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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
Gender actions could be strengthened by P3F actions that contribute to future dialogue and maintain the momentum in discussing this sensitive topic.

Project Number: 51066-001, 51066-003
Project Name: Finance Sector and Fiscal Management Improvement Program (Subprograms 1 and 2)
Report Date:
Lesson
Promotion of social equity criteria and gender quotas is instrumental in the economic empowerment of vulnerable groups and women.

Project Number: 50022-002
Project Name: Affordable Rural Housing Program
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
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
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
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
Basing the reporting requirements on the monitoring systems of the government’s own response plan and providing dedicated assistance for monitoring and evaluation will help reduce the burden of the government in meeting the reporting requirements of massive budget support, pandemic response programs such as the CPRO. Budget support mechanisms are relatively new for the borrower, as most development assistance is delivered as project funding or through technical assistance.

Project Number: 54179-001
Project Name: COVID-19 Fiscal Response Program
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
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:
Lesson
Making social and Gender action plan (SGAP) an integral part of the ESMS and consultants' deliverables would help ensure its implementation. Guidance and training on the SGAP were provided by ADB’s social development specialist and/or ADB’s social development staff consultant during the ADB review missions. SGAP implementation was made an integral part of the ESMS; in addition, it was included in the terms of reference of social development consultants for the project. Both measures ensured implementation as well as progress monitoring of the SGAP.

Project Number: 47046-002
Project Name: Gansu Featured Agriculture and Financial Services System Development Project
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: