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Ifa Progress Report

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Information Note by World Bank Staff

July 12,2005

TABLE CONTENTS OF

I N T R O D U C T I O N .............................................................................................................. I . I1 .

3 4 10
10 11 13 14 14 17 19

THE GLOBAL AGENDA ..........................................................................................
PROGRESS IN THE IFA AGENDA ....................................................................... The Financial Sector Assessment Program (FSAP) ............................................. The Reports on the Observance o f Standards and Codes (ROSC) ....................... The Financial Sector Reform and Strengthening Initiative (FIRST) .................... The Financial Sector Reform and Strengthening Initiative (FIRST) .................... Combating Money Laundering and Terrorist Financing (AML/CFT) ................. Debt Sustainability & Debt Management ............................................................. Social Protection...................................................................................................

A. B. C. C. D. E. F.

ANNEX
Accounting and Auditing ........................................................................................... Corporate Governance ............................................................................................. Insolvency and Creditor Rights ................................................................................

22 28 33

2

INTRODUCTION 1. In response to major financial crises in the 1990s, the international community embarked o n a range o f initiatives to help prevent crises and to manage them in the event that they nevertheless occur. This framework i s referred to as the International Financial Architecture (IFA).

2. Lessons drawn from the aftermath o f those financial crises underscored

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