Standards and Codes - Implementing the Fund's Medium-Term Strategy and the Recommendations of the 2005 Review of the Initiative
Policy Papers, June 29, 2006
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Bibliographic details
- Published: June 29, 2006
- Series: Policy Papers
Purpose and scope
- Informs Executive Directors of the operational changes being made to the Fund’s work on Standards and Codes to implement the Fund’s Medium-Term Strategy (MTS) and the recommendations of the 2005 IMF-World Bank review of the Standards and Codes Initiative.
- Focuses on the actions that are being taken and does not elaborate on the rationales for the corresponding recommendations, which were discussed by Directors in the context of the MTS and 2005 Review.
- The actions being taken are summarized in Table 1 (table contents not reproduced here).
Main objectives of the changes
- Improve the country coverage and prioritization of Reports on the Observance of Standards and Codes (ROSCs) to make more efficient use of resources.
- Improve the integration of ROSCs with Fund surveillance and technical assistance, for a better use of ROSC findings and greater support of reform efforts.
- Improve the clarity and timeliness of ROSCs.
Interaction with other programs and exclusions
- Many of the actions do not apply to ROSCs carried out under the aegis of the Financial Sector Assessment Program (FSAP), which are typically subject to a separate set of procedures under the FSAP.
- Actions also do not apply to financial sector ROSCs of Offshore Financial Centers, which are conducted separately.
Timing and review cycle
- According to the proposals in the MTS, the next review of the Standards and Codes Initiative would take place in 2010.
Publication metadata (as presented)
- Title: Standards and Codes - Implementing the Fund's Medium-Term Strategy and the Recommendations of the 2005 Review of the Initiative
- Publication date: June 29, 2006
- Subject: Reports on the Observance of Standards and Codes, Standards and codes
Source: Standards and Codes - Implementing the Fund's Medium-Term Strategy and the Recommendations of the 2005 Review of the Initiative (June 29, 2006).