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Staff Report for the 2007 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund
Published Date:
July 2007
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Appendix I. Bangladesh—Fund Relations

(As of April 30, 2007)

I. Membership Status: Joined August 17, 1972; accepted the obligations under Article VIII, Sections 2, 3, and 4 on April 11, 1994.

II. General Resources Account:

SDR millionPercent Quota
Quota533.30100.00
Fund holding of currency533.0899.96
Reserve position in Fund0.250.04

III. SDR Department:

SDR millionPercent Allocation
Net cumulative allocation47.12100.00
Holdings0.881.88

IV. Outstanding Purchases and Loans:

SDR millionPercent Quota
PRGF arrangements316.7359.39

V. Financial Arrangements:

TypeApproval

Date
Expiration

Date
Amount approved

(SDR million)
Amount drawn

(SDR million)
PRGF6/20/036/19/07400.33316.73
ESAF8/10/909/13/93345.00330.00
SAF2/06/872/05/90201.25201.25

VI. Projected Payments to Fund (SDR million; based on existing use of resources and present holdings of SDRs):

20072008200920102011
Principal0.004.9514.8529.7049.88
Charges/interest3.063.563.513.383.17
Total3.068.5118.3633.0853.05

VII. Safeguards Assessment

Under the Fund’s safeguards assessment policy, the Bangladesh Bank (BB) is subject to a safeguards assessment with respect to an augmentation of access under the PRGF Arrangement approved on July 28, 2004. The assessment was completed on January 24, 2005 and concluded that safeguards in place at the BB require further improvement. Weaknesses were identified in the legal, financial reporting, internal audit and internal control areas, and the safeguards assessment recommended measures to address them.

VIII. Exchange Arrangement

Exchange regime. The exchange regime is characterized as a managed float with no preannounced path for the exchange rate. Until end-May 2003, the taka was fixed to the U.S. dollar, but was periodically adjusted. It was devalued on three occasions during 2000–02, when the trading band for BB’s transactions was correspondingly widened or raised. From January 2002 until end-May 2003, the official band for the taka remained unchanged at Tk 57.4–58.4 per U.S. dollar. Authorized dealer (AD) banks set their own buying and selling rates for the U.S. dollar and other currencies generally within the band until October 2002. From November 2002, however, AD banks have set rates outside the band. Effective end-May 2003, BB no longer announced a trading band for its foreign exchange transactions.

At the last Article IV consultation (June 2005), the Executive Board did not approve the maintenance of the restriction on the convertibility and transferability of proceeds of current international transactions in nonresident taka accounts, but noted the authorities’ intent to remove this restriction by end-June 2006.

IX. Article IV Consultation

The previous Article IV consultation was concluded on June 7, 2005 (IMF Country Report No. 05/241).

X. Technical Assistance During 2005–07

2005
February and March:STA: data ROSC
February and September:MFD: bank restructuring
February and November:MFD: bank restructuring
March and August:MFD: central bank risk-based internal auditing standards
March and October:MFD: bond market development.
May:MFD: foreign exchange operations.
2006
February and March:FAD: tax administration
February and May:MFD: bank restructuring
February and August:MFD: bond market development
July:LEG: setting up a Financial Intelligence Unit
August and November:MFD: central bank internal audit
2007
January:FAD/LEG: tax policy mission to review income and VAT taxes
March:MFD: bond market development
March:MFD: central bank internal audit
March:MFD: bank restructuring

XI. Resident Representative

The resident representative office was established in 1972. The current Resident Representative, Mr. Jonathan Dunn, took up the post in August 2004.

Appendix II. Bangladesh—Relations with the World Bank Group1

(As of May 2007)

The World Bank has an expanding assistance program in Bangladesh including investment and policy-based lending, analytical and advisory services, and lending and non-lending technical assistance. The Bank also maintains policy dialogue on a broad range of macroeconomic and sector issues. This annex, however, focuses on Bank activities that are complementary to those of the Fund.

World Bank-Bangladesh relations and policy dialogue

The Poverty Reduction Strategy Paper (PRSP) and the IMF and World Bank Joint Staff Advisory Note were discussed by the World Bank’s Board on January 26, 2006. The PRSP was completed in October 2005 after a long and broad-based participatory process, building on the interim PRSP prepared in 2003.

As part of its nonlending services, the Bank has completed key reports. Major reports such as the Public Expenditure Review and the Poverty Assessment—prepared jointly with the AsDB—provided inputs for the country’s poverty reduction strategy outlined in the PRSP. A new Poverty Assessment and an Institutional and Public Expenditure Review are being prepared this fiscal year. More recently, the Bank completed a review of trade policies in South Asia, as well as several country-specific reports, including, inter alia: Observance of Standards and Codes (ROSC), Promoting the Rural Non-Farm Sector in Bangladesh, Attaining the Millennium Development Goals in Bangladesh, Economics and Governance of NGOs in Bangladesh, Assessment of Social Safety Nets, End of MFA Quotas: Key Issues and Strategic Options for Bangladesh Ready Made Garment Industry, and Bangladesh PRSP Forum Update.

Several key reports are underway in FY07, such as, a Strategy for Growth and Employment, which will help assess the longer-term growth challenges facing Bangladesh (completed); and inter alia: a second Investment Climate Assessment, a Rural Finance Study, and the Dhaka Urban Poverty Study.

Restructuring state-owned enterprises (SOEs). The Bank has engaged in an extensive dialogue with the authorities on SOE-related issues. A report entitled Bangladesh: Review of Public Enterprise Performance and Strategy was discussed widely. In response to a request from the authorities, the Bank provided technical assistance to the Privatization Commission and assisted it in the preparation of the government’s new Privatization Policy, which has since been endorsed by Cabinet. Dialogue relating to SOEs in the energy sector has been particularly intensive and the Bank has provided detailed recommendations to the authorities in areas relating to pricing policy and the regulatory regime for energy and other utilities. As part of a wide reform program of rolling back state ownership and control within the economy, the Enterprise Growth and Bank Modernization Project, approved in June 2004, is supporting restructuring of financial and nonfinancial SOEs. The Bank has also provided informal advice on improving performance of BIMAN, the national air carrier, and the government may hire the IFC as an advisor in this regard.

Restructuring the Financial System. The Bank has been actively engaging the authorities in a dialogue on financial sector reform. Together with the Fund, the Bank co-managed the Financial Sector Assessment Program report that was prepared in October 2002. With IDA financing, the government is implementing a program to strengthen the Central Bank. The mentioned Enterprise Growth and Bank Modernization Project has supported restructuring, corporatization, and eventual divestment of the nationalized commercial banks, of which Rupali Bank’s divestment is nearing completion.

Trade Liberalization. In response to requests from the authorities, the Bank has provided regular analytical support to the government. The Bank-supported Export Diversification Project included a component designed to build capacity within the Tariff Commission for tariff analysis and WTO-related negotiations. In addition, the Bank has regularly provided trade-related policy notes as inputs into the annual budget preparation process. A report was also completed last year on trade policy regimes in South Asia and another trade study relating to Bangladesh and India is ongoing. The recently-completed Bangladesh Growth and Export Competitiveness Study examined key macro- and microeconomic factors affecting Bangladesh’s competitiveness and provided specific recommendations on priority policy and institutional actions. Further, the Bank has completed a study on the ready-made garment sector, End of MFA quotas: Strategic Options for the Bangladesh Ready-Made Garment Industry. The study identifies several trade-related policy impediments.

Infrastructure Development. Infrastructure development is needed in the country for economic growth in general, and private sector development in particular. In this context, the Bank is helping to prepare a power sector strategy, and is supporting Power Sector Development technical assistance, which includes a project preparation facility, as well as projects in the areas of municipal services, urban infrastructure, water supply and telecommunications, and the recently signed railways project.

Strengthening Governance. The Bank has engaged the government in an active dialogue aimed at improving the investment climate by strengthening accountability and transparency. The new Country Assistance Strategy (CAS) has governance as its core, building several analytical reports on the subject. These include an Institutional and Governance Review, a Country Financial Accountability Assessment, a Country Procurement Assessment, and user surveys on the quality of service delivery. In addition, the Bank is providing technical assistance to the government for improving its procurement systems. The Bank is currently preparing a series of policy notes on selected aspects of public administration and governance, including policy advice to the Ministry of Finance, National Pay Commission, and the Ministry of Establishment in relation to civil service reform issues, including compensation policy.

As part of the Bank’s regular public expenditure work, a set of policy notes were completed, and these will provide inputs to the ongoing Institutional and Public Expenditure Review. A programmatic approach is being taken to allow better cooperation with other donors. The unifying theme of the notes is the role of public expenditure on growth and poverty reduction, aiming to provide inputs for the government to use in their budget preparation process. As part of the Economic Management Technical Assistance Program, a TA project for the National Board of Revenue will assist in its capacity building, focusing on organizational restructuring, human resource management, development of ICT capacity, and strengthening customs, VAT and income tax administration, and training and research and statistics. The Bank was also instrumental in the establishment of the Anti-Corruption Commission (ACC) and continues to support its capacity development.

The World Bank’s Country Assistance Strategy

A results-based Country Assistance Strategy (CAS), prepared jointly with AsDB, DfID, and JBIC, was discussed by the World Bank’s Board on March 29, 2006. The CAS, covering the FY06–09 period, is aligned with Bangladesh’s PRSP, with governance as the core focus across two main pillars: improving the investment climate and empowering the poor. The CAS aims to address sector governance issues in both pillars, as well as core governance issues. This mainstreaming of governance implies that all Bank Group interventions will be as much about governance as they will be about improving sector performance.

The World Bank’s Assistance Program

The Bank has been assisting Bangladesh since FY1973. As of May 2007, the World Bank Group has approved 204 IDA credits, 4 IDA grants, and 1 IBRD loan for Bangladesh totaling US$12.1 billion in original commitments. The active portfolio included 25 projects, representing US$1.78 billion in net commitments and US$1.3 billion in undisbursed funds. During FY05 and FY06, new commitments totaled US$600 million and US$461.5 million and disbursements totaled US$695 million and US$556 million, respectively (including budget support). The Bank is currently supporting projects in key sectors, including social and human development, rural development, energy and infrastructure, private sector development, finance, and environment.

In FY05, the Bank approved three IDA credits for a total of US$600 million. These credits include two policy-based credits and an investment credit prepared within a SWAp framework. The development policy-based lending includes the second Development Support Credit (US$200 million) and the Programmatic Education Sector Adjustment Credit (US$100 million). DSC II continued to support the main themes of the I-PRSP—attaining macroeconomic stability, improving governance, enhancing human development, and ensuring social protection—and recognized the government’s efforts at implementing broad reforms in pursuit of the I-PRSP goals. The investment credit was the Health, Nutrition and Population Sector Program II (US$300 million), which contributes to a sector-wide program supported by several development partners.

In FY06, the Bank approved four credits for a total of US$461.5 million. Of this amount, US$300 million correspond to two policy-based credits: Third Development Support Credit (US$200 million) and Second Programmatic Education Sector Adjustment Credit (US$100 million). In addition, two investment credits were approved: Local Governance Support Project (US$111.5 million) and Investment Promotion Finance Facility (US$50 million).

So far in FY07, the Bank has approved a Railways Project (US$40 million) and a Development Support Credit IV ($200 million). It is also projected that the Bank will additionally commit US$175 million in FY07. This amount would include about US$300 million in budget support, and the rest would support projects in public procurement, social investment, microfinance, and health (Avian Flu).

As of May 2007, the IFC’s held portfolio stood at US$132.5 million. Of this, US$102.9 million were under IFC’s own account and US$29.6 million for B-loan participants. Projects span a range of sectors including power, telecommunications, cement, and financial markets. No commitments were undertaken in FY05 or FY06. During FY04, IFC committed US$5 million in a leasing company, ULC, US$40 million to an oil and gas company, Cairn Energy, to support its expenditure needs in Bangladesh and India; a US$30 million second investment in GrameenPhone; and as a small equity investment of US$1.6 million in a local commercial bank, BRAC Bank, focusing on SMEs. In addition, in FY02, with the support of several donors, IFC started a regional SME technical assistance facility covering Bangladesh, Bhutan, Nepal, and north-east India.

World Bank-Fund collaboration

The Bank and the Fund have been working closely in Bangladesh, particularly in areas related to macroeconomic management, financial sector, reform of SOEs, tax policy and administration, public expenditure management, issues relating to financial accountability, and in setting up the Financial Intelligence Unit for anti-money laundering and combating terrorist financing purposes. Bank staff routinely participates in Article IV missions and provide feedback, as requested, on the macroeconomic framework and other aspects of the Fund’s macroeconomic dialogue with the authorities. The Bank has also collaborated with the Fund in several areas related to the Report on Observance of Standards and Codes and safeguards assessment. Finally, Fund and Bank staff collaborated closely in preparing the Joint Staff Advisory Note of the PRSP, and in completing the complementary Development Support Credits and PRGF.

Appendix III. Bangladesh—Relations with the Asian Development Bank

(As of April 2007)

Lending and technical assistance operations

The Asian Development Bank (AsDB) has assisted Bangladesh since 1973. The cumulative commitment and disbursement to Bangladesh stood at $8.2 billion and $5.8 billion, respectively as of end-January 2007. The cumulative outstanding loan as of end-January 2007 was $4.8 billion. As of end-December 2006, public sector lending was dominated by four sectors: energy (25 percent), agriculture and natural resources (20 percent), transport and communications (20 percent), and education (10 percent). Lending in the other sectors, including finance, health, industry, water supply and sanitation, and multisector operations remain relatively small, although these sectors have been given more prominence in recent years. In addition, so far the AsDB has supported seven private sector projects, valued at $242 million, including the Meghnaghat Power Project, which is the first build-own-operate power project, and GrameenPhone, which has substantially expanded access to mobile telecommunications in rural areas.

In 2006, AsDB operations focused on helping remove critical constraints on the investment climate and on empowering the poor by improving governance in the energy, transport, education, and integrated urban infrastructure sectors. Energy reforms aimed to help the government restructure the power sector to ensure adequate and reliable power supply at competitive prices through increased private sector participation and more effective management and operations. In the railways, the focus was on improving sector efficiency by restructuring Bangladesh Railway to make it a market-oriented business organization with better financial governance, human resources, and operational systems. Successful implementation of the Secondary Primary Education Development Program, which will improve the quality of primary education and its accessibility to children from poor households, is currently under way with AsDB as the lead agency, together with 10 other development partners.

AsDB approved four projects in 2006 totaling $255.10 million for rural infrastructure improvement, secondary education, secondary towns water supply and sanitation, improvement of the capital market, and a multitranche financing facility for the railways sector (first subloan is $130 million). AsDB also approved seven technical assistance grants totaling $5.71 million.

Country strategy and program

AsDB’s present Country Strategy and Program (CSP) for Bangladesh for 2006–10 was approved by the AsDB’s Board on October 31, 2005. The new results-based CSP is part of a joint strategy prepared with the U.K.’s Department for International Development, Government of Japan, and World Bank. Over its first three years, the CSP proposes loans totaling about $1.8 billion for 15 projects. This will be supported by a technical assistance grant program amounting to about $13.8 million.

The CSP is aligned with the vision and priorities of the Bangladesh’s national poverty reduction strategy, which aims to achieve the MDGs, including halving the number of poor people in the country by 2015 and delivering substantial improvement in almost all aspects of human development. The four partners’ joint strategy is built on: (i) improving the investment climate for private sector-led growth and employment; (ii) advancing the social development agenda to empower the poor so that all benefit from growth; and (iii) addressing key governance issues to enable growth and social development.

Under the present country strategy and program, AsDB is playing a major role in energy, transport, education, and integrated urban development sectors, including urban health and urban water supply and sanitation. In other areas such as agriculture (i.e., agribusiness), water resources management, and the financial sector, AsDB is playing a supportive role to initiatives led by other development partners. Disaster mitigation, regional cooperation, gender, and environment continue to be addressed as key crosscutting issues.

Economic and sector work program

The AsDB publishes its Asian Development Outlook and its update every year in which it assesses macroeconomic performance. Beginning in 2001, the AsDB has also prepared quarterly economic updates. A new bimonthly Economic Indicators Update has been launched. In support of AsDB’s Country Strategy and Program exercise, several new thematic assessments and sector studies have been completed. These include: thematic assessments for poverty, growth and poverty reduction, private sector development, governance, environment, and gender, and sector studies for transport, information and communications technology, water resource development, agriculture and rural development, fisheries, regional cooperation, finance, industry and trade sectors, Dhaka-Chittagong economic corridor development, and public sector borrowing capacity study. At the request of the government, a new study has been completed on the economic impact assessment of the proposed TATA investment in Bangladesh. An analysis of the household income and expenditure survey of 2005 to estimate income poverty based on new data has been completed. Several new studies will be undertaken on trade, transport and sectoral issues.

Appendix IV. Bangladesh—Statistical Issues

Macroeconomic data are adequate for surveillance, despite major shortcomings in national accounts, government finance statistics and balance of payments. Bangladesh is a participant in the General Data Dissemination System (GDDS), and its metadata have been posted on the Fund’s Dissemination Standards Bulletin Board since March 2001. A ROSC data module mission to Bangladesh was undertaken in March 2005. The report is available on the IMF website and contains the following recommendations that cut across sectors:

  • Legislation should be enacted to define the role of the Bangladesh Bureau of Statistics (BBS) and to provide it with sufficient powers to fulfill its mandate.
  • Inter-agency cooperation should be improved, particularly for generating data on bank financing of the government and debt.
  • Advance calendars for the release of data should be established, disseminated, and observed.
  • The BBS should increasingly use its website to disseminate data and metadata in addition to paper publication. This would also ensure simultaneous data release to all users.

National accounts

The weakness of source data remains the primary deficiency. The BBS does not conduct an annual national accounts survey of business enterprises and source data are primarily from benchmark surveys, a census of manufacturing establishments conducted every two years, and biannual household expenditure surveys. Many of the benchmark surveys were conducted over five years ago and are based on outdated sample frames. The 2005 ROSC mission recommended that the BBS establish and maintain a business register for all economic units as a basis for surveys, which should be conducted annually.

The deficiencies in the data also affect compilation practices. There is heavy reliance on the use of fixed input-output ratios in estimating current value added. Thus estimates do not always reflect the rapid change in the structure of some industries. In addition, the use of inappropriate deflators and deflation techniques may undermine the reliability of the constant price estimates for some industries. A system of price indices for estimating national accounts at constant prices needs to be developed.

Bangladesh lacks quarterly estimates of GDP, but the compilation of quarterly national accounts, with technical assistance from the AsDB, is included in the authorities’ GDDS plans for improvement. However, given resource constraints, improving the sources and methodology for annual data should be a short-term priority. Improvement in data sources should pave the way for the compilation of advance indicators of economic activity.

Prices, wages, and employment

Price statistics include a consumer price index (CPI), a producer price index (PPI), a wholesale price index (WPI), and unit value indices for external trade. The CPI and WPI are published with lags of two and three months, respectively, while unit value indices of exports and imports are available on an annual basis. The CPI and PPI weights are outdated, and the 2005 ROSC mission reiterated that the CPI should be compiled using weights derived from a household and expenditure survey completed in 2002.

Data for wages are prepared monthly, but employment and unemployment data are only available at irregular intervals.

Government finance and debt

The government finance statistics (GFS) continue to be affected by major shortcomings. There are large (but recently reduced) suspense accounts that are not always cleared at the end of the fiscal year, which impedes the classification of data by economic use and function. Foreign financed development expenditure is substantially understated due to reporting weaknesses. Three nonfinancial public enterprises—the railway, the postal office, and telephone and telegraph office—are included in central government budgetary accounts. Some subsidy items are classified as net lending.

Until recently, the Ministry of Finance had made no systematic attempt to compile comprehensive debt statistics, but instead relied on a variety of sources for these records. A Debt Management Wing was established within the Finance Division for this purpose. The ROSC mission recommended that this unit also include comprehensive data on government-guaranteed debt in its debt statistics. External debt stock data by creditor are available with a lag of about 8 to 12 months, and the authorities do not have an automated system for external debt projections.

Annual data on the government’s external financing for the budget and foreign grants are available with a lag of nine months. Domestic financing data provided by the National Savings Directorate with a lag of six weeks, were found to have serious shortcomings. Efforts continue to improve the quality and timeliness of the external financing data, which remains weak.

Although annual GFS data through the fiscal year ending June 30, 2004 were provided by the authorities for inclusion in the Government Finance Statistics Yearbook, the coverage of the data was limited to budgetary central government, because no data are collected on local governments. No quarterly or monthly data are reported to the IFS. During the GFS mission in January/February 2004, the authorities adopted a proposed migration plan to implement the GFSM 2001.

Monetary accounts

Monthly accounts of the Bangladesh Bank (BB) and other depository corporations are available with a lag of six weeks. In addition, BB also produces a weekly publication (shared with the Fund) that is available with a lag of about five to six weeks. In line with earlier Fund recommendations, BB is reporting its monetary accounts to the Fund electronically. Several of the ROSC mission recommendations were put into practice, including recording on an accrual basis the interest earned on BB’s special treasury bills and recording of overdrafts as loans rather than netting them out with deposits. BB has embarked on a project to adapt the monetary statistics with the methodology of the Monetary and Financial Statistics Manual and has reported test data using the standardized report forms (SRFs), introduced in October 2004. These data are being reviewed by STA and will be published in the IFS Supplement on Monetary and Financial Statistics when they are finalized. BB has also expressed a strong interest in establishing an integrated database that links monetary statistics to accounting records and yields alternative, transparent, and consistent presentations of monetary statistics for different users.

Balance of payments

Balance of payments data are broadly on the basis of the Fifth Edition of the Balance of Payments Manual (BPM5). Apart from export shipments data, most other statistics are recorded on a cash basis, with the banking and exchange control records as the primary source of data. The foreign direct investment data are derived from enterprise surveys. Summary balance of payments (BOP) data are compiled and disseminated on a monthly basis; quarterly statistics for all the major accounts are consistent with monthly data; and annual BOP data are presented with a detailed classification. Data sources for estimating goods for processing—a significant component of the BOP—are not adequate, and respective adjustments to goods imports and exports are not available. Nontrade activities of companies operating in the export processing zones are included; however, the financial transactions of offshore banks are not. Data on private sector external borrowing, the transactions of foreign direct investors, and workers’ remittances through the informal hundi banking system are not fully incorporated in the official published data. Official foreign direct investments may not be fully reported. Data on income and transfers are incomplete. Data on suppliers’ credit to the government are available on a monthly basis with a three-month lag, but are not comprehensive.

Bangladesh: Table of Common Indicators Required for Surveillance May 23, 2007
Date of latest observationDate receivedFrequency of data6Frequency of

reporting 6
Frequency of

publication 6
Memo Items:
Data Quality-Methodological soundness 7Data Quality-Accuracy and reliability 8
Exchange Rates5/10/075/10/07DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities15/10/075/10/07DDD
Reserve/Base Money5/10/075/10/07DDMO, O, LO, LO0, LO, 0, 0, 0
Broad MoneyMar. 20075/9/07MMM
Central Bank Balance SheetMar. 20075/9/07W/MW/MM
Consolidated Balance Sheet of the Banking SystemMar. 20075/9/07MMM
Interest Rates25/9/075/9/07WWD
Consumer Price IndexMar. 20073/07/07MMM
Revenue, Expenditure, Balance and Composition of Financing3 – General Government 4n/an/an/an/an/aO, LO, LNO, LOLO, 0, 0, 0, 0
Revenue, Expenditure, Balance and Composition of Financing1 – Central GovernmentFeb. 20074/15/07M/QQQ
Stocks of Central Government and Central Government-Guaranteed Debt5Mar. 20075/20/07MMM
External Current Account BalanceFeb. 20075/3/07MMMO, LO, O, LOLO, LO, LO, 0, 0
Exports and Imports of Goods and ServicesFeb. 20075/3/07MMM
GDP/GNP2005/065/22/07AAA0, LNO, LO, LOLNO, LO, LNO, LNO, 0
Gross External DebtJun. 20059/15/05AA/MA

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC published on December 8, 2005, and based on the findings of the mission that took place during March 2–16, 2005 for the dataset corresponding to the variables in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC published on December 8, 2005, and based on the findings of the mission that took place during March 2–16, 2005 for the dataset corresponding to the variables in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.

1Prepared by World Bank staff.

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