Ratings for the COVID-19 Crisis Response Development Policy Credit (DPC) for Bhutan were as follows: overall outcome, achievement of objectives (efficacy), and Bank performance was moderately satisfactory and relevance of prior actions was satisfactory. Some lessons learned included: striking the right balance between the need for urgent fiscal support and structural reforms is challenging during a crisis. To ensure the success of complex reforms, a standalone DPC must strike a careful balance between ambition and reality. To ensure that critical reforms are adequately implemented, it may be helpful to allow sufficient time for these reforms to take effect before proceeding with future DPCs. A more focused program with a limited number of prior actions and counterpart ministries can reduce complexity, particularly in the context of a national emergency. The timeline for the ICR for a standalone operation should consider the fact that some outcome indicators may take more than a year to materialize.