Completion and Learning Review Serbia - FY16-FY20 Country Partnership Framework - Executive Summary

Jul 19, 2026

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Completion and Learning Review Serbia evaluates the World Bank Group’s Completion and Learning Review (CLR) for the FY16-FY20 Country Partnership Framework (CPF), including adjustments made through the FY19 Performance and Learning Review (PLR). The CPF period ended in June 2020, with the COVID-19 pandemic delaying the new CPF. The review assesses outcomes, government alignment, and WBG performance across two focus areas: economic governance and the role of the state, and private sector growth and inclusion.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages46

Reading Time1 h 56 min

Executive Summary

Review scope and timeframe

Program alignment and focus areas

Objective ratings and key results

WBG performance and adaptations

Public Disc losure Authorized CLR Review Independent Evaluation Group Completion and Learning Review Serbia FY16-FY20 Country Partnership Framework May 13, 2022 Ratings | | CLR Rating | CLRR (IEG) Rating | | --- | --- | --- | | Development Outcome: | Satisfactory | Satisfactory | | WBG Performance: | Good | Good | Pub lic Disc losure Authorized I. Executive Summary i. This review of the World Bank Group’s Completion and Learning Review (CLR) covers the FY16-FY20 Country Partnership Framework (CPF) and its adjustments through the FY19 Performance and Learning Review (PLR). The CPF period officially ended in June 2020, but the COVID-19 pandemic delayed the preparation of the new CPF. The CLR covers the program through June 2020. ii. The WBG-supported program was broadly consistent with the government’s strategy and addressed major development challenges. It was based on two focus areas--economic governance and the role of the state (focus area I) and private sector growth and economic inclusion (focus area II) --with a cross-cutting theme of responding to climate change and reducing disaster risks. Program design was well sequenced, front-loading challenging fiscal consolidation reforms both to create fiscal space for later investments and to strengthen the government’s trust in its partnership with the WBG. The program’s alignment with WBG corporate priorities increased over time. Environmental sustainability, resilience, and inclusion challenges were initially overshadowed by continued fiscal stress and job losses following the 2008 global financial crisis and natural disasters. However, these issues became more salient asthe program was implemented through engagement on energy sector reform, labor mediation interventions, and measures to mitigate potential short-term social and labor impacts of stateowned enterprise reforms. | CLR Reviewed by: | Peer Reviewed by: | CLR Review Coordinator | | --- | --- | --- | | Judith Twigg and<br>George Kanakis-Polenakis, Consultants, IEGEC | Juan Jose Fernandez-Ansola, Consultant, IEGEC | Jeff Chelsky, Manager, IEGEC<br>Xiaolun Sun,<br>CLRR Coordinator, IEGEC | iii. IEG rates the CPF development outcome as Satisfactory. Of the ten objectives, six were Achieved, three were Mostly Achieved, and one was Partially Achieved. Under the first Focus Area, subsidies and guarantees to SOEs decreased. More than 500 SOEs were privatized, though some of the remaining companies are large. There was good progress in transforming the state-owned electric utility into a Joint Stock Company and improving its efficiency, and renewable energy generation capacity in wind was increased. The public railway company was unbundled into autonomous infrastructure, freight, and passenger companies, and subsidies to the freight company were eliminated. However, insufficient data was provided on improvements in public service delivery, public administration efficiency, or road transport efficiency. Work on the second Focus Area produced some strong improvement in the business climate. The largest investment in the WBG portfolio during the CPF completed Serbia’s three sections of Corridor X, a large north-south highway intended to improve mobility across the region. Results exceeded expectations for trading across borders, paying taxes, and dealing with construction permits, though improvement in resolving insolvency did not reach planned levels due to a low rate of asset recovery. The banking sector took important steps toward being better capitalized, liquid, and profitable. Land and property markets were made more efficient through digitization of data and processes. Strengthening of the National Employment Service led to improved institutional efficiency, but the available data on its contribution to smoothing labor market friction was inconclusive. iv. World Bank Group performance was Good. Program design was adequate and appropriately selective, addressing Serbia’s most binding developme

FAQs

What is the scope and timeframe of the Completion and Learning Review for Serbia?

The review covers the FY16-FY20 Country Partnership Framework and its adjustments through the FY19 Performance and Learning Review, evaluating the program through June 2020.

What were the two main focus areas of the FY16-FY20 program?

Focus area I addressed economic governance and the role of the state, while focus area II focused on private sector growth and economic inclusion.

How did IEG rate overall CPF development outcome and WBG performance?

IEG rated the CPF development outcome as Satisfactory and rated World Bank Group performance as Good.

Jul 19, 2026

Upload by Ophelia