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Belarus : Financial Sector AssessmentThe Financial System Assessment (FSA) is
 based on the work of the joint International Monetary Fund
 (IMF)-World Bank Financial Sector Assessment Program (FSAP)
 updates that visited Belarus from September 17, 2007 to
 September 30, 2008. The principal objective of the FSAP
 update was to assist the authorities in evaluating progress,
 assessing potential vulnerabilities of the financial system,
 and determining future challenges. The IMF and the World
 Bank, an aide-memoire, technical notes on a detailed
 assessment of compliance with Basel Core Principles (BCP)
 principles of Banking supervision, summary assessment of
 compliance with the International Organization of Securities
 Commissions (IOSCO) principles, and access to finance, and
 background notes on stress-testing and the insurance sector
 have been submitted to the authorities. Overall, the
 supervisory framework for banks has significantly improved
 since the 2004 FSAP, though concerns remain in some crucial
 dimensions. The new Banking code was passed in 2006, and
 secondary legislation is updated on a regular basis. While
 the majority of recommendations made by the 2004 BCP
 assessment have been adopted or are in process of
 implementation, the independence of the National Bank of
 Republic of Belarus (NBRB) Board and bank supervisory
 processes continue to pose operational and reputation risks.
 As well, the capital adequacy framework needs substantial
 improvement to more accurately reflect the structure of the
 banking sector. Supervisory actions could be significantly
 enhanced by imposing adequate corporate governance
 requirements for banks.
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Kyrgyz Republic - Financial Sector AssessmentThis Financial Sector Assessment (FSA)
 summarizes the structural and developmental aspects of the
 2006 FSAP Update report for the Kyrgyz Republic. The
 stability and prudential oversight aspects of that report,
 including the factual updates of ROSCs and the results of
 the Anti Money Laundering and Combating the Financing of
 Terrorism (AML/CFT) assessment, are summarized in the
 Financial System Stability Assessment (FSSA) that was
 discussed by the IMF Board, as part of the Article IV
 Consultation, in May 2007. This FSA should be read together
 with the FSSA in order to get a full sense of the findings
 and recommendations of the 2006 Kyrgyz Republic FSAP Update.
 The key conclusion of the FSAP Update is that key challenges
 today pertain to the regulation, supervision and development
 of the non bank finance sector, and to access to finance.
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Financial Sector Assessment : Republic of LithuaniaThis Financial Sector Assessment (FSA)
 summarizes the key findings and recommendations of the 2007
 Financial Sector Assessment Program (FSAP) update report for
 the Republic of Lithuania. The FSA, which focuses on
 developmental issues, should be read together with the
 Financial System Stability Assessment (FSSA) in order to get
 a full overview of the findings and recommendations of the
 2007 Republic of Lithuania FSAP update. The FSAP update team
 noted progress since the 2002 banking sector vulnerability
 assessment, and evaluated regulatory and supervisory
 challenges for the banking and non-banking sectors;
 cross-border arrangements, safety nets, crisis management
 preparedness; the pension reform, and capital market development.