Specific measures include the institution of Public Expenditure Tracking Surveys (PETS); Medium Term Expenditure Framework (MTEF); Strengthening the Internal Audit Function; Improved Parliamentary Oversight of Budgetary Processes; and Procurement Reform. Within the sphere of transparency, accountability and democracy, the anti-corruption agenda is emphasised, as well as strengthening the capacity of the National Electoral Commission. The decentralisation process should be pursued through the formulation and implementation of a devolution plan. A comprehensive civil service reform programme should also be formulated and implemented. There are also requirements for anti-money-laundering measures, as well as adoption and adherence to the Kimberley process for diamond marketing, and the Extractive Industries Transparency Initiative (EITI). Similar requirements are built into the PRGF. Three points should be noted at this stage. (1)  The governance aspects built into the basic programmes of assistance from the World Bank and IMF are extensive and comprehensive;  (2)  These requirements are conditionalities for release of funds and other assistance;  (3)  In some cases they are triggers for other lines of action. BIS Review 109/2007  5  The following statement reflects the importance attached to governance issues in Sierra Leone’s assistance programme by the donor community: “To underline the importance of the quality of governance, government and its four budget support donors (ADB, DFID, EC and the World Bank) issued a joint communiqué in July 2006 referred to as the “Improved Governance and Accountability Pact”.
“The Credit Rating Crisis”, NBER Working Paper, 15045. Freixas X., Parigi B. and J. Rochet (2000). “Systemic Risk, Inter-Bank Realtions and Liquidity Provision by the Central Bank”, Journal of Money and Credit Banking, 32(2). BIS Review 97/2009  3  Morgan D. (2002). “Rating Banks: Risk and Uncertainty in an opaque Industry”, American Economic Review, 92(4). Rochet J. (2008). “Liquidity Regulation and the Lender of Last Resort”, Financial Stability Review, Banque de France, February. 4  BIS Review 97/2009