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Lesson
Dissemination of achievements made under the program is essential for knowledge-sharing and to strengthen ADB’s image as an effective development partner, The program supported the implementation of key reforms that were relevant and highly desired by the government to accelerate the country's economic growth. It is important to communicate the achievements made, with the general public and development partners, to improve knowledge and raise awareness. Communication and public awareness are also essential to enhance ADB’s status and credibility as an effective development partner.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
Strong alignment with government strategies and priorities leads to strong government ownership and participation in program implementation. The reforms adopted under this program were essential to improve fiscal credibility and strengthen the capital market in Armenia. They were fully aligned with the strategies of the government and ADB. Because of this strong strategic alignment, government ownership of the program remained strong and all implementing agencies actively coordinated with ADB to achieve the reform agenda.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
The absence of a programmatic approach in policy-based loans (PBLs) can put at risk the sustainability of reforms. This program was designed as a stand-alone, single-tranche, PBL and effectively achieved its objective because of strong ownership by and well-coordinated efforts of the authorities and ADB staff. However, the lack of a programmatic approach posed a high risk to the sustainability of the reforms made.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
Technical assistance (TA) is required to develop the capacity of institutions to meaningfully engage with ADB on a longer-term basis. ADB’s continuous engagement with the country, during and after a PBL, is essential. It allows ADB to keep a foothold in the country, learn about the reforms being assisted by other development partners, remain updated about emerging needs and issues, support sustainability, and help in processing new programs.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
Policy reform programs with complex and multiple interventions require rigorous identification and assessment of the political economy and capacity risks to ensure overall effectiveness.

Project Number: 48361-001, 48361-002, 48361-003
Project Name: Building Macroeconomic Resilience Program
Report Date:
Lesson
Actions that demonstrate the achievement of program policy matrix milestones should indicate what has been achieved, rather than the process of their accomplishment. For example, Cabinet approval is an inadequate indicator to demonstrate a successful policy reform in Tonga.

Project Number: 48361-001, 48361-002, 48361-003
Project Name: Building Macroeconomic Resilience Program
Report Date:
Lesson
To ensure the success of expenditure management at subnational government level, these entities need to become more dependent on locally sourced revenues over time. Rapidly increasing central transfers can make them more dependent to the national government and weaken their motivation to raise local revenues.

Project Number: 50168-001, 50168-002, 50168-003
Project Name: Fiscal and Public Expenditure Management Program
Report Date:
Lesson
Decentralization and devolution to subnational governments need to be undertaken with caution, especially where capacity is known to be limited. A sequential program is useful, where functions and resources are better devolved first to local governments that are fully staffed and capacitated, and later to others, following a program that improves institutional capacity to accept the new responsibilities.

Project Number: 50168-001, 50168-002, 50168-003
Project Name: Fiscal and Public Expenditure Management Program
Report Date:
Lesson
The number of policy measures should be limited so that ADB can monitor compliance with them effectively throughout the program. The program comprised 29 policy actions: 11 for subprogram 1 and 18 for subprogram 2. The total number of policy actions under the program was significantly large, particularly in subprogram 2, and represented a challenge in monitoring and implementation.

Project Number: 51350-001
Project Name: Economic Management Improvement Program: Subprograms 1 and 2
Report Date:
Lesson
Complex programs are more likely to succeed if significant attention is given to building the capability and ownership of the relevant stakeholders. The program successfully tackled a wide range of issues, while helping develop capacity at the MOF, CBU, and SAMA.

Project Number: 51350-001
Project Name: Economic Management Improvement Program: Subprograms 1 and 2
Report Date:
Lesson
To ensure the formulation of a well-grounded design, a thorough preparatory assessment could be undertaken by including the political environment and the risk of corruption in a country. In cases where corruption is perceived as being high, support for better performance and greater accountability in public financial management systems plays a crucial role.

Project Number: 48458-001, 48458-003
Project Name: Expanding Private Participation in Infrastructure Program
Report Date:
Lesson
On the PBL design, the DMF should have identified the results of each policy action rather than adopting them as the output indicators. More rigor should be taken in selecting the outcome indicators. The indicators used for school attendance and dropout rates were neither appropriate to measure the result of the program nor its policy actions and suggest a weak design. Since the state is highly committed to pursuing the reforms, it could be argued that these reforms would have been carried out anyway by the government despite the program.

Project Number: 49209-001
Project Name: Second West Bengal Development Finance Program
Report Date:
Lesson
The program, if designed as a multitranche financing facility where disbursements are made under several tranches according to the agreed criteria, can provide better incentives for continued policy reform efforts by the government.

Project Number: 48479-001
Project Name: Economic Growth and Fiscal Reform Program
Report Date:
Lesson
A lack of assessment and monitoring of contingent liabilities causing fiscal risk and limited coverage of public financial management affecting expenditure and fiscal consolidation was an additional risk identified for subprograms 2 and 3.

Project Number: 48044-001, 48044-004, 48044-005
Project Name: Improving Domestic Resource Mobilization for Inclusive Growth Program
Report Date:
Lesson
Continuing TA support is required to ensure the sustainability of the program, especially to enhance domestic savings (output 3), and the increased mobilization of private resources focused on mobilizing private savings (output 4). Private savings through pensions and a more developed capital market will mobilize long-term finance. These reforms, however, are long-term in nature involving legislative changes and institutional strengthening.

Project Number: 48044-001, 48044-004, 48044-005
Project Name: Improving Domestic Resource Mobilization for Inclusive Growth Program
Report Date: