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Lesson
During crisis episodes, while policy reforms are important, the government has urgent needs to quickly stabilize the economy, such as, providing urgent fiscal support to counteract the financial crisis. As such, crisis response operations should focus more on immediate responses to the financial crisis, such as maintaining critical social and safety net expenditures. However, as crises open opportunities for reforms, policy dialogue can be initiated for follow-up operations. But this should not delay the financial crisis recovery support.

Project Number: 43087-013, 43087-023
Project Name: Crisis Recovery Support Program
Report Date:
Lesson
ADB s Countercyclical Support Facility has been instrumental in supporting countries receiving loans financed out of ordinary capital resources. However, at present, ADB has no modality for a financial crisis response operation for Asian Development Fund eligible countries. The special program loan in the Program Lending Policy is limited to ordinary capital resources countries and can only used to address balance of payment crises. 21 Likewise, emergency assistance under the Disaster and Emergency Assistance Policy (DEAP) does not include financial crisis response.

Project Number: 43087-013, 43087-023
Project Name: Crisis Recovery Support Program
Report Date:
Lesson
Technical Assistance Support is Important for Crisis Programs. There was no technical assistance with the program. The absence made it difficult to monitor the outcome of the loan.

Project Number: 43087-013, 43087-023
Project Name: Crisis Recovery Support Program
Report Date:
Lesson
Program Monitoring to be Improved. The program monitoring system should be improved for similar programs in the future. The government s monitoring system did not capture and produce the required data on indicators performance. In particular, the executing agency collected the information from other government agencies (Ministry of Labor and Social Issues, Ministry of Finance,, government reports on anti-crisis measures progress, and other official statistics) to produce its own project completion report.

Project Number: 43087-013, 43087-023
Project Name: Crisis Recovery Support Program
Report Date:
Lesson
Success of a financial crisis response operation is highly contingent on the government s ability to quickly put together its own anti-crisis plan, which could be financed by ADB after exercising due diligence. In the case of Armenia, the government had an anti-crisis action plan and a crisis budget.

Project Number: 43087-013, 43087-023
Project Name: Crisis Recovery Support Program
Report Date: