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International Monetary Fund

software system and provided related TA to facilitate trade, speed up clearances, and improve data accuracy. Financial Sector Regulation and Supervision In May 2006, a PFTAC advisor visited FSM to review draft insurance legislation. An aide memoire was provided to authorities on the supervision of insurance in FSM. The mission discussed and reviewed the proposed insurance legislation and followed up on aspects of issues identified in an IMF technical assistance (TA) mission in March 2006. The Commissioner was cognizant of the need to establish a legislative and

International Monetary Fund

, along with the PFTAC advisor, to provide further training and to review the system. The PFTAC advisor visited RMI again in May 2009 to provide training. PFTAC is meanwhile developing a commitment control manual for RMI and a commitment control system may be installed, and training provided once the government’s feedback of the draft commitment control manual is received. PFTAC also carried out an assessment of the IFMIS systems in RMI in December 2009 with a view to recommend next steps to improve the operation of the system. Tax Administration and Policy In

International Monetary Fund. Asia and Pacific Dept

to work on fiscal forecasting and again in June 2008 for one final visit to anchor the system and provide training. A cash management manual was developed by PFTAC and training provided on its operation in early 2007. In 2008, training on the operation of the system was provided to line ministries by a peripatetic consultant and a PFTAC advisor, as well as a review of the system. The PFTAC advisor visited RMI again in May 2009 to provide training. PFTAC is also developing a commitment control manual for RMI, and carried out an assessment of the IFMIS systems in RMI

International Monetary Fund

advisor to provide guidance and recommendations on receivership matters relating to the failure of Pacific Savings Bank. As a result of recommendations by the peripatetic advisors, and likely in response to the recent failure of Pacific Savings Bank, needed amendments to the Financial Institutions Act were approved in February 2008. During 2008 and 2009, the PFTAC advisor was involved in three missions to Palau. These missions involved providing assistance in finalizing regulations for implementing the revised banking law (which have subsequently been issued), drafting

International Monetary Fund

Financial Management In May 2006, the PFTAC adviser undertook a review of the Public Finance and Audit Act (PFAA; 1978) , the Financial Instructions (FI; 1978) and the Stores Instructions (1976; SIs). The mission agreed with the authorities that the more immediate need was for a process redesign of the key accounting operations, linked to a significant redraft of the FI. In August 2006, a mission recommended measures to improve accounting operations and installed two consultants to redraft the FI. A final report was sent to the authorities in January 2007

International Monetary Fund. Asia and Pacific Dept

Kiribati have regularly participated in PFTAC’s regional PFM events, including the November 2011 MTB workshop, the July 2012 PEFA Workshop, the Strategic Development Program Workshops (with Australia DOFD), and the PIFMA Heads meetings. Financial Sector Regulation and Supervision In August 2003, the PFTAC advisor and an IMF legal expert visited Kiribati to conduct consultations with industry and government officials on a Financial Institutions Bill that had been drafted in July 2002. Responses to comments raised by the authorities, together with appropriately

International Monetary Fund. Asia and Pacific Dept

Planning— were connected to the system. In a series of missions beginning in May 2014, PFTAC’s expert on the PNG project examined a number of aspects of the implementation effort including highly technical matters, levels of cooperation from other ministries, IFMS project organizational issues, staffing, and local opportunities for out-sourcing some aspects of the IFMS support operations. Most of the PFTAC Advisor’s recommendations were accepted and, later in 2014, PNG’s Department of Finance started the process of reforming its ICT delivery operations in order to

International Monetary Fund. Asia and Pacific Dept

expectation of producing experimental estimates by the beginning of 2015 for publication in August 2015 (4.1) and will continue to provide follow-up on price indices with support of both IMF HQ (4.8) and the Australian Bureau of Statistics. IMF HQ will also provide support for enhancing balance of payment statistics and government finance statistics. In financial sector supervision , the PFTAC advisor will continue to be available for consultations with RBF staff and will work on regional issues with the RBF’s head of bank supervision who is executive director of AFSPC

International Monetary Fund. Asia and Pacific Dept

, the PFTAC advisor will continue to be available for consultations with RBF staff and will work on regional issues with the RNF’s head of bank supervision who is executive director of AFSPC. APRA, who had provided the bulk of TA in this sector recently indicated that it will be scaling down its support to the RBF following a policy change at AusAid. RBF subsequently indicated that it will be increasing its involvement with the TA program provided by PFTAC, especially as it pertains to Risk Based Banking Supervision training. It will further request technical

International Monetary Fund. Asia and Pacific Dept

price index. IMF HQ has provided support for enhancing balance of payment statistics and government finance statistics. In financial sector supervision , the PFTAC advisor will continue to be available for consultations with RBF staff and will work on regional issues with the RBF’s head of bank supervision who is executive director of AFSPC. RBF is increasing its involvement with TA programs provided by PFTAC, especially pertaining to Risk Based Banking Supervision training with the staging of a consolidated supervision of conglomerates workshop. It is further