TohidA/MONA · Datasets at Hugging Face

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

5

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

2

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

1

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

1

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

2

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

M

At R1, rescheduled.

5

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

20.2

1.2. Revenue administration, including customs

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

3

12/31/2013

MOD-DATE

Introduced at R2. Macroeconomic criticality: To strengthen tax revenue administration. At R3, rescheduled.

5

3

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

20.2

1.2. Revenue administration, including customs

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

3

06/30/2014

MOD-PA

At R3, new test date. Rescheduled from December 2013 in view of delays in the inclusion of a funding allocation for the VAT implementation project in the Annual Development Program. At R5R6, not met. The Cabinet Committee on Government Purchases rejected the tender process, and requested a retendering. Completion of this action became a prior action for the fifth and sixth reviews. The prior action was completed on July 22, 2015.

5

3

2014-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

20.2

1.2. Revenue administration, including customs

Publication of the tender for the selection of the VAT automation software vendor.

4

12/31/2013

M

Introduced at R3. Macroeconomic criticality: To strengthen tax revenue administration. At R4, met.

5

4

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

M

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

5

1

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

20.5

1.5. Debt Management

Adopt guidelines for the credit risk assessment, approval and issuance of loan guarantees provided by the central government.

2

07/31/2014

M

Introduced at R4. Macroeconomic criticality: To strengthen public debt management

5

2

2014-07-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

M

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

5

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete a full external audit for the financial year 2012-13 of the Bangladesh Petroleum Corporation by a global audit firm in association with a local firm.

4

09/30/2014

MOD-PA

Introduced at R3. Macroeconomic criticality: To strengthen financial management at the largest state-owned enterprise. At R5R6, Not met. Tender for the global audit firm attracted no interest by potential bidders. The authorities are amending legislation clarifying the legal authority of BPC to appoint international audit firms to conduct audits of BPC's accounts. Submission to Parliament of this legislation is a prior action for the fifth and sixth reviews. The prior action was completed on October 4, 2015.

5

4

2014-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

5

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

21.1

2.1. Central bank operations and reforms

Review and adopt the amendments to foreign exchange regulations and reporting routines for all current account transactions, guided by the September 2013 roadmap adopted by BB and the Ministry of Finance.

3

12/31/2014

M

Introduced at R3. Macroeconomic criticality: To strengthen the trade and investment climate

5

3

2014-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

MD

Introduced at R1. Macroeconomic criticality: To strengthen internal operations and controls. At R4, completed on January 19, 2014.

5

1

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Appointment of a certified chartered accountant as an advisor to the Audit Committee of the BB Board.

2

03/31/2014

M

Introduced at R3. Macroeconomic criticality: To strengthen internal operations and controls. At R4, met.

5

2

2014-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

1

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

5

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

MD

At R2, rescheduled to end-June 2013. At R3, Not met by the deadline. The demutualization model and plan were approved in September 2013 following passage of the Demutualization Act in April 2013, which allowed a maximum of five months for the approval process.

5

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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.

5

3

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

MD

At R1, rescheduled. At R3, Not met by the deadline. The demutualization model and plan were approved in September 2013 following passage of the Demutualization Act in April 2013, which allowed a maximum of five months for the approval process.

5

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

M

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

5

4

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

M

Introduced at R1. Macroeconomic criticality: To reduce systemic risks

5

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

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

M

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

5

6

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

An internal control and compliance policy to be approved by each of the boards of the four largest state-owned commercial banks.

7

12/31/2013

M

Introduced at R3. Macroeconomic criticality: To strengthen the banking system. At R4, met.

5

7

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

A detailed action plan for automation at the state-owned commercial banks to be approved by the Ministry of Finance.

8

03/31/2014

M

Introduced at R3. Macroeconomic criticality: To strengthen the banking system. At R4, met.

5

8

2014-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

An assessment by BB of compliance by the state-owned commercial banks (SOCBs) with the Internal Control and Compliance policies approved in December 2013.

9

12/31/2014

M

Introduced at R4. Macroeconomic criticality: To further improve governance at the SOCBs

5

9

2014-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

SB

26

7. Exchange systems and restrictions (current and capital)

Complete a review of the Foreign Exchange Regulation Act.

1

09/30/2013

M

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

5

1

2013-09-30

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

20.1

1.1. Revenue measures, excluding trade policy

MoF adopts tax revenue measures yielding an additional 0.5 percent of GDP in the FY24 budget

1

06/30/2023

SB

N/A

0

1

2023-06-30

R0

N/A

SB_20.10_1

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

20.2

1.2. Revenue administration, including customs

NBR staffs Compliance Risk Management Units in the customs and VAT wings

1

12/31/2023

SB

N/A

0

1

2023-12-31

R0

N/A

SB_20.20_1

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

20.5

1.5. Debt Management

MoF develops a plan to reduce net NSC issuance to below ¼ of total net domestic financing by FY26

1

12/31/2023

SB

N/A

0

1

2023-12-31

R0

N/A

SB_20.50_1

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

MoF develops a policy note to guide decisions on integrating bank accounts still remaining outside the TSA and on the sequencing of TSA enhancements

1

12/31/2023

SB

N/A

0

1

2023-12-31

R0

N/A

SB_20.60_1

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

21.1

2.1. Central bank operations and reforms

BB adopts an interest rate corridor system

1

07/31/2023

SB

N/A

0

1

2023-07-31

R0

N/A

SB_21.10_1

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

21.1

2.1. Central bank operations and reforms

BB uses market determined exchange rate for official FX transactions on behalf of the government

2

06/30/2023

SB

N/A

0

2

2023-06-30

R0

N/A

SB_21.10_2

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

BB compiles and reports official reserve assets as per BPM6 definition

1

06/30/2023

SB

N/A

0

1

2023-06-30

R0

N/A

SB_21.20_1

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

24.1

5.1. Public enterprise pricing and subsidies

Government to adopt a periodic formula-based price adjustment mechanism for petroleum products

1

12/31/2023

SB

N/A

0

1

2023-12-31

R0

N/A

SB_24.10_1

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

BB completes the pilot risk-based supervision action plan

1

06/30/2023

SB

N/A

0

1

2023-06-30

R0

N/A

SB_25.10_1

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

MOF submits to Parliament the Bank Companies (Amendment) Act 2020 and the Finance Companies Act 2020, drafted in line with best practices

2

09/30/2023

SB

N/A

0

2

2023-09-30

R0

N/A

SB_25.10_2

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

BB publishes banks' distressed assets in the annual financial stability report

3

06/30/2023

SB

N/A

0

3

2023-06-30

R0

N/A

SB_25.10_3

N/A

850

BANGLADESH

513

ECF-EFF

2023-01-30

2,023

2026-07-29

2,026

N/A

2023-01-30

P1

R0

EL

SB

29

10. Economic statistics (excluding fiscal and central bank transparency and similar measures)

Bangladesh Bureau of Statistics publishes quarterly GDP

1

12/31/2023

SB

N/A

0

1

2023-12-31

R0

N/A

SB_29.00_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

PA

20.5

1.5. Debt Management

Government to launch exchange offer for debt restructuring of the stock of central government domestic debt held by private creditors and eligible for debt restructuring consistent with EFF supported program objectives

1

Program Prior Action

M

N/A

0

1

2023-09-23

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

Government to conduct a comprehensive review of the tax system, with inputs from IMF technical assistance.

1

06/30/2019

SB

N/A

0

1

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

The Barbados Revenue Authority (BRA) to adopt measurable performance targets that increase on-time filing for corporate Income Tax and VAT from current levels (less than 50 percent for both respectively) to 75 percent over calendar year 2019.

2

12/31/2019

SB

N/A

0

2

2019-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

The Large Taxpayer Unit (LTU) to (i) update all LTU taxpayer accounts ensuring they reflect accurate balances, and (ii) commence the conduct of audits targeting the most current tax period.

3

12/31/2018

SB

N/A

0

3

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

20.2

1.2. Revenue administration, including customs

Customs Department to (i) deploy staff to the exemption monitoring unit and undertake at least eight exemption verification assignments in 2019; (ii) train and deploy at least 6 officers in the post clearance audit unit and undertake at least 8 field audits in 2019; (iii) establish a trusted trader program that gives defined benefits to program members by the end of 2018 and have at least eight companies participating by the end of 2019; and (iv) undertake post release verification of entries and subject at least 3500 entries to this control by the end of 2019.

4

12/31/2019

SB

N/A

0

4

2019-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

06/30/2020

SB

N/A

0

1

2020-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

20.8

1.8. Budget preparation (e.g., submission or approval)

Government to table a revised Financial Management and Audit (FMA) Act to establish a permanent binding budget calendar, envisaging budget approval prior to the fiscal year.

1

12/31/2018

SB

N/A

0

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

20.9

1.9. Inter-governmental relations

Government to develop plans to recapitalize the CBB and address medium and long term challenges for the NIS stemming from the debt restructuring.

1

06/30/2020

SB

N/A

0

1

2020-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

06/30/2019

SB

N/A

0

1

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2019

SB

N/A

0

1

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

24

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

Parliament to adopt a revised Financial Management and Audit (FMA) Act conferring greater autonomy to the Ministry of Finance and Economic Affairs to oversee SOEs, including prior approval of all borrowings and assumptions of other liabilities. Revisions to the FMA Act will also establish clear definitions for the classification of public entities, and their related roles and responsibilities; and establish tighter and more precise reporting requirements for SOEs, and sanctions for noncompliance.

1

12/31/2018

SB

N/A

0

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

24

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

Government to ensure that all SOEs listed in TMU paragraph 2 prepare and submit to the government standardized quarterly financial reports.

2

12/31/2018

SB

N/A

0

2

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

24

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

Government to submit to parliament a consolidated report on the performance of SOEs, together with budget estimates.

3

03/31/2019

SB

N/A

0

3

2019-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

24

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

Government to conduct a comprehensive review of all tariffs and fees charged by SOEs.

4

06/30/2019

SB

N/A

0

4

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

24

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

Government to introduce a system for monitoring SOE arrears on an ongoing basis.

5

03/31/2019

SB

N/A

0

5

2019-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

24

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

Government to launch a training and outplacement programme to help mitigate effects on the vulnerable from the restructuring of SOEs.

6

12/31/2018

SB

N/A

0

6

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Government to establish a Sandbox regime for regulation for fintech start-ups

1

12/31/2018

SB

N/A

0

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

30.1

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

Parliament to adopt new Town and Country Planning legislation, aimed at streamlining and accelerating the process for providing permits.

1

12/31/2018

SB

N/A

0

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2018-10-01

P1

R0

E

SB

30.1

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

Government to adopt a new business plan and staffing strategy for the Corporate Affairs and Intellectual Property Office (CAIPO), with a view of streamlining the registration of new business and strengthening maintenance of commercial records of existing business.

2

03/31/2019

SB

N/A

0

2

2019-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

PA

20.5

1.5. Debt Management

Government to launch exchange offer for debt restructuring of the stock of central government domestic debt held by private creditors and eligible for debt restructuring consistent with EFF supported program objectives

1

Program Prior Action

M

N/A

1

2023-09-23

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Government to conduct a comprehensive review of the tax system, with inputs from IMF technical assistance.

1

06/30/2019

SB

N/A

1

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

The Barbados Revenue Authority (BRA) to adopt measurable performance targets that increase on-time filing for corporate Income Tax and VAT from current levels (less than 50 percent for both respectively) to 75 percent over calendar year 2019.

2

12/31/2019

SB

N/A

1

2

2019-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

The Large Taxpayer Unit (LTU) to (i) update all LTU taxpayer accounts ensuring they reflect accurate balances, and (ii) commence the conduct of audits targeting the most current tax period.

3

12/31/2018

M

N/A

1

3

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

20.2

1.2. Revenue administration, including customs

Customs Department to (i) deploy staff to the exemption monitoring unit and undertake at least eight exemption verification assignments in 2019; (ii) train and deploy at least 6 officers in the post clearance audit unit and undertake at least 8 field audits in 2019; (iii) establish a trusted trader program that gives defined benefits to program members by the end of 2018 and have at least eight companies participating by the end of 2019; and (iv) undertake post release verification of entries and subject at least 3500 entries to this control by the end of 2019.

4

12/31/2019

SB

N/A

1

4

2019-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Governor General to proclaim the Financial Management and Audit (FMA) Act.

1

07/31/2019

SB

N/A

1

2019-07-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

06/30/2020

SB

N/A

1

2020-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

20.8

1.8. Budget preparation (e.g., submission or approval)

Government to table a revised Financial Management and Audit (FMA) Act to establish a permanent binding budget calendar, envisaging budget approval prior to the fiscal year.

1

12/31/2018

MD

N/A

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

20.9

1.9. Inter-governmental relations

Government to develop plans to recapitalize the CBB and address medium and long term challenges for the NIS stemming from the debt restructuring.

1

06/30/2020

SB

N/A

1

2020-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

06/30/2019

MOD-DATE

N/A

1

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

12/31/2019

SB

N/A

1

2019-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2019

MOD-DATE

N/A

1

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2020

SB

N/A

1

2020-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

23.1

4.1. Pension reforms

Government to conduct an actuarial review of the civil service pension system with a view to reform it as discussed in MEFP paragraph 21.

2

12/31/2019

SB

N/A

1

2

2019-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

24

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

Parliament to adopt a revised Financial Management and Audit (FMA) Act conferring greater autonomy to the Ministry of Finance and Economic Affairs to oversee SOEs, including prior approval of all borrowings and assumptions of other liabilities. Revisions to the FMA Act will also establish clear definitions for the classification of public entities, and their related roles and responsibilities; and establish tighter and more precise reporting requirements for SOEs, and sanctions for noncompliance.

1

12/31/2018

MD

N/A

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

24

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

Government to ensure that all SOEs listed in TMU paragraph 2 prepare and submit to the government standardized quarterly financial reports.

2

12/31/2018

M

N/A

1

2

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

24

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

Government to submit to parliament a consolidated report on the performance of SOEs, together with budget estimates.

3

03/31/2019

MD

N/A

1

3

2019-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

24

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

Government to conduct a comprehensive review of all tariffs and fees charged by SOEs.

4

06/30/2019

MOD-DATE

N/A

1

4

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

24

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

Government to conduct a comprehensive review of all tariffs and fees charged by SOEs.

4

09/30/2019

SB

N/A

1

4

2019-09-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

24

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

Government to introduce a system for monitoring SOE arrears on an ongoing basis.

5

03/31/2019

M

N/A

1

5

2019-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

24

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

Government to launch a training and outplacement programme to help mitigate effects on the vulnerable from the restructuring of SOEs.

6

12/31/2018

M

N/A

1

6

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Government to establish a Sandbox regime for regulation for fintech start-ups

1

12/31/2018

M

N/A

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

30.1

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

Parliament to adopt new Town and Country Planning legislation, aimed at streamlining and accelerating the process for providing permits.

1

12/31/2018

MD

N/A

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-06-24

P1

R1

BLANK

SB

30.1

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

Government to adopt a new business plan and staffing strategy for the Corporate Affairs and Intellectual Property Office (CAIPO), with a view of streamlining the registration of new business and strengthening maintenance of commercial records of existing business.

2

03/31/2019

M

N/A

1

2

2019-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-12-16

P1

R2

BLANK

PA

20.5

1.5. Debt Management

Government to launch exchange offer for debt restructuring of the stock of central government domestic debt held by private creditors and eligible for debt restructuring consistent with EFF supported program objectives

1

Program Prior Action

M

N/A

2

1

2023-09-23

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-12-16

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Government to conduct a comprehensive review of the tax system, with inputs from IMF technical assistance.

1

06/30/2019

M

N/A

2

1

2019-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-12-16

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

The Barbados Revenue Authority (BRA) to adopt measurable performance targets that increase on-time filing for corporate Income Tax and VAT from current levels (less than 50 percent for both respectively) to 75 percent over calendar year 2019.

2

12/31/2019

SB

N/A

2

2019-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-12-16

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

The Large Taxpayer Unit (LTU) to (i) update all LTU taxpayer accounts ensuring they reflect accurate balances, and (ii) commence the conduct of audits targeting the most current tax period.

3

12/31/2018

M

N/A

2

3

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-12-16

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Customs Department to (i) deploy staff to the exemption monitoring unit and undertake at least eight exemption verification assignments in 2019; (ii) train and deploy at least 6 officers in the post clearance audit unit and undertake at least 8 field audits in 2019; (iii) establish a trusted trader program that gives defined benefits to program members by the end of 2018 and have at least eight companies participating by the end of 2019; and (iv) undertake post release verification of entries and subject at least 3500 entries to this control by the end of 2019.

4

12/31/2019

MOD-DATE

N/A

2

4

2019-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2019-12-16

P1

R2

BLANK

SB

20.2

1.2. Revenue administration, including customs

Customs Department to (i) deploy staff to the exemption monitoring unit and undertake at least eight exemption verification assignments in 2019; (ii) train and deploy at least 6 officers in the post clearance audit unit and undertake at least 8 field audits in 2019; (iii) establish a trusted trader program that gives defined benefits to program members by the end of 2018 and have at least eight companies participating by the end of 2019; and (iv) undertake post release verification of entries and subject at least 3500 entries to this control by the end of 2019.

4

08/31/2020

SB

N/A

2

4

2020-08-31

N/A