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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
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
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
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
The program provided lessons in allocating counterpart funds generated from program proceeds. Budget earmarking should only be considered if the government has adequate mechanisms to track expenditures. Otherwise, technical assistance is important to provide this capacity. Programs should also rethink strict budget earmarking. While placing strict conditions on how a government spends the funds seems desirable, implementation could be difficult when budget precision is low.

Project Number: 43098-012
Project Name: Crisis Recovery Support Program
Report Date:
Lesson
Since the crisis response operations support government's crisis mitigation measures, program monitoring could also benefit from technical assistance where country systems are weak, as in Tajikistan. The technical assistance could focus on expenditure tracking mechanisms, internal controls, and external audits; and be conducted in two stages. At the first stage, when monitoring capacity is still weak, experts could be engaged to monitor program-supported expenditures rather than relying on the government to submit monitoring reports.

Project Number: 43098-012
Project Name: Crisis Recovery Support Program
Report Date:
Lesson
Duccess 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 Tajikistan, the government had an anti-crisis action plan and a crisis budget. Readiness to implement is also important.

Project Number: 43098-012
Project Name: Crisis Recovery Support Program
Report Date:
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: 43098-012
Project Name: Crisis Recovery Support Program
Report Date:
Lesson
ADB has no 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 and can only used to address balance of payment crises. Likewise, emergency assistance under the Disaster and Emergency Assistance Policy (DEAP) does not include financial crisis response. As such, the program had to use the standard program grant modality and develop the design of program actions to allow quick processing and disbursement.

Project Number: 43098-012
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:
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
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: