Monitoring and Evaluation

As stated in its Charter, FIRST’s objective is to help strengthen financial systems in low- and middle-income countries so that they make a strong and positive contribution to economic growth and help reduce poverty and income inequality.

FIRST’s Monitoring and Evaluation (M&E) program has the following overarching objectives:

Promote accountability for the achievement of FIRST objectives through the assessment of consultants’ performance, FIRST performance, and project output and results.
Improve performance and knowledge, and promote learning, feedback, and guidance for future policy making, strategies and program implementation.

Research and previous evaluation has shown that financial sector development is a very long-term process, influenced by many factors both within the financial sector itself and by the enabling environment. Therefore, it is difficult to attribute impact to FIRST's small to medium-size stand-alone technical assistance. However, FIRST’s projects clearly aim to contribute to the overall impact expected from financial sector development activities and to enhance financial sector stability, efficiency and access. Every FIRST project is initiated with a deliberate focus on outcomes and their value added to financial sector development, and in consequence, to poverty and income inequality reduction.

In November 2008, FIRST adopted a Monitoring and Evaluation framework and program that focused on evaluating those elements that FIRST can reasonably expect to influence over the medium term. These include: FIRST program activities (the inputs); outputs of FIRST-supported activities; and, intermediate outcomes. Intermediate outcomes, defined as the project purpose as stated in the project proposals, would include such achievements as implementation of financial sector strategies elaborated with assistance from FIRST, evidence of stronger legal and regulatory standards and practices supported by FIRST, more efficient payment systems in operation, and increased capacity in financial sector agencies, as evidenced by better oversight and supervision.

FIRST’s Evaluation Framework is shared for transparency and best practice purposes and is shown in a summary form below.