TohidA/MONA · Datasets at Hugging Face

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to the cabinet of a time-bound action plan for the government's tax reform program.

3

06/30/2011

SB

Introduced at R4.

4

3

2011-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Complete the settlement of all verified central government domestic arrears incurred prior to end-December 2010.

1

03/31/2011

SB

Introduced at R4.

4

1

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Cabinet approval the main recommendations of the forthcoming IMF technical assistance on developing a sound medium term debt strategy.

1

12/31/2010

SB

Introduced at R1. Objective: Improve public debt management

4

1

2010-12-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Completion of the first project assessment report.

3

12/31/2010

SB

Objective: improve public debt management

4

3

2010-12-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Cabinet approval of new debt management strategy.

4

03/31/2011

SB

Introduced at R4.

4

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Completion of the 2008 audit of the accounts of Sonangol, including its quasifiscal operations, by an audit firm of international reputation

1

11/30/2009

M

Introduced at R0. Objective: strengthen fiscal transparency.

4

1

2009-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Submission to the cabinet of the approval documents of the Angola Sovereign Wealth Fund (future SBA reviews will set benchmarks on implementation)

2

06/30/2010

M

Introduced at R0. Objective: improve public finance management.

4

2

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

i) Publication of quarterly budget execution reports by the central government.

3

06/30/2010

MOD-SB

Introduced at R0. Objective: improve public finance management. At R2R3, in progress, expected December 2010.At R4, test date reset to end-June 2011. Modified to "Begin quarterly publication of reports of central government budget execution on the Ministry of Finance website, including coverage of the expenditures undertaken by Sonangol on behalf of the central government."

4

3

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

ii) Reporting on quarterly basis by major SOEs to the government of their quasi-fiscal operations and investment activities and publishing the reports.

4

06/30/2010

MD

Introduced at R0. Objective: improve public finance management. At R2R3, in progress, expected December 2010. At R4, implemented.

4

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publication of the audit of Sonangol’s 2009 financial statements which includes its quasifiscal operations

5

11/30/2010

MD

Introduced at R1. Objective: Strengthen fiscal transparency. At R4, implemented in December 2010.

4

5

2010-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Begin quarterly publication of reports of central government budget execution on the Ministry of Finance website, including coverage of the expenditures undertaken by Sonangol on behalf of the central government.

6

06/30/2011

SB

N/A

4

6

2011-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Appointment of an investment committee by the Board of Directors of BNA to meet at least monthly to oversee reserves management operations and reporting.

1

05/31/2010

MD

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected November 2010. At R4, implemented in November 2010.

4

1

2010-05-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Formalization of investment guidelines for foreign reserves of the BNA by the Board of Directors of BNA

2

07/31/2010

MD

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected December 2010. At R4, implemented in December 2010.

4

2

2010-07-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Issuance of semiannual reports by the Internal Audit Office of the BNA to the Board on compliance with the foreign reserve investment guidelines

3

09/30/2010

MOD-DATE

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected March 2011. At R4, test date reset to end-March 2011.

4

3

2010-09-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Issuance of semiannual reports by the Internal Audit Office of the BNA to the Board on compliance with the foreign reserve investment guidelines

3

03/31/2011

SB

At R4, test date reset to end-March 2011.

4

3

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Appointments of consultants with significant proven experience in capacity building within the field of internal auditing for a minimum period of two years to build capacity and bring the Internal Audit Office of the BNA up to the level of a modern internal audit function

4

06/30/2010

M

Introduced at R1. Objective: Mitigate safeguards risks

4

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Reconstituting the Audit Board by (i) replacing the member who has a conflict of interest, (ii) adopting a Charter to define all statutory responsibilities, and (iii) assuming oversight of the external audit and financial reporting process.

5

06/30/2010

MOD-DATE

Introduced at R1. Objective: Strengthen central bank governance. At R2R3, in progress; expected October 2010. At R4, test date reset to end-January 2011.

4

5

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Reconstituting the Audit Board by (i) replacing the member who has a conflict of interest, (ii) adopting a Charter to define all statutory responsibilities, and (iii) assuming oversight of the external audit and financial reporting process.

5

01/31/2011

SB

At R4, test date reset to end-January 2011.

4

5

2011-01-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Publication of the audited financial statements of BNA for 2009, including the explanatory notes and Deloitte’s signed audit opinion, on the BNA’s external website

1

06/30/2010

M

Introduced at R1. Objective: Strengthen transparency

4

1

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion of an external audit on BNA by an international audit firm to confirm: (i) the existence, availability, and fair value of foreign assets as of June 2010; and (ii) the accuracy of NIR data reported to the Fund, including compliance with the definitions agreed under the program. The scope of the audit should be based on Terms of Reference agreed with Fund staff

2

08/31/2010

SB

Introduced at R1. Objective: Mitigate safeguards risks

4

2

2010-08-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Complete the 2010 audit of the BNA's financial statements.

3

06/30/2011

SB

Introduced at R4.

4

3

2011-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

24

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

Submit for consideration to the National Assembly the new Public Enterprise Law.

1

03/31/2011

SB

Introduced at R4.

4

1

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend provisioning regulation to reflect the credit risk of foreign currency loans

1

03/30/2010

M

Introduced at R0. Objective: reduce financial sector vulnerability.

4

1

2010-03-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Development of an off-site supervisory tools to monitor banks" credit exposures by currency and maturities

2

03/31/2010

M

Introduced at R0. Objective: reduce financial sector vulnerability.

4

2

2010-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

N/A

2011-01-24

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend the regulation on capital adequacy to reflect the credit risk of foreign currency loans.

3

03/31/2011

SB

Introduced at R4.

4

3

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

PA

20.3

1.3. Expenditure measures, including arrears clearance

Complete the settlement of all accounts payable accumulated during 2010 and not settled by end-March 2011 (arrears).

1

Fifth Review Prior action

M

N/A

5

1

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publication of Sonangol’s 2007 and 2008 audited financial statements which includes its quasifiscal operations.

1

First Review Prior action

M

N/A

5

1

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

PA

20.8

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

Cabinet approval of the 2010 budget

1

Program Prior Action

M

Objective: to limit fiscal risks. Done-end October.

5

1

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Publication of the audited financial statements of BNA for 2008, including the explanatory notes and Deloitte’s signed audit opinion, on the BNA’s external website.

1

First Review Prior action

M

N/A

5

1

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion of the audited financial statements of BNA for 2009, with the signing of the BNA.

2

First Review Prior action

M

N/A

5

2

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion of the review of National Bank of Angola's net international reserves

3

Combined Second and Third Reviews Prior Action

M

Prior action for the combined second and third reviews. Objective: Strengthen central bank transparency

5

3

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20

1. General government

Establishment of the project appraisal framework

1

09/30/2010

MOD-SB

Introduced at R1. Objective: Improve public financial management. At R2R3, in progress. At R4, text of condition revised; test date revised to end-May 2011.

5

1

2010-09-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20

1. General government

Auction of all new treasury securities based on fully market determined interest rates.

3

10/31/2010

MD

Introduced at R2R3. Objective: improve public finance management. At R4, met in November 2010.

5

3

2010-10-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20

1. General government

Development of the project appraisal and monitoring framework, for use in evaluating new projects on a pilot basis during the 2012 budget process.

4

05/31/2011

NM

At R4, revised text from "Establishment of the project appraisal framework" and test date reset to end-May 2011. At R5, not met. Authorities have hired an international consultant and a training program has begun.

5

4

2011-05-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Cabinet approval of the tax reform strategy.

1

06/30/2010

M

Introduced at R0. Objective: limit fiscal risks.

5

1

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission of the draft laws of the General Tax Code, the Code of Tax Procedure and the Tax Collection Enforcement Code as well as the draft tax code on Stamp Duty to the National Assembly.

2

10/31/2010

M

Introduced at R2R3. Objective: tax reform.

5

2

2010-10-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to the cabinet of a time-bound action plan for the government's tax reform program.

3

06/30/2011

M

Introduced at R4.

5

3

2011-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Complete the settlement of all verified central government domestic arrears incurred prior to end-December 2010.

1

03/31/2011

MD

Introduced at R4. At R5, Met, with delay. Verification process completed in February 2011. Most arrears settled by end-March 2011. Agreement with creditors reached by end-August 2011 to clear all outstanding 2008-09 arrears by end-2011.

5

1

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.5

1.5. Debt Management

Cabinet approval the main recommendations of the forthcoming IMF technical assistance on developing a sound medium term debt strategy.

1

12/31/2010

SB

Introduced at R1. Objective: Improve public debt management

5

1

2010-12-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.5

1.5. Debt Management

Completion of the first project assessment report.

3

12/31/2010

SB

Objective: improve public debt management

5

3

2010-12-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.5

1.5. Debt Management

Cabinet approval of new debt management strategy.

4

03/31/2011

MOD-DATE

Introduced at R4. At R5, not met. Test date reset to end-November 2011.

5

4

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.5

1.5. Debt Management

Cabinet approval of new debt management strategy.

4

11/30/2011

SB

At R5, not met. Delays due to additional time needed for capacity building. New test date is specified.

5

4

2011-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Define a time-bound action plan and an early warning system to improve monitoring of accounts payable and their duration.

1

11/30/2011

SB

Introduced at R5.

5

1

2011-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Completion of a reconciliation report, reconciling the Ministry of Finance’s and Sonangol’s data on receivables and payables.

2

11/30/2011

SB

Introduced at R5.

5

2

2011-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Completion of the 2008 audit of the accounts of Sonangol, including its quasifiscal operations, by an audit firm of international reputation

1

11/30/2009

M

Introduced at R0. Objective: strengthen fiscal transparency.

5

1

2009-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Submission to the cabinet of the approval documents of the Angola Sovereign Wealth Fund (future SBA reviews will set benchmarks on implementation)

2

06/30/2010

M

Introduced at R0. Objective: improve public finance management.

5

2

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

i) Publication of quarterly budget execution reports by the central government.

3

06/30/2010

MOD-SB

Introduced at R0. Objective: improve public finance management. At R2R3, in progress, expected December 2010.At R4, test date reset to end-June 2011. Modified to "Begin quarterly publication of reports of central government budget execution on the Ministry of Finance website, including coverage of the expenditures undertaken by Sonangol on behalf of the central government."

5

3

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

ii) Reporting on quarterly basis by major SOEs to the government of their quasi-fiscal operations and investment activities and publishing the reports.

4

06/30/2010

MD

Introduced at R0. Objective: improve public finance management. At R2R3, in progress, expected December 2010. At R4, implemented.

5

4

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publication of the audit of Sonangol’s 2009 financial statements which includes its quasifiscal operations

5

11/30/2010

MD

Introduced at R1. Objective: Strengthen fiscal transparency. At R4, implemented in December 2010.

5

2010-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publication of Sonangol's 2010 audited financial statements including quasifiscal operations.

6

09/30/2011

M

This condition was not specified in the staff report at the time of completion of R4.

5

6

2011-09-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Begin quarterly publication of reports of central government budget execution on the Ministry of Finance website, including coverage of the expenditures undertaken by Sonangol on behalf of the central government.

7

06/30/2011

M

N/A

5

7

2011-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Appointment of an investment committee by the Board of Directors of BNA to meet at least monthly to oversee reserves management operations and reporting.

1

05/31/2010

MD

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected November 2010. At R4, implemented in November 2010.

5

1

2010-05-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Formalization of investment guidelines for foreign reserves of the BNA by the Board of Directors of BNA

2

07/31/2010

MD

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected December 2010. At R4, implemented in December 2010.

5

2

2010-07-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Issuance of semiannual reports by the Internal Audit Office of the BNA to the Board on compliance with the foreign reserve investment guidelines

3

09/30/2010

MOD-DATE

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected March 2011. At R4, test date reset to end-March 2011.

5

3

2010-09-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Issuance of semiannual reports by the Internal Audit Office of the BNA to the Board on compliance with the foreign reserve investment guidelines

3

03/31/2011

MD

At R4, test date reset to end-March 2011. At R5, issued in May 2011.

5

3

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Appointments of consultants with significant proven experience in capacity building within the field of internal auditing for a minimum period of two years to build capacity and bring the Internal Audit Office of the BNA up to the level of a modern internal audit function

4

06/30/2010

M

Introduced at R1. Objective: Mitigate safeguards risks

5

4

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Reconstituting the Audit Board by (i) replacing the member who has a conflict of interest, (ii) adopting a Charter to define all statutory responsibilities, and (iii) assuming oversight of the external audit and financial reporting process.

5

06/30/2010

MOD-DATE

Introduced at R1. Objective: Strengthen central bank governance. At R2R3, in progress; expected October 2010. At R4, test date reset to end-January 2011.

5

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Reconstituting the Audit Board by (i) replacing the member who has a conflict of interest, (ii) adopting a Charter to define all statutory responsibilities, and (iii) assuming oversight of the external audit and financial reporting process.

5

01/31/2011

M

At R4, test date reset to end-January 2011.

5

2011-01-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Publication of the audited financial statements of BNA for 2009, including the explanatory notes and Deloitte’s signed audit opinion, on the BNA’s external website

1

06/30/2010

M

Introduced at R1. Objective: Strengthen transparency

5

1

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion of an external audit on BNA by an international audit firm to confirm: (i) the existence, availability, and fair value of foreign assets as of June 2010; and (ii) the accuracy of NIR data reported to the Fund, including compliance with the definitions agreed under the program. The scope of the audit should be based on Terms of Reference agreed with Fund staff

2

08/31/2010

SB

Introduced at R1. Objective: Mitigate safeguards risks

5

2

2010-08-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Complete the 2010 audit of the BNA's financial statements.

3

06/30/2011

M

Introduced at R4.

5

3

2011-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

24

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

Submit for consideration to the National Assembly the new Public Enterprise Law.

1

03/31/2011

M

Introduced at R4.

5

1

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend provisioning regulation to reflect the credit risk of foreign currency loans

1

03/30/2010

M

Introduced at R0. Objective: reduce financial sector vulnerability.

5

1

2010-03-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Development of an off-site supervisory tools to monitor banks" credit exposures by currency and maturities

2

03/31/2010

M

Introduced at R0. Objective: reduce financial sector vulnerability.

5

2

2010-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2011-11-09

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend the regulation on capital adequacy to reflect the credit risk of foreign currency loans.

3

03/31/2011

MD

Introduced at R4. At R5, Met with delay due to the need to allow for additional consultation with market participants.

5

3

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

PA

20.3

1.3. Expenditure measures, including arrears clearance

Complete the settlement of all accounts payable accumulated during 2010 and not settled by end-March 2011 (arrears).

1

Fifth Review Prior action

M

N/A

6

1

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publication of Sonangol’s 2007 and 2008 audited financial statements which includes its quasifiscal operations.

1

First Review Prior action

M

N/A

6

1

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

PA

20.8

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

Cabinet approval of the 2010 budget

1

Program Prior Action

M

Objective: to limit fiscal risks. Done-end October.

6

1

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Publication of the audited financial statements of BNA for 2008, including the explanatory notes and Deloitte’s signed audit opinion, on the BNA’s external website.

1

First Review Prior action

M

N/A

6

1

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion of the audited financial statements of BNA for 2009, with the signing of the BNA.

2

First Review Prior action

M

N/A

6

2

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion of the review of National Bank of Angola's net international reserves

3

Combined Second and Third Reviews Prior Action

M

Prior action for the combined second and third reviews. Objective: Strengthen central bank transparency

6

3

2023-09-23

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20

1. General government

Establishment of the project appraisal framework

1

09/30/2010

MOD-SB

Introduced at R1. Objective: Improve public financial management. At R2R3, in progress. At R4, text of condition revised; test date revised to end-May 2011.

6

1

2010-09-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20

1. General government

Auction of all new treasury securities based on fully market determined interest rates.

3

10/31/2010

MD

Introduced at R2R3. Objective: improve public finance management. At R4, met in November 2010.

6

3

2010-10-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20

1. General government

Development of the project appraisal and monitoring framework, for use in evaluating new projects on a pilot basis during the 2012 budget process.

4

05/31/2011

NM

At R4, revised text from "Establishment of the project appraisal framework" and test date reset to end-May 2011. At R5, not met. Authorities have hired an international consultant and a training program has begun. At R6, Not met. Due to delays in signing terms of reference with AfDB. Training program started with international consultant. Technical assistance program to start by end-March 2012. Goal to pilot framework in 2013 budget preparation.

6

4

2011-05-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Cabinet approval of the tax reform strategy.

1

06/30/2010

M

Introduced at R0. Objective: limit fiscal risks.

6

1

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission of the draft laws of the General Tax Code, the Code of Tax Procedure and the Tax Collection Enforcement Code as well as the draft tax code on Stamp Duty to the National Assembly.

2

10/31/2010

M

Introduced at R2R3. Objective: tax reform.

6

2

2010-10-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to the cabinet of a time-bound action plan for the government's tax reform program.

3

06/30/2011

M

Introduced at R4.

6

3

2011-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.3

1.3. Expenditure measures, including arrears clearance

Complete the settlement of all verified central government domestic arrears incurred prior to end-December 2010.

1

03/31/2011

MD

Introduced at R4. At R5, Met, with delay. Verification process completed in February 2011. Most arrears settled by end-March 2011. Agreement with creditors reached by end-August 2011 to clear all outstanding 2008-09 arrears by end-2011.

6

1

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.5

1.5. Debt Management

Cabinet approval the main recommendations of the forthcoming IMF technical assistance on developing a sound medium term debt strategy.

1

12/31/2010

SB

Introduced at R1. Objective: Improve public debt management

6

1

2010-12-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.5

1.5. Debt Management

Completion of the first project assessment report.

3

12/31/2010

SB

Objective: improve public debt management

6

3

2010-12-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.5

1.5. Debt Management

Cabinet approval of new debt management strategy.

4

03/31/2011

MOD-DATE

Introduced at R4. At R5, not met. Test date reset to end-November 2011.

6

4

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.5

1.5. Debt Management

Cabinet approval of new debt management strategy.

4

11/30/2011

NM

At R5, not met. Delays due to additional time needed for capacity building. New test date is specified. At R6, Assessment pending cabinet approval, expected before end-March. Draft debt strategy including sustainability analysis completed in January 2012.

6

4

2011-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Define a time-bound action plan and an early warning system to improve monitoring of accounts payable and their duration.

1

11/30/2011

PM

Introduced at R5. At R6, Met, in part. Accounts payable levels consistently below agreed program ceiling show that additional efforts and reforms by the authorities are producing results.

6

1

2011-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Completion of a reconciliation report, reconciling the Ministry of Finance’s and Sonangol’s data on receivables and payables.

2

11/30/2011

M

Introduced at R5. At R6, Met. Report covering January-October 2011 period completed in December 2011. Work ongoing to complete 2011 and 2007-2010 period.

6

2

2011-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Completion of the 2008 audit of the accounts of Sonangol, including its quasifiscal operations, by an audit firm of international reputation

1

11/30/2009

M

Introduced at R0. Objective: strengthen fiscal transparency.

6

1

2009-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Submission to the cabinet of the approval documents of the Angola Sovereign Wealth Fund (future SBA reviews will set benchmarks on implementation)

2

06/30/2010

M

Introduced at R0. Objective: improve public finance management.

6

2

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

i) Publication of quarterly budget execution reports by the central government.

3

06/30/2010

MOD-SB

Introduced at R0. Objective: improve public finance management. At R2R3, in progress, expected December 2010.At R4, test date reset to end-June 2011.

6

3

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

ii) Reporting on quarterly basis by major SOEs to the government of their quasi-fiscal operations and investment activities and publishing the reports.

4

06/30/2010

MD

Introduced at R0. Objective: improve public finance management. At R2R3, in progress, expected December 2010. At R4, implemented.

6

4

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publication of the audit of Sonangol’s 2009 financial statements which includes its quasifiscal operations

5

11/30/2010

MD

Introduced at R1. Objective: Strengthen fiscal transparency. At R4, implemented in December 2010.

6

5

2010-11-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Publication of Sonangol's 2010 audited financial statements including quasifiscal operations.

6

09/30/2011

M

This condition was not specified in the staff report at the time of completion of R4.

6

2011-09-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Begin quarterly publication of reports of central government budget execution on the Ministry of Finance website, including coverage of the expenditures undertaken by Sonangol on behalf of the central government.

7

06/30/2011

SB

N/A

6

7

2011-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.1

2.1. Central bank operations and reforms

Appointment of an investment committee by the Board of Directors of BNA to meet at least monthly to oversee reserves management operations and reporting.

1

05/31/2010

MD

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected November 2010. At R4, implemented in November 2010.

6

1

2010-05-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.1

2.1. Central bank operations and reforms

Formalization of investment guidelines for foreign reserves of the BNA by the Board of Directors of BNA

2

07/31/2010

MD

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected December 2010. At R4, implemented in December 2010.

6

2

2010-07-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.1

2.1. Central bank operations and reforms

Issuance of semiannual reports by the Internal Audit Office of the BNA to the Board on compliance with the foreign reserve investment guidelines

3

09/30/2010

MOD-DATE

Introduced at R1. Objective: Mitigate safeguards risks. At R2R3, in progress; expected March 2011. At R4, test date reset to end-March 2011.

6

3

2010-09-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.1

2.1. Central bank operations and reforms

Issuance of semiannual reports by the Internal Audit Office of the BNA to the Board on compliance with the foreign reserve investment guidelines

3

03/31/2011

MD

At R4, test date reset to end-March 2011. At R5, issued in May 2011.

6

3

2011-03-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.1

2.1. Central bank operations and reforms

Appointments of consultants with significant proven experience in capacity building within the field of internal auditing for a minimum period of two years to build capacity and bring the Internal Audit Office of the BNA up to the level of a modern internal audit function

4

06/30/2010

M

Introduced at R1. Objective: Mitigate safeguards risks

6

4

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.1

2.1. Central bank operations and reforms

Reconstituting the Audit Board by (i) replacing the member who has a conflict of interest, (ii) adopting a Charter to define all statutory responsibilities, and (iii) assuming oversight of the external audit and financial reporting process.

5

06/30/2010

MOD-DATE

Introduced at R1. Objective: Strengthen central bank governance. At R2R3, in progress; expected October 2010. At R4, test date reset to end-January 2011.

6

5

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.1

2.1. Central bank operations and reforms

Reconstituting the Audit Board by (i) replacing the member who has a conflict of interest, (ii) adopting a Charter to define all statutory responsibilities, and (iii) assuming oversight of the external audit and financial reporting process.

5

01/31/2011

M

At R4, test date reset to end-January 2011.

6

5

2011-01-31

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Publication of the audited financial statements of BNA for 2009, including the explanatory notes and Deloitte’s signed audit opinion, on the BNA’s external website

1

06/30/2010

M

Introduced at R1. Objective: Strengthen transparency

6

1

2010-06-30

N/A

623

ANGOLA

614

SBA

2009-11-23

2,009

2012-02-22

2,012

2012-03-30

N/A

2012-03-28

P1

R6

L

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion of an external audit on BNA by an international audit firm to confirm: (i) the existence, availability, and fair value of foreign assets as of June 2010; and (ii) the accuracy of NIR data reported to the Fund, including compliance with the definitions agreed under the program. The scope of the audit should be based on Terms of Reference agreed with Fund staff

2

08/31/2010

SB

Introduced at R1. Objective: Mitigate safeguards risks

6

2

2010-08-31

N/A