World Bank Document

Transcription

World Bank Document

Public Disclosure Authorized
THE WORLD BANK GROUP
2011 Annual Meetings
(202) 473-1000
(202) 477-6391
www.worldbank.org
THE WORLD BANK GROUP SUMMARY PROCEEDINGS
Telephone:
Facsimile:
Website:
2011 Annual Meetings of the Boards of Governors
Headquarters
1818 H Street, N.W.
Washington, D.C. 20433, U.S.A.
2011
blic Disclosure Authorized
68030
of the
Boards of Governors
Summary Proceedings
Washington D.C.
September 9–11, 2011
2011 ANNUAL MEETINGS
OF THE BOARDS OF GOVERNORS
SUMMARY PROCEEDINGS
Washington D.C.
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Headquarters
1818 H Street, N.W.
Telephone: (202) 477-1234
Telex Nos: FTCC 82987
RCA248423
WUI64145
TRT197688
Facsimile: (202) 477-6391
Internet: http://www.worldbank.org
Cable Address
World Bank: INTBAFRAD
IFC: CORINTFIN
IDA: INDEVAS
MIGA: MIGAVEST
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INTRODUCTORY NOTE
The 2011 Annual Meetings of the Boards of Governors of the World
Bank Group, which consists of the International Bank for Reconstruction
and Development (IBRD), International Finance Corporation (IFC),
International Development Association (IDA), Multilateral Investment
Guarantee Agency (MIGA) and International Centre for the Settlement
of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund, took place on September 23, 2011 in Washington
D.C. The Honorable Hubert A. Ingraham, Governor of the Bank and the
Fund for The Commonwealth of the Bahamas served as the Chairman.
The Summary Proceedings record, in alphabetical order by member
countries, the texts of statements by Governors and the resolutions and
reports adopted by the Boards of Governors of the World Bank Group.
The texts of statements concerning the IMF are published separately by
the Fund.
Jorge Familiar
Vice President and Corporate Secretary
Washington, D.C.
March, 2012
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CONTENTS
Page
Opening Address by the Chairman Hubert A. Ingraham
Governor of the Bank and the Fund for the Bahamas . . . . .
1
Annual Address and PowerPoint Presentation by Robert Zoellick
President of the World Bank Group . . . . . . . . . . . . . . . . . . . .
4
Report by Ahmed Bin Mohammed Al Khalifa
Chairman of the Development Committee . . . . . . . . . . . . . .
25
Statements by Governors and Alternate Governors . . . . . . . . .
26
Australia . . . . . . . . . . . . . . . 26
Bangladesh . . . . . . . . . . . . . 28
Belgium . . . . . . . . . . . . . . . . 38
China . . . . . . . . . . . . . . . . . . 40
Colombia . . . . . . . . . . . . . . . 43
*Congo, Democratic
Republic of . . . . . . . . . . . 44
*Dominica . . . . . . . . . . . . . . 47
Fiji . . . . . . . . . . . . . . . . . . . . . 52
France. . . . . . . . . . . . . . . . . . 58
Germany . . . . . . . . . . . . . . . 63
India . . . . . . . . . . . . . . . . . . . 65
Indonesia . . . . . . . . . . . . . . . 67
Iran, Islamic Republic of . . 69
Ireland . . . . . . . . . . . . . . . . . 71
Japan . . . . . . . . . . . . . . . . . . 74
Korea . . . . . . . . . . . . . . . . . . 77
Lao, PDR . . . . . . . . . . . . . . . 81
*Latvia . . . . . . . . . . . . . . . . . 84
Malaysia . . . . . . . . . . . . . . . . 86
Malta . . . . . . . . . . . . . . . . . . 87
Myanmar . . . . . . . . . . . . . . . 89
Nepal . . . . . . . . . . . . . . . . . . 91
Netherlands . . . . . . . . . . . . . 93
New Zealand . . . . . . . . . . . . 96
*Oman . . . . . . . . . . . . . . . . . 99
Papua New Guinea . . . . . . . 102
Philippines . . . . . . . . . . . . . . 105
Poland . . . . . . . . . . . . . . . . . 107
Spain . . . . . . . . . . . . . . . . . . . 110
Sri Lanka . . . . . . . . . . . . . . . 111
*Sweden . . . . . . . . . . . . . . . . 114
Thailand . . . . . . . . . . . . . . . . 116
Timor-Leste . . . . . . . . . . . . . 118
Tonga . . . . . . . . . . . . . . . . . . 121
Turkey . . . . . . . . . . . . . . . . . 125
*Tuvalu. . . . . . . . . . . . . . . . . 126
United States . . . . . . . . . . . . 129
Vietnam . . . . . . . . . . . . . . . . 132
* Speaking on behalf of a group of countries.
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Page
Documents of the Boards of Governors. . . . . . . . . . . . . . . . . . . .
Schedule of Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provisions Relating to the Conduct of the Meetings . . . . . . .
Agendas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135
135
136
137
Joint Procedures Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
Report I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
Report III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
MIGA Procedures Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Report I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
Resolutions Adopted by the Board of Governors of the Bank
between the 2010 and 2011 Annual Meetings . . . . . . . . . . . . . . .
No. 612 2010 Selective Increase in Authorized Capital
Stock to Enhance Voice and Participation of
Developing and Transition Countries . . . . . . . . . . .
No. 613 2010 General Capital Increase . . . . . . . . . . . . . . . . .
No. 614 2010 Additional Increase in Authorized Capital
Stock for Subscription of New Members . . . . . . . .
No. 615 Transfer from Surplus to Replenish the Trust
Fund for Gaza and West Bank . . . . . . . . . . . . . . . . .
No. 616 Transfer of IBRD Surplus to the South Sudan
Transition Trust Fund . . . . . . . . . . . . . . . . . . . . . . . .
No. 617 Forthcoming Annual Meetings of the Boards
of Governors Proposed dates and Venues for
the 2013 and 2014 Annual Meetings . . . . . . . . . . . .
Resolutions Adopted by the Board of Governors of the Bank
at the 2011 Annual Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
No. 618 Financial Statements, Accountants’ Report
and Administrative Budget . . . . . . . . . . . . . . . . . . .
No. 619 Allocation of FY11 Net Income. . . . . . . . . . . . . . . .
No. 620 Direct Remuneration of Executive Directors
and Their Alternates . . . . . . . . . . . . . . . . . . . . . . . . .
Resolution Adopted by the Board of Governors of IDA
between the 2010 and 2011 Annual Meetings . . . . . . . . . . . . . . .
No. 227 Additions to Resources: Sixteenth Replenishment . .
146
146
152
157
158
158
159
160
160
160
161
162
162
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Page
Resolution Adopted by the Board of Governors of IDA
at the 2011 Annual Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
No. 228 Financial Statements, Accountants’ Report
and Administrative Budget . . . . . . . . . . . . . . . . . . . 176
Resolution Adopted by the Board of Governors of IFC
between the 2010 and 2011 Annual Meetings . . . . . . . . . . . . . . . 177
No. 253 Membership of Suriname . . . . . . . . . . . . . . . . . . . . . 177
Resolution Adopted by the Board of Governors of IFC
No. 254 Financial Statements, Accountants’ Report,
Administrative Budget and Designations
of Retained Earnings. . . . . . . . . . . . . . . . . . . . . . . . . 179
Resolution Adopted by the Council of Governors of MIGA
No. 89 Financial Statements and the Report of the
Independent Accountants. . . . . . . . . . . . . . . . . . . . . . 180
Reports of the Executive Directors of the Bank . . . . . . . . . . . . .
Enhancing Voice and Participation of Developing
and Transition Countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2010 General Capital Increase. . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer from Surplus to Replenish the Trust Fund
for Gaza and West Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer of IBRD Surplus to the South Sudan Transition
Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forthcoming Annual Meetings of the Boards of
Governors Proposed Dates and Venues for the 2013
and 2014 Annual Meetings . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocation of FY11 Net Income . . . . . . . . . . . . . . . . . . . . . . . .
Report to the Boards of Governors of the IMF and
the World Bank by the Joint Committee on the
Remuneration of Executive Directors and Their
Alternates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
181
181
191
195
196
197
198
199
Report of the Board of Directors of IDA
Addition to IDA Resources: Sixteenth Replenishment . . . . 205
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Page
Report of the Board of Directors of IFC
Membership of Suriname . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275
Accredited Members of Delegations at the 2011 Annual
Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276
Accredited Members of Delegations (MIGA) at the
2011 Annual Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311
Observers at the 2011 Annual Meetings. . . . . . . . . . . . . . . . . . . . 331
Executive Directors and Alternates, IBRD, IFC, IDA . . . . . . . 338
Directors and Alternates, MIGA . . . . . . . . . . . . . . . . . . . . . . . . . 340
Officers of the Board of Governors and Joint Procedures
Committee for 2011–12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342
Officers of the MIGA Council of Governors and Procedures
Committee for 2011–12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343
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OPENING ADDRESS BY THE CHAIRMAN
THE HONORABLE HUBERT A. INGRAHAM
GOVERNOR OF THE BANK AND THE FUND FOR
THE COMMONWEALTH OF THE BAHAMAS
Welcome to the 65th plenary of the Boards of Governors of the World
Bank Group and the International Monetary Fund.
I warmly welcome Ms. Christine Lagarde in her new role as Managing
Director of the International Monetary Fund. I am confident that her
extensive experience will provide the leadership required at this time.
My fellow Governors, we find ourselves in an economic landscape
characterized by weak global prospects, rising financial volatility and
considerable uncertainty fueled by a cycle of sovereign risks and financial
system fragility.
These economic challenges have been compounded over the past year
by social and political upheavals, natural and man-made disasters, and the
instability of commodity prices. Notwithstanding, we must remain focused
on continuing concerns of conflict, persistent high levels of unemployment, weakened consumer confidence and the fallout of climate change.
This past year, the World Bank Group committed substantial resources
to its members. Support to the world’s 79 poorest countries amounted
to over $16 billion. The IFC and MIGA committed over $12 billion and
$2 billion respectively. And the Fund committed over $222 billion in financial assistance to member countries. In view of the intense uncertainties in
the global economy, the Fund proposes to activate a New Arrangements to
Borrow, which would give it access to a 300 billion dollar line of financing,
that has been committed by its large shareholders.
Concerns over sovereign debt in a number of advanced economies, specifically in the euro zone, have been a major cause of global
financial market volatility. The challenge is to find the appropriate
pace of fiscal adjustment for each country, recognizing that the path
of fiscal consolidation will differ across countries. In addition, market
confidence in the global financial system needs to be restored. Toward
this end, the Fund, in close collaboration with EU institutions, has
been actively involved in providing financing to those countries most
affected by the sovereign debt crisis, and will continue to be involved
in finding solutions.
In addition to its lending operations, the Fund has sought to strengthen
the effectiveness of its policy advice over the past 12 months. Focus has
been on financial sector reform and regulation.
Unemployment has remained stubbornly high in both advanced and
developing economies. High youth unemployment, in particular, is contributing to social tension in many places. The Bank Group and the Fund
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will discuss means of fostering employment and nurturing economic
recovery in the coming days.
As the 2012 World Development Report maintains, gender equality
is core to development and smart economics, for addressing poverty,
raising productivity and improving other development outcomes. I urge
you to read the Report and encourage the Bank Group to scale up those
programs that are known to close gender gaps.
Continued focus is needed on the challenges facing the Arab world.
An effective response must target our client countries, with the support
of strong international partners. Earlier this year, the Bank announced
$6 billion of support to Egypt and Tunisia over the next two years, while
the IFC, jointly with the Islamic Development Bank, will mobilize up to
$2 billion over the next five years through its Education for Employment
initiative. The Fund could allocate about $35 billion to the region’s oil
importers, if requested, to help secure sustainable and inclusive growth,
job creation and improved living standards.
Amid resurgent global economic uncertainties, we have become even
more aware of the danger of commodity price volatility. High food and
commodity prices threaten poor households, adding to social and economic tensions.
The Bank will spend over $6 billion in the agricultural sector, an
increase of over $2 billion from a few years ago, while the IFC launched
a new agricultural price-risk management tool that will provide up to
$4 billion to protect farmers and consumers in developing countries.
The Fund has undertaken substantial work on the impact of commodity
price volatility on policy-making, particularly in countries where food
constitutes a major portion of the consumer basket.
The tragedy in the Horn of Africa reflects the terrible confluence of
state fragility, climate effects, and high food prices. Financing from the
IDA Crisis Response Window, on top of the $440 million from the Bank
Group, is a good beginning. I call on all of us to come together in response
to the needs of the poorest in the sub-region.
Like much of the Caribbean, the Bahamas is a small open economy
that is highly tourist dependent. In common with the region, we are among
the most susceptible to economic shocks, the effects of climate change
and natural disasters. Our economic fortunes are tied very closely to that
of the U.S. With a jobless low-growth recovery anticipated for the next
few years, the region will need to redouble efforts to contain debt burden
while making prudent public sector investments. To attract scarce global
foreign direct investment, we will also need to further enhance the business environment, increase our productivity and aggressively exploit more
diversified trading opportunities. We therefore foresee a heightened,
multifaceted engagement by the Bank Group and the Fund within the
Caribbean and other similarly placed small island states.
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This past year the Bank supported its small island state members with
the Caribbean Catastrophe Risk Insurance Facility, and is developing a
new Pacific Catastrophe Risk Assessment and Financing Initiative.
Additionally, the Fund has continued to deliver financial assistance to
Caribbean countries, including those hit by natural disasters, and to provide technical assistance via the Caribbean Regional Technical Assistance
Center. I believe that envisaged enhancements to the Fund’s financing
instruments will enable greater response to the pointed needs of our
small and vulnerable middle-income countries; and that we become even
more efficient at the delivery of technical assistance given the resourcesconstrained environment.
We should recognize the continued efforts of the Bank and the Fund to
reform institutional governance. There is, however, still more to be done.
The Bank has made progress since the last Annual Meetings, and I
am pleased to welcome the third African chair, who officially joined the
Boards in November 2010. I also note the strong 16th IDA replenishment
that resulted in donor pledges of $49.3 billion. Emerging market donors
played an important role in this achievement, reflecting their growing
importance as shareholders in the Bank Group.
As you know, at the end of 2010, the Fund’s Board of Governors
approved governance and quota reforms that encompass a doubling of
the Fund’s quotas and a radical overhaul of the Executive Board—all
Directors are to be elected and emerging markets stand to gain two chairs.
These are landmark reforms. Once implemented, they will constitute a
significant step toward a stronger global safety net and a better representation of our membership in the Fund’s Executive Board. Time is of the
essence, however. We should spare no effort so that these reforms come
into force by the target date of the 2012 Annual Meetings.
Fellow Governors, the environment as we now find ourselves in at this
year’s Annual Meetings, dictates that we continue to make our institutions more flexible, more responsive and results driven. The proof of our
efforts will not only be in the statements we make, but in the meaningful and positive changes made in the lives of our people over the next
several years.
I look forward to our discussions over the next few days to advance
actions needed to chart a successful path to recovery.
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OPENING REMARKS AND PRESENTATION
BY ROBERT B. ZOELLICK
THE PRESIDENT OF THE WORLD BANK
“My sister gave birth when she was 14, and died.”
“I was married at 10 and had a child at 15. I was too young. A woman
should not have a child until she is old enough to know the difference
between right and wrong.”
“The man’s family decides how many children a woman will have. If a
woman’s first child is a girl, the in-laws will ask the woman to continue to
have children until a son is born.”
“When I was a girl, I didn’t go to school, because there was no school in
my village. Not a single girl was educated in our area. It was believed that
educating a girl is a shameful thing.”
“By the time they found the vehicle to go to the hospital, by the time the midwife was called and finished eating, by the time the husband went and bought
gloves for the midwife, by the time the midwife examined the woman.”
“We want our daughters to go to school and know more than we do. We
want them to be happier than we are. We don’t want our daughters to be
cut. We want them to have good jobs, and to live better lives than we have.”
“Educated women do not sit around and wait for men to provide for them.
They do not need a man to buy things for them.”
“I have seven children, three girls and four boys. All of my daughters started
school, but only one has passed the 4th grade and continues to study.”
“By the time the doctor was called, by the time the husband went out to buy
drugs, by the time the husband went round to look for blood bags around
town, by the time the husband begged the pharmacist to reduce the prices.”
“These days, for a woman to be rated as a good wife, one has to be a super
woman, working very hard, both at home and in the office, fulfilling every
demand of your family members, as if we didn’t have any rights to enjoy.”
“Some working women don’t even know how much they get paid for their
job, because their husband’s cash their salary for them.”
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“When divorced women return to their parents’ home, they’re not paid
alimony, or any share of their former husband’s property. They also don’t
have any rights to their parents’ property. In some cases, divorced women
are forced to marry an older man to support themselves.”
“By the time the day and night nurses changed duty, by the time the doctor
came, by the time the husband had signed a consent form, the woman had
died. Today, the husband wanted to sell the drugs and all the other things
they never used to be able to carry the body of his wife back to their village.
But he could never find the body in the hospital.”
“There is no such thing as equality between men and women in this community. Maybe in town, and over an area, but not here. A man is always
above the woman.”
“Now, it is an obligation to have women among the candidates on the
ballot. Women can be part of the local counsel, not like before when they
couldn’t. We even have a female judge, and that gives me more trust in
justice. And, she also provides better advice.”
“Child marriages have stopped, and even the poorest of us send our daughters to school.”
“We know about labor laws, about the protection of pregnancy, about
hiring. Women are better today because of such laws.”
What you just heard are stories from the some 4,000 voices that we collected from around the world on the challenge of gender equality. What
are the implications? Four million women are missing in the developing
world compared to their counterparts in the developed countries. Never
born, dying as children, or in the reproductive years. That is like missing
a Los Angeles or Johannesburg or Yokohama.
According to UNDP, women own only 1 percent of the world’s
wealth. Eliminating discrimination could increase worker productivity by
25 percent. No country can afford to overlook 50 percent of its talent.
So gender equality is key to democratizing development. We can reduce
deaths of girls and women through clean water, better sanitation, and
maternal care. We can shrink educational gaps through incentives like
those in the conditional cash transfer programs. We can close earnings
and productivity gaps with access to credit, property, jobs, and basic
infrastructure to help with time constraints.
We should diminish gender differences in voice. And, we need to collect data on gender so we can assess the policies and the results.
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Democratizing development is about openness, too. Not just a program, but a way of doing business, interconnect transparency, effectiveness, support governance, information and learning from experience,
and innovation.
Consider our Open Data Knowledge and Solutions Initiative. We
have started by opening up over 7,000 data sets with multilingual access,
and using technology for easy access, for example through IPhones. We
have moved on to start to open up our Independent Evaluation Group’s
project ratings database, to make information on trade barriers and aid
easily accessible. And, we now have a pilot to improve transparency and
accountability in construction projects. “Publish What You Fund” ranks
the World Bank No. 1 among 30 international and aid agencies.
We want to open up information to become a way of life in work at
the Bank, not just an add on.
Democratizing development is about new approaches to research and
knowledge. Sharing research tools to empower researchers from around
the world; building knowledge platforms so we can engage outside the
World Bank on topics such as urbanization and jobs, food security, fertility and green growth, and others; open source publications and a new
knowledge report to take stock and eventually measure the impact of
our work.
Democratizing development is about new approaches to results. We
now have a scorecard to assess performance with enhanced results measures. We have instituted geomapping which offers a deep dive into
individual projects and we want to look to interface with beneficiaries in
real time. And we have new instruments such as the program for results
which will have disbursements based on achievements while also building
institutions and governance.
Democratizing development is about engaging civil society groups.
Communications technology is transforming how we interact. And, CSOs
can contribute in many ways. They provide information and feedback.
Some of them provide services. They help us with accountability. And
importantly, they build local ownership.
So we’re developing a CSO facility to assist, and all this will contribute
to social accountability.
Now, to succeed we need these seeds to grow outside the World Bank
Group, and they are. Kenya’s Open Data Initiative was launched on
July 8th. The eTransform project has started in Africa and Moldova,
which can help governments modernize their provision of public services.
And we had a community Mapathon in South Sudan that used crowd
sources to map locations and infrastructure, and this involved Astra,
Google and our UN partners.
Let us turn to our financials and capital because that is the foundation
of our work ahead.
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This next slide shows our group commitments since July of ’07. This
involves the IBRD, IDA, IFC, as well as MIGA. You can see that we
reached a high of 73 billion dollars of commitments in FY 10, and we had
57 to 58 billion or so in the prior year 09, and in the most recent year 11.
Now, if you treat July of ’08, which was the start of our FY 09, as the
real beginning of the financial crisis, you can see that our total commitments have reached 196 billion dollars. And of that, the total disbursements were at about 126 billion dollars, faster during the most heated
period of the downturn.
Now, we need a strong IBRD capital base to perform these roles. I can
report to you today that we’re making significant progress on the financial
package to strengthen IBRD capital that all of you recently approved.
We have the 86 billion dollar general and special capital increase for
IBRD approved, and I want to thank Japan and Australia who not only
have done the approval, but started the subscriptions. We still have a few
others to authorize but we’re well on our way.
Our loan maturity reform is implemented. We have reached consensus on income allocation and pricing principles, and we have been able
to release over 1.2 billion dollars of national currency paid-in capital
that has been agreed with almost all the significant developing country
shareholders.
And, we have been able to maintain a flat real budget now for seven
years through tighter budget discipline, even though we have had a much
more demanding work program and a much higher loan volume, by trying
to increase our productivity.
Now, the financial strength has given us an important resilience over
past years. We have a AAA rating. At the Executive Board of the June
fiscal year, the IBRD equity-to-loan ratio stood at 29 percent, although
we will expect this to come down because we want to make the most
efficient use of that capital.
Our net income from IBRD was nearly a billion dollars, and most of
this was plowed right back to the IDA Fund. Our IFC FY 11 net income
was 1.6 billion dollars, also an impressive number. And again, a good
portion of that has been transferred back to IDA.
On top of this, very importantly, IFC has been able to mobilize
6.5 billion more dollars of investment, and that was 1 billion dollars over
the prior year.
Our new IFC asset management corporation attracted another
4.1 billion dollars to invest in developing countries. And thanks to all
of you, as the Chairman mentioned, as well as through a healthy World
Bank Group contribution, we have raised a record IDA 16 of 49.3 billion
dollars for fiscal years 12 to 14 for the 79 poorest countries. And we know
we have to keep improving and testing our risk management. We have
appointed a new chief risk officer to try to make sure we better understand
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the interactions among risks, try to ask additional questions as we learn
more, and of course consider the uncertainties of the environment in
which we’re now operating.
So let me now highlight some of the priority issues we have been
focusing.
We have been urging the world and the G-20 to put food first. And I’m
very glad we’ve done so because as you can see in this chart, the prices
remain near their peak of 2008. Unfortunately, the stocks of the basic
grains remain very tight. Even over the past month or so rice, which had
actually not risen as much, jumped 5 percent in the course of one month.
Now, we have a range of actions to support this. The World Bank Group
itself is investing about 6 to 8 billion dollars a year to build productivity and production. So developing countries can take advantage of the
higher prices. Our global food crisis response program is reaching some
40 million people in 44 different countries. The GAFSP, the special food
security program that came out of the L’Aquila Summit has had almost
a billion dollars pledged, about 600 million dollars received. That is the
good news. But, the unfortunate news is some 11 other countries have
responded to this call, they prepared requests. We still don’t have the
funds to meet them, because we have to make sure that countries fulfill
their commitments.
We’re also starting to get the very first proposals for the private sector
window where Canada has helped us develop that opportunity.
The Consultative Group For Internal Agricultural Research has been
restructured, moving ahead. This is going to be extremely important for
this effort over time. As all of you know, research and seeds and varieties
have huge payoffs particularly in an environment of climate change, so I
urge all of you as you consider your agricultural resources to look to see
how we can interconnect and support these 15 centers, most of which are
in developing countries.
The private sector is going to be very important for us to succeed, and
IFC has a program to invest all across the value chain, from property rights
to seeds, irrigation, fertilizers and the critical storage facilities.
We have been developing risk management tools, from crop insurance
for individual farmers, to IFC’s Agricultural Risk Management Program,
to help farmers and businesses lock in costs and prices like you can do in
developed countries. I’m pleased that France, as the G-20 chair, and the
other G-20 countries have agreed to highlight these topics.
Now, we have learned a lot since the crisis of the 1990s, and how effective economic safety nets can cushion the most vulnerable when a crisis
comes, and critically prevent the loss of a generation. One of the best
models, the conditional cash transfer program, came out of Mexico and
Brazil. And the World Bank Group has now helped to make this a global
program, expanded to over 40 other countries. Now, some low-income
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countries don’t yet have the capacity to run one of these CCG programs.
But, they do have school feeding programs and other basic safety nets
that helped a lot during this downturn.
I would like to see the World Bank Group as one of its key priorities
help every country have some type of effective safety net that doesn’t
bust their budget. But to do so, we have got to focus more intensively
on helping the low-income countries prepare, and make the safety net
systematic as opposed to ad hoc, and focus those most in need.
In the area of climate change and biodiversity, we have continued
the active efforts. We have been supporting South Africa as we did with
Mexico as the host of the conference of parties on climate change. And,
working with South Africa at these meetings in particular we’re trying
to highlight a potential triple win involving soil carbons. Soil carbons
could be the next avoided deforestation in terms of effect on mitigation,
but also having the benefit of higher yields, greater resilience for farmers, and the mitigation through absorbing the soil carbon. This could
be a huge boost to both African agriculture and carbon mitigation. Our
climate investment funds have been the best financial innovation in this
area. We have leveraged some 6.4 billion dollars, almost 9 to 1. About
30 percent of that money comes from the private sector. We brought these
projects together with some 45 developing countries. But, all the money
we have is already committed. We have many, many more proposals, good
proposals that are brought to us. For those of you looking at investments
in climate funds, I hope you take a close look at this one.
IFC has been innovating through the climate business group, its clean
tech venture, a carbon facility. And, we have been innovating with the
idea of green and natural wealth accounting to go beyond the GDP measure and include biodiversity.
We would like to try to boost the effective financing of hydropower programs, with care for safeguards, because we think they offer big low-carbon
opportunities while providing electricity to people who need it.
And, we’re doing some innovation on the idea of combining wildlife
premiums with the avoided deforestation program of REDD.
Our fragile and conflict states World Development Report has had
global resonance. We have now opened our new center of excellence
on conflict security and development in Nairobi. We have, with your
support, a new IDA crisis facility that has given us a valuable new tool
which we’re already using in the Horn of Africa, and we’re trying to put
this work to good use in Afghanistan, Cote d’Ivoire, Libya, South Sudan
and others. And here I want to thank in particular the U.K. and DFID
and Andrew Mitchell, who really played a leadership role in helping us
move this forward.
Our governance and anticorruption push is now moving to a second
phase. We have had some very good high-level successes, working with
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governments to prosecute fraud and corruption, put some people behind
bars. At the same time, we know we have a lot to do to build state capabilities. We need to strengthen governance sector by sector. We have put
a particular road review together to help countries because this is an area
particularly susceptible to cartel behavior. And we’re trying to focus on
the health and education areas. This is an area where we can get some
great help from civil society groups and the private sector if we combine
this with strengthening transparency, accountability, and voice.
To be successful we have to be able to catalyze global action on corruption. We now have more effective debarments for those that try to
cheat the World Bank. And with our regional development bank partners,
we have had a good program of cross debarment, so you steal from one,
you get caught, you are thrown out from all.
We also have developed a corruption hunters’ alliance, because in
many countries the people who investigate these crimes and prosecute
them, put them at risk so we’re trying to provide support.
Infrastructure in developing countries can also be a key element of
global growth. Infrastructure can provide jobs today, it can provide productivity in the future, and it is a big user of developed country exports
of equipment and services. I am hopeful the new infrastructure finance
center of excellence we created in Singapore will help us unlock in particular the public/private partnership agenda, while generating projects,
experience. And, we’re working to see if we can also create some new
investment funds.
In particular, we need to focus on Africa’s infrastructure needs,
because this can be a device that can do all those points, but on top of
it can help with regional integration, particularly in the areas of energy
and transportation.
The biggest bottleneck we’ve discovered in sub-Saharan Africa is the
high upfront costs to develop projects, sometimes up to 10 percent or
more of the overall capital costs. So we’re working with the G-20 to see
how we can create the support to try to break through that bottleneck.
Events across the Middle East and North Africa continue to necessitate flexible, multidimensional responses. Policies will matter as much
as money. The progress has varied, understandably, because these are
linked to critical political transitions. Our colleagues in Tunisia have
offered some particularly encouraging experience.
But also the Arab World Initiative that we launched in 2007 has positioned us quite well to work with Arab funds and institutions on a series
of cross-border interests. Some are micro and small and medium-sized
enterprises, some are water, some are solar, infrastructure, trade, education, and social accountability.
The role of middle income countries in a new multipolar economy, as
well as their own special development needs, has been a particular interest
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of mine since I began at the Bank. We can see the benefits now of these
countries as new engines of growth, but we also have to help them avoid
the particular problem of middle income traps. One major example of
our effort is a project we’ve been working on with China over the past
year, the China 2030 project, looking at the challenge of structural transformation. Moving China to a different growth model to help achieve the
goals that China has set for itself in the Twelfth Five-Year Plan. We aim
to complete this report in December. I was just in Beijing and we think
that we will have lessons from this report that will be of great interest
and applicability to many other countries.
We also see that middle income countries can assist others, so they
can combine their development with international voice, roles, and
responsibilities.
Now, let me close with a few of the issues we see on the horizon.
Of course, first and foremost we have to start at home. We’re going
to have to continue this modernization agenda to make the Bank Group
more flexible, focused on clients, open, accountable, and always driven
with attention to results.
The uncertainties of financial markets pose real risks to the recovery
we’re facing. We’re looking very closely at the effects of this, particularly
on developing countries. We have already started to work with the European Bank of Reconstruction Development and others on the particular
dangers that we can see in Central and Eastern Europe and the Balkan
countries.
I think we’re going to need, more generally, to recognize that we’re
at a stage that will pose new challenges in the nature of the multi-speed
recovery. Up to July or August most of the developing countries were
focused on the challenges of overheating inflation, because they have
grown quite well. And as you can see, food prices still pose a serious risk.
But now we may encounter new risks on the demand side. So, we’re going
to have to watch closely the implications for the World Bank Group’s
financial support, and look at how we can leverage our resources most
effectively.
The new World Development Report 2013 will be on jobs. This is a
central issue for all our shareholders. And it moves beyond the traditional
discussions of labor economics and markets. We’re taking a perspective
that views issues of productivity, living standards, how jobs relate to social
change and social cohesion; part of the discussion we hope to get early
input on through these meetings and beyond.
And then there is the blue economy: Supporting the world’s oceans.
It is hard to be the World Bank if we don’t focus enough attention on
70 percent of the world’s surface. Not surprisingly, our country-based
model tends to overlook this area. So in 2012 we’ll be working with many
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other groups to try to highlight the biodiversity and development issues
related to the world’s oceans.
Finally, I would like to give some thanks to the World Bank Group
staff that has put in a tremendous effort over the past year for all of you.
They’re committed, they’re expert, they’re hard working, and if we create
the proper enabling environment, they’re also innovative and problem
solvers. I want to thank our strong management team that reflects the
very best of diverse cultures and experience, brought together with a
common purpose. I want to thank our Board of Executive Directors
who are working to modernize multilateralism beyond old north-south
patterns. And, I want to thank all of you for your interest and support.
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The Gender Challenge
4 MILLION women missing
Women OWN ONLY 1% of the world’s wealth
Eliminating discrimination could
increase worker productivity by
25%
No country can afford to overlook
50%
While DEMOCRATIZING DEVELOPMENT
Actions
REDUCE DEATHS of girls and women
SHRINK educational gaps
CLOSE earnings and productivity gaps
DIMINISH
gender difference in voice
COLLECT data on gender
DEMO
OCRAT
A IZ
ZIN
NG DE
DEVE
V LO
OPM
MEN
E T
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Democratizing Development is about: Openness
TRANSPARENCY
EFFECTIVENESS & Accountability
Participation & SUPPORT
Better GOVERNANCE
INFORMATION and learning
from experience: pragmatic & open-minded
INNOVATION & competition of ideas
Open: Data, Knowledge, Solutions
Open Data
Initiative
Data Finder
iPhone App
Aid Flows
2.0
DEMO
OCRAT
A IZ
ZIN
NG DE
DEVE
V LO
OPM
MEN
E T
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Democratizing Development is about:
New Approaches to Research & Knowledge
Sharing RESEARCH tools
KNOWLEDGE Platforms
OPEN SOURCE publications
NEW Knowledge Report
New Approaches to Results
Scorecard
Results
R sullts
Re
Measurement
Geo-Mapping:
Results in real time
New
Instruments
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Engaging CSOs
COMMUNICATIONS
COMMUNICATI
NS
ST
Technology
ech
ec
hno
olllog
ogyy
CSO contributions CSO facility
Social Accountability
Setting a Trend...
Launched July 8th
eTransform
eT
Transform
Mapath
Mapathon
hon
DEMO
OCRAT
A IZ
ZIN
NG DE
DEVE
V LO
OPM
MEN
E T
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BUILDING FOR THE FUTURE
FINANCIALS
CAPITAL
Commitments
80.00
60.00
40.00
20.00
FY08
IBRD
IDA
FY09
IFC
FY10
FY11
0
MIGA
BUILLDI
DING
NG FOR THEE FUT
TUREE
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Commitments
200
$196.3 bn
150
Total Since FY09
100
50
0
IBRD
IDA
IFC
MIGA
BUILDI
BUIL
LDI
DING
NG
G FO
OR THEE FUT
TUREE
Capital
SIGNIFICANT PROGRESS on financial package
$86.2 bn GCI and SCI approved
LOAN MATURITY reform implemented
CONSENSUS on income allocation & pricing principles
Release of over $1.2 bn existing NCPIC agreed
FLAT real budget continued for 7 years
BUILLDI
DING
NG FOR THEE FUT
TUREE
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Financially Strong
AAA Rating
29% Equity-to-loan ratio
IBRD net income nearly $1 bn
IFC FY11 net income $1.6 bn
IFC mobilized $6.5 bn in FY11
IFC AMC attracted $4.1 bn
IDA 16 of $49.3 bn for FY 12-14
CHIEF RISK OFFICER & Stress Testing
BUILLDI
DING
NG FOR THEE FUT
TUREE
PRIORITY ISSUES
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Putting Food First
Prices remain near peak of 2008
400
300
200
100
Food
Fats and Oil
Grains
Other
08 Jan
08Apr
0
08 Jul
08 Oct
09 Jan
09 Apr
09 Jul
09 Oct
10 Jan
10 Apr
10 Jul
10 Oct
11 Jan
11 Apr
p
11 Jul 11 Aug
PRIO
PR
RIO
IORI
ORI
RITY
ITY
TY ISSUES
ISS
S UE
ES
Putting Food First
$6-8 bn in agriculture per annum
GFRP
GFRP
GF
P $1
$
$1.5
1.5
5 bn reach
reaching
hin
ingg 40 mn
m iin
n 44
4 countries
co
ountr
trie
tr
iess
GAFSP $972 mn pledged $581 mn received
- demand rising
CG
GIA
IAR
R ffor
or aagricultural
grriccul
u tu
tura
ral
ra
al produc
ucti
tivi
v tyy
CGIAR
productivity
IFC
IF
FC in
nve
v sttinng ac
aacross
rro
oss
ss val
a ue cchain
hain
ha
inn
investing
value
R
Ri
sk M
an
naaggem
e ent TO
TOOL
OL
LS
Risk
Management
TOOLS
G20 and partnerships
PRIO
PR
IORI
IO
RITY
RI
TY ISS
SSUE
UES
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Safety nets support resilience
MILLIONS
pushed into poverty
AVOID loss of a generation
$11.5 bn to 83 countries FY’00 - FY’10
South-South learning
PREPAREDNESS
FOCUS on low-income
SYSTEMS
PRIO
PR
IORI
RITY
T ISS
S UE
ES
Climate Change & Biodiversity
Potential for TRIPLE win
Higher yields + greater resilience + more soil carbon
Climate Investment Funds
Climate Business Group, Clean Tech Venture, Carbon Facility
Green & Natural Wealth Accounting
Effective financing of HYDROPOWER programs
Wildlife Premiums for REDD
PRIO
PR
PRIO
IORI
RITY
RI
TY ISS
SSUE
UESS
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Fragile and Conflict States:
Building on WDR 2011
Global RESONANCE
CENTER OF EXCELLENCE
on Conflict Security and Development
NAIROBI
Strengthening PARTNERSHIPS
JOBS and private sector
IDA Crisis Facility
Afghanistan, Cote d’Ivoire, Libya,
South Sudan, Horn of Africa
PRIO
PR
IORI
RITY
T ISS
S UE
ES
Governance and Anti-Corruption: Phase 11
PROSECUTING fraud and corruption
BUILDING state capability
STRENGTHENING governance in sectors
SUPPORTING CSOs & the private sector
CATALYZING global action on corruption
PRIO
PR
IORI
RITY
T ISS
S UE
ES
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Building Infrastructure for the Future
JOBS today, PRODUCTIVITY tomorrow
30000
World Bank Group Approach:
Bank, IFC, MIGA
22500
Infrastructure Finance Center
of Excellence in SINGAPORE
15000
7500
Unlocking the PPP agenda
AFRICA’s infrastructure needs
FY03 FY04 FY05 FY06 FY07 FY08
World Bank (IBRD IDA Others)
FY09
IFC
FY10
FY11
0
MIGA
PR
RIO
ORI
R TY
T ISS
SSSUES
Middle East & North Africa
POLICIES matter as much as money
TRANSPARENCY
JOBS
Effective SAFETY NETS
PRIVATE SECTOR
TRADE & Investment
Social ACCOUNTABILITY
PROGRESS has varied
ARAB World Initiative
PRIO
PRI
PR
IORI
RITY
T ISS
S UE
ES
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MICs & a New Multipolar Economy
ENGINES OF GROWTH, but middle-income traps
CHALLENGE of structural transformation: China 2030
LEADERS of South-South knowledge exchange
COMBINING development with
international voice, roles & responsibilities
PRIO
PR
IORI
RITY
T ISS
S UE
ES
Issues on the horizon...
MAINTAINING momentum on modernization
UNCERTAINTIES of financial markets
CHALLENGES of a Multispeed Recovery
WDR 2013: Jobs
The BLUE ECONOMY: Supporting the World Oceans
PR
P
RIO
OR
RIIT
TY
Y ISS
SSUE
UES
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REPORT BY AHMED BIN MOHAMMED AL KHALIFA
CHAIRMAN OF THE DEVELOPMENT COMMITTEE
I am pleased to transmit to you the final text of the DC communiqué
reporting on the outcome of the 84th meeting of the Development Committee held on Saturday, September 24, 2011, in Washington, D.C.
I would like to thank Governors for our excellent discussion during
the Development Committee meeting on the challenges and risks to the
global economy and the impact on developing economies, especially the
impact on the poor, who are disproportionately affected by the consequences of events such as the volatility in food prices. It is clear that
promoting growth and meeting the targets for the MDGs remain the core
goals, even as member countries deal with the immediate challenges and
risks of the prevailing crisis.
As this was my last meeting as chairman, I would like to thank the
Development Committee members, who have supported me so constructively during my chairmanship, and to all the staff members who have
made our meetings possible.
I look forward to continued and close cooperation among the members of the Development Committee.
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STATEMENTS BY GOVERNORS
AND ALTERNATE GOVERNORS
AUSTRALIA: WAYNE SWAN
Governor of the Bank and the Fund
These meetings come at a critical time for the global economy. The
recovery from the financial crisis is under threat from a lack of confidence
in the capacity of political institutions in some parts of the world to deal
with fiscal and financial vulnerabilities and the poor growth prospects
confronting many economies.
The international community must urgently and decisively deal with
these risks, in order to restore confidence and growth. We need political
courage. And we need effective global cooperation, harnessing the kind
of resolve the international community showed in 2009.
For advanced economies, credible fiscal consolidation plans are vital,
as is strengthening financial institutions’ balance sheets. For emerging
economies, there is a need to increase domestic demand, requiring a
range of structural reforms and a firm commitment toward more market-determined exchange rate systems. Importantly, all countries must
commit to reforms that will grow their economies and create jobs. We
must also ensure the resilience of our financial systems.
Macroeconomic policy space is clearly limited in some countries, but
even these countries can implement reforms to stimulate competition,
promote productivity and lift employment. While such measures are
often challenging and their benefits may not be seen for some time, the
boost to confidence from decisive policy action to promote growth will
be immediate.
While Australia is not immune from global economic turbulence,
the Australian economy and our people have shown themselves to be
resilient. Our resilience is built on strong fundamentals and a willingness
to meet our challenges head on. We have solid economic growth, low
unemployment, a strong public sector balance sheet and well-regulated
and well-capitalised financial institutions. Robust growth in our region is
contributing to Australia’s strong commodity exports growth and a major
pipeline of business investment.
Australia is continuing to build its defences against current and future
shocks. In delivering fiscal stimulus to support the economy in response
to the global financial crisis, the Australian Government also committed to a clear strategy to return the budget to surplus as the economy
strengthened. The Government is also strengthening the country’s productive capacity by making major investments in skills and infrastructure,
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boosting retirement savings, reforming the tax system and dealing with
the challenges of climate change. Such reforms are never easy, but they
are essential to future growth and prosperity.
Australia welcomes the World Bank’s recent work on jobs and looks
forward to the 2013 World Development Report on this topic. This issue
is relevant to all countries, both developed and developing, and we must
all work to deliver sustainable jobs growth. Jobs are central to improving people’s lives and achieving development progress. A job can lift a
person out of poverty, provide him or her with an income, and link that
person into society.
IMF
The experience of the past few years demonstrates beyond doubt
that we need an IMF that is efficient, well resourced and effective. We
have made progress in achieving some of these goals, but more can and
should be done.
We must ensure that the Fund has the resources and facilities to meet
the potential needs of all its members. A key priority is to complete
the 2010 package of quota and governance reforms as soon as possible,
which will double the Fund’s quota resources and enhance its legitimacy.
Australia welcomes the significant reforms that increase the flexibility
and resourcing of IMF programs and lending instruments for low-income
countries.
The Fund has taken a number of steps to strengthen its surveillance,
particularly in the areas of real and financial sector linkages, cross-country
linkages and spillovers. However, the Fund must do more to improve the
relevance and effectiveness of its surveillance, with a particular focus on
helping governments to deal with current challenges. The Fund’s policy
messages and analytical work must be sufficiently targeted, flexible and
visible and assist members to gain domestic support for implementing
necessary policy measures.
The challenge for the international community is to commit to credible, specific actions in response to the Fund’s advice, which will vary
across countries depending on their circumstances. We must recognize
that surveillance is only effective when it leads to the right policies being
implemented.
World Bank
The changing economic landscape underscores the need for a stronger,
more effective and more representative World Bank. Australia was a
strong supporter of the reforms to increase the voice and participation of
developing countries at the World Bank. A Bank that possesses greater
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legitimacy and relevance is of benefit to all members. However, the Bank
should maintain this momentum by implementing outstanding reforms
and fulfilling its development mandate more effectively.
The Bank has highlighted the importance of developing economies
in the global economy given their contributions to global growth and
trade. Policies and reforms to support economic growth and development in those countries will also strengthen the global economy more
generally.
However, the current economic environment presents many challenges to achieving development outcomes. Slower global growth,
increased uncertainty and high food prices threaten recent gains in poverty reduction. The IMF and World Bank are in a unique position to work
collaboratively with each other and with member countries to address
these issues.
Looking Forward
International cooperation through the IMF and the World Bank is
essential to secure growth, create jobs and improve living standards.
Australia is firmly committed to such cooperation and looks forward to
working with the Fund and the Bank to achieve these objectives.
BANGLADESH: ABUL MAAL A. MUHITH
Fund-Bank Annual Meeting 2011
Last year as I cogitated on my return to the Fund-Bank Annual Meeting after more than a quarter century I noticed the diminutive form of the
meeting. I regretted the absence of the financial fair that went along with
the Annual Meeting in the past. Now after having reviewed the matter
more carefully I feel more strongly that the old format should be restored
and the opportunity for contacts and interactions over a five day period be
reinstituted. This is more urgent because multilateral action has become
more crucial in these days of uncertain financial turmoil. The assembly
of the financial wizards from countries and continents and the warmth
that the events generated from engaging interactions and opportunities
for settlement of many bilateral issues between countries should not
be lightly brushed aside. One may regret that what used to be speeches
expressing the views of Governors before the Plenary are now reduced,
thanks to technological advance, to statements that float in the web. I
hope to move fellow Governors for a reconsideration of the format of
the Fund-Bank annual gathering as it looks to me that a return to grand
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gathering affording more interactions, more exchange of ideas, more
coordination of policies, more concerted actions and more contact building is very important in these days of a more integrated global economy
facing too many uncertainties.
Global Recovery and Uncertainties
The financial crisis of the recent past led to a very healthy demonstration of global action and it not only inspired hopes but also led the process
of an early recovery. In fact, recovery began with Asia playing a vital role
in the process. The maintenance and enhancement of domestic demand
not only in China and India but equally so in Korea, Singapore, Indonesia, Malaysia, Philippines, Bangladesh and Vietnam halted the slide
in economic growth and spearheaded the global recovery. But it seems
that the crisis is not really over and difficulties in USA and Europe are
of the greatest concern now. It should not be forgotten that it is still the
export market of the developed countries that has the capacity to sustain
the growth momentum over time. With high unemployment levels and
unsustainable fiscal deficits in some developed countries the health of the
global economy is direly threatened and we apprehend that the developing countries will be the worst victims of the current uncertainties. Price
rise with pick-up in recovery is not unexpected but the level of price hike
in food grains as well as fuel is of a different nature and inflationary pressure as a result is really threatening the recovery. It is our urgent appeal
that economic and financial housekeeping in USA and Europe should
be properly coordinated to avoid destabilization of the world economy
and prevent a halt in the process of recovery.
Gender Equality and Women Empowerment
The World Development Report this year has focused attention on
gender equality which is a core development objective of the Millennium
Development Goals. Identified as smart economics, it enhances productivity, improves prospects of future generation and make institutions
more representative by mainstreaming the less involved other half in the
service, agricultural and industrial sectors. We are glad to see the coverage Bangladesh received in the Gender WDR and the acknowledgement
of the tremendous progress made in my country in improving gender
norms and outcomes. It is true that the country is led by female leaders
for nearly a decade and a half but the greater truth is the over-all status
of women in society and their climb in the economic ladder over a period
of forty years since the emergence of Bangladesh. The gender parity in
educational outcomes mirrored by the rapid entry of females in the labor
force as well as sharp improvements in female health indicators and social
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norms are results of our serious emphasis on gender. It involves strong
commitment of the Government to gender parity and is reflected in the
budget allocation of 26.4 percent in specifically gender-related expenditure. For the third consecutive year we have provided gender break-down
of major budget allocations and it accounts for 4.8 percent of GDP. This
is a significant allocation as public expenditure in the country has only
been increased to about 17 percent of GDP this year.
For Bangladesh, investment in women welfare is particularly important because in our country poverty has a female face. Women are vulnerable to economic discrimination, they bear the burden of feeding
the family and themselves go hungry most of the time, many of them as
abandoned wives have the responsibility of bringing up the children, they
are discriminated in salaries and positions and the veil prevents them
substantially from earning opportunities. In a country with high poverty
incidence female poverty needs to be specially handled and that is done
in Bangladesh.
We have enacted a new legislation called Family Violence (Prevention and Protection) Act 2010 in order to give women some protection.
Again in March this year, we have introduced National Women Development Policy. This legislation and more enabling policy guidelines
for women development would offer further protection to women and
advance women mainstreaming in the national development process. Our
programmes on stipend for women education, employment preference
for women in education, micro-credit policy in which women borrowers
are preferred, women focus in pre and post disaster management are
designed to promote women development. In addition, we have a strong
affirmative action plan for advancement of women in public services and
representation in elective positions.
Job Creation—the Big Challenge
We welcome the selection of the all-important topic of job creation
as the focus of the WDR of the next year. This topic has come to the
centre stage for what is termed jobless recovery of the global economy
and hence the inherent fragility of the recovery process. The massive
job losses the industrial and emerging countries suffered following the
financial crisis is a matter of serious concern for policy-makers. For Bangladesh this is a matter of the greatest importance as it is directly related
to the main target of our economic development programme; i.e, poverty alleviation. We are required to deal with the challenge of absorbing
1.8 million new entrants into the labor force each year and provide them
with meaningful earning opportunities. Our task is made more difficult as
we have a backlog of over 2.5 million of unemployed and under-employed
labour in our hands. We are doing quite well in employment creation
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with our programmes of rural works and micro-credit but we are lagging behind in systematic full time job creation meaning increasing wage
employment in the formal sectors. We absorb new labourers in agriculture
and services by sub-dividing the work of one into those of many. We view
the employment creation strategy as both an intermediate input towards
poverty reduction but also as a goal in itself as it promotes social stability.
As such the Government of Bangladesh has a multi-pronged employment
creation strategy which covers developing a conducive environment for
the private sector, strengthening basic education followed by vocational
training and skills development, promoting manpower export as well as
direct employment generation programmes.
Poverty elimination is the biggest challenge in Bangladesh. About
a third of the population is still below poverty line and extreme poverty haunts nearly half of the poor. We devote up to 53.12 percent of
our budget for poverty reducing expenditure which is 9.66 percent of
GDP. Such a thrust was necessary to reduce poverty from 59 percent
in 1992 to 31 percent in 2010. In the South Asia region Bangladesh has
been doing quite well in human development but income poverty is
still very high in the country. Poverty alleviation demands large-scale
employment generation in Bangladesh and that can be best provided by
wage employment in the manufacturing sector. It is a growing market of
160 million people and open transit policy recently adopted by the country augurs well for development of the country as an economic hub of
the region encompassing Northeast India, Nepal, Bhutan, Myanmar and
Southwest China.
Climate Change and the Need for Binding Commitments
Climate change adaptation remains a central policy priority in our
strategy to protect the environment in Bangladesh and thus the environment for all mankind. For no fault of its own Bangladesh is one of
the worst victims of the climate change syndrome. As a frontline country exposed to frequent natural disasters, Bangladesh has on its own
developed an efficient disaster risk reduction strategy in significantly
containing the loss of lives and property. It developed a much acclaimed
Bangladesh Climate Change Adaptation Plan and National Action Plan
for Adaptation. To implement this Strategy and Action Plan as expeditiously as possible, the Government for the last three years has been
allocating annually from its own resources US$ 100 million for adaptation
programmes to a Trust Fund that is undertaking serious programmes
on a regular basis. It is, indeed, ironical that the poor Bangladesh has
to pay so dearly to adapt itself to adverse climatic changes caused by
reckless consumerism of the industrialized world. I notice that there is
a tendency to support programmes of studies and research on climate
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change but hold back when it is actually a project for adaptation or mitigation. Perhaps this is a cautionary approach but it looks to us that there
is a reluctance to commit substantial funds in climate change projects.
Bangladesh Climate Change Resilience Fund established with donor
participation has so far attracted only $223 million in grant and soft loan
from its development partners. The promises of Copenhagen are yet to
materialize. Cancun promised us a Green Climate Fund but we have
not heard firm commitments flowing into the kitty. The whole world,
particularly the afflicted and the vulnerable countries, look towards
what we resolve here now and what message we take to Durban. Kyoto
targets beyond 2012 must be definitively fixed. We have an obligation
to report to Rio +20 next year that human kind is determined to save
mother earth and protect the specie from the ravages of climate change.
Bangladesh is acutely aware of the fact of rising sea level or marching
desertification. Even though we drain the waters of a basin that has only
about 6 percent in our territory we have an extended period of draught
in our country. And the threat of submersion into the sea is very real
for a population of about 30 million of our countrymen.
IDA 16th Replenishment and Relief for the Poor
In my statement for the Bank Fund meeting last year I stressed the need
for scaling up the contribution of richer countries to the IDA. This is because
the soft credit is mainly used for development activities in agriculture and
water resources, education, healthcare, transport and energy sectors of
the low income countries (LIC). It is heartening to learn that this time in
Brussels belying all pessimistic predictions the IDA 16th Replenishment
received a generous commitment of US$ 49.4 billion recording a growth
of 18 percent (which came pretty close to my demand of US$ 52 billion).
This, indeed, is an excellent measure of commitment to development of
the less fortunate countries by the better off brethren. I must convey my
appreciation to the Bank for committing US$ 2.2 billion of IDA resources
for programmes in Bangladesh in the year just concluded, which happens
to be the largest annual IDA allocation in our history. I am also grateful
for the indicative allocation for my country of SDR 3,189 million for three
fiscal years covering IDA-16 Replenishment, making Bangladesh the largest
potential beneficiary of IDA credit.
In passing I would like to comment that the correction that we have
witnessed recently in terms of voice and participation in decision making
in the Bank and the Fund in favor of some emerging countries has not,
to our disappointment, been matched by their participation in the IDA
Replenishment exercise. Rights should be matched by responsibilities,
particularly when we see clearly a rebalancing of global resources taking place.
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I welcome the decision of the Bank for the innovation of a new financing instrument called P4R (Program for Results). As opposed to project
financing, the fund against a program will be released on the evidence
of IDA satisfactory to a series of pre-set, mutually agreed Disbursement
Linked Indicators (DLIs). The disbursement would be made once or
twice a year as mutually agreed upon. The need for such an instrument
of financing was felt for years by the LICs, particularly because the traditional project financing entail IDA-imposed conditions which significantly
delays project execution. I must warn, however, that implementation of
the new modality must be made with considerable flexibility because
initially you have a lot of teething problems with a new modality. We
experienced a great deal of delay and even problems with programme
design as we moved to sector lending from project lending in my country
in health and nutrition and primary education sectors.
Bangladesh, like other low income countries, would like to see the
criteria of IDA allocation retained following the present guidelines on
Poverty, Population and Performance and any effort to change the allocation principle will defeat the very purpose for which IDA was created.
Food Price Hike and Intensification of Poverty
The food price hike seems to have become a recurrent phenomenon
in recent times. The incidence of food riots seen in several countries since
2007 sent an alarm bell across the globe. But yet we have a 26 percent
rise in food prices this year. The L’quila Summit saw President Obama
declare setting up a US$ 20 billion Global Agriculture and Food Security
(GAFS) Fund underscoring that in global context there was little investment in agriculture in the last 30 years. This intervention was timely and
Bangladesh immediately benefited by securing a grant financing from a
trust fund administered by the Bank. Rice, the staple food of the people of
Bangladesh, is a thinly traded item. The rice producing countries consume
most of the rice they produce with only 4 percent of global rice production traded internationally. The few rice-surplus countries like Myanmar,
Thailand and Vietnam, on the slightest signal of an impending drought
or other natural calamities, first stop exporting rice. This makes the rice
importing countries like Bangladesh extremely vulnerable and nervous.
We trust that food production will receive regular and consistent attention
and food marketing should follow some internationally accepted norms.
The vulnerability on account of food price hike in Bangladesh is amplified in terms of inflation because food items receive 65 percent weightage in our Consumer Price Index (CPI) basket. A rise in food prices for
Bangladesh carry huge impact in general price index. It is also noticeable
that international food price determines national prices in the integrated
global economy of today and a food surplus country even cannot insulate
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itself from international price movements. The Bank and the Fund, I
trust, must have a broad appreciation of this constraint faced by the
policy makers of my country. They should do some hand holding during
these trying times. A regional and global initiative for a globalized world
is necessary for price stability especially for food items. Let us not forget
that Lord Keynes thought of the Bretton Woods set-up in the context of
instability of wheat price in pre-War period.
Power and Energy—Another Area for International Action
Power and energy remain crucial for development. My country continues to reel from power and energy shortages caused by neglect of long
term planning coupled with high level corruption in the sector. In order
to scale up power supply, under the direct initiative of Prime Minister
Sheikh Hasina we resorted to some quick fixes by installing power plants
under rental power plants and independent power producers’ contracts
to tide over the acute crisis and have the breathing time for longer term
solution of the problem. While there is, indeed, perceptible improvement
in terms of production and lesser frequency of power outages, but this has
been achieved at a price. These quick fixes have a disquieting impact on
both the budget and the balance of payment. The Government by way
of subsidy had to provide in its budget for this fiscal US$ 1.2 billion to
plug in the price and tariff differentials of Bangladesh Petroleum Corporation and Power Development Board. With no immediate prospect
of increase in natural gas production and high oil price, Bangladesh is
in a precarious situation. To rein in the subsidy within tolerable limits
the Government is actively considering price and tariff adjustment of
petroleum and power to shore up the difference. The Government is also
borrowing short from the international market to foot the huge import
bill at high price of oil.
Energy resource development is not very easy except when you are
endowed with fossil fuel deposits. Although research for alternative
energy resource received a strong push in the 1970s, it has not moved
forward with any significant inventions or discoveries. The harnessing
of radiant solar energy has not become less expensive; other renewable
resources are also not available except at high expense. The dream of
hydrogen economy is still in the science fiction area. But energy is the
capacity for work by human beings and energy use is at the root of better
living standards and economic growth. The volatility in the fuel market
is extremely unfavourable for the economic and financial health of the
world. This market demands some kind of planned regulation and this
should not be avoided at any cost. In the new architecture for the global
public sector regulation of energy market is as important as regulation of
the financial market. Indeed, we have to move forward with regulation
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of food market and the fuel market as starting points for restructuring
of the global financial and monetary system.
Budget Support by the Bank and Credit Facility of the Fund
Budget support by the Bank is a programme of recent origin although
local currency financing by project credits can be treated as its predecessor. This is usually based on evaluation of good programmes of national
budgets with creditable targets for poverty programmes or growth objectives. IMF received strong resource injection in the wake of the recent
financial crisis to help countries to tide over balance of payment crisis
or threats of such crisis. The beneficiaries of such support programmes
have been the better off developing countries. As IMF had little to do
with problems of less developed countries except in respect of the HIPC
initiative, it thought of helping LLDCs with the ECF programme. The
budget support and ECF programmes of the Bank and the Fund are
meaningful only if they can be acted upon quickly and they are not cluttered with what is fearfully termed conditionality.
Bangladesh seeks budget support from the Bank under PRSC framework and balance of payment support from IMF under ECF to tide over the
difficult situation of lack of fiscal space for the country. In order to contain
budget deficit within 5 percent of GDP and tackle the looming balance of
payment difficulty, the country is in need of such help. It has managed its
economy with credit in the last two years and has good plans for the current
year as well. It has maintained export growth, expanded domestic demand,
provided reasonably for labour absorption, performed strongly in the rural
and agriculture sectors, met the inherited crisis of power supply and recorded
over all growth rate near 6 percent per annum. (In fiscal 2011 the growth
rate has been 6.7 percent and the outlook for 2012 is over 7 percent.)
For other reasons as well some kind of budget support is the rightful
claim of my country. We have managed our debt situation very creditably
despite the high incidence of poverty and lack of domestic savings. We
have been very prudent in balancing our international payments despite
the need for large imports for both investment and requirement of basic
supplies. There must be some reward for such good performance and
careful husbanding of scarce resources. Such reward can be in terms of
programme support that is basically dedicated to poverty alleviation.
It is poverty alleviation that moves Bangladesh to emphasize rural and
agricultural development. It is poverty alleviation that drives Bangladesh
to innovate micro-credit and other employment generation programmes.
It is poverty alleviation that is at the root of all human development
efforts in Bangladesh such as in basic education, non-formal education,
skills training, water supply and sanitation, women empowerment and
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gender equality. It is welfare of the deprived and the powerless that led
Bangladesh to devise various food and social security programmes. It
is again poverty alleviation that is the driving force behind policies for
public revenue raising and public investment acceleration that call for tax
reforms and spending planning. All these efforts deserve programmes
like budget support or ECF accommodation.
Support for Transformational Project
The current Country Assistance Strategy of the World Bank for Bangladesh and the policy directives of the Bank underscore the need for
World Bank engaging in large projects that would bring in transformational impact in terms of growth and poverty reduction. The Padma Bridge
which would connect the country with the south-west part of the country
is one such project. The construction of the bridge has a social dimension
and the connectivity would go a long way in bolstering national integration
in the minds of the people of the region as well as in economic integration
of the country. The Padma Bridge would reduce poverty in the south-west
region by 1 percentage point and raise GDP of the region by 1.7 percent.
In the national context poverty would be reduced by 0.8 percent and GDP
would get a boost by 0.56 percent. The Bangbandhu Bridge over Jamuna,
presently the longest bridge commissioned in Bangladesh showed that the
real benefit far exceeded the initial estimates.
Power rental and small independent power producers’ plants are not
expected to bring in transformational change in power sector that Bangladesh is looking for. Its accretion of wattage is offset by countervailing
load of energy import bills of unbearable magnitude. What is required
is going for bigger units. A mega-size coal-fired power plant producing
1000–2000 megawatt electricity using coal from the northern part of the
country is technically feasible. We are aware of World Bank’s aversion to
financing fossil-fuel power projects in the light of environmental considerations but the World Bank is known to have financed large coal-fired
projects in South Africa and Botswana. An energy-starved country such
as Bangladesh can legitimately request the Bank to finance power plants
using coal and help the country in securing the least polluting option for
coal-based power plants. The country is also in need of large projects for
transport development, especially in roads and railways. The demand in
this sector has escalated as a result of the choice of the country to be a
transit territory in South and South-west Asia and thus transform itself
into an economic hub in bustling Asia of the twenty-first century. Thus for
transformational impact in the quality of life of the people of Bangladesh
I would urge upon the international public sector in money, finance and
trade to play a pioneering role.
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Restructuring of the Global Financial, Monetary and Trade Regime
The traumatic events that led to the Global Financial Crisis have once
again concentrated attention on restructuring of the international public
sector initially designed by the Bretton Woods conference. We should
now take up simultaneous and complementary restructuring of the three
organizations namely World Bank, IMF and WTO—the original three
legs of the Bretton Woods system.
• We have found the G20 informal mechanism highly effective. This
should be given some legal clout.
• We thought of pumping liquidity by issuing SDRs but refrained from
ushering in a new and universal medium of exchange. We should think
about liquidity management by the global public sector.
• Although the recent crisis has not suffered from exchange rate volatility but the nebulous situation in this market should be considered
in devising the new architecture of the global monetary and financial
system. Let us begin with taxation of currency transactions and thus
begin recording of transactions.
• We are convinced that IMF must improve its monitoring and surveillance responsibility, especially by exercising symmetric jurisdiction
over all countries, big or small and rich or poor. That should be its
main function and early warning system should be its main concern.
• We have felt that the banking sector should be better regulated and
public intervention should have a role in it. Possibly the Basel mechanism must be coordinated with IMF watchdog responsibility.
• We observed that the World Bank is functioning very well in mediating surplus resources for investment in deficit countries at least cost.
Should it not be its main function now?
• We also have observed that the requirements of a small group of countries (the so-called least developed, land-locked, small island developing and climatically vulnerable countries) is qualitatively different and
cannot be solved by the usual economic demand and supply equation.
What kind of institutional mechanism should evolve for both relief
and development work?
• IDA window of the World Bank has done very well, indeed. But the
development of the “fragile and vulnerable” least developed countries
defies solution; the number of LLDCs is increasing while graduation
out of it is rare. How do we overcome the ignominy of poverty and
hunger in a world of affluence?
• We have not found ways for trade financing to keep up global
demand even when we have plenty of liquid resources of big savers.
IMF, IFC and WTO have a duty to devise trade financing system
for the future.
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• We are at a loss in managing the volatility of commodity prices, especially of food grains and petroleum crude. Management of the two
markets has to be internationally coordinated and regulated. All the
three institutions have to be involved in the action.
The restructuring exercise should be based on the experience summed
up here. In the past I have put forward some suggestions and can easily
offer some more. But they will be meaningful only when the G20 or the
Board of Governors inscribes restructuring as an agenda item. I propose
that such a step be taken now.
BELGIUM: DIDIER REYNDERS
Governor of the Bank
I thank Dominique Strauss-Kahn for his inspired leadership of the
IMF during a challenging period in the world economy and I congratulate
Ms. Christine Lagarde with her selection as the new Managing Director
and I ensure her of my full support.
The IMF has responded decisively to the problems posed by a turbulent world economy. But we need to reflect on ways to improve the
Fund’s capability to address the challenges posed by today’s international
monetary and financial system. How can we improve the Fund’s surveillance? Are the lending instruments of the Fund up to their task? What is
the best response to systemic liquidity crises? What should be the future
role and composition of the SDR? Are the current resources of the Fund
sufficient? These are but some of the important questions that require
our attention during the coming months.
I cannot elaborate on all of these issues. Let me just pick out one:
surveillance. Surveillance remains our first line of defence against crises.
Therefore, the Fund must continuously strive to improve its surveillance
performance, in dialogue and collaboration with its members. Bilateral,
regional and multilateral surveillance must feed into each other: policy
recommendations at different levels of surveillance must be consistent
and mutually reinforcing. We, as shareholders, must ensure that the legal
framework is adapted to the evolving nature of surveillance. The introduction of a unified surveillance decision could be a first step to clarify
and formalise an enlarged surveillance mandate.
Recently, we have taken important steps to increase the legitimacy,
credibility and effectiveness of the IMF. These steps are part of a process,
aimed at adapting the Fund to the continuously changing economic environment. Rebalancing quota and voting rights is one way of keeping the
Fund up to date and fit to execute its mandate. Another aspect is respect
for the Fund’s policy making bodies. Major decisions concerning the governance and mandate of the Fund should be taken within the Fund, not
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in other forums. At the same time we must ensure that the Fund’s policy
making bodies are up to their task, ready and able to take swift and forceful decisions and accountable for their implementation. This implies that
we should strengthen the IMFC and enhance its decision-making powers.
In line with what I just said, the discussion on the review of the quota
formula should take place in a transparent and inclusive manner within
the Fund’s institutions. The quota formula should be based on economic
criteria reflecting the Fund’s mandate. This mandate concerns the interconnectedness between national economies. Therefore, a variable reflecting openness, including financial openness, should have a prominent
role. Also, the quota formula should ensure a fair distribution of quotas
between large and smaller economies.
The World Bank Group has also responded timely and decisively
by helping developing countries address the consequences of the global
and regional crises. It needs to continue to be vigilant to the economic
risks and imbalances affecting some client countries and to assist them
in obtaining inclusive growth and development. An important challenge
is how to create more and better jobs in these countries, especially in
countries with a large and young population. So, I welcome the Bank’s
intention to look in more detail into this issue.
I particularly support IDA’s efforts in responding to the present
drought emergency in the Horn of Africa, which was caused by a combination of factors such as adverse climatic conditions, a weak agricultural
sector, governance problems and conflict. I urge all development partners
to strengthen cooperation and coordination in order to cope with this and
other emergency situations.
IDA has been gradually directing more of its financial resources to the
poorest countries, particularly in Sub Saharan Africa. In order to free up
more resources for these countries, IDA should look into some options
to enhance its long term financial sustainability.
The World Bank is in the process of preparing and implementing some
important internal reforms. It has clearly demonstrated that it became a
more flexible and responsive institution, responding to the diverse needs
of its client countries. In particular, I welcome the suggested corporate
scorecard. While serving as a system for measuring and monitoring development results, it should also be used as an accountability mechanism in a
strategic discussion with shareholders on the Bank’s performance. I also
urge the Bank to speed up work on some of the other ongoing internal
reforms, such as the issue of decentralization and the need to move more
qualified staff to the field.
I support the conclusions of the 2012 World Development Report on
Gender Equality and Development, which clearly demonstrates that gender equality is a key component of economic growth and poverty reduction. The Bank should engage in an ambitious campaign of communicating
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the findings of this report. In addition, gender equality should be scaled
up by further strengthening the World Bank Group policies.
Finally, I urge the Management to come forward with an appropriate
strategic response to the 2012 World Development Report.
CHINA: XIE XUREN
I. Current Global Economic Situation
The world economy is now slowly recovering, but the uncertainties
and destabilizing factors are increasing. The property and labor market
in the US remains sloppy, the European sovereign debt crisis continues
to simmer, inflation pressure in emerging market economies is increasing,
and the world economy is faced with severe challenges.
In face of the complicated situation and challenges, countries in the
world should help each other by strengthening macro-economic policy
coordination and working together to ensure stability and promote growth
as they are all in the same boat. Mid- and long-term fiscal sustainability
can only be achieved with accelerated restructuring which in turn depends
on economic recovery and financial market stability. Due to the impact
of economic crisis, the poverty reduction and development undertakings
in developing countries have become more arduous. The international
community should pay more attention to development issues and adopt
active and effective measures to reduce the North-South gap for common
development and prosperity of the world as a whole.
II. Direction for Future Development and Reform of the World
Bank and IMF
As an important part of the international financial system reform, the
World Bank has taken the lead to complete its second phase of Voice
Reform, its governance structure has been further improved to better
reflect the changes in the global economic landscape, and the voice and
representativeness of developing countries has been increased. The
successful conclusion of general capital increase for IBRD and IDA
16 replenishment has strengthened the capability of the World Bank
to promote poverty reduction and development and scale up funding
to developing countries, in particular, the low-income countries. The
World Bank has also helped the crisis-affected countries implement
counter-cyclical economic policies and establish social safety nets, and
promoted global economic recovery through innovative instruments like
trade finance, thus played an active role in tackling the international
financial crisis.
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As the core organization of the international monetary system, the
IMF, since the start of the crisis, has carried out reforms in key areas
like quota and governance, crisis rescue and monitoring, and played an
important role in helping the member countries weather the crisis and
maintaining global economic and financial stability. In particular, the
Board of Governors of IMF adopted the resolution on the reform of
quota and Board of Executive Directors in December 2010, doubling the
total quotas and shifting over 6 percent of quotas to dynamic emerging
market and developing countries and underrepresented countries, thus
effectively increased the voice and representatives of emerging market
and developing countries.
As the World Bank and IMF are two important multilateral development and financial institutions in the world, I would like to make the
following proposals on the future direction and reform process of the
two institutions:
First, the World Bank should remain unswerving on its mandate of
poverty reduction and development. Development imbalance is still the
primary challenge facing the world economy. The World Bank should
stick to its mandate of poverty reduction and development, effectively
promote the transfer of funding and technology to developing countries through innovations in instruments and establishment of platforms,
facilitate exchanges of development experiences, constantly enhance the
capacity for development of developing countries, and promote common
development of the world.
Second, the World Bank should effectively promote international
cooperation on development. As the world economy has entered a new
development stage, the development experience of developing countries
as a result of constant exploration and accumulation in line with the changing situation is useful enrichment to the world development theories. The
World Bank, as a multilateral development institution with strengths
in funding, knowledge and cooperation platform, should work together
with developing countries to jointly improve development theories, make
innovations in development philosophy, exploit new territory for development cooperation, explore diverse ways of South-South cooperation and
promote the global poverty reduction and development agenda.
Third, the World Bank should further promote its own reform. China
appreciates the efforts by the Bank in voice, internal governance and
management model reforms in recent years. We are willing to work with
relevant parties to be deeply involved in the reform of the Bank, further
increase the voice and representativeness of developing countries in the
World Bank, reinforce development effectiveness of the Bank, and help
the Bank better fulfill its mandate of poverty reduction and development.
Fourth, the reform of IMF should be further promoted to increase its
effectiveness in performing its function. Firstly, IMF should seek the root
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cause of the crisis and adjust the monitoring framework and transform
monitoring priorities accordingly. Secondly, IMF should continue to
improve its quota and governance structure. As an international institution based on quota, IMF must put the 2010 quota reform package
into effect as soon as possible so as to effectively guarantee the source
of funding in the long run and meet the needs of member countries to
address crisis. The quota formula of IMF should be simpler and more
transparent and better reflect the changes in the relative economic power
of member countries. In addition, IMF should further study the inherent
defects of the international monetary system, promote diversification
of the international reserve currency system and build the international
reserve currency system into one with stable value, rule-based issuance
and manageable supply.
III. Economic Development Update of China
Since the second half of 2008, the Chinese government has taken
active policies and measures to tackle the international financial crisis,
implemented the package plan in response to the crisis, constantly
strengthened and improved macro-regulation, and effectively curbed
the marked slowdown trend of economic growth. It is among the first
to achieve economic recovery. In 2009 and 2010, our GDP grew by
9.1 percent and 10.3 percent respectively. This year, the government
continued to implement the proactive fiscal policy and prudent monetary policy and put significant efforts in stabilizing the price, adjusting structure, ensuring people’s livelihood and promoting harmony.
GDP in the first half of the year grew by 9.6 percent over the same
period of last year and income of urban and rural residents increased
by 7.6 percent and 13.7 percent respectively. For the first 7 months of
the year, retail of consumer goods grew by 16.8 percent, fixed-asset
investment 25.4 percent and foreign trade 25.1 percent. The macroregulation is producing positive and steady effect and economic and
social development has maintained sound momentum.
The economic development of China is in good shape in general albeit
challenges of imbalance and lack of coordination and sustainability of
development. The Chinese government will continue to strengthen and
improve macro-regulation, maintain the continuity and stability of macroeconomic policies, strike a proper balance between maintaining steady
yet rapid economic development, restructuring the economy and managing inflation expectations, and work hard to maintain the sustained
and steady growth of the economy. The sound and stable development
of China’s economy will serve as positive contributions to the global
economic recovery.
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COLOMBIA: JUAN CARLOS ECHEVERRY
It is a great honor as Minister of Finance to represent the President
of Colombia, Mr. Juan Manual Santos, on the occasion of the 2011 IMF
and World Bank Annual Meetings.
In this first year in office we have achieved most of our goals in terms
of economic policy and of steering the economy towards a path of growth.
The job done so far strengthens our economy’s perspectives and its
resilience for confronting the uncertainties stemming from international
economy.
The Santos Administration has set up a world class macro fiscal framework, based on:
• A Fiscal Sustainability Constitutional Reform (approved on June 2011)—
introducing Fiscal Sustainability as a criterion for guiding all public
sector institutions.
• A Royalties’ Reform (approved on June 2011)— that redistributes
revenues generated by the oil and mining boom amongst all Colombian
provinces, providing important resources for investment, infrastructure
and innovation.
• A Fiscal Rule (approved on June 2011)—that imposes fiscal discipline
to the Central Government with the objective of obtaining a primary
fiscal surplus by 2012.
• A Tax Reform (approved on December 2010)—that is expected to
raise revenue in more than 1 percent of GDP.
This framework puts Colombia on a Medium Term Fiscal Path that:
• Provides predictability, sustainability and will support investor
confidence.
• Avoids accumulating imbalances.
• Allows social expenditure for poverty reduction and compensating
victims of violence; as well as winning the war on narcotrafficking,
investing in infrastructure, and confronting fiscal liabilities like pensions or healthcare.
The most recent economic performance indicators are:
• Colombia avoided recession during 2007–2010 period.
• GDP growth was 5.1 percent in IQ 2011 and is expected to be around
6 percent by year-end. Inflation is 3.2 percent.
Our economy is solid:
• Families have access to more employment and purchasing capacity.
• Domestic and foreign investments are booming.
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• The Financial System is under world class regulation and supervision.
• Colombia was ranked 4th in inflation control, according to OECD
ranking.
• Credit is booming.
• Full investment grade recovered during 2011.
• Sound public finances abide to a fiscal rule and medium term targets.
• Strong political governability.
Colombia is well prepared to face international volatility:
• Tax revenues are over performing, growing more than 20 percent in
real terms in 2011.
• Our budget deficit for 2011 and 2012 will be lower than expected.
• At 23 percent of GDP, the public sector net debt/GDP is sustainable.
• We are prepared for shocks: Enough International Reserves
(US$ 33 billion), and an IMF Flexible Credit Line (US$ 6 billion).
However, emerging economies’ performance will depend on the commitment of rich economies to clean their balance sheets, increase investment, and approve fiscal and economic reforms.
This commitment begins with the conviction that policymakers of
those rich countries convened at this Annual Meeting, to implement all
the necessary and responsible decisions in order to guarantee a stable
worldwide economy.
During the past years, emerging economies have done their share
to achieve fiscal sustainability, avoid financial bubbles, promote growth
and contribute to international financial stability. It is now the turn of
developed economies to lead by example.
DEMOCRATIC REPUBLIC OF THE CONGO:
MAPON MATATA PONYO
(on behalf of the African Governors)
Africa Is Coping, Moving Forward and Transforming Itself
Africa Is Coping
Until the global economic crisis in 2008, economic growth on the African continent had been averaging 5 percent over the course of a decade.
Some 22 non-oil exporting countries had posted growth of 4 percent or
more during the period 1998–2008. Those efforts were slowed by the crisis.
Yet, despite a slow global economic recovery and an increasingly
difficult international environment, African countries continue to show
solid growth, projected at more than 5 percent in 2012 and 2013. Nearly
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40 percent of African countries are likely to record growth rates of 6 percent or more. This growth in Africa, however, remains closely linked to
the trend of international prices for commodities, such as oil, metals and
nonfood agricultural products, which are generally volatile. Consequently,
investment projects are needed in sectors susceptible to stimulate rapid
and sustained growth, such as energy and agriculture, which have a strong
potential for transformation and regional integration that are critical to
the development of the continent.
While Africa was affected by the global crisis, it was able to withstand
it. Africa succeeded in avoiding an even deeper recession in 2009, thanks
to prudent macroeconomic policies and financial support from its partners. In 2010, it began a recovery. Civil society is making its voice heard
more effectively and in many countries nongovernmental stakeholders are demanding accountability on the part of leaders as to the way
national resources are being used. Countries are asserting ownership
over development efforts, with more emphasis on results, on building
capacities and national systems, on the choice of policies, on reforms,
on aid coordination and effectiveness. In other words, Africa is not just
coping, it is moving forward.
Africa Is Moving Forward
Indeed the majority of African countries are still far from achieving most of the Millennium Development Goals by 2015. Yet, progress
toward the MDGs has been such that many countries—including Cape
Verde, Malawi, Ghana and Ethiopia—are now well-placed to achieve the
majority of the MDGs, if not by 2015, then shortly afterwards. Moreover,
development indicators reveal steady improvements. Some indices show
that child mortality is beginning to fall in Ethiopia, in The Gambia, in
Malawi and in Rwanda; and primary school enrollment rates are rising
in most cases, faster in Africa than anywhere else.
Our continent has enjoyed significant support from the International
Monetary Fund and from the World Bank. With technical assistance and
advice from the IMF, many African countries have achieved macroeconomic stability essential to development efforts. Inflation is generally
under control despite pressures from abroad; budget deficits are better
contained than in the past; indebtedness levels are lower, in part because of
debt relief but also because of the efforts that our countries have made to
manage their debt; and the external current accounts have seen an appreciable strengthening, helped by an improvement in the terms of trade.
Financing from the World Bank made it possible, during 2010, for
example, to expand agricultural yields and output in Ethiopia, Ghana,
Kenya, Nigeria, Rwanda, Somalia and Tanzania. Tens of thousands of
people in the Democratic Republic of the Congo have gained access to
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drinking water, as have one and a half million city dwellers in Senegal,
while Ghana and Rwanda have been able to boost rural people’s access to
clean water considerably. Meanwhile, more than 16,000 Kenyan schoolchildren and 15,000 vulnerable people in Liberia have received social
protection. Thousands of lives have been saved from malaria in Nigeria
and the DRC, from the HIV/AIDS pandemic in Malawi, in Chad and
Lesotho. Africa also welcomes the fact that the World Bank has reinforced its presence in its Africa offices, in the context of internal reforms
designed to increase the impact of the development projects it finances.
In other words, Africa is more than ever determined not just to cope and
move forward, but also to transform itself.
Africa Is Transforming Itself
The business climate in Africa is improving. The private sector is
attracting more and more investments, with much of the funding coming from national banks and investors. Private capital flows outweigh
the amounts of official development assistance. According to the Doing
Business 2010 report, an African country—Rwanda—ranks as the top
reformer in the world. A middle-class is emerging, with hundreds of
millions of consumers. Returns on investment in Africa are among the
highest in the world. The success of information and communication technologies, in particular the penetration rate of mobile telephone service,
illustrates the speed with which the sector can develop. It also shows how
the public sector can lay the conditions for exponential growth of a vital
industry that could transform the continent.
We ask for a much more solid support in implementing the Accra
Agenda for Action adopted at the high-level forum in September 2008
following the evaluation of the 2005 Paris Declaration. These texts recognize that it is up to governments to design and carry out their own
development programs. But at the same time, they call on development
partners to provide additional financing at the least cost and put more
emphasis on results. They remind us that aid levels should correspond
to at least 0.7 percent of GDP, the target set at the Monterrey Summit.
The Paris Declaration and the Accra Agenda for Action also demand
closer collaboration among donors to reduce competition and to ensure
aid effectiveness, while avoiding wastage and overlap.
The Drought in the Horn of Africa
Lastly, I cannot end this statement without speaking of the human
tragedy that is unfolding in the Horn of Africa. The drought is affecting
more than 11 million people in the arid and semi-arid zones of Somalia, Sudan, South Sudan, Ethiopia, Kenya, Tanzania, Burundi, Uganda,
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Eritrea, Rwanda and Djibouti. Even more people, crops and livestock
will be affected in the months to come because of cumulative delays in
harvests. The situation reminds us that the continent, despite the progress
made, remains highly vulnerable to exogenous shocks.
We are grateful for all the contributions received and we are expecting
more. However, while we are devoting our energies—appropriately—to
emergency responses to the famine in the Horn of Africa, we must also
adopt the same sense of urgency in seeking longer-term solutions, especially if droughts are going to become more frequent with climate change.
We therefore call for a proactive approach to risk disaster management,
in addition to emergency responses. We urge multilateral institutions, like
the IMF and World Bank, to maintain significant concessional resources
to efficiently respond to the needs of our countries.
DOMINICA: ROSAMUND EDWARDS
(on behalf of the Joint Caribbean Group)
As Governor of the IMF and the World Bank for Dominica, I have
the honour to speak on behalf of the countries of the Caribbean Community (CARICOM), that is Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat,
St. Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname,
and Trinidad and Tobago.
Caribbean economies continue to be heavily impacted by the vulnerabilities in advanced countries and spillovers from the persistent
uncertainty in global financial markets. We therefore support concerted
multilateral efforts to nurture the recovery, though policies that bolster
private sector confidence and enhance financial sector resilience.
The Economic Outlook and Policy Challenges
While there are a few bright spots where the recovery in the Caribbean is starting to take hold, it is expected that medium-term growth will
remain subdued and at levels inferior to those projected before the global
recession. Moderate prospects for tourism and remittances inflows, owing
to weaknesses in the United States and our European trading partners
explain largely this cautious optimism. Additionally, foreign direct investments are projected to increase only timidly. A good development for
some countries is that commodities exports are expected to register a
strong uplift due to recovering prices and global demand, yet this poses
mounting inflation and external payments pressures for others in the
region. On the whole, downside risks are persistent and rising, given the
soft patch in global recovery.
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Echoing a theme that is common to global policy makers, mediumterm challenges in the Caribbean evolve around achieving more sustainable fiscal policy frameworks and more resilient financial sectors. A well
defined strategy to boost economic growth and stimulate employment is
also vital. As we renew our efforts to rebuild policy buffers and reduce
debt, we are therefore seeking out space within our budgetary envelopes
to sustain growth promoting investments. Further, we are committed to
pursuing and strengthening initiatives to diversify our export markets,
increase workforce productivity and enhance external competiveness.
Indeed, in the absence of strong firming in growth prospects, our fiscal
consolidation will only come at the cost of significant social dislocation
and contraction in domestic demand.
In the financial sector, our task is still to ensure an orderly rehabilitation of banking sector balance sheets and to lay the foundation for more
comprehensive oversight of both banking and non-banking activities.
The Caribbean is building on the lessons from the regional cross-border
crisis which originated in the insurance sector, and which illustrated the
need to strengthen the cooperative regulatory mechanisms. For many of
our countries the redress of the financial sector will impose costs. We are
determined to keep the fiscal impact to a minimum, and to ensure that
the resolution frameworks which emerge minimize future fiscal risks.
Technical Assistance and External Financing
As we confront these challenges, Caribbean governments expect the
technical and financial engagement of the Bretton Woods institutions to
become heightened. Outside of the formal policy consultations, the Caribbean Regional Technical Assistance Centre (CARTAC) has become the
most important delivery channel for the IMF’s services. At the moment
though, we are deeply concerned that the scope for TA delivery through
CARTAC is being constrained by the Fund’s policy to impose charges on
the centre for administrative and quality control services. Although we
appreciate that the IMF incurs costs for these services, we encourage the
institution to consider boosting the internal budgetary resources devoted
to TA. Moreover, we urge the Fund to take more steps to strengthen
CARTAC’s own capacity to exercise quality controls. As to the World Bank
Group, we welcome the IFC’s renewed interest in tourism, and urge that
the regional focus of the initiatives promote the development of linkages.
In this regard, we also exhort the World Bank Group to scale up support
for our policies to promote micro, small and medium-size enterprises. In
the meantime, we are counting on the recently formed inter-agency growth
commission of the World Bank, Inter-American Development Bank and
Caribbean Development Bank to help us formulate pragmatic policy measures which the multilateral financial institutions will also support.
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Access to concessional financing is critical for many of our regional
countries, particularly those with high debt burdens. We are therefore
pleased by the enhancements made to the IMF’s lending facilities, both
concessional and non-concessional, in recent years. Indeed, there has
been a noteworthy effort to reform the concessional facilities for lowincome countries. Nonetheless, a gap persists, as the needs of small highly
vulnerable middle-income states are not adequately addressed. This an
issue of importance for the Caribbean, where the limited quotas of our
smallest states translate into insignificant access limits in nominal terms
and in comparison with the amounts that would be necessary to make a
difference in signaling and outcomes. We urge the membership to give
immediate attention to this need.
International Policy Coordination and Cooperation
We remain supportive of the gains that the IMF is making to strengthen
multilateral surveillance and the multilateral frameworks to promote
global financial stability. Along these lines we endorse efforts to improve
the traction in policy advice through the Fund’s technical assistance to
G20 Mutual Assessment Process (G20-MAP). Both the Fund and the
World Bank are encouraged to maintain close relationship with the FSB
and international standards setting bodies, developing more robust and
cooperative approaches to regulating the global financial sector. We note
though that these initiatives do impose added demands on the Fund’s
resources and justify greater prioritization of bilateral surveillance and
TA activities. Even with this heightened focus on systemic issues, we urge
that adequate attention and resources remain devoted to the needs of
capacity constrained small states such as those in the Caribbean.
As regards, the international standards setting bodies, CARICOM
believes that the Fund and Bank adopted the right stance in choosing not
to endorse coercive approaches to regulatory cooperation and information sharing. In our view, positive incentives and appropriate technical
assistance are the right methods to ensuring that the operating legal
frameworks in the Fund’s member countries evolve in tandem with best
international practices.
IMF Surveillance
The findings in the IMF’s Triennial Surveillance Review indicate
that there is no room for complacency, as important gaps in the Fund’s
surveillance remain to be addressed. We urge that the excessive rotation
of mission chiefs and teams working on our countries be more effectively managed and that macro-social issues be adequately reflected in
Article IV consultations. We also join other like-minded countries in
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urging Management and the Executive Board to accelerate the move
towards increased diversity among the staff. It is only through improved
governance and diversity in human resources that the Fund will be able
to benefit from novel and good inputs which may complement the mainstream orthodox thinking. We also support the call for more tailored
advice to countries’ peculiar circumstances and increase utilization of
cross-country analysis.
IMF Reforms
Since the 2010 Annual Meetings the IMF has reached two important milestones in governance reform and the CARICOM countries are
pleased to have supported these processes. The 2008 reform transferred
increased voting shares to developing countries, including the Caribbean. The 2008 proposal also paved the way for implementation of a
new income model, financed by profits from gold sales, which entrusts
the Fund with greater independence to sustain its surveillance and nonlending operations over the longer-term. As the IMF turns its attention
to how best to utilize the windfall profits from the gold sales we welcome
recommendations that would increase support for concessional lending facilities of the Poverty and Reduction and Growth Trust (PRGT)
fund. We also see this as an opportunity to boost resources for technical assistance to low-income countries as well as the highly vulnerable
middle-income states.
As to the second milestone, we are pleased that agreement was reached
on the latest package of proposals to double the quota base of the IMF
and undertake reforms to the executive board, both with the intention
of further enhancing the voice of the emerging market countries. While
we are grateful that the voting shares of the two lowest income states in
our region (Haiti and Guyana) were protected, we regret that this benefit was not extended to more of our vulnerable states. Quotas continue
to frame both the cost and access to IMF resources at a juncture when
the external financing needs of many Caribbean States, particularly in
the OECS are heightened. With this in mind, we encourage the IMF to
explore more flexible approaches to accommodating these needs, even
as the new round of the quota formula review has started.
The World Bank
We commend the Board of Directors and Management of the World
Bank Group for their hard work. We are pleased to acknowledge the
positive changes that are occurring and the dynamism with which the
Bank has responded to global challenges. The adoption of a corporate
score card will help keep the Bank focused on its objectives and goals
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without losing sight of its mandate. At the same time it will enhance the
institution’s efforts to promote transparency.
We also acknowledge the tremendous efforts of the Bank to tackle
climate change. Our countries are particularly vulnerable to the adverse
fallouts from these trends. We have a long way to go however, before
the initiatives can be considered mainstreamed in the Bank’s work. Progress will only be achieved when mitigating actions are more multiplied
throughout the globe. We call on the Bank to accelerate the implementation of operations in the countries of the Caribbean, particularly those
pending in Dominica and Guyana.
The 2012 World Development Report is remarkable in underscoring the importance of government leadership and the interventions of
development partners to ensure that economic growth contributes to
greater gender equality. Furthermore, the report highlights that gender
equality is vital to both economic development and achieving the Millennium Development Goals—making households more resilient to shocks
and to the mounting challenges of climate change and food security. The
promotion of gender equality is to be prioritized and strengthened and,
as the Bank stresses, uplift both sexes.
The World Bank Group also continues to deliver on its mandate of
development and poverty alleviation. We are pleased that the International Finance Corporation (IFC), the private sector arm of the group,
has increased its presence to become largest sponsor of private foreign
investment in the Caribbean. This stepped up presence is welcomed and
will be further exploited by regional governments given our limited space
for public sector investments.
Continuing the Work in Haiti
Finally, we would like to call your attention to Haiti. Progress in the
reconstruction has been beneath expectations since the earthquake over
one and a half years ago. More sizable and effective interventions are
needed to achieve visible near-term improvements in the population’s
living conditions and set off sustained medium-term growth in per capita
incomes. Despite the challenging domestic and external environment the
Haitian authorities have managed to maintain macroeconomic stability.
There is an urgent need though for job creation through investments in
economic and social infrastructure as well as through productive private
sector initiatives. We call on the international donor community to speed
up the delivery of their pledges so that reconstruction and poverty reduction progress at a faster pace. In this regard, we continue to place high
value on the multi-faceted contribution of the Bretton Woods institutions
and other multilateral institutions.
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Conclusion
In conclusion, the Caribbean countries continue to believe that the
challenges facing the global economy justify a heightened multilateral
approach to surveillance; and coordinated policy responses to reignite
private sector confidence and shore up the stability of the international
financial system. Indeed, the fragile conditions in our major trading partners underscore the subdued medium-term outlook for the region. While
our regional commitment to fiscal discipline is undeterred, achieving
faster growth is critical to our debt consolidation objectives. As we face
these challenges and work to enhance regional financial stability, we
expect to maintain a heightened policy dialogue and engagement with
the Bretton Woods institutions and our development partners over the
medium-term.
FIJI: BARRY WHITESIDE
Governor of the Fund
It is indeed an honor for me to deliver this address on behalf of the
delegation of the Republic of Fiji, on the occasion of the International
Monetary Fund and the World Bank Annual Meeting. I congratulate you
on your appointment to Chair this joint annual discussion. I also warmly
congratulate Ms Christine Lagarde for her appointment to the post of
Managing Director and Madame Chairman of the Executive Board of
the IMF.
Over the past 12 months, Mr. Chairman, the global economy has shown
signs of slowing and downside risks have heightened, while the expansion
remains unbalanced. In most advanced countries, growth has been weak
as pressures from persisting fiscal and financial sector imbalances continue
to overshadow the economic outlook. Growth in many emerging and
developing economies remains strong although signs of overheating have
emerged. As a result, global growth prospects have slightly deteriorated
to a growth of 4.0 percent for the world economy this year.
Although the global economy has bounced back strongly from the
depression in 2009, this path to recovery remains uncertain. As such
Mr. Chairman, countries need to focus their efforts towards placing the
global economy on a strong, even and sustainable growth path. This is by
no means an easy task. Fiscal adjustment for some countries that need to
restore fiscal sustainability, for instance, will need to be weighed against
the risk of not hurting the recovery by implementing consolidation policies too early.
As such, policy cooperation amongst countries as was done, following the global financial crisis, is more critical now, given the constraints
on monetary policy, continuing banking sector problems and mounting
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public sector debt. Policy actions will need to be stepped up to help countries secure a trajectory of positive and sustainable growth.
Growing inter-linkages among economies of the world have made the
global economy more complex and as a result made policy making more
challenging. The varying weights of countries in terms of their contributions to growth, trade and financial assets and liabilities, all underscore
the huge differences and complexity of the world economy. These complexities, while they have provided explanations on policy failures before
the crisis, have also, through the greater inter-linkages, been a cause for
success in the periods both before and following the crisis.
Increased global inter-connectedness Mr. Chairman, through finance
and trade, had led to the longest sustained period of growth in world
history prior to 2009 and also brought about remarkable achievement
through greater global cooperation in the face of the recent global financial crisis. The joint efforts by countries to tackle the crisis saw the economic downturn lasting only three calendar quarters, not for a prolonged
period.
Among current policy challenges is the need to reestablish strong,
sustained and balanced growth for the world economy. While global
growth both for this year and next year is around 4 percent, this masks the
uneven recovery across the globe. Another major challenge facing many
advanced economies is the huge public debt, with the debt-to-GDP ratios
for many countries, increasing by 25 to 30 percentage points. Many of
these countries face the need to stabilize their debt levels and return them
to pre-crisis levels through substantial fiscal adjustment. The challenge
for emerging economies is rapid growth amidst expansionary monetary
and fiscal policies. Rising commodity prices in these economies are raising inflationary expectations and placing upward pressure on inflation.
Amidst the huge challenges facing the global economy, it is positive
to note Mr. Chairman, that the Fund recognizes its need to better understand the interconnectedness between countries and as such provide
policy advice to its member countries. In respect of the Fund’s mandate
on surveillance, innovations made since the crisis are noteworthy. The
introduction of the “early warning exercise,” which has strengthened the
monitoring of tail risks faced by the global economy is positive. As well,
the mandatory imposition of the Financial Sector Assessment Program
(FSAP) on members with systematically important financial systems
and the first ever FSAP for the US and China and the FSAP update for
Germany are positive achievements. In addition, the increased focus by
the Fund on inter-linkages among economies and the spillover effects
of policies from one country on to others, should greatly improve the
analysis of the Institution. Having said this Mr. Chairman, we are hopeful
that the release of the Spillover Report by the Fund will be a timely one.
Associated with this is the greater attention now paid to understanding
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macro-financial linkages as well as the quality of growth and its impact
on macroeconomic stability.
The enhancements made by the Fund to financial instruments are a
welcome development. Streamlining financing programs to focus on core
policies needed to reestablish growth and stability is vital. In this light,
the introduction of the Flexible Credit Line and the Precautionary Credit
Line should provide the insurance-like protection needed by countries in
crisis. Enhancing its cooperation with regional financing arrangements is
another commendable move by the Fund. It is important that the Fund
continues to explore the need to further strengthen the global financial
safety net.
On Fund resources, whilst we support the higher quota subscriptions
by members which will allow the Fund to draw additional funds from
members at short notice for borrowing and financing purposes, we would
like to see better balance than currently is the case, in the use of these
funds. We note that the $330 billion fund allocation to needy countries
since the crisis has greatly helped countries from succumbing to financial
pressures.
We applaud the Fund on the progress on governance reforms. The
greater voice now provided to emerging market economies based on their
weight in the global economy, is a historic happening. This will ensure
the protection of the voices of some of the poorest in countries which are
now included because of their significant weight in the global economy.
We also recognize and support the Bank’s initiative on creating jobs,
renewably energy sector strategy and the development of a corporate
scorecard.
I also commend the World Bank for the World Development Report
2012 on Gender Equality and Development. The key messages in the
Report clearly underscore the importance of gender mainstreaming in
economic development and nation building. The Report also makes an
important and timely contribution to the global economic development
agenda, ahead of the timeline for achieving the Millennium Development Goals.
I applaud the work done so far by the Bank to improve gender equality; however, I fully agree that more can be done in order to enhance the
development impact of the Bank’s programs and assistance on this front.
While low and middle income countries share similar experiences and
constraints in terms of gender disparities, a “one-size fits-all” solution
will not work.
For developing countries like Fiji, addressing gender gaps can make
a greater impact in terms of productivity gains and improving standards
of living, particularly for those in rural areas.
In recognition of this, the Fijian Government has developed a national
Women’s Plan of Action 2010—2019 to guide resource allocation towards
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addressing priority areas which range from formal sector employment
opportunities to elimination of violence against women and children.
The Plan also ensures that Fiji meets its commitments to various international conventions on women, such as the Convention on Elimination
on All Forms of Violence. Women in Fiji are also the major and more
successful participants of micro finance and Small to Medium Enterprise
(SME) schemes funded by Government, civil society and financial institutions. In this regard, Government and key stakeholders are working
together to increase awareness and financial support for micro and SME
schemes.
Therefore, the World Bank’s plans to increase and mainstream gender
equality in operations (including financial lending and technical assistance) and policy dialogue will go a long way to guide and complement
national programs. Such complementarities will ensure that development
outcomes are realized much earlier.
In this regard Mr. Chairman, I welcome the Bank’s focus on improving country level gender diagnostics and gender based data as a means
for scaling up its lending, research and technical assistance on gender
equality. Not only does this approach promote country level ownership
and participation, it ensures that development solutions are tailored to
country and regional contexts to enhance its impact.
To this end, I lend my support to the four focal areas identified by
Management to leverage gender interests in the Bank’s work and I look
forward to the corporate strategic document by Management that will
steer the Bank’s work in promoting gender equality going forward.
I also take this opportunity to call on Management to ensure that the
plight of low and middle income countries is featured prominently in the
plan and design of this strategic direction.
The Fiji economy continues to face many challenges. The actual
growth for 2010 was a marginal 0.3 percent, lower than the forecast
0.6 percent. The slow pick up in global demand and high oil and food
prices remain a major drag on the economy despite the strong growth
in tourism and in major export commodities such as sugar, timber, gold,
mineral water and fish. Sector performances have been mixed with strong
growth in the services sector especially tourism, outweighing the weaker
performances in the agriculture and other resource based sectors. The
modest level of economic activity has seen continuing weakness in import
growth, particularly in mineral fuels. This year’s growth is targeted at
2.7 percent, expected to come from improved performances across most
sectors. Foreign reserves continue to grow on the back of better than
expected tourism receipts, stable remittance inflows and domestic export
earnings. The outlook for the end of year level remains adequate at
around 5 months of import cover. Excess capacity in the economy has
kept underlying inflation around 3 percent or below. However, headline
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inflation continues to be driven by high food and oil prices. The outlook
for end of year inflation is around 7 percent with an upward bias resulting
mainly from recent unexpected increases in domestic food prices.
On bilateral relations, Mr. Chairman, we thank the Fund for the
continuous consultations and discussions during the annual Article IV
Missions, which provide valuable insight for our assessment of the macroeconomic situation, and more importantly advice on policy issues. The
authorities continue to examine issues raised by the Fund during these
missions as well as make progress on recommendations on the recent
Safeguards Assessment report on compliance and independence issues
for the Bank.
The Reserve Bank of Fiji continues to focus monetary policy towards
supporting growth in priority sectors of the economy while ensuring
external and financial stability. As such, the accommodative monetary
policy stance by the Reserve Bank has seen the cost of borrowing in
the market generally decline since the beginning of the year, auguring
well for investment intentions in the country and the cost of financing
for the Government. The Reserve Bank continues to review its existing
prudential policies, formulating new ones to ensure that the financial
system remains sound. Moreover, the Reserve Bank in partnership with
financial institutions and donors continue to review national strategies
to promote greater financial inclusion in Fiji. Countries in the region
recently met in Fiji to discuss concepts and tools for the supervision and
regulation of non-bank microfinance institutions, which currently do not
fall under the ambit of supervision by the Reserve Bank.
On other developments in our country, the authorities continue to
reaffirm their commitment to the People’s Charter for Change, Peace
and Progress and the Roadmap to Democracy—the guiding principle
for policy formulation by the Fijian Government and the new Fiji Constitution. Following the endorsement by Pacific leaders of Fiji’s Charter
and the Roadmap recently, the Fijian Government has reiterated its
commitment towards hosting elections in September 2014, with voter
registration targeted to begin in early 2012. This new system of voting will
ensure fairness to all and elimination of voter and political party fraud.
Under its civil service reform, the Government aims to improve the
efficiency, effectiveness and quality of service delivered by the civil service, particularly focusing on creating a leaner and more efficient civil
service, which will bring about cost savings and efficiency gains. The Fijian
Government continues to implement its strategies for reforming public
enterprises. Reforms and restructurings to date have been undertaken in
areas including government residences and supplies, utilities, maritime,
meteorological, telecommunications and agriculture-livestock. Future
plans include the development of plans for outsourcing service delivery
and formulating a corporate governance code.
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Reform initiatives aimed at improving the accessibility to and utilization of land, have progressed well with more land now available for
production and social purposes. Under the Land Use Decree 2010, the
i-taukei landowners, potential investors, farmers and the state, are able
to benefit through certainty of tenure and improved rental return. Furthermore, Mr Chairman, to promote rural and outer island development,
the Fijian Government had set up an “Integrated Rural Development
Framework” and facility to provide additional resources for upgrading
rural infrastructure. The declaration of tax free regions in these areas
supported by tax and non-tax concessions, are expected to boost development in the nation.
While the country is beginning to see tangible benefits of reforms, the
Fijian Government remains adamant on its course towards addressing
systematic corruption in the country. This year, Fiji has gained recognition
by the United Nations Convention against Corruption (UNCAC) for its
efforts in combating corruption and white collar crime in the country.
This was supported by the closure of 30 convicted court cases by the Fiji
Independent Commission Against Corruption (FICAC).
The Fijian Government is committed to developing and implementing the best political, social and economic policies in order to advance
the goals of good governance, prosperity and peace and national unity.
The authorities continue to consult widely with the private sector and
non-governmental organizations, to identify policies appropriate to the
country’s current social and economic situation.
In this light, we call upon the international community and our development partners, including the Fund and the World Bank, to bear witness
to the progress that Fiji has made. Our Government will continue to push
for greater engagement and dialogue with the region, as evident in the
recent meetings on “Strengthening Partnership Agreement Amongst
Pacific Small Island Developing States” and “Economic Partnership
Agreement Negotiations.”
We reiterate our call to the Fund and World Bank for greater engagement with Fiji, to boost the support it needs to move the country forward
quickly. Joint research programs between the Bretton Woods institutions
and country officials will greatly enhance understanding of our country
situation and challenges and help with capacity building. This will lead
to the better design of appropriate policies to achieve our development
agenda.
At this juncture, I would like to sincerely thank the Fund for the Technical Assistance Fiji continues to receive, and the work done by the IMF
Pacific Technical Assistance Centre in Suva. The Reserve Bank and the
Finance Ministry have specifically gained from the training provided by
the new IMF Macroeconomic Adviser, and regular discussions between
the IMF Resident Rep Office and the Reserve Bank have been very
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useful. I also thank the World Bank for its assistance to Fiji and our island
neighbours through its Regional Office in Sydney, Australia.
Finally, my best wishes to the Fund and the Bank in their future efforts
and we look forward to closely working with both institutions.
FRANCE: FRANÇOIS BAROIN
We are meeting at a time of new challenges to global economic recovery. From development, growth to budget deficits or sovereign debt,
serious issues are at stake.
We have to face the facts. In most countries, and to varying degrees,
it will take time for households, businesses and public administrations to
pay down their debt. Growth rates will be affected. This means that the
global recovery is inherently fragile and particularly vulnerable to shocks.
We have just been through a particularly trying summer, marked by new
economic and financial tension. The outlook remains uncertain for a more
buoyant economy in the second half of 2011 and in 2012.
We therefore need to restore confidence, support growth, dispel
uncertainty and protect a convalescent world economy from new shocks.
In the months ahead, it is vital to that purpose that we manage to achieve a
balance between the fiscal consolidation required and the need to sustain
growth. We should give priority to measures that hurt demand least, while
ensuring that governments are on a credible and sustainable medium-term
path to reducing their deficits. In countries where it is possible, we should
use the room of manoeuvre available to us in the short term.
To enhance our ability to respond to crises, foster a return to inclusive, sustainable, and balanced global growth and prevent future crises,
we must renew our will to take action. The advanced economies need
to strengthen the resilience of their financial sectors. Medium-term fiscal consolidation plans must be implemented—or in some countries
designed—with the aim of moving towards a balanced budget while,
where possible, supporting growth in the short term. The major emerging economies also have to help reduce global imbalances, notably by an
increase in domestic demand. In developing countries, ensuring sustainable growth and poverty reduction will require sustained effort, both to
tackle structural vulnerabilities and to rebuild the buffers that enabled
them to overcome the global crisis. This means achieving a delicate balance. As the cornerstone of world economic and financial governance
and development, the Bretton Woods institutions have a vital role to play
in emphasising this urgent need for coordination.
Chairing the G20, the G7 and the G8 has given France special responsibilities this year. We are committed to continuing our efforts in this
regard. The international context requires more than ever a determined,
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concrete and concerted action. This is the ambition of the G20 French
presidency: to come up at the Leaders’ Summit, in Cannes the 4th of
November, with political decisions accompanied as far as possible by
concrete actions. In our view, the legitimacy of the G20 is at stake here.
It is essential today to bolster the status of the Bretton Woods institutions as the linchpin of the crisis response. These institutions have dealt
effectively and swiftly with the deepest economic and financial crisis since
World War II. This is basically because our collective mobilisation since
2008 has been exemplary, and we have provided those institutions with
the expanded resources they needed to take action. Since the onset of the
crisis, the World Bank has committed more than $150 billion to secure economic recovery in the developing countries, and the IMF’s commitments
have increased fivefold since January 2009, from roughly $60 billion to
$330 billion. Following a decade of diminishing intervention, the response
to the crisis has given fresh impetus to the Bretton Woods institutions.
Collectively, we have succeeded in taking a pragmatic approach and
demonstrated our ability to adjust to new economic realities by endowing
the international financial institutions with more appropriate tools. As
a result, they have been able to take action in a troubled environment
and respond in innovative ways to the needs of all their members, from
developed nations to the emerging and low-income countries. I am particularly encouraged by the new precautionary instruments introduced
by the IMF, a significant boost to the Fund’s scope of intervention. I am
also encouraged by the targeted, timely moves by the Bretton Woods
institutions to assist their poorest and most vulnerable members. Over
the last few years, the IMF has considerably increased—almost doubled—
its commitments to low-income countries, and took an important step
forward by revamping its lending facilities for those countries. At the
World Bank, we have created a Crisis Response Window within IDA so
that adequate resources and an appropriate mechanism will be readily
available for us to confront economic crises and natural disasters. The
current famine in the Horn of Africa cruelly highlights how urgently such
an instrument is needed.
Our ability to respond collectively is also in evidence in our approach
to the Arab Spring. The international financial institutions can and must
provide effective, coordinated support to the economic and democratic
progress under way in the countries on the southern rim of the Mediterranean. Multilateral action is a key component of the response proposed by the Deauville Partnership, so I am particularly pleased with the
involvement of the Bretton Woods institutions. The Joint Statement of
commitment by the multilateral institutions to coordinating their work
on the ground attests to their determination to act together, effectively
and in new ways. Substantial funding, close to 38 billion of euros, has
been mobilised at the Marseille meeting the 10th of September to support
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exemplary transition plans. The path taken by the Deauville Partnership
is a model of effective, coordinated, country-focused development policy.
To be ready to respond to future crises, we need to learn from our
recent experience and achievements. The primary conclusion I have
drawn is that crisis response must be collective.
We must continuously strive to refine our tools. What is lacking is a
structured approach that can ensure our collective ability to meet shortterm liquidity needs in the event of a systemic crisis. This situation must be
corrected. I maintain that the IMF has to play a more important role—a
pivotal role—with respect to global financial safety nets.
We also need to strengthen our ability to work together. I believe that
collaboration between the Bretton Woods institutions and regional organisations will be beneficial, because I have witnessed the IMF’s exemplary
collaboration with the European institutions, creating collaborative rather
than competitive synergies. Increased coordination with the existing
regional mechanisms and organisations will also be crucial to making
global financial safety nets more effective. This is another area in which
I would like to see the World Bank step up its efforts. Today, we have the
institution’s own scorecard. It is a highly valuable tool for institutional
monitoring and dialogue. Let’s make it a guidance tool that development
banks can use in a uniform manner.
Last of all, we need resources that match our ambition. By way of
example, establishing a mechanism for responding to liquidity crises
triggered by systemic shocks implies that we also consider the issue of
adequate available resources for the Fund. We must act responsibly by
giving the Fund the means to fully assume its role and refine its tools as
needed. Should we so decide, we are also in a position today to ensure
that the IMF will have a lasting ability to support its poorest members.
For that reason, France is in favour of using the windfall profits from gold
sales to boost the concessional lending capacity of the Poverty Reduction
and Growth Trust.
We must prepare for the future by giving the IFIs the means to prevent
crises and foster sustainable, balanced and inclusive growth. It’s by improving surveillance that we will be able to act more effectively and to reduce
macroeconomic vulnerabilities.
We need stronger, more effective, and more consistent IMF surveillance. Progress has been achieved, and the Triennial Surveillance Review
helps us identify possible avenues for making surveillance as interconnected as today’s economy and financial world. But we mustn’t stop halfway. We must make sure there is adequate follow-through. That requires
setting ambitious goals for ourselves. By adapting the legal surveillance
framework, we can come together around a shared vision of international
stability and prosperity; by strengthening the role of the IMFC, we can
improve the traction of the IMF.
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Heightened surveillance is complementary to the Mutual Assessment
Process carried out under the G20 Framework for Strong, Sustainable
and Balanced Growth, to which the IMF contributes essential technical
expertise. With the help of the IMF, the upcoming G20 Summit can adopt
an action plan specifying the domestic policies that countries can pursue
to foster growth and tackle global imbalances.
By factoring a changing economy into our thinking, we will likewise be better equipped to prevent future crises and promote balanced
development.
The Bretton Woods institutions must adjust to a changing global economy. I encourage the IMF to continue with its work on major developments
in the international monetary system and support the increasing internationalisation of emerging markets currencies by its advice. The IMF should
also go forward with its work on such growing challenges as managing
capital flows, measuring global liquidity and assessing reserves adequacy.
Finally, by resolutely addressing structural vulnerabilities, the Bretton
Woods institutions will be in a better position to prevent future crises
and promote inclusive, sustainable growth.
Just three years after food riots erupted in the most vulnerable countries, we are confronted with another large-scale food crisis, this time in
the Horn of Africa. A swift response was required, and I wish to commend
the World Bank for intervening so effectively in the hardest-hit countries. We must also prevent any recurrence of the same scenario. In that
respect, the response by the World Bank, which has worked to strengthen
the resilience of the countries affected, deserves our full approval. Food
security is built from the shorter to the longer term, and this is the approach
adopted by the G20. I wish to thank the World Bank for taking part in our
efforts, which led last June to a far-reaching Action Plan on Food Price
Volatility and Agriculture. The expertise of the World Bank, alongside
other international organizations, is essential for implementation of this
action plan in order to reach concrete decisions and implement instruments that facilitate mitigation of the risks associated with excessive
agricultural commodity price volatility.
Infrastructure deficits are likewise a significant obstacle to growth
in developing countries and a source of structural fragility. They reduce
annual GDP by nearly 2 points in Africa, the continent that has made the
slowest progress towards the Millennium Development Goals. Working
alongside the other multilateral development banks and in close coordination with the High-Level Panel (HLP) on infrastructure created to
provide private sector expertise in this area, the World Bank has contributed heavily to the G20’s work. A joint action plan prepared by the
multilateral development banks is being finalized. Once implemented, it
should lead to major progress in enhancing the transparency and quality
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of information. Ahead of the Cannes Summit, a number of recommendations are eagerly awaited in areas on which the multilateral development banks have already made a commitment: creating an environment
conducive to investment in infrastructure through the harmonization of
procurement rules among the MDBs and making the debt sustainability
framework more flexible to facilitate the financing of large-scale infrastructure projects.
Financing development and the fight against climate change is one
of the biggest challenges facing the international community in the coming years. We must deliver not only on the global development goals we
have set ourselves, but also on the financial commitment we made in
Copenhagen and reaffirmed in Cancún to mobilise $100 billion a year
between now and 2020 in public and private sector funding to help the
developing countries combat climate change. France put this theme on
the G20 Development agenda in order to underscore the need to come up
with tangible, sustainable ways of meeting our commitments and create
lasting momentum in the area of climate and development financing. I
would like to thank the World Bank and the IMF for their preliminary
report, and encourage them to carry on with their efforts. France, jointly
with Germany, is in favour of a financial transactions tax and a market
instrument (a levy or market for emissions permits) as a means of reducing carbon emissions produced by international shipping and aviation.
Such innovative tools would generate substantial revenue that could be
mobilized to deal with climate change.
*
The challenges we are facing are considerable. Once they have been
reformed and strengthened, the Bretton Woods institutions will make
all the difference.
I would like to underscore how committed I am to the existence of
strong, sustainable and legitimate financial institutions. In the case of the
World Bank, this calls for an allocation of income that ensures significant
transfers to the poorest countries; for appropriate loan pricing in order
to ensure the institution’s sustainability; and for adequate control over
the administrative budget.
We must also give further thought to adjusting the IMF’s resources
to its new commitments. With respect to internal functioning, the IMF
should also stay on course with the new income model approved in 2008
and promote the organisational changes that will make it a stronger,
more efficient institution.
Governance reform and the 14th General Review of Quotas have
represented a major step towards increasing the representative character
of the IMF. It is now necessary to implement it.
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GERMANY: JENS WEIDMANN
I would like to thank the authorities for their outstanding hospitality
and excellent organization of these Annual Meetings. Unlike the last two
years no new member has joined the Fund since our previous Annual
Meetings. However, as the membership process for South Sudan has
already been started, we are looking forward to welcome this young
country as a new IMF member in the near future.
The Annual Meetings take place amidst signs that the recovery of the
world economy is ongoing, albeit at a somewhat slower pace and against
the background of significant risks. Solid growth in important emerging
market economies has been a key driver of global activity, while expansionary fiscal and monetary policies in advanced economies have supported
economic activities. However, downside risks for the world economy
have increased for a wide spectrum of countries and pose challenges for
policy makers at the national level, but also in international cooperation.
When looking for ways to address these challenges due regard should be
given to the underlying weaknesses, especially in the financial sector and
public finances, as well as the limits of the yet quite stretched fiscal and
monetary policies under current circumstances. Confidence and trust in
the ability of policy makers to deliver proper solutions has become a key
factor for the effectiveness of policy measures. This requires the pursuit
of a clear and medium-term strategy based on sound principles as well as
a demonstrated ability to deliver on commitments. Credibility also hinges
on respecting the mandates and the division of responsibilities of the various players in the national and international policy area.
The German economic recovery has slowed down in the second
quarter 2011 after a strong start in the first quarter. This slowdown was
expected and largely due to temporary factors. The perspectives for the
German economy remain intact. However, there are major challenges
to economic policy, such as achieving the constitutional goal of a balanced budget as early as 2016. Against this background, suggestions for
additional fiscal stimuli and postponing budget consolidation might not
strengthen confidence. What is rather needed are deficit neutral structural reforms to enhance growth potentials. We should remember that
Germany has to remain an anchor of fiscal stability in EMU.
Developments since the last Annual Meetings and the still ongoing
economic and financial crisis and the efforts to overcome this crisis remind
us on a daily basis of the overwhelming importance of crisis prevention.
Here, the IMF as the principal institution of global economic governance
has to play a major role. Surveillance in its various forms remains the primary tool for the IMF to fulfill its important crisis-prevention function and
thus should be top priority at the Fund. Efforts underway to strengthen
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the tools and effectiveness of bilateral and multilateral surveillance are
therefore very welcome and Germany supports these initiatives. However,
it will be critical that efforts to strengthen the multilateral dimension of
surveillance are not pursued at the expense of bilateral surveillance. Since
stability begins at home, Germany strongly cautions against a view that for
the pursuit of global stability it might be necessary to ask for compromises
with respect to domestic stability. National authorities are—and should
remain to be held—responsible for the economic and financial stability
in their respective countries. Germany sees domestic stability as a necessary condition for international stability and thus fully supports efforts to
strengthen bilateral surveillance, e.g. by enhancing the analytical capacities
of the Fund and thus the traction of its recommendations.
The financial crisis has also brought to the fore the discussion about
instruments for financial support to distressed countries. The Fund’s
mandate and institutional setup gives a clear orientation for what the
Fund can and should do in this respect. Many countries have benefited in
the past of the Fund’s programs, which provide liquidity support against
conditionality in order to allow for an orderly adjustment process to
repair the temporary economic difficulties. External financial assistance
can only buy time for necessary domestic adjustments, but can never
replace them. More recently introduced and modified facilities like the
FCL and PCL which provide a kind of liquidity insurance for countries
that pre-qualify on the basis of sound fundamentals and policies were only
rarely requested. Germany welcomes a thorough review of those instruments in order to evaluate their effectiveness and the justification of the
Fund’s commitment of extraordinary large scale financing. This review
is a precondition before considering to expanding the Fund’s financing
role towards short-term liquidity provision even further. Germany does
not support any unconditional financial support since such a move would
not only bear the risk of setting inappropriate incentives and increasing
moral hazard but would also risk to overstretching the Fund’s financial
possibilities and mandate.
Germany continues to be a reliable partner for the Fund in providing
necessary financial resources, as demonstrated through her participation
in the NAB and her provision of a bilateral loan, in order to ensure that
the Fund has sufficient resources available to fulfill its mandate according
to the Articles of Agreement. Germany has started the necessary legislative process to ratify the seventh amendment of the Articles of Agreement
and prepares in this context her consent to the sizeable quota increase
under the 14th General Review of Quotas, which will be completed in
spring 2012. Germany supports the view that the Fund should remain a
quota based institution.
A fair representation of all members is crucial for the legitimacy of the
Fund. In our view the 2008 quota and voice reform as well as the quota
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adjustments under the 14th General Review of Quotas have achieved
a fair balance of the quota and voting shares of the various member
countries in the IMF.
Largely due to strong pre-crisis macroeconomic policy buffers, LICs
were more resilient during the global crisis than in the past and have
been recovering well. However, many LICs remain vulnerable. Against
this background, the IMF should continue to provide policy support and
financing, in close cooperation with the World Bank. The comprehensive
reform of the Fund’s lending facilities and financing framework for LICs
brought in a new architecture that is more flexible and tailored to the
specific circumstances of LICs. The new framework should help LICs—if
used in a responsible manner—to overcome their protracted balance of
payments problems within a reasonable timeframe.
INDIA: PRANAB MUKHERJEE
Recent global developments have considerably undermined the prospects of a self-sustaining recovery. Political inflexibility and an apparent
lack of will in responding to these problems have severely weakened
business and consumer confidence.
Against this backdrop, a renewed commitment towards coordination
of policy actions and re-calibration of policy instruments to the changed
global environment assumes critical importance.
Policy makers in crisis-hit economies must accelerate repair and
reform of the financial sector and take steps to repair market confidence in sovereign debt sustainability. In these countries there may be an
immediate need for banks and other fragile financial institutions to raise
private capital and for adequate public backstops. Wherever fiscal space
exists in the advanced economies, growth supportive fiscal measures to
create jobs need to be taken in conjunction with a credible medium term
fiscal consolidation plan.
Recent assessment of the Fund’s surveillance shows that effectiveness and evenhandedness are crucial for timely and specific early warnings of crises. Candid and relevant policy advice, in an environment of
trust, should be able to create the needed traction for being adopted by
countries.
During the last crisis, the Fund reformed its lending toolkits. We also
ensured substantial resources for the Fund. Effectiveness of this resource
pool will depend on the ability to identify triggers of systemic crises
well before their onset, and quickly assuring needed backstops. Support
should be specific to genuine bystanders with strong fundamentals and
prudent macroeconomic policies, or to ones who can demonstrate strong
commitment to these policies.
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While focus should remain on the emerging crisis, we should also continue to pay attention to implementing the 2010 quota reforms quickly,
appropriately rolling NAB into quota and making progress on the review
of the quota formula.
I will now speak on the World Bank
The response of the World Bank Group to the last crisis was exemplary. A record lending made a crucial difference. In the unfolding global
scenario, developing countries see the World Bank Group as an important
partner. They should help them meet any foreseen and unforeseen challenges. However, we are worried over the lack of financial capacity in the
Bank and the IFC. We also need to put IDA on a more sustainable footing.
In the light of the above, we would like the World Bank to focus on
a few priorities:
• The first and foremost is to address the lack of financial capacity of the
Bank and the IFC. They should work towards a strong capital base
through a capital increase, and finding other creative ways to expand
lending to and investment in developing countries.
• IDA needs to be put on a more sustainable footing with donors giving
priority to IDA over Trust Funds, and also without weakening the
resources of the IBRD and IFC.
• Priority needs to be given to the upliftment of the poor, wherever the poor
may be, without getting diverted by peripheral goals. In this context, we
would like to reiterate that efforts should be made to also address the
needs of MICs particularly through enhanced financing, more knowledge products and a focus on the poor in MICs.
• Food price inflation needs to be tackled on a priority basis. This would
require investments in both short-term measures focusing on immediate food supply and safety nets, and long-term measures to enhance
agricultural productivity and output.
• Generating additional and new finance for climate change along with
measures to encourage transfer of technology to developing countries.
• Meeting the energy access needs of the poor. While climate concerns
are legitimate, providing access to energy for the poor is a priority far
more important than sustaining energy intensive lifestyles.
I am happy that the Bank has taken up the agenda of gender equality and jobs. The only meaningful way to tackle poverty is through a
development process which emphasizes swift job creation, while at the
same time ensuring women’s participation in good jobs. We endorse the
Bank’s efforts to promote gender equality and women’s development.
From a developing country perspective, jobs require a massive shift
in employment from agriculture to manufacturing, and skill development
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of a high order. The Global Development Report on Jobs must come up
with concrete ideas on the demand and the supply side of the jobs challenge and also on how the transition can be managed.
By adapting their mandates and functions, the WBG and the IMF must
remain the anchors of the evolving international financial architecture.
We must all support the Fund and the Bank to play this role.
INDONESIA: AGUS D.W. MARTOWARDOJO
It is my honor to deliver this statement on behalf of Indonesia on the
occasion of the World Bank/IMF 2011 Annual Meeting. This meeting
comes at a critical juncture for the global economy with financial distress and stagnant growth in the advanced economies threatening global
growth prospects. High levels of sovereign debt, large fiscal deficits, and
global imbalances are among the factors posing significant uncertainties
for the global economic outlook. The nascent global recovery has proved
vulnerable despite significant growth in the emerging economies. It is thus
patently clear that this meeting must develop a credible plan to address
these concerns and communicate the strong message that there is a clear
path forward to prevent another economic downturn.
The World Bank and IMF have been responsive and innovative with
their financial facilities over the crisis period. On behalf of the Indonesian government, I express my appreciation to the managements of the
Bank and the Fund for their efforts. We welcome especially those actions
targeted to curbing the detrimental impact of the financial crisis on the
developing economies. The increasingly challenging global economic
environment requires the Bank and the Fund to develop initiatives and
flexible financial facilities that will meet member countries’ needs in
these difficult times.
The need for sufficient official financing both for crisis prevention and
mitigation is a lesson from the experience of the crisis in late 2008. Notwithstanding the availability of the IMF FCL and PCL facilities, the Fund
should enhance its cooperation with regional financing arrangements to
ensure that crisis prevention and resolution become more effective. We
encourage the Fund to design a collaborative framework for this cooperation and enhance the flexibility of its lending facilities.
High commodity prices have jeopardized development in lowincome countries. We are concerned about the impact of high and
volatile food prices on the poor. In this regard, we wish to underscore
the impact of climate change on global food supply and urge the Bank
to collaborate with other international organizations to support the
provision of new technology to be used in the agricultural sectors of
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developing and low-income countries; in particular, technology related
to climate resilient seeds.
With regard to the Bank’s strategy in the palm oil sector, we support
the proposal to lift the Bank moratorium. We have reached the agreement
that the palm oil sector has higher income potential, higher employment
opportunities, and scope for greater involvement of small farmers that
can combine to contribute to poverty reduction objectives. We urge the
Bank to immediately proceed with the implementation of the framework
for re-engagement in the palm oil sector.
Development in low-income countries is also jeopardized by the financial distress and weak demand in the advanced economies. This setback to
private sector development and employment is a particular concern. We
urge the Bank and the IFC to seek mechanisms to promote private sector
development to further expand its capacity to provide employment. We
urge the Bank to expand its lending capacity through more resources for
private sector and IFC to ensure that its strategic focus supports employment intensive private sector growth.
We appreciate the Bank’s strategy in developing human capacity
through investment in education. Labor markets are becoming global with
technological change and increased labor mobility. As a consequence,
labor competitiveness is becoming more critical. This underscores the
importance of developing skilled labor as an integral part of the development process in low-income countries.
We are of the view that the approach to the job issues should include:
(i) a proper way to link growth and employment; (ii) the nexus between
growth and reduction of inequality; (iii) measures that would enhance
partnership between the public and private sectors; (iv) policy tools for
tackling issues relevant to self-employment and sectors with high wage
employment potential; (v) means for employability; (vi) the demandsupply matching issue; and (vii) remedies for issues relating to labor
mobility across countries including “brain drain” issues.
Labor skill development must be inclusive. Every citizen, both men
and women, should have opportunity to benefit from skill upgrading so
that they can contribute toward national development and benefit from
economic growth. We welcome IFC’s $86 million in loans for 2,500 women
entrepreneurs. We also support the Bank’s agenda to promote gender
equality in economic opportunity.
We encourage the Bank and the Fund to seize the momentum of
South-South trade to help support global economic activity. This takes
on added importance in the face of weakening demand for low-income
country exports from the advanced economies. We applaud the Bank’s
work on Aid for Trade and trade facilitation that has helped remove
bottlenecks in trade. We look forward to further measures from the Bank
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and the Fund to help emerging and developing economies boost global
output through trade.
Indonesia welcomes the Bank and the Fund as important partners in
achieving prosperity and quality growth and is committed to working with
fellow members to ensure the effectiveness of these institutions. Both
institutions face pressing challenges in helping the membership resolve
economic and development challenges in the current very difficult environment. We are committed to extend our cooperation in these efforts.
ISLAMIC REPUBLIC OF IRAN:
SEYED SHAMSEDDIN HOSSEINI
Necessity to Rethink the World Bank Behavior
In the Name of Allah
These meetings are held at a juncture that we still see the negative
consequences of the global crisis on the economic and financial environment. The debt of the United States Government has exceeded 14 trillion
dollars and the impacts of downgrading US credit rating, as well as low
economic growth and its negative prospect, has resulted in severe fluctuations in the money, commodities and capital markets.
The Euro Zone, too, faces three contradictory policy challenges,
namely implementation of austerity economic measures, low growth rate,
and incapability in repaying its debts and honoring financial obligations.
These problems root from the following :
• The current architecture of the world’s economy, due to inconsistency
between the financial and the real sectors, creates unavoidable periodical instabilities. Settling this issue requires amending the current
financial and monetary models, and shifting toward new models, such
as Islamic finance, which are based on the balance between the financial
and real sectors of the economy.
• Political instability influences the economic performance. What is now
happening in the MENA region, though appears to be political, doubtlessly deepens the global economic crisis, if the political and military
interventions are not avoided.
• The management of the international monetary and financial institutions has been deviated from its original functions and pursues the
political will of some certain shareholders.
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Unfair sanctions imposed on countries, such as the Islamic Republic of
Iran, and following the will of some certain countries by the World Bank
in drawing up its relations with Iran, is a proof to this point.
That the World Bank management, contrary to its Articles of Agreements, avoids approving the Country Assistance Strategy for Iran, and
refrains from offering technical assistance to Iran, is another evidence
of its deviation.
As the representative of a country which is a founding member of the
World Bank, I would like to emphasize on the loyalty of the management of the World Bank to its Articles of Agreement as well as good and
corporate governance, instead of biased governance.
Let me briefly inform you of our economic structural and institutional
reforms and achievements in recent years:
Revising one of the Articles of Constitution improved the role
of the private sector, the situation for non-governmental sector and
doing business environment. Implementing the economic transformation plan, including targeting subsidies, amending customs, taxation
and banking systems, goods and services distribution system as well
as currency denomination reform and enhancing productivity are in
our agenda.
The achievements of these plans are as per following:
• The Targeting Subsidy Plan, focusing on amending the energy carrier prices resulted in a 6 percent reduction in energy consumption.
This policy reduced electricity consumption by 2 percent, while prior
to implementation of the plan, there was an annual rate of growth of
8 percent.
• Amending the flour price, reduced its consumption by 30 percent and
prevented smuggling to neighboring countries. The savings strengthened
the food security and also listed Iran among the exporters of wheat.
• The revenues of targeting subsidies are redistributed. A cash payment
of one and a half dollars a day to 73 million plus Iranian, who have
applied for it, led to a sharp fall of Gini Coefficient in Iran.
• The capital market is developed, and privatizing state-owned firms
and issuing Sukuk Bond are done through the stock exchange and
OTC. These efforts led to 146 percent growth of stock exchange index
and 100 percent growth in market value of Tehran Stock Exchange in
December 2010, comparing to the end of 2007.
• Foreign direct investment to the country during 2009 and 2010 experienced 120 percent growth.
• The growth of non-oil exports in 2009 and 2010 was 24 and 31 percent
respectively.
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IRELAND: MICHAEL NOONAN
I welcome the opportunity to make this statement to the IMF-World
Bank Annual Meetings on behalf of the Government of Ireland.
We meet here at a time when both developed and developing countries alike face great challenges. Recent events show that there is ongoing
turbulence in the global economy. In many ways the past year has again
demonstrated just how globally interconnected developments are. We
are therefore encouraged by the proactive and adaptive responses being
adopted by the IMF, the World Bank and other international financial
institutions to respond to shocks including major market fluctuations.
Our meetings here in Washington and the exchange of views regarding
critical issues for the global economy are very important in advancing
understanding and collaboration on policies to promote recovery and
renewed economic growth.
Irish Economic Developments
Firstly, I would like to provide an update on developments in the
Irish economy. After a number of very difficult years, economic stabilization is becoming evident, as seen by the most recent economic data
for Ireland. However, recovery to date has been uneven. On the one
hand, the substantial improvements in both price and cost competitiveness that have taken place in recent years are standing to us, with solid
export growth in recent quarters. On the other hand, the unwinding of
previously accumulated imbalances is weighing on domestic demand, and
will probably continue to do so for some time. On balance, however, the
level of activity is increasing this year for the first time since 2007 and tax
revenues are once again growing.
After a sharp deterioration in market sentiment, Ireland entered a
joint EU/IMF programme of financial assistance last December. The third
quarterly review of the Programme has been successfully completed and
it is generally acknowledged—by both the official sector and by markets
alike—that programme implementation has been strong.
As a result of the budgetary adjustments ongoing since 2008, the public
finances continue to stabilise. Details of the medium term fiscal consolidation path are to be published soon providing further greater certainty
and direction for householders and businesses alike. Augmenting these
developments are significant reforms designed to enhance the credibility
and sustainability of the domestic budgetary architecture. The Irish Fiscal
Council was recently established and a Fiscal Responsibility Bill will be
published before the end of the year.
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Indeed, financial market sentiment towards Ireland has improved
noticeably of late, as evidenced by the sharp decline in yields on Irish
government paper. So while there is clearly much more to be done, we
are on the right path and our key objective is to build on the positive
momentum. The recent agreement by the EU to lower the interest rate
for Ireland and extend maturities on EU loans is positive news. The
resulting improved debt sustainability will assist Ireland in its attempts
to regain market access.
Irish Banking Developments
A key part of the process of regaining investor confidence has been
the major steps taken in stabilising the Irish banking sector. Significant
progress has been made in recent months with the merger of various
institutions to form pillar banks competing in the market with other
domestic and foreign-owned banking and finance operations, and the
strengthening and renewal of management structures in these banks with
clearer roles and lines of responsibility.
In July this year, a €24 billion recapitalisation of the banking sector
took place. The State’s net direct investment was some €16.4 billion with
the remaining capital amount provided by Liability Management Exercises with subordinated bondholders in the various banks, anticipated
asset sales and the injection of private capital into one major bank.
The banks have also had success in securing term wholesale funding from
international banks with some €4.5 billion funded to-date. This is ahead
of the second quarter 2013 schedule. At the same time, the programme of
asset deleveraging is underway, with significant progress expected to be
made this year. It should be noted that more than 80 percent of the assets,
to be disposed of by the end of 2013, are located outside Ireland.
All of these measures are helping to rebuild international investor
confidence in the Irish banking sector and we are confident in and committed to the bank restructuring plans.
IMF Issues
Turing to matters related specifically to these meetings. The IMF
has played a central role in coordinating a global policy response to the
financial crisis. In the current climate, the Fund’s role as guardian of the
International Monetary System, global policy coordinator, and trusted
policy advisor and lender to members will be even more crucial.
We welcome the important work being done by the Fund on the reform
of the IMS, on the reform of the lending toolkit, and on surveillance. In
light of the important role the Fund has to play in the global economy
and for its membership, we consider it important that the Governance
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and Quota Reform reforms agreed upon in 2010 are ratified as quickly
as possible to ensure the Fund continues to have the capacity required to
take meaningful action while also being more representative of the global
economy. For its part, Ireland is taking the steps necessary to ensure these
reforms are delivered as early as possible.
Development Challenges
Finally, turning to development issues, despite the challenges currently
facing the economy, Ireland continues to recognise our international
development obligations. In particular, combating hunger is a central pillar of Irish foreign policy and of our development assistance programme.
Our priorities are focused on boosting the agricultural productivity of
poor smallholder farmers, particularly female farmers; supporting programs focused on maternal and infant undernutrition and ensuring political commitment to address food insecurity generally.
Ireland welcomes the World Bank’s continued efforts in this regard
through various initiatives, such as the Agriculture Action Plan, and its
investments in safety nets and other nutrition sensitive social protection
programmes. Ireland is a strong supporter of the ‘Scaling-Up Nutrition’
(SUN) movement and we have increased our support for interventions
that reduce maternal, infant and child undernutrition.
Despite progress in some areas of food security the world faces another
famine, this time in Somalia and the Horn of Africa. The crisis has once
again shown us that the world needs to put “food first” and effectively
address the problems facing fragile and conflict affected states. As is so
often the case, either in emergencies or persistent poverty, it is women,
and children, who suffer the most.
World Bank Issues
Specifically in relation to the work of the Bank, Ireland welcomes
the recommendations contained in the World Development Report
(WDR) on Gender. The WDR provides an excellent background for
future work on Gender Equality and Ireland in particular welcomes
the Bank’s commitment to developing a corporate strategic framework
for Gender Equality, complete with indicators. We note that the next
World Development Report will focus on Jobs which will be a particularly
important issue for both middle-income and low-income countries alike.
The World Bank has an ambitious program of operational and internal
reforms. We support activities which will enhance development effectiveness and consider accountability to be a key component in this regard. We
welcome the corporate scorecard and the World Bank for Results report
which are being published for the first time during these annual meetings.
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Conclusion
The challenges facing the global economy underline more than ever
the need for collective global action through institutions such as the IMF
and the World Bank. Ireland will continue to work to ensure that both
institutions are enabled to respond to ongoing and emerging challenges
in the most effective way.
JAPAN: JUN AZUMI
I. The Japanese Economy and the Global Economy
Six months have passed since the unprecedented earthquake and
tsunami hit Japan. With the world’s support, Japan is working to recover
and rebuild. My home town is Ishinomaki City, in Miyagi Prefecture; it
was one of the cities most severely damaged by the earthquake and tsunami. The home where I was born was totally destroyed, and my parents
both had to stay in a refuge center for about six weeks. This way I have
personally experienced this terrible disaster, and thus, I would like to
express my deepest gratitude for all your support.
Immediately after the earthquake, the Japanese economy faced three
uncertainties: electrical power shortages, supply chain disruptions, and
the response to the nuclear power plant accident. As a result of working
on both supply and demand, we were able to overcome our electrical
power problems in August, a month in which the tightest supply-demand
condition was expected. Supply chain disruptions temporarily affected
not only Japan but the global economy, but they recovered faster than
was foreseen, and production activities are steadily returning to preearthquake levels. For the nuclear power plant, work has been proceeding steadily toward a cold shutdown of nuclear reactors in accordance
with our roadmap for controlling the accident. Thus, these concerns have
steadily been eliminated, which also contributes to improving consumer
and business sentiment in Japan. With demand generated by reconstruction work, the Japanese economy is expected to start picking up in the
second half of 2011.
In our fiscal management that has been a challenge faced by Japan for
a long time, we will stick to the targets of the Fiscal Management Strategy we developed before the earthquake. We will endeavor to recover
fiscal soundness through eliminating unnecessary expenditures, securing
resources for earthquake reconstruction, and promoting a comprehensive
reform of social security and tax. In terms of recovery/reconstruction,
we will take all possible measures, with three supplementary budgets, to
ensure the necessary expenditures.
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While continuing efforts to cut down other expenditures, we will fill
the gap in the fiscal resources for recovery/reconstruction which would
still remain, by income tax and corporate tax measures mainly, so that
we will not push the burden toward the future. On the other hand, to
cope with the longer-term challenge of securing stable fiscal resources to
match increasing/accumulating social security spending due to the aging,
we will raise the consumption tax rate from 5 percent (which is currently
the lowest among advanced economies) to 10 percent by the middle of
the 2010s. We will move forward, with concrete discussions on the consumption tax, aiming to submit related bills within this fiscal year. If we
fail to recover fiscal soundness, we will see the private sector’s confidence
deteriorate, and fail to achieve solid economic growth.
Recent disruption in financial markets, including the foreign
exchange market and the stock market sparked by the global economic
downturn and sovereign debt problems in Europe and the US, is creating
new challenges to the entire world, including Japan which is working
hard toward reconstruction. Concerns about growing sovereign debt
problems in Europe and the resulting financial system vulnerability
are the biggest source of the current global financial instability. European countries should come together and take action responsibly. It is
important that the IMF encourage efforts by European countries, while
also cooperating with these countries appropriately. We expect the US
to steadily implement their fiscal consolidation plans and employment
measures.
II. Expectations for the IMF and the World Bank Group
Amidst increasing uncertainty about the global economy, it is important that the Fund and the World Bank Group provide appropriate economic analysis, financial safety nets, and development funds, and that
they both contribute to international coordination. Trust by member
countries is necessary for both institutions to more effectively perform
these functions. Reforms are progressing to have each country’s voice
match their economic weight, but there remains much room for improvement in their staff composition. Japan quickly completed its procedures to
approve quota/capital increases for the IMF and the World Bank Group,
as agreed in 2010, but in addition to the funding aspects of our contribution, we would like to contribute to their human resources.
We ask that the Fund continue its work on improvements in the international monetary system. To this end, first of all, enhanced quality and
traction of surveillance are important. Emerging market economies need
appropriate advice from the Fund on how to handle capital inflows,
which generate concerns about exchange rate appreciation and inflation.
Advanced economies also need the Fund’s advice on how to formulate
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policies that will lead to sustainable development, while paying attention
to their effect on the global economy.
Also, the IMF has enhanced its capacity for crisis prevention and resolution, but its lending facilities must be strengthened further. As global
trade and finance become more interconnected, mechanisms to effectively
prevent the contagion of crises should be institutionalized quickly.
Next, I will address our expectations for the World Bank. As shown
by Japan’s earthquake, one can say that a country’s response to natural
disasters is an essential element of sustainable development. The disaster prevention knowledge and lessons learned from this earthquake,
and the corresponding recovery process, will be shared by Japan as an
international public resource. In this regard, we would like to work with
the World Bank to actively contribute to raising awareness of the importance of developing disaster prevention policies, and promoting stronger
initiatives.
We would also like to actively contribute to actions taken in response
to both global environmental and climate changes, in cooperation with
the World Bank and the international community. Regarding the
“Green Fund” for climate change funding, which is currently being discussed, it is important to design a system that can efficiently mobilize
private capital. Countries vulnerable to climate change must also be
supported. While utilizing tools such as the Global Environment Facility (GEF), we also intend to actively strengthen support systems and
capacity building.
III. The Annual Meetings 2012 in Tokyo
Finally, we are grateful for the opportunity to host the Fund/Bank
Annual Meetings next year in Tokyo. Taking this opportunity, we will
organize an international conference on disaster prevention together
with the World Bank, in Sendai, a city that was struck by the recent great
earthquake. We look forward to showing you the shape of Japan’s postearthquake recovery.
Next year will be the 60th anniversary of Japan’s membership in
the IMF and World Bank, and 48 years will have passed since the previous Annual Meetings held in Tokyo. During this period, the global economy has achieved tremendous growth and advancement, with dramatic
increases in trade and capital flows, the growth of developing countries
and the expansion of market economies, as well as a shift toward floating exchange rate system and the birth of the euro. On the other hand,
poverty reduction and climate change remain to be big challenges and
prevention and resolution of repeated international financial crises needs
to be provided appropriately. At the Annual Meetings in Tokyo, we
intend to set up fora to discuss the future of the global economy and the
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international monetary system. We would appreciate your cooperation
toward success in the Annual Meetings in Tokyo, and we will put forth
our best efforts.
KOREA: JAEWAN BAHK
First of all, I’d like to give my special thanks to the IMF and the World
Bank for this excellent arrangement.
The Recent State of the Global Economy
As you all remember, three years ago, we were here at this same
place, to do all that was possible to weather the financial and economic
crisis, and such concerted efforts kept a second Great Depression at bay.
At the last year’s G20 Seoul Summit, we made our historical achievements as well. Agreement was reached on IMF/WB governance and quota
reforms, and the Seoul Action Plan was also launched to contribute to
the Framework for Strong, Sustainable and Balanced Growth.
Yet today, we are here again with another huge challenge and responsibility on our shoulders.
Economic recovery showed signs of slowdown from this year, and
financial markets are again in turmoil with the fiscal deterioration and lingering concerns about a credit rating downgrade in advanced economies.
A big worry now is that the current situation would not be just limited
to a fiscal crisis in a couple of countries, but likely lead to a systemic risk
to the overall global economy.
That’s because what we’re seeing in the market reflects very different
challenges from the 2008 financial crisis.
First, the current crisis stems from the fiscal side.
Back in 2008, the crisis originated in the private and financial sectors
and led to sluggish global demand. Therefore, the fiscal and monetary
stimulus enabled us to get out of the crisis.
However, the challenges this time are mainly due to concerns about
public finances. There is a growing call for fiscal adjustment now, but
fiscal tightening all over the world could cause growth to falter again.
Moreover, the already abundant liquidity makes the effect of additional
monetary loosening very limited.
Second, unlike back then when all the countries experienced and suffered the economic downturn, the situation today is all different from
country to country.
Advanced economies are experiencing fiscal deterioration and sluggish
growth whereas emerging economies are concerned about overheating.
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Furthermore, some underdeveloped countries suffer a food crisis due to
price spikes in agricultural products.
Given such distinctive country-specific circumstances, international
coordination that was possible back then won’t be easy this time, and the
risk of negative spill-over through capital flows should be getting only large.
Third, the current situation is “a crisis of confidence” regarding collective will and governments’ capacity to deal with ongoing problems.
The market right now desperately calls for strong political commitment to push through fiscal austerity, policy capability to facilitate fiscal
consolidation coupled with economic recovery, and the very right system
to prevent the crisis contagion.
Though we face such challenges, it doesn’t necessarily mean there is no
key to resolve the current situation. I believe finding out answers to tackle
this crisis, no matter how difficult they may be, should be our job today.
During this year’s Annual Meetings, our first and foremost task should
be to present a clear vision and strategy and take bold and swift action
in an effort to rebuild market confidence.
Suggestions to Stabilize the Global Economy
In this respect, I’d like to offer three policy suggestions to tackle the
challenges facing the global economy.
First, more aggressive, systematic and balanced approach is needed
to ensure fiscal sustainability.
Countries facing fiscal challenges need to come up with more concrete,
substantive and implementable mid- and long-term fiscal consolidation
plans. Countries whose primary worry is solvency risk need to give priority to reassuring markets through more fundamental structural reforms
based on determined political leadership. For countries whose fiscal
position is relatively sound, potential factors like aging should be taken
into consideration to design credible and sustainable strategies.
I believe what is required now is to gain market confidence in our
capability to restore fiscal sustainability. Rather than short-term fiscal
consolidation plans, we need credible mid- and long-term ones that can
balance short-term risks to growth and fiscal sustainability.
Besides, in terms of how to do the fiscal tightening, we must find various
measures that can also shore up economic growth. As part of this, we must
remain focused on reducing spending that has limited direct impact on shortterm demand while maintaining and even expanding growth promoting
expenditure such as investment in infrastructure, R&D and education.
Much of our emphasis should be also on accelerating structural
reforms fast enough in a wide range of areas, such as labor and product
market reforms, to increase growth potential.
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Second, we must prevent the spread of the debt crisis from advanced
economies to emerging economies that could otherwise pose a systemic
risk to the global economy.
In that sense, countries with the large size of the economy should take
into account how their fiscal and monetary policy would affect stability
in other countries. As regards this issue, it is very timely and meaningful that the IMF attempts to strengthen its surveillance through spillover reports considering the interconnectedness between countries, and
between sectors.
Emerging economies, for their part, need to step up efforts to mitigate
excessive capital flows with strengthened monitoring on capital movements, and the introduction of various macro-prudential measures.
Financial safety nets should be also established in parallel at the global
level to absorb potential external shocks sufficiently.
The IMF’s crisis response capacity has much increased in the wake
of the financial crisis as well evidenced by capital increase and improved
lending facilities. Yet the Fund should further strengthen its capacity to
better cope with a crisis in large advanced economies, and to address a
systemic risk that could lead to widespread crises.
For these reasons, we must expedite the approval process on the
Fund’s quota increase that was agreed last year, and discussion must
begin now on the expansion of the Fund’s available resources. It is also
important that agreement should be reached as early as possible to introduce new credit lines and to enhance collaboration between the Fund
and regional financial safety nets like CMIM.
Last, but not least, the international community must provide continuing support to low-income countries which are especially vulnerable to
economic crisis. The recent deteriorating fiscal situation in advanced countries makes us worry about a potential decline in Official Development
Assistance (ODA). However, we have to remember that ODA holds the
key to sustainable growth that can allow creation of new global demand.
To this end, we need to explore a variety of ways to ensure that there
shouldn’t be a reduction in the volume of ODA. These include emerging
economies’ larger contributions, facilitating Public Private Partnership
(PPP) projects, and securing new resources to fuel further development.
In the meantime, efforts should be also made to enhance the aid
effectiveness within the limited resources available to us.
We have to first reduce overlaps or duplications, and consolidate
similar projects if possible, between individual countries and Multilateral
Development Banks (MDBs), as well as between MDBs.
Furthermore, the assessment of development projects should be
strengthened to give a priority to those with high effectiveness from the
perspective of recipient countries.
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In this respect, I believe that the Bank has a larger role to play. On
top of that, I’d like to ask for your participation in the 4th High Level
Forum on Aid Effectiveness (HLF-4) to deliver tangible outcomes, which
is scheduled this November in Korea.
Korea’s Policy Response
Facing the recent market turmoil and the subsequent economic slowdown, Korea will do its utmost to preemptively mitigate lingering risks,
and also continue to play its part as a responsible member of the international community.
First, while we will continue to pursue stable macroeconomic policy,
Korea has been putting in place policy tools to curb capital flow volatility
such as Macro-prudential Stability Levy.
Efforts are also being made to improve fiscal health as well.
Korea maintains a relatively solid fiscal position, but considering
potential risk factors, for example, aging and unification, we have already
implemented mid- and long-term credible consolidation plans.
In an attempt to secure fiscal sustainability, we aim to achieve balanced budget by 2013 through such as diversifying the tax base, increasing the effectiveness of expenditure, and improving fiscal management
system.
Meanwhile, under the stance of fiscal soundness, we will strengthen
strategic resource allocation to expand our economic foundation of
growth, including job creation, green growth, and human resources
development.
Building on that, we will try our best to strike a balance between
ensuring fiscal consolidation and promoting economic growth.
Lastly, what’s all the more important is Korea’s efforts will remain
focused on supporting low-income and underdeveloped countries even
with the stance of fiscal soundness in place.
As an example of having successfully transformed from a recipient to a
donor country, Korea has been keen to share our development experience
with developing countries through Knowledge Sharing Program (KSP),
and continued to expand its support to those countries in need of KSP.
Furthermore, we’ll facilitate our cooperation with MDBs like the
World Bank in line with such bilateral ODA.
Our newly established Trust Fund worth 40 million dollars at the
Bank to support green growth in developing countries will be an excellent
example for such cooperation. Notably, a variety of cooperative projects
with the Bank to be financed by the Trust Fund, are in the pipeline. One
of these will be jointly operating the Financial Advisory Center to prevent
another financial crisis in East Asia.
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Conclusion
Challenges facing the world economy now will be a critical test for
all of us.
Just like we pulled together three years ago, we need to rekindle a
spirit of global coordination, and take this crisis as another stepping stone
to leap forward in the global economy.
John Maynard Keynes, the greatest economist who made a great
contribution to the establishment of the Fund and the Bank, once stated,
“Be confident that we are suffering from the growing pains of youth, not
from the rheumatics of old age,” and underlined the need for confidence
in overcoming the crisis amid the Great Depression.
He also suggested that “activity and boldness and enterprise, both
individually and nationally, must be the cure,” as one of the strategies
to weather the crisis.
Finally, make no mistake we must address today’s challenges boldly
and swiftly with our greater political resolve of a spirit of union. We must
make our greater commitment to demonstrate our firm leadership and
vision for tomorrow. Let’s get reminded that time and tide wait for no man.
LAO: PHOUPHET KHAMPHOUNVONG
It’s my honor to represent the Government of Lao People’s Democratic Republic at the 2011 Annual Meetings of the Board of Governors
of the World Bank Group and the International Monetary Fund. Let me
join my fellow Governors in congratulating Mr. Chairman, the President
of the World Bank, the Managing Director of the IMF, and the Government and people of the United States of America for the excellent
arrangements made for this important meeting. I would also like to take
this opportunity to express my congratulations to President Zoellick for
keeping fruitful works in enhancing the World Bank’s role in supporting
poverty reduction for the least developed countries despite the recent
global financial crisis.
The global economy has encountered various challenges—an increase
in food and fuel price, impacts of natural disaster combined with the
impacts of the global economic crisis on job markets and the post-crisis
difficulties in high-income countries, and prolonged debt and economic
crisis in Europe—have impeded the economic recovery and social stability across the world. In order to respond to the global financial crisis as
well as to restructure the post-crisis world, the World Bank has played
a significant role in providing multidimensional support to the crisis-hit
countries.
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In Lao PDR, Fiscal Year 2010–2011 marks the beginning of the 7th
five-year National Social and Economic Development Plan 2011–2015
(NSEDP), which continues to further the outcomes of the 6th five-year
NSEDP 2006–2010. During the previous five-year plan, Lao economy
has grown with an average growth rate of 7.9 percent. The overall macroeconomic situation has remained robust and stable, the year-to-year
inflation increased but has remained under single digit at 5.76 percent
as of December 2010. The nominal exchange rate of kip has remained
strong against US dollar. The balance of payments has improved as foreign direct investment has continued to expand.
In 2011, Lao PDR’s real GDP growth will remain robust with projected growth of 8.6 percent compared to 8.4 percent in 2010. This growth
has outstandingly derived from natural resources and manufacturing
sectors. Agriculture is expected to benefit from the recent increase in
regional demand and high food prices. The Consumer Price Index (CPI)
has risen in recent months due to high commodity prices. The capital
account surplus is projected to increase from 9.9 percent of GDP in 2010 to
12.1 percent in 2011 with a corresponding surge of new investment, especially in the hydropower sector. The credit growth decelerated about
46 percent in December 2010 due to significant slowdown in lending to
State-Owned Enterprises. While the pressure from the food and fuel
prices increases, the Government recognizes the importance of diversifying the sources of growth and in enhancing prudent public financial
management to ensure sufficient funding for priority health and education services.
Despite uncertainty of the external environment, the economy is projected to continue to grow over the 7th five-year NSEDP, with real GDP
growth targeted at 8 percent. To achieve the socio-economic development
targets and Millennium Development Goals by 2015, the Government
will continue its reform agendas, by focusing on improvement of business
environment, enhancement of investment efficiency, strengthening public
financial management, particularly centralization of revenue administration and treasury as well as redesigning the inter-government fiscal
relationship, accelerating the banking sector reform. On the economic
integration into the world, the government has continued to reduce the
tariff under AFTA’s commitments and push up the preparation for WTO
accession.
During 2010–2011, the Government has continuously reformed in
various areas. On fiscal front, the Government has implemented a comprehensive medium-term Public Financial Management Strengthening
Programs (PFMSP) that aims to strengthening the capacity of the Ministry of Finance and Provincial Finance Departments to improve the
effectiveness, transparency and accountability in managing the budget.
We are working on enhancing the fiscal planning, budget allocation,
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implementation of the treasury single accounts, budget execution and
reporting. Key achievements are the completion of the treasury, customs
and tax administration centralization, developing new fiscal transfer system and aligning budget to the policies, as well as the implementation of
the VAT since 1 January 2010. In order to fully implement the PFMSP,
the Government will require sufficient capacity enhancement and technical assistance.
For financial sector, the Government will need to develop the sound
and robust financial and capital markets in the wake of international
financial integration, enable to provide financial resource for long-term
economic development. In 2011, the aim of the monetary policy is to
continue maintaining a sound monetary stability, stable exchange rate,
ensure international reserve to cover more than 6 months of imports,
extend amount of credits to economy equal to 27.2 percent of GDP, and
deposit mobilization is set to achieve 28.4 percent of GDP. Subject to
targets set above, the Bank of the Lao PDR (BOL) will wisely conduct
its monetary policy in the tight direction to control money supply as set
out. In the meantime, BOL will continue to conduct the exchange rate
policy based on market-oriented force. In addition, in early 2011 the Lao
PDR officially launched the Lao Stock Market aims to open more investment’s channel for investors and to start developing a capital market in
the country.
The Government of Lao PDR appreciates the support of the World
Bank to many sectors that has contributed to achieving significant development outcomes. Lao PDR also supports IDA16’s overarching theme
on “Development Results” which focuses on crisis response, fragile and
conflict-affected countries, gender, and climate change. Recently, the
country has also taken advantage of the IDA’s Crisis Response Window
(CRW) to address impacts of global financial crisis and the devastating
damages caused by tropical storm Haima struck central and northern Laos
in June and Nock-Ten hit central and southern areas in July of this year.
Lao PDR aims to lift the country out of the ranks of the least developed country by 2020. To achieve this, economy needs to grow by
8 percent annually over the next decade. This is an ambitious undertaking,
and we are committed to achieving it by further reforming our policies
and institutions to strengthen governance, expanding private sector’s role
in the economy, improving people’s social welfare by better targeting of
programs in education, health and poverty reduction, and protecting the
environment.
The Government of Lao PDR looks forward to the continuing support of IDA and role of World Bank in achieving the 2020 vision through
policy advice, investment support and technical assistance. Despite the
challenging times for many developed economies, we urge development
partners to contribute to the ongoing replenishment of IDA led by the
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World Bank so that Lao PDR and other least developing countries could
fulfill the aspirations of their people for better lives.
In conclusion, on behalf of Government of Lao PDR, I would like to
express my sincere appreciation to the World Bank’s member staff and
our colleagues from line agencies of the United States of America for
their enthusiastic contribution to the organization of the annual meetings,
and the fellow member countries for supporting the Lao PDR.
May I also express my deepest gratitude to President Zoellick for
his excellent leadership to lead World Bank to continue its active and
successful role in supporting the development of all regions. I wish the
meetings a great success.
LATVIA: ANDRIS VILKS
(on behalf of the Nordic and Baltic Countries)
It is my great honour to address the 2011 Annual Meetings on behalf
of the eight Nordic and Baltic countries—Denmark, Estonia, Finland,
Iceland, Lithuania, Norway, Sweden and Latvia.
The outlook for the global economy is subject to high uncertainty.
Projections indicate that global economic growth has been slowing in
recent months. The earthquake in Japan, the political turmoil in the
Middle East and North Africa, the Euro area’s financial turbulence, the
troubled handover from public to private demand in the US as well as
overheating pressures in a number of emerging markets have contributed
to the increase of the downside risks.
The international community—including the advanced and emerging economies—needs to do its utmost to strengthen policies to hedge
against these risks. Strong multilateral institutions, like the World Bank
Group, have a decisive role to play to provide stability and the means to
navigate in troubled waters. We need both new and old tools in order
to adapt, and be able to move beyond aid, into strong partnerships of
solidarity, openness and interdependence. At the forefront of the many
challenges facing us today should be the protection of the most vulnerable and poorest and the promotion of employment.
My own country has just gone through a period of deep economic
crisis and recovery. A very decisive policy response was required when
the economic hardships in Latvia had to be addressed. When the crisis
hit Latvia, one of the first issues to address was to establish a social safety
net. This was necessary in order to diminish the adverse social effects
resulting from the financial and economic crisis and from the structural
reforms required to fulfill rigorous fiscal policy. In order to maintain social
stability and meet the needs of the poor and those in need, we decided to
increase financing to maintain social programmes in the fields of health,
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welfare and social inclusion. It was done with the help of highly professional policy advice and funding from the World Bank.
Targeting the poor and vulnerable is the core mandate of the World
Bank. The high and volatile food prices are a great concern especially for
the poorest—and we appreciate the efforts made by President Zoellick
to get the world’s attention to this problem. IDA is a powerful vehicle
in support of the poorest. We welcome that the new crisis-response window has been put to use to react rapidly to economic crises or natural
disasters, most recently in supporting refugees severely affected by the
drought in the Horn of Africa. The Nordic-Baltic Constituency would like
to express our firm commitment to IDA and to its 16th replenishment,
and we strongly encourage existing donors to do the same.
A prerequisite for sustainable growth and development is the creation
of jobs. Jobs should be considered as a lever that raises the living standards
and aggregates the overall productivity gain of the economy. Jobs can lead
to positive social changes through the empowerment of women, by easing
social tensions and creating social cohesion. Employment and education
are strongly interlinked; we praise the IFC launching the Education for
Employment initiative in the Middle East and North Africa.
The Nordic-Baltic Constituency has been paying great attention
towards gender issues for a long time. Obviously, we are delighted that
this year’s Annual Meeting has Gender Equality as the main theme. We
welcome the World Development Report 2012 on Gender Equality and
Development—and the Bank’s implications paper—with enthusiasm. For
us, gender equality is a human right in itself. And it will continue to be a
priority for us until the “Fifty Percent Solution,” as articulated by President Zoellick, has materialized all over the world. Gender equality must
be a strategic priority for the World Bank Group. It must be integrated
in all of the World Bank’s operational and analytical work. The World
Bank is in a strong position to take the agenda forward—and to become
a global leader and champion for gender equality. We note the results
achieved so far in countries assisted by the World Bank, but we have to
make absolutely sure that this World Development Report is transformed
into action. This means that gender equality becomes a strategic priority
also in internal goal setting, staff capacities, results reporting and incentives structures. This means allocation of more resources through the
administrative budget and it means clearly formulated goals, targets and
indicators on gender equality. It also means stronger partnerships with
the UN system and UN Women in particular, as well as with local actors.
As the world is changing, so does the World Bank Group. Growing
responsibilities involve higher demands and standards for the institution.
As shareholders, we want to continue to make the Bank stronger. In this
regard, we want to commend the Bank for its modernization efforts, for
the major steps regarding the results agenda, i.e. the Corporate Scorecard
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and the new Program for Results instrument, and the important efforts to
increase transparency and openness. We are confident of the World Bank
Group as a powerful steward of our common development legacy, and we
strongly support the Bank’s efforts to move us into a World Beyond Aid.
MALAYSIA: AHMAD HUSNI MOHAMAD HANADZLAH
It is my privilege and pleasure to address the 2011 Annual Fall Meetings of the World Bank and the International Monetary Fund. We are
now at a critical junction. Our present actions may very well define the
course of global economic growth for many years to come.
Since its founding, the scope of the International Monetary Fund’s
responsibilities has evolved to accommodate the changing world. The Fund’s
role in ensuring the stability and proper functioning of the world’s financial
system is now more critical than ever. We are looking to the Fund to provide
a guiding hand and resolute advice to ease the prevailing situations.
In the context of the current situation, multilateral institutions can play
a supportive role. With its cross-country experience, multilateral institutions can offer independent analysis and external perspective which may
be necessary in approaching situations which would have global impact.
While resolute action is required to overcome a crisis, it is infinitely
preferable that financial and economic risks be preempted or mitigated
in a timely manner. One of the most important tasks of the Fund is to
monitor, forecast and provide policy advice to its member nations. It is
especially important that the Fund engages with systemically important
economies in the carrying out of this task.
There are also other multilateral mechanisms which can play complementary yet equally instrumental roles in ensuring regional, hence global,
financial stability. In 2008, the Group of Eight (G8) and the Group of
Twenty (G20) demonstrated its decisiveness in meeting the challenges
of the then financial crisis.
Multilateral groupings and associations worldwide would be wise to
adopt a more diversified role in addition to the traditional developmental
mandate of diplomatic and cultural exchanges. Additional responsibilities
would include the establishment of mechanisms that would be able to
provide localised policy solutions which can take into account of a region’s
particular socio-economic and cultural context. The concept of regional
empowerment is not new. However, it requires a strong injection of revitalization; in order to meet the inevitable challenges of this new century.
The Member States of ASEAN, The People’s Republic of China,
Japan and The Republic of Korea (ASEAN+3), have established the
Chiang Mai Initiative Multilateralisation (CMIM), a multilateral currency
swap arrangement worth US$120 billion, in the event that the Member
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States would require external liquidity assistance. This and other formal
and informal intra-ASEAN financial and economic linkages are part of
a concerted effort to strengthen a multi-pronged strategy of regionalism.
The concept of regionalism is only valid when there are appropriate structures to support it. In this regard, ASEAN+3 has also established other support institutions such as the ASEAN+3 Macroeconomic
Research Office (AMRO). The establishment of AMRO as the surveillance unit of CMIM, plays an important role to monitor and analyse
regional economies, and to contribute to early detection of risks, swift
implementation of remedial actions, and effective decision-making of
CMIM. We are indeed proud to demonstrate that with collective political
will and a determined sense of joint-responsibility, regional institutions
can indeed serve as effective mechanisms to deter and resolve complex
and multi-layered challenges.
Due to the structural nature of the underlying causes for the prevailing situation in the United States and Europe, we are not expecting full
recovery to pre-crisis levels soon. Nevertheless, in the immediate term,
we would like to see confident demonstrations of effort being made
towards the provision of effective solutions in regard to the situation in
the developed West. We also have to recognise that, in these fragile times,
the strictest of austerity measures may not be the most applicable of solutions. The IMF is ideally positioned to play the role of an institutional
statesman—an independent mediator. Any momentum to tip the developed economies into the realm of negative growth must be discouraged.
I take this opportunity to extend my country’s best wishes as well as
my own personal welcome to Madame Christine Lagarde on her recent
appointment as the Managing Director of the Fund. Her leadership of
this most important multilateral institution at this critical of times receives
all of our support and encouragement.
MALTA: JOSEF BONNICI
It is a pleasure for me to address the Annual Meetings of the International Monetary Fund and the World Bank. I take this opportunity
to thank the United States Government and the Authorities of Washington D.C. for their hospitality and excellent arrangements for these
meetings. Let me join other Governors in congratulating Ms. Christine
Lagarde on her appointment as Managing Director of the Fund, while
extending a warm welcome to Mr. David Lipton as the Fund’s First
Deputy Managing Director and to Ms. Nemat Shafik and Mr. Min Zhu
as IMF’s Deputy Managing Directors.
This year’s meetings are overshadowed by deep concerns about the
global economy and the volatile conditions which continue to persist in
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financial markets partly in response to the sovereign debt crisis in the
euro area. Furthermore, while inflation appears to have abated in the
advanced economies inflationary pressures among emerging and developing countries are intensifying and becoming more broad based. These
overheating pressures posit risks to the inflation outlook and growth.
There is no doubt that the IMF’s role in addressing macroeconomic
balances becomes all the more essential in this hostile environment. We
are thus pleased to note that since the onset of the financial crisis in 2008,
the IMF has successfully strengthened its resources and overhauled its
lending toolkit, putting its ability to pre-empt financial crisis on a sounder
basis. The Fund has been successful in mobilising both quota and nonquota resources in response to balance of payments problems in member
countries, including Low Income Countries (LICs). Here we would like to
emphasise our support for the Fund’s strategy of using resources linked
to gold sales profits for concessional lending to LICs. Within its limited
means, Malta too continues to contribute to Fund resources by honouring its commitments under a bilateral loan agreement with the IMF and
through its participation in SDR voluntary arrangements. We also continue to provide a modest share of assistance to the Fund’s development
agenda, in partnership with other countries.
The IMF’s credibility and effectiveness hinges to a very large extent
on the availability of resources, that need to be commensurate with the
long term needs of its members, and on a governance framework that is
perceived to be fair and inclusive. In this regard, we welcome the effort
by IMF members in bringing into effect the 2008 quota and voice reform.
While not among the countries benefiting from the ad hoc quota increase,
Malta has completed its ratification process so that the amendments of the
IMF’s Articles of Agreement and those related to the Fund’s enhanced
investment authority are brought into effect as soon as possible.
In this regard, we also note with satisfaction the considerable progress
made in terms of the 2010 Quota and Governance reforms. As to the
Fourteenth Quota Review, we are pleased to observe that this will lead
to a realignment in the ranking of quota shares to better reflect global
economic realities. At the same time the reforms ensure protection of
the quota shares and voting power of the poorest members.
I now turn to an issue which ranks high on the Group of 20’s agenda
and which is also a medium term objective of the Fund. I refer to the
reform of the International Monetary System (IMS). Although, the IMS
has underpinned strong GDP growth and hastened the process of globalisation, the financial crisis has exposed a number of vulnerabilities in
the system. It is therefore encouraging to see that the Fund is directing its
efforts to enhance the IMS, and achieving progress on a number of fronts.
In this regard we strongly support the Fund’s work on capital flows,
specifically its effort to develop coherent conclusions for the management
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of such flows. We must, however, also reiterate that there are no substitutes to sound macroeconomic and financial policies, and that capital flow
measures should be transparent, temporary, and only used as a last resort
with clear exit strategies. Moreover, we believe that the Fund should play
a central monitoring role in this regard.
As part of the broader debate on reforming the IMS, we are open to
consider a greater role for the SDR in the global economy. In this regard,
we recognise that the SDR would need to be enhanced considerably from
its current insignificant level, and that substantial practical, political, and
legal hurdles must be overcome in this process. We also strongly believe
that a decision to broaden the SDR requires clear and transparent criteria
to ensure the stability of the basket, and only freely usable currencies can
support the functions of the SDR.
Surveillance will play a key role in the reform of the IMS and in supporting global macroeconomic and financial stability. It is encouraging
to see that the IMF-FSB Early Warning Exercise has become firmly
established and, at the same time, financial sector issues are now being
given greater coverage under Fund surveillance and in Article IV reports.
However, we are of the view that some elements of surveillance need
to be further explored. Political traction, in fact, needs to be improved
to strengthen the Fund’s crises prevention role. We also believe that,
surveillance needs to be more focussed and recommend that the assessment of spill-over effects is strengthened by enhancing a more integrated
approach between multilateral and bilateral surveillance.
In conclusion, I would like to emphasise Malta’s support for the efforts
that are being undertaken by the Fund and the Bank to respond in an
effective and coherent manner to the very challenging economic and
financial problems that continue to characterise the global environment.
MYANMAR: HLA TUN
It is an honor and a great pleasure for me to represent the Government
of the Republic of the Union of Myanmar at the 2011 Annual Meetings
of the Boards of Governors of the World Bank and International Monetary Fund.
At the outset, I would like to congratulate you Mr. Chairman for your
appointment to chair the joint Annual Meetings. It is also my privilege
to congratulate and welcome Ms. Christine Lagarde to your new post as
Managing Director of the International Monetary Fund. We are certain
that the Fund will benefit from your experiences working with developing
countries and we look forward to our association with you.
We meet here today at a time of heightened uncertainty about outlook
for the global economy. Since the second quarter of this year we have
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seen a slowdown in economic activities in developed countries which led
to a downward revision in the projection of the global economic growth
due to the European debt crisis and planned spending cuts in the United
States. The near-term outlook for the world economy is not promising
and risks are still on the downside. In this context, promoting sustainable
growth not only in advanced countries but also in emerging countries is
of singular importance for such a common strategy.
With these concerns in mind let me briefly outline to you the position
of the Republic of the Union of Myanmar is in at present. The multiparty
democracy general election was held in November 2010 and the new
government was formed in March 2011. The government aims at achieving sustainable developments on all fronts through a number of reform
measures. The major thrust of these measures is to establish transparency
and accountability at all levels of Government. The policy focus of the
elected government is based on the twin objectives of economic management and poverty alleviation.
Regarding the developments of the Myanmar economy, Myanmar has
implemented the Fifth Short Term Five-Year Plan spanning from 2011/12
to 2015/16 with aims to have further development based on favorable
existing economic conditions. Myanmar expects an economic growth
rate of 8.8 percent in the first year of the fifth short term five-year plan
2011/12. This growth will be attributed mainly by the growths of agricultural sector and services sector.
With regard to the fiscal front, Myanmar has taken measures both in
terms of revenue and expenditure consistent with the fiscal consolidation
plans. On the revenue side, while measures have been taken to strengthen
tax administration, reduce tax evasion and tax avoidance and improving
tax compliance, the government reduced tax rate on exports from 8 percent to 5 percent and granted tax exemption from exported agricultural
produce so as to encourage for boosting export. On the expenditure
side, prioritization has been emphasized and unproductive expenditures
discouraged.
On the external front, during the first quarter of 2011/2012 fiscal
year, the current account is in surplus, due mainly to surplus in the trade
account. The surplus can be attributable to increase gas exports and
remittances from abroad. As such our foreign exchange reserves have
also risen considerably.
Regarding the banking sector, efforts are being made towards further
banking and financial sector modernization by implementing of Electronic Banking Network and Payment System. Moreover, measures have
been taken to strengthen the Central Bank’s supervisory and regulatory
power. Necessary instructions and guidelines have been issued in order
to maintain the stability of the banking sector. At present our banking
sector is strong and stable.
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With respect to monetary policy, the Central Bank of Myanmar implements measures to absorb excess liquidity into the banking system and to
curb inflation by using interest rate and limiting credits to unproductive
sectors.
We are grateful for the technical assistance that we have received
from the Fund especially in the area of exchange rate management. This
assistance will provide us with valuable policy advice and training for unifying our multiple exchange rate capability to address immediate needs
for redesigning the prevailing exchange rate system.
We consider that the availability of technical and financial cooperation
from the Bretton Woods institutions will support our economic development programmes and we believe that they can provide a parallel role
in our future prosperity.
In conclusion, I wish to express our deep appreciation and best wishes
to the Boards of Directors, the managements, and the staffs for their
valuable contribution to the Annual Meetings. Let us move forward to
shape a better future of peace and prosperity in the next millennium.
NEPAL: BARSHAMAN PUN
It is a great honor for me and my delegation to participate in 2011
Annual Meetings of the Board of Governors of the World Bank Group
and the International Monetary Fund. I express my sincere appreciation for the hospitality extended to us. I would also like to commend
the management of the World Bank Group and Fund for the excellent
arrangement made for this meeting.
The entire world has been confronted with a crisis of one sort or another
in the recent years. It has not been long time when the World recovered
from the aftermaths of global financial meltdown, it is being plagued by
soaring food prices, global warming, natural calamities and other problems
and conflicts. Financial meltdown which created a major economic crisis
was caused mainly by the weaknesses in regulations and supervision and
failure in spotting and correcting banking crisis. So I urge all my fellow delegates to draw the attention of the World Institutions like the World Bank
and the International Monetary Fund, with which we are all associated, to
explore ways of correcting the defects of existing mechanism.
Nepal is still struggling hard in bringing the peace process to a logical
end, drafting the new constitution, and institutionalizing political stability in the country. Accomplishment of all these tasks require political
consensus among the major political parties. And, it is encouraging that
there are indications of forging a consensus very soon.
Recently, a new coalition Government led by the Unified Communist
Party of Nepal (Maoist) has been formed. The new Government has
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committed to complete the drafting of the new constitution and establish lasting peace in the country within the stipulated time. On the very
day, that is August 29, 2011, the new Prime Minister was elected, the
Constituent Assembly unanimously extended the time for drafting the
new constitution to 30 November 2011. The Maoist Party, even before
the new Prime Minister was elected, had publicly announced to finalize
the integration and rehabilitation of its army combatants, which fought
for bringing the great historical political change in the country, within
45 days. As first and key step towards fulfilling this commitment, the
UCPN (Maoist) had already handed over its weapons stored in various
cantonments to the Special Committee on 1 September 2011.
Nepali people have seen the returning back of the UCPN (Maoist)
to the helm of the Government with great hope and expectations. Even
the international community has viewed this development as a right
event to expedite the peace process and maintain political stability in the
country. I take this opportunity to reassure the international communities
our commitment to meet their expectations as well as aspirations of the
Nepalese people for peace, stability, and progress through a democratic
and inclusive constitution to pave the way for economic development
and improvement of the living standard of the people.
On the economic front, the growth performance of the Nepalese economy in the recent years has not been encouraging. Frequent changes in
the Government, energy problem, low efficiency in the use of resources,
absence of conducive industrial environment have been some of the major
causes for this. The present Government is committed to address all these
problems and to this effect various programs have already been initiated.
On the social front, many of the Millennium Development Goal (MDG)
indicators have improved. And, poverty levels are declining. Inclusion
and representation have received increased policy attention, but capacity
building of marginalized communities still remains far from satisfactory.
Despite the pressure on Government expenditure to meet emerging needs
of the people, we have maintained macro-economic stability in the country.
We are encouraged by the World Bank Group’s focus on strengthening governance to increase transparency and accountability of the member
governments and the Bank itself.
We highly appreciate the World Bank’s support for Nepal’s participation in regional and multilateral global initiatives including Climate
Investment Fund Pilot Programs and other projects with the joint support
of Asian Development Bank, International Development Association
and the International Finance Corporation.
We welcome the successful IDA 16 which has been the hope and
aspirations of the poor countries to meet MDGs.
We have realized from our long experience that aid effectiveness has
not been directly visible where aid is scattered. We would, therefore, like
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to draw World Bank Group’s attention to concentrate on large and mega
projects like large hydro-power projects, roads and river water management projects, which will have multiple development impact in the low
income countries like Nepal, and would also help create employment.
Finally, on behalf of the Government of Nepal, and on my own, I
would like to express my sincere gratitude to the World Bank Group and
the International Monetary Fund for their continued support to Nepal
and expect that this support will be enhanced further in the days to come.
I wish the Annual Meeting a grand success and thank you all for your
kind attention.
NETHERLANDS: JAN KEES DE JAGER
International Financial and Economic Situation
The global economic recovery has recently suffered a setback. After
relatively strong growth in 2010, the combination of slowing growth prospects and concerns about fiscal sustainability in parts of the advanced
world have sparked adverse reactions in markets and the financial sector. This threatens to cause a negative feedback loop between sovereign,
financial sector and the real economy that has to be controlled. Uncertainties around the public finances of some euro area countries—but also of
the United States and Japan—have become key risks for global financial
stability. As such, we believe that credible consolidation strategies without delay, combined with structural reforms, are now a critical priority
in order to secure fiscal sustainability and long-term growth. Given the
strong differences in the speed and progress of the recovery between
countries and regions, the high level of global liquidity, and the fact that
many distortions underlying pre-crisis global imbalances are still in place,
global coordination on policy priorities is as critical as ever.
In Europe, we are taking bold steps to address the problems of distressed sovereigns, including through EU/IMF programs for Greece, Ireland and Portugal and adjustments to internal economic governance. The
recent EU-wide stress test has focused on vulnerabilities in the banking
sector, which are being addressed through European Banking Authority
and as part of EU/IMF programs. Overall, the IMF has acted as a key
contributor in crisis management in the euro area, bringing invaluable
third-party expertise and conditionality. We welcome the Fund’s continued involvement throughout the process of repair, reform and rebalancing
in the euro area and beyond.
In several key emerging economies, growth has been very rapid in
recent quarters. Such rapid growth can bring strong welfare benefits,
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particularly for the poorest in society. Yet it also could pose challenges to
authorities. While emerging countries generally have a stronger outlook
for fiscal sustainability than in the past and then some advanced countries,
fiscal stances are often still accommodative, and interest rates potentially
too low. Hence, in countries facing strong credit and asset price growth,
financial inflows and overheating, we encourage the use of more countercyclical policies, including macro-prudential instruments and fiscal
tightening, so as to ensure stability and enhance resilience.
IMF’s Role in a More Stable and Resilient International Monetary
and Financial System
To support macroeconomic and financial stability, the IMF has a crisis
prevention and crisis resolution role. The IMF’s surveillance and lending
framework has already undergone a remarkable overhaul since the onset
of the crisis, but more needs to be done to create a more stable and resilient international monetary and financial system. Although we are open
to reforms and instruments that strengthen the crisis resolution role of
the IMF, we believe the focus should lie on how to address the buildup
of imbalances and vulnerabilities as this is key to prevent (systemic) crisis
situations from emerging.
To address underlying imbalances, it is of utmost importance that risks
and vulnerabilities are identified and communicated in a clear, consistent
and timely manner. We welcome the significant progress over the past
three years to address the shortcomings of IMF surveillance, including
the spillover reports and the consolidated multilateral surveillance report
as the most recent products. We look forward to an extensive discussion
of these reports in the IMFC, and suggest building further on the experience and capacity gained with these reports by repeating the exercise
next year. However, we should continue with the process of strengthening and improving the IMF surveillance framework building on the
recommendations of the 2011 Triennial Surveillance Review (TSR) and
the Independent Evaluation Office (IEO). We especially encourage the
Fund and the membership to focus more on interconnections, spillovers,
financial stability and capital flows.
World Bank
The World Bank Group has worked hard since the outbreak of the
financial crisis on an effective and immediate response to cushion the
impact of the crisis on the most vulnerable. At the same time, however,
some challenges remain unaddressed or have re-emerged and new ones
have arisen. In Mogadishu, the capital of Somalia, the dire consequences
of years of conflict, poverty and drought are glaringly evident. The current
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humanitarian crisis in the Horn of Africa is painful proof that achieving
food security continues to be a major challenge. The Netherlands is actively
engaged in finding a solution to the global problem of food security. Achieving the Millennium Development Goals remains a top priority and the position of women requires special attention now and in the future. The unrest
in the Middle East and North Africa underlines the need to have a better
understanding of the role jobs should play in the development process.
The World Development Report on Gender Equality makes a compelling case to further strengthen World Bank policies. The Netherlands
agrees with the conclusion from the World Development Report that
gender equality is a condition for economic growth and requires leadership by governments and commitment by development partners. We
also agree with the Bank’s proposed strategy to capitalize on the recommendations of the report. We put particular emphasis on expansion of
country-level diagnostic work for a clearer understanding of the nature
of possible inequalities and to enable utilization of the most effective
program and policy interventions. These interventions need to be resultsoriented, well-prioritized and to take account of the financial and human
resources necessary to implement the agenda. Strengthening field-based
and other partnerships with the United Nations, regional organizations,
donors and recipient countries should also be a priority. In this context,
we urge the Bank to engage the Ministries of Finance or Planning in the
policy dialogue on gender in order to obtain broad commitment. For us
it is evident that attracting the right expertise at all levels of the World
Bank Group is a precondition for successful implementation of the recommendations of the World Development Report.
The Netherlands welcomes employment as the intended topic for the
2013 World Development Report. Employment is not only a key factor in
making growth inclusive, but also contributes to social integration, social
protection and a sustainably peaceful society. The Netherlands believes
that the private sector needs to play a central role in the employment
strategies of countries, since it is vital to securing sustainable employment
opportunities and economic growth.
The Netherlands fully endorses the Bank’s Corporate Scorecard
which will report on operational and organizational effectiveness and
the implementation of internal reforms. The Corporate Scorecard is an
important accountability mechanism, supporting a strategic discussion
with shareholders on Bank performance. The Scorecard should serve
both the Governors and the Board to track progress on development
results and organizational performance.
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NEW ZEALAND: BILL ENGLISH
At this year’s Annual Meetings the role of the IMF in promoting
global policy cooperation is more important than ever. Recent months
have seen sentiment become more negative, reflecting greater recognition of the full extent and severity of problems facing the world economy.
Recovery is intrinsically linked to reductions of deficits and surpluses
across countries: the process we call global rebalancing. This process will
involve deleveraging in some advanced economies, and increased consumption and investment in some emerging markets. Generally speaking,
by reorienting the composition of growth more towards consumption in
emerging markets, and more towards exports in advanced economies,
both sets of economies will benefit.
However, the pace at which rebalancing can occur remains uncertain.
Policy actions to facilitate rebalancing in one country have implications
for the pace of rebalancing in others, and countries may take different
views on the right speed at which to implement such policy change. Moreover, structural changes are needed—for example, to shift production to
new or different industries, and supply side reforms to lift growth more
generally. Such change will take time to implement and to yield results.
Although some progress is being made and faster adjustment would have
advantages, our outlook is that the pace of global rebalancing will be slow.
EU leaders have made commitments which, once implemented, are
sure to be of great assistance to the most fragile countries and to broader
European stability. However concerns have continued to grow about
debt sustainability in the region. Euro zone countries in IMF programs
are benefitting from program finance and advice on comprehensive and
ambitious reform agendas. The agendas cover measures to facilitate
fiscal consolidation and deleveraging, peel back inefficiencies, improve
policy and regulatory frameworks and country competitiveness. While
progress has been made we must be realistic about prospects, and careful
to ensure that resource is used as effectively as possible. In the present
circumstances, market uncertainty on whether the program targets will
be successfully met is causing volatility and exacerbating risks.
More generally, heightened risk aversion and volatility is damaging to
growth. Ensuing capital flows can be difficult to absorb, with unwelcome
risks of instability or bubbles. In New Zealand we also have a rebalancing process that needs to take place. Our ability to rebalance is being
constrained by a persistently high exchange rate, which is creating exceptionally difficult conditions for exporters. Alongside this, high household
debt is contributing to subdued retail spending. And we continue to deal
with the aftermath of devastating earthquakes.
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However, we are working towards a continued orderly reduction of the
ratio of our debt to GDP. Growth has been supported by high commodity
prices, and the Rugby World Cup has provided a boost to the tourism
industry. Part of our effort to tackle deleveraging is to raise national savings, through fiscal consolidation and a continual drive to improve public
sector efficiency. Throughout this process monetary policy has provided
support, while keeping a close eye on inflation pressures.
New Zealand’s open economy and financial system provides important
opportunities for growth, but also poses risks that need to be managed.
Moving back to the global context, credible convincing and cooperative
policies are called for. The Fund assists governments to identify policy
solutions in the bilateral context, while multilateral discussion of policy
is typically high-level. In these unusual times, an increase in the level of
policy detail given in multilateral discussion may be called for. This would
add visibility to potential policy solutions and trade-offs.
Financial market volatility is a symptom of underlying problems and
imbalances, but also evidence of uncertainty as to whether policymakers will succeed in working together to fundamentally resolve existing
problems. This year’s meetings are an opportunity to push back on that
source of uncertainty, and to clarify that our shared national interests lie
in policy cooperation.
While immediate challenges to growth and recovery are at the forefront of the policy effort, regulators must also press ahead with financial
sector reform. Substantial reforms have been agreed, and need to be
implemented. New Zealand has implemented a new liquidity policy for
banks, and expects to adopt Basel III standards, with some adaptation
to suit local conditions. New Zealand has established a new Council of
Financial Regulators to foster cooperation between financial and prudential regulators. However significant aspects of global regulatory concern
remain, including risks associated with systemically important financial
institutions and the shadow banking system. We encourage the Fund
to continue to work closely with the BIS and the FSB on these matters.
In order for the Fund to maintain the high levels of authority and
relevance that it needs to be effective, it must be adequately resourced
and representative. We are working towards ratifying the 14th General
Review of Quotas, and we are using this as an opportunity to look at
streamlining our ratification process. The Fund is currently working on
a revised quota formula, which we hope will go further in ensuring quota
better reflects the mix of the Fund’s membership.
The selection of Managing Director/President has a key impact on
how representative the IMF and World Bank are perceived to be. Notwithstanding our full support for both incumbents, we believe that any
link to nationality in selection of these roles needs to be removed.
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I would like to briefly mention three upcoming reviews that cut to the
heart of the Fund’s operations: those on surveillance, lending instruments,
and conditionality. We think the drive for more focus on surveillance of
systemically-important countries is appropriate, and we are also pleased
to observe the increased weight put on spillovers across countries and
regions. The new Flexible and Precautionary Credit Line (FCL and PCL)
instruments ensure that assistance can be delivered in a timely fashion,
though we look forward to what the review can tell us about any challenges associated with these instruments. On conditionality, the Fund
must strike the right balance between supporting countries through crises
and facilitating necessary change.
As a knowledge-based institution it is necessary for the Fund to continually review its thinking and approach. Therefore we support the
efforts of the Independent Evaluation Office to ensure that the Fund’s
experiences are captured and learned from. We look forward to hearing
more about how insights gained from these efforts are being put to use.
Alongside our support for increased systemic focus to surveillance, I
would like to caution that the Fund must also retain focus on the small
island states: the IMF and the World Bank have huge scope to positively
affect these countries. We think this can be best accomplished through
having teams that have developed long term specialized understanding
of both the similarities and points of uniqueness in challenges faced by
Pacific countries. Improved outcomes in the Pacific are a key focus for
New Zealand, and we appreciate the work that the Fund has done in
the Pacific through the regional technical assistance centre, and Fund
programs in response to some of the PIC’s specific adjustment plans.
Similarly, we welcome the World Bank’s increased presence in the
Pacific region over recent years, including through joint Asian Development Bank/World Bank country offices. We encourage this commitment
to continue and build in momentum. We support progress towards development co-ordination initiatives and an enhanced development dialogue.
For New Zealand, results are about actively improving development outcomes. Like other donors, New Zealand is looking carefully
at value for money and tangible outcomes for our taxpayer investment.
We need to be sure that multilateral instruments are playing to their
comparative advantage, and achieving stronger outcomes than we could
achieve bilaterally. A practical focus on development results can help
us achieve this.
We welcome the World Bank’s proposed new Programme for Results
lending instrument and look forward to seeing it deployed effectively in
the Pacific. We welcome the Bank’s revision of the Corporate Scorecard
and the provision of more information on results. However there is still
work to be done to see more tangible results on the ground, and to ensure
that results data is used effectively. The Pacific is a region of profound
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potential, where innovation and nimbleness are key to unlock improved
economic performance and sustainable development.
We look forward to working collaboratively with the World Bank,
Pacific partners and other development partners in the coming year to
make a real difference in the lives of the peoples of the Pacific and beyond.
OMAN: DARWISH BIN ISMAIL AL BALUSHI
(on behalf of the Arab Governors)
I am honored to speak on behalf of my colleagues from the Arab
World—a region that continues to be in the limelight of global attention,
especially given the various reform initiatives currently being implemented. While this attention has focused on the importance of accelerating the pace of adjustment and reforms, we want to underscore today
the relatively impressive macroeconomic performance and development
progress achieved thus far.
To date, our region has witnessed significant improvement in key
economic and social indicators. Sound macroeconomic policies, sustained
implementation of structural reforms, and generally favorable external
developments have underpinned notable growth performance across the
region and allowed for a rapid recovery from the global crisis. Arab oil
producers continue to support regional and global macroeconomic stability and development, whether through stabilizing oil markets, external
development and humanitarian assistance or through remittances from
their expatriate workers. Notable progress has also been made on key
development indicators including an increase in average life expectancy
to 70 years, a primary education completion rate of 90 percent and an
under-5 mortality rate of 38 per 1,000. Most significantly, substantial
progress has been made in reducing poverty.
That said, the recent political events in some countries in the Arab
World are a key reminder that much remains to be done. In the near term,
these events and associated uncertainties are likely to lower economic
prospects in the affected countries. At the same time, they present a valuable opportunity to accelerate the pace of implementation of wide-ranging
reforms, including promoting further economic diversification and private
sector development, and strengthening the financial systems, to support
sustainable and inclusive economic growth and secure employment for
our people, particularly, the youth. In short, our immediate priority is to
respond to peoples’ expectations while preserving macroeconomic stability.
And, while many of our countries and financial institutions have
received pledges of economic and financial support to assist them during this transitional period, these have yet to be translated to actual
commitments.
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While the Bretton Woods Institutions have played an important role in
supporting our region, we hope that this role can be strengthened to align it
with the global and regional changes, while taking into account the current
challenges being faced, and the need for prompt response, particularly in
strengthening the human and financial resources.
In this regard, we value the increase in the World Bank support to
the region and for strengthening cooperation, and its prompt response to
the emerging needs of Egypt and Tunisia. We also appreciate that IDA
support has been maintained for some Arab countries, and that the IMF
has indicated that it could potentially make available up to $35 billion in
financial assistance to the region as part of a broad international effort.
In this context, we value the close engagement of the IMF through
surveillance, technical assistance and lending relationships with our member countries.
In this connection, we consider important the strengthening of effective IMF surveillance—the pillar upon which the institution rests. The Triennial Surveillance Review provides an opportunity to strengthen current
practices. We support the intention to gain traction in the surveillance of
advanced and large economies, and explore avenues for enhanced candor,
relevance in terms of coverage of macro-social issues, and collaboration
with country authorities. We also support the ongoing deepening of the
institution’s work on financial stability, interconnectedness, and analysis
of spillovers. We do not support applying reserve adequacy metrics as
part of surveillance. We encourage efforts to strengthen the integration
of bilateral and multilateral surveillance.
In this regard, we reiterate our concern for the weakness in the economic growth prospects of the industrialized countries, and look forward
to prompt and decisive response that would ensure global economic
stability, and avert contagion.
Across IBRD, IDA and IFC, high-value knowledge and advisory
services have increased—including several influential reports on poverty,
private and financial sector development, migration and regional integration. We greatly value these analytical knowledge products whether
bundled with lending programs, programmatically in a CAS as in the
case of Algeria, within the Reimbursable Technical Assistance Program,
or within the Advisory Programs, as we recognize the importance of
their best practice recommendations for the proper design and effective
implementation of reform programs.
We also welcome the intensified focus on regional programs and
projects, in collaboration with the regional development Banks, Arab
and Islamic financial institutions, other multilateral and emerging country donors. The five-country Concentrated Solar Power program under
the Bank’s Arab World Initiative and the IFC’s e4e initiative are two
notable cases in point.
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We look to further strengthening of such collaboration of the Bretton Woods Institutions with each other, and with the regional development banks and financial institutions on an integrated approach to the
development agenda in the region and leverage the limited development
resources for greater effectiveness.
At this juncture, the Governors of the Bretton Woods Institutions
representing Arab countries would like to underscore the importance of
broader and stronger coordination between our countries and the Bretton
Woods Institutions, on the selectivity and prioritization in the regional
strategies and approaches of the Institutions. In this regard, we believe,
there are three key objectives we should work towards.
First, critical to strengthening economic progress across the region is
the urgency of creating sustainable jobs, particularly for the youth, and
enhancing the skills of our people more broadly. The Bretton Woods
Institutions can support this objective through a two-pronged approach.
a. We need to include capacity building as an integral part of the ‘onthe-job’ implementation of the BWI programmes and projects in our
region, whether in the field, or at the Institutions themselves. This
would also include intensifying efforts to enhance recruitment, particularly of under-represented nationalities; and career development
of existing Arab staff.
b. We need to prioritize the objective of generation of sustainable employment through a vibrant private sector, operating in an enabling, competitive and diversified environment. To this end, we must maintain
the macroeconomic stability achieved thus far, inter alia, by ensuring
that measures introduced to support the recovery, consumer subsidies
in the face of higher food and commodity prices, and social transfers
are designed with due regard to the available fiscal space and longterm fiscal sustainability. We also need to utilize more intensively
IFC’s regional expertise and innovative approach, and thus urge further scaling up of their work across a broader range of sectors. A
more proactive approach by MIGA particularly during this critical
time would boost confidence and foreign direct investment.
Our second priority is the challenge of low and depleting water
resources, and for some, the associated food insecurity, given that the
Arab World imports most of its food, and most of this is heavily subsidized. Designing integrated rural development strategies that not only
address the challenge of food security and scarce water resources, but also
contribute towards creating good productive employment opportunities
in agriculture and related sectors, would be welcome. At the same time,
targeted and cost-effective social safety nets are needed to mitigate the
impact of higher food and commodity prices on the poorer segments of
the populations.
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Third, we need to recognize the unique circumstances of Sudan. The
cession of the South poses significant risks, not only in terms of the loss
of large oil revenues, but also because Sudan’s debt situation is already
unsustainable. We call on the Bank and the Fund to lead the necessary
multilateral effort to urgently define a clear, time-bound, debt relief strategy to secure access to resources, thereby ensuring that the development
agenda of Sudan is not compromised.
Fourth, the Palestinian Authority continues to work with the World
Bank Group in implementing strategic interventions. The World Bank
Group’s support is instrumental and critical in encouraging the international community to continue their generous support to the Palestinian
people by setting an example of excellence and partnership. We urge
the World Bank Group to expand its programs and financial support
to help the Palestinian Authority in the state building and developing a
viable economy.
In conclusion, Mr. Chairman, Ladies and Gentlemen, I would like
to welcome the process for selection of the new Managing Director of
the IMF, and the incoming MD herself, Ms. Christine Lagarde. We are
confident that the combination of financial and legal knowledge that
Ms. Lagarde brings will be critical for the effective management of this
important Institution going forward.
PAPUA NEW GUINEA: LOI M. BAKANI
It is my pleasure to release this Statement on the occasion of the 2011
Annual Meeting of the Board of Governors of the International Monetary Fund and World Bank Group. On behalf of the Papua New Guinea
Government, I would like to express our gratitude and appreciation to
the Bank and the Fund for their ongoing technical, financial and intervention programs aimed at improving the living standards of societies
and strengthening of the financial systems. Governors and colleagues, the
slower than anticipated global economic recovery in the first half of 2011
and the present sluggish growth and/or the possibility of a recession in some
advanced economies is indeed worrying and calls for a greater coordinated
effort and complementary actions of our two organizations and individual
countries in addressing these concerns. I echo the IMF’s downward revision
of anticipated growth of 4.3 percent for 2011 (in its June World Economic
Outlook Update) from its earlier projection of 4.5 percent. Downside risks
still persist as sovereign debt crisis and fiscal imbalances linger in Europe,
which potentially could trigger another global recession.
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Turning to my country, Papua New Guinea is currently enjoying
the longest streak of economic growth in its history as an independent
nation. With little exposure to the troubled financial institutions abroad,
the Papua New Guinea economy was able to escape the onslaught of
the recent global financial crisis. Real gross domestic product (GDP)
grew by 5.5 percent in 2009 and 7.1 percent in 2010. Revised projections
indicate that economic growth could reach low double digit in 2011,
making it the ninth year in succession of economic growth. Starting
in 2003, high export commodity prices, strong macroeconomic fundamentals of relatively stable prices including domestic exchange rate,
interest rates and inflation, strong balance of payments position, and
prudent macroeconomic management—including fiscal management
(except for a lapse in 2008), gave rise to increased business confidence
and growth in investment and employment in the economy. Starting
in 2010, in addition to the above factors, the construction phase of the
multi-billion Liquefied Natural Gas (LNG) project has triggered positive spin-off effects to the other sectors of the economy such as transportation, manufacturing, building and construction, and wholesale &
retail. Also, Government spending has increased with the windfall tax
revenue from exports and business activity. All these have led to an
increase in aggregate domestic demand and consequently, increased
inflationary pressures.
With the high commodity prices and increased investment inflows
associated with the LNG project, the country’s balance of payments position is strong—having recorded an overall surplus of K471 million in the
first half of 2011. The level of gross international reserves at the end of
June 2011 was K8,485.90 (US$3,738.6) million, sufficient for 10.5 months
of total and 14.6 months of non-mineral import covers. The Government,
in its Mid Year Economic and Fiscal Outlook (MYEFO) Report, projects
a budget surplus of K606.8 million for 2011. This surplus has now been
appropriated through a supplementary budget of around K800 million
that includes other revenue expected from non-taxation sources. While
the new Government has publicly announced its intention to seriously
tackle corruption by instigating investigation into cases of misappropriation of public funds, the pace of its commitment and spending is a concern
for prudent macroeconomic management.
The economy is further supported by a sound and strong financial
system. The financial system is well capitalized with adequate levels of
liquidity, low level of non-performing loans, and are highly profitable.
The major strategic project to provide a cost effective and efficient payment system (both domestic and international transactions) that started
in 2009 is continuing, with the procurement of a system expected to be
completed this year. The reform to the payment system will enhance our
efforts to promote financial inclusion and financial literacy in the country
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through the promotion of micro banks, savings and loan societies, and
mobile phone banking.
While the PNG economy is growing and is flushed with liquidity,
there are some key issues and challenges. First, the economy needs to
steer a course between high economic growth and high inflation as there
is a trade-off between the two. This will require a closer coordination
between fiscal and monetary policy in supporting macroeconomic stability. Second, Government spending should be directed at needy areas that
include health, education, infrastructure and law and order to improve
delivery of social services and help improve micro level development.
Third, good governance is required not only in the political sphere but
also in the bureaucratic administration and processes.
With the rise in annual headline inflation to 9.0 percent in the March
quarter and 9.6 percent in the June quarter 2011, the Central Bank has
tightened monetary policy by increasing the policy signaling rate—the
Kina Facility Rate (KFR) progressively by 25 basis points in June, July
and September 2011 to 7.75 percent and by increasing the Cash Reserve
Requirement by 100 basis points each in July and August to 6.0 percent.
It will require a joint effort by the Departments of Treasury, Finance and
National Planning, and the Central Bank to ensure quality and productive Government spending on essential areas—not excessive wasteful
spending especially ahead of the upcoming National Elections in 2012,
and appropriate monetary policy conduct to contain inflation at a reasonable level in this period of high economic growth.
In this regard, first the Government can assist by concentrating its efforts
on areas that do not compete with the LNG developer, which are the social
sectors of education, including the up-skilling of the workforce through
vocational and on the job training, health and law and order. Engaging in
new projects will only add to demand pressures and exert upward pressure
on inflation. The second strategy is for the Government to invest seriously
in the agriculture sector to ensure the export sector remains competitive
and food production is increased for local consumption and import replacement. This will assist in mitigating the effects of Dutch Disease. Above all,
good governance in political leadership and the bureaucracy is required
to weed out corruption and minimize law and order problems for the
country to prosper.
The agenda on Sovereign Wealth Fund has been advanced by relevant Government authorities following the decision by the Government in 2010 to establish the Fund. The underlying rationale to have
the Fund is for the country to better manage the windfall revenue that
will result from the LNG projects and other mineral projects. The continuing involvement and advice of the IMF in the macro sphere and
the World Bank in development of programs and initiatives to reduce
poverty and improve the country’s social development indicators are
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welcomed. We are grateful for the continued assistance provided by
the Fund and the Bank and our other development partners in terms
of technical assistance, funding and advice. Working together, we can
ensure that our efforts can complement each other for the benefit of
our people.
PHILIPPINES: CESAR V. PURISIMA
Countries around the world are faced with significant challenges.
The turbulence in the financial markets and its repercussions on confidence, jobs, output and prices are hampering global recovery and
growth.
While countries seek to address vulnerabilities and accelerate growth,
uncertainty continues to persist. Thus, it is the opportune time to ask
how the World Bank Group and we as policymakers of our respective
countries can play more relevant roles and be stronger forces to attain
sustainable and inclusive growth and development. The answers cannot
be commonplace but out-of-the-box, efforts cannot be free-standing but
concerted and more importantly, solutions cannot be postponed or long
in coming but urgent.
Amidst a weak global economic outlook, we see the role of the Bank
to be ever-increasing on the broad scale and we challenge it to live up to
the expectations of the global community especially the most vulnerable.
As the Bank plays out its development mandate, we strongly encourage
broader dimensions to its country-driven strategies. We would like to
see more enhanced country partnerships addressing specific challenges
faced by IDA countries, and the low and upper middle income countries.
As the financial crisis besetting select countries risks contagion within
the region with adverse repercussions for the global economy, the Bank
should step up its efforts with both tried and tested measures as well as
novel approaches. In these extraordinary times, special debt facilities can
allow the Bank to more effectively tap and channel additional resources
to aid debt-strapped sovereigns attain temporary financing until their
situation normalizes. This would have the intended effect of reassuring
markets and creditors as well as providing headroom to struggling economies while continuing vital funding to assure a sustainable way out of the
crisis. With respect to environmental and other possible external shocks,
we encourage the use of innovative tools like catastrophe financing instruments to address climate change vulnerabilities faced by many nations as
well as aid in post-crisis financing should the need arise. This seems to be
a pretty tall order but I am confident of the Bank’s capabilities, and we
expect the Bank’s effective leadership and pro-active response to avert
any further impending crises.
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Furthermore, the Bank needs to be closer to client-countries and we
cannot but fully agree with Bank President Zoellick’s vision of democratized development. We strongly encourage initiatives to establish regional
hubs for knowledge and financial activities, and to facilitate the sharing
of knowledge and best practices among regions as well as pursuing more
development policy dialogues. We are enthusiastic about the expansion
of the World Bank Group—Singapore Hub as a center for development
innovation particularly focused on infrastructure financing, ICT, urban
development and services, among others, and its potential in driving
investments in developing countries in East Asia and other regions.
Because the pursuit of the Bank’s development agenda is a long-term
engagement, it is important that it maintains its relevance and responsiveness given the rapid changes in the global economy. Only genuine
and broader consultations and dialogue with member states will ensure
this. Processes and decisions of the Bank, as well as of the International
Monetary Fund, must continue to be open and inclusive. Participation
must be deepened. Leadership structures must be democratized.
The Government of the Philippines shares a common vision for development with the World Bank Group. Governance and accountability are
cross-cutting themes of our reform programs. We are committed to pursuing inclusive growth and are consciously setting the bar higher for ourselves
to achieve this goal. We are expanding the social safety net program,
pursuing universal health coverage and enhancing basic and secondary
education because we believe that strengthening our human capital and
best resource would be instrumental to achieving growth and alleviating
poverty. Attainment of the MDGs, job creation and reaching out to the
conflict-affected areas are high on our agenda. We are also re-invigorating
our infrastructure program through PPPs to address severe infrastructure
gaps that have hampered our competitiveness. We are putting our fiscal
house in order through a robust public financial management program and
by strengthening our balance sheet to raise resources to finance our needs.
We acknowledge the Bank’s support in our initiatives through the
Country Assistance Strategy, the reinstatement of the Development
Policy Loan facility and of late, the CAT-DDO operation that offers
contingent financing in the event of a high-level disaster while pursuing
disaster risk reduction and management programs. And we look forward
to a continued and richer partnership through financing and advisory
services, and knowledge sharing.
Because the development vision is universal, we would like to contribute to the agenda by sharing our experiences and lessons learned in
program implementation with other countries. We are keen at pursuing the growth strategy within ASEAN and intra-Asia, and are open
to engaging with the Bank and other development partners on how to
nurture this idea.
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POLAND: JAN VINCENT-ROSTOWSKI
The recovery of the world economy from the unprecedented crisis
has, over the past few months been facing serious and increasing problems. The outlook points to a protracted and difficult recovery rather
than a rapid adjustment which returns the process back to a sustainable
path. What were, at the outset of the crisis, local financial difficulties on
sub-prime markets have spread across sectors and countries, channeling
risks from private to public sectors and are now the main source of global
uncertainty and of the significant reduction of market confidence.
The advanced economies are still struggling with the legacy of excessive leverage and high debt which adversely affects growth, while a number of emerging economies are showing signs of overheating. The two
projects aimed at rebalancing demand, domestic demand from the public
to the private sector and global demand from external deficit countries
to external surplus countries remain to be completed. Several of the
European economies are facing a huge problem of sovereign debt which
in some cases seems to be difficult to sustain.
These developments bring considerable consequences for global financial stability. After the risks to financial stability declined somewhat this
spring, they are now again on the rise. An increase of individual financial
risk is reflected by a clear reduction of the appetite for risk.
Over recent decades global and innovative financial markets have been
increasingly driving the growth of the world economy. These markets,
while bringing strong growth-enhancing effects, may also fuel, amplify
and channel risks to economic growth and financial stability.
Despite some failures inherent to financial markets, it is, however,
policy which has turned out to be a major factor responsible for the
recent global crisis. The crisis has affected, although to varying degrees,
a vast number of economies putting the concept of decoupling in serious doubt. Simultaneously, the crisis has turned out to be a country- and
region-specific process with some economies hit hard, whereas others
remain relatively resilient and able to weather the impact of the crisis.
In principle, it is the build-up of systemic risk due to inadequate,
pro-cyclical macroeconomic policies and to regulatory and supervisory
failure which can be considered as the root causes of the global financial
crisis. Strong and determined policy action is instrumental for overcoming the current unbalanced, weak global recovery and associated risks.
In particular, at this moment in time, the severity of the crisis in public
finances poses an extremely difficult challenge for policy makers: to
strike an appropriate balance between the strength and speed of fiscal
consolidation and economic growth. A possible contraction in growth
increases the risk of negative and punishing assessments by the markets.
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Widespread international financial contagion throughout global
financial markets makes a case for an internationally coordinated policy
response. While in difficult times more policy coordination is warranted,
markets should be reassured that the policy makers are working together.
Nearly all stakeholders have an interest in maintaining the stability of
the international financial system as it helps to provide a more efficient
distribution of financial resources across countries. However, development of global financial governance seems to have lagged behind the
robust development of financial markets.
A difficult environment and increasing risks call for coordinated action
aimed at achieving common goals, for financial solidarity and responsibility, including support for those hardest hit, especially by external shocks,
for a fair burden-sharing of costs and non-abuse of financial support.
International financial institutions are naturally predestined to actively
participate in a policy response to the global crisis. It is worth appreciating
that the G20 has initiated and is overseeing the overall process of economic and financial reforms. It is the G20 economies which should lead
by example in making adjustments and introducing reforms. It should
also be emphasized that owing to its financial, human and institutional
resources, its mandate, its comparative advantage as well as its global
membership, the IMF is uniquely equipped to address crisis legacies and
current risks to financial stability and global recovery. The Fund indeed
remains instrumental in shaping policy response in the areas both of crisis
prevention and crisis resolution.
Surveillance plays a critical role in crisis prevention and the recent economic downturn has highlighted the need to improve surveillance. More
detailed assessment is necessary to pinpoint why the build-up of systemic
risks was not adequately addressed in the run-up to the crisis. Several
IMF surveillance products, including WEO and GFSR, had warned the
global community of these risks. However, despite manifold warnings,
policy makers were not determined enough to adjust their policies. The
impact of the IMF policy advice turned out to be the sensitive, weak spot
of the surveillance framework. This reluctance to implement prompt
adjustments mainly occurred in some advanced countries which are normally subjected to less intensive surveillance than other groups of Fund
members and it highlights the need for a more evenhanded approach to
surveillance as well as for the development of a uniform and balanced
approach across both countries and issues.
We think that the preliminary 2011 Triennial Surveillance Review
adequately signals current surveillance priorities. In particular, greater
attention is merited by topics such as risk assessment, traction of surveillance, increasing financial interconnectedness between countries
which implies an increasing vulnerability to international spillover
effects.
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Additionally, in view of the growing number of valuable multilateral
surveillance reports, a move towards some streamlining, consistency and
coherence of reports would be reasonable. In this context, a stand-alone
consolidated surveillance report for the IMFC helps increase the effectiveness of surveillance.
The clear and positive role of the IMF in crisis resolution deserves
to be recognized. The Fund’s emergency response to the crisis, as well
as further actions designed to resolve the crisis, are essentially adequate
and timely. The IMF has substantially increased its financial resources,
including through expansion of the NAB program, additional SDR allocation and speeding up the implementation of the 2008 quota increases
and, therefore, exerting a calming effect on markets. The Fund has also
adjusted its lending toolkit by introducing and augmenting new instruments, such as the FCL, for countries with strong fundamentals and
appropriate policies. For three years Poland has benefited from the FCL
on a precautionary basis which has served the country well and even better
now, during the sovereign debt crisis. Risks to sovereign debt sustainability call for greater attention to be paid to orderly debt restructuring
procedures. Work in this area may well have benefited from the Fund’s
past discussions on the SDRM.
The IMF has a critical role to play in strengthening global financial
safety nets. This process includes cooperation between the Fund and
regional financial arrangements. Inside the EU, “the six-pack” approach
provides a useful example of badly needed enhancements to regional
economic governance designed to address a number of institutional and
structural shortcomings of the Eurozone. Regional actions in both crisis
resolution and its prevention are well aligned with, and complemented
by the involvement of the IMF, not only in financial terms but also by
having access to the Fund’s vast technical expertise.
We see great merit in the Fund participating in activities under the G20
framework on reforming the international monetary system. These activities involve a number of financial institutions at the national, regional and
global level. A spirit of collective responsibility, as well as an appropriate
division of labor between participating institutions will allow for better
synergy between the partners.
LIC’s are especially vulnerable to external shocks and deserve particular attention and support from the IMF. We welcome the Fund’s focus on
enhancing its engagement in those situations where LIC’s face unique challenges. The IMF’s involvement should be consistent with its core responsibilities and should take into account the security of its financial position.
We also believe that the quota reform agreed in 2010 will further bring
the quota system to better reflect the world’s economy and finances, and
will be helpful in improving the representation, credibility and efficiency
of the Fund.
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SPAIN: ELENA SALGADO
During the summer, prospects for global growth and financial stability
have deteriorated and downside risks have increased.
International Financial Institutions, national and regional authorities need to react quickly and forcefully to address these challenges, to
strengthen the recovery and advance on two key objectives: reducing
unemployment and fighting poverty.
We need to look beyond short term financial market volatility, and
base our assessments on underlying economic fundamentals and policy
decisions. So let me provide some examples of key recent advancements
in Europe and in Spain.
In the Euro Area, July 21st agreement of the Heads of State and Government contains a set of comprehensive measures to address the root
causes of the sovereign debt crisis. First, it improves the debt sustainability
outlook for Greece. Second, it gives the EFSF new and more effective
tools to ensure financial stability and prevent contagion.
The European Financial sector has also undergone a process of repair
and recapitalization. The EBA stress test has shown that the bulk of the
banking system is sound enough to withstand an adverse scenario. Spain
has participated for two consecutive years in the stress tests exercise with
full transparency, including our entire banking sector.
As the Fiscal Monitor highlights, the Euro Area has continued to
make progress on fiscal consolidation, long term fiscal sustainability
and fiscal rules. Since 2010, Spain has accelerated its public deficit
reduction and we have passed a pension reform that improves long
term fiscal sustainability. Furthermore, Parliament has just approved
a reform of Spain´s constitution introducing a commitment to structurally balanced budgets and moderate debt. We have also addressed
flaws in the labour market, raised bank capital standards and accelerated the savings banks´ restructuring. Further efforts are needed, but
with these policies, and with the economy growing, although modestly,
thanks to strong export performance, we are laying the ground for
higher growth, and lower unemployment, under a more sustainable
economic model.
We all need to react in order to protect the global recovery, and ensure
that the tough measures that we have implemented, start yielding income
and job gains. We should stick to our medium term fiscal targets, taking
into account national circumstances. In the financial sector, we need to
continue strengthening our banks, keeping a close eye on financial market
stability, to avoid costly dislocations.
In short, policymakers should continue to address the unresolved structural problems from the crisis, while preserving the role of Government,
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as insurer of last resort against the threat of uncertainty. The contribution
of the IMF to this endeavour is crucial.
In the first place, the Fund is uniquely placed to provide the fundamentals based assessment. Surveillance has improved substantially but
there are still important lessons to be learned. In my view, the Fund should
continue to act mainly as a policy advisor, promoting countercyclical
policies, and basing its guidance on careful analysis of country-specific
fundamentals, and their interaction in the complex global economy.
Secondly, the IMF can make a very important contribution through
its lending role. Recent events have highlighted the importance of solid
liquidity provision arrangements, as insurance against systemic shocks.
Expanding the IMF’s lending toolkit, to include a short-term liquidity
provision facility, could strengthen the global financial safety net, by
building on the much needed flexibility introduced by Fund instruments,
such as the FCL and PCL.
Thirdly, the IMF should continue to provide excellent analytical support to help us advance in the International Monetary System reform.
I am glad to announce that the Spanish Parliament has just ratified the
2010 Quota and Governance reform.
Finally, in the area of development, a slowdown in advanced economies, and further financial turbulence may have an impact on the progress
towards the Millennium Development Goals. This could add to the difficult issues posed by rising food prices and volatility in commodity prices.
Spain has always supported a strong countercyclical role in the Multilateral Development Banks that needs to be strengthened. We have
already approved our country’s participation in the general and selective
capital increases of the IBRD, as well as the disbursement of the first
tranche of paid-in capital.
We welcome the focus of this year’s World Development Report 2012
on Gender Equality and Development. Spain views the issue of gender
as a major political priority, as evidenced by the approval of a comprehensive gender equality law in 2007.
I hope that during these Annual Meetings we will be able to address
these issues and to find coordinated approaches for all of them.
SRI LANKA: DR. SARATH AMUNUGAMA
At the last Annual Meeting, we expressed our concern about too slow
global recovery, particularly in advanced economies. Unfortunately, after
one year there is more uncertainty and recovery is slower than expected
in advanced countries in addition to growing turbulence in the euro area
and the US. Sovereign debt crises are emerging in the euro area and its
contagion effects could spill over to other regions as well. Sovereign risks
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have already spilled over to banks in the euro area and as a result some
have lost access to private funding markets. This has raised risks of severe
credit contraction with further negative consequences on recovery. The
political impasse over fiscal consolidation in the US has increased the
uncertainty of the pace of recovery, investor and consumer confidence
without any positive signs such as reducing high level of unemployment
and improvements in housing markets and household debt overhang.
We are more concerned about the emerging crises than in the past as
there is hardly any space for fiscal policy in advanced countries to support recovery in view of looming debt vulnerabilities. Monetary policy
has limited space with interest rates already at historical low levels in
advanced countries and quantitative easing has failed to deliver desired
results. In this environment, emerging market countries have a very limited role in rebalancing acts—shifting from public to private demand and
from external to domestic demand—unless advanced countries resort to
coherent policy actions to reduce sovereign risks and prevent contagion
while strengthening the resilience of their financial systems.
Let me now turn to my country, Sri Lanka. Sri Lanka continues to
reap peace dividends after ending the three decade long war against
terrorism. The economy grew by 8 percent in 2010 which is the first full
financial year after conclusion of the war. There is strong evidence of
continuation of the growth momentum in 2011 and beyond as the first
half of 2011 also grew by 8 percent. International investor confidence
on Sri Lanka has been improving steadily. International rating agencies
upgraded Sri Lanka’s sovereign ratings and revised outlook in a positive
direction in the second consecutive year. Despite some turbulence in
international capital markets due to concerns on sovereign debt vulnerabilities in advanced countries, the Sri Lankan government was able to
raise capital from international capital markets at historically low rates,
reflecting renowned investor confidence on Sri Lanka due to improving
macroeconomic fundamentals and political stability. Relatively high fiscal
deficits and double-digit inflation were the main macroeconomic issues
resulting in high levels of public debt, high interest rates and unstable
currency was experienced by Sri Lanka in the past particularly during the
period of the conflict. Prudent monetary and credible fiscal policies that
were implemented by my government have helped bring down inflation
to a manageable level and maintain single digit inflation since 2009. The
fiscal consolidation process has steadily brought down fiscal deficits from
10 percent of GDP in 2010 to below 7 percent in 2011. Our medium term
macroeconomic programme targets further fiscal consolidation aiming
at bringing down debt to GDP ratio below 60 percent by 2016 as compared to above 100 percent of GDP in 2004. Improved macroeconomic
management has helped stabilize both the interest rate and exchange
rate which are conducive for higher investments. The healthy external
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sector performance was reflected in a less volatile exchange rate, while
post conflict productivity gains helped maintain competitiveness. The
private sector is responding positively to emerging economic opportunities arising from permanent peace and greater integration of the Northern
and Eastern provinces with the main stream economy of the country.
Private sector credit is currently expanding at around 30 percent reflecting
renewed investor confidence compared to negative growth experienced in
the recent past. Such a rapid credit growth is not likely to create excessive
demand in the near future as the country now has enhanced capacity to
absorp excess demand supported by major infrastructure development
programmes commenced under the leadership of His Excellency the
President Mahinda Rajapaksa. Completion of major infrastructure projects such as ports, airports, major road and railway networks integrating
the lagging regions, building new power plants providing electricity to
reach 100 percent coverage supplement the role of the private sector for
enhanced investments in new opportunities such as tourism, internal and
external trade, port and airport related services, banking services, BPO
and educational services. These are key elements of positioning Sri Lanka
as a maritime, aviation, energy, knowledge and commercial hub in the
region as envisaged in the vision of my government.
Let me now explain briefly the progress we have made in the post
war resettlement, reconstruction, rehabilitation and reconciliation process. During the last phase of the war, our armed forces rescued 290,000
civilians used by the terrorists as a human shield. More than 95 percent
of these internally displaced people have been resettled by now and the
remainder will be resettled once the demining process is completed. In
addition, 11,644 ex-LTTE combatants surrendered or were arrested at
the end of the conflict. Of these detainees, around 6,500 have already
been rehabilitated. My government is implementing a comprehensive
infrastructure development programme specially targeting the Eastern
and Northern provinces where infrastructure facilities were lagging due
to the war. In the process of political reconcillation, the government has
already conducted local government elections in both conflict affected
provinces and provincial elections in the Eastern province. Provincial
elections for the Northern province will be held in the near future in
order to establish an elected provincial administration. In the meantime,
the government has commenced a dialogue with Tamil political parties
with a view to forming long-term constitutional, legal and democratic
reforms for sustainable peace. In the process of reconciliation, the Lessons Learnt and Reconciliation Commission (LLRC) commenced its
work in August 2010 and is making a good progress. Some interim
measures recommended by the LLRC have already been implemented
and the full report is expected within next 6 months. For example,
some of the remedial measures include the reduction of high security
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zones, release of a large number of ex-combatants, resolution of land
disputes, disarming paramilitary groups. In addition, the government
has lifted emergency regulations which were in effect during the last
three decades.
We continue to benefit substantially from assistance extended by
multilateral and bilateral development partners and renewed confidence
placed by international investment community in Sri Lanka. We look
forward to strengthening these partnerships further.
SWEDEN: STEFAN INGVES
(on behalf of the Nordic and Baltic Countries)
I am honored to make this Statement on behalf of the Nordic-Baltic
constituency consisting of Denmark, Estonia, Finland, Iceland, Latvia,
Lithuania, Norway and Sweden.
Before the world economy fully recovered from the financial crisis
and the following downturn, financial market unease has risen again.
This time, the uncertainty mainly stems from concerns about the outlook
for public finances, and consequently the effects this may have on the
integrated banking system. The international community and domestic
policymakers once again need to handle risks and hinder contagion.
Public sector debt is currently high, particularly in the advanced
economies. Many advanced countries are planning considerable fiscal
consolidation. This is welcome but it will also be important to appropriately balance short term considerations with credible medium term plans.
Improved public finances will be necessary to create stability and reduce
vulnerability in the future. But to consolidate public finances will take
time, and until this is achieved there is always a risk that markets will
judge the measures as insufficient, which in turn risks leading to worsened or renewed turbulence. Because sovereign debt problems and bank
problems are often closely intertwined, via banks’ holdings of sovereign
debt but also the public sector’s ability to support banks in distress, this
is of concern also to the banking system.
The Fund, with its almost universal membership and unique surveillance capacity, is the organization best suited, and most legitimate, to
coordinate and formulate policy options to meet the challenges at the
global level.
However, the Fund’s comparative advantages—good surveillance
and legitimate governance structure—will never be enough without two
other crucial ingredients. These are frankness and traction. The IMF must
always be prepared to speak truth to power. All countries—no matter
small or large—need independent evaluation to be able to make the best
policy choices. The increasingly interdependent global economy makes
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this a common interest, as we are affected not only by our own but also
by our neighbors’ policy choices! But frank surveillance also needs to be
accompanied by frank discussion and policy action.
The Triennial Surveillance Review just considered by the Executive
Board must result in more effective IMF surveillance, bilateral and multilateral as well as of financial sectors. It will build on the improvements
and innovations introduced so far, including spillover reports and the
increased focus on interconnectedness. The globalization of the financial
system means that systemic risks can spread quickly across countries.
Reducing the build-up or impact of such risks will require coordinated
international actions. The joint IMF-FSB Early Warning Exercise is very
important to this end, including the involvement of the IMFC. We would
also favor that IMF surveillance focus more on the structure of capital
flows to be able to better assess their impact. However, the greatest challenge remains to increase the traction of IMF advice. We suggest among
other things that the member countries should be expected to comply
or explain.
Significant changes in IMF governance were agreed last year but they
need to be followed up. We have for example repeatedly emphasized the
importance of strengthening the IMFC, making it the principal forum on
matters of global economics and finance. We therefore welcome the IMFC
Chairman’s emphasis on the importance of the IMFC becoming a more
effective forum for open and active discussions. We have made proposals
to this end, relating among other things to preparations for meetings, the
setting of the agenda and the meeting format in addition to giving it a specific role in the surveillance of systemic countries. A stronger IMFC entails
increased accountability since it represents the IMF’s global membership.
Important discussions are ahead on the review of the quota formula.
It is crucial that the revised quota formula will be consistent with the
mandate of the IMF and the purpose of quotas. The current formula has
several weaknesses and there is significant room for improvement, such
as including financial openness, measure GDP at market exchange rates
rather than purchasing power parity and making the compression element
a strong feature. We are prepared to enter into constructive discussions,
fully anchored in the Executive Board and the IMFC, in order to achieve
a result that will ensure that the IMF quota distribution remains transparent and formula-based and that the revised formula will be the sole
basis for future quota alignments. Nevertheless, at this important time
for the world economy, we have to use most of our energy on finding
solutions to the current economic and financial challenges, and less on
internal Fund matters.
To sum up, the first line of defense that needs to be strengthened to
prevent systemic risks materializing in the first place is prudent domestic
policies—including financial regulation—guided by good surveillance
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and followed by policy actions. However, when risks do materialize, the
overall challenge is to create multilateral responses that are sufficiently
fast, predictable and well-coordinated to avoid risks evolving into a fullfledged crisis. The IMF is well placed to act as a whistleblower when
systemic risks arise and coordinate national, bilateral and multilateral
action to stem contagion.
In the long-run, we may be destined to repeat the past, but we can put
structures in place that make this repetition less frequent and less costly.
Institutions have a longer memory than individuals, so an important element
of the current reforms to the global financial system is to create frameworks
to ensure that the mistakes made in the run-up to this crisis are not forgotten and repeated once the key actors in this crisis are gone. It is difficult to
predict the cause of the next crisis and this is why we actively support strong
international institutions, where the IMF is of course a key player.
THAILAND: THIRACHAI PHUVANATNARANUBALA
I. The World Economy
The President of the World Bank Group recently said that the world
economy is entering a dangerous phase. The world economy has been
growing at multi-speeds, driven by a few key emerging market countries
but at the same time shackled by the problems in Europe and the weak
growth of the United States.
But now some of these emerging markets are also starting to face the
risk of a slowdown. It will be a challenge as to how these countries can be
guided towards a soft landing, in the face of the potential disruption that
they may face with regard to capital flows and softened export demand.
The world economy therefore needs immediate attention. And at no time
is the role of Multilateral Development Institutions as important as now.
II. Thai Economy
Amidst these global challenges, I am glad to report that the Thai
economy is still doing well. Growth this year will be around our potential
at around 4.0 to 5.0 percent. The overall economic stability continues to
be robust with inflation remaining mild, unemployment low, public debt
level manageable, current account surplus adequate, and international
reserves that is more than ample.
The World Bank recognized these economic achievements. It has
recently upgraded Thailand from a lower-middle-income economy to
an upper-middle-income economy. Yet, we realize that to further propel the Thai economy forward, we need to address the issue of national
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competitiveness. That is, we must overcome the middle income trap by
fostering private sector’s productivity and innovation as well as ensuring
social inclusion.
In this regard, the Royal Thai Government will give priority to providing sound physical and non-physical infrastructure, support private sectors to attain more advanced technologies and equipments, and endorse
higher minimum labor remuneration.
With these policies in place, Thailand will rely more on domestic
demand, with more emphasis on internal growth than the external. This,
in fact, should be the path to be taken by other emerging countries.
Under this silhouette, we appreciate the World Bank’s technical assistance, particularly on the topics of Specialized Financial Institution, Tax
Reform, and Micro-finance, which will be hugely beneficial to the success
of our mission. We are looking forward to further cooperation under our
new Country Partnership Strategy for the next five years.
III. Regional Economic and Financial Cooperation
At the regional level, Thailand has developed many partnership programs with ASEAN, ASEAN+3, and Greater Mekong Sub-region countries.
You may be aware that ASEAN aims to more closely integrate our
economies under the goal of ASEAN Economic Community (AEC) by 2015.
With the AEC, ASEAN will become more open, more outward-looking,
more inclusive, and more market-driven, consistent with multilateral rules
while adhering to rule-based systems for effective compliance and implementation of economic commitments. AEC will position ASEAN as a single
market and production base, with attraction comparable to China and India.
The ASEAN+3 Chiang Mai Initiative which provides a self-managed Reserved Pooling Arrangement in order to address short-term
liquidity problems of members is going well. Also, we have launched
700 million US Dollars Credit Guarantee and Investment Facility
to support the issuance of local currency-denominated bonds in
ASEAN+3 region.
At the Greater Mekong Sub-region level, work is advancing to channel
finances to our neighboring countries in the form of loans and grants for
infrastructure development projects. This module should fit in well with
the ASEAN Infrastructure Fund that is being launched with the Asian
Development Bank concurrently with this meeting.
IMF
I shall now turn to the International Monetary Fund. We welcome
the change in the management, and the new Managing Director’s vision
to reform and improve the operation of the Fund.
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Many years ago, the countries that demanded the Fund’s time and
attention the most were the small emerging markets with their frequent
crises. Nowadays, the Fund needs instead to more closely guide and
monitor the advanced markets as well as the very large emerging markets.
Crises of global proportion are rare. The only economies capable of
starting crises of global proportion are the very large economies that pursue wrong policies. And the only institution that can effectively monitor,
identify and put an early stop to these wrong policies is the Fund.
World Bank Group
As for the World Bank, we welcome the Bank’s New Trade Strategy,
focusing on how to assist developing member countries to provide more
opportunities for the poor through market means.
We appreciate the leading role of the bank on Food Crisis through
the establishment of the Global Food Crisis Response program.
We also recognize that for countries to derive demographic dividend
benefits, they have to provide better education, healthcare and job opportunity for their women. We therefore encourage the Bank to expedite
the implementation of the Gender Action Plan.
Finally, we commend the Bank’s achievement of a historic IDA16
replenishment. As Thailand has voluntarily prepaid the outstanding IDA
credit, we also believe that this amount of fund will be used promptly in
the Bank’s operation.
Let me end by expressing our most sincere appreciation to the Boards
of Governors, Management, and staff of the Bank and the Fund. The
only way to tackle the difficult agenda ahead is to all work hand in hand.
TIMOR-LESTE: EMILIA PIRES
I am honored to be here at the World Bank and International Monetary
Fund Annual Meeting to update both my colleagues from around the globe
and my colleagues from these two pivotal institutions, the World Bank
and the International Monetary Fund, that bring us together each year.
This year has been a year of historical context, when I believe the
developing and the developed, while from vastly different contexts, are
merging to meet many of the same challenges. The G20 agricultural Ministers were brought together for the first time to discuss food insecurity,
land rights and use and increased productivity, a common theme in the
developing world. Much of the Euro zone is in debt crisis with budget
deficits set to worsen not unlike many fragile and post conflict nations.
People around the world are insecure about their livelihoods given the
pressure from economic forecasts and looming financial conditions. There
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is no disparity between People’s will for a secure livelihood in any part
of the world.
Last year, I broached the topic of the necessity of collectivism in
facing these challenges as a global community. Even though TimorLeste is one of the smallest nations in the world, I believe we were able
to contribute to the value of collectivism in 2011. In August, TimorLeste hosted the Extractive Industry Transparency Initiative Conference; Beyond the EITI, bringing together 28 countries. This marked
the launch of the Timor-Leste Transparency Model, five pillars which
extend the principles of EITI for better, more inclusive, resource
management. Timor-Leste was able to begin the global dialogue on
how the EITI principles can be expanded to a 360-degree value chain
of fiscal accountability, promoting good governance and better results
for the People of resource rich countries.
Timor-Leste was only the third country in the world to become EITI
compliant. For a nation like Timor-Leste, that is highly dependent on
natural resources to fund future economic growth and human development, these initiatives were considered vital. Today, the nations reaching
compliance has grown ten–fold, both developing and developed, standing
collectively on the issue of transparent regulations, and strong, open and
accountable governance in resource management.
If we can reach this milestone in resource management, there is no doubt
we can reach a level of consensus on transparent global fiscal and economic
policies which affect us all as interconnected borders, regions and continents.
2011 marked the launch of Timor-Leste’s Strategic Development Plan
(SDP) 2011–2030, outlining the policies to transform Timor-Leste into
an upper middle income country with a healthy, educated and secure
population by 2030. However; if the IMF sees the euro zone debt crisis
as a trigger for overheating emerging market economies, Timor-Leste’s
experience tells us, yes, this is a valid concern. While Timor-Leste is not
an emerging economy, it is an economy that is growing exponentially due
to its life span, oil wealth and strategic plans.
As we invest into our own economy, importing both materials and
labor for infrastructure works while also investing into our own human
capacity to reduce the reliance on foreign experts and exports, we are
feeling the fiscal pressure of domestic inflation. Add drivers like increases
in international food prices, depreciation of the US dollar and increases in
recurrent expenditure and we faced a dramatic increase in domestic inflation to 12.4 percent by June 2011. This compels us to continually review
fiscal policy and monitor closely our accelerated growth and planning.
Given these factors and others, Timor-Leste has taken the necessary
steps to diversify the Petroleum Fund with an investment policy better
aligned to the fiscal policy and Timor-Leste’s nation building program. The
amended legislation passed by National Parliament on August 23, 2011
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strengthens the already internationally acclaimed governance framework
embedded in the architecture of the original 2005 law. A key change in
the amended law was to apply the fundamental financial market principle
of diversification. The Petroleum Fund Law now allows for investment
instruments other than US Government bonds and hopefully, increasing
the share of equities will increase the expected long-term return. The law
now allows 50 percent of the fund to be invested in equities and other
asset classes rather than the conservative 10 percent as per the former
mandate in the law.
Having successfully reformed much of the public finance management system, confidence in capacity has increased with positive results;
increased budget execution, increased tax collection and compliance,
increased decentralization and increased automation with transparency and accountability at the forefront of the reforms. This year,
the Timor-Leste Transparency Portal was launched which made the
State Budget on-line for all to analyze, study and explore as well as
the e-Procurement Portal. By January 2012, the e-Procurement Portal
will be on-line for equality, fairness and anti-graft assurances. In all,
four on-line portals will be available to the public in 2012 including
the aid portal and the results portal which will show the outcomes of
State expenditure.
Although Timor-Leste’s challenges remain vast, last year at
the 2010 Annual Meeting, we reported the Petroleum Fund was
US$6,592 billion, averaging a return of US$138 million per month
from oil and gas revenues with a forecast of US$150 million per month
for 2011 or $8.7 billion by year’s end. The Petroleum Fund balance as
of 2 September, 2011 reached $8.8 billion with an actual average of
$176.4 million per month. Prudently managed, the Petroleum Fund will
be an enabling tool to transform the nation’s non-oil economy, build
the necessary basic and core infrastructure for private sector growth
and also begin the arduous task of educating our People so they may
take their chosen path in the course of Statebuilding.
With these measures, Timor-Leste has proudly been able to go into
the second year leading the g7+, seventeen fragile and post conflict
countries including Afghanistan, Burundi, Central African Republic,
Chad, Democratic Republic of Congo, Ethiopia, Guinea Bissau, Haiti,
Ivory Coast, Liberia, Nepal, Papua New Guinea, Sierra Leone, Solomon Islands, Somalia, South Sudan, and Timor-Leste. Together, these
nations have consolidated a united voice, with a focus in 2011 on identifying Peacebuilding and Statebuilding Goals (PSG’s) as a prerequisite to
achieving the Millennium Development Goals. Timor-Leste continues
to co-chair the International Dialogue with the Netherlands, promoting
the Peacebuilding and Statebuilding agenda with global organizations,
development partners and partner countries to ensure the voice of the
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post conflict and fragile nations gets heard with one message and a future
vision for the betterment of our People.
In closing, Timor-Leste, as one of the world’s newest nations, still
only a decade long in its nation-building cycle continues on an upward
trajectory. The United Nations is now preparing for withdrawal following
consecutive years of calm and stability since 2007.
With elections slated for 2012, we are confident in the strengthened
abilities and reforms to the State and its Institutions that democratic
principles will prevail, the nation will stay on course and Timor-Leste
will maintain its strategic plan for a future of peace and prosperity for
its citizens.
TONGA: SUNIA MANU FILI
I am honored to have the opportunity to address the 2011 International Monetary Fund (IMF) and World Bank Group (WB) Board of
Governors’ Annual Meetings.
I would like to congratulate and welcome Ms Christine Lagarde on
her first Annual Meetings in her capacity as the Managing Director of
the International Monetary Fund.
On behalf of the Tongan delegation, I would like to express my appreciation to the Fund and Bank for the excellent arrangements of this
important meeting.
This is an opportunity for us to collectively reflect on what we have
accomplished to date since the onset of the global economic crisis and
chart our future direction in a changing world.
The impact of the global economic crisis which engulfed economies
three years ago continues to echo today. While the international community and the international financial institutions have responded to the
plight of the developing countries with remarkable unity of effort, the
economic recovery remains fragile and uncertain.
One year ago we had looked forward to a gradual return to economic
growth, but recent events suggest that this may be some time further away
as the larger and more advanced economies seek to address their own
domestic economic challenges.
Tongan Economy
For the past three years, Tonga’s economy went through a period
of economic contraction associated initially with the rapid increase of
international food and fuel prices, followed by the onset of the global
economic crisis, and exacerbated by a succession of natural disasters
including a tsunami and a drought.
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The path towards economic recovery is not easy. Tonga is highly
dependent on foreign remittances which are adversely affected by the
impact of the global economic crisis. The decline of remittances, particularly from the United States, has reduced household incomes significantly affecting domestic aggregate demand and government tax revenue
collections.
The main outcome of this has been an increase in the fiscal deficit
and an associated impact on government’s service delivery as well as
increased hardship within the community. Fortunately the development
partners, including the Fund and the Bank, have responded positively to
the government’s request for support.
The economy has still not returned to the state that it was in prior
to the global economic crisis, but the government anticipates that positive growth can be achieved through its policies of fiscal consolidation
and structural reform with additional support from its development
partners.
In the recently announced budget for 2011/2012, the government plans
to regain sustainable fiscal stability while enhancing service delivery and
thereby contributing to economic growth.
Following Tonga’s first democratic election in November 2010,
the government, which took office in January 2011, announced a new
medium-term national development plan, the Tonga Strategic Development Framework, to provide the platform for its economic policies over
the period until 2014.
The government continues to make significant improvement to its
public financial management system. One of the key commitments by the
government is the proposed implementation of a Medium Term Budget
Framework (MTBF) in the next financial year.
At the same time, the government, with the support of its development
partners including the Bank, has made significant progress with energy
and infrastructure development, particularly the planned installation of
a submarine fiber optic cable. This infrastructure improvement should
enhance the transmittal speed of digital communication, a critical factor
to the development of the private sector.
While Tonga has maintained its commitment to achieving substantial progress of the Millennium Development Goals (MDGs), particularly in the basic areas of human development, there is continuing
hardship facing households and communities in the rural areas and
outer islands. The government plans to introduce a social protection
scheme to mitigate increased hardships amongst the more vulnerable
members of society.
The government is committed to maintaining the momentum of the
ongoing economic reforms and despite recent challenges, it is optimistic
about future developments.
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The World Bank Group
The global economy is still facing urgent and pressing issues, which
calls for continued engagement by the international financial community with low income countries to take appropriate measures to
address them.
The post-crisis strategy developed a year ago identified five priority
actions for the World Bank Group, one of which is targeting the “poor and
vulnerable.” This underscores the importance of coordination with relevant
parties, particularly the private sector, and appropriately putting jobs and
gender at the center of policy development. This comes with determination
in using collective capacity to implement what had been mapped out as key
lessons in the 2011 World Development Report (WDR).
The global economic crisis has taken a heavy toll across many countries with negative impact on employment and incomes undoing the
accumulated economic gains of the past decade, undermining progress
towards achieving MDGs, and creating serious risks for social sustainability and cohesion.
In this regard, the effort by the Bank to develop a framework to
address the concerns over jobless recovery is welcomed. The Bank has
rightly avoided applying universal solutions by searching for strategies
that suit individual countries. At the same time, the Bank’s work could
take a more integrated approach across sectors and also across countries
given global interdependencies.
With the ability of the Bank to mobilize resources, it can take a comprehensive analysis by looking into jobs as the key of development that
connects the need to lift the living standard of people, productivity gains
across sectors, and social change and cohesion.
In this connection, the launching of the crisis response window under
IDA16 is welcomed as it should help strengthen the IDA’s capacity to support
its member countries in their quest for economic growth and jobs creation.
Furthermore, the Bank’s review of its strategic approach to address
gender parities is also welcomed. Indeed, this is a core development
objective and it cannot be overemphasized enough given that it would
enhance productivity, improve the life of the next generation, and make
institutions and societies more representative.
While it is recognized that substantial resources have been allocated
through different developmental instruments to address gender parity,
it is considered that more can be done through greater engagement in
country-level gender diagnostic, so that needed interventions are clearly
understood for the Bank to provide effective and meaningful support. The
importance of more effective coordination cannot be over emphasized.
The Tongan government wishes to formally express its gratitude to the
Bank for its support during these difficult economic and financial times.
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The support has been provided by way of budgetary support, project
grants and policy advice. For a small country with limited resources, such
support has been most welcomed and appreciated.
In this regard, the Bank’s regional office based in Sydney has been
most effective and the Bank’s staffs have been very proactive in engaging
with the government to address its policy challenges, and the government looks forward to this close working relationship continuing into
the foreseeable future.
The International Monetary Fund
The continuing efforts by the Fund to support member countries to
maintain financial and economic stability in the aftermath of the global
economic crisis is welcomed.
The initiatives by the Fund to broaden the surveillance mandate to
ensure a more balanced focus on various risks such as fiscal, monetary
and financial sector risks is especially welcomed in the aftermath of the
global economic crisis. Furthermore the Fund’s on-going discussion with
the Bank on strengthening global financial safety nets is also timely.
There is a need to review the Fund’s lending toolkit for low income
countries, including fragile states so that country-specific circumstances
are more effectively incorporated into staff assessments, and also to ensure
that there are adequate resources devoted to the engagement with such
states, as this is of particular importance for the smaller members of the
Fund.
The Fund’s on-going reviews of the Debt Sustainability Analysis
framework together with the studies on the spillover effects of events
in the advanced member countries are welcomed. These are significant
contributions which will be very useful for Tonga in light of her experiences of the impact of the recent global economic crisis.
The government of Tonga is grateful to the Fund for the close cooperation and engagement over the past year during a time of significant
fiscal pressure as a consequence of the global economic crisis. The policy
advice received from the Fund and its staff, as well as the support provided by the Pacific Financial Technical Assistance Center based in Suva,
Fiji Islands, has been a significant contribution to enhancing the limited
capacity of the government. The recent establishment of the office of
the Resident Representative for the Pacific has contributed positively
to a closer working relationship between the government and the Fund
staff. This has resulted in enhancing the government’s economic management capability which has supported the maintenance of the country’s
macroeconomic stability.
May I conclude by wishing the Bank and the Fund continued success
in resolving the many difficult challenges that lie ahead.
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TURKEY: ALI BABACAN
We are living in interesting times. Each day we are witnessing swift
mood shifts, abnormal market developments and substantial volatility.
Glimmers of strength in the global economy are steadily fading away
and outlook is becoming bleak. Once striving to recover from one of the
deepest downturns in history, global economy is now facing several risks.
Debt sustainability concerns and weak growth prospects of the
advanced economies stand out as the most urgent problems. Sovereign
debt crisis is spreading and becoming a major threat as the concerns on
the Euro-zone economies intensify. We need to recognize that political
squabbles, lack of coordinated and decisive action lie at the core of these
problems. Weak growth prospects undermine the market confidence and
make it harder to achieve significant fiscal consolidation. We have, at all
times, urged that policymakers should develop a medium-term approach
and announce credible targets. By this way the markets can be reassured
and confidence can be restored.
At the same time, we need to deal with surging and volatile commodity prices. Higher and fluctuating prices carry the risk of further
destabilizing our economies through supply shocks. We should improve
the regulation of commodity markets and increase the transparency of
price setting mechanisms.
High structural unemployment is another challenge that prevents
a healthy and stable global growth. As many economies are struggling
with fiscal concerns, there is little room to implement further stimulus
measures. Long-lasting and structural unemployment also restricts the
effectiveness of these stimulus measures. We need to prepare the workforce for the requirements of the new economy through active labor
market programs.
International policy coordination and coordinated efforts are the keys
to all these challenges. International financial institutions, especially the
IMF, have a pivotal role to play while implementing coordinated policies.
We should make a comprehensive review and restructuring of the Fund’s
surveillance function so as to increase its effectiveness. Also, we should
pay attention to solving the long-lasting representation problem. This is
a critical issue for the Fund’s legitimacy.
Therefore, we call for the timely completion of the 14th quota review
in IMF and implementation of the envisaged restructuring at the Board of
Executive Directors. We have achieved a significant success by approving
these reforms. We should not undermine them by delaying their implementation. All the members should undertake their part to conclude
much needed reforms.
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Let me touch upon the recent developments in the Turkish economy.
We have been witnessing very strong growth performance during the
last six quarters. In 2010 Turkish economy grew by 9.0 percent while
the growth rate jumped to 10.2 percent in the first half of 2011. There
is a similar growth pattern in the labor market. Over the last 12 months
period, nearly 1.4 million new jobs were created, bringing down the unemployment rate from 10.5 percent to 9.2 percent.
Despite this robust performance, we are not losing sight of the risks
threatening the global economy. Our government units, Central Bank,
Treasury, Banking Regulation and Supervision Agency have taken several measures in close coordination. With these steps we try to avert the
overheating concerns, curb excessive rise in the indebtedness ratios and
solidify the financial stability.
Structural reforms implemented in the last decade are one of the main
factors behind the favorable economic performance. We are committed
to enhance the effectiveness of all these reforms and consolidate the
successes we have achieved so far. We are hammering out policies and
structural reforms that our economy needs. Our agenda comprises of
labor market reforms, judicial reforms, product market reforms, reforms
aimed at improving the investment environment and transforming Istanbul into a global financial centre. We will also continue to firmly support
research and development investments in Turkey.
We have been going through critical times for the global economic
and financial stability. Our decisions and efforts have the power to affect
many years to come. Therefore, I suggest that all policymakers handle
the issues with decisiveness and a forward looking approach. We should
not hesitate to bite the bullet when necessary.
TUVALU: LOTOALA METIA
(on behalf of Kiribati, Marshall Islands, Micronesia, Palau, Samoa,
Solomon Islands, Tuvalu and Vanuatu)
Last year was our first as a member to both the International Monetary
Fund (IMF) and the World Bank Group (WBG). This year, I have been
given the opportunity to deliver this statement on behalf of the Pacific
States comprising of the Federated States of Micronesia, the Republic
of Kiribati, the Republic of the Marshall Islands, the Republic of Palau,
Samoa, the Solomon Islands, Tuvalu and Vanuatu. As the smallest member country in both institutions, it is indeed an honor and a privilege to
address this forum on issues and challenges that are particular to Pacific
Island Countries (PICs).
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Pacific Island Economies
Pacific economies are still recovering from the effects of the Global
Economic Crisis. The current uncertainty surrounding the global recovery
and the second-round effects of food and oil prices present immediate
macroeconomic challenges to our fiscal and external sustainability. As
a group of small vulnerable countries, with narrow export and production bases, and geographical remoteness, we face broadly similar challenges resulting largely from diseconomies of scale. However, each Pacific
economy has distinct needs and requires tailored solutions. Well targeted
efforts are necessary to overcome current macroeconomic challenges, and
create jobs to progress our national and international development goals.
We remain committed to national and regional actions to generate
growth aimed to improve the well-being of our people. To this end, we
will persevere with reform and implement policies and capital projects
that promote private sector development and strengthen sectors of comparative advantage such as agriculture, tourism, and fisheries. Given
our limited technical capacities, the achievement of these priorities will
require ongoing coordinated support provided by partners such as the
World Bank Group and the International Monetary Fund.
Climate Change
Climate change is now the most serious threat to our regional economic growth prospects and more fundamentally the security of people’s
livelihood in our region. We need urgent tailor-made solutions for the
implementation of critical and urgent adaptation priorities.
Implementation of mitigation and adaptation initiatives is a matter of
national survival, not only for Pacific states but also for other developing
member countries. We are hopeful therefore that the Bank and the Fund can
assist by providing necessary support including simplifying the access criteria
for the various climate change financing and fast tracking their drawdown
through our national systems to support the implementation of national priorities. While some progress is being made, we believe more needs to be done.
World Bank Group Country Assistance Strategy and IDA Resources
In this regard, we welcome the first joint World Bank and IFC Country
Assistance Strategy (CAS) for Kiribati, approved by the Board early this
year. This is a positive development for the World Bank Group, delivering
on its commitment to develop individual strategies for the Pacific Island
countries. In welcoming this, we would like the Bank to set out a clear
timeframe for the development of the remaining Country Assistance
Strategies for other countries in our region.
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We also commend the World Bank Group for its long standing support
which is sustained through IDA resources. IDA Resources have been a
key complementary force in assisting us to address our pressing priorities
and in particular infrastructure development, telecommunication reform,
agriculture development and food security, institutional reform, energy
and climate change adaptation, as well as budget support.
Governance Reform
We support the implementation of the quota and governance reforms
in both the Bank and the Fund to make the two Institutions more relevant and representative of emerging markets and developing countries.
In this context, while we agree with the Boards of both Institutions that the
quota and governance reform would need to enhance the representation of
dynamic economies, we would like to underscore that such increase should
not come at the expense of other developing countries, such as our own.
Surveillance, Technical Assistance and Representation
We consider effective and regular surveillance as critical in strengthening macroeconomic frameworks and driving the structural changes
needed to improve our resilience to regional and global challenges. In
that context, we note the Fund’s commitment to look into the spillover
effects from Australia and New Zealand, as well as the United States and
Europe on our region. We also encourage the Fund to update Pacific
countries’ Financial Sector Assessment Programs, to support sound policies in this sector.
In this connection, we consider the provision of well coordinated and
timely technical assistance (TA), relative to our absorptive capacities
remains essential for ensuring sound policy development and analysis.
The ongoing work of PFTAC and IFC is critical in this regard. We will
support the World Bank Group and the Fund to increase their presence
in the Pacific, including through co-location with the PFTAC and other
multilateral institutions.
Donor Coordination
We believe coordination amongst donors and developmental partners
is needed for improved efficiency and cost effectiveness and we believe
both the Bank and the Fund have important roles to play in donor coordination. The Pacific Principles on Aid effectiveness and the Forum Compact on Strengthening Development Coordination provide a framework
for continuous improvement, and we look forward to working with the
Bank and Fund to improve performance in this regard.
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We are encouraged by the commitment of the World Bank and the
IMF to the Pacific by working together in partnership to ensure efforts
are complementary to those of other development partners.
Conclusion
We trust our engagements at this year’s Annual Meeting once again
demonstrate the importance of our partnership with the IMF and the
World Bank Group. I would like to convey the gratitude of our Governments to the Management of the World Bank Group and the IMF for all
their support over the year. We look forward to working closely again
over the coming year to address the issues that have been highlighted.
In this regard, let me formally welcome Ms Christine Lagarde, the
new Managing Director of the Fund. We look forward to working with
you, and invite you and the President of the World Bank Group to our
region to witness firsthand the development challenges we face, and to
help address our needs.
Let me finally take this opportunity to convey our collective gratitude to the outgoing Vice President for East Asia and the Pacific
Region of the World Bank Group, Mr. Jim Adams. Mr. Adam’s vision
and leadership ensured that Pacific issues were prioritized within the
World Bank Group. We wish Mr. Adams the very best in his future
endeavors and, we look forward to working closely with the incoming
Vice President.
UNITED STATES: TIMOTHY F. GEITHNER
On behalf of President Obama, welcome to Washington. Decisive
action is needed in the face of renewed challenges. Economic growth
has slowed, especially in the advanced economies, and financial stress
has intensified. Slow growth threatens to cause a negative spiral, undermining our ability to create good jobs that contribute to demand and
exacerbating fiscal strains.
In order to spur economic growth in the short term, President Obama
recently proposed a $447 billion package of public investments, tax incentives, and targeted jobs measures. The President’s proposal includes: payroll
tax cuts for both workers and small businesses; targeted hiring incentives;
immediate investments in infrastructure and schools and the creation of
a National Infrastructure Bank; and extension and reform of unemployment insurance to help facilitate workforce re-entry for the unemployed.
Private economists estimate that these proposed measures could increase
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real economic growth next year by around one and a half percentage points
and create more than one million jobs at a critical moment in the recovery.
Alongside near-term support for the economic recovery, we remain
committed to credible steps to restore fiscal sustainability in the medium
term. This week the President put forward a plan to reduce deficits by
more than $3 trillion over the next 10 years, more than offsetting the
cost of any additional near-term accommodation. This deficit reduction
would be on top of the $1 trillion in spending cuts enacted this summer.
The President’s proposal for $4 trillion in deficit reduction would bring
the U.S. into primary surplus by the middle of the decade, resulting in a
decrease in the debt-to-GDP ratio from 2015 to 2021. In order to meet
these fiscal targets, the President proposed specific reforms to spending
programs and called for comprehensive reform of the tax code, including
reducing spending through the tax code.
For its part, Europe’s most important contribution is to take action
to resolve its sovereign debt and financial crisis. European governments
and the European Central Bank must work together to demonstrate an
unequivocal commitment to support Europe’s financial system and ensure
that European banks have recourse to adequate capital and funding. Further action to create effective firewalls against contagion is still necessary.
Restarting strong global growth will also require more effective action
to rebalance global demand. Broader and faster appreciation of the renminbi and other polices necessary to boost domestic consumption in
China and other emerging economies with large external surpluses will
help to achieve much-needed rebalancing of global demand.
The imperative remains to strengthen economic growth through continued global coordination. Now we must all deliver on the G20 commitments made in Seoul to address key imbalances that threaten strong,
sustainable, and balanced growth. Fiscal policy everywhere has to be
guided by the imperatives of growth. As for monetary policy, inflation
risks are on average, though not everywhere, less acute. This means some
central banks will continue to ease policy, while some will keep rates
lower longer and slow the pace of expected tightening.
In addition to individual countries’ actions, the International Monetary Fund (IMF) has a vital role to play in the international monetary
system. We have made significant progress in strengthening the functioning of the IMF, including through agreements to reform the Fund’s
governance structure and to increase its resources. The IMF’s increased
lending in the wake of the crisis and since then has been crucial to the
global recovery. The Fund is closely collaborating with the G20 in its
Mutual Assessment Process and analyzing necessary adjustments to tackle
large and persistent external imbalances.
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In addition to the growth challenges facing the global economy, there
are new and unique development challenges. The Middle East and North
Africa is undergoing one of the most important transitions of our time. We
are committed to working with our partners to support transitions in Egypt
and Tunisia. The success of these emerging democracies will hinge on building strong and inclusive economies that improve people’s lives, especially
the lives of young people. International financial institutions will be central
to this effort. We welcome the efforts of the multilateral institutions to support near-term financial needs of transition countries, along with supporting
home grown reforms that improve governance, enhance growth, and expand
opportunities for citizens. As endorsed in the latest U.N. Security Council
Resolution, we welcome the role of the International Monetary Fund and
the World Bank in helping Libyan authorities to develop transparent and
accountable mechanisms for managing the country’s public finances.
In Africa, several countries face one of the worst famines in decades.
At this very time, we welcome the vital response of the World Bank and
other multilateral agencies to this acute crisis. This crisis, coupled with two
food price spikes in the past three years, calls for concerted global action to
strengthen food security and agriculture. To this end, we continue to support the Global Agriculture and Food Security Program (GAFSP), which
has proven to be a key source of transparent and competitive financing
for country-led, evidence-based agricultural development strategies in the
world’s poorest countries, encouraging countries to take a comprehensive
and inclusive approach to agricultural investment and reform. The fund
has allocated nearly half a billion in grants to 12 countries. These investments are expected to increase the incomes and improve food security
for 7.5 million people. It is clear that, while much has been achieved,
there remains an acute need for the Bank’s continued efforts to combat
poverty and promote broad-based, sustainable economic growth, including by strengthening the private sector and developing infrastructure and
through climate change adaptation and prevention.
From global poverty to historic transitions to climate change, the
World Bank and the regional development banks are on the front lines
of the globe’s most pressing economic and national security challenges.
In an environment of tight national budgets in advanced economies, no
other institutions can so effectively leverage our limited resources or more
strongly reflect our shared priorities of reducing poverty and hunger. We
will work closely with our Congress to meet our capital increase commitments and replenishment of the International Development Association.
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VIETNAM: NGUYEN VAN BINH
First of all, on behalf of the Government of Vietnam, I would like to
express our privilege and happiness to be here with you, in Washington
D.C, to have our annual discussion on issues of common interest. And
this is especially a great pleasure for me for the first time in the position of
Governor of the Fund and the Bank for Vietnam to address you all.
In the first eight months of 2011, the world economy showed sign of
recovery mainly supported by strong economic growth of developing
countries. However, the recovery was slow, unstable and uneven across
regions. Major challenges and vulnerabilities remained ahead including
rising global commodity prices, political unrest in the Middle-East and
North Africa, the natural disaster and nuclear catastrophe in Japan, prolonged public debt and budget deficit in Europe, freezing of global credit,
dysfunction of financial markets and the resulting blows to confidence.
We are all aware of the extraordinarily dire economic consequences that
such these facts could have.
In this context, the Fund and Bank have played well their roles to support the member countries to address those vulnerabilities and challenges
individually and globally and to this end, to help their members achieve
sustainable growth and the Millennium Development Goals as a whole.
We are all aware of recent increase in food and energy prices, profound and prolonged public debt and financial distress that posed serious
threats to us all. We therefore appreciate the Fund’s and the Bank’s role
in responding to those challenges, especially in helping member countries
to mitigate the effects of the food and energy hiked prices. However, the
rising concern of a repetition of economic crisis due to recent movements
in the global economy including deadly natural disasters, looming public
debt and financial distress, higher inflation trend across the regions etc.,
requires a stronger role of the Bank in continuing to support its clients.
We also support the Bank’s creation of a crisis response window, an effort
to enhance the Bank’s ability to help its low-income member countries
in dealing with certain but unpredictable disasters and achieving sustainable development.
We highly appreciate the significant success of IDA16 Replenishment
of approximately US$50 billion. It clearly showed a greater global coalition of the donors and our commitment to meet the MDGs by 2015. We
also endorse the overarching theme for IDA16 period to secure “Development Results,” focusing on crisis response, fragile and conflict-affected
countries, gender, and climate change.
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As I have mentioned earlier, the recent food and energy hiked prices
posed serious threats to global food security, we thus welcome the
Bank’s hosting of the Global Agriculture and Food Security Program
and establishing of the Global Food Crisis Response Program to provide immediate relief to countries hard hit by high food price. We urge
the Bank to work out with other international development partners
including G20 and Multilateral Development Banks to help people
in the Horn of Africa overcome the current drought and famine. In
this context, the Bank also needs to pay more attention to agriculture
production of the East Asia and Pacific as it plays dominant role in
ensuring global food security.
We highly appreciate the WB’s call for pushing sustainable development by literately responding to the Climate Change. The recent earthquake and tsunami in Japan, US and others require us to jointly act now
on climate change. Developing countries will bear most of the costs of the
damage from climate change. Many people in developing countries live in
physically exposed locations and economically precarious conditions, and
their financial and institutional capacity to adapt is limited. Thus, support
from the Bank and other development partners needs to be stronger and
wider to help them mitigate the impacts of those challenges.
In the context of current great challenges in the global economy,
especially regarding sovereign debt in advanced countries, unbalanced
growth and social instability, it is encouraging that the IMF’s role has
grown tremendously, reflecting in its calling for global coordinated policy
during the crisis, reforming lending instruments, and providing policy
advice and technical assistance support.
After giving sharp recommendations for policy actions globally during
the global economic crisis, helping the world to recover, the IMF is further
appreciated for its assistance provided for the Group of 20 industrialized
and emerging economies in reshaping the international regulation and
governance. In order to support member countries to recover from the
crisis, the IMF has increased its lending capacity and tailored instruments
to countries’ particular needs.
The Fund’s support in giving policy advices and technical assistance
is also highly appreciated. With its unique expertise, the Fund’s policy
advices have help countries, including Vietnam to build up stronger economies. Besides the traditional technical assistance programs, we welcome
the IMF’s creation of 3 topical trust funds, to expand the externally funded
assistance to meet member countries’ large demands for practical and onthe-ground support, from which Vietnam also benefits much, particularly
for our anti-money laundering efforts.
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Looking forward, we expect to see the IMF, under the new leadership
of Madame Christine Lagarde, continue its important reforms, especially
in quota and voice issues, including the protection of quotas shares of
poorest countries, as well as strengthened voices of dynamic and developing countries at the Fund. We also support the IMF’s willingness to
adapt itself to focus more on serving member countries with the same
extent as focusing on the international monetary system; to have more
comprehensive surveillance, not only looking at the traditional macroeconomic measures, but also other factors including social and political
issues; to keep track of the global interconnectedness and improve the
Fund’s credibility.
Now let me turn to the recent developments of our country. Since the
last Annual Meeting, there were several important political and social
events in Vietnam, including the National Assembly election and the 11th
Party Congress. The success of these events has created a solid confidence
of the people in the country development pathway and served as a strong
base for Vietnam to initiate its new five year socio-economic development plan for 2011–2015 and to implement the 10 year socio-economic
development strategy for 2011–2020.
The Government continues to decisively pursue reforms and policies
to ensure the macroeconomic stability as well as the rationally high and
sustainable economic growth.
With regard to the current external shocks, we fully recognized the
challenges and difficulties posed to our economy including macroeconomic uncertainty, inflation risks and major global economic disturbances. Therefore, on the February 24, 2011 the Government has issued
the Resolution 11 containing a wide range of bold actions to address
challenges and to restore macroeconomic stability. The measures adopted
under the Resolution 11 have started to show positive results toward
regaining Vietnam’s macroeconomic stability.
Despite these initial achievements, challenges that we face in stabilizing economic and financial conditions conductive to healthy growth are
still remained ahead. Inflationary pressure, macroeconomic imbalances,
climate change and the like continue to threaten our efforts in stabilizing
the economy and ensuring our social targets. Apart from our consistent
efforts, the support and assistance from our development partners, including the Bank and the Fund, play a critical role in this regard and we hope
you can continue to assist us in our endeavor.
To conclude, allow me to reveal our high appreciation to dear colleagues at the Fund and the Bank for their excellent arrangements for
this important opportunity. I wish the meetings a great success.
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DOCUMENTS OF THE BOARDS OF GOVERNORS
SCHEDULE OF MEETINGS1,2,3
Tuesday
September 23
1
2
3
4
10:00 a.m.
Opening Ceremonies
Address from the Chair
Annual Address by President,
World Bank Group4
Annual Address by Managing Director,
International Monetary Fund
Procedures Committees Reports
Chairman, ICSID
Administrative Council
Adjournment
2:00 p.m.
ICSID (continued)
Report by Secretary-General, ICSID
Recommended Guidelines for ICSID
Annulments (requested by
The Republic of the Philippines)
The Meetings were held at DAR Constitution Hall (Friday a.m. session). The
ICSID session continued at 2:00 p.m. in the IFC Auditorium, 2121 Pennsylvania
Ave., NW.
The Development Committee met on Saturday, September 24, 2011 at 3:00 p.m. in
the Preston Auditorium, World Bank HQ.
The reports of the Joint Procedures Committee (JPC) and MIGA Procedures
Committee (MPC) were approved on September 22, 2011 on an absence of objection basis and the Committees’ conclusion to the Boards of Governors were delivered by the Chair at the plenary session on September 23, 2011.
The World Bank Group consists of the following:
International Bank for Reconstruction and Development (IBRD)
International Finance Corporation (IFC)
International Development Association (IDA)
International Centre for Settlement of Investment Disputes (ICSID)
Multilateral Investment Guarantee Agency (MIGA)
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PROVISIONS RELATING TO THE CONDUCT
OF THE MEETINGS1
ADMISSION
1. Session of the Boards of Governors of the World Bank Group and the
International Monetary Fund will be joint and shall open to accredited
press, guests and staff.
2. Meetings of the Joint Procedures Committee shall be open only to
Governors who are members of the Committee and their advisers,
Executive Directors, and such staff as may be necessary.
PROCEDURES AND RECORDS
3. The Chairman of the Boards of Governors will establish the order
of speaking at each session. Governors signifying a desire to speak
will generally be recognized in the order in which they ask to speak.
4. With the consent of the Chairman, a Governor may extend his statement in the record following advance submission of the text to the
Secretaries.
5. The Secretaries will have verbatim transcripts prepared of the proceedings of the Boards of Governors and the Joint Procedures Committee.
The transcripts of proceedings of the Joint Procedures Committee will
be confidential and available only to the Chairman, the President of
the World Bank Group, the Managing Director of the International
Monetary Fund, and the Secretaries.
6. Reports of the Joint Procedures Committee shall be signed by the
Committee Chairman and the Reporting Members.
PUBLIC INFORMATION
7. The Chairman of the Boards of Governors, the President of the World
Bank Group and the Managing Director of the International Monetary Fund will communicate to the press such information concerning
the proceedings of the Annual Meetings as they may deem suitable.
1
Approved on May 2, 2011, pursuant to the By-laws, IBRD Section 5(d), IFC Section 4(d), and IDA Section 1(a).
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AGENDAS
BANK1
Annual Report
Financial Statements and Annual Audit
Allocation of FY11 Net Income
Administrative Budget for FY12
Annual Report of the Development Committee
Selection of the Members of the Joint Procedures
Committee and its Officers for 2011–2012
IFC1
Annual Report
Use of IFC’s FY11 Net Income: Retained Earnings
and Designated Retained Earnings
IDA1
IBRD/IDA Annual Report
MIGA2
Annual Report
Selection of the Members of the MIGA Procedures
Committee and its Officers for 2011–2012
1
2
Approved on August 10, 2011 pursuant to the By-laws, IBRD Section 5(d), IFC
Section 4(d), and IDA Section 1(a).
Approved on August 10, 2011 pursuant to Section 4(a) of the MIGA By-laws.
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JOINT PROCEDURES COMMITTEE
Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Bahamas
Vice Chairmen . . . . . . . . . . . . . . . . . . . . . . . . . . . . Georgia
Pakistan
Reporting Member . . . . . . . . . . . . . . . . . . . . . . . . . Philippines
Members
Australia
Bangladesh
Belgium
Burkina Faso
Egypt
France
Gambia
Germany
Guatemala
Italy
Japan
Kenya
Malaysia
Norway
Paraguay
Saudi Arabia
Trinidad and Tobago
United Kingdom
United States
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REPORTS OF THE
REPORT I
September 21, 2011
The Joint Procedures Committee approved on September 21, 2011,
submission of the following report and recommendations on Bank and
IDA business to the Boards of Governors:
1. 2011 Annual Report
The Committee noted that the 2011 Annual Report and the activities of the Bank and IDA would be discussed at these Annual Meetings. The Annual Report is available on the Bank’s website after
September 19 (www.worldbank.org/annualreport).
2. Financial Statements, Annual Audits, and Administrative Budgets
The Committee considered the Financial Statements, Accountants’
Reports, and Administrative Budgets contained in the 2011 Bank and
IDA Annual Report, together with the Report dated June 20, 2011
(Bank/IDA Document No. 2).
The Committee recommends that the Boards of Governors of the
Bank and IDA adopt the draft Resolutions. . . .1
3. Allocation of FY11 Net Income
The Committee considered the Report of the Executive Directors,
dated August 4, 2011 on the Allocation of FY11 Net Income. . . .2
The Committee recommends that the Board of Governors of the
Bank adopt the draft resolution. . . .3
1
2
3
These resolutions were subsequently approved. See pages 160 and 176.
This resolution was subsequently approved. See page 198.
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The Committee further approved submission of the following report and recommendations on IFC business to the Board of
Governors:
The Committee noted that the 2011 Annual Report and the activities of the IFC would be discussed at these Annual Meetings. The
Annual Report is available on the Corporation’s website after September 19 (http://www.ifc.org/annualreport).
2. Financial Statements, Annual Audit, Administrative Budget
and Designation of Retained Earnings
The Committee considered the Financial Statements and Accountants’ Report, the Administrative Budget and the Designation of
Retained Earnings based on IFC’s FY10 Net Income contained in
the 2010 Annual Report, dated June 20, 2011.
The Committee recommends that the Board of Governors of IFC
adopt the draft resolution. . . .1
Approved:
/s/ Hubert A. Ingraham
The Bahamas – Chairman
/s/ Dimitri Gvindadze
Georgia – Vice Chairman
/s/ Yaseen Anwar Abdul Hafeez Shaikh
Pakistan – Vice Chairman
Report I was approved by the Joint Procedures Committee (JPC) at noon
on September 21, 2011. Reports signed by the Chairman and Vice Chairman will be maintained by the Bank and Fund Secretaries.
(This report was approved and its recommendations were adopted by the
Board of Governors on September 23, 2011.)
1
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REPORT III1
September 21, 2011
The Joint Procedures Committee approved on September 21, 2011
submission of the following report and recommendations to the Boards
of Governors:
1. Development Committee
The Committee noted that the Report of the Chairman of the
Joint Ministerial Committee of the Boards of Governors of the
Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee) would be circulated to
the Boards of Governors of the Fund and the Bank pursuant to
paragraph 5 of Resolutions Nos. 294 and 29-9 of the Bank and the
Fund, respectively . . . 2 and subsequently entered into the record.
The Committee recommends that the Boards of Governors of
the Bank and the Fund note the report and thanks the Development
Committee for its work.
2. Officers and Joint Procedures Committee for 2011/2012
The Committee recommends that the Governor for Lebanon be
Chairman, and that the Governors for El Salvador and Netherlands be
Vice Chairmen, of the Boards of Governors of the World Bank Group
and the Fund, to hold office until the close of the next Annual Meetings. It is further recommended that a Joint Procedures Committee
be established to be available, after the termination of these meetings
and until the close of the next Annual Meetings, for consultation at the
discretion of the Chairman, normally by correspondence and, if the
occasion requires, by convening; and that this Committee shall consist
of the Governors for the following members: Algeria, Austria, Chile,
Ecuador, Equatorial Guinea, France, Germany, Indonesia, Japan,
Kazakhstan, Korea, Russia, Saudi Arabia, Sierra Leone, South Africa,
St Lucia, Timor-Leste, United Kingdom, and the United States.
1
2
Report II related to business of the Fund.
See page 25.
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It is recommended that the Chairman of the Joint Procedures
Committee shall be the Governor for Lebanon and the Vice Chairmen
shall be the Governors for El Salvador and Netherlands and that the
Governor for Mali shall serve as Reporting Member.
Approved:
Report III was approved by the Joint Procedures Committee (JPC) at
noon on September 21, 2011. Reports signed by the Chairman and Vice
Chairman will be maintained by the Bank and Fund Secretaries.
Board of Governors on September 23, 2011.)
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MIGA PROCEDURES COMMITTEE
Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Bahamas
Vice Chairmen . . . . . . . . . . . . . . . . . . . . . . . . . . . . Georgia
Pakistan
Reporting Member . . . . . . . . . . . . . . . . . . . . . . . . . Philippines
Members
Australia
Bangladesh
Belgium
Burkina Faso
Egypt
France
Gambia
Germany
Guatemala
Italy
Japan
Kenya
Malaysia
Norway
Paraguay
Saudi Arabia
Trinidad and Tobago
United Kingdom
United States
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REPORT OF THE
MIGA PROCEDURES COMMITTEE
REPORT 1
September 21, 2011
On September 21, 2011 the MIGA Procedures Committee approved
submission of the following report and recommendations on business on
the agenda of the Council of Governors of MIGA:
The Committee noted that the 2011 Annual Report and the activities of MIGA would be considered at this Annual Meeting. The
Annual Report is available on MIGA’s website (http://www.miga.org).
2. Financial Statements and Annual Audit
The Committee considered the Financial Statements and Accountants’ Report contained in the 2011 Annual Report.
The Committee recommends that the Council of Governors adopt
the draft Resolution. . . .1
3. Officers and Procedures Committee for 2011/2012
The Committee recommends that the Governor for Lebanon be
Chairman and the Governors for El Salvador and The Netherlands be
Vice Chairmen of the Council of Governors of MIGA to hold office
until the close of the next Annual Meeting.
It is further recommended that a Procedures Committee be established to be available, after the termination of this Annual Meeting
and until the close of the next Annual Meeting, for consultation at
the discretion of the Chairman, normally by correspondence and, if
the occasion requires, by convening; and that this committee shall
consist of the Governors for the following members: Algeria, Austria,
Chile, Ecuador, Equatorial Guinea, France, Germany, Indonesia,
Japan, Kazakhstan, Republic of Korea, Russia, Saudi Arabia, Sierra
Leone, South Africa, St. Lucia, Timor-Leste, United Kingdom, and
the United States.
1
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It is recommended that the Chairman of the Procedures Committee shall be the Governor for Lebanon and the Vice Chairmen
shall be Governors for El Salvador and The Netherlands and that the
Governor for Mali shall serve as Reporting Member.
Approved:
Report I was approved by the MIGA Procedures Committee (MPC) at
noon on September 21, 2011. Reports signed by the Chairman and Vice
Chairman will be maintained by the Bank and Fund Secretaries.
Council of Governors on September 23, 2011.)
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RESOLUTIONS ADOPTED
BY THE BOARD OF GOVERNORS OF THE BANK
BETWEEN THE 2010 AND 2011 ANNUAL MEETINGS
Resolution No. 612
2010 Selective Increase in Authorized Capital Stock to Enhance Voice
and Participation of Developing and Transition Countries
WHEREAS at its April 2010 meeting, the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer
of Real Resources to Developing Countries endorsed proposals for the
second phase of reforms to enhance the voice and participation of developing and transition countries in the World Bank Group;
WHEREAS in their Report approved on July 20, 2010, the Executive
Directors recommend that the Board of Governors approves:
(a) an increase in the authorized capital stock of the Bank and allocation of shares to members as set forth in Part (A) of this Resolution; and
(b) a review of the Bank’s shareholding every five years, starting in
2015, as set forth in Part (B) of this Resolution; and
WHEREAS in order to achieve the purpose of the special increases
in subscription of members, the Executive Directors have noted that
it is necessary for all members to waive their rights under Article II,
Section 3(c) of the Articles of Agreement of the Bank (hereinafter
referred to as the “Articles”) to subscribe to a proportionate share of
the increase in authorized capital stock under this Resolution;
NOW THEREFORE the Board of Governors hereby resolves as
follows:
(A) Increase in Authorized Capital Stock and Allocation of Shares
1. The authorized capital stock of the Bank is increased by 230,374 shares
of capital stock, each having a par value of $100,000 in terms of United
States dollars of the weight and fineness in effect on July 1, 1944, as
interpreted by the Executive Directors;
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2. Each member of the Bank is authorized to subscribe up to the total
number of shares set forth opposite its name in the table below, subject
to the conditions set forth in paragraph 3 below:
NUMBER OF SHARES ALLOCATED
Member
AFGHANISTAN
ALBANIA
ANGOLA
ARGENTINA
ARMENIA
AUSTRALIA
AUSTRIA
AZERBAIJAN
BANGLADESH
BELGIUM
BELIZE
BENIN
BHUTAN
BOLIVIA
BOSNIA AND HERZEGOVINA
BRAZIL
BURKINA FASO
BURUNDI
CAMBODIA
CAMEROON
CANADA
CAPE VERDE
CENTRAL AFRICAN REPUBLIC
CHAD
CHILE
CHINA
COLOMBIA
COMOROS
CONGO, DEM. REP. OF
CONGO, REPUBLIC OF
6% PAID-IN;
94% CALLABLE
Column (1)
99
2,643
467
467
541
104
8,314
175
1,255
971
38,283
1,326
-
FULLY
CALLABLE
Column (2)
107
250
160
225
250
84
126
58
239
126
107
211
67
113
113
45
250
124
Member
COSTA RICA
COTE D'IVOIRE
DENMARK
DJIBOUTI
ECUADOR
EGYPT, ARAB REPUBLIC OF
EL SALVADOR
ERITREA
ETHIOPIA
FINLAND
FRANCE
GAMBIA, THE
GEORGIA
GERMANY
GHANA
GREECE
GUATEMALA
GUINEA
GUINEA-BISSAU
GUYANA
HAITI
HONDURAS
HUNGARY
ICELAND
INDIA
INDONESIA
IRAN, ISLAMIC REPUBLIC OF
IRAQ
IRELAND
ITALY
6% PAID-IN;
94% CALLABLE
Column (1)
653
593
1,322
568
182
467
1,945
3,812
4,142
467
117
9,348
3,009
3,474
874
5,215
FULLY
CALLABLE
Column (2)
250
73
250
77
70
211
213
250
179
73
146
156
86
250
-
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Member
JAPAN
JORDAN
KAZAKHSTAN
6% PAID-IN;
94% CALLABLE
Column (1)
3,559
KOSOVO
KUWAIT
-
197
-
250
72
-
143
-
154
624
KENYA
KIRIBATI
KOREA, REPUBLIC OF
-
13,586
1,919
KYRGYZ REPUBLIC
LAO PEOPLE'S DEM. REP.
LEBANON
FULLY
CALLABLE
Column (2)
37
498
Member
ROMANIA
RUSSIAN FEDERATION
1,407
6,651
-
139
-
82
61
-
250
105
4,498
-
88
-
62
-
80
SAUDI ARABIA
-
SENEGAL
SIERRA LEONE
-
SLOVENIA
SOLOMON ISLANDS
SINGAPORE
-
83
SOMALIA
LIBERIA
LUXEMBOURG
-
74
SOUTH AFRICA
SPAIN
6,651
-
201
SRI LANKA
MALAWI
MALDIVES
-
148
68
SUDAN
SWAZILAND
720
MALI
-
156
SWEDEN
677
MARSHALL ISLANDS
MAURITANIA
-
68
132
SWITZERLAND
SYRIAN ARAB REPUBLIC
746
MICRONESIA, FED. STATES OF
MOLDOVA
-
58
198
MONGOLIA
-
71
MOROCCO
MOZAMBIQUE
-
MYANMAR
NEPAL
NETHERLANDS
NEW ZEALAND
12,562
-
-
250
-
59
-
-
250
TAJIKISTAN
-
144
-
176
TIMOR-LESTE
-
77
250
121
TOGO
TONGA
-
156
62
-
250
TUNISIA
617
-
-
141
TURKEY
11,908
-
101
115
-
1,831
-
1,945
38,459
-
-
NICARAGUA
-
81
NIGER
NORWAY
-
123
607
PANAMA
318
PERU
-
TANZANIA
THAILAND
663
467
PAPUA NEW GUINEA
PARAGUAY
-
467
6,851
MADAGASCAR
MEXICO
-
RWANDA
-
-
FULLY
CALLABLE
Column (2)
SAMOA
SAO TOME AND PRINCIPE
LESOTHO
154
6% PAID-IN;
94% CALLABLE
Column (1)
UNITED ARAB EMIRATES
-
-
TURKMENISTAN
UGANDA
177
165
UNITED KINGDOM
UNITED STATES
2,417
-
UZBEKISTAN
-
250
VANUATU
VIETNAM
-
84
2,325
-
738
-
YEMEN, REPUBLIC OF
-
250
PHILIPPINES
POLAND
971
2,540
-
ZAMBIA
ZIMBABWE
-
250
250
PORTUGAL
467
-
TOTAL
219,017
11,357
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3. Each subscription authorized under paragraph 2 above shall be on
the following terms and conditions:
(a) the subscription price per share shall be par;
(b) each member may subscribe to shares up to the total number
set forth opposite its name in the table in paragraph 2 above
from time to time prior to the fourth (4th) anniversary of the
date that this Resolution is adopted, or such later date as may
be decided upon consideration of a request by a member for an
extension of the subscription period containing a schedule of the
steps the member will take to subscribe the shares, provided,
however, that:
(i) extension of the subscription period with respect to a member
to the fifth (5th) anniversary of the date that this Resolution
is adopted or earlier shall be decided under the authority
of the President, and such an extension to a date later than
the fifth (5th) anniversary of the date that this Resolution is
adopted shall be decided by the Executive Directors; and
(ii) in any event, the subscription period shall not be extended
beyond the sixth (6th) anniversary of the date that this Resolution is adopted;
(c) with respect to each subscription listed in paragraph 2, column 1
above, the subscribing member shall pay to the Bank under Article II, Section 7(i) of the Articles:
(i) gold or United States dollars equal to 0.6% (six-tenths of
one percent) of the subscription price of the shares subscribed, and
(ii) an amount in its own currency or any other currency equal
to 5.4% (five and four-tenths percent) of such subscription
price,
provided in each case that such currency: (A) is paid in cash or,
in the case of amounts under sub-paragraph (c)(ii) above, in
accordance with paragraph (d) below; and (B) is freely convertible for use in the Bank’s operations, except that any member that
is eligible to borrow only from the International Development
Association (hereinafter referred to as the “Association”) and
not from the Bank as of July 1, 2010 shall be exempt from the
requirement in clause (B) if that member’s currency is not freely
convertible;
(d) payment of amounts under paragraph 3(c)(ii) above may be
made by way of deposit of non-interest-bearing demand notes
in a form acceptable to the Bank which the Bank will promptly
encash, provided that, if the note is denominated in a currency
other than United States dollars and if the amount of the notes
falls short of the amount due in United States dollars on the date
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of encashment, the member will make a supplemental payment
to the Bank within a period of seven days of presentation of the
note for encashment to ensure that the Bank receives the full
purchase price of the shares subscribed;
(e) with respect to each subscription listed in paragraph 2, columns
1 and 2 above, the Bank shall call the 2% and 18% portions of
the subscriptions payable under Article II, Section 7(i) of the
Articles which are not required to be paid under paragraph 3(c)
above only when required to meet obligations of the Bank for
funds borrowed or on loans guaranteed by it and not for use by
the Bank in its lending activities or for administrative expenses;
(f) before each subscription shall be accepted by the Bank, the member shall have:
(i) taken all action necessary to authorize such subscription and
shall furnish to the Bank such information thereon as the
Bank may request;
(ii) made the payments provided for in paragraph 3(c) and (d)
above; and
(iii) taken all action necessary to ensure the unrestricted and
immediate usability by the Bank in its operations of the portion of the subscription price of shares paid in the member’s
currency under Article II, Section 7(i) of the Articles; and
(iv) for the shares allocated under paragraph 2 above on the
basis of the member’s commitment to provide agreed contributions to the Sixteenth Replenishment of the resources
of the Association, the member shall have first deposited
with the Association its instrument of commitment under the
Sixteenth Replenishment in the amount agreed between the
member and the Bank; and
(g) by subscribing to such shares, the member shall be deemed to have:
(i) provided its irrevocable consent to the unrestricted and immediate use of its paid-in capital, notwithstanding the member’s
rights of approval under Article IV, Sections 2(a) and (b)
of the Articles, its right under Article V, Section 12 of the
Articles to substitute notes or similar obligations, or any other
rights or restrictions; and
(ii) acknowledged that the paid-in portion of its subscription is
needed in the Bank’s operations and that notes or similar
obligations may not be substituted in place of any member’s
currency.
4. In the absence of notice to the Bank from any member within twenty
one (21) days of the date of transmission of this Resolution to the
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8432_CH03_p135-180.indd 150
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Governors for voting that it intends to exercise its rights under
Article II, Section 3(c) of the Articles to subscribe to its proportionate
share of the increase in the authorized capital stock provided under
this Resolution, such member will be deemed to have waived such
a right.
5. All rights, including voting rights, acquired in respect of shares for
which payment is made by note pursuant to paragraph 3(d) above
shall be suspended:
(a) if payment is not made within a period of seven days of its presentation for encashment; and
(b) if, for any note that is denominated in a currency other than
United States dollars, encashment yields a shortfall in the purchase price of the shares and the supplemental payment is not
made within a period of seven days of the relevant payment date,
in each case only with regard to shares for which payment has not
been received and until full payment in cash is received by the Bank.
6. After the end of the subscription period set forth in paragraph 3(b)
above:
(a) the subscription for any shares in respect of which rights have
been suspended pursuant to paragraph 5 above shall become
void; and
(b) the allocated capital stock of the Bank that has not been subscribed, including any shares in respect of which the subscription
has become void pursuant to paragraph 6(a) above, shall become
part of the Bank’s unallocated capital stock.
(B) Regular Shareholding Review
The Bank’s shareholding shall be reviewed every five years, starting
in 2015.
Parts (A) and (B) of this Resolution shall not become effective unless
all members have waived their rights under Article II, Section 3(c) of
the Articles to subscribe their proportionate share of the increase in the
authorized capital stock of the Bank provided under this Resolution.
(Adopted March 16, 2011)
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Resolution No. 613
2010 General Capital Increase
WHEREAS the Executive Directors, having considered the question
of enlarging the resources of the Bank through an increase in its authorized capital, have concluded that such an increase would be desirable
and, in their Report approved on July 20, 2010, have submitted a proposal
for such an increase to the Board of Governors;
WHEREAS the Executive Directors have proposed that each member
be authorized, subject to certain conditions, to subscribe shares of the
newly-authorized capital in proportion to the aggregate number of shares
such member has subscribed and is authorized to subscribe, including
shares certain members are to be authorized to subscribe in accordance
with the proposed Resolution entitled “2010 Selective Increase in Authorized Capital Stock to Enhance Voice and Participation of Developing
and Transition Countries” (hereinafter referred to as the “Selective Capital Increase Resolution”);
follows:
1. The authorized capital stock of the Bank shall be increased by 484,102
shares of capital stock, each having a par value of $100,000 in terms
of United States dollars of the weight and fineness in effect on
July 1, 1944, as interpreted by the Executive Directors.
2. Each member of the Bank is authorized to subscribe up to the total
number of shares set forth opposite its name in the table below, subject
to the conditions set forth in paragraph 3 below:
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Member
AFGHANISTAN
ALBANIA
ALGERIA
ANGOLA
ANTIGUA AND BARBUDA
ARGENTINA
ARMENIA
AUSTRALIA
AUSTRIA
AZERBAIJAN
BAHAMAS, THE
BAHRAIN
BANGLADESH
BARBADOS
BELARUS
BELGIUM
BELIZE
BENIN
BHUTAN
BOLIVIA
BOSNIA AND HERZEGOVINA
BOTSWANA
BRAZIL
BRUNEI DARUSSALAM
BULGARIA
BURKINA FASO
BURUNDI
CAMBODIA
CAMEROON
CANADA
CAPE VERDE
CENTRAL AFRICAN REPUBLIC
CHAD
CHILE
CHINA
COLOMBIA
COMOROS
CONGO, DEM. REP. OF
CONGO, REPUBLIC OF
COSTA RICA
COTE D'IVOIRE
CROATIA
CYPRUS
CZECH REPUBLIC
DENMARK
DJIBOUTI
DOMINICA
DOMINICAN REPUBLIC
ECUADOR
EGYPT, ARAB REPUBLIC OF
EL SALVADOR
EQUATORIAL GUINEA
ERITREA
ESTONIA
Number of Shares
Allocated
107
250
2,472
782
139
5,564
347
6,661
3,081
500
286
295
1,364
253
888
7,889
179
266
143
541
174
164
11,305
634
1,393
266
220
104
464
12,304
154
261
261
2,111
22,476
2,052
87
773
281
237
739
613
390
1,685
3,752
169
135
559
807
2,252
189
191
179
247
Member
ETHIOPIA
FIJI
FINLAND
FRANCE
GABON
GAMBIA, THE
GEORGIA
GERMANY
GHANA
GREECE
GRENADA
GUATEMALA
GUINEA
GUINEA-BISSAU
GUYANA
HAITI
HONDURAS
HUNGARY
ICELAND
INDIA
INDONESIA
IRAN, ISLAMIC REPUBLIC OF
IRAQ
IRELAND
ISRAEL
ITALY
JAMAICA
JAPAN
JORDAN
KAZAKHSTAN
KENYA
KIRIBATI
KOREA, REPUBLIC OF
KOSOVO
KUWAIT
KYRGYZ REPUBLIC
LAO PEOPLE'S DEM. REP.
LATVIA
LEBANON
LESOTHO
LIBERIA
LIBYA
LITHUANIA
LUXEMBOURG
MACEDONIA, FYR OF
MADAGASCAR
MALAWI
MALAYSIA
MALDIVES
MALI
MALTA
MARSHALL ISLANDS
MAURITANIA
MAURITIUS
Number of Shares
Allocated
310
264
2,412
19,062
264
164
480
20,363
464
1,557
142
601
393
164
322
327
194
2,276
367
14,744
4,856
7,373
817
1,642
1,269
13,362
689
34,885
424
964
724
143
7,912
296
4,097
337
57
370
224
199
143
2,095
403
483
114
434
332
2,203
143
352
287
143
276
332
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Member
MEXICO
MICRONESIA, FED. STATES OF
MOLDOVA
MONGOLIA
MONTENEGRO
MOROCCO
MOZAMBIQUE
MYANMAR
NAMIBIA
NEPAL
NETHERLANDS
NEW ZEALAND
NICARAGUA
NIGER
NIGERIA
NORWAY
OMAN
PAKISTAN
PALAU
PANAMA
PAPUA NEW GUINEA
PARAGUAY
PERU
PHILIPPINES
POLAND
PORTUGAL
QATAR
ROMANIA
RUSSIAN FEDERATION
RWANDA
SAMOA
SAN MARINO
SAO TOME AND PRINCIPE
SAUDI ARABIA
SENEGAL
SERBIA
SEYCHELLES
SIERRA LEONE
SINGAPORE
SLOVAK REPUBLIC
Number of Shares
Allocated
8,459
143
418
143
184
1,396
281
731
407
296
9,663
2,058
184
261
3,413
2,829
417
2,495
4
188
393
372
1,622
2,088
3,612
1,584
293
1,448
14,023
317
164
159
149
14,023
620
760
70
220
1,287
859
Member
SLOVENIA
SOLOMON ISLANDS
SOMALIA
SOUTH AFRICA
SPAIN
SRI LANKA
ST. KITTS AND NEVIS
ST. LUCIA
ST. VINCENT & THE GRENADINES
SUDAN
SURINAME
SWAZILAND
SWEDEN
SWITZERLAND
SYRIAN ARAB REPUBLIC
TAJIKISTAN
TANZANIA
THAILAND
TIMOR-LESTE
TOGO
TONGA
TRINIDAD AND TOBAGO
TUNISIA
TURKEY
TURKMENISTAN
UGANDA
UKRAINE
UNITED ARAB EMIRATES
UNITED KINGDOM
UNITED STATES
URUGUAY
UZBEKISTAN
VANUATU
VENEZUELA, REP. BOLIVARIANA DE
VIETNAM
YEMEN, REPUBLIC OF
ZAMBIA
ZIMBABWE
TOTAL
Number of Shares
Allocated
360
154
169
3,760
9,311
1,087
73
147
74
419
110
133
4,182
7,308
655
322
393
2,342
159
337
149
712
357
5,407
168
196
2,933
1,126
19,062
81,074
751
733
179
5,531
880
658
818
955
484,102
3. Each subscription authorized under paragraph 2 above shall be on
the following terms and conditions:
(a) the subscription price shall be par;
(b) each member may subscribe up to the total number of shares set
forth opposite its name in the table in paragraph 2 above from
time to time prior to the fifth (5th) anniversary of the date that
this Resolution is adopted, or such later date as may be decided
upon consideration of a request by a member for an extension
of the subscription period containing a schedule of the steps the
member will take to subscribe the shares; provided, however, that:
(i) extension of the subscription period with respect to a member
to the sixth (6th) anniversary of the date that this Resolution
is adopted or earlier shall be decided under the authority of
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(c)
(d)
(e)
(f)
the President, and such an extension to a date later than the
sixth (6th) anniversary of the date that this Resolution is
adopted shall be decided by the Executive Directors; and
(ii) in any event, the subscription period shall not be extended
beyond the seventh (7th) anniversary of the date that this
Resolution is adopted;
the subscribing member shall pay to the Bank under Article II,
Section 7(i) of the Bank’s Articles of Agreement (hereinafter
referred to as the “Articles”):
(i) gold or United States dollars equal to 0.6% (six-tenths of one
percent) of the subscription price of the shares subscribed; and
(ii) an amount in its own currency or any other currency equal to
5.4% (five and four-tenths percent) of such subscription price,
provided in each case that such currency: (A) is paid in cash or,
in the case of amounts under sub-paragraph (c)(ii) above, in
accordance with paragraph (d) below; and (B) is freely convertible for use in the Bank’s operations, except that any member
that is eligible to borrow only from the International Development Association and not from the Bank as of July 1, 2010 shall
be exempt from the requirement in clause (B) if that member’s
currency is not freely convertible;
payment of amounts under paragraph (c)(ii) above may be made
by way of deposit of non-interest-bearing demand notes in a form
acceptable to the Bank which the Bank will promptly encash,
provided that, if the note is denominated in a currency other
than United States dollars and if the amount of the notes falls
short of the amount due in United States dollars on the date of
encashment, the member will make a supplemental payment to
the Bank within a period of seven days of presentation of the
note for encashment to ensure that the Bank receives the full
purchase price of the shares subscribed;
the Bank shall call the 2% and 18% portions of the subscriptions
payable under Article II, Section 7(i) of the Articles which are
not required to be paid under paragraph 3(c) above only when
required to meet obligations of the Bank for funds borrowed
or on loans guaranteed by it and not for use by the Bank in its
lending activities or for administrative expenses;
before each subscription shall be accepted by the Bank, the member shall have:
(i) taken all action necessary to authorize such subscription and
shall furnish to the Bank such information thereon as the
Bank may request;
(ii) made the payments provided for in paragraph 3(c) and (d)
above; and
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(iii) taken all action necessary to ensure the unrestricted and
immediate usability by the Bank in its operations of the portion of the subscription price of shares paid in the member’s
currency under Article II, Section 7(i) of the Articles; and
(g) by subscribing to such shares, the member shall be deemed to
have:
(i) provided its irrevocable consent to the unrestricted and immediate use of its paid-in capital, notwithstanding the member’s
rights of approval under Article IV, Sections 2(a) and (b)
of the Articles, its right under Article V, Section 12 of the
Articles to substitute notes or similar obligations, or any other
rights or restrictions;
(ii) acknowledged that the paid-in portion of its subscription is
needed in the Bank’s operations and that notes or similar
obligations may not be substituted in place of any member’s
currency; and
(h) in the event that the Selective Capital Increase Resolution is not
adopted on or prior to the date that this Resolution is adopted,
then no subscription shall be accepted by the Bank prior to the
earlier of (i) the date that the Selective Capital Increase Resolution is adopted by the Board of Governors and (ii) the date
that the Bank notifies each member that the voting period for
the Selective Capital Increase Resolution, as may be extended,
is closed. If the voting period for the Selective Capital Increase
Resolution closes without adoption of the Selective Capital
Increase Resolution by the Board of Governors, the number of
shares authorized to be subscribed by each member as set forth in
paragraph 2 above shall be adjusted such that the pro rata share
allocation of each member after giving effect to the increase in
capital stock under this Resolution shall be equal to the pro rata
share allocation of the member without giving effect to the Selective Capital Increase Resolution.
4. All rights, including voting rights, acquired in respect of shares for
which payment is made by note pursuant to paragraph 3(d) above
shall be suspended:
(a) if payment is not made within a period of seven days of its presentation for encashment; and
(b) if, for any note that is denominated in a currency other than
United States Dollars, encashment yields a shortfall in the purchase price of the shares and the supplemental payment is not
made within a period of seven days of the relevant payment date,
in each case only with regard to shares for which payment has not
been received and until full payment in cash is received by the Bank.
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5. After the end of the subscription period set forth in paragraph 3(b)
above,
(a) the subscription for any shares in respect of which rights have
been suspended pursuant to paragraph 4 above shall become
void; and
(b) the allocated capital stock of the Bank that has not been subscribed, including any shares in respect of which the subscription
has become void pursuant to paragraph 5(a) above, shall become
part of the Bank’s unallocated capital stock.
Resolution No. 614
2010 Additional Increase in Authorized Capital Stock
for Subscription of New Members
WHEREAS in their Report approved on July 20, 2010, the Executive
Directors have recommended that the Board of Governors increase the
authorized capital stock of the Bank in order to provide for the admission of new members;
WHEREAS in order to achieve the purpose of the special increases
in subscription of members, the Executive Directors have noted that
it is necessary for all members to waive their rights under Article II, Section 3(c) of the Articles of Agreement of the Bank (hereinafter referred
to as the “Articles”) to subscribe to a proportionate share of the increase
in authorized capital stock under this Resolution;
follows:
1. The authorized capital stock of the Bank shall be increased by
11,400 shares of capital stock, each having a par value of $100,000 in
terms of United States dollars of the weight and fineness in effect on
July 1, 1944, as interpreted by the Executive Directors.
2. In the absence of notice to the Bank from any member within twenty
one (21) days of the date of transmission of this Resolution to the Governors for voting, that it intends to exercise its rights under Article II,
Section 3(c) of the Articles to subscribe to its proportionate share
of the increase in the authorized capital stock provided under this
Resolution, such member will be deemed to have waived such rights.
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3. This Resolution shall not become effective unless all members have
waived their rights under Article II, Section 3(c) of the Articles to
subscribe their proportionate share of the increase in the authorized
capital stock of the Bank provided under this Resolution.
Resolution No. 615
for Gaza and West Bank
RESOLVED:
THAT the Bank transfers immediately from surplus, by way of grant,
US$75,000,000 to the Trust Fund for Gaza and West Bank, such transfer
to be drawn down by the International Development Association as
needed; provided, however, that the amount of such grant may at any
time be changed by the International Development Association into an
equivalent amount in other currencies.
(Adopted June 8, 2011)
Resolution No. 616
Transfer of IBRD Surplus to the South Sudan Transition Trust Fund
RESOLVED THAT:
The International Bank for Reconstruction and Development immediately transfers from surplus, by way of grant, $75 million to the South
Sudan Transition Trust Fund (the “Trust Fund”), established by the
International Development Association (IDA or the “Association”),
administered by the Association in accordance with the Resolution establishing the Trust Fund.
(Adopted July 20, 2011)
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Resolution No. 617
Forthcoming Annual Meetings of the Boards of Governors
Proposed Dates and Venues for the 2013 and 2014 Annual Meetings
RESOLVED:
THAT the 2013 Annual Meetings shall be convened in Washington, D.C., on
Friday,
October 11, 2013; and
THAT the 2014 Annual Meetings shall be convened in Washington, D.C., on
Friday,
October 10, 2014.
(Adopted September 13, 2011)
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RESOLUTIONS ADOPTED
BY THE BOARD OF GOVERNORS OF THE BANK
AT THE 2011 ANNUAL MEETINGS
Resolution No. 618
Financial Statements, Accountants’ Report and Administrative Budget
RESOLVED:
THAT the Board of Governors of the Bank consider the Financial
Statements, Accountants’ Report and Administrative Budget, included
in the 2011 Annual Report, as fulfilling the requirements of Article V,
Section 13, of the Articles of Agreement and of Section 18 of the ByLaws of the Bank.
Resolution No. 619
RESOLVED:
1. THAT the Report of the Executive Directors dated August 4, 2011
on “Allocation of FY11 Net Income” is hereby noted with approval;
2. THAT the addition to the General Reserve of the IBRD of $401
million, plus or minus any rounding amount less than $1 million, is
hereby noted with approval;
3. THAT the IBRD transfer to the International Development Association, by way of a grant out of the FY11 allocable net income of the
IBRD, $520 million, which amount may be used by the Association
to provide financing in the form of grants in addition to loans, such
transfer to be drawn down by the Association immediately upon
approval by the Board of Governors of the IBRD; and
4. THAT the IBRD retains $75 million as surplus.
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Resolution No. 620*
Direct Remuneration of Executive Directors and Their Alternates
RESOLVED:
THAT, effective July 1, 2011, the remuneration of the Executive
Directors of the Bank and their Alternates pursuant to Section 13(e)
of the By-Laws shall be paid in the form of salary without a separate
supplemental allowance, and such salary shall be paid at the annual rate
of $244,350 for Executive Directors and $211,370 for their Alternates.
*
This resolution was adopted by mail on September 23, 2011.
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RESOLUTION ADOPTED
BY THE BOARD OF GOVERNORS OF IDA
BETWEEN THE 2010 AND 2011 ANNUAL MEETING
Resolution No. 227
Additions to Resources: Sixteenth Replenishment
WHEREAS:
(A) The Executive Directors of the International Development Association (the “Association”) have considered the prospective financial
requirements of the Association and have concluded that it is desirable to authorize a replenishment of the resources of the Association
for new financing commitments for the period from July 1, 2011 to
June 30, 2014 (the “Sixteenth Replenishment”) in the amounts and
on the basis set out in the report of the IDA Deputies, “Additions to
Resources: Sixteenth Replenishment,” (the “Report”), approved by
the Executive Directors on February 15, 2011 (modified on March 18,
2011), and submitted to the Board of Governors;
(B) The members of the Association consider that an increase in the
resources of the Association is required and intend to take all necessary governmental and legislative action to authorize and approve the
allocation of additional resources to the Association in the amounts
and on the conditions set out in this Resolution;
(C) Members of the Association that contribute resources to the Association in addition to their subscriptions as part of the Sixteenth
Replenishment (“Contributing Members”) are to make available
their contributions pursuant to the Articles of Agreement of the
Association (the “Articles”) partly in the form of subscriptions carrying voting rights and partly as supplementary resources in the form
of contributions not carrying voting rights;
(D) Additional subscriptions are to be authorized for Contributing Members in this Resolution on the basis of their agreement with respect to
their preemptive rights under Article III, Section 1(c) of the Articles,
and provision is made for the other members of the Association
(“Subscribing Members”) intending to exercise their rights pursuant
to that provision to do so;
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(E) It is desirable to provide for a portion of resources to be contributed
by members to be paid to the Association as advance contributions;
(F) Additional subscriptions and contributions are to be authorized for
Contributing Members to provide compensation for the Association’s
debt forgiveness commitments under the Heavily Indebted Poor
Countries (“HIPC”) Debt Initiative; to provide financing for arrears
clearance operations by the Association; to provide compensation for
forgone principal reflows from the making of grants, and to provide
financing for the Crisis Response Window;
(G) It is desirable to authorize the Association to provide financing in the
form of grants, guarantees and the intermediation of risk management products in addition to loans; and
(H) It is desirable to administer any remaining funds from the replenishment authorized by Resolution No. 219 of the Board of Governors
of the Association (the “Fifteenth Replenishment”) as part of the
Sixteenth Replenishment.
NOW THEREFORE THE BOARD OF GOVERNORS HEREBY
ACCEPTS the Report as approved by the Executive Directors, ADOPTS
its conclusions and recommendations AND RESOLVES THAT a general
increase in subscriptions of the Association is authorized on the following
terms and conditions:
1. Authorization of Subscriptions and Contributions.
(a) The Association is authorized to accept additional resources
from each Contributing Member in the amounts specified for
each such member in Columns (2) (3) (7), and (10) of Table 1
attached to this Resolution, and each such amount will be divided
into a subscription carrying voting rights and a contribution not
carrying voting rights as specified in Table 2 attached to this
Resolution.
(i) As part of the resources described in paragraph 1(a) above,
the Association is authorized to accept additional subscriptions and contributions from Contributing Members to compensate the Association for the Association’s debt forgiveness
commitments under the HIPC Debt Initiative in the amounts
and as specified in Column (7) of Table 1 attached to this
Resolution.
(ii) As part of the resources described in paragraph 1(a) above, the
Association is authorized to accept additional subscriptions
and contributions from Contributing Members to finance
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arrears clearance operations in the amounts and as specified
in Column (10) of Table 1 attached to this Resolution.
(iii) As part of the resources described in paragraph 1(a) above,
the Association is authorized to accept additional subscriptions and contributions from Contributing Members finance
forgone principal reflows from the making of grants in the
amounts and as specified in Column (12) of Table 1 attached
to this Resolution.
(b) The Association is authorized to accept additional resources from
any member for which no contribution is specified in Table 2 and
additional subscriptions and contributions from Contributing
Members incremental to the amounts specified for each such
member in Table 1;
(c) The Association is authorized to accept additional subscriptions
from each Subscribing Member in the amount specified for each
such member in Table 2.
(d) The rights and obligations of the Association and the Contributing Members in respect of the authorized subscriptions and
contributions in paragraphs (a) and (b) above will be the same
(except as otherwise provided in this Resolution) as those applicable to the ninety per cent portion of the initial subscriptions of
original members payable under Article II, Section 2(d) of the
Articles of Agreement (the “Articles”) by members listed in Part I
of Schedule A of the Articles.
2. Agreement to Pay.
(a) When a Contributing Member agrees to pay its subscription
and contribution, or a Subscribing Member agrees to pay its
subscription, it will deposit with the Association an Instrument
of Commitment substantially in the form set out in Attachment I
to this Resolution (“Instrument of Commitment”) and, with
respect to its contribution for debt forgiveness under the HIPC
Debt Initiative or for arrears clearance operations, a Contributing
Member will either include such contribution in an Instrument
of Commitment or make a Debt Relief Transfer Contribution,
as defined and specified in paragraph 9(a) of this Resolution.
(b) When a Contributing Member agrees to pay a part of its subscription and contribution without qualification and the remainder is
subject to enactment by its legislature of the necessary appropriation legislation, it will deposit a qualified Instrument of Commitment in a form acceptable to the Association (“Qualified
Instrument of Commitment”) and such member:
(i) undertakes to exercise its best efforts to obtain legislative approval for the full amount of its subscription and
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contribution by the payment dates set out in paragraph 3(b)
of this Resolution; and
(ii) agrees that, upon obtaining such approvals, it will notify
the Association that any parts of its Qualified Instrument of
Commitment have become unqualified.
3. Payment.
(a) Each Subscribing Member will pay to the Association the amount
of its subscription in full within 31 days after the date of deposit
of its Instrument of Commitment; provided that if the Sixteenth
Replenishment shall not have become effective by December 15,
2011, payment may be postponed by the member for not more
than 31 days after the Effective Date as defined in paragraph 6(a)
of this Resolution.
(b) Each Contributing Member that deposits an Instrument of Commitment that is not a Qualified Instrument of Commitment will
pay to the Association the amount of its subscription and contribution in three equal annual installments no later than 31 days
after the Effective Date or as agreed with the Association, January 15, 2013, and January 15, 2014; provided that:
(i) the Association and each Contributing Member may agree
to earlier payment;
(ii) if the Sixteenth Replenishment shall not have become effective by December 15, 2011, payment of the first such installment may be postponed by the member for not more than
31 days after the date on which the Sixteenth Replenishment
becomes effective;
(iii) the Association may agree to the postponement of any installment, or part thereof, if the amount paid, together with any
unused balance of previous payments by the Contributing
Member concerned, is at least equal to the amount estimated
by the Association to be required from that member up to
the due date of the next installment for purposes of disbursements for financing committed under the Sixteenth Replenishment; and
(iv) if any Contributing Member deposits an Instrument of Commitment with the Association after the date when the first
installment of the subscription and contribution is due, payment of any installment, or part thereof, will be made to the
Association within 31 days after the date of such deposit.
(c) If a Contributing Member has deposited a Qualified Instrument
of Commitment and, upon enactment of appropriation legislation, notifies the Association that an installment, or part thereof,
is unqualified after the date when it was due, then payment of
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such installment, or part thereof, will be made within 31 days
after the date of such notification.
4. Mode of Payment.
(a) Payments pursuant to this Resolution will be made, at the option
of the member: (i) in cash, on terms agreed between the member
and the Association; or (ii) by the deposit of notes or similar obligations issued by the government of the member or the depository designated by such member, which shall be non-negotiable,
non-interest bearing and payable at their par value on demand
to the account of the Association.
(b) The Association will encash notes or similar obligations of Contributing Members, on an approximately pro rata basis among
donors, in accordance with the encashment schedule set out at
Attachment II to this Resolution, or as agreed between a Contributing Member and the Association. With respect to a Contributing Member that is unable to comply with one or more
encashment requests, the Association may agree with the member
on a revised encashment schedule that yields at least an equivalent value to the Association.
(c) The provisions of Article IV, Section 1(a) of the Articles will
apply to the use of a Subscribing Member’s currency paid to the
Association pursuant to this Resolution.
5. Currency of Denomination and Payment.
(a) Members will denominate the resources to be made available
pursuant to this Resolution in SDRs, the currency of the member
if freely convertible, or, with the agreement of the Association,
in a freely convertible currency of another member, except that
if a Contributing Member’s economy experienced a rate of inflation in excess of ten percent per annum on average in the period
2007–2009, as determined by the Association, its subscription
and contribution will be denominated in SDRs or in any currency used for the valuation of the SDR and agreed with the
Association.
(b) Contributing Members will make payments pursuant to this Resolution in SDRs, a currency used for the valuation of the SDR,
or, with the agreement of the Association, in another freely convertible currency, and the Association may freely exchange the
amounts received as required for its operations. Subscribing Members will make payments in the currency of the member or in a
freely convertible currency with the agreement of the Association.
(c) Each member will maintain, in respect of its currency paid by it
under this Resolution, and the currency of such member derived
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therefrom as principal, interest or other charges, the same convertibility as existed on the effective date of this Resolution.
(d) The provisions of Article IV, Section 2 of the Articles with respect
to maintenance of value will not be applicable.
6. Effective Date.
(a) The Sixteenth Replenishment will become effective and the
resources to be contributed pursuant to this Resolution will
become payable to the Association on the date (the “Effective
Date”) when Contributing Members whose subscriptions and
contributions aggregate not less than SDR 10,395 million shall
have deposited with the Association Instruments of Commitment,
Qualified Instruments of Commitment or Debt Relief Transfer
Notifications (as defined in paragraph 9(b) of this Resolution),
provided that this date shall be not later than December 15, 2011,
or such later date as the Executive Directors of the Association
may determine.
(b) If the Association determines that the availability of additional
resources pursuant to this Resolution is likely to be unduly
delayed, it shall convene promptly a meeting of the Contributing
Members to review the situation and to consider the steps to be
taken to prevent a suspension of financing to eligible recipients
by the Association.
7. Advance Contributions.
(a) In order to avoid an interruption in the Association’s ability to
commit financing to eligible recipients pending the effectiveness of the Sixteenth Replenishment, the Association may deem,
prior to the Effective Date, one third of the total amount of each
subscription and contribution for which an Instrument of Commitment has been deposited with the Association, or for which a
Debt Relief Transfer Notification (as defined in paragraph 9(b)
of this Resolution) has been received by the Association, as an
“Advance Contribution,” unless the Contributing Member specifies otherwise in its Instrument of Commitment or Debt Relief
Transfer Notification.
(b) The Association shall specify when Advance Contributions pursuant to subparagraph (a) are to be paid to the Association.
(c) The terms and conditions applicable to contributions to the
Sixteenth Replenishment shall apply also to Advance Contributions until the Effective Date, when such contributions
shall be deemed to constitute payment towards the amount
due from each Contributing Member for its subscription and
contribution.
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(d) In the event that the Sixteenth Replenishment shall not become
effective pursuant to paragraph 6(a) of this Resolution, (i) voting
rights will be allocated to each member for the Advance Contribution as if it had been made as a subscription and contribution under this Resolution, and (ii) each member not making an
Advance Contribution will have the opportunity to exercise its
preemptive rights under Article III, Section 1(c) of the Articles
with respect to such subscription as the Association shall specify.
8. Commitment Authority.
(a) Subscriptions and contributions will become available for commitment by the Association for financing to eligible recipients
in three equal annual installments: (i) the first installment will
become available to the Association for commitment from the
Effective Date, provided that advance contributions may become
available earlier under paragraph 7(a) of this Resolution; (ii) the
second installment will become available from July 1, 2012; and
(iii) the third installment will become available from July 1, 2013.
(b) Any qualified part of a subscription and contribution notified
under a Qualified Instrument of Commitment will become available for commitment by the Association for financing when the
Association has been notified, pursuant to paragraph 2(b)(ii) of
this Resolution, that such parts have become unqualified.
(c) The Association may enter into financing commitments with
eligible recipients conditional on such commitments becoming
effective and binding on the Association when resources under
the Sixteenth Replenishment become available for commitment
by the Association.
9. HIPC and Arrears Clearance Contributions.
(a) Contributing Members making an additional subscription and
contribution to compensate the Association for forgiveness
of debt under the HIPC Debt Relief Initiative or to finance
arrears clearance operations, will do so either: (i) through an
additional subscription and contribution to the Association’s
regular resources (a “Debt Relief Additional Contribution”) or
(ii) through a creditor-specific contribution for the benefit of the
Association to the HIPC window of the Debt Relief Trust Fund
or a contribution to the arrears clearance window of the Debt
Relief Trust Fund (each a “Debt Relief Transfer Contribution”).
(b) Contributing Members making a Debt Relief Transfer Contribution will either (i) enter into a Contribution Agreement with the
Association as administrator of the Debt Relief Trust Fund; or
(ii) for Contributing Members that are already current
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contributors to the Debt Relief Trust Fund, send to the Association a notice of additional contribution or allocation to the
appropriate window of the Debt Relief Trust Fund, (each a
“Debt Relief Transfer Notification”). Such Debt Relief Transfer Notification will provide for a contribution to be made to
the appropriate window of the Debt Relief Trust Fund in the
amounts set forth in Columns (7) and (10) of Table 1 to this
Resolution, each to be payable in three equal annual installments no later than 31 days after the Effective Date, January
15, 2013, and January 15, 2014; provided that the Association
and each Contributing Member may agree to earlier payment.
(c) When any amount of a Debt Relief Transfer Contribution is
paid to compensate the Association for forgiveness of debt
under the HIPC Debt Initiative or to finance arrears clearance
operations, such amount of the Debt Relief Transfer Contribution will be treated as a subscription and contribution under the
Sixteenth Replenishment.
10. Compensation for Forgone Principal Reflows.
(a) Contributing Members making an additional subscription and
contribution to finance forgone principal reflows from the making of grants will do so through an additional subscription and
contribution to the Association’s regular resources (a “Grant
Compensation Additional Contribution”).
11. Authorization of Grants, Guarantees and Risk Intermediation. The
Association is hereby authorized to provide financing under the
Sixteenth Replenishment in the form of grants and guarantees and
through the intermediation of risk management products.
12. Administration of IDA15 Funds under the Sixteenth Replenishment.
(a) On the Effective Date, any funds, receipts, assets and liabilities
held by the Association under the Fifteenth Replenishment will
be administered under the Sixteenth Replenishment, subject,
as appropriate, to the terms and conditions applicable to the
Fifteenth Replenishment.
(b) Pursuant to Article V, Section 2(a)(i) of the Articles of Agreement of the Association, the Association is authorized to use
the funds referred to in paragraph 11(a) above, and funds
derived therefrom as principal, interest or other charges, to
provide financing in the forms of grants and guarantees under
the terms, conditions and policies applicable under the Sixteenth
Replenishment.
169
8432_CH03_p135-180.indd 169
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13. Allocation of Voting Rights under Sixteenth Replenishment. Voting
rights calculated on the basis of the current voting rights system
will be allocated to members for subscriptions under the Sixteenth
Replenishment as follows:
(a) Each Subscribing Member that has deposited with the Association an Instrument of Commitment will be allocated the
subscription votes specified for each such member in Table 2
on the effective payment date pursuant to paragraph 3(a) of
this Resolution. Each Subscribing Member will be allocated the
additional membership votes specified in Column c-3 of Table
2 on the date such member is allocated its subscription votes.
(b) Each Contributing Member that has deposited with the Association an Instrument of Commitment will be allocated one third of
the subscription votes specified for each such member in Table 2
on each effective payment date pursuant to paragraph 3(b) of
this Resolution. Each Contributing Member will be allocated
the additional membership votes specified in Column b-4 of
Table 2 for its subscription on the date such member is allocated
the first one third of its subscription votes.
(c) Each Contributing Member that has made a Debt Relief Transfer Contribution will be allocated a proportionate share of the
subscription votes specified for such member in Column b-3 of
Table 2 from time to time and at least semi-annually following
payment of any amount of its Debt Relief Transfer Contribution
to compensate the Association for forgiveness of debt under the
HIPC Debt Initiative or to finance arrears clearance operations.
(d) Each member that has deposited with the Association a Qualified Instrument of Commitment will be allocated subscription
votes at the time and to the extent of payments made in respect
of its subscription and contribution.
(e) Any member that deposits its Instrument of Commitment after
any of these dates will be allocated, within 31 days of the date
of such deposit, the subscription votes to which such member
is entitled on account of such deposit.
(f) If a member fails to pay any amount of its subscription or subscription and contribution when due, the number of subscription
votes allocated from time to time to such member under this
Resolution in respect of the Sixteenth Replenishment will be
reduced in proportion to the shortfall in such payments, but any
such votes will be reallocated when the shortfall in payments
causing such adjustment is subsequently made up.
(Adopted April 26, 2011)
170
8432_CH03_p135-180.indd 170
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171
8432_CH03_p135-180.indd 171
4/4/12 2:07 PM
1/
2/
3/
4/
5/
6/
7/
8/
9/
10/
3/
3/
3/
3/
5/
3/4/
3/
3/8/
3/
3/
1/
3/
3/
3/
7/
3/6/
3/
3/
3/
3/
3/4/
3/
1/
9/
7/
3/
3/
3/4/
9/
3/
3/
3/
5/
3/
1/3/4/
3/
3/
3/5/
100.00%
74.42%
1.14%
24.45%
0.20%
1.80%
1.56%
0.01%
0.002%
1.55%
0.26%
3.98%
0.10%
0.15%
0.02%
0.05%
1.08%
0.007%
0.01%
0.94%
4.88%
6.01%
0.06%
0.03%
0.05%
0.07%
2.23%
10.41%
0.01%
1.00%
0.24%
0.01%
0.01%
0.19%
0.32%
3.00%
0.12%
1.31%
0.05%
0.03%
0.03%
0.08%
0.35%
0.22%
0.15%
0.01%
0.03%
0.09%
3.17%
2.96%
2.10%
0.06%
12.08%
11.36%
20,613.56
15,340.17
233.99
5,039.41
41.30
370.67
321.58
2.37
0.41
319.51
54.19
820.42
21.08
31.43
4.12
10.31
222.63
1.37
2.67
193.44
1,006.11
1,238.61
12.37
6.18
11.24
14.43
458.81
2,146.41
1.83
206.14
49.01
2.06
1.88
38.17
65.03
618.41
24.74
269.38
9.47
6.90
6.18
15.56
72.15
45.35
31.14
2.06
5.42
18.55
652.58
610.16
432.88
13.07
2,489.34
2,341.05
229.77
59.44
10.97
11.99
73.74
0.74
12.80
36.89
20.29
2.92
-
SDR Million
(3)
Supplemental
20,613.56
15,569.94
233.99
4,809.63
41.30
430.12
332.55
2.37
0.41
319.51
54.19
832.41
21.08
105.17
4.12
11.05
222.63
1.37
2.67
206.24
1,006.11
1,238.61
12.37
6.18
11.24
14.43
458.81
2,146.41
1.83
206.14
49.01
2.06
1.88
38.17
65.03
618.41
24.74
269.38
9.47
6.90
6.18
15.56
109.03
65.63
31.14
2.06
5.42
21.47
652.58
610.16
432.88
13.07
2,489.34
2,341.05
62.04
723.60
376.88
3.56
1.24
374.46
144.16
1,292.26
31.66
158.00
4.83
305.21
1,942.73
1.92
3.13
241.71
1,511.51
1,215.27
4,038.74
6.18
16.89
82.14
537.72
286,910.50
2.75
363,544.69
21.28
2.42
2.20
44.74
1,238.88
724.76
52.40
2,337.00
14.23
10.37
6.18
18.24
109.03
98.61
46.78
2.42
6.35
224.14
724.76
6,801.31
432.88
30.00
2,459.72
3,517.03
(5)
NC Million 10/
Sub-total Contributions
SDR Million
(4)
1,387.48
67.47
100.00%
1,320.01
4.86%
2.78
22.34
11.93
0.16
0.03
23.73
9.30
57.44
1.42
1.39
0.28
0.83
16.79
0.14
0.14
9.16
91.85
157.76
0.83
0.42
0.76
1.53
52.72
222.00
0.12
13.87
2.07
0.14
0.13
2.64
0.83
39.82
1.80
23.31
0.64
0.46
0.42
3.05
4.86
5.97
1.11
0.14
0.42
1.25
27.61
40.10
29.14
155.26
279.16
4.18
37.58
13.98
0.24
0.08
27.81
24.73
89.17
2.13
2.08
0.33
24.65
146.50
0.21
0.16
10.73
137.99
157.76
271.84
0.42
1.14
8.69
61.79
29,674.26
0.19
24,469.82
0.90
0.16
0.15
3.09
15.86
46.67
3.82
216.94
0.96
0.70
0.42
3.58
4.86
8.96
1.67
0.16
0.49
13.95
32.36
446.96
29.14
153.41
419.39
100.00%
4.84%
95.16%
400.10
19.37
380.73
0.80
6.44
3.44
0.05
0.01
6.84
2.68
16.56
0.41
0.40
0.08
0.24
4.84
0.04
0.04
2.64
26.49
45.49
0.24
0.12
0.22
0.44
15.20
64.02
0.04
4.00
0.60
0.04
0.04
0.84
0.24
11.48
0.52
6.72
0.18
0.13
0.12
0.88
1.40
1.72
0.32
0.04
0.12
0.36
7.96
11.56
8.40
44.77
80.50
1.20
10.84
4.03
0.07
0.02
8.02
7.13
25.71
0.61
0.60
0.09
7.11
42.25
0.06
0.05
3.09
39.79
45.49
78.39
0.12
0.33
2.51
17.82
8,557.02
0.05
7,056.24
0.26
0.05
0.04
0.99
4.57
13.46
1.10
62.56
0.28
0.20
0.12
1.03
1.40
2.58
0.48
0.05
0.14
4.02
9.33
128.89
8.40
44.24
120.94
10/
SDR Million NC Million
(10)
(11)
Arrears Clearance
0.20%
1.61%
0.86%
0.01%
0.002%
1.71%
0.67%
4.14%
0.10%
0.10%
0.02%
0.06%
1.21%
0.01%
0.01%
0.66%
6.62%
11.37%
0.06%
0.03%
0.05%
0.11%
3.80%
16.00%
0.01%
1.00%
0.15%
0.01%
0.01%
0.21%
0.06%
2.87%
0.13%
1.68%
0.05%
0.03%
0.03%
0.22%
0.35%
0.43%
0.08%
0.01%
0.03%
0.09%
1.99%
2.89%
2.10%
0.00%
11.19%
20.12%
Share
(9)
100.00%
5.93%
94.07%
60.00
3.56
56.44
0.12
0.97
0.52
0.01
0.00
1.03
0.40
2.48
0.06
0.06
0.01
0.04
0.73
0.01
0.01
0.40
3.97
6.18
0.04
0.02
0.03
0.07
2.28
9.60
0.01
0.60
0.09
0.01
0.01
0.11
0.04
1.72
0.08
1.01
0.03
0.02
0.02
0.13
0.21
0.26
0.05
0.01
0.02
0.05
1.19
1.73
1.26
6.71
12.07
0.18
1.63
0.60
0.01
0.00
1.20
1.07
3.86
0.09
0.09
0.01
1.07
6.34
0.01
0.01
0.46
5.97
6.18
11.76
0.02
0.05
0.38
2.67
1,283.23
0.01
1,058.17
0.04
0.01
0.01
0.13
0.69
2.02
0.17
9.38
0.04
0.03
0.02
0.15
0.21
0.39
0.07
0.01
0.02
0.60
1.40
19.33
1.26
6.63
18.14
10/
(13)
(14)
Grant Compensation
0.20%
1.61%
0.86%
0.01%
0.002%
1.71%
0.67%
4.14%
0.10%
0.10%
0.02%
0.06%
1.21%
0.01%
0.01%
0.66%
6.62%
10.30%
0.06%
0.03%
0.05%
0.11%
3.80%
16.00%
0.01%
1.00%
0.15%
0.01%
0.01%
0.19%
0.06%
2.87%
0.13%
1.68%
0.05%
0.03%
0.03%
0.22%
0.35%
0.43%
0.08%
0.01%
0.03%
0.09%
1.99%
2.89%
2.10%
0.00%
11.19%
20.12%
Share
(12)
Table 1: Contributions to the Sixteenth Replenishment
HIPC Costs
10/
(7)
(8)
95.14%
0.20%
1.61%
0.86%
0.01%
0.002%
1.71%
0.67%
4.14%
0.10%
0.10%
0.02%
0.06%
1.21%
0.01%
0.01%
0.66%
6.62%
11.37%
0.06%
0.03%
0.05%
0.11%
3.80%
16.00%
0.01%
1.00%
0.15%
0.01%
0.01%
0.19%
0.06%
2.87%
0.13%
1.68%
0.05%
0.03%
0.03%
0.22%
0.35%
0.43%
0.08%
0.01%
0.03%
0.09%
1.99%
2.89%
2.10%
0.00%
11.19%
20.12%
Share
(6)
Contributions of countries with an average inflation rate exceeding 10% over the 2007-2009 period would be denominated in SDRs or in any currency used for the valuation of the SDR and agreed with the association.
Represents the investment income generated by using a regular encashment profile of 9 years.
Indicative contribution, subject to government and/or parliamentary approval.
Includes an increase in basic share achieved through accelerated encashments.
Supplemental contributions provided through accelerated encashments.
Country is not yet a member of IDA.
As proposed by Management, for government consideration.
Contingent on adoption of the 2010 selective capital increase resolution by IBRD's Board of Governors.
Pledge outstanding.
The amounts in national currency ('NC') exclude individual acceleration credits (when applicable), which are included in the SDR amounts. The equivalent NC amount of any individual acceleration credit is shown separately in column 18.
Total
## Sub-total
Additional financing 2/
Structural financing gap
AR Argentina
AU Australia
AT Austria
BS Bahamas, The
BB Barbados
BE Belgium
BR Brazil
CA Canada
CL Chile
CN China
CY Cyprus
CZ Czech Republic
DK Denmark
EG Egypt
EE Estonia
FI Finland
FR France
DE Germany
GR Greece
HU Hungary
IS Iceland
IR Iran, Islamic Republic of
IE Ireland
IL Israel
IT Italy
JP Japan
KK Kazakhstan
KR Korea
KWKuwait
LV Latvia
LT Lithuania
LU Luxembourg
MXMexico
NL Netherlands
NZ New Zealand
NO Norway
PE Peru
PH Philippines
PL Poland
PT Portugal
RU Russia
SA Saudi Arabia
SG Singapore
SK Slovak Republic
SI Slovenia
ZA South Africa
ES Spain
SE Sweden
CH Switzerland
TR Turkey
GB United Kingdom
US United States
Hid Contributing Members
SDR Million
(2)
Basic Contributions
Share
(1)
45.00
459.86
348.44
2.58
0.45
351.10
66.56
908.90
22.96
107.02
4.49
12.15
244.98
1.56
2.85
218.43
1,128.42
1,448.04
13.48
6.74
12.25
16.46
529.02
2,442.02
2.00
224.61
51.78
2.25
2.05
41.76
66.14
671.43
27.14
300.42
10.32
7.52
6.74
19.62
115.50
73.58
32.62
2.25
5.97
23.14
689.34
663.56
471.68
13.07
2,696.08
2,712.79
17,327.12
233.99
4,900.03
22,461.14
77.14%
1.04%
21.82%
100.00%
SDR Million
(16)
10/
67.60
773.64
395.50
3.88
1.35
411.49
177.09
1,411.00
34.50
160.78
5.26
338.03
2,137.81
2.20
3.35
256.00
1,695.26
1,424.69
4,400.73
6.74
18.40
93.71
620.00
326,425.00
3.00
396,128.93
22.48
2.63
2.40
48.95
1,260.00
786.91
57.49
2,625.88
15.50
11.30
6.74
23.00
115.50
110.54
49.00
2.63
7.00
242.72
767.85
7,396.48
471.68
30.00
2,664.00
4,075.50
(17)
NC Million
Total Donor Contributions
0.20%
2.05%
1.55%
0.01%
0.002%
1.56%
0.30%
4.05%
0.10%
0.48%
0.02%
0.05%
1.09%
0.007%
0.01%
0.97%
5.02%
6.45%
0.06%
0.03%
0.05%
0.07%
2.36%
10.87%
0.01%
1.00%
0.23%
0.01%
0.01%
0.19%
0.29%
2.99%
0.12%
1.34%
0.05%
0.03%
0.03%
0.09%
0.51%
0.33%
0.15%
0.01%
0.03%
0.10%
3.07%
2.95%
2.10%
0.06%
12.00%
12.08%
Share
(15)
Credit
12.86
21.90
0.14
23.34
170.08
15.78
40.05
-
(18)
NC Million 10/
FX Rates
1.502330
1.682330
1.171980
1.502330
2.999800
1.171980
2.660540
1.552430
1.502330
1.502330
1.171980
29.612170
8.726400
1.502330
1.171980
1.171980
1.502330
1.000000
1.171980
326.543700
1.000000
1.502330
1.171980
5.692650
1.171980
133.669960
1.502330
1,763.618920
0.434080
1.171980
1.171980
1.171980
19.051300
1.171980
2.118260
9.306810
1.502330
1.502330
1.000000
1.171980
1.000000
1.502330
1.502330
1.171980
1.171980
11.172980
1.171980
11.146730
1.000000
2.294950
0.988100
1.502330
(NC/SDR)
(19)
Currency of
USD
AUD
EUR
USD
BBD
EUR
BRL
CAD
USD
USD
EUR
CZK
DKK
USD
EUR
EUR
USD
SDR
EUR
HUF
SDR
USD
EUR
ILS
EUR
JPY
USD
KRW
KWD
EUR
EUR
EUR
MXN
EUR
NZD
NOK
USD
USD
SDR
EUR
SDR
USD
USD
EUR
EUR
ZAR
EUR
SEK
SDR
TRY
GBP
USD
Denomination
(20)
172
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ddddd
ddddd
ddddd
ddddd
ddddd
ddddddddd ddddddd
ddddddddd
ddddddddd
dddddd
dddddd
dddddd
dddddd
ddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddd
d
ddddddddddddd
ddddddddddd
dddddddddd
ddddddddddd
ddddddddd
dddddddddd
ddddddddd
ddddddddd
dddddddddd
ddddddddddddd
dddddddddd
dddddddddd
d
ddddddddddd
ddddddddddddd
dddddddddd
ddddddddd
ddddddddddd
ddddddddddddd
ddddddddddddd
d
ddddddddddd
ddddddddddd
ddddddddddd
ddddddddddddd
ddddddddddd
ddddddddd
ddddddd
dddddd
dddddd
dddddd
d
ddddddd
dddddd
ddddd
ddddd
ddd
ddddd
ddd
ddd
ddddd
dddddd
ddddd
ddd
d
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ddddddd
ddddd
ddd
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ddddddd
ddddddd
d
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dddddd
dddddd
dddddd
dddddd
ddddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
d
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
d
ddddd
ddddd
ddddd
ddddd
ddddd
ddddddddddddddd
dddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddd
dddddddddddddd
ddddddddddddd
ddddddddddd
ddddddddddd
dddddddddd
ddddddddddd
dddddddddd
ddddddddd
ddddddddddd
ddddddddddddd
ddddddddddd
dddddddddd
ddddddddddd
ddddddddddddd
dddddddddddddd
ddddddddddd
ddddddddd
ddddddddddddd
dddddddddddddd
dddddddddddddd
ddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
dddddddddddddd
ddddddddddddd
ddddddd
ddddddddd
dddddddddd
ddddddddddd
ddddddddd
dddddddddd
dddddddddd
dddddddddd
dddddddddd
dddddddddd
ddddddddddddd3
ddddddddd3ddddd
ddddd
ddddddddd
ddddddddddddd
dddddddddddddd
dddddddddddddd
ddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
dddddddddddddd
ddddddddddddd
ddddd
ddddddddddddd
ddddddddddd
dddddddddd
dddddddddd
dddddddddd
dddddd
ddddddddddd
dddddddddd
ddddddddd
ddddddddd
dddddddddd
dddddddddd
ddddddd
ddddddd
ddddddd
dddddddddd
ddddddd
dddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddd
dddddddddddddd
ddddddddddddd
ddddddddddd
ddddddddddd
dddddddddd
ddddddddddd
dddddddddd
ddddddddd
ddddddddddd
ddddddddddddd
ddddddddddd
ddddddd ddddddddddddd ddddddddddddddd
dddddd
ddddd
ddddd
ddddd
ddddd
dddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddddd
dddddddddd
ddddd
ddddddddd
ddddddddddd
ddddd ddddddddddddd ddddddddddddd
dddddd ddddddddddddd dddddddddddddd
ddddd
ddddddddd
ddddddddddd
ddddd
ddddd
ddddd
dddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddd3dd3ddd3
ddddd3d
ddddd
ddddddd3dddddddddd3ddd4dd
ddddddddddd3 dddddd3ddddddddddd3
ddddd
ddddddddd
ddddd
ddddd
dddddddddd
ddddddddd
dddddddddd
ddddddddd
ddddddd
ddddddd
ddddddd
ddd
ddddddddd
ddddddd
dddddd
dddddd
ddddd
dddddd
ddd
ddd
dddddd
ddddddd
dddddd
ddddd
dddddd
ddddddd
ddddddddd
dddddd
ddd
ddddddd
ddddddd
ddddddddd
dddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddddddddd3
ddddd
ddddd
dddd
dddd
dddd
dddddd
ddddd
ddddd
ddddd
ddddd
dddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
dddddd
ddddd
ddddd
ddddd
ddddd
dddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddddddd
ddddddddd
ddddddddd
dddddd
dddddd
dddddd
dddddd
ddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
d4dddddddddd3ddd3d4dddddddddd3dddddd3ddddd3dddddddd3ddd3dddddddddddd3d3ddddddddddddd3dddddd3ddddd3ddddd3dddddddddd3ddd3dddd3dddddddd3dddddd3ddd3dddddd3dddddddddddddd3dddddd3ddd3dddd3dddddddd3ddddddddddd3ddddddddd3ddddddd3ddddd3dddd3dddddddd3dddddddd3dddddd3dd
ddddddddddddd3dddddddd3d3dddd3dddd3dddddddddd3ddddddddddddddd3ddddd3ddd3ddddddddd3ddd3ddddddd3dddddd3dddd3ddddd3dd3ddddddddddd3dddd3dddd3ddddd3ddd3dddddddddd3ddd3ddddddd3dddddd
dddddddddd ddddddd
dddddddddd
dddddddddd
ddddddddd
ddddddd
ddddddd
ddddddd
ddddd
ddddddddd
ddddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
ddddddd
dddddd
dddddd
dddddd
ddddddd
ddddddddd
ddddddd
dddddd
ddddddd
ddddddd
ddddddddd
dddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddd
dddddd3
ddddddd3
ddddddddddd3
ddddd
dddddd3ddddd dddddd3d
ddddd
ddddd
ddddd
d4dddddddd3ddddddd3ddddd
ddd3dd3ddd3
ddddd3dd
ddddd
dddddddd3ddddddd3dddddd3ddd3ddddddd3ddd3ddd3dddddddd3ddddd3dddd3dddddddd3ddddd3ddddd3dddddddddddd3dddddddddddd3ddd3dddddddddd3ddd3ddddddddddd3ddd3dddd3ddddddddd3dddddddddddddd3ddddd3dddddddd3dddddd3ddddddddddddd3d4ddddddd3ddddd3ddddd3dddddddddddd3dddd3ddddddddd3
ddd3dddd3ddddddd3ddddddd3dddddddddddd3ddd3dddddddddddd3dddd3dddddddddddddd3dddd3dddddddddddddd3ddd3ddd3dddd3dddddddddd3dddd3dddddd3dddddddddddddd3ddddddd3ddddd3dddddddddd3ddd3dddddd3ddd3ddddd3dddddddd3ddd3dddd3ddddddd3dddd3ddddddddd3ddd3ddddddd3ddd3dddddddd3ddd3ddddd
ddd3dddddddd3dddd3ddddddd3dddddddd3dddd3ddddddd3dddddddddddd3ddd3dddd3dddddddddddddd3dddd3dddddddddddddd3dddddd3dddd3ddddddd3dddddddd3dddddddddd3ddddddddddddddd3ddd3dddd3ddddddd3ddddddddd3dddddd
ddddddddddd
ddddddd
ddddddddd
dddddddddd
dddddddddd
ddddddddd
ddddd4dd
ddddd4dd
ddd4dd
dd4dd4d
dddd4dd
ddddddddd3ddddd3dd
ddddddd
ddddddddd
dddddddddd
dddddddddd
ddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddd4
ddddd4dd
ddd4ddd
ddddd4dd
dddddd
ddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
ddddddddddddd
dddddd3
ddddddddddddd3
ddddd
ddddd
d4dddddddddd3dddddd3ddddddddd3ddddd3ddd4dd
dddddd3ddddddddddd3 ddddddddddddd3 ddddddddddd3 dddddd3ddddddd3
ddddddddd
ddddd
ddddd
dddddd3d dddddd3ddddddddd
ddddd
ddddd
ddddd
ddddd
ddddd
dddddddd3ddddddd3dddddddd3ddd4ddd
ddddddddddddd
dddddddddd
ddddddddd
dddddddddd
dddddddddd
dddddddddd
dddddddddddddd3
ddddddddd3ddddd
ddddd
dddddd
d4ddddd4ddd4
d4dddddd4
ddddddd
dd4dd4dd4
ddddd4dd
ddddd3d
Table 2: Subscriptions, Contributions and Votes
(Amounts in US$ Equivalent)
173
8432_CH03_p135-180.indd 173
4/4/12 2:07 PM
dddddddddddddd3
ddddddddd3ddddd
ddddd
d3d3d3d3d3d3d3d3d3d3d3d3d3ddddddddd
d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3ddddddd
d3d3d3d3d3d3d3d3d3d3d3dddddddddd
d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3dddddd
dddddd
d4dddd4ddddd4d
d4ddd4ddd4
d4dddddd4
d4ddddd4
d4dddddddd4
d4dddddd4
d4ddddd4ddd4d
dd4dd4dd4ddd3ddd
dd4dddd4dddd
dd4ddd4ddd
dddddd
ddddd
ddddd4d
ddddddd4
dddddd4d3dd3ddddddddddd4
dddddd4dd4
ddd4ddd
ddddddd4d3dd4dd
ddddddd
dd4dddddd4
dd4dddddd
dd4ddd3ddddd
dddddd4dd3d4ddddd4dd3dddd
ddd4d
ddddd
ddddd4
dddddddd4
ddddddd
ddddddd3ddddd3ddddd3dd
ddddddd3ddddd3dd
ddddd4d3dddd4
ddddd3dddddddd
dddd4ddd4
dddddd
dddddd3dddddddd
dddddddd
dddddddd4
dddddddd4dd3dddddddd
dddd4ddd
ddddddd3d4dd4dd3ddddd3dd
ddd3dd4ddd4ddd
dddd4ddddd4dd3dddddd4
ddddddd4
dddddddd4
dddd
dd4ddd
dd4dddd4dd3ddd
ddddddd4
ddd4dd4
ddddd4dd4
ddd4dddd4dd4
dddddd4
dddddd4dddddd4d
dddd4dd4
dd4ddd
ddddd3dd
d
d
d
d
d
d
d
d
d
d
dddddd
d
d
dddddd
d
d
d
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d
ddddddddd
d
d
d
ddddddddd
dddddddddd
dddddddddd
dddddddddd
d
d
d
d
d
d
d
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ddddddddd
ddddddddddd
d
d
d
d
d
d
d
d
d
d
d
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ddddddd
ddddddddd
ddddddd
ddddddddd
ddddddddd
ddddddd
ddddddd
ddddddddd
ddddddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddd
ddddddddd
ddddddddd
ddddddd
ddddddddd
dddddddddd
ddddddddd
dddddddddd
dddddddddd
dddddddddd
ddddddd
ddddddddd
ddddddd
ddddddddd
ddddddd
ddddddd
ddddddd
ddddddddd
ddddddddd
ddddddddddd
ddddddd
ddddddddd
ddddddddd
ddddddd
ddddddd
dddddd
ddddddddd
dddddddddd
ddddddd
ddddddddd
ddddddd
ddddddddd
ddddddddd
ddddd
dddddd
ddddd
dddddd
dddddd
ddddd
ddddd
ddddd
dddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
dddddd
ddddd
dddddd
dddddd
dddddd
dddddd
ddddddd
dddddd
ddddd
dddddd
ddddd
dddddd
ddddd
ddddd
ddddd
dddddd
ddddd
ddddddd
ddddd
dddddd
dddddd
ddddd
ddddd
ddd
dddddd
dddddd
ddddd
ddddd
ddddd
dddddd
ddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
dddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
dddddd
dddddd
ddddd
dddddd
dddddd
dddddd
dddddd
dddddd
ddddddd
ddddd
dddddd
dddddd
ddddd
dddddd
dddddd
ddddd
ddddd
dddddd
dddddd
ddddddd
dddddd
dddddd
dddddd
dddddd
ddddddd
ddddddddd
ddddddd
ddddd
ddddddd
dddddd
dddddd
ddddd
dddddd
dddddd
ddddddd
ddddd
ddddddddd
dddddd
dddddd
dddddd
dddddd
dddddd
ddddd
dddddd
dddddd
dddddd
dddddd
dddddd
ddddddd
dddddd
ddd
ddddd
ddd
ddddd
ddddd
ddd
ddd
ddddd
ddddd
ddd
ddd
ddd
ddd
ddd
ddddd
ddd
ddd
ddd
ddddd
ddddd
ddd
ddddd
ddddd
ddddd
ddddd
dddddd
ddddd
ddd
ddddd
ddd
ddddd
ddd
ddd
ddd
ddddd
ddd
dddddd
ddd
ddddd
ddddd
ddd
ddd
ddd
ddddd
ddddd
ddd
ddddd
ddd
dddddd
ddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
d4dddddddddd3dddddddddd3ddddddddd3dddddd3ddd4ddd3ddd3
ddddd3ddd3ddddddd3dddddddddddd3dddddddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
d
d
d
d
d
d
d
d
d
d
d
d
d
d
d
d
d
d
d
ddddd
d
d
d
dddddd
dddddd
ddddddd
d
d
d
d
d
d
d
d
dddddd
d
ddddddd
d
d
d
d
d
d
d
d
d
d
ddddd
d
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d
d
d
d
d
d
d
d
d
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d
d
d
d
d
d
d
d
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d
d
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ddddd
ddddd
d
d
d
d
d
d
d
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d
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d
d
d
d
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d
d
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d
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d
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d
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d
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d
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d
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ddddd
ddddd
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ddddd
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dddddd
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dddddd
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dddddd
ddddd
dddddd
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ddddd
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dddddd
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ddddd
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dddddd
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ddddd
ddddd
dddddd
dddddd
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dddddd
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ddddd
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ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
ddddd
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RESOLUTION ADOPTED
BY THE BOARD OF GOVERNORS OF IDA
Resolution No. 228
Financial Statements, Accountants’ Report and Administrative Budget
RESOLVED:
THAT the Board of Governors of the Association consider the
Financial Statements, Accountants’ Report and Administrative Budget,
included in the 2011 Annual Report, as fulfilling the requirements of
Article VI, Section 11, of the Articles of Agreement and of Section 8 of
the By-Laws of the Association.
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RESOLUTION ADOPTED
BY BOARD OF GOVERNORS OF IFC
BETWEEN THE 2010 AND 2011 ANNUAL MEETINGS
Resolution No. 253
Membership of Suriname
WHEREAS, Suriname has applied for admission to membership in
the International Finance Corporation in accordance with Section 1(b)
of Article II of the Articles of Agreement of the Corporation; and
WHEREAS, pursuant to Section 17 of the By-Laws of the Corporation, the Board of Directors, after consultation with representatives
of Suriname, has made recommendations to the Board of Governors
regarding this application;
NOW, THEREFORE, the Board of Governors hereby
RESOLVES:
THAT the terms and conditions upon which Suriname shall be admitted to membership in the Corporation shall be as follows:
1. Definitions: As used in this Resolution:
(a) “Corporation” means International Finance Corporation.
(b) “Articles” means the Articles of Agreement of the Corporation.
(c) “Dollars” or “$” means dollars in currency of the United States
of America.
2. Subscription: By accepting membership in the Corporation, Suriname
shall subscribe to 620 shares of the capital stock of the Corporation
at the par value of $1,000 per share.
3. Payment of Subscription: Before accepting membership in the Corporation, Suriname shall pay $620,000 to the Corporation representing
payment in full for the 620 shares of the capital stock subscribed.
4. Information: Before accepting membership in the Corporation, Suriname shall furnish to the Corporation such information relating to its
application for membership as the Corporation may request.
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5. Effective Date of Membership: Suriname shall become a member of
the Corporation with a subscription as set forth in paragraph 2 of this
Resolution as of the date when Suriname shall have complied with
the following requirements:
(a) made the payment called for by paragraph 3 of this Resolution;
(b) furnished such information as may have been requested by the
Corporation pursuant to paragraph 4 of this Resolution;
(c) deposited with the International Bank for Reconstruction and
Development an instrument stating that it has accepted without
reservation in accordance with its law the Articles and all the
terms and conditions prescribed in this Resolution, and that it has
taken all steps necessary to enable it to carry out all its obligations
under the Articles and this Resolution; and
(d) signed the original Articles held by the International Bank for
Reconstruction and Development.
6. Limitation on Period for Fulfillment of Requirements of Membership:
Suriname may fulfill the requirements for membership in the Corporation pursuant to this Resolution until December 31, 2011, or such
later date as the Board of Directors may determine.
(Adopted August 12, 2011)
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RESOLUTION ADOPTED
BY THE BOARD OF GOVERNORS OF IFC
Resolution No. 254
Financial Statements, Accountants’ Report,
Administrative Budget and Designations of Retained Earnings
RESOLVED:
1. THAT the Board of Governors of the Corporation consider the Consolidated Financial Statements and Independent Auditors’ Report
included in the 2011 Annual Report and the Administrative Budget
contained in the Report of the Board of Governors on IFC’s FY12
Business Plan and Budget (the “Report”), as fulfilling the requirements of Article IV, Section 11, of the Articles of Agreement and of
Section 16 of the By-Laws of the Corporation;
2. THAT the Report is hereby noted with approval;
3. THAT the Corporation’s FY11 Net Income of $1,579 million shall be
transferred to undesignated retained earnings;
4. THAT the Corporation’s designation of $69 million of retained
earnings for IFC’s Funding Mechanism for Technical Assistance and
Advisory Services in IFC’s Fiscal Year 2012 First Quarter financial
statements is hereby noted with approval;
5. THAT the Corporation’s designation of $330 million of retained earnings in IFC’s Fiscal Year 2012 financial statements for grants to the
International Development Association (the “Association”) for use
by the Association in the form of grants in furtherance of the Corporation’s purposes is hereby noted with approval.
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RESOLUTION ADOPTED BY
THE COUNCIL OF GOVERNORS OF MIGA
Resolution No. 89
Financial Statements and the Report of the Independent Accountants
RESOLVED:
THAT the Council of Governors of the Agency consider the Financial
Statements, and the Report of Independent Accountants included in the
2011 Annual Report, as fulfilling the requirements of Article 29 of the
MIGA Convention and of Section 16(b) of the By-Laws of the Agency.
180
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REPORT OF THE EXECUTIVE DIRECTORS OF THE BANK
July 20, 2010
Enhancing Voice and Participation of Developing
and Transition Countries
I. Introduction
1. The 2002 Monterrey Consensus encouraged the World Bank Group
(WBG) and the International Monetary Fund “to continue to enhance
participation of all developing countries and countries with economies
in transition (DTC) in their decision making and thereby to strengthen
the international dialogue and the work of these institutions as they
address the development needs and concerns of these countries.”1
2. The Executive Directors of the Bank and the Board of Directors of
IFC have considered over the last two years the question of enhancing
the voice and participation of the DTCs in the Bank and the Corporation, following several years that saw initiatives that strengthened
DTC participation in WBG decision-making.2 The first phase of voice
and participation reform was agreed by the Development Committee
in October 2008 and approved by the Board of Governors in January
2009. At its Fall 2009 and Spring 2010 meetings, the Development
Committee discussed papers from the Executive Directors on further
reforms, on the basis of which the Executive Directors of the Bank and
the Board of Directors of the Corporation have prepared this report.
3. At its April 2010 meeting, the Development Committee considered
the second phase of voice reforms described in “World Bank Group
Voice Reform: Enhancing Voice and Participation of Developing
and Transition Countries in 2010 and Beyond” (DC2010-0006/1,
April 25, 2010). The Development Committee Communiqué of
April 25, 2010 stated:
1
2
Quoted from Monterrey Consensus on Financing for Development, International
Conference on Financing for Development, Monterrey, Mexico, March 18–22,
2002, paragraph 63.
Development Committee Communiqué, October 2008, and Enhancing Voice
and Participation of Developing and Transition Countries in the World Bank
Group: Implementation of Reforms (R2008-244/1, December 11, 2008).
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In line with our Istanbul commitments, we endorsed voice reform
to increase the voting power of developing and transition countries
(DTC) in IBRD by 3.13%, bringing it to 47.19%. This represents a
total shift of 4.59% to DTCs since 2008. This 2010 realignment includes
a selective capital increase of $27.8 billion with paid-in capital of
$1.6 billion. The approach used for the 2010 shareholding realignment and its elements are the basis for the current selective capital
increase only. For the next shareholding review in 2015, we committed
to establish a work program and a roadmap to arrive at a benchmark
for a dynamic formula reflecting the principles we agreed in Istanbul,
moving over time towards equitable voting power and protecting the
voting power of the smallest poor countries. We reiterate the importance
of an open, merit-based and transparent process for the selection of
the President of the World Bank Group. We will also promote staff
diversity to reflect better the global nature of the WBG.
As a first step in IFC voice reform, we endorsed an increase in basic
votes and a selective capital increase of $200 million, representing a
total shift of 6.07%, to bring DTC voting power to 39.48% and move
towards a broad and flexible alignment with IBRD shareholding.
We urged the Boards and WBG management to expedite the necessary procedures so the appropriate resolutions to implement the voice
reform and capital packages are submitted to the IBRD and IFC Boards
of Governors by end-June 2010.3
4. This paper presents the necessary implementation decisions and
actions that require approval by the Boards of Governors of the Bank
and the Corporation.
II. Bank
5. 2010 Bank Shareholding Realignment. As endorsed by the Development Committee in April 2010, the Executive Directors recommend
to the Board of Governors:
(a) a selective capital increase (SCI) of $27.8 billion, corresponding
to 230,374 shares4, and allocation of shares to the participating
3
4
Development Committee Communique, April 25, 2010, paragraphs 6, 7 and 9.
As is the case of the present authorized capital, the increase would be
denominated in terms of the United States dollars of the weight and fineness in
effect on July 1, 1944, and, in accordance with Executive Directors’ decision of
October 14, 1986, would be valued in terms of the 1974 SDR, i.e., on the basis of
US$1.20635 per 1944 gold dollar.
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members as set forth in the attached draft Board of Governors’
Resolution (SCI Resolution) (Annex 1); and
(b) a review of the Bank’s shareholding every five years, starting in
2015.
Approval of Bank capital increases requires a 75% majority of total
voting power.
6. Modalities. The Executive Directors recommend modalities for the
SCI as set forth in paragraphs 7 to 11 below.
7. Paid-in Percentage. The shares allocated to smallest poor members
to address voting power dilution will be fully callable with no paid-in
portion.5 In line with the current average paid-in ratio of Bank’s capital, all other shares allocated under this SCI require paid-in capital at
6%.6 Therefore, a total of $1.6 billion of the $27.8 billion SCI will be
in the form of paid-in capital.
8. Payment Arrangements. As endorsed by the Development Committee,
the draft SCI Resolution provides that each subscription to shares is conditioned upon the free and immediate use of national currency paid-in
capital (NCPIC).7 The Executive Directors recommend to the Governors
that this be implemented through the following payment arrangements:
(a) Of the paid-in percentage of 6%, 0.6% is payable in United States
dollars and 5.4% is payable in a member’s national currency, but
if the member’s national currency is not freely convertible, the
5.4% portion will be payable in any freely convertible currency.8
In order to achieve the unrestricted usability of NCPIC, the Bank
will immediately convert the NCPIC portion into United States
dollars for use in Bank operations.9
(b) The NCPIC portion will cease to be denominated in “national
currency” for the purposes of the Bank’s Articles upon conversion
5
6
7
8
9
Shares allocated to smallest poor members are listed in paragraph 2, column 2 of
the SCI Resolution (Annex 1).
Shares allocated are listed in paragraph 2, column 1 of the SCI Resolution
(Annex 1).
These conditions apply only to new subscriptions under the SCI and GCI, not to
existing IBRD subscriptions.
A “freely convertible currency” means a currency which the Bank determines is
adequately convertible by the Bank into United States dollars.
The general practice of the Bank is to warehouse funds in United States dollars.
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by the Bank, and the restrictions on the use of the NCPIC will no
longer apply.10
(c) As the requirement for payment in freely convertible currency
may impose a substantial burden on the foreign currency reserves
of low-income countries, members that are recipients of IDA
resources and are not eligible to borrow from the Bank (IDAonly members) as of July 1, 2010, may pay in their national currencies even if not freely convertible.11
(d) The SCI Resolution reflects these payment arrangements12 and
expressly provides that, by subscribing to such shares, members
acknowledge that no further consents are required for use of this
portion of their paid-in capital in the Bank’s operations.
9. In addition, to ensure that funds paid-in are immediately usable by
the Bank in its operations, payments for subscriptions to the SCI will
be made in cash.13 By subscribing to shares, members acknowledge
10
This is similar to the effect of entering into “repurchase arrangements” with the
Bank. Under these arrangements, members substitute United States Dollars for
their NCPIC. In addition, maintenance of value (MoV) obligations relating to
subscriptions under the contemplated SCI will be extinguished upon conversion
into United States dollars. (MoV obligations refers to provisions in the Bank’s
Articles of Agreement that payment by the Bank or the member is required
when the par value of the member’s NCPIC changes.)
11 A total of $8.7 million is expected to be subject to this exception for these IDAonly members, assuming that the SCI is fully subscribed by such members.
While these members are not required to provide freely-convertible currency,
the draft SCI Resolution provides that, by subscribing, the IDA-only members
are deemed to provide their irrevocable consent to the use of their currencies
in Bank operations. This use is expected to be limited but would include,
for example, lending, re-lending, exchange (if the currency becomes freely
convertible), and/or disbursing to contractors in local currency for payments
due under WBG projects inside the country. Consent for use by the Bank for
administrative expenses is not required under the Articles. MoV obligations
would continue to apply to subscriptions of these IDA-only members under this
exception to the amounts which have not been used by the Bank.
12 See paragraphs 3(c), (d) and (f) of the SCI Resolution (Annex 1).
13 In lieu of cash, the Bank may accept notes from members with legislative
constraints requiring payment for such subscriptions to be made by note. Any
notes must be non-interest-bearing demand notes issued by the member or its
depository. In order to ensure immediate usability, such notes will be promptly
encashed by the Bank. In the event of failure to pay on the notes, the voting
rights attached to such shares would be subject to suspension within seven days.
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in the SCI Resolution that the ongoing right to substitute notes for
these cash payments will not apply to these subscriptions.14
10. Subscription. Members will have four years from the date of adoption of the SCI Resolution to subscribe to shares allocated to them.
Extension for individual countries will be considered for a period
of up to 24 months beyond the initial four years. Each request for
extension will need to be accompanied by a specific schedule of the
steps the member will take to subscribe to the shares. Any extension
beyond the first 12 months will require approval by the Executive
Directors. The Executive Directors expect Management to report
periodically on the status of subscriptions and extensions. While
early subscription is encouraged, members will be able to customize
their subscription schedule within the four-year subscription period.
Voting power of individual members will change at the intervals at
which shares are subscribed. Members are urged to make necessary
arrangements to subscribe as soon as possible.
11. Preemptive Rights. An SCI depends on the agreement of members
to refrain from the exercise of their rights to subscribe to sufficient
shares in the capital increase to maintain their percentage share of
total capital of the Bank (preemptive rights).15 Recent SCIs have
been conditioned on the waiver of preemptive rights by all shareholders, so that if any member decided to exercise its preemptive rights,
the Board of Governors’ Resolution would not become effective.
Accordingly, the effectiveness of the SCI Resolution is conditioned
on waiver of preemptive rights by all members. If a member wishes
to exercise its preemptive rights, it must do so within 21 days of
the date of the transmission of this Report and SCI Resolution to
the Governors for voting. If a member does not wish to exercise its
preemptive rights, no action is required.
12. Regular Bank Shareholding Review. Bank shareholding will be
reviewed every five years starting in 2015. While it is envisioned
that such reviews will take place regularly, shareholding realignment
14
The ongoing right to substitute notes applies only to subscriptions in the
member’s national currency. Through conversion, the right to substitute notes
for cash falls away. Even if the national currency is provided by IDA-only
countries, it cannot be substituted for notes, as the Articles expressly recognize
that there is no right to substitute notes if the paid-in portion is needed by the
Bank in its operations.
15 Article II, Section 3(c) of IBRD’s Articles of Agreement.
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will not necessarily be required with each review, but only when
shareholders, through the Board of Governors, decide that the results
warrant adjustment. This feature is introduced through the SCI Resolution. The approach and elements for the 2010 shareholding realignment are the basis for this SCI only, to achieve the agreed increase
of 3.13% in DTC voting power. For the first five-year review, the
Development Committee Communiqué stated that:
For the next shareholding review in 2015, we committed to establish a work program and a roadmap to arrive at a benchmark for
a dynamic formula reflecting the principles we agreed in Istanbul,
moving over time towards equitable voting power and protecting the
voting power of the smallest poor countries.
13. Board Composition. In line with the first phase of voice reforms
already approved by the Board of Governors in January 2009, the
countries in the two current Sub-Saharan Africa constituencies will
be represented by three Executive Directors to be elected at the 2010
Regular Election this Fall. Moreover, member subscriptions to the
shares proposed in the SCI Resolution will eventually result in one
member (China) becoming the third largest shareholder and two
members (France and the United Kingdom) becoming the fifth largest shareholders, each having an equal number of shares. Under the
Articles, the five largest shareholders have a right to appoint Executive Directors. Given these circumstances, the Executive Directors
approved (at the close of business on July 6, 2010) an interpretation
of the Articles to permit both France and the United Kingdom to
each appoint an Executive Director while they hold equal number
of shares and are the fifth largest shareholders in the Bank until the
first regular election of Executive Directors after 2015.
14. Voting. The terminal date for Governors to vote on the SCI Resolution is by close of business on September 10, 2010, unless extended
by the Executive Directors of the Bank. The Executive Directors
encourage the Governors to vote as expeditiously as possible.
15. Recommendation. In consideration of the above, the Executive
Directors of the Bank recommend that the Governors of the Bank
adopt the attached SCI Resolution. . . .(1)
(1) This
resolution was subsequently approved. See page 146.
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III. IFC
16. Historically, IFC’s main shareholding principle has been to reflect
each new member’s relative weight in IBRD shareholding. However,
over the years, a differentiation has developed in the relative size of
IFC and IBRD share allocations among members, so that the DTC
voting power today in IFC is at 33.4%, compared to post-Phase 1
DTC voting power in IBRD at 44.1%. IFC voice reform provides
an opportunity for shareholders to balance voting power adjust-
ments in IBRD and IFC, while achieving voting power adjustments and reinforcing IFC’s financial capacity.
17. Realignment Principles. The underlying principle for IFC Voice
Reform is a broad and flexible alignment between IFC and IBRD
shareholdings, that takes into account different levels of shareholder
interest in and support for the different institutions. In that light, the
IFC Voice Reform will be implemented through an increase in Basic
Votes in parallel with a selective capital increase (SCI) open for
subscription to those members interested in increasing their shareholding and support for IFC.
18. Increase in Basic Votes and Amendment to the Articles of Agreement. As at the Bank, the voting power of each IFC member is the
sum of its Basic Votes, fixed at 250 votes per member in the Corporation’s Articles, and its share votes, with one vote for each share
of IFC stock held16.
19. At present, Basic Votes represent 1.88% of total IFC voting power,
compared to 12.28% at the time of the Corporation’s founding in
1956. An increase in Basic Votes would strengthen the relative voting
power of members with smaller shareholdings, many of which are
classified as DTCs. The package of Voice Reforms discussed at the
Development Committee meeting held on April 25, 2010 proposed
increasing IFC Basic Votes to 5.55% of total votes, in line with what
was done for IBRD in the Phase I Voice Reform. An amendment to
the Articles that sets Basic Votes at this percentage of 5.55% would
prevent future reductions in the proportion in voting power that
Basic Votes represent.
20. Calculation. With this amendment, Basic Votes for any member will
be determined by a two-step calculation. First, the aggregate number
16
Article IV, Section 3 of IFC’s Articles of Agreement.
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of Basic Votes for all members will be calculated to be 5.55% of total
votes. Second, this aggregate number of Basic Votes will be divided
by the number of members at the time of calculation, to determine
the number of Basic Votes allocated to each member.17 To avoid the
complication of fractional Basic Votes, the number of Basic Votes
allocated to each member will be rounded upward or downward to
a whole number, using the basic rounding convention.
21. Changes in Basic Votes. The percentage of total voting power that
is represented by aggregate Basic Votes would be fixed at 5.55%
and would not change when the number of subscribed shares of the
Corporation’s capital stock are increased or decreased, or when the
number of the Corporation members increases or decreases. Increases
or decreases in the number of shares held by members will change
the aggregate number of Share Votes, and thus the aggregate number
of Basic Votes as well as the Basic Votes allocated to each member.
Similarly, the addition or departure of members will change the number of Basic Votes per member, even if there were no change in the
aggregate number of Basic Votes. The level of Basic Votes shall be
increased to 5.55% of total votes through an amendment to Article
IV, Section 3(a) of the Corporation’s Articles of Agreement, as set
out below:
Proposed New Text of Article IV, Section 3
Section 3. Voting
(a) The voting power of each member shall be equal to the sum of
its basic votes and share votes.
(i) The basic votes of each member shall be the number of votes
that results from the equal distribution among all members
of 5.55 percent of the aggregate sum of the voting power of
all members, provided that there shall be no fractional basic
votes.
17
For this calculation, Total Share Votes will be the total number of shares of
the Corporation’s capital subscribed by all members. Total Basic Votes will
be 5.55% of Total Votes; therefore, Total Share Votes will be 94.45% of Total
Votes. The associated equations are as follows:
(a) Total Votes = Total Share Votes divided by 0.9445.
(b) Total Basic Votes = Total Votes minus Total Share Votes.
(c) Each member’s basic Votes = Total Basic Votes divided by the number of
members (currently 182), rounded to zero decimal places using the basic
rounding convention.
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(ii) The share votes of each member shall be the number of votes
that results from the allocation of one vote for each share of
stock held.
22. The proposed amendment would require acceptance by vote of threefifths of the Governors exercising eighty-five percent of the total
voting power. The amendment would enter into force three months
after the Corporation certifies that the required majority has been
reached.18
23. Increase in IFC’s Authorized Capital Stock and Issuance of Shares.
The package of Voice Reforms endorsed by the Development Committee contemplated issuance and subscription of $200 million shares,
comprising $70 million existing but unallocated shares and $130 million newly created shares. At present, IFC has an authorized capital
stock of $2,450 million divided into 2,450,000 shares of $1,000 each.
Of this capital stock, 2,369,396 shares are allocated, subscribed and
fully paid-in, and the remaining 80,604 shares are currently unallocated. Management has recommended retention of 10,604 of those
unallocated shares available for possible issuance to new IFC members to meet membership requirements. Thus, 70,000 currently unallocated shares could be issued pursuant to a selective capital increase.
Additional capital subscriptions for an amount of $130 million would
require issuance of 130,000 new shares and an increase in the authorized capital stock of the Corporation by $130 million.
24. Allocation of Shares and Waiver of Preemptive Rights of Subscription by Members. The allocation of shares to participating members
is based on the principles of allocation endorsed by the Development
Committee and the non-binding expressions of interest received by
IFC Management no later than April 20, 2010. The Board of Governors’ Resolution attached to this Report as Annex 2 shows the
number of shares that would be allocated and offered for subscription
to each participating member, and, in the event that some members
do not subscribe, authorizes the further allocation of the remaining
unsubscribed shares, first to Saudi Arabia (up to 2,372 additional
shares) and Kuwait (up to 400 additional shares), to correct an error
in the calculation of their non-binding expressions of interest as of
April 20, 2010 as a result of which they should be allocated additional
shares; and the balance of remaining unsubscribed shares, pro rata
among all participating members. Members who are not interested in
18
Article VII of IFC’s Articles of Agreement.
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subscribing to all or part of the shares allocated to them are encouraged to notify the Corporation as soon as possible; preferably no later
than six months following the date of effectiveness of the increase in
the authorized capital stock of the Corporation.
25. The effectiveness of the proposed allocation of shares is based on the
expectation that all members will agree to waive their preemptive
rights of subscription under the Articles of Agreement.19
26. Terms of Subscription and Payment. All shares would be issued at
par and fully paid in cash in United States dollars or other freely convertible currencies. In lieu of cash, the Corporation will also accept
United States dollars denominated notes payable on demand and
issued by a member or its designated depository. Although participating members are encouraged by Management to subscribe and
pay promptly, the terms of subscription and payment set out in the
draft Board of Governors’ Resolution provide wide flexibility to
participating members.
27. IFC Shareholding Review. The IFC Voice Reform contemplates a
periodic shareholding review for IFC every five years, starting in 2015.
28. Recommendation. In consideration of the above, the Board of Directors of the Corporation recommends that the Governors of the Corporation adopt the attached Resolution. . . .(1)
(This report was approved and its recommendation in para. 15 was adopted
by the Board of Governors on March 16, 2011. The recommendation in
para. 28 has not yet been adopted.)
19
Article II, Section 2(d) of IFC’s Articles of Agreement.
resolution has not been adopted.
(1) This
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July 20, 2010
2010 General Capital Increase
1. Introduction. Over the past months, the Executive Directors have
considered a general increase in IBRD’s capital as part of a package
of measures aimed at enhancing IBRD’s financial capacity. During
this period, there has been a series of formal and informal discussions
to help build consensus on the general capital increase (GCI). Agreement on the size and modalities of the GCI has now been reached.
This report presents the Executive Directors’ recommendations on
the GCI to the Board of Governors, as well as recommendations for
an additional increase in shares for new members. Draft Resolutions
of the Board of Governors for the GCI (GCI Resolution) and the
additional increase in shares for new members (Additional Increase
Resolution), respectively, are presented in Annexes 3 and 4.
2. Size of GCI. As endorsed by the Development Committee in April
2010, the Executive Directors recommend to the Governors a general
capital increase of $58.4 billion corresponding to 484,102 shares20 to
be allocated on a pro rata basis. The pro rata allocation of shares for
members is set out in the draft GCI Resolution. With this increase and
the $27.8 billion Selective Capital Increase (SCI) as recommended in
the Executive Directors Report entitled “Enhancing Voice and Participation of Developing and Transition Countries”, the authorized capital
of IBRD will be increased by $86.2 billion to reach $276.1 billion.
3. Paid-In Percentage. In line with the current average paid-in ratio of
Bank’s capital, the Executive Directors recommend to the Governors
that all shares allocated under this GCI require paid-in capital at 6%.
Therefore, a total of $3.5 billion of the $58.4 billion GCI will be in the
form of paid-in capital.
4. Payment Arrangements. As endorsed by the Development Committee, the draft GCI Resolution provides that each subscription to shares
is conditioned upon the free and immediate use of national currency
20
As is the case of the present authorized capital, the increase would be
denominated in terms of the United States dollars of the weight and fineness in
effect on July 1, 1944, and, in accordance with Executive Directors’ decision of
October 14, 1986, would be valued in terms of the 1974 SDR, i.e., on the basis of
US$1.20635 per 1944 gold dollar.
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paid-in capital (NCPIC).21 The Executive Directors recommend to
the Governors that this be implemented through the following payment arrangements:
(a) Of the paid-in percentage of 6%, 0.6% is payable in United States
dollars and 5.4% is payable in a member’s national currency, but
if the member’s national currency is not freely convertible, the
5.4% portion will be payable in any freely convertible currency.22
In order to achieve the unrestricted usability of NCPIC, the Bank
will immediately convert the NCPIC portion into United States
dollars for use in Bank operations.23
(b) The NCPIC portion will cease to be denominated in “national
currency” for the purposes of the Bank’s Articles upon conversion by the Bank, and the restrictions on the use of the NCPIC
will no longer apply.24
(c) As the requirement for payment in freely convertible currency
may impose a substantial burden on the foreign currency reserves
of low-income countries, members that are recipients of IDA
resources and are not eligible to borrow from IBRD (IDA-only
members) as of July 1, 2010, may pay in their national currencies
even if not freely convertible.25
21
These conditions apply only to new subscriptions under the SCI and GCI, not to
existing IBRD subscriptions.
22 A “freely convertible currency” means a currency which the Bank determines is
adequately convertible by the Bank into United States dollars.
23 The general practice of the Bank is to warehouse funds in United States dollars.
24 This is similar to the effect of entering into “repurchase arrangements” with the
Bank. Under these arrangements, members substitute United States dollars for
their NCPIC. In addition, maintenance of value (MoV) obligations relating to
subscriptions under the contemplated GCI will be extinguished upon conversion
into United States dollars. (MoV obligations refers to provisions in the Bank’s
Articles of Agreement that payment by the Bank or the member is required when
the par value of the member’s NCPIC changes.)
25 A total of $159.5 million is expected to be subject to this exception for these
IDA-only members, assuming that the GCI is fully-subscribed by such members.
While these members are not required to provide freely-convertible currency,
the draft GCI Resolution provides that, by subscribing, the IDA-only members
are deemed to provide their irrevocable consent to the use of their currencies
in Bank operations. This use is expected to be limited but would include,
for example, lending, re-lending, exchange (if the currency becomes freely
convertible), and/or disbursing to contractors in local currency for payments
due under WBG projects inside the country. Consent for use by the Bank for
administrative expenses is not required under the Articles. MoV obligations
would continue to apply to subscriptions of these IDA-only members under this
exception to the amounts which have not been used by the Bank.
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(d) The GCI Resolution reflects these payment arrangements26 and
expressly provides that, by subscribing to such shares, members
acknowledge that no further consents are required for use of this
portion of their paid-in capital in the Bank’s operations.
5. In addition, to ensure that funds paid-in are immediately usable by
the Bank in its operations, payments for subscriptions to the GCI will
be made in cash.27 By subscribing to shares, members acknowledge
in the GCI Resolution that the ongoing right to substitute notes for
these cash payments will not apply to these subscriptions.28
6. Subscription. Members will have five years from the date of adoption of the GCI Resolution to subscribe to shares allocated to them.
Extension for individual countries will be considered for a period of
up to 24 months beyond the initial five years. Each request for extension will need to be accompanied by a specific schedule of legislative
steps to be taken to subscribe to shares. Any extension beyond the
first 12 months will require the approval by the Executive Directors.
The Executive Directors expect Management to report periodically
on the status of subscriptions and extensions. While early subscription
is encouraged, members will be able to customize their own subscription schedule within the five-year subscription period. Voting power
of individual members will change at the intervals at which shares
are subscribed. It is important that members make arrangements to
subscribe as soon as possible.
7. Share Allocation for New Members. The Articles of Agreement
require the Bank to “reserve a sufficient portion of its capital stock
for subscription” by new members. Therefore, Executive Directors
26
See paragraphs 3(c), (d) and (f) of the draft GCI Resolution (Annex 3).
In lieu of cash, the Bank may accept notes from members with legislative
constraints requiring payment for such subscriptions to be made by note. Any
notes must be non-interest-bearing demand notes issued by the member or
its depository. In order to ensure immediate usability, any such notes will be
promptly encashed by the Bank. In the event of failure to pay on the notes, the
voting rights attached to such shares would be subject to suspension within
seven days.
28 The ongoing right to substitute notes applies only to subscriptions in the
member’s national currency. Through conversion, the right to substitute notes
for cash falls away. Even if the national currency is provided by IDA-only
countries, it cannot be substituted for notes, as the Articles expressly recognize
that there is no right to substitute notes if the paid-in portion is needed by the
Bank in its operations.
27
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also recommend that an additional increase of 11,400 shares be authorized and set aside for new members. This is considered sufficient to
accommodate future membership applications and corresponds to
about 0.72% of total shares.
8. Voting. It is important to have early effectiveness of the proposed
GCI as capital constraints have already started to limit the Bank’s
lending. The terminal date for Governors to vote on the GCI Resolution is by close of business on September 10, 2010, unless extended by
the Executive Directors of the Bank. Executive Directors encourage
the Governors to vote as expeditiously as possible.
9. Recommendation. In consideration of the above, the Executive Directors of the Bank recommend that the Governors of the Bank adopt
the attached Governors’ Resolutions . . . .1,2
Board of Governors on March 16, 2011.)
1,2 These
resolutions were subsequently approved. See pages 152, 157.
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April 26, 2011
for Gaza and West Bank
1. On October 19, 1993, by the terms of Resolution No. 93-11 and
IDA 93-7, the Executive Directors of the International Bank for
Reconstruction and Development (Bank) and the International
Development Association (Association) approved the establishment
of the Trust Fund for Gaza. On November 11, 1993, by the terms of
Resolution No. 483, the Board of Governors of the Bank approved the
transfer from surplus, by way of grant, of US$50 million to the Trust
Fund for Gaza. On August 1, 1995, by the terms of Resolution No. 95-6
and IDA 95-3, the Executive Directors of the Bank and the Association amended Resolution No. 93-11 and IDA 93-7 by (a) expanding
the territorial scope of the activities to be financed out of the Trust
Fund for Gaza to include such areas, sectors and activities in the West
Bank which are or will be under the jurisdiction of the Palestinian
Authority pursuant to the relevant Israeli-Palestinian agreements;
and (b) changing the name of the “Trust Fund for Gaza” to “Trust
Fund for Gaza and West Bank.” On October 12, 1995, by the terms
of Resolution No. 500, the Board of Governors approved the transfer
to the Trust Fund for Gaza and West Bank, by way of grant out of the
Bank’s FY95 net income, of US$90 million. On December 19, 1996, by
the terms of Resolution No. 96-11 and No. IDA 96-7, the Executive
Directors of the Bank and the Association further amended Resolution No. 93-11 and IDA 93-7 by (a) introducing flexibility to the terms
under which resources may be provided out of the Trust Fund for
Gaza and West Bank; and (b) requiring that the repayment of trust
fund credits made out of the Trust Fund for Gaza and West Bank
accrue to the Association as part of its resources. Additional funding
was provided by transfers from surplus or net income approved by the
Bank’s Board of Governors on February 3, 1997 (US$90 million, Resolution 511), July 13, 1998 (US$90 million, Resolution No. 519), September 30, 1999 (US$60 million, Resolution No. 529), February 4, 2004
(US$80 million, Resolution No. 556), January 31, 2007 (US$50 million, Resolution No. 584), June 4, 2008 (US$55 million, Resolution
No. 589), July 10, 2009 (US$55 million, Resolution No. 599), and
August 9, 2010 (US$55 million, Resolution No. 608).
2. In view of the material contribution that the Bank’s financial assistance makes to Palestinian economic welfare, the Executive Directors
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consider that the Trust Fund for Gaza and West Bank should be
replenished. They recommend that the Board of Governors authorize
the transfer from surplus of the amount of US$75 million to the Trust
Fund for Gaza and West Bank.
3. Accordingly, the Executive Directors recommend that the Board of
Governors adopt the draft Resolution. . . .1
(This report was approved and its recommendation was adopted by the
Board of Governors on June 8, 2011)
June 14, 2011
Transfer of IBRD Surplus to the South Sudan Transition Trust Fund
1. In view of the need for quick starting development for South Sudan
and in order to promote the purposes of the International Bank for
Reconstruction and Development (the “IBRD”), the Executive Directors consider that a program of assistance for South Sudan should be
undertaken for the benefit of the members of the IBRD, upon South
Sudan attaining independence. The Executive Directors consider that
a trust fund should be established by the International Development
Association (IDA) and recommend that the Board of Governors
authorize the immediate transfer from surplus of $75 million to the
South Sudan Transition Trust Fund as a deemed advance of part of
IBRD’s expected contribution to IDA from FY11 net income.
Governors adopt the draft Resolution . . . 2 attached hereto as expeditiously as possible.
(This report was approved and its recommendation was adopted on
July 20, 2011.)
1
2
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8432_CH04_p181-204.indd 196
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July 29, 2011
Forthcoming Annual Meetings of the Boards of Governors
Proposed Dates and Venues for the 2013 and 2014 Annual Meetings
1. The Executive Directors of the World Bank Group (Bank) and the
International Monetary Fund (Fund) recommend to the Boards of
Governors the dates and venues for the forthcoming Annual Meetings.
These recommendations are made well in advance due to the contractual obligations that are required in connection with the arrangements
for the Meetings.
2. Therefore, it is timely for Executive Directors to recommend, to the
Boards of Governors, the dates for the 2013 and 2014 Annual Meetings planned to be held in Washington, D.C.
3. Accordingly, the Executive Directors of the Bank and the Fund recommend that Governors adopt the Resolution . . .1 on the dates for
the 2013 and 2014 Annual Meetings set out in the attachment to this
Report by a vote without meeting.
(This report was approved and its recommendation was adopted on September 13, 2011.)
1
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8432_CH04_p181-204.indd 197
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August 4, 2011
1. The General Reserve (including cumulative exchange rate translation
adjustment) of the IBRD as of June 30, 2011 was $26,562 million.
As of that date, the surplus of the IBRD was $227 million, and the
Special Reserve created under Article IV, Section 6 of the IBRD’s
Articles of Agreement totaled $293 million. For the fiscal year ended
June 30, 2011 (FY11), the IBRD recorded net income on a reported
basis of $930 million. IBRD’s Operating Income (referred to as
“Income before fair value adjustment on non-trading portfolios, net
and Board of Governors-approved transfers” in the Statement of
Income in FY11 external financial statements) is used as the basis for
annual net income allocation decisions, subject to certain standard
adjustments. For FY11, Operating Income was $1,023 million, which
was adjusted by a $91 million transfer from the pension reserve representing the excess of the SRP, RSBP and PEBP accounting expense
over cash contributions, a $4 million transfer to the Restricted Retained
Earnings Account, a $109 million transfer to the LTIP Reserve, and a
$5 million transfer to the pension reserve reflecting the IBRD share
of the PEBP investment income to arrive at allocable net income.
2. The Executive Directors have considered what action to take, or to
recommend that the Board of Governors take, with respect to FY11
net income. The Executive Directors have concluded that the interests
of the IBRD and its members would best be served by the following
dispositions of the net income of the IBRD:
(a) The addition of $401 million to the General Reserve, plus or
minus any rounding amount less than $1 million;
(b) the transfer to the International Development Association, by
way of a grant of $520 million, from FY11 allocable net income,
which amount would be usable to provide financing in the form
of grants in addition to loans; and
(c) the retention as surplus of $75 million.
Governors note with approval the present Report and adopt the draft
Resolutions. . . .1
(This report was approved and its recommendation was adopted on September 23, 2011.)
1
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Report to the Boards of Governors of the IMF and the World Bank
by the Joint Committee on the Remuneration
of Executive Directors and Their Alternates
August 23, 2011
I. Introduction
1. Pursuant to Section 13(e) of the By-Laws of the Bank and Section 14(e)
of the By-Laws of the Fund, the undersigned were appointed to the
2011 Joint Committee on the Remuneration of Executive Directors
and their Alternates (JCR).
2. The 2011 JCR has conducted a streamlined review, in line with the
process started in 2000 of undertaking a comprehensive review every
four years (most recently in 2008), with a streamlined review in the
intervening years. The 2011 review focused on:
• Executive Directors’ remuneration in light of recent salary developments in both institutions and experience with the methodology developed in the context of the full-scale review conducted in 2008; and
• The extension to Fund Executive Directors and Alternates of recent
changes to the Fund’s Staff Retirement Plan. No other benefit changes
were brought to the attention of the JCR for its consideration.
3. Consistent with the suggestions of the 2008 JCR for further streamlining of the process, the 2011 Committee conducted its deliberations by
means of electronic communications without a meeting.
II. Remuneration
4. The 2011 JCR noted the following developments relating to the remuneration of Bank and IMF management and staff:
• The consumer price index (CPI) for the Washington Metropolitan
area has risen by 3.9 percent (May 2010 to May 2011). The remuneration of the Managing Director of the Fund and the President of
the Bank are linked to the May-to-May change in the Washington
Metropolitan area CPI in years between major reviews (normally
carried out at the start of the appointment term) and have been
increased by 3.9 percent with effect from July 1, 2011. In the Fund,
this increase followed a review of management remuneration by
the Executive Board, on the occasion of the selection of a new
Managing Director, which concluded that no adjustment should
be made to the salaries of the new Managing Director and the
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8432_CH04_p181-204.indd 199
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Deputy Managing Directors, other than to reflect the May-to-May
CPI increase.
• Accordingly, the salaries of the Fund’s Deputy Managing Directors,
which are indexed on the same basis as the remuneration of the Managing Director, were also adjusted by 3.9 percent effective July 1.
• The increase in the salary structure of the World Bank’s staff includes
an average adjustment to the salary structure of 1.9 percent for
Washington-appointed staff and country-by-country structure
adjustments based on the 2011 average market salary increases
covering 130 countries. It was approved by the Bank’s Executive
Directors on June 14, 2011.1
• Under the Fund’s new staff salary adjustment framework, Fund staff
will receive a structural salary adjustment as of May 1, and a separate merit-based salary adjustment as of July 1. For 2011, the Fund’s
Executive Board approved a 1.5 percent structure increase and merit
increases of 1.27 percent, 2.54 percent, and 3.81 percent, depending
on performance. Fund staff whose performance was deemed unsatisfactory received no structural or merit salary increase.
5. The 2011 JCR concurs with the conclusion of the 2008 Committee
that the primary internal reference for the remuneration of Bank and
Fund Executive Directors should be the maintenance of a reasonable
relationship to the base salaries of the Heads of the two institutions.
This relationship has been broadly stable over the past twenty years,
and the 2008 Committee considered the present ratio of 52.2 percent
of the base salary of the Heads to be appropriate.
6. Consistent with the process for adjusting the remuneration of the
President of the Bank and the Managing Director of the Fund, and
barring exceptional or unexpected developments, the 2008 Committee
had recommended that the 2009–2011 JCRs should propose a salary
increase for Executive Directors equal to the year’s (May-to-May)
percentage increase in the Consumer Price Index for the Washington-Baltimore Metropolitan area. This approach was subsequently
endorsed by the 2009 and 2010 JCRs. In line with this recommendation, the salaries of Executive Directors were increased by 5 percent
in 2008; no increase was recommended in 2009 (as the May-to-May
local CPI in 2009 was negative), and increased by 1.9 percent (from
the 2008 level) in 2010.
1
This does not include the staff salary ranges at Grades J and K. The market reference points of salaries of Grades J and K will be raised by 3.9 percent, reflecting the May 2010 to May 2011 Washington-Baltimore CPI percentage change.
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7. The Committee considers that setting the salaries of Executive Directors as a proportion of the salaries of the Heads of the institutions
remains a sound approach, given that it is consistent with the provisions of the By-Laws of the Bank and the Fund and the respective
roles of Executive Directors and the Heads of the two institutions
as Chairman of their respective Boards.2 This approach should also
help ensure that the salaries of Executive Directors are appropriately
positioned within the institutions’ overall salary hierarchy over time.
The outcome of the periodic structural reviews of the remuneration
of the Heads of the institutions should be taken into account by future
JCRs in recommending salary adjustments for Executive Directors.
8. In this regard, the Committee notes that the review of IMF management remuneration conducted by the Fund’s Executive Board in June
2011 carefully examined the changing relationship between management remuneration and the salary structure for the most senior staff
in assessing whether any changes in management remuneration were
warranted. The review identified that the gap between Fund management salaries and the top of the salary range for the most senior staff
(Grade B5) has narrowed in recent years, reflecting the real growth
of salaries in the comparator markets for the Fund staff compensation
system. However, the review also noted that the relationship between
management remuneration, including the Managing Director, and
average actual B5 salaries has remained relatively stable over the
past decade. Accordingly, the review concluded that no adjustment
should be made to the salaries of the new Managing Director and the
Deputy Managing Directors, other than to reflect the annual increase
in the May-to-May Washington-Baltimore CPI.
9. The Committee observed that the next major review of the remuneration of Executive Directors and Alternates is scheduled for 2012, and
could provide an opportunity to evaluate whether the methodology
adopted in and followed since 2008 remains appropriate. A comprehensive review could also encompass an assessment of whether
Executive Directors’ salaries are broadly consistent with the salaries
of comparator positions in national public sectors.
2
Section 13 (e) (ii) of the By-Laws of the Bank and Section 14 (e) (ii) of the ByLaws of the Fund state that “. . . in making proposals with respect to the remuneration of Executive Directors and their Alternates, the Committee shall bear
in mind their functions under the Articles of Agreement of the [Bank] [Fund] in
relation to those of the [President] [Managing Director].”
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10. Taking all the above recommendations into account, the 2011 JCR
recommends that the ratio of remuneration of Executive Directors to
the base salary of the Heads of the two institutions be maintained at
52.2 percent, consistent with the methodology adopted by the JCR in
2008, and followed in 2009 and 2010. Accordingly, the JCR recommends an increase in the salary of Executive Directors equal to the
May 2010 to May 2011 CPI increase for the Washington-Baltimore
metropolitan area. This 3.9 percent increase would raise the salary of Executive Directors from $235,180 to $244,350 effective on
July 1, 2011.
11. The JCR considers that, at 86.5 percent, the current ratio between
the salary of Alternate Executive Directors and Executive Directors
remains appropriate, in line with the views of the 2008, 2009 and
2010 Committees. Accordingly, the 2011 JCR recommends the same
3.9 percent increase in the salary of Alternate Executive Directors
from $203,440 to $211,370 effective on July 1, 2011.
III. Benefits
12. Within the framework of the applicable resolutions of the Board of
Governors, each year the JCR considers the possible extension of
any new or modified benefits for Fund and Bank staff to Executive
Directors and their Alternates, and whether the extension of such
benefits would require the approval of the Board of Governors or
may be left to the Executive Boards of the Bank and/or the Fund.3
The 2011 Committee has considered one change in IMF staff benefits
that was introduced after the 2010 JCR meeting.
13. In late 2010, the eligibility criteria for the Fund Staff Retirement Plan
(SRP) were amended to remove the prohibition on enrollment in the
plan for staff members hired after their 62nd birthday. This change was
introduced to recognize increased labor force participation by older
workers, and that if the best candidate for a Fund position were 62 or
older, the exclusion from SRP participation could hinder the Fund’s
3
IMF Board of Governors Resolutions No. 34-7, adopted on July 20, 1979 and
No. 31-1, adopted on October 16, 1975.
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recruitment objectives4,5. It is not anticipated that many individuals over the age of 62 will enroll in the SRP, and thus the actuarial
impact of the removal of the age limit for staff enrollment in the SRP
is expected to be minimal.
14. The Committee considers that there are compelling practical reasons
for maintaining consistency of pension benefits between Executive
Directors and staff as different provisions would add greatly to administrative complexity and costs. The Committee also noted that earlier
changes to staff retirement plans, most recently to the Fund’s SRP in
2010, had consistently been made applicable to Executive Directors
and Alternates.
15. With regard to whether the extension of these benefit changes to
Executive Directors would require the approval of the Board of Governors or may be left to the Fund’s Executive Board, the Committee carefully considered the effects that the changes would have on
the benefits of Executive Directors and Alternates. The Committee
determined that removing the age limit on enrollment in the SRP for
Executive Directors and Alternates would not alter the basic nature
or level of the Fund’s existing retirement benefits, and would have a
minor effect on the overall cost of the Plan.
16. In light of the above, the Committee has concluded that the Fund’s
SRP changes do not constitute major changes to the existing retirement benefits and that it is thus not necessary to seek the approval
of the Board of Governors. The changes may be made available to
Fund Executive Directors and Alternates by decision of the Fund’s
Executive Board.
4
5
A similar prohibition on enrollment after age 62 in the Bank’s pension scheme
was removed, by decision of the Bank’s Executive Board, in 2003. That change
has been deemed also to apply to enrollment in the Bank’s pension plans by
Bank Executive Directors and Alternates.
As a result, there is now no age limit for enrollment in the plan. There has never
been any mandatory retirement age in the Fund’s SRP. However, for Fund staff,
participation in the Plan is normally circumscribed by the Fund’s mandatory
retirement at age 65, although this retirement age can be waived in exceptional
circumstances with Management approval.
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IV. Recommendations Requiring a Vote by the Governors
17. In light of the recommendations on remuneration of Bank and Fund
Executive Directors and their Alternates (paragraphs 10 and 11
above), the Committee recommends that the draft resolutions . . .1 for
the Bank and the Fund, included in Attachments I and II, be adopted
by the respective Boards of Governors of the Bank and the Fund.
18. The Joint Committee directs the Vice President and Corporate Secretary of the Bank and the Secretary of the Fund to transmit this report
to the Boards of Governors of the Bank and the Fund, respectively,
for a vote without meeting in accordance with Sections 12 and 13(e)
of the By-Laws of the Bank and Sections 13 and 14(e) of the By-Laws
of the Fund.
(This report was approved and its recommendation was adopted by mail
on September 23, 2011.)
1
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REPORT OF THE BOARD OF DIRECTORS OF IDA
March 11, 2011
Addition to IDA Resources: Sixteenth Replenishment*
Introduction
1. IDA is a key provider of development assistance. IDA is the largest
single source of concessional financing to developing countries where
people earn less than two dollars a day. IDA resources finance close to
20 percent of all development programs that help government in IDA
countries develop the policies, infrastructure, institutions and human
capital that are the foundation for sustained improvements in their
standard of living. IDA operates with a unique set of principles and
strengths that enables it to support development results effectively
and efficiently and to maximize the impact of all development aid:
(i) it is based on a demand driven, country-based model—countries
determine the priorities for their IDA financing; (ii) it provides a vital
platform to help countries coordinate and target their various bilateral
and multilateral resources; (iii) it supports capacity building and the
development of essential systems and institutions for more effective
delivery of issue-specific aid; (iv) it promotes global priorities within
national development programs; (v) it leverages aid across multiple
sectors; (vi) its safeguards and accountability mechanisms promote
sustainability and good governance; and (vii) it generates and shares
knowledge on best practices and results across the globe.
2. IDA supports key development outcomes. Over the last ten years,
IDA has transformed the lives of millions of people by improving their
access to basic services. Through IDA support 105 million children
have benefitted from improvements in the quality of teaching and
facilities for learning; 47 million people have benefitted from basic
health, nutrition, and population services; 310 million children were
immunized; 26 million people gained access to an all-season road and
113 million people to an improved water source; and 5.8 million were
provided with access to improved sanitation facilities. In addition,
over the last five years, IDA has helped to improve public sector
management and Government procurement systems in over half of
IDA eligible countries as well as enhanced financial management and
access to information in about a third of IDA countries.
*
Annexes are not included in this report.
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3. IDA’s sources of funding. IDA is a revolving fund that relies on contributions from governments of donor countries for over 60 percent of its
funding. The number of donors to IDA has grown considerably over
time, and includes both developed and middle-income developing
countries, some of which were once IDA recipients. IDA also relies
on repayments on outstanding credits, including from 27 countries that
have graduated from IDA. In addition, other members of the World
Bank Group (WBG), i.e., the International Bank for Reconstruction
and Development (IBRD) and the International Finance Corporation (IFC), support IDA with contributions from their net income.
4. Context for the IDA16 discussions. The IDA16 replenishment
discussions took place at a critical time for IDA countries and the
international community.
• First, as highlighted by the Replenishment’s participants, opinion
leaders and representatives of civil society organizations (CSOs),
there are only a few years until 2015—the target date for reaching the Millennium Development Goals (MDGs)—and IDA
recipients’ longer term growth and progress towards reaching
the MDGs have been negatively affected by the impact of recent
food, fuel, and global economic crises. IDA responded rapidly
and effectively to these crises, including by frontloading of IDA
resources and providing additional funding through the pilotCrisis Response Window (CRW). IDA countries’ recovery from
these crises remains fragile and they need significant resources
to regain their momentum of growth and progress towards the
MDGs. They also face additional challenges related to managing recurrent severe crises that threaten to reverse progress in
development outcomes, as well as adapting to global warming and
climate volatility, which would require additional resources. In
this context, Participants highlighted the important role IDA has
played in supporting the poorest and most vulnerable countries
of the world make progress towards the MDGs and sustainable
economic growth. They called for IDA to play an even bigger role
during the IDA16 period (July 1, 2011 to June 30, 2014) in supporting countries in their development efforts and highlighted the
urgency of scaling up IDA resources, continuing to improve IDA’s
operational and organizational effectiveness, further enhancing
its emphasis on achieving results and deepening the collaboration and coordination between IDA, MIGA and IFC and other
development partners.
• Second, many donors indicated that they are facing significant
fiscal challenges that require adjustments in their domestic and
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international programs, including in official development assistance (ODA). These circumstances challenge donors, recipient
countries and IDA to make the best use of limited resources in
the face of escalating and competing demands.
• Third, the evolution in the overall governance of international
financial institutions with an increasing role and voice for developing countries1 is also reflected in the IDA16 replenishment discussions. There is an emerging global compact with contributions
being made by all interested parties: traditional donors, new and
emerging donors, IDA graduates and IDA blend countries, and
the World Bank Group.
• Fourth, IDA recipient countries continue to remain central to the
achievement of results. In addition to their central role in priority setting through the country-based development model, they
are increasingly involved in the IDA replenishment process: as
borrower representatives, through the involvement of Government Representatives as keynote speakers and opinion leaders
in IDA16 replenishment meetings and through working groups
which will be fora for consultation and brainstorming on selected
development topics during the IDA16 period.
5. IDA16’s Focus on Results. Participants selected the achievement,
enhanced monitoring and communication of “development results”
as the overarching theme and main focus for the IDA16 Replenishment discussions. They endorsed the expansion of IDA’s Results
Measurement System (RMS) from a two-tier to a four-tier system
for IDA16, which will also track IDA’s operational and organizational effectiveness against performance standards (the “IDA Report
Card”) and report on outputs and outcomes for selected core sector
indicators. They welcomed the use of the IDA16 RMS as a management tool, and noted that it provides added incentives to focus on
results. They encouraged Management to continue enhancing communications on development results, and to develop ways to capture
the impact of IDA’s support for institutional development and public
sector governance.
6. Special Themes for IDA16. Participants agreed on the following four
special themes for IDA16: crisis response, gender, climate change
1
The World Bank (2010). “World Bank Group Voice Reform: Enhancing Voice
and Participation of Developing and Transition Countries in 2010 and Beyond.”
http://siteresources.worldbank.org/DEVCOMMINT/Documentation/22556148/
DC2010-0006-1(E)Voice.pdf
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Box 1. Participation by Recipient Country Representatives in the
IDA16 Replenishment Process
Following calls from the international community for greater voice and participation by developing countries in international organizations, the IDA
replenishment process now includes borrower views in several different ways.
• First, twelve representatives selected by borrower governments participate in all the IDA replenishment meetings.
• Second, Presidents from Mali, Senegal and Liberia and a number of
Ministers, including from Sierra Leone, Afghanistan, Haiti, Mongolia,
Yemen and Togo have participated as keynote speakers.
• Third, at the second meeting of the IDA16 replenishment round, which
was held in Bamako, Mali in June of 2010, African opinion leaders
participated in a consultation with the IDA Deputies and borrower
representatives.
• Fourth, the draft IDA16 report was posted on IDA’s external website
and comments were invited from civil society of both donor and recipient nations.
This participation enriched the discussions with insights into development
challenges (both long-term and due to the impact of the global financial crisis),
IDA’s role in the aid architecture, and IDA’s strengths and areas for improvement. Going forward, IDA is also establishing working groups to serve as fora
for discussion of select development topics, with participation from recipient
countries, donors and Bank staff.
and fragile and conflict affected countries. While acknowledging the
significant progress achieved in the last years, Participants urged
IDA to continue in its leadership role through its convening power
at the global level and coordination and collaboration at the country
level, to enhance its effectiveness and efficiency through its internal
reforms agenda and to strengthen its results measurement system.
Participants noted that the special themes are “frontier” issues and
that IDA’s efforts to better understand these challenges and to translate research findings and lessons learned into new operational tools
and policies, and ultimately results on the ground, are critical to
achieve development results, including the MDGs.
7. Process for the IDA Sixteenth Replenishment Round. Representatives of donor governments (“the IDA Deputies”) and representatives of borrower countries (collectively referred to in this report as
the “Participants”) negotiated the Sixteenth Replenishment of IDA’s
resources over a series of four meetings during the course of 2010.
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The meetings were chaired by Ms. Ngozi Okonjo-Iweala, Managing
Director of the WBG. The IDA16 Replenishment consultations
included observers from international development institutions and
management and staff of the WBG. Participants sought the views
of African opinion leaders in Bamako, Mali in June 2010. In addition, comments on the draft IDA Deputies’ Report were invited
from civil society. The policy papers discussed at the replenishment
meetings were posted on IDA’s external website, as were summaries
of the discussions at each of the meetings. This report contains the
Participants’ guidance on the policy and financial framework that
underpins IDA’s support for economic development and poverty
reduction in eligible countries during the IDA16 period. Progress
on the implementation of the IDA16 replenishment arrangements
will be reviewed by IDA Deputies and borrower representatives at
the IDA16 Mid-Term Review, which would take place in the second
quarter of fiscal year 2013. Deliverables for the IDA16 Mid-Term
Review are specified in Table 5 of Annex 1.
8. Organization of the IDA16 report. The report is organized in seven
sections. Section I provides the backdrop against which the IDA16
Replenishment discussions took place. Section II sets out how IDA
is meeting the implementation challenge including by strengthening its focus on results, enhancing its operational and organizational
effectiveness and leveraging its role in the international community.
Section III covers the four special themes—crisis response, gender,
climate change and fragile and conflict affected countries. These two
sections describe in detail the totality of the IDA16 policy package
(both on the overall thematic focus of the replenishment on development results as well as specific actions in the special themes). Section IV summarizes adjustments to the volume and terms of IDA’s
assistance. Section V contains a discussion on the management of
IDA’s financial resources. Section VI discusses financing of debt relief,
arrears clearance and forgone grant principal. Finally, Section VII sets
forth the recommendation of the Executive Directors to the Board
of Governors to adopt the draft IDA16 Resolution (see Annex 5).
Section I: Meeting the Growth
and MDG Challenges in IDA Countries
A. Supporting a Pro-Poor Growth Agenda in the Context of Crisis
9. Impact of the crisis on growth. During the IDA15 period, IDA
countries witnessed a rapid succession of crises—in the form of global
food and fuel price shocks, and more recently the global economic
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crisis. In addition, a number of IDA countries were severely impacted
by natural disasters, including earthquakes, hurricanes and floods.
The financial crisis in particular has sharply reduced growth in IDA
countries—through reductions in export revenues, remittances, tourism, and foreign direct investment (FDI), among others. The average
growth of gross domestic product (GDP) in developing countries
decreased from 8.1 percent in the pre-crisis period (2006–07) to
3.4 percent during the crisis (2008–09). Growth in Sub-Saharan Africa
and South Asia—two of the regions with the largest concentration
of poverty—similarly decelerated from 6.7 percent and 8.7 percent
in the pre-crisis period to 3.1 percent and 5.1 percent during the
crisis, which is below the growth rates needed to make significant
reductions in poverty.
10. Impact of the crisis on MDG progress. Developing countries made
considerable progress towards the MDGs in the pre-crisis period.
Progress towards reaching the targets on poverty reduction was particularly strong. Significant advances were also made on achieving
gender parity in primary and secondary education and on reliable
access to improved water, where several countries were on track to
meet the targets by 2015. Yet, concerns remain about the human
development goals as progress on most of them—especially child and
maternal mortality, universal access to reproductive health, nutrition,
sanitation and full and productive employment—was lagging in most
IDA countries. Progress was also less encouraging on gender parity in
tertiary education and other targets for the empowerment of women.
11. The crisis impacted two key drivers of social and economic progress:
faster economic growth and service delivery. The Global Monitoring Report (GMR) for 20102 indicates that while the goal of halving
the poverty headcount by 2015 will likely be achieved, 53 million
more people globally would have been lifted out of poverty if there
had been no crisis. The analysis also points towards a severe deterioration of human development indicators: for example, by 2015,
globally 55,000 more infants would die, 350,000 more students will
fail to complete primary school, and 100 million more people will
lose access to safe drinking water. Evidence from past crises indicates that human development indicators deteriorate significantly
2
The World Bank (2010). Global Monitoring Report, 2010. http://web.worldbank
.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALMONITOR/EXTGLOM
ONREP2010/0,,contentMDK:22519784~pagePK:64168427~piPK:64168435~the
SitePK:6911226,00.html
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during growth downturns and that such deteriorations tend to exceed
improvements during booms. This, coupled with the sharp contraction of the global economy, suggests that a long period of strong
economic growth will be needed to undo the damage inflicted on
development outcomes.
12. While the global economic recovery is underway, it remains fragile
and uneven. IDA countries are particularly vulnerable to a weak and
uneven global recovery as they remain heavily dependent on commodity exports, remittances, foreign direct investment and official
development assistance, and their ability to maintain or scale up
development spending is uncertain as fiscal buffers have been drawn
down over the last two years. A scarcity of resources to finance development programs can jeopardize years of progress in accelerating
growth and combating poverty.
13. Supporting IDA countries’ recovery and long-term broad based
growth represents the most effective means to help lift tens of millions of people in IDA countries out of poverty. Better policies have
improved growth performance and opportunities in many IDA countries over the last decade, including in Sub-Saharan Africa, which
experienced robust growth in the five years preceding the global crisis
and significant progress towards the MDGs. Moreover, promotion of
growth in IDA countries through more support for investment that
removes bottlenecks is a global win-win. Promoting multiple growth
poles in developing countries can make an important contribution to
the structural rebalancing of growth so necessary for its sustainability.
Developing countries offer abundant opportunities for high-return
investments (such as in critical infrastructure to remove bottlenecks
to growth) that can create new sources of sustainable and diversified growth in global demand. Developing countries now contribute
about half of global growth. South-South trade is also expanding,
now accounting for one-third of global trade.
14. Key requirements for accelerated progress towards regaining
momentum of strong growth and achievement of the MDGs. The
likelihood of attaining the MDGs will depend on the capacity of
developing countries to maintain good policies and provide effective
service delivery. Resumption and acceleration of economic growth
will play a particularly crucial role: not only will it help with income
generation for the millions of poor people but the resulting increases
in domestic resource mobilization will help with increased resources
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for public service delivery. While growth and job creation will primarily result from the private sector, Governments will need to provide
supporting macro-economic frameworks and policy reform efforts to
bolster growth. Improvements in basic physical infrastructure as well
as in “soft infrastructure”—in governance and institutions—in IDA
countries will also be needed, as are sustained investments in human
capital and safety nets. Stronger results orientation and improved
strategic allocation and management of resources are essential.
Development outcomes will also hinge critically on the speed at
which the global economic recovery supports increases in developing
countries’ financial resources through the multiple channels through
which IDA countries are affected (i.e., trade, remittances, tourism,
FDI and ODA).
15. ODA commitments and development effectiveness. While IDA countries need to increase domestic resource mobilization, increased and
more effective aid remains critical. In Monterrey in 2002, the international community pledged to support the efforts of developing countries in achieving internationally agreed development goals, including
the MDGs. Since that time ODA has increased significantly. Between
2004 and 2010 (projected), ODA from members of the Development
Assistance Committee of the Organization for Economic Development and Cooperation (OECD-DAC) grew by 36 percent in real
terms, excluding the large increases in debt relief to IDA countries
during 2005–07. The significant need for supporting the recovery and
redoubling efforts on the MDGs in IDA countries calls for sustained
growth in ODA, including through the IDA16 replenishment, while
recognizing the fiscal pressures that many donors currently face. At
the same time, increased ODA must be accompanied by increased
efforts to enhance the relevance, effectiveness and accountability
of aid resources. For over a decade, donors and partner countries,
working together, have made progress on strengthening the efficiency
and effectiveness of development assistance. Participants agreed that
these efforts need to be redoubled with a clear focus on strengthening
the results orientation of aid programs.
B. How IDA Will Support Countries During the IDA16 Period
16. Broad strategic directions. IDA will operate within the WBG’s
long-term strategy set out in the recent Post-Crisis Directions Paper
(PCD) that supports an inclusive and sustainable globalization—to
overcome poverty, enhance sustainable growth and create individual
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opportunity and hope.3 This long-term vision is being implemented
in a changing global landscape where progress in achieving development outcomes has stalled or reversed and millions have been
pushed back into extreme poverty by the global crisis; economic
power configurations have changed; and the global aid architecture
has become broader and more complex.
17. The PCD strategy notes that the global development community faces
five key development challenges, both old and new, in the new decade:
(i) redoubling efforts to meet the MDGs before the 2015 deadline;
(ii) fostering multi-polar growth in developing countries and integrating rising economic powers; (iii) responding effectively to complex global interactions in the global public goods arena, particularly
in climate change; (iv) promoting an environmentally and socially
sustainable development process through effective institutions and
policy environments; and (v) managing risks and anticipating potential
shocks and new crises. Responding to these challenges requires more
agile and stronger multilateral institutions, including a stronger WBG.
18. The WBG is responding to these challenges by establishing strategic priority areas of engagement; reforming its business model; and
improving governance, transparency, and voice and participation. In
particular, the PCD strategy sets out five key priority areas for the
WBG going forward:
(i) Targeting the poor and vulnerable in Africa, the “bottom billion”
located in fragile and post-conflict states, and the 70 percent of
the world’s poor living in middle income countries (MICs);
(ii) Creating opportunities for growth through promoting agriculture and food security, addressing pressing infrastructure needs,
fostering an investment climate and private sector that encourages innovation and competitiveness, engaging on critical public
finance issues, and offering knowledge and policy expertise
to help policymakers manage choices and tradeoffs within an
increasingly global economy;
(iii) Providing cooperative models/promoting global collective
action to deal with global challenges through helping Governments to integrate regional and global interests and goals in
national development strategies; participating in partnerships
including with the private sector and in developing innovative
3
The World Bank (2010). “Synthesis Paper: New World, New World Bank
Group.” http://siteresources.worldbank.org/DEVCOMMINT/Documentation/
22555916/DC2010-0002-1_E_SynthesisPaperRevised.pdf
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financial mechanisms; and undertaking constructive advocacy
on behalf of developing countries;
(iv) Strengthening governance in fragile and conflict affected states;
improving results and capacity-building for effective service
delivery in critical sectors; and mainstreaming the Governance
and Anti-Corruption (GAC) strategy and understanding its
impact; and
(v) Managing risk and preparing for crises by developing global
approaches to disaster and post-conflict needs assessments and
helping design counter-cyclical policies, risk sharing mechanisms and institutions for the public and private sectors.
19. These priorities are consistent with the broad thrust of the IDA16
Replenishment discussions. In particular, the broad agreement
among Participants that “development results” should be the overarching theme for IDA16 reflects the emphasis on meeting the core
challenge of poverty reduction and accelerating progress towards the
MDGs. Furthermore, the special themes for the IDA Replenishment
discussions—crisis response, gender, climate change and fragile and
conflict affected countries—mirror these priorities.
20. Support at the country level. These overall priorities are translated
into assistance for each country which is customized on the basis of a
Country Assistance Strategy (CAS) in line with IDA’s country-based
approach. With the complexity of the aid architecture and the risks
of proliferation and fragmentation, IDA’s country-based development model helps countries align aid to their national development
priorities. The CAS provides the strategic basis for IDA’s support to
a country. It supports a country’s development strategy as outlined in
its Poverty Reduction Strategy Paper (PRSP). The CAS also enables
IDA to help countries address global and regional development challenges at the country level and serves as a vehicle for other WBG
activities and other donors’ assistance. IDA’s support is provided
flexibly through a range of financing and knowledge services.
21. Country strategies are the basis for regional management strategies
and identify opportunities for cross-border solutions to sub-regional
development challenges which can be addressed through regional
projects involving several countries.4 Common themes across the
4
IDA (2010). “The Demand for IDA16 Resources and the Strategy for their
Effective Use.” http://siteresources.worldbank.org/IDA/Resources/Seminar%20
PDFs/73449-1271341193277/ASK_Paper.pdf
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regional strategies include supporting countries in their efforts to
close the MDG gaps; addressing the challenges posed by climate
change; strengthening regional integration; mainstreaming gender
issues; and strengthening governance. As in previous replenishments,
Participants urged IDA to direct more than half of its assistance to
countries in Sub-Saharan Africa, if warranted by performance, to
help address the exceptional development challenges confronting
the region.
22. IDA’s sectoral and thematic focus. Over the last years, IDA-supported
government programs have intensified investment in human and infrastructure capital, strengthened policies and institutions and have helped
transform the lives of hundreds of millions of people. During the IDA16
period, IDA will continue to assist countries in key sectoral and thematic areas while also addressing regional and global issues. While the
choice of sectors is determined at the country level, the World Bank’s
sector strategies help shape the sectoral focus at the country, regional
and global levels, as follows:5
• Infrastructure. Many IDA recipients still have major gaps in infrastructure which plays a critical role in growth and poverty reduction and achieving the MDGs. The investments needed for new
infrastructure and maintenance are estimated at 7 to 9 percent
of the GDP per year for developing countries, while only about
half this amount is being currently financed. IDA has consistently
supported basic infrastructure services, notably energy, transport,
water and sanitation, and information and communication technologies.6 IDA will continue to help countries implement the
access agenda by supporting policy and institutional reforms and
sustainable investments. In doing so, IDA will focus on: crosssectoral approaches to address climate change mitigation and
adaptation; private public partnerships; rural-urban integration;
and addressing social and environmental objectives. Cross-cutting
objectives will include ensuring economic/financial viability and
affordability through strong governance, and leveraging additional financing, particularly from the private sector. IDA will
5
6
Information on other sectors not included in this section can be found in the
“IDA at Work” website: http://web.worldbank.org/WBSITE/EXTERNAL/
EXTABOUTUS/IDA/0,,contentMDK:21205382~menuPK:83993~pagePK:5123
6175~piPK:437394~theSitePK:73154,00.html
The World Bank (2008). World Bank Group Sustainable Infrastructure Plan for
FY09–11. http://siteresources.worldbank.org/INTSDNETWORK/Resources/
SIAPbooklet.pdf
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also continue to support cross-border regional infrastructure as a
means to foster regional integration.
• Agriculture accounts for the highest share of GDP and the largest
number of people employed in many IDA countries. In the wake
of the recent global food price increases, there has been a renewed
attention and strategic cooperation in the international community
to supporting agricultural development. IDA is one of the largest
providers of resources for agriculture and supports both long-term
development programs and emergency responses, e.g. through the
Global Food Crisis Response Program (GFRP)7 and the Global
Agriculture and Food Security Program (GAFSP).8 Long term
investments are particularly targeted to smallholder farmers, with
the aim of strengthening property rights and access to technology,
to improving land and water-use efficiency and productivity and
changing agricultural practices to adapt to, and mitigate the effects
of climate change. IDA’s funding increased substantially following
the food price crisis—the greatest beneficiaries were countries in
the Sub-Saharan Africa and South Asia regions. IDA will continue to support countries to: increase productivity through the
use of new technologies; link farmers to markets—including by
supporting the Doha round of global trade negotiations; invest in
rural roads; strengthen producer organizations; improve market
information and access to finance; reduce risk and vulnerability
including safety nets; enhance non-farm income by improving
rural investment climates; upgrade skills and expand rural infrastructure; and enhance environmental services and sustainability
including better management of livestock, rangeland, ecosystems
and overcoming barriers to entry in carbon markets.9 IDA will also
continue to play an important role in coordination and investing in
key international public goods, including cross-border infrastructure development and systems and shared resources such as rivers
7
8
9
The GFRP was initiated in 2008 to provide rapid financing to countries with
the greatest needs arising from the food crisis. In addition to IDA resources, the
GFRP was supported by IBRD net income, Australia, Russia, Spain and the
European Union.
GAFSP is a multilateral trust fund managed by the World Bank that aims to
provide additional funding to public and private entities to support national
and regional strategic plans for agriculture and food security in poor countries.
The World Bank (2008). World Development Report: Agriculture for Development. http://siteresources.worldbank.org/INTWDR2008/Resources/WDR_00_
book.pdf
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and lakes. IDA will further strengthen the gender mainstreaming
and women’s economic empowerment in the agricultural sector.
• Private Sector Development (PSD) is central to sustained economic
growth and poverty reduction in IDA countries. IDA promotes
improvements in the investment climate through diagnostic work
that allows IDA recipients to better address barriers to business
formation and to healthy competition in their economies. Through
policy dialogue and provision of lending and advisory services,
IDA helps governments implement regulatory and structural
reforms that reduce the costs associated with building and running a business, as well as better measuring the results of reform
programs.10 IDA also helps to assess constraints to employment
creation and earnings growth and supports related policy priorities aimed at fostering more and better jobs. In fragile and conflict
affected countries, IDA is supporting efforts to stabilize income
generation and employment creation, notably for the unemployed
youth, and link short-term job creation with longer term actions
that lay the foundations for sustainable jobs and development.
IFC complements IDA’s support and Management has continued
efforts to improve coordination between the two organizations. In
particular, efforts have been made to develop more effective ways
to leverage the WBG’s instruments, resources and skills in support of private sector development in IDA recipients by increasing joint advisory activities and jointly financed projects.11 For
example, a joint program delivers integrated packages including
reforms of secured lending and financial information infrastructure frameworks to broaden micro, small and medium enterprise
(MSME) access to finance. Other efforts include coordination at
the strategy level through preparation of joint CASs with IFC and
other specific strategies, and harmonization of guidelines12 and
coordinated field level presence.13 A new WBG PSD strategy is
10
The World Bank (2002). Private Sector Development Strategy. Directions for the
World Bank Group. http://rru.worldbank.org/Documents/PapersLinks/699.pdf
11 IDA-IFC Secretariat (2010). “World Bank–International Finance Corporation
Collaboration in IDA Recipients: Second Progress Report.” http://intresources
.worldbank.org/IDAIFCSEC/Resources/CompleteReportfinal.pdf
12 These includes investment processing procedures, procurement policy and
Purchasing Power Parity (PPP) procurement guidelines, increasing alignment
of Bank and IFC trust fund policies, and social and environment guidelines for
jointly financed projects.
13 Country offices are now co-located in 71 percent of locations where both organizations are present.
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expected to be prepared in 2012, by which time recovery from the
crises will be clearer and further progress made in defining global
approaches to new challenges. IFC Management will make every
effort to ensure that IDA Deputies are kept informed of the outcomes of IFC’s work in IDA countries, as an integral component
of WBG support.
• Education. IDA is one of the largest sources of assistance for
education sector investments in IDA countries. About half its
education funds supports primary education, thereby helping
countries work towards achieving universal primary education,
reaching under-served populations, and eliminating gender disparities. IDA support has focused on laying a foundation through
training teachers, updating curricula, building schools, delivering
textbooks and improving education governance and school management. The World Bank also hosts the Education for All Fast
Track Initiative (EFA-FTI) and manages the US$ 1.72 billion
FTI Catalytic Fund and the US$ 115 million Education Program
Fund which supports 35 countries.14 The FTI is a results-based
partnership focused on delivering basic and primary education to
children in developing countries based on country commitment,
increased aid, improved aid effectiveness and donor coordination. As primary access, enrollment and completion increase and
the labor market demands a better skilled workforce, IDA will
increase its efforts to help countries meet the growing demand for
secondary and tertiary education. Increasingly, IDA will support
countries’ efforts to strengthen their education systems and, as a
global development partner, help build a high-quality knowledge
base in education to underpin sound policy, promising innovations
and effective instruments. Financing will therefore increasingly
be based on the achievements of improvement in the education
systems that will lead to higher student retention and improved
learning outcomes. Some countries will also need support to reach
gender parity at secondary and tertiary levels. An updated education sector strategy for the World Bank is under preparation.
• Health. IDA financing in the health sector is focused on providing strategic funding for health system strengthening to enable
countries make effective use of aid from other sources, as well
as funding critical areas of health programs not covered by other
14
Fourteen of the countries have either achieved or are on track to meet the
universal primary completion goal, while 21 countries—mainly in Sub-Saharan
Africa—face major obstacles and require increased and sustained donor support
to speed up progress towards the MDG goal.
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donors.15 IDA will support country-driven programs that demonstrate results on the ground with a focus on IDA’s areas of
comparative advantage which include: health system strengthening
and governance; health finance reform (including with respect to
user fees); and targeted assistance and insurance mechanisms to
protect the poor from health risks and economic shocks such as
the recent global economic crisis.16 As part of this effort, IDA will
support countries in establishing and/or expanding results based
financing (RBF) mechanisms to explicitly link investments to
achieving desired health outcomes. IDA will also provide selective
support to major disease programs with the aim of complementing the funding from governments and donors for HIV/AIDS and
malaria through the World Bank’s Malaria Booster Program. It
will also support countries’ efforts to address two key areas critical
for health related MDGs: nutrition, and reproductive health with
a focus on high priority countries, as outlined in the World Bank’s
Reproductive Health Action Plan.17 IDA will also continue to use
its convening role, knowledge and lending to provide leadership
in international health partnerships, as well as work to strengthen
partnerships at the regional and country level.18
• Social Protection. IDA activities aim to improve earning opportunities and the quality of jobs; improve security for households
15
The World Bank (2007). The World Bank Strategy for Health, Nutrition,
and Population Results. http://siteresources.worldbank.org/HEALTH
NUTRITIONANDPOPULATION/Resources/281627-1154048816360/
HNPStrategyFINALApril302007.pdf. IEG (2009), Improving Effectiveness
and Outcomes for the Poor in Health, Nutrition, and Population. An Evaluation of World Bank Group Support Since 1997. http://web.worldbank.org/
WBSITE/EXTERNAL/EXTOED/EXTWBASSHEANUTPOP/0,,contentMD
K:22153992~menuPK:6080533~pagePK:64829573~piPK:64829550~theSitePK:
4422776~isCURL:Y,00.html
16 IDA at Work. Health: Supporting Country Health Systems in a
New Global Context. p. 2. http://siteresources.worldbank.org/IDA/
Resources/73153-1285271432420/IDA_AT_WORK_Health_2010.pdf
17 The World Bank (2010). The World Bank’s Reproductive Health
Action Plan 2010–2014. http://siteresources.worldbank.org/INTPRH/
Resources/376374-1261312056980/RHActionPlanFinalMay112010.pdf
18 These partnerships include UNAIDS where the Bank is a co-sponsoring agency;
the Global Fund for AIDS, Tuberculosis and Malaria (GFATM) where the
Bank is a board member and trustee; the International Health Partnership; the
Global Alliance for Vaccines and Immunization; Roll Back Malaria; the Partnership for Maternal and Newborn Child Health; the Advanced Market Commitments; and the Affordable Medicines Facility for Malaria.
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and communities through better management of risks; and provide
assistance for vulnerable groups to improve equity and reduce
extreme poverty. In support of these objectives, IDA focuses on
labor markets (including eliminating harmful child labor, promoting gender equity, and advancing other internationally agreed
workers’ rights) and job creation; expanding pensions and oldage income support; strengthening social safety nets; using social
funds as community-based mechanisms to improve access to social
services for the poor and other vulnerable groups; and encouraging governments to integrate disabled people into their poverty
alleviation efforts. In response to the financial crisis, IDA support
for social protection programs expanded, particularly for public works and cash-for-work programs that generate temporary
jobs and income for low-skilled workers through labor-intensive
infrastructure projects. Other activities that IDA supports include
cash transfers or food stamps; conditional cash transfers; in-kind
transfers (e.g. school feeding programs); and temporary price subsidies. The recent food and economic crises have underscored the
need to have well functioning safety nets in place to mitigate the
impact of crises on the poor and vulnerable. Effective targeting,
payment systems, monitoring and evaluation, and program governance are key ingredients to the success or failure of a safety net
system. During the IDA16 period, IDA will continue to provide
instruments and financing that enable the poor to minimize the
impact of exposure to risk and help them exit poverty and lower
their vulnerability. The World Bank is also preparing a new social
protection strategy which is scheduled for completion in 2012.
23. Cross-cutting themes and issues. IDA will continue its focus on
cross-cutting themes that complement its sectoral strategies. These
include the IDA16 special themes of gender, climate change and
fragile and conflict affected countries (which are covered in detail
in Sections III.B, III.C and III.D) as well as governance and debt
sustainability. All of them are critical for IDA recipients’ potential
to achieve the MDGs.
• Gender. Addressing gender issues, especially empowering women,
is critical for making progress on all the MDGs. Through the World
Bank’s Gender Policy and Gender Action Plan (GAP) IDA is on
the forefront of supporting the efforts that IDA countries are making to address gender issues. IDA has worked to ensure that gender concerns are mainstreamed in country strategies, sector work
and IDA-financed operations. Building on the work of the GAP,
IDA will continue to promote women’s economic empowerment in
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line with its comparative advantage. Further efforts to strengthen
gender mainstreaming and to make progress on gender-related
MDGs are described in Section III.B.
• Climate change presents an urgent challenge to the well-being of
all countries and particularly to the poorest countries as it adds
to the cost of achieving the MDGs. Deputies took note of the
outcome of the Cancun Conference of Parties at which a number
of relevant and important agreements were made under the UN
Framework Convention on Climate Change (UNFCCC) that will
likely influence the ability of IDA countries to eventually access
additional resources to address climate risks and shift towards low
carbon growth. Of particular relevance to IDA are (i) financing,
where formalized, including provisions of fast track financing, with
priority given to adaptation funding for the most vulnerable countries; and (ii) a process was agreed to establish a Green Climate
Fund with the World Bank as the interim trustee. The Cancun
Agreement recognizes that the most effective way to assist IDA
countries is to support them in their efforts to build resilience to
climate change in their social and economic development programs through mainstreaming climate change in country strategies
and by analyzing the impacts of climate change on its projects.
IDA’s support is guided by the World Bank Group’s Strategic
Framework for Development and Climate Change (SFDCC).
The SFDCC and the various regional and sectoral strategies tied
to it stress the role of IDA as the main platform for funding and
mainstreaming climate change into development, through sector
operations. While IDA cannot provide all the necessary funding
for adaptation, it is well suited to be at the center of a coherent and
integrated system for supporting adaptation and mitigation efforts,
consistent with global agreements on climate change financing that
are expected to emerge. IDA also plays a growing role as a conduit
for climate financing such as Climate Investment Funds (CIFs)
and the Pilot Program for Climate Resilience (PPCR). Additional
areas of emphasis on climate change are outlined in Section III.C.
• Fragile and Conflict Affected Countries (FCCs) pose a special
challenge for IDA as they have higher levels of poverty and lag
behind other IDA countries in their progress towards the MDGs.
The poor development outcomes in fragile states result from weak
institutions, poor governance, unstable political environments, and
in some cases, ongoing violence or lingering effects of past severe
conflicts. While these factors undermine the effectiveness of aid,
IDA has in recent replenishments significantly strengthened its
capacity to support state-building and peace-building in FCCs.
Recent reforms include both enhancements of IDA’s financial
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capacity to support FCCs, as well as operational reforms aimed
at increasing IDA’s effectiveness in FCCs and as a partner with
other agencies involved in these countries. IDA’s work in FCCs is
evolving in line with the latest findings regarding operational effectiveness; the forthcoming World Development Report (WDR)
for 2011 on Conflict, Security and Development will further add
to IDA’s and the development community’s understanding of the
complex set of issues that need to be addressed in FCCs. Additional areas of emphasis in FCCs are outlined in Section III.D.
• Governance. Strengthening governance and fighting corruption
are critical for poverty reduction, better management of risks,
and effectiveness of development interventions. The World Bank
Group’s Governance and Anti-Corruption (GAC) Strategy supports these goals by strengthening GAC elements across country
and sector programs and projects and at the global level, including
through support to the implementation of international conventions and initiatives.19 The WBG is currently preparing a strategic
plan for the second phase of the implementation of the GAC
Strategy. During the IDA16 period, IDA will continue to support
recipients to improve their governance environments and reduce
corruption for better service delivery and development outcomes.
At the country level, IDA will help strengthen state capacity and
accountability (through improving public financial management,
procurement, auditing, judicial and legal systems and civil service
and transparency reforms); public management and governance in
sectors (infrastructure, extractive industries, education and health,
among others); transparency in decision making; private sector
reforms; and involvement of beneficiaries and other stakeholders
in policy-making and oversight (including Parliamentarians, civil
society and local government bodies). IDA will also ensure the
highest fiduciary standards in its operations by preventing opportunities for corruption through improved project design, greater
disclosure, enhanced participation and strengthened monitoring
and supervision. Lastly, to enhance accountability and ownership,
IDA will strengthen its contacts in recipient countries with parliaments and Civil Society Organizations as well as continue to work
19
For example, the OECD Anti-bribery convention, the United Nations Convention against Corruption (UNCAC), the Extractive Industry Transparency Initiative (EITI) and the Stolen Asset Recovery Initiative (StAR).
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through international organizations such as the Parliamentary
Network on the World Bank.20
• Debt Sustainability. IDA has been a leader in supporting low
income countries’ (LICs) efforts to achieve debt sustainability.
IDA has delivered support in the form of debt relief under the
HIPC and MDRI initiatives with commitments for financial support from its donors, which has reduced substantially the debt
vulnerabilities of many HIPCs. Achieving debt sustainability, however, remains a challenge for many IDA recipients, in particular in
light of the global economic crisis. In this regard, IDA has taken
steps to help countries in their efforts to preserve the gains from
debt relief and better manage their debt profile and associated
financial risks. These include: developing the joint World BankInternational Monetary Fund (IMF) Low-Income Countries Debt
Sustainability Framework (DSF); operationalizing the DSF by
linking it to IDA’s grant allocation framework; formulating a NonConcessional Borrowing Policy (NCBP) to help countries avoid
a rapid re-accumulation of debt; and developing tools designed
to help countries strengthen their debt management capacity and
institutions. In this context, Participants noted their strong support
for the joint World Bank and IMF outreach activities to encourage
other creditors—both multilateral and bilateral—to harmonize
their lending practices broadly along the lines suggested by the
risk assessments contained in joint Bank-Fund Debt Sustainability
Analyses (DSAs). During the IDA16 period, IDA will continue
to assist countries in these areas. This would be supported by an
active outreach program, as the effectiveness of these policies and
tools hinges on their broader understanding by both creditors and
borrowers alike.
24. IDA’s role at the regional level. IDA helps countries jointly address
regional challenges—including the provision of regional public
goods—through regional projects. Participants noted that IDA’s
regional projects have, since IDA13, supported three critical areas:
management of shared natural resources, integrated or harmonized
treatment of trans-boundary issues, and achievement of common
national objectives such as regional integration. They underscored
that IDA regional projects have played a critical role in interconnecting the electricity grids of neighboring countries and developing regional power pools and energy markets; facilitating transport
20
The importance of Civil Society Organizations (CSOs) in the development process was recognized in the Accra Agenda for Action.
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connectivity and trade corridors for land-locked countries and creating conditions for improved trade between countries; preventing the
spread of communicable diseases (e.g. HIV/AIDS) across borders;
and supporting regional payment systems and capital market development. Participants recognized that IDA’s pipeline of regional projects has grown rapidly, reflecting an increase in demand, particularly
in Africa as well as in the other regions, with a total commitment
of about SDR 400 million per year during the IDA15 period. They
urged Management to strengthen efforts to implement the ongoing
regional IDA portfolio. In view of the growing demand for regional
solutions, Participants recognized that a further scale up of regional
projects funds during the IDA16 period (including the grant-based
support for regional organizations) is needed to enable IDA to continue supporting the goal of regional integration and collaboration,
which is an important element in the overall IDA mandate of growth
and poverty reduction. In pursuing this goal, Participants noted the
importance of working closely with regional entities, including the
regional development banks (RDBs). In this regard, they noted
the continuation of the pilot program for grants-based support for
regional organizations and requested that Management report on
progress under this pilot at the IDA16 Mid-Term Review.
25. IDA’s role at the global level. IDA will continue to play an important role at the global level, drawing upon the entire World Bank
Group analytical capacity and operational experience to find solutions to global and regional development challenges. IDA participates in ongoing global and regional partnerships working closely
with agencies of the United Nations (UN) and regional multi-lateral
development banks, and also coordinates closely with the IMF. IDA
supports countries with integrating and mainstreaming global and
regional public goods into national development strategies in many
areas including addressing communicable diseases such as HIV/
AIDS and malaria; international trade systems; and climate change.
26. IDA working groups. In keeping with IDA’s leadership role in generating knowledge on development, Participants supported the creation
of four informal working groups to facilitate in-depth discussions of
selected topics of interest: (i) development results; (ii) IDA’s longterm financial sustainability; (iii) inclusive growth; and (iv) fragile
and conflict-affected countries. Participants endorsed broad principles to guide the operation of the working groups, notably that they
should be consultative rather than decision making, transparent, costefficient, and membership should be voluntary and inclusive (with
participation from donors, recipient countries, and Bank staff). They
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also agreed that the working groups could schedule events to share
ideas and feedback on their work on the margins of the Spring or
Annual World Bank-IMF meetings. In addition, IDA Management
has offered to organize periodic IDA fora at the margins of the Spring
and Annual Meetings that would provide a further opportunity to
debate development issues.
Section II: Delivering Development Results
27. IDA has a strong track record in delivering results, including by
playing a platform role for other donors, and is an effective partner to help poor countries achieve their long term development
objectives. IDA has also been at the forefront of developing results
concepts and frameworks for monitoring and assessing the impact
of its efforts and continues to strive to strengthen its results focus
to increase efficiency and accountability. Participants noted that
the accountability for results is part of a robust World Bank Group
evaluation and accountability mechanism which includes: the Board
of Executive Directors, an Independent Evaluation Group and an
Inspection Panel. Within the WBG, there is also a comprehensive
internal accountability framework which includes self evaluation of
every activity, development results monitoring systems (including
IDA’s Results Measurement System) and other fiduciary accountability mechanisms (including the Institutional Integrity and Internal
Audit Departments).
28. Participants emphasized the importance of improving communication of IDA’s results to donors, clients and other external audiences,
particularly from the perspective of strengthening social accountability in recipient and donor countries and demonstrating the difference
IDA makes on the ground. Participants welcomed the IDA at Work
stories and briefs, and noted Management’s efforts to enhance ways
of providing web-based access to quantitative and qualitative data
on IDA results at the country level. They welcomed Management’s
ongoing efforts to build a “Results Mapping Platform” based on the
Open Data Initiative and Management’s commitment to geo-code
100 percent of IDA supported operations during the IDA16 period.21
This is expected to provide country-specific visualization of IDA
projects and the capability to overlay them with MDG and other
indicators and conduct associated analysis. It should also increase
21
Operations will be geo-coded at least to the sub-national level.
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transparency and social accountability and strengthen country dialogue and civic engagement.
29. Given the focus of the IDA16 replenishment on development results,
Participants agreed on an ambitious package of policy measures
and performance targets that underpin the financing framework for
the IDA16 replenishment. This package includes several important
elements: (i) it quantifies as far as feasible IDA-supported development results in recipient countries; (ii) introduces measures of
IDA’s operational and organizational effectiveness; and (iii) focuses
on important policy and implementation actions which would be
undertaken by IDA management during the IDA16 period. It is noteworthy that, for the first time, specific indicators that track progress
on the IDA16 special themes have been integrated into the overall
results framework.
30. Participants reiterated the importance of the IDA Results Measurement System which has been a central pillar of IDA and has
built a strong results culture in the institution. The RMS has been
continually refined since its launch in IDA13, to strengthen IDA’s
focus on results monitoring and measurement at the country, program and project levels and ensure that managing for development
results remains the driving force behind all IDA work. Participants
recognized that during IDA15, IDA ramped up its ability to monitor
and measure development results and improved the quality of its
operational work, and Management has continued to track results
performance through the RMS. They looked at recently collected
data on development results as measured by the IDA15 RMS and
noted that the strengthened results frameworks of the programs and
projects funded by IDA have supported consistently high levels of
satisfactory development outcomes.
31. Participants urged Management to further strengthen the RMS for
the IDA16 period, building on the extensive effort over the last
decade to foster a results orientation in IDA. In particular, they
endorsed the expansion of the RMS from a two-tier system in
IDA15, to a four tier system in IDA16. They noted that this expansion will provide IDA with a more complete framework to support
the achievement of development results with client countries, and
should help to strengthen IDA’s effectiveness and efficiency. They
also noted that the expansion and restructuring of the RMS will
allow for a clearer distinction between development results achieved
by IDA countries, including sectoral outputs and outcomes (in the
enhanced Tiers 1 and 2) and the operational and organizational
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effectiveness of IDA (in the new “IDA Report Card”—Tiers 3 and 4).
The new RMS will allow for greater consistency with the approaches
that other Multilateral Development Banks (MDBs) are adopting. Details of each tier of the RMS are provided in sub-sections B
through E below, and the revised RMS tables are presented in
Annex 1. Participants also welcomed IDA’s efforts to capture the
impact of IDA’s support to long-term development outcomes and
actions designed to strengthen IDA’s capacity to deliver results,
including with respect to the role IDA plays in the international
community, and the corporate internal reforms agenda. Participants
also welcomed several actions associated with developing and refining monitoring indicators (included in the Matrix of Monitorable
Actions, Table 5 of Annex 1) that would constitute the building
blocks for the further strengthening of the RMS over the course of
IDA16 and beyond.
A. Review of Results
32. Progress on IDA country outcomes (Tier 1 of the IDA15 RMS).
Participants noted that while progress in country outcomes cannot be
attributed to IDA alone, IDA has been at the forefront of supporting
these results through financing, policy dialogue, and knowledge and
analytical work. They welcomed the progress made, including on:
• Poverty: IDA countries have achieved significant progress in
reducing poverty. The proportion of people in IDA countries living on less than US$ 1.25/day22 declined to 42.4 percent in 2005,
the last year for which aggregate estimates of poverty rates are
available (compared to 51.4 percent in 1990 and 46.4 percent in
2002). Poverty reduction has been underpinned by faster growth:
between 2005 and 2008, the average annual GDP per capita in
IDA countries grew by 5.8 percent, more than double the average rate of growth of the same countries between 1990 and 2005.
• Regulatory reform: Improvements have also been solid with
respect to the reduction of regulatory obstacles to private sector
development and access to basic infrastructure. The cost required
to register a start-up has dropped by about one-quarter between
2006 and 2009, and the time required has dropped by about
22
The extreme poverty line was updated following the availability of the 2005
benchmark Purchasing Power Parity (PPP) estimates in 2005, as were the poverty headcount estimates at country and global level.
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one-fifth, making it cheaper and faster to register a new business
in IDA countries.
• Access to services: In 2007, almost 62 percent of IDA households
had electricity, up from 55 percent in 2004. In 2006, 77 percent of
the population in IDA countries had access to an improved water
source, nearly 14 percentage points higher than in 1990. Most IDA
countries have seen progress in the number of phone subscribers
per 100 people, and four-fifths have experienced an annual growth
rate of greater than 25 percent.
• Human development: Progress has been slower on human development goals, particularly maternal and child mortality, and
universal access to reproductive health. There have been some
encouraging gains in halting and beginning to reverse the spread
of major communicable diseases such as HIV/AIDS and malaria,
but progress must be accelerated if the MDG targets are to be
met. Even though maternal mortality has dropped by 34 percent,
the annual rate of decline is less than half of what is needed to
achieve the MDG5 a target. And target 5b, achieving universal
access to reproductive health, is widely acknowledged as the furthest off-track of all MDGs. Still, the primary school completion
rate increased by 4 percentage points and 80.4 percent of children
of graduation age were able to complete their primary education.
The ratio of girls’ primary and secondary enrollment to boys’
increased from 88.6 percent to 90.7 percent.
33. IDA’s contribution to country outcomes (Tier 2 of the IDA15 RMS).
Participants also reviewed the impact of the assistance that IDA
is providing and noted steady improvements in IDA’s contributions to development outcomes.23 They also noted that the results
of both Tier 1 and Tier 2 of the RMS are underpinned by IDA’s
financing, policy advice, analytical work, and its unique capacity for
cross-sectoral knowledge and integration. They welcomed progress
made, including:
• Progress at the project level. Over three quarters of IDA-financed
projects achieve their development objectives. IEG evaluations
23
IEG (2008). Annual Review of Development Effectiveness, http://web.worldbank
.org/WBSITE/EXTERNAL/EXTOED/EXTANNREVDEVEFFE/EXT2008A
NNREVDEVEFFE/0,,contentMDK:21652456~menuPK:4683631~pagePK:648
29573~piPK:64829550~theSitePK:4683541,00.html. IEG (2009). Annual Review
of Development Effectiveness 2009: Achieving Sustainable Development. http://
www.worldbank.org/ieg/arde09/
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indicate that satisfactory project outcomes at exit steadily improved
from 64 percent during IDA11 to 74 percent currently.
• In terms of IDA-financed project outputs and outcomes, significant progress has been achieved over the past 10 years. In
education, IDA-funded activities helped train and/or recruit
3.2 million teachers, construct or rehabilitate 2.2 million classrooms, and purchase and distribute 279 million textbooks, benefitting over 100 million children. In the health sector, IDA assistance
helped provide 47 million people with access to a basic package
of health, nutrition or population services. In addition, 2.5 million
pregnant women received antenatal care during a visit to a health
provider, and 310 million children were immunized and 98 million
received targeted interventions to improve nutrition, including
Vitamin A doses and deworming. In infrastructure, IDA-funded
projects helped construct or rehabilitate 118,000 kilometers of
roads. Furthermore, 113.5 million people were provided with
access to improved water sources and 5.8 million received access
to improved sanitation facilities.
B. Delivering Further Progress on Development Indicators (Tier 1 of
the IDA16 RMS)
34. Participants noted that Tier 1 of the RMS will continue to measure
key development indicators in IDA countries, in the broad areas of
growth and poverty reduction, governance, PSD and infrastructure,
and gender and human development. This tier thus captures the efforts
of IDA countries and the broader community of donors supporting
these countries, to which IDA contributes. Participants welcomed the
introduction of three new indicators on gender: (i) the ratio of female
to male labor force participation; (ii) the maternal mortality ratio; and
(iii) the adolescent fertility rate. They also welcomed a revised public
financial management indicator that would measure the quality of public financial management on a scale from 1 (low) to 6 (high) and new
indicators on the prevalence of malnutrition and on CO2 emissions.
C. Supporting Development Results (Tier 2 of the IDA16 RMS)
35. Tier 2 of the RMS measures how IDA is supporting country development results. First, Tier 2 tracks indicators that measure the overall outcomes of IDA’s CASs, operations and analytical and advisory activities
(AAA). Participants welcomed the introduction of ambitious IDA
performance standards against which progress in these areas would
be measured. Tier 2 also tracks aggregate project output and outcome
indicators in sectors for which core indicators have been developed.
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They also welcomed the introduction of estimates of projected outputs
by 2015 for the seven indicators for which data is available.
36. Results-based CASs. Participants noted IDA’s continued efforts to
improve CASs to ensure that IDA programs are aligned with country
priorities and serve as a platform for partners at the country level.
They welcomed the mainstreaming of results-based CAS so that all
CASs now have results frameworks to monitor the results of all IDA
resources and programs and donor mapping information.
37. Enhancing achievement of IDA products’ development outcomes.
Participants noted IDA’s efforts to ensure satisfactory achievement
of operations’ development outcomes and welcomed efforts to help
enhance those of operations in fragile and conflict affected countries.
They also noted Management’s intention to improve the impact of
analytical and advisory activities. In addition, Participants welcomed
Management’s plans to expand reporting on indicators from the
current four sectors (education, health, infrastructure and water) to
seven sectors during IDA16.24 While IDA cannot set targets for these
sectoral outputs and outcomes given its country-driven approach,
Participants welcomed the inclusion of indicative projections for the
IDA16 period based on current sectoral trends.
38. Participants also welcomed Management’s commitment to better
capture the impact of IDA’s support on long-term development
outcomes such as institutional development and public sector governance. They noted Management’s plans to develop and pilot a self
assessment methodology to better capture and monitor across countries the quality of IDA’s country engagement. This self-assessment
will complement the quantitative data on IDA’s support to outputs
and outcomes and IDA results briefs, enabling IDA to present a
more comprehensive view of IDA’s support to development results.
D. Increasing the Operational Effectiveness of IDA Products (Tier 3
of the IDA16 RMS)
39. Participants noted the addition of a third tier to measure how IDA is
increasing the operational effectiveness of its products, notably overall quality, the results-orientation of operations (including through
24
Additional indicators would be developed for the urban, information and
communication technologies (ICT) and micro, small and medium enterprise
(MSME) sectors.
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the use of impact evaluations), the strengthening and use of country
systems and the performance of IDA’s portfolio. They welcomed
the inclusion of “performance standards” indicators which define
the norms of operational effectiveness that IDA should maintain to
be considered performing in a satisfactory fashion. They also welcomed the introduction of indicators to monitor progress on IDA16
Special Themes.
40. Participants noted the importance of monitoring and evaluation
(M&E) of IDA operations throughout the project cycle including
the preparation, implementation, and completion phases. They
welcomed Management’s continued emphasis on ensuring that:
(i) IDA operations have appropriate results frameworks and monitoring and evaluation systems as part of project design; (ii) adequate
baseline information is included in the Implementation Status and
Results (ISR) Report at the start of project implementation; and
(iii) the information on the results achieved through the project are
adequately captured in the Implementation Completion and Results
(ICR) Report.
41. Impact evaluation. Participants welcomed Management’s adoption
of a corporate strategic approach to the use of impact evaluations25 to
enhance learning from IDA supported interventions on what worked
well and what did not. A key element of this will be to increase
the number of projects with appropriate evaluation frameworks,
continue efforts to improve their quality, and enhance the learning
stemming from the evaluation process in IDA projects to strengthen
feedback loops for project design. There will be several elements to
this approach. First, IDA will work to improve monitoring systems of
all projects, and strengthen evaluation designs in all new IDA projects. Second, Management will outline the range of monitoring and
evaluation techniques and map out which approaches are appropriate
for each category of IDA projects. Finally, IDA will strengthen its
program of impact evaluation by deploying a more strategic approach
to selecting projects for impact evaluation. Participants noted that the
World Bank is already engaged in a widespread program of impact
25
Impact evaluations are defined as any quantitative assessment of the outputs,
outcomes or impact of a project intervention relative to a well-specified (and
measurable) counterfactual. The counterfactual could be specified in different
ways, ranging from randomized assignments with a control and treatment group
to propensity score matching techniques or other methods that isolate cause and
effect in a credible and measurable way.
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evaluations in IDA countries to strengthen the evidence base for
IDA’s assistance. This program includes impact evaluations that are
directly linked to IDA-supported operations and activities, as well
as those that help to strengthen government analysis and programs.
In total, the number of impact evaluations that are currently undertaken in IDA countries is about 37 per year under the Development
Impact Evaluation (DIME) initiative. The annual average over the
last three years for IDA operations is about 14 per year. Participants
welcomed Management’s plans to increase the number of impact
evaluations directly associated with IDA operations by 20 percent
to at least 17 per year during the IDA16 period, and to improve the
process for selecting projects for impact evaluation.
42. Participants noted that Management will convene a panel of experts
to make recommendations on how to strengthen the Bank’s program
of impact evaluation, including the selection framework and associated issues of financing and implementation. The panel’s work will
include defining the appropriate criteria and process for selecting
projects and incentivizing evaluability across all projects. This work
will be based on an assessment of the benefits and shortcomings of
different selection methods, potentially including some combination
of the random selection of projects and the use of criteria related to
knowledge gaps, cost-benefit, and technical feasibility and country
program buy-in. Based on the findings of the panel of experts, Management will finalize the strategic selection framework and associated
financing and implementation plans by April 2011, to be applied
at the outset of the IDA16 period. Management will also inform
the Board about the strategic selection framework and associated
financing and implementation plans before the end of FY11 and
update IDA Deputies at the IDA16 Mid-Term Review on progress
in implementing this framework. The findings from impact evaluations, including data, results and lessons learned, would be used to
further improve the development effectiveness of IDA operations.
They would be widely disseminated outside the World Bank to allow
others to benefit from IDA’s experience.
43. Aid effectiveness. IDA’s shareholders have been keen proponents of
the aid effectiveness agenda, and included this as a main component
of IDA15. IDA has demonstrated its support for this agenda by
meeting its IDA15 commitments and by making significant progress
toward meeting the Paris Declaration monitoring targets. IDA has
been in the forefront among development partners in holding itself
accountable for the broader aid effectiveness principles of the Accra
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Agenda for Action, and works behind the scenes to support numerous initiatives related to aid effectiveness.
44. Participants underscored the importance of IDA’s collaboration
and coordination with other donors, either in a leadership role or
following the lead of others to help align donor programs with country priorities. Participants urged IDA to continue to monitor its
performance and provide guidance to staff in this area, drawing
from findings of external reviews (e.g., the Multilateral Organization
Performance Assessment Network—MOPAN) as well as internal
reviews of aid coordination processes at the country-level. They also
supported the strengthening and use of country systems, building on
ongoing work in areas of public financial management, procurement
and safeguards. As a vehicle to identify partner relationships at the
country level, IDA continues to improve donor mapping information in CASs and integrate activities financed through World Bank
administered trust funds into CASs.
45. To signal the importance of IDA’s aid effectiveness commitments,
key aid effectiveness indicators—on the use of country financial
management and procurement systems, coordinated analytical and
advisory activities, and the predictability of IDA’s lending—are
included in the RMS and will be refined in light of experience. 26
46. Participants also acknowledged the work since 2005 to reform the
World Bank’s policy-based lending instrument (development policy
lending, DPL).27 They welcomed the progress made in ensuring that
DPLs support country-owned policies and institutional reforms and
26
These four indicators will be measured initially in conjunction with the Paris
Declaration Survey process, using the DAC definitions and measures and the
sample of countries responding to the Survey. IDA performance standards for
collaborative AAA and aid predictability will remain as defined by DAC targets (66 percent and 71 percent respectively). Performance standards for use of
country systems (financial management and procurement) will be increased to
65 percent (financial management) and 55 percent (procurement) from the current DAC target of 50 percent, to provide an appropriate reach for IDA relative
to the measure of current performance. After the 2011 Paris Declaration Survey,
the definitions and measurement of these indicators will be revisited—to reflect
best practice measurement—and incorporated into the RMS prior to the IDA16
Mid-Term Review.
27 If the projected share of IDA commitments for development policy operations
exceeds 30 percent for any future year, it was agreed that Management would
seek additional guidance from IDA’s Executive Directors.
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development results, and in using poverty and social impact analysis
to inform them. Participants strongly encouraged IDA to support the
use of poverty and social impact analysis in order to help inform the
development programs of IDA countries, as well as IDA-financed
operations. They further asked IDA to encourage the routine use
of poverty and social impact analysis in macroeconomic policies.
Participants urged the continuation of efforts to improve the use
of poverty and social impact analysis in DPLs, and asked Management to report on this, as well as on collaborative DPLs, in the next
DPL Retrospective. Recognizing the centrality of country ownership and policy space, Participants underscored the importance of
robust country systems and a continued focus on capacity building.
In this context they welcomed and urged continued progress under
the Good Practice Principles on conditionality. Participants also
welcomed the forthcoming proposal for a Results-Based Lending
(RBL) instrument, which will be presented to the Board for approval
during 2011.
47. During the IDA15 period, IDA completed a comprehensive assessment of internal controls over IDA operations and has implemented
a robust plan of actions to address identified gaps. Participants
encouraged Management to finalize actions on IDA’s controls by
year end. Following this, the process will revert to monitoring and
evaluation through regular channels, including the new Integrated
Risk Management Report, IDA reviews and IEG evaluations.
E. Increasing Organizational Effectiveness (Tier 4 of the IDA16 RMS)
48. Participants welcomed the addition of a fourth tier to the RMS, with
indicators that measure how IDA is improving its organizational
effectiveness to respond better to clients. They noted that the fourth
tier reflects the comprehensive internal reform effort that the World
Bank is undertaking to further enhance efficiency, effectiveness, and
value for money in achieving development results, notably in IDA
countries:
• to modernize services, Participants welcomed the overhaul of the
investment lending instrument to focus on results, increase speed
of delivery, improve risk management and implementation support, and better align services with Government priorities and
the efforts of partners in the field. Participants also noted that
design of a results-based instrument is underway, building on the
earlier use of result-based approaches, which would strengthen
the linkages of IDA disbursements and results. At the same time,
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knowledge services are being enhanced to create incentives for
capturing, sharing, and disseminating knowledge quickly to staff
and clients; revitalize knowledge products; and strengthen technical teams.
• to support the reforms, Participants noted the implementation of
complementary reforms to foster human resource development
and diversity; revamp information technology systems to support
knowledge sharing and improve connectivity for country offices
and staff; and reform the budget process to strengthen the focus
on results, expand planning and budget discussions to trust funds,
and streamline and simplify budgeting, planning, and performance
systems, while continuing to focus on cost efficiency.
• to enhance transparency, Participants noted that the World Bank
has also pioneered numerous transparency efforts, moving from an
era of publishing select information to broad institutional transparency through its new Access to Information Policy and the Open
Data initiative which have made valuable Bank information and
data readily available to the public, as well as the ongoing geocoding of IDA supported operations. It also works extensively
to further transparency and accountability among a variety of
constituencies in partner countries.
• to increase the effectiveness of its internal operation, Participants
welcomed recent efforts made to reduce lending costs and increase
speed of delivery. They also noted that the World Bank operated
in a flat real net administrative budget environment under IDA15,
while scaling up its commitments and disbursements, continuing
to serve as a platform for the donor community and increasingly
doing analytical and advocacy work on global issues.
49. Participants urged the World Bank to accelerate the implementation
of these reforms during IDA16. They welcomed the additional indicators included in the RMS which measure IDA’s organizational and
operational effectiveness—to ensure that IDA achieves “value for
money,” notably indicators on speed and cost of operational delivery
and the numbers and levels of staff and responsibilities located in the
field. These indicators reflect areas where Management is currently
focusing attention; as such these areas will be monitored closely
during the IDA16 period to review progress against performance
standards. They also noted Management commitment to continue
to operate the World Bank on a flat real net administrative budget
during the FY11–13 planning cycle and to continue to pursue cost
savings measures.
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50. Participants supported the implementation of near-term measures
to further strengthen IDA’s field presence and move decision making authority to country offices, especially in fragile states. They
supported Management’s plans to review decentralization over the
medium term in consultation with the Board, focusing on issues of
cost effectiveness, efficiency and the incentives for moving highly
skilled staff to the field and ensuring an appropriate skills mix in field
offices. The goal is to combine close-to-the-client service, the ability
for the client to tap top-flight global expertise quickly and easily, and
strong central capabilities to guide a unified effort.
51. With the inclusion of these and other new indicators, the IDA RMS
will contain robust information to monitor IDA’s performance
throughout the cycle from strategy formulation, to design to completion. The information from this monitoring system supports Management’s efforts to monitor the overall quality of IDA products,
as well as the effectiveness of the processes that are in place across
the institution to maintain high quality in: (i) design (where systems
are in place to ensure that good practices from research, evaluations
and other analysis, and monitoring systems are incorporated into
project and program design); (ii) implementation (where supervision
reports are now disclosed in keeping with the Access to Information
Policy and monitored regularly for outcome data); (iii) completion
(where results data from ICRs are assessed, and all products are
scrutinized through self- and independent evaluations); and finally
(iv) ex-post in-depth evaluations (which are undertaken for a sample
of products by the DIME Initiative, by IEG and by IDA project and
country teams) to complete the learning and feedback loop for the
next generation of new/restructured products.
F. IDA’s Role in the International Community
52. Beyond the many measures which will be monitored through the
RMS, Participants underscored the importance of IDA’s continuing
role as a platform for the effective delivery of aid, particularly given
the increasingly complex global aid architecture. This role includes:
convening and collaborating with other development partners at
the global, regional, and at the country level, working with development partners to support country leadership of its own development agenda. The nature of IDA’s role will vary across countries
and depend on government demand for IDA services, government
capacity and the comparative advantage of donors and partners.
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53. Global leadership. Participants welcomed the leadership role that
IDA has been playing among the MDBs and other multilaterals in
terms of developing and disseminating policies and practices for aid
effectiveness (e.g., on conditionality). Participants also noted IDA
as having a unique global role, especially as a convener of development partners and a connector of South-South experience, promoting international initiatives (e.g. International Aid Transparency
Initiative), and leading MDB Groups (COMPAS, MDB working
groups on Results, Aid Effectiveness, Public Financial Management,
Procurement, and Safeguards). IDA has supported efforts to bring
broader perspectives to the agenda, notably by playing a key role to
engage partner countries at the third High Level Forum (HLF3) in
Accra in 2008, by working with emerging donors on the South-South
cooperation agenda, and by supporting the preparation for HLF4
in Korea in 2011.
54. Leadership on issues. Participants acknowledged that the World
Bank is called upon to lead by example, implementing cutting-edge
policies to make the institution more effective. For instance, the
World Bank is considered to be a front-runner in its Access to Information Policy, Open Data Initiative, its good practices on conditionality, its results frameworks, and its standards setting on fiduciary
policies and debarment. Participants noted the World Bank’s leading
efforts in the area of aid predictability and aid on budget are particularly important for IDA countries, which are more heavily dependent
on relatively fragmented and unpredictable aid. As Co-Chair of the
Task Team on Predictability and Transparency under the auspices of
the Working Party on Aid Effectiveness and Donor Practices (WPEFF), the Bank is leading the work to examine ways to improve aid
predictability for all development partners. Participants welcomed
this work as well as work on IDA’s own practices with “putting aid
on budget” to further improve its good performance in these areas.
55. Strengthening country ownership and institutional capacity over
development strategies. IDA’s work to spearhead and mainstream
PRSPs, and monitor their implementation by clients, has benefited
all development partners. In addition, IDA is continuing to develop
standards for country systems and diagnostic tools to assess the adequacy of these systems, and is working with other donors to agree
on common frameworks for analysis and capacity building to move
countries toward greater reliance on their own systems. Also, IDA
has increasingly used and will continue to use the analytical tools
available, together with other donors where possible. IDA has also
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increasingly worked and will continue to strengthen its dialogue and
engagement with Parliaments, civil society and local government
bodies to foster broader ownership of the development process.
Section III: Special Themes
56. At the first IDA16 replenishment meeting held in March 2010, Participants agreed that development results should be the overarching theme for IDA16. Within this overarching theme Participants
selected crises response, gender, climate change, and fragile and
conflict affected countries as the “special themes” for IDA16. Participants discussed these themes during the second and third IDA meetings and their findings and recommendations on each special theme
are summarized below. These special themes recommendations are
an integral part of the IDA16 results package and complement the
specific improvements to the RMS described in the preceding section.
A. Special Theme 1: Enhancing IDA’s Capacity to Respond to Crises
57. IDA countries and crises. IDA countries are subject to a variety of
crises and emergencies that can undermine their social and economic
development efforts. These include natural disasters—such as earthquakes, floods, droughts, tsunamis and storms—and economic shocks
such as the recent global food, fuel, and financial crises. Participants
noted that IDA countries have limited capacity to address the impact
of such crises given their limited resources, environmental vulnerabilities, infrastructure limitations, lack of economic diversification,
and often poorly developed formal safety nets. The long-term effects
of severe crises often include lower growth, destruction of public and
private assets, and declines in government revenues. Furthermore,
revenue decline can reduce resources for core development spending, including resources to mitigate the poverty, social and economic
impact of the crisis.
58. IDA’s role. Participants noted IDA’s long-standing involvement in
various aspects of crises response, including the provision of exceptional financial support. Such support has been provided in the aftermath of both major natural disasters and when countries are hit
by severe exogenous economic shocks such as in the recent global
economic crisis. IDA’s comparative advantages in crisis response
have included its ability to work closely and collaboratively with
other organizations (including the UN and IMF), to build on previous analytical work and operational portfolio, its flexibility and
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global reach, and its ability to link short-term crisis mitigation and
long-term development objectives. Participants also noted that in the
absence of a dedicated funding mechanism, this assistance has been
provided through an ad hoc approach, generally by restructuring
existing projects or reallocating resources within country portfolios,
thus diverting resources from long-term development activities, or
through trust funds which may be slow to set up, or, in the case of
natural disasters, exceptional IDA allocations.
59. Establishment of the Crisis Response Window. Participants supported the establishment of a dedicated Crisis Response Window
(CRW) within IDA. They noted that the primary purpose of IDA
resources is to support long term development in low income countries, which includes building resilience so that they are less prone to
being affected by crises and are better able to handle the impact of
those that do occur. The CRW, and its resources deployed for severe
economic crises and natural disasters, are a necessary complement
to this primary mission that will help countries return to their longterm development paths. Increasing globalization, the threats arising
from climate change and environmental degradation, and population
pressures that force people to live in areas exposed to natural disasters are all contributing to the need for IDA to be able to support
and reinforce a strong international response when emergencies do
occur. The creation of the CRW will provide an important additional
tool for the international community to respond to severe natural
disasters, or the re-occurrence of severe economic crises.
60. As in all of IDA’s work in responding to crises, coordination both
with the affected countries’ governments and with other agencies is
critical. IDA will continue to work closely with all its partners and
focus its interventions on areas where it has an existing role and key
comparative advantages. This means that in the case of severe natural
disasters, IDA would aim to complement the primary mandate of
the UN for providing emergency relief, with IDA’s efforts aimed at
supporting safety nets for affected groups and restoring basic physical
assets destroyed by the disaster. In the case of severe economic crises,
IDA’s role would be to help mitigate the impact on vulnerable groups
and protect core development spending at risk in health, education
and infrastructure. The CRW would thus complement IMF’s role as
the first responder to the macro-economic effects of severe economic
shocks with balance of payments implications.
61. Objectives of the CRW. Participants noted that establishing a dedicated crisis response mechanism, as opposed to ad hoc funding
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arrangements, would not only address the issues of timeliness and
additionality, but would also give IDA added flexibility with which
to respond to crises and emergencies, and to do so in a manner that
is both transparent and predictable. They asked that the new mechanism should strengthen IDA’s capacity to participate in global efforts
to rapidly respond to severe crises, in partnership with UN agencies,
the IMF, other MDBs and bilateral donors. Furthermore, the CRW
would provide resources that are additional to the regular IDA allocations of countries severely impacted by crises.
62. Design of the CRW. Participants agreed that, to meet these objectives, CRW resources should only be accessed after an exogenous
shock such as a major natural disaster or a severe economic shock.
Financing from the CRW would form part of a concerted international response and would only be accessed as a last resort.28 Participants noted that while all IDA countries could potentially be eligible
for CRW support, actual access to CRW resources would be linked
to country-specific circumstances (e.g., magnitude of crisis impact,
access to alternative sources of financing, etc.).
63. Responding to natural disasters. In the case of natural disasters, the
CRW would target events that are exceptionally severe. The proposed procedures for responding to such events build on the authority
already provided under IDA replenishments to allocate resources
on an exceptional basis but would also add guidance regarding the
amount of resources that would be made available. However, this
guidance would not rely on a simple formula, due to large differences
between IDA recipients and how they can be affected by crises. Management would consult with the IDA Board shortly after the disaster
occurs, and indicate to the Board that access to CRW resources
would form an appropriate part of the response from the World
Bank Group. Participants urged coordination and complementarity
with the UN, in particular with the Office for the Coordination of
Humanitarian Affairs (OCHA). Management would subsequently
seek Board approval for the crisis response operations and funding
levels (see Annex 3 for additional details on CRW processes).
64. Responding to economic crises. In the case of economic crises, the
CRW would target severe economic crises caused by exogenous
shocks that affect a significant number of countries, thus reducing
28
The terms of assistance from the CRW are identical to those under which IDA
assistance is provided to a particular country.
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the potential for moral hazard. Specifically, Participants asked that
the crisis be expected to result in a widespread or a regional yearon-year projected decline of GDP growth of at least 3 percentage
points in a significant number of IDA countries.29 The 3 percentage
point decline in growth would be the threshold to identify countries
that could be eligible for CRW support. This preliminary ring-fencing
would be vetted by an analysis of available fiscal and other relevant
data in line with the CRW objective to protect core spending in the
short-term and avoid derailing long-term development objectives.
As a result, countries where the crisis did not have a significant fiscal impact could be excluded from access to CRW resources, even
if they did experience the 3 percentage point decline in projected
GDP growth.
65. Participants also agreed that in the event of a severe price shock
that did not result in a GDP growth decline in line with this trigger,
CRW support could be considered on an exceptional basis if: (i) the
shock is broad based and deemed severe in terms of fiscal impact
(i.e., additional spending for targeted interventions to protect vulnerable groups); (ii) there is consensus that a concerted international
response is needed; and (iii) the existing IDA allocations of affected
countries are deemed insufficient to provide an adequate response.
66. Participants requested that the Board be involved in the entire
process of determining the country eligibility and all stages of
resource allocation. Management would present for approval by
Executive Directors its analysis of the nature of the shock and of
the severity of the impact on IDA countries and its recommendation to trigger access to the CRW resources. Where an economic
crisis has significant balance-of-payments implications for multiple
countries, Management would also reflect the views of IMF staff on
the overall extent and nature of the shock in a distinct section of the
Board paper and, to the extent possible, the impact on individual
countries and relevant information regarding their macroeconomic
policy frameworks, drawing on IMF staff analysis including existing
publicly available IMF report(s). In addition, the paper would be
made available to IMF Management, and IMF Management would
be invited to the Board discussion of this paper so that Executive
Directors could seek such clarifications from the IMF as they may
need. Individual operations would be submitted for Board approval
29
The projected year-on-year GDP growth decline will be assessed using projections from the IMF’s World Economic Outlook (WEO).
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on an accelerated basis and in accordance with existing World Bank
policies and procedures.30 As is current practice, the staffs of the
Bank and IMF would collaborate closely on individual country cases.
67. Participants supported a robust process for triggering access to CRW
resources for economic crises through an initial note submitted for
approval to IDA’s Executive Directors. Specifically, this note would:
• Demonstrate that responding to a specific economic crisis is in
line with CRW objectives and its guiding principles. In particular,
the note would demonstrate the severe impact of the crisis on a
significant number of IDA countries and that this impact has been
caused by exogenous factors.
• Propose the overall volume of CRW resources to be allocated in
response to the event and present its rationale. The proposal will
need to factor in the nature and scope of the crisis as well as the
resources available in the CRW.
• Propose the framework and rationale for allocating the approved
resources across countries. The framework will be based primarily
on the fiscal analysis aimed at estimating the “core development
spending at risk.” Core development spending at risk would be
defined as the amount needed to maintain the pre-existing path
of spending on education, health and operations and maintenance
of existing infrastructure, and to maintain, or potentially increase
(depending on the nature of the crisis) spending on safety nets.
Countries with the greatest impact as measured by core development spending at risk would receive proportionately more
resources than those with a lower impact. While designing the
allocation framework, Management will also consider including:
(i) a base allocation to ensure a meaningful response, particularly
for small states; and (ii) a cap to the resources allocated to any one
country or group of countries (in the case of the pilot-CRW the
cap for any country was set at 5 percent of total CRW resources);
such a cap could be particularly relevant in cases where the same
event affects countries or groups of countries with different lags
to avoid the risk of a first-come first-served approach that leads
to depletion of finite resources. Participants noted that CRW
30
For development policy operations, a Fund Relations Note (in the form of a
Public Information Notice of an Article IV review or a Chairman’s Statement
after a decision on the use of Fund resources or a Policy Support Instrument,
or in their absence, an IMF assessment letter of the country’s macroeconomic
framework) reflecting analysis of the shock would be required.
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resources would be allocated in two stages: in the first stage of
this process the bulk (at least 75 percent) of the resources would
be allocated, with those countries that have been most severely
impacted receiving the highest levels of support. In the second
stage, allocations would be adjusted (using the share of resources
not allocated in the first round) in light of additional country specific information related to crisis impact, resource requirements
and capacity to mobilize an effective response through the use of
additional resources. The allocation framework would calculate
allocations on a per capita basis (to take account of country-size).
Management would submit a separate note to the Board with
details of second stage allocations in advance of the presentation
of projects financed from second stage allocations.
68. Resources. Participants agreed that total CRW resources be capped
at 5 percent of the total IDA16 replenishment resources. Towards
this cap, donors would provide an amount of SDR 1,335 million,
representing 4.1 percent of IDA16’s envelope.31 This amount would
include an exceptional allocation of SDR 329 million for Haiti for
the purpose of supporting reconstruction after the earthquake in
2010. Should additional resources prove necessary, up to the 5 percent maximum cap, additional donor contributions may be sought
or credit reflows may be advanced on an exceptional basis from the
subsequent replenishment period subject to approval by the Board
of Executive Directors. IDA will keep the ex-post bridge financing
option in reserve should IDA Deputies decide it appropriate to make
use of it in the future.
69. Participants asked that the CRW be the primary channel for the
World Bank’s crisis response in IDA countries. With respect to the
future creation of trust funds for crisis and emergencies that are eligible for CRW financing, Management will encourage donors that
would like to provide additional resources for such crises and emergencies to do so through the IDA CRW. Such contributions to the
CRW would take the form of additional contributions which can be
made at any time during the replenishment period. These contributions can have a “soft” earmark for a specific crisis or emergency and
31
This amounts to approximately 4.2 percent of the preferred scenario for IDA16.
Data will be updated pending finalization of the replenishment discussions.
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would be additional to the allocation determined by IDA. Participants agree that this is an important, powerful and flexible element
of design to reduce the need for trust funds and the fragmentation
of donor responses to crises.
70. Review. Participants requested that a comprehensive review, including both the pilot-CRW and the results to date of the new CRW, be
prepared for discussion at the IDA16 Mid-Term Review with the
expectation that the results of these reviews will be used to inform
the policies and procedures that would govern its use. This review
will include an assessment of the timeliness and effectiveness of
the pilot-CRW, as well as of its allocation methodology (including
stage 2 allocations). At that time, Management would also provide an update on the implementation of the dedicated CRW so
far in the IDA16 period, and indicate plans for the reallocation of
any unused resources during the last year of the IDA16 period. As
financing for the CRW would cover only the IDA16 period, continued funding including the possibility of ex-post financing would
be reviewed within the context of subsequent replenishments and
be contingent upon positive reviews of both the IDA15 pilot CRW
and the IDA16 CRW.
B. Special Theme 2: Accelerating Progress on Gender Mainstreaming
and Gender-Related MDGs
71. The Millennium Declaration endorsed by the world’s governments in
2000 identifies gender equality and the empowerment of women and
girls as among the most effective ways to “combat poverty, hunger
and disease and to stimulate development that is truly sustainable.”32
Participants noted that IDA, as the largest source of concessional
finance for low-income countries, can play a critical role in investing
in women’s health, education and access to economic opportunities. They also noted that gender inequalities can best be addressed
when both women and men are actively engaged in policy dialogue.
During the IDA16 period, they called on IDA to strengthen gender
mainstreaming in its operations and analytical work, introduce a
32
UN General Assembly. 2000. United Nations Millennium Declaration, para. 20.
http://www.un.org/millennium/declaration/ares552e.pdf
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robust results framework and implement an action plan to accelerate
progress on the gender-related MDGs.33
72. Role of IDA. Participants noted that IDA is uniquely suited to
support gender equality outcomes at the country level which
requires working across multiple sectors and sustaining efforts
of long periods. They agreed that the multi-sector nature of gender issues requires assistance across sectors since progress on key
gender indicators—such as girls’ enrollment and completion rates,
universal access to reproductive health including family planning,
maternal mortality, labor force participation, and asset ownership—also depends on investments in water, sanitation, transport,
and access to financial and other economic services. While many
agencies cover gender issues in education and health, few can
match IDA’s effectiveness in sectors that are essential to expanding
women’s economic opportunities, such as infrastructure, private
sector development, agriculture, and financial service delivery.
IDA’s work on women’s economic empowerment will build on
that of the Gender Action Plan (GAP). IDA can also apply lessons
from different cultural contexts and sustain activities through its
lending instruments and analytical and advisory services. These
comparative advantages are important because changing attitudes,
traditions, and behaviors related to gender requires long-term
engagement and supportive country leadership reflecting agreed
national development goals.
73. Gender and the MDGs. Achieving gender equality matters for equity
and efficiency: gender inequalities in access to public services and
economic opportunities are associated with increased poverty and
33
See IDA (2010). “Special Themes for IDA16,” http://siteresources.worldbank
.org/IDA/Resources/Seminar%20PDFs/73449-1271341193277/SpecialThemes
IDA16.pdf. The World Bank (2010), “Applying GAP Lessons: a Three-year Road
Map to Gender Mainstreaming,” http://siteresources.worldbank.org/INTGENDER/
Resources/336003-1241561860207/GAPtransitionplan_may25.pdf. IEG (2010),
Gender and Development: An Evaluation of World Bank Support, 2002–2008, http://
www.worldbank.org/ieg/gender/. The World Bank (2010), Gender Equality as Smart
Economics: World Bank Group Gender Action Plan—Third Year Progress Report
(January 2007–January 2010), http://siteresources.worldbank.org/EXTGENDER/
Resources/GAP-Progress-Report_May-25-2010.pdf. The World Bank (2010), Reproductive Health Action Plan 2010–2015, http://siteresources.worldbank.org/INTPRH/
Resources/376374-1261312056980/RHActionPlanFinalMay112010.pdf. Education
Sector Strategy for the World Bank (forthcoming 2011).
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lower economic growth. Participant reviewed the progress of IDA
countries towards MDG gender goals and found that this has been
uneven and has differed significantly across countries, regions,
income groups or institutional status—with FCCs lagging behind
on all counts.
• MDG1: Participants noted that expanding women’s economic
opportunities is central to the eradication of extreme poverty
and hunger. While women in IDA countries are increasingly better placed to enter the labor market, important barriers remain.
Participants called for investments in support of women’s entry
into the labor force and to improve women farmers’ access to
land, agricultural markets, financial services and infrastructure
investments. Furthermore, labor market policies should encourage
entrepreneurship and employment. Reporting on IDA’s results in
these areas will be done in the annual gender monitoring reports
and at the IDA16 Mid-Term Review. Participants also noted the
important role of women in meeting the target of halving the
proportion of people who suffer from hunger.
• MDG3: Participants noted that achieving MDG3, which targets
the elimination of gender disparities in education and is the most
explicit gender equality goal, will have a positive and speedy
impact on most MDGs, including those that do not directly target
gender equality. They noted that while progress had been good
overall for primary education, many IDA countries are still offtrack. In addition, large gender gaps in schooling persist among
disadvantaged groups and at the secondary level, especially in
Sub-Saharan Africa and South Asia.
• MDG5: Achieving MDG5a on reducing the maternal mortality
rate (MMR) has been especially challenging in most IDA countries, and the MMR had increased in some countries. Participants
noted that progress in reducing MMR is linked to factors such as
lower fertility rates, rising income per-capita, greater education
attainment among mothers, access to good medical care during
childbirth and reducing HIV/AIDS. MDG5b, achieving universal
access to reproductive health by 2015, is off-track in most IDA
countries although it is a critical element in reducing the MMR,
economically empowering women and curbing the spread of diseases such as HIV/AIDS.
74. Scaling up gender mainstreaming. Participants also reviewed progress on the treatment of gender issues in IDA Country Assistance
Strategies (CASs), as well as in analytical work and in IDA financed
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projects and programs.34 They welcomed the efforts made to increase
gender coverage in the economic sectors where progress was lagging
through the GAP.35 They also noted a recent IEG evaluation of the
World Bank’s support for gender which found that the levels of gender mainstreaming are lower than expected even though the trend is
positive.36 They urged Management to move quickly to implement
commitments made in response to the IEG report. In order to make
progress visible, gender mainstreaming in CASs will be reported in
Tier 3 of the IDA16 RMS.
75. Key commitments for IDA16. During IDA16, Participants urged
IDA to intensify its support for the efforts IDA countries are making
to promote gender equality. They welcomed the introduction of the
Action Plan on Gender Mainstreaming and Gender-Related MDGs
and urged Management to make rapid progress on its implementation. This Action Plan includes:
• A commitment that 100 percent of IDA CASs would draw on
and discuss the findings of a gender assessment. Implementation
of this commitment would be supported through the issuance of a
guidance note on the World Bank gender policy, training for staff
on how to mainstream gender issues in CASs, and more robust corporate review of gender analysis of CASs by the PREM network.
• Increasing gender-informed investments in line with President Zoellick’s commitment, and monitoring progress through the addition
of an indicator and a performance standard in the IDA16 RMS.
• Tracking indicators to measure IDA’s support to gender-based
country outcomes.
• The preparation and implementation of Regional Gender Action
Plans.
34
In 2003, the Bank introduced a new operational policy (OP/BP 4.20) on Gender
and Development http://web.worldbank.org/WBSITE/EXTERNAL/
PROJECTS/EXTPOLICIES/EXTOPMANUAL/0,,contentMDK:20064559~
pagePK:64141683~piPK:64141620~theSitePK:502184,00.html
35 The GAP was developed to advance women’s empowerment in economic
sectors. See IDA (2009). “World Bank Group Gender Action Plan: Implementation Status Report” http://siteresources.worldbank.org/IDA/Resources/
Seminar%20PDFs/73449- 1257448780237/IDA15MTR_Gender_Action_
Plan.pdf
36 IEG (2010). Gender and Development: An Evaluation of World Bank Support,
2002–2008; http://www.worldbank.org/ieg/gender/
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• Implementation of the Reproductive Health Action Plan37 with
a focus on 52 priority countries with high maternal mortality and
total fertility rates, including 25 countries in the Africa Region.
• The completion of the forthcoming Education Sector Strategy and
the subsequent implementation of a program of action targeting
gender issues in high priority countries.
• Progress on the Action Plan would be reviewed during the IDA16
Mid-Term Review.
76. Participants also welcomed Management’s efforts to strengthen the
RMS for gender activities, including through the addition of three
country-level outcome indicators and two indicators of IDA’s operations effectiveness (see Annex 1 for details). They noted that, where
feasible, beneficiary indicators for all IDA investment operations in
the education, health, roads and social protection sectors will also
be gender-disaggregated, and urged Management to disaggregate
additional indicators in preparing relevant reports for the IDA16
Mid-Term Review. During the IDA16 replenishment period, IDA
management will track IDA’s support to gender-based country outcomes through the Annual Gender Monitoring Report. This report
will inter alia track: (i) the percentage of IDA CASs drawing on and
discussing a gender assessment; (ii) the increase in gender-informed
IDA investments; and (iii) three indicators to measure IDA’s support to gender-based country outcomes, including the percentage of
safety nets projects designed to mitigate risk and vulnerability for
women and girls, the percentage of agriculture and rural development
operations that target women, and the percentage of health projects
that address high fertility and maternal mortality.
77. Participants requested that IDA intensify capacity building of staff
and country counterparts by: (i) scaling-up innovative models of
capacity building developed under the GAP; (ii) providing technical
assistance to sectors for developing new indicators on gender and
rolling out gender-informed results frameworks; and (iii) facilitating South-South dialogue and extending capacity building efforts to
civil society in client countries. As noted in the IEG evaluation, low
demand for gender mainstreaming interventions in client countries
has been a serious constraint, therefore Participants asked IDA to
step up efforts to highlight the importance of gender for country
37
The World Bank (2010). Reproductive Health Action Plan 2010–2015 http://
siteresources.worldbank.org/INTPRH/Resources/376374-1261312056980/RH
ActionPlanFinalMay112010.pdf
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development prospects; and intensify efforts in economic sectors.
They requested that the strategy outlined for the IDA16 replenishment be synchronized with the GAP transition plan and that it draw
lessons from the IEG report.
78. Lastly, Participants welcomed Management’s decision to focus the
World Development Report for 2012 on gender. The WDR will
examine links and tensions that exist between development objectives
and gender-related institutions, and the role of policies in resolving
them. It will build on and synthesize the growing body of multidisciplinary analysis, evidence and data on development and gender
equality while identifying key knowledge gaps. Participants noted
that the WDR presents a unique opportunity to identify obstacles to
mainstreaming gender, and articulate and disseminate the case for
gender equality and hence help generate partner country demand. It
is also a vehicle to convey policy options and innovative approaches
to reduce gender inequalities and increase women’s empowerment.
C. Special Theme 3: Achieving Climate Resilient Development
79. Impact of climate change. Participants noted that climate change
presents an urgent challenge to the well-being of all countries and
particularly to the poorest. Even if efforts to reduce greenhouse gas
(GHG) emissions are successful, it is no longer possible to avoid
the impact of climate change. The primary direct effects of climate
change will be increased variability and uncertainty in weather patterns, including an increase in droughts and floods, more seasonal
peaks in river flow, sea level rise and a higher probability of stronger
tropical storms. The poorest countries and communities are likely to
suffer the most because of their geographical location, low incomes,
weaker infrastructure, and limited public and private institutional
capacity, as well as their greater reliance on climate-sensitive sectors such as agriculture. IDA is working with affected countries and
communities to develop and implement a growing range of activities and instruments that support climate resilient development and
adaptation.
80. Cost of climate change adaptation. Participants reviewed the substantial effort that the World Bank made during the IDA15 period
to better understand and address adaptation to climate change and
its implications for development efforts. Adaptation and development are two sides of the same coin: efforts on one reinforce those
on the other. Participants agreed that achieving planned development outcomes such as meeting the MDGs in the context of climate
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change will require an effort to increase financial resources available
to IDA recipients. The Economics of Adaptation to Climate Change
study (EACC) estimates that the total cost for currently IDA-eligible
(including blend) countries will be around US$ 24–26 billion per
year over the next ten years.38 Costs will increase over time: EACC
estimates that costs will rise to US$ 40 billion by 2050. The steepest increases in cost will be in Sub-Saharan Africa (over a twofold
increase). Part of the cost will fall on IDA’s development assistance,
as IDA must climate proof projects in climate-sensitive sectors39
by factoring in the additional costs associated with climate change.
81. Building climate resilience. Participants stressed the importance of
building climate resilience in IDA countries as part of the countrybased development efforts. They requested that IDA projects in
climate-sensitive sectors take climate risks into account. They noted
that the share of IDA financing providing climate co-benefits should
be better captured. Ensuring climate resilience will also require
research and strategic planning. IDA will support climate resilience
activities through financing as well as enhancing the effectiveness of
investments by other development partners. Of particular importance
is to ensure that potential climate impacts for all IDA projects in
sensitive sectors are analyzed to ensure that they are consistent with
the country’s adaptation and mitigation strategies. IDA’s financing can complement the Climate Investment Funds (CIFs), most
notably the Pilot Program for Climate Resilience (PPCR), which
supports IDA recipients in integrating adaptation and resilience into
their development programs. Nine IDA recipients—Bangladesh,
Bolivia, Cambodia, Mozambique, Nepal, Niger, Tajikistan, Yemen
and Zambia—and two regions (Caribbean and South Pacific) have
been selected to participate in the PPCR, which currently has an
envelope of US$ 967 million.
82. Financing for low-carbon growth. Participants noted that building
low carbon economies is also important for IDA recipients, given
that much of their current development efforts include long term
infrastructure. IDA has been a crucial source of finance for energy,
water and transport projects and will continue to support investments
38
The World Bank (2010). Economics of Adaptation to Climate Change:
Global Study. http://beta.worldbank.org/content/economics-adaptationclimate-change-study-homepage
39 Climate-sensitive sectors include inter alia agriculture, water supply, health, and
infrastructure.
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in these sectors, including renewable energy projects in the energy
sector. As various other sources of climate finance channeled through
the World Bank are also beginning to play an important role in mitigation, Participants urged IDA to promote and increasingly support
ambitious low carbon investments, including increased investments
in renewable energy and energy efficiency, and to further leverage
sources of additional climate finance for IDA countries. For example,
IDA recipients are in the process of submitting expressions of interest
to the Program for Scaling-Up Renewable Energy in Low Income
Countries (SREP), which has a current envelope of US$ 292 million.
Furthermore, Burkina Faso, Ghana and Lao PDR were selected as
pilot countries for the Forest Investment Program (FIP), which has
a current envelope of US$ 558 million. Finally, the Clean Technology Fund (CTF) investment plan for Vietnam proposes co-financing
of US$ 250 million to support the country’s climate related goals.
IDA’s ability to leverage new and additional climate finance would
help ensure that actions needed to build resilience would not reduce
finance available for other development efforts.
83. Key commitments for IDA16. Participants welcomed IDA’s strategy
to focus its efforts to address climate change in five closely linked
areas: (i) discussing in 100 percent of IDA CASs climate change
vulnerabilities as part of the country’s development challenges and
priorities and including activities in climate change mitigation and
adaptation areas when requested by the recipient country; (ii) scaling up IDA Analytic and Advisory Activities on adaptation and
mitigation from the IDA15 level and reporting back on progress
at the IDA16 Mid-Term Review; (iii) establishing a system for the
monitoring, assessment and reporting of the contribution of the
IDA portfolio to climate adaptation and mitigation co-benefits and
reporting on the number of projects and amount of associated IDA
financing that aim at climate co-benefits in their design by the IDA16
Mid-Term Review; (iv) analyzing in all projects in climate change
sensitive sectors the potential climate impact of project activities to
ensure that they are consistent with the climate change mitigation
and adaptation strategies of the country; and (v) providing expertise
to and continuing dialogue with development partners (including
OECD/DAC and MDBs) on Rio-Markers with the objective of
developing and agreeing on quantitative measures of global financing for climate adaptation and mitigation actions. Monitoring the
climate co-benefits of IDA funds, establishing and applying outcome measures of climate support, and tracking global financing for
climate change, are all necessary to measure progress in the global
efforts to achieve climate resilience and low carbon growth in the
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poorest countries. Policy advice at the country level will continue to
be informed by IDA’s analytical work on the links between adaptation and development.
D. Special Theme 4: Supporting Fragile and Conflict Affected
Countries
84. Participants welcomed the progress made by IDA in assisting fragile
and conflict-affected countries. IDA’s approach to the challenges of
FCCs has evolved over the last decade, with successive IDA replenishments seeking to respond to the specific needs of these countries.
Eligible post-conflict and re-engaging countries receive exceptional
allocations from IDA, and some have also benefited from exceptional
pre-arrears clearance grants and allocations to help clear arrears.
Furthermore, FCCs have benefited from IDA’s policies on debt
relief (through the HIPC and MDRI initiatives) and from grants
allocated through IDA’s grant allocation framework. Lastly, IDA
has enhanced its institutional capacity to provide rapid, effective
and coordinated assistance to FCCs, including through increased
presence, operational reforms, comprehensive analytical work on
fragility, and deeper partnerships with international actors.40
85. World Development Report 2011. Participants emphasized the
importance of the upcoming WDR 2011 on Conflict, Security and
Development in improving the understanding of FCCs, particularly
in terms of their heterogeneity. They underscored that drawing out
the implications of WDR findings will be an important task during
the IDA16 period and noted that this work could have implications
for future support to FCCs from the international community and
IDA, including with respect to the: (i) application of approaches
for conflict prevention and regional action, notably by increasing
support for difficult reforms, improving linkages between political,
security and economic assistance, and supporting regional initiatives;
(ii) timing and sequencing of reforms in fragile and conflict-affected
countries; (iii) investment in under-resourced sectors, e.g., in the
justice sector, promoting public-private partnerships, and reaching insecure areas; and (iv) monitoring success through measures
of actual levels of violence and popular perceptions of progress, in
40
For further details see IDA (2009). “IDA’s Support to Fragile and ConflictAffected Countries: Progress Report 2007–2009,” http://siteresources.worldbank
.org/IDA/Resources/Seminar%20PDFs/73449-1257448780237/Fragile_States_
MTR.pdf
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order to track progress alongside the MDGs, which do not capture
the special challenges faced by FCCs. The need for gender sensitive
analyses and an integrated gender perspective was emphasized. Participants also welcomed the evaluation of the World Bank’s work in
FCCs, which IEG plans to undertake in 2012–2013.
86. Analytical progress. For the IDA16 Mid-Term Review, Participants requested Management to undertake analytical work on the
types and heterogeneity of fragility that could lead to a stronger
differentiation of fragile countries and their respective needs and
circumstances. In addition, Management should examine (i) if targeted development assistance to non-post conflict fragile countries
could help support the mitigation of the risks of conflict escalation;
(ii) the needs and absorptive capacity of FCCs; (iii) review IDA’s
effectiveness and results in FCCs and evaluate if more differentiated
approaches to fragility and risk-taking in the design of interventions
and choice of partners would improve effectiveness; (iv) the multifaceted impact of development assistance (ODA) on fragile and
conflict-affected countries; (v) if volatility in IDA allocations due to
small changes in governance ratings misses opportunities to maintain
human and institutional capital and pursue long-term strengthening; and (vi) the potential to simplify and adjust the framework
for allocating IDA resources to FCCs to enhance IDA’s ability to
respond to the different needs and circumstances of FCCs. IDA
should draw on existing research on peace- and state-building, the
WDR 2011, and also build on the results of ongoing international
processes such as the OECD-DAC, the International Network for
Conflict and Fragility (INCAF), and the International Dialogue on
Peace-building and State-building. Based on the above-mentioned
analytical work, Participants requested that proposals on IDA’s
support to FCCs be developed for consideration at the IDA16 MidTerm Review.
87. Improving partnerships and aid coordination. Participants called for
IDA to deepen its collaboration with partners to improve the effectiveness of foreign assistance in FCCs and to enhance IDA’s coordination platform role and catalytic impact. Moving forward, Participants
urged IDA to focus on: (i) the importance of achieving results through
coherent, coordinated and complementary approaches to development, peace-building and state-building; (ii) the need for the work
of all partners to be driven by the country context and preferences
while ensuring a predictable and coherent response to fragility and
conflict in terms of early engagement and communication among all
partners; (iii) the centrality of the partner-country government in the
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development process; and (iv) the need to build institutional capacity
and support and actively strengthen country systems to the extent
possible and avoid parallel aid and service delivery mechanisms.
Participants noted ongoing efforts to coordinate with the UN and
other agencies including through partnership agreements. Participants
welcomed efforts of the UN and the World Bank to work together to
better leverage their respective strengths. Specifically, they noted the
semi-annual UN-WB High Level meetings that review the UN-World
Bank Partnership Framework for Crisis and Post-Conflict Situations
(signed in October 2008), discuss institutional arrangements, identify
emerging opportunities and constraints, and work to improve the
effectiveness of the crisis and post-crisis response. Participants also
called for additional collective efforts to improve effectiveness and
results in FCCs and welcomed the Bank’s ongoing efforts to enhance
implementation of UN/Bank partnership agreements in an initial set
of pilot countries. They welcomed Management’s intention to revise
the World Bank’s Operational Policy on Development Cooperation
and Conflict (OP/BP 2.30) by the end of calendar year 2011, and to
include partnership agreements.
88. Increasing the effectiveness of Multi-Donor Trust Funds. Participants called for a deeper collaboration with partners on MultiDonor Trust Funds (MDTFs) administered by the World Bank.
They pointed out that several challenges need to be addressed to
enhance the strategic effectiveness of MDTFs in FCCs, including
ensuring that (i) the mandates of MDTFs are conflict-sensitive
and are adapted to the complex environments found in FCCs;
(ii) MDTFs are managed inclusively, with knowledge shared among
all participants; (iii) MDTFs are mainstreamed into the regular work
of IDA, with administrative budgets that take account of the higher
costs of delivering programs in FCCs; (iv) demands on reporting and
measurement are adequately balanced against the goal of improving
the flexibility and effectiveness of MDTFs in FCCs; and (v) adequate
human and financial resources are provided for fund management.
Actions addressing some of these challenges are already underway.
Participants requested Management to report on progress at the
IDA16 Mid-Term Review.
89. Enhancing IDA’s effectiveness through staffing and decentralization initiatives. Participants welcomed progress on the decentralization of experienced staff to FCCs and noted that IDA now has
country offices in virtually all FCCs. They welcomed the increase
from 11 to 15 country departments in the Africa Region, and noted
that this would help to sharpen the focus on the many FCCs in that
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region. They also welcomed the establishment of a Hub for FCCs in
the Africa Region, and the continued efforts of the Global Expert
Team (GET) for Fragility and Conflict to provide operational and
policy advice to FCC country teams. Management should continue
to enhance the skills mix in FCCs including through adequate incentives to encourage staff to work in these countries.
90. Compliance with fiduciary principles: balance of risks and speed
in implementation. Participants called for enhanced effectiveness in
FCCs, including the ability to respond rapidly to emergency situations. They noted that the Framework for Rapid Response to Crises
and Emergencies has resulted in faster preparation of emergency
operations, but not yet in faster implementation.41 They welcomed
Management’s commitment to reduce the number of projects (prepared under OP 8.00) with disbursement delays from 35 percent at
the end of FY09 to 25 percent by the end of FY11.
91. Participants noted that while a robust procurement policy is important in order to mitigate fiduciary risks, it can result in longer processes if firms in FCCs do not have access to information, capacity,
and security. They welcomed Management’s efforts to simplify
procurement guidelines for FCCs, including through the use of
simplified technical proposals for low-risk and low-value contracts,
simplified short-listing processes, and increasing thresholds for
prior review. They urged quick dissemination of the Procurement
and Consultant Guidelines for the World Bank, once approved,
which seek to harmonize procurement policies across MDBs and
include the “Framework Agreements” procurement method to
facilitate speedier implementation. Lastly, they welcomed the plans
to: (i) establish integrated task teams that include seasoned procurement staff; (ii) address high staff turnover through better succession
planning; (iii) seek early assessments of market conditions; (iv) use
of UN agencies where appropriate; and (v) establish and maintain
a database of best practices and templates. They looked forward
to a review of procurement, fiduciary and legal inputs in FCCs by
the time of the IDA16 Mid-Term Review.
92. Measurement of progress in FCCs. Participants welcomed IDA’s
efforts to refine its approach to performance measurement in countries currently receiving exceptional allocations. For these countries,
41
The World Bank (2010). “Rapid Response to Crises and Emergencies (OP 8.00):
Progress Report” (SecM2009-0200).
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IDA uses Post-Conflict Performance Indicators (PCPI) tailored to
the specifics of countries emerging from conflict. They noted that
an external panel had recommended streamlining the criteria and
strengthening the review process used to determine the PCPI country
scores. They urged Management to complete the revision and testing of the PCPI criteria, and to publicly disclose the country scores
in June 2011 before the start of IDA16. Participants also called for
specific mechanisms to monitor efforts in the broader set of FCCs,
and welcomed ongoing joint efforts with other agencies and bilateral
partners to develop one harmonized approach to measuring progress
in these countries.
Section IV: Adjustments to the Volumes and Terms of IDA Assistance
93. Participants reviewed IDA’s Performance Based Allocation (PBA)
system and agreed that it has generally worked well; they noted
however that exceptions should be limited going forward.
94. Strengthening financial support for fragile and conflict affected
countries. Participants welcomed Management’s proposals for
strengthening financing for FCCs during IDA16 and endorsed the
following changes to the PBA: (i) introduction of a flexible and caseby-case approach to extending the phase-out for post-conflict and
re-engaging countries for the IDA16 period;42 and (ii) modifying the
requirements for IDA’s regional program to allow projects with only
two countries when at least one is an FCC. Furthermore, Participants
endorsed Management’s proposal to continue to support, including
through arrears clearance operations and special allocations as warranted, countries that are likely to re-engage with IDA during the
IDA16 period. These measures will strengthen financing for postconflict and re-engaging countries during IDA16.
95. Strengthening financing for small states. Participants noted that
small states, particularly those with populations of less than 1.5 million, face a number of challenges owing to their higher vulnerability
to economic shocks and natural disasters. In light of these challenges,
they endorsed Management’s proposals to strengthen financing for
small states during IDA16 by: (i) eliminating the maximum per capita
42
The eligibility criteria for the case by case extension are: (i) GNI per capita and
country financing options; (ii) the presence of exogenous factors slowing down
transitions; and (iii) portfolio performance. This approach may be modified in
the context of subsequent discussions on financing for FCCs.
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allocation ceiling, which has constrained the allocations of several
small states; and (ii) raising the base allocation from the current SDR
1.5 million per year to SDR 3 million per year.
96. MDRI netting out. Participants discussed the Multilateral Debt
Relief Initiative (MDRI) netting out mechanism, whereby the debt
relief that eligible countries receive under the MDRI is deducted
from their gross PBA allocation. They noted that the “netting out”
system ensures more resources are allocated on performance, rather
than on the basis of historic debt levels. However, the mechanism
has led to significant reductions in new allocations to a few countries,
which has implications for IDA’s operational engagement in these
countries. Participants emphasized the importance of maintaining the
underlying principles of MDRI and considered several options for
ensuring that IDA can work effectively in these countries. Participants endorsed a change to the MDRI netting out mechanism with
effect from FY11, whereby the amount deducted as foregone debt
service from an eligible country’s gross annual PBA allocation is
capped at 30 percent of such gross PBA allocation. This mechanism
will reduce the impact on those countries most affected by the MDRI
netting out while at the same time limiting the adverse impact on
IDA’s equity-of-treatment principle for eligible countries. Finally,
Management agreed to provide a review of implementation experience at the time of the IDA16 Mid-Term Review.
97. Review of IDA’s financial instruments. Participants welcomed a
review of the terms of IDA’s financial instruments and noted that
adjusting these terms could strengthen IDA’s finances and longterm financial capacity. They noted that IDA currently has relatively undifferentiated financing terms between IDA-only and blend
countries despite very different borrower circumstances in terms of
income levels, economic prospects and levels of external debt. They
supported aligning the terms for IDA blend countries with those of
other institutions while allowing for an exceptional treatment for
small island countries. Participants further agreed that this would
recognize the stronger financial capacity of blend countries while
still ensuring sufficient concessionality and also result in a smoother
transition from IDA to IBRD financing terms.
98. Participants endorsed adjustments to the lending terms of IDA’s
blend, gap and small island exception countries. This included adjusting the terms of IDA’s blend, hardened and hard term credits. Starting in IDA16, IDA’s blend credits and hardened term credits would
be harmonized into one instrument with a final credit maturity of
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25 years with a 5-year grace period, and instituting a 1.25 percent per
annum interest rate.43 Hard term credits would also be harmonized
with a maturity of 25 years and a 5-year grace period and continue
to feature an interest rate based on the IBRD fixed rate equivalent
minus 200 basis points. In addition, the terms for the small island
country exception would be changed from blend credit terms to
regular credit terms. Access to hard term credits would be expanded
to all blend countries in proportion to their performance-based
allocation.
99. Accelerated repayments. The terms of IDA credits provide for
accelerated repayments of credits for countries that have a per
capita GNI level that exceeds a specific threshold and are IBRD
creditworthy. IDA has included an accelerated repayment clause in
legal agreements of regular and blend credits approved since 1987
that allows it to double the principal repayments of the credit or
increase the interest rate, subject to the approval of IDA’s Executive
Directors after considering the borrower’s economic development.
The GNI per capita threshold was originally set as exceeding the
historic cut-off for 5 consecutive years, but for agreements after 1996
it was lowered to exceed the operational cut-off for 3 consecutive
years. Deputies noted that a few IDA borrowers with outstanding
IDA credits that include the acceleration clause have met these
criteria. Deputies indicated that these countries changed circumstances should be reflected in their repayment obligations to IDA.
They endorsed the exercising of the acceleration clause for these
borrowers that are IDA graduates, after considering the borrower’s
economic development, and noted that this would have a positive
impact on IDA’s financial capacity for the IDA16 period.
100. IDA’s long-term financial sustainability. Participants welcomed
Management’s review of IDA’s long-term financial capacity, and
looked forward to further discussions of IDA’s long-term financial
sustainability in the context of the working group established for this
purpose. Participants reviewed the growth of IDA over its history.
They noted that donor contributions have been the main source of
funding of IDA replenishment. Participants welcomed the increase
in the number of donors to the IDA replenishments. While recognizing the value of debt relief in freeing up fiscal space in IDA countries’ budgets, Participants noted that without the compensation
43
All other terms and charges would remain consistent with the current General
Conditions for IDA credits and grants.
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mechanisms agreed by donors, debt relief under the HIPC Initiative and MDRI would have altered IDA’s long-term financing by
lowering credit reflows that would have become available to support future replenishments. Participants also noted that country
graduations could free up resources for other IDA recipients over
time and that future graduations should be encouraged. Participants recommended that future analysis be explored for innovative
ideas to increase IDA’s financial sustainability and requested that
in cooperation with IBRD a review of IDA’s graduation policy be
presented for discussion at the IDA16 Mid-Term Review.
Section V: Managing IDA’s Financial Resources
101. Deputies recognized that the IDA16 replenishment period
(FY12–14) is the last full replenishment before the MDGs 2015
target and will be a critical time for the donor community to provide assistance to IDA countries to help them in their efforts to
reach the MDGs by 2015. Towards this end, they endorsed a total
replenishment of SDR 32.8 billion (equivalent to US$ 49.3 billion)44 during the IDA16 period, which would constitute the
IDA16 commitment authority envelope.
A. Commitment Authority
102. Sources of commitment authority. IDA’s commitment authority is
backed by donor contributions, internal resources of IDA, transfers45 from IBRD and IFC, and by other resources, as available.
Donor contributions supporting IDA16 commitment authority
are provided as part of the IDA16 replenishment itself as well as
under the MDRI replenishment. Deputies noted that Management
will review IDA’s commitment authority and report to the Board
on an annual basis, as per current practice. This review will take
into account the status of donor financing commitments to the
IDA16 replenishment and the MDRI replenishment. In the event
of a shortfall of donor commitments, the level of IDA16 commitment authority could be adjusted over the course of the IDA16
period. Deputies reiterated the commitment made under MDRI
to fully finance the costs to IDA of providing MDRI debt relief,
44
45
At the IDA16 foreign exchange reference rate of US$/SDR1.50233.
IBRD transfers are made out of its net income. IFC designates grants to IDA
out of its retained earnings.
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and that financing of these costs would be additional to regular
IDA contributions.
103. Sources. The volume for each source of funding is as follows:
• Deputies endorsed SDR 17.6 billion (equivalent to US$ 26.4 billion) of total donor contributions for the IDA16 replenishment.
IDA16 donor contributions comprise: (i) regular contributions
of SDR 15.8 billion (equivalent to US$ 23.7 billion), net of the
structural financing gap; (ii) contributions to cover IDA’s debt
relief costs under the HIPC Initiative during the IDA16 commitment period (FY12–14) of SDR 1.3 billion (equivalent to
US$ 2.0 billion); (iii) contributions to finance arrears clearance
operations of SDR 0.4 billion46 (equivalent to US$ 0.6 billion);
and (iv) contribution to cover the forgone principal on grants
provided of SDR 0.1 billion (equivalent to US$ 0.1 billion).
• Deputies reaffirmed the need to provide additional donor contributions for the MDRI replenishment of SDR 3.5 billion (equivalent to US$ 5.3 billion), so as to cover IDA’s debt relief costs due
to the MDRI during the IDA16 disbursement period (FY12–22)
as agreed under MDRI.
• Deputies acknowledged proposed commitments against IDA’s
internal resources in the amount of SDR 6.6 billion (equivalent
to US$ 9.9 billion), subject to approval by IDA’s Executive Directors. Internal resources include credit repayments received from
both current and past IDA borrowers, as well as resources from
IDA’s liquid assets including investment income.
• Deputies noted the approval by IDA’s Executive Directors of
Management’s proposal to exercise the contractual acceleration
clause in qualifying IDA credits and acknowledged that this
would increase the internal resources available in IDA16 by SDR
1.2 billion (equivalent to US$ 1.8 billion).47 They recognized the
significant efforts of seven IDA graduates whose repayments of
qualifying outstanding IDA credits would be accelerated under
this proposal: Albania, China, Arab Republic of Egypt, Equatorial Guinea, Indonesia, FYR Macedonia and St. Kitts and Nevis.
46
Total estimated arrears clearance costs during IDA16 are SDR400 million, of
which donors pledged to cover SDR381 million.
47 IDA (2010). “Acceleration of Credit Repayments to IDA and New Policy
Framework for Voluntary Prepayments.” IDA R02010-0351. The new policy
was approved on December 7, 2010.
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• Deputies welcomed the additional voluntary prepayment of
outstanding IDA credits by China of US$ 1.0 billion. In accordance with the new policy framework for voluntary prepayments
China received a discount of US$ 110.78 million on these credit
repayments. China is passing the entire discount on to IDA as
a donor contribution to IDA16. The remaining US$ 889 million
(SDR 592 million) will increase the internal resources available
in IDA16.
• Deputies acknowledged that the proposed adjustments to the
lending terms of IDA’s blend and gap borrowers would increase
the internal resources available in IDA16 by SDR 1.3 billion
(equivalent to US$ 2.0 billion). They noted that IDA blend and
gap borrowers would be making an important contribution to
IDA’s long term financial sustainability and, although the lending terms remain concessional, the shortened maturity and grace
period would allow IDA to recycle resources more quickly and
the interest paid would increase IDA’s internal resources available for commitment authority.
• Replenishment funding would also comprise expected transfers
from IBRD net income in the amount of SDR 1.3 billion and
grants from IFC in the amount of SDR 0.7 billion, in each case
based upon evaluations of the institutions’ financial capacities
and subject to availability of net income and annual approvals
by the IBRD and IFC (equivalent to an aggregate World Bank
Group contribution of US$ 3.0 billion).
104. Donor contributions of SDR 21.1 billion continue to be the primary source of IDA’s commitment authority, accounting for some
64 percent of the total resources supporting IDA16. Donor commitments for the IDA16 replenishment (subscriptions and contributions) of SDR 17.6 billion as shown in Table 1 of Annex 5 reflect
the agreement reached among donors. Donor contributions for
the MDRI replenishment of SDR 3.5 billion are governed by the
MDRI Resolution.48 Under the terms of the MDRI Resolution,
IDA has undertaken to reflect changes in actual and estimated costs
of MDRI debt forgiveness by making adjustments to donor contributions to the MDRI every three years normally in conjunction
with regular replenishments.49 A revised Compensation Schedule
48
IDA (2006). Additions to IDA’s Resources: Financing the Multilateral Debt
Relief Initiative: IDA Resolution No. 211 adopted by IDA’s Board of Governors
on April 21, 2006 (the “MDRI Resolution”).
49 Paragraphs 1(f), 2(c) and 2(d) of the MDRI Resolution.
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and revised Donor Contribution tables to the MDRI Resolution
will be provided to members reflecting the updated cost estimates
for the MDRI as of June 30, 2010. Corresponding adjustments to
reflect these updated amounts are also required in the payment
schedule attached to each member’s Instrument of Commitment
for its MDRI subscription and contribution.50 Section VI provides
further information regarding donors’ contributions to finance debt
relief costs under the HIPC Initiative, the MDRI, arrears clearance
operations and compensation for forgone principal on grants.
• New and prospective donors. Argentina, The Bahamas, Chile, the
Islamic Republic of Iran, Kazakhstan, Peru, and the Philippines
have pledged to become IDA donors. Participants noted that,
in their view, there are still a number of countries that have the
economic capability to contribute to IDA but have not yet done
so. Participants acknowledged Management’s efforts to reach
out to these countries and agreed that efforts should continue
to encourage them to become IDA donors.
• Burden Shares. Participants acknowledged the dual challenge
of securing an adequate replenishment size while achieving an
acceptable burden sharing framework. They acknowledged the
large structural gap of 20.2 percent in donors’ basic contributions
during the fifteenth replenishment of IDA and that this gap has
continued to grow in recent IDA replenishments. Participants
noted that the increasing structural gap leads to underfunding
relative to the donor consensus regarding the financial needs of
IDA countries in the coming replenishment period and that it
leads to under-reporting of each donor’s “effective or real burden
share” of total contributions. They also noted that rescaling basic
burden shares could have unintended consequences and that further discussion was needed during the IDA16 Mid-Term Review.
• Additional contributions. Donors may, at any time, make additional contributions to the amounts shown in Table 1 of Annex 5.
Such contributions would reduce the financing gap and result in a
corresponding increase in IDA’s available commitment authority.
• Voting rights. Participants agreed that the existing IDA voting
rights system continue for the IDA16 period.
50
Members will be notified of the necessary amendments to their MDRI Instruments of Commitment and the payment schedule following adoption of the
IDA16 Resolution by the Board of Governors.
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105. Internal resources. Participants welcomed the record internal
resource mobilization efforts for IDA16, particularly given that
many donors face serious fiscal constraints. They recognized the
significant efforts of IDA graduates whose repayment of qualifying
IDA credits would be accelerated and blend countries that would
receive new credits based on the adjusted terms. In both cases,
these efforts increase the internal resources available for commitment authority during IDA16. Participants endorsed IDA’s existing
practice of using internal resources to complement donor resources.
They supported the analysis presented during the replenishment
discussions demonstrating that IDA would have an adequate level
of internal resources to continue to support future replenishments.
Participants noted that credit repayments constitute an important
component of internal resources and recognized the impact of the
MDRI, HIPC Initiative and IDA grants on credit reflows. Deputies
confirmed their commitment to compensate IDA for these forgone
reflows on a “dollar-for-dollar” basis. Participants reviewed the
structure of IDA’s liquid resources and discussed Management’s
projections regarding IDA’s long-term financial capacity.
106. IBRD and IFC contributions. Participants welcomed the undertaking for a planned contribution of US$ 2.8 billion51 from World
Bank Group resources in support of the IDA16 replenishment consistent with the approach discussed at the 2010 Spring Meetings.52
Participants noted that the ability of IDA to assist low-income
countries over the next three years depends heavily on the agreed
IDA16 funding package and that a critical component of this funding package was the continued ability of IBRD and IFC to contribute financial resources to IDA. They noted that IDA would
use IFC-provided resources in furtherance of IFC’s purposes, with
emphasis on sectors such as finance, industry and trade, information and communication, energy and mining and transportation.
Such transfers are approved annually by IBRD’s Board of Governors and IFC’s Board of Directors based upon evaluations of the
51
52
This amount is expected to generate additional investment income of US$ 222 million and provide total financing for IDA16 of US$3.0 billion, equivalent to SDR
2.0 billion.
The World Bank (2010). “Synthesis Paper: New World, New World Bank Group,”
DC2010-002/1. Annex 1. http://siteresources.worldbank.org/DEVCOMMINT/
Documentation/22555916/DC2010-0002-1_E_SynthesisPaperRevised.pdf
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institutions’ annual results and financial capacities.53 Participants
emphasized the importance they attach to continued and substantial
transfers from IBRD and IFC to IDA. They urged IBRD and IFC
to maintain their financial support to IDA, consistent with IBRD’s
and IFC’s financial priorities.
B. Replenishment Effectiveness
107. Deputies recommended that financing for IDA16 be made subject
to an effectiveness condition similar to that used under previous
IDA replenishments. The purpose of such a condition is to ensure
that most donor financing, including contributions by major donors,
is in place on time. Deputies recommended that IDA16 become
effective when Instruments or Qualified Instruments of Commitment accounting for 60 percent of the total donor contributions have
been received by IDA. They recommended a target effectiveness
date for the replenishment of December 15, 2011.
108. Deputies noted the expected limited availability of commitment
authority for making grants at the start of the IDA16 period, before
the replenishment becomes effective. Principal reflows derived
from credits extended in replenishments prior to IDA11 cannot
be used for the financing of grants as the associated replenishment
resolutions did not authorize the making of grants. IDA would,
therefore, need to rely on donor contributions to back new grant
commitments during IDA16. Since many IDA recipients receive
their entire assistance in the form of grants, the timely availability
of donor contributions to support commitment authority for grants
is of particular concern.
109. In response to this concern, Deputies noted the importance of providing their Instruments of Commitment as early as possible, so as
to advance the date of reaching the threshold for replenishment
effectiveness.54 Deputies also noted two options to address the constraint associated with the provision of grants, both of which were
used with success in IDA15: (i) the continued use of the Advance
53
IFC’s Board of Governors notes with approval the designation of retained earnings by IFC’s Board of Directors.
54 Some donors’ budgetary and legislative timetables permit them to make their
contributions at an early stage in the fiscal year.
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Contribution Scheme; and (ii) the use of conditional grants and
convertible credits.
• Advance Contribution Scheme. In past IDA replenishments,
some donors agreed that a share of their contributions could
be used before the replenishment becomes effective. Under
this Advance Contribution Scheme, one-third of the amount
specified in a contributing member’s Instrument of Commitment
would be released for commitment authority purposes, provided
that at least a defined minimum threshold volume of total donor
Instruments of Commitment has been received. In view of the
limited availability of commitment authority for grants during
the first six months of IDA16, Deputies agreed to eliminate
the threshold for the Advance Contribution Scheme, following
the same procedure as in IDA15. Consequently, unless stated
otherwise by the donor, one-third of that donor’s contributions
will be released for commitment immediately upon receipt of
the donor’s Instrument of Commitment by IDA. The second
and third tranches of donor contributions will be released at the
beginning of each fiscal year, on July 1, 2012 and July 1, 2013,
respectively.
• Conditional grants and convertible credits. Deputies noted two
other options to address constraints on commitment authority:
(a) using conditional grants; and (b) converting credits to grants.
Grants during the first six months of IDA16 could be made conditional upon availability of sufficient commitment authority
from donor contributions. Alternatively, IDA16 grant operations
could be approved as credits in the first six months of IDA16 with
an automatic conversion to grant terms as and when sufficient
donor resources become available. Upon conversion, any IDA
service and commitment charges paid under the credit would be
refunded to the borrower. To the extent required, Management
would adopt a combination of conditional grants and conversion
of credits into grants, as described above, following the same
procedures that were used successfully in IDA15.
C. Contribution Procedures
110. Payments. Deputies recommended that the contribution and payment arrangements for donors continue as in previous replenishments. Donors will provide their contributions in the form of cash
or notes in three equal annual installments. The first installment will
be due 31 days after the replenishment becomes effective, which is
expected by December 15, 2011, except for advance contributions
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which will be paid as specified by IDA. The second installment will
be paid no later than January 15, 2013, and the third installment
no later than January 15, 2014. IDA may agree to postpone any
payment under the terms of the IDA16 Resolution.
111. Deputies recommended that subscription and payment arrangements for non-donors continue as in previous replenishments. Subscription payments of non-contributing members will be fully paid
in one installment and in national currency, either in cash or notes.
112. Encashment. Donor contributions will be encashed on an approximately pro rata basis among donors following the agreed regular
encashment schedule (Attachment II of the IDA16 Resolution).
Donors may, with the agreement of Management, adjust their
encashments to reflect their legal and budgetary requirements.
Deputies agreed to indicate any special preferences in this regard
to Management when donors deposit their Instruments of Commitment. Deputies recognized that the timing of encashments affects
IDA’s resource base. They agreed that in exceptional cases, should
unavoidable delays occur, IDA’s encashment requests to the affected
donor be expected to be adjusted to take into account any past payment delays by that donor and any related lost income to IDA. IDA
may also agree with any member on a revised encashment schedule
that yields at least an equivalent value to IDA. Deputies agreed that
the present value of donors’ encashment schedules will be based
on a 2.5 percent per annum discount rate.55 Donors that accelerate
their encashments can use the additional resources as a credit item,
either to increase their own regular burden share, to cover a share of
their costs under the MDRI replenishment, or to lower the overall
structural gap in the replenishment. In each case, donors would
receive additional subscription votes on account of the additional
resources provided to IDA from accelerated encashment. Donors
that use accelerated encashment can also benefit from a discount
on the amounts encashed.
113. Valuation of contributions. Deputies agreed to denominate their
contributions in their respective national currencies if freely convertible, in SDRs, or, with the approval of IDA, in any convertible
currency of another member country. They also agreed to determine
55
IDA (2010).”Updated IDA16 Financing Framework and Key Financial
Variables.” http://siteresources.worldbank.org/IDA/Resources/Seminar%20
PDFs/73449-1271341193277/FinancingFramework_October2010.pdf
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the currency of denomination for each donor contribution as of the
date of conclusion of the IDA16 replenishment discussions. For the
purpose of establishing the equivalence of value among different
currencies and the SDR, donors agreed to use the average daily
exchange rate for the period April 1, 2010, through September 30,
2010. To help maintain the value of contributions from donors with
high inflation rates, contributions from donors with domestic annual
inflation of 10 percent or higher in 2007–2009 will be denominated
in SDRs or in any currency used for valuation of the SDR and
agreed with IDA.56
114. IDA15 funds carried into the IDA16 replenishment. Deputies
agreed that the IDA15 funds carried over into the IDA16 period
will be administered under the terms of the IDA15 replenishment
with respect to financial management matters such as payment,
encashment and allocation of voting rights. For ongoing operational
matters, such as commitment authority, IDA16 terms, conditions
and procedures will apply.
115. Reporting of contributions. Participants requested Management
to report regularly to the Executive Directors on the status of each
donor’s commitment and actual contributions to IDA and to include
this information in the Annual Report of the World Bank and other
publications as appropriate.
Section VI: Financing Debt Relief, Arrears Clearance
and Foregone Principal on Grants
116. Participants reiterated their strong support for the HIPC Initiative
and MDRI, which provide debt relief to the world’s poorest and
most indebted countries. They reviewed updated cost estimates for
IDA’s lost credit reflows and the status of donor financing for the
MDRI. In addition, Deputies discussed the financing arrangements
for exceptional IDA allocations for arrears clearance in IDA16 and
supported the continued use of the Debt Relief Trust Fund to accept
resources from donors and IBRD net income transfers for this purpose. Participants noted that IDA16 will be the first replenishment
for donors to compensate IDA for forgone principal repayments
on grants. Participants recognized that further discussions were
56
Inflation is measured by the rate of change of the national Consumer Price
Index (CPI), or the GDP deflator in case of donor countries for which the CPI is
not available.
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needed on the question of financing gaps in donors’ contribution
for compensatory items.
A. The HIPC Initiative
117. Impact on IDA finances. Participants reviewed the impact of HIPC
debt relief on IDA’s finances. They reaffirmed the basic HIPC principle that debt relief should not reduce IDA’s capacity to support
poverty reduction and development and should be additional to
other IDA assistance. They noted that current resources available
to finance IDA’s HIPC debt relief costs will be fully utilized by the
beginning of the IDA16 period. IDA will, therefore, need additional
financing of about SDR 1.4 billion during the IDA16 period to
finance forgone credit reflows due to the HIPC Initiative.
118. Two mechanisms. Deputies supported the continued use of the two
mechanisms used in IDA15 for donors’ HIPC-related contributions:
(a) contributing to IDA directly; or (b) channeling contributions
through the Debt Relief Trust Fund.57 The HIPC-related contributions will be recorded separately from regular IDA contributions
in order to ensure that HIPC debt relief is additional to other IDA
assistance. As in IDA15, each donor’s share will be determined
based on the agreed burden-sharing and shown as a separate column
in Table 1 of the IDA16 Resolution.
119. Donor funds provided directly to IDA will be treated in the same
manner as regular contributions, becoming part of IDA’s general resources. Donors can choose to submit one Instrument of
Commitment that would include the amount of the HIPC-related
contribution, or separate Instruments of Commitment for regular
IDA contributions and HIPC-related contributions. Donors can
pay their HIPC contributions in cash or promissory notes. Since
these additional contributions will reimburse IDA for its forgone
reflows during FY12–14, they will be drawn down over this threeyear period. Donors will receive voting rights for contributions
upon payment to IDA16.
120. Donors can also make HIPC contributions directly to the Debt
Relief Trust Fund. Donors would sign contribution agreements
with IDA, as administrator of the Debt Relief Trust Fund, specifying the contribution amount and payment modalities—in cash or
57
As amended by donors and the Executive Directors.
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in promissory notes to be drawn down over a three-year period.
Donors will deposit their contributions in the World Bank component of the Debt Relief Trust Fund, and contributions will be
transferred to IDA to reimburse IDA for its forgone credit reflows.
Since these funds become part of IDA’s general resources at the time
of transfer from the Debt Relief Trust Fund to IDA’s cash accounts,
donors will receive additional voting rights in IDA following such
transfers. Management will report periodically to donors on the
status of their contributions to the Debt Relief Trust Fund.
B. The MDRI
121. Replacement of lost credit reflows. In the spring of 2006, donors
and shareholders approved IDA’s participation in the MDRI, which
provides 100 percent cancellation of eligible debt owed to IDA by
countries reaching the HIPC completion point. Starting on July 1,
2006 and over the next four decades of MDRI implementation, IDA
is projected to cancel an estimated total amount of SDR 23.7 billion (equivalent to US$ 35.5 billion) of credit reflows from eligible
HIPC countries. Under the MDRI replenishment arrangements,
donors have committed to compensate IDA’s MDRI costs on a
‘dollar-for-dollar’ basis, over the duration of the cancelled credits.
Participants reiterated the need for full replacement of the lost
credit reflows due to the MDRI so as to ensure that the debt relief
granted by IDA will be additional for recipient countries, providing
further resources for their development efforts.
122. MDRI replenishment. Donor contributions for IDA’s MDRI costs
are recorded under a separate replenishment and added to IDA’s
general resources, following established IDA procedures. Deputies
reaffirmed the need for full replacement of lost credit reflows due to
debt relief and their commitment “to fully finance the costs to IDA
of providing MDRI debt relief over the 40-year time span of the
MDRI.”58 To preserve IDA’s advance commitment capacity—under
which IDA uses its stream of available future credit reflows to back
future disbursements on approved credits and grants—Deputies
acknowledged the need to provide unqualified, firm MDRI financing commitments over the disbursement period of each future IDA
replenishment. However, Participants also recognized that the ability to provide binding financial commitments for the entire duration
58
IDA (2006). Additions to IDA Resources: Financing the Multilateral Debt Relief
Initiative, approved by IDA’s Executive Directors on March 28, 2006. Paragraph 5.
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of MDRI varies from donor to donor and committed themselves to
make every effort possible to translate their full political commitment for outer as well as earlier years into as firm and far reaching financial pledges as allowed for by their legislative processes.
Specifically, in the context of the MDRI replenishment, donors
recognized that: “It will be critical to provide an Unqualified Commitment for subscriptions and contributions in FY07 and FY08.”59
For the remainder of the first decade of MDRI implementation
(FY09–16), donors recognized that: “Firm, Unqualified Commitments are also needed over this period. Participants recognized
that some donors would require periodic approval of their contributions over this period, resulting in the provision of some portion
of Qualified Commitments. Participants encouraged IDA’s donors
to take all necessary steps in successive replenishments to provide
firm financing on a rolling basis.”60 In order to avoid a financing shortfall, the MDRI replenishment resolution was amended in
201061 to allow a portion of qualified commitments to be counted
towards IDA’s commitment authority. This portion was set by IDA’s
Executive Directors at 85 percent of qualified commitments during
IDA15, and the Executive Directors will set the level for IDA16
under the IDA16 commitment authority framework. Nevertheless,
Participants stressed the need for donors to make every effort to
provide firm, unqualified commitments up to FY22.
123. To back IDA16 commitment authority, Deputies reaffirmed the
urgent need to provide additional donor contributions for the
MDRI replenishment of SDR 3.5 billion, so as to cover IDA’s
debt relief costs due to the MDRI during the IDA16 disbursement period (FY12–22) as agreed under the MDRI. In that context,
Participants noted with appreciation that a number of donors have
already provided unqualified MDRI financing commitments over
40 years, including Ireland, Kuwait, Luxembourg, Portugal, Russia
and South Africa.
124. Participants noted that the value of IDA’s lost credit reflows under
the MDRI will continue to fluctuate over the 40-year period, and
that the MDRI financing arrangements include a mechanism to
59
Paragraph 19 (a), ibid.
Paragraph 19 (b), ibid.
61 IDA (2010) “Amendment to Resolution No. 211—Additions to Resources:
Financing the Multilateral Debt Relief Initiative,” Resolution 224, IDA/
R2010-0054.
60
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adjust the compensatory amounts payable by donors in conjunction
with every regular IDA replenishment. Participants reviewed the
updated cost estimates for the MDRI, as of June 30, 2010, which
provide the basis for updates to the MDRI cost tables and donor
payment schedule. Revised tables to the MDRI Resolution reflecting the updated cost estimates will be provided to members. Corresponding adjustments to reflect these updated amounts are also
required in the payment schedule attached to each member’s Instrument of Commitment for its MDRI subscription and contribution.
Donors noted that, in the Instrument of Commitment, each member
had agreed to amend its Instrument of Commitment to reflect any
such adjustment.
125. Monitoring donor contributions. Participants reaffirmed that
there should be continued monitoring of donor contributions to
the MDRI. For transparency, donor contributions to the MDRI will
continue to be recorded separately from regular IDA replenishment
contributions, as additional to donors’ regular financial support to
IDA. They noted that donor contributions to the MDRI have been
reported in the annual report to IDA Deputies and IDA’s Executive Directors and will continue to be reported annually during
the IDA16 period. Such reporting will contain information on the
volume of debt relief delivered by IDA under the MDRI and the
amount of compensatory donor resources received.
C. Financing of Arrears Clearance Operations
126. Burden shares. During IDA15, donors agreed to establish a systematic approach to arrears clearance.62 The cost of providing
exceptional support for arrears clearance to countries eligible
per the established criteria and which could be expected to clear
arrears before the end of the IDA16 period is estimated to be SDR
0.4 billion.63 Donors agreed that this amount be included as part of
IDA’s overall financing commitments during IDA16 based on fair
burden shares. In general, therefore, donors supported the use of
their HIPC burden shares to finance arrears clearance operations
in IDA15.
62
IDA (2008). Additions to IDA Resources: Fifteenth Replenishment—IDA: The
Platform for Achieving Results at the Country Level, See section IV.C, page 31.
http://siteresources.worldbank.org/IDA/Resources/Seminar%20PDFs/734491172525976405/FinalreportMarch2008.pdf
63 See also footnote 47.
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127. Set aside of resources. Participants agreed that the resources provided to finance arrears clearance operations would be released for
commitment only when such arrears clearance actually takes place.
They also agreed that if the resources requested for IDA16 would
be insufficient to cover the full cost of the exceptional support, the
shortfall would be made up in IDA17, in the same manner that
HIPC costs are updated at each replenishment based on use and
availability of resources. Participants requested Management to
provide an update on the utilization of resources for arrears clearance operations at the IDA16 Mid-Term Review and to indicate
plans for the reallocation of any unused resources during the last
year of the IDA16 period.
128. Redeployment of unused resources from IDA15. Deputies agreed
during the IDA15 Mid-term Review to the redeployment of SDR
243 million (US$ 370 million) from the unused set-aside for arrears
clearance operations to provide resources for the pilot-Crisis
Response Window (pilot-CRW).64 However, the IDA15 Deputies’ Report and Board of Governors’ resolution limited the use of
these funds to arrears clearance operations. Therefore, pending the
approval for the repurposing of these funds, the Executive Directors
approved—in November 2009—the use of an equivalent amount
of IDA16 internal resources to bridge the immediate financing
need. This additional amount of internal resources was included
in the internal resources used for IDA15 and was deducted from
the internal resources available in IDA16. Given the above Deputies’ agreement, the funds can be carried forward into IDA16 to
reimburse the use of internal resources.
129. Debt Relief Trust Fund. Participants noted that the continued use
of the Debt Relief Trust Fund to allow it to receive donor contributions for arrears clearance provided an additional avenue for
donors to finance the cost associated with arrears clearance. They
also noted that any donor making bilateral contributions towards
coverage of arrears clearance costs into the arrears clearance window of the Debt Relief Trust Fund, ahead of IDA16, will have the
option of having these contributions credited against the donor’s
burden-shared contributions for arrears clearance financing during
IDA16. Similarly, in IDA16, donors have the option of contributing directly to IDA or channeling their contribution for arrears
64
IDA (2009). “Proposal for a Pilot IDA Crisis Response Window,” IDA/
R2009-0293.
272
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clearance through the Debt Relief Trust Fund. In addition, in the
event that IBRD has additional income, the Debt Relief Trust Fund
could be able to receive contributions from IBRD net income,
which could be used to address any remaining structural gap in the
financing of IDA’s debt relief costs, including HIPC and MDRI.
130. IBRD debt. In IDA countries with debt to IBRD, Participants also
agreed that IDA provide debt relief grants or credits where these
would be necessary in order for the World Bank to deliver its share
of debt relief under the HIPC Initiative. Such debt relief grants
from IDA (for interim HIPC relief on IBRD debt service payments) and prepayment by IDA of remaining IBRD claims at the
HIPC completion point are part of the implementation modalities
for IDA’s delivery of debt relief under the HIPC process.65 These
debt relief grants and prepayments are to be funded by resources
other than IBRD net income transfers.
131. Participants noted that the IDA-financed clearance of arrears
to IBRD would lead to an increase in IBRD’s allocable income
in the fiscal year in which the arrears clearance took place and
expressed a desire for dollar-for-dollar compensation from IBRD,
while acknowledging that any such compensation could be made
only after meeting IBRD’s general reserve allocation requirements
and in line with IBRD’s policies and practices. Participants also
expressed the desire that any such additional contributions would be
used to close the structural gap in the MDRI financing framework.
D. Financing of Forgone Principal from Grants
132. Grant making began in earnest in IDA13. In IDA14, donors committed to replace forgone principal reflows due to the making of
grants, on a pay-as-you-go basis. Given the 10-year grace period
on regular IDA credits, IDA16 will be the first replenishment for
the financing of forgone principal reflows due the grants extended
in IDA13.
133. Impact on IDA finances. Participants reviewed the impact of providing grants on IDA’s finances. They reaffirmed the basic principle
that grants provided should not reduce IDA’s future capacity to
65
IDA (2000). “Heavily Indebted Poor Countries (HIPC) Initiative: Note on
Modalities for Implementing HIPC Debt Relief under the Enhanced Framework,” IDA/R 2000-4, approved by the Executive Directors on January 25, 2000.
273
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support poverty reduction and development. They noted that IDA
will need additional financing of about SDR 60 million during the
IDA16 period to finance forgone credit reflows due to grants.
134. Burden shares. Donors agreed that this amount is included as part
of IDA’s overall financing commitments during IDA16 based on
fair burden shares.
Section VII: Recommendation
135. The Executive Directors recommend to the Board of Governors
the adoption of the draft IDA16 Resolution. . . .(1)
Board of Governors On April 26, 2011)
(1) This
274
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REPORT OF THE BOARD OF DIRECTORS OF IFC
July 1, 2011
Membership of Suriname
1. In accordance with Section 17 of the By-Laws of the International
Finance Corporation, the application of Suriname for membership
in IFC is hereby submitted to the Board of Governors.
2. Representatives of Suriname have been consulted informally regarding the terms and conditions recommended in the attached draft Resolution and they have raised no objection thereto.
3. Accordingly, the Board of Directors recommends that the Board of
Governors adopt the draft Resolution. . . .1
Board of Governors on August 12, 2011)
(1) This
275
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ACCREDITED MEMBERS OF DELEGATIONS
Angola
Afghanistan
Governor
Omar Zakhilwal
Governor
Manuel Neto da Costa
Adviser
Eklil Ahmad Hakimi
Samiullah Ibrahimi
Ahmad Jalali
Dallas Newby
Abdul Qadier Nur
Khalid Payenda
Adris Walli
Alternate Governor
Gualberto Lima Campos
Adviser
Maria Luisa Abrantes
Martinho Bachi Codo
Manuel da Silva
Ana Beatriz G. De Ceita Da Costa
Ismael Filipe
Mauro Fonseca
Lucombo Joaquim Luveia
Mario Miguel
Amadeu Leitao Nunes
Domingos Pedro
Celson J. Ndombe Pongolola
Alberto Bento Ribeiro
Albania
Governor
Ridvan Bode
Alternate Governor
Fatos Ibrahimi
Antigua and Barbuda#
Adviser
Elvi Fundo
Toni Gogu
Gramoz Kolasi
Endrit Lami
Genci Mamani
Erald Themeli
Governor
Whitfield Harris, Jr.
Alternate Governor
Reuben Meade
Algeria
Adviser
Deborah-Mae Lovell
Rafael Molina
Governor
Karim Djoudi
Argentina
Alternate Governor
Abdelhak Bedjaoui
Governor
Amado Boudou
Adviser
Hadia Amrane
Noureddine Bardad-Daidj
Omar Bougara
Sid Ahmed Dib
Soraya Mellali
*
<>
#
Alternate Governor
Roberto Jose Feletti
Temporary
Not a member of IFC
Not a member of IDA
276
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Adviser
Mauro Alem
Martin Bes
Carlos Bolo Bolano
Diego Luis Bossio
Felix Alberto Camarasa
Jorge Carrera
Alfredo Vicente Chiaradia
Marcelo Cinto Courtaux
Maia Colodenco
Adrian Consentino
Gabriela Costa
Juan Pablo De Jesus
Guadalupe del Valle
Eduardo de Simone
Eugenio Diaz Bonilla
Gisela Andrea Ferrari
Cesar Forcieri
Victor Fuentes-Castillo
Hugo Gobbi
Anibal Lopez
Gustavo Lunazzi
Romina Machello
Hilda Raquel Melgin
Adrian Nador
Norberto Pagani
Pablo Andres Pereira
German Plessen
Sergio Poggi
Hector Romano
Lucio Simpson
Analia Tello
Ruben Eduardo Tempone
Cecilia Todesca Bocco
Ignacio Torterola
Fabiola Vela Velazquez
Nicolas Viggiolo
Alternate Governor
Roger Brake
Kevin Rudd*
Adviser
Ranya Alkadamani
Ric Battellino
Peter Baxter
Kim Beazley
Robert Bolitho
Matthew Coghlan
Patrick Colmer
Robin Davies
Beth Delaney
Anna Engwerda-Smith
Chay Fisher
Peter Grant
Philip Green
Joanne Greenfield
Penelope Howarth
Evanor Palac-McMiken
David Pearl
Tracy Reid
Susan Richards
Skye Rogers
Amanda Sayegh
Andrew Thomas
Justin Whyatt
Michael Willcock
Paul Wojciechowski
Austria
Governor
Andreas Schieder
Alternate Governor
Edith Frauwallner
Armenia
Adviser
Elisabeth Gruber
Gerhard Gunz
Andrea Hagmann
Konstantin Huber
Stefan Imhof
Alice Irvin
Eva-Maria Liebmann
Seena Moongananiyil
Georg Ortner
Guenther Schoenleitner
Juergen Schwarz
Michael Wancata
Thomas Wieser
Governor
Tigran Davtyan
Alternate Governor
Vardan Aramyan
Adviser
Grigor Sargsyan
Australia
Governor
Wayne Swan
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
277
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Azerbaijan
Barbados
Alternate Governor
Khagani Abdullayev
Ali Gara*
Governor
Christopher P. Sinckler
Alternate Governor
Grantley W. Smith
Bahamas, The
Governor
Hubert A. Ingraham
Adviser
John Beale
Jane Elizabeth Brathwaite
Carson Browne
Ricardo Kellman
Nicolla Rudder
Alternate Governor
Zhivargo Laing
Ehurd Cunningham*
Belarus#
Adviser
Andrea Adderley
Maria-Teresa Butler
Robert Henry
Khyle Quincy Parker
Cornelius A. Smith
Freddie Tucker
Nicola Virgill
Simon D. Wilson
Governor
Andrei M. Kharkovets
Alternate Governor
Gennady Medvedev*
Adviser
Siarhei Chuhai
Georgy Egorov
Ihar Klimashevich
Dmitry Kolkin
Oleg Kravchenko
Vadim Sergeevich Misyukovets
Uladzimir Novik
Ruslan Varankov
Bahrain#
Governor
Ahmed Bin Mohammed Al-Khalifa
Alternate Governor
Yousif Abdulla Humood
Adviser
Salman Al Khalifa
Zakaria Ahmed Hejres
Houda Ezra Nonoo
Belgium
Governor
Didier Reynders
Bangladesh
Alternate Governor
Guillaume Pierre Wunsch
Governor
Abul Maal A. Muhith
Adviser
Gino Alzetta
Marlene Beco
Laurent Burton
Marianne Collin
Hubert Cooreman
Lieven De la Marche
Anthony De Lannoy
Ronald De Swert
Florence Fauconnier
Emile Goffin
Olivier Henin
Alternate Governor
M. Musharraf Hossain Bhuiyan
Qader Akramul*
Kazi M. Aminul Islam*
A.K.M. Masihur Rahman*
Adviser
Zahiduzzaman Faruque
Mohammad Wahid Hossain
Sabia Muhith
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
278
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Anne Leclercq
David Marechal
Peter Moors
Bernadette Prignon
Bernard Quintin
Marc Riflet
Johan Rosseel
Dirk Slaats
Peter Van Acker
Peter Van der Stoelen
Adviser
Gabriel Baldivieso
Freddy Bersatti Tudela
Varinia Cecilia Daza Foronda
Hernando Larrazabal Cordova
Pablo Menacho Diederich
Bosnia and Herzegovina
Governor
Nikola Spiric
Belize
Adviser
Biljana Bogicevic
Samir Corovic
Mitar Kujundzic
Governor
Yvonne Sharman Hyde
Alternate Governor
Joseph D. Waight
Botswana
Adviser
Yvette Carole Alvarez
Nestor Mendez
Governor
Ontefetse Kenneth Matambo
Alternate Governor
Solomon M. Sekwakwa
Benin
Governor
Marcel A. de Souza
Adviser
Kabo Phillip Kote
Puna Keineetse Lepekoane
Keganele Ontametse Malikongwa
Maria Mmasolo Nthebolan
Michael Moleleke
Oduetse Andr Motshidisi
Tebelelo Mazile Seretse
Adviser
Aristide Djidjoho
Babatunde Mohamed Gado
Martin Nani Gbedey
Cyrille Oguin
Hector Posset
Brazil
Bhutan
Governor
Alexandre Antonio Tombini
Governor
Lyonpo Wangdi Norbu
Alternate Governor
Carlos Cozendey
Aldo Luis Mendes*
Paulo Nogueira Batista, Jr.*
Fernando Pimentel*
Rogerio Studart*
Alternate Governor
Nim Dorji
Dendup Norbu*
Bolivia
Governor
Elba Viviana Caro Hinojosa
Adviser
Ernesto Araujo
Paulo Roberto Araujo
Fernanda Arraes
Marcio Ayrosa Moreira
Alternate Governor
Myragliha Jenny Giles Castillo*
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
279
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Bulgaria#
Luis Antonio Balduino
Gilberto Borca Junior
Andre Carvalhal da Silva
Ana Costa
Henrique Costa Pinto
Luciano Galvao Coutinho
Otavio Damaso
Patricia Fernandes
Joao Carlos Ferraz
Fabio Frederico
Eduardo Frighetto
Admilson Garcia
Wagner Guerra Junior
Sergio Foldes Guimaraes
Gustavo Kurrle
Bruno Soares Leite
Eduardo Lessa
Giselle Meirelles
Luiz Melin de Carvalho e Silva
Ricardo Monteiro
Fabio Jose Nunes
Helena Oshiro
Viviane Pretti
Fernando Puga
Pedro Saldanha
Bruno Walter Coelho Saraiva
Jose Gilberto Scandiucci
Jose Pedro R. Fachada Martins Da
Silva
Ramiro Alves da Silva
Luis Gustavo Mansur Siqueira
Natalia B.S. Speer
Julia Tundidor
Mauro Vieira
Alternate Governor
Kalin Hristov
Adviser
Jenya Ivanova Dinkova
Ana Mihaylova
Burkina Faso
Alternate Governor
Lene Sebgo
Karim Traore*
Adviser
Issa Benjamin Baguian
Seydou Bouda
Issaka Kargougou
Frank Tapsoba
Burundi
Governor
Clotilde Nizigama
Alternate Governor
Leon Nimbona
Adviser
Jean Ciza
Beatrice Hamenyayo
Pamphile Muderega
Angele Niyuhire
Joel Nkurabagaya
Bonaventure Sota
Brunei Darussalam<>#
Cambodia
Governor
Abd Rahman Ibrahim
Governor
Sothy Chan
Alternate Governor
Mohd Roselan Mohd Daud
Alternate Governor
Se Ly
Adviser
Hasnan Ali Hasan
Irwan Rashid
Azam Roselan
Hamzah Sulaiman
Rina Hayane Sumardi
*
<>
#
Adviser
Sopheap Chan
Heng Meas Kim
Tayi Ngy
Temporary
Not a member of IFC
Not a member of IDA
280
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Kresna Tauch Chan
Rithipol Tith
Sy Yong
Diane Jacovella
Alayna Johnson
Carine Khawam
Steven Kuhn
Robert Lavigne
Rick Leblanc
Nicholas Leswick
Donald Mackay
Marie Josephine Nsengiyumva
Sabrina Ramzi
Vincent Rigby
Hossein Rostami
Paul Samson
Jeea Saraswati
Rob Stewart
Karen Welch
Cameroon
Governor
Louis Paul Motaze
Alternate Governor
Dieudonne Evou Mekou
Adviser
Lucas Abaga
Mahamat Sarwal Adoum
Aminou Bassoro
Naomie Begala Mikel
Eric Roland Belibi
Dieudonne Bondoma Yokono
Dontsi Dontsi
Didier Edoa
Blaise Essomba Ngoula
Joseph Bienvenu Foe Atangana
Nazaire Fotso Ndefo
Bela Lazare
Mandeng Mandeng
Oumarou Nchare
Francois Ngoubene
Michelin Njoh
Pierre Emmanuel Nkoa Ayissi
Eugene Nyambal
Chinmoun Oumarou
Dieudonne Takouo
Jean Tchoffo
Cape Verde
Alternate Governor
Sandro De Brito
Adviser
Abraao Andrade Lopes
Rui Maia
Daniel Oliveira
Maria Semedo
Maria De Fatima Veiga
Central African Republic
Governor
Sylvain Maliko
Alternate Governor
Bendert Bokia
Canada
Governor
James Michael Flaherty
Chad
Governor
Mahamat Ali Hassan
Alternate Governor
Margaret Biggs
Beverley J. Oda*
Adviser
Mourcha Abakar Mallah
Barh Bachar Abdoulaye
Bachar Brahim Adoum
Nourain N. Bashir
Zara Itno
Mustapha Mahamat
Mbaiguedem Mbairo
Ngabo Mbogo
Mahamat Djibrine Souleyman
Adviser
Marc Banzet
Pablo Berlanga
Heather Cameron
Wendy K. Dobson
Pascale Dugre Sasseville
Orest Dykyj
Jonathan Finkelstein
Michael Horgan
Idee Inyangudor
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
281
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Chile
Shu Zhan
Shaogang Zhang
Tianwei Zhang
Governor
Felipe Larrain Bascunan
Colombia
Alternate Governor
Alfie Ulloa*
Alternate Governor
Hernando Jose Gomez Restrepo
Adviser
Lucy Bennett
Andres Cristian Perez Morales
Adviser
Ingrid Carolina Abaunza
Gloria Alonso
Maria Angelica Arbelaez Restrepo
German Arce Zapata
Sergio Clavijo
Maria Catalina Escobar
Francisco Lloreda
Carolina Renteria
Carolina Rojas
Rodrigo Suescun
Fernando Tenjo
Hernando Vargas
Juan Pablo Zarate
China
Governor
Xie Xuren
Alternate Governor
Zhu Guangyao
Yang Shaolin*
Zhang Wencai*
Xiaosong Zheng*
Ciyong Zou*
Zou Jiayi*
Comoros
Adviser
Xueping Bian
Li Ding
Ziying Fu
Yuanyuan Gao
Yi Han
Hui Hua
Rui Li
Xudong Li
Weihua Liu
Weijie Liu
Feng Lu
Jin Lu
Shi Pan
Kai Qi
Jiangnan Qian
Yuanjiang Sun
Guanzhu Wang
Wei Wang
Zhen Wang
Guoqi Wu
Sheng Xie
Yan Xiong
Dongning Xu
Zhiyu Xu
Jianmin Yang
Ruijin Yang
Fazhen Zang
*
<>
#
Governor
S. Sofiat Tadjiddine Alfeine
Alternate Governor
Djohar Boinariziki
Congo, Democratic Republic of the
Governor
Mapon Matata Ponyo
Adviser
Joachim Batomene Matukondolo
Ntahwakuderwa Batumike
Chiriji Celestin Chiza Chiva
Kalala Kabuya
Kayembe Kayembe Wa
Nsanzadi Gustave Kingoma
Patrice Kitebi
Firmin Ey Olanga Koto
Jean Claude Lapole Kanga
Corneille Lumbu Mukoko
Roger Kabulo Massangu
Bertin Mawaka Lubembo
Faida Mitifu
Tambo A. Kabila Mukendi
Nkwara Mwana
Temporary
Not a member of IFC
Not a member of IDA
282
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Pfuti Raymond Ndudi
Matobo Placide Nzazi
Mawakani Samba
Jerome Sekana Pene Papa
Serge Tshamala
Feliciem Luamuela Tshibangu
Croatia
Governor
Martina Dalic
Alternate Governor
Zdravko Maric
Congo, Republic of the
Adviser
Silvija Belajec
Branimir Berkovic
Ivana Bilan
Vladimira Ivandic
Anton Kovacev
Hrvoje Radovanic
Governor
Pierre Moussa
Alternate Governor
Leon Raphael Mokoko
Adviser
Jean Jacques Bouya
Serge Mombouli
Eric Magloire Ndinga
Antoine Ngakegni
Michel Niama
Jocelyne Yama
Cyprus
Governor
Andreas Trokkos
Alternate Governor
Kyriacos Kakouris
Costa Rica
Czech Republic
Governor
Fernando Herrero Acosta
Governor
Miroslav Kalousek
Alternate Governor
Rodrigo Bolanos Zamora
Alternate Governor
Eva Anderova*
Adviser
Carmen Maria Madriz Contreras
Adviser
Josef Dvoracek
Sarka Dybczakova
Jan Gregor
Jakub Haas
Ondrej Jakob
Patricie Klimesova Vlachova
Miroslav Kubicek
Zuzana Kudelova
Petr Pavelek
Petr Polacek
Petr Prochazka
Petr Sedlacek
Petr Vozobule
Côte d’Ivoire
Governor
Charles Koffi Diby
Alternate Governor
Moussa Dosso
Adviser
Lancine Diaby
Adama Kone
Jil Alexandre N’Dia
Yao Sylvain Oka
Abou Toure
Madeleine Yao
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
283
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Denmark
Magdalena Lizardo
Felipe Peña Vasquez
Luis Reyes
Ana Beatriz Rodriguez Alberti
Ramon S. Tarrago
Nelson Toca
Edgar Victoria
Alternate Governor
Ib Petersen
Adviser
Albert Birnbaum
Thomas Djurhuus
Jens Haarlov
Soren Jensen
Mimi Lytje
Camilla Reimer Penn
Peter Taksoe-Jensen
Ecuador
Governor
Maria Dolores Almeida Sanchez
Alternate Governor
Andres Chiriboga
Djibouti
Governor
Ilyas Moussa Dawaleh
Adviser
Ramon Leonardo Espinel Martinez
Pablo Proano
Alternate Governor
Simon Mibrathu
Arab Republic of Egypt
Adviser
Issa Bouraleh
Malik Mohamed Garad
Mahdi Aden Guirreh
Roble Olhaye
Ismael Hassan Said
Governor
Fayza Aboulnaga
Adviser
Ahmed Abuzeid
Mahmoud El Ashmawy
Alaa Elbially
Mohamed El Khatib
Yasser Elnaggar
Ashraf Ezzeldin
Yehia Halim
Mohamed Hammam
Sameh Shoukry
Dominica
Governor
Rosamund Edwards
Adviser
Kennedy W. Byron
Hubert Charles
El Salvador
Dominican Republic
Governor
Rene Guardado
Governor
Juan Temistocles Montas
Alternate Governor
Carlos Acevedo
Alternate Governor
Daniel Toribio
Adviser
Oscar Anaya
Rafael Hernandez
Mauricio Silva
Adviser
Jaime Alvarez
Maria Felisa Gutierrez
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
284
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Eritrea
Alternate Governor
Heidi Hautala
Martti Hetemaki*
Anne Sipilainen*
Governor
Daniel Tesfaldet
Alternate Governor
Martha Woldegiorghis
Adviser
Pasi Hellman
Lehmusvaara Jussi
Tuuli Juurikkala
Paivi Kannisto
Olli K. Kantanen
Markku Kauppinen
Ville Kopra
Ritva Koukku-Ronde
Marja Kuosmanen
Timo Laitinen
Laura Nordstrom
Satu-Leena Santala
Markus Juhani Sovala
Susanna Virtanen
Estonia
Alternate Governor
Tanel Ross
Martin Poder*
Adviser
Aare Jarvan
Mart Kivine
Terje Raadik
Ethiopia
Governor
Sufian Ahmed
France
Governor
Francois Baroin
Alternate Governor
Demissie Dejene Bedanie*
Alternate Governor
Ramon Fernandez
Henri De Raincourt*
Delphine de Sahaguet d’Amarzit*
Ambroise Fayolle*
Adviser
Tsegab Kebebew Daka
Newaye-Christos Gebre-ab
Girma Birru Geda
E. Getachew Gizaw
Terefe Mezgebu Amha
Adviser
Laurence Arnould
Christophe Audurand-Clement
Paul-Bertrand Barets
Jerome Bertrand-Hardy
Nicolas Bienvenu
Thomas Boglino
Jean-Francois Boittin
Christophe Bonnard
Guillaume Chabert
Philippe Chedanne
Benoit Coeure
Emmanuel Comolet
Jean-Sebastien Conty
Paul Coustere
Herve Cronel
Alain Damais
Pia Decarsin
Agnes De Fressenel
Fiji
Governor
Filimone Waqabaca
Alternate Governor
David Kolitangane
Adviser
Ray Baleikasavu
Veretariki Lomalagi
Winston Thompson
Finland
Governor
Jutta Urpilainen
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
285
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Alice Terracol
Serge Tomasi
Anne Touret-Blondy
Luis Vassy
Anne Vidal de la Blache
Cosimo Winckler
Roxane Wuattier
Dov Zerah
Sylvain De Gelder
Francois Delattre
Virginie Delaury
Fabien Dell
Irene De Sesmaisons
Herve De Villeroche
Etienne Diot
Sophie d’Oliveira
Charlotte Dollot
Frederic Dore
Henri Marie Etienne Dufey
Pierre Duquesne
Anne Epaulard
Thomas Esposito
Nathalie Estival-Broadhurst
Viard Etienne
Celine Franco
Pilar Garcia Martinez
Remi Genevey
Louis Giscard d’Estaing
Jean-Yves Grosclaude
Patrick Guillaumont
Thibault Guyon
Frederick Jeske-Schonhoven
Jean Paul Arokiasamy Julia
Amelie July
Thibault Lacarriere
Emilie Larese
Cecilia Lemonnier
Gabriel Leost
Marie Helene Loison
Veronique Massenet
Christian Masset
Virginie Mevel-Bleitrach
Emmanuel Moulin
Aurore Mouysset-Nozerand
Benjamin Nefussi
Gabriel Normand
Emmanuelle Pavillon
Vincent Perrotin
Matthieu Peyraud
Jean-Guillaume Poulain
Dana Purcarescu
Julien Pierre Marie Reynaud
Luc Rigouzzo
Remy Rioux
Romaric Roignan
Nicolas Rossin
Daniel Schlosser
Sujiro Seam
Mohamed Taguine
Charles E. Tellier
*
<>
#
Gabon
Alternate Governor
Roger Owono Mba
Adviser
Alba Biffot
Gambia, The
Governor
Mambury Njie
Alternate Governor
Mod A.K. Secka
Adviser
Mod Ceesay
Sonko Fofana
Baboucarr H.M. Jallow
Ebrima Mboob
Alieu M. Ngum
Georgia
Governor
Dimitri Gvindadze
Adviser
Konstantine Kintsurashvili
Akaki Lomidze
Datuna Raqviashvili
Temur Yakobashvili
Germany
Governor
Dirk Niebel
Alternate Governor
Friedel Eggelmeyer*
Kerstin Faehrmann*
Temporary
Not a member of IFC
Not a member of IDA
286
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Alternate Governor
Alex Tetteh*
Ingrid G. Hoven*
Steffen Meyer*
Hubert Temmeyer*
Juergen Zattler*
Adviser
Regina Ohene-Darko Adutwum
Elikplim Agbemava
Daniel Agyekum
Felix Amoakoh
Albert Asamoa-Baah
James Avedzi
Mahama Ayariga
Michael Ayesu
Peter Boateng
Magnus Duncan
Mahama Duwiejua
Gladys Ghartey
Edith Hazel
John Kwabena Kwakye
Kwabena Gyan Kwakye
Fifi Fiavi Kwetey
Joseph Onyinah
Matilda Osei-Agyeman
Kenneth Owusu
Fauziatu Salifu
Adviser
Lothar Wilhelm Binding
Michael Brendle
Georg Fahrenschon
Thomas Feidieker
Klaus Flosbach
Maike Friedrichsen
Markus Gallander
Uwe Gehlen
Joern Graevingholt
Claus Happe
Barbara Hendricks
Matthias Hoeninger
Holger Illi
Florian Kern
Volkmar Klein
Benjamin Knoedler
Harald Koch
Manfred Kolbe
Daniel Krestel
Carsten Kuehl
Sebastian Lesch
Martin Mauthe
Michael Meister
Andreas Mitschke
Rolf Martin Moormann
Erika Renneke
Wilhelm Rissmann
Christoph Sauer
Gerhard Schick
Bettina Schmidt
Klaus-Werner Schmitter
Carsten Schneider
Thorsten Scholz
Gerhard Sennlaub
Joachim Steffens
Mario Stumm
Marcus von Essen
Nils Weith
Dagmar Woehrl
Sebastian Ziaja
Greece
Alternate Governor
Ioannis Drymoussis
Petros Kontos*
Adviser
Anthony Bartzokas
Petros Christodoulou
Joanna Kriebardi
Sophia Philippidou
George Politakis
Panagiotis Roumeliotis
George S. Tavlas
Maria Theofili
Ilias Vergitsis
Eftychia Xydia
George Zanias
Grenada
Governor
Timothy Antoine
Ghana
Alternate Governor
Christopher Jules De Riggs
Governor
Kwabena Duffuor
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
287
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Adviser
Gillian Bristol
Haiti
Governor
Alfred Fils Metellus
Guatemala
Governor
Edgar Baltazar Barquín Durán
Alternate Governor
Yves Jean
Jean Edner Nelson*
Adviser
Juan Carlos Castaneda
Adviser
Henry Robert Dubois
Jean Edwige
Marie Neltha Fetiere Thibaud
Ketleen Florestal
Ronald Gabriel
Guinea
Governor
Kerfalla Yansane
Alternate Governor
Souleymane Cisse
Honduras
Governor
William Chong Wong
Adviser
Blaise Cherif
Bintou Conde
Michel Dore
Idrissa Thiam
Sekou Traore
Alternate Governor
Maria Elena Mondragon Ordonez
Adviser
Evelyn Bautista
Hugo Alejandro Castillo
Maria Antonieta de Bogran
Jose Guillen
Oscar A. Nunez-Sandoval
Elizabeth Rivera
Marlon Tabora
Guinea-Bissau
Governor
Helena Nosolini Embalo
Adviser
Moussa Barry
Danielle Benoist
Vasco Da Silva
Paulo F. Gomes
Hussein Bruno Jamil Jauad
Hungary
Alternate Governor
Andras Karman
Laszlo Orlos*
Guyana
Adviser
Sandor Karacsony
Gyorgy Szapary
Akos Veisz
Governor
Bharrat Jagdeo
Alternate Governor
Ashni Singh
Iceland
Adviser
Asgar Ally
Louise Brown
*
<>
#
Alternate Governor
Steingrimur J. Sigfusson
Temporary
Not a member of IFC
Not a member of IDA
288
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Benyamin Carnadi
Fnu Dalyono
Dino Patti Djalal
Salman Al Farisi
Abdul Gafur
Andin Hadiyanto
Tormarbulang Lumbantobing
Rizal Edwin Manansang
Made Mastra
Andie Megantara
Vahd Nabyl Mulachela
Herfan Brilianto Mursabdo
Mulia P. Nasution
Fnu Parjiono
Dewo Broto Joko Putranto
Ratmoko Ratmansunu
Rionald Silaban
Wismana Adi Suryabrata
Fnu Syurkani
Umiyatun Hayati Triastuti
Vincentius K. Wicaksono
Dara Yusilawati
Adviser
Jonas Haraldsson
Fridrik Jonsson
Anna Katrin Vilhjalmsdottir
India
Governor
Pranab Mukherjee
Alternate Governor
R. Gopalan
Montek Singh Ahluwalia*
Kaushik Basu*
Pulok Chatterji*
Subir Vithal Gokarn*
Namo Narain Meena*
Venu Rajamony*
Alok Sheel*
Loretta Maryann Vas*
Adviser
Subrahmanyam Bhamidipati
Mukhmeet Bhatia
Pratip Chaudhuri
Pradeep Gupta
Sukriti Likhi
Devinder Singh Malik
Nilaya Mitash
Deepak Mohanty
Maddirala Nagaraju
Manoj Pant
Nirupama Rao
Davinder P.S. Sandhu
Vediappa Senthil
Parthasarathi Shome
Arun Singh
Susobhan Sinha
Anuradha Thakur
Usha Titus
Iran, Islamic Republic of
Governor
Seyyed Shams Al-din Hosseini
Alternate Governor
Behrouz Alishiri
Adviser
Jamshid Ansari
Mohammad Azizi
Mohammad Reza Farzin
Farid Ghaderi
Akbar Ghahremani
Hassan Khastehband
Khorrami Majid
Seyed Hossein Mirjalili
Masoud Mozayani
Indonesia
Iraq
Governor
Agus D.W. Martowardojo
Governor
Rafe H. Al-Eissawi
Alternate Governor
Armida S. Alisjahbana
Adviser
Mudher Al-Alwani
Jaber Al Jaber
Tarik Al-Jubori
Fadel Jawad Khadhum Al-Mukh
Alaa Hassan Alobeidi
Adviser
Nugraha Adi
Fnu Adriyanto
Adi Cahyadi
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
289
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Amanda Carmignani
Piero Cipollone
Gian Lorenzo Cornado
Giannandrea Falchi
Lorenzo Galanti
Filippo Giansante
Benedetto Giuntini
Giorgio Gomel
Vittorio Grilli
Luigi Laraia
Costantino Moretti
Tindaro Paganini
Giuseppe Parigi
Franco Passacantando
Edoardo Pucci
Marco Ricci
Guido Rivolta
Gian Paolo Ruggiero
Ludovica Soderini
Giulio Terzi
Basilio Antonio Toth
Francesca Utili
Carlo Villanacci
Ignazio Visco
Umberto Viviani
Atheer Al-Saedy
Al-Khayoun Dhia
Adners Christian Digemose
Abdulsattar Hammad Abed
Mowafak Maroki
Sama Salim Poules
Simon Maxwell Ziff
Ireland
Governor
Michael Noonan
Alternate Governor
Michael Joseph McGrath*
Adviser
Michael Collins
Laurence Simms
Ralph Victory
Israel
Governor
Stanley Fischer
Jamaica#
Alternate Governor
Michal Boiangiu-Abadi
Alternate Governor
Wesley George Hughes
Adviser
Shani Bar-Or
Amit Friedman
Zvi Herman
Gideon Maor Shavit
David Sharan
Sigalit Siag
Adviser
Richard Bernal
Franz Hall
Gayon Hosin
Gladstone Hutchinson
Audrey Marks
Darlene Marie Morrison
John Robinson
Italy
Governor
Mario Draghi
Alternate Governor
Carlo Monticelli
Governor
Jun Azumi
Adviser
Mattia Adani
Paola Ansuini
Carlo Baldocci
Stefania Bazzoni
Emilia Bonaccorsi di Patti
Maria Cannata
Alternate Governor
Masaaki Shirakawa
Masatsugu Asakawa*
Nobumitsu Hayashi*
Naoko Ishii*
Mikio Kajikawa*
Takehiko Nakao*
*
<>
#
Japan
Temporary
Not a member of IFC
Not a member of IDA
290
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Kenko Sone
Akiko Suzuki
Hideharu Tachibana
Yoshiyuki Tahara
Keiko Takahashi
Hiromi Takase
Masao Takekida
Kazuyuki Takimi
Hirofumi Takinami
Fumie Tokunaga
Haruyuki Toyama
Akihiro Tsuji
Koji Uemura
Masayuki Ueno
Hiroshi Ugai
Satoshi Yamaguchi
Takahisa Yamaguchi
Yuji Yamamoto
Keiichi Yokota
Yasuaki Yoneyama
Kyoko Yoshikawa
Hiroshi Nakaso*
Ryuji Yamane*
Tatsuo Yamasaki*
Adviser
Yasushi Akahoshi
Hiroto Arakawa
Yasuhiro Atsumi
Hiroaki Baba
Atsuyuki Fujinuma
Ichiro Fujisaki
Masao Fujiwara
Masaya Fujiwara
Takashi Hamano
Hidenori Hashimoto
Tadashi Horiuchi
Toru Hotta
Shinji Ihara
Hideaki Imamura
Keiichiro Inui
Kazuhide Ishikawa
Koji Jitsukawa
Kazushige Kamiyama
Shigeo Kawauchi
Daisaku Kihara
Takaya Kishi
Jiro Kodera
Yoshiyuki Komiya
Chiharu Kudo
Chishiro Matsumoto
Shuichi Matsuta
Kenichi Miyabata
Takashi Miyahara
Katsuhito Miyake
Takeo Mori
Kei Muraki
Osamu Nakamura
Yoshinori Nakata
Keiichiro Nakazawa
Yoshihiro Nakazawa
Keiko Namba
Masaki Noke
Takuya Nomura
Akihiro Oda
Yukisato Ohta
Eiichiro Omata
Toshio Oya
Takashi Sadakane
Toshitaka Sakoda
Tomoya Sato
Keiji Shibata
Hiroshi Shigemoto
Shigeo Shimizu
*
<>
#
Jordan
Governor
Jafar Hassan
Alternate Governor
Zeina Toukan*
Adviser
Hazar Ibrahim Badran
Fawaz Bilbeisi
Mahmoud Hmoud
Sufyan Qudah
Kazakhstan
Alternate Governor
Timur Suleimenov
Adviser
Askar Baltagulov
Dauren Kabiyev
Anuar Kurzhikayev
Daulet Orynbayev
Ernar Serikov
Kenya
Governor
Joseph Kanja Kinyua
Temporary
Not a member of IFC
Not a member of IDA
291
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Jeong Wook Lee
Jin Yue Lee
Mi Suk Lee
Semna Lee
Dong Jun Park
Eon Young Park
Il Young Park
Yoonae Park
Jae Hun Ryu
Song Seung Ik
Lee Seung Jae
Byung-Doo Sohn
Cheol Min Yeom
Jae Hyun Yoo
Kwangyeol Yoo
SooHoon Yoon
Hyun Chul Yun
Alternate Governor
Geoffrey Ngungi Mwau
Adviser
Christopher Wachira Gacicio
Moses Kanagi
James Mwangi Kiiru
Jackson Kinyanjui
Lucy Kiruthu
Justus Nyamunga
Absalom Elkanah Odembo
Henry Kiplagat Rotich
Kiribati
Governor
Atanteora Beiatau
Kosovo
Alternate Governor
Timi Kaiekieki
Governor
Bedri Hamza
Korea, Republic of
Governor
Jaewan Bahk
Alternate Governor
Bashkim Isufi
Alternate Governor
Choongsoo Kim
Adviser
Lulzim Ismajli
Agim Krasniqi
Valon Novosella
Valmira Rexhebeqaj
Adviser
Sang Don Bu
Kwang Ouck Byun
Hyeon Jin Cha
Eun Jong Chang
Hye-Jeong Chang
In-Kang Cho
Ji Young Choi
Sujin Heo
Dongsoo Hong
Seung Je Hong
Mijoo Hyun
Kwang Chul Ji
Hoan Uk Joo
Ho Sung Jung
Kyung Doo Jung
Hyunjung Kim
Jae Chun Kim
Jun Il Kim
Ki Won Kim
Seong-Wook Kim
Sungmin Kim
Wook Joong Kim
Jae-Sun Lee
*
<>
#
Kuwait
Governor
Mustafa Al-Shamali
Alternate Governor
Abdulwahab Ahmed Al-Bader
Adviser
Sami Husain Al Anbaee
Osama Alattal
Abdulla Almusaibeeh
Eid Al-Rasheedi
Yousef B.Y.H. Al-Roumi
Khalid Sulaiman Al-Ruwaih
Saleh Y. Al-Sagoubi
Ahmed Al Tahous
Hesham Ibrahim Al-Waqayan
Fahad Khaled Al Zamami
Ahmad Mohammed Abdulrehman
Bastaki
Temporary
Not a member of IFC
Not a member of IDA
292
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Farouk A. Bastaki
Abdulrahman Hashim
Daniel Katz
Adviser
Hana Anouti
Wafaa Charafeddine
Antoine Constantine
Samir El Daher
Fouad El Khouri
Michel Fouad Ferneini
Toufic K. Gaspard
Joe Issa El Khoury
Anwar Ali Jammal
Adnan Kassar
Violette Khairallah
Roger Melki
Zeina Mroueh
Lama Oueijan
Kyrgyz Republic
Governor
Melis Tulendievich Mambetjanov
Alternate Governor
Meder Temirbekov*
Adviser
Rakhman Adanov
Ruslan Bekbolotov
Muktar Djumaliev
Chorobek Imashev
Lesotho
Lao People’s Democratic Republic
Governor
Timothy T. Thahane
Governor
Phouphet Khamphounvong
Alternate Governor
Mosito Khethisa
Alternate Governor
Thipphakone Chanthavongsa*
Adviser
Masilo Philemon Makhetha
Motseoa Masheane
Sebongile Nkholise
Christopher Molefi Nyaka
Matoka C. Phori
Adviser
Alad Chanthavong
Boualith Khounsy
Bounhom Phommauixay
Rithikone Phoummasack
Mai Sayavongs
Thongdy Soulichack
Holady Volarath
Liberia
Governor
Augustine Kpehe Ngafuan
Latvia
Alternate Governor
Sebastian Tagbe Muah
Governor
Andris Vilks
Adviser
Theophilus Bettie
Boima Kamara
M. Tarnue Mawolo
Boimah Taylor
Ernest M. Vafee
Ciara Walker
Adviser
Andzs Ubelis
Lebanon
Governor
Mohammad Safadi
Libya
Alternate Governor
Nicolas Nahas
Alain A. Bifani*
*
<>
#
Governor
Ahmed Jehani
Temporary
Not a member of IFC
Not a member of IDA
293
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Alternate Governor
Abi Marambika Shawa
Adviser
Mohammad Wefati
Adviser
Singano Dalitso Kabambe
Grant Kabango
Jane Kambalame
Chimwemwe Magalasi
Winford Masanjala
Stephen Matenje
Henry Mathanga
Rhino Mchenga
Nations Msowoya
Jayne Nankwenya
Ted Sitima-wina
Lithuania
Governor
Ingrida Simonyte
Alternate Governor
Rolandas Krisciunas
Adviser
Giedre Balcytyte
Dovile Jasaitiene
Luxembourg
Malaysia
Governor
Luc Frieden
Governor
Ahmad Husni Mohamad Hanadzlah
Alternate Governor
Arsene Joseph Jacoby
Alternate Governor
Kuppammal Ramasamy
Jamaludin Jarjis*
Adviser
Etienne De lhoneux
Georges Heinrich
Amela Hubic
Sarah Khabirpour
Serge Kolb
Miguel Marques-Gomes
Dirk Mevis
Juergen Schaaf
Adviser
Shahril Effendi Abd Ghany
Zulkifly Abdul Malek
Shahabudeen Adam Shah
Ramlee Amat
Saiful Bahari Baharom
Nazifah Jusoh
Astar Mohammad
Noorsyafiq Nazri
Nurwaheeda Omar
Macedonia, former Yugoslav Republic of
Governor
Zoran Stavreski
Maldives
Alternate Governor
Suzana Peneva
Governor
Ahmad Inaz
Adviser
Katerina Matikj
Alternate Governor
Aminath Manik*
Mali
Malawi
Governor
Sidiki Traore
Governor
Ken Lipenga
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
294
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Mexico
Alternate Governor
Bangaly N’Ko Traore*
Governor
Jose Antonio Meade-Kuribrena
Adviser
Babaly Ba
Mohamed Ouzouna Maiga
Mamadou Traore
Alternate Governor
Gerardo Rodriguez Regordosa
Alejandro Diaz de Leon*
Jose Antonio Gonzalez Anaya*
Claudia Grayeb Bayata*
Hector Rangel*
Malta#
Governor
Tonio Fenech
Adviser
Juan Alonso
Gerardo Bracho
Antonio Castano Leal
Francisco J.J. Castro y Ortiz
Erika Contreras
Raul Delgado
Irene Espinosa
Jose Martin Garcia
Mario Govea
Rogelio Granguillhome
Roberto Marino
Antonio Ortiz Mena
Jose Luis Stein
Adviser
Pasquale Briguglio
David Pulis
Marshall Islands
Governor
Alfred Alfred, Jr.
Alternate Governor
Jimmy Kemem
Mauritania
Micronesia, Federated States of
Governor
Sidi Ould Tah
Governor
Lorin Robert
Alternate Governor
Mohamed Lemine Ould Ahmed
Moldova
Adviser
Ahmed Ould Moulaye Ahmed
Dhehbi Alarbi
Boumedienne Ould Taya
Alternate Governor
Veaceslav Mamaliga
Eugeniu Cozmulici*
Adviser
Maia Sandu
Mauritius
Governor
Ali Michael Mansoor
Alternate Governor
Vishnu Bassant
Governor
Purevdorj Lkhanaasuren
Adviser
Jitendra Nathsingh Bissessur
Gilbert Gnany
Joyker Nayeck
Salomon Samen
Somduth Soborun
Alternate Governor
Boldbaatar Dagva
*
<>
#
Mongolia
Adviser
Ariunaa Adiya
Khasbazar Bekhbat
Temporary
Not a member of IFC
Not a member of IDA
295
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Davaasuren Damdinsuren
Enkhbayar Namjildorj
Adviser
Than Tun Aung
Ye Lwin
Soe Paing
Kyaw Tin Shein
Montenegro
Governor
Milorad Katnic
Namibia#
Adviser
Goran Jovetic
Veljko Milonjic
Marija Radenovic
Governor
Saara Kuugongelwa-Amadhila
Alternate Governor
Ipumbu Shiimi
Morocco
Adviser
Thomas K. Alweendo
Julia Imene-Chanduru
Ms. Antonia Kapia
Anna Nengenge
Angelina Nandjila Sinvula
Alternate Governor
Faouzia Zaaboul
Monkid Mestassi*
Adviser
Mustapha Bakkoury
Sabah Benchekroun
Driss El Azami El Idrissi
Ahmed Hajoub
Othmane Lahlou
Ali Lamrani
Dayae Oudghiri
Ghizlane Ratbi
Younes Shaimi
Abdeslam Zefri
Jaouad Zhar
Nepal
Governor
Barshaman Pun
Alternate Governor
Krishnahari Baskota
Adviser
Arjun Kanta Mainali
Shankar Prasad Sharma
Mozambique
Netherlands
Governor
Aiuba Cuereneia
Governor
Jan Kees de Jager
Alternate Governor
Ernesto Gouveia Gove
Alternate Governor
Ben Knapen
Adviser
Waldemar de Sousa
Maria Isaltina De Sales Lucas
Piedade Macamo Matavela
Maria Sambo
Amelia Matos Sumbana
Luis Tobela
Adriano Isaias Ubisse
Adviser
Joost Yvo Baeten
Marcel Beukeboom
Johanna Brandt
Femmy De Jong-Bakker
Martin de la Beij
Marian Dijken
Johannet Gaemers
Gijs Gerlag
Alexander J.B. Gerts
Renee Jones-Bos
Christophe Kamp
Myanmar
Governor
U Hla Tun
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
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Niger
Macha Kemperman
Alexander Kofman
Pieter Mollema
Robert Mosch
Stephan Raes
Helene Rekkers
Mark Timmermans
Rudolf Treffers
Governor
Amadou Boubacar Cisse
Alternate Governor
Boubacar Sanda
Adviser
Boubacar Moussa Rila
Dante Ousamane
Yakoubou Maman Sani
Abdoulaye Soumana
New Zealand
Governor
Bill English
Nigeria
Alternate Governor
Andrew Kibblewhite*
Governor
Ngozi Okonjo-Iweala
Adviser
Michael Appleton
Danie Beukman
Mark Blackmore
Philip Combes
Jane Coombs
Paul Dyer
Joanna Gordon
Craig Hawke
Matthew Hawkins
Ben King
Susan Lancaster
Rebekah Mawson
H.E. Michael K. Moore
Sian Roguski
Cushla Margaret Thompson
John Whitehead
Alternate Governor
Danladi Kifasi
Ade Adefuye*
M. Abiodun Alao*
Nwanze Okidegbe*
Adviser
Adetokumbo Abiru
Aliyu Ahmed
Clement Buari
Xavier Ekpo
Folakemi Fatogbe
Alvan Ikoku
Haruna Mohammed
Mansur Muhtar
Baba Y. Musa
Chiedu Ndubisi
Paul C. Nwabuikwu
Fidel Ogar Odey
Vivian N. Okeke
Patience Uwayeme Oniha
Arthur Onyeachu
Lawal Pedro
Larai Hajara Shuaibu
Nicaragua
Governor
Alberto Jose Guevara Obregon
Alternate Governor
Antenor Rosales Bolanos
Adviser
Manuel Coronel
Nadiesca Garcia
Edward Jackson
Francisco J. Mayorga
Francisco Mena Aragon
Alvaro Peralta
Ovidio Reyes
*
<>
#
Norway
Alternate Governor
Ingrid Fiskaa
Christian Syse*
Temporary
Not a member of IFC
Not a member of IDA
297
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Adviser
Julie Bjork
Tom Eriksen
Rasmus Gedde-Dahl
Bjorn Brede Hansen
Harald Lund
Kjetil Lund
Ola Nafstad
Kjell Roland
Mari Saether
Bjorg Skotnes
Harriet Solheim
Ola Storberg
Harald Tollan
Adviser
Antonio De Roux
Alfredo Nicolas Macia Almeida
Papua New Guinea
Governor
Loi M. Bakani
Alternate Governor
Gae Kauzi
Adviser
Manu Momo
Oman
Paraguay
Governor
Darwish bin Ismail Al Balushi
Governor
Dionisio Borda
Alternate Governor
Tahir Salim Abdullah Al-Amry
Alternate Governor
Manuel Vidal Caballero Gimenez
Adviser
Najeeb Al-Busaidi
Nasser Suleiman Al Harthy
Warith Al-Kharusi
Ali Hamdan Al-Raisi
Adviser
Emilio Camacho
Pedro R. Espinola
Peru
Pakistan
Governor
Luis Miguel Castilla Rubio
Governor
Abdul Hafeez Shaikh
Alternate Governor
Carlos Augusto Oliva Neyra
Alternate Governor
Abdul Wajid Rana
Adviser
Carlos Adrian Linares Penaloza
Miguel Angel Ostos Rios
Adviser
Sultan Ali Allana
Naveed Bokhari
Zahid Hafeez Chaudhri
Fozia Fayyaz
Husain Haqqani
Nadeem Haque
Salman Sharif
Javed Talat
Arshad Aziz Zuberi
Philippines
Governor
Cesar V. Purisima
Alternate Governor
Florencio Abad
Rosalia de Leon*
Cayetano W. Paderanga, Jr.*
Roberto Tan*
Panama
Alternate Governor
Mahesh Khemlani
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
298
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Qatar#
Adviser
Gregg Angeles
Tomas Apacible
Sergio Apostol
Anselmo Cadiz
Jose L. Cuisia, Jr.
Emilio Fenandez
Corazon Victoria Juliano-Soliman
Judy Lardizabal
Hermilando Mandanas
Angelito Nayan
Antonio H. Ozaeta
Malou Recente
Alberto S. Villarosa
Jane Yu
Governor
Yousef Hussain Kamal
Adviser
Ismail Omar Aldafa
Ali Shareef Al Emadi
Essa Al Mannai
Ahmed Abdullah Al Sulaiti
Mejeb Turki Al-Turki
Abdurahman Dashti
Mohamed Kabir
Fayssal Lkorchy
Romania#
Poland, Republic of
Governor
Bogdan Alexandru Dragoi
Governor
Marek Belka
Alternate Governor
Cristian Popa
Alternate Governor
Andrzej Raczko*
Adviser
Stefan Nanu
Adviser
Slawomir Cytrycki
Pawel Jerzy Gasiorowski
Jacek Kocerka
Katarzyna Kukier
Perl Rafal
Pawel Samecki
Sebastian Stolorz
Russian Federation
Governor
Aleksei Kudrin
Alternate Governor
Vadim Grishin*
Sergey Storchak*
Portugal
Adviser
Elena Beskurnikova
Andrei Bokarev
Andrei Bugrov
Vladimir Dmitriev
Denis Esaulov
Timur Eyvazov
Aleksander Gorban
Nadezda Ivanova
Stanislav Katash
Sergey Kislyak
Mikhail Korobkin
Andrei Kostin
Pavel Kuznetsov
Alexey G. Kvasov
Boris M. Lvin
Roman Marshavin
Governor
Vitor Gaspar
Alternate Governor
Maria Luis Albuquerque
Adviser
Paulo Ernesto Carvalho Amorim
Diogo Araujo
Alberto Manuel S. Azevedo Soares
Nuno Brito
Jose Pedro Viegas Cardoso
Rui Manuel Carvalho
Nuno Faria
Pedro Machado
Bernardo Ribeiro da Cunha
Sofia Teixeira F. Torres
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
299
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St. Vincent and the Grenadines<>
Eugene Miagkov
Denis Morozov
Dmitry Nikolaev
Dmitry Pankin
Konstantin Panov
Andrey Shinaev
Margarita Smoroda
Ekaterina Sycheva
Vladimir Tamozhnikov
Anna Uspenskaya
Anna Valkova
Konstantin Vyshkovskiy
Oleg Zasov
Alternate Governor
Len Ishmael
Adviser
La Celia Prince
Samoa
Governor
Faumuina Tiatia Liuga
Alternate Governor
Iulai Lavea
Sealiimalletoa Isara*
Rwanda
Governor
John Rwangombwa
Adviser
Iosefo Bourne
Adviser
Thomas Rusuhuzwa Kigabo
James Kimonyo
Bonny Musefano
Fredrick Amoo Quarshire
Amina Rwakunda
Venkatesh Saha
San Marino<>#
Governor
Marco Arzilli
Alternate Governor
Pietro Giacomini*
St. Kitts and Nevis
Adviser
Daniele Bernardi
Daniele Bodini
Mario Giannini
Governor
Denzil Douglas
Alternate Governor
Joseph Parry
Sao Tome and Principe
Governor
Americo d’Oliveira Dos Ramos
Adviser
Hilary Hazel
Jacinth Henry-Martin
Laurie Lawrence
Alternate Governor
Ana Maria da Conceicao Silveira
St. Lucia
Saudi Arabia
Governor
Isaac Anthony
Governor
Ibrahim A. Al-Assaf
Alternate Governor
Bernard La Corbiniere
Alternate Governor
Muhammad S. Al-Jasser
Abdulrahman Mohammed
Almofadhi*
Adviser
Randolph Cato
Michael Louis
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
300
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Aftab Qureshi
Sadok Rouai
Bernd van Linder
Adviser
Ahmed Al-Balawie
Yousef I. Al-Bassam
Abdulmohsen A. Al-Fares
Gebreen Al-Gebreen
Ahmed M. Al-Ghannam
Suliman Al-Gwaiz
Nabil bin Dawood Al Hoshan
Abdulrhman bin Ibrahim
Al-Humaid
Khalid Al-Jasser
Abdulrahman Al-Kalaf
Mubarak Al-Khafra
Khalid S. Al Khudairy
Abdulrahman M. Al-Kudsi
Taha A. Al Kuwaiz
Musaed Al-Mineefi
Abdullah Hussein Almounsor
Fahad Al Mubarak
Ahmed A. Al Nassar
Saad Mohammed A. Al Nefaee
Mohamad Alomran
Mousa Omran Alomran
Abdulaziz Al Onaizan
Abdulrahman Aloraini
Saeed Al-Qahtani
Khaled AbdulRahman Al-Rajhi
Rashed Abdulaziz Al-Rashed
Salah Al-Rashed
Mansour Al-Saawi
Nayef Alsadoun
Mohammed Abdulrahman
Al Samhan
Fahad Ibrahim A. Alshathri
Ibrahim M. Alturki
Sulaiman M. Al-Turki
Mohammed Maziad AlTuwaijri
Sami Al-Yousef
Mohammed Alzaben
Abdulaziz Al-Zamil
Fuad Abdul Wahab Bahrawi
Zarir Cama
Simon Cooper
Hugues de Parcevaux
David Dew
Robert Eid
Adnan Hassan
Subodh Kumar Keshava
Abdulaziz A. O’Hali
Hutham S. Olayan
Khaled Olayan
Rita Pasi
*
<>
#
Senegal
Governor
Abdoulaye Diop
Alternate Governor
Mamadou Faye*
Adviser
Babacar Cisse
Ibrahima Dia
Baidy Dieng
Marema Lo
Evelyne Tall
Serbia
Governor
Bozidar Djelic
Alternate Governor
Vuk Djokovic
Adviser
Biljana Chroneos-Krasavac
Nebojsa Ciric
Jelena Danilovic
Momcilo Gajic
Tatjana Isakovic
Mirjana Jovasevic
Djerdj Matkovic
Milomir Ognjanovic
Vladimir Petrovic
Dragijana Radonjic Petrovic
Branislav Zec
Seychelles#
Governor
Pierre Frank Laporte
Alternate Governor
Ahmed Afif*
Adviser
Brynmwr Battersby
Elizabeth Charles
David Nagoski
Temporary
Not a member of IFC
Not a member of IDA
301
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Sierra Leone
Slovenia
Governor
Samura Mathew Wilson Kamara
Governor
Franc Krizanic
Alternate Governor
Matthew Dingie
Alternate Governor
Mitja Mavko
Adviser
Abu Bangura
James Comyn
Sahr Lahai Jusu
James Sanpha Koroma
Ibrahim Khalil Lamin
Mohamed Mansaray
Grahame J. Nathan
Peter Nuyaba Sam-Kpakra
Adviser
Taja Cehovin
Marko Golob
Borut Jamnik
Andrej Kavcic
Bostjan Plesec
Metka Prevc
Solomon Islands
Singapore
Governor
Rick Nelson Houenipwela
Governor
Tharman Shanmugaratnam
Alternate Governor
McKinnie Dentana
Alternate Governor
Peter Ong Boon Kwee
South Africa
Adviser
Heng Chee Chan
Kevin Chi Ning Foo
Dominic Goh
Jerome Lee
Daryl Tek Yean Sng
Weiming Tan
Melwyn Teo
Pi-Hsien Yu
Governor
Pravin Jamnadas Gordhan
Alternate Governor
Lungisa Fuzile
Trevor Andrew Manuel*
Nozipho Mxakato-Diseko*
Nhlanhla Nene*
Mafie Emily Nkoana-Mashabane*
Slovak Republic
Adviser
Nadira Bayat
Fuad Cassim
Johanna Gertruida Susanna De Wet
Siphiwe Dube
Laura Eady
Reginald Dumisa Jele
Sagaria Daniel Jonker
Lesetja Kganyago
Trevor Kola
Shoahlane Andries Lentsoane
Christopher Leowald
Elias Masilela
Pumulo Masualle
Phumzile Pride Mazibuko
Zanele Mbatha
Governor
Ivan Miklos
Alternate Governor
Mario Vircik
Adviser
Norbert Brada
Peter Burian
Marek Jakoby
Katarina Kovacova
Vit Koziak
Jan Toth
Natalia Urbanova
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
302
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Jason Milton
Frans Thapelo Moeng
Dondo Andrew Mogajane
Setepane Malehu Mohale
Renosi Mokate
Patricia Lesego Mokhine
Johny Moloto
Tumuga Clayson Monyela
Kurt Joseph Morais
Unati Ngamntwini
Shahkira Parker
Mmakgoshi Phetla-Lekhethe
Ebrahim Rasool
Cleo Rose-Innes
Thuto Shomang
Samantha Springfield
Vuyelwa Vumendlini-Schalk
Alternate Governor
K.G.D.D. Dheerasinghe
P. Nandalal Weerasinghe*
Jaliya Wickremasuriya*
Adviser
Dammika Juwan Mandalage
M.P. Deshapriya Mapa Pathirana
Wasantha Perera
K.D. Ranasinghe
Priyantha Ratnayake
Chandrasiri J.P. Siriwardana
Bandula Somasiri
Esala Weerakoon
Sudan
Governor
Mohamed Kheir Ahmed Elzubier
Spain
Governor
Elena Salgado
Alternate Governor
Mustafa Yousif Holi
Alternate Governor
Jose Manuel Campa Fernandez
Adviser
Elsham Abdalla
ElAmin Adam Abuelgasim
Muna Elsayed Abuharaz
Bukhari Afandi
Hazim Algadir Ahmed
Emad Altohamy
Yousif Bashir
Nasreldin Abdalla Mohamed
Ahmed
Adviser
Alejandra Del Rio Novo
Jorge Dezcallar
Alice Faibishenko
Jose Maria Fernandez
Mariano Fernandez Prieto
Isabel Garayo Orbe
Gonzalo Garcia Andres
Marta Garcia Jauregui
Enrique Gimenez de Cordoba
Ramon Guzman Zapater
Miguel A. Martinez Rolland
Emma Navarro
Soledad Nunez
Cristina Perez Canto
Leonardo Rodriguez
Soraya Rodriguez Ramos
Rocio Sanchez
Eva Valle Maestro
Suriname#
Governor
Gillmore Hoefdraad
Alternate Governor
Adelien Wijnerman
Glenn H. Gersie*
Adviser
Bernhard Fritz-Krochow
Sairagatoen Jahangir-Abdvelrahman
Echhorst Karel
Monica Kramawitana-Tamrin
Shobha Malhoe-Chothan
Georgetine Tjalim
Cornelis van Dijk
Sri Lanka
Governor
Sarath Leelananda Bandara
Amunugama
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
303
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Swaziland
Adviser
Melanie Buehler
Daniel Hunkeler
Vay-Luy Jetzer
Giancarlo Kessler
Marco Mosca
Salome Ramseier
Josef Renggli
Manuel Sager
Francoise Salame Guex
Philippe Sas
Lukas Schneller
Gabriella Spirli
Rebekka Straessle
Holger Tausch
Governor
Khabonina Mabuza
Adviser
Bheki Sibonangaye Bhembe
Lindiwe Kunene
Bhadala T. Mamba
Dumisani E. Masilela
Abednego Ntshangase
Sweden
Governor
Anders Borg
Tajikistan
Alternate Governor
Gunilla Carlsson
Governor
Safarali Najmudinov
Adviser
Susanne Ackum
Lund Ann-Kristin
Bjorn Blomberg
Johan Borgstam
Anna M. Brandt
Anna Ferry
Bjorn Fritjofsson
Eva Haghanipour
Pereric Hogberg
Torgny E.O. Holmgren
Anna Holmryd
Stefan Isaksson
Anneli Nilsson
Ann-Sofie Nilsson
Emma Nilsson
Ingrid Nilsson
Magnus Nordstrom
Per Orneus
Annika Tornqvist
Line Vikstrom
Anna Westerholm
Torsten Wetterblad
Adviser
Farhod Salim
Abdujabbor Shirinov
Tanzania
Governor
Mustafa Haidi Mkulo
Alternate Governor
Servacius Likwelile*
Adviser
Jerome J. Buretta
Omary Juma
Omary Khama
Harry Msamire Kitilya
Erasto Kivuyo
Ngosha Said Magonya
Veronica Maina
Joseph Leina Masawe
Haika Sabuni Mmbaga
Philip Isdor N. Mpango
Sauda Msemo
Anna Mathias Msutze
Mwanaid Athumani Mtanda
Paul Mwafongo
Monica Mwamunyange
Omar Yussuf Mzee
Johnson Jossia Nyella
Said Nyenge
Khamis Mussa Omar
Switzerland
Governor
Johann N. Schneider-Ammann
Alternate Governor
Jorg Frieden*
Beatrice Maser Mallor*
Michel Mordasini*
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
304
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Jose Oliveira
Ramon G. Oliveros
Constancio Pinto
Joao Mariano Saldanha
Balbina Soares
Morrice Yattega Oyuke
Mlozi Patricia Francis
Patrick Wilbert Pima
Saada Salum
Amina K. Shaaban
Bedason Antony Shallanda
Nicholaus Shombe
Togo
Governor
Dede Ahoefa Ekoue
Thailand
Governor
Thirachai Phuvanatnaranubala
Alternate Governor
Aheba Johnson
Alternate Governor
Areepong Bhoocha-Oom
Naris Chaiyasoot*
Adviser
Novinyo Serge Amega
Zakari Darou-Salim
Tonga
Adviser
Pichit Akrathit
Acksiri Buranasiri
Chaksuda Chakkaphak
Rapibhat Chandarasrivongs
Nadhavudh Dhamasiri
Sutira Hirunwiboon
Tada Phutthitada
Sansucha Ratanadirek
Suwit Rojanavanich
Sukuma Sarahong
Siribha Satayanon
Nantana Sivakua
Teeranun Srihong
Kanit Sukonthaman
Chularat Suteethorn
Benjarat Tanongsakmontri
Yongyuth Tariyo
Chanya Thanasridahpat
Soraphol Tulayasathien
Ruecha Varatorn
Porametee Vimolsiri
Philaslak Yukkasemwong
Governor
Sunia Manu Fili
Alternate Governor
Tiofilusi Tiueti
Trinidad and Tobago
Governor
Winston Dookeran
Alternate Governor
Enid Agatha Zephyrine
Vishnu Dhanpaul*
Adviser
Nicole Leslie-Ann Des Vignes
Kevin Finch
Kurt Kisto
Neil Parsan
Avinash D. Persaud
Suzette Taylor-Lee Chee
Timor-Leste
Tunisia
Governor
Emilia Pires
Governor
Abdelhamid Triki
Adviser
Felicia Carvalho
Olgario Vidigal De Castro
Kay Rala Xanana Gusmao
Adelina Martins
*
<>
#
Alternate Governor
Lamia Zribi
Temporary
Not a member of IFC
Not a member of IDA
305
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Turkmenistan#
Adviser
Ferid Abbas
Tarek Amri
Jaloul Ayed
Samir Chebil
Azzouz Ennifar
Safia Hachicha
Bouzekri Rmili
H.E. Mohammed Salah Takaya
Paul Theunissen
Abdallah Zekri
Alternate Governor
Gochmyrat A. Myradov
Adviser
Nurgeldi Meredov
Tuvalu<>
Governor
Lotoala Metia
Turkey
Alternate Governor
Minute Alapati Taupo
Governor
Ibrahim H. Canakci
Governor
Maria Kiwanuka
Adviser
Abdullah Agaoglu
Murat Akkas
Ahmet Mufit Arberk
Seyit Ahmet Bas
Feridun Bilgin
Gulsun Bor Guner
Burcu Canakci
Tahir Canatan
Omer Cihan
Cavit Dagdas
Yusuf Demet
Huseyin Dogan
Nursel Hatun Durucakoglu Unal
Turgay Gerlesli
Zeki Guler
K. Cagatay Imirgi
Burak Kararti
S. Elvan Ongun
Asli Ozar
Mehmet Sefa Pamuksuz
Sedife Sarp
Erdeniz Sen
Ekrem Soyler
Unal Tayyan
Mahmut Salih Unlu
Erhan Usta
Omer Yalvac
Cevdet Yilmaz
Tulay Yilmaz
Hasan Yurtoglu
Alternate Governor
Chris. M. Kassami
*
<>
#
Uganda
Alternate Governor
Evren Dilekli
Adviser
Asaba Amooti-Winyi
Adam Mugume
Fred Muhumuza
George Ndyamuba
Ukraine
Governor
Sergiy Tigipko
Adviser
Volodymyr Bandurov
Serhii Kamyshev
Olena Kucherenko
Anatoliy Maksyuta
Volodymyr Makukha
Victor Mayko
Pavlo Moiseichenko
Olexander Motsyk
Denys Mykhailiuk
Oleksandr Pakhil
Andrii Pravednyk
Serhii Rybak
Tamara Solyanyk
Vitalii Tarasiuk
Mykola Udovychenko
Yuriy G. Yakusha
Temporary
Not a member of IFC
Not a member of IDA
306
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United States
United Arab Emirates
Governor
Obaid Humaid Al Tayer
Governor
Timothy F. Geithner
Alternate Governor
Younis Haji AlKhoori
Alternate Governor
Robert D. Hormats
Andrew Baukol*
Lael Brainard*
Charles V.A. Collyns*
Robert Dohner*
Marisa Lago*
Scott Morris*
Bradley Wayne Setser*
Christopher Smart*
Mark Sobel*
Ian Solomon*
Adviser
Hamed Naser Abdulkhader
Ali Hamdan Ahmed
Abdullah Mohammed Al Awar
Khalifa Al Faheem
Abdulrahman Aljaber
Alya Al Mulla
Omar M. Al-Qaizi
Ahmed Al Qamzi
Juma Rashid Al Tayer
Hamad Essa Al Zaabi
Robert Clarke
Abdullah Naser Lootah
Mark John McGinness
Majed Ali Omran
Tarek Shayya
J. Andrew Spindler
Adviser
Mark Abdoo
Mimi Alemayehou
Anne Alikonis
Chuka Asike
Brian Bacon
Jeffrey Baker
Susan Baker
Daniel Balke
Annamaria Ballard
Rachel Bayly
Mary Allen Beasley
Debra Anne Benavidez
Lilly Marie Bertz
Laura Lynn Black
William Block
Jonathan Bloom
Ken Borghese
Francois Boye
Virginia Brandon
Jessica Brinkmann
Luke Bronin
Alice Brooks
Marie Brown
Deborah K. Burand
Andrea M. Cameron
Karja Carr
Carol Cohen
David S. Cohen
Deborah M. Crane
Benjamin Jared Cushman
Brian Darin
United Kingdom
Governor
Andrew Mitchell
Alternate Governor
George Osborne
Hans Anand Beck*
Julia Bunting*
Siobhan Clifford*
Nick Dyer*
Ellen Bronte Flecker*
Loga Gnansambanthan*
Stewart James*
Suzy Kantor*
Mark Lowcock*
Susanna Moorehead*
Richard Teuten*
Sharon White*
Adviser
Philippa Buckley
Michelle Edwards
Claire Moran
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
307
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Matthew Kaczmarek
Michael Kaplan
Francis Michael Kelleher
Carol Kelley
Leyla Kester
Nasir Khilji
Mark Kissel
Basil Kiwan
Dennis Knecht
Christina Knowles
Keith Kozloff
Rachel Leatham
Jeanny Lee
Paul Leonovich
Elizabeth Lien
Kingsan Lien
Nancy Lindborg
Elizabeth Littlefield
David P. Loevinger
Mark Lopes
Jonathan Loritz
Anthony Marcus
Alejandro Mares
Justin Marsico
Leonardo Martinez
Karen Mathiasen
Robin H. Matthewman
Birgitta Mattingley
Andrew Mayock
John Anthony McAdams
Deborah McCarthy
Brian McCauley
Christopher P. McCoy
W. Larry McDonald
Carrie McKellogg
Tjada McKenna
Gilbert Metcalf
Ricardo Michel
Lailee Moghtader
Matthew Mohlenkamp
Richard L. Morningstar
Liza Morris
William C. Murden
Neil Murphy
Adrian A. Ngasi
Ariel Pablos-Mendez
James F. Parks
Carlos Pascual
Emily-Anne Patt
Bill Pelton
Himamauli Das
Roland de Marcellus
Benjamin Dennis
Dora Douglass
Patrick Douglass
Jaroslav I. Dutkewych
John B. Emery
Thomas Engle
Becky Erkul
Sameera Fazili
Mark Feierestein
Jose Fernandez
Patrick C. Fine
Molly Flores
William Foster
Jamie Samantha Franco
Michael B.G. Froman
David Fulton
Lawrence A. Garber
Joel R. Garverick
Fonta Gilliam
Daniel Glaser
Stephen Gooch
Gregory Gottlieb
Christopher Grewe
Deborah Grieser
Mathew P. Haarsager
Barbara Hammerle
Omid Harraf
Halliday Hart
Amy Wilcox Hawthorne
Sheila Herrling
Jeffery Hill
Alejandro Hinojosa
Michael Hirson
Fred Philip Hochberg
Amos Hochstein
Amy Holman
Julie A. Howard
Thomas Howell
Michelle Hoyt
James Hudson
Leslie D. Hull
John Hurley
Anthony Ieronimo
Elizabeth Jaff
Rajakumari Jandhyala
Linda Jeng
Robert Stuart Jones
Sandra Jordan
*
<>
#
Temporary
Not a member of IFC
Not a member of IDA
308
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April Wells
James M. Wilson
Stephen Winn
Christopher Winship
David Wright
Tsung-Tao Yang
Daniel Yohannes
David Young
Sharon Yuan
Andrew Zilm
Daniel Walter Peters
Steven Pierce
Anthony F. Pipa
Michael Pisa, III
Asa Piyaka
Patricia S. Pollard
Christopher Pratt
Judith Pryor
Steven Radelet
Scott Radloff
Silvia L. Ramirez
William Remington
Catherine Reynolds
Robin Ruth Ritterhoff
William Roebuck
Lawrence Rubey
Michael Ruffner
Andrew Rushing
Gary Sampliner
Miriam Elizabeth Sapiro
Chloe Schwenke
Rajiv Shah
Linda Shin
William Shively
Elizabeth Shortino
Marguerite Siemer
Thomas D. Simpson
Gayle Smith
Donald Steinberg
Samantha Stephens
Elizabeth K. Stewart
Meredith Street
Patrick Stuart
Margaret Sullivan
Adam Szubin
William Taylor
Laura Taylor-Kale
William Thomas
Bella Tonkonogy
Thomas Torgerson
Luyen Doan Tran
Carmen Tull
Matthew Turner
Beth Urbanas
Roya Vakil
Kevin Patrick Varney
Rachel B. Vogelstein
Debra von Koch
Lisa Michelle Walker
John Weeks
Jason Weiss
Atticus Weller
*
<>
#
Uruguay#
Governor
Fernando Lorenzo
Alternate Governor
Mariella Maglia*
Adviser
Azucena Arbeleche
Marianela Bruno
Adrian Fernandez
Juan Luis Siutto
Uzbekistan
Governor
Shukhrat Vafaev
Adviser
Laziz Kudratov
Sardor Sagdullayev
Vanuatu
Governor
Moana Kalosil Carcasses
Alternate Governor
George Maniuri
Marie Louise Milne*
Adviser
Betty Zinner-Toa
Venezuela, República Bolivariana de#
Adviser
Daniela M. Malaspina
Temporary
Not a member of IFC
Not a member of IDA
309
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Vietnam
Tarek Alsharafi
Khaled Hussein Alyemany
Omar Salim Bazara
Ahmed Ghaleb
Jalal Omar Yaqoub
Governor
Trung Truong
Alternate Governor
Phuong Van Pham
Zambia
Adviser
Luc V. Can
Hanh Thi Phuong Hoang
Tuyen Trong Kieu
Anh Tuan Le
Hung Minh Le
Van Hoai Ly
Dang Huu Nguyen
Hong Yen Thi Nguyen
Huong Duc Nguyen
Trung Huu Nguyen
Tuan Anh Nguyen
Dung Quang Pham
Hong Van Thi Pham
Hung Huy Pham
Tu Duc Phan
Van Anh Thi Tran
Phuoc Van Truong
Trung Khac Vo
Governor
Danies Kawama Chisenda
Alternate Governor
Felix Nkulukusa
Adviser
Richard Kumendo Chembe
Mukuli Sibbuku Chikuba
Alfred Chioza
Francis Chipimo
Ben Kangwa
Lazarous Kapambwe
Inonge Limbambala
Mike Masiye
Musiwa Muyatwa
Willie Ndembela
Emmanuel Pamu
H.E. Sheila Siwela
Irene B.M Tembo
Peter Zgambo
Ivan Zyuulu
Yemen, Republic of
Governor
Abubaker Al Qirbi
Alternate Governor
Mutahar Abdulaziz Al-Abbasi
Governor
Willard L. Manungo
Adviser
Fatima Abo Alasrar
Mohammed A. Al-Basha
Abdulwahab Al-Hajjri
Fouad Al-Kohlany
Ibrahim Alnahari
Waleed Mohammed AlShahari
Alternate Governor
Pfungwa Kunaka
*
<>
#
Zimbabwe
Adviser
Kudakwashe Mudereri
E. Mushayakarara
Temporary
Not a member of IFC
Not a member of IDA
310
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ACCREDITED MEMBERS OF THE DELEGATIONS (MIGA)
Afghanistan
Adviser
Carlos Bolo Bolano
Diego Luis Bossio
Jorge Carrera
Alfredo Vicente Chiaradia
Marcelo Cinto Courtaux
Maia Colodenco
Adrian Consentino
Gabriela Costa
Juan Pablo De Jesus
Guadalupe del Valle
Eduardo de Simone
Gisela Andrea Ferrari
Cesar Forcieri
Victor Fuentes-Castillo
Hugo Gobbi
Anibal Lopez
Romina Machello
Adrian Nador
Norberto Pagani
Pablo Andres Pereira
German Plessen
Hector Romano
Lucio Simpson
Analia Tello
Ruben Eduardo Tempone
Cecilia Todesca Bocco
Fabiola Vela Velazquez
Nicolas Viggiolo
Governor
Omar Zakhilwal
Adviser
Samiullah Ibrahimi
Albania
Governor
Ardian Fullani
Alternate Governor
Fatos Ibrahimi
Adviser
Elvi Fundo
Toni Gogu
Gramoz Kolasi
Endrit Lami
Genci Mamani
Erald Themeli
Algeria
Adviser
Sid Ahmed Dib
Soraya Mellali
Angola
Alternate Governor
Manuel Neto da Costa
Armenia
Governor
Tigran Davtyan
Adviser
Celson J. Ndombe Pongolola
Adviser
Grigor Sargsyan
Antigua and Barbuda
Australia
Alternate Governor
Harold E. Lovell
Governor
Wayne Swan
Argentina
Adviser
Ranya Alkadamani
Ric Battellino
Peter Baxter
Kim Beazley
Governor
Amado Boudou
Alternate Governor
Roberto Jose Feletti
*
Temporary
311
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Matthew Coghlan
Patrick Colmer
Anna Engwerda-Smith
Chay Fisher
Philip Green
Joanne Greenfield
Penelope Howarth
Evanor Palac-McMiken
Tracy Reid
Susan Richards
Amanda Sayegh
Andrew Thomas
Paul Wojciechowski
Alternate Governor
Grantley W. Smith
Belarus
Alternate Governor
Andrei M. Kharkovets
Belgium
Governor
Didier Reynders
Alternate Governor
Franciscus Godts
Austria
Adviser
Gino Alzetta
Marianne Collin
Anthony De Lannoy
Dirk Slaats
Governor
Andreas Schieder
Alternate Governor
Edith Frauwallner
Belize
Bahamas, The
Governor
Hubert A. Ingraham
Governor
Yvonne Sharman Hyde
Adviser
Faith Lightbourne
Khyle Quincy Parker
Cornelius A. Smith
Freddie Tucker
Nicola Virgill
Alternate Governor
Joseph D. Waight
Benin
Governor
Marcel A. de Souza
Bahrain
Alternate Governor
Adidjatou A. Mathys
Governor
Ahmed Bin Mohammed Al-Khalifa
Adviser
Babatunde Mohamed Gado
Hector Posset
Alternate Governor
Yousif Abdulla Humood
Bolivia
Bangladesh
Governor
Elba Viviana Caro Hinojosa
Governor
Abul Maal A. Muhith
Alternate Governor
Myragliha Jenny Giles Castillo*
Alternate Governor
Arastoo Khan
Adviser
Freddy Bersatti Tudela
Hernando Larrazabal Cordova
Pablo Menacho Diederich
Barbados
Governor
Christopher P. Sinckler
*
Temporary
312
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Bosnia and Herzegovina
Eduardo Lessa
Giselle Meirelles
Luiz Melin de Carvalho e Silva
Ricardo Monteiro
Fabio Jose Nunes
Helena Oshiro
Viviane Pretti
Fernando Puga
Pedro Saldanha
Bruno Walter Coelho Saraiva
Jose Gilberto Scandiucci
Jose Pedro R. Fachada Martins
Da Silva
Ramiro Alves da Silva
Luis Gustavo Mansur Siqueira
Natalia B.S. Speer
Julia Tundidor
Mauro Vieira
Governor
Nikola Spiric
Botswana
Governor
Ontefetse Kenneth Matambo
Alternate Governor
Solomon M. Sekwakwa
Adviser
Puna Keineetse Lepekoane
Keganele Ontametse Malikongwa
Maria Mmasolo Nthebolan
Michael Moleleke
Oduetse Andr Motshidisi
Tebelelo Mazile Seretse
Burkina Faso
Brazil
Governor
Lucien Marie Noel Bembamba
Governor
Guido Mantega
Alternate Governor
Lene Sebgo
Alternate Governor
Alexandre Antonio Tombini
Aldo Luis Mendes*
Paulo Nogueira Batista, Jr.*
Fernando Pimentel*
Rogerio Studart*
Adviser
Issa Benjamin Baguian
Seydou Bouda
Frank Tapsoba
Burundi
Adviser
Ernesto Araujo
Paulo Roberto Araujo
Fernanda Arraes
Marcio Ayrosa Moreira
Luis Antonio Balduino
Gilberto Borca Junior
Andre Carvalhal da Silva
Ana Costa
Henrique Costa Pinto
Luciano Galvao Coutinho
Otavio Damaso
Patricia Fernandes
Joao Carlos Ferraz
Fabio Frederico
Eduardo Frighetto
Admilson Garcia
Wagner Guerra Junior
Sergio Foldes Guimaraes
Gustavo Kurrle
Bruno Soares Leite
*
Governor
Clotilde Nizigama
Adviser
Beatrice Hamenyayo
Bonaventure Sota
Cameroon
Governor
Louis Paul Motaze
Alternate Governor
Dieudonne Evou Mekou
Adviser
Lucas Abaga
Mahamat Sarwal Adoum
Naomie Begala Mikel
Dontsi Dontsi
Temporary
313
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Didier Edoa
Blaise Essomba Ngoula
Joseph Bienvenu Foe Atangana
Nazaire Fotso Ndefo
Bela Lazare
Mandeng Mandeng
Oumarou Nchare
Francois Ngoubene
Michelin Njoh
Pierre Emmanuel Nkoa Ayissi
Eugene Nyambal
Chinmoun Oumarou
Dieudonne Takouo
Jean Tchoffo
Adviser
Mourcha Abakar Mallah
Barh Bachar Abdoulaye
Bachar Brahim Adoum
Nourain N. Bashir
Zara Itno
Mustapha Mahamat
Mbaiguedem Mbairo
Ngabo Mbogo
Mahamat Djibrine Souleyman
Chile
Governor
Felipe Larrain Bascunan
Canada
Alternate Governor
Alfie Ulloa*
Governor
James Michael Flaherty
Adviser
Lucy Bennett
Andres Cristian Perez Morales
Alternate Governor
Margaret Biggs
Adviser
Wendy K. Dobson
Jeea Saraswati
China
Governor
Xie Xuren
Cape Verde
Alternate Governor
Zhu Guangyao
Yang Shaolin*
Zhang Wencai*
Xiaosong Zheng*
Ciyong Zou*
Zou Jiayi*
Governor
Cristina Duarte
Alternate Governor
Sandro De Brito
Adviser
Abraao Andrade Lopes
Rui Maia
Daniel Oliveira
Maria Semedo
Maria De Fatima Veiga
Adviser
Xueping Bian
Li Ding
Ziying Fu
Yuanyuan Gao
Yi Han
Hui Hua
Rui Li
Xudong Li
Weihua Liu
Weijie Liu
Feng Lu
Jin Lu
Shi Pan
Kai Qi
Jiangnan Qian
Yuanjiang Sun
Guanzhu Wang
Central African Republic
Governor
Sylvain Maliko
Alternate Governor
Bendert Bokia
Chad
Governor
Mahamat Ali Hassan
*
Temporary
314
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Corneille Lumbu Mukoko
Roger Kabulo Massangu
Bertin Mawaka Lubembo
Faida Mitifu
Tambo A. Kabila Mukendi
Nkwara Mwana
Pfuti Raymond Ndudi
Matobo Placide Nzazi
Mawakani Samba
Jerome Sekana Pene Papa
Serge Tshamala
Feliciem Luamuela Tshibangu
Wei Wang
Zhen Wang
Guoqi Wu
Sheng Xie
Yan Xiong
Dongning Xu
Zhiyu Xu
Jianmin Yang
Ruijin Yang
Fazhen Zang
Shu Zhan
Shaogang Zhang
Tianwei Zhang
Congo, Republic of
Colombia
Governor
Pierre Moussa
Governor
Juan Carlos Echeverry Garzon
Alternate Governor
Leon Raphael Mokoko
Alternate Governor
Hernando Jose Gomez Restrepo
Adviser
Jean Jacques Bouya
Serge Mombouli
Eric Magloire Ndinga
Antoine Ngakegni
Michel Niama
Jocelyne Yama
Adviser
Ingrid Carolina Abaunza
Gloria Alonso
Maria Angelica Arbelaez Restrepo
German Arce Zapata
Sergio Clavijo
Maria Catalina Escobar
Francisco Lloreda
Carolina Renteria
Carolina Rojas
Rodrigo Suescun
Fernando Tenjo
Hernando Vargas
Juan Pablo Zarate
Côte d’Ivoire
Governor
Charles Koffi Diby
Adviser
Lancine Diaby
Adama Kone
Jil Alexandre N’Dia
Yao Sylvain Oka
Abou Toure
Madeleine Yao
Congo, Democratic Republic of the
Governor
Mapon Matata Ponyo
Croatia
Alternate Governor
Jean-Claude Masangu Mulongo
Governor
Martina Dalic
Adviser
Joachim Batomene Matukondolo
Ntahwakuderwa Batumike
Chiriji Celestin Chiza Chiva
Kalala Kabuya
Kayembe Kayembe Wa
Nsanzadi Gustave Kingoma
Patrice Kitebi
Firmin Ey Olanga Koto
Jean Claude Lapole Kanga
*
Alternate Governor
Zdravko Maric
Cyprus
Governor
Andreas Trokkos
Temporary
315
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Alternate Governor
Kyriacos Kakouris
Ecuador
Adviser
Ramon Leonardo Espinel Martinez
Czech Republic
Governor
Miroslav Kalousek
Arab Republic of Egypt
Governor
Fayza Aboulnaga
Denmark
Alternate Governor
Ib Petersen
Eritrea
Governor
Daniel Tesfaldet
Adviser
Albert Birnbaum
Thomas Djurhuus
Jens Haarlov
Soren Jensen
Mimi Lytje
Alternate Governor
Martha Woldegiorghis
Estonia
Djibouti
Alternate Governor
Tanel Ross
Governor
Ilyas Moussa Dawaleh
Adviser
Aare Jarvan
Mart Kivine
Terje Raadik
Alternate Governor
Simon Mibrathu
Ethiopia
Adviser
Issa Bouraleh
Malik Mohamed Garad
Mahdi Aden Guirreh
Roble Olhaye
Ismael Hassan Said
Governor
Sufian Ahmed
Adviser
Abi Woldemeskel Bayou
Dominica
Fiji
Alternate Governor
Rosamund Edwards
Alternate Governor
Filimone Waqabaca
Adviser
Hubert Charles
Finland
Governor
Jutta Urpilainen
Dominican Republic
Governor
Juan Temistocles Montas
Alternate Governor
Pentti Pikkarainen
Martti Hetemaki*
Anne Sipilainen*
Alternate Governor
Daniel Toribio
Adviser
Pasi Hellman
Lehmusvaara Jussi
Adviser
Ana Beatriz Rodriguez Alberti
*
Temporary
316
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4/4/12 2:08 PM
Remi Genevey
Louis Giscard d’Estaing
Jean-Yves Grosclaude
Patrick Guillaumont
Thibault Guyon
Frederick Jeske-Schonhoven
Jean Paul Arokiasamy Julia
Amelie July
Thibault Lacarriere
Emilie Larese
Cecilia Lemonnier
Gabriel Leost
Marie Helene Loison
Veronique Massenet
Christian Masset
Virginie Mevel-Bleitrach
Emmanuel Moulin
Aurore Mouysset-Nozerand
Benjamin Nefussi
Gabriel Normand
Emmanuelle Pavillon
Vincent Perrotin
Matthieu Peyraud
Jean-Guillaume Poulain
Dana Purcarescu
Julien Pierre Marie Reynaud
Luc Rigouzzo
Remy Rioux
Romaric Roignan
Nicolas Rossin
Daniel Schlosser
Sujiro Seam
Mohamed Taguine
Charles E. Tellier
Alice Terracol
Serge Tomasi
Anne Touret-Blondy
Luis Vassy
Anne Vidal de la Blache
Cosimo Winckler
Roxane Wuattier
Dov Zerah
Tuuli Juurikkala
Olli K. Kantanen
Markku Kauppinen
Ville Kopra
Satu-Leena Santala
Markus Juhani Sovala
France
Governor
Francois Baroin
Alternate Governor
Ramon Fernandez
Henri De Raincourt*
Delphine de Sahaguet d’Amarzit*
Ambroise Fayolle*
Adviser
Christophe Audurand-Clement
Paul-Bertrand Barets
Jerome Bertrand-Hardy
Nicolas Bienvenu
Thomas Boglino
Jean-Francois Boittin
Christophe Bonnard
Guillaume Chabert
Philippe Chedanne
Benoit Coeure
Emmanuel Comolet
Jean-Sebastien Conty
Paul Coustere
Alain Damais
Pia Decarsin
Agnes De Fressenel
Sylvain De Gelder
Francois Delattre
Virginie Delaury
Fabien Dell
Irene De Sesmaisons
Herve De Villeroche
Etienne Diot
Helene Djoufelkit
Sophie d’Oliveira
Charlotte Dollot
Frederic Dore
Henri Marie Etienne Dufey
Pierre Duquesne
Anne Epaulard
Thomas Esposito
Nathalie Estival-Broadhurst
Viard Etienne
Celine Franco
Pilar Garcia Martinez
*
Gabon
Governor
Magloire Ngambia
Alternate Governor
Roger Owono Mba
Adviser
Alba Biffot
Temporary
317
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Gambia, The
George S. Tavlas
Maria Theofili
Ilias Vergitsis
Eftychia Xydia
George Zanias
Governor
Mambury Njie
Alternate Governor
Mod A.K. Secka
Grenada
Adviser
Mod Ceesay
Governor
V. Nazim Burke
Georgia
Alternate Governor
Timothy Antoine
Governor
Dimitri Gvindadze
Guinea
Adviser
Datuna Raqviashvili
Temur Yakobashvili
Governor
Kerfalla Yansane
Alternate Governor
Souleymane Cisse
Germany
Governor
Dirk Niebel
Adviser
Blaise Cherif
Bintou Conde
Michel Dore
Idrissa Thiam
Sekou Traore
Alternate Governor
Friedel Eggelmeyer*
Kerstin Faehrmann*
Ingrid G. Hoven*
Steffen Meyer*
Hubert Temmeyer*
Juergen Zattler*
Guinea-Bissau
Governor
Helena Nosolini Embalo
Ghana
Alternate Governor
Jose Carlos Varela Casimiro
Governor
Kwabena Duffuor
Adviser
Danielle Benoist
Vasco Da Silva
Paulo F. Gomes
Hussein Bruno Jamil Jauad
Adviser
Michael Ayesu
Greece
Alternate Governor
Ioannis Drymoussis
Petros Kontos*
Guyana
Governor
Bharrat Jagdeo
Adviser
Anthony Bartzokas
Petros Christodoulou
Joanna Kriebardi
Sophia Philippidou
George Politakis
Panagiotis Roumeliotis
*
Alternate Governor
Ashni Singh
Adviser
Asgar Ally
Louise Brown
Temporary
318
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Haiti
Adviser
Subrahmanyam Bhamidipati
Mukhmeet Bhatia
Pradeep Gupta
Devinder Singh Malik
Nilaya Mitash
Deepak Mohanty
Maddirala Nagaraju
Manoj Pant
Davinder P.S. Sandhu
Vediappa Senthil
Arun Singh
Susobhan Sinha
Anuradha Thakur
Usha Titus
Alternate Governor
Charles Castel
Adviser
Jean Edwige
Honduras
Governor
William Chong Wong
Alternate Governor
Maria Elena Mondragon Ordonez
Adviser
Hugo Alejandro Castillo
Carlos E. Espinoza Tejeda
Indonesia
Governor
Agus D.W. Martowardojo
Hungary
Alternate Governor
Darmin Nasution
Governor
Roland Natran
Iran, Islamic Republic of
Alternate Governor
Laszlo Orlos
Governor
Seyyed Shams Al-din Hosseini
Iceland
Alternate Governor
Behrouz Alishiri
Alternate Governor
Steingrimur J. Sigfusson
Adviser
Seyed Hossein Mirjalili
Masoud Mozayani
Adviser
Jonas Haraldsson
Fridrik Jonsson
Anna Katrin Vilhjalmsdottir
Iraq
India
Governor
Rafe H. Al-Eissawi
Governor
Pranab Mukherjee
Ireland
Alternate Governor
R. Gopalan
Montek Singh Ahluwalia*
Kaushik Basu*
Pulok Chatterji*
Subir Vithal Gokarn*
Namo Narain Meena*
Venu Rajamony*
Alok Sheel*
Loretta Maryann Vas*
*
Governor
Michael Noonan
Israel
Governor
Stanley Fischer
Alternate Governor
Eran Heimer
Temporary
319
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Masaya Fujiwara
Takashi Hamano
Hidenori Hashimoto
Tadashi Horiuchi
Toru Hotta
Shinji Ihara
Hideaki Imamura
Keiichiro Inui
Kazuhide Ishikawa
Koji Jitsukawa
Kazushige Kamiyama
Shigeo Kawauchi
Daisaku Kihara
Takaya Kishi
Jiro Kodera
Yoshiyuki Komiya
Chiharu Kudo
Chishiro Matsumoto
Shuichi Matsuta
Kenichi Miyabata
Takashi Miyahara
Katsuhito Miyake
Takeo Mori
Kei Muraki
Osamu Nakamura
Yoshinori Nakata
Keiichiro Nakazawa
Yoshihiro Nakazawa
Keiko Namba
Masaki Noke
Takuya Nomura
Akihiro Oda
Yukisato Ohta
Eiichiro Omata
Toshio Oya
Takashi Sadakane
Toshitaka Sakoda
Tomoya Sato
Keiji Shibata
Hiroshi Shigemoto
Shigeo Shimizu
Kenko Sone
Akiko Suzuki
Hideharu Tachibana
Yoshiyuki Tahara
Keiko Takahashi
Hiromi Takase
Masao Takekida
Kazuyuki Takimi
Hirofumi Takinami
Fumie Tokunaga
Haruyuki Toyama
Akihiro Tsuji
Koji Uemura
Adviser
Amit Friedman
Italy
Governor
Mario Draghi
Alternate Governor
Carlo Monticelli
Adviser
Mattia Adani
Stefania Bazzoni
Emilia Bonaccorsi di Patti
Amanda Carmignani
Piero Cipollone
Gian Lorenzo Cornado
Luigi Laraia
Costantino Moretti
Tindaro Paganini
Giuseppe Parigi
Marco Ricci
Gian Paolo Ruggiero
Ludovica Soderini
Francesca Utili
Ignazio Visco
Jamaica
Alternate Governor
Wesley George Hughes
Japan
Governor
Jun Azumi
Alternate Governor
Masatsugu Asakawa*
Nobumitsu Hayashi*
Naoko Ishii*
Takehiko Nakao*
Ryuji Yamane*
Tatsuo Yamasaki*
Adviser
Yasushi Akahoshi
Hiroto Arakawa
Yasuhiro Atsumi
Hiroaki Baba
Atsuyuki Fujinuma
Ichiro Fujisaki
Masao Fujiwara
*
Temporary
320
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Kuwait
Masayuki Ueno
Hiroshi Ugai
Satoshi Yamaguchi
Takahisa Yamaguchi
Yuji Yamamoto
Keiichi Yokota
Yasuaki Yoneyama
Kyoko Yoshikawa
Governor
Mustafa Al-Shamali
Alternate Governor
Bader Mohamed Al-Saad
Kyrgyz Republic
Jordan
Governor
Melis Tulendievich Mambetjanov
Governor
Jafar Hassan
Adviser
Rakhman Adanov
Ruslan Bekbolotov
Muktar Djumaliev
Chorobek Imashev
Kazakhstan
Alternate Governor
Timur Suleimenov
Lao People’s Democratic Republic
Adviser
Askar Baltagulov
Dauren Kabiyev
Anuar Kurzhikayev
Ernar Serikov
Governor
Phouphet Khamphounvong
Latvia
Kenya
Governor
Andris Vilks
Governor
Joseph Kanja Kinyua
Adviser
Andzs Ubelis
Alternate Governor
Geoffrey Ngungi Mwau
Lebanon
Adviser
Christopher Wachira Gacicio
Moses Kanagi
James Mwangi Kiiru
Jackson Kinyanjui
Justus Nyamunga
Absalom Elkanah Odembo
Henry Kiplagat Rotich
Governor
Nicolas Nahas
Alternate Governor
Mohammad Safadi
Lesotho
Governor
Timothy T. Thahane
Korea, Republic of
Governor
Jaewan Bahk
Alternate Governor
Mosito Khethisa
Alternate Governor
Choongsoo Kim
Adviser
Masilo Philemon Makhetha
Motseoa Masheane
Sebongile Nkholise
Christopher Molefi Nyaka
Matoka C. Phori
Kosovo
Governor
Bedri Hamza
*
Temporary
321
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Adviser
Katerina Matikj
Liberia
Governor
Augustine Kpehe Ngafuan
Malawi
Alternate Governor
Sebastian Tagbe Muah
Governor
Ken Lipenga
Adviser
Theophilus Bettie
Boima Kamara
Boimah Taylor
Ernest M. Vafee
Ciara Walker
Alternate Governor
Abi Marambika Shawa
Adviser
Grant Kabango
Jane Kambalame
Winford Masanjala
Stephen Matenje
Rhino Mchenga
Nations Msowoya
Jayne Nankwenya
Ted Sitima-wina
Libya
Governor
Ahmed Jehani
Lithuania
Maldives
Governor
Ingrida Simonyte
Governor
Ahmad Inaz
Alternate Governor
Rolandas Krisciunas
Mali
Adviser
Babaly Ba
Mohamed Ouzouna Maiga
Mamadou Traore
Adviser
Giedre Balcytyte
Dovile Jasaitiene
Luxembourg
Malta
Governor
Luc Frieden
Governor
Tonio Fenech
Alternate Governor
Arsene Joseph Jacoby
Adviser
Pasquale Briguglio
David Pulis
Adviser
Etienne De Ihoneux
Georges Heinrich
Amela Hubic
Sarah Khabirpour
Serge Kolb
Miguel Marques-Gomes
Dirk Mevis
Juergen Schaaf
Mauritania
Governor
Sidi Ould Tah
Alternate Governor
Mohamed Lemine Ould Ahmed
Adviser
Ahmed Ould Moulaye Ahmed
Dhehbi Alarbi
Aminetou Mint Deihi
Boumedienne Ould Taya
Macedonia, former Yugoslav Republic of
Governor
Zoran Stavreski
*
Temporary
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Mozambique
Mauritius
Governor
Charles Gaetan Xavier Luc Duval
Governor
Aiuba Cuereneia
Alternate Governor
Ali Michael Mansoor
Alternate Governor
Ernesto Gouveia Gove
Adviser
Jitendra Nathsingh Bissessur
Gilbert Gnany
Joyker Nayeck
Salomon Samen
Somduth Soborun
Adviser
Waldemar de Sousa
Maria Isaltina De Sales Lucas
Piedade Macamo Matavela
Luis Tobela
Adriano Isaias Ubisse
Namibia
Mexico
Governor
Jose Antonio Meade-Kuribrena
Governor
Saara Kuugongelwa-Amadhila
Alternate Governor
Gerardo Rodriguez Regordosa
Alternate Governor
Ipumbu Shiimi
Adviser
Antonia Kapia
Micronesia, Federated States of
Governor
Lorin Robert
Nepal
Governor
Barshaman Pun
Mongolia
Governor
Purevdorj Lkhanaasuren
Alternate Governor
Krishnahari Baskota
Alternate Governor
Boldbaatar Dagva
Netherlands
Governor
Jan Kees de Jager
Adviser
H.E. Khasbazar Bekhbat
Davaasuren Damdinsuren
Enkhbayar Namjildorj
Alternate Governor
Ben Knapen
Montenegro
Adviser
Robert Mosch
Governor
Milorad Katnic
New Zealand
Adviser
Marija Radenovic
Governor
Bill English
Morocco
Alternate Governor
Andrew Kibblewhite*
Adviser
Ali Lamrani
*
Temporary
323
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Panama
Adviser
Mark Blackmore
Paul Dyer
Craig Hawke
Susan Lancaster
Sian Roguski
Cushla Margaret Thompson
John Whitehead
Governor
Alberto Vallarino Clement
Adviser
Antonio De Roux
Alfredo Nicolas Macia Almeida
Paraguay
Nicaragua
Governor
Alberto Jose Guevara Obregon
Governor
Dionisio Borda
Alternate Governor
Antenor Rosales Bolanos
Alternate Governor
Manuel Vidal Caballero Gimenez
Adviser
Emilio Camacho
Pedro R. Espinola
Nigeria
Governor
Ngozi Okonjo-Iweala
Peru
Alternate Governor
Danladi Kifasi
Governor
Luis Miguel Castilla Rubio
Adviser
Clement Buari
Fidel Ogar Odey
Alternate Governor
Carlos Augusto Oliva Neyra
Adviser
Carlos Adrian Linares Penaloza
Miguel Angel Ostos Rios
Norway
Alternate Governor
Ingrid Fiskaa
Christian Syse*
Philippines
Governor
Cesar V. Purisima
Adviser
Tom Eriksen
Bjorn Brede Hansen
Ola Storberg
Alternate Governor
Amando M. Tetangco, Jr.
Rosalia de Leon*
Cayetano W. Paderanga, Jr.*
Roberto Tan*
Oman
Governor
Darwish bin Ismail Al Balushi
Adviser
Gregg Angeles
Jose L. Cuisia, Jr.
Emilio Fenandez
Hermilando Mandanas
Angelito Nayan
Alternate Governor
Rashid Salim Al Rashdi
Pakistan
Governor
Salman Siddique
Poland
Governor
Michal Baj
Adviser
Javed Talat
*
Temporary
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Nadezda Ivanova
Stanislav Katash
Sergey Kislyak
Mikhail Korobkin
Andrei Kostin
Pavel Kuznetsov
Alexey G. Kvasov
Boris M. Lvin
Roman Marshavin
Eugene Miagkov
Denis Morozov
Dmitry Nikolaev
Dmitry Pankin
Konstantin Panov
Andrey Shinaev
Margarita Smoroda
Ekaterina Sycheva
Vladimir Tamozhnikov
Anna Uspenskaya
Anna Valkova
Konstantin Vyshkovskiy
Oleg Zasov
Adviser
Jacek Kocerka
Perl Rafal
Portugal
Governor
Vitor Gaspar
Alternate Governor
Maria Luis Albuquerque
Adviser
Paulo Ernesto Carvalho Amorim
Diogo Araujo
Alberto Manuel S. Azevedo Soares
Nuno Brito
Jose Pedro Viegas Cardoso
Rui Manuel Carvalho
Nuno Faria
Pedro Machado
Bernardo Ribeiro da Cunha
Sofia Teixeira F. Torres
Rwanda
Qatar
Governor
John Rwangombwa
Governor
Yousef Hussain Kamal
St. Kitts and Nevis
Alternate Governor
Abdullah Bin Saoud Al-Thani
Governor
Denzil Douglas
Romania
Alternate Governor
Janet Harris
Alternate Governor
Cristian Popa
Adviser
Jacinth Henry-Martin
Russian Federation
St. Lucia
Governor
Aleksei Kudrin
Governor
Isaac Anthony
Alternate Governor
Vadim Grishin*
Sergey Storchak*
Alternate Governor
Bernard La Corbiniere
Adviser
Elena Beskurnikova
Andrei Bokarev
Andrei Bugrov
Vladimir Dmitriev
Denis Esaulov
Timur Eyvazov
Aleksander Gorban
*
St. Vincent and the Grenadines
Alternate Governor
Len Ishmael
Adviser
La Celia Prince
Temporary
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Samoa
Mohammed Maziad Al Tuwaijri
Mohammed Alzaben
Abdulaziz Al-Zamil
Fuad Abdul Wahab Bahrawi
Zarir Cama
Simon Cooper
Hugues de Parcevaux
David Dew
Robert Eid
Adnan Hassan
Subodh Kumar Keshava
Abdulaziz A. O’Hali
Hutham S. Olayan
Khaled Olayan
Rita Pasi
Aftab Qureshi
Sadok Rouai
Bernd van Linder
Governor
Faumuina Tiatia Liuga
Alternate Governor
Iulai Lavea
Saudi Arabia
Governor
Ibrahim A. Al-Assaf
Alternate Governor
Muhammad S. Al-Jasser
Abdulrahman Mohammed
Almofadhi*
Adviser
Ahmed Al-Balawie
Yousef I. Al-Bassam
Abdulmohsen A. Al-Fares
Gebreen Al-Gebreen
Ahmed M. Al-Ghannam
Suliman Al-Gwaiz
Nabil bin Dawood Al Hoshan
Abdulrhman bin Ibrahim
Al-Humaid
Khalid Al-Jasser
Abdulrahman Al-Kalaf
Mubarak Al-Khafra
Khalid S. Al Khudairy
Abdulrahman M. Al-Kudsi
Taha A. Al Kuwaiz
Musaed Al-Mineefi
Abdullah Hussein Almounsor
Fahad Al Mubarak
Ahmed A. Al Nassar
Saad Mohammed A. Al Nefaee
Mohamad Alomran
Mousa Omran Alomran
Abdulaziz Al Onaizan
Abdulrahman Aloraini
Saeed Al-Qahtani
Khaled Abdul Rahman Al-Rajhi
Rashed Abdulaziz Al-Rashed
Salah Al-Rashed
Mansour Al-Saawi
Nayef Alsadoun
Mohammed Abdulrahman
Al Samhan
Fahad Ibrahim A. Alshathri
Ibrahim M. Alturki
Sulaiman M. Al-Turki
*
Senegal
Governor
Abdoulaye Diop
Adviser
Babacar Cisse
Ibrahima Dia
Baidy Dieng
Marema Lo
Evelyne Tall
Serbia
Governor
Bozidar Djelic
Adviser
Djerdj Matkovic
Milomir Ognjanovic
Vladimir Petrovic
Seychelles
Adviser
Brynmwr Battersby
David Nagoski
Sierra Leone
Governor
Samura Mathew Wilson Kamara
Alternate Governor
Matthew Dingie
Temporary
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Sudan
Singapore
Governor
Ali Mahmoud Mohamed
Abdelrasoul
Governor
Tharman Shanmugaratnam
Alternate Governor
Peter Ong Boon Kwee
Adviser
Elsham Abdalla
ElAmin Adam Abuelgasim
Muna Elsayed Abuharaz
Hazim Algadir Ahmed
Yousif Bashir
Slovak Republic
Governor
Ivan Miklos
Suriname
Adviser
Norbert Brada
Peter Burian
Marek Jakoby
Katarina Kovacova
Vit Koziak
Jan Toth
Natalia Urbanova
Governor
Gillmore Hoefdraad
Alternate Governor
Adelien Wijnerman
Glenn H. Gersie*
Adviser
Bernhard Fritz-Krochow
Sairagatoen Jahangir-Abdvelrahman
Echhorst Karel
Monica Kramawitana-Tamrin
Shobha Malhoe-Chothan
Georgetine Tjalim
Cornelis van Dijk
Slovenia
Governor
Franc Krizanic
Alternate Governor
Mitja Mavko
South Africa
Swaziland
Governor
Pravin Jamnadas Gordhan
Adviser
Lindiwe Kunene
Bhadala T. Mamba
Abednego Ntshangase
Alternate Governor
Lungisa Fuzile
Sweden
Adviser
Siphiwe Dube
Lesetja Kganyago
Pumulo Masualle
Zanele Mbatha
Jason Milton
Dondo Andrew Mogajane
Cleo Rose-Innes
Samantha Springfield
Governor
Anders Borg
Alternate Governor
Gunilla Carlsson
Adviser
Lund Ann-Kristin
Johan Borgstam
Anna M. Brandt
Anna Ferry
Bjorn Fritjofsson
Pereric Hogberg
Torgny E.O. Holmgren
Stefan Isaksson
Spain
Governor
Elena Salgado
Alternate Governor
Jose Manuel Campa Fernandez
*
Temporary
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Ann-Sofie Nilsson
Emma Nilsson
Ingrid Nilsson
Magnus Nordstrom
Per Orneus
Annika Tornqvist
Anna Westerholm
Torsten Wetterblad
Adviser
Felicia Carvalho
Olgario Vidigal De Castro
Kay Rala Xanana Gusmao
Adelina Martins
Jose Oliveira
Ramon G. Oliveros
Constancio Pinto
Joao Mariano Saldanha
Balbina Soares
Switzerland
Governor
Beatrice Maser Mallor
Togo
Governor
Dede Ahoefa Ekoue
Alternate Governor
Michel Mordasini*
Alternate Governor
Aheba Johnson
Adviser
Melanie Buehler
Daniel Hunkeler
Vay-Luy Jetzer
Marco Mosca
Salome Ramseier
Josef Renggli
Manuel Sager
Francoise Salame Guex
Lukas Schneller
Holger Tausch
Adviser
Novinyo Serge Amega
Zakari Darou-Salim
Trinidad and Tobago
Governor
Winston Dookeran
Alternate Governor
Vishnu Dhanpaul*
Tajikistan
Adviser
Farhod Salim
Abdujabbor Shirinov
Adviser
Nicole Leslie-Ann Des Vignes
Kurt Kisto
Neil Parsan
Suzette Taylor-Lee Chee
Tanzania
Governor
Mustafa Haidi Mkulo
Tunisia
Governor
Abdelhamid Triki
Thailand
Governor
Thirachai Phuvanatnaranubala
Alternate Governor
Lamia Zribi
Alternate Governor
Areepong Bhoocha-Oom
Turkey
Governor
Ibrahim H. Canakci
Timor-Leste
Governor
Emilia Pires
*
Alternate Governor
Evren Dilekli
Temporary
328
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Turkmenistan
Ellen Bronte Flecker*
Loga Gnansambanthan*
Stewart James*
Suzy Kantor*
Mark Lowcock*
Susanna Moorehead*
Richard Teuten*
Alternate Governor
Gochmyrat A. Myradov
Adviser
Nurgeldi Meredov
Uganda
Adviser
Philippa Buckley
Michelle Edwards
Governor
Maria Kiwanuka
United States
Alternate Governor
Chris. M. Kassami
Governor
Timothy F. Geithner
Adviser
Adam Mugume
Fred Muhumuza
Alternate Governor
Robert D. Hormats
Andrew Baukol*
Lael Brainard*
Charles V.A. Collyns*
Robert Dohner*
Marisa Lago*
Scott Morris*
Bradley Wayne Setser*
Christopher Smart*
Mark Sobel*
Ian Solomon*
Ukraine
Governor
Sergiy Tigipko
Adviser
Serhii Kamyshev
Olena Kucherenko
Anatoliy Maksyuta
Victor Mayko
Pavlo Moiseichenko
Olexander Motsyk
Denys Mykhailiuk
Oleksandr Pakhil
Andrii Pravednyk
Mykola Udovychenko
Yuriy G. Yakusha
Adviser
Chuka Asike
Virginia Brandon
Marie Brown
David Fulton
Stephen Gooch
Francis Michael Kelleher
Christopher Pratt
Andrew Rushing
United Arab Emirates
Governor
Khalid Ali Al-Bustani
Uruguay
Governor
Fernando Lorenzo
United Kingdom
*
Governor
Andrew Mitchell
Alternate Governor
Mariella Maglia*
Alternate Governor
George Osborne
Hans Anand Beck*
Julia Bunting*
Siobhan Clifford*
Nick Dyer*
Adviser
Azucena Arbeleche
Marianela Bruno
Adrian Fernandez
Juan Luis Siutto
Temporary
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Zambia
Uzbekistan
Adviser
Alfred Chioza
Francis Chipimo
Ben Kangwa
Inonge Limbambala
Musiwa Muyatwa
Willie Ndembela
Emmanuel Pamu
H.E. Sheila Siwela
Ivan Zyuulu
Alternate Governor
Shukhrat Vafaev
Adviser
Laziz Kudratov
Sardor Sagdullayev
Vanuatu
Governor
Moana Kalosil Carcasses
Zimbabwe
Alternate Governor
George Maniuri
Marie Louise Milne*
Governor
Tendai Biti
Adviser
Kudakwashe Mudereri
Yemen, Republic of
Governor
Abubaker Al Qirbi
Alternate Governor
Mutahar Abdulaziz Al-Abbasi
*
Temporary
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OBSERVERS AT THE 2011 ANNUAL MEETINGS
Abu Dhabi Fund for Development
Mohammed Saif G.S. Al Suwaidi
Adel Alhosani
Richard M. Uku
Pierre Nicolas van Peteghem
James Gituro Wahome
African Capacity Building Foundation
Frannie A. Leautier
Mercy Bruce-Amanquah
Shupikayi Chimhini
Franklin Mutahakana
Aubrey Phiri
African Export-Import Bank
Jean-Louis Ekra
Denys Denya
Khushhal Chand Khushiram
Frederic Mao
Samuel Mugoya
Benedict O. Oramah
African, Caribbean and Pacific Group
of States
Mohammed Ibn Chambas
Paulo Salesi Kautoke
Obadiah Mailafia
African Trade Insurance Agency
George O. Otieno
Cyprien Sakubu
African Union
Jean Ping
Simone Abela
Paul Chimenya
Maxwell M. Mkwezalamba
John Shinkaiye
Rhoda Tumusiime
Sheritha Brace
African Development Bank Group
Donald Kaberuka
Aly Abou-Sabaa
Cecilia Akintomide
Mahamat Issein Bardi
Abdelakim Ben Hammouda
Charles Boamah
Hela Cheikhrouhou
Erik Churchill
Medjomo Coulibaly
Oumama El Kettani
Olivier Eweck
Alessandro Girola
Michael Grossmann
Kazumi Ikeda-Larhed
Shirley Jean
Faith Kamau
Steve Kayizzi-Mugerwa
Jacob Kolster
Janvier K. Litse
Isaac Lobe Ndoumbe
Delenia McIver
Moono Mupotola
Subha Nagarajan
Stefan Nalletamby
Mthuli Ncube
Gabriel Negatu
Mouhamadou Niang
Onike Nicol-Houra
Hassatou N’Sele
Andre W. Nzapayeke
Aloysius Uche Ordu
Godfred Penn
Mike Salawou
Emmanuel Samah
Timothy Turner
Andean Development Corporation
Enrique Garcia
Jennifer Arencibia
Carolina Espana
Gabriel Felpeto
Anahiz Figueroa
Andres Oneto
Michael Penfold
Andres Rugeles
Hugo Sarmiento
Leonardo G. Villar
Peter Vonk
Arab Bank for Economic Development
in Africa
Abdelaziz Khelef
Kamal Mahmoud Abdellatif
Mohamed Elhafed Ould Beddy
Arab Fund for Economic and
Social Development
Abdulatif Y. Al-Hamad
Khalil Omar Hossam
Arab Monetary Fund
Jassim Abdulla Al-Mannai
Yisr Burnieh
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Caribbean Community
Evelyn Wayne
Fay Ingrid Housty
Lorne McDonnough
Asian Development Bank
Haruhiko Kuroda
Lourdes Adriano
Thierry de Longuemar
Gregori Enzo
Philip C. Erquiaga
Kazuki Fukunaga
Arjun Goswami
Laurel Gutenberg
Bindu N. Lohani
Maria Aurora Gregoria Lomotan
Alessandro Pio
Changyong Rhee
Tomoyuki Saisu
Kazu Sakai
Ursula Schaefer-Preuss
Kunio Senga
Chaiyuth Sudthitanakorn
Lea Sumulong
Samuel Tumiwa
Constantijn Jelle Vandersyp
Lakshmi Venkatachalam
Natsuki Tyler
Caribbean Development Bank
Wm Warren Smith
Christine Dawson
Adrian Debique
Dorla Humes
Denny Lewis-Bynoe
Tessa Williams-Robertson
Center for Latin American Monetary
Studies
Adriana Alverde
Javier Granguillhome Morfin
Maria Luisa Gutierrez Melendez
Javier Guzman-Calafell
Dalmir Sergio Louzada
Cecilia Bendeck
Maricela Cruz
Central African Economic and
Monetary Community
Bakhit Haggar Hassan Adoum
Benoit Ketchekmen
Association of African Development
Finance Institutions
Joseph Alfred Amihere
Mupani Ilunga
Eugene Kassi N’da
Katuala Ndekenya
Peter Noni
Jean Lambert Sama Ngbokoli
Mohammed Santuraki
Admassu Yilma Tadesse
Constantin Thamuk
Central African States
Development Bank
Michael Adande
Central American Bank for Economic
Integration
Nick Rischbieth Gloe
Eduardo Gutierrez
Juan Carlos Javier
Jose Felix Magana
Carlos Watson
Association of Southeast Asian Nations
Antonina B. Espiritu
Aladdin Rillo
Bank for International Settlements
Jaime Felix Caruana Lacorte
Stephen G. Cecchetti
Benjamin H. Cohen
Guenter Anton Pleines
Bruno Tissot
Central American Monetary Council
William Calvo-Villegas
Bank of Central African States
Mahamat Allamine Bourma Treye
Common Market for Eastern and
Southern Africa
Sindiso Ngwenya
Alexius Gitari
Michael Gondwe
Stephen Lester Lande
Tasara Muzorori
Chungu Mwila
Common Fund for Commodities
Ali Mchumo
Javed Akhtar
Black Sea Trade and
Development Bank
Andrey Kondakov
Orsalia Kalantzopoulos
Marin Marinov
Anatoly Sementsov
332
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Walter C. Talma
Mutombo Kalonji Thierry
Jonathan Charles
Christoph Ludwig Denk
Olivier Descamps
Varel D. Freeman
Heike Harmgart
John Howell
Tina Hoy
Lorenz Jorgensen
Olena Koval
Johann Peter Art Lankes
Isabelle Laurent
Irakli Managadze
Piroska M. Nagy
Djoomart Otorbaev
Jean Marc Peterschmitt
Manfred J. Schepers
Artem Shevalev
Brimas Sisay
Josue Tanaka
Nick Tesseyman
Hiroshi Tsubota
Axel Van Nederveen
Marian Dalton
Julie Green
Commonwealth Secretariat
Kamalesh Sharma
David K.S. Ashiagbor
Samantha Attridge
Cheryl Bruce
Simon John Timothy Gimson
Jose Maurel
Lorna McLaren
Julius Mucunguzi
Elaine Ogilvie-Ricketts
Cyrus Rustomjee
Ransford Smith
Janet Strachan
Alexander Burr
Annie Kahenya
Amita Patel
Council of Europe Development Bank
Raphael Alomar
Matthias Bauer
Frederic de Dinechin
Jacques Mirante Pere
Thierry Poirel
Michael Georg Roeskau
Apolonio Ruiz Ligero
Imre Tarafas
European Central Bank
Jean-Claude Trichet
Elisabeth Ardaillon-Poirier
Lorenzo Bini Smaghi
Wouter Coussens
Ettore Dorrucci
Marcel Fratzscher
Jose Manuel Gonzalez-Paramo
Michele Kirstetter
Christophe Madaschi
Frank Moss
Georges Pineau
Regina Karoline Schueller
Juergen Stark
Zsuzsanna Tozser Milam
Regine Wolfinger
East African Community
Richard Sezibera
Enos Steven Bukuku
Rusatira Desire
Steve Machage
East African Development Bank
Mahesh K. Kotecha
Economic Community of West African
States
James Victor Gbeho
Ousmane Bocoum
Tagbo Ejikeme
Bashir Mamman Ifo
Stephane Kohl
Nelson O. Magbagbeola
Abdelfatau Musah
Bamba Lambert Ngaladjo
Kadjo Jean N’Guessan
Celestin Talaki
Thierno Bocar Tall
Tessy Winkelman
European Commission
Andris Piebalgs
Olli Rehn
Amadeu Altafaj-Tardio
Peter Bekx
Moreno Bertoldi
Marco Buti
Nadia Calvino
Peter Craig-McQuaide
Antonio de Lecea
Servaas Deroose
Marica Ganelli
Daniel Giorev
Mariella Huber
Karin Hundeboll
Nina Hyvarinen
European Bank for Reconstruction
and Development
Thomas Mirow
Erik Berglof
333
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Laura Fan
Kurt Focke
Claudia Franco
Alejandro Gamboa
Luis Alberto Giorgio
Sebastian Gonzalez
Takashi Hanajiri
Werner Kiene
Isabel G. Lavadenz Paccieri
Santiago Levy
Caballero Luz
Cheryle Morris-Skeete
Cristina Pailhe
Roberto Prieto
Steven Puig
German Quintana
Melecio Rivera
Joaquin Tres Viladomat
Veronica E. Zavala Lombardi
Peter Kerstens
Silvia Kofler
Philippe Patrick Legrain
Despina Manos
Amy Medearis
Stefan Pflueger
Isabelle Poupaert
Anna Prisco
Catherine Ray
Ichard Razaaly
Luis Riera
Francois Rivasseau
Heinz Scherrer
David Sharrock
Steffen Stenberg
Gerassimos Thomas
Vlassia Vassikeri
Luc Veron
Maarten Verwey
Vesa Vihriala
Kasper Zeuthen
IADB-Inter-American Investment
Corporation
Jacques Rogozinski
Jacques Antebi
Sarah Fandell
Orlando Ferreira Caballero
Juan Antonio Ketterer
Lisa Krochmal
Steven Reed
Rebeca White Sanchez de Tagle
European Investment Bank Group
Philippe Maystadt
Tamsyn Barton
Dominique de Crayencour
Philippe de Fontaine Vive
Bertrand de Mazieres
Constance Kann
Eila Kreivi
Vanessa Paul
Plutarchos Sakellaris
Francoise Thunis
Patrick Walsh
International Fund for Agricultural
Development
Kanayo F. Nwanze
Sirpa Jarvenpaa
Henock Kifle
Cheryl Morden
Thomas Pesek
Financial Stability Board
Svein Andresen
Juan Antonio Sole Lopez Pinto
Rupert Thackray Thorne
Food and Agriculture Organization of
the United Nations
Jacques Diouf
Hafez M.H. Ghanem
Daniel J. Gustafson
Gabriel T. Laizer
International Labour Organization
Juan Somavia
Romina Bandura
Janine Berg
Nancy Donaldson
Stephen Kennett Pursey
Raymond Torres
Inter-American Development Bank
Luis Alberto Moreno Mejia
Clara Alemann
Pablo Alonso
Edward Bartholomew
Ian Brodie
Ignacio Corlazzoli
Andre Delgado
Estanislao Echebarria
Soren Elbech
Antoni Estevadeordal
Islamic Development Bank
Ahmad Mohamed Ali Al Madani
Walid Abdelwahab
Rami Mahmoud Ahmad
Khaled M. Al-Aboodi
Mohammed Alami
Karim Allaoui
Mohammad Al Saati
Waleed Abdulmohsin Mohammed
Alwohaib
Muhammad Iqbal Azad
334
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Jennifer Carolin Ann Bisping
Federico Bonaglia
Jonathan Coppel
Ebba Dohlman
Carolyn Ervin
Susan Fridy
Sara Fyson
Brenda Killen
Jean-Marie Le Grand
Jon Lomoy
Divya Mathew
Jan Corfee Morlot
Helen Mountford
Gabriela Ramos
Luiz Reis de Mello
Holly Richards
Matthias Rumpf
Jill Schuker
Ernesto Soria Morales
Elodie Turchi
Sandra Wilson
Abdullateef Bello
Julio Estrada
Siddiqui Haseeb Ullah
Salah Amer Jelassi
Majid S. Kermani
Abdulnasser Minkara
Khaled Nazer
Abdel Rahman Eltayeb Ali Taha
Ghada Attieh
Ilan Bouchard-Gordon
Randa Hudome
Islamic Financial Services Board
Abdelilah Belatik
Kuwait Fund for Arab Economic
Development
Yousef Al-Bader
Latin American Association of
Development Financing Institutions
Ricardo Palma-Valderrama
OECD-Development Assistance
Committee
J. Brian Atwood
Talat Abdel-Malek
Donata Garrasi
Bert Koenders
Patricia O’Neill
Jens Sedemund
Latin American Reserve Fund
Ana Maria Carrasquilla
Juan Carlos Alfaro
Diana Briceno
Carlos Giraldo
Nordic Development Fund
Helge Semb
Linda Lundqvist
Emeli Moller
Organization of American States
Jose Miguel Insulza
Carmen de la Soledad Moreno
Toscano
Marta Martinez
Belkys Mones
Sherry M. Stephenson
Eva Villarreal Pascual
Nordic Investment Bank
Johnny Akerholm
Angela Brusas
Lars Eibeholm
Jens Hellerup
Soren Kjaer Mortensen
Harro Pitkaenen
Heidi Susanne Syrjanen
Organization of the Petroleum
Exporting Countries
Hasan M. Qabazard
OPEC Fund for International
Development
Suleiman Jasir Al-Herbish
Helen Abu Jurji
Said Aissi
Fuad Albassam
Tareq Alnassar
Malcolm Bricknell
Ranya Nehmeh
Pacific Islands Forum Secretariat
Sanjesh Naidu
P. L. O.
Jihad Al Wazir
Durgham Maraee
Joseph Nesnas
Hashim Shawa
Najib Yaser
Eyad Zeitawi
Organization for Economic
Co-operation and Development
Angel Gurria
Stephen Paul Groff
Pier Carlo Padoan
South Sudan
Kosti Manibe
Abraham Akoi
335
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United Nations Development
Programme
Helen Clark
Yannick Glemarec
Marissa Ayento
Paul F. Clayman
Paolo Galli
Anna Hjartardottir
Sarah Jackson-Han
Sigrid Kaag
Kamal Kishore
Heather Simpson
Frederick S. Tipson
Moses Mabior Deu Awuol
Ben French
Kornelio Koriom Mayik Koriom
Dier Tong Ngor-Chol
Deng Deng Nhial
Charles Chol Nyok
Tisa Aggrey Sabuni
Albino Chol Thiik Madol
Ezekeil Thon
Marial Yol
Samuel Tabani Youziel
Enoch Awejok
Jehan Mechak Deng
United Nations Economic Commission
for Africa
Abdoulie Janneh
Adeyemi Dipeolu
United Nations
Josette Sheeran
Amat Al-Alim Alsoswa
Valerie Amos
Michelle Bachelete
Suzanne Bishopric
Ella Brown
Christiana Figueres
Mads Frandsen
Kul Chandra Gautam
Ali Goldstein
Ameerah Haq
John Hendra
Paula Hunker
Allan Jury
Rene McGuffin
Chris Moore
Carlos Perrone
Jordon Ramacciato
Nicholas Reader
Rebecca Richards
Stanlake Samkange
Frank Schroeder
Chad Shipmaker
Jomo Kwame Sundaram
Utku Teksoz
Henrietta Thompson
Alexander Trepelkov
Richard Tyner
Daniele Violetti
Robert Peter Vos
Katherine Walters Calvin
United Nations Economic Commission
for Latin America and the Caribbean
Ines Bustillo
Helvia Velloso
United Nations Educational, Scientific,
and Cultural Organization
Carol Bellamy
United Nations Industrial Development
Organization
H. Stephen Halloway
West African Development Bank
Christian N. Adovelande
Karamath Djivede Adamon
Christian Agossa
Gnekele Gnassingbe
West African Economic and Monetary
Union
Soumaila Cisse
Alhassane Ag Mohamed
Eloge Houessou
Laurent Mathieu
Emedetemin Nonfodji
El Hadji Abdou Sakho
West African Monetary Institute
Temitope Oshikoya
Abu-Bakarr Tarawalie
United Nations Children’s Fund
Tony Lake
Bjorn Gillsater
Geeta Rao Gupta
Isabel Ortiz
World Health Organization
Claudia Pescetto
Jean Luc Poncelet
Ciro Ugarte
United Nations Conference on Trade
and Development
Heiner Flassbeck
Yuefen Li
336
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World Trade Organization
Pascal Lamy
Emmanuelle Ganne
Yuri Murata
Yasuto Muto
Yoshikatsu Nagano
Kazunori Nakagawa
Shinobu Nakagawa
Kazusuke Nakamichi
Yoshitsugu Nakamura
Gota Nakazawa
Kyo Nishida
Makiko Nishihata
Shinichiro Nishioka
Kayo Nomura
Shohji Oguri
Kazuhiko Saito
Gen Sano
Masaki Sato
Naomi Sato
Nobuki Sato
Yoshinori Sawa
Atsushi Shimada
Yasuhiro Sobashima
Daisuke Sogabe
Naoyuki Suzuka
Takao Suzuki
Tomomi Takahashi
Yoshiya Takayanagi
Ayumi Tanaka
Tomohiro Tanaka
Yasuori Tanaka
Kazuko Toda
Yoshiki Togiya
Ryosuke Torii
Katsuo Tsuruta
Katsutaro Watabe
Nobuyasu Yamada
Toshiki Yamakawa
Hirohito Yamamoto
Kaori Yamazaki
Masahiro Yano
Hitomi Yasue
Tokimasa Yokoi
Ikuko Yoshihara
Toshihiro Yoshihara
Mai Yoshinari
Naoko Yoshioka
Japan Planning Team 2012 Annual
Meetings
Hiroshi Naka
Yasuhiko Amano
Tatsunobu Aoki
Masashi Azuma
Toshimitsu Bamba
Masaki Bessho
Yoshiyuki Chiba
Takufumi Fuchiwaki
Yasuhiro Fujie
Tomoyuki Fukumoto
Tom Haapanen
Masahiko Hagiwara
Kazuhiro Hattori
Seiji Hiroishi
Toru Hiroya
Kyoko Hoshino
Yumeko Hyugaji
Yuko Ihara
Mitsuru Ishima
Masakazu Kadowaki
Kotaro Kai
Keiichi Kajiwara
Futoshi Kawanishi
Yasuhito Kimura
Shinobu Kodama
Mika Kosaka
Izumi Koyama
Reiko Kubota
Masatsugu Kunieda
Hideto Kuranari
Margaret Hanna Kuroyanagi
Eugene Limb
Atsushi Maeda
Shinichi Makimura
Kensuke Matsuhashi
Jun Mifune
Noriko Minai
Satoshi Mizugaki
Yusuke Moriya
337
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EXECUTIVE DIRECTORS AND ALTERNATES
IBRD, IFC, IDA
SEPTEMBER 21, 2011
Directors
Alternate Directors
Abdulrahman Mohammed Almofadhi
(Saudi Arabia)
Ibrahim Alturki
(Saudi Arabia)
Anna Brandt
(Sweden)
Jens Haarlov
(Denmark)
(Argentina)
(Bolivia)
Pulok Chatterji
(India)
Kazi M. Aminul Islam
(Bangladesh)
Piero Cipollone
(Italy)
Nuno Mota Pinto
(Portugal)
Ambroise Fayolle
(France)
Anne Touret-Blondy
(France)
Jorg Frieden
(Switzerland)
(Vacant)
Marta Garcia
(Spain)
Juan Jose Bravo
(Mexico)
Vadim Grishin
(Russian Federation)
Eugene Miagkov
Merza H. Hasan
(Kuwait)
Ayman Alkaffas
(Arab Republic of Egypt)
Nobumitsu Hayashi
(Japan)
Yasuo Takamura
(Japan)
Ingrid G. Hoven
(Germany)
Wilhelm Rissman
(Germany)
Konstantin Huber
(Austria)
Gino Alzetta
(Belgium)
Hekinus Manao
(Indonesia)
Dyg Sadiah Bt. Abg Bohan
(Malaysia)
Agapito Mendes Dias
(Mauritius)
Mohamed Sikieh Kayad
(Djibouti)
Renosi Mokate
(South Africa)
Mansur Muhtar
(Nigeria)
338
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Directors
Alternate Directors
Susanna Moorehead
(United Kingdom)
Stewart James
(United Kingdom)
Marie-Lucie Morin
(Canada)
Kelvin Dalrymple
(Barbados)
Ian Solomon
(United States)
(Vacant)
(United States)
Rogerio Studart
(Brazil)
Vishnu Dhanpaul
(Trinidad and Tobago)
Hassan Ahmed Taha
(Sudan)
Denny H. Kalyalya
(Zambia)
Javed Talat
(Pakistan)
Sid Ahmed Dib
(Algeria)
Rudolf Treffers
(Netherlands)
Stefan Nanu
(Romania)
John Whitehead
(New Zealand)
In-Chang Cho
(Republic of Korea)
Shaolin Yang
(China)
Ciyong Zou
(China)
339
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DIRECTORS AND ALTERNATES
MIGA
SEPTEMBER 21, 2011
Directors
Alternate Directors
Abdulrahman Mohammed Almofadhi
(Saudi Arabia)
Ibrahim Alturki
(Saudi Arabia)
Gino Alzetta
(Belgium)
Konstantin Huber
(Austria)
Anna Brandt
(Sweden)
Jens Haarlov
(Denmark)
(Argentina)
(Bolivia)
Pulok Chatterji
(India)
Kazi M. Aminul Islam
(Bangladesh)
Piero Cipollone
(Italy)
Nuno Mota Pinto
(Portugal)
Ambroise Fayolle
(France)
Anne Touret-Blondy
(France)
Jorg Frieden
(Switzerland)
(Vacant)
Marta Garcia
(Spain)
Juan Jose Bravo
(Mexico)
Vadim Grishin
Eugene Miagkov
Merza H. Hasan
(Kuwait)
Ayman Alkaffas
(Arab Republic of Egypt)
Nobumitsu Hayashi
(Japan)
Takaya Kishi
(Japan)
Ingrid G. Hoven
(Germany)
Wilhelm Rissman
(Germany)
Hekinus Manao
(Indonesia)
Dyg Sadiah Bt. Abg Bohan
(Malaysia)
Agapito Mendes Dias
(Mauritius)
Mohamed Sikieh Kayad
(Djibouti)
Renosi Mokate
(South Africa)
Mansur Muhtar
(Nigeria)
340
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Directors
Alternate Directors
Susanna Moorehead
(United Kingdom)
Stewart James
(United Kingdom)
Marie-Lucie Morin
(Canada)
Kelvin Dalrymple
(Barbados)
Ian Solomon
(United States)
(Vacant)
(United States)
Rogerio Studart
(Brazil)
Vishnu Dhanpaul
(Trinidad and Tobago)
Hassan Ahmed Taha
(Sudan)
Denny H. Kalyalya
(Zambia)
Javed Talat
(Pakistan)
Sid Ahmed Dib
(Algeria)
Rudolf Treffers
(Netherlands)
Stefan Nanu
(Romania)
John Whitehead
(New Zealand)
In-Chang Cho
(Republic of Korea)
Shaolin Yang
(People’s Republic of China)
Ciyong Zou
(China)
341
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OFFICERS OF THE BOARD OF GOVERNORS
IBRD, IFC AND IDA
AND JOINT PROCEDURES COMMITTEE
FOR 2011/2012
Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lebanon
Vice Chairmen . . . . . . . . . . . . . . . . . . . . . . . . . . . . El Salvador
Netherlands
Reporting Member . . . . . . . . . . . . . . . . . . . . . . . . . Mali
Members
Algeria
Austria
Chile
Ecuador
El Salvador
Equatorial Guinea
France
Germany
Indonesia
Japan
Kazakhstan
Korea
Lebanon
Mali
Netherlands
Russia
Saudi Arabia
Sierra Leone
South Africa
St. Lucia
Timor-Leste
United Kingdom
United States
342
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4/4/12 2:08 PM
OFFICERS OF THE MIGA COUNCIL OF GOVERNORS
AND MIGA PROCEDURES COMMITTEE
FOR 2011/2012
Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lebanon
Vice Chairmen . . . . . . . . . . . . . . . . . . . . . . . . . . . . El Salvador
Netherlands
Reporting Member . . . . . . . . . . . . . . . . . . . . . . . . . Mali
Members
Algeria
Austria
Chile
Ecuador
El Salvador
Equatorial Guinea
France
Germany
Indonesia
Japan
Kazakhstan
Korea
Lebanon
Mali
Netherlands
Russia
Saudi Arabia
Sierra Leone
South Africa
St. Lucia
Timor-Leste
United Kingdom
United States
343
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4/4/12 2:08 PM
(202) 473-1000
(202) 477-6391
www.worldbank.org
THE WORLD BANK GROUP SUMMARY PROCEEDINGS
Telephone:
Facsimile:
Website:
2011 Annual Meetings of the Boards of Governors
Headquarters
1818 H Street, N.W.
2011 Annual Meetings
of the
Boards of Governors
2011
Summary Proceedings
Washington D.C.

World Bank Document

Transcription

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