TohidA/MONA · Datasets at Hugging Face

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Adopt measures to improve the targeting of social assistance, consolidate welfare programs, and streamline administration costs.

1

12/31/2013

MOD-SB

Introduced at R0. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R1, text of condition and test dates were modified.

9

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Implement a new social welfare system to improve the targeting of social assistance, consolidate welfare programs, and streamline administration costs.

2

06/30/2014

MD

At R1, previously a structural benchmark but text was modfied. Test date was also moved from end-December 2013 to end-June 2014. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R5R6R7, implemented in July 2014.

9

2

2014-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Approval by the Council of Ministers of the final design of the reformed social welfare system, including decisions on the type, level and eligibility criteria for GMI and any remaining benefits, consistent with the 2014 and medium term budget ceilings.

3

03/31/2014

NM

Introduced at R2. At R4, not met. Requirement expected to be achieved in mid-June 2014.

9

3

2014-03-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Revise the anti-money laundering legal framework (TMU ¶15).

1

09/30/2013

M

Introduced at R0. Objective: strengthen financial stability

9

1

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adopt the legal framework for a central credit register (TMU ¶16).

2

09/30/2013

MD

Introduced at R0. Objective: strengthen financial stability. At R2, completed on November 2013.

9

2

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Merge the credit cooperative sector into a maximum of 18 institutions which will be recaptitalized to fulfill the capital requirements under the law.

3

03/31/2014

M

Introduced at R1. Objective: strengthen financial stability. At R4, met.

9

3

2014-03-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Resolution Authority to instruct the Special Administrator to entrust the voting rights of legacy Laiki equity stake in BoC to a well-recognized and independent consulting or auditing firm(s) or international institution(s).

4

01/31/2014

MOD-SB

Introduced at R2. At R3, modified into "Appoint a well-recognized and independent consulting or auditing firm(s) or international institution(s) to be entrusted with the voting rights of legacy Laiki equity stake in BoC and manage the disposal of Laiki's assets abroad."

9

4

2014-01-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Appoint a well-recognized and independent consulting or auditing firm(s) or international institution(s) to be entrusted with the voting rights of legacy Laiki equity stake in BoC and manage the disposal of Laiki's assets abroad.

5

04/30/2014

MOD-SB

At R3, a revised text of the structural benchmark on "Resolution Authority to instruct the Special Administrator to entrust the voting rights of legacy Laiki equity stake in BoC...". A new test date of end-April 2014 is also specified. At R4, not met. Requirement expected to be partially achieved by end-June 2014. Text of this condition is revised.

9

5

2014-04-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of the assessment of the operational capacity of cooperative credit institutions’ loan workout units, including with respect to early arrears.

6

05/31/2014

M

Introduced at R3. At R4, met.

9

6

2014-05-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Appointment of an independent firm and/or international institution to be entrusted with the voting rights of legacy Laiki in BoC.

7

09/30/2014

NM

At R4, a revised text of a previous structural condition.

9

7

2014-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

CBC submission of assessment of banks and coops implementation of action plans to address operational deficiencies and potential shortcomings related to compliance with the Code of Conduct and arrears management policies and practices.

8

11/30/2014

MD

Introduced at R4. At R5R6R7, implemented in December.

9

8

2014-11-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

CBC assessment of internal audit on governance of bank debt restructuring.

9

01/31/2015

M

Introduced at R4.

9

2015-01-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Publication by the CBC of the targets of loan restructuring, and banks and coops' aggregate performance against them.

10

07/30/2015

MD

Introduced at R5R6R7. At R8, implemented in September 2015.

9

10

2015-07-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by Parliament of legislation to enable the sale of loans in line with CBC directives while retaining the protections of borrowers offered under the Code of Conduct.

11

09/30/2015

MD

Introduced at R8. At R9, met with delay. Implemented in November (2015).

9

11

2015-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by Parliament of legislation to remove existing impediments to the securitization of assets.

12

12/31/2015

MOD-DATE

Introduced at R8. At R9, new test date of end-February 2016 is specified.

9

12

2015-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by Parliament of legislation to remove existing impediments to the securitization of assets.

12

02/28/2016

SB

At R9, new test date.

9

12

2016-02-28

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by parliament of legislation to modernize personal and corporate insolvency procedures and to regulate insolvency practitioners assisting in the restructuring process.

13

12/31/2014

MD

At R4, revised text of the 2 structural conditions related to personal insolvency and corporate insolvency procedures. At R5R6R7, implemented in April 2015.

9

13

2014-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by the Council of Ministers of legislation ensuring that the ownership of titles reflects the economic ownership of the property at all times.

14

06/30/2015

PM

Introduced at R5R6R7. At R8, partially met; legislation covers only legacy cases.

9

14

2015-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by the Council of Ministers of any necessary adjustments to correct deficiencies of the insolvency and foreclosure frameworks, including legislative changes.

15

01/31/2016

MOD-DATE

At R8, revised text and test date of the condition on: "Submission to the Council of Ministers of necessary adjustments to the insolvency and foreclosure frameworks." At R9, new test date of end-February 2016 is specified.

9

15

2016-01-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by the Council of Ministers of any necessary adjustments to correct deficiencies of the insolvency and foreclosure frameworks, including legislative changes.

15

02/28/2016

SB

At R9, new test date.

9

15

2016-02-28

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Council of Ministers of legislation for the issuance and transfer of title deeds in non-legacy and new property transactions.

16

10/31/2015

MOD-DATE

Introduced at R8. At R9 new test date of end-January 2016 is specified.

9

16

2015-10-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Council of Ministers of legislation for the issuance and transfer of title deeds in non-legacy and new property transactions.

16

01/31/2016

SB

At R9, new test date.

9

16

2016-01-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption of administrative acts and regulations needed to fully ensure the functioning of the insolvency regime.

17

08/31/2015

M

Introduced at R5R6R7.

9

17

2015-08-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submission to parliament of legislation to modernize personal insolvency procedures.

18

12/13/2014

MOD-SB

Introduced at R3. At R4, text of condition is modified from "submission" to "adoption by parliament.." as related to personal insolvency and combined with the structural condition on corporate insolvency.

9

18

2014-12-13

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submission to parliament of legislation to modernize corporate insolvency procedures and to regulate insolvency practitioners assisting in the restructuring process.

19

12/31/2014

MOD-SB

Introduced at R3. At R4, text of condition is modified from "submission" to "adoption by parliament.."

9

19

2014-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submission to the Council of Ministers of necessary adjustments to the insolvency and foreclosure frameworks.

20

09/30/2015

MOD-SB

Introduced at R5R6R7. At R8, text and test date of condition revised to: "Adoption by the Council of Ministers of any necessary adjustments to correct deficiencies of the insolvency and foreclosure frameworks, including legislative changes."

9

20

2015-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Complete the due diligence valuation of CPB and BoC assets as described in the resolution law in accordance with the terms of reference agreed with the EC/ECB/IMF.

1

06/30/2013

PM

Introduced at R0. Objective: strengthen financial stability. At R1, partially met. The valuation study was completed on July 26, 2013.

9

1

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

For individual CCIs not covered by the PIMCO due-diligence exercise, the CBC jointly with the CCI supervisor will complete an assessment of capital needs and viability in accordance with terms of reference prepared in consultation with EC/ECB/IMF.

2

06/30/2013

PM

Introduced at R0. Objective: strengthen financial stability. At R1, partially met. Capital needs of individual CCIs have been assessed on time but the viability assessment was completed on July 19, 2013.

9

2

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Develop a strategy to recapitalize and restructure the CCI sector with public money as needed.

3

07/31/2013

M

Introduced at R0. Objective: strengthen financial stability

9

3

2013-07-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to require the BoC board to prepare a restructuring plan defining the bank's business objectives.

4

09/30/2013

MOD-SB

Introduced at R0. Objective: strengthen financial stability. At R1, text of the condition as well as test date were modified.

9

4

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to prepare an assessment of BoC's restructuring, business, funding and capital plans.

5

10/31/2013

M

At R1, previously a structural benchmark the content of which has been modified and the deadline moved to end-October 2013. Objective: strengthen financial stability.

9

5

2013-10-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to instruct Hellenic Bank to launch an offer for private participation in the bank's capital.

6

09/30/2013

M

Introduced at R1. Objective: strengthen financial stability.

9

6

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Recapitalize Hellenic Bank in line with the capital needs identified by the PIMCO exercise.

7

12/31/2013

M

Introduced at R1. Objective: strengthen financial stability.

9

7

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

25.2

6.2. Restructuring and privatization of financial institutions

Completion of an independent fair value assessment of the CCB's and CCI’s assets aimed at quantifying the size of the government’s stake in the sector and submission of the final restructuring plan of the CCI sector to the European Commission.

8

01/13/2014

M

Introduced at R2. At R3, met.

9

8

2014-01-13

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

06/30/2013

M

Treated as a performance criterion.

9

1

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

09/30/2013

M

Treated as a performance criterion. Met for R2.

9

1

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

12/31/2013

M

Treated as a performance criterion. Met for R3.

9

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

Continuous

SB

Introduced at R0. Objective: strengthen financial stability. This is to be treated as a performance criterion.

9

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

30.1

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

Parliamentary approval of reform package including a revision of the wage setting framework.

7

12/31/2015

MOD-DATE

Introduced at R5R6R7. At R9, new test date of end-February 2016 is specified. Text of condition is slightly modified to: "Parliamentary approval of a public administration reform package including a revision of the wage setting framework for the general government."

9

7

2015-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

2016-03-07

N/A

2016-01-22

P1

R9

L

SB

30.1

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

Parliamentary approval of reform package including a revision of the wage setting framework.

7

02/28/2016

SB

At R9, new test date.

9

7

2016-02-28

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

20.1

1.1. Revenue measures, excluding trade policy

Revise the Investment Code to streamline tax exemptions (duration of exemptions, list of tax benefits) and strengthen the procedures and resources for monitoring exempt projects.

1

02/28/2009

SB

N/A

0

1

2009-02-28

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Introduce a single Treasury account.

1

05/31/2009

SB

N/A

0

1

2009-05-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish: (i) the audited accounts of the social security funds and of the principal public enterprises, within nine months of year-end; (ii) the TOFE within 60 days of each month-end; and (iii) preliminary year-end budget execution data, within five months of the end of the year.

1

12/31/2008

SB

N/A

0

1

2008-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish: (i) the audited accounts of the social security funds and of the principal public enterprises, within nine months of year-end; (ii) the TOFE within 60 days of each month-end; and (iii) preliminary year-end budget execution data, within five months of the end of the year.

1

Other

SB

N/A

0

1

2023-09-23

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

22

3. Civil service and public employment reforms, and wages

Reorganize and adjust the provision of human resources to the Electricity Department of Djibouti (EDD) so as to reduce personnel costs, in accordance with the results of a study undertaken by an independent, specialized international firm regarding the scope of the adjustment, with plans for early retirement and the redeployment of excess employees to other short-staffed public utilities.

1

08/31/2009

SB

N/A

0

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Increase the staffing of the Financial Intelligence Unit (FIU), its resources, and its independence, to enable it to carry out its mission properly, taking account of the recommendations of the AML/CFT mission of the IMF Legal Department.

1

08/31/2009

SB

N/A

0

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Conduct full on-site inspections of at least three banking institutions.

2

08/31/2009

SB

N/A

0

2

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

29

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

Conduct a survey of economic activities with a view to including its results in the estimates of the national accounts, with the support of our development partners.

1

08/31/2009

SB

N/A

0

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SB

30.1

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

Submit the new Commercial Code, prepared with the assistance of the European Union, to the National Assembly.

1

11/30/2008

SB

N/A

0

1

2008-11-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SPC

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft VAT Law to the National Assembly, with a single general rate set at 7 percent and implementation to begin with the 2009 budget.

1

11/30/2008

PC

N/A

0

1

2008-11-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2008-09-17

P1

R0

E

SPC

21.1

2.1. Central bank operations and reforms

Strengthen monetary control by introducing reserve requirements with respect to deposits.

1

08/31/2009

PC

N/A

0

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Revise the Investment Code to streamline tax exemptions (duration of exemptions, list of tax benefits) and strengthen the procedures and resources for monitoring exempt projects.

1

02/28/2009

M

N/A

1

2009-02-28

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Introduce a single Treasury account.

1

05/31/2009

MOD-SB

New text specified at R1. Modified to 'Budget and expenditure management by: (a) introducing a single Treasury account (MEFP ¶21, TMU ¶57) and, in addition, implementing additional measures as discussed in ¶5 of this LOI.'

1

2009-05-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Budget and expenditure management by: (c) introducing a mechanism to ensure that payment is made during the grace period by immediately reimbursing external debt loans endorsed by the Government if the borrowing enterprise has not settled its obligations during the week following the due date (LOI ¶7).

2

Continuous

SB

Introduced at R1. Continuous beginning April 1, 2009.

1

2

2023-09-23

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Budget and expenditure management by: (a) introducing a single Treasury account (MEFP ¶21, TMU ¶57) and, in addition, implementing additional measures as discussed in ¶5 of this LOI.

3

05/31/2009

SB

Text revised at R1.

1

3

2009-05-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Budget and expenditure management by: (b) modifying the accounting criteria in budget accounts to comply strictly with the definition of arrears in the IMF’s 2001 GFSM (LOI ¶9).

4

12/31/2009

SB

Introduced at R1.

1

4

2009-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish: (i) the audited accounts of the social security funds and of the principal public enterprises, within nine months of year-end; (ii) the TOFE within 60 days of each month-end; and (iii) preliminary year-end budget execution data, within five months of the end of the year.

1

12/31/2008

M

Met for R1.

1

2008-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish: (i) the audited accounts of the social security funds and of the principal public enterprises, within nine months of year-end; (ii) the TOFE within 60 days of each month-end; and (iii) preliminary year-end budget execution data, within five months of the end of the year.

1

Other

SB

N/A

1

2023-09-23

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

21.1

2.1. Central bank operations and reforms

Strengthen the BCD's safeguards framework by: (a) adopting external auditor selection procedures to ensure that the Bank appoints international audit firms to conduct the annual external audits in accordance with International Standards on Auditing.

1

06/30/2009

SB

Introduced at R1.

1

2009-06-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

21.1

2.1. Central bank operations and reforms

Strengthen the BCD's safeguards framework by: (b) appointing the external auditors for 2009–11.

2

09/30/2009

SB

Introduced at R1.

1

2

2009-09-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

22

3. Civil service and public employment reforms, and wages

Reorganize and adjust the provision of human resources to the Electricity Department of Djibouti (EDD) so as to reduce personnel costs, in accordance with the results of a study undertaken by an independent, specialized international firm regarding the scope of the adjustment, with plans for early retirement and the redeployment of excess employees to other short-staffed public utilities.

1

08/31/2009

SB

N/A

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

24

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

Competitiveness and energy cost: Produce a progress report and then a final report on the reorganization and adjustment of human resources to the EDD so as to reduce personnel costs, in accordance with the results of a study to be undertaken by an independent, specialized international firm regarding the size of the adjustment, with early retirement plans and redeployment of redundant staff in other departments that require additional staff. The report and recommendations will be ready by end-December 2009 and a progress report on the study will be prepared by end-September 2009 (MEFP ¶38).

1

12/31/2009

SB

Introduced at R1.

1

2009-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Increase the staffing of the Financial Intelligence Unit (FIU), its resources, and its independence, to enable it to carry out its mission properly, taking account of the recommendations of the AML/CFT mission of the IMF Legal Department.

1

08/31/2009

MOD-DATE

N/A

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Increase the staffing of the Financial Intelligence Unit (FIU), its resources, and its independence, to enable it to carry out its mission properly, taking account of the recommendations of the AML/CFT mission of the IMF Legal Department.

1

12/31/2009

SB

N/A

1

2009-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Conduct full on-site inspections of at least three banking institutions.

2

08/31/2009

MOD-DATE

New test date

1

2

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Conduct full on-site inspections of at least three banking institutions.

2

12/31/2009

SB

N/A

1

2

2009-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Strengthen Liquidity Management by: (a) preparing draft regulations that include the required modifications to financial laws, in consultation with the banking sector and in accordance with IMF staff recommendations approved). (MEFP ¶29).

3

08/31/2009

SB

Introduced at R1.

1

3

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Strengthen Liquidity Management by: (b) Submit revised versions of banking law and central bank law to the National Assembly to introduce required reserves (required reserves will be introduced once the legal revisions have been approved).

4

12/31/2009

SB

Introduced at R1.

1

4

2009-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

29

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

Conduct a survey of economic activities with a view to including its results in the estimates of the national accounts, with the support of our development partners.

1

08/31/2009

MOD-DATE

At R1, new test date of end-September 2009.

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

29

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

Conduct a survey of economic activities with a view to including its results in the estimates of the national accounts, with the support of our development partners.

1

09/30/2009

SB

At R1, new test date.

1

2009-09-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

30.1

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

Submit the new Commercial Code, prepared with the assistance of the European Union, to the National Assembly.

1

11/30/2008

MOD-DATE

N/A

1

2008-11-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SB

30.1

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

Submit the new Commercial Code, prepared with the assistance of the European Union, to the National Assembly.

1

06/30/2009

SB

N/A

1

2009-06-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SPC

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft VAT Law to the National Assembly, with a single general rate set at 7 percent and implementation to begin with the 2009 budget.

1

11/30/2008

W

Submission was delayed slightly delayed. This condition was observed on Dec. 15, 2008.

1

2008-11-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

N/A

2009-06-17

P1

R1

BLANK

SPC

21.1

2.1. Central bank operations and reforms

Strengthen monetary control by introducing reserve requirements with respect to deposits.

1

08/31/2009

MOD-SB

At R1, this condition is changed from a performance criteria to a benchmark. The test date is also modified to end-December 2009.

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Confirm the non-recourse to extrabudgetary expenditures for 2010 up to the latest data available.

1

Combined Second and Third Reviews Prior Action

M

Combined R2R3 Reviews prior action. Macro-criticality: public financial management.

2

1

2023-09-23

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

PA

20.8

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

Present 2011 budget law to the National Assembly, implying a fiscal deficit in line with the ECF target.

1

Combined Second and Third Reviews Prior Action

M

Combined R2R3 Reviews prior action. Macro-criticality: fiscal policy

2

1

2023-09-23

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Revise the Investment Code to streamline tax exemptions (duration of exemptions, list of tax benefits) and strengthen the procedures and resources for monitoring exempt projects.

1

02/28/2009

M

N/A

2

1

2009-02-28

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Inclusion in the 2012 budget of the lowering of VAT basis from 80 to 50 millions DF.

2

12/31/2011

SB

Introduced at R2R3. Macro-criticality: strengthening of tax revenue.

2

2011-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Increase of human resources in the unit in charge of VAT.

1

12/31/2011

SB

Introduced at R2R3. Macro-criticality: Strengthening of tax revenue.

2

1

2011-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Introduce a single Treasury account.

1

05/31/2009

MOD-SB

New text specified at R1.

2

1

2009-05-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Budget and expenditure management by: (a) introducing a single Treasury account (MEFP ¶21, TMU ¶57) and, in addition, implementing additional measures as discussed in ¶5 of this LOI.

2

05/31/2009

MD

Text revised at R1.

2

2009-05-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Budget and expenditure management by: (b) modifying the accounting criteria in budget accounts to comply strictly with the definition of arrears in the IMF’s 2001 GFSM (LOI ¶9).

3

12/31/2009

M

Introduced at R1.

2

3

2009-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Budget and expenditure management by: (c) introducing a mechanism to ensure that payment is made during the grace period by immediately reimbursing external debt loans endorsed by the Government if the borrowing enterprise has not settled its obligations during the week following the due date (LOI ¶7).

4

12/31/2009

NM

N/A

2

4

2009-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Budget and expenditure management by: (c) introducing a mechanism to ensure that payment is made during the grace period by immediately reimbursing external debt loans endorsed by the Government if the borrowing enterprise has not settled its obligations during the week following the due date (LOI ¶7).

4

Continuous

SB

Introduced at R1. Continuous beginning April 1, 2009.

2

4

2023-09-23

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish: (i) the audited accounts of the social security funds and of the principal public enterprises, within nine months of year-end; (ii) the TOFE within 60 days of each month-end; and (iii) preliminary year-end budget execution data, within five months of the end of the year.

1

12/31/2008

M

Met for R1.

2

1

2008-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish: (i) the audited accounts of the social security funds and of the principal public enterprises, within nine months of year-end; (ii) the TOFE within 60 days of each month-end; and (iii) preliminary year-end budget execution data, within five months of the end of the year.

1

06/30/2009

M

N/A

2

1

2009-06-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publish: (i) the audited accounts of the social security funds and of the principal public enterprises, within nine months of year-end; (ii) the TOFE within 60 days of each month-end; and (iii) preliminary year-end budget execution data, within five months of the end of the year.

1

Other

SB

N/A

2

1

2023-09-23

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Strengthening of budget transparency with the monthly publication of the TOFE on the Ministry of Finance Web site.

2

12/31/2010

SB

N/A

2

2010-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Strengthening of budget transparency with the monthly publication of the TOFE on the Ministry of Finance Web site.

2

Monthly

SB

Introduced at R2R3. Macro-criticality: Fiscal transparency

2

2023-09-23

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.8

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

Recruitment of qualified staff in the budget Department for the preparation of the MTBF.

1

06/30/2011

SB

Introduced at R2R3. Macro-criticality: PFM-Budget process

2

1

2011-06-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

20.8

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

Acquisition of the software for the introduction of the new budget classification.

2

06/30/2011

SB

Introduced at R2R3. Macro-criticality: PFM-Budget process

2

2011-06-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

21.1

2.1. Central bank operations and reforms

Strengthen the BCD's safeguards framework by: (a) adopting external auditor selection procedures to ensure that the Bank appoints international audit firms to conduct the annual external audits in accordance with International Standards on Auditing.

1

06/30/2009

MD

Introduced at R1.

2

1

2009-06-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

21.1

2.1. Central bank operations and reforms

Strengthen the BCD's safeguards framework by: (b) appointing the external auditors for 2009–11.

2

09/30/2009

MD

Introduced at R1.

2

2009-09-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

21.1

2.1. Central bank operations and reforms

Adoption of an official timetable for biannual meetings of the Board of Directors and extension of its rights to oversee internal control.

3

06/30/2011

SB

Introduced at R2R3. Macro-criticality: Strengthening Central Bank governance

2

3

2011-06-30

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

21.1

2.1. Central bank operations and reforms

Approval of audit reports and publishing the audit opinion on the CBD website six months after the end of the fiscal year.

4

12/31/2011

SB

Introduced at R2R3. Macro-criticality: Strengthening Central Bank governance

2

4

2011-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

22

3. Civil service and public employment reforms, and wages

Reorganize and adjust the provision of human resources to the Electricity Department of Djibouti (EDD) so as to reduce personnel costs, in accordance with the results of a study undertaken by an independent, specialized international firm regarding the scope of the adjustment, with plans for early retirement and the redeployment of excess employees to other short-staffed public utilities.

1

08/31/2009

MOD-DATE

New test date of 3/31/2010.

2

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

22

3. Civil service and public employment reforms, and wages

Reorganize and adjust the provision of human resources to the Electricity Department of Djibouti (EDD) so as to reduce personnel costs, in accordance with the results of a study undertaken by an independent, specialized international firm regarding the scope of the adjustment, with plans for early retirement and the redeployment of excess employees to other short-staffed public utilities.

1

03/31/2010

MD

N/A

2

1

2010-03-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

24

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

Produce a progress report and then a final report on the reorganization and adjustment of human resources to the EDD so as to reduce personnel costs, in accordance with the results of a study to be undertaken by an independent, specialized international firm regarding the size of the adjustment, with early retirement plans and redeployment of redundant staff in other departments that require additional staff. The report and recommendations will be ready by end-December 2009 and a progress report on the study will be prepared by end-September 2009 (MEFP ¶38).

1

12/31/2009

MD

Introduced at R1.

2

1

2009-12-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Increase the staffing of the Financial Intelligence Unit (FIU), its resources, and its independence, to enable it to carry out its mission properly, taking account of the recommendations of the AML/CFT mission of the IMF Legal Department.

1

08/31/2009

MOD-DATE

N/A

2

1

2009-08-31

N/A

598

DJIBOUTI

611

PRGF

2008-09-17

2,008

2011-09-16

2,011

2012-06-16

N/A

2011-01-10

P1

R2R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Increase the staffing of the Financial Intelligence Unit (FIU), its resources, and its independence, to enable it to carry out its mission properly, taking account of the recommendations of the AML/CFT mission of the IMF Legal Department.

1

12/31/2009

MD

N/A

2

1

2009-12-31

N/A