TohidA/MONA · Datasets at Hugging Face

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-03-07

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend in a manner consistent with the 2012 FSAP Update recommendations the regulation on the calculation of large exposures to align it to international best practices in the areas of (i) weight of exposures to banks and sovereigns, and (ii) consideration of collateral.

5

12/31/2014

SB

Introduced at R0. Outcome: Improve banking sector regulation and supervision

0

5

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-03-07

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Map the entire bankruptcy process to identify the obstacles and gaps that need to be addressed by changes in the legislation.

6

06/30/2014

SB

Introduced at R0. Outcome: Improve business environment

0

6

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish the new five-year gas agreement with Russia and Gazprom and associated documents.

1

Program Prior Action

M

N/A

1

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20

1. General government

Submit to the National Assembly a new draft law on inspection and inspection agencies, for introduction of risk based inspection, maximization of the automation, and elimination of the overlaps by reducing agencies.

1

03/31/2014

MD

Introduced at R0. Outcome: Improve business environment. At R1, met with delays. The draft was submitted to the National Assembly in October 2014.

1

2014-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20

1. General government

Submit to the Cabinet a plan to restructure the Directorate General for Civil Aviation and establish the new set-up for moving towards open skies.

2

04/30/2014

M

Introduced at R0. Outcome: Increase competition, improve connectivity, and lower costs.

1

2

2014-04-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Prepare a policy paper on strengthening collections from high-wealth individuals (HWI), covering necessary tax policy changes (e.g., dividend and capital gains taxation), revenue administration actions and legal or regulatory changes (risk and compliance profiles and audit), and the institutional set-up.

1

09/30/2014

M

Introduced at R0. Outcome: Strengthen tax revenue collections, At R1, Authorities have provided a draft paper to the Fund staff, including a review of policies and practices in European countries and the region.

1

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submit to the National Assembly legislative amendments to the customs code to introduce an Authorized Economic Operators (AEO) system, improve the appeals procedures, introduce an advance tariff information system, extend the scope of electronic declaration of goods, and introduce the possibility of postponing the payment by introducing a systems for financial guarantees.

1

03/31/2014

M

Introduced at R0. Outcome: Improve business environment and facilitate trade. At R1, Amendments submitted to the National Assembly in March 2014 and approved in May 2014.

1

2014-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Establish a Risk Management Unit (RMU) in the State Revenue Committee (SRC) to develop and implement a modern tax compliance strategy.

2

06/30/2014

M

Introduced at R0. Outcome: Improve efficiency, transparency, and evenhandedness of revenue administration. At R1, Unit was established in February, with functions approved in March. Risk management functions clarified in the newly reorganized MOF-SRC structure in August.

1

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

SRC Risk Management Unit to prepare a compliance strategy for 2015 and beyond, with comprehensive annual action plans, monitoring, and ex post evaluation of tax payments.

3

12/31/2014

SB

Introduced at R1. Macro-criticality: Strengthen tax revenues.

1

3

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Cabinet to approve a decree with an action plan detailing specific measures to enhance accounting, inventory, and reporting practices of state entities operating in healthcare, natural resource use, energy, education, transport, agriculture, and urban development and construction sectors.

4

12/31/2014

SB

Introduced at R1. Macro-criticality: Strengthen tax compliance and tax revenues.

1

4

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submit to cabinet specific proposals to strengthen collections from high-wealth individuals (capital gains, dividends, property taxation, audit), along with estimated revenue effects, to be included in the new tax code.

5

06/30/2015

SB

Introduced at R1. Macro-criticality: Strengthen tax revenues and equity.

1

5

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish a fiscal risk management unit at the Ministry of Finance that analyzes and manages fiscal risks related to concessions, regulated utilities, state-owned enterprises (notwithstanding the extent of state shareholding or line-ministry affiliation), and PPPs in an integrated manner.

1

12/31/2014

SB

Introduced at R0. Outcome: Strengthen monitoring and control of fiscal risks. At R1, in progress.

1

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Submit to the Office of the Prime Minister an analysis of the reasons for underexecution of the capital budget, with proposals of how to increase capital budget execution.

2

04/30/2015

SB

Introduced at R1. Macro-criticality: Improve budget implementation.

1

2

2015-04-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.9

1.9. Inter-governmental relations

Submit to the National Assembly six Regulatory Guillotine legislative packages, covering entrepreneurship, tax, customs, social issues, foreign affairs and international relations, and culture, in addition to completion of packets in 2012-13.

1

06/30/2014

NM

Introduced at R0. Outcome: Improve business environment. At R1, not met. Legal packages have been prepared, but not yet sent to the National Assembly. The process of preparation and submission was negatively impacted by the government change.

1

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

20.9

1.9. Inter-governmental relations

Put in place memoranda of cooperation between the SCPEC and the SRC, the Economic Crimes Unit of the National Police, and the Office of the Public Prosecutor, covering investigative subpoena, and “dawn raid” operations, information required by the SCPEC, and participation by SCPEC staff in on-site examinations.

2

06/30/2014

CAN

Introduced at R0. OutcomeL: Improve business environment. At R1, dropped. A previously-existing decree for information exchange by government agencies can provide legal framework for collaboration envisaged in the envisaged memorandum of cooperation.

1

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

CBA to publish an annex describing investments in enterprises that are engaged in financial sector development and infrastructure activities in its annual report covering the rationale for these investments, along with objectives, development strategy, enterprise risks, and risk mitigation efforts, and where appropriate, the CBA’s divestment strategy.

1

06/30/2015

SB

Introduced at R1. Macro-criticality: Improve CBA operations.

1

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Issue a study of policy options (energy efficiency investments, tariffs, and targeted protection for vulnerable groups).

1

12/31/2014

SB

Introduced at R0. Outcome: Improve efficiency in the energy sector. At R1, in progress.

1

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue regulations to require banks to set minimum capital requirements for common equity and Tier 1 capital according to the Basel III recommendations, and prepare the methodology on identifying domestic systemically important banking institutions (SIBIs).

1

06/30/2014

M

Introduced at R0. Outcome: Improve banking sector regulation and supervision. At R1, Regulations and methodology approved in June..

1

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Prepare a policy paper with stakeholders on legal, regulatory, and institutional changes to simplify registration and execution of collateral.

2

06/30/2014

M

Introduced at R0. Outcome: Improve the operating environment for banks. At R1, Authorities have provided a draft paper to the Fund staff.

1

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to National Assembly legislation to shorten the depositor pay-out period of the DGF.

3

09/30/2014

M

Introduced at R0. Outcome: Improve bank resolution framework. At R1, Draft legislation has been submitted to the National Assembly.

1

3

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly an amendment to the securities law to facilitate access of foreign participants in Armenia's capital market, bringing the framework in line with international standards.

4

09/30/2014

M

Introduced at R0. Outcome: Develop financial market. At R1, Draft legislation has been submitted to the National Assembly.

1

4

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend in a manner consistent with the 2012 FSAP Update recommendations the regulation on the calculation of large exposures to align it to international best practices in the areas of (i) weight of exposures to banks and sovereigns, and (ii) consideration of collateral.

5

12/31/2014

CAN

Introduced at R0. Outcome: Improve banking sector regulation and supervision. At R1, Dropped. Benchmark was superseded by more recent Basel III recommendations, which are in line with CBA current practices.

1

5

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Map the entire bankruptcy process to identify the obstacles and gaps that need to be addressed by changes in the legislation.

6

06/30/2014

M

Introduced at R0. Outcome: Improve business environment. At R1, MOJ completed the mapping, which was submitted to the MOE for comments and assessment of further actions.

1

6

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Prepare a policy paper assessing CBA's liquidity and reserve requirement regulations, including their levels and currency of denomination, impacts on interest rates, bank liquidity and buffers, and dollarization, compliance with new Basel III recommendations, and exploring the scope for change.

7

03/31/2015

SB

Introduced at R1. Macro-criticality: Ensure financial stability.

1

7

2015-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to National Assembly legislative changes to address the main obstacles hindering registration and execution of collateral.

8

09/30/2015

SB

Introduced at R1. Macro-criticality: Promote financial intermediation.

1

8

2015-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2014-12-22

P1

R1

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Submit to Cabinet draft legislation to (i) further improve the specialization in the examination of bankruptcy cases at courts; (ii) bring procedures in line with the international best practices; and (iii) increase the number and qualifications of bankruptcy administrators.

1

06/30/2015

SB

Introduced at R1. Macro-criticality: Improve business climate and strengthen competitiveness.

1

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by parliament of legislation to (i) introduce an excise tax on compressed natural gas (CNG) in the amount of AMD 8,330 per 1000 cubic meters, (ii) set the sum of the excise tax and VAT on gasoline at AMD 120,000 per ton instead of the current AMD 112,000, and the excise tax on diesel fuel at AMD 35,000 per ton instead of the current AMD 32,500 and (iii) increase by 10 percent the excise tax on vodka and tobacco products.

1

Second Review Prior action

M

Status: First reading in parliament completed in June; final reading expected in October.

2

1

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish the new five-year gas agreement with Russia and Gazprom and associated documents.

1

Program Prior Action

M

N/A

2

1

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

PA

26

7. Exchange systems and restrictions (current and capital)

CBA net sales in the foreign exchange market not to exceed $209 million from January 1, 2015 until six days before the IMF Executive Board meeting. The computation of CBA net sales will include CBA outright net sales via the following channels: Nasdaq-OMX platform, auctions, and the interbank market. However, the computation of net sales may also include CBA net sales in other markets or instruments that the CBA may choose to substitute for outright net sales (e.g., transactions in derivatives). Transactions of the CBA with the Government or other private or public agencies in the context of budget operations of the Government are not considered net sales (unless they take place through one of the channels mentioned above). In this respect, purchases of the foreign currency proceeds of the Eurobond or other official financing will not be interpreted as CBA purchases of foreign exchange for the computation of the CBA net sales total.

1

Second Review Prior action

M

Status: Sales amount to $195.5 million through October 14.

2

1

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20

1. General government

Submit to the National Assembly a new draft law on inspection and inspection agencies, for introduction of risk based inspection, maximization of the automation, and elimination of the overlaps by reducing agencies.

1

03/31/2014

MD

Introduced at R0. Outcome: Improve business environment. At R1, met with delays. The draft was submitted to the National Assembly in October 2014. At R2, adopted by the parliament on December 17, 2014.

2

1

2014-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20

1. General government

Submit to the Cabinet a plan to restructure the Directorate General for Civil Aviation and establish the new set-up for moving towards open skies.

2

04/30/2014

M

Introduced at R0. Outcome: Increase competition, improve connectivity, and lower costs.

2

2014-04-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Prepare a policy paper on strengthening collections from high-wealth individuals (HWI), covering necessary tax policy changes (e.g., dividend and capital gains taxation), revenue administration actions and legal or regulatory changes (risk and compliance profiles and audit), and the institutional set-up.

1

09/30/2014

M

Introduced at R0. Outcome: Strengthen tax revenue collections, At R1, Authorities have provided a draft paper to the Fund staff, including a review of policies and practices in European countries and the region.

2

1

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Secure parliamentary approval of further excise tax rate increases from 2017 to bring gradually them in line with rates in other EEU member countries.

2

03/31/2016

SB

Introduced at R2.

2

2016-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to the National Assembly final proposed tax code containing reduction/elimination of exemptions (VAT, income tax) and of other tax policy gaps (sectoral coverage, tax types) to deliver revenue gains.

3

03/31/2016

SB

Introduced at R2.

2

3

2016-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submit to the National Assembly legislative amendments to the customs code to introduce an Authorized Economic Operators (AEO) system, improve the appeals procedures, introduce an advance tariff information system, extend the scope of electronic declaration of goods, and introduce the possibility of postponing the payment by introducing a systems for financial guarantees.

1

03/31/2014

M

Introduced at R0. Outcome: Improve business environment and facilitate trade. At R1, Amendments submitted to the National Assembly in March 2014 and approved in May 2014.

2

1

2014-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Establish a Risk Management Unit (RMU) in the State Revenue Committee (SRC) to develop and implement a modern tax compliance strategy.

2

06/30/2014

M

Introduced at R0. Outcome: Improve efficiency, transparency, and evenhandedness of revenue administration. At R1, Unit was established in February, with functions approved in March. Risk management functions clarified in the newly reorganized MOF-SRC structure in August.

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

SRC Risk Management Unit to prepare a compliance strategy for 2015 and beyond, with comprehensive annual action plans, monitoring, and ex post evaluation of tax payments.

3

12/31/2014

M

Introduced at R1. Macro-criticality: Strengthen tax revenues.

2

3

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Cabinet to approve a decree with an action plan detailing specific measures to enhance accounting, inventory, and reporting practices of state entities operating in healthcare, natural resource use, energy, education, transport, agriculture, and urban development and construction sectors.

4

12/31/2014

M

Introduced at R1. Macro-criticality: Strengthen tax compliance and tax revenues.

2

4

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submit to cabinet specific proposals to strengthen collections from high-wealth individuals (capital gains, dividends, property taxation, audit), along with estimated revenue effects, to be included in the new tax code.

5

06/30/2015

M

Introduced at R1. Macro-criticality: Strengthen tax revenues and equity. At R2, met; Discussion note submitted to Cabinet. However, it did not involve specific proposals (timing, required steps, possible yields).

2

5

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish a fiscal risk management unit at the Ministry of Finance that analyzes and manages fiscal risks related to concessions, regulated utilities, state-owned enterprises (notwithstanding the extent of state shareholding or line-ministry affiliation), and PPPs in an integrated manner.

1

12/31/2014

M

Introduced at R0. Outcome: Strengthen monitoring and control of fiscal risks. At R1, in progress. At R2, Fiscal Risk Assessment division established by ministerial order on 12/20/2014. Unit is functioning and has received FAD TA.

2

1

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Submit to the Office of the Prime Minister an analysis of the reasons for underexecution of the capital budget, with proposals of how to increase capital budget execution.

2

04/30/2015

M

Introduced at R1. Macro-criticality: Improve budget implementation. At R2, met; Analysis completed with government decree on accountability of the project implementation units adopted (N-884-N). Seminar for IFIs and others on reasons for underexecution. Implementation has improved in 2015.

2

2015-04-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete review of budgetary lending operations to identify risks and management improvements.

3

06/30/2016

SB

Introduced at R2.

2

3

2016-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish regular consolidated statements across all budget domestic lending programs.

1

12/31/2015

SB

Introduced at R2.

2

1

2015-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.9

1.9. Inter-governmental relations

Submit to the National Assembly six Regulatory Guillotine legislative packages, covering entrepreneurship, tax, customs, social issues, foreign affairs and international relations, and culture, in addition to completion of packets in 2012-13.

1

06/30/2014

MD

Introduced at R0. Outcome: Improve business environment. At R1, not met. Legal packages have been prepared, but not yet sent to the National Assembly. The process of preparation and submission was negatively impacted by the government change. At R2, met with delay; Legal packages were prepared, and discussed within governmental bodies and ministries. The process of preparation and submission was negatively impacted by the government change. After the new government was formed, the legal package was discussed again with the new officials in charge. Taking into account all suggestions, the drafts of the legal packages were discussed and approved by Cabinet.

2

1

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

20.9

1.9. Inter-governmental relations

Put in place memoranda of cooperation between the SCPEC and the SRC, the Economic Crimes Unit of the National Police, and the Office of the Public Prosecutor, covering investigative subpoena, and “dawn raid” operations, information required by the SCPEC, and participation by SCPEC staff in on-site examinations.

2

06/30/2014

CAN

Introduced at R0. OutcomeL: Improve business environment. At R1, dropped. A previously-existing decree for information exchange by government agencies can provide legal framework for collaboration envisaged in the envisaged memorandum of cooperation.

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

CBA to publish an annex describing investments in enterprises that are engaged in financial sector development and infrastructure activities in its annual report covering the rationale for these investments, along with objectives, development strategy, enterprise risks, and risk mitigation efforts, and where appropriate, the CBA’s divestment strategy.

1

06/30/2015

M

Introduced at R1. Macro-criticality: Improve CBA operations. At R2, met; Consolidated and individual financial statements were included in the CBA's 2014 Annual Report. Further work on risks and possible divestment strategies is needed.

2

1

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Issue a study of policy options (energy efficiency investments, tariffs, and targeted protection for vulnerable groups).

1

12/31/2014

MD

Introduced at R0. Outcome: Improve efficiency in the energy sector. At R1, in progress. At R2, Met with delay. The Energy Ministry did not prepare study in time, but work is proceeding on the basis of a May 2015 strategy for 2016-36, with closer cooperation with the World Bank on energy sector financial rehabilitation.

2

1

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Adopt by Cabinet of energy sector financial recovery plan involving new loans from IFIs to restructure expensive short-term debt; agreement on a repayment plan for accumulated debt to energy suppliers; a strict prohibition on expenses, borrowing and lending by energy companies outside of their core mandate; tariff adjustments, where needed; and a new tariff mechanism to more quickly transfer the risk of deviations from the planned energy-generation mix to consumers, in line with best international practices.

2

03/31/2016

SB

Introduced at R2.

2

2016-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue regulations to require banks to set minimum capital requirements for common equity and Tier 1 capital according to the Basel III recommendations, and prepare the methodology on identifying domestic systemically important banking institutions (SIBIs).

1

06/30/2014

M

Introduced at R0. Outcome: Improve banking sector regulation and supervision. At R1, Regulations and methodology approved in June..

2

1

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Prepare a policy paper with stakeholders on legal, regulatory, and institutional changes to simplify registration and execution of collateral.

2

06/30/2014

M

Introduced at R0. Outcome: Improve the operating environment for banks. At R1, Authorities have provided a draft paper to the Fund staff.

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to National Assembly legislation to shorten the depositor pay-out period of the DGF.

3

09/30/2014

M

Introduced at R0. Outcome: Improve bank resolution framework. At R1, Draft legislation has been submitted to the National Assembly.

2

3

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly an amendment to the securities law to facilitate access of foreign participants in Armenia's capital market, bringing the framework in line with international standards.

4

09/30/2014

M

Introduced at R0. Outcome: Develop financial market. At R1, Draft legislation has been submitted to the National Assembly.

2

4

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend in a manner consistent with the 2012 FSAP Update recommendations the regulation on the calculation of large exposures to align it to international best practices in the areas of (i) weight of exposures to banks and sovereigns, and (ii) consideration of collateral.

5

12/31/2014

CAN

Introduced at R0. Outcome: Improve banking sector regulation and supervision. At R1, Dropped. Benchmark was superseded by more recent Basel III recommendations, which are in line with CBA current practices.

2

5

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Map the entire bankruptcy process to identify the obstacles and gaps that need to be addressed by changes in the legislation.

6

06/30/2014

M

Introduced at R0. Outcome: Improve business environment. At R1, MOJ completed the mapping, which was submitted to the MOE for comments and assessment of further actions.

2

6

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Prepare a policy paper assessing CBA's liquidity and reserve requirement regulations, including their levels and currency of denomination, impacts on interest rates, bank liquidity and buffers, and dollarization, compliance with new Basel III recommendations, and exploring the scope for change.

7

03/31/2015

M

Introduced at R1. Macro-criticality: Ensure financial stability. At R2, met; Authorities provided paper to the Fund staff.

2

7

2015-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to National Assembly legislative changes to address the main obstacles hindering registration and execution of collateral.

8

09/30/2015

MD

Introduced at R1. Macro-criticality: Promote financial intermediation. At R2, met with delay. Package of legal changes (civil code, criminal code, enforcement of court decisions, real estate appraisal, registration) was approved on October 1 and will be sent to the National Assembly.

2

8

2015-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2015-11-06

P1

R2

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Submit to Cabinet draft legislation to (i) further improve the specialization in the examination of bankruptcy cases at courts; (ii) bring procedures in line with the international best practices; and (iii) increase the number and qualifications of bankruptcy administrators.

1

06/30/2015

NM

Introduced at R1. Macro-criticality: Improve business climate and strengthen competitiveness. At R2, not met; In progress. Concept paper approved by cabinet. The final draft of the legal amendments were submitted to the government for review. The legal acts are planned to be adopted by the National Assembly in the first half of 2016.

2

1

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by parliament of legislation to (i) introduce an excise tax on compressed natural gas (CNG) in the amount of AMD 8,330 per 1000 cubic meters, (ii) set the sum of the excise tax and VAT on gasoline at AMD 120,000 per ton instead of the current AMD 112,000, and the excise tax on diesel fuel at AMD 35,000 per ton instead of the current AMD 32,500 and (iii) increase by 10 percent the excise tax on vodka and tobacco products.

1

Second Review Prior action

M

Status: First reading in parliament completed in June; final reading expected in October.

3

1

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Submit to the National Assembly the draft Tax Code agreed with IMF staff during the March mission that includes measures to: increase by 15 percent excise tax rates on alcohol and tobacco (in 2017); remove VAT exemptions on diesel fuel (in 2018); introduce a 5 percent tax on dividends for residents (in 2018); and ensure that agricultural businesses with turnover above the AMD 40 million threshold will be subject to VAT (by 2019).

2

Third Review Prior action

M

N/A

3

2

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish the new five-year gas agreement with Russia and Gazprom and associated documents.

1

Program Prior Action

M

N/A

3

1

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

PA

26

7. Exchange systems and restrictions (current and capital)

CBA net sales in the foreign exchange market not to exceed $209 million from January 1, 2015 until six days before the IMF Executive Board meeting. The computation of CBA net sales will include CBA outright net sales via the following channels: Nasdaq-OMX platform, auctions, and the interbank market. However, the computation of net sales may also include CBA net sales in other markets or instruments that the CBA may choose to substitute for outright net sales (e.g., transactions in derivatives). Transactions of the CBA with the Government or other private or public agencies in the context of budget operations of the Government are not considered net sales (unless they take place through one of the channels mentioned above). In this respect, purchases of the foreign currency proceeds of the Eurobond or other official financing will not be interpreted as CBA purchases of foreign exchange for the computation of the CBA net sales total.

1

Second Review Prior action

M

Status: Sales amount to $195.5 million through October 14.

3

1

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20

1. General government

Submit to the National Assembly a new draft law on inspection and inspection agencies, for introduction of risk based inspection, maximization of the automation, and elimination of the overlaps by reducing agencies.

1

03/31/2014

MD

Introduced at R0. Outcome: Improve business environment. At R1, met with delays. The draft was submitted to the National Assembly in October 2014. At R2, adopted by the parliament on December 17, 2014.

3

1

2014-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20

1. General government

Submit to the Cabinet a plan to restructure the Directorate General for Civil Aviation and establish the new set-up for moving towards open skies.

2

04/30/2014

M

Introduced at R0. Outcome: Increase competition, improve connectivity, and lower costs.

3

2

2014-04-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Prepare a policy paper on strengthening collections from high-wealth individuals (HWI), covering necessary tax policy changes (e.g., dividend and capital gains taxation), revenue administration actions and legal or regulatory changes (risk and compliance profiles and audit), and the institutional set-up.

1

09/30/2014

M

Introduced at R0. Outcome: Strengthen tax revenue collections, At R1, Authorities have provided a draft paper to the Fund staff, including a review of policies and practices in European countries and the region.

3

1

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Secure parliamentary approval of further excise tax rate increases from 2017 to bring gradually them in line with rates in other EEU member countries.

2

03/31/2016

NM

Introduced at R2. At R3, not met (because it was included in the Tax Code).

3

2

2016-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit to the National Assembly final proposed tax code containing reduction/elimination of exemptions (VAT, income tax) and of other tax policy gaps (sectoral coverage, tax types) to deliver revenue gains.

3

03/31/2016

MD

Introduced at R2. At R3, met with delay to enable incorporation of IMF staff recommendations.

3

2016-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Adopt a Tax Code consistent with the prior action for the Third Review of the EFF Arrangement.

4

09/30/2016

SB

Introduced at R3.

3

4

2016-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submit to the National Assembly legislative amendments to the customs code to introduce an Authorized Economic Operators (AEO) system, improve the appeals procedures, introduce an advance tariff information system, extend the scope of electronic declaration of goods, and introduce the possibility of postponing the payment by introducing a systems for financial guarantees.

1

03/31/2014

M

Introduced at R0. Outcome: Improve business environment and facilitate trade. At R1, Amendments submitted to the National Assembly in March 2014 and approved in May 2014.

3

1

2014-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Establish a Risk Management Unit (RMU) in the State Revenue Committee (SRC) to develop and implement a modern tax compliance strategy.

2

06/30/2014

M

Introduced at R0. Outcome: Improve efficiency, transparency, and evenhandedness of revenue administration. At R1, Unit was established in February, with functions approved in March. Risk management functions clarified in the newly reorganized MOF-SRC structure in August.

3

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

SRC Risk Management Unit to prepare a compliance strategy for 2015 and beyond, with comprehensive annual action plans, monitoring, and ex post evaluation of tax payments.

3

12/31/2014

M

Introduced at R1. Macro-criticality: Strengthen tax revenues.

3

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Cabinet to approve a decree with an action plan detailing specific measures to enhance accounting, inventory, and reporting practices of state entities operating in healthcare, natural resource use, energy, education, transport, agriculture, and urban development and construction sectors.

4

12/31/2014

M

Introduced at R1. Macro-criticality: Strengthen tax compliance and tax revenues.

3

4

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submit to cabinet specific proposals to strengthen collections from high-wealth individuals (capital gains, dividends, property taxation, audit), along with estimated revenue effects, to be included in the new tax code.

5

06/30/2015

M

Introduced at R1. Macro-criticality: Strengthen tax revenues and equity. At R2, met; Discussion note submitted to Cabinet. However, it did not involve specific proposals (timing, required steps, possible yields).

3

5

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish a fiscal risk management unit at the Ministry of Finance that analyzes and manages fiscal risks related to concessions, regulated utilities, state-owned enterprises (notwithstanding the extent of state shareholding or line-ministry affiliation), and PPPs in an integrated manner.

1

12/31/2014

M

Introduced at R0. Outcome: Strengthen monitoring and control of fiscal risks. At R1, in progress. At R2, Fiscal Risk Assessment division established by ministerial order on 12/20/2014. Unit is functioning and has received FAD TA.

3

1

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Submit to the Office of the Prime Minister an analysis of the reasons for underexecution of the capital budget, with proposals of how to increase capital budget execution.

2

04/30/2015

M

Introduced at R1. Macro-criticality: Improve budget implementation. At R2, met; Analysis completed with government decree on accountability of the project implementation units adopted (N-884-N). Seminar for IFIs and others on reasons for underexecution. Implementation has improved in 2015.

3

2

2015-04-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete review of budgetary lending operations to identify risks and management improvements.

3

06/30/2016

MOD-DATE

Introduced at R2. At R3, Revised test date, extended to September 2016.

3

2016-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete review of budgetary lending operations to identify risks and management improvements.

3

09/30/2016

SB

At R3, revised test date.

3

2016-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete a review of lending operations, including operations related to real estate projects in Yerevan, to identify risks and management improvements.

4

09/30/2016

SB

Introduced at R3.

3

4

2016-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish regular consolidated statements across all budget domestic lending programs.

1

12/31/2015

M

Introduced at R2.

3

1

2015-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.9

1.9. Inter-governmental relations

Submit to the National Assembly six Regulatory Guillotine legislative packages, covering entrepreneurship, tax, customs, social issues, foreign affairs and international relations, and culture, in addition to completion of packets in 2012-13.

1

06/30/2014

MD

Introduced at R0. Outcome: Improve business environment. At R1, not met. Legal packages have been prepared, but not yet sent to the National Assembly. The process of preparation and submission was negatively impacted by the government change. At R2, met with delay; Legal packages were prepared, and discussed within governmental bodies and ministries. The process of preparation and submission was negatively impacted by the government change. After the new government was formed, the legal package was discussed again with the new officials in charge. Taking into account all suggestions, the drafts of the legal packages were discussed and approved by Cabinet.

3

1

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

20.9

1.9. Inter-governmental relations

Put in place memoranda of cooperation between the SCPEC and the SRC, the Economic Crimes Unit of the National Police, and the Office of the Public Prosecutor, covering investigative subpoena, and “dawn raid” operations, information required by the SCPEC, and participation by SCPEC staff in on-site examinations.

2

06/30/2014

CAN

Introduced at R0. OutcomeL: Improve business environment. At R1, dropped. A previously-existing decree for information exchange by government agencies can provide legal framework for collaboration envisaged in the envisaged memorandum of cooperation.

3

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

CBA to publish an annex describing investments in enterprises that are engaged in financial sector development and infrastructure activities in its annual report covering the rationale for these investments, along with objectives, development strategy, enterprise risks, and risk mitigation efforts, and where appropriate, the CBA’s divestment strategy.

1

06/30/2015

M

Introduced at R1. Macro-criticality: Improve CBA operations. At R2, met; Consolidated and individual financial statements were included in the CBA's 2014 Annual Report. Further work on risks and possible divestment strategies is needed.

3

1

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

23.1

4.1. Pension reforms

Maintain support for the Pension System Awareness Center and the pension reform outreach campaign in the 2017 budget.

1

12/31/2016

SB

Introduced at R3.

3

1

2016-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Issue a study of policy options (energy efficiency investments, tariffs, and targeted protection for vulnerable groups).

1

12/31/2014

MD

Introduced at R0. Outcome: Improve efficiency in the energy sector. At R1, in progress. At R2, Met with delay. The Energy Ministry did not prepare study in time, but work is proceeding on the basis of a May 2015 strategy for 2016-36, with closer cooperation with the World Bank on energy sector financial rehabilitation.

3

1

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Adopt by Cabinet of energy sector financial recovery plan involving new loans from IFIs to restructure expensive short-term debt; agreement on a repayment plan for accumulated debt to energy suppliers; a strict prohibition on expenses, borrowing and lending by energy companies outside of their core mandate; tariff adjustments, where needed; and a new tariff mechanism to more quickly transfer the risk of deviations from the planned energy-generation mix to consumers, in line with best international practices.

2

03/31/2016

M

Introduced at R2.

3

2

2016-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue regulations to require banks to set minimum capital requirements for common equity and Tier 1 capital according to the Basel III recommendations, and prepare the methodology on identifying domestic systemically important banking institutions (SIBIs).

1

06/30/2014

M

Introduced at R0. Outcome: Improve banking sector regulation and supervision. At R1, Regulations and methodology approved in June..

3

1

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Prepare a policy paper with stakeholders on legal, regulatory, and institutional changes to simplify registration and execution of collateral.

2

06/30/2014

M

Introduced at R0. Outcome: Improve the operating environment for banks. At R1, Authorities have provided a draft paper to the Fund staff.

3

2

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to National Assembly legislation to shorten the depositor pay-out period of the DGF.

3

09/30/2014

M

Introduced at R0. Outcome: Improve bank resolution framework. At R1, Draft legislation has been submitted to the National Assembly.

3

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly an amendment to the securities law to facilitate access of foreign participants in Armenia's capital market, bringing the framework in line with international standards.

4

09/30/2014

M

Introduced at R0. Outcome: Develop financial market. At R1, Draft legislation has been submitted to the National Assembly.

3

4

2014-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend in a manner consistent with the 2012 FSAP Update recommendations the regulation on the calculation of large exposures to align it to international best practices in the areas of (i) weight of exposures to banks and sovereigns, and (ii) consideration of collateral.

5

12/31/2014

CAN

Introduced at R0. Outcome: Improve banking sector regulation and supervision. At R1, Dropped. Benchmark was superseded by more recent Basel III recommendations, which are in line with CBA current practices.

3

5

2014-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Map the entire bankruptcy process to identify the obstacles and gaps that need to be addressed by changes in the legislation.

6

06/30/2014

M

Introduced at R0. Outcome: Improve business environment. At R1, MOJ completed the mapping, which was submitted to the MOE for comments and assessment of further actions.

3

6

2014-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Prepare a policy paper assessing CBA's liquidity and reserve requirement regulations, including their levels and currency of denomination, impacts on interest rates, bank liquidity and buffers, and dollarization, compliance with new Basel III recommendations, and exploring the scope for change.

7

03/31/2015

M

Introduced at R1. Macro-criticality: Ensure financial stability. At R2, met; Authorities provided paper to the Fund staff.

3

7

2015-03-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to National Assembly legislative changes to address the main obstacles hindering registration and execution of collateral.

8

09/30/2015

MD

Introduced at R1. Macro-criticality: Promote financial intermediation. At R2, met with delay. Package of legal changes (civil code, criminal code, enforcement of court decisions, real estate appraisal, registration) was approved on October 1 and will be sent to the National Assembly.

3

8

2015-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Prepare contingency plans specifying a strategy to deal with banks that may not potentially manage to comply with the new minimum capital requirement.

9

09/30/2016

SB

Introduced at R3.

3

9

2016-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly the draft laws to ensure implementation of ISDA Master Agreements.

10

09/30/2016

SB

Introduced at R3.

3

10

2016-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Prepare a comprehensive plan for full divestment of the CBA shares in PanArmenian Bank (currently fully owned by the CBA).

1

12/31/2016

SB

Introduced at R3.

3

1

2016-12-31

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Submit to Cabinet draft legislation to (i) further improve the specialization in the examination of bankruptcy cases at courts; (ii) bring procedures in line with the international best practices; and (iii) increase the number and qualifications of bankruptcy administrators.

1

06/30/2015

NM

Introduced at R1. Macro-criticality: Improve business climate and strengthen competitiveness. At R2, not met; In progress. Concept paper approved by cabinet. The final draft of the legal amendments were submitted to the government for review. The legal acts are planned to be adopted by the National Assembly in the first half of 2016.

3

1

2015-06-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-05-06

2,017

N/A

2016-06-15

P1

R3

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Submit to the National Assembly amendments to the law on domestic competition, specifying higher penalties for anti-competitive behavior, the possibility of penalties for public and private sector officials, and clarifying the main definitions of the law (abuse of dominance, unfair competition, among others).

2

09/30/2016

SB

Introduced at R3.

3

2

2016-09-30

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-08-31

2,017

N/A

2016-12-07

P1

R4

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by parliament of legislation to (i) introduce an excise tax on compressed natural gas (CNG) in the amount of AMD 8,330 per 1000 cubic meters, (ii) set the sum of the excise tax and VAT on gasoline at AMD 120,000 per ton instead of the current AMD 112,000, and the excise tax on diesel fuel at AMD 35,000 per ton instead of the current AMD 32,500 and (iii) increase by 10 percent the excise tax on vodka and tobacco products.

1

Second Review Prior action

M

Status: First reading in parliament completed in June; final reading expected in October.

4

1

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-08-31

2,017

N/A

2016-12-07

P1

R4

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Submit to the National Assembly the draft Tax Code agreed with IMF staff during the March mission that includes measures to: increase by 15 percent excise tax rates on alcohol and tobacco (in 2017); remove VAT exemptions on diesel fuel (in 2018); introduce a 5 percent tax on dividends for residents (in 2018); and ensure that agricultural businesses with turnover above the AMD 40 million threshold will be subject to VAT (by 2019).

2

Third Review Prior action

M

N/A

4

2

2023-09-23

N/A

710

ARMENIA

911

EFF

2014-03-07

2,014

2017-08-31

2,017

N/A

2016-12-07

P1

R4

BLANK

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish the new five-year gas agreement with Russia and Gazprom and associated documents.

1

Program Prior Action

M

N/A

4

1

2023-09-23

N/A