BAKU, Azerbaijan, March 30. The first Financial Sector Assessment Program (FSAP) of the International Monetary Fund (IMF) and the World Bank started in Kazakhstan, Trend reports, citing the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market.
The mission will last until 11 April 2023.
FSAP is a comprehensive and in-depth analysis of the country's financial sector in two main areas: assessing the stability and reliability of the financial sector and its potential contribution to the growth and development of the country's economy.
The first mission entails eight directions, including, the analysis of systemic and climate risks, financial security networks, assessment of macroprudential policy and banking regulation in accordance with the Basel standards, analysis of the regulation of crypto assets, financial intermediation, and capital market development.
The mission will be executed in close cooperation with representatives of local ministries and agencies.
The experts will return to Kazakhstan in July 2023 to finalize the mission. Based on the results of the Financial Sector Assessment Program, the IMF and the World Bank will present a Report on the stability of the country's financial sector and recommendations for its further development.