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Document of The World Bank Public Disclosure Authorized Report No: ICR2593 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IDA CREDIT NOS. 46220, 50540,48380) (IBRD LOAN NOS. 81250, 79810) ON CREDITS IN THE AMOUNTS OF: US$60 MILLION EQUIVALENT Public Disclosure Authorized US$21 MILLION EQUIVALENT US$50 MILLION EQUIVALENT AND LOANS IN THE AMOUNTS OF: US$ 4 MILLION EQUIVALENT US$30 MILLION EQUIVALENT Public Disclosure Authorized TO THE REPUBLIC OF ARMENIA FOR DEVELOPMENT POLICY OPERATIONS 1-III June 5, 2013 Public Disclosure Authorized Poverty Reduction and Economic Management South Caucasus Country Unit Europe and Central Asia CURRENCY EQUIVALENTS (Exchange Rate Effective June 5, 2013) Currency Unit = Armenian Dram (AMD) 1.00 AMD = US$ 0.002 US$1.00 = 416.02 AMD FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS AAA Analytical and Advisory Services ADS Armenia Development Strategy AMD Armenian Dram ANQA Armenian National Quality Assurance BEEPS Business Environment and Enterprise Performance Survey BPR Business Process Reengineering CAR Capital Adequacy Ratio CPS Country Partnership Strategy CSO Civil Society Organizations DPO Development Policy operation EIA Environmental Impact Assessment FB Family Benefits FDI Foreign Direct investment GDP Gross domestic Product ICT Information and Communication Technology IFC International Finance Corporation IT Information Technology M&E Monitoring and Evaluation Mbps Mega Bits Per Second MTEF Medium-Term Expenditure Framework NCD Non Communicable Diseases PDO Program Development Objectives PEFA Public Expenditure and Financial Accountability PER Public Expenditure Review PFM Public Financial Management PPA Project Preparation Advance PPP Public Private Partnerships PRSC Poverty Reduction Support Credit SCPEC State Commission for Protection of Economic Competition SDP Sustainable Development Program SRC State Revenue Committee TA Technical Assistance TWM Trade World Manager Vice President: Philippe Le Houerou Country Director: Henry G. Kerali Sector Manager: Ivailo V. Izvorski Task Team Leader: Ulrich Bartsch ICR Team Leader: Mona Prasad ARMENIA DEVELOPMENT POLICY OPERATION I-III IMPLEMENTATION COMPLETION REPORT 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 ..................................................................... 6 3. Assessment of Outcomes ................................................................................................................. 11 4. Assessment of Risk to Development Outcome ............................................................................... 21 5. Assessment of Bank and Borrower Performance ............................................................................ 22 6. Lessons Learned .............................................................................................................................. 23 7. Comments on Issues Raised by Borrower/Implementing Agencies/Partners .................................. 24 Annex 1: Bank Lending and Implementation Support/Supervision Processes ............................................. 25 Annex 2:.Beneficiary Survey Results ........................................................................................................... 27 Annex 3: List of people consulted during ICR preparation .......................................................................... 28 Annex 4: Summary of Borrower's ICR and/or Comments on Draft ICR ..................................................... 29 Annex 5: Comments of Co-financiers and Other Partners/Stakeholders ...................................................... 37 Annex 6: List of Supporting Documents ...................................................................................................... 38 MAP ......................................................................................................................................................... 39 Tables Table 1: Schematic Illustration of Armenia’s DPO Series ............................................................................. 7 Table 2: DPO Prior Actions and Status .......................................................................................................... 8 Table 3: Selected Economic Indicators, 2010-14 .......................................... ...............................................13 Table 4: Outcome Indicators for the First Pillar ........................................................................................... 14 Table 5: Outcome Indicators for the Second Pillar ....................................................................................... 17 Table 6: Examples of AAA and TA ............................................................................................................. 21 i REPUBLIC OF ARMENIA DEVELOPMENT POLICY OPERATIONS I-III A. Basic Information Program 1 Armenia First Development Country Armenia Program Name Policy Operation Program ID P115626 L/C/TF Number(s) IDA-46220 ICR Date 05/24/2013 ICR Type Core ICR Lending Instrument DPL Borrower REPUBLIC OF ARMENIA Original Total XDR 40.40M Disbursed Amount XDR 40.40M Commitment Implementing Agencies Ministry of Finance and Economy Cofinanciers and Other External Partners Program 2 Second Development Policy Country Armenia Program Name Operation Program ID P116451 L/C/TF Number(s) IBRD-79810,IDA-48380 ICR Date 05/24/2013 ICR Type Core ICR Lending Instrument DPL Borrower REPUBLIC OF ARMENIA Original Total USD 25.00M Disbursed Amount USD 25.29M Commitment Implementing Agencies Ministry of Finance and Economy Cofinanciers and Other External Partners Program 3 Third Development Policy Country Armenia Program Name Operation Program ID P122195 L/C/TF Number(s) IBRD-81250,IDA-50540 ICR Date 05/24/2013 ICR Type Core ICR Lending Instrument DPL Borrower REPUBLIC OF ARMENIA Original Total USD 80.00M Disbursed Amount USD 80.01M Commitment ii Implementing Agencies Ministry of Finance and Economy Co-financiers and Other External Partners B. Key Dates Armenia First Development Policy Operation - P115626 Revised / Actual Process Date Process Original Date Date(s) Concept Review: 04/01/2009 Effectiveness: 10/05/2009 10/05/2009 Appraisal: 05/22/2009 Restructuring(s): Approval: 07/02/2009 Mid-term Review: Closing: 12/01/2009 12/01/2009 Second Development Policy Operation - P116451 Revised / Actual Process Date Process Original Date Date(s) Concept Review: 02/17/2010 Effectiveness: 04/15/2011 05/05/2011 Appraisal: 10/25/2010 Restructuring(s): Approval: 01/11/2011 Mid-term Review: 05/02/2011 Closing: 06/30/2011 06/30/2011 Third Development Policy Operation - P122195 Revised / Actual Process Date Process Original Date Date(s) Concept Review: 07/06/2011 Effectiveness: Appraisal: 12/12/2011 Restructuring(s): Approval: 02/14/2012 Mid-term Review: 06/04/2012 Closing: 12/31/2012 12/31/2012 C. Ratings Summary C.1 Performance Rating by ICR Overall Program Rating Outcomes Satisfactory Risk to Development Outcome Moderate Bank Performance Satisfactory Borrower Performance Satisfactory iii C.2 Detailed Ratings of Bank and Borrower Performance (by ICR) Overall Program Rating 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 C.3 Quality at Entry and Implementation Performance Indicators Armenia First Development Policy Operation - P115626 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 Second Development Policy Operation - P116451 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 Satisfactory Closing/Inactive status Third Development Policy Operation - P122195 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 Satisfactory Closing/Inactive status iv D. Sector and Theme Codes Armenia First Development Policy Operation - P115626 Original Actual Sector Code (as % of total Bank financing) Banking 12 Central government administration 40 38 General education sector 15 General energy sector 15 General industry and trade sector 13 Health 15 Other Mining and Extractive Industries 15 Public administration- Other social services 37 Theme Code (as % of total Bank financing) Corporate governance 14 12 Environmental policies and institutions 14 Regulation and competition policy 29 13 Social safety nets 14 37 Tax policy and administration 29 38 Second Development Policy Operation - P116451 Original Actual Sector Code (as % of total Bank financing) Central government administration 30 60 General education sector 15 10 General information and communications sector 10 10 Health 20 10 Other
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