IMF's report on Singapore’s Financial Sector Assessment Plan (FSAP) that was released on July 16, 2019 described Singapore’s financial industry regulation is “one of the best in the world”.
Its financial system can withstand the impact of huge financial market volatility
FSAP is an assessment project jointly launched by the IMF and the World Bank in May 1999, mainly to assess the soundness or vulnerability of the financial systems of various countries.
Due to the very large financial sector and the high degree of interconnection with the rest of the world, Singapore is one of the 29 countries assessed by FSAP.
The IMF pointed out that 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞’𝐬 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐟𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥𝐬 𝐚𝐫𝐞 𝐬𝐭𝐫𝐨𝐧𝐠, 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬 𝐚𝐫𝐞 𝐬𝐨𝐮𝐧𝐝, 𝐭𝐡𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐞𝐜𝐭𝐨𝐫 𝐢𝐬 𝐬𝐨𝐮𝐧𝐝, and it is capable of dealing with serious adverse shocks.
The stress test conducted by the organization shows that even in the event of a large-scale global financial crisis, Singapore’s financial system can remain robust.
The IMF also praised the Monetary Authority of Singapore for achieving a good balance between promoting financial innovation and strengthening supervision.
#Thankful for good and competent Government.
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