Public Disclosure Copy The World Bank Implementation Status & Results Report Myanmar Financial Sector Development Project (P154389) Myanmar Financial Sector Development Project (P154389) EAST ASIA AND PACIFIC | Myanmar | Finance & Markets Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 1 | ARCHIVED on 29-May-2017 | ISR27550 | Implementing Agencies: Ministry of Planning and Finance, Central Bank of Myanmar, Ministry of Planning and Finance Key Dates Key Project Dates Bank Approval Date:20-Dec-2016 Effectiveness Date:-- Planned Mid Term Review Date:15-Jan-2018 Actual Mid-Term Review Date:-- Original Closing Date:30-Jun-2021 Revised Closing Date:30-Jun-2021 Project Development Objectives Project Development Objective (from Project Appraisal Document) To expand access to finance in Myanmar and, in the event of an Eligible Crisis or Emergency, to provide immediate and effective response to such Eligible Crisis or Emergency. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Reform of state-owned banks:(Cost $37.00 M) Upgrading of the financial sector legal, regulatory, and supervisory framework:(Cost $37.00 M) Modernization of the CBM and financial infrastructure:(Cost $24.00 M) Project coordination and monitoring:(Cost $2.00 M) Contingent emergency response Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Satisfactory Overall Implementation Progress (IP)  --  Satisfactory Overall Risk Rating  --  High 5/29/2017 Page 1 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Myanmar Financial Sector Development Project (P154389) Implementation Status and Key Decisions The legal opinions from Union Attorney General required to enable effectiveness. The team is following up with the Ministry of Planning and Finance and the Central Bank. The legal opinion is expected to be provided by end of May 2017. Meanwhile, in a mission taking place from May 15, 2017, the recruitment of the Procurement and Financial Management personnel for the Project Co- ordination Unit will be dealt with. The TOR and the recruitment is targeted to be achieved by October 2017. Activities relating to the recruitment of the IT consultant for Oracle implementation is expected to be completed by Dec 2017. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  High  --  High Macroeconomic  Moderate  --  Moderate Sector Strategies and Policies  Low  --  Low Technical Design of Project or Program  Moderate  --  Moderate Institutional Capacity for Implementation and Sustainability  High  --  High Fiduciary  High  --  High Environment and Social  Low  --  Low Stakeholders  Low  --  Low Other  --  --  -- Overall  High  --  High Results Project Development Objective Indicators PHINDPDOTBL  Adults with active transaction accounts (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 22.80 -- 22.80 32.00 Date 31-Dec-2014 -- 01-Apr-2017 31-Dec-2020 5/29/2017 Page 2 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Myanmar Financial Sector Development Project (P154389) PHINDPDOTBL  Adults in the poorest 40% with accounts at a financial institution (%) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 16.10 -- 16.10 20.00 Date 31-Dec-2014 -- 01-Apr-2017 31-Dec-2020 PHINDPDOTBL  Loans from commerical banks (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 8.00 -- 8.00 15.00 Date 31-Dec-2014 -- 01-Apr-2017 31-Dec-2020 Overall Comments Intermediate Results Indicators PHINDIRITBL  Improved transparency of state-owned banks (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 1.00 Date 02-Jan-2017 -- 01-Apr-2017 20-Jun-2018 5/29/2017 Page 3 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Myanmar Financial Sector Development Project (P154389) PHINDIRITBL  Improved soundness and transparency of financial institutions (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 50.00 Date 02-Jan-2017 -- 01-Apr-2017 31-Dec-2020 PHINDIRITBL  Upgrading of NBFI supervisory capacity (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 3.00 Date 02-Jan-2017 -- 01-Apr-2017 31-Dec-2020 PHINDIRITBL  Banks connected to CBM (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 80.00 Date 29-Nov-2016 -- 01-Apr-2017 30-Dec-2020 PHINDIRITBL  Capacity building for citizen engagement and activities empowering citizens (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 1.00 Date 29-Nov-2016 -- 01-Apr-2017 30-Dec-2020 Overall Comments 5/29/2017 Page 4 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Myanmar Financial Sector Development Project (P154389) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed Not P154389 IDA-59300 XDR 71.70 71.70 0.00 0.00 71.70 0% Effective Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P154389 IDA-59300 20-Dec-2016 11-Apr-2017 -- 30-Jun-2021 30-Jun-2021 Effective Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) 5/29/2017 Page 5 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Myanmar Financial Sector Development Project (P154389) There are no related projects. 5/29/2017 Page 6 of 6 Public Disclosure Copy