The Country Assistance Evaluation (CAE) for Russia, covering the period from 1992 to 2001, showed disappointing but improving results for the World Bank’s activities in the Russian Federation. Although IEG rated the outcome of World Bank assistance to Russia as unsatisfactory during 1992-1998, with only a modest impact on institutional development, for the period 1998-2001 it rated the outcome satisfactory and institutional development impact substantial.

The Russia CAE found that an assistance strategy oriented around analytical and advisory services (AAA) with limited financial support for Russia would have been more appropriate than one involving large volumes of adjustment lending, since such lending in 1996-97 may have delayed rather than accelerated needed reforms. Disbursements should have rewarded actions rather than promises. In support of its overall outcome rating through June 1998, IEG highlighted the large size of quick-disbursing and investment loans with unsatisfactory outcomes. It noted that research and evaluation findings confirmed that large amounts of lending could not be relied upon to ensure country ownership.