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Lesson
It might be useful to develop a climate finance strategy for the state-owned enterprises(SOE) sector, building on the experience and lessons from this program's. Assessment of the fiscal risks associated with climate change was incorporated into subprogram 2. This highlights the significant role SOEs can play in addressing climate change impacts and supporting the countries climate obligations. Given this, it might be useful to establish a climate finance strategy for the SOE sector, building on the experience and lessons from this program.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
It is imperative for SOEs to develop good corporate governance and maintain an arm's length relationship with government, regardless of whether it is a commercial or noncommercial SOE. Some of the policy actions under this program were designed to improve the government's performance of its SOE ownership function. However, in addition to these policy actions, it is imperative for SOEs to proactively promote good corporate governance and develop functional autonomy from the government.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Additional measures are necessary for the government securities market to stimulate demand from both retail and institutional investors. The program had several supply-based reforms, particularly around the primary dealer system and government bonds; however, turnover velocity was below the target, particularly for the secondary market relating to government securities. This would suggest that additional demand-based measures are as of December 2023 required for the government securities market to stimulate demand from both retail and institutional investors.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Fiscal reform, pensions, and capital markets reforms are inextricably linked, because of the role each plays in economic development. Subprogram 2 supported the development and approval of the Capital Market Development Strategy, 2022–2028 by government decree, which includes a commitment to develop a green bond framework. This provides a strong basis from which to develop a broader integrated program to support not just fiscal resilience but also further capital market reforms in conjunction with the Finance Sector Office.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
A more robust assessment of the ability of the recipient agency to implement the proposed capacity-building activities and hire the required consultants and consulting firms in a timely manner is needed in future technical assistance (TA) loans. A smaller TA package could have been considered in view of the frequent changes that typify much of Mongolia’s national government.

Project Number: 49409-001
Project Name: Strengthening Institutional Framework and Management Capacity Project
Report Date:
Lesson
The program demonstrated that a holistic consultation process can ensure effective diagnosis of the issues, leading to a relevant policy matrix that prioritizes reform measures in collaboration with the development partners. The program was developed in close consultation with the government and development partners including the IMF, the World Bank, AFD, and the United Nations Development Programme, and was designed through a holistic approach.

Project Number: 51350-001
Project Name: Economic Management Improvement Program: Subprograms 1 and 2
Report Date:
Lesson
Supporting the most urgent and critical measures in reforming Pakistan's public sector enterprises (PSEs), agreed with government, may yield deeper results.

Project Number: 48065-003
Project Name: Public Sector Enterprises Reform Program (Subprogram 2)
Report Date:
Lesson
A road map approach, which integrates intensive support for all the three triage groupings (liquidated, privatized, and retained and improved), agreed or urged in the 2013 IMF Extended Fund Facility and reiterated in 2019, and provides a much more targeted and politically sensitive communication strategy can help Pakistan gain headway in reforming its PSEs.

Project Number: 48065-003
Project Name: Public Sector Enterprises Reform Program (Subprogram 2)
Report Date:
Lesson
Incremental PSE governance reforms in Pakistan can be helpful, if layered on many others over a long period of time.

Project Number: 48065-003
Project Name: Public Sector Enterprises Reform Program (Subprogram 2)
Report Date:
Lesson
Capacity development for public sector officials is a long-term issue and a short-term TA, as provided in tranche 2 ,is not likely to help.

Project Number: 39538-013, 39538-035
Project Name: State-Owned Enterprises Reform and Corporate Governance Facilitation Program (Tranche 2 and Multitranche Financing Facility)
Report Date: