TohidA/MONA · Datasets at Hugging Face

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-06-19

P1

R6

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Inform the Fund of measures taken in the event that the capital ratio of one (or more) banks fall below 10 percent.

7

Continuous

SB

Effective or starting in June 2009.

6

7

2023-09-23

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-06-19

P1

R6

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Present a Policy Strategy Memorandum to the Council of Ministers on the offshore sector.

8

09/30/2009

SB

N/A

6

8

2009-09-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-06-19

P1

R6

BLANK

SB

29

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

Prepare a quarterly report on developments on balance of payments flows including an assessment of interest sensitivity of nonresident flows into the banking system.

1

12/31/2008

MOD-DATE

Reset for June/09.

6

1

2008-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-06-19

P1

R6

BLANK

SB

29

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

Prepare a quarterly report on developments on balance of payments flows including an assessment of interest sensitivity of nonresident flows into the banking system.

1

06/30/2009

SB

Reset from December/08.

6

1

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-06-19

P1

R6

BLANK

SB

30.1

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

Finalize and publish a revised mechanism for adjusting petroleum prices.

1

03/31/2008

NM

At P1R4, not met, and anticipated to be implemented in June 2008. At R5, anticipated to be implemented in November 2008.

6

1

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-06-19

P1

R6

BLANK

SB

30.1

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

Submit the new Code on Judicial Processes to the National Assembly.

2

12/31/2007

MD

At P1R4, not met, expected to be impmemented in June 2008. Submitted to the council of Ministers May 2008. At R5, implemented in August 2008.

6

2

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SAC

20.4

1.4. Combined expenditure and revenue measures

Complete a formal mid-year review of revenue and expenditure developments that allows for taking corrective actions if necessary.

1

08/31/2008

M

N/A

7

1

2008-08-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SAC

30.1

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

Complete implementation of the automatic utility tariff adjustment mechanism.

1

09/30/2006

WMOD-DATE

At P1R1, the sac concerning implementation of the automatic adjustment mechanism for electricity and water tariffs was missed as a result of delays brought about by the change in the ownership structure of Electra in September 2006. Reset to end-March 2007.

7

1

2006-09-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SAC

30.1

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

Complete implementation of the automatic utility tariff adjustment mechanism.

1

03/31/2007

M

N/A

7

1

2007-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SAC

30.1

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

Finalize and publish the mechanism for setting base utility tariffs.

2

06/30/2007

WMOD-DATE

Waived at P1R3, and test date reset to 3/31/08.

7

2

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SAC

30.1

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

Finalize and publish the mechanism for setting base utility tariffs.

2

03/31/2008

M

N/A

7

2

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SAC

30.1

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

Fully apply mechanisms for setting and adjusting electricity, water, and fuel prices.

3

07/31/2007

W

At P1R3, waiver granted.

7

3

2007-07-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SAC

30.1

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

Fully apply mechanisms for setting and adjusting electricity, water, and fuel prices.

3

12/31/2007

W

At P1R4, through end-May 2008, following the coming into effect of the new base utilities tariffs and fuel price mechanisms. As R5 was only scheduled for 11/30/2008, by definition, this sac was cancelled.

7

3

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SAC

30.1

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

Fully apply mechanisms for setting and adjusting electricity, water, and fuel prices.

3

Continuous

CAN

At P1R2, test date set as "continuous" as of July 1, 2007. The conditionality ceased to exist in May 2008 as per EBS/08/67. At P1R4, through end-May 2008, following the coming into effect of the new base utilities tariffs and fuel price mechanisms. As R5 was only scheduled for 11/30/2008, by definition, this sac was cancelled.

7

3

2023-09-23

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit draft legislation to National Assembly on streamlining of tax incentives and exemptions.

1

06/30/2007

MOD-DATE

At P1R2, reset to end-December 2007.

7

1

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit draft legislation to National Assembly on streamlining of tax incentives and exemptions.

1

12/31/2007

MOD-SB

At P1R3, measure was split into 2 sbs which make them more monitorable and continue to support the thrust of the original sb. These replacement sbs are: 1) submit the new General Tax Code to the National Assembly (12/31/07), and 2) submit the new Code on Judicial Processes to the National Assembly (12/31/07).

7

1

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

06/30/2007

MOD-DATE

At P1R2, reset to end-December 2007.

7

2

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

12/31/2007

MOD-DATE

At P1R3, reworded to "submit the draft individual and corporate income tax bills to the National Assembly"(12/31/2007). At P1R4, postponed to October 2008. The income tax code (personal and corporate) will be aligned with the government's planned legislation on rationalizing tax incentives as part of a larger package to reduce economic distortions and make the income tax system more business friendly.

7

2

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

10/31/2008

MOD-DATE

At R5, postponed until 2009.

7

2

2008-10-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

06/30/2009

MOD-DATE

Objective at P1R7: strengthen the tax base. At R6, new test date.

7

2

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

12/31/2009

SB

N/A

7

2

2009-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the new General Tax Code to the National Assembly.

4

12/31/2007

MD

At P1R4, not met, submitted to the Council of Ministers in May 2008, and anticipated to be implemented in June 2008. At R5, implemented in August 2008.

7

4

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.2

1.2. Revenue administration, including customs

Large taxpayers unit to be fully operational.

3

06/30/2007

M

N/A

7

3

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Implementation of the medium-term expenditure framework (MTEF)

1

06/30/2007

PM

At P1R3, "in progress". The sectoral coverage of the medium-term expenditure framework (MTEF) is steadily being expanded and this, together with the MTEF's global framework for revenue and spending, will support the preparation of the state budget for 2008 and future years. Implementation of the SIGOF system, whose coverage is also increasing, is providing a valuable tool for controlling budget execution and for monitoring outturns.

7

1

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Instituting November 30 as deadline for granting new spending commitments to reduce end year payment pressure.

2

10/31/2007

M

N/A

7

2

2007-10-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.5

1.5. Debt Management

Submit to the Council of Ministers a report on contingent liabilities of the state assessing potential risks based on the 2007 or more recent data, including those risks arising from state-owned enterprises.

4

03/31/2009

MOD-DATE

Reset for June/09

7

4

2009-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.5

1.5. Debt Management

Submit to the Council of Ministers a report on contingent liabilities of the state assessing potential risks based on the 2007 or more recent data, including those risks arising from state-owned enterprises.

4

06/30/2009

MD

Reset from March/2009. Objective at P1R7: strengthen debt management.

7

4

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.5

1.5. Debt Management

Conduct a mid-year review of fiscal performance, including projections for end 2009, justifying that the envisaged borrowing is consistent with debt sustainability.

5

08/31/2009

M

Objective at P1R7: strengthen debt management.

7

5

2009-08-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.5

1.5. Debt Management

Include a medium term fiscal framework MTFF for 2010-2012 in the 2010 budget's write up ("Enquadramento") describing the implied debt trajectory and justifying that the envisaged borrowing is consistent with debt sustainability.

6

10/31/2009

M

Objective at P1R7: strengthen debt management.

7

6

2009-10-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Implement laws to strengthen the Court of Auditors (TdC) and National Chart of Public Accounts.

1

06/30/2007

PM

At P1R3, "in preparation". The law concerning the Court of Auditors was approved by the Council of Ministers, and submitted to the National Assembly. A judge was appointed for this Court, and a new customs audit court is to be set up and the Tax Inspectorate will be strengthened and modernized. As for internal audit, a new budget framework law will create the positions of finacial controllers in 2008 to strengthen internal audit.

7

1

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Place financial controllers in each line ministry to monitor the budget execution as specified in Regulatory Decree 2/2007 of January 15.

3

03/31/2009

MOD-DATE

Reset for June/09.

7

3

2009-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Place financial controllers in each line ministry to monitor the budget execution as specified in Regulatory Decree 2/2007 of January 15.

3

06/30/2009

MD

reset from March/09. Objective at P1R7: strengthen public financial management.

7

3

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

20.8

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

Submit a simplified medium term fiscal framework MTFF to Council of Ministers in the 2009 budget preparation cycle and publish it on the Ministry of Finance website

2

11/30/2008

M

N/A

7

2

2008-11-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

21.1

2.1. Central bank operations and reforms

BCV to prepare a short memorandum on strengthening monetary-fiscal policy coordination in managing liquidity to be discussed by PSI monitoring committee and endorsed by Ministry of Finance and BCV.

1

08/31/2009

MOD-DATE

Objective at P1R7: strengthen fiscal-monetary policy coordination.

7

1

2009-08-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

21.1

2.1. Central bank operations and reforms

BCV to prepare a short memorandum on strengthening monetary-fiscal policy coordination in managing liquidity to be discussed by PSI monitoring committee and endorsed by Ministry of Finance and BCV.

1

12/31/2009

SB

Objective at P1R7: strengthen fiscal-monetary policy coordination.

7

1

2009-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

22

3. Civil service and public employment reforms, and wages

Establish macroeconomic policy unit in the Ministry of Finance and Public Administration.

1

12/31/2006

M

N/A

7

1

2006-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

22

3. Civil service and public employment reforms, and wages

Finalize reform strategy for DGCI (the General Directorate for International Cooperation).

2

12/31/2007

M

At P1R4, at End-Dec. 2007

7

2

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

24.2

5.2. Privatization, public enterprise reform and restructuring, other than pricing

Compile: Other Economic Flows arising from the holding gains or losses for five state-owned enterprises (ASA, TACV, Enapor, Electra and IFH) relative to their 2007 results.

3

03/31/2009

M

N/A

7

3

2009-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

24.2

5.2. Privatization, public enterprise reform and restructuring, other than pricing

Compile: consolidated balance-sheet of five state owned enterprises (ASA, TACV, Enapor, Electra and IFH) and detail their debt by maturity, currency, residency, and state guarantees.

4

03/31/2009

M

N/A

7

4

2009-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Complete Action Plan of task force assessing measures to ensure that financial sector regulation and supervision is in line with best international practice, including provisions applying to IFIs and AML/CFT.

1

09/30/2006

NM

At P1R1, the draft action plan for financial sector development is still under preparation by the BCV organized task force. A consultant is assessing the legal and institutional framework for the financial sector. Specific recommendations for strengthening and developing this sector will be formulated by the end of 2006 and incorporated into the BCV's 2007 work plan.

7

1

2006-09-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly legislation to establish a Financial Intelligence Unit.

2

03/31/2008

M

N/A

7

2

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly legislation to criminalize financing of terrorism and facilitate the combating of financing of terrorism.

3

03/31/2008

MD

At P1R4, not met, submitted to the council of Ministers May 2008. Expected to be implemented in June 2008. At R5, implemented in November 2008.

7

3

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly legislation to strengthen the framework for combating money laundering.

4

03/31/2008

MD

At P1R4, submitted to the council of Ministers May 2008. Anticipated to be implemented in June 2008. At R5, implemented in November 2008.

7

4

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Implement recommendations of task force on financial sector reform.

5

06/30/2007

PM

At P1R3, "in progress. Particular attention is being given to the offshore banking center in view of the reputational risks that could arise if this area if not adequately regulated. A consultant'sreport assessing the legal and institutional framework has been completed and, following discussions with key stakeholders, specific legislative proposals will be prepared. A revised decree law to further liberalize the capital account has been drafted and should soon be submitted to the Government for approval.

7

5

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Sign formal information sharing agreements with home country supervisors of subsidiaries and branches established in Cape Verde.

6

12/31/2006

PM

At P1R2, "discussions are well advanced on information-sharing agreements with home country supervisors of institutions operating in Cape Verde, although formal agreements have not yet been signed. An AML/CFT assessment mission from the IMF is planned for the second quarter of 2007. To safeguard Cape Verde'sgood reputation, staff reiterated the need for caution in granting offshore licenses until the regulatrory environment is consistent with international standards." At P1R3, "in progress".

7

6

2006-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Inform the Fund of measures taken in the event that the capital ratio of one (or more) banks fall below 10 percent.

7

06/30/2009

M

Objective at P1R7: strengthen financial sector. Met for P1R7.

7

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Inform the Fund of measures taken in the event that the capital ratio of one (or more) banks fall below 10 percent.

7

Continuous

SB

Effective or starting in June 2009. Objective at P1R7: strengthen financial sector.

7

2023-09-23

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Present a Policy Strategy Memorandum to the Council of Ministers on the offshore sector.

8

09/30/2009

MOD-DATE

Objective at P1R7: strengthen financial sector.

7

8

2009-09-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Present a Policy Strategy Memorandum to the Council of Ministers on the offshore sector.

8

12/31/2009

SB

Objective at P1R7: strengthen financial sector.

7

8

2009-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

29

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

Prepare a quarterly report on developments on balance of payments flows including an assessment of interest sensitivity of nonresident flows into the banking system.

1

12/31/2008

MOD-DATE

Reset for June/09.

7

1

2008-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

29

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

Prepare a quarterly report on developments on balance of payments flows including an assessment of interest sensitivity of nonresident flows into the banking system.

1

06/30/2009

MD

Reset from December/08. Objective at P1R7: promote financial stability.

7

1

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

30.1

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

Finalize and publish a revised mechanism for adjusting petroleum prices.

1

03/31/2008

NM

At P1R4, not met, and anticipated to be implemented in June 2008. At R5, anticipated to be implemented in November 2008.

7

1

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2009-12-07

P1

R7

BLANK

SB

30.1

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

Submit the new Code on Judicial Processes to the National Assembly.

2

12/31/2007

MD

At P1R4, not met, expected to be impmemented in June 2008. Submitted to the council of Ministers May 2008. At R5, implemented in August 2008.

7

2

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SAC

20.4

1.4. Combined expenditure and revenue measures

Complete a formal mid-year review of revenue and expenditure developments that allows for taking corrective actions if necessary.

1

08/31/2008

M

N/A

8

1

2008-08-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SAC

30.1

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

Complete implementation of the automatic utility tariff adjustment mechanism.

1

09/30/2006

WMOD-DATE

At P1R1, the sac concerning implementation of the automatic adjustment mechanism for electricity and water tariffs was missed as a result of delays brought about by the change in the ownership structure of Electra in September 2006. Reset to end-March 2007.

8

1

2006-09-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SAC

30.1

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

Complete implementation of the automatic utility tariff adjustment mechanism.

1

03/31/2007

M

At R1, now worded: "Full implementation of the automatic utility tariff adjustment mechanism"

8

1

2007-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SAC

30.1

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

Finalize and publish the mechanism for setting base utility tariffs.

2

06/30/2007

WMOD-DATE

Waived at P1R3, and test date reset to 3/31/08.

8

2

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SAC

30.1

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

Finalize and publish the mechanism for setting base utility tariffs.

2

03/31/2008

M

N/A

8

2

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SAC

30.1

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

Fully apply mechanisms for setting and adjusting electricity, water, and fuel prices.

3

07/31/2007

W

At P1R3, waiver granted.

8

3

2007-07-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SAC

30.1

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

Fully apply mechanisms for setting and adjusting electricity, water, and fuel prices.

3

12/31/2007

W

At P1R4, through end-May 2008, following the coming into effect of the new base utilities tariffs and fuel price mechanisms. As R5 was only scheduled for 11/30/2008, by definition, this sac was cancelled.

8

3

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SAC

30.1

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

Fully apply mechanisms for setting and adjusting electricity, water, and fuel prices.

3

Continuous

CAN

At P1R2, test date set as "continuous" as of July 1, 2007. The conditionality ceased to exist in May 2008 as per EBS/08/67. At P1R4, through end-May 2008, following the coming into effect of the new base utilities tariffs and fuel price mechanisms. As R5 was only scheduled for 11/30/2008, by definition, this sac was cancelled.

8

3

2023-09-23

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit draft legislation to National Assembly on streamlining of tax incentives and exemptions.

1

06/30/2007

MOD-DATE

At P1R2, reset to end-December 2007.

8

1

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit draft legislation to National Assembly on streamlining of tax incentives and exemptions.

1

12/31/2007

MOD-SB

At P1R3, measure was split into 2 sbs which make them more monitorable and continue to support the thrust of the original sb. These replacement sbs are: 1) submit the new General Tax Code to the National Assembly (12/31/07), and 2) submit the new Code on Judicial Processes to the National Assembly (12/31/07).

8

1

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

06/30/2007

MOD-DATE

At P1R2, reset to end-December 2007.

8

2

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

12/31/2007

MOD-DATE

At P1R3, reworded to "submit the draft individual and corporate income tax bills to the National Assembly"(12/31/2007). At P1R4, postponed to October 2008. The income tax code (personal and corporate) will be aligned with the government's planned legislation on rationalizing tax incentives as part of a larger package to reduce economic distortions and make the income tax system more business friendly.

8

2

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

10/31/2008

MOD-DATE

At R5, postponed until 2009.

8

2

2008-10-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

06/30/2009

MOD-DATE

Objective at P1R7: strengthen the tax base. At R6, new test date.

8

2

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the draft individual and corporate income tax bills to the National Assembly.

2

12/31/2009

NM

N/A

8

2

2009-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit the new General Tax Code to the National Assembly.

4

12/31/2007

MD

At P1R4, not met, submitted to the Council of Ministers in May 2008, and anticipated to be implemented in June 2008. At R5, implemented in August 2008.

8

4

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.2

1.2. Revenue administration, including customs

Large taxpayers unit to be fully operational.

3

06/30/2007

M

N/A

8

3

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.3

1.3. Expenditure measures, including arrears clearance

Implementation of the medium-term expenditure framework (MTEF)

1

06/30/2007

PM

At P1R3, "in progress". The sectoral coverage of the medium-term expenditure framework (MTEF) is steadily being expanded and this, together with the MTEF's global framework for revenue and spending, will support the preparation of the state budget for 2008 and future years. Implementation of the SIGOF system, whose coverage is also increasing, is providing a valuable tool for controlling budget execution and for monitoring outturns.

8

1

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.3

1.3. Expenditure measures, including arrears clearance

Instituting November 30 as deadline for granting new spending commitments to reduce end year payment pressure.

2

10/31/2007

M

N/A

8

2

2007-10-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.5

1.5. Debt Management

Submit to the Council of Ministers a report on contingent liabilities of the state assessing potential risks based on the 2007 or more recent data, including those risks arising from state-owned enterprises.

4

03/31/2009

MOD-DATE

Reset for June/09

8

4

2009-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.5

1.5. Debt Management

Submit to the Council of Ministers a report on contingent liabilities of the state assessing potential risks based on the 2007 or more recent data, including those risks arising from state-owned enterprises.

4

06/30/2009

MD

Reset from March/2009. Objective at P1R7: strengthen debt management.

8

4

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.5

1.5. Debt Management

Conduct a mid-year review of fiscal performance, including projections for end 2009, justifying that the envisaged borrowing is consistent with debt sustainability.

5

08/31/2009

M

Objective at P1R7: strengthen debt management.

8

5

2009-08-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.5

1.5. Debt Management

Include a medium term fiscal framework MTFF for 2010-2012 in the 2010 budget's write up ("Enquadramento") describing the implied debt trajectory and justifying that the envisaged borrowing is consistent with debt sustainability.

6

10/31/2009

M

Objective at P1R7: strengthen debt management.

8

6

2009-10-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Implement laws to strengthen the Court of Auditors (TdC) and National Chart of Public Accounts.

1

06/30/2007

PM

At P1R3, "in preparation". The law concerning the Court of Auditors was approved by the Council of Ministers, and submitted to the National Assembly. A judge was appointed for this Court, and a new customs audit court is to be set up and the Tax Inspectorate will be strengthened and modernized. As for internal audit, a new budget framework law will create the positions of finacial controllers in 2008 to strengthen internal audit.

8

1

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Place financial controllers in each line ministry to monitor the budget execution as specified in Regulatory Decree 2/2007 of January 15.

3

03/31/2009

MOD-DATE

Reset for June/09.

8

3

2009-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Place financial controllers in each line ministry to monitor the budget execution as specified in Regulatory Decree 2/2007 of January 15.

3

06/30/2009

MD

reset from March/09. Objective at P1R7: strengthen public financial management.

8

3

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

20.8

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

Submit a simplified medium term fiscal framework MTFF to Council of Ministers in the 2009 budget preparation cycle and publish it on the Ministry of Finance website

2

11/30/2008

M

N/A

8

2

2008-11-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

21.1

2.1. Central bank operations and reforms

BCV to prepare a short memorandum on strengthening monetary-fiscal policy coordination in managing liquidity to be discussed by PSI monitoring committee and endorsed by Ministry of Finance and BCV.

1

08/31/2009

MOD-DATE

Objective at P1R7: strengthen fiscal-monetary policy coordination.

8

1

2009-08-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

21.1

2.1. Central bank operations and reforms

BCV to prepare a short memorandum on strengthening monetary-fiscal policy coordination in managing liquidity to be discussed by PSI monitoring committee and endorsed by Ministry of Finance and BCV.

1

12/31/2009

PM

Objective at P1R7: strengthen fiscal-monetary policy coordination.

8

1

2009-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

22

3. Civil service and public employment reforms, and wages

Establish macroeconomic policy unit in the Ministry of Finance and Public Administration.

1

12/31/2006

M

N/A

8

1

2006-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

22

3. Civil service and public employment reforms, and wages

Finalize reform strategy for DGCI (the General Directorate for International Cooperation).

2

12/31/2007

M

At P1R4, at End-Dec. 2007

8

2

2007-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

24.2

5.2. Privatization, public enterprise reform and restructuring, other than pricing

Compile: Other Economic Flows arising from the holding gains or losses for five state-owned enterprises (ASA, TACV, Enapor, Electra and IFH) relative to their 2007 results.

3

03/31/2009

M

N/A

8

3

2009-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

24.2

5.2. Privatization, public enterprise reform and restructuring, other than pricing

Compile: consolidated balance-sheet of five state owned enterprises (ASA, TACV, Enapor, Electra and IFH) and detail their debt by maturity, currency, residency, and state guarantees.

4

03/31/2009

M

N/A

8

4

2009-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Complete Action Plan of task force assessing measures to ensure that financial sector regulation and supervision is in line with best international practice, including provisions applying to IFIs and AML/CFT.

1

09/30/2006

NM

At P1R1, the draft action plan for financial sector development is still under preparation by the BCV organized task force. A consultant is assessing the legal and institutional framework for the financial sector. Specific recommendations for strengthening and developing this sector will be formulated by the end of 2006 and incorporated into the BCV's 2007 work plan.

8

1

2006-09-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly legislation to establish a Financial Intelligence Unit.

2

03/31/2008

M

N/A

8

2

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly legislation to criminalize financing of terrorism and facilitate the combating of financing of terrorism.

3

03/31/2008

MD

At P1R4, not met, submitted to the council of Ministers May 2008. Expected to be implemented in June 2008. At R5, implemented in November 2008.

8

3

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submit to the National Assembly legislation to strengthen the framework for combating money laundering.

4

03/31/2008

MD

At P1R4, submitted to the council of Ministers May 2008. Anticipated to be implemented in June 2008. At R5, implemented in November 2008.

8

4

2008-03-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Implement recommendations of task force on financial sector reform.

5

06/30/2007

PM

At P1R3, "in progress. Particular attention is being given to the offshore banking center in view of the reputational risks that could arise if this area if not adequately regulated. A consultant'sreport assessing the legal and institutional framework has been completed and, following discussions with key stakeholders, specific legislative proposals will be prepared. A revised decree law to further liberalize the capital account has been drafted and should soon be submitted to the Government for approval.

8

5

2007-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Sign formal information sharing agreements with home country supervisors of subsidiaries and branches established in Cape Verde.

6

12/31/2006

PM

At P1R2, "discussions are well advanced on information-sharing agreements with home country supervisors of institutions operating in Cape Verde, although formal agreements have not yet been signed. An AML/CFT assessment mission from the IMF is planned for the second quarter of 2007. To safeguard Cape Verde'sgood reputation, staff reiterated the need for caution in granting offshore licenses until the regulatrory environment is consistent with international standards." At P1R3, "in progress".

8

6

2006-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Inform the Fund of measures taken in the event that the capital ratio of one (or more) banks fall below 10 percent.

7

06/30/2009

M

Objective at P1R7: strengthen financial sector. Met for P1R7.

8

7

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Inform the Fund of measures taken in the event that the capital ratio of one (or more) banks fall below 10 percent.

7

12/31/2009

M

Met for P1R8.

8

7

2009-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Inform the Fund of measures taken in the event that the capital ratio of one (or more) banks fall below 10 percent.

7

Continuous

SB

Effective or starting in June 2009. Objective at P1R7: strengthen financial sector.

8

7

2023-09-23

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Present a Policy Strategy Memorandum to the Council of Ministers on the offshore sector.

8

09/30/2009

MOD-DATE

Objective at P1R7: strengthen financial sector.

8

2009-09-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Present a Policy Strategy Memorandum to the Council of Ministers on the offshore sector.

8

12/31/2009

MD

Objective at P1R7: strengthen financial sector.

8

2009-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

29

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

Prepare a quarterly report on developments on balance of payments flows including an assessment of interest sensitivity of nonresident flows into the banking system.

1

12/31/2008

MOD-DATE

Reset for June/09.

8

1

2008-12-31

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

29

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

Prepare a quarterly report on developments on balance of payments flows including an assessment of interest sensitivity of nonresident flows into the banking system.

1

06/30/2009

MD

Reset from December/08. Objective at P1R7: promote financial stability.

8

1

2009-06-30

N/A

583

CAPE VERDE

624

PSI

2006-07-31

2,006

2009-07-30

2,009

2010-07-30

N/A

2010-07-08

P1

R8

L

SB

30.1

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

Finalize and publish a revised mechanism for adjusting petroleum prices.

1

03/31/2008

NM

At P1R4, not met, and anticipated to be implemented in June 2008. At R5, anticipated to be implemented in November 2008.

8

1

2008-03-31

N/A