Latvia - Programmatic Structural Adjustment Loan Project
CARRUTHERS, I. | STONER, R.
The project outcome is satisfactory, sustainability likely, and the institutional development impact substantial. It is important to note that, public governance issues under structural adjustment operations will be both, difficult to implement and to evaluate, because change is only expected to occur in small steps, and over a number of years; benefits are rarely noticeable in the short-run; and, formal achievement of benchmarks is meaningless, unless embodied in deep-rooted, and lasting institutional changes. However, some lessons learned seem reasonable: 1) the choice of a programmatic structural adjustment instrument proved beneficial, in that it allowed a medium-term framework to be developed, with several activity phases, programmed over a period of time. This presents the advantage that, given the Government's commitments, potential resentments over tranche release exchanges, are less likely to occur. Furthermore, the close collaboration between Latvia, and Bank officials immediately following the Russia crisis, contributed to the precipitated, and exceptional financial assistance.
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