Other Financial Accountability Study
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Publication
Papua New Guinea Financial Consumer Protection Diagnostic 2018
(International Finance Corporation, Washington, DC, 2018-10-01)The objective of the diagnostic review of financial consumer protection in PNG was to assess the FCP legal and regulatory framework and industry practices relevant to key parts of the regulated PNG financial sector. The diagnostic specifically considers the banking, non-bank financial institutions (NBFI), insurance, and payments sectors. Preliminary consideration has also been given to the superannuation sector and the securities, investments and informal sectors are not within the scope of this review. The review was conducted based on the revised and enhanced 2017 World Bank Good Practices for Financial Consumer Protection and the G20 High – Level Principles on Financial Consumer Protection and Digital Financial Inclusion. Regard has also been had to the Better Than Cash Alliance Responsible Digital Payments Guidelines. The following topics have been covered: (i) legal and regulatory framework; (ii) FCP supervision and capacity; (iii) transparency and fair treatment; and (iv) consumer complaints. A broad variety of stakeholders were consulted for the purposes of this diagnostic review, including government entities and regulators, representatives of the banking, NBFI, insurance and payments sectors and industry associations. The report was prepared as part of the PNG Financial Consumer Protection Project, funded by the Department of Foreign Affairs in Australia and the Ministry of Foreign Affairs in New Zealand under the PNG Partnership. -
Publication
Vietnam Fiscal Transparency Review : Analysis and Stakeholder Feedback on State Budget Information in the Public Domain
(Hanoi, 2014-05-21)Vietnam has come far in improving fiscal transparency. Building on these gains could help strengthen macroeconomic management, improve market perceptions of risk, and increase accountability for service delivery. Fiscal transparency is an important element of the Government's policy dialogue with development partners, particularly in the context of ongoing budgetary support. External reviews of PFM and fiscal transparency in Vietnam have noted important progress though highlighted considerable scope for improvement. This report aims to complement ongoing PFM reviews, including the Government's Public Expenditure and Financial Accountability (PEFA) assessment, to help identify relatively low cost measures to strengthen fiscal transparency. It draws on existing diagnostic approaches to carry out a technical review on the public availability of fiscal information (section B), and the coverage, comprehensiveness and presentation of fiscal reports (sections C and D). -
Publication
Socialist Republic of Vietnam - Results-Based National Urban Development Program in the Northern Mountains Region : Fiduciary System Assessment
(Washington, DC, 2014-04-28)The proposed Results-Based National Urban Development Program in the Northern Mountains Region (RBNUDP-NM or the Program ) will assist the Government of Vietnam in developing the implementation framework for its national urban program. It will do this by piloting a performance-based transfer system that will provide participating cities with a combination of much needed resources along with a clarification of implementation responsibilities, a results-based orientation, improved planning and a strengthening of oversight and accountability through audits and verification activities. The Program Development Objective is to strengthen the capacity of participating Northern Mountains cities to plan, implement and sustain urban infrastructure. The World Bank s Program-for-Results lending instrument is to be used for this operation. The Program targets the following seven cities Dien Bien Phu, Bac Kan, Cao Bang, Thai Nguyen, Hoa Binh, Tuyen Quang and Yen Bai. -
Publication
Mongolia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
(World Bank, Washington, DC, 2012-12)The Mongolian economy has grown very rapidly following the discovery of significant mineral deposits. Large investments in the mining sector have led to increased capital inflows, resulting in cheap external funding for banks and rapid credit expansion. Loans to households increased at the staggering pace of 80 percent from 2010 to 2011, despite Mongolia’s history of banking crises. Loans to Small and medium sized enterprises (SMEs) have increased by some 65 percent in the same year. Although over 78 percent of adult Mongolians have accounts at formal financial institutions and over 61 percent have debit cards - far exceeding the average in the East Asia and Pacific region - in many respects the legal and regulatory framework and enforcement have not kept pace with the expansion of lending. Some important segments of the financial sector, such as securities and insurance, are still lagging due to low consumer awareness and low levels of savings. A number of reforms have been introduced to expand the financial services market but it is clear that consumer protection and financial literacy need to be addressed in a more systematic way. This World Bank’s diagnostic review provides a detailed assessment of the institutional, legal, and regulatory framework in three segments of the financial sector: banking, securities, and insurance. Volume I summarizes the key findings and recommendations of the review and Volume II presents a detailed assessment of each financial segment compared to the Good Practices for Financial Consumer Protection. -
Publication
Mongolia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
(World Bank, Washington, DC, 2012-12)The Mongolian economy has grown very rapidly following the discovery of significant mineral deposits. Large investments in the mining sector have led to increased capital inflows, resulting in cheap external funding for banks and rapid credit expansion. Loans to households increased at the staggering pace of 80 percent from 2010 to 2011, despite Mongolia’s history of banking crises. Loans to Small and medium sized enterprises (SMEs) have increased by some 65 percent in the same year. Although over 78 percent of adult Mongolians have accounts at formal financial institutions and over 61 percent have debit cards - far exceeding the average in the East Asia and Pacific region - in many respects the legal and regulatory framework and enforcement have not kept pace with the expansion of lending. Some important segments of the financial sector, such as securities and insurance, are still lagging due to low consumer awareness and low levels of savings. A number of reforms have been introduced to expand the financial services market but it is clear that consumer protection and financial literacy need to be addressed in a more systematic way. This World Bank’s diagnostic review provides a detailed assessment of the institutional, legal, and regulatory framework in three segments of the financial sector: banking, securities, and insurance. Volume I summarizes the key findings and recommendations of the review and volume II presents a detailed assessment of each financial segment compared to the good practices for financial consumer protection. -
Publication
Philippines - Discussion Notes : Challenges and Options for 2010 and Beyond
(World Bank, 2011-06-09)With the global economy on the way to recovery from the financial crisis, the Asian economies appear poised to bounce back strongly. For most people in the Philippines, however, a return to the status quo ante will offer little consolation. That is because when economic growth accelerated during 2002-08, poverty did not decline as hoped. With a third of the population currently below the poverty line, and high and rising inequality in incomes, the country's main development challenge is to achieve growth that is much more widely shared to make growth work for the poor. Making growth work for the poor in the Philippines is a significant development challenge, but one that is worth pursuing vigorously. The new administration not only has the mandate but the historic opportunity to deliver on this goal as well as other election platforms on which it was voted to power. These include 'the organized and widely-shared rapid expansion of the economy through a government dedicated to honing and mobilizing the people's skills and energies as well as the responsible harnessing of natural resources; moving to well-considered programs that build capacity and create opportunity among the poor and the marginalized in the country; policies that create conditions conducive to the growth and competitiveness of private businesses, big, medium and small; and making education the central strategy for investing in people, reducing poverty and building national competitiveness.' In addition, the new administration is committed to fight corruption. These goals are fully echoed in the strategy and policy actions identified above and elaborated in the accompanying discussion notes. -
Publication
Indonesia - Public Expenditure and Financial Accountability : Public Financial Management Performance Report and Performance Indicators
(Washington, DC, 2007-10-31)The Public Expenditure and Financial Accountability (PEFA) assessment for Indonesia was undertaken by a team of World Bank staff and consultants with close involvement of counterparts from the Government of Indonesia. The PEFA measurement framework has been developed after wide consultations with a group of donors, client countries, and international professional organizations. It provides an integrated, standardized, and indicator-led methodology to measure and monitor Public Financial Management (PFM) performance over time. Its objective is to help assess the performance of PFM systems, processes, and institutions in each country and provides broad measures of PFM performance relative to system characteristics. The scoring methodology, covering a set of thirty one high level indicators, emphasizes empirical and observable scores for each PFM area based on internationally recognized good practice. The framework was not designed to rank countries by means of an overall aggregate score for each country. The PFM performance report which supports the scores and brings together an analytical summary is not meant to judge policy actions of government nor provide explicit recommendations, but instead to support a strengthened approach to PFM reforms by facilitating dialogue between government and other stakeholders on PFM reforms.