World Bank, IMF hold talks for Financial Sector Assessment Programme
At the request of the government and the central bank a joint mission of the International Monetary Fund (IMF) and World Bank (WB) visited Nepal from February 2-16 to conduct an evaluation of the financial system under the Financial Sector Assessment Programme (FSAP).
The programme evaluations are conducted on a regular basis for IMF and World Bank members, and are meant to provide an independent assessment of financial sector stability and development prospects.
In broad terms the programme reviewed and assessed issues related to financial stability, prudential regulation and supervision, risk management, the payments system, debt recovery and the insolvency regime, financial cooperatives, and access to finance—particularly by low income households and SMEs.
Upon completion of its work, the IMF and World Bank teams will prepare reports for their respective executive boards, which will inform the Financial Sector Development Strategy and Technical Assistance from development partners. It is also intended to provide guidance to Nepal on best international practice in financial sector regulation and development.
The mission met with senior officials from Finance Ministry, Nepal Rastra Bank, Insurance Board, Securities Board of Nepal (Sebon), Ministry of Cooperatives, and other related government agencies as well as representatives of the financial sector, industry, and civil society.