The programme is intended to help countries to identify and rectify structural weaknesses in the financial sector, and thereby improve their ability to withstand macroeconomic shocks and contagion effects due to financial instability in other countries. The IMF visit will last from 14 - 26 October, and a follow-up visit will take place in January 2005.

In an FSAP review, the IMF assesses compliance with internationally recommended standards for various parts of the financial sector. The IMF will look in particular at Norway's compliance with recommendations on banking supervision, insurance supervision and the payments system. Measures to prevent money laundering and financing of terror will also be reviewed, but this will take place under the auspices of the Financial Action Task Force on Money Laundering (FATF).

FSAP assessments have been performed in a total of 71 countries, including Sweden, Finland and Iceland. Experience shows that an assessment provides the authorities with practical recommendations for making the financial system more robust and efficient. Norway therefore asked the IMF for such an evaluation.

For more information about the Financial Sector Assessment Program, please contact Director Inger-Johanne Sletner. See also the IMF's website on FSAP.