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p. 36 of 39 BACK | NEXT Introduction Bankwide Project Implementation Performance Country Implementation Highlights Bangladesh Bhutan Cambodia China, People's Republic of India Indonesia Kazakhstan Korea, Republic of Kyrgyz Republic Lao, People's Democratic Republic Malaysia Maldives Mongolia Myanmar Nepal Pakistan Philippines Pacific Developing Member Countries Sri Lanka Tajikistan Thailand Uzbekistan Viet Nam Appendix

Seminannual Report on Project Administration and Technical Assistance Implementation for the Period Ending 30 June 1999 : Country Implementation Highlights

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Thailand

Ongoing loans numbered 16 with no loans approved or closed during the period. All loans were rated as satisfactory in both implementation progress and achievement of development objectives, except for two, which were rated partly satisfactory in implementation progress. No loans were awaiting effectiveness during the period. One supplementary loan was awaiting signing. Project implementation performance was generally reasonable during the period and no particular problems were encountered. Implementation was facilitated by restoring the cutbacks in public expenditure, which were introduced in 1997 to stabilize the economy. One loan underwent a minor change in scope while three had minor changes in implementation arrangements.

A total of $1.3 million was canceled in January 1999 based on the portfolio restructuring exercise undertaken in 1998 in cooperation with the Government to prioritize projects and to identify surplus loan proceeds. The next portfolio review is planned for October 1999. The Government indicated that it would make every effort to implement Bank-assisted projects on time. While implementation on the whole was satisfactory, delays were encountered in disbursements for some projects and in the accomplishment of policy conditions under the Financial Markets Reform program loan.

Contract awards of $40.8 million represented 14 percent of the semiannual projection of $286.5 million and 11 percent of the annual projection of $366.5 million. Disbursements of $54.6 million amounted to 20 percent of the semiannual projection of $266.7 million and 15 percent of the annual projection of $359.1 million. This poor performance was attributable to the high target set with expectations of the second tranche release from the social sector program loan, which did not materialize. The disbursement ratio reached only 6 percent against the Bankwide average of 11.9 percent and 26.8 percent as of 30 June 1998 because of the low level of disbursements. Net resource transfer likewise dropped to a negative $47.8 million compared with $321.4 million as of 30 June 1998.

Audited project accounts and financial statements were due for 10 loans and were submitted for 7. Compliance for the remaining three was delayed by less than six months.

Environmental covenants were met for 10 loans, and compliance for 4 was ongoing. These covenants were not applicable to the two other loans. Social covenants were met for seven loans, and compliance was ongoing for four. The covenants were not applicable to five. Tables 77 and 78 summarize the data for Thailand.

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