Ministry of Economy, Industry and Trade
Improvement of linkage between policy, resource constraints and budgets
Develop a more realistic medium-term budget framework
Public Expenditure Reviews, PRSC in High Case
IMF
DFID
Budget execution closer to planned
· Initiate the process to convert a portion of government debt liabilities into long-term debt instruments
National Bank
Assistance to the MoF develop long-term debt instruments, e.g. government bond market
MoF starts to use medium to long-term government bonds to replace the rolling of short-term debt instruments
Financial Sector Advisory Program
IMF
1-10 year government bond market in place
· Improvement of the management of international reserves of the NBG
National Bank
Advise to National Bank on management of reserves
Increased import coverage
Financial Sector Advisory Program
IMF
Gross foreign reserves to reach over 2 months of imports
· Completion of tax and customs administration reform
Ministry of Finance, State Tax and Customs Departments
Development of a business-friendly tax environment
Increased collection of excise taxes and improved VAT administration
Public Expenditure Reviews, Business Environment Study, PRSC in High Case
IMF USAID EU
Collection of excise taxes to reach over 2 percent of GDP
· Implementation of treasury reform, centralization of treasury service; development and introduction of commitment accounting and control system; development and introduction of expenditure control system
Ministry of Finance
Assistance to the MOF to improve its cash and debt management capacity and skills
Consolidation of effective control system, and adoption of a single treasury account
CPAR Updates, Public Expenditure Reviews, PRSC in High Case
IMF
Improved cash management and debt management capacity
· Improve government procurement system and expand scope of its coverage
State Procurement Department, Ministry of Economy, Industry and Trade
Establishment of a transparent state procurement system; decentralization of State procurement functions to line agencies
Greater efficiency and competition within the system; reduced delays and corruption in procurement process
CPAR, Public Expenditure Reviews, PRSC, project lending (e.g. Secondary Roads and Trade and Transport Facilitation)
Recommendations of Country Portfolio Assessment Report implemented
· Gradual increase of the share of targeted programs in the state budget
Ministry of Finance, Ministry of Economy, Industry and Trade
Develop program-based budgeting
Improve consistency between medium-term indicative plan and the budget
Public Expenditure Reviews, Public Sector Management Credit, PRSC in High Case
DFID
Public Expenditure Reviews assessment of better targeting of programs in the budget
· Inventory of budgetary arrears
Ministry of Finance
Establish accurate estimates of past government liabilities
Better information on, and reduction in, arrears
CFAA Updates, Public Expenditure Reviews
IMF
Reduced arrears
· Increase the number of participants in treasury bill market and improve bidding mechanisms to increase maturity and reduce the discount rate through market
Ministry of Finance, National Bank, National Commission of Securities
More competitive and efficient T-bill market
Short term: more participants for competitive bidding, and for non-competitive quota; medium term: cash management, coordination between MOF & NBG on T-bills/open market operations; long term: independent debt management office
Financial Sector Advisory Program, PRSC in High Case
USAID
FIRST
Lower T-bill yield
· Develop legislation promoting the activities of investment funds in order to introduce best corporate management practice in enterprises and develop stock market
Ministry of Finance, National Commission of Securities
Help build legal environment for investment funds; provide information/advice
Establishment of legal environment for investment funds
Financial Sector Advisory Program
Regulation of investment funds in place; NCS has capacity to supervise those funds
· Prepare and adopt bill “on Personification and Registration of Insurance Contributions to Social Insurance System” required for regularizing first (distributive) pillar of pension system and development of pensioners’ personified registration system
Ministry of Labor, Health and Social Protection
Support to Ministry of Labor, Health and Social Protection on legal reforms and their implementation
Law adopted successfully
Social Protection Reform Project
Regularization of 1st pillar of pension system; better links between pensions and contributions
· For private pension funds, adopt statutory normative acts in accordance with the laws “on Non-Government Pension Funds” and “on Securities Market”
National Securities Commission, Ministry of Labor, Health and Social Protection
Support to National Securities Commission and Ministry of Labor, Health and Social Protection on legal reforms and their implementation
Normative acts developed and adopted
Social Protection Reform Project
Improved regulatory environment in the area of private pensions
· Prepare amendments to the Tax Code and investment rules of pension assets to promote the development of non-banking financial sector, including nongovernmental voluntary insurance system
Страницы: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54
