The assessment of the project was satisfactory, and sustainability is likely. The project was successful in the establishment of a medium-term framework for structural reform in financial, corporate, and social sectors; and, played a part in Korea's total rescue package. Both the Bank and the Borrower's performances were satisfactory, in light of substantial advances in the reform program, and, accomplishments in policy commitments. The key lessons include: 1) Loan preparation under time constraints is conducive to oversights which may delay the final analysis. These constraints led to pressures during negotiations, causing inefficient delays in loan effectiveness. 2) Initiating policy discussions with top policy makers, is advisable, particularly, under adjustment operations, for, they are who will actually make the decision or commitment on required reform policies. Early discussions with technical staff, led to policy discussions which could not advance. 3) The Bank and the Fund under simultaneous negotiations in policy areas, should present a consistent unified front, for, inconsistencies, can play one institution against the other, as the Bank, under time pressure, accepted non-commital external audit reforms. 4) While single tranche instruments are better suited for a volatile environment, double tranche, offers longer enactment for reforms, and, are administratively less expensive.
Detalhes
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Data do documento
1999/06/30
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TIpo de documento
Conclusão da Implementação e Relatórios sobre Resultados
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No. do relatório
19246
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Nº do volume
1
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Total Volume(s)
1
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País
Coréia, República da
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Região
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Data de divulgação
2010/06/18
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Disclosure Status
Disclosed
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Nome do documento
Korea - Structural Adjustment Loan
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Palavras-chave
Structural adjustment; Structural reforms; Reform policy; Financial sector reform; Social sector reform; Corporate restructuring; Institutional management; External auditors; Financial volatility; Tranching; Financial regulation; Corporate governance
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