Assessment of a program's success should be based on quantitative indicators and tangible results rather than whether policy actions have been met. While approval of legislation and regulations can be considered a reform in the initial phase of a program, particularly subprogram 1, subsequent programs should assess the result of the implementation of the legislation and regulations. As an illustration of this, the issuance of circulars, which was heavily relied upon as having achieved the desired outcomes under the Third Financial Sector Program Loan, does not necessarily mean that the objectives of the circulars have been met, or even that the actions required by these circulars have indeed been carried out. Circulars are merely the medium through which the desired end results are to be achieved. Measurability of end results in the form of quantitative targets (including transitional targets) would significantly improve the grey assessment areas to the benefit of both ADB and the government. [Main text, para. 43(i)]
Third Financial Sector Program Loan