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IMF Panel of Experts on Safeguards Assessments, February 2002 (pdf file)

Safeguards Assessments—Review of Experience and
Next Steps

Prepared by the Treasurer's Department
In consultation with other Departments

February 15, 2002

Use the free Adobe Acrobat Reader to view the full text (682 k pdf file).


Executive Summary
  1. Introduction

  2. The Safeguards Framework

  3. Findings and Implications
    1. Positive Trends in Central Bank Safeguards
    2. Areas for Improvement in Central Bank Safeguards
    3. Evaluation of the Findings

  4. Lessons Learned from the Safeguards Process
    1. Adequacy of the ELRIC Framework and the Documentation Set
    2. Usefulness of the Stage One/Stage Two Distinction
    3. Deadline for Completion of Safeguards Assessments
    4. Communication and Coordination
    5. Resources

  5. The Way Forward
    1. Monitoring Recommendations of Previous Safeguards Assessments
    2. Conducting Safeguards Assessments for New Arrangements
    3. Communicating the Results of Safeguards Assessments to the Executive Board

  6. Issues for Discussion


  1. Status of Assessments
  2. Main Findings of Safeguards Assessments

  1. Existing Modalities for Safeguards Assessments
  2. Fiscal Data Quality Issues
  3. Examples of Remedies Proposed After Completion of a Safeguards Assessment
  4. Operational Refinements to the ELRIC Framework

  1. The Safeguards Framework
  2. Completed Safeguards Reports as of February 8, 2002
  3. Analysis of the Findings of Safeguards Assessments
  4. Resource Implications
  5. Schematic of the Proposed Safeguards Modalities Moving Forward

  1. Involvement of External Experts
  2. Terms of Reference for Panel of External Experts