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Topic:Development Policy Financing (DPF)
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Conversations: Creating Markets, what are the drivers of success?

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Conversations: Creating Markets, what are the drivers of success?
An expert panel discussion about the factors underlying the success of IFC's new corporate strategy.An expert panel discussion about the factors underlying the success of IFC's new corporate strategy.

IEG Work Program and Budget (FY20) and Indicative Plan (FY21-22)

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To maximize its relevance and value added for the World Bank Group (WBG), IEG will align its work program with WBG strategic priorities. IEG also aims to maintain a clear line of sight with the WBG mission and the Sustainable Development Goals (SDGs), as well as with commitments made in the IBRD and IFC Capital Packages and in the context of IDA replenishments. Furthermore, IEG will keep an Show MoreTo maximize its relevance and value added for the World Bank Group (WBG), IEG will align its work program with WBG strategic priorities. IEG also aims to maintain a clear line of sight with the WBG mission and the Sustainable Development Goals (SDGs), as well as with commitments made in the IBRD and IFC Capital Packages and in the context of IDA replenishments. Furthermore, IEG will keep an increased focus on outcomes, countries, clients, and beneficiaries in its work, and aim to foster a greater outcome orientation throughout the WBG. To achieve this strategic vision, IEG will focus its work program on the key development effectiveness questions that the institution and its clients are most concerned about. For each of these questions, we will strive to answer “why”, “how, “where”, “when”, and “for whom” specific interventions or programs have achieved results or not. By working more closely with operational units and other evaluation initiatives across the WBG, we will seek to significantly enhance IEG’s value added for the Board and WBG management. The work program will be anchored around a series of “streams”, building evidence over time on connected themes and trying to bridge between project, country, sector and strategic impact: Fragility, Conflict and Violence (FCV), Gender, Maximizing Finance for Development, Human Capital, Climate Change, Growth and Transformation. In addition, IEG will work along an ‘effectiveness’ cross-cutting stream, aimed at examining systemic issues in WBG effectiveness, as well as working towards building a stronger outcome focus for WBG operations and strategies.

Poland: Public Finance, Resilience and Growth Development Policy Loans (PPAR)

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This Project Performance Assessment Report (PPAR) evaluates four lending operations implemented in Poland from 2012 to 2016. The development objectives of the first series were to support Poland’s fiscal consolidation agenda while strengthening fiscal institutions and improving the efficiency and sustainability of social spending. The objectives of the second series were to enhance macroeconomic Show MoreThis Project Performance Assessment Report (PPAR) evaluates four lending operations implemented in Poland from 2012 to 2016. The development objectives of the first series were to support Poland’s fiscal consolidation agenda while strengthening fiscal institutions and improving the efficiency and sustainability of social spending. The objectives of the second series were to enhance macroeconomic resilience, strengthen labor market flexibility and employment promotion, and improve private sector competitiveness and innovation. Ratings for the First and Second Public Finance Development Policy Loans are as follows: Outcome is satisfactory, Risk to development outcome is low, Bank performance is satisfactory, Borrower performance is moderately satisfactory. Ratings for the First and Second Resilience and Growth Development Policy Loans are as follows: Outcome is moderately satisfactory, Risk to development outcome is moderate, Bank performance is satisfactory, and Borrower performance is satisfactory. Lessons include: (i) Development policy lending can help mitigate global economic and financial shocks and protect vulnerable groups in high-income countries when accompanied with timely, high-quality, and responsive technical assistance that supports the reforms. (ii) Where a high-income country is required to implement constitutional provisions or agreed reforms with a regional body, providing support for the implementation of such reforms is likely to enhance the likelihood of success. (iii) RAS are a promising tool for engaging governments in high-income countries when Bank Group staff demonstrate the capacity to produce timely and high-quality analytical products in response to government requests. (iv) Coordinating with other partners in situations where the World Bank is not the largest stakeholder is important for successful implementation of reforms. (v) Analyzing the political cost of implementing proposed reform measures is an important part of policy lending.

The World Bank Group’s Approach to the Mobilization of Private Capital for Development - An IEG evaluation (Approach Paper)

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Transformations in the global economy and international finance have reinforced the view that private sector and private capital are key to economic development. Private capital is expected to play an increasingly important role given the relative high volume of financial resources at its disposal: an estimated US$15 trillion--excluding international bond markets—compared with ODA annual flows of Show MoreTransformations in the global economy and international finance have reinforced the view that private sector and private capital are key to economic development. Private capital is expected to play an increasingly important role given the relative high volume of financial resources at its disposal: an estimated US$15 trillion--excluding international bond markets—compared with ODA annual flows of just US$150 billion, international public finance flows of US$ 2 trillion and domestic resource mobilization of US$ 12 trillion. The Sustainable Development Goals identify global development priorities and highlight potential uses of private capital. This evaluation has two key objectives: (a) to gain a better understanding of the WBG’s approach to private capital mobilization (for e.g. instruments, engagements with investors and clients), its relevance for client countries and its contribution to development outcomes; (b) to identify the factors and enabling conditions that contribute to successful outcomes in mobilizing private capital for development. The evaluation will synthesize lessons of good practice to help the WBG enhance its future capital mobilization role.

How to maximize impact of development policy financing in a rapidly changing country context: Lessons from Burkina Faso

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How to maximize impact of development policy financing in a rapidly changing country context
Successful reforms require close consideration of—and adaptation to—changing country contexts.Successful reforms require close consideration of—and adaptation to—changing country contexts.

World Bank Group Support for the Reform of State-Owned Enterprises, 2007-2018: An IEG Evaluation (Approach Paper)

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State-Owned Enterprises (SOEs) play a critical role in many developing and emerging economies. Governments use SOEs to pursue economic, social and political objectives. These can include such objectives as promoting growth in promising sectors or lagging regions, delivering services to the urban or rural poor or general population, addressing market failures such as natural monopoly, filling Show MoreState-Owned Enterprises (SOEs) play a critical role in many developing and emerging economies. Governments use SOEs to pursue economic, social and political objectives. These can include such objectives as promoting growth in promising sectors or lagging regions, delivering services to the urban or rural poor or general population, addressing market failures such as natural monopoly, filling perceived market gaps, financing investments whose size or risk make private investment unlikely, or addressing issues of heightened national priority or security. The evaluation will review the experience of the WBG supporting SOE reforms over the ten-year period 2008-2018. It will: (i) assess the ways in which WBG support to SOE reform achieved its stated objectives (including the extent to which those objectives were aligned with the strategies of the Bank Group, country, and relevant sectors); (ii) identify what worked (success factors and examples of good practice); and (iii) draw lessons from factors associated with successful and unsuccessful interventions and country engagements to inform the Bank Group’s future response to needs for SOE support.

Ten factors that improve the impact of Development Policy Financing in IDA countries

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How to Improve the Impact of Development Policy Financing in IDA countries
A new IEG report outlines the conditions that maximize development outcomes for Development Policy Financing in IDA countries.A new IEG report outlines the conditions that maximize development outcomes for Development Policy Financing in IDA countries.

Rwanda: Fourth Poverty Reduction Strategy Grant, Fifth Poverty Reduction Support Grant, Sixth Poverty Reduction Support Grant, and Seventh Poverty Reduction Support Financing

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This Project Performance Assessment Report evaluates a programmatic series of four development policy financing (DPF) operations approved for Rwanda over 2008–11. The series consisted of four single-tranche operations: the fourth, fifth, and sixth Poverty Reduction Support Grants (PRSGs), approved in March 2008, 2009, and 2010, respectively, and a seventh Poverty Reduction Support Financing Show MoreThis Project Performance Assessment Report evaluates a programmatic series of four development policy financing (DPF) operations approved for Rwanda over 2008–11. The series consisted of four single-tranche operations: the fourth, fifth, and sixth Poverty Reduction Support Grants (PRSGs), approved in March 2008, 2009, and 2010, respectively, and a seventh Poverty Reduction Support Financing operation (PRSF-7, a combination of grant and credit financing) approved in February 2011. The purpose of the PPAR is to examine the extent to which the series achieved its relevant program development objectives and how well the associated outcomes have been sustained since the series’ closure. In addition to its accountability and lesson learning functions, the PPAR provided inputs to the Independent Evaluation Group’s (IEG) fiscal years (FY) 09–17 Country Program Evaluation for Rwanda. Ratings for this project are as follows: Outcome was moderately satisfactory, Risk to development outcome was moderate, Bank performance was moderately satisfactory, and Borrower performance was moderately satisfactory. Key lessons from the experience of PRSF 4-7 include: (i) Programmatic DPF can be an effective form of support for a well-defined, country-owned reform program. (ii) It is difficult to be definitive about the efficacy of a DPF series unless the results framework is tight-knit, the reforms supported have the requisite depth, and there is a strong and direct causal link between these reforms and the outcomes sought. (iii) A commitment to providing regular, predictable financing in the form of (multisector) general budget support operations implies that the World Bank needs to be prepared to accommodate dilution or deferral of reform content relative to what is foreseen at the outset. (iv) The World Bank can face a hard choice between adhering to a CPAF in a multisector budget support series and fulfilling the good-practice prescriptions in its operational policy for DPF. (v) Successful deployment of an integrated financial management information system can be facilitated by high-level commitment and performance monitoring, sustained external support, and system ownership.

Boosting Market Confidence to Support Key Development Efforts: Three Lessons from Indonesia

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Boosting Market Confidence to Support Key Development Efforts
This brief captures the lessons from evaluating the World Bank’s Public Expenditure Support Facility (DPL-DDO) in Indonesia. This brief captures the lessons from evaluating the World Bank’s Public Expenditure Support Facility (DPL-DDO) in Indonesia.

Seychelles CLR Review FY12-16

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The World Bank Group's (WBG) Country Partnership Strategy (CPS) for Seychelles covers the period, FY12-FY15. The CPS was extended by one year to FY16 at the Country Partnership Strategy Progress Report (CPSPR) in FY15. This Review covers both the CPS and CPSPR period, FY12-16.WBG's support for Seychelles was in line with the country's draft Seychelles Medium-Term National Development Strategy Show MoreThe World Bank Group's (WBG) Country Partnership Strategy (CPS) for Seychelles covers the period, FY12-FY15. The CPS was extended by one year to FY16 at the Country Partnership Strategy Progress Report (CPSPR) in FY15. This Review covers both the CPS and CPSPR period, FY12-16.WBG's support for Seychelles was in line with the country's draft Seychelles Medium-Term National Development Strategy 2013–17 (MTNDS), later approved in 2015, which presented the vision and goals for the country. The core aim of the MTNDS was to reduce Seychelles' vulnerability and to provide the basis for long term sustainable development. Specifically, the objective of the MTNDS was to reduce vulnerability, increase resilience, and provide the basis fora sustainable development. The WBG supported the government in reducing vulnerability and building long-term sustainability with a program centered on two pillars: (i) increasing competitiveness and employment and (ii) reducing vulnerability and enhancing resilience, and one cross-cutting foundation, governance and public-sector capacity. The CPS built on the previous Interim Strategy and aimed to deepen and broaden structural reforms via programmatic support using Development Policy Lending (DPL) operations, complemented with Analytical and Advisory Services (ASA), including technical assistance and reimbursable advisory services (RAS).The IEG concurs with key lessons in the CLR: (i) development policy operations can be mobilized quickly and achieve strong results when complemented by sound analysis and technical assistance but it requires commitment and ownership, (ii) deeper understanding and assessment of political economy would help explain the successes and failures of specific reform efforts and identify factors that might otherwise be missed, and (iii) well-designed and updated results framework prove useful for Bank and Government monitoring of program implementation and results.