Complete an independent assessment of possible recapitalization needs and required financial and operational restructuring of Banque Nationale Commerciale (BNC)
At P1R0, this pc was not listed in the Staff Report, rather it was contained in a side letter with the authorities and the legal decision approving the program. At P1R1, this pc was changed from "complete an independent assessment" to "begin an independent assessment", in order to benefit from IMF technical assistance planned for the fall. This spc, upgraded to a prior action at P1R2, was met on February 7, 2008, when the authorities hired an international expert, who has commenced work on assessing possible recapitalization and restructuring needs of the state bank BNC.