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Financial Sector AssessmentTajikistan’s economy is entering a
 downturn and the banking sector is showing substantial
 weaknesses. Although regulation has improved in line with
 recommendations of the 2007 financial sector assessment
 program (FSAP), supervision and enforcement have been
 lagging behind. The widespread solvency problems in the
 sector must be addressed head-on and the authorities should
 be jointly prepared to cope with the worst. As the current
 banking sector development strategy is ending, the main
 stakeholders in financial policy should develop a
 comprehensive strategy that addresses issues in achieving
 greater financial stability, efficiency, and inclusion in
 Tajikistan. To fully realize the potential of its financial
 infrastructure in support of financial stability,
 efficiency, and inclusion, Tajikistan needs to implement
 further reforms: the private credit reporting system draws
 on data sourced from banks and microfinance institutions but
 fails to exploit other useful data such as telecommunication
 companies, utilities and insurance companies to evaluate the
 creditworthiness of individuals with greater efficiency;
 enforcement of immovable collateral can benefit from
 improved out-of-court enforcement and credit collection
 through auction sales, which is quite ineffective; and to
 achieve greater use of non-cash payments, greater efforts
 are needed to stimulate both demand and supply of non-cash
 instruments and capture a greater share of the remittance market.
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Getting Finance in South Asia 2009This report, getting finance in South
 Asia 2009, published annually by the unit, reaffirms the
 World Bank's commitment to working with developing
 member countries to promote financial sector development and
 create financial systems that are sound, stable, supportive
 of growth, and responsive to people's needs. This
 program has enabled the Bank to initiate a dialogue with the
 supervisory authorities in South Asia to improve their data
 collection efforts, which will in turn strengthen their
 off-site supervision work. It also provides the impetus for
 the Bank to expand its monitoring and evaluation work. The
 getting finance indicators, and the country rankings that
 are based on them, are expected to become an increasingly
 important reference tool for the Bank in monitoring and
 evaluating development objectives and outcomes in its
 financial sector operations. These indicators should also
 prove to be a valuable tool for financial sector supervisory
 agencies in South Asia. The updated indicators, country
 rankings, and benchmarks should better equip these agencies
 to monitor the health of their respective country's
 banking system and to assess its robustness and
 sustainability relative to others in South Asia and in more
 developed economies.
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Kingdom of Morocco : Financial Sector Assessment UpdateA joint World Bank and International Monetary Fund team visited Morocco in November 2007 at the request of the authorities to update the analysis and recommendations made in the framework of the Financial Sector Assessment Program (FSAP) in 2002 and to assist the authorities in preparing their medium-term strategy for modernizing financial intermediation in Morocco. This Financial Sector Assessment (FSA) summarizes the following main topics: (i) analysis of the progress made by the Moroccan authorities in implementing the recommendations of the 2002 FSAP; (ii) identification of potential risks in the financial sector that could have macroeconomic repercussions or could hamper the development oft he financial system; (iii) assessment of the stability of the financial system and its capacity to manage the risks resulting from the policy of openness, and the system's resistance to these shocks; (iv) review of the authorities' initiatives to increase the rate of bank penetration and improve access to financial services; and (v) assessment of the degree of compliance with the Basel Committee core principles for Effective Banking Supervision (BCP) and with the core principles of the International Association of Insurance Supervisors (IAIS). This report also discussed with the authorities the main points of the capital market surveillance assessment prepared in 2006 by International Organization of Securities Commission (IOSCO), the evaluation by the Arab Initiative for payments and securities settlement systems in 2007, and the MENAFATF assessment of compliance with the Financial Action Task Force on Money Laundering (FATF's) Anti Money Laundering and Combating the Financing of Terrorist (AML-CFT) recommendations in 2007.