This Technical Assistance Report discusses the findings and recommendations made the IMF mission to assist the Bhutanese authorities in improving estimates of annual GDP, and in developing methods for compiling quarterly GDP estimates. The mission found that the National Statistics Bureau (NSB) is engaged in a range of projects to improve Bhutan’s national accounts statistics. Updated annual GDP statistics signal an improvement in data quality, which should enhance policymakers’ ability to formulate and operationalize evidence-based decisions. Significant improvements to Bhutan’s national accounts statistics can be achieved using a three-step process. The NSB should also keep in mind the need to incorporate methodological and conceptual/definitional revisions during the benchmarking and rebasing process.
In an indirect monetary policy framework, open market operations become the central bank’s main instrument. In the initial stages, when financial markets are still undeveloped, selection of a financial instrument for those operations and the design of supporting arrangements to ensure the central bank’s operational autonomy when using the instrument, are crucial issues. Based on theoretical arguments and experience of a sample of countries that embarked on financial reforms, this paper argues that government securities are the preferred instrument because of their better capacity to develop financial markets. The use of government securities, however, requires the most complex supporting arrangements.
This report on the Observance of Standards and Codes on Fiscal Transparency Module on Ghana highlights a fiscal transparency module. Ghana meets the standards of the fiscal transparency code in several areas. In spite of the progress, the transparency of fiscal activities still falls short of the standards in a number of important areas. A strong commitment from the authorities to further strengthen fiscal transparency remains therefore essential. The transparency of the budget preparation process could be improved.
-fiscal activitiesdating from the pre-2002 period. The BoG is required to transfer all its net income to this Account until the debit balance is settled, which will be facilitated by the Bank’s recapitalization in early 2004.
Government relation with the private sector
5. Government involvement in the private nonfinancial sector through equity participation has been scaled down but, in spite of efforts to streamline the legal and regulatory framework, the private sector continues to face a heavy regulatory burden .
The government has sold most of its equity
(SM 00/267) and concluded the consultation on January 5, 2001.
IX. Technical Assistance, 1997–2001 :
STA, MAE, FAD, LEG, and PFTAC have provided technical assistance on statistics, banking supervision, tax policy and administration, budget management, and combating of financial crime and financial system abuse.
X. Resident Representative : None
ANNEX IV F ederated S tates of M icronesia —T echnical A ssistance from H eadquarters
Reform of the Tax System; the mission discussed a proposal for changes
Assistance, 1999–2004 :
STA, MFD, LEG, and PFTAC have provided technical assistance on statistics, banking supervision, tax policy, and combating of financial crime and financial system abuse.
X. Resident Representative : None
ANNEX III F ederated S tates of M icronesia —T echnical A ssistance from H eadquarters
Reform of the Tax System : the mission discussed a proposal for changes in the system of indirect taxes on income and suggestions for the appropriateness of tax holidays.
This Selected Issues paper examines civil service employment and reform in Togo. The paper analyzes overall developments in civil service employment and wages. It looks in some detail at employment in the health and education sectors, which together account for almost two-thirds of the civil service, and identifies some of the key problems that also apply to personnel management in other areas. The paper identifies some of the major problems facing civil service management in Togo, and examines the revitalized reform efforts intended to resolve them. Public enterprise reforms in Togo are also examined.
Togo: Status of Divestiture Operations, 1981-95
Name of Enterprise
Sector of ActivityDate
Simple Liquidations (12)
Compagnie du Bénin
Repayment of creditors needed to complete liquidation
Sale of stocks and repayment of creditors needed to complete liquidation
Requires administrative act for completion
. The committee has monthly conference calls and in person meetings twice a year. In addition, training in enforcement is carried out every two years.
The CSA has issued semi-annual reports on enforcement covering activitydating back to 2005. Below is a table of enforcement activity by all CSA members for a three-year period: Period Proceedings Commenced Sanctions Ordered Settlement Agreements Withdrawn No Contrav. 4/2004–3/2005 Regulators 142 66 81 8 SROs 1/ 8 19 4/2004–3/2006 Regulator 96 62 70 7 SROs 39 31 4/2004–3/2007 Regulator 122 69 59 10 SROs 33 31
The staff report for the 2004 Article IV Consultation on the Federated States of Micronesia (FSM) focuses on economic developments and policies. Fiscal and structural reforms are needed for the FSM to achieve self-sufficiency. The large government sector will be increasingly unsustainable given coming declines in grants. Fiscal adjustment will need to comprise both expenditure cuts and revenue measures. Structural reform priorities should include improvements to the legal framework for land use, foreign investment, and lending.