The World Bank Palestinian Recovery & Development Plan MDTF (P110690)

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1 Public Disclosure Authorized MIDDLE EAST AND NORTH AFRICA West Bank and Gaza Recipient Executed Activities Adaptable Program Loan FY 2008 Seq No: 6 ARCHIVED on 21-Mar-2017 ISR27335 Implementing Agencies: Public Disclosure Authorized Key Dates Key Project Dates Bank Approval Date:11-Apr-2008 Planned Mid Term Review Date:-- Original Closing Date:01-Feb-2017 Project Development Objectives Effectiveness Date:11-Apr-2008 Actual Mid-Term Review Date:-- Revised Closing Date:01-Jun-2017 Public Disclosure Authorized Project Development Objective (from Project Appraisal Document) The main objective of the PRDP TF is to provide budget and development support for the Palestinian Authority's (PA) policy agenda as expressed ion the PRDP in the period from 2008 to Other additional objectives include, but are not limited to, the following items: a) pooling of different donor funds intoone administrative mechanism that will reduce the transaction costs for the PA; and b) helping alleviate the PA fiscal pressure by providing reliable disbursements on a regular basis. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Public Disclosure Authorized Name it does not apply to the PRDP TF:(Cost $ M) PRDP project Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions 3/21/2017 Page 1 of 6

2 Disbursements have supported the Palestinian Authority's (PA's) reform agenda [also supported by the World Bank's series of Development Policy Grants (DPGs)]. The latest quarterly review of the reform agenda -- covering data from October 2016 through end December 2016 In its assessments of the performance in December 2016 the Bank decided that while the fiscal position remains fragile, our judgment is that the progress in a number of important reform areas, and the PA's stated reform plans in others, continue to provide reasonable prospect that the macroeconomic policy framework and the reform environment can be put on an adequate path in Disbursement was recommended along with a continuation of our current efforts to encourage the PA towards a bolder fiscal reform agenda, and donors to reverse the downward trend in budget support. The current system allows regular supervision of progress towards achievement of the reform agenda outlined in the DPG series. Quarterly reviews track various aspects of the work, and allow timely response by the World Bank. The PRDP disbursements are linked to the reviews, therefore ensuring that all stakeholders fulfill their obligations. has held regular meetings with donors to keep them updated of the progress of the reform agenda. The latest meeting was recently held on December 2, 2016 to discuss the PA's policy reform progress and in to address the concerns of some donors with the new cost recovery rules of the Bank. The PDO continues to be considered highly relevant and thus will remain unchanged. 3/21/2017 Page 2 of 6

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4 Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- High High Macroeconomic -- High High Sector Strategies and Policies -- Substantial Substantial Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Moderate Moderate Environment and Social -- Low Low Stakeholders -- Moderate Moderate Other Overall -- Substantial Substantial Results Project Development Objective Indicators PHINDPDOTBL Disbursements from the PRDP TF are linked to the Development Policy Grant and its indicators. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y 3/21/2017 Page 4 of 6

5 PHINDIRITBL Date 18-Apr Jun Jun Jun-2017 Overall Comments Intermediate Results Indicators macroeconomic outlook is adequate (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y Date 18-Apr Jun Jun Jun-2017 Overall Comments According to Section 3.04 of the Grant Agreement between the World Bank and the PA, the following policy conditions must be met for the quarter to merit disbursement: (a) the macroeconomic policy framework of the PA; and (b) the progress achieved in the reform program are adequate. The specific reforms reviewed to make this assessment change from year to year since the PRDP TF was first established in There is a general alignment with the areas of reform covered in the most recent DPG (in this case DPG VII went to the Board in February 2016) but in practice a broader range of reforms is assessed. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P TF Closed USD % P TF Closed USD % P TF-A2834 Effective USD % 3/21/2017 Page 5 of 6

6 Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P TF Closed 11-Apr Apr Apr Feb May-2011 P TF Closed 28-Apr Apr Apr Feb Feb-2017 P TF-A2834 Effective 28-Apr Jun Jun Feb Jun-2017 Cumulative Disbursements Restructuring History Level Approved on 27-Jan-2011,Level 2 Approved on 26-Feb-2014 Related Project(s) There are no related projects. 3/21/2017 Page 6 of 6