Commenting on the state of
However, the IMF noted an overall satisfaction among market participants with the direction the
The IMF said current proposals to deal with nonperforming loans and recapitalize public banks need to be better specified and should be supported by concrete restructuring plans and reforms to enhance their risk management and accountability. "In terms of crisis preparedness, it would be important to strengthen the bank resolution framework and putting the deposit guarantee fund on a sustainable financial footing. Staff held discussions on the Anti-Money Laundering/Combating the Financing of Terrorism framework," said the IMF.
"Reforms to improve the business environment and foster employment are complementary. Discussions with representatives from different economic sectors suggest the need to enhance the enforcement of the rule of law and property rights, maintain policy and macroeconomic stability, and enhance the transparency of policy making. Facing large potential entrants into the labour force in the years ahead, reforms are needed to facilitate the reallocation of labour across sectors and lower nonwage labour costs. A review of labour regulations that ease the rigidity of contracts and costs of labour could help to significantly absorb discouraged and informal workers and facilitate youth employment."
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