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Argentina - Financial Sector Adjustment Loan Project (Inglês)

The audit rates the outcome of the project as satisfactory, sustainability as likely, institutional development impact as substantial, and Bank performance as satisfactory, agreeing with the Implementation Completion Report ratings - the exception being that of the Borrower's performance, which is downgraded to a satisfactory rating, due to the perception of weak political commitments regarding the downsizing of the Banco de la Nacion Argentina (BNA), which included the use of targeted interest rate subsidies for two special credit facilities. Lessons drawn from the project suggest the need of including specific outcome descriptions, such as quantitative targets whenever possible, since it would have been beneficial in this case, that the goal of reducing the state's role in the financial system, be associated with specific size dimension, for instance percentage of assets, or deposits. The need for a strong government commitment is re-emphasized as critical to a project's success, as the strong support to reforms, proved crucial to the effective management of the 1995 liquidity crisis. The simple project design, conforming to just two key policy areas, particularly for adjustment lending, continues to prove success. However, due to time pressures, fewer reforms were agreed, maybe precluding downsizing options for the role of the state in the financial sector.

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