PERFORMANCE EVALUATION - FINRA
This performance evaluation of the Financial Reform Agenda Activity (FINRA) assessed FINRA's progress towards the achievement of its contractual obligations to date, informing the Mission about the degree and factors affecting FINRA's performance and collected evidence on the best approaches to facilitate programming in the financial sector. The evaluation aims to promote collaboration, cultivate learning, expand the existing technical evidence base, and encourage program design adaptations both by USAID and by other evaluation stakeholders.
FINRA is a $5.99 million Activity implemented by the Financial Markets International, Inc. (FMI). The Activity has started on September 29, 2017 and was envisaged as a three-year intervention with the possibility of a two-year extension- which was approved by a modification signed on September 13, 2019. The general purpose of FINRA is to enhance the stability of the BiH financial sector.
In order to achieve its purpose, FINRA is required to accomplish the following two results defined by its contract:
- BiH advances towards compliance with the European Union (EU) accession
requirements as set out in the Reform Agenda (RA), the EU Progress Report and the
International Monetary Fund (IMF) program in the areas of strengthening financial stability,
public audit and quality of government spending.
- Policies, laws, and regulations from the IMF Extended Fund Facility (EFF),
Financial Sector Assessment Program (FSAP), the EU RA, and those required by the EU
Stabilization and Association Agreement (SAA) process are drafted for adoption and
implementation in the financial, audit, and quality of government spending areas.
The evaluation employed rigorous methods to capture high-quality data and produce credible findings, conclusions, and recommendations. The data was collected from relevant Activity documentation and secondary data sources, key informant interviews (KIIs), and three online surveys.
The evaluation team employed different approaches (such as data triangulation) to mitigate response bias, interview bias, online survey methodology bias, and environment bias- the existing and potential effects of the COVID-19 pandemic.
The final evaluation report is available below: