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Macedonia - Second Financial and Enterprise Sector Adjustment Loan Project (Inglês)

The project outcome is rated satisfactory, with a highly likely sustainability, and high institutional development impacts. Lessons reinforce the importance of a clear project design and quality at entry, as well as the significance of incorporating lessons from previous reform efforts. Likewise, commitment to, and ownership for the substance of the reforms, was key to the success of the reform program. In view of this, even in a hostile environment of permanent political and security turmoil, coupled with record high levels of unemployment, implementation of the ambitious and thorny reforms is possible, heavily dependent on effective leadership. Moreover, a daily and open dialogue allows counterparts to better understand the reform objectives. and the specific requirements of each of the components. Appropriate technical assistance (TA) greatly enhanced the reform process, provided by most donors in support of the financial, and enterprise sector reforms, and, the Government of Netherlands provided additional direct budget support for reforms. Nevertheless, certain reforms required appropriate social mitigation measures, particularly in dealing with enterprise restructuring, associated with liquidations and labor redundancies. Hence providing appropriate social support programs, namely through the Social Support Project, facilitated labor restructuring, provided severance payments, and fostered labor programs. Notwithstanding successes, the need for further, third wave reforms aimed at improving the overall investment climate, rule of law and governance, became obvious. This translates into an urgent need for reforms in the judiciary, as the deficiencies and deep systemic problems in the judicial sector, undermined the success of the reforms in the financial and enterprise sectors.

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