OFFICIAL DOCUMENTS ISLAMIC REPUBLIC OF PAKISTAN PAKISTAN MORTGAGE REFINANCE COMPANY /'~r J..ne, 2018 International Development Association 1818 H Street NW Washington, DC 20433 United States of America Re: Credit Number 6207 -PK (Housing Finance Projectl Performance Monitoring Indicators Dear Sir/Mesdames: We refer to Section II of the Schedule 2 of the Financing Agreement (Housing Finance Project) between the Islamic Republic of Pakistan ("Recipient") and the International Development Association ("Association") and Section II of the Schedule to the Project Agreement between the International Development Association and the Pakistan Mortgage Refinance Company. ("Project Implementing Entity") of even date herewith for the above-mentioned Project. We hereby agree that the Performance Monitoring Indicators to monitor and evaluate the carrying out of the above-mentioned Project and the achievement of the objectives thereof are those set forth in the Attachment to this letter. Very truly yours, ISLAMIC REPUBLIC OF PAKISTAN By ___ Authonzed Representative PAKISTAN MORTGAGE REFINANCE COMPANY By__ Authorized Representative Attachment Results Framework COUNTRY: Pakistan Pakistan Housing Finance Project Project Development Objectives The Project Development Objective is to increase access to housing finance for households and support capital market development in Pakistan. Project Development Objective Indicators Unit of Rsosblt o Indicator Name Core Measure Baseline End Target Frequency Data Source/Methodology Responsibility for Measure Data Collection Name: Number of PMRC- Number 0.00 15400.00 Annual PMRC financial reports PMRC Refinanced Mortgage Loans Description: Name: Number of Number 60000.00 150000.00 Annual SBP PMRC Outstanding Borrowers Description: Name: Percentage of Percentage 0.00 10.00 Annual PMRC PMRC outstanding women borrowers refinanced by PMRC IndiatorNameCofeResponsibility for Indicator Name Core Baseline End Target Frequency Data Source/Methodology Daapolto Measure Data Collection Description: The target to be achieved is 10 percent by the end of the project Name: PMRC Bond Issuance Amount(US 0.00 261000000 Annual SECP PMRC Volume D) .00 Description: Indicators are in US dollar equivalent of PKR amounts Intermediate Results Indicators Unit of Responsibility for Indicator Name Core Measure Baseline End Target Frequency Data Source/Methodology Daapolto Measure Data Collection Name: Amount of PMRC- Amount(US 0.00 400000000 Annual PMRC PMRC Refinanced Mortgage Loans D) .00 Description: Name: Number of Mortgage Number 0.00 5000.00 Annual PMRC PMRC Loans of PKR 3 million or less Description: Reference to the amount of mortgage loan is in constant PKR Name: New low income Yes/No N Y Annual Planning Commission Planning strategy prepared and Commission adopted Unit of Responsibility for Indicator Name Core Measure Baseline End Target Frequency Data Source/Methodology Daapollecto Measure Data Collection Description: Name: Direct project Percentage 0.00 80.00 Annual Survey tools PMRC and Planning beneficiaries that feel that Commission project investments reflected their needs Description: Target Values Project Development Objective Indicators Indicator Name Baseline YR1 YR2 YR3 YR4 YR5 YR6 End Target Number of PMRC-Refinanced 0.00 1000.00 2600.00 2000.00 3800.00 2600.00 3400.00 15400.00 Mortgage Loans Number of Outstanding Borrowers 60000.00 67320.00 77400.00 92900.00 114200.00 125000.00 150000.00 150000.00 Percentage of outstanding women 0.00 0.00 3.00 4.00 6.00 8.00 10.00 10.00 borrowers refinanced by PMRC PMRC Bond Issuance Volume 0.00 0.00 10000000.00 10000000.00 70000000.00 75000000.00 96000000.00 261000000.0 0 intermediate Results Indicators Indicator Name Baseline YR1 YR2 YR3 YR4 YR5 YR6 End Target Amount of PMRC-Refinanced 100000000.0 120000000.0 150000000.0 400000000.0 Mortgage Loans0.00 10000000.00 25000000.00 70000000.00000 Mortgage Loans 0 0 0 0 Number of Mortgage Loans of PKR 3 0.00 250.00 1600.00 1700.00 1450.00 0.00 0.00 5000.00 million or less New low income strategy prepared N N N Y Y Y Y Y and adopted Direct project beneficiaries that feel that project investments reflected 0.00 80.00 80.00 80.00 80.00 80.00 80.00 80.00 their needs