This report was prepared by an Independent Evaluation Group team led by Jennifer Keller (senior economist) and including Daniel Nogueira-Budny (public sector specialist), Yumeka Hirano (economist), Malvina Pollack (consultant), and Christopher Towe (consultant). Research support was provided by Anna Amato and Ying Li (consultants). Patricia Acevedo, Carla Coles, and Dung Thi Kim Chu provided administrative support. The report was carried out under the direction of Jeffrey Allen Chelsky (manager) and Oscar Calvo-Gonzalez (director), and the overall guidance of Alison Evans (vice president and Director-General, Evaluation).

The report was peer reviewed by Sudhir Shetty (nonresident fellow at the Center for Global Development and former chief economist for the East Asia and Pacific Region of the World Bank), Pamella McLaren (head of debt management, Commonwealth Secretariat), and Mark Lewis (assistant director, Institute for Capacity Development at the International Monetary Fund). The team appreciates the support received from the International Development Association team in the Development Finance Vice Presidency; the Global Macro and Debt Unit in the Equitable Growth, Finance, and Institutions Vice Presidency; country economists and practice managers in the Macroeconomics, Trade, and Investment Global Practice; and International Monetary Fund mission chiefs and desk economists during the preparation of the report, as well as helpful comments from Independent Evaluation Group colleagues.