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<br /> 2012 DEVELOPMENT POLICY LENDING<br /> RETROSPECTIVE<br /> RESULTS, RISKS, AND REFORMS<br /> Cover photos courtesy of the World Bank Photo Library<br /> 2012 DEVELOPMENT POLICY LENDING<br /> RETROSPECTIVE<br /> RESULTS, RISKS, AND REFORMS<br /> Operations Policy and Country Services<br /> The World Bank<br /> ©2013 The International Bank for Reconstruction and Development/The World Bank<br /> 1818 H Street NW, Washington DC 20433<br /> Telephone: 202-473-1000<br /> Internet: www.worldbank.org<br /> E-mail: feedback@worldbank.org<br /> All rights reserved.<br /> This volume is a product of the staff of the International Bank for Reconstruction and Development/The World Bank. The<br /> findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors<br /> of The World Bank or the governments they represent.<br /> Rights and Permissions<br /> The material in this publication is copyrighted. Copying<a title="DPL Retrospective page 1" href="http://viewer.zmags.com/publication/78847067?page=1"> 2012 DEVELOPMENT POLICY LENDING RETROSPECTIVE RES</a> <a title="DPL Retrospective page 2" href="http://viewer.zmags.com/publication/78847067?page=2"> Cover photos courtesy of the World Bank Photo Lib</a> <a title="DPL Retrospective page 3" href="http://viewer.zmags.com/publication/78847067?page=3"> 2012 DEVELOPMENT POLICY LENDING RETROSPECTIVE RES</a> <a title="DPL Retrospective page 4" href="http://viewer.zmags.com/publication/78847067?page=4"> ©2013 The International Bank for Reconstruction a</a> <a title="DPL Retrospective page 5" href="http://viewer.zmags.com/publication/78847067?page=5"> iii ABBREVIATIONS AND ACRONYMS </a> <a title="DPL Retrospective page 6" href="http://viewer.zmags.com/publication/78847067?page=6"> iv PREM Poverty Reduction and Economic Man</a> <a title="DPL Retrospective page 7" href="http://viewer.zmags.com/publication/78847067?page=7"> v CONTENTS Abbreviations and</a> <a title="DPL Retrospective page 8" href="http://viewer.zmags.com/publication/78847067?page=8"> vi Refo</a> <a title="DPL Retrospective page 9" href="http://viewer.zmags.com/publication/78847067?page=9"> vii Figure 15. IEG Evaluations of DPOs by Region</a> <a title="DPL Retrospective page 10" href="http://viewer.zmags.com/publication/78847067?page=10"> </a> <a title="DPL Retrospective page 11" href="http://viewer.zmags.com/publication/78847067?page=11"> ix ACKNOWLEDGMENTS This repor</a> <a title="DPL Retrospective page 12" href="http://viewer.zmags.com/publication/78847067?page=12"> </a> <a title="DPL Retrospective page 13" href="http://viewer.zmags.com/publication/78847067?page=13"> xi EXECUTIVE SUMMARY This rep</a> <a title="DPL Retrospective page 14" href="http://viewer.zmags.com/publication/78847067?page=14"> xii crisis. In terms of disbursements, DPOs reac</a> <a title="DPL Retrospective page 15" href="http://viewer.zmags.com/publication/78847067?page=15"> xiii on a less than complete universe of IEG eva</a> <a title="DPL Retrospective page 16" href="http://viewer.zmags.com/publication/78847067?page=16"> xiv discussion in PDs, and in particular in mone</a> <a title="DPL Retrospective page 17" href="http://viewer.zmags.com/publication/78847067?page=17"> xv and half years,14 there is potential for sign</a> <a title="DPL Retrospective page 18" href="http://viewer.zmags.com/publication/78847067?page=18"> xvi 2012 Development Policy Lending Retrospectiv</a> <a title="DPL Retrospective page 19" href="http://viewer.zmags.com/publication/78847067?page=19"> INTRODUCTION World Bank16 development policy l</a> <a title="DPL Retrospective page 20" href="http://viewer.zmags.com/publication/78847067?page=20"> 2 Figure 1. The Spectrum of Bank Lending Instru</a> <a title="DPL Retrospective page 21" href="http://viewer.zmags.com/publication/78847067?page=21"> 3 Box 1. 2009 Development Policy Lending Retro</a> <a title="DPL Retrospective page 22" href="http://viewer.zmags.com/publication/78847067?page=22"> </a> <a title="DPL Retrospective page 23" href="http://viewer.zmags.com/publication/78847067?page=23"> 5 CHARACTERISTICS OF DPOs Th</a> <a title="DPL Retrospective page 24" href="http://viewer.zmags.com/publication/78847067?page=24"> 6 Figure 2. Regional Distribution of Commitment</a> <a title="DPL Retrospective page 25" href="http://viewer.zmags.com/publication/78847067?page=25"> 7 Figure 4. Total Commitments FY95–12 $ Billio</a> <a title="DPL Retrospective page 26" href="http://viewer.zmags.com/publication/78847067?page=26"> 8 Figure 6. Average Number of Prior Actions in </a> <a title="DPL Retrospective page 27" href="http://viewer.zmags.com/publication/78847067?page=27"> 9 Figure 7. IBRD Commitments and Operations FY0</a> <a title="DPL Retrospective page 28" href="http://viewer.zmags.com/publication/78847067?page=28"> 10 Figure 9. IBRD Thematic Distribution of Prior</a> <a title="DPL Retrospective page 29" href="http://viewer.zmags.com/publication/78847067?page=29"> 11 Box 2. IDA Crisis Response Window As part o</a> <a title="DPL Retrospective page 30" href="http://viewer.zmags.com/publication/78847067?page=30"> 12 Figure 11. IDA Thematic Distribution of Prior</a> <a title="DPL Retrospective page 31" href="http://viewer.zmags.com/publication/78847067?page=31"> 13 Figure 12. Trends in Gender-Informed </a> <a title="DPL Retrospective page 32" href="http://viewer.zmags.com/publication/78847067?page=32"> 14 Figure 13. DPO Commitments and Operations to </a> <a title="DPL Retrospective page 33" href="http://viewer.zmags.com/publication/78847067?page=33"> RESULTS This chapter reports on the results of</a> <a title="DPL Retrospective page 34" href="http://viewer.zmags.com/publication/78847067?page=34"> 16 rating 81 percent of these operations as mode</a> <a title="DPL Retrospective page 35" href="http://viewer.zmags.com/publication/78847067?page=35"> 17 Figure 16. IEG Evaluations by Type of DPO and</a> <a title="DPL Retrospective page 36" href="http://viewer.zmags.com/publication/78847067?page=36"> 18 Figure 17. IEG Evaluations by Lending Instrum</a> <a title="DPL Retrospective page 37" href="http://viewer.zmags.com/publication/78847067?page=37"> 19 Figure 19. Achievement of Targeted Results by</a> <a title="DPL Retrospective page 38" href="http://viewer.zmags.com/publication/78847067?page=38"> 20 Box 3. The Long March from Inputs to Developm</a> <a title="DPL Retrospective page 39" href="http://viewer.zmags.com/publication/78847067?page=39"> 21 supported the implementation of a manual of p</a> <a title="DPL Retrospective page 40" href="http://viewer.zmags.com/publication/78847067?page=40"> 22 Falling Short of the Intended Results The ass</a> <a title="DPL Retrospective page 41" href="http://viewer.zmags.com/publication/78847067?page=41"> 23 Box 4. Examples of DPOs that Fell Short of A</a> <a title="DPL Retrospective page 42" href="http://viewer.zmags.com/publication/78847067?page=42"> 24 Box 5. Examples of DPOs in FCS that Achieved</a> <a title="DPL Retrospective page 43" href="http://viewer.zmags.com/publication/78847067?page=43"> 25 Box 6. Examples of DPOs in FCS that Fell Sho</a> <a title="DPL Retrospective page 44" href="http://viewer.zmags.com/publication/78847067?page=44"> 26 The quality of results frameworks varied by r</a> <a title="DPL Retrospective page 45" href="http://viewer.zmags.com/publication/78847067?page=45"> 27 Thus development partners tended to cluster a</a> <a title="DPL Retrospective page 46" href="http://viewer.zmags.com/publication/78847067?page=46"> 28 However, less than one-third of the DPOs incl</a> <a title="DPL Retrospective page 47" href="http://viewer.zmags.com/publication/78847067?page=47"> 29 RISKS AND OPPORTUNITIES Th</a> <a title="DPL Retrospective page 48" href="http://viewer.zmags.com/publication/78847067?page=48"> 30 countries, the debt sustainability analysis w</a> <a title="DPL Retrospective page 49" href="http://viewer.zmags.com/publication/78847067?page=49"> 31 national DPOs would also need to incorporate </a> <a title="DPL Retrospective page 50" href="http://viewer.zmags.com/publication/78847067?page=50"> 32 A result of this governance selectivity of DP</a> <a title="DPL Retrospective page 51" href="http://viewer.zmags.com/publication/78847067?page=51"> 33 Figure 29. Commitments by CPIA Rating 13 Ca</a> <a title="DPL Retrospective page 52" href="http://viewer.zmags.com/publication/78847067?page=52"> 34 Figure 30. PFM Quality and the Average </a> <a title="DPL Retrospective page 53" href="http://viewer.zmags.com/publication/78847067?page=53"> 35 Box 9. Taking Calculated Risks in Weak PFM E</a> <a title="DPL Retrospective page 54" href="http://viewer.zmags.com/publication/78847067?page=54"> 36 to tackle weak economic governance could wane</a> <a title="DPL Retrospective page 55" href="http://viewer.zmags.com/publication/78847067?page=55"> 37 Figure 31. Ratings of Fiduciary Risks FY09 Q4</a> <a title="DPL Retrospective page 56" href="http://viewer.zmags.com/publication/78847067?page=56"> 38 direct and short-terms effects only, most pri</a> <a title="DPL Retrospective page 57" href="http://viewer.zmags.com/publication/78847067?page=57"> 39 (up to Q3), suggesting that greater attention</a> <a title="DPL Retrospective page 58" href="http://viewer.zmags.com/publication/78847067?page=58"> 40 there was a remarkable improvement in 2011 (a</a> <a title="DPL Retrospective page 59" href="http://viewer.zmags.com/publication/78847067?page=59"> 41 addressed the environmental consequences of t</a> <a title="DPL Retrospective page 60" href="http://viewer.zmags.com/publication/78847067?page=60"> 42 be a sign of a small population base or compe</a> <a title="DPL Retrospective page 61" href="http://viewer.zmags.com/publication/78847067?page=61"> 43 Managing Development Effectiveness Risks87 A</a> <a title="DPL Retrospective page 62" href="http://viewer.zmags.com/publication/78847067?page=62"> 44 and country-wide support of the reform progra</a> <a title="DPL Retrospective page 63" href="http://viewer.zmags.com/publication/78847067?page=63"> REFORMS This chapter assesses how the Bank has</a> <a title="DPL Retrospective page 64" href="http://viewer.zmags.com/publication/78847067?page=64"> 46 pricing structure of DPOs with DDO.95 The DPO</a> <a title="DPL Retrospective page 65" href="http://viewer.zmags.com/publication/78847067?page=65"> 47 Table 3. DPOs with DDO, April 2008–September </a> <a title="DPL Retrospective page 66" href="http://viewer.zmags.com/publication/78847067?page=66"> 48 without drawdown and the second $2.0 billion </a> <a title="DPL Retrospective page 67" href="http://viewer.zmags.com/publication/78847067?page=67"> 49 Table 4. Summary of Changes to Financial Feat</a> <a title="DPL Retrospective page 68" href="http://viewer.zmags.com/publication/78847067?page=68"> 50 preparedness, and mitigation. The disaster ri</a> <a title="DPL Retrospective page 69" href="http://viewer.zmags.com/publication/78847067?page=69"> 51 Table 6. DPOs to Political Subdivisions, Marc</a> <a title="DPL Retrospective page 70" href="http://viewer.zmags.com/publication/78847067?page=70"> 52 While SDPOs would still have a shorter maturi</a> <a title="DPL Retrospective page 71" href="http://viewer.zmags.com/publication/78847067?page=71"> 53 implementation of the government’s Emergency </a> <a title="DPL Retrospective page 72" href="http://viewer.zmags.com/publication/78847067?page=72"> 54 The preparation of operations in the context </a> <a title="DPL Retrospective page 73" href="http://viewer.zmags.com/publication/78847067?page=73"> 55 Box 17. High Transaction Costs in JBS Coordin</a> <a title="DPL Retrospective page 74" href="http://viewer.zmags.com/publication/78847067?page=74"> 56 The minimal common agenda has been reinforced</a> <a title="DPL Retrospective page 75" href="http://viewer.zmags.com/publication/78847067?page=75"> 57 Table 7. Pre-2010 Recipients of DPOs that did</a> <a title="DPL Retrospective page 76" href="http://viewer.zmags.com/publication/78847067?page=76"> </a> <a title="DPL Retrospective page 77" href="http://viewer.zmags.com/publication/78847067?page=77"> 59 CONCLUSIONS: FROM RETROSPECTI</a> <a title="DPL Retrospective page 78" href="http://viewer.zmags.com/publication/78847067?page=78"> 60 Bank’s regional and corporate decisions on th</a> <a title="DPL Retrospective page 79" href="http://viewer.zmags.com/publication/78847067?page=79"> 61 the relevance of each AAA to the specific pro</a> <a title="DPL Retrospective page 80" href="http://viewer.zmags.com/publication/78847067?page=80"> 62 policy performance but limited access to capi</a> <a title="DPL Retrospective page 81" href="http://viewer.zmags.com/publication/78847067?page=81"> REFERENCES Action Aid International, 2006. Wha</a> <a title="DPL Retrospective page 82" href="http://viewer.zmags.com/publication/78847067?page=82"> 64 OECD-DAC, 2012. Evaluation of the Implementat</a> <a title="DPL Retrospective page 83" href="http://viewer.zmags.com/publication/78847067?page=83"> 65 ANNEXES</a> <a title="DPL Retrospective page 84" href="http://viewer.zmags.com/publication/78847067?page=84"> 66 Annex A. Number of Operations and Commitments</a> <a title="DPL Retrospective page 85" href="http://viewer.zmags.com/publication/78847067?page=85"> 67 Table 4. Trust Fund Commitments ($ millions)</a> <a title="DPL Retrospective page 86" href="http://viewer.zmags.com/publication/78847067?page=86"> 68 Annex B. Methodology for Evaluating the Quali</a> <a title="DPL Retrospective page 87" href="http://viewer.zmags.com/publication/78847067?page=87"> 69 Annex C. Methodology Protocol for Poverty and</a> <a title="DPL Retrospective page 88" href="http://viewer.zmags.com/publication/78847067?page=88"> 70 Annex D. Methodology Protocol for Environment</a> <a title="DPL Retrospective page 89" href="http://viewer.zmags.com/publication/78847067?page=89"> 71 Annex E. External Views on Development Policy</a> <a title="DPL Retrospective page 90" href="http://viewer.zmags.com/publication/78847067?page=90"> 72 Annex F. Feedback from Consultations In prep</a> <a title="DPL Retrospective page 91" href="http://viewer.zmags.com/publication/78847067?page=91"> 73 Summary of Stakeholder Comments (continued) </a> <a title="DPL Retrospective page 92" href="http://viewer.zmags.com/publication/78847067?page=92"> 74 Annex G. Detailed Thematic Breakdown of Prior</a> <a title="DPL Retrospective page 93" href="http://viewer.zmags.com/publication/78847067?page=93"> 75 Annex H. DPOs – Retrospective Universe Count</a> <a title="DPL Retrospective page 94" href="http://viewer.zmags.com/publication/78847067?page=94"> 76 (continued) Country Proj ID </a> <a title="DPL Retrospective page 95" href="http://viewer.zmags.com/publication/78847067?page=95"> 77 (continued) Country Proj ID </a> <a title="DPL Retrospective page 96" href="http://viewer.zmags.com/publication/78847067?page=96"> 78 (continued) Country Proj ID </a> <a title="DPL Retrospective page 97" href="http://viewer.zmags.com/publication/78847067?page=97"> 79 (continued) Country Proj ID </a> <a title="DPL Retrospective page 98" href="http://viewer.zmags.com/publication/78847067?page=98"> 80 (continued) Country Proj ID </a> <a title="DPL Retrospective page 99" href="http://viewer.zmags.com/publication/78847067?page=99"> 81 (continued) Country Proj ID </a> <a title="DPL Retrospective page 100" href="http://viewer.zmags.com/publication/78847067?page=100"> </a> <a title="DPL Retrospective page 101" href="http://viewer.zmags.com/publication/78847067?page=101"> </a>