|The Adjustment Lending Retrospective examines the evolution of adjustment lending (now called development policy lending) since its adoption two decades ago. It was prepared by World Bank staff as a background paper for the revision of Operational Directive (OD) 8.60, Adjustment Lending Policy, into the Operational Policy/Bank Procedure, OP/BP 8.60 Development Policy Lending . It was discussed by the Executive Directors on May 9, 2001.
The retrospective finds that adjustment lending has grown more long-term and developmental in nature, and that its quality has been rising. But it concludes that further improvements are needed in several key areas, including the treatment of fiduciary and poverty and social aspects. The retrospective also draws lessons from experience for the design of conditionality and loan tranching and phasing.
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