IMF requires financial check-up for 25 leading economies
WASHINGTON. September 28. KAZINFORM The International Monetary Fund (IMF) announced on Monday that it would require 25 major economies with financial sectors that have the greatest impact on global financial stability to go through in-depth mandatory financial stability exams every five years to prevent possible global financial turmoil; Kazinform refers to Xinhua.
The 25 economies list included developed and developing ones like China, the United States, Britain, Australia, Japan, France, Germany, Italy, India, Brazil, Canada and among others, said the Washington-based agency.
"This group of countries covers almost 90 percent of the global financial system and 80 percent of global economic activity. It includes 15 of the Group of 20 member countries, and a majority of members of the Financial Stability Board, which has been working with the IMF on monitoring compliance with international banking regulations and standards," the IMF said in a statement.
The Executive Board of the IMF had approved making financial stability assessments under the Financial Sector Assessment Program (FSAP) a regular and mandatory part of the Fund's surveillance for members with systematically important financial sectors, according to the statement; Kazinform cites Xinhua.
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