CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT i. Summary of the CSAR 398. The CSAR does not go into details on the issue of standards and codes, as required by the APRM questionnaire. It merely mentions that the African standards and codes have all been ratified and that Algeria has accepted the international standards and codes because it has endorsed the principles of NEPAD and the APRM. 399. Code of Good Practices in Fiscal and Budgetary Transparency. The CSAR mentions that the authorities have taken steps to achieve a much higher level of compliance with the Code of Good Practices in Fiscal and Budgetary Transparency. There has been improvements in the legal and institutional framework. Monetary policy itself is defined by Ordinance 03-11 of 26 August 2003 on money and credit. 400. Public debt and sustainability. The CSAR mentions that guiding principles were adopted in August 2000 during the FSAP. The Act of 1990, Ordinance of 2001 and the Ordinance of 26 August 2003 on money and credit created a legal framework for supervising the external debt strategy and the policy for foreign exchange reserves. Algeria actively manages its debt. 401. Accounting and auditing standards. See Chapter Five on corporate governance in this report. 402. Core principles for payment settlement systems. The CSAR indicates that core principles for payment settlement systems has been implemented in phases. The first phase of the reform of payment and settlement systems has been operational since 2006. The second phase on mass payments is under way. The remote interbank clearing system, ATCI, was launched on 15 May 2006. Core principles for effective banking supervision: See Chapter Five on corporate governance in this report. Core principles for securities and insurance supervision and regulations: See Chapter Five on corporate governance in this report. 403. African Union Convention on Preventing and Combating Corruption. The CSAR mentions that the authorities ratified the African Union Convention on Preventing and Combating Corruption signed on 17 December 2003. Algeria also signed the UN Convention on Corruption and set up a legal, institutional and strategic framework. 404. Regional integration. The CSAR indicates that Algeria has been a member of the Arab Maghreb Union (UMA) since 17 February 1989, having also ratified the Marrakech Treaty of 2 May 1989. Algeria has ratified 29 of the 37 UMA instruments. The Association Agreement with the European Union (EU) took effect on 1 September 2005. Algeria ratified the Abuja Treaty on the Creation of the African Economic Community on 18 June 1995. 133