Capital Market Development Program Cluster (Subprograms 1 and 2)

The long-term nature of capital market development requires a road map with clear sequencing and prioritization of reforms as well intermediate and long-term outcomes, with periodic updating. A longer term and flexible framework for reforms, supported by a timely monitoring and evaluation system, would provide a context for the phasing of reforms and identifying the content of specific programs which typically cover 3–5 year periods.