Second Public Efficiency and Financial Markets Program

The absence of a programmatic approach in policy-based loans (PBLs) can put at risk the sustainability of reforms. This program was designed as a stand-alone, single-tranche, PBL and effectively achieved its objective because of strong ownership by and well-coordinated efforts of the authorities and ADB staff. However, the lack of a programmatic approach posed a high risk to the sustainability of the reforms made. Future assistance should adopt ADB’s programmatic approach, as it ensures the sustainability of reforms and provide the ideal flexibility for the quality of policy dialogue that such structural reforms require.