Ratings for the Third Public Sector Modernization Project for Armenia were as follows: outcome and Bank performance was satisfactory and monitoring and evaluation (M and E) quality was substantial. Some lessons learned included: the commitment financing for government financial management information systems before the authorities have agreed on implementation arrangements poses a significant risk. Results frameworks for institutional reforms should include milestones for the implementation steps needed to achieve the intended results. The public sector management program (PSMP) series of projects demonstrates the cumulative impact of Bank support over a decade. The Bank may have to step in to facilitate coordination between development partners support where the government does not provide a formal coordination forum.