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.
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