CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT __________________________________________________________________________  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. 133

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