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Lesson
In the context of Sri Lanka where the areas of reform are complex, the use of a sequenced approach to reforms would have been more appropriate.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
Adequate assessment of institutional capacity of implementing agencies at formulation would have been needed to effectively address constraints.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
Government commitment and buy-in is important in a reform program such as Rural Finance Sector Development Program. There should have been strong commitment of the government and stakeholders to develop the sector and achieve sustainable rural finance.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
Programs and technical assistance should not depend on passage of law in countries where legislative processes are slow and cumbersome. In this case, reforms to the bank resolution process, such as the authorization of bridge banking powers for Philippine Deposit Insurance Corporation, rely on the passage of legislation, and are still pending. The administrative increase in minimum capital requirements for the insurance subsector was embroiled in controversy and delay, but now appears to be required by law, but only following a 7-year delay.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
Program design should focus on mplementing reforms not only where commitment is strong, but where resources and external factors are adequate to ensure successful implementation. In the case of the Securities and Exchange Commission (SEC), a persistent and chronic shortage of funding initially compromised its ability to provide effective surveillance and supervision to the capital markets. Additional budget increases still appear necessary to bring Office of the Insurance Commission and SEC remuneration in line with the Bangko Sentral ng Pilipinas, as mandated by Republic Act No.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
There should be strong and widespread political will. For example, the Capital Market Development Plan was initiated unilaterally by the Securities and Exchange Commission and clearly was not reflective of industry sentiment and therefore did not enjoy widespread support. In the case of the Office of the Insurance Commission, pressure from the industry to postpone higher required capitalization contributed to a change in the Insurance Commissioner and a reduction in political will in support of reform.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date: