The World Bank and the International Monetary Fund (IMF) praise the high professional level of specialists of the banking sector of Belarus.
At the invitation of the National Bank and the Finance Ministry of the Republic of Belarus a joint mission of the World Bank and the International Monetary Fund was in Minsk on September 17-30 under the Financial Sector Assessment Programme (FSAP). A group of experts headed by Michael Edwards (WB) and Vasily Prokopenko (IMF) met with top-ranking officials in charge of economic and finance policy and also with the participants of the market to discuss the stability of the financial system of Belarus and the development needs.
An upgraded FSAP of the Republic of Belarus is a joint product of the World Bank and the International Monetary Fund which, among other issues, analyzes the successes archived since the FSAP in 2004 and since the general assessment of stability was upgraded; includes a report on honouring the Basel Core Principles for Effective Banking Supervision; analyzes the government strategy to promote the development of the financial sector including the regulation and supervision over the securities and insurance market, accounting, audit and access to finance.
According to Michael Edwards, a seniour specialist of the WB financial sector and the chief of the group of experts of the programme, the primary focus was placed on the assessment of the role of the government in the banking system, regulation and supervision of the financial sector, force majeure actions including insurance of deposits, necessary steps in the securities and insurance markets and on the obstacles to the access to finance. “I would like to praise the high level of professionalism of our colleagues in Belarus and excellent cooperation,” he said.
The experts praised the work carried out since FSAP in 2004 on technical aspects, regulation and supervision over the financial sector. According to the specialists, a number of important measures need to be taken to improve management methods and practices for Belarus to come closer to international standards.
According to specialists of the National Bank of Belarus, the central bank and the Government of the country promote the development of the banking system taking into account best international practices. Within the framework of the Financial Sector Assessment Programme, the international experts focus on the analysis of the state of the financial sector and topical issues which are necessary to be settled for its further development. Thus, the joint efforts allow dealing more efficiently with the tasks aimed at supporting the financial stability in Belarus and promoting the integration of the national banking sector into the world financial system.
In the next few months, a team of the international experts will continue working with Belarusian colleagues to strengthen the flexibility of the financial sector. Thus, the data received during the work of the FSAP mission will be taken into account by the IMF mission that has arrived in Belarus for consultations under Article IV. belta |
