There needs to be a balance between flexibility and achievement of results. A program cluster modality has in-built flexibility, particularly when designing indicative actions such as for subprogram 2. However, this flexibility is not a carte blanche for changes and should not be used to substitute uncompleted reforms just because they are difficult to implement. When making revisions or substituting policy actions, a careful assessment should be made as to how these revisions or substitutions will affect the achievement of outputs and ultimately the outcome of the program. In the case of Third Financial Sector Program Loan, the policy actions that were reformulated during subprogram 2 should be reassessed as part of future programs. [Main text, para. 43(vii)]
Third Financial Sector Program Loan