The World Bank Implementation Status & Results Report Guyana Payments System Project (P159512) Guyana Payments System Project (P159512) LATIN AMERICA AND CARIBBEAN | Guyana | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 5 | ARCHIVED on 09-Oct-2019 | ISR38641 | Implementing Agencies: Bank of Guyana, Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 31-Mar-2017 Effectiveness Date: 08-Sep-2017 Planned Mid Term Review Date: 09-Dec-2019 Actual Mid-Term Review Date: Original Closing Date: 31-Mar-2021 Revised Closing Date: 31-Mar-2021 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to improve Guyana's national payments system by enhancing safety and efficiency of payments. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Developing Payments System Infrastructure:(Cost $4.30 M) Capacity Building of Bank of Guyana:(Cost $1.38 M) Project Implementation Unit:(Cost $0.32 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO ►Moderately Satisfactory ►Moderately Satisfactory Overall Implementation Progress (IP) ►Moderately Satisfactory ►Moderately Satisfactory Overall Risk Rating ►Moderate ►Moderate Implementation Status and Key Decisions Project Progress: 3 key activities have shown significant progress in the last few months: i) the implementation phase to connect the national payments system direct participants and BOG was completed successfully, ii) the contract with the consultancy firm to support the BOG in the procurement and implementation of RTGS and 10/9/2019 Page 1 of 6 The World Bank Implementation Status & Results Report Guyana Payments System Project (P159512) CSD systems was signed and the firm has been supporting BoG since August 26, 2019 with the evaluation of the bidders for the supply of the RTGS and CSD systems, and iii) the procurement process for the RTGS and CSD systems is close to be completed. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance ►Moderate ►Moderate ►Substantial Macroeconomic ►Moderate ►Moderate ►Moderate Sector Strategies and Policies ►Low ►Low ►Low Technical Design of Project or Program ►Low ►Low ►Low Institutional Capacity for Implementation and Sustainability ►Moderate ►Moderate ►Moderate Fiduciary ►Moderate ►Moderate ►Moderate Environment and Social ►Low ►Low ►Low Stakeholders ►Moderate ►Moderate ►Moderate Other ►Moderate ►Moderate ►Moderate Overall ►Moderate ►Moderate ►Moderate Results PDO Indicators by Objectives / Outcomes Improve Guyana's national payments system by enhancing safety and efficiency of payments. IN00746674 ►Percentage of large-value payments processed through the RTGS (Turnover of GDP) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 120.00 Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 31-Mar-2021 Total value settled in RTGS/ Value of GDP = Turnover of GDP. The number of times an amount equivalent to the value Comments: the GDP is settled in a year by the Real-Time Gross Settlement System. IN00746675 ►New system observes or broadly observes all applicable PFMI (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target 10/9/2019 Page 2 of 6 The World Bank Implementation Status & Results Report Guyana Payments System Project (P159512) Observed or Broadly Value Not Observed Not Observed Not Observed Observed Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 31-Mar-2021 Principles for Financial Market Infrastructures (PFMI). Observed or Broadly Observed as defined in the Operational Comments: Manual. Overall Comments PDO The procurement process of the Real-time gross settlement system is close to be completed. The RTGS is expected to be processing large-value payments, observing the principles for financial market infrastructures (PFMI), in approximately 15 months. Intermediate Results Indicators by Components Developing Payments System Infrastructure IN00746686 ►Real-Time Gross Settlement System is Operational (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 31-Mar-2021 This indicator will measure the conversion rate of Guyanese consumers from cash payments to fully electronic credit Comments: transfers using the new and modern national payments system. IN00746688 ►Central Securities Depository is Operational (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 31-Mar-2021 This indicator will measure the conversion rate of government agencies from cash payments to fully electronic credit Comments: transfers using the new and modern national payments system. IN00746689 ►Treasury/Ministry of Finance is connected to the RTGS, ACH and CSD platform. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 31-Mar-2021 Treasury/Ministry of Finance is connected to the Real-Time Gross Settlement System (RTGS), an Automated Comments: Clearinghouse (ACH), and a Central Securities Depository (CSD). IN00746690 ►Guyana Revenue Authority is connected to the RTGS and ACH platform (Yes/No, Custom) 10/9/2019 Page 3 of 6 The World Bank Implementation Status & Results Report Guyana Payments System Project (P159512) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 31-Mar-2021 Guyana Revenue Authority is connected to the Real-Time Gross Settlement System (RTGS) and the Automated Comments: Clearinghouse (ACH). IN00746691 ►National Insurance Scheme is connected to the RTGS and ACH platform (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 30-Mar-2021 National Insurance Scheme (NIS) is connected to the Real-Time Gross Settlement System (RTGS) and the Automated Comments: Clearinghouse (ACH). IN00746692 ►Government payments channeled through the ACH or RTGS (# of payments) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 30-Mar-2021 Percentage of Government payments channeled through the ACH or RTGS (# of payments). Government payments from Comments: Treasury, Guyana Revenue Authority, and the National Insurance Scheme. Capacity Building of Bank of Guyana IN00746687 ►Organizational unit focused on payments systems and staff with trained personnel at the Bank of Guyana established and functioning (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2017 28-Mar-2019 30-Sep-2019 31-Mar-2021 Organizational unit focused on payments systems and staff with trained personnel at the Bank of Guyana established and Comments: functioning. Overall Comments IR It is expected that the procurement process of the RTGS and CSD systems will be completed in October 2019. Afterwards, the implementation phase will take about 12 months. In addition, in about 18 weeks, after the RTGS and CSD hardware is tested and accepted, BoG will start the procurement processes for all three platforms: Treasury, Guyana Revenue Authority and the National Insurance Scheme. It is expected that in about 15 months the National Payments System will be operating under the new technical infrastructure. Regarding the capacity building of BOG, their staff has conducted study tours to peer countries, currently is receiving support from an experienced consulting firm that will accompany BOG during the implementation of the Payments System infrastructure, and they are developing a capacity building plan that will be supported by component 2. 10/9/2019 Page 4 of 6 The World Bank Implementation Status & Results Report Guyana Payments System Project (P159512) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P159512 IDA-59660 Effective USD 6.00 6.00 0.00 0.85 5.40 14% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P159512 IDA-59660 Effective 31-Mar-2017 22-Jun-2017 08-Sep-2017 31-Mar-2021 31-Mar-2021 Cumulative Disbursements 10/9/2019 Page 5 of 6 The World Bank Implementation Status & Results Report Guyana Payments System Project (P159512) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 10/9/2019 Page 6 of 6