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Lesson
No additional lesson.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation 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
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
Timely project completion report (PCR) is important for maintaining policy dialogue and assessing the need for follow-up actions and future assistance. Project Administration Instruction No. 6.07A recommends that the PCR be prepared between 1-2 years after project completion. In the case of Rural Financial Sector Development Program (RFSDP) program loan, the second (and final) tranche was released in February 2006. The bulk of activities under Project 1 and Project 2 were completed in 2008.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
The program loan tranches were front-loaded, with $35 million of the total program amount of $50 million programmed for the first two tranches. The first two tranches were largely preparatory measures and intermediate steps. Had the program been back-loaded with relatively larger amounts allocated to the third and fourth tranches, it is possible that the authorities would have been more inclined to implement some of the more difficult reform measures.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
Overly ambitious and complex projects are less likely to be successful. The Program objectives had a strong rationale and the design was technically sound. However, in view of the weak implementation capacity of the executing agency and the implementing agencies, the Program would likely have yielded better results with a more focused and prioritized set of policy actions and project activities. Moreover, the Rural Financial Sector Development Program was approved only three months prior to the April 2004 parliamentary election.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
The process of translating drafts of the Law on the Securities Market from English into Russian and back into English affected its readability in English. Achieving a reasonable and consistent standard of translation into both Russian and English remained a problem. Once the final version of the draft law has been adopted, it would be desirable if an official English translation could be produced for the benefit of ADB, foreign investors, and other interested parties.

Project Number: 34172-013
Project Name: Banking Sector and Capital Market Development Program
Report Date:
Lesson
The ownership and rationale of policy reforms should be carefully assessed at appraisal. In assessing ownership, it is important to remember that policy actions affect many stakeholders, even within the government. In this case, the legislative branch was not enthusiastic about adopting complex new laws pertaining to the regulation of capital markets that would then be interpreted by agencies outside their direct control.

Project Number: 34172-013
Project Name: Banking Sector and Capital Market Development Program
Report Date:
Lesson
Implementation of the program demonstrated that consistent government support is critical to success. The effective implementation of the banking sector component is attributable to the National Bank of the Kyrgyz Republic's (NBKR) strong commitment and ownership of the proposed reforms. In contrast, the capital market component lacked a clear champion as a result of political developments. Therefore, despite intensive policy dialogue, and awareness and capacity-building efforts, the pace of reforms did not proceed as well as anticipated.

Project Number: 34172-013
Project Name: Banking Sector and Capital Market Development Program
Report Date: