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Persistent challenges: The multi-speed nature of the global economic recovery is testing the system, with strains already appearing in the form of large capital inflows to many emerging market countries and exchange rate pressures. At the same time, slow employment growth, high indebtedness, and remaining financial sector fragilities in some countries could yet derail a fragile recovery. Only cooperative approaches will succeed in relieving tensions and building a strong and sustainable recovery, based on a more balanced pattern of global growth.

Financial security.

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The United Kingdom (U.K.) bank resolution and financial crisis readiness arrangements are sound but with opportunities for continued and accelerated enhancements. The U.K. authorities' individual and collective crisis readiness-including with other major jurisdictions-continues to improve. Mid-2022, all major U.K. banks and the authorities will issue the first public statements about these banks' resolvability. This is supported by a comprehensive special resolution regime (SRR) and resolvability assessment framework (RAF) for banks. Yet, there is space-and a need-to further enhance the SRR, including its application to central counterparties (CCPs), and to introduce one for insurance companies. Furthermore, elements of the deposit insurance system and firm-specific resolution decision-making should be strengthened, and implementation and reputation risk addressed.

Financial security.

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Centralized country-owned GMs are managed by a single entity that provides the main gateway for the submission of citizen feedback. In most cases, the task of such a centralized GM is to accept and acknowledge the receipt of a submission and then forward it to the public sector entity with the mandate to address the specific issue at hand. Upon receiving a submission, the appropriate ministry, bureau, or department ensures adequate follow-up, investigation, and action, with a view toward proposing a resolution agreeable to the GM user. Grievance redress units established at the central/ national level typically monitor the responses of such public entities to ensure that they are abiding by legally established timeframes for an administrative response and that after receiving a suggested resolution, they are communicating it back to citizens. Furthermore, because of its position as a central node, a centralized GM can also collect and publish relevant grievance data.

Financial security.

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The Bolivian economy is gradually recovering from the pandemic-induced recession. La Paz Municipality primary balance has fluctuated near balance as this municipality managed to cushion the decline in hydrocarbon revenues and the pandemic. The DeMPA assessment for the Autonomous Municipal Government of La Paz (Gobierno Autónomo Municipal de La Paz) - GAMLP was undertaken by applying the 2016 methodology available for local governments at the time of the mission. The Subnational DeMPA (SN DeMPA) is a methodology for assessing public debt management performance through a comprehensive set of indicators spanning the full range of government debt management functions. This report is divided in 4 sections. Section 2 briefly describes the economic background of the country, and more specifically of the Municipality of La Paz (including challenges and changes brought by COVID-19 pandemics) and presents an overview of the local government debt portfolio. Section 3 summarizes the applied methodology for the assessment and discloses assigned scores for each of the 13 Debt Performance Indicators and the 31 sub-indicators. Finally, section 4 provides details for each assessed sub-indicators, pointing for the requirements that are met for the assigned score, and what is missing for the GAMLP achieving improved scores in a future assessment.

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This paper reports on developments in the Financial Sector Assessment Program (FSAP) since the last Board review of the FSAP in spring 2003 and discusses staff views of the programs evolution.

Financial security.