Uganda - Financial Sector Adjustment Credit Project

Document of The World Bank FOR OFFICIAL USE ONLY Report No. 17987 IMPLEMENTATION COMPLETION REPORT UGANDA FINANCIAL SECTOR ADJUSTMENT CREDIT (Credit No. 2496-UG) June 10, 1998 Private Sector and Finance Africa Region This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  Currency Equivalents Current Unit = Uganda shilling (Ush) US$1.0 = Ush 1,110 (February 1998) Fiscal Year of Borrower July 1 - June 30 Acronyms and Abbreviations BOU Bank of Uganda COOP Cooperative Bank ERC Economic Recovery Credit FSAC Financial Sector Adjustment Credit FSRP Financial Sector Restructuring Program NPART Non-Performing Assets Recovery Trust NBFI Non-Bank Finance Institutions NSSF National Social Security Fund POSB Post Office Savings Bank PPF Project Preparation Facility UCB Uganda Commercial Bank UDB Uganda Development Bank USAID United States Agency for International Development TA Technical Assistance Vice President Callisto E. Madavo Director James W. Adams Technical Manager Thomas W. Allen Task Team Leader Mark Dorfman  FOR OFFICIAL USE ONLY Table of Contents Evaluation Summary ................. Introduction. Project Objectives ..................................................:.i Implementation Experience and Results.ii Future Operations.iii Key Lessons Learned.iii PARTI1: PROCRAM IMPLEMENTA TION ASSESSMENT.I A. Background.I B. Statement and Evaluation of Objectivess.2 C. Achievement of Objectives..3 D. Major Factors Affecting the Programm.3 E. Implementation Record .4 F. Assessment of Outcome.6 G. Institutional Developmentt.9 H. Program Susttinabiiltty.9 I. Bank Performance.10 J. Borrower Performance.11 K. Future Operation.... L. Key Lessons Learnedd.12 PART II: STATISTICAL TABLES 13 T able 1: Summary of Assessments.14 Table 2: Related Bank Loans and Credits.15 Table 3: Project Timetable.16 tfable 4: Credit Disbursements: Cumulative Estimated and Actual Disbursements .16 Table 5: Key Indicators for Project Implementation.17 Table 6: Key Indicators of Project Operation.19 T abl e 7: Studies Included in the Project .........................................19 Table 8A: Project Costs.20 Table 8B: Project Financing.20 Table 9: Economic Costs and Benefits.21 Table 10: Status of Legal Convenants.21 Table 11: Bank Resources; Staff Inputs.23 Table 12: Bank Resources; Missions.23 Table 13: Uses of Technical Assistance (foreign costs).24 Table 14: Second Tranche Conditions (Original and Mvlodified).25 PART HI: APPENDICES.27 APPENDIX I AIDE MEMOIRE FOR THE FINAL FSAC SUPERVISION MISSION.27 APPENDIX 2: BORROWER'S CONTRIBUTION TO THE IMPLEMENTATION COMPLETION REPORT.42 MAP.56 This document has a restricted distribution and may be used by recipients only in the pe:rformance of their official duties. Its con .tents may not otherwise be disclosed without W