Pakistan: Second Generation of Capital Market Reform Program

Evaluation Document | 6 May 2014

Validates the completion report’s assessment of the program, which aimed to create a more efficient and more balanced finance sector in Pakistan. IED overall assessment: Less than Successful.

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.


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