From the options given below, select the option which states the correct combination of correct sentences.
I. Having examined the long-term fiscal implications of the policy, the committee has recommended a phased implementation strategy to minimize potential economic disruptions.
II. The regulatory framework, which were introduced to address systemic vulnerabilities, has been criticized for its lack of adaptability in rapidly evolving financial environments.
III. The institution has undertaken several structural reforms over the past decade, yet only a few of them have produced measurable improvements in operational efficiency.
IV. The report, along with its supplementary annexures, have been submitted to the concerned ministry for further review and evaluation.