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Lesson
Engaging an international firm with extensive experience proved to be the best option for this TA which focused on a complex and highly specialized topic. Nevertheless,there will always be an indispensable need for national perspectives and experiences, best provided by national consultants, to inform and be considered in TA analyses and recommendations. Future TA could benefit from increased engagement with local experts, either as individual consultants or as subcontracted members of international consulting firms or TA implementation teams.

Project Number: 53198-001
Project Name: Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region
Report Date:
Lesson
Combining finance sector development and financial inclusion under an umbrella framework enables a finance sector reform program to address both supply and demand to further develop the sector. The program as originally designed was to include two subprograms. Technical assistance, provided to help the government continue the reform measures adopted in subprogram 1, was key in supporting many of the reforms programmed under subprogram 2, even as the government elected not to proceed with a second loan. Nevertheless, government elected not to proceed with a second loan.

Project Number: 49331-001
Project Name: Financial Sector Development and Inclusion Program
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
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
New products can benefit from market and demand analysis that provide a basis for designing products that are responsive to the needs of the market. The introduction of take-out financing under this project did not benefit from such analysis. Uptake for take-out financing as designed under Tranche 1 was low. This highlights the role of market and demand analysis that provide valuable inputs in designing and introducing a new financial product that is responsive to market demand.

Project Number: 42180-016
Project Name: Third Public-Private Infrastructure Development Facility (Tranche 1)
Report Date:
Lesson
Targeting core reforms is crucial to maximizing program impact. A few policy actions that are critical to improving the effectiveness and efficacy of the Securities and Exchange Commission of Pakistan could have been prioritized, rather than focusing on privatizing public sector enterprises, which can be part of a future reform program dedicated to state-owned enterprise reforms.

Project Number: 53221-001, 53221-002, 53221-003
Project Name: Third Capital Market Development Program (Subprograms 1 and 2)
Report Date:
Lesson
Long-term engagement establishes understanding and trust, which are vital for any reform program to succeed but indispensable for the finance sector, where policy actions such as those relating to interest rates or foreign exchange may involve significant externalities. A new program dedicated to financial sector reform is not in the offing, but this lag provides ADB an opportunity to re-enter the sector and focus on targeted subsectors such as financial inclusion and capital markets.

Project Number: 44263-013, 44263-015, 44263-016
Project Name: Inclusive Financial Sector Development Program
Report Date:
Lesson
At the sector level, a conducive policy, legal, and institutional environment for PPP facilitates could enhance PSP in infrastructure services. PSP is facilitated when there are (i) a suitable policy and strategy for PPP, (ii) an established and professionally managed PPP Office that facilitates PPP processes, and

Project Number: 42180-013
Project Name: Second Public–Private Infrastructure Development Facility
Report Date:
Lesson
The DMF must include outcomes for each of the output areas, given the diverse and significant nature of the outputs and their contribution to Mongolia’s financial stability. The DMF included outcomes for three of the five output areas, making it difficult to track the TA project’s contributions.

Project Number: 50017-001
Project Name: Supporting Financial Sector Development and Stability
Report Date:
Lesson
This validation also adds that choosing and defining outcome indicators that can be directly attributed to TA outputs can improve a program’s relevanc and effectiveness.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
Consultations with the government and development partners are critical for ensuring that the government has sufficient implementation capacity, increasing synergies and reducing duplication. In this TA project, ADB did not sufficiently consult with the government with regard to e-licensing, which resulted in delays due to the lack of capacity on XBRL in OJK’s IT department. ADB also did not sufficiently consult with the World Bank, which resulted in several activities being part of the TA design that the government had already agreed on being financed by the World Bank.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
This is a useful lesson learned, but it is phrased as a recommendation. Rephrasing it into a lesson learned: Engaging with stakeholders extensively (including those that may not be directly involved in the TA project) while designing the TA can increase ownership of its activities among national stakeholders and support a timely implementation of TA activities. This TA project would have benefited from focus group discussions with stakeholders in the banking and capital market sector. Topics could have included financial inclusion, financial literacy, and consumer protection.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
The timing needed to reach regional agreement on sensitive matters is inherently difficult to predict. The use of optimistic targets may help motivate progress. However, the risks of delays in such projects need to be explicitly recognized.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
This is a useful lesson learned. The lesson could have benefitted from specifying which outputs should have been grouped together under separate TA projects.

Project Number: 48040-001
Project Name: Export- and Innovation-Led Industrial Development
Report Date:
Lesson
The DMF must be clear in its formulation of the details so that these could be used to confirm if the indicator targets were indeed achieved. The DMF in the TAR would have benefited from clearer indicators to (i) distinguish the Output 1 report from the Outputs 2–3 reports, (ii) specify the intended avenue for publishing reports, (iii) align the number of countries to be visited for the international study tour with the TAR’s main text, and (iv) have greater detail on the composition of training and workshop participants.

Project Number: 48010-001
Project Name: Study on Local Financial Market Development and Supervisory Framework
Report Date: