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Lesson
Fiscal reform, pensions, and capital markets reforms are inextricably linked, because of the role each plays in economic development. Subprogram 2 supported the development and approval of the Capital Market Development Strategy, 2022–2028 by government decree, which includes a commitment to develop a green bond framework. This provides a strong basis from which to develop a broader integrated program to support not just fiscal resilience but also further capital market reforms in conjunction with the Finance Sector Office.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Well planned and logically sequenced policy actions are crucial to maximizing impact of reform programs and ensuring the sustainability of reforms.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
It might be useful to develop a climate finance strategy for the state-owned enterprises(SOE) sector, building on the experience and lessons from this program's. Assessment of the fiscal risks associated with climate change was incorporated into subprogram 2. This highlights the significant role SOEs can play in addressing climate change impacts and supporting the countries climate obligations. Given this, it might be useful to establish a climate finance strategy for the SOE sector, building on the experience and lessons from this program.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
It is imperative for SOEs to develop good corporate governance and maintain an arm's length relationship with government, regardless of whether it is a commercial or noncommercial SOE. Some of the policy actions under this program were designed to improve the government's performance of its SOE ownership function. However, in addition to these policy actions, it is imperative for SOEs to proactively promote good corporate governance and develop functional autonomy from the government.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Additional measures are necessary for the government securities market to stimulate demand from both retail and institutional investors. The program had several supply-based reforms, particularly around the primary dealer system and government bonds; however, turnover velocity was below the target, particularly for the secondary market relating to government securities. This would suggest that additional demand-based measures are as of December 2023 required for the government securities market to stimulate demand from both retail and institutional investors.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Insufficient up-to-date macroeconomic data on government websites, which could hinder timely and effective planning especially during crisis periods, needs to be rectified. The State Statistical Committee (SSC) has numerous macroeconomic indicators on its website. However, in most cases, very recent data are missing. International organizations such as ADB, the IMF and the World Bank release forecasts of macroeconomic indicators for upcoming years, and SSC should consider following the same approach.

Project Number: 55073-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
Accessibility of healthcare data in Azerbaijan needs to be improved. Reports from the Ministry of Health Care are not publicly available on its website. In addition, the State Agency for Mandatory Health Insurance considers healthcare information to be highly sensitive. Accordingly, this information is not contained on its website. Information related to daily coronavirus infections and vaccinations was released publicly. It would be useful for the agency to disseminate gender, age, and region-disaggregated information to the public.

Project Number: 55073-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date:
Lesson
Sex-disaggregated data need to be accurate and usable for in-depth analyses to support policy development and program planning and implementation. The government has increased its focus on gender equality and has made significant progress on gender data tracking and transparency. Although there are a few publicly available national resources, they lack qualitative information.

Project Number: 55073-001
Project Name: COVID-19 Active Response and Expenditure Support Program
Report Date: