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Lesson
The design and monitoring frameworks (DMFs) of the COVID-19 Pandemic Response Option (CPRO) extracted aspects of the government’s response plan that were important to ADB and restricted the number of indicators and targets in order not to burden the government. However, this made demonstrating outcome-level achievement difficult because it relies too much on one or two indicators and targets (weak horizontal logic) and is narrowly and inadequately supported by a minimal number of outputs (weak vertical logic).

Project Number: 54178-001
Project Name: COVID-19 Rapid Response Program
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
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
A more robust assessment of the ability of the recipient agency to implement the proposed capacity-building activities and hire the required consultants and consulting firms in a timely manner is needed in future technical assistance (TA) loans. A smaller TA package could have been considered in view of the frequent changes that typify much of Mongolia’s national government.

Project Number: 49409-001
Project Name: Strengthening Institutional Framework and Management Capacity Project
Report Date:
Lesson
In small island developing countries with limited policy reform capacity, ADB should avoid targeting multiple reform areas in one policy-based operation—i.e., debt management, civil service reform, management of the wage bill, public procurement, and private sector development—and keep prior actions to a minimum.

Project Number: 48361-001, 48361-002, 48361-003
Project Name: Building Macroeconomic Resilience Program
Report Date:
Lesson
Policy reform programs with complex and multiple interventions require rigorous identification and assessment of the political economy and capacity risks to ensure overall effectiveness.

Project Number: 48361-001, 48361-002, 48361-003
Project Name: Building Macroeconomic Resilience Program
Report Date: