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Lesson
ADB business procedures. While program preparation was shorter than for typical program grants and loans, streamlined and abbreviated business procedures for processing crisis response programs could allow the response to be more timely.

Project Number: 42529-013, 42529-023
Project Name: Growth Recovery Support Program
Report Date:
Lesson
Crisis response operations can be more successful if the government has well- defined implementation arrangements and monitoring mechanisms to be successful, as was the case with the KCSL.

Project Number: 43300-013
Project Name: Countercyclical Support Loan
Report Date:
Lesson
Lending Modality: The crisis in Georgia, triggered largely by exogenous shocks, has underscored the need for a suitable modality that will enable ADB to provide quick support. While ADB has a program lending policy, there is no special modality for a financial crisis response operation for Asian Development Fund countries. The special program loan in the program lending policy is limited to ordinary capital resources countries (OCR). ADB's Countercyclical Support Facility (CSF) helped disburse anti-crisis support quickly to OCR eligible countries.

Project Number: 42529-013, 42529-023
Project Name: Growth Recovery Support Program
Report Date:
Lesson
The success of a financial crisis response is highly contingent on the government's ability to quickly put together its own anti-crisis plan. ADB intervention can be in the form of financing for the anti-crisis plan. In the case of the KCSL, the government already had its employment-generation program (EGP) in place, and was able to use the KCSL funds immediately to finance the EGP. However, since the KCSL is a budget support instrument, it is difficult to track and link the financing with specific development results (e.g., which public works project it funded).

Project Number: 43300-013
Project Name: Countercyclical Support Loan
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 public spending, including social, infrastructure, and countercyclical stimulus.

Project Number: 42529-013, 42529-023
Project Name: Growth Recovery Support Program
Report Date:
Lesson
By not having any policy conditions other than the government's countercyclical expenditure programs, the Kazakhstan Countercyclical Support Loan (KCSL) was an effective and efficient instrument to respond to the financial crisis. While reforms to correct policy inconsistencies during crisis situations might be desirable, countries that are in the middle of financial crises would find it difficult to simultaneously undertake both crisis mitigation and reforms.

Project Number: 43300-013
Project Name: Countercyclical Support Loan
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:
Lesson
ADB's business procedures for processing crisis response programs should be streamlined and abbreviated, as in the case of the Countercyclical Support Facility (CSF). This allows for crisis responses to be timely and prevent further deterioration of the economy.

Project Number: 43300-013
Project Name: Countercyclical Support Loan
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 program could have been greater had the design and monitoring framework (DMF) been better designed. The impact statement could have been closer to the outcome and assumptions about investor and consumer confidence 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: 42529-013, 42529-023
Project Name: Growth Recovery Support Program
Report Date: