The RBZ is in the process of recommencing on-site examinations, but due to COVID-19 operational restrictions, these will need to be undertaken remotely. The RBZ has developed a draft remote examination framework document to guide this work and requested AFS assistance to review the framework, and also provide information on how other supervisors are undertaking examinations remotely. The mission provided training on international practice of remote examinations, which was presented by supervisors from the Bank of Ghana (BOG), Bank of Thailand (BOT) and the De Nederlandsche Bank (DNB) and reviewed the draft remote examination framework document. The training covered adjustments to examination framework and operational issues and key points of consideration when undertaking examinations remotely. The mission also reviewed the RBZ consolidated examination manual, to provide feedback to the RBZ on the feasibility of undertaking supervisory examinations remotely, as described in the manual and provide points for consideration for undertaking such examination remotely.
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
The report presents the latest assessment of global trends in wildlife crime. It includes discussions on illicit rosewood, ivory, rhino horn, pangolin scales, live reptiles, tigers and other big cats, and European eel. The COVID-19 (coronavirus) pandemic has highlighted that wildlife crime is a threat not only to the environment and biodiversity, but also to human health, economic development and security. Zoonotic diseases - those caused by pathogens that spread from animals to humans - represent up to 75% of all emerging infectious diseases. Trafficked wild species and the resulting products offered for human consumption, by definition, escape any hygiene or sanitary control, and therefore pose even greater risks of infection.
This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.
The 2020 UNODC Global Report on Trafficking in Persons is the fifth of its kind mandated by the General Assembly through the 2010 United Nations Global Plan of Action to Combat Trafficking in Persons. It covers more than 130 countries and provides an overview of patterns and flows of trafficking in persons at global, regional and national levels, based primarily on trafficking cases detected between 2017 and 2019. As UNODC has been systematically collecting data on trafficking in persons for more than a decade, trend information is presented for a broad range of indicators.
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2015-16. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives and presents preliminary observations on the long-run sustainability of the public finances. Since the June forecast, the UK economy has recovered more strongly than initially expected. The GDP growth was greater than expected in both the 2nd and 3rd quarters, but that unemployment levels have risen to levels that the June forecast did not anticipate until the middle of 2012. In general the world economy has also grown more strongly. CPI inflation has remained slightly higher than expected in June, whilst public finances have performed as forecast. The interest rates on UK debt are lower than in June. The OBR forecasts that the economy will continue to recover from the recession, but at a slower pace than the recoveries of the 1970s, 1980s and 1990s. The publication is divided into 5 chapters with two annexes.
The Covid-19 pandemic caused major disruptions to education around the world. Since the World Health Organization declared a pandemic on March 11, 2020, most students on the planet were affected by the interruption of in-person schooling. To mitigate the educational loss such interruption would cause, education authorities the world over created a variety of alternative mechanisms of education delivery. They did so quickly and with insufficient knowledge about what would work well, for which children, and for what aspects of the schooling experience.Having to create such alternative arrangements in short order was the ultimate adaptive leadership challenge, one for which no playbook existed, one for which solutions would have to be invented, rather than drawn from existing technical knowledge. The nature of the challenge differed across the world and regions, and it differed also within countries as a function of the differential public health and economic impact of the pandemic on communities, and of variations in institutional and financial resources available to redress such impact, including availability of digital infrastructure and previous knowledge and experience of teachers and students with digi-pedagogies and other resources to create alternative education delivery systems.Sustaining educational opportunities amidst these challenges created by the pandemic was an example of adaptive education response not to a unique unexpected challenge but to one in a larger class of problems, just one of the many adaptive conundrums facing communities and societies. Beyond the challenges resulting from the pandemic, other complications of that sort predating the pandemic included those resulting from poverty, inequality, social inclusion, governance, climate change, among others. In some ways, the pandemic served as an accelerant for some of those, augmenting their impact or underscoring the urgency of addressing them. Adaptive puzzles of this sort, including pandemics, are likely to continue to impact education systems in the foreseeable future. This makes it necessary to strengthen the capacity of education systems to respond to them.Reimagining education systems so they are resilient in the face of adaptive challenges is an opportunity to mobilize new talent and institutional resources. Partnerships between school systems and universities can contribute to those reimagined and more resilient systems, they can enhance the institutional capacity of education systems to devise solutions and to implement them. Such partnerships are also an opportunity for universities to be more deliberate in integrating their three core functions of research, teaching and outreach in service of addressing significant social challenges in a context in rapid flux.In this book we present the results of one approach to produce the integration between research, teaching and outreach just described, resulting from engaging graduate students in collaborations with school systems for the purpose of helping identify ways to sustain educational opportunity during the disruption caused by the pandemic. This activity engaged our students in research and analysis, contributing to their education, and it engaged them in service to society. The book examines what happened to educational opportunity during the Covid-19 pandemic in Bangladesh, Belize, the municipality of Santa Ana in Costa Rica, Guatemala, Kenya, in the States of Sinaloa and Quintana Roo in Mexico, South Africa, United Arab Emirates, and in the United States in Richardson Independent School District in Texas. It offers an systematic analysis of policy options to sustain educational opportunity during the pandemic.
