PROGRAM PERFORMANCE AUDIT REPORT

ASIAN DEVELOPMENT BANK PPA: MON 25359 PROGRAM PERFORMANCE AUDIT REPORT ON THE INDUSTRIAL SECTOR PROGRAM (Loan 1244-MON[SF]) IN MONGOLIA December 2000 CURRENCY EQUIVALENTS Currency Unit – Tugrik (Tug) At Appraisal At Program Completion At Operations Evaluation (June 1993) (November 1998) (August 2000) Tug1.00 =$0.002500 $0.001230 $0.000929 $1.Tug398.00 Tug813.16 Tug1,076.90 ABBREVIATIONS ADB – Asian Development Bank CBC – case-by-case method GDP – gross domestic product MSE – Mongolian Stock Exchange MSEC – Mongolian Securities and Exchange Commission MTI – Ministry of Trade and Industry OEM – Operations Evaluation Mission PC – Privatization Commission PCR program completion report PPAR – program performance audit report SDR – special drawing rights SME – small and medium enterprise SOE – state-owned enterprise SPC – State Property Committee TA – technical assistance USSR Union of Soviet Socialist Republics NOTE In this report, “$” refers to US dollars. Operations Evaluation Office, PE-563 CONTENTS Page BASIC PROGRAM DATA ii EXECUTIVE SUMMARY iii I. BACKGROUND 1 A. Rationale 1 B.Formulation C. Objectives and Scope at Appraisal 1 D. Financing Arrangements 1 E.Program Completion and Self-Evaluation 2 F. Operations Evaluation 2 II. PROGRAM IMPLEMENTATION AND RESULTS 2 A. Effectiveness of Design 2 B.Implementation of ...