Datasets:

TohidA

/

MONA

like 0

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

1.6. Expenditure auditing, accounting, and financial controls

Submit to the Ministry of Justice (“Taqnin”) legislation bringing public enterprises under effective monitoring and oversight of the Ministry of Finance.

03/31/2012

SB

Introduced at R0, SB for the first review (R1). Rationale: Support fiscal sustainability and macroeconomic stability by enhancing controls and reducing fiscal risks

2012-03-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

2.1. Central bank operations and reforms

In consultations with Fund staff, the Ministry of Finance and the central bank will agree, in a memorandum of understanding, on the central bank’s capitalization needs and a schedule for recapitalizing the central bank as needed.

12/31/2011

SB

Introduced at R0, SB for the first review (R1). Rationale: Financial sector stability, central bank independence and ability to conduct monetary policy

2011-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

6. Financial sector

Submit legislation to Parliament for the introduction of marketable debt instruments by the Ministry of Finance.

09/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Develop financial markets

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

6.1. Financial sector legal reforms, regulation, and supervision

In line with our desire to protect the financial system from abuse, the government will produce a roadmap with a strategy to build capacity and improve the institutional framework to respond promptly to economic crime. This roadmap will address issues related to the prosecution system to reinforce its independence to ensure accountability for economic crimes and build capacity for investigation and prosecution of these crimes as well as determine the most appropriate institutional framework going forward.

03/31/2012

SB

Introduced at R0, SB for the first review (R1). Rationale: Financial sector stability and integrity, reduce moral hazard

2012-03-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

6.1. Financial sector legal reforms, regulation, and supervision

The independent Monitoring and Evaluation Commission will conduct an in-depth public inquiry to examine the events leading to the Kabul Bank crisis, starting with the inception of the bank, and look into the operations of the bank, activities of its shareholders, the role of supervisory and auditing bodies, and the subsequent effectiveness of the government and the criminal justice system in dealing with any crimes committed.

09/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Strengthen financial sector stability, transparency

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament the amended or new banking law, prepared in consultation with the Fund that will strengthen provisions on corporate governance, capital, large exposures, related parties, consolidated supervision, early intervention, enforcement, and bank resolution, where appropriate in line with the Basel Core Principles. Specifically, the law should enable us to enforce upon a bank - going concern - all necessary resolution measures and strengthen corporate governance requirements for banks (including fit and proper requirements as set by the FATF standards).

09/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Promote financial sector stability by strengthening independence of bank regulators, reducing risks from bank lending, and ensuring swift processes for bank resolution

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

6.1. Financial sector legal reforms, regulation, and supervision

Strengthen our AML/CFT regime by implementing an action plan based on the recommendations of the February 2011 assessment by: (i) submitting amendments to the AML/CFT law to parliament as necessary; (ii) increasing the capacity of FinTRACA, including by hiring additional staff as needed; (iii) expanding MSP registration and implementation of reporting to MSPs in areas currently inaccessible or security reasons if and when the security situation allows; and (iv) enforcing MSP reporting by dedicated software in all reporting areas where it is technically and logistically feasible.

09/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Promote financial sector stability and integrity and strengthen AML/CFT framework

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

6.2. Restructuring and privatization of financial institutions

Reduce number of branches at bridge bank (New Kabul Bank) by 20 according to the updated business plan.

03/31/2012

SB

Introduced at R0, SB for the first review (R1). Rationale: Minimize fiscal costs

2012-03-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2011-11-14

P1

R0

E

SB

6.2. Restructuring and privatization of financial institutions

The bridge bank (New Kabul Bank) will be offered for sale in a transparent way, involving a pre-qualification process to ensure that controlling shareholders, beneficial owners, directors and management of intending bidders are fit and proper (which implies, inter alia, that an intending bidder is subject to a high standard of corporate governance, including risk management and internal controls, and that an intending bidder is in a sound financial and risk management state), and that the intending bidder controls adequate resources and has the necessary capacity and capability to ensure the ongoing provision of the relevant salary payments services. There will be a request for expressions of interest locally and internationally for the sale of the bridge bank. Interested parties will be given four weeks to respond with intention to participate in the bid. Once the central bank has vetted potential buyers, it will give them a deadline for sealed bids.

06/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Advance Kabul Bank resolution

2012-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

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

Ministry of Finance to issue 8-year bond to capitalize the central bank to cover the cost of Kabul Bank’s resolution ($825 million) and obtain parliamentary approval for a budget appropriation to service the bond.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.1. Financial sector legal reforms, regulation, and supervision

Finalize an 18-month business plan for the bridge bank.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.1. Financial sector legal reforms, regulation, and supervision

Issue detailed public statement about the events leading to the collapse of Kabul Bank and the actions taken and to be taken to deal with the crisis.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.1. Financial sector legal reforms, regulation, and supervision

Finalize legally binding agreements with cooperating Kabul Bank shareholders for the repayment of the full amounts attributed to them as of date. Agreements should identify collaterals, including real estate title deeds or physical assets––and cash repayments.

Program Prior Action

M

Status of implementation at the time of Board consideration was incomplete but there was sufficient progress in implementation.

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.1. Financial sector legal reforms, regulation, and supervision

Formulate and announce strategy to enforce Afghan laws in relation to any financial crimes committed at Kabul Bank. The strategy will include steps and a timetable as well as documentation on the roles, powers, qualifications, and independence of the prosecution team.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.1. Financial sector legal reforms, regulation, and supervision

Complete inception report for audits of Kabul Bank and Azizi Bank.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.1. Financial sector legal reforms, regulation, and supervision

The central bank will issue an enforcement letter for Azizi Bank (in consultation with Fund staff) based on a recent onsite examination listing key actions to be undertaken, a timetable, and penalties and sanctions for non-compliance.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.1. Financial sector legal reforms, regulation, and supervision

The central bank will issue supervisory orders to selected banks with timetables for compliance and sanctions for failure to comply with key corrective actions previously recommended.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.1. Financial sector legal reforms, regulation, and supervision

The central bank will enforce in full conflict-of-interest regulations and circulars in the banking sector by removing shareholders from serving as Chairman and CEO of the bank they own.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

PA

6.2. Restructuring and privatization of financial institutions

Kabul Bank will be put under receivership and its banking license revoked. All shareholder ownership and related rights and interests will be extinguished. The receiver will split assets and liabilities into a good bank (bridge bank) and the remaining Kabul Bank estate.

Program Prior Action

M

N/A

2023-09-23

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

1.1. Revenue measures, excluding trade policy

Submit VAT law—consistent with IMF advice—aimed at raising the revenue to GDP ratio to the Ministry of Justice (“Taqnin”) for review with a view to submitting it to parliament by end-December 2012.

12/31/2011

M

Introduced at R0, SB for the first review (R1). Rationale: Support fiscal sustainability

2011-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

1.1. Revenue measures, excluding trade policy

Following the approval by the cabinet submit draft law on VAT to the parliament. The draft legislation will be prepared in consultation with Fund staff, limit exemptions, and require that new exemptions be introduced only through parliamentary approval in the VAT law (MEFP paragraph 34).

12/31/2012

SB

Introduced at R1 for R3. Rationale: Fiscal sustainability, revenue mobilization.

2012-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

1.1. Revenue measures, excluding trade policy

Submit to the ministry of justice (“Taqnin”) amendments to the income tax law, minerals law, oil and gas (hydrocarbons) law and customs code—developed in consultation with Fund staff—related to the development of a sound and robust natural resources fiscal regime to attract investment and ensure the government has a reasonable share of the economic rent (MEFP paragraph 37).

06/30/2013

SB

Introduced at R1 for R4. Rationale: Fiscal sustainability, revenue mobilization

2013-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

1.2. Revenue administration, including customs

Roll out to at least two additional Border Crossing Points the new Border Management Model piloted at Hairatan Border Crossing Point. The model is based on a ‘twoagency’ approach which restricts border presence to the Afghan Border Police and the Afghan Customs Department. Under this model, the ABP will continue to fulfill immigration and security responsibilities, with ACD fulfilling all other commercial and trade-related duties.

03/31/2012

M

Introduced at R0, SB for the first review (R1). Rationale: Improve efficiency and lower corruption. At R1, completed in April 2012.

2012-03-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

1.2. Revenue administration, including customs

The Afghanistan Revenue Department within the ministry of finance to identify taxpayers in the medium taxpayer office and the small taxpayer office whose turnover exceeds the large taxpayer office threshold and revisit the thresholds for the large taxpayer office and the medium taxpayer office with a view to having an efficient allocation of taxpayers across the three offices. The findings and actions to be summarized in a report (MEFP paragraph 35).

12/31/2012

SB

Introduced at R1 for R3. Rationale: VAT implementation; tax administration and revenue collection

2012-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

1.6. Expenditure auditing, accounting, and financial controls

Submit to the Ministry of Justice (“Taqnin”) legislation bringing public enterprises under effective monitoring and oversight of the Ministry of Finance.

03/31/2012

SB

Introduced at R0, SB for the first review (R1). Rationale: Support fiscal sustainability and macroeconomic stability by enhancing controls and reducing fiscal risks. At R1, Draft amendments to the state-owned enterprise law have been shared with staff, and we will incorporate comments received. State-owned corporations will be addressed later this year (see new end-December 2012 structural benchmark).

2012-03-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

1.6. Expenditure auditing, accounting, and financial controls

Submit to the ministry of justice (“Taqnin”) legislation bringing state-owned corporations under effective monitoring and oversight of the ministry of finance, including financial reporting to the ministry of finance and ministry of finance approving financial plans on an annual basis. The draft legislation will be prepared in consultation with Fund staff (MEFP paragraph 40).

12/31/2012

SB

Introduced at R1 for R3. Rationale: Corporate governance; transparency; sound public financial management, fiscal sustainability (by reducing fiscal risks)

2012-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

1.9. Inter-governmental relations

Sign a memorandum of understanding between Financial Transactions and Reports Analysis Center of Afghanistan, the Financial Supervision Department of DAB, and competent law enforcement authorities on information sharing as described in the attached MEFP (paragraph 30).

06/30/2013

SB

Introduced at R1 for R4.

2013-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

2.1. Central bank operations and reforms

In consultations with Fund staff, the Ministry of Finance and the central bank will agree, in a memorandum of understanding, on the central bank’s capitalization needs and a schedule for recapitalizing the central bank as needed.

12/31/2011

MD

Introduced at R0, SB for the first review (R1). Rationale: Financial sector stability, central bank independence and ability to conduct monetary policy. At R1, completed in June 2012.

2011-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

2.1. Central bank operations and reforms

Approval by the Supreme Council of Da Afghanistan Bank of the new organizational structure of the Financial Supervision Department developed in consultation with Fund staff (MEFP paragraph 22).

12/31/2012

SB

Introduced at R1 for R3. Rationale: Strengthening supervision; Financial soundness

2012-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

2.1. Central bank operations and reforms

Submit to parliament amendments to the central bank legislation—drafted in consultation with Fund staff— implementing the memorandum of understanding on the central bank’s capitalization, that aligns the provisions on the netting and allocation of net income with international good practice (MEFP paragraph 31).

06/30/2013

SB

Introduced at R1 for R4. Rationale: Central bank capitalization, macroeconomic stability

2013-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

2.1. Central bank operations and reforms

Revise central bank regulations as well as prepare and issue informational circulars to ensure consistency with the revised banking law (MEFP paragraph 21).

12/31/2012

SB

Introduced at R1 for R3. Rationale: Improve financial supervision

2012-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6. Financial sector

Submit legislation to Parliament for the introduction of marketable debt instruments by the Ministry of Finance.

09/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Develop financial markets

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.1. Financial sector legal reforms, regulation, and supervision

In line with our desire to protect the financial system from abuse, the government will produce a roadmap with a strategy to build capacity and improve the institutional framework to respond promptly to economic crime. This roadmap will address issues related to the prosecution system to reinforce its independence to ensure accountability for economic crimes and build capacity for investigation and prosecution of these crimes as well as determine the most appropriate institutional framework going forward.

03/31/2012

MD

Introduced at R0, SB for the first review (R1). Rationale: Financial sector stability and integrity, reduce moral hazard. At R1, The strategy was included in the “Justice for All” National Priority Program on May 15, 2012.

2012-03-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.1. Financial sector legal reforms, regulation, and supervision

The independent Monitoring and Evaluation Commission will conduct an in-depth public inquiry to examine the events leading to the Kabul Bank crisis, starting with the inception of the bank, and look into the operations of the bank, activities of its shareholders, the role of supervisory and auditing bodies, and the subsequent effectiveness of the government and the criminal justice system in dealing with any crimes committed.

09/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Strengthen financial sector stability, transparency

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.1. Financial sector legal reforms, regulation, and supervision

Submit to Parliament the amended or new banking law, prepared in consultation with the Fund that will strengthen provisions on corporate governance, capital, large exposures, related parties, consolidated supervision, early intervention, enforcement, and bank resolution, where appropriate in line with the Basel Core Principles. Specifically, the law should enable us to enforce upon a bank - going concern - all necessary resolution measures and strengthen corporate governance requirements for banks (including fit and proper requirements as set by the FATF standards).

09/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Promote financial sector stability by strengthening independence of bank regulators, reducing risks from bank lending, and ensuring swift processes for bank resolution. At R1, Draft law is being finalized by DAB and needs to be sent to the ministry of justice next.

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.1. Financial sector legal reforms, regulation, and supervision

Strengthen our AML/CFT regime by implementing an action plan based on the recommendations of the February 2011 assessment by: (i) submitting amendments to the AML/CFT law to parliament as necessary; (ii) increasing the capacity of FinTRACA, including by hiring additional staff as needed; (iii) expanding MSP registration and implementation of reporting to MSPs in areas currently inaccessible or security reasons if and when the security situation allows; and (iv) enforcing MSP reporting by dedicated software in all reporting areas where it is technically and logistically feasible.

09/30/2012

SB

Introduced at R0, SB for the second review (R2). Rationale: Promote financial sector stability and integrity and strengthen AML/CFT framework

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.1. Financial sector legal reforms, regulation, and supervision

The Supreme Council of Da Afghanistan Bank to approve strategies for banks that fall short of the minimum paid-up capital to be merged or closed, with the process starting no later than December 2012 (MEFP paragraph 23).

09/30/2012

SB

Introduced at R1. Rationale: Financial stability.

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.1. Financial sector legal reforms, regulation, and supervision

Establish a senior official-led interagency steering committee (Economic Crimes Task Force) to oversee the passage and implementation of the new banking law, the anti-money laundering and terrorist financing laws and their provisions, and to function as a coordinating body for the implementation of the Economic Crimes Strategy and its action items (MEFP paragraph 29).

03/31/2013

SB

Introduced at R1 for R4. Rationale: Financial integrity, financial development

2013-03-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.2. Restructuring and privatization of financial institutions

Reduce number of branches at bridge bank (New Kabul Bank) by 20 according to the updated business plan.

03/31/2012

M

Introduced at R0, SB for the first review (R1). Rationale: Minimize fiscal costs. At R1, completed. 25 branches have been closed as of end-January 2012.

2012-03-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.2. Restructuring and privatization of financial institutions

The bridge bank (New Kabul Bank) will be offered for sale in a transparent way, involving a pre-qualification process to ensure that controlling shareholders, beneficial owners, directors and management of intending bidders are fit and proper (which implies, inter alia, that an intending bidder is subject to a high standard of corporate governance, including risk management and internal controls, and that an intending bidder is in a sound financial and risk management state), and that the intending bidder controls adequate resources and has the necessary capacity and capability to ensure the ongoing provision of the relevant salary payments services. There will be a request for expressions of interest locally and internationally for the sale of the bridge bank. Interested parties will be given four weeks to respond with intention to participate in the bid. Once the central bank has vetted potential buyers, the ministry of finance will give them a deadline for sealed bids (MEFP paragraph 25).

06/30/2012

MOD-DATE

Introduced at R0. At R1, Delayed from end-June 2012 because it took longer than expected to appoint a privatization advisor. The advisor is now in place.

2012-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.2. Restructuring and privatization of financial institutions

The bridge bank (New Kabul Bank) will be offered for sale in a transparent way, involving a pre-qualification process to ensure that controlling shareholders, beneficial owners, directors and management of intending bidders are fit and proper (which implies, inter alia, that an intending bidder is subject to a high standard of corporate governance, including risk management and internal controls, and that an intending bidder is in a sound financial and risk management state), and that the intending bidder controls adequate resources and has the necessary capacity and capability to ensure the ongoing provision of the relevant salary payments services. There will be a request for expressions of interest locally and internationally for the sale of the bridge bank. Interested parties will be given four weeks to respond with intention to participate in the bid. Once the central bank has vetted potential buyers, the ministry of finance will give them a deadline for sealed bids (MEFP paragraph 25).

09/30/2012

SB

At R1, new test date.

2012-09-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2011-11-14

2014-11-13

N/A

N/A

N/A

2012-06-29

P1

R1

L

SB

6.2. Restructuring and privatization of financial institutions

The economic committee of the cabinet will approve the privatization plan for New Kabul Bank prepared by the privatization advisor in consultation with Fund staff. The plan includes clear criteria for bidders, precise determination of what is being sold, the procedures for sale, and public communication strategy (MEFP paragraph 25).

08/31/2012

SB

Introduced at R1. Rationale: Advance Kabul Bank resolution.

2012-08-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

1.2. Revenue administration, including customs

ARD and ACD to operationalize an automated interface for information sharing between the SIGTAS and ASYCUDA systems by June 2017, after developing the content (e.g., business receipt taxes collected at customs) and format of information to be shared through the interface.

06/30/2017

SB

Second Review. Rationale: Improve revenue collection efficiency and reduce leakages.

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

1.2. Revenue administration, including customs

Afghanistan Customs Department (ACD) to review and update by end-December 2016 its risk management policy to implement multi-criteria risk profiles in all border crossing points and inland custom depots to effectively identify and prioritize high-risk traders/shipments for physical examination and post-release verification.

12/31/2016

SB

First Review. Rationale: Improve trader compliance and reduce corruption.

2016-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

1.2. Revenue administration, including customs

Complete the following key remedial actions suggested by the EITI Board and demonstrate progress towards compliance with the EITI accreditation requirements: 1. LTO will be given responsibility for all major corporate mining and oil and gas taxpayers; 2. LTO and MoMP will prepare and maintain a list of all major corporate mining and oil and gas companies 3. The government will further introduce legislation requiring all major extractive companies to produce annually accounts audited by a certified public or independent chartered accountant.

06/30/2017

SB

Second Review. Rationale: Improve transparency in the mineral sector of the economy

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

1.2. Revenue administration, including customs

ACD to complete staffing and training of its specialized risk management unit in Customs headquarters, which will be responsible for preparing, testing, and updating comprehensive risk profiles to effectively identify and prioritize high-risk traders/shipments for physical examination and post release verification in all border crossing points and inland customs depots.

06/30/2017

SB

Second Review. Rationale: Improve trader compliance and reduce corruption.

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

1.6. Expenditure auditing, accounting, and financial controls

Line ministries/agencies to submit their annual financial plans for issuance of allotments and register their contractual commitments (including commitments under multi-year contracts) in the AFMIS. The Treasury to (i) control payments against the respective preregistered commitments and authorized financial plans in the system/AFMIS starting June 2017, and (ii) produce quarterly commitment reports for each ministry/agency starting January 2018.

06/30/2017

SB

Second Reviews. Rationale: To strengthen cash planning and commitment control and prevent emergence of arrears.

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

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

Council of Ministers to approve and submit to Parliament a 2017 draft budget in line with the macroeconomic framework of the ECF-supported program. The budget will transparently reflect a capital transfer to further reduce DAB’s lender of last resort exposure to Kabul Bank, consistent with repaying the remaining balance in full by end-2019. Budget to include an explicit allocation for the settlement of a Ministry of Finance obligation to the Kabul Bank Receivership amounting to US$50 million.

11/30/2016

SB

First Review. Rationale: Preserve macroeconomic stability

2016-11-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

6.2. Restructuring and privatization of financial institutions

Reduction in DAB’s lender of last resort exposure to Kabul Bank (US$415 million as of December 2015) through payments totaling US$84 million.

12/31/2016

SB

First Review. Rationale: Preserve financial stability

2016-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

6.2. Restructuring and privatization of financial institutions

Recapitalization of New Kabul Bank by US$106 million (a capital cushion of US$15 million and compensation for accumulated losses of US$91 million, as of December 2015) to be completed.

12/31/2016

SB

First Review. Rationale: Preserve financial stability

2016-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

11.4. Anti-corruption legislation/policy

Submit draft amendments to related legislation to Parliament aiming to: (i) criminalize acts of corruption in line with the UNCAC; and (ii) ensure that annual asset declaration requirements cover heads and deputies of law enforcement agencies, customs and tax administrations, in addition to officials mentioned in Article 154 of the Constitution, covering both assets legally owned and beneficially owned, with proportionate and dissuasive sanctions for non-compliance, for officials not covered by the Constitution, declarations will be available on a timely basis upon request to, at a minimum, domestic law enforcement agencies and the financial intelligence unit.

10/31/2016

SB

First Review. Rationale: Improve governance and fight corruption.

2016-10-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2016-07-20

P1

R0

E

SB

11.4. Anti-corruption legislation/policy

Declarations of officials listed in Article 154 of the Constitution for 2016 will be published freely available and easily searchable on an official website in Dari and in English. The website will also include information in Dari and in English, updated on an annual basis, on the name and functions of other senior officials mentioned in the Oct 2016 benchmark, who have declared their assets for the previous year and on the mechanisms to access their declarations.

06/30/2017

SB

Second Review. Rationale: Improve governance and fight corruption

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

1.2. Revenue administration, including customs

ARD and ACD to operationalize an automated interface for information sharing between the SIGTAS and ASYCUDA systems by June 2017, after developing the content (e.g., business receipt taxes collected at customs) and format of information to be shared through the interface.

06/30/2017

SB

Introduced at R0 for R2. Rationale: Improve revenue collection efficiency and reduce leakages.

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

1.2. Revenue administration, including customs

Afghanistan Customs Department (ACD) to review and update by end-December 2016 its risk management policy to implement multi-criteria risk profiles in all border crossing points and inland custom depots to effectively identify and prioritize high-risk traders/shipments for physical examination and post-release verification.

12/31/2016

M

Introduced at R0 and met at R1. Rationale: Improve trader compliance and reduce corruption.

2016-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

1.2. Revenue administration, including customs

Complete the following key remedial actions suggested by the EITI Board and demonstrate progress towards compliance with the EITI accreditation requirements: 1. LTO will be given responsibility for all major corporate mining and oil and gas taxpayers; 2. LTO and MoMP will prepare and maintain a list of all major corporate mining and oil and gas companies 3. The government will further introduce legislation requiring all major extractive companies to produce annually accounts audited by a certified public or independent chartered accountant.

06/30/2017

MOD-SB

Introduced at R0 and modified at R1 to become a new SB for R2. Rationale: Improve transparency in the mineral sector of the economy

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

1.2. Revenue administration, including customs

ACD to complete staffing and training of its specialized risk management unit in Customs headquarters, which will be responsible for preparing, testing, and updating comprehensive risk profiles to effectively identify and prioritize high-risk traders/shipments for physical examination and post release verification in all border crossing points and inland customs depots.

06/30/2017

SB

Introduced at R0 for R2. Rationale: Improve trader compliance and reduce corruption.

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

1.2. Revenue administration, including customs

MoF to prepare and publish a plan to implement a VAT, including a VAT-specific excess credit reimbursement system, unique positive rate, unique threshold, and limited exemptions, in replacement of the Business Receipt Tax, and prepare its implementation through a transition and communication plan to be made publicly available and posted on the MoF website.

12/31/2017

SB

Introduced at R1 for R3. Rationale: Preserve macroeconomic stability by improving revenue collection

2017-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

1.2. Revenue administration, including customs

Demonstrate progress in implementing the EITI Standard. In particular, 1. Appoint a senior individual who has the confidence of all stakeholders, the authority and freedom to coordinate action across relevant ministries and agencies, and can mobilize resources for EITI implementation. 2. Give LTO responsibility for all major corporate mining and oil and gas taxpayers. 3. LTO and MoMP to prepare and maintain a list of all major corporate mining and oil and gas companies. 4. MoMP with assistance of MoF will submit to MoJ legislation requiring all major extractive companies to produce annually accounts audited by a certified public or independent chartered accountant.

06/30/2017

SB

Introduced at R1 for R2, modified from the SB: "MoF to prepare and publish a plan to implement a VAT, including a VAT-specific excess credit reimbursement system, unique positive rate, unique threshold, and limited exemptions, in replacement of the Business Receipt Tax, and prepare its implementation through a transition and communication plan to be made publicly available and posted on the MoF website. " Rationale: Improve transparency in the mineral sector of the economy

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

1.6. Expenditure auditing, accounting, and financial controls

Line ministries/agencies to submit their annual financial plans for issuance of allotments and register their contractual commitments (including commitments under multi-year contracts) in the AFMIS. The Treasury to (i) control payments against the respective preregistered commitments and authorized financial plans in the system/AFMIS starting June 2017, and (ii) produce quarterly commitment reports for each ministry/agency starting January 2018.

06/30/2017

MOD-SB

Introduced at R0 and modified at R1 to become a new SB for R3. Rationale: To strengthen cash planning and commitment control and prevent emergence of arrears.

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

1.6. Expenditure auditing, accounting, and financial controls

Budget Department in consultation with line ministries/agencies to submit allotment and annual financial plans in AFMIS. The Treasury Department to (i) register their contractual commitments against allotment in the AFMIS; (ii) control payments against the respective pre- registered commitments and authorized financial plans in the system/AFMIS starting in FY 2018; and (iii) produce quarterly commitment reports for each ministry/agency starting in FY 2018.

12/31/2017

SB

Introduced at R1 for R3, came from the SB: "Line ministries/agencies to submit their annual financial plans for issuance of allotments and register their contractual commitments (including commitments under multi-year contracts) in the AFMIS. The Treasury to (i) control payments against the respective preregistered commitments and authorized financial plans in the system/AFMIS starting June 2017, and (ii) produce quarterly commitment reports for each ministry/agency starting January 2018. " Rationale: Strengthen cash planning and commitment control and prevent emergence of arrears

2017-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

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

Council of Ministers to approve and submit to Parliament a 2017 draft budget in line with the macroeconomic framework of the ECF-supported program. The budget will transparently reflect a capital transfer to further reduce DAB’s lender of last resort exposure to Kabul Bank, consistent with repaying the remaining balance in full by end-2019. Budget to include an explicit allocation for the settlement of a Ministry of Finance obligation to the Kabul Bank Receivership amounting to US$50 million.

11/30/2016

MD

At R1, requirements were completed in March 2017. Rationale: Preserve macroeconomic stability

2016-11-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

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

Cabinet to approve and submit to Parliament a 2018 draft budget in line with the macroeconomic framework agreed under the ECF arrangement. The budget will include a transfer to further reduce DAB’s lender of last resort exposure to Kabul Bank, consistent with repaying the remaining balance in full by end-2019. The budget will include an appendix that lists carried-over expenditures per each ministry.

11/30/2017

SB

Introduced at R1 for R3. Rationale: Preserve macroeconomic stability

2017-11-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

2.1. Central bank operations and reforms

Amendments to the DAB law submitted to Parliament in line with the recommendations of the IMF's 2017 Safeguards assessment, especially with regards to DAB mandate, institutional and personal autonomy, as well as the rules of profit distribution, recapitalization and foreign reserves management.

11/30/2017

SB

Introduced at R1 for R3. Rationale: Strengthen independence of DAB

2017-11-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

2.2. Central bank auditing, transparency, and financial controls

Approval by parliament of the revised 2017 budget that: (i) includes a transfer to DAB of Af7.7 billion, plus interest to be agreed between the MoF and DAB, to further reduce DAB’s lender of last resort exposure to Kabul Bank, and (ii) specifically provides for the allocation of $50 million from this amount payable first to the Kabul Bank Receivership before being transferred to DAB.

06/30/2017

SB

Introduced at R1 for R2. Rationale: Preserve financial stability.

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

2.2. Central bank auditing, transparency, and financial controls

Ministry of Finance to pay the Kabul Bank Receivership the $50 million mentioned in the end-July 2017 structural benchmark, and the full amount of which is in turn transferred to DAB.

08/31/2017

SB

Introduced at R1 for R2. Rationale: Preserve financial stability.

2017-08-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

2.2. Central bank auditing, transparency, and financial controls

Reduction in DAB’s lender of last resort exposure to Kabul Bank ($343 million as of December 2016) in line with the amount stipulated in the revised 2017 budget.

11/30/2017

SB

Introduced at R1 for R3. Rationale: Preserve financial stability

2017-11-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

6.2. Restructuring and privatization of financial institutions

Reduction in DAB’s lender of last resort exposure to Kabul Bank (US$415 million as of December 2015) through payments totaling US$84 million.

12/31/2016

M

Introduced at R0 and met at R1. Rationale: Preserve financial stability

2016-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

6.2. Restructuring and privatization of financial institutions

Recapitalization of New Kabul Bank by US$106 million (a capital cushion of US$15 million and compensation for accumulated losses of US$91 million, as of December 2015) to be completed.

12/31/2016

M

Introduced at R0 and met at R1. Rationale: Preserve financial stability

2016-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

6.2. Restructuring and privatization of financial institutions

MoF, in coordination with DAB and with World Bank support, will prepare a strategy for state-owned commercial banks, addressing their business model and governance deficiencies, and minimizing their operational risk. The strategy will be finalized by High Economic Council.

11/30/2017

SB

Introduced at R1 for R3. Rationale: Preserve financial stability

2017-11-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

11.4. Anti-corruption legislation/policy

Submit draft amendments to related legislation to Parliament aiming to: (i) criminalize acts of corruption in line with the UNCAC; and (ii) ensure that annual asset declaration requirements cover heads and deputies of law enforcement agencies, customs and tax administrations, in addition to officials mentioned in Article 154 of the Constitution, covering both assets legally owned and beneficially owned, with proportionate and dissuasive sanctions for non-compliance, for officials not covered by the Constitution, declarations will be available on a timely basis upon request to, at a minimum, domestic law enforcement agencies and the financial intelligence unit.

10/31/2016

MOD-SB

At R1, not met. Part ii was completed on November 13, 2016. Part i is reset as a new SB for R2. Rationale: Improve governance and fight corruption.

2016-10-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

11.4. Anti-corruption legislation/policy

Enact legislation on asset declaration in line with the specifications of the end-October 2016 structural benchmark.

12/31/2017

SB

Introduced at R1 for R3. Rationale: Improve governance and fight corruption

2017-12-31

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

11.4. Anti-corruption legislation/policy

Declarations of officials listed in Article 154 of the Constitution for 2016 will be published freely available and easily searchable on an official website in Dari and in English. The website will also include information in Dari and in English, updated on an annual basis, on the name and functions of other senior officials mentioned in the Oct 2016 benchmark, who have declared their assets for the previous year and on the mechanisms to access their declarations.

06/30/2017

SB

Introduced at R0 for R2. Rationale: Improve governance and fight corruption

2017-06-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A

2017-05-24

P1

R1

BLANK

SB

11.4. Anti-corruption legislation/policy

Enact legislation to criminalize acts of corruption in line with UNCAC.

11/30/2017

SB

Introduced at R1 for R3. Rationale: Improve governance and fight corruption

2017-11-30

N/A

N/A

N/A

N/A

AFGHANISTAN,ISLAMIC REPUBLIC OF

ECF

2016-07-20

2019-07-19

N/A

N/A

N/A