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CSV
Lesson
When designing results frameworks, the use of policy actions as results indicators should be minimized. If the indicator measures the reform success by the completion of the policy actions, it provides little information on the success of that policy action and undermines the relevance of the policy action for no result is achieved other than itself.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
Design and monitoring frameworks (DMFs) need to have all the necessary Indicators as well as flexible timelines to effectively be used as planning, monitoring, and evaluation tools. Given the breadth of the program, the DMF should have included at least one indicator for each reform area to better monitor the outcome and long-term impact of key policy actions. Although three new outcome Indicators were included in subprogram 3, these mainly covered financial inclusion and nonperforming loans.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program
(Subprograms 1; 2; and 3)
Report Date:
Lesson
While face to face communication would have been better in certain cases, adaptation to pandemic restrictions by adopting new ways of working in addition to being agile and flexible proved adequate and strong enough to successfully implement projects during the pandemic. The program was implemented during a very challenging period when the pandemic was just reaching its peak, the health situation was deteriorating globally, and lockdown measures were being intensified.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program
(Subprograms 1; 2; and 3)
Report Date:
Lesson
Demand-led implementation and strong ownership and consistent government support are critical to the success of financial market reform programs. All stakeholders demonstrated strong commitment to the reform agenda, which led to timely and complete implementation. Sufficient assessment at program appraisal ensured that the strategic objectives of stakeholders were aligned with development objectives.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program
(Subprograms 1; 2; and 3)
Report Date:
Lesson
A structured, holistic, and sequential approach, backed by a comprehensive, medium- to long-term program and sufficient technical assistance (TA,) is critical to the success of financial market reforms. A wide range of reforms covering key pillars of the financial system was incorporated in this program nto enhance legislation, improve regulatory frameworks, introduce new initiatives, and support sustainable capacity building using a structured and sequential approach over the medium term.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program
(Subprograms 1; 2; and 3)
Report Date:
Lesson
When programs embody reforms that are directed at strengthening the institutional framework for the operation of key markets, such as those underlying financial markets, clearly articulating them in the program documents clarifies objectives. By not doing so, it risks the results of the program not being fully apparent due to the lengthy period for the reforms to come to fruition. By setting as outcome objectives, what the improved framework will lead to places the outcome outside the time frame of the program

Project Number: 51060-002, 51060-003
Project Name: Public Efficiency and Financial Markets Program (Subprograms 1 and 2)
Report Date:
Lesson
Development partners should both support and take advantage of opportunities that arise when governments are committed to reform, which should also be recognized in their country programming. the government that came to office in 2018 was strongly reform-minded. Even though Armenia suffered two exogenous shocks in the form of the coronavirus disease (COVID-19) and conflict with a neighboring country, reform commitment did not waver. This contributed strongly to the ultimate outcome of this program.

Project Number: 51060-002, 51060-003
Project Name: Public Efficiency and Financial Markets Program (Subprograms 1 and 2)
Report Date:
Lesson
Strong alignment with government strategies and priorities leads to strong government ownership and participation in program implementation. The reforms adopted under this program were essential to improve fiscal credibility and strengthen the capital market in Armenia. They were fully aligned with the strategies of the government and ADB. Because of this strong strategic alignment, government ownership of the program remained strong and all implementing agencies actively coordinated with ADB to achieve the reform agenda.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
The absence of a programmatic approach in policy-based loans (PBLs) can put at risk the sustainability of reforms. This program was designed as a stand-alone, single-tranche, PBL and effectively achieved its objective because of strong ownership by and well-coordinated efforts of the authorities and ADB staff. However, the lack of a programmatic approach posed a high risk to the sustainability of the reforms made.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
Technical assistance (TA) is required to develop the capacity of institutions to meaningfully engage with ADB on a longer-term basis. ADB’s continuous engagement with the country, during and after a PBL, is essential. It allows ADB to keep a foothold in the country, learn about the reforms being assisted by other development partners, remain updated about emerging needs and issues, support sustainability, and help in processing new programs.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
Dissemination of achievements made under the program is essential for knowledge-sharing and to strengthen ADB’s image as an effective development partner, The program supported the implementation of key reforms that were relevant and highly desired by the government to accelerate the country's economic growth. It is important to communicate the achievements made, with the general public and development partners, to improve knowledge and raise awareness. Communication and public awareness are also essential to enhance ADB’s status and credibility as an effective development partner.

Project Number: 53248-001
Project Name: Second Public Efficiency and Financial Markets Program
Report Date:
Lesson
The government’s greater ownership and commitment during a period of political transition are critical for reform implementation to support the project’s expected outcome

Project Number: 43490-013
Project Name: Capital Market and Infrastructure Capacity Support Project
Report Date:
Lesson
It is important to develop a logical framework with coherent nexus of inputs to outputs that can clearly present how the project design is expected to achieve its intended results

Project Number: 43490-013
Project Name: Capital Market and Infrastructure Capacity Support Project
Report Date:
Lesson
ADB’s programmatic approach provides the greatest scope and flexibility for achieving the quality of policy dialogue required by structural reforms

Project Number: 51060-002, 51060-003
Project Name: Public Efficiency and Financial Markets Program (Subprograms 1 and 2)
Report Date:
Lesson
ADB’s programmatic approach to reforms can trigger long-lasting changes in the institutional and policy environment of Armenia and this needs to continue under the new government.

Project Number: 51060-002, 51060-003
Project Name: Public Efficiency and Financial Markets Program (Subprograms 1 and 2)
Report Date:
CSV