Overly ambitious and complex projects are less likely to be successful. The Program objectives had a strong rationale and the design was technically sound. However, in view of the weak implementation capacity of the executing agency and the implementing agencies, the Program would likely have yielded better results with a more focused and prioritized set of policy actions and project activities. Moreover, the Rural Financial Sector Development Program was approved only three months prior to the April 2004 parliamentary election. While the election outcome and subsequent policy direction could not have been fully anticipated at the time, there was sufficient uncertainty regarding continued political support to warrant reconsideration of the timing of Board consideration.
Rural Finance Sector Development Program