Public Efficiency and Financial Markets Program (Subprograms 1 and 2)

When programs embody reforms that are directed
at strengthening the institutional framework for the operation of key markets, such as those
underlying financial markets, clearly articulating them in the program documents clarifies
objectives. By not doing so, it risks the results of the program not being fully apparent due to the
lengthy period for the reforms to come to fruition. By setting as outcome objectives, what the
improved framework will lead to places the outcome outside the time frame of the program