Pakistan: Second Generation of Capital Market Reform Program

Date: May 2014
Type: Evaluation Reports
Country:
Subject:
Evaluation; Finance
Series: Validations of Project Completion Reports
Project Number: 41108-013

Description

Pakistan has made progress with capital market reforms since 1998. With support from the Asian Development Bank, the government undertook comprehensive capital market reforms under the Capital Market Development Program approved in late 1997. Building on the Capital Market Development Program agenda, ADB approved the Financial (Nonbank) Markets and Governance Program in 2002.

To build on recent gains, the government envisaged to launch a second generation of capital market reforms to facilitate mobilization of financial resources for productive investment and employment generation. These reforms also aimed at a balanced development of the finance sector, to reduce systemic vulnerabilities in a bank-dominated financial system.

This report validates the completion report’s assessment of the program. IED overall assessment: Less than Successful

Contents

  • Project Basic Data
  • Project Description
  • Evaluation of Performance and Ratings
  • Other Performance Assessments
  • Overall Assessment, Lessons, and Recommendations
  • Other Considerations and Follow-up