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Lesson
The new series of programmatic development policy lending is taking this broad lesson into account, driven by a new Socioeconomic Development Plan report (2011-2015). Though focused on two of the four pillars of the last Poverty Reduction Support Credit series, policy coordination that reflects linkages in policy areas requires a strong analytical foundation to inform directions and specific decisions.

Project Number: 41046-013, 42191-013, 42191-023, 42191-033
Project Name: Support the Implementation of the Poverty Reduction Programs IV and V
Report Date:
Lesson
The breadth of the reform undertaking and linkages among policy actions across sectors called for a comprehensive approach to dialogue and support by development partners. Several development partners withdrew or reduced their development assistance to Viet Nam, in accordance with their aid practices for middle-income countries. The number of cofinanciers peaked at 11 for Poverty Reduction Support Credits (PRSCs) 6 and 7 and has fallen since, with some impact on the total level of financing under the PRSCs.

Project Number: 41046-013, 42191-013, 42191-023, 42191-033
Project Name: Support the Implementation of the Poverty Reduction Programs IV and V
Report Date:
Lesson
A program cluster approach with prior expected actions enveloped by a medium-term framework with flexibility built into its design is an effective approach to supporting government reforms. It promotes continuous dialogue with the government on reforms and allows for program changes to effectively and efficiently respond to new or worsening risks to the economy and shifts in government policy priorities.

Project Number: 41046-013, 42191-013, 42191-023, 42191-033
Project Name: Support the Implementation of the Poverty Reduction Programs IV and V
Report Date:
Lesson
There was strong continuity between ADB's earlier support to establish a credit information bureau and this project's support for a central registry. There are natural synergies between the two initiatives that increase the effectiveness and sustainability of each.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The project had a much broader reach than merely providing credit to Micro, Small, and Medium-Sized Enterprises (MSMEs). It invested in their capacities and enabling environment (e.g., the cost-sharing facility, a coordinated government MSME policy, the collateral registry) so that banks could provide and MSMEs could employ credit more efficiently. This broader reach is especially important in frontier markets where these supporting elements are generally less developed.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
Instead of three tranches of $2 million, a better design might have been two tranches of $3 million. Regardless of the size, securing a tranche release has certain fixed administrative costs. If the tranches are small, these costs are proportionally higher and diminish the incentives to implement the preconditions for tranche release.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
Although delayed, the Micro, Small, and Medium-Sized Enterprise policy paper made effective use of consultations. Several white papers preceded it, and they solicited broad feedback that produced a strong final product. In addition, the paper included a tangible strategy and action plan that gives the Department of Cottage and Small Industry a clear work program.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
ADB could have participated in the project steering committee. Without ADB's participation, the committee's decision making was constrained because its decisions were still subject to ADB's concurrence.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The program included innovations that were new to Bhutan, so qualified local consultants were not available. Yet it was difficult to find foreign consultants who understood the Bhutanese context. The design and monitoring framework did identify �lack of qualified staff� as a risk. For future programs, however, ADB should further refine this risk to capture the tension between external expertise and local knowledge.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The implementing agency should have been more involved in program design. The Ministry of Economic Affairs' Planning and Policy Division developed the program, but the Department of Cottage and Small Industry (DCSI) was responsible for implementation. The DCSI thought that some components could have been designed differently to improve their impact (e.g., the cost-sharing facility).

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The tranche release criteria were clearly defined. They provided an impetus to achieve tangible objectives that motivated the involved agencies.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development 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:
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
Under the Financial Sector Development Program, the development and approval of key financial sector legislation was an important contribution to sector development. While the delays were inevitable, closer, longterm, in-country dialogue with the government would have been beneficial. This dialogue and close program monitoring will be enhanced by the establishment of a resident mission in Bhutan. ADB has been a long-standing partner of Bhutan's financial sector development since the beginning.

Project Number: 37164-023
Project Name: Financial Sector Development Program
Report Date: