; Auditing; Global; Asia and Pacific
Cover IMF Staff Country Reports
South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision
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.
Keywords:
IMF-World Bank Financial Sector Assessment Program; WB staff; staff team of the International Monetary Fund; FSAP's finding; bank supervision department; H. liquidity risk; Bank supervision; Corporate governance; External audit; Auditing; Africa; Global
Cover IMF Staff Country Reports
Tuvalu: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tuvalu
International Monetary Fund. Asia and Pacific Dept
Swift implementation of containment measures, limited spillovers from tourism, and COVID-related fiscal spending financed by buoyant fishing revenues and donor grants have allowed Tuvalu—a fragile Pacific micro-state—avoid a recession in 2020. The economy is expected to expand by 2.5 percent in 2021, supported by fiscal expenditures and resumption of infrastructure projects. But significant challenges remain: Tuvalu is vulnerable to the effects of climate change, its economy is dominated by the public sector, and its revenue base is narrow. Uncertainty around donor commitments complicates fiscal planning.
Keywords:
Tuvaluan authorities; government travel; AIV consultation; CPI expenditure weight; budget preparation process; PFTAC assistance; Debt sustainability analysis; Budget planning and preparation; Pacific Islands; Global; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Fiji: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with the Republic of Fiji highlights that economic activity slowed sharply in 2019 due to lower government spending, tighter domestic financial conditions, weak sentiment, and the global deceleration. The slowdown followed several years of relatively strong growth, boosted by reconstruction spending after a major cyclone in 2016, which resulted in rising external and fiscal imbalances. Fiscal space is now at risk and external vulnerabilities remain significant. Fiji has large investment needs to strengthen resilience to natural disasters and climate change. A key priority should be to rebuild fiscal buffers in a growth-friendly way to create space to respond to future natural disasters and to ensure public debt sustainability. Fiscal consolidation should focus on reining in current spending given limited scope for further revenue mobilization and the need for capital spending to improve resilience to climate change. Improvements in the business environment and in governance are essential to raise potential growth and boost private investment, and to enhance productivity and competitiveness.
Keywords:
ISCR; CR; authority; Fiji; economy; Fijian authorities; Fijian economy; priority investment; growth outlook; long-term climate action plan; Anti-money laundering and combating the financing of terrorism (AML/CFT); Government debt management; Credit bureaus; Global; Pacific Islands; International reserves
Cover IMF Staff Country Reports
Jamaica: Sixth Review Under the Stand-By Arrangements-Press Release; Staff Report; and Statement by the Executive Direct for Jamaica
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Jamaica’s Sixth Review Under the Stand-By Arrangement (SBA). All quantitative performance criteria, indicative targets, and the structural benchmark at end-June were met, marking a successful completion of the SBA. Discussions centered on policies to lock-in macroeconomic stability and advance supply-side reforms to promote inclusive growth, including: building institutions and advancing fiscal reforms to safeguard and sustain economic stability and debt reduction; improving monetary operations and policy transmission; and bolstering financial inclusion, access to credit, and formality. Most structural policy commitments are on track, although some key reforms to public sector transformation, the compensation framework for public employees, legislation to establish a fiscal council, and creating a special resolution regime for financial institutions have been delayed due to capacity constraints and the need to build stakeholder support for these reforms. Important gains have been made in the oversight of financial institutions.
Keywords:
ISCR; CR; policy; IMF's Executive Board; governance framework; reform commitment; government; implementing policy; fund program arrangement; Public sector; PFM legal and regulatory frameworks; Fuel prices; Global
Cover IMF Staff Country Reports
Nepal: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper examines the degree to which inflation co-moves between India and a panel of countries in Asia. The paper shows that the considerable co-movement in headline inflation rates between India and Nepal is driven almost exclusively by food-inflation co-movement. By contrast, the role for inflation spillovers emanating from India in driving non-food inflation in Nepal appears limited. The implication is that Nepal should rely on domestic monetary policy rather than stable inflation in India to achieve stable domestic inflation. The main takeaway from the results is that food inflation co-movement between India and other countries is higher in cases where the co-movement in rainfall deviations from seasonal norms is highest. Since core inflation co-movement is weak, idiosyncratic domestic factors such as economic slack, exchange-rate movements, and differing degrees of passthrough from food- and energy-price shocks play an important role. This finding is critically important for monetary policy, especially since domestic policy is primarily effective only in controlling core inflation. Thus, domestic monetary policy needs to be calibrated to domestic inflationary pressures—Nepal cannot necessarily rely on stable inflation in India to achieve stable domestic inflation.
Keywords:
ISCR; CR; Nepal; headline inflation inflation rate; SME credit guarantee scheme; policy effort; SME lending; India-Nepal case; government initiative; Fiscal federalism; Financial inclusion; Inflation; Asia and Pacific; Global; South Asia