Lessons from Large Adjustment Loans
This note presents the lessons from the assessments that are likely to be most useful to country directors, and task teams preparing new adjustment operations. The five adjustment loans (two in Argentina, and one each in Korea, Malaysia, and Russia) show that applying basic lessons is not always straightforward, however, and, sometimes involves making tradeoffs among Bank objectives. It is stipulated policy objectives are more likely to be achieved, if there is substantial borrower ownership. To this end, support for new policies should be established, towards generating broad political ownership, including engaging key players in incoming administrations, to help build ownership of reforms. Moreover, combined, the Bank's country knowledge and global expertise, can generate quality operations, that forge local partnerships, draws on prior experience, and maintains a minimum knowledge base. This is to say, setting priorities, and sequencing reforms should be carefully included during the design phase, with particular attention to avoid excessively broad conditionality, which may reduce the probability of real progress on key reforms.
| Main Author: | |
|---|---|
| Language: | English |
| Published: |
World Bank, Washington, DC
1999-08
|
| Subjects: | ADJUSTMENT LOANS, BANK REFORM, BORROWER, COMMITMENT, COMMITMENTS, CONDITIONALITY, DEVELOPMENT ECONOMICS, ECO, EMERGING MARKETS, FINANCIAL CRISIS, GOOD PRACTICE, GOOD PRACTICES, GOVERNMENT POLICIES, LEARNING, LOAN, POLITICAL PARTIES, QUALITY ASSURANCE, QUALITY ASSURANCE GROUP, REALISM, TRANCHE, WORLD BANK LOANS ADJUSTMENT LENDING, ADJUSTMENT PROCESS, REFORM POLICY, GOVERNMENT OWNERSHIP, CASE STUDIES, POLICY OBJECTIVES, POLITICAL DECISION MAKING, ADMINISTRATIVE CAPABILITY, CONSENSUS BUILDING, REFORM IMPLEMENTATION, PARTNERSHIPS, KNOWLEDGE BASED SYSTEMS, BANK'S CATALYTIC ROLE, PROJECT DESIGN, |
| Online Access: | http://documents.worldbank.org/curated/en/1999/08/2505401/lessons-large-adjustment-loans https://hdl.handle.net/10986/11467 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|