Public Disclosure Copy The World Bank Implementation Status & Results Report Audit of DEBRA (P158654) Audit of DEBRA (P158654) EUROPE AND CENTRAL ASIA | Kyrgyz Republic | Finance & Markets Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2016 | Seq No: 1 | ARCHIVED on 14-Jun-2017 | ISR28278 | Implementing Agencies: National Bank of Kyrgyz Republic, Debt Enterprise Bank Resolution Agency Key Dates Key Project Dates Bank Approval Date:30-Dec-2015 Effectiveness Date:14-Jan-2016 Original Closing Date:30-Jun-2017 Revised Closing Date:30-Jun-2017 Project Development Objectives Project Development Objective (from Project Appraisal Document) This activity is part of the SECO Funded Kyrgyz Financial Sector Development Project which aims "to enhance financial sector stability by (i) strengthening the legal and regulatory capacity of NBKR as a financial sector regulator; and (ii) improving financial safety net”. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Highly Satisfactory Overall Implementation Progress (IP)  --  Highly Satisfactory Implementation Status and Key Decisions Implementation is completed in July 2016 with the consultant submitting audit reports agreed in the ToR. Risks 6/14/2017 Page 1 of 4 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Audit of DEBRA (P158654) Overall Risk Rating Risk Category Rating at Approval Previous Rating Current Rating Overall  --  --  Substantial Comments Lack of ownership and political sensitivities may undermine the implementation of the Audit (substantial risk). As a result of DEBRA’s complex reporting structure several parties including the Ministry of Finance, the NBKR, and the President’s Office were involved in the previous operations of the institutions. Hence, the audit of these operations may have implications on these institutions impacting the eagerness and the ownership. To mitigate this risk the WB team along with the IMF and SECO worked closely with all authorities to build a common view on the need for successful implementation of the audit. In addition, the Prime Minister’s Office was involved during the preparation stage and ensured the coordination with all stakeholders by issuing a resolution. Results Project Development Objective Indicators PHINDPDOTBL Audit of DEBRA and banks under its management completed by the end of 2016 (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y -- -- Y Date 18-Dec-2015 -- 29-Jul-2016 31-Dec-2016 Overall Comments Intermediate Results Indicators PHINDIRITBL DEBRA hires an audit firm with international experience within the six months after project's effectiveness (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y -- -- Y Date 18-Dec-2015 -- 26-Jan-2016 30-Jun-2016 6/14/2017 Page 2 of 4 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Audit of DEBRA (P158654) Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P158654 TF-A1806 Effective USD 0.34 0.34 0.00 0.34 0.00 100% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P158654 TF-A1806 Effective 14-Jan-2016 14-Jan-2016 14-Jan-2016 30-Jun-2017 30-Jun-2017 Cumulative Disbursements Restructuring History 6/14/2017 Page 3 of 4 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Audit of DEBRA (P158654) There has been no restructuring to date. Related Project(s) There are no related projects. 6/14/2017 Page 4 of 4 Public Disclosure Copy