A structured, holistic, and sequential approach, backed by a comprehensive, medium- to long-term program and sufficient technical assistance (TA,) is critical to the success of financial market reforms. A wide range of reforms covering key pillars of the financial system was incorporated in this program nto enhance legislation, improve regulatory frameworks, introduce new initiatives, and support sustainable capacity building using a structured and sequential approach over the medium term. The program also drew from lessons from and efforts under previous lending programs and TA to ensure continuity and alignment of reforms over the long term. As a forward-looking step, the post-program engagement framework is critical to (i) ensure the reforms remain sustainable, and (ii) promote the holistic growth of the finance sector. Additionally, adequate TA support and monitoring are necessary to continue the reforms and assist with the technical aspects of implementation.
Financial Market Development Program
(Subprograms 1; 2; and 3)