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Cover -- CONTENTS -- ACRONYMS -- PREFACE -- EXECUTIVE SUMMARY -- I. INTRODUCTION -- II. DEVELOPING THE STANDARD CHART OF ACCOUNTS -- A. Background -- B. Progress Towards Developing a Standard Chart of Accounts -- C. Next Steps in Developing a SCoA -- D. Developing Consolidated Financial Statements -- E. Recommendations -- III. DEVELOPING THE MEDIUM-TERM BUDGET -- A. Background -- B. Progress Towards a MTBF -- C. Planning and Forecasting with Multi-Annual Perspective -- D. Adjustment to the Baseline to Comply with the top-down Hard-Budget Ceilings -- E. Recommendations -- IV. PROJECT MANAGEMENT -- A. Background -- B. Measures to Support Project Implementation -- C. Recommendations -- BOXES -- 1. Government Objectives and Expected Benefits from the MTBF-Quotes from the Minister of Finance -- 2. Main Changes to MTBF in Budget Regulation -- 3. Commitment Toward the MTO in Convergence Program -- 4. Groups of Entities/Funds Covered by SER -- 5. Entities with the Source of Funding as Defined in the PFA -- FIGURES -- 1. Logic of GFS/ESA Classifications -- 2. SCoA Integration with Budget and Financial Reporting -- 3a. Reporting by State Entities -- 3b. Reporting by Local Governments -- 4. Calculation of State Budget Expenditure Limit According to the SER -- TABLES -- 1. Proposed Structure of the SCoA -- 2. Coverage of the Current CoAs -- 3. Main Milestones of Resident Advisor -- ANNEX -- I. User Survey Questionnaire -- Contents -- IDENTIFICATION INFORMATION -- ACCOUNTING SYSTEMS -- PARTICULARS OF THE ACCOUNTING SYSTEM -- TECHNOLOGY OF THE ACCOUNTING SYSTEM -- COVERAGE AND FUNCTIONALITY OF THE ACCOUNTING SYSTEM -- THE CHART OF ACCOUNTS -- STRUCTURE -- PORTABILITY AND EXPANDABILITY -- REPORTING REQUIREMENTS -- ACCOUNTING/ REPORTING STANDARDS -- CHARACTERISTICS OF REPORTS -- STATUTORY REPORTING -- MANAGERIAL REPORTS.

Cover -- Table of Contents -- Glossary -- Executive Summary -- Introduction -- I. Comparative Indicators -- II. Evaluation -- Overall Evaluation -- Transparency -- Rule of Law -- Market Regulation and Business Environment -- AML/CFT -- Fiscal Governance and Transparency -- Extractive Sector Governance -- Central Bank Governance and Operations -- Financial Sector Oversight -- Anti-Corruption Framework -- III. Reform Measures -- Annex I. List of Government Entities Participating in the Diagnostic Report and OtherEntities Consulted -- Annex II. Summary of Main Indicators -- Annex III. Definitions of "Corruption" and "Governance".

Cover -- CONTENTS -- Glossary -- INTRODUCTION -- INSTITUTIONAL AND MARKET STRUCTURE-OVERVIEW -- A. Microprudential Oversight -- B. Financial Integrity -- PRECONDITIONS FOR EFFECTIVE BANKING SUPERVISION -- MAIN FINDINGS -- DETAILED ASSESSMENT -- A. Information and Methodology Used for Assessment -- B. Supervisory Powers, Responsibilities and Functions -- C. Prudential Regulations Requirements -- SUMMARY OF COMPLIANCE WITH THE BASEL CORE PRINCIPLES -- RECOMMENDED ACTIONS AND AUTHORITIES' COMMENTS -- A. Recommended Actions -- B. Authorities' Response to Assessment -- TABLES -- 1a. Financial System Structure -- 1b. Financial System Structure -- 2. Bank Size and Ownership

Cover -- CONTENTS -- NAVIGATING A COMPLEX ENVIRONMENT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Temporary Fiscal Easing with Firmer Fiscal Anchors -- B. Safeguarding External and Financial Stability -- C. Creating a Vibrant, Diversified, Knowledge-Based Economy -- D. Improving Economic Statistics -- STAFF APPRAISAL -- BOX -- 1. Structural Policy Measures Announced in 2018 -- FIGURES -- 1. Recent Economic Developments -- 2. Real and Fiscal Sector Developments and Outlook -- 3. Monetary and Financial Sector Developments -- 4. External Sector Developments -- 5. Business Environment and Governance Indicators -- TABLES -- 1. Selected Macroeconomic Indicators, 2015-23 -- 2. Balance of Payments, 2015-23 -- 3. General Government Finances, 2015-23 -- 4. Monetary Survey, 2015-23 -- 5. Maturing Bonds, Syndicated and Bilateral Loans in the Non-Financial Public Sector -- 6. Financial Soundness Indicators, 2015-18 -- ANNEXES -- I. Status of the 2017 Article IV Recommendations -- II. VAT: Historic Milestone Toward Revenue Diversification -- III. Fiscal and Debt Sustainability Assessments -- IV. External Sector Assessment -- V. Anchoring Fiscal Policy and Strengthening Coordination -- VI. Update on Strengthening Regulatory and Supervisory Framework -- VII. Promoting Small and Medium-Size Enterprises -- CONTENTS -- FUND RELATIONS -- WORLD BANK RELATIONS -- STATISTICAL ISSUES

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- A. Financial System Context -- COOPERATIVE BANKS -- A. Background and Financial Performance -- B. Transition of the Cooperative Bank Sector -- C. Supervision -- D. Financial Safety Nets and Resolution Framework -- CREDIT UNIONS -- A. Background -- B. Financial Performance -- C. Supervision -- D. Financial Safety Nets and Resolution Framework -- BOXES -- 1. Resolution Experience Under the IPS Model -- 2. Contours of a Consolidation Strategy for the Credit Union Sector -- FIGURES -- 1. The Number of Cooperative Banks, December 2017 -- 2. Performance of Existing Affiliating Bank Networks -- 3. Shortage of Capital in Relation to the Capital Requirement -- TABLES -- 1. Main Recommendations -- 2. Performance of Cooperative Banks by Size -- 3. Affiliations of the Cooperative Bank Sector in Transition -- 4. Regulatory Capital Ratio of the 35 Credit Unions Operating in September 2017 -- 5. Evolution of the NPL Ratio for Credit Unions.

Cover -- CONTENTS -- GLOSSARY -- PREFACE -- EXECUTIVE SUMMARY -- I. TRENDS IN PUBLIC INVESTMENT -- A. Trends in Total Public Investment and Capital Stock -- B. Public Investment and Capital Stock -- C. Composition and Financing of Public Investment -- II. EFFICIENCY AND IMPACT OF PUBLIC INVESTMENT -- III. PUBLIC INVESTMENT MANAGEMENT INSTITUTIONS -- A. The PIMA Framework -- B. Estonian Context -- C. Overall Assessment -- D. Investment Planning -- E. Investment Allocation -- F. Investment Implementation -- IV. CROSS-CUTTING ISSUES -- A. ICT Systems and Data Management -- B. Legal and Regulatory Framework -- C. Staff Capacity -- V. REFORM PRIORITIES AND RECOMMENDATIONS -- A. Investment Planning Institutions -- B. Investment Allocation Institutions -- C. Investment Implementation Institutions -- D. Cross-cutting Issues -- BOXES -- 3.1. Strategic Investment Planning in Ireland -- 3.2. Legal Requirements for Project Appraisal for EU Co-Funded and Nationally Funded Projects -- 3.3. The Project Appraisal Process -- 3.4. Current Project Selection Process -- 3.5. Cost Overruns in Infrastructure Projects in Australia -- 3.6. The Estonia Public Procurement Register -- 3.7. Information Required in Portfolio Management for Decision Making -- 3.8. Typical Elements of a Project Implementation Plan -- 4.1. Components of the SAP ERP -- 4.2. Malaysia's Project Monitoring System -- FIGURES -- 0.1. Strength of Public Investment Management Institutions -- 1.1. Recent Fiscal Developments -- 1.2. Total Investment and Public Capital Stock -- 1.3. General Government Capital Expenditure -- 1.4. Public Investment and Public Capital Stock by Functional Classification -- 1.5. Investment by Subsectors and Funding Source -- 2.1. Infrastructure Access and Perceived Quality -- 2.2. Perceived Quality of Economic Infrastructure.

Cover -- TABLE OF CONTENTS -- PREFACE -- ABBREVIATIONS AND ACRONYMS -- EXECUTIVE SUMMARY -- I. COMPARATIVE TAX STRUCTURE AND INTRODUCING PRO-GROWTH TAX REFORMS -- A. Background to the Technical Assistance Request and Advice -- B. Comparative Tax Structure, Investments and Growth Behavior -- C. Growth-Friendly Fiscal Measures -- D. Designing a Comprehensive Tax Reform Strategy -- II. TAXATION OF EMPLOYMENT INCOME -- A. Overview -- B. Analysis of Revenue and Distributional Impact of PIT Reforms -- III. CORPORATE INCOME TAX, INCENTIVES, AND PRESUMPTIVE TAXES -- A. Corporate Income Tax (CIT) -- B. Tax Code's Special Tax Systems -- IV. INCREASING REVENUES FROM TAXATION OF REAL ESTATE -- A. Institutional Environment -- B. Real Estate Environment -- C. Current Land and Property Tax Legislation -- D. The Real Estate Tax Proposed by the Tax Code -- E. Evaluation of the Real Estate Tax and Draft Valuation Law -- F. Tax on Agricultural Land -- G. Revenue Potential of an Enhanced Property Tax System -- H. Towards a Market Value-Based Tax -- REFERENCES -- BOXES -- 1. Lessons from Successful Tax Reform Programs -- 2. Impacts of Introduction of a Flat Tax -- 3. CIT Micro-Simulation Model -- 4. How Relevant are Tax Incentives to Investment Decisions? -- 5. Issues and Options for Taxing SMEs -- FIGURES -- 1. Total Government Revenue as percent of GDP -- 2. Investment, as percent of GDP -- 3. Inbound FDI, as percent of GDP -- 4. Armenia: Regional General Government Revenue by Source (percent of GDP) -- 5. VAT Rates -- 6. VAT Productivity -- 7. Regional Comparators: Average Statutory CIT Rate, 1992 - 2017 -- 8. Circular Processes followed in a Comprehensive Tax Reform -- 9. Personal Income: Tax Wedge as percent of GDP -- 10. Distribution of Employees and Employee Income, 2017 -- 11. Poverty Levels: -- Inequality -- 12. Winners of PIT Reform.

Cover -- CONTENTS -- CONTEXT -- OUTLOOK -- POLICY DISCUSSIONS -- A. Fiscal Policy: Rebuild Fiscal Buffers and Ensure Sustainability -- B. Financial Policy: Address Legacy Problems and Emerging Risks -- C. Structural Reforms: Support Employment and Productivity Growth -- STAFF APPRAISAL -- BOXES -- 1. Growth-Enhancing Tax Reform -- FIGURES -- 1. Macroeconomic Developments -- 2. Labor Market -- 3. Fiscal Context -- 4. External Sector Developments -- 5. Financial Sector Developments -- TABLES -- 1. Selected Economic Indicators, 2015-23 -- 2. General Government Operations, 2015-23 -- 3. Balance of Payments, 2015-23 -- 4. Vulnerability Indicators, 2009-17 -- 5. Core Financial Soundness Indicators, 2012-18 -- ANNEXES -- I. Risk Assessment Matrix -- II. External Sector Assessment -- III. External Debt Sustainability Analysis -- IV. Public Sector Debt Sustainability Analysis -- V. Output Gap Estimate -- VI. Authorities' Response to Past IMF Recommendations -- VII. Housing Market Developments -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy: Rebuilding Space and Enhancing Growth Prospects -- B. Structural Reforms: The Lever of a More Dynamic State -- C. Anchoring Stability Through Monetary and Financial Sector Policies -- STAFF APPRAISAL -- BOXES -- 1. Labor Market Taxation: Considerations -- 2. Governance Practices and Bank Intermediation Costs -- FIGURES -- 1. Market Sentiment and Ratings -- 2. Selected Real Sector Indicators -- 3. Banking Sector Developments -- 4. Corporate Debt and Agrokor's New Ownership Structure -- 5. Vulnerability Indicators -- 6. Fiscal Developments and Projections -- 7. Medium-Term Fiscal Consolidation Scenarios -- 8. Number of Subnational Governments and Population, 2014 -- 9. Real Estate Prices and Bank Claims on Households -- 10. Insolvency Costs and Operating Costs of EU Banks -- 11. Labor Market Outcomes -- TABLES -- 1. Selected Economic Indicators -- 2. Medium-Term Baseline Scenario -- 3. Statement of Operations of General Government -- 4. Monetary Accounts -- 5. Financial Soundness Indicators -- 6. Balance of Payments -- ANNEXES -- I. Implementation of IMF Recommendations -- II. Public Debt Sustainability Analysis -- III. External Debt Sustainability Analysis -- IV. External Sector Assessment -- V. Risk Assessment Matrix -- CONTENTS -- FUND RELATIONS -- WORLD BANK RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- Glossary -- SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS -- BACKGROUND -- A. HQ-based Remote TA -- B. Financial System in Moldova -- C. Regulatory System for the Financial Corporations -- D. New FSI Guidelines -- DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS -- A. Institutional Coverage and Consolidation Basis -- B. Regulatory and Accounting Frameworks -- C. Methodological Issues -- D. Source Data and Compilation Framework -- E. Expansion of FSIs -- F. Revisions of Historical Data -- G. NBM's FSIs -- H. Metadata -- I. Future Technical Assistance -- TABLES -- 1. Priority Recommendations -- 2. Financial System -- 3. Recommended Measures of Capital -- 4. Mapping Errors and Recommendations in FS2 -- 5. Direct Mapping of FSD from FS2 -- 6. Numerical and Methodological Differences between IMF's and NBM's FSIs -- 7. Mission's Recommendations -- APPENDICES -- I. Officials Met by the Mission -- II. Moldova's Banking System -- III. Discrepancies between FSD and FS2.