Arab Today, arab today imf spain\s financial sector reform steadfast challenges remain
Last Updated : GMT 17:03:32
Arab Today, arab today
Arab Today, arab today

IMF: Spain\'s financial sector reform steadfast, challenges remain

Arab Today, arab today

Arab Today, arab today IMF: Spain\'s financial sector reform steadfast, challenges remain

Washington - XINHUA

The International Monetary Fund (IMF) said Monday that implementation of the financial sector program by the Spanish authorities has been "steadfast" with all the program's specific measures complete, but challenges still remain for the country's financial sector. These measures include identifying undercapitalized banks via a comprehensive asset quality review and independent stress test, and taking actions to address these shortfalls supported by funding from the European Stability Mechanism, the IMF said in a statement after a visit of its financial sector monitoring mission to Spain. An IMF staff team visited Madrid between Dec. 2 and 16 for the fifth and final independent monitoring mission in the context of the European financial assistance for bank recapitalization, as agreed with the Spanish authorities and the European Commission in July 2012. "Efforts under the program have made the banking system stronger, safer, and leaner, as has important policy progress at the European level. These developments have in turn supported financial stability and investor confidence -- key prerequisites for solid and sustainable growth," noted the statement. Despite the substantial progress and the recent stabilization of output, important challenges for the financial sector remain, as the economy continues to undergo a process of private-sector deleveraging and fiscal consolidation that can restrain the pace of recovery, with concomitant challenges for bank profitability, said the Washington-based global lender. At the Spanish level, priorities include continued pro-active monitoring and supervision, such as efforts to ensure adequate provisioning and to help prepare banks for the forthcoming European tests, said the IMF. At the euro-wide level, it added, priorities include further progress on banking union and continued monetary policy support to help reduce financial fragmentation, ease credit conditions, and assist the recovery. The IMF estimated in October an economic contraction of 1.3 percent for Spain this year, an improvement from its July projection of a decline of 1.6 percent.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imf spain\s financial sector reform steadfast challenges remain Arab Today, arab today imf spain\s financial sector reform steadfast challenges remain

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imf spain\s financial sector reform steadfast challenges remain Arab Today, arab today imf spain\s financial sector reform steadfast challenges remain

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday