Significant fiscal slippages in late 2015 and early 2016, compounded by negative spillovers from Nigeria, led to a deterioration of the macroeconomic situation. The election in March 2016 of a new president who campaigned for a clear break with past policies offers an opportunity to implement sensible policies to promote inclusive and sustainable growth and reduce poverty. The authorities have launched an ambitious reform agenda and reaffirmed their commitment to preserving macroeconomic stability and medium-term debt sustainability.
This report is the summary of a technical note on Supervision of Insurance of Spain and Alternative Models for an Independent Agency. It reviews the organizational alternatives for insurance supervision and discusses the advantages and disadvantages of alternative institutional arrangements. It presents various alternatives for an independent insurance supervisory agency for Spain.
This paper discusses key findings of the Assessment of Financial Sector Supervision and Regulation for Panama. The assessment of bank supervision showed a high degree of compliance with the Basel Core Principles (BCP) reflecting generally satisfactory implementation combined with an adequate legal and regulatory foundation. The supervisory and regulatory frameworks for capital markets and insurance sectors are underdeveloped. The securities law and regulations are generally effective; however, resources for securities markets oversight are insufficient, and independence is affected by unfilled positions, including a commissioner’s post.
International Monetary Fund. Western Hemisphere Dept.
This paper aims to discuss the economic reform program in Jamaica that focuses on reducing macroeconomic vulnerabilities, fostering growth, creating conditions for financial deepening and inclusion, reallocating public resources to maximize economic returns, and improving competitiveness. After three years of difficult economic reforms, inflation is at historical lows, current account deficit has more than halved, net international reserves have doubled, and access to domestic and international financial markets has been restored, supported by upgrades in credit ratings and historically high business confidence indicators. Comprehensive reforms in tax policy and administration have been and continue to be undertaken, while strict adherence to fiscal discipline have helped place debt on a downward trajectory.
The recent government administrations and the Bank of Israel (BOI) are determined to obtain and preserve a stable currency and macroeconomic environment, in addition to deepening the financial sector. The BOI plays a key role in liquidity management and absorbing liquidity shocks owing to the uneven development of financial markets. The paper summarizes assessment of Israel's observance of financial sector supervision standards and codes. Israel has relatively well-developed, capable, and transparent financial sector supervision and monetary policy formulation. Insurance and pension reform should be completed.
The Netherlands Authority for Financial Markets (AFM) has developed a robust supervisory framework, which exhibits high levels of implementation of the International Organization of Securities Commissions Principles. The AFM’s efforts are complemented by The NetherlandsCentral bank's (DNB) program of prudential supervision, which is reasonable and credible. Gaps in the legal framework for issuers, and on management of collective investment schemes, in the case of the DNB, have imposed limitations. Their ability to react in a swift manner to emerging risks in the financial sector is limited.