IMF, Bank reviews of financial sector reform

13 June 2005

A flurry of reviews of the BWIs work in financial sector reform kicked off in March with the Fund’s board review of the joint Bank-Fund financial sector assessment programme (FSAP). The review was unremarkable, but emphasised the need for better follow-up of issues identified during the FSAP. Board members failed to agree on a suggested move to a policy of presumed publication of FSAPs. In April, the OED released an evaluation of the Bank’s role in financial sector reforms. The evaluation recommends that the Bank should provide “much clearer guidance” to staff on financial sector issues, better focus its assistance, and make arrangements to “respond better to crises”. A parallel IEO evaluation on the Fund’s role in financial sector reform is expected in September.