Ratings for the First Programmatic Fiscal Sustainability and Growth Resilience Development Policy Loan (DPL) Project for Colombia were as follows: outcomes were satisfactory, risk to development outcome was low or negligible, Bank performance was satisfactory, and Borrower performance was satisfactory. ... See More + Some lessons learned included: the operation can be seen as a good example how DPLs can serve as a trigger to engage in more fundamental policy dialogue with client countries with medium income levels and where macroeconomic capacity is already high. From the perspective of middle-income client countries, the Bank's value added in such operations may especially come from transaction costs reductions. Given the considerations, it is difficult to assess the benefits of development policy operations (DPOs) in high-capacity middle-income countries exclusively against the indicators outlined in the results framework. More technical lesson learned is to remain conservative with revising upwards targets that critically depend on the external economic environment in view of short-term cyclical fluctuations. The operation shows that embarking on a sustainable fiscal path does not necessarily entail cuts in social spending that will have adverse impacts on poverty and shared prosperity.  See Less -

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