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Safeguards Assessments, which apply to all member countries with arrangements for use of IMF resources approved after June 30, 2000, aim to provide reasonable assurance to the IMF that a central bank's framework of reporting and controls is adequate to manage resources, including IMF disbursements.
Safeguards Assessments cover five key areas of control and governance within central banks, summarized by the acronym ELRIC, that is (i) the External audit mechanism; (ii) the Legal structure and independence; (iii) the financial Reporting framework; (iv) the Internal audit mechanism; and (v) the internal Controls system.
Member countries with arrangements in effect prior to June 30, 2000 were subject to an abbreviated assessment, which evaluated only the adequacy of the external audit mechanism.
Safeguards Assessments completed to date are set out below: Angola, Armenia, BCEAO, Cambodia, Comoros, Democratic Rep.
And this year, El Nino has hit the southern regions badly. She met with communities in the South and realized the extent of the water issue: « Water, which is hard to generate and harvest at the best of times in this arid region, is now critically short due to the drought.
For example, driving to a project site along bumpy dirt roads, our convoy had to stop and wait for a farmer carting water home from a small muddy puddle in the middle of the road.
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Holes are scattered everywhere in what used to be a river, suggesting a kind of gold rush.
And indeed, it is a rush for something more precious than gold: liquid blue gold!