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Business and Economics > Banks and Banking

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Cover La aduana, una institución clave
La aduana, una institución clave
Fortaleciendo la administración aduanera en un mundo de cambios
Augusto Azael Pérez Azcárraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Las administraciones de aduanas ven surgir nuevos retos a medida que aumenta el volumen del comercio internacional, aparece nueva tecnología y cambian los modelo de negocio. Este libro analiza los cambios y desafíos que enfrentan las administraciones de aduanas y propone formas de abordarlos. Describe los problemas que las autoridades deben tener en cuenta a la hora de elaborar su propia hoja de ruta para la modernización de las aduanas.

Keywords:
aduana; cumplimiento tributario; recaudación de impuestos; evasión fiscal; facilitación del comercio; gestión del riesgo aduanero; seguridad de fronteras; comercio; regímenes fiscales; política comercial; ingreso tributario; operadores comerciales; modernización de la aduana; tecnologías digitales; economía del sector público; administración pública; finanzas públicas; desarrollo económico; avances tecnológicos
Cover Technical Assistance Reports
Bangladesh: Technical Assistance Report-Interest Rate Corridor Adoption
International Monetary Fund. Asia and Pacific Dept
In August 2023, the IMF South Asia Regional Training and Technical Assistance Center (SARTTAC) undertook a Technical Assistance (TA) Mission at Bangladesh Bank (BB) to advise on the shift from a reserve money targeting monetary policy framework to an interest rate-focused one. This transition, announced by BB for July-December 2023, marks a significant policy shift, and it provides an opportunity to realign BB's governance and operational frameworks with the new monetary policy framework. Crucial to this transition is the amendment of the Bangladesh Bank Order (BBO) to give priority to price stability as the objective of monetary policy, to enhance BB's autonomy and accountability, and to eliminate direct BB lending to priority sectors. These modifications aim to align the governance structure with the objectives of the updated monetary policy framework. The mission suggested several key adjustments to the operational framework, including the implementation of a weekly 7-day Open Market Operation (OMO) at the policy rate; an increase in Cash Reserve Ratio (CRR) averaging; automatic access to Standing Facilities (SFs), and the harmonization of the legal framework for collateralized liquidity-providing monetary operations. Additionally, the mission proposed future measures to improve short-term liquidity forecasting and interbank market trading. Supportive measures were also recommended, such as normalizing the foreign exchange market with a clear exchange rate policy; engaging in money market development initiatives; participating in the Local Bond Market development project; and revising BB’s communications policy to enhance transparency. These reforms are designed to improve monetary policy transmission so as to support the achievement of BB’s its primary mandate of price stability, as a prerequisite for macroeconomic stability and stable economic growth.
Keywords:
Monetary policy; International organization; Bangladesh.; IMF South Asia Regional Training and Technical Assistance Center; SARTTAC Monetary; in-person Technical Assistance; IMF's Monetary; Bangladesh Bank order; reference rate; Central bank policy rate; Open market operations; Monetary policy frameworks; Liquidity; Liquidity forecasting
Cover IMF Staff Country Reports
Bangladesh: Second Reviews Under the Extended Credit Facility Arrangement and the Arrangement Under the Extended Fund Facility, and Requests for Rephasing of Access, a Waiver of Nonobservance of a Performance Criterion, and Modifications of a Performance Criterion, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
International Monetary Fund. Asia and Pacific Dept
This paper presents Bangladesh’s Second Reviews under the Extended Credit Facility Arrangement and the Arrangement under the Extended Fund Facility, and Requests for Rephasing of Access, A Waiver of Nonobservance of a Performance Criterion, and Modifications of a Performance Criterion, and Second Review under the Resilience and Sustainability Facility Arrangement. Bangladesh’s economy continues to face multiple challenges. Stubbornly high international commodity prices and continued global financial tightening have amplified macroeconomic vulnerabilities. Near-term policies should focus on rebuilding external resilience and bringing down inflation. The authorities’ recent actions to realign the exchange rate and implement the new exchange rate arrangement are welcome. Ongoing reforms to modernize the monetary policy framework and improve policy transmission will foster macroeconomic stability. Building resilience to climate change and natural disasters is a priority for achieving high, inclusive, and green growth. Strengthening institutions and policy coordination, improving climate spending efficiency, and mobilizing climate financing remain crucial. The launch of the Bangladesh Climate and Development Platform in collaboration with development partners is a welcome development.
Keywords:
inflation expectation; devolved climate finance approach; policy recommendation; Policy discussion; government project; climate resilience; upgrade policy approach; risk rating; SOE debt; policy coordination; loan write-off policy; policy transmission; Climate change; Commercial banks; Exchange rate arrangements; Credit; Global
Cover Таможенные вопросы
Таможенные вопросы
Укрепление таможенной службы в меняющемся мире
Augusto A Perez Azcarraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Перед таможенными службами во всем мире встают новые задачи: растущий объем международной торговли, революция в новых технологиях и фундаментальные изменения в бизнес-моделях. Преимущества хорошо функционирующей таможенной администрации очевидны, равно как и необходимость развития эффективных, действенных, справедливых и современных таможенных администраций. Книга «Таможенные вопросы» анализирует многочисленные изменения и проблемы, с которыми сталкиваются таможенные администрации, и предлагают пути их решения. Предлагая разноплановый взгляд на основные аспекты таможенного администрирования, книга служит руководством для директивных органов и должностных лиц таможенных служб при оценке текущего состояния их таможенных систем в целях разработки, совершенствования или продвижения своих планов действий по модернизации таможенной службы.

Keywords:
таможня; соблюдение обязательств по уплате налогов; принудительное взыскание налогов; уклонение от уплаты налогов; обеспечение безопасности границ; торговля; модернизация налоговой службы; государственная служба; государственные финансы; налог на добавленную стоимость
Cover IMF Staff Country Reports
Bangladesh: 2023 Article IV Consultation, First Reviews Under the Extended Credit Facility Arrangement, Arrangement Under the Extended Fund Facility, and the Resilience and Sustainability Facility Arrangement, Requests for a Waiver of Nonobservance of a Performance Criterion, and Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
International Monetary Fund. Asia and Pacific Dept
This paper focuses on Bangladesh’s 2023 Article IV Consultation, First Reviews under the Extended Credit Facility Arrangement, Arrangement under the Extended Fund Facility, and the Resilience and Sustainability Facility Arrangement, Requests for a Waiver of Nonobservance of a Performance Criterion, and Modifications of Performance Criteria. Near-term policies should continue to focus on containing inflation and rebuilding external resilience. This requires a calibrated monetary policy tightening, supported by a neutral fiscal stance, and greater exchange rate flexibility to alleviate foreign exchange pressures and rebuild buffers. Raising tax revenues and rationalizing expenditures will allow increasing social, developmental, and climate-related spending. Continued efforts to enhance public financial and investment management are needed to increase spending efficiency and mitigate fiscal risks. Building resilience to climate change and natural disasters is a priority for achieving high, inclusive, and green growth. In this context, strengthening institutions, improving climate spending efficiency, and mobilizing climate financing remain crucial.
Keywords:
austerity measure; net financing requirement; inflation expectation; climate policy reform; weight update; decision- making capacity; policy transmission; Climate change; Commercial banks; Global
Cover IMF Staff Country Reports
Bangladesh: Requests for an Arrangement Under the Extended Fund Facility, Request for Arrangement Under the Extended Credit Facility, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
International Monetary Fund. Asia and Pacific Dept
This paper presents Bangladesh’s Requests for an Extended Arrangement under the Extended Fund Facility, an Arrangement under the Extended Credit Facility, and an Arrangement under the Resilience and Sustainability Facility (RSF). The authorities are concurrently requesting access to the RSF to meet large climate financing needs. IMF proposes access at SDR 1000 million under the RSF, in which access at the maximum nominal limit is justified by the strength and breadth of the proposed reforms, the balance of payment need associated with the implementation of reform measures, and sound capacity to repay the IMF. The Letter of Intent and Memorandum of Economic and Financial Policies demonstrate program ownership and appropriate policies to reach the goals of the authorities’ program. The main risk to the program is limited scope to relax fiscal or monetary policy in the event of additional adverse real shocks, given narrowing fiscal space, high inflation, and reserve losses. The 42-month program will help preserve macroeconomic stability, protect the vulnerable, and foster inclusive and green growth. Reforms will focus on creating fiscal space to enable greater social and developmental spending; strengthening the financial sector; modernizing policy frameworks; and building climate resilience.
Keywords:
EFF arrangement; Bangladesh economy; EFF program; IMF Resilience and Sustainability Facility arrangement; RSF ref orms; Climate change; Climate finance; Global
Cover South Asia's Path to Resilient Growth
South Asia's Path to Resilient Growth

Abstract

South Asia’s Path to Resilient Growth highlights the remarkable development progress in South Asia and how the region can advance in the aftermath of the COVID-19 pandemic. Steps include a renewed push toward greater trade and financial openness, while responding proactively to the distributional impact and dislocation associated with this structural transformation. Promoting a green and digital recovery remains important. The book explores ways to accelerate the income convergence process in the region, leveraging on the still-large potential demographic dividend in most of the countries. These include greater economic diversification and export sophistication, trade and foreign direct investment liberalization and participation in global value chains amid shifting regional and global conditions, financial development, and investment in human capital.

Keywords:
South Asia; sustainable growth; structural reforms; macro-financial management; IMF staff calculation; poverty head count ratio; health outcome; government of India; infrastructure investment; technical efficiency; value chain; teachers' wage; Exports; Climate change; Employment; Inflation targeting; East Asia; Global; Asia and Pacific; Southeast Asia
Cover Customs Matters
Customs Matters
Strengthening Customs Administration in a Changing World
Augusto Azael Pérez Azcárraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Customs administrations around the world face new challenges: an increasing volume of international trade, a revolution in new technologies, and fundamental changes in business models. The benefits of a well-performing customs administration are clear, as is the need to develop efficient, effective, fair, and modern customs administrations. Customs Matters analyzes the many changes and challenges customs administrations face and proposes ways to address them. By offering a cross-sectional view of the main aspects of customs administration, the book guides policymakers and customs officials as they evaluate the current state of their customs system with a view to developing, reinforcing, or relaunching their own roadmaps for customs modernization.

Keywords:
customs; tax compliance; tax enforcement; tax evasion; border security; trade; customs modernization; public administration; public finance; value-added tax; customs administration; customs territory; customs performance; trade facilitation perspective; customs matter; Customs administration core functions; Trade facilitation; Customs procedures; Imports; Global; Central America; Sub-Saharan Africa; Caribbean; North America
Cover IMF Staff Country Reports
Bangladesh: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
International Monetary Fund. Asia and Pacific Dept
Since independence, Bangladesh has achieved impressive economic growth and social development, making steady progress in reducing poverty and significant improvements in living standards. The COVID-19 pandemic interrupted this long period of robust economic performance, deepening some earlier vulnerabilities. Stagnating job growth, rising inequality, and slowing poverty reduction remain challenges. Revenues are low, and financial sector vulnerabilities continue to be high. Substantial productive investment in infrastructure, human capital, and climate resilience is needed to achieve the authorities’ aspiration to reach the upper-middle income status in 2031.
Keywords:
headline CPI inflation; State-Owned Commercial Banks; government finance statistics manual; Bangladeshi authorities; financial asset; data dissemination standard; Bangladesh export; Commercial banks; COVID-19; Credit; Global
Cover Technical Notes and Manuals
Business Continuity Planning for Government Cash and Debt Management
Mr. Emre Balibek
,
Ian Storkey
, and
Hakan Yavuz
Cash and debt management operations are part of the “transactional” functions of public financial management. It is critical that these functions are resilient to external disruptions, ranging from information and communication technology (ICT) system outages to natural disasters. This technical manual aims to provide guidance on the steps that government cash and debt management units can follow to develop and implement a practical business continuity plan that economizes the resources used. It also discusses the evolving nature of business disruption risks faced by cash and debt management over the last decade, including the COVID-19 pandemic, as well as risk mitigation solutions that have emerged.
Keywords:
Business continuity planning; business impact analysis; operational risk management; business disruption risks; cash and debt management; COVID-19; pandemic; government cash management; debt management function; debt management performance assessment; debt management unit; business disruption risk; part of government cash and debt management; Operational risk; Government debt management; Government cash management; Debt management; Global