The Fund has responded to these far-reaching developments by adjusting its surveillance over its members’ economic situation and policies. Bolstering the multilateral and cross-country perspectives in its bilateral surveillance and placing greater focus on international economic and financial linkages and spillovers is indeed the right approach.
It is in this context, that all countries in the region are at various stages of BASLE standards for bank supervision. You will be interested to know that Malawi has this January implemented Basle II and we hope to catch up with those already on Basle III.