Contents -- Acknowledgments -- Foreword -- Executive Summary -- Acronyms and Abbreviations -- 1 Introduction -- Background -- CAE Retrospective Evaluation Approach -- 2 Part I: What Have We Learned? -- Findings -- Lessons Learned -- 3 Part II: How Can the CAE Instrument Be Improved? -- Impact of CAEs on Country Strategy Formulation -- Methodology -- Ratings -- Counterfactuals -- Timing -- Interaction with Country Teams -- Interaction with Beneficiaries -- Improving the Presentation of CAEs -- Annexes -- A: The CAE Methodology -- B: Completed Country Assistance Evaluations, Fiscal Years 1995-2004 -- C: Summary of Board/CODE Interviews -- D: Board CAS Discussions and CAS Documents -- E: Summary of Bank Staff Interviews -- F: Summary of Country Evaluation Methods Used by Other Agencies -- Attachment 1: Discussion Summary, CODE Subcommittee -- Endnotes -- References -- Box -- 3.1: Unsatisfactory Outcome Ratings Do Not Imply Poor Bank Performance -- Figure -- 1: Distribution of Related References -- Tables -- 2.1: Characteristics of the 25 CAE Countries -- 2.2: CAE Outcome Ratings and Project Outcome Ratings -- 2.3: Sectoral and Project Ratings for Fiscal 2001-03 CAEs -- F.1: Use of Key Methodological Tools.