TohidA/MONA · Datasets at Hugging Face

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

20.2

1.2. Revenue administration, including customs

Expand the LTU system, to cover withholding income tax and VAT, and expand the current list of taxpayers; coverage of the relevant taxes will be defined by the second PRGF review

3

09/30/2004

W

At P1R3, met in October 2004.

5

3

2004-09-30

N/A

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

20.2

1.2. Revenue administration, including customs

Establishment in the National Board of Revenue (NBR) of an independent audit unit headed by an advisor of the rank and status of a member reporting directly to the Chairman

4

11/30/2005

WMOD-PA

At P1R4, independent audit unit was established and the adviser selected on January 8, 2006. This SPC was upgraded to a prior action for the fourth review.

5

4

2005-11-30

N/A

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

20.2

1.2. Revenue administration, including customs

Improving coordination between the VAT and income tax LTUs by assigning a unique taxpayer identification number for the LTUs.

6

03/31/2007

PC

N/A

5

6

2007-03-31

N/A

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

24.1

5.1. Public enterprise pricing and subsidies

Finalize a report quantifying all quasi-fiscal costs arising from prices below international levels in the energy and power sector, including the implicit subsidies and revenue foregone by underpricing of natural gas, and identifying measures to mitigate the impact of price adjustments on vulnerable groups.

1

04/30/2006

M

N/A

5

1

2006-04-30

N/A

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

25.2

6.2. Restructuring and privatization of financial institutions

Adopt resolution strategies for the four Nationalized Commercial Banks, NCBs (in consultation with the Bank and Fund staff)

1

04/30/2004

W

At P1R2, met in May 2004.

5

1

2004-04-30

N/A

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

25.2

6.2. Restructuring and privatization of financial institutions

Agree on action plans with the managements of Sonali, Janata, and Agrani Banks, covering the period to June 2005, to operationalize the resolution strategies for each bank

2

11/30/2004

M

N/A

5

2

2004-11-30

N/A

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

25.2

6.2. Restructuring and privatization of financial institutions

Signature of final contract for appointment of financial advisor for Agrani Bank

3

12/15/2005

WMOD-PA

At P1R4, delays in divesting Rupali Bank were due to a court injunction. Revisions to the terms of reference of the consultants to include the role of financial advisor were completed on January 19, 2006. Upgraded to a PA for R4.

5

3

2005-12-15

N/A

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

25.2

6.2. Restructuring and privatization of financial institutions

Cabinet approval of the corporatization of Agrani Bank, Janata Bank, and Sonali Bank

4

03/31/2007

PC

N/A

5

4

2007-03-31

N/A

511

BANGLADESH

513

PRGF

2003-06-20

2,003

2006-06-19

2,006

2007-06-19

N/A

2006-10-27

P1

R5

L

SPC

26

7. Exchange systems and restrictions (current and capital)

Phase out margin requirements on the opening of letters of credit for imports

1

11/30/2003

M

N/A

5

1

2003-11-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

PA

20

1. General government

Issue a government circular to line ministries indicating that shortfalls in externally-funded ADP budget will not be substituted with taka funding.

1

Program Prior Action

M

Macroeconomic criticality: To achieve fiscal targets. Completed. Circular issued in January 2012.

0

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by the Cabinet of Ministers of a new value added tax (VAT) law consistent with National Board of Revenue (NBR) tax modernization plans and medium-term revenue targets.

1

Program Prior Action

M

Macroeconomic criticality: To increase tax revenue. Completed. Cabinet approved law in March 2012.

0

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Float a tender for an internationally-affiliated firm to conduct an external audit on Bangladesh Bank's (BB) end-June 2012 accounts, with the audit opinion to be signed by both the audit firm's international or regional head office and local affiliate.

1

Program Prior Action

M

Macroeconomic criticality: To strengthen central bank operations. Completed. Tender floated in February 2012.

0

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

PA

24.1

5.1. Public enterprise pricing and subsidies

Adjust retail electricity and petroleum prices to contain budgetary transfers to the Bangladesh Petroleum Corporation (BPC) and the Bangladesh Power Development Board (BPDB) to Tk 150 billion in FY12.

1

Program Prior Action

M

Macroeconomic criticality: To reduce operating losses of BPC and BPDB and overall subsidy costs in the budget.

0

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

PA

25

6. Financial sector

Lift the remaining lending caps on commercial bank loans, except on agricultural loans and short-term pre-shipment credits for exports.

1

Program Prior Action

M

Macroeconomic criticality: To increase interest rate flexibility and deepen financial markets. Completed. Caps lifted in Janauary 2012.

0

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit a new VAT law to the National Parliament consistent with tax modernization plans and medium-term.

1

06/30/2012

SB

Introduced at R0. Macroeconomic criticality: To increase tax revenue

0

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

20.1

1.1. Revenue measures, excluding trade policy

Remove tax concessions and exemptions in the FY13 Finance Bill equivalent to at least 0.5 percent of GDP in FY13.

2

06/30/2012

SB

Introduced at R0. Macroeconomic criticality: To increase tax revenue

0

2

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

09/30/2012

SB

Introduced at R0. Macroeconomic criticality: To increase tax revenue

0

1

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

12/31/2012

SB

Introduced at R0. Macroeconomic criticality: To increase tax revenue

0

2

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish budget management wings/branches in all line ministries and issue a circular to ensure uniform budget implementation and reporting standards.

1

06/30/2012

SB

Introduced at R0. Macroeconomic criticality: To strengthen budget monitoring and controls

0

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

21.1

2.1. Central bank operations and reforms

Reduce the outstanding balances of foreign exchange overdrafts provided by BB to zero.

1

06/30/2012

SB

Introduced at R0. Macroeconomic criticality: To increase transparency and safeguard foreign reserves

0

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

09/30/2012

SB

Introduced at R0. Macroeconomic criticality: To strengthen risk management and improve bank governance

0

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

24

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

Adopt an automatic adjustment mechanism for retail petroleum prices to ensure full pass-through of international prices.

1

12/31/2012

SB

Introduced at R0. Macroeconomic criticality: To eliminate operating losses of BPC and reduce overall subsidy costs in the budget

0

1

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue new BB regulations on loan classification and loan-loss provisioning in line with international best practices, to take full effect by June 2014.

1

06/30/2012

SB

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector

0

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

09/30/2012

SB

Introduced at R0. Macroeconomic criticality: To strengthen banks' financial position

0

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2012-04-11

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

12/31/2012

SB

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector

0

3

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

PA

20

1. General government

Issue a government circular to line ministries indicating that shortfalls in externally-funded ADP budget will not be substituted with taka funding.

1

Program Prior Action

M

Macroeconomic criticality: To achieve fiscal targets. Completed. Circular issued in January 2012.

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

PA

20

1. General government

Rationalize primary issuances by raising Treasury bill-bond ratio at auction to 50:50.

2

First Review Prior action

M

Macroeconomic criticality: To reduce financial repression

1

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by the Cabinet of Ministers of a new value added tax (VAT) law consistent with National Board of Revenue (NBR) tax modernization plans and medium-term revenue targets.

1

Program Prior Action

M

Macroeconomic criticality: To increase tax revenue. Completed. Cabinet approved law in March 2012.

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Passage of a new value added tax (VAT) law by the National Parliament consistent with tax modernization plans and medium-term revenue targets.

2

First Review Prior action

M

Macroeconomic criticality: To increase tax revenue

1

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish a technical committee comprising officials from the Ministries of Finance and Agriculture, Bangladesh Chemical Industries Corporation, and other agencies, as necessary, to monitor commitments and payments.

1

First Review Prior action

M

Macroeconomic criticality: To strengthen governance and reduce fiscal risks

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Float a tender for an internationally-affiliated firm to conduct an external audit on Bangladesh Bank's (BB) end-June 2012 accounts, with the audit opinion to be signed by both the audit firm's international or regional head office and local affiliate.

1

Program Prior Action

M

Macroeconomic criticality: To strengthen central bank operations. Completed. Tender floated in February 2012.

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

PA

24.1

5.1. Public enterprise pricing and subsidies

Adjust retail electricity and petroleum prices to contain budgetary transfers to the Bangladesh Petroleum Corporation (BPC) and the Bangladesh Power Development Board (BPDB) to Tk 150 billion in FY12.

1

Program Prior Action

M

Macroeconomic criticality: To reduce operating losses of BPC and BPDB and overall subsidy costs in the budget.

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

PA

25

6. Financial sector

Lift the remaining lending caps on commercial bank loans, except on agricultural loans and short-term pre-shipment credits for exports.

1

Program Prior Action

M

Macroeconomic criticality: To increase interest rate flexibility and deepen financial markets. Completed. Caps lifted in Janauary 2012.

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit a new VAT law to the National Parliament consistent with tax modernization plans and medium-term.

1

06/30/2012

NM

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Law submitted on July 8, but required further revisions in line with program commitments.

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Remove tax concessions and exemptions in the FY13 Finance Bill equivalent to at least 0.5 percent of GDP in FY13.

2

06/30/2012

NM

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. An estimated 0.3 percent of GDP were removed.

1

2

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Rescheduled for completion because of delays in passage of the new VAT law. Draft plan prepared (with IMF technical assistance) in December 2012.

1

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

03/31/2013

SB

At R1, rescheduled.

1

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

12/31/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Rescheduled because of delays in the project tendering process and the need to ensure consistency with the tax modernization strategy.

1

2

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

06/30/2013

SB

At R1, rescheduled.

1

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish budget management wings/branches in all line ministries and issue a circular to ensure uniform budget implementation and reporting standards.

1

06/30/2012

MD

Introduced at R0. Macroeconomic criticality: To strengthen budget monitoring and controls. At R1, Not met. Budget management wings/branches were established by June 2012, but circular issued on August 2, 2012.

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Issue guidelines and procedures on budget monitoring and reporting in accordance with the Public Money and Budget Management Act.

2

06/30/2013

SB

Introduced at R1. Macroeconomic criticality: To strengthen budget monitoring and controls

1

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete efficiency audits by the Office of the Auditor General of the Bangladesh Petroleum Corporation, Bangladesh Power Development Board and Bangladesh Chemical Industries Corporation.

3

06/30/2013

SB

Introduced at R1. Macroeconomic criticality: To minimize fiscal transfers and risks

1

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

21.1

2.1. Central bank operations and reforms

Reduce the outstanding balances of foreign exchange overdrafts provided by BB to zero.

1

06/30/2012

M

Introduced at R0. Macroeconomic criticality: To increase transparency and safeguard foreign reserves

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen risk management and improve bank governance. At R1, Not met. Rescheduled for completion, with additional time needed by BB and the Ministry of Finance to finalize a set of amendments consistent with program commitments.

1

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

03/31/2013

SB

At R1, rescheduled.

1

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Engage and complete a full external audit for the financial year of 2012-13 of BB by a global audit firm.

1

12/31/2013

SB

Introduced at R1. Macroeconomic criticality: To strengthen internal operations and controls

1

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

24

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

Adopt an automatic adjustment mechanism for retail petroleum prices to ensure full pass-through of international prices.

1

12/31/2012

NM

Introduced at R0. Macroeconomic criticality: To eliminate operating losses of BPC and reduce overall subsidy costs in the budget. At R1, Not met. Price adjustments will continue to be made, as necessary, to ensure the wedge between domestic and international prices is consistent with containing fuel subsidies.

1

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue new BB regulations on loan classification and loan-loss provisioning in line with international best practices, to take full effect by June 2014.

1

06/30/2012

M

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen banks' financial position. At R1, Not met. Rescheduled because of delays in finalizing amendments to the BCA.

1

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

03/31/2013

SB

At R1, rescheduled.

1

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

12/31/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector. At R1, Not met. Rescheduled because of legal need for prior passage of a new Demutualization Act.

1

3

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

06/30/2013

SB

At R1, rescheduled.

1

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Complete special diagnostic examinations by BB at the four largest state-owned commercial banks focused on asset quality, liquidity management, and internal audit and controls.

4

06/30/2013

SB

Introduced at R1. Macroeconomic criticality: To strengthen financial sector soundness

1

4

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Finalize a bank resolution framework, comprising a contingency plan and lender of last resort policy at BB.

5

09/30/2013

SB

Introduced at R1. Macroeconomic criticality: To reduce systemic risks

1

5

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-02-20

P1

R1

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

Complete a review of the Foreign Exchange Regulation Act.

1

09/30/2013

SB

Introduced at R1. Macroeconomic criticality: To strengthen the trade and investment climate

1

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

20

1. General government

Issue a government circular to line ministries indicating that shortfalls in externally-funded ADP budget will not be substituted with taka funding.

1

Program Prior Action

M

Macroeconomic criticality: To achieve fiscal targets. Completed. Circular issued in January 2012.

2

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

20

1. General government

Rationalize primary issuances by raising Treasury bill-bond ratio at auction to 50:50.

2

First Review Prior action

M

Macroeconomic criticality: To reduce financial repression

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by the Cabinet of Ministers of a new value added tax (VAT) law consistent with National Board of Revenue (NBR) tax modernization plans and medium-term revenue targets.

1

Program Prior Action

M

Macroeconomic criticality: To increase tax revenue. Completed. Cabinet approved law in March 2012.

2

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Passage of a new value added tax (VAT) law by the National Parliament consistent with tax modernization plans and medium-term revenue targets.

2

First Review Prior action

M

Macroeconomic criticality: To increase tax revenue

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

20.3

1.3. Expenditure measures, including arrears clearance

Adopt a plan setting out the schedule of subsidy cost disbursements to Bangladesh Petroleum Corporation (BPC) through June 2013 and issuing instructions for BPC to procure the associated foreign exchange from BB.

1

Second Review Prior action

M

Macroeconomic criticality: To bring subsidy costs on-budget and reduce BPC's dependency on expensive short-term external credit

2

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

20.5

1.5. Debt Management

Establish a technical committee to monitor external nonconcessional borrowing.

1

Second Review Prior action

M

Macroeconomic criticality: To strengthen external public debt management

2

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish a technical committee comprising officials from the Ministries of Finance and Agriculture, Bangladesh Chemical Industries Corporation, and other agencies, as necessary, to monitor commitments and payments.

1

First Review Prior action

M

Macroeconomic criticality: To strengthen governance and reduce fiscal risks

2

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Float a tender for an internationally-affiliated firm to conduct an external audit on Bangladesh Bank's (BB) end-June 2012 accounts, with the audit opinion to be signed by both the audit firm's international or regional head office and local affiliate.

1

Program Prior Action

M

Macroeconomic criticality: To strengthen central bank operations. Completed. Tender floated in February 2012.

2

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Selection of a global audit firm for full external audit of Bangladesh Bank (BB) for the financial year 2012-13.

2

Second Review Prior action

M

Macroeconomic crititicality: To strengthen internal operations and controls of Bangladesh Bank

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

24.1

5.1. Public enterprise pricing and subsidies

Adjust retail electricity and petroleum prices to contain budgetary transfers to the Bangladesh Petroleum Corporation (BPC) and the Bangladesh Power Development Board (BPDB) to Tk 150 billion in FY12.

1

Program Prior Action

M

Macroeconomic criticality: To reduce operating losses of BPC and BPDB and overall subsidy costs in the budget.

2

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

PA

25

6. Financial sector

Lift the remaining lending caps on commercial bank loans, except on agricultural loans and short-term pre-shipment credits for exports.

1

Program Prior Action

M

Macroeconomic criticality: To increase interest rate flexibility and deepen financial markets. Completed. Caps lifted in Janauary 2012.

2

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit a new VAT law to the National Parliament consistent with tax modernization plans and medium-term.

1

06/30/2012

NM

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Law submitted on July 8, but required further revisions in line with program commitments.

2

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Remove tax concessions and exemptions in the FY13 Finance Bill equivalent to at least 0.5 percent of GDP in FY13.

2

06/30/2012

NM

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. An estimated 0.3 percent of GDP were removed.

2

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Rescheduled for completion because of delays in passage of the new VAT law. Draft plan prepared (with IMF technical assistance) in December 2012.

2

1

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

03/31/2013

M

At R1, rescheduled.

2

1

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

12/31/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Rescheduled because of delays in the project tendering process and the need to ensure consistency with the tax modernization strategy.

2

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

06/30/2013

SB

At R1, rescheduled.

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Selection of a vendor for a tax automation system for VAT.

3

12/31/2013

SB

Introduced at R2. Macroeconomic criticality: To strengthen tax revenue administration

2

3

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.5

1.5. Debt Management

Issue notification for revised terms of reference for the Cabinet's Hard Term Loan Committee.

1

06/30/2013

SB

Introduced at R2. Macroeconomic criticality: To strengthen external public debt management

2

1

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish budget management wings/branches in all line ministries and issue a circular to ensure uniform budget implementation and reporting standards.

1

06/30/2012

MD

Introduced at R0. Macroeconomic criticality: To strengthen budget monitoring and controls. At R1, Not met. Budget management wings/branches were established by June 2012, but circular issued on August 2, 2012.

2

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Issue guidelines and procedures on budget monitoring and reporting in accordance with the Public Money and Budget Management Act.

2

06/30/2013

M

Introduced at R1. Macroeconomic criticality: To strengthen budget monitoring and controls. At R2, met (ahead of schedule). Guidelines issued in March 2013.

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete efficiency audits by the Office of the Auditor General of the Bangladesh Petroleum Corporation, Bangladesh Power Development Board and Bangladesh Chemical Industries Corporation.

3

06/30/2013

SB

Introduced at R1. Macroeconomic criticality: To minimize fiscal transfers and risks

2

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

21.1

2.1. Central bank operations and reforms

Reduce the outstanding balances of foreign exchange overdrafts provided by BB to zero.

1

06/30/2012

M

Introduced at R0. Macroeconomic criticality: To increase transparency and safeguard foreign reserves

2

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen risk management and improve bank governance. At R1, Not met. Rescheduled for completion, with additional time needed by BB and the Ministry of Finance to finalize a set of amendments consistent with program commitments.

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

03/31/2013

M

At R1, rescheduled.

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Engage and complete a full external audit for the financial year of 2012-13 of BB by a global audit firm.

1

12/31/2013

SB

Introduced at R1. Macroeconomic criticality: To strengthen internal operations and controls

2

1

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

24

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

Adopt an automatic adjustment mechanism for retail petroleum prices to ensure full pass-through of international prices.

1

12/31/2012

NM

Introduced at R0. Macroeconomic criticality: To eliminate operating losses of BPC and reduce overall subsidy costs in the budget. At R1, Not met. Price adjustments will continue to be made, as necessary, to ensure the wedge between domestic and international prices is consistent with containing fuel subsidies.

2

1

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue new BB regulations on loan classification and loan-loss provisioning in line with international best practices, to take full effect by June 2014.

1

06/30/2012

M

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector

2

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen banks' financial position. At R1, Not met. Rescheduled because of delays in finalizing amendments to the BCA.

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

03/31/2013

MOD-DATE

At R1, rescheduled.

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

06/30/2013

SB

At R2, rescheduled to end-June 2013.

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

12/31/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector. At R1, Not met. Rescheduled because of legal need for prior passage of a new Demutualization Act.

2

3

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

06/30/2013

SB

At R1, rescheduled.

2

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Complete special diagnostic examinations by BB at the four largest state-owned commercial banks focused on asset quality, liquidity management, and internal audit and controls.

4

06/30/2013

SB

Introduced at R1. Macroeconomic criticality: To strengthen financial sector soundness

2

4

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Finalize a bank resolution framework, comprising a contingency plan and lender of last resort policy at BB.

5

09/30/2013

SB

Introduced at R1. Macroeconomic criticality: To reduce systemic risks

2

5

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Revise the memoranda of understanding with the four largest state-owned commercial banks to address key shortcomings identified by the special diagnostic examinations.

6

09/30/2013

SB

Introduced at R2. Macroeconomic criticality: To strengthen the banking system

2

6

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-05-29

P1

R2

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

Complete a review of the Foreign Exchange Regulation Act.

1

09/30/2013

SB

Introduced at R1. Macroeconomic criticality: To strengthen the trade and investment climate

2

1

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20

1. General government

Issue a government circular to line ministries indicating that shortfalls in externally-funded ADP budget will not be substituted with taka funding.

1

Program Prior Action

M

Macroeconomic criticality: To achieve fiscal targets. Completed. Circular issued in January 2012.

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20

1. General government

Rationalize primary issuances by raising Treasury bill-bond ratio at auction to 50:50.

2

First Review Prior action

M

Macroeconomic criticality: To reduce financial repression

3

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by the Cabinet of Ministers of a new value added tax (VAT) law consistent with National Board of Revenue (NBR) tax modernization plans and medium-term revenue targets.

1

Program Prior Action

M

Macroeconomic criticality: To increase tax revenue. Completed. Cabinet approved law in March 2012.

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Passage of a new value added tax (VAT) law by the National Parliament consistent with tax modernization plans and medium-term revenue targets.

2

First Review Prior action

M

Macroeconomic criticality: To increase tax revenue

3

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20.2

1.2. Revenue administration, including customs

Final approval by the Executive Committee of National Economic Council (ECNEC) of the Development Project Proposal (DPP) for the VAT implementation project.

1

Third Review Prior action

M

Macroeconomic criticality: To strengthen tax revenue administration

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20.3

1.3. Expenditure measures, including arrears clearance

Adopt a plan setting out the schedule of subsidy cost disbursements to Bangladesh Petroleum Corporation (BPC) through June 2013 and issuing instructions for BPC to procure the associated foreign exchange from BB.

1

Second Review Prior action

M

Macroeconomic criticality: To bring subsidy costs on-budget and reduce BPC's dependency on expensive short-term external credit

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20.5

1.5. Debt Management

Establish a technical committee to monitor external nonconcessional borrowing.

1

Second Review Prior action

M

Macroeconomic criticality: To strengthen external public debt management

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20.5

1.5. Debt Management

Cash and Debt Management Committee (CDMC) decision to place limits on the amount of government borrowing from BB through the current overdraft facility.

2

Third Review Prior action

M

Macroeconomic criticality: To strengthen public financial management

3

2

2023-09-23

N/A