Aug 04, 2017

IMF Executive Board concludes Review of the Standards and Codes Initiative

The Executive Board of the International Monetary Fund (IMF) considered a joint IMF-World Bank staff paper on the standards and codes (S&C) initiative in line with the initiative’s requirement for periodic reviews.

IMF Executive Directors welcomed the 2017 review of the standards and codes (S&C) initiative. They agreed that the initiative continues to make a substantial contribution to promoting international financial stability and there are no major gaps in its overall architecture.

The S&C initiative was launched in the wake of the emerging market crises of the 1990s as part of efforts to strengthen the international financial architecture and is aimed at improving economic and financial resilience by assisting countries in strengthening their economic institutions and informing World Bank and IMF work.

The initiative comprises 12 policy areas covering transparency of data and policy making; financial sector regulation and supervision; and, institutional and market infrastructure. S&C outputs for member countries are prepared and published at the request of the member country and include Detailed Assessment Reports (DARs), Reports on the Observance of Standards and Codes (ROSCs), Technical Notes, as well as newer outputs such as Fiscal Transparency Evaluations (FTEs).