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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
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
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
Gender elements should be a default item in the menu of actions for projects and programs supporting financial inclusion.

Project Number: 46371-002
Project Name: Strengthening Economic Management Program II
Report Date:
Lesson
A major constraint to the sustainability of reforms in macroeconomic management and financial sector development in small economies is the difficulty in recruiting, training, and retaining staff to undertake key analysis, supervision, and management functions.

Project Number: 46371-002
Project Name: Strengthening Economic Management Program II
Report Date:
Lesson
Utilize technical assistance (TA) resources effectively for capacity building.

Project Number: 46371-002
Project Name: Strengthening Economic Management Program II
Report Date:
Lesson
Communication and consultation are important at every stage of a program.

Project Number: 46371-002
Project Name: Strengthening Economic Management Program II
Report Date:
Lesson
Strong government ownership and effective program coordination are essential.

Project Number: 46371-002
Project Name: Strengthening Economic Management Program II
Report Date:
Lesson
Consolidate gains before introducing further reforms.

Project Number: 46371-002
Project Name: Strengthening Economic Management Program II
Report Date:
Lesson
Legislative and political risks should be examined carefully.

Project Number: 46371-002
Project Name: Strengthening Economic Management Program II
Report Date:
Lesson
Actions related to information technology (IT) require attention during both planning and implementation.

Project Number: 46371-002
Project Name: Strengthening Economic Management Program II
Report Date:
Lesson
No additional lesson.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation 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: