Five years ago, the country Hybria announced that it was determined to introduce a Treasury Single Account.

Today, the following situation now exists in the country: commercial banks are used by the federal government to make payments and receive funds in a variety of accounts. The central bank generates a consolidated statement once a month and 20 business days after the end of a month. State-owned enterprises and ministries and agencies of “national interest” are not consolidated. An integrated financial statement system is being developed. The government has paid $7 million in late fees and $40 million in overdraft loans. The exact number of open accounts is not known, but estimated to be less 3,000 (down from 30,000 five years ago). Last month it has decided to allocate 10% of its cash assets as of six months ago in a private equity fund intended to be invested in blockchain start-ups for the prospect of high returns.

Based on this information, please share your assessment whether the country has made substantial progress in the implementation of a Treasury Single Account or how you arrive at your conclusion. Use as many points you can make by referring to the information provided above.