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This IMF Departmental Paper presents the key areas in which countries of the Middle East, North Africa, and the Caucasus and Central Asia (MECA) can enhance governance and fight corruption to achieve their economic policy goals. It draws on advances that have already taken hold in the region.

Economics: General --- International Economics --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Economywide Country Studies: Asia including Middle East --- Financial Institutions and Services: Government Policy and Regulation --- Political economy --- International institutions --- Institutional governance --- Inclusive growth --- Middle East and Central Asia --- Fiscal governance --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Fiscal transparency --- Revenue administration transparency and accountability --- Corporate governance --- Money laundering

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This technical note on the Kingdom of the Netherlands—Netherlands reviews the Model of Financial Sector Supervision. The Netherlands authorities have invested considerable thought and effort in designing and implementing the new institutional framework, and we expect that it will make an important contribution to ensuring continued effective supervision as the financial system evolves further. The framework of financial sector supervision in the Netherlands is in the process of transformating from a fairly traditional sectoral approach to a cross-sectoral functional approach.

Finance --- Funding --- Funds --- Economics --- Currency question --- State supervision --- Netherlands --- Economic policy. --- Banks and Banking --- Business and Financial --- Public Finance --- Finance: General --- Industries: Financial Services --- General Financial Markets: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial services law & regulation --- Banking --- Public finance & taxation --- Financial regulation and supervision --- Financial sector stability --- Financial sector policy and analysis --- Financial services --- Revenue administration transparency and accountability --- Revenue administration --- Institutional arrangements for revenue administration --- Financial services industry --- Law and legislation --- Banks and banking --- Revenue --- Netherlands, The

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This paper on Uganda discusses Central Bank Transparency Code Review. The Bank of Uganda (BOU) is implementing transparency practices that are broadly aligned with the good practices for central banks. The BOU continues to improve communication of its monetary policy framework in a transparent manner, but there is room to enhance transparency by disclosing policy deliberations. The BOU has improved macroprudential policies and the analytical framework aimed at mitigating systemic risks, but decisions leading to macroprudential actions are not explained. The anti-corruption legal framework in Uganda applies to the BOU, however no details are disclosed in the public domain as to how it is applied and enforced with respect to the BOU. The BOU should consider compiling and developing a policy on confidentiality that includes the reasons underlying the choices it has made on disclosure or nondisclosure. The mission found that BOU’s transparency practices largely conform to various dimensions of transparency as information is disseminated through several channels.

Money and Monetary Policy --- International Economics --- Criminology --- Finance: General --- Public Finance --- Banks and Banking --- Macroeconomics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Illegal Behavior and the Enforcement of Law --- General Financial Markets: Government Policy and Regulation --- Taxation, Subsidies, and Revenue: General --- Financial Markets and the Macroeconomy --- Monetary economics --- International institutions --- Corporate crime --- white-collar crime --- Finance --- Public finance & taxation --- Banking --- Monetary policy --- International organization --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Crime --- Financial sector stability --- Financial sector policy and analysis --- Revenue administration transparency and accountability --- Revenue administration --- Macroprudential policy --- International reserves --- Central banks --- International agencies --- Money laundering --- Financial services industry --- Revenue --- Economic policy --- Foreign exchange reserves --- Uganda

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The Bank Al-Maghrib (BAM) has implemented expanded and comprehensive transparency practices in a number of areas, notably related to the primary mandate of price stability and the shared mandate of financial stability. This reflects the BAM’s public commitment to transparency anchored in the new 2019 BAM Law and articulated as a strategic orientation under the quinquennial plan for 2019-2023. This level of transparency enabled the BAM to gain the noteworthy trust of the stakeholders met by the mission and to safeguard its autonomy.

Morocco --- Money and Monetary Policy --- International Economics --- Foreign Exchange --- Finance: General --- Public Finance --- Banks and Banking --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- General Financial Markets: Government Policy and Regulation --- Taxation, Subsidies, and Revenue: General --- Central Banks and Their Policies --- Monetary economics --- International institutions --- Currency --- Foreign exchange --- Finance --- Public finance & taxation --- Banking --- Monetary policy --- International organization --- Exchange rate arrangements --- Exchange rate policy --- Financial sector stability --- Financial sector policy and analysis --- Revenue administration transparency and accountability --- Revenue administration --- International agencies --- Financial services industry --- Revenue

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This technical assistance report on Zambia discusses the governance and anti-corruption assessment. Acknowledging the need to address corruption, strengthen governance and the rule of law, the President and authorities of Zambia have announced a series of important initiatives. Consistently high fiscal deficits, inefficient public investment and weak controls on spending led to Zambia accumulating large fiscal and external imbalances. In the challenging environment, the authorities sought the IMF’s assistance to analyse governance weaknesses and corruption vulnerabilities and make specific, country-tailored and feasible recommendations to address governance and corruption risks in wide-ranging areas. The report identifies on near-term reform steps and structural policy measures that require more time and resources but are necessary for sustainable change. All recommendations coming out of the diagnostic shall contribute to the formulation of governance and anticorruption policies and programs, improvement of the legal and institutional frameworks, as well as governance and anti-corruption reform measures agreed to in the Extended Credit Facility Arrangement for Zambia.

Zambia --- Money and Monetary Policy --- International Economics --- Criminology --- Public Finance --- Corporate Governance --- Budgeting --- Macroeconomics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Illegal Behavior and the Enforcement of Law --- Taxation, Subsidies, and Revenue: General --- Corporate Finance and Governance: Government Policy and Regulation --- National Budget --- Budget Systems --- Monetary economics --- International institutions --- Corporate crime --- white-collar crime --- Public finance & taxation --- Corporate governance --- role & responsibilities of boards & directors --- Budgeting & financial management --- Monetary policy --- International organization --- Crime --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Revenue administration transparency and accountability --- Revenue administration --- Economic sectors --- Budget planning and preparation --- Public financial management (PFM) --- International agencies --- Money laundering --- Revenue --- Budget