2009年-世界发展银行全球_Financial_Sector_Assessment___Burundi_32页_645kb

报告摘要

Financial Sector Assessment of Burundi (December 2009)

Core Content

The Financial Sector Assessment (FSA) of Burundi, conducted by the joint IMF-World Bank mission in January 2009, evaluates the financial sector's stability and development challenges. The report highlights the need for regulatory and supervisory improvements, as well as structural reforms, to enhance the resilience and performance of the sector.

Main Points

1. Sector Overview

The financial sector is dominated by commercial banks, which hold 78.6% of total assets, followed by microfinance (5.0%), insurance (5.0%), and social security institutions (5.0%).
The banking sector is systemically important for financial stability.
The sector is vulnerable to external shocks due to its heavy reliance on foreign aid and exposure to commodity price fluctuations, particularly in coffee and oil.

2. Banking Sector Analysis

Capital Adequacy: The banking system is adequately capitalized, with an average solvency ratio of 14.5% in November 2008, exceeding the 8% minimum requirement.
Profitability: Banks show relatively high profitability, with ROA at 3.4% and ROE at 33.1% in 2008.
Asset Quality: The ratio of nonperforming loans to total loans has improved from 20% in 2005 to 15% in November 2008. However, a sharp increase in lending may pose a risk.
Liquidity: The banking system has a comfortable liquidity level, with an average liquidity ratio of 109%, surpassing the 100% norm.
Risk Exposure: Banks are vulnerable to credit concentration and potential defaults by large debtors. Stress tests show that the banking system is stable under most shocks, but several banks could face solvency issues if the five largest debtors default or the trade sector faces nonperforming loans.

3. Regulatory and Supervisory Framework

The Bank of the Republic of Burundi (BRB) is responsible for regulating and supervising financial institutions, including banks, microfinance, and insurance.
However, the BRB faces significant challenges in enforcing compliance with regulatory norms due to:
- Insufficient number of trained staff.
- Inadequate procedures and information systems.
- A regulatory framework that lags behind international standards, especially the Basel Core Principles (BCP), with only one principle fully complied with and five in relative compliance.
The BRB needs to improve its liquidity management, coordinate monetary operations, and enhance its supervision of the banking system.

4. Payment System and Financial Inclusion

The payment system is underdeveloped, with no operational card payment system and limited electronic payment terminals (EPT).
A comprehensive clearing and settlement infrastructure is needed, including automation of small value transactions and a real-time gross settlement (RTGS) system.
Financial inclusion is low, with only 1.9% of the population holding bank accounts, 0.42% using bank lending services, and 4% being members of microfinance institutions.

5. Microfinance Sector

The microfinance sector faces major challenges, including weak governance, poor internal controls, and lack of reliable accounting practices.
Recommendations include:
- Updating the regulatory framework.
- Developing supervision to ensure the sector's health and deposit safety.
- Promoting professionalization through better human resources, management tools, and good governance.

6. Insurance Sector

The insurance sector is underdeveloped and does not meet international standards.
It is heavily focused on mandatory auto insurance (63% of business), with limited product diversity.
The sector suffers from low solvency, premium arrears, and governance issues.
Key actions needed:
- Recapitalization of insurance companies.
- Compliance with solvency margin and technical provisions requirements.
- Restoration of good governance and regulation of brokerage activities.
- Development of coinsurance to increase local capacity.

7. Legal and Judicial Environment

The legal and judicial environment offers limited guarantees, with issues in the implementation of legal provisions and judicial uncertainty.
Collateral mechanisms (e.g., mortgages, business goodwill) are not effective, and collective procedures for clearing liabilities are weak.
This lack of legal certainty restricts financing and creates distrust in the system.
The judicial system is slow, and judges lack adequate training.

8. Macroeconomic Context

Burundi is a poor country with a per capita income of about US$120.
The economy has been affected by the civil war, agricultural vulnerability, coffee export dependence, and limited economic diversification.
The country has entered a period of relative political stability but remains vulnerable due to the fragility of peace.
The economy is heavily reliant on external assistance, which affects macroeconomic management and performance.
Inflation remains high and volatile, with rates at 13% in 2005 and 22% in 2008.

9. Regional Integration and Financial Sector Goals

Burundi is part of the East African Community (EAC), which aims for monetary policy harmonization, legal framework convergence, and financial market integration.
Burundi lags behind other EAC members in several areas, including capital account liberalization, risk-based supervision, and payment system development.
The EAC's financial sector objectives include:
- Monetary policy harmonization.
- Capital account liberalization.
- Development of a payments system.
- Information technology infrastructure.
- Financial markets integration and monetary union.