The program initializes the stack pointer to 2000, loads the value 11 into the stack, and loads the value 3 into register D0. It then enters a loop where it decrements D0 and stores it in the stack, compares D0 to 2, and branches back to the start of the loop if D0 is greater than or equal to 2. This loop will repeat 3 times as D0 is initially 3 and decrements by 1 each pass until it is no longer greater than 2.