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Persistent challenges: The multi-speed nature of the global economic recovery is testing the system, with strains already appearing in the form of large capital inflows to many emerging market countries and exchange rate pressures. At the same time, slow employment growth, high indebtedness, and remaining financial sector fragilities in some countries could yet derail a fragile recovery. Only cooperative approaches will succeed in relieving tensions and building a strong and sustainable recovery, based on a more balanced pattern of global growth.

Financial security.

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The United Kingdom (U.K.) bank resolution and financial crisis readiness arrangements are sound but with opportunities for continued and accelerated enhancements. The U.K. authorities' individual and collective crisis readiness-including with other major jurisdictions-continues to improve. Mid-2022, all major U.K. banks and the authorities will issue the first public statements about these banks' resolvability. This is supported by a comprehensive special resolution regime (SRR) and resolvability assessment framework (RAF) for banks. Yet, there is space-and a need-to further enhance the SRR, including its application to central counterparties (CCPs), and to introduce one for insurance companies. Furthermore, elements of the deposit insurance system and firm-specific resolution decision-making should be strengthened, and implementation and reputation risk addressed.

Financial security.

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Persistent challenges: The multi-speed nature of the global economic recovery is testing the system, with strains already appearing in the form of large capital inflows to many emerging market countries and exchange rate pressures. At the same time, slow employment growth, high indebtedness, and remaining financial sector fragilities in some countries could yet derail a fragile recovery. Only cooperative approaches will succeed in relieving tensions and building a strong and sustainable recovery, based on a more balanced pattern of global growth.

Financial security.

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This evaluation assesses the effectiveness of the Financial Sector Assessment Program (FSAP) from the perspective of the IMF. A parallel evaluation by the World Bank's OED assesses the World Bank's role. The FSAP was established in 1999 to provide advice to strengthen the financial systems of member countries by facilitating early detection of financial sector vulnerabilities and helping to identify financial sector development needs.

Financial security.

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This report provides a region-wide analysis on the status of the digital economy in South Asia. It identifies opportunities and challenges for national and regional action to realize the transformational potential of digitalizing economies, societies, and governments. The report synthesizes and builds upon country assessments produced for Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. It follows the World Bank's digital economy assessment framework, covering different dimensions of the digital economy from digital infrastructure and public platforms to digital financial services, skills, and the trust environment. It also discusses the opportunities and benefits of regional integration and collaboration. First and foremost, enabling access to high-quality affordable broadband, and increasing its adoption, will yield substantial social and economic benefits. These benefits include better access to information, education, and training, greater administrative efficiency in public services, and improved economic growth and productivity. There are currently significant gaps in connectivity access and usage within and across South Asian countries. While most countries have closed the gaps in mobile network coverage, fixed broadband coverage remains a challenge. The usage gap (represented by the number of people living within range of a mobile network but not using the Internet) remains the region's biggest challenge, and is driven by gaps in digital literacy, gaps in affordability for the poorest quintiles, and a lack of relevant content and applications. While there is significant diversity across South Asia, countries in the region might consider adopting a twin-track approach as follows: a implement policies to enhance competition and attract private sector investment for the upgrade and roll out digital infrastructure, especially for fixed fiber networks that connect users over the middle and last miles, and b invest heavily in demand-side policies and programs to enhance digital skills and increase affordability, especially for the poorest in the region.

Financial security.