RESTRUCTURING PAPER ON A

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Document of The World Bank RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF MODERNIZING AGRICULTURAL KNOWLEDGE AND INFORMATION SYSTEMS, P086949 LOAN NO. 4758 RO NOVEMBER 16, 2004 IN THE INITIAL AMOUNT OF 41.40 MILLION EURO (US$ 50 MILLION EQUIVALENT) AND A RESTRUCTURED AMOUNT OF 40.60 MILLION EURO TO ROMANIA SEPTEMBER 13, 2010 Report No: 56479-RO

ABBREVIATIONS AND ACRONYMS ANSVSA APDRP APIA BIP(s) CAP EC EU EUR GPS IACS LPIS MAKIS MARD MPF MTR NRI(s) PDO PMU RON National Authority for Sanitary, Veterinary and Food Safety Agricultural Paying Agency for Rural Development Agricultural Paying and Intervention Agency Border Inspection Post(s) (EU) Common Agricultural Policy European Commission European Union Euro (currency) Global Positioning System Integrated Administration and Control System Land Parcel Identification System Modernizing Agricultural Knowledge and Information Systems Ministry of Agriculture and Rural Development Ministry of Public Finance Mid-Term Review National Research Institute(s) Development Objective Management Unit Romanian Lei (currency) Regional Vice President: Country Director: Sector Manager / Director: Task Team Leader: Philippe H. Le Houerou Peter C. Harrold Dina Umali-Deininger / Peter Thomson Holger A. Kray 2

ROMANIA Modernizing Agricultural Knowledge and Information Systems P086949 CONTENTS Page A. SUMMARY... 4 B. PROJECT STATUS... 5 C. PROPOSED CHANGES... 5 D. APPRAISAL SUMMARY... 11 ANNEX 1: RESULTS FRAMEWORK AND MONITORING... 13 3

Restructuring Restructuring Type: Level one Last modified on date : 09/13/2010 Status: Submitted to SECPO 1. Basic Information ID & Name Country Task Team Leader Sector Manager/Director Country Director Original Board Approval Date 11/16/2004 Original Closing Date: 09/30/2010 Current Closing Date 09/30/2010 Proposed Closing Date [if applicable] 09/30/2011 EA Category Revised EA Category EA Completion Date 07/05/2004 Revised EA Completion Date P086949: MOD AGR KNOWLEDGE & INFORM SYST (MAKIS) Romania Holger A. Kray Dina Umali-Deininger Peter C. Harrold B-Partial Assessment B-Partial Assessment-Partial Assessment 2. Revised Financing Plan (US$m) Source Original Revised BORR 22.02 22.02 IBRD 50.00 49.17 Total 72.02 71.19 3. Borrower Organization Department Location Ministry of Public Finance Romania 4. Implementing Agency Organization Department Location Ministry of Agriculture and Rural Romania Development i

5. Disbursement Estimates (US$m) Actual amount disbursed as of 09/21/2010 24.96 Fiscal Year Annual Cumulative 2010 0.00 24.96 2011 0.00 24.96 Total 24.96 6. Policy Exceptions and Safeguard Policies Does the restructured project require any exceptions to Bank policies? N Does the restructured projects trigger any new safeguard policies? If yes, please select from the checklist below and update ISDS accordingly before submitting the package. N 7a. Development Objectives/Outcomes Original/Current Development Objectives/Outcomes The development objective of the project is to assist the Romanian Government to improve the competitiveness of farmers and agro-processors in the EU accession environment. 7b. Revised Development Objectives/Outcomes [if applicable] The revised development objective of the project is to help Romania comply with the agricultural acquis communautaire and to help the agro-food sector take advantage of the benefits and opportunities arising from EU membership. ii

Modernizing Agricultural Knowledge and Information Systems RESTRUCTURING PAPER A. SUMMARY This Paper seeks the approval of the Board of Executive Directors to restructure the Romania, Modernizing Agricultural Knowledge and Information Systems (MAKIS), Loan no. 4758 RO, and amend legal documents, as appropriate. restructuring is being undertaken primarily in response to: (i) a change in the country priorities in the post-eu-accession context; and (ii) implementation issues initially identified at Mid Term Review (MTR) conducted in November 2008 and further specified during implementation support activities in 2009 and 2010. The implementation issues were mainly related to Component 1 Strengthening the National Authority for Sanitary, Veterinary and Food Safety (ANSVSA) and the Phyto- Sanitary Units, whose performance against outcome indicators clearly showed that the project s original targets were no longer feasible. With the exception of the successful investments in Border Inspection Posts (BIPs) during the initial phase of the MAKIS, the performance of the ANSVSA-led sub-components did not meet the Borrower s and the Bank s initial expectations. The main factors impeding on the implementation of the activities foreseen under Component 1 were the lack of adequate leadership in ANSVSA and weak institutional capacity. The continuous non-performance of the ANSVSA and the lack of any concrete plan to remedy this situation led to the decision to discontinue all the activities coordinated by ANSVSA. The restructuring will allow selected activities to be completed, while discontinuing activities that are either no longer relevant or non-performing. The major modifications proposed are: Alignment of the Development Objective (PDO) to the current postaccession EU integration challenges facing the Borrower: to help Romania comply with the agricultural acquis communautaire and to help the agro-food sector take advantage of the benefits and opportunities arising from EU membership. Cancellation of part of the activities under Component 1, Strengthening the National Authority for Sanitary, Veterinary and Food Safety (ANSVSA) and the Phyto-Sanitary Units. Reallocation of funds from Component 1 to Components 2 and 3. Adding new activities. Revision of the Results Framework and Monitoring. Extension of the Closing Date by 12 months to September 30, 2011 These modifications were initiated by the Government through the letter dated June 5, 2009, and further detailed in letters by the Ministry of Public Finance (MPF) to the Bank dated February 24, and March 10, 2010. 4

B. PROJECT STATUS The MAKIS has provided highly relevant assistance to Romania for complying with its EU agricultural accession and membership obligations, and steady progress has been made towards achieving most project targets. Many of the s intermediary results are exemplary in this respect, such as (a) a successful reform in the structure and governance of key agricultural research institutions and their elevation to internationally recognized National Research Institutes which now successfully compete on the European market and generate substantial revenue through third-party funding; (b) a fundamental reform of the Agricultural Research Law to include improved research sector oversight and coordination and provision of core-funding for public good elements generated by these institutes; (c) the provision of effective knowledge dissemination and advisory services with an outreach to about 1.3 million farmers and rural entrepreneurs; and (d) the financing of Border Inspection Posts which enable Romania to safeguard European Food Safety Standards at its external EU borders. Many of its investments have provided significant scope for sector-wide replicability and have yielded results not usually generated within the framework of a relatively small, multi-component SIL. However, a limited number of project activities have been facing implementation problems for the past 3 years, and the proposed Restructuring is expected to contribute to substantial improvement in overall performance. The s current problem status is largely due to the unsatisfactory implementation of Component 1 - Strengthening the National Authority for Sanitary, Veterinary and Food Safety (ANSVSA) and the Phyto-Sanitary Units. The initially-planned outcomes for this component are no longer achievable and represented a main reason for the initiation of a project restructuring process. Dropping this component would allow the overall to improve its performance as Component 2 (Support for Agricultural Research), Component 3 (Support for Advisory and Information Systems) and Component 4 ( Management) implemented by the Ministry of Agriculture and Rural Development (MARD), remain highly relevant and are achieving most of their defined project targets, with some targets already exceeded. The Financial Management arrangements for the project will remain unchanged. The project is in compliance with the legal auditing and reporting financial covenants. The audit report for FY 2009 has been received before the June 30, 2010 due date, with a clean audit opinion and no internal control issues mentioned. C. PROPOSED CHANGES Development Objectives Adjustment of the Development Objective will contribute to (a) accommodating new country priorities in the post-eu-accession context and (b) enhancing its measurability and attributability. The Romanian agro-food sector changed significantly since the project was designed. At project appraisal, Romania had EU candidate (pre-accession) status and faced challenges 5

of meeting the EU acquis communautaire. However, since Romania became an EU Member State in 2007, it now must provide agricultural and rural development support in an acquis-compliant manner, and, with a view to ensuring the contribution of EU support to Romania s rural development objectives, continue its investment in rural information systems and agricultural research. The latter involves both having data systems supporting the Governmental institutions and providing the agro-food sector with information regarding EU support and improved production technologies. The initially approved PDO was: to assist the Romania Government to improve the competitiveness of farmers and agro-food processors in the EU-accession environment. The proposed revised PDO is: to help Romania comply with the agricultural acquis communautaire and to help the agro-food sector take advantage of the benefits and opportunities arising from EU membership. Results/indicators The revision of the PDO and adoption of new project activities under Component 3 necessitate a revision of the associated outcome indicators. The revised indicators will more accurately reflect implementation progress and project impact. The revised Results Monitoring Framework is summarized in Annex 1. Components Component 1 Strengthening the National Authority for Sanitary, Veterinary and Food Safety (ANSVSA) and the Phyto-Sanitary Units is proposed to be discontinued. At MTR stage it became evident that both Borrower and Bank consider the unsatisfactory execution of Component 1 to constitute a risk to PDO achievement and to the efficient use of loan funds. With the exception of the successful investment in Border Inspection Posts (BIPs) along Romania s external EU-border during the initial phase of the, the performance of the ANSVSA-led component did not meet the Borrower s and the Bank s expectations. Despite efforts by both the Government of Romania (GOR) and the Bank to improve the situation, the lack of adequate leadership in ANSVSA and its weak institutional capacity could not be remedied and justify the cancellation. The remaining uncommitted loan balance under this component amounting to EUR 6.8 million will be reallocated alongside with funds available after savings in other components. As detailed below, these funds are proposed to be reallocated towards addressing the most pressing issues with regards to EU acquis compliance in support of the agro-food sector. Under the Component 2 Support for Agricultural Research, the restructured will continue to strengthen the capacity of the national agricultural research system to provide agricultural knowledge, skills and information to farmers and agro-processors based on the needs of the agro-food sub-sector and in line with EU requirements. The activities under this component (Reform Program for National Research Institutes (NRIs); Establishing National Reference Laboratories; and Mainstreaming the 6

Competitive Grant Scheme (CGS) in the Ministry of Agriculture and Rural Development (MARD)) will remain technically unchanged. This Component 2 will, however, benefit from increased funding through reallocation of EUR 6.15 million from Component 1 loan proceeds, thus filling a financing gap to cover the increased cost of the rehabilitation works of the NRIs and of the National Reference Laboratories due to the significant increase in the cost of construction works in recent years. While the institutes have formulated an overall reform strategy, and successfully implement annual reform plans including significant rehabilitation of office and laboratory facilities, the initial cost estimates required revision following (i) a significant increase in civil works cost indices alongside with (ii) limitations in the ability of the national budget to counterpart-finance the rehabilitation works. Full completion of these refurbishments is essential for the sustainability of the investment, ensures the quality of research, and mitigates potential negative impacts of the work environment on sensitive equipment and staff safety. In light of the fiscal constraints faced by the Borrower, support represents a critical essential source of financing for these investments. Within Component 3 Support for Advisory and Information Systems Component, the original component objectives will remain unchanged, and one additional objective will be added. The restructured will continue (i) to improve the capacity of the research, extension and food safety specialists to better serve the needs and improve the competitiveness of farmers/producers and processors in the context of EU membership; and (ii) to increase access of farmers and processors to knowledge on technologies related to production, quality control, food safety, processing and marketing in order to meet EU requirements. In addition to the above original objectives, the restructured will also (iii) contribute to improvements in management information systems in the agricultural administration. The latter will be pursued through supporting the review and upgrade of the Integrated Administration and Control System (IACS) to become fully EU compliant and thereby ensuring timely provision of EU agriculture support funds (CAP payments). Detailed activities and outputs are described below. Under Component 4 Management, the restructured will continue to provide for project co-ordination and administration, procurement, financial management, reporting, monitoring and evaluation activities for all active components. These activities will continue to be carried out by the joint MARD MAKIS/CESAR Management Unit (PMU). Institutional arrangements The discontinuation of activities under Component 1 implemented by ANSVSA and the inclusion of new project activities under Component 3 require a minor change in institutional arrangements: the Ministry of Agriculture and Rural Development, through the Management Unit, will have the overall management responsibility for the project, while ANSVSA will no longer have any implementation responsibilities. As was the case for Components 2 and 3, the implementation of the restructured project will be shared between MARD and the beneficiary institutions. More specifically, for the research component, the National Research Institutes (NRI) will continue to implement the activities related to the laboratories and reform program, while MARD will 7

implement the Competitive Grant Scheme (CGS). As regards the new project activities aimed at strengthening the Integrated Administration and Control System (IACS), these will be implemented jointly by MARD and Romanian Paying Agency for Agriculture Support (APIA 1 ). The Procurement arrangements will remain unchanged, except that the applicable Guidelines shall be the most recent versions, i.e., Guidelines: Procurement under IBRD Loans and IDA Credits, May 2004, Revised October 1, 2006 & May 1, 2010 for procurement of goods, works and non-consultant services, and Guidelines: Selection and Employment of Consultants by World Bank Borrowers, May 2004, Revised October 1, 2006 & May 1, 2010 for selection of consultant services. In addition, the threshold for procurement of civil works contracts, under National Competitive Bidding (NCB) procedures, shall be raised to US$5.0 million from US$3.0 million. This increase of the threshold reflects the development of the construction industry in Romania. 1 Agentia de Plati si Interventie pentru Agricultura (APIA) 8

Financing Costs EUR (incl. Government contribution) Components/Activities Current Proposed Component 1 Strengthening the National Authority for Sanitary, Veterinary and Food Safety (ANSVA) and the Phyto-Sanitary Units - Institutional Capacity Building ANSVSA 1.99 0.41 - National Reference Laboratories 2.32 - Regional Laboratories 1.16 0.20 - Border Inspection Posts 3.80 3.40 - Animal Welfare 1.70 - Phyto-sanitary Laboratories 0.59 0.63 sub-total component 1 11.56 4.64 Component 2 Support for Agricultural Research - Laboratory Services for Priority Programs 3.45 4.38 - Reform program 15.83 22.47 - Mainstreaming CGS 10.00 10.00 sub-total component 2 29.28 36.85 Component 3 Support for Advisory and Information System - Training and Information Center 4.51 5.90 - Advisory System 5.05 2.39 -Management Information System 0 1.43 sub-total component 3 9.56 9.72 Component 4 Management 2.87 3.20 Total Baseline Cost 53.27 54.41 Physical Contingencies 0.94 0.92 Price Contingencies 4.67 3.55 Total Costs 58.88 58.88 Expressed in Euro Category of Expenditure Allocation % of Financing Current Revised Current Revised Current Revised (1) Goods (1) Goods 100% of (a) under Parts (a) under Parts 3,320,000 254,689 A.1, A.2, A.3, A.1, A.2, A.3 A.4 and A.6 of and A.5 of the the (b) under Parts A.5, B.1, C (b) under Parts A.4, B.1, C 4,495,000 5,195,000 9 foreign, 100% of local (ex-factory costs) and 80% of local 100% of foreign, 100% of local (ex-factory costs) and 80% of local

(2) Consultants services, including audit (2) Consultants services, including audit for other items procured locally for other items procured locally (a) under Parts A.1, A.2, A.3, A.4 and A.6 of the (b) under Parts A.5, B.1, C (a) under Parts A.1, A.2, A.3 and A.5 of the (b) under Parts A.4, B.1, C 2,360,000 91,517 785,000 1,335,000 85% of foreign ; and 75% of local 85% of foreign ; and 75% of local (3) Training (3) Training (a) under Parts A.1, A.2, A.3, A.4 and A.6 of the (b) under Parts A.5, B.1, C (a) under Parts A.1, A.2, A.3 and A.5 of the (b) under Parts A.4, B.1, C 300,000 103,630 7,490,000 7,489,999 100% 100% (4) Civil Works (4) Civil Works (a) under Parts A.1, A.2, A.3, A.4 and A.6 of the (b) under Parts A.5, B.1, C (5) (a) Research Institute Program Development under Part B.2 of the (b) Research Institute Program Implementat ion under Part B.2 of the (6) Research Grants under the Competitive Grant Scheme under Part B.3 of the (a) under Parts A.1, A.2, A.3 and A.5 of the (b) under Parts A.4, B.1, C (5) (a) Research Institute Program Development under Part B.2 of the (b) Research Institute Program Implementat ion under Part B.2 of the (6) Research Grants under the Competitive Grant Scheme under Part B.3 of the 3,670,000 2,724,688 20,000 0 100% of foreign ; and 80% of local 150,000 150,000 85% of foreign ; and 75% of local 11,990,000 17,440,000 3,920,000 3,920,000 80% 80% 49% 49% 100% of foreign ; and 80% of local 85% of foreign ; and 75% of local 10

(7) Incremental Operating Costs (7) Incremental Operating Costs (a) under Parts A.1, A.2, A.3, A.4 and A.6 of the (b) under Parts A.5, B.1, C (a) under Parts A.1, A.2, A.3 and A.5 of the (b) under Parts A.4, B.1, C 410,000 85,477 1,690,000 1,810,000 85% until December 31, 2007; 70% until December 31, 2009; and 25% thereafter 85% until December 31, 2007; 70% until December 31, 2009; and 25% thereafter SUB-TOTAL 40,600,000 40,600,000 Cancellation as of 800,000 June 9, 2009 TOTAL 41,400,000 Closing date The Ministry of Public Finance requested the extension of the Closing Date by two years until September 30, 2012 to make up for delays in initiating the civil works to rehabilitate laboratory/ institutes buildings under Component 2. However, following Bank appraisal and management guidance, it is proposed to grant an initial extension of 12 months to September 30, 2011. A second extension of 12 months to September 30, 2012, could then be considered subject to contract awards and initiation of construction activities satisfactory to the Bank. Safeguards The Safeguards status of the will remain unchanged. D. APPRAISAL SUMMARY Economic and financial analysis The proposed review and upgrade of the Integrated Administration and Control System for EU CAP Funds (IACS) will have additional economic benefits to those identified at the appraisal stage. The investment will assist Romania in avoiding an annually recurring fine of approximately EUR 42 million that the EC might impose should Romania not comply with the requirements for the IACS system. Avoidance of such potential penalty would itself pay for the entire project within the project extension period. In addition, for every month the payment to farmers is delayed beyond the established deadline the EU s reimbursement for the Government s costs 2 is reduced by 10%. It is also likely that the 2 The CAP support is pre-financed by the Government budget and subsequently reimbursed by the EU. 11

improved system will lower the administration costs for handling the CAP support, currently 12% of the total support. The other proposed changes are expected to have only minor effects on the overall economic impact estimated at appraisal. Risks Key risks as identified at project preparation have remained unchanged. A new risk has emerged following the onset of the global financial crisis. In 2009, the Borrower implemented a new public debt management policy that included a change to the flow of funds in Bank-financed projects. The state budget pre-finances Banksupported activities, which are then periodically reimbursed from the Loan. However, fiscal constraints present challenges for the Ministry of Public Finance to secure the required funds to pre-finance activities. The risk is perceived as Substantial. To mitigate this risk, the Ministry of Public Finance and the Bank are discussing conditions to move back to Loan financing of activities. 12

Core ANNEX 1: Results Framework and Monitoring ROMANIA: Modernizing Agricultural Knowledge and Information Systems Development Objective (PDO): To assist the Romania Government to improve the competitiveness of farmers and agro-food processors in the EU-accession environment Revised Development Objective: To help Romania comply with the agricultural acquis communautaire and to help the agro-food sector take advantage of the benefits and opportunities arising from EU membership PDO Level Results Indicators* D=Dropped C=Continue N= New R=Revised Unit of Measure Baseline Cumulative Target Values** YR 1/2 YR 3/4 YR 5/6 YR7 Frequency Data Source/ Methodology Responsibility for Data Collection Increased adoption of improved farm production, marketing and post-harvest and food safety technologies compatible with EU standards. Dropped Increased agricultural productivity index of productivity Increase in agri-food export to EU 27 relative to Gross Value Added Increase in CAP funding committed to beneficiaries under EAGF and EAFRD Dropped New percent 3.6% (2002-04 avrg) New percent 90% of EAGF allocation and 20% of EAFRD allocation Year 3: 4.5% Year 5: 5.0% Year 7: 5.5% 95% of EAGF allocation and 40% of EAFRD allocation Annually EUROSTAT MARD PMU Annually APIA & MARD records MARD PMU

INTERMEDIATE RESULTS Intermediate Result (Component One): 1. Functional network of ANSVSA's National Reference Laboratories and Regional Laboratories 2. Functional network of Border Inspection Posts to monitor food quality and movement of animals 3. Functional network of phytosanitary National Reference and Regional Laboratories Revised Intermediate Result (Component One): 1. Functional network of ANSVSA's Regional Laboratories 2. Functional network of Border Inspection Posts to monitor food quality and movement of animals 3. Functional network of phytosanitary National Reference and Regional Laboratories Intermediate Result (Component Two): 4. Number of research institutes reformed Revised (achieved) Continue (achieved) Continued (achieved) Number of regional labs Number of BIPs Number of labs 0 Year 1: 1 Year 2: 1 0 Year 1: 1 Year 2: 2 0 Year 1: 1NR, 1RL Year 2: 2NR, 2RL Year 3: 2 Year 4: 2 Year 3: 3 Year 4: 3 Year 3: 2 NR, 3 RL Year 4: 2 NR, 3 RL Year 5: 2 Year 6: 2 Year 5: 3 Year 6: 3 Year 5: 2 NR, 3 RL Year 6: 2 NR, 3 RL Year 7: 2 Annually Annual reports MARD/ PMU Year 7: 3 Annually ANSVSA s annual report Year 7: 2 NR, 3 RL ANSVSA 5. Laboratories (RISSA and NRDIBH) able to carry out the required analyses and meeting demand for soils (nitrate and sludge directives) and GMO testing 6. Development of technologies compatible with EU standards Revised Intermediate Result (Component Two): 4. Number of research institutes reformed Revised target value Number of institute s 0 Year 1: 0 Year 2: 2 Year 3: 3 Year 4: 4 Year 5: 4 Year 6: 4 Year 7: 4 Annually Annual reports from NRI and external reviews MAFRD / PMU 14

5. Laboratories (RISSA and NRDIBH) able to carry out the required analyses for soils (nitrate and sludge directives) and GMO testing 6. Development of new technologies compatible with EU standards: a) New technologies developed b) Number of research Revised Continued Number of labs Number of technolo gies 0 Year 1: 1 Year 2: 2 - Year 1: a) 1; b) 3 Year 2: a) 5; b) 8 Year 3: 2 Year 4: 2 Year 3: a) 10;b) 15 Year 4: a) 12;b) 20 Year 5: 2 Year 6: 2 Year 5: a) 15; b) 30 Year 6: a) 20 b) 40 Year 7: 2 Year 7: a) 20 b) 40 semi-annual reports RISSA and NRDIBH MAFRD / PMU contracts Intermediate Result (Component Three): 7. Functional training center able to train ANCA, CJCA, CLCA, ANSVSA (i.e. trainers, extension staff, food safety inspectors), researchers and private sector personnel, and ultimately achieve cost recovery from trainees. 8. Number of farmers receiving information / training regarding EU accession 9. Number of multi-media information campaigns Revised Intermediate Result (Component Three): 7. Functional training center able to train the following: a) trainers, b) extension staff, c) food safety inspectors, d) agro-processors and private sector, e) researchers Continued Number of trainees 0 a) 0 b) 0 c) 0 d) 0 e) 0 Year 1: a) 30 b) 300 c) 50 d) 100 e) 30 Year 2: a) 30 b) 960 c) 125 d) 500 e) 60 Year 3: a) 30 b) 1260 c) 200 d) 1350 e) 90 Year 4: a) 30 b) 1560 c) 275 d) 1350 e) 120 Year 5: a) 30 b) 1860 c) 350 d) 1750 e) 150 Year 6: a) 30 b) 2160 c) 400 d) 2050 e) 180 Year 7: a) 30 b) 2160 c) 400 d) 2050 e) 180 semi-annually / annually Reports from TICs and ANSVSA TIC / PMU 8. Number of farmers receiving information / training regarding EU accession and membership 9. Number of multi-media information campaigns Revised Continued Number of benefici aries Number of campaig 0 Year 1: 3,000 Year 2: 9,000 0 Year1: 1 Year 2: 2 Year 3: 15,000 Year 4: 21,000 Year 3: 2 Year 4: 2 27,000 33,000 Annually ANCA and PMU Reports based on agristatistics 2 2 MAFRD/PMU/AN CA 15

ns New 0 - - - a) 300 staff trained b) 100 GPS procured for the 10. EU Compliant IACS LPIS unit c) GAP analysis for reprogram ming of LPIS performed Intermediate Result (Component Four): 10. Bank supervision ratings Revised Intermediate Result (Component Four): Reports from APIA MAFRD 11. Bank supervision ratings Continued (actual for years 1 to 5) Year 1: S Year 2: MS Year 3: MS Year 4: MU Year 5: MU Year 6: MS Year 7: S *Please indicate whether the indicator is a Core Sector Indicator (see further http://coreindicators) **Target values should be entered for the years data will be available, not necessarily annual 16