OFFICIAL DOCUMENTS ADDENDUM NO 2 TO THE ADMINISTRATION AGREEMENT BETWEEN THE EUROPEAN COMMISSION AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT CONCERNING THE PART II EUROPE 2020 PROGRAMMATIC SINGLE-DONOR TRUST FUND Trust Fund No TF 072459 (EC Contract No 2014/355-063) The European Union, represented by the European Commission (the "Donor"), on the one part, and The International Bank for Reconstruction and Development, Europe and Central Asia Region, 1818 H St, NW, Washington, DC 20433 (the "Bank"), on the other part, have agreed as follows: The following provisions of the Administration Agreement Trust Fund No TF 072459 (EC Contract No 2014/355-063), concluded between the European Commission and the World Bank on 15/07/2015 (the "Agreement") and last amended on 06/02/2017 are hereby replaced as follows: 5. Except with respect to the Deposit Instructions, any notice, request or other communication to be given or made under this Administration Agreement shall be in writing and delivered by mail, fax or e- mail to the respective Party's address specified below or at such other address as such Party notifies in writing to the other Party from time to time: For the Bank (the "Bank Contact"): Arup Banerji Regional Director European Union World Bank Group 17 av. Marnix, 2nd floor 1000 Brussels Belgium Tel: + 322 504-0994 Email: Abanerji@worldbank.org For the Donor (the "Donor Contact"): European Commission Structural Reform and Support Service Director Mary McCarthy Office CHAR 10/104 Rue de la Loi 170 B-1049 Brussels, Fax +32 229 93493 E-mail: Mary.McCarthy@ec.europa.eu Annex 1 The new version of Annex 1 "Part II Europe 2020 Programmatic Single-Donor Trust Fund Description" is attached to this addendum. Annex 2 The new version of Annex 2 "Standard Provisions" is attached to this addendum and it is amended as follows: Article 6 Disbursement; Cancellation; Refund 6.1 It is expected that the funds deposited in the Trust Fund will be fully disbursed by the Bank by April 20, 2018 (the "End Disbursement Date"). The Bank shall only disburse funds deposited in the Trust Fund for the purposes of this Administration Agreement (other than returns to Donors) after such date to the extent such date is changed in accordance with amendments made to the Administration Agreement(s) of the Donor. Following the End Disbursement Date, the Bank shall return any remaining balance of the Trust Fund to each Donor in the Holding Currency in the manner specified in its respective Administration Agreement on a pro rata basis with regard to the total funds deposited in the Trust Fund by such Donor relative to the total funds deposited in the Trust Fund by the Donor, all calculated as Holding Currency amounts. Annex 4 The new version of Annex 4 "Indicative Results Indicators for the Activities set forth in Section 2.1 of Annex 1 to this Administrative Agreement" is attached to this addendum. All other terms and conditions of the Administration Agreement and its previous Addenda remain unchanged. This addendum shall form an integral part of the Administration Agreement and it shall enter into force on the later date of signature by the Parties. This addendum is drawn up in three originals, two for the European Commission and one for the World Bank Group entity. For the World Bank: For the European Conunission: Name: Name: Mary McCarthy Position: Position: Director - SRSS Signature Signature: 1 Date: 0 11 Date: 1 ANNEX 1 Part II Europe 2020 Programmatic Single-Donor Trust Fund Description This Annex shall be applicable to and form an integral part of the Administration Agreement for the Trust Fund between the Bank and the Donor. 1. Objectives The objectives of the Trust Fund are: The European Commission and the Bank share a common objective of building competitive and sustainable economies and reducing poverty and social exclusion - goals of the Europe 2020 Agenda which is built on three pillars of smart, sustainable and inclusive growth. The European Commission and the Bank concur that direct interaction is beneficial to both institutions and through them to the beneficiary countries. This applies particularly to the provision of analytical, advisory and knowledge services and technical assistance. The European Commission has expressed an interest in ensuring that the Bank continues to provide technical assistance in the framework of the Trust Fund in furtherance of the common objective set forth above. 2. Activities The sub-objectives and description of activities are: (a) The Aid Program for the Turkish Cypriot community is implemented by the European Commission inter alia to foster the economic integration and convergence within Cyprus in view of its reunification. Under this program, the European Commission has asked the World Bank to provide technical assistance with the aim of: (i) filling knowledge gaps of macroeconomic developments in the TCc; (ii) conducting economic analysis on selected economic sectors and cross-cutting thematic areas that will support the TCc counterparts in developing a reform agenda for selected priority areas and (iii) enhancing local understanding of constraints impeding development and reforms through outreach and consultation. (b) The activities (which may be described as "components" of activities) to be financed by the Trust Fund, in support of the sub-objectives cited in Section 2 (a) above, are the following Bank-executed activities, for which the Bank has implementation responsibility: A. Fiscal analysis of the TCc economy. Building upon the already completed Public Finance Review carried out by the World Bank, this component will provide a detailed analysis of public spending in several aspects of public sectors and activities in the TCc and its impact on the TCc economy (for example health, employment, social security, and local authorities). This analysis will help supporting medium-term fiscal and financial sustainability of a unified island. 1 B. Financially sustainable public administration bodies in the TCc. Building on the World Bank's earlier Public Finance Review in the TCc, this component will help identify for the TCc reform options for a rationalized yet effective public sector that may result in a modem, effective and financially sustainable public sector for the TCc based on the principle of island-wide planning and in preparation for the potential implementation of acquis communautaire. It will focus on having a sustainable financial basis for its administrative activities and the ability to support policy making, coordination and effective service delivery (especially in the area of public health services), also through building the capacities of the beneficiaries. C. The economic, trade-related effects of potential reunification and disappearance of the Green Line for the TCc Building upon trade diagnostic work to date, this component will estimate the welfare gains to greater integration. Specifically, it will model the welfare gains from increased intra-island trade and from an enhanced economic positioning of the island in the world economy. The analysis will highlight the gains to consumers, producers and by main sectors of the economies (including a close examination of agriculture, manufacturing and service sectors), drawing on the international experience of the WBG. The Bank will also carry out an analysis of likely direct settlement-related effects on trading companies, and suggest how to re-orient them (sectors of growth) in order to gain competitiveness. D. Private sector development and social inclusion for the TCc Policies that improve private sector productivity and competitiveness will be needed for high and sustained rates of economic growth. Moreover, sustainable medium-term economic growth must be shared with all segments of the population otherwise risks will grow that continued integration will stall. This component will focus on the interaction between a more dynamic private sector, medium-term economic growth and the associated employment outcomes, with an emphasis on skills and educational upgrading for a modem economy. Building on the recently completed Private Sector Incentives Report prepared by the World Bank, it will also seek ways to analyze the economic effect of the potential application of the acquis communautaire, in particular in the field of competition and state aid. It may also consider options to reduce inequality of opportunities across income levels. E. Regular macroeconomic monitoring This component will produce two annual economic briefs on the state of the TCc economy. Like the current format of the notes, they will be predominantly descriptive without involving new analytical work. They will provide an update on economic growth, prices and exchange rates, the external sector and the general public sector budget - depending upon the availability of recent data. The component will also include a final report to synthesize the findings under the previous and proposed World Bank program in the context of sources and sustainability of growth. Indicative Outputs and Timeline The Bank shall produce the following outputs within the indicative timeframe described below. 2 OUTPUTS* DATE 1. Inception Report May 2015 A. Fiscal Analysis of the TCc Economy 2. Analytical Report on Public Sector Spending i April 2016 B. Financially Sustainable Public Administration Bodies in the TCc 3. Workshop on Strategic Planning Process i May 2015 4. Guidance Note on Strategic Planning Process July 2015 5. Guidance Note on Public Investment System October 2015 6. Workshop on Public Investment System .. ......... October 2015 7. Guidance Note on Effective Personnel Management October 2015 System 8. Workshop on Effective Personnel Management System October 2015 9. Guidance Note on Effective Service Delivery in Public December 2015 Health 10. Workshop on Effective Service Delivery in Public Health December 2015 11. Capacity Building** throughout the implementation of this Agreement C. The Economic Trade Related Effects of Reunification and Disappearance of the GL in the TCc 12. Analysis of Sectors of Growth and Guidance on their December 2015 Reorientation to Gain Competitiveness 13. Workshop on Sectors of Growth February 2016 D. Private Sector Development and Social Inclusion in the TCc 14. Analytical Report on Labour Market and Guidance on February 2016 Educational System 15. Workshop on Labour Market Analysis February 2016 (together with 13.) 16. Capacity Building** throughout the implementation of this Agreement E. Regular Macroeconomic Monitoring 18. Macroeconomic Monitoring Report December 2015 19. Macroeconomic Monitoring Report June 2016 20. Final Report on Sustainability and Sources of Economy December 2016 * All deliverables will be approved in writing. ** Capacity building activities will be designed to take into account the demand for regular bi-monthly missions by the Bank for at least 5 business days throughout the implementation of this Agreement depending on the needs of the activities to be carried out. The inception report will detail the work plan of activities including a stock-taking of the existing situation. 3. Eligible Expenditures 3.1 For Bank-executed activities, the Trust Fund funds may be used to finance: a) Staff and individual consultant services; b) Cost of travel; 3 c) Cost of training and workshop; and d) Other services including translation. 4. Taxes 5.1 The foregoing activities and categories of expenditures may include the financing of taxes in accordance with the Bank's applicable policies and procedures. 5. Program Criteria 5.1 Activities are to be financed in accordance with the following program criteria: The Trust Fund is established to enable the European Commission and the Bank to continue to collaborate and exchange experience and expertise on a number of themes under all three pillars of the Europe 2020 Agenda - of smart, sustainable and inclusive growth. The express purpose of this Trust Fund is to allow the European Commission to avail itself of the Bank's technical assistance and analytical and policy capacity for the purpose of pursuing the goals of Europe 2020. The three pillars of Europe 2020 are broadly in line with the objectives and strategies adopted in the Europe and Central Asia Region of the World Bank Group. All activities that are in pursuance of these three pillars are eligible to be financed and implemented under this Trust Fund. 4 ANNEX 2 Standard Provisions This Annex shall be applicable to and form an integral part of the Administration Agreement for the Trust Fund between the Bank and the Donor. 1. Administration of the Contributions 1.1 The Bank shall be responsible only for performing those functions specifically set forth in this Administration Agreement and shall not be subject to any other duties or responsibilities to the Donors, including, without limitation, any duties or obligations that might otherwise apply to a fiduciary or trustee under general principles of trust or fiduciary law. Nothing in this Administration Agreement shall be considered a waiver of any privileges or immunities of the Bank under its Articles of Agreement or any applicable law, all of which are expressly reserved. 1.2 Each Donor's Contribution (collectively, the "Contributions") shall be administered in accordance with the Bank's applicable policies and procedures, as the same may be amended from time to time, including its procurement, financial management, disbursement and safeguard policies, its framework to prevent and combat fraud and corruption and its screening procedures to prevent the use of Bank resources to finance terrorist activity, in line with the Bank's obligations to give effect to the relevant decisions of the Security Council taken under Chapter VII of the of Charter of the United Nations. The Donors acknowledge that this provision does not create any obligations of the Bank under the anti-terrorist financing and asset control laws, regulations, rules and executive orders of an individual member country that may apply to a Donor. 2. Management of the Contributions 2.1 The funds deposited in the Trust Fund shall be accounted for as a single trust fund and shall be kept separate and apart from the funds of the Bank. The funds deposited in the Trust Fund may be commingled with other trust fund assets maintained by the Bank. The Bank, in its capacity as trustee, has legal title to the funds deposited in the Trust Fund. 2.2 The currency in which the funds in the Trust Fund shall be held is Euro (the "Holding Currency"). 2.3 Donors agree to deposit their Contributions in the Contribution Currency stated in their respective Administration Agreements. In the case of deposits received in a Contribution Currency other than the Holding Currency, promptly upon the receipt of such amounts and the accompanying Deposit Instructions, the Bank shall convert such amounts into the Holding Currency at the exchange rate obtained by the Bank on the date of the conversion. Where deposits prove to be insufficient to complete activities as a result of exchange rate fluctuations, neither the Bank nor the Donor shall bear any responsibility for providing any additional financing. 8 2.4 The funds deposited in the Trust Fund may be freely exchanged by the Bank into other currencies as may facilitate their disbursement at the exchange rate obtained by the Bank on the date of the conversion. 2.5 The Bank shall invest and reinvest the funds deposited in the Trust Fund pending their disbursement in accordance with the Bank's applicable policies and procedures for the investment of trust funds administered by the Bank. The Bank shall transfer all income from such investment to the Donor's applicable donor balance account with the Bank. 3. Trust Fund Fees and Costs 3.1 The Bank shall deduct and retain for its own account, as a deduction from each Instalment, an amount equal to five percent (5%) per Instalment as an administrative fee for the Trust Fund. 3.2 The Donor acknowledges and agrees that the percentage deductions for fees in this Trust Fund Fees and Costs section are estimated on the basis of anticipated Contributions. If actual Contributions significantly differ from what was originally anticipated at the time of signature of the first Administration Agreement, or if other circumstances affecting Trust Fund fees or costs change, the Bank reserves the right to request a change to the terms of this Trust Fund Fees and Costs section, which would be effectuated by amendments made to the Administration Agreements of all Donors and which would thereafter be applicable to all new Contributions that are provided either as amendments to supplement existing Administration Agreements or from new Donors under new Administration Agreements. 4. Accounting and Financial Reporting 4.1 The Bank shall maintain separate records and ledger accounts in respect of the funds deposited in the Trust Fund and disbursements made therefrom. 4.2 The Bank shall furnish to the Donor current financial information relating to receipts, disbursements and fund balance in the Holding Currency with respect to the Contributions via the World Bank's Trust Funds Donor Center secure website. Within six (6) months after all commitments and liabilities under the Trust Fund have been satisfied and the Trust Fund has been closed, the final financial information relating to receipts, disbursements and fund balance in the Holding Currency with respect to the Contributions shall be made available to the Donors via the World Bank's Trust Funds Donor Center secure website. 4.3 The Bank shall provide to the Donor via the World Bank's Trust Fund Donor Center secure website, within six (6) months following the end of each Bank fiscal year, an annual single audit report, comprising (i) a management assertion together with an attestation from the Bank's external auditors concerning the adequacy of internal control over cash-based financial reporting for all cash-based trust funds as a whole; and (ii) a combined financial statement for all cash-based trust funds together with the Bank's external auditor's opinion thereon. The cost of the single audit shall be borne by the Bank. 4.4 If the Donor wishes to request, on an exceptional basis, a financial statement audit by the Bank's external auditors of the Trust Fund, the Donor and the Bank shall first consult as to whether such an external audit is necessary. The Bank and the Donor shall agree on the 9 appropriate scope and terms of reference of such audit. Following agreement on the scope and terms of reference, the Bank shall arrange for such external audit. The costs of any such audit, including the internal costs of the Bank with respect to such audit, shall be borne by the requesting Donor. 5. Progress Reporting 5.1 The Bank shall provide the Donors with semi-annual reports on the progress of activities financed by the Contributions. Within six (6) months of the End Disbursement Date (as defined below), the Bank shall furnish to the Donors a final report on the activities financed by the Trust Fund. 5.2 The Donor may review or evaluate activities financed by the Trust Fund at any time up to six (6) months following the End Disbursement Date. The Donor and the Bank shall agree on the scope and conduct of such review or evaluation, and the Bank shall provide all relevant information within the limits of the Bank's applicable policies and procedures. All associated costs, including any costs incurred by the Bank, shall be borne by the Donor. It is understood that any such review or evaluation will not constitute a financial, compliance or other audit of the Trust Fund. 6. Disbursement; Cancellation; Refund 6.1 It is expected that the funds deposited in the Trust Fund will be fully disbursed by the Bank by April 20, 2018 (the "End Disbursement Date"). The Bank shall only disburse funds deposited in the Trust Fund for the purposes of this Administration Agreement (other than returns to Donors) after such date to the extent such date is changed in accordance with amendments made to the Administration Agreement(s) of the Donor. Following the End Disbursement Date, the Bank shall return any remaining balance of the Trust Fund to each Donor in the Holding Currency in the manner specified in its respective Administration Agreement on a pro rata basis with regard to the total funds deposited in the Trust Fund by such Donor relative to the total funds deposited in the Trust Fund by the Donor, all calculated as Holding Currency amounts. 6.2 The Donor may cancel all or part of such Donor's pro rata share, and the Bank may cancel all or any Donors' pro rata shares, upon three (3) months' prior written notice, of any Contributions (paid and not yet paid) that are not committed pursuant to any agreements entered into between the Bank and any consultants and/or other third parties for the purposes of this Administration Agreement, including any Grant Agreements, prior to the receipt of such notice. In the event of a cancellation, the Bank shall return to the Donor its pro rata share in the Holding Currency as specified in the Administration Agreement unless otherwise agreed between the Bank and the Donor. 7. Disclosure; Dispute Resolution 7.1 The Bank shall disclose the Administration Agreements and related information on this Trust Fund in accordance with the Bank's Policy on Access to Information. By entering into Administration Agreements, the Donor consent to such disclosure of their respective Administration Agreements and such related information. 10 7.2 The Donor and the Bank shall use their best efforts to amicably settle any dispute, controversy, or claim arising out of or relating to the Administration Agreements. 11 ANNEX 4 INDICATIVE RESULTS INDICATORS FOR THE ACTIVITIES SET FORTH IN SECTION 2.1 OF ANNEX 1 TO THIS ADMINISTRATION AGREEMENT A) Fiscal analysis of the TCc economy Expected Indicators Baselines Result goals Sources of data Assumptions Results (logic of intervention) Impact Use the "Public The stock of To be determined Data will be stock of sector" "public and made available "public servicing of publicly guaranteed and decision sector" its debt is ad- debt", including makers will liabilities to hoc and arrears, of the commit to clear establish a limited 'central 'public sector' clearance administration", liabilities. plan "local administrations", "Social Insurance Fund" and "public enterprises" will inform the decision makers to establish effective debt management ______________ ___________ ____________ practices.___________ Outcome(s) inform Data on Decision makers To be determined Data will be policy for "Official" will be informed made available. public debt stock of about the complete management "public and stock of "public and publicly publicly guaranteed guaranteed debt", including debt" arrears, of the "central administration", "local administrations", "Social Insurance Fund" and "public enterprises". Output(s) Produce an Data on The report will "Central Data will be analytical "Official" expand the existing administration", made available report on stock of data to the complete "local "public "public and stock of "public and administrations", sector" publicly publicly guaranteed "Social Insurance liabilities, guaranteed debt", including Fund", "public including debt" arrears, of the enterprises", banks, arrears. "central "Provident Fund", administration", and others to be "local determined administrations", "Social Insurance Fund" and "public enterprises". Outpt(s) Prouce n Daa o B) Financially sustainable public administration bodies in the TCc Expected Indicators Baselines Result goals Sources of data Assumptions Results (logic Of intervention) Sub-component 1: Strategic Planning Process Impact Implement No Adoption of the To be determined TCc proposed established proposed strategic commitment strategic process for management for establishing planning strategic process a strategic process planning planning process Outcome(s) Inform policy No Improved To be determined TCc on strategic established understanding of commitment planning process for "public policy" for establishing process strategic options, their costs a strategic planning and benefits, which planning would allow better process prioritization and a more efficient and effective public sector Output(s) a) Guidance No Guidance note and EUCC,"Ministry of TCc note on established workshop Finance", and commitment strategic process for explaining the key others to be for establishing planning strategic pillars of a strategic determined. a strategic process planning planning process as planning b) Workshop applied to the TCc process on strategic planning process Sub-component 2: Public Investment Management Impact Implement a No Adoption of a To be determined TCc public established public investment commitment investment process for management for establishing management public process a public system investment investment manageme management nt process Outcome(s) Inform policy No Improved To be determined TCc on public established understanding of commitment investment process for "public for establishing management public investment" a public system investment options, their costs investment manageme and benefits, which management nt would allow better process prioritization and a more efficient and effective public sector Output(s) a) Guidance No Guidance note and Public Investment TCc note on public established workshop Program/ commitment investment process for explaining key Parliamentary for establishing management public pillars of an Committee a public b) Workshop investment effective and Reports/ Quarterly investment on public manageme transparent public MOF Budget management 2 investment nt investment outturns and process management management Investment Reports process as applied to the TCc Sub-component 3: Effective Personnel Management Impact Implement the A new civil The new civil To be determined TCc will adopt new civil service law service law will be the new civil service law pending at adopted and service law and the implemented. commit to its Parliament implementation Outcome(s) Inform policy A new civil Organizational To be determined TCc will adopt to implement service law charts outlining the new civil the new civil pending at mandates and service law and service law the functions, job commit to its Parliament descriptions/classifi implementation cations Output(s) a) Guidance A new civil Guidance note and EUCC, overall TC TCc will adopt note on service law workshop to administration, and the new civil effective pending at present others to be service law personnel the organizational determined management Parliament charts outlining system mandates and b) Workshop functions, job on effective descriptions/classifi personnel cations management system Sub-component 4: Effective Service Delivery in Public Health Impact Implement Public Adoption of public To be determined. Data will be some of the health health system made available proposed system reforms and the TCc public health reform will commit to system reforms ideas exist reforming its public health system Outcome(s) Inform policy Public Decision makers To be determined. Data will be by presenting a health will be informed made available reform plan for system about the reform and the TCc the public reform options to improve will commit to health system ideas exist the efficiency of reforming its public health public health system system Output(s) a) Guidance Public Guidance note and 'Ministry of Data will be note on Finance workshop on key Finance', 'Ministry made available effective Review pillars of an of Health', 'public service prepared effective public hospitals' and delivery in by the health system others to be public health World determined. b) Workshop Bank on effective service delivery in public health Sub-component 5: Capacity Building Impact Public Limited Public To be identified. Commitment to administration capacity administration public reforms are exists at the reforms are drafted administration initiated technical at the technical reform level level 3 Outcome(s) Increased Limited Increased To be identified. Commitment to understanding capacity understanding of public of and exists at the and commitment to administration commitment to technical public reform public level administration administration reforms at the reforms technical level Output(s) Regular Initial Regular missions To be identified. Commitment to missions and meetings as and meetings with public meetings with a part of various administration various project stakeholders reform stakeholders design Istage C) Analyzing the economic, trade-related effects of potential reunification and disappearance of the Green Line on the TCc Expected Indicators Baselines Result goals Sources of Assumptions Results data (logic of intervention) Impact Implement Sectoral Adoption of To be Data will be proposed policies do not sectoral policies determined made available, policies take into that take into the TCc will account the account potential commit to effects of re- effects of re- sectoral growth unification on unification on and competitiveness competitiveness competitiveness and options for policies and reorientation preparedness for re- unification Outcome(s) Inform sectoral Sectoral Decision makers To be Data will be policies to policies do not will be informed determined made available increase take into about the and the TCc competitiveness account the potential effects will commit to and growth effects of re- of re-unification sectoral growth unification on on and competitiveness competitiveness competitiveness and options for policies and reorientation preparedness for re- unification Output(s) a) Analytical World Bank's A comparative To be Data will be report on sectors Private Sector analysis of determined made available of growth Incentives and enterprise keeping in mind Green Line characteristics the possible Trade reports, and policy reunification, studies by other recommendations including organizations and workshop on analysis of likely sectoral direct settlement- reorientation to related effects on gain trading competitiveness companies; guidance on their reorientation to gam4 competitiveness b) Workshop on sectors of growth D) Private sector development and social inclusion in the TCc Expected Indicators Baselines Result goals Sources of Assumptions Results data (logic of intervention) Sub-compone t 1: Educational upgrading of labor supply Impact Implement Existing labor Adoption of To be TCc some of the market and some of the determined commitment to proposed education proposed labor labor market policies policies market and education education reforms policies Outcome(s) Inform policy Existing labor Decision makers To be Data will be by proposing market and will be informed determined made available labor market education about the labor and TCc and education policies market and commitment for reforms to education labor market improve private policies to and education sector improve the skill reforms competitiveness level of the labor force Output(s) a) Analytical The Public Analytical report To be Data will be report on labor Finance and workshop determined made available market and Review by the detailing drivers and TCc guidance on World Bank of employment commitment for educational and other growth, how it is labor market system studies affected by and education b) Workshop education reforms on labor market practices, and and educational policy system recommendations to improve the skill level of the labor force; Regular missions and meetings with various stakeholders Sub-compone nt 2: Capacity Building Impact Labor market Limited Labor market and To be identified. Commitment to and educational capacity educational reforms labor market reforms are exists at the are drafted at the and educational initiated technical technical level reforms level Outcome(s) Increased Limited Increased To be identified. Commitment to understanding capacity understanding of labor market of and exists at the and commitment to and educational commitment to technical labor market and reforms labor market level educational reforms and educational at the technical reforms level Output(s) Regular Limited Regular missions To be identified. Commitment to 5 missions and capacity and meetings with labor market meetings with exists at the various and educational various technical stakeholders reforms stakeholders level E) Regular macroeconomic monitoring Expected Indicators Baselines Result goals Sources of Assumptions Results data (logic of intervention) Sub-component 1: Two annual macroeconomic monitoring notes Impact The TCc Semi-annual Annual To be Decision statistical macroeconomic macroeconomic determined makers commit "authorities" projections by monitoring to produce start producing the "State reports high-quality regular Planning macroeconomic macroeconomic Organization" monitoring monitoring notes and quarterly reports statistical bulletin by the "Central bank" Outcome(s) Inform Past Outputs will be To be New data will development macroeconomic disseminated to determined be made partners and monitoring the available and decision makers reports development development on covering partners and partners and macroeconomic developments decision decision makers developments until Q3 2014 makers will participate in the dissemination event Output(s) Two Past New 'State' New data will macroeconomic macroeconomic macroeconomic Planning be made monitoring monitoring monitoring Organization, available reports reports reports for 'Ministry of covering 2014 and 2015 Finance', developments 'Central until Q3 2014 Bank', 'Ministry of Economy' and others to be determined Sub-component 2: Final report on sustainability and sources of economic growth in the TCc Impact Inform Other World Output will be Inform Other development Bank reports disseminated to development components of partners and under the the development partners and the work decision previous and partners and decision makers program will makers on proposed decision makers on sources and be completed sources and work sustainability of and sustainability program growth in the development of economic TCc partners and growth in the decision TCc makers will participate in 6 the dissemination event Outcome(s) Inform Other World Output will be To be Other development Bank reports disseminated to determined components of partners and under the the development the work decision previous and partners and program will makers on proposed decision makers be completed sources and work and sustainability program development of growth in partners and the TCc decision makers will participate in the dissemination event Output(s) A final report Other World A final report 'State' Planning Other on Bank reports synthesizing the Organization, components of sustainability under the findings under the 'Ministry of the work and sources of previous and previous and Finance', program will economic proposed proposed World 'Central Bank', be completed growth in the work Bank work 'Ministry of TCc program programs in the Economy' and context of others to be sustainability and determined sources of economic growth in the TCc 7