This report evaluates the World Bank's implementation experience of the 1993 Water Resources Management Policy (Operational Policy 4.07) to determine the relevance and effectiveness of the World Bank's overall water operations for its borrowers. It assesses the extent to which the issues identified in the guideline document Water Resources Management-A World Bank Policy Paper (1993) have been implemented by World Bank Operations. This report also makes recommendations for improving World Bank policy and strategy in the water sector.