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Kyrgyz Republic - Payments and Banking System Modernization Project (Inglês)

Ratings for the Payments and Banking System Modernization Project for Kyrgyz Republic were as follows: outcomes were satisfactory, the risk to development outcome was moderate, the Bank performance was moderately satisfactory, and the Borrower performance was satisfactory. Some lessons learned included: payments systems are technically complex and can take more time than planned to implement, especially in low capacity and politically and economically unstable International Development Association (IDA) countries. The restructuring of the project gave the opportunity to show the Bank's and the National Bank of the Kyrgyz Republic (NBKR) flexibility and pro-activity in resolving implementation issues, though such instruments can be over-utilized. The 2009 and 2012 restructuring of the project gave a momentum to the project to get back on track. Specifically, the 2012 restructuring of the project allowed more time and focus on the General Ledger (GL) implementation issues, and reinforced stakeholders' ownership. However, the final restructuring near project closing, while attempting to adjust all indicators to the final state of the project accurately, did not provide maximum value given the already high disbursement rate at that point.




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