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Lesson
When designing results frameworks, the use of policy actions as results indicators should be minimized. If the indicator measures the reform success by the completion of the policy actions, it provides little information on the success of that policy action and undermines the relevance of the policy action for no result is achieved other than itself.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
Development partners should both support and take advantage of opportunities that arise when governments are committed to reform, which should also be recognized in their country programming. the government that came to office in 2018 was strongly reform-minded. Even though Armenia suffered two exogenous shocks in the form of the coronavirus disease (COVID-19) and conflict with a neighboring country, reform commitment did not waver. This contributed strongly to the ultimate outcome of this program.

Project Number: 51060-002, 51060-003
Project Name: Public Efficiency and Financial Markets Program (Subprograms 1 and 2)
Report Date:
Lesson
When programs embody reforms that are directed at strengthening the institutional framework for the operation of key markets, such as those underlying financial markets, clearly articulating them in the program documents clarifies objectives. By not doing so, it risks the results of the program not being fully apparent due to the lengthy period for the reforms to come to fruition. By setting as outcome objectives, what the improved framework will lead to places the outcome outside the time frame of the program

Project Number: 51060-002, 51060-003
Project Name: Public Efficiency and Financial Markets Program (Subprograms 1 and 2)
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
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
ADB’s programmatic approach provides the greatest scope and flexibility for achieving the quality of policy dialogue required by structural reforms

Project Number: 51060-002, 51060-003
Project Name: Public Efficiency and Financial Markets Program (Subprograms 1 and 2)
Report Date:
Lesson
ADB’s programmatic approach to reforms can trigger long-lasting changes in the institutional and policy environment of Armenia and this needs to continue under the new government.

Project Number: 51060-002, 51060-003
Project Name: Public Efficiency and Financial Markets Program (Subprograms 1 and 2)
Report Date:
Lesson
In addition to continuing technical assistance (TA), it is important that professional advisors work closely with the government of Kiribati to try and ensure reform momentum.

Project Number: 47322-001, 47322-002
Project Name: Strengthening Economic Management Reform Program: Subprograms 1 and 2 Completion Report
Report Date:
Lesson
A stand-alone policy-based grant would have been preferable for this project rather than a programmatic approach.

Project Number: 47322-001, 47322-002
Project Name: Strengthening Economic Management Reform Program: Subprograms 1 and 2 Completion Report
Report Date:
Lesson
Based on the TCR narrative, the TA prepared some technical documents and accessed new mechanisms for climate finance. The approved GCF proposals were examples. While the TA made some efforts to increase awareness and disseminate knowledge via the in-country consultations, there was no clear evidence or assessment that the target audience was more aware of the technical materials presented, and had adopted the same, thereby, building institutional capacity. Adopting national or sectoral policies or legal standards, or any academic literature was not mentioned in the TCR.

Project Number: 47286-001
Project Name: Enhancing Readiness of ADB Developing Member Countries for Scaled Up Climate Finance
Report Date:
Lesson
This validation adds the need to adopt a more realistic timeline where funding sources are uncertain or unknown.

Project Number: 47286-001
Project Name: Enhancing Readiness of ADB Developing Member Countries for Scaled Up Climate Finance
Report Date:
Lesson
This validation adds that pioneering the GCF proposals with a strong SDCD team, like in Mongolia, will provide a sound template and be an effective way to demonstrate success for the subsequent proposals.

Project Number: 47286-001
Project Name: Enhancing Readiness of ADB Developing Member Countries for Scaled Up Climate Finance
Report Date:
Lesson
This section in the TCR presents several findings including that increased readiness for finance access is different from the actual capacity to access finance and is highly context-specific to the type of project for which finance is required, the sources of finance being tapped, and individual DMC priorities and circumstances—this is a generalizable lesson in planning and relates to having some degree of flexibility to adapt to the evolving context given that this is a new area of work for the ADB as well as the DMCs.

Project Number: 47286-001
Project Name: Enhancing Readiness of ADB Developing Member Countries for Scaled Up Climate Finance
Report Date: