This note presents the lessons from the assessments that are likely to be most useful to country directors, and task teams preparing new adjustment operations. The five adjustment loans (two in Argentina, and one each in Korea, Malaysia, and Russia) show that applying basic lessons is not always...

The succesful selection and design of Bank lending operations involving policy reforms depends on the World Bank's capacity to assess borrower ownership. The Bank must know whether there is sufficient ownership to justify lending and, if not, how to work with the government to build broader...