CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT __________________________________________________________________________ 357. Guidelines for Public Debt Management and Sustainability. All of these guidelines, introduced by the IMF/World Bank at the request of the International Monetary and Finance Committee (IMFC), are aimed at helping countries to improve the quality of their public debt management and reduce their vulnerability to internal and external financial shocks. 358. Core Principles for Payments and Settlement Systems. The Core Principles for Payments and Settlement Systems were defined by the CPSS of the central banks of G10 countries and the Bank for International Settlements based in Basel, Switzerland. There are 10 such core principles for payment systems, and four central banks responsible for their implementation. 359. The BCEAO initiated a regional project to modernise payment systems in the eight countries of WAEMU in March 1999. The countries were Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. This reform of payment systems in WAEMU falls within the general framework for deepening financial systems, improving monetary policy frameworks and accelerating the regional economic integration process. 360. Consequently, interbank payments in Benin are made through the Computerised Interbank Clearing System (SICA) in WAEMU. It is a computerised exchange and settlement tool for massive payments between participating national and subregional institutions of WAEMU. It was launched on 17 November 2005. SICA participants are commercial banks, the BCEAO, the post office and the Treasury. After the launch of the Computerised Settlement System (STAR) in WAEMU on 25 June 2004 (as well as the launch of SICA), tele-clearing went operational in Benin on 9 November 2006. 361. This new mechanism enables banks in Benin to send electronic files of their clearing operations (cheques, transfers and bills of exchange) to their fellow members rapidly. This exchange is done from their different branches via the main branch in Cotonou or the subsidiary branch in Parakou, irrespective of whether the bills are to be paid in the town, in another town or another bank in the country. The CRM noted that interbank payments are generally made within the prescribed period and that the payment systems are currently being modernised. 362. Basic Supervisory and Regulatory Principles in the area of Insurance and Regulations. These principles, defined by the International Association for Insurance Supervisors, have the following objectives: to protect investors; guarantee a fair, equitable and transparent market; and reduce systemic risks. These aspects are considered in more detail in Chapter Five on corporate governance. 363. Accounting and Auditing Standards. The International Accounting Standards Board (IASB) is the body responsible for developing international Accounting and Auditing Standards. The IASB carried out modifications to standards with an emphasis on fair values in accounting. In general, the CRM noted that internal auditing and other internal and external control measures in 134