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IEG Financial Sector Evaluations
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 | At a Glance:
- Bank assistance for financial sector reforms accounted for $56 billion in lending between fiscal years 1993–2003, or 24 percent of the Bank’s total commitments.
- As of late 2005, the Financial Sector Assessment Program (FSAP) had covered more than 109 country assessments and 18 updates.
- Approved Lines of Credit (LOC) totaled $13.4 billion during fiscal years 1993–2003, representing 8.4 percent of total Bank commitments for investment lending. |
| Owing to its importance for the development of a country, the financial sector has been supported by the Bank for over 50 years, with assistance in a variety of forms, including both lending and nonlending.
The importance of the financial sector for development is widely recognized. Financial sector development is essential for mobilizing resources, channeling them to productive investments, managing risks, and thereby contributing to economic growth and poverty reduction.
Moreover, the past decade provides many examples of the devastating impact that financial crises can have on countries, wiping out decades of growth and poverty reduction within a very short time.
IEG has completed evaluations of different aspects of World Bank support to the financial sector during fiscal years 1993-2005. Available now are three reviews and a synthesis report of this work. For a detailed analysis of the issues, IEG findings and recommendations, Bank Management responses, and summaries by the Committee on Development Effectiveness, take a look inside the individual reports. |
| | IEG Review of World Bank Assistance for Financial Sector Reform | | Between fiscal years 1993 and 2003, Bank assistance for financial sector reforms was supported by about US$56 billion in lending, or 24 percent of the Bank’s total commitments. This evaluation examines trends in lending, the quality-at-entry of Bank assistance; and the outcomes of individual loans and components addressing financial sector reforms. It also assesses the extent to which the objectives of Bank assistance were achieved, including reducing government ownership of financial intermediaries, decreased market concentration, increased competition and efficiency, healthier and more stable financial intermediaries, and deeper, more developed financial systems. Finally, the assessment examines Bank support for financial sector reforms in countries undergoing crises. MORE > | 
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| | World Bank Lending for Lines of Credit | | LOC have a long and contentious history in the Bank and are the subject of ongoing debates about the extent to which they overcome market failures and promote growth and employment, or whether they introduce distortions, are unsustainable, and crowd out private sector intermediaries. Nevertheless, some $13.4 billion was committed in the form of LOC, representing about 8 percent of Bank commitments for investment lending during fiscal years 1993–2003. This evaluation provides an independent assessment of lines of credit financed by the Bank during this period. The report presents data on trends in lending for LOC and examines whether the design, supervision, and reporting on LOC followed the Bank’s policies. MORE > | 
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| | Financial Sector Assessment Program: IEG Review of the Joint World Bank and IMF Initiative | | Following the financial crises of the late 1990s, the World Bank and the IMF initiated the FSAP to carry out in-depth diagnoses of the vulnerabilities and development challenges of financial sectors in client countries. As of late 2005, about 109 country assessments and 18 updates had been completed or were ongoing, and had involved substantial Bank resources. This evaluation focuses on reviewing aspects of the FSAP that affect the attainment of its objectives, specifically the relevance of the program, the quality and effectiveness of inputs and outputs, and the impact of the assessments on different audiences. MORE > | 
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| World Bank Assistance to the Financial Sector: A Synthesis of IEG Evaluations | | This report is a synthesis of three evaluations carried out by IEG and completed between July 2005 and February 2006, on major components of the Bank’s assistance during more than a decade to the financial sectors of client countries. This paper draws out common themes and issues that have arisen from the three evaluations on lines of credit, financial sector reforms, and the Financial Sector Assessment Program. MORE > | 
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