CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT
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Guidelines for Public Debt Management and Sustainability.
Accounting and Auditing Standards.
Core Principles for Payments and Settlement Systems. The CSAR
indicates that these principles were prepared by the bank and approved by
the ministers, whereas the principles were defined by the Committee on
Payments and Settlement Systems (CPSS) of the central banks of G10
countries and the Bank for International Settlements based in Basel,
Switzerland.
The Core Principles for Effective Banking Supervision.
The Basic Supervisory and Regulatory Principles in the area of
Insurance and Regulation.
The African Union Convention on Preventing and Combating Corruption,
and the United Nations Convention on Corruption.
353.
A number of these standards and principles are also considered in Chapter
Five on corporate governance, while the implementation of standards and
principles relating to regional integration is considered in Objective 5 of this
chapter.
ii.
Conclusions of the CRM
354.
Joint IMF/World Bank missions have conducted assessments in Benin on
some standards and codes under the Finance Sector Assessment Programme
(FSAP), in collaboration with the World Bank and the IMF. The CSAR
should, as far as possible, have indicated the level of conformity with each
section or principle of the standards and codes. The CRM found that, in many
cases, these same standards and codes are reviewed by the BCEAO in various
community programmes.
355.
Code of Good Practices in Fiscal and Budgetary Transparency. The FSAP
of the IMF/World Bank recognises a series of internationally accepted
standards on transparency policy laid down by the IMF. These standards can
be divided into three groups: (i) transparency of data, established by the IMF
Special Data Dissemination Standard (SDDS) and General Data
Dissemination System (GDDS); (ii) budgetary transparency, established by the
IMF Code of Good Practices on Transparency in Public Finance; and (iii)
{transparency of the monetary and financial policies: IMF code of best
practices for monetary and financial transparency policies. The CRM noted
that the authorities of Benin conform to the SDDS and GDDS under the aegis
of the FSAP and the BCEAO.
356.
However, the CRM noted that, even though there were no official limitations
to prevent the dissemination of economic and financial information, there was
no communication strategy to announce the government’s macroeconomic
policies regularly.
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