The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) Lao PDR Financial Sector Safety Net Strengthening (P169194) EAST ASIA AND PACIFIC | Lao People's Democratic Republic | IBRD/IDA | Investment Project Financing (IPF) | FY 2020 | Seq No: 7 | Archived on 27-Jun-2024 | ISR00329 Implementing Agencies: Deposit Protection Office 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 29-Mar-2020) To strengthen the financial and institutional capacity of the Deposit Protection Office to fulfill its deposit insurance mandate. Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name Component 1: Capitalization of Deposit Protection Office Equity Fund:(Cost 33,250,000.00) Component 2: Institutional Capacity Building for DPO and Project Management:(Cost 1,750,000.00) 3. OVERALL RATINGS Name Previous Current Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial 4. KEY ISSUES & STATUS 4.1 Implementation Status and Key Decisions Jun 27, 2024 Page 1 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) The mission welcomed progress from the Deposit Protection Office (DPO) in advancing Performance-based conditions (PBCs) following Mid Term Review (MTR). However, it will be challenging for DPO to complete the remaining 9 Performance Based Conditions (PBCs) before the closing date of September 30, 2024. DPO needs to accelerate implementation in order to achieve the project’s development objective. Component 1: Based on the implementation support mission held during March 18-20, 2024, and a subsequent technical mission held during May 20-25 ,the mission noted that despite a lack of disbursements, two PBCs (C1 and C4) have been completed and several PBCs are near completion. The WB will continue working closely with DPO to urgently complete these PBCs. In particular, PBC#D3 on simulation exercise, it was agreed to conduct the payout simulation during the week of July 8-12, 2024, as DPO has completed the preparatory activities agreed. During the technical mission, the WB, BOL and DPO also agreed on way forward to complete the 2 PBC on establishment of a Financial Sector Stability Committee. The mission agreed that DPO would provide further information necessary to complete the Target Fund Ratio (TFR) model and continue discussions on TFR Strategy under PBC#A1. Component 2: the mission team noted improvement on Financial Management activities. M&E is downgraded based on DPOs delay in sharing necessary information including to compute target fund ratio. 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Last Approved Rating Risk Category Approval Package - ISR Seq. 06 - 21 Aug Proposed Rating 30 Mar 2020 2023 Political and Governance Substantial Substantial Substantial Macroeconomic High High High Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Substantial Substantial Substantial Sustainability Fiduciary Substantial Substantial Moderate Environment and Social Low Low Low Stakeholders Substantial Substantial Substantial Overall Substantial Substantial Substantial Jun 27, 2024 Page 2 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes Capitalization of Deposit Protection Office Equity Fund Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.51 Oct/2019 0.57 31-Dec-2022 1.10 Jun/2024 Comments on Target Fund ratio for 2019 was estimated at 0.59 at appraisal (and revised downward based achieving targets on actuals to 0.50) and estimated to have increased to 0.45 at end 2022. The decrease was due to the slower than expected disbursement of IDA funds to the DPO equity account, and a 55% depreciation of the Lao Kip (with around 2/3 deposits in FX). The TFR has declined further in 2023 due to the significant depreciation of the Lao Kip. DPO is currently revising Adequate financial inflows the TFR strategy (PBC A1), with WB support. As noted below, and as part of PBC A1, DPO will into the DPO during the set a new TFR based on changing economic context, and the new TFR will be reflected in the course of the project, in Project Operations Manual. order to achieve a funding ratio of at least 1.10% (eligible deposits) This indicator is defined as the ratio of total DPO reserves to the total eligible deposits in (Percentage) PBC member financial institutions. The current target i based on the team’s assumption and analysis in the PAD. During project implementation, to achieve PBC#A1, the project will update the methodology for determining the TFR, and strategy for achieving it, supported by World Bank technical assistance. As such, the TFR target is expected to be fine-tuned during the course of the project. Any revisions to the target will be documented in Proect Operations Manual. Arrangement on back-up No Oct/2019 Yes 13-May-2022 Yes Jun/2021 funding support in place Comments on Memorandum of Agreement (MOA) on back-up funding between Department of Public Debt (Yes/No) PBC achieving targets Management, MOF and DPO was signed on May 13, 2022. WB approved and verified Jun 27, 2024 Page 3 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) achievement of this PBC and disbursement was completed in May 2023. Following the MOA, detaile procedures need to be prepared to ensure quick access to funds in the event of a crisis. DPO is working with MOF to develop these procedures, and the WB team will report on progress during the next ISM. This indicator is aligned with PBC #A3. Back-up funding facility is critical as a good international practice under IADI Core Principle to ensure liquidity in the event of a crisis. The backup funding arrangement should be clear in terms of procedures and requirements and rapidly disburing to ensure prompt payment to depositors and prevent undue repercussions to the system of any delays in the ability of DPO to reimburse claims of depositors. Note that estimated amount of the backup facility is not included, as the WB will provide assistance on the methodology to determine appropriate level and size of the back-up fund. Strengthened Institutional capacity Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Materially Oct/2019 Materially 27-Jun-2023 Partially Jun/2024 Non-Compliant Non-Compliant Compliant DPO empowered to perform Comments on Another assessment will be conducted toward project closing. As noted, to achieve the its legally-mandated function achieving targets target, DPO needs to complete outstanding PBCs and integrate completed ones into (deposit payout), as operations. evidenced by progress towards compliance with IADI Core Principles (Text) DPO and WB updated the self-assessment of DPO performance against the IADI Core Principles in March 2023. Overall, DPO has made improvement and scored at 63%, compared to 50% in 2019, which is still considered as Materially non-compliant (MNC). As noted in AM, Jun 27, 2024 Page 4 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) to achieve the target, DPO needs to complete outstanding PBCs and integrate completed ones into operations. Indicator will measure DPO progress towards complying with IADI core principles. According to the baseline assessment conducted by WB in Septmber 2019, and a scoring system developed by the WB, DPO is materially non-compliant. The scoring system is based on the 16 core principles (and each CP has sub-criteria), in which each CP is assigned a percentage as follows: NA=0% (not applicable), NC=Non-compliant (25%): MNC=50% (materially non- compliant); LC=75%, Largely compliant, C=100%, Compliant. The baseline is 57%, which corresponds to materially Non-Compliant. The target is based on the assumption that DPO achieves all the DLIs, which would correspond to an overall rating of 74%, or Partially Compliant. The World Bank will periodically update the assessment during project implementation. No Oct/2019 No 27-Jun-2023 Yes Dec/2021 Comments on Simulation exercise on deposit insurance claims processing and payment is delayed and achieving targets expected in Q3 2024, given there is substantial work to be completed by DPO to be ready to conduct the simulation . During the MTR, a partial crisis simulation exercise was conducted with DPO staff. Participants agreed on need to conduct another simulation exercise, but one Simulation exercise on which includes the complete cycle, i.e., from planning to actual payout. deposit insurance claims processing and payment DPO will conduct an exercise to simulate the procedures and guidelines it has developed to conducted (Yes/No) PBC hanle the reimbursement of claims to ensure preparedness in handling their core mandate and to address any gaps and problems that may be encountered during implementation. This shall involve use of actual deposit data of selected bank/banks. The output of the exercise will be a report documenting the results of the exercise, successes and failures, lessons learned, that will inform further enhancements to bolster DPOs capacity to fulfill its deposit insurance mandat Jun 27, 2024 Page 5 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) 6.2 Intermediate Results Indicators by Components Component 1: Capitalization of Deposit Protection Office Equity Fund Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year No Oct/2019 Yes 15-Feb-2022 Yes Mar/2020 Comments on WB approved and verified achievement of this PBC during the ISR of July 2021. achieving targets DPO will adopt a uniform flat rate irrespective of currency of deposit, consistent with the Regulation on adjusted recent consolidation of maximum amount of deposit insurance coverage to 50 Million Kip. premium passed DPO has adjusted premium rates in the past and is able to collect premium from members (Yes/No) PBC promptly. It is moving to further enhance the premium collection process to minimize delays in the payment of premium and optimize investment income. 38.00 Oct/2019 100.00 27-Jun-2023 100.00 Jun/2022 Comments on The Certification was endorsed and DPO submitted supporting documents cited as basis for achieving targets issuance of the Certification, which complies with the requirements of the PBC. DPO reserves invested in instruments other than deposits at member institutions This indicator is aligned with PBC#A4 which requires that all of the DPO reserves be invested (Percentage) PBC in instruments other than deposits at member institutions. As of end 2018, 38% of DPO reserves have been invested in low risk instruments namely government bonds, central bank bonds and deposits in Bank of Lao Component 2: Institutional Capacity Building for DPO and Project Management Jun 27, 2024 Page 6 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year No Oct/2019 Yes 15-Feb-2022 Yes 14-Feb-2022 Yes Dec/2020 Comments on WB approved and verified achievement of this PBC during the ISR as of July 2021. Sharing of BOL risk achieving targets information on problematic banks with DPO (Yes/No) PBC This indicator is aligned with PBC#B1. MOU between BOL and DPO will enable DPO to receive sufficient information about risks in the banking system to inform its funding strategy. No Oct/2019 No 08-May-2024 No 08-May-2024 Yes Dec/2021 Comments on The mission team just learned that Laos is developing a Prime Ministerial level regulation for achieving targets crisis management, which among other things would provide legal framework for a Financial Sector Stability Committee (FSSC), which is a PBC under the Financial Safety Net Project. Thus, Technical committee the WB will follow up with the Banking Supervision Department to discuss plans to develop a constituted to prepare crisis management framework, and determine if it would be feasible to support the effort groundwork for Financial under the project, as an acceptable alternative to the current PBCs. Sector Stability Committee (Yes/No) PBC This indicator is aligned with PBC#B2. Technical committee on financial stability shall be constitued supported by terms of reference and members from relevant agencies. This committee will prepare groundwork for Financial Sector Stability Committee. No Oct/2019 Yes 15-Feb-2022 Yes Dec/2020 Comments on WB approved and verified achievement of this PBC. DPO Corporate Governance achieving targets Charter and Code of Ethics approved (Yes/No) PBC This indicator is aligned with DLI 8-9 which requires a Corporate Governance Charter to be approved by BOL Governor, and a Code of Ethics to be approved by DPO Board. Jun 27, 2024 Page 7 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) No Oct/2019 No 27-Jun-2023 Yes Dec/2022 Comments on As of this ISR, WB approved and verified achievement of this PBC#C4 on improved accounting achieving targets and reporting system. This PBC and PBC#C3 (completed) on the Chart of Accounts may be deemed acceptable as a first step to move towards compliance with Core Principles. DPO Audited financial statements should comply with the remaining PBC on the Accounting System which shall involve the generated from the new implementation of IT system, and the Financial Reporting and Accounting Systems accounting system (Yes/No) PBC This indicator is aligned with PBC#C3-5. This is to improve DPO accounting and reporting system with an aim to generate financial statements and report from the new accounting systm and approved by DPO Board No Oct/2019 Yes 27-Jun-2023 Yes Mar/2021 Comments on WB approved and verified achievement of this PBC. Disbursement was completed in May achieving targets 2023. Regulation on record keeping of deposits approved and issued (Yes/No) PBC This indicator is consistent with PBC#D1 which requires that Regulation on record keeping of deposits include requirement to prepare deposit data in Single Deposit View (SCV) format be approved by the DPO Board and issued to members. No Oct/2019 Yes 29-Apr-2022 Yes 28-Apr-2022 Yes Dec/2020 Comments on WB approved and verified achievement of this PBC. Disbursement was completed in May achieving targets 2023. Regulation on procedures for claiming deposit insurance approved (Yes/No) PBC This indicator is consistent with PBC#D2 which requires Regulation that guide the procedure for claiming deposit insurance in the event of payout be approved by the DPO Board No Oct/2019 Yes 29-Apr-2022 Yes Dec/2020 Jun 27, 2024 Page 8 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) Comments on WB approved and verified achievement of this PBC. Disbursement was completed in May Regulation requiring member achieving targets 2023. Institutions to provide standard information on deposit insurance coverage This indicator is aligned with PBC#E1 which requires that Regulation requiring member to their clients issued Institutions to provide standard information on deposit insurance coverage t their clients (Yes/No) PBC issued by BOL/DPO No Oct/2019 No 08-May-2024 No 08-May-2024 Yes Jun/2023 Comments on Public awareness strategy was approved. General public awareness started in June 2022 in 2 achieving targets provinces (Vientiane and Champasack) and in 4 districts (Sisattanack, Sikhottabong, Saythany and Sangthong), and to Savannakhet province and northern part of the country from early October 2022. DPO has established a communication team and developed tools such as leaflets, video clips, radio jingles, etc. for public awareness campaigns. The strategy will be further revised based on survey conducted by the survey firm, on board since June 2023. The Public awareness strategy firm has completed the survey, and the final survey report has been delivered for approval. revised based on survey The DPO Communication team will update public awareness strategy based on report’s conducted (Yes/No) PBC recommendation. Action plans for revising the strategy were discussed during the technical mission. Draft Public awareness strategy envisions conducting evaluations and developing feedback mechanisms to determine if objectives were met and how many depositors and /or members were Percentage of complaints 0.00 Oct/2019 0.00 27-Jun-2023 75.00 Jun/2024 handled from Grievance Comments on No complaints or grievance messages were received by DPO to date. The grievance Redress mechanism in place achieving targets mechanism has been set up. DPO has assigned focal person, who will coordinate with an (disaggregated by Internal Audit Division staff to manage and maintain the GRM for PIU. The DPO has also set number/percent of women) up a hotline, comments/feedback section on their official website, social media pitch and (Percentage) office drop box for comments, complaints, and feedbacks. Training for PIU, DPO staff, and Jun 27, 2024 Page 9 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) members on managing clients’ feedback and complaints was conducted in early March 2023 after the Communication Consultant came on board. Draft Public awareness strategy contains plans for grievance mechanism, including via website and other facilities for grievance and complaints by depositors. Indicator will track percentage of registered grievances that are addressed according to agreed procedures. This is the total number of grievance messages received by [website and other facilities], which have been satisfactorily addressed and recorded. 0.00 Oct/2019 0.00 27-Jun-2023 75.00 Jun/2024 Comments on Public awareness strategy was approved. General public awareness started in June 2022 in 2 achieving targets provinces (Vientiane and Champasack) and in 4 districts (Sisattanack, Sikhottabong, Saythany and Sangthong), and to Savannakhet province and northern part of the country from early October 2022. DPO has established a communication team and developed tools such as Beneficiary satisfaction with leaflets, video clips, radio jingles, etc. for public awareness campaigns. The strategy will be public awareness and literacy further revised based on survey conducted by the survey, on board since June 2023. The firm program about the deposit has completed the survey, and the final survey report has been delivered for approval. The insurance (disaggregated by DPO Communication team will update public awareness strategy based on report’s number/percent of women) recommendation. Action plans for revising the strategy were discussed during the technical (Percentage) mission. Draft Public awareness strategy envisions conducting evaluations and developing feedback mechanisms to determine if objectives were met and how many depositors and /or members were reac Regulations governing No Oct/2019 Yes 31-May-2022 Yes Mar/2021 problem bank resolution Comments on Notification on Implementation of Deposit Protection Activities was signed on May 31, 2022. process in place achieving targets WB approved and verified achievement of this PBC. Disbursement was completed in May (Yes/No) PBC 2023. Jun 27, 2024 Page 10 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) This indicator is aligned with PBC#F1 which requires Regulations govering problem bank resolution process (incl. on how to resolve banks, early warning system, and prompt corrective action framework) be adopted by the BOL No Oct/2019 Yes 16-May-2022 Yes Jun/2021 Comments on Notification on Implementation of Deposit Protection Activities was signed on May 16, 2022. achieving targets WB approved and verified achievement of this PBC. Disbursement was completed in May Regulations on prompt corrective action and early 2023. intervention in place (Yes/No) PBC This indicator is aligned with PBC#F2 which requires the finalizaion of regulations on prompt corrective action and early intervention No Oct/2019 No 27-Jun-2023 Yes Jun/2023 Comments on The assessment will be conducted toward project closing. As noted, to achieve the target, achieving targets DPO needs to complete outstanding PBCs and integrate completed ones into operations. Assessment on Compliance with IADI Core Principles on Deposit Insurance completed This indicator is aligned with PBC#F3 which requires the assessment to be conducted by DPO (Yes/No) PBC with WB technical assistance during the latter years of the project, and the development of an action plan to address identified gaps. An interim assessment was conducted for the mid- term review, in March 2023. No Oct/2019 No 04-Oct-2022 Yes Jun/2024 Timely payout of insured Comments on This will be better measured following simulation exercise on deposit insurance claims deposits in the event of a achieving targets processing and payment being conducted. bank failure (Yes/No) Indicator will measure DPOs adherence to it's legal obligations to payout out depositors in the event of a bank failure. The timelines are defined by Decree on Deposit Insurance: 1. Jun 27, 2024 Page 11 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) within 15 days from certification of bankruptcy for bankrupt bank to file proposal to DPO; 2. within 60 days from receipt of proposal by DPO to announce claims process and timeline; 3. within 90 days from announcement for depositors to file claims, may be extended twice, each extension not to exceed 90 days. The indicator will be measured by DPO and WB. 6.3 Performance Based Conditions (PBC) Actual (Previous) Actual (Current) PBC Name Baseline Closing Period Value Date Value Date 1:Adequate Value 0.51 0.57 0.57 financial inflows into the DPO during the course of the project, in order to Allocated 31-Dec-2022 31-Dec-2022 achieve a funding 0.00 0.00 0.00 ratio of at least Amount 1.10% (eligible deposits) (Percentage) PBC allocation 2.38 2:Regulation on Value No Yes Yes adjusted premium Allocated 15-Feb-2022 15-Feb-2022 passed (Yes/No) 0.00 0.00 0.00 Amount PBC allocation 2.38 Value No Yes 13-May-2022 Yes 13-May-2022 Jun 27, 2024 Page 12 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) 3:Arrangement on back-up funding Allocated 0.00 0.00 0.00 support in place Amount (Yes/No) PBC allocation 2.38 4:DPO reserves Value 38.00 100.00 100.00 invested in instruments other Allocated 27-Jun-2023 27-Jun-2023 than deposits at 0.00 0.00 0.00 member institutions Amount (Percentage) PBC allocation 2.38 5:Sharing of BOL Value No Yes Yes risk information on Allocated 15-Feb-2022 15-Feb-2022 problematic banks 0.00 0.00 0.00 with DPO (Yes/No) Amount PBC allocation 2.38 6:Technical Value No No No committee constituted to prepare Allocated 27-Jun-2023 27-Jun-2023 groundwork for 0.00 0.00 0.00 Financial Sector Amount Stability Committee (Yes/No) PBC allocation 1.80 7:Bank of Lao PDR Value No No No Yes has issued an order Allocated 08-Jun-2020 08-Jun-2020 to constitute 0.00 0.00 0.58 Amount Jun 27, 2024 Page 13 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) Financial Sector Stability Committee (PBC B.3) (Yes/No) PBC allocation 0.58 8:DPO Corporate Value No Yes Yes Governance Charter Allocated 15-Feb-2022 15-Feb-2022 and Code of Ethics 0.00 0.00 0.00 approved (Yes/No) Amount PBC allocation 1.19 9:BOL Governor has Value No No No Yes approved its Code Allocated 08-Jun-2020 08-Jun-2020 of Ethics (PBC C.2) 0.00 0.00 0.00 (Yes/No) Amount PBC allocation 1.19 10:Audited financial Value No No No statements generated from the Allocated 27-Jun-2023 27-Jun-2023 new accounting 0.00 0.00 0.00 Amount system (Yes/No) PBC allocation 0.79 11:DPO has Value No No No Yes implemented an improved accounting and Allocated 08-Jun-2020 08-Jun-2020 reporting system 0.00 0.00 0.00 that includes the Amount reporting system (PBC C.4) (Yes/No) PBC allocation 0.79 Jun 27, 2024 Page 14 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) 12:DPO has Value No No No Yes implemented an improved accounting and Allocated 08-Jun-2020 08-Jun-2020 reporting system 0.00 0.00 0.00 that includes IT Amount system (PBC C.5) (Yes/No) PBC allocation 0.79 13:Regulation on Value No Yes Yes record keeping of Allocated 27-Jun-2023 27-Jun-2023 deposits approved 0.00 0.00 0.00 and issued (Yes/No) Amount PBC allocation 2.38 14:Regulation on Value No Yes Yes procedures for claiming deposit Allocated 29-Apr-2022 29-Apr-2022 insurance approved 0.00 0.00 0.00 Amount (Yes/No) PBC allocation 2.38 15:Simulation Value No No No exercise on deposit insurance claims Allocated 27-Jun-2023 27-Jun-2023 processing and 0.00 0.00 0.00 payment conducted Amount (Yes/No) PBC allocation 2.38 Value No Yes 29-Apr-2022 Yes 29-Apr-2022 Jun 27, 2024 Page 15 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) 16:Regulation requiring member Institutions to provide standard Allocated information on 0.00 0.00 0.00 Amount deposit insurance coverage to their clients issued (Yes/No) PBC allocation 0.79 17:DPO Board has Value No No No Yes approved a Public Awareness Strategy Allocated 08-Jun-2020 08-Jun-2020 on deposit 0.00 0.00 0.00 insurance (PBC E.2) Amount (Yes/No) PBC allocation 0.79 18:Public awareness Value No No No strategy revised Allocated 27-Jun-2023 27-Jun-2023 based on survey 0.00 0.00 0.00 conducted (Yes/No) Amount PBC allocation 0.79 19:Regulations Value No Yes Yes governing problem bank resolution Allocated 31-May-2022 31-May-2022 process in place 0.00 0.00 0.00 Amount (Yes/No) PBC allocation 1.19 Value No Yes 16-May-2022 Yes 16-May-2022 Jun 27, 2024 Page 16 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) 20:Regulations on prompt corrective Allocated action and early 0.00 0.00 0.00 Amount intervention in place (Yes/No) PBC allocation 1.19 21:Assessment on Value No No No Compliance with IADI Core Principles Allocated 27-Jun-2023 27-Jun-2023 on Deposit 0.00 0.00 2.38 Insurance Amount completed (Yes/No) PBC allocation 2.38 Jun 27, 2024 Page 17 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed IDA-65710 Effective 35.00 35.00 0.00 20.90 13.48 59.73% 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing IDA-65710 Effective 30-Mar-2020 28-Apr-2020 27-Oct-2020 30-Sept-2024 30-Sept-2024 8. KEY DATES Jun 27, 2024 Page 18 of 19 The World Bank Implementation Status & Results Report Lao PDR Financial Sector Safety Net Strengthening (P169194) Key Events Planned Actual Approval 30-Mar-2020 30-Mar-2020 Effectiveness 31-Oct-2020 27-Oct-2020 Mid-Term Review No. 01 02-May-2023 02-May-2023 Operation Closing/Cancellation 30-Sept-2024 9. RESTRUCTURING HISTORY Restructuring Level 2 Approved on 10-May-2022 10. ASSOCIATED OPERATION(S) There are no associated operations Jun 27, 2024 Page 19 of 19