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World Bank Documents Document of The World Bank Report No: ICR0000871 Public Disclosure Authorized IMPLEMENTATION COMPLETION AND RESULTS REPORT (IDA-41310) ON A CREDIT IN THE AMOUNT OF SDR 38 MILLION (US$ 55 MILLION EQUIVALENT) Public Disclosure Authorized TO THE REPUBLIC OF SERBIA FOR A FIRST PROGRAMMATIC PRIVATE AND FINANCIAL DEVELOPMENT POLICY CREDIT Public Disclosure Authorized June 26, 2008 ECSPF Public Disclosure Authorized South East Europe Country Unit (ECCU4) Europe Central Asia CURRENCY EQUIVALENTS (Exchange Rate Effective June 26, 2008) Currency Unit = Serbian Dinar RSD 1.00 = US$ 0.02 US$ 1.00 = 51.39 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS BRA Bank Rehabilitation Agency BSA Bankruptcy Supervision Agency BSD Banking Supervision Department CPS Country Partnership Strategy DDO Deferred Drawdown Option DFID Department For International Development DIA Deposit Insurance Agency DIS Deposit Insurance Scheme DPL Development Programmatic Lending EAR European Agency for Reconstruction EPS Electric power industry of Serbia ESW Economic and Sector Work EU European Union FDI Foreign Direct Investment FSAP Financial Sector Assessment Program FSN Financial Sector Note GoS Government of the Republic of Serbia ICA Investment Climate Assessment ICR Implementation Completion Report MOFE Ministry of Finance and Economy MOFP Ministry of Economy and Privatization of the Republic of Serbia NBS National Bank of Serbia NIP National Investment Plan PA Privatization Agency PFDPL Private and Financial Development Policy Loan PFSAC Financial Sector Adjustment Credit PPFDPC Private and Financial Development Policy Credit PPIAF Public Private Infrastructure Advisory Facility PRSP Poverty Reduction Strategy Paper PSAL Private Sector Adjustment Loan PSN Private Sector Note ROS Republic of Serbia SAC Structural Adjustment Credit SDP Supervisory Development Plan SOB State-owned Bank SOE State-Owned-Enterprises SPA Sale and Purchase Agreement MTPL Motor Third Party Liability USAID United States Agency for International Development Vice President: Shigeo Katsu Country Director: Jane Armitage Sector Manager: Fernando Montes-Negret Task Team Leader: Irina Astrakhan ICR Team Leader Irina Astrakhan SERBIA First Programmatic Private and Financial Development Policy Credit CONTENTS Data Sheet A. Basic Information B. Key Dates C. Ratings Summary D. Sector and Theme Codes E. Bank Staff F. Results Framework Analysis G. Ratings of Program Performance in ISRs H. Restructuring 1. Program Context, Development Objectives and Design ............................................ 1 2. Key Factors Affecting Implementation and Outcomes .............................................. 3 2.1 Program Performance ............................................................................................... 4 3. Assessment of Outcomes ............................................................................................ 7 4. Assessment of Risk to Development Outcome........................................................ 18 5. Assessment of Bank and Borrower Performance ..................................................... 19 6. Lessons Learned........................................................................................................ 20 7. Comments on Issues Raised by Borrower/Implementing Agencies/Partners........... 22 Annex 1 Bank Lending and Implementation Support/Supervision Processes.............. 23 Annex 2. Policy Matrix................................................................................................. 24 Annex 3. Results Indicators .......................................................................................... 28 Annex 4. Summary of Borrower's ICR and/or Comments on Draft ICR ..................... 30 Annex 5. Comments of Cofinanciers and Other Partners/Stakeholders....................... 31 Annex 6. List of Supporting Documents ...................................................................... 35 MAP A. Basic Information Programmatic Private and Financial Country: Serbia Program Name: Development Policy Credit (PPFDPC-1) (Serbia) Program ID: P089116 L/C/TF Number(s): IDA-41310 ICR Date: 06/27/2008 ICR Type: Core ICR REPUBLIC OF Lending Instrument: DPL Borrower: SERBIA Original Total XDR 38.0M Disbursed Amount: XDR 38.0M Commitment: Implementing Agencies: Privatization Agency of the Republic of Serbia Cofinanciers and Other External Partners: B. Key Dates Revised / Actual Process Date Process Original Date Date(s) Concept Review: 04/08/2005 Effectiveness: 12/23/2005 12/23/2005 Appraisal: 09/12/2005 Restructuring(s): Approval: 12/06/2005 Mid-term Review: Closing: 03/31/2006 03/31/2006 C. Ratings Summary C.1 Performance Rating by ICR Outcomes: Satisfactory Risk to Development Outcome: Moderate Bank Performance: Satisfactory Borrower Performance: Satisfactory C.2 Detailed Ratings of Bank and Borrower Performance (by ICR) Bank Ratings Borrower Ratings Quality at Entry: Satisfactory Government: Satisfactory Implementing Quality of Supervision: Satisfactory Satisfactory Agency/Agencies: Overall Bank Overall Borrower Satisfactory Satisfactory Performance: Performance: i C.3 Quality at Entry and Implementation Performance Indicators Implementation QAG Assessments Indicators Rating: Performance (if any) Potential Problem Quality at Entry Program at any time No None (QEA): (Yes/No): Problem Program at any Quality of No None time (Yes/No): Supervision (QSA): DO rating before Closing/Inactive status: D. Sector and Theme Codes Original Actual Sector Code (as % of total Bank financing) General finance sector 44 44 General industry and trade sector 44 44 Mining and other extractive 4 4 Power 4 4 Railways 4 4 Theme Code (Primary/Secondary) Legal institutions for a market economy Secondary Secondary Other financial and private sector development Secondary Primary Regulation and competition policy Primary Secondary Standards and financial reporting Secondary Secondary State enterprise/bank restructuring and privatization Primary Secondary E. Bank Staff Positions At ICR At Approval Vice President: Shigeo Katsu Shigeo Katsu Country Director: Jane Armitage Orsalia Kalantzopoulos Sector Manager: Lalit Raina Gerardo M. Corrochano Program Team Leader: Irina Astrakhan Michael Edwards ICR Team Leader: Irina Astrakhan ICR Primary Author: Hiran Herat ii F. Results Framework Analysis Program Development Objectives (from Project Appraisal Document) The objective of PPDPC-1 is to support Government of Serbia#s (Government or GoS) actions in two broad areas: (i) strengthening the fiscal discipline in enterprise, energy and transport sectors, and attracting foreign direct investment (FDI); and (ii) building a more efficient and stable financial sector and improving the investment access to finance. Revised Program Development Objectives (if any, as approved by original approving authority) N/A (a) PDO Indicator(s) Original Target Formally Actual Value Values (from Revised Achieved at Indicator Baseline Value approval Target Completion or documents) Values Target Years Reduction of MOE subsidy program to socially-owned enterprises as reflected Indicator 1 : in the state budget Value (quantitative or CSD 5 billion CSD 3.85 billion N/A CSD 3.85 billion Qualitative) Date achieved 12/31/2004 12/31/2005 12/31/2005 12/31/2005 Comments Objective fully met. In the following years MOE subsssidy continued to (incl. % decrease in the budget allocations to CSD 3.22 billon in 2007 and CSD 3.09 achievement) billion in 2008 Indicator 2 : Private sector share in employment Value (quantitative or 54% 56% N/A 58% Qualitative) Date achieved 12/31/2004 12/31/2005 12/31/2005 12/31/2005 Comments By early 2008 the share of private sector in employment reached 61% (incl. % (estimate) achievement) Indicator 3 : Private sector share in GDP Value (quantitative or 50% 52% N/A 55% Qualitative) Date achieved 12/31/2004 12/31/2005 12/31/2005 12/31/2005 Comments (incl. % Target fully met. By end 2007 private share in GDP exceeded 55% (estimate) achievement) Indicator 4 : Budget support to railway sector considerably reduced (as % of GDP) Value (quantitative or N/A 1% N/A 1% Qualitative) Date achieved 12/31/2004 12/31/2005 12/31/2005 12/31/2005 iii Comments Target fully met, by end 2007 budget support was further reduced to 0.5% of (incl. % GDP achievement) Indicator 5 : The government ownership stake in the banking sector reduced Value (quantitative or 35% 25% N/A 23.9% Qualitative) Date achieved 12/31/2004 12/31/2005 12/31/2005 12/31/2005 Comments The target fully met. In the following years the government continued (incl. % successful reforms in the banking sector, the state ownership stake in the achievement) banking sector was further reduced to 14.8% by end 2006. Indicator 6 : The government ownership stake in the insurance sector reduced Value (quantitative or 74.2% 70% N/A 67.62% Qualitative) Date achieved 12/31/2004 12/31/2005 12/30/2005 12/31/2005 Comments The government ownership stake in the insurance sector was further reduced to (incl. % 30.8% by end 2007 achievement) (b) Intermediate Outcome Indicator(s) Original Target Actual Value Formally Values (from Achieved at Indicator Baseline Value Revised approval Completion or Target Values documents) Target Years The Privatization Agency offered for sale not less than 18 SOEs and sold at Indicator 1 : least 9 of them through the tender program Value Offered for sale Offered for sale 23, (quantitative or 0 N/A 18, sold 9 sold 9 Qualitative) Date achieved 12/31/2004 12/31/2005 12/30/2005 12/31/2005 Comments Target fully
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