Chart 1. IMoRe dynamics
The IMoRe value for the fourth monitoring period (February 9th –22nd 2015) stood at +0.3 points out of the possible range from -5.0 to +5.0 points. It is the lowest value since the start of monitoring – index values varied in the range 1.3-1.5 in the previous three rounds. Low Index value is partially explained by the fact that many regulatory acts approved during the monitoring period were not signed or published, and thus were not evaluated in this round.
In particular, there were no signed/published regulatory acts, which could be classified as reforms in Public Finance, Energy Independence and Monetary policy and financial markets. These directions received 0.0 grades. As for Monetary policy and financial markets direction, there were several positive decisions in the banking sphere, which we classify as policy measures, not reforms.
In this round the highest grade of +2.0 points was given to Cabinet of Ministers decision to appoint senior managers of strategic state enterprises by collectively. Experts noted that this decision will contribute to greater transparency, attraction of professionals to the state sector and corruption reduction. On the other hand, experts negatively assessed government’s decision to limit salaries of top state employees (-1.0 points), noting that this measure is useless in terms of budget savings and is harmful in terms of potential increase in corruption. Overall progress of the Governance and anti-corruption direction is estimated at +1.0 points.
External Trade direction received +0.5 points reflecting the decision to abolish import duty on hybrid cars. However, the event is of minor significance, which is reflected in the low grade for this direction.
Chart 2. IMoRe and its components in the current round
Chart 3. Value of IMoRe components and number of events February 9 – 22, 2015