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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
Well planned and logically sequenced policy actions are crucial to maximizing impact of reform programs and ensuring the sustainability of reforms.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
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
Diagnostics play an important role in the successful implementation of policy reforms.

Project Number: 48044-001, 48044-004, 48044-005
Project Name: Improving Domestic Resource Mobilization for Inclusive Growth Program
Report Date:
Lesson
Gradual and complex reforms require simultaneous activities and flexibility to manage bottlenecks.

Project Number: 48044-001, 48044-004, 48044-005
Project Name: Improving Domestic Resource Mobilization for Inclusive Growth Program
Report Date:
Lesson
Loan size determination. The projected budgetary financing requirement provides the rational for determining the loan size for budget support attached to a policy reform agenda, and it rests on unfunded fiscal �adjustment� costs of reform, including both recurrent and capital expenditures.

Project Number: 43496-013
Project Name: Social Services Delivery Program
Report Date:
Lesson
Socially responsible budget. Rapid disbursements into a budget that is socially responsible and sound in macroeconomic terms provide an efficient channel for supporting sustainable and inclusive public spending, including social sector financing.

Project Number: 43496-013
Project Name: Social Services Delivery Program
Report Date:
Lesson
Lending Modality: Having an appropriate modality is critical. ADB's Disaster and Emergency Assistance Policy together with Achieving Development Effectiveness in Weakly Performing Countries provided a ready framework for Emergency Assistance for Post-Conflict Recovery (EAPCR).

Project Number: 42477-013
Project Name: Emergency Assistance for Post-Conflict Recovery
Report Date:
Lesson
Monitoring and evaluation framework. The overall success of the EAPCR could have been greater had the DMF been better designed. The impact statement could have been closer to the outcome, and assumptions about investor and consumer confidence should have been more realistic. The impact statement could have focused on maintaining sustainable and inclusive public sector spending rather than to restore the Georgian economy to the pre-war trajectory of growth and social development.

Project Number: 42477-013
Project Name: Emergency Assistance for Post-Conflict Recovery
Report Date: