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Lesson
It is important to maintain some degree of flexibility to effectively respond to crisis situations. Perhaps the most important quality of Thailand’s CARES program was its ability to rapidly mobilize demand-driven support in a crisis; highlighting the importance in future crisis responses of maintaining some degree of flexibility in both program design and implementation. ADB was able to process and approve the program within 3 months of the government’s initial request for support. Events in Thailand necessitated loan signing to take place about 4 months after ADB approval.

Project Number: 54177-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
Indicators and targets relying on surveys that may not be available at the time of measurement could benefit from the identification of alternative measures during program design. One of the outcome Indicators in the CARES design and monitoring framework is measured by the WHO only every 5 years and information about its most recent assessment is due for release in mid to late 2022; after the end of the CARES program. Uncertainties and disruptions created by emergencies need to be considered when designing Indicators to ensure that targets are achievable and realistic.

Project Number: 54177-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
Lessons from impact assessments undertaken by the government need to be explored for possible replication or application in future crisis response operations. In addition to monitoring of program expenditures; the government conducted its own assessment of program results; such as the social impact of cash transfer programs on affected people.

Project Number: 54177-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
The COVID-19 pandemic experience provided the government an opportunity to develop its approach to monitoring and reporting. During the loan period; ADB supported the executing agency in the quarterly monitoring of expenditures under the government’s emergency loans. This was appreciated by the government and because it provided the only English-language summary of government expenditure under the two emergency decrees, the quarterly monitoring was continued at government’s request even after loan closure.

Project Number: 54177-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
Government’s effective and responsive implementation of the program and use of funds highlighted the importance of being able to adjust allocations as demanded by the crisis. The government successfully utilized its ADB countercyclical loan to support its relief and stimulus program under its two pandemic emergency decrees and funds (FY2020 and FY2021). In particular; the Cabinet responded rapidly to the successive waves of COVID-19; allocating and reallocating budgets to work plans and projects where they were most needed at any one time.

Project Number: 54177-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
The program has helped strengthen ADB’s role as a trusted partner and created a positive experience for the government to strengthen its relations with development partners. The loan provided international funds that have helped address the government’s objective to reduce borrowing in the domestic market and have helped ensure liquidity in Thailand’s private sector. The program’s accompanying technical assistance provided the government with value-added policy dialogue and technical assistance to help address the government’s knowledge needs as they evolved through the crisis.

Project Number: 54177-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
The lack of available data across government departments can be challenging especially during times of crisis. The government encountered difficulties in collecting sex-disaggregated data in some instances; making it difficult to understand how women and girls were affected by the COVID-19 pandemic. Disaggregation by employment and disability status was challenging as well. The sex-segregated data on testing capacity and incentive for health workers included in the completion report were proxies based on total beneficiaries and the male and female ratio among the healthcare work force.

Project Number: 54177-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
This validation offers the following lesson: although TA design may identify a particular model of consultancy, these needs may evolve during the program requiring adjustment. In this case, in developing a model that responded to the needs of ACMF’s working group on corporate governance, the TA project shifted its approach since the regulators felt that an audit firm (rather than consultants) would lend more credibility and recognition to the validation exercise.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation has rephrased the recommendation into a lesson as follows: Providing adequate visibility to partners who have either financed the project or have special interest and stake in seeing its success is necessary to ensure their continued support.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation agrees that cooperation and coordination, especially with other ADB departments, is important. This was a missed opportunity for this TA project. It is, however, not clear though why a visit to the People's Republic of China is required or recommended for the next ACMF TA.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation offers the following lesson: it is important to work and clearly communicate with ACMF and its working groups to get buy-in to the TA project. This is evident in how stakeholders noted their appreciation to this approach.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation offers the following lesson: keeping the stakeholders engaged through national interventions and securing sources of post-TA financial resources (unless the TA project was a project preparation TA) is important especially for capacity building TA projects, to ensure continuity and sustainability of the project.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
Identifying critical risks and assumptions are an important element of design. However, design could also usefully identify mechanisms to mitigate these risks.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation agrees with the lesson of building awareness for the work done under the TA project. However, it is unclear why awareness-building beyond ASEAN is required for this TA project. One can surmise that it could be for the goals of attracting capital. However, the role of partnership with foreign academic institutions is unclear beyond the publication of potential knowledge products. This lesson or recommendation should then be classified under partnership and cofinancing.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation agrees with the recommendation and rephrases this as a lesson: Partnering with operational projects within ADB is an important step in ensuring that other DMCs outside ASEAN can develop their capital markets and improve governance standards of publicly listed companies.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date: