Public Disclosure Copy The World Bank Implementation Status & Results Report Third Development Policy Operation (P155066) Third Development Policy Operation (P155066) EAST ASIA AND PACIFIC | Tuvalu | Macroeconomics, Trade and Investment Global Practice | IBRD/IDA | Development Policy Lending | FY 2017 | Seq No: 1 | ARCHIVED on 06-Mar-2018 | ISR31605 | Implementing Agencies: Ministry of Finance and Economic Development, Ministry of Finance and Economic Development Key Dates Key Project Dates Bank Approval Date:09-Dec-2016 Effectiveness Date:22-Feb-2017 Planned Mid Term Review Date:-- Actual Mid-Term Review Date:-- Original Closing Date:30-Jun-2018 Revised Closing Date:30-Jun-2018 Program Development Objectives Program Development Objective (from Program Document) Project Development Objective (Note: will be disclosed in the MOS) The proposed development policy operation will support the Government of Tuvalu's medium term reform agenda in the ares of public finance mangement, service delivery and public enterprise reforms. Board Schedule Comments PHRPDODEL Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Moderately Satisfactory Overall Implementation Progress (IP)  --  Satisfactory Overall Risk Rating  --  Substantial Implementation Status and Key Decisions This operation because effective in early 2017 and is the first in a programmatic series of two operations. It is too early to make a full assessment of the progress towards achieving the programmatic results, although good progress has been made in supporting the implementation of reforms supported under the operation. Risks Systematic Operations Risk-rating Tool 3/6/2018 Page 1 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Third Development Policy Operation (P155066) Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Moderate  --  Moderate Macroeconomic  Substantial  --  Substantial Sector Strategies and Policies  Moderate  --  Moderate Technical Design of Project or Program  Moderate  --  Moderate Institutional Capacity for Implementation and Sustainability  Substantial  --  Substantial Fiduciary  Substantial  --  Substantial Environment and Social  Substantial  --  Substantial Stakeholders  Moderate  --  Moderate Other  --  --  -- Overall  Substantial  --  Substantial Results Results Indicators PHINDIRITBL  Gross secondary enrollment rate (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 67.30 -- 64.60 72.30 Date 31-Dec-2012 -- 31-Dec-2015 31-Dec-2019 Comments According to national data releases, e.g. "Tuvalu Education Department 2015 Statistical Report", available online, the GER was 67.3 percent in 2012, not 55 percent as stated in the PD. There is no information for 2012 or adjacent years in the World Bank World Development Indicators. Latest published data for the above source indicates that the GER has fallen from 2012 to 2015, noting that this is still prior to implementation of the supported actions. PHINDIRITBL  Adult smoking prevalance (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 37.90 -- 37.80 34.00 Date 31-Dec-2015 -- 31-Dec-2012 31-Dec-2019 Comments The source given for this indicator is "WHO annual reports on the tobacco free initiative". However, the data cited in the "WHO Tuvalu 3/6/2018 Page 2 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Third Development Policy Operation (P155066) Country Profile" on tobacco control of 37.9% adult smoking prevalence is based on census data from 2002. Therefore, that baseline year for this data is incorrect and should be revised. The 2012 census indicates that 37.8% of all people aged 15+ either smoke regularly or sometimes. PHINDIRITBL  Whether TTF investment managers are selected on a competitive basis (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 31-Dec-2015 -- 29-Dec-2017 31-Dec-2019 Comments As of end-2017, there has been no change in investment manager. Since no selection has taken place since the baseline period, the baseline still applies. PHINDIRITBL  Annual average TTF investment management fee (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.63 -- 0.63 0.43 Date 31-Dec-2015 -- 30-Dec-2016 31-Dec-2019 PHINDIRITBL  Variance between budget and actual wage spending (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 4.80 -- 5.30 4.80 Date 31-Dec-2014 -- 29-Dec-2017 31-Dec-2019 Comments The original baseline value for 2014 is given as 12.7%. However, the audited government financial statements for 2014 show staff expenditure to be AU$15,089,247 compared to a budget of AU$15,856,439, which is a variance of 4.8 percent. Therefore the baseline 3/6/2018 Page 3 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Third Development Policy Operation (P155066) value has been revised and the target value adjusted to below that level. PHINDIRITBL  Oversight of the banking sector (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Monitoring reports are produced regularly, including No regular monitoring No regular monitoring Value -- information on reports reports nonperforming loans, and tabled to the Cabinet for information. Date 31-Dec-2015 -- 29-Dec-2017 31-Dec-2019 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P155066 IDA-D1520 Effective USD 3.30 3.30 0.00 3.45 0.00 100% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P155066 IDA-D1520 Effective 09-Dec-2016 24-Jan-2017 22-Feb-2017 30-Jun-2018 30-Jun-2018 Tranches 3/6/2018 Page 4 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Third Development Policy Operation (P155066) Restructuring History There has been no restructuring to date. Related Operations P161867-Tuvalu Fourth Development Policy Operation 3/6/2018 Page 5 of 5 Public Disclosure Copy