Financial Sector Assessment Program (FSAP)

The Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and in-depth assessment of a country’s financial sector. FSAPs in advanced economies are conducted by the IMF with a focus on assessing the resilience of the financial sector, the quality of the regulatory and supervisory framework, and the capacity to manage and resolve financial crises.  In developing and emerging market economies, FSAPs are conducted jointly with the World Bank. These FSAPs also include a financial development assessment, which is the responsibility of the World Bank. Based on their findings, FSAPs produce recommendations of a micro- and macro-prudential nature and on developmental needs in developing and emerging market economies, tailored to country-specific circumstances. These recomendations are contained in an Aide Memoire, which is a confidential and comprehensive document left with national authorities at the end of the last FSAP mission. FSAPs conclude with the preparation of a Financial System Stability Assessment (FSSA), which is discussed at the IMF Executive Board together with the country’s Article IV report. Publication of FSSAs is presumed, but voluntary. In addition to the main document (listed below if published), individual country’s FSAPs may bring forward additional supporting documents.

The FSAP is a key instrument of the Fund’s surveillance and provides important inputs to bilateral surveillance in the context of Article IV consultation. Financial stability assessments under the FSAP are a mandatory part of Article IV surveillance for members with Systemically Important Financial Sector (SIFS), and are currently expected to take place every five or ten years depending on thier relative systemic relevance in transmitting shocks across borders; for all other jurisdictions, participation in the program is voluntary.

FSAP Tracker Map

Hover over highlighted countries to see details.

Last Updated: February 7, 2024