THE WORLD BANK GROUP 2016 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Washington, D.C. October 7-9, 2016 THE WORLD BANK GROUP Headquarters 1818 H Street, NW Washington, D.C. 20433 U.S.A. Phone: (202) 473-1000 Fax: (202) 477-6391 Internet: www.worldbankgroup.org iii INTRODUCTORY NOTE The 2016 Annual Meetings of the Boards of Governors of the World Bank Group (Bank), which consist of the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), the International Finance Corporation (IFC), International Centre for the Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA), held jointly with the International Monetary Fund (Fund), took place on October 7, 2016 in Washington, D.C. The Honorable Mauricio Cárdenas, Governor of the Bank and Fund for Colombia, served as the Chairman. In Committee Meetings and the Plenary Session, a joint session with the Board of Governors of the International Monetary Fund, the Board considered and took action on reports and recommendations submitted by the Executive Directors, and on matters raised during the Meeting. These proceedings outline the work of the 70th Annual Meeting and the final decisions taken by the Board of Governors. They 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. In addition, the Development Committee discussed the Forward Look – A Vision for the World Bank Group in 2030, and the Dynamic Formula – Report to Governors Annual Meetings 2016. Yvonne Tsikata Vice President and Corporate Secretary World Bank Group Washington, D.C. November, 2016 iv Contents ADDRESS BY THE PRESIDENT OF THE UNITED STATES BARACK OBAMA........................................ 1 OPENING ADDRESS BY THE CHAIRMAN, MAURICIO CÁRDENAS, GOVERNOR OF THE WORLD BANK GROUP AND THE INTERNATIONAL MONETARY FUND FOR COLOMBIA ............................... 2 OPENING ADDRESS BY JIM YONG KIM, PRESIDENT OF THE WORLD BANK GROUP ...................... 4 REPORT BY MINISTER SRI MULYANI INDRAWATI, CHAIR OF THE DEVELOPMENT COMMITTEE .................................................................................................................................................... 11 STATEMENTS BY GOVERNORS AND ALTERNATE GOVERNORS ........................................................ 14 BANGLADESH...........................................................................................................................................................14 ESTONIA...................................................................................................................................................................19 FIJI ...........................................................................................................................................................................21 INDIA .......................................................................................................................................................................25 JAPAN ......................................................................................................................................................................27 REPUBLIC OF KOREA................................................................................................................................................30 LAO PEOPLE’S DEMOCRATIC REPUBLIC...................................................................................................................34 MALAYSIA ...............................................................................................................................................................37 MYANMAR ...............................................................................................................................................................39 NEPAL ......................................................................................................................................................................41 NEW ZEALAND.........................................................................................................................................................43 PAKISTAN ................................................................................................................................................................45 PALAU......................................................................................................................................................................47 PHILIPPINES .............................................................................................................................................................50 REPUBLIC OF POLAND ..............................................................................................................................................52 SRI LANKA ...............................................................................................................................................................55 THAILAND ................................................................................................................................................................58 TONGA .....................................................................................................................................................................61 VIETNAM .................................................................................................................................................................66 DOCUMENTS OF THE BOARD OF GOVERNORS ...................................................................................... 68 SCHEDULE OF MEETINGS .........................................................................................................................................68 PROVISIONS RELATING TO THE CONDUCT OF THE MEETINGS ..................................................................................69 AGENDAS .................................................................................................................................................................70 2016 JOINT PROCEDURES COMMITTEE .................................................................................................... 71 REPORT II ................................................................................................................................................................72 REPORT III ...............................................................................................................................................................74 2016 MIGA PROCEDURES COMMITTEE..................................................................................................... 75 REPORT I ..................................................................................................................................................................76 RESOLUTIONS ADOPTED BY THE BOARD OF GOVERNORS OF THE BANK BETWEEN THE 2015 AND 2016 ANNUAL MEETINGS ..................................................................................................................... 78 RESOLUTION NO. 647: MEMBERSHIP OF THE REPUBLIC OF NAURU .........................................................................78 RESOLUTION NO. 648: TRANSFER FROM SURPLUS TO REPLENISH THE TRUST FUND FOR GAZA AND WEST BANK ..80 v RESOLUTION NO. 649: 2016 REGULAR ELECTION OF EXECUTIVE DIRECTORS.........................................................80 RESOLUTION NO. 650: DIRECT REMUNERATION OF EXECUTIVE DIRECTORS AND THEIR ALTERNATES ...................81 RESOLUTION NO. 651: PARENTAL LEAVE FOR EXECUTIVE DIRECTORS AND THEIR ALTERNATES ...........................81 RESOLUTIONS ADOPTED BY THE BOARD OF GOVERNORS OF THE BANK AT THE 2016 ANNUAL MEETINGS ........................................................................................................................................................ 82 RESOLUTION NO. 652: FINANCIAL STATEMENTS, ACCOUNTANTS’ REPORT AND ADMINISTRATIVE BUDGET ..........82 RESOLUTION NO. 653: ALLOCATION OF FY16 NET INCOME ....................................................................................82 RESOLUTION ADOPTED BY THE BOARD OF GOVERNORS OF IFC AT THE 2016 ANNUAL MEETINGS ........................................................................................................................................................ 83 RESOLUTION NO. 263: FINANCIAL STATEMENTS, ACCOUNTANT’S REPORT, ADMINISTRATIVE BUDGET AND DESIGNATIONS OF RETAINED EARNINGS .................................................................................................................83 RESOLUTIONS ADOPTED BY THE BOARD OF GOVERNORS OF IDA AT THE 2016 ANNUAL MEETINGS ........................................................................................................................................................ 84 RESOLUTION NO. 238: FINANCIAL STATEMENTS, ACCOUNTANTS’ REPORT AND ADMINISTRATIVE BUDGET ..........84 RESOLUTIONS ADOPTED BY THE COUNCIL OF GOVERNORS OF MIGA BETWEEN THE 2015 AND 2016 ANNUAL MEETINGS .............................................................................................................................. 85 RESOLUTION NO. 99: 2016 REGULAR ELECTION OF DIRECTORS..............................................................................85 RESOLUTIONS ADOPTED BY THE COUNCIL OF GOVERNORS OF MIGA AT THE 2016 ANNUAL MEETINGS ........................................................................................................................................................ 86 RESOLUTION NO. 100: FINANCIAL STATEMENTS AND THE REPORT OF THE INDEPENDENT ACCOUNTANTS .............86 REPORTS OF THE EXECUTIVE DIRECTORS OF THE BANK ................................................................. 87 MEMBERSHIP OF THE REPUBLIC OF NAURU .............................................................................................................87 TRANSFER FROM SURPLUS TO REPLENISH THE TRUST FUND FOR GAZA AND WEST BANK ......................................88 2016 REGULAR ELECTION OF EXECUTIVE DIRECTORS.............................................................................................89 RULES FOR THE 2016 REGULAR ELECTION OF EXECUTIVE DIRECTORS ...................................................................90 STATEMENT OF RESULTS OF ELECTION, OCTOBER 7, 2016 ......................................................................................94 ALLOCATION OF FY16 NET INCOME ......................................................................................................................102 REPORTS OF THE BOARD OF DIRECTORS OF MIGA ........................................................................... 103 2016 REGULAR ELECTION OF DIRECTORS ..............................................................................................................103 RULES FOR 2016 REGULAR ELECTION OF DIRECTORS ...........................................................................................105 STATEMENT OF RESULTS OF ELECTION, OCTOBER 7, 2016 ....................................................................................108 ACCREDITED MEMBERS OF THE DELEGATIONS AT THE 2016 ANNUAL MEETINGS .................. 117 OBSERVERS AT THE 2016 ANNUAL MEETINGS ..................................................................................... 171 EXECUTIVE DIRECTORS AND ALTERNATES IBRD, IFC, IDA ............................................................. 181 DIRECTORS AND ALTERNATES MIGA .................................................................................................... 183 OFFICERS OF THE BOARD OF GOVERNORS FOR IBRD, IFC AND IDA AND JOINT PROCEDURES COMMITTEE FOR 2016-2017........................................................................................................................ 185 OFFICERS OF THE MIGA COUNCIL OF GOVERNORS AND MIGA PROCEDURES COMMITTEE FOR 2016-2017 ................................................................................................................................................. 186 vi vii Address by The President of the United States 1 Barack Obama Hello, everybody: Born from the ashes of war and for more than 70 years, the World Bank and International Monetary Fund have helped strengthen the global economy, underpin global security, foster developing economies, and lift billions of people out of poverty. It is an incredible legacy of which we should be very proud. When I came into office in 2009, we faced another global crisis, the worst economic downturn since the Great Depression. It was a crisis that required unprecedented international cooperation to jump-start the world’s economies and help break the downward spiral that enveloped all our nations. That is why, in addition to taking steps here at home to rebuild our economy on a new foundation for growth, we worked with the IMF and the World Bank to modernize for a new era and to mobilize $1 trillion in new resources to support growth around the world, but our work is far from over. We need to push back against threats to global cooperation and build a global economy that works for everybody. We need to choke off terrorist financing, including by helping countries strengthen their financial regulations. We need to invest in education, infrastructure, development, and renewable energy technologies that will create the opportunities of tomorrow. That requires the IMF to continue promoting strong, inclusive and balanced global growth, with fiscal policies to increase demand, support structural reform and reduce economic inequality. It requires the Fund to continue to help recovering economies get back on a sustainable path, including by pushing back against protectionism and beggar-thy-neighbor exchange rate policies. It requires all of us to pursue the World Bank’s vision of eliminating extreme poverty and ensuring shared prosperity. It means the Bank must continue addressing our most pressing global challenges, from tackling climate change to responding to the global refugee crisis, to championing investment in countries experiencing fragility, violence and conflict. Seven decades after a visionary meeting in Bretton Woods, the IMF and World Bank remains central to our global economy and financial system. So, I just wanted to take this opportunity to thank all of you for your hard work to ensure that these critical institutions continue to meet the challenges of our time. The United States will remain your steadfast partner for years to come. Thank you, everybody. 1 Via video 1 Opening Address by the Chairman, Mauricio Cárdenas, Governor of the World Bank Group and the International Monetary Fund for Colombia Esteemed Governors, Madame Lagarde, President Kim. Welcome to the 2016 Annual Meetings of the IMF and World Bank, and the 70th Plenary of the Boards of Governors. Please join me in thanking Madame Lagarde and President Kim for their extraordinary dedication and leadership, in particular for their efforts to preserve and promote global economic cooperation in a challenging world. It is a great honor for me to chair this event on behalf of my country. Colombia´s development has accelerated impressively in recent years due to responsible macroeconomic management, institutional strengthening and effective social interventions. Our economy has been growing steadily and our social indicators have improved consistently. Yet, we continue to pay the high human and economic cost of a 52 year-long armed conflict with FARC. President Santos is determined to put an end to it and begin a new chapter in our history. Today the Norwegian Nobel Committee decided to award him the Nobel Peace Prize for 2016. As the Committee says “The award should also be seen as a tribute to the Colombian people who, despite great hardships and abuses, have not given up hope of a just peace, and to all the parties who have contributed to the peace process. This tribute is paid, not least, to the representatives of the countless victims of the civil war.” Peace will not only save lives. Conflict exacerbates poverty through various channels: It lowers productivity as it destroys infrastructure; it reduces investment by weakening confidence; it grants fewer educational opportunities to our young; and it breeds higher unemployment. We estimate that peace alone will accelerate potential economic growth by at least one percentage point per year. But in those rural areas where the conflict has been more intense, the benefits will be significantly larger. A peace agreement was reached. It envisions the demobilization and reintegration of FARC rebels; it provides justice and reparation to victims, including more than 6 million people that have been displaced from their homes. It also promotes a more open democracy. However, last Sunday, in a plebiscite, Colombians rejected the agreement by a small margin. Fear and uncertainty temporarily defeated hope and opportunity. These are symptoms of a wider global trend: fear of working with outsiders, the perception that integration hasn’t worked and will not work — at least not for everyone— and a profound distrust in the capacity of the political system to deal with these issues. With millions living in poverty, feeling the effects of income inequality and unemployment, many were persuaded that the costs outweighed the benefits, and that it was better to reverse course. These tensions, and the sentiment of voters, are similar to what we see in advanced economies today. Whether it’s mass immigration, refugee crises, or simply more competition due to globalization, citizens want to “take back control.” In many advanced economies this is reflected in decisions to adopt stricter border controls, to abandon integration, and to introduce protectionist measures. In a sense, this is a failure of leadership. Instead of defending an evidence-based approach to progress and making the case for hard choices, many have chosen the easy path of playing on people's fears and advocating policies of isolation. Building walls around problems may be a simple answer but it is not a real solution. So what are we to do? How to exercise effective leadership in a world of distrust? 2 The first priority is to strongly address the backlash against open markets. International trade is the lifeblood of the global economy. It drives firms to specialize and innovate. If we stop that process —even temporarily—we will limit future productivity growth, especially in developing and emerging countries where these gains will be larger. One option to circumvent this backlash is to promote regional integration, as we in Colombia have done with the creation of the Pacific Alliance, together with Chile, Mexico, and Peru. This deep economic integration is bringing more opportunities to businesses and more jobs to our citizens. We can also develop and implement growth-oriented policies at the country level. For example, through an innovative model of PPPs, the private sector is currently investing $15 billion dollars in roads, the largest infrastructure program in our history and one of the largest in the emerging world today. This program will improve competitiveness by significantly lowering transportation costs. It will also increase our long-term productivity growth. But country level actions need to be complemented with active multilateralism, by which I mean global economic coordination and cooperation. Opportunities for most of our countries depend heavily on global prospects. This is why the IMF and World Bank are indispensable. If we don’t foster and preserve a framework for cooperation, we risk reversing the gains obtained from open and dynamic markets. These institutions should continue to assist policymakers by providing advice, developing institutional capacity, and lending to countries in need. One example is the need of a better global financial safety net, through renewed and expanded IMF lending facilities. Strengthening the financial position of the World Bank Group to better respond to challenges is also a first step. The Bank should remain focused on the needs of the poorest and most vulnerable. But this will not be effective without properly strengthening governance. The Bank and the Fund need to be organized in a fairer and more democratic way. Multilateralism and the search for peace are very much the same: both have the potential to bring great prosperity, but both can be easily derailed by fear. We must look beyond the short-term political gains of nationalism and protectionism, just as it is Colombia’s duty to reach a peaceful solution to our internal conflict. A pragmatic approach to incorporate the views of those that want to make adjustments to the Peace Agreement is necessary. It will help us consolidate a new nation that will be safer, more prosperous, more just, more equitable, and better educated. Two days ago the young came out to the streets in Colombia in massive numbers and sent a very clear message: They want peace; they want political leaders to set aside their differences and work together to reach an agreement soon, before the chance for peace vanishes. Inclusive growth, more trade and greater cooperation are our goals. But our toolkit will only work if we are successful at compensating the most vulnerable who are set to lose. Otherwise they will become the feeding ground for the advocates of isolation. I am convinced we can defeat the politics of fear. But we need to make the case for integration with passion, honesty, courage and determination. As the Nobel Committee said this morning we all should have “strength to succeed in this demanding task”. This is a battle we cannot afford to lose —we risk losing our main engines for progress and leaving behind those who need our help the most. I thank you for your commitment to building a world where decisions are based on the principles that these institutions embody, and I look forward to working with you to make sure that the outcome of these meetings restate that message of a more integrated world where there is more cooperation and coordination. Thank you very much. 3 Opening Address by Jim Yong Kim, President of the World Bank Group Thank you, Chairman Cardenas, Madame Lagarde, Ministers, friends Ladies and gentlemen, I am honored and privileged to lead an extraordinary organization. Our dedicated staff have persevered, thrived and importantly delivered. I thank them for always keeping their focus on the needs of our clients. And I also want to thank all our member countries, for re-appointing me and in doing so, demonstrating your support for our work, and everything we are trying to achieve, together. We have the same ambitions, we all want progress, we all want to end extreme poverty in our lifetime. And we all know it’s possible. As we push toward our shared goals, the job will become tougher and tougher, because those remaining in extreme poverty will become harder and harder to reach. We are living through challenging times. The World Bank Group must always be ready to act quickly and be flexible, to bring fresh thinking and to evolve our response as needed, in country after country. In my first term as President, we have worked to transform the World Bank Group into an organization fit to tackle some of the most complex challenges facing our generation. That’s what you asked of us. Today, I want you to know that we are fit for purpose. And, we are ready. The opportunity is enormous but our success will depend on our ability to work with each other and with you. Time is not on our side. We all share a growing sense of urgency to act. We have set ambitious goals, but our staff have shown that we are more than equal to the task. Now, I’d like to take a moment to reflect on how far we’ve come. In my first year, you endorsed two ambitious new goals for the institution: to end extreme poverty by 2030, and to promote shared prosperity – by boosting the income growth of the bottom 40 percent of the population in every developing country. In pursuit of these goals, we agreed on a World Bank Group strategy that outlined a basic blueprint for reform. The reforms weren’t easy, but the most important things seldom are. Today, I believe, we have the right structure to deliver more and more effectively for you. Knowledge is flowing across the organization and to our client countries, driving creativity and innovation. Let me give you an example of how we’ve successfully transferred knowledge and experience across regions. 4 Through our new structure of Global Practices, knowledge sharing across countries has become easier and faster. For example, when the Government of India came to the Bank to prepare a major program to expand sanitation services for the poor, we were able to transfer knowledge and experience from Egypt’s Rural Sanitation Project and apply it in India. That resulted in the 1 billion dollar Swachh Bharat Rural Sanitation Project in India, which applied knowledge of good service delivery – in the areas of local governance, transparency and accountability to citizens - that had already been taken to scale in Egypt. Thanks to our Global Practices, we are now working to share knowledge from these two projects globally. The changes we put in place were done for a reason: to help us better deliver results for you on the ground. It’s important to note that as we were implementing these reforms, you showed your support with a record 52 billion dollar replenishment of IDA. And you encouraged us to boost IBRD’s lending power through our “Margins for Maneuver” program. I’m proud to say that IBRD’s loan revenues will exceed administrative expenses in the next fiscal year for the first time in a long time. As part of the Expenditure Review, we cut 400 million dollars in administrative costs and reinvested savings in the Bank’s business. These reinvestments are allowing us to deliver results to our clients more quickly. Since I arrived, we have met lending demand at levels not seen outside a financial crisis, with IBRD and IDA support climbing to more than 160 billion dollars over the past four fiscal years. IFC and MIGA also delivered respectively 70 billion dollars and 13 billion dollars. The ability of our staff to leverage finance is remarkable. For every single dollar a donor contributes, IDA will commit three. Each dollar that IFC invests leverages at least four dollars in contributions from others. MIGA leverages at a ratio of 1 to 14. Perhaps most impressive is IBRD’s extraordinary record. With only 15 billion dollars in paid-in capital from all shareholders since its founding more than seventy years ago, IBRD has mobilized more than 600 billion dollars in lending in middle-income countries around the world. A strong IBRD has been – and remains – a pillar of our global financial architecture. You asked us to deliver greater financial innovation and we delivered. In bringing these innovations forward we are challenging ourselves to find new ways to mobilize resources at the scale required and to make those resources work harder. We’ve used our economic expertise and development knowledge to design several financial innovations. Based on the lessons of Ebola, we created the first-ever Pandemic Emergency Financing Facility earlier this year. We have scaled up IDA assistance to the world’s poorest countries. We’re very glad that IDA received a AAA rating, an important first step to enable IDA to access capital markets. The ratings reflect the accumulated equity and strong management of IDA, our governance structure, strength of donor support, and our ability to deliver results. And we recently announced the Global Concessional Financing Facility, a new effort to address refugee crises by providing concessional development financing for middle-income countries. With your support, we’ve ramped up our work on climate change, both in terms of the breadth of our thinking and in financing, with an announcement in the fall of 2015 to increase climate financing to 28 percent of total commitments by 2020. 5 We know we can’t end poverty without ensuring that we protect the planet and its people. You responded to this reality by approving a new Environmental and Social Framework. This new framework will promote better – and lasting - development outcomes. You have given us permission to be bold. You have challenged us. We have responded. But today, we have to ask ourselves still: are we reaching the scale required? Global growth is now projected at 2.4 percent in 2016. This reflects the slowing of global trade, weak investment and rising political uncertainty. We now have the highest number of developing countries in recession since 2009. I know all of you share my ambition and sense of urgency – ambition and urgency have been at the heart of everything we’ve accomplished during my first term as World Bank Group President. Together, we have been planning for the next phase of the World Bank Group’s work. The Forward Look exercise has set us on a path that will build on our achievements. It is also encouraging us to think anew about our role and purpose and ensure that our governance reflects the global realities of today. As I look toward my second term I want you to know that we are committed more than ever to end poverty and boost shared prosperity. And we will achieve these goals in three ways: First: by accelerating inclusive and sustainable economic growth, Second: by investing more and more effectively in people, and Third: by fostering resilience to multiple global shocks and threats. We have two clear goals and three ways to get there. On the first, there is overwhelming consensus among all of you that fostering robust, inclusive and sustainable growth must remain our top priority. We have an enormous opportunity. But we need you to take action and we need you to push us. The private sector tells us that unpredictability of government policies and actions, corruption, and tax regulations continue to present the largest obstacles for investment. We want to continue working with you to make real progress as you tackle corruption, build stronger institutions, and reform tax structures which will remove the constraints to private sector investment, foster better service delivery and promote better governance. We also want to work with you to make investments more attractive by lowering real and perceived risks, both in established and in emerging sectors. Although not yet at the scale that we’d like, I am encouraged by the work that we are doing now to crowd in private sector investment. India has one of the largest networks of roads in the world, but the roads are overwhelmed—just 2 percent of its national highways carry 40 percent of traffic, causing bottlenecks that can limit productivity and slow economic growth. In India, as in every other developing country, infrastructure is key to integrating economies and delivering services. To help improve India’s roads, IFC invested 250 million dollars in the Singapore-based firm Cube 6 Highways. The firm is acquiring a portfolio of toll roads in India, injecting much-needed funds for road developers to complete their projects. In Ghana, we worked with the government to arrange financing of 1.5 billion dollars through IBRD, IDA, IFC and MIGA to support the 7.7 billion dollar natural gas project. This is the largest foreign direct investment project in Ghana. It will provide up to 1,000 MW of reliable and cleaner energy, representing about one-third of the country's current electricity supply. It will generate over 2 billion dollars in present value of taxes and royalties, and reduce greenhouse gas emissions by about 1.6 million tons of CO2 per year. Just yesterday, IFC launched a new lending platform that will, in the next five years, raise 5 billion dollars of private capital for investment in emerging market infrastructure loans. The Managed Co-Lending Portfolio Program that will focus on infrastructure, will enable institutional investors to invest together with IFC in a portfolio of projects. Investors will benefit from credit enhancement provided by IFC and the Swedish development agency, SIDA. The first partnership, signed this week with Allianz, demonstrates the potential of this platform to mobilize institutional investment to close the infrastructure financing gap. This is an important step toward establishing infrastructure projects in emerging markets as an asset class. Governors, colleagues I want you to know that as we continue to encourage more investment in infrastructure to promote growth, we also know that we have to think more critically about the kinds of infrastructure that countries will need to compete in the economy of today and tomorrow. And we must also take great care in ensuring that those investments benefit the poorest and most marginalized. Already, technological advances have led to the building of new industries as others have declined. This is transforming the nature of many jobs and the skills needed for the future. This brings me to our second pillar, increasing the volume and effectiveness of investments in human capital. It is hard to overstate the urgency of making more and more effective investments in people. It seems clear that digital competency will be an increasingly important requirement for the workforce of the future. We worry that the traditional economic path from more productive agriculture to light manufacturing and then to large scale industrialization may be disappearing for many poor countries. Our job is to work with you to understand what the future economy might look like and structure our investments to put you in the best place to compete. We will stand with you as you make those investments in your people, throughout the lifecycle, to spur economic growth and give your citizens the skills to compete effectively in the global economy. You can count on us to walk with you into the future no matter what the future might bring. We are ready and we are committed, to you. Each of you have your own story of how your people and your economies have been affected by the multiple global crises we face -- forced displacement, climate change, and pandemics. Our third pillar, then, is a much expanded role for the World Bank Group in the Global Public Goods agenda. We are determined to work with you to foster resilience against some of the most severe shocks that threaten to roll back decades of progress against poverty. 7 We need everyone to know that IDA has been one of the most important tools in history for building resilience for the poorest people. In the first year of IDA17, several crises—Ebola, cyclones in Vanuatu and Tuvalu, floods in Malawi and the Solomon Islands, and the earthquake in Nepal—led to the depletion of all Crisis Response Window funds. You provided an additional injection of 900 million dollars to enable us to respond to exceptionally severe crises in the second half of IDA17. Thank you. Today, 65 million people are displaced from their homes. 21 million are refugees. The vast majority of them now live in developing countries. You know the data and you asked us to engage, and we did. To help countries prepare and manage population flow we are developing advance warning systems so that we can anticipate where people will be moving and then respond quickly. In Yemen, we are working with UNDP to finance a public works program to help people cope and earn money. We are working during crises to help host countries improve the business climate and use the private sector as a driver to stimulate economic growth. In Jordan, we are helping to create special economic zones to generate more than 200,000 new jobs for Jordanians and Syrian refugees, and in Lebanon, we’re planning an education project to allow 200,000 Syrian children to enroll in Lebanese public schools. We are now looking for longer-term solutions in a number of countries, including Afghanistan, Kenya, and Somalia, on issues ranging from increasing agricultural productivity in areas hosting refugees to helping refugees return to their countries. With your support we’re fundamentally rethinking the way we use finance in response to forced displacement by establishing the Global Concessional Financing Facility. If we really want to solve the problem, then concessional finance should follow the refugees and not be limited by rigid rules that follow only GNI per capita. What you have told us is that we need to be flexible and that you expect us to have real impact. So we will. Ebola and more recently Zika exposed lethal weaknesses in our ability to respond to pandemics. There is a high probability that the world will experience another severe disease outbreak in the next 10 to 15 years. This could cost thousands of lives and trillions of dollars. You told us to respond and once again we did. If the Pandemic Emergency Financing Facility that we launched this year had existed in 2014 during the Ebola outbreak in West Africa, we could have mobilized 100 million dollars months before money actually flowed at a time when the epidemic was only one tenth as severe. Instead, it cost 10 billion dollars for emergency response, recovery efforts and in economic losses to the affected countries. Preparedness is the best form of response; and it’s less costly. From natural disasters, we know that investing in early warning systems has a cost-benefit ratio of at least five dollars saved for every dollar spent. This is why your role is so crucial. With your support, we will explore how innovative financing instruments like the PEF, can be used for mitigating other kinds of risks that will provide the poor much needed access to insurance and other kinds of safety nets. 8 Climate change is another global risk where we must change the way we work and the urgency with which we do it. The good news is that the world must now enforce the commitments we made in Paris. But we need to move much more quickly or the door will close on 1.5 degrees Celsius. August was the hottest month since record-keeping began. And there is a fairly good chance that 2016 – a year after the signing of the historic Paris agreement – will be the hottest year on record, again. In almost all parts of the world, extreme weather events, whether record rainfall or droughts, are becoming more common. Right now, our thoughts are with the people of Haiti, whose country was devastated this week by Hurricane Matthew with the death toll nearing 300. The storm’s dire impacts have already been felt across many vulnerable, small island countries across the Caribbean. We are sending a rapid assessment team to coordinate with Haiti’s partners in appraising the extent of the damage. Haiti has also requested support from the Caribbean Catastrophe Risk Insurance Facility, which was developed with assistance from the World Bank to provide insurance against natural disasters. Disasters like this remind us of the need to help countries build greater resilience against ever-more frequent shocks. More often than not it is the poorest people in the world who are most vulnerable to the impacts of climate change, making action on climate change core to our mission of ending extreme poverty. We need to get far more serious about financing the promises that countries have made but we also need to be more creative in how we use available resources. We did this when we began looking at the refugee crisis; now we need to do the same thing with greenhouse gases. Our approach to the refugee crisis was “follow the refugees”; with climate change, we must follow the greenhouse gases and finance the projects that will reduce them, at the scale required. We have achieved so much but there is still so much to do. We have to raise our ambition if we want to spur economic growth for the poorest countries and people in the world. We need to make the right investments in people that are critical for countries to be competitive. With all the global threats that we’re facing, we have to put in place the measures that will make a difference on the scale that’s needed. We have created a better World Bank. Now we need a stronger World Bank. You may recall, in my first plenary speech in Tokyo, I quoted the American civil rights leader Dr. Martin Luther King, who said “the arc of the moral universe is long, but it bends toward justice.” Today, I will close with a different quote from Dr. King, which has to do with what he called “the myth of time…the strangely irrational notion that there is something in the very flow of time that will inevitably cure all ills.” Speaking only a few blocks from here in 1963, Dr. King talked about the “fierce urgency of now” – the need for immediate, purposeful action toward a vitally important goal. I call on all of us here today to act with that same fierce urgency toward our goal – the end of extreme poverty. At the end of the day our aspirations for the poor have to meet the aspirations of the poor for themselves. Or we will have failed. 9 You have given us the best mission in the world – to end extreme poverty and boost shared prosperity. Push us to work across the institution to bring new resources, especially from the private sector, to our clients. Demand of us to be even more creative with our knowledge and respond more quickly to your needs. But also, give us the flexibility we need to solve the most important problems and make sure we have the financial capacity to change the world for the poorest and the most marginalized. Let’s be bold and together, not only will we bend the arc of history toward justice, we will remake history for ourselves, our children and all future generations. Thank you. 10 Report by Minister Sri Mulyani Indrawati, Chair of the Development Committee The Development Committee met today, October 8, in Washington, D.C. Global economic growth remains sluggish in 2016, with only a modest pick-up expected in 2017. Demand has remained soft despite highly stimulative monetary policies, foreign direct investment to developing countries has decreased, commodity exporters are adjusting to declines in exports, and wider geopolitical and economic uncertainties are weighing on confidence. We call on the World Bank Group (WBG) and the International Monetary Fund (IMF) to work jointly with countries to enhance synergy among monetary, fiscal and structural reform policies, stimulate growth, create jobs, and strengthen the gains from multilateralism for all. We share a vision of the WBG as a premier development institution: it plays a key role in advancing policies essential for sustainable growth, poverty reduction, and economic transformation; leads on global agendas; and helps ensure that the benefits of globalization are widely shared. During the next 15 years, the development landscape will face critical shifts, including climate change; natural disasters; pandemics; fragility, conflict and violence; migration and forced displacement; urbanization; and demographic changes. Meeting these challenges, and rising to the ambition of the Twin Goals, the Sustainable Development Goals (SDGs) and the COP21 Agreement, will require a better, stronger, and more agile WBG. This task will also require deeper engagement and collaboration with international financial institutions and global partners, additional private funds, the ability to harness technological change and increased country capacity to raise domestic resources. In this regard, we welcome the report to Governors on the Forward Look: A Vision for the WBG in 2030. We value the commitment to a more efficient and agile WBG that follows a risk-based approach, upholds standards, exploits synergies across its institutions, and has a culture that supports these shifts. Resources should be strategically deployed to meet global and client needs and targeted to areas of the world that most need funding and have least access to capital, with a tailored value proposition to the full range of clients. The WBG should strengthen the knowledge agenda, including through enhanced monitoring, learning and evaluation frameworks and South-South flows and help enhance countries’ crisis preparedness, prevention and response frameworks. We expect a progress update on the Forward Look with clear results indicators at the 2017 Spring Meetings. The private sector is essential to creating jobs and delivering higher living standards. Public policies that improve governance and regulation, make markets more competitive, and increase openness and predictability are prerequisites to higher investment and better development outcomes. We urge the WBG to take a Group-wide approach to help create markets, particularly in the most challenging environments, and to mobilize private resources, including through guarantees, especially for quality infrastructure, and for small and medium enterprises. Bringing together the joint capabilities of all WBG institutions is crucial to mobilizing finance for development and delivering global public goods. We encourage the WBG to expand its strong collaboration with other multilateral development banks (MDBs), in line with their recent declaration on infrastructure. We welcome the Global Infrastructure Connectivity Alliance, announced in September 2016. Mobilizing domestic resources and addressing illicit financial activities will be vital to unlocking finance for development: we urge the WBG and IMF to foster policies and transparent institutions that advance these efforts and improve public expenditure management. We applaud the WBG support to the Stolen Asset Recovery Initiative. We welcome the progress that the IMF and WBG have made in reviewing the Debt Sustainability Framework for Low-Income Countries. We stress the important role that technology and the private sector can play in achieving the Universal Financial Access 2020 goal. 11 An ambitious IDA18 replenishment is key for delivering the 2030 agenda. We advocate for a strong IDA18 replenishment, with a broadened donor base. We welcome the innovative financing and policy package, including the proposal to enable IDA, which has recently received milestone triple-A ratings, to tap into capital markets to complement its resources. We urge the WBG to ensure a smooth transition as countries graduate from IDA. We also welcome the enhanced Crisis Response Window and the proposal to scale up private sector activities, including an IFC and MIGA Private Sector Window. Large movements of people constitute a shared, long-term challenge for countries at all levels of development. More than half the world’s poor live in countries affected by fragility, conflict, and violence (FCV), where IDA support is particularly important. We welcome proposals to double financial resources in these countries and to support, through tailored efforts to their specific needs, refugees and the communities that host them. The WBG and the IMF should help tackle drivers of fragility, by improving investment climates, strengthening local governance, rebuilding state institutions, broadening access to finance, and fostering conflict prevention and resilience. The WBG should increase resources allocated to these efforts, enhance its capacity to work in these environments, expand its work on forced displacement and migration and work closely with humanitarian partners. We welcome the Global Crisis Response Platform, announced at the Leaders’ Summit on Refugees in September 2016, and urge its rapid implementation. We expect it to provide scaled up, systematic, and better coordinated support to address crises, including those arising from forced displacement, natural disasters and pandemics. The Global Concessional Financing Facility, the IDA Crisis Response Window, and the proposed sub-regional window for refugees in IDA18 will be important for this effort. As part of the Platform, we also welcome the launch of the Pandemic Emergency Financing Facility and look forward to its early start-up. It will, together with upgraded efforts towards universal health coverage, fill a critical gap in health financing architecture. We look forward to implementation of the WBG Climate Change Action Plan and support countries’ nationally determined contributions under the COP21 agreement. We urge the WBG to continue to focus on building resilience while expanding insurance schemes and increasing investments in climate-smart land use, green infrastructure, and sustainable cities. Small states are disproportionately affected by natural disasters, including rising sea levels and extreme weather events. We ask the WBG and IMF to continue supporting efforts to facilitate these countries’ access to climate finance for adaptation, mitigation and improved disaster risk management. Women still lag behind in most measures of economic opportunity, undermining national and global growth prospects. The ambitions enshrined in the Twin Goals and the SDGs cannot be realized unless countries make significant progress in closing gender gaps in key sectors. We strongly support the continued implementation of the WBG 2015 Gender Strategy and the progress in diversifying WBG staff. We welcome the approval of the Bank’s new Environmental and Social Framework, which reflects the most extensive consultations ever conducted by the WBG. The standards expand protections for people and the environment in Bank-financed investment projects and are part of a far-reaching effort by the WBG to improve development outcomes. We now ask the Bank to focus on effective implementation, ensure appropriate financial and human resources to build staff and client capacity, establish a robust accountability framework, and provide hands-on support where needed. As part of the Voice reform, we remain committed to the Roadmap for implementation of the Shareholding Review that was agreed at the 2015 Annual Meetings. We thank Executive Directors for completing their work on a dynamic formula that reflects the evolution of the global economy and contributions to the WBG’s mission. We look forward to the next stage of discussions, based on agreed shareholding principles, formula guidance, and the package of commitments in the Report to Governors on the Dynamic Formula. 12 We also look forward to considering options to strengthen the financial position of the WBG institutions. We aim to conclude these discussions no later than the 2017 Annual Meetings in line with the Roadmap endorsed in Lima. We thank Mr. Bambang Brodjonegoro for his valuable leadership as Chairman of the Development Committee, and welcome his successor, Ms. Sri Mulyani Indrawati, Minister of Finance of Indonesia, as its first female Chair. The next meeting of the Development Committee is scheduled for April 22, 2017. 13 Statements by Governors and Alternate Governors gladesh Bangladesh ABUL MAAL A. MUHITH Governor of the Bank and Fund Introduction It is indeed a privilege for me to be able to participate once again in the World Bank-IMF joint annual meeting of 2016 at the headquarters of these two institutions in Washington, D. C. First of all, on behalf of the Government of Bangladesh, I would like to express my sincere appreciation to the president of the World Bank and the managing director of IMF for their able leadership in steering the two Bretton Woods institutions in addressing the complex and assorted economic challenges the world is encountering. Let me begin by congratulating Madame Lagarde for her second five-year term appointment as the MD of IMF and at the same time offer my advance congratulations to Mr. Jim Yong Kim for his second term as World Bank President. I also thank the conference secretariat for the nice arrangements of the Annual meetings. As always I acknowledge the role of the World Bank Group, particularly IDA in the development endeavor of Bangladesh from its very birth in 1971 and even for an earlier period. As it happens between partners we had our ups and downs but overall it has been a fruitful partnership from which we both have benefitted. So far the WB has committed a total of USD 23.95 billion IDA support. In FY 2016 IDA commitment for Bangladesh was USD 1.18 billion covering various sectors that included primary education, health, power, skills development, climate change, agricultural technology and low income housing. The same year the WB disbursement has reached USD 1160 million, the largest WB disbursement in a year in Bangladesh. I also acknowledge the successful completion of the Fund’s support under the extended credit facility (ECF) arrangement. SDGs and Global Commitment I should say that 2015 was the year of global commitment. In September the commitment for ending poverty by 2030 and for socio-economic development of all with leaving no one out of development enterprise were, indeed, unique and extremely bold. In the same General Assembly session we simultaneously made a commitment to saving the planet. In July 2015, we adopted the Addis Ababa Action Agenda which provided a road-map for financing the development goals. The other important commitment came in December in Paris regarding significant reduction of global carbon emissions. Now is the time for working together in materialising our pledges for making the planet a better and safer place for both the present and future generations. It is laudable that WBG and IMF were involved in the process of SDGs formulation and have designed strategies on how they can contribute extensively and meaningfully to the implementation of SDGs and the 2030 agenda. WBG’s twin goals of ending extreme poverty by 2030 and promoting shared prosperity are fully aligned with the post-2015 development agenda. We, however, want to see more coordination and engagement among the international community including the Bank and Fund in implementing the post-2015 development agenda. 14 World Development Report: WBG Focus on Internet for Development; and Governance and the Law Now I would like to extend my thanks to the WBG for selecting two innovative themes for the World Development Report (WDR) of this year and the next year. These two reports and the last year’s report on mind and society are considered together as a ‘trilogy’ of WDRs which explore how policy makers can use behavioral, technological and institutional instruments to promote economic development and end poverty. I am rather excited about this year report on the internet and development. The report analyzes the potential impact of internet on economic growth, equity and the efficiency of public services. Our Government led by Prime Minister Sheikh Hasina presented in its election manifesto in 2008 the vision of a Digital Bangladesh and challenged the youth of the country to shape and build it. Since assumption of power in 2009 we have remained steadfast in our goal of a ‘Digital Bangladesh’. Our ‘Vision 2021’, Perspective Plan (FY 2010-2021) and the 7th Five Year Plan (FY2016-2020) seek to utilize the capacity of information and communication technology in realizing the country’s development objectives. The National ICT Policy adopted in 2009 sought to achieve ‘Digital Bangladesh’ by 2020. In ‘Digital Bangladesh’ there should be neither hunger nor poverty. And, indeed, we are rapidly moving towards that goal which we call Golden Bangla. Our national anthem begins with the expression “My golden Bangla, I love thee”. The WDR 2017 will focus on the role of governance and law in poverty reduction and shared prosperity. There is no denying the fact that the quality of governance is the crucial factor in economic development. Governance reforms, therefore, is of prime importance in ensuring economic development of a country. World Bank’s Country Partnership Framework and Progress of IDA 18 Replenishment We welcome the World Bank’s new Country Partnership Framework (CPF) for Bangladesh for FY 2016- 20 as it has been aligned with our 7th Five Year Plan. We appreciate Bank for identifying five transformational priority areas such as 1) energy sector, 2) inland connectivity and logistics, 3) regional and global integration, 4) urbanization, and 5) adaptive delta management with a view to increasing its engagement in Bangladesh in future. Our development priorities are macroeconomic stability, human development and sustainable institution building and business environment and they are happily accepted as the foundational priorities of the Bank. The negotiation of IDA18 replenishment (for FY2018-20) is going on. I am pleased to learn that the World Bank has chosen ‘Investing in Growth, Resilience and opportunity’ as overarching theme of IDA 18 and to achieve the thematic goal, it has identified Jobs and Economic Transformation; Governance and Institutions; Gender and Development; Climate Change; and Fragile, Conflicts and Violence as core thematic areas to intervene which are very relevant in the context of SDGs and Paris agreement. I understand that the resource demand for IDA 18 is projected to be US $ 90 billion and overall resource envelope is estimated at USD 75 billion under base case scenario. We very much appreciate the IDA’s initiative with respect to opening up of a new lending window, the IDA plus, by leveraging its equity which will help broaden its lending capacity and meet growing demand of financing needs of a number of IDA borrowers. However, IDA 18 replenishment must be done keeping in mind that implementation of SDGs will require both enhanced capacity and resources. Relying only on current IDA resources to bring additional fund from the market through leveraging will not be enough. The advanced countries should also contribute more to the IDA 18. 15 Recent Developments in Bangladesh Economy and the Way Forward Now, let me give you a brief statement on the performance of Bangladesh economy in recent times and country’s future development strategies. • Despite slow pace of recovery in global economy, Bangladesh’s progress in recent years is notable. For the last seven years we have been able to sustain robust GDP growth while ensuring equitable distribution of its benefits. In FY 15 we have achieved a handsome 6.55 percent growth. We have at last been able to grow out of 6 percent growth cycle; and GDP growth is expected to be 7.05 percent in FY16. Per capita income is expected to increase to USD 1,466. Investment has gathered momentum. Foreign Exchange reserve is now over US $ 31 billion which is equivalent to over 7.5 months import bill. Average monthly inflation rate in August 2016 was 5.37%. • Our social indicators including poverty, inequality, sanitation, maternal and child mortality rates, average life expectancy, population growth rate and education are very commendable. Poverty reduction is at the core of our growth strategy and Bangladesh made an impressive progress in poverty reduction from more than 70 percent in 1971, when the country was born, to 24 percent in 2014-15. I am looking forward to the celebration of the end poverty day on 17 October in Dhaka jointly by the President of the Bank and our Honorable Prime Minster. • Women empowerment is a fundamental strategy in our growth projection. • We have ensured almost 100 percent enrollment at the primary level. We have already achieved gender parity both at primary and secondary education levels. Maternity and infant mortality rates have fallen to 1.9 and 3 per cent respectively. Average life expectancy has gone up to 70.7 years from 66.5 years in 2005. According to Human Development Report 2015, Bangladesh ranked 142nd in 2014. The overall index was 0.57 in 2014, a great improvement indeed from 0.338 in 1980 and 0.468 in 2000. • Significant progress has been made in power and energy sector through implementation of various time-bound programs. Till May 2016, power generation capacity has increased to 14,539 MW. Per capita power generation now stands at 371 KW with 76 percent people enjoying electricity facility. • We have achieved remarkable progress in establishing ‘Digital Bangladesh’. There was a massive expansion in ICT sector in recent times. Bangladesh has already reached the level of becoming a technology driven modern state. As of July 2016, the number of mobile phones used and internet subscribers were 128.94 million and 63.92 million respectively. Tele-density and internet density have gone up to 82 percent and 35 percent respectively. Bangladesh is now exporting soft-wear and ICT services to about 30 countries including some advanced countries. Agriculture sector is also reaping the benefit of wider penetration of IT. We are constantly giving priority to the power, gas, port and physical infrastructure sectors. • We have set a goal for creating a total of 1.5 million skilled and trained manpower within next 10 years. Our aim is to export more skilled manpower in near future and increase our remittance income. We have given more emphasis in quality interventions in education including vocational 16 and technical education. In Bangladesh, about one-third of families are now under coverage of social security program. • Human resources development as well as job creation is our topmost priority agenda. We believe that a vibrant private sector can create significant number of job opportunities and help uplift the poor people out of poverty. As Bangladesh is still a rural-based economy and majority of poor people live in the rural areas, a process of real transformation of the rural economy has been being taken place in terms of investment, infrastructure development, expansion of SMEs and non-formal sector etc. • We expect to graduate from the least developed country status very soon. Out of three indicators (per capita income, economic vulnerability index and human asset index) we have already met the economic vulnerability criterion and are nearly there in terms of the other two. I firmly believe that by 2018 we will be able to meet all three criteria. We have already started the implementation of the 7th Five Year Plan (FY2016-20). The priorities of this plan are to accelerate growth, reduce poverty, and create employment. The major thrusts of this plan are as before reduction of poverty and inequality; women advancement; removal of infrastructural bottlenecks; creating technical and IT knowledge-based human resources; more focus on agriculture and SMEs, strategies for exporting ICT, health and education services; further promoting public-private partnership initiatives; and strategies to increase and diversify exports; effective strategy to address the climate change and disaster risk reduction; and introduction of development result framework. Women Empowerment and Welfare Disparity in wages between men and women has declined. However, rate of female workforce participation is still low. Currently, only 34.1 percent of female labor force is engaged in economic activities. Our target is to increase their participation to at least 40 per cent by 2021. In terms of reducing gender disparity. According to the ‘Global Gender Gap Report’, Bangladesh ranked 64th in 2015 among 145 countries. Women’s participation in the parliament increased from 12.7 percent in 1991 to 20.0 percent in 2014; in local councils it is a minimum of 33 percent. You will be happy to know that presently our Prime Minister, Opposition Leader, Speaker and Deputy Leader of the Parliament are women. In terms of the political empowerment of women, Bangladesh was at the 8th position among 145 countries in 2015. We also take care of gender responsiveness in our national budget and our development plans. We are also trying our best to establish safe and secure work places for the garments workers where majority of workers are women. Governance Issue We have achieved reasonable progress in governance in the last two decades and so. The Vision 2021, five year plans and perspective plan emphasized the need for ensuring a legacy of good governance in the country. Government has already undertaken a significant number of reform programs including reforms in core institutions and policies; improving public administration, public service provision and public financial management; standardizing public procurement rules and regulations along with introducing e- GP (electronic Government procurement); improving budgetary process; streamlining project preparation, approval process, monitoring and evaluation system; improving statistics and informatics; modernizing land management system; introducing e-services, strengthening local Government system; formulating 17 effective anti-corruption strategy etc. A number of steps have also been undertaken to further improve the judicial system. Miscellaneous Issues In combating trans-national terrorism along with militancy and illicit financial flow we have been closely working with our partner countries. Bangladesh will do everything necessary to fight these social evils. You are aware that Bangladesh is one of the most climate vulnerable countries and innocent victims of climate change. With its limited resources Bangladesh is a role model in the world in effective implementation of climate change mitigation and adaptation policy. In recognition of Bangladesh’s far- reaching initiatives to address climate change under the visionary leadership of Honorable Prime Minister Sheikh Hasina, she has been awarded Champions of the Earth award in the Policy Leadership category in 2015. We also hope that the global community will further strengthen their efforts in fulfilling their commitment regarding climate financing and implement the Paris agreement and related action-plan for saving the environment and the planet. Our Prime Minister has fixed the target of transforming Bangladesh into an advanced economy by 2041 as a land of peace, happiness and prosperity. In this endeavor we need strong supports and cooperation from the world community particularly from the Bretton Woods institutions. Thank you again for providing me the opportunity to share my views and thoughts with you. Thank you also for reading my statement on the website. China 18 Estonia on behalf of the Nordic and Baltic Countries SVEN SESTER Governor of the Bank Ladies and gentlemen, The Nordic-Baltic constituency, consisting of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden congratulates President Kim on his re-election. We look forward to continued and engaged cooperation with the World Bank Group under his leadership and vision, fully trusting that measures will be taken to build trust and morale within all parts of the organization. The ambition demonstrated in the “Forward Look – A Vision for the World Bank Group in 2030” is commendable and well founded. We support the intention of the World Bank Group to stay relevant globally and to all clients when targeting the Twin Goals and the Sustainable Development Goals. It is clear that different level and type of support and products should be offered to countries depending on their actual challenges and level of development. It is important that we as shareholders now share a common view about the future of the World Bank Group - and that we would be ready to contribute with necessary means to jointly implement an agreed and ambitious vision, starting with the IDA 18 replenishment. Financial sustainability and the highest rating of the Bank are part of the foundation on which we rely when we are asking the Bank to do more and to do better. We must therefore consider measures to generate adequate income, keep the expenditures under prudent restraint and start the conversation on a possible capital increase on the basis of the Forward Look. The Nordic Baltic constituency also welcomes the progress achieved in the discussions leading up to the regular shareholding review. The new dynamic formula and the principles for the shareholding review present a good compromise for our cooperative development institution. All shareholders, including the smallest and poorest should feel relevant and the upcoming review process must be kept transparent and rules based. Over the years the Bank’s relative importance in capital flows to the developing countries has been reduced, but it is still well equipped with vast knowledge and wide array of financial and advisory instruments. It can play a key development role in many client countries, especially when joining efforts and ensuring coordination with other donors, the regional development banks, the UN and the private sector. To achieve the Twin Goals the Bank must continue supporting inclusive economic growth and investment in human capital. The Nordic and Baltic countries will continue to insist on full integration of gender equality and respect for human rights into the Bank’s regular business as well as high ambitions on climate change. On both climate and gender, the focus must be on the implementation of commitments. Closing the gender gap in key sectors is smart economics as it benefits countries as a whole and increases growth prospects. Our constituency welcomes the increased emphasis of the WBG work on fragile, conflict and violence situations. In many countries weak governance and limited institutional capacity are among the main impediments to inclusive growth. The lessons from the 2016 World Development Report on Digital Dividends and the upcoming 2017 report on Governance and the Law are therefore very important and must feed into the Bank’s work. 19 These lessons can be particularly valuable in domestic resource mobilization. Improving the flow of taxes and other income into government coffers will be a key factor and source to achieve the Sustainable Development Goals. Many client countries are facing challenges in collecting taxes and spending their limited resources effectively. The Bank Group must prioritize its support to strengthening clients’ capacity to develop and implement sound tax policy and back the use of smart digital solutions where possible. As we all know, illicit financial flows pose an immense challenge to political and economic security, especially in the developing countries. Corruption, illegal exploitation of natural resources, fraud in international trade and tax evasion are as harmful as the diversion of money from public priorities. The Bank Group can use its technical expertise, knowledge and convening power to bring developed and developing countries, international organizations, and standard setting bodies to work together on reducing illicit financial flows and returning illegal assets, to coordinate global activities and individual country work, and to help shape global standards and promote smart and innovative solutions. We call on the Bank to work out a Plan of Action on its role in preventing illicit financial flows, as a follow-up to the Stocktaking Report presented in April. We encourage the bank to continue the work on Trust Fund reform and a better integration of TF financing with the overall budget process. Thank you for your attention. Colombia 20 Fiji AIYAZ SAYED-KHAIYUM Governor of the Bank and Fund Mr Chairman, Fellow Governors, Distinguished Delegates, Ladies and Gentlemen, 1. I am honoured to deliver this address on behalf of the delegation from the Republic of Fiji, to the annual meeting of the International Monetary Fund (Fund) and the World Bank (Bank). I would like to commend the Bretton Woods institutions in helping steer the global economy during these challenging times of continuing uncertainty and growing risks. I also congratulate Nauru which became the 189th member of the Fund and the Bank in April this year. 2 I also would like to express the appreciation of our Prime Minister and the Fijian people to the Fund, the Bank, other development partners and fellow member countries, for the messages of condolences, international aid and financial support received following the devastation of Cyclone Winston and subsequent floods earlier this year. 2016 will go down in our history as the year our nation was hit by the strongest tropical cyclone ever recorded to make landfall in the Southern Hemisphere and one of the strongest in the world. A joint Post Disaster Needs Assessment led by the Bank revealed total damages and losses of US$1.4bn or around 30 per cent of GDP. The impact from these shocks on our economy has further exacerbated the dampening effects already prevailing from the prolonged global slowdown. 3 On behalf of the Fijian Government and people, I express our condolences to the people of Haiti and others affected by Hurricane Matthew. Having recently experienced the devastating effects of a destructive natural disaster ourselves; we know that the Fund, the Bank and the global community will do what is necessary to assist those affected. Hurricane Matthew is also a harsh reminder of the increasingly destructive natural disasters, exacerbated by climate change, that threaten the economic stability of small and vulnerable states and the need to develop more creative financing options to support the rebuilding process. Fijian Economy 4 Mr Chairman, our growth projection for this year was revised down from 3.5 per cent to 2.4 per cent to reflect the adverse impact of natural disasters and floods as well as the subsequent rebuilding efforts. 5 Nevertheless, the Fijian economy is still expected to post its seventh consecutive year of broad based growth this year, a first since the 1970s and this is expected to continue into the medium term. Comparatively, growth in 2015 and 2014 were 3.6 per cent and 5.6 per cent, respectively, driven by strong activity in the transport, finance and forestry sectors. 6 Fiji’s current positive growth performance is expected to continue on the back of accommodative fiscal and monetary policy settings, associated with strong infrastructure spending and supportive low taxes and interest rates. Credit growth remains firm, consistent with positive demand and expansion in the financial sector. Notably, prudent public finance, monetary and financial management and supervision amidst improved business and consumer confidence have yielded macroeconomic and financial stability 21 and manageable debt levels. Fiji’s external stability position remains favourable reinforced by strong tourism earnings and personal remittances. 7 Specifically, fiscal policy is geared towards enhancing Fiji’s infrastructure development, investing in human capital and boosting potential growth. While the Government records operating surpluses, increasing investment expenditures in critical infrastructure underpin deficits, which are expected to remain within the Government’s target of 3 per cent of GDP. For the 2016/2017 financial year the budgeted deficit is 4.7 per cent, of which 2 per cent is directed towards reconstruction associated with Cyclone Winston. Monetary policy is geared towards attaining low inflation and adequate level of foreign reserves. Current inflation trends above the 3 per cent average norm have been mostly due to supply constraints and structural policy adjustments while our foreign reserves level can cover more than five months of retained import cover indicating a healthy external position relative to international benchmarks. 8 Growth is expected to rise to 3.6 per cent in 2017 and decline marginally to 3.1 per cent in 2018. Nonetheless, there are downside risks to the current strong growth trajectory. These include capacity constraints in booming sectors particularly construction, the weak global economy, the increasing threat of natural disasters and other climate change factors and elevated imports related to reconstruction efforts in the wake of Cyclone Winston, to name a few. 9 The Fijian Government is continuing with its public sector reforms, focusing on public-private partnerships, civil service and public enterprise reforms and mainstreaming the ease of doing business. International Monetary Fund 10 Mr Chairman, we welcome and commend the Fund’s commitment to its surveillance, lending and capacity building activities through which it provides vital policy advice, resources and training to implement necessary reforms for lifting potential growth. We encourage the Fund to continue to reflect country specificities appropriately when designing macroeconomic policy advice to its members, to ensure that optimal policy outcomes are achieved. 11 The Fund’s resources serve as a catalyst for other multilaterals to step-up, we encourage the Fund to continue to review and enhance its facilities to ensure that the assistance provided is commensurate with the shocks encountered. Mr Chairman, the debilitating impact of climate change and related natural disasters in Fiji and other small island vulnerable states, are imminent threats to macroeconomic stability. This was well illustrated in the proposed assistance available under the Rapid Financing Instrument facility, which amounted to a mere one per cent of GDP when the devastation of Cyclone Winston is estimated at around 30 per cent of GDP. We encourage the Fund to consider an approach that would provide greater flexibility in allowing higher access limits on concessional lending to small states that are significantly affected by severe natural disasters. 12 Mr Chairman, capacity building is an essential role provided by the Fund that is highly appreciated by the membership, especially small states with human resources constraints. Given the importance of preserving macro-financial stability, the Fund should continue to focus on priority areas of fiscal and public debt sustainability, public financial management, financial sector supervision, and improving data limitations. With climate change and natural disasters now considered as real threats to the macro stability of countries such as Fiji, we encourage the Fund to explore ways to incorporate the impact of such shocks in its policy frameworks. We commend the close collaboration with the Executive Board’s Small States Working Group resulting in pertinent small states’ issues, such as the withdrawal of correspondent banking and enhancing resilience to natural disasters and climate change, being elevated and considered more seriously by the Fund. We understand that work is progressing on this front and look forward to discussing the preliminary findings during future Annual Meetings. 22 13 We welcome the Fund’s close engagement with Fiji through the annual Article IV consultations and technical assistance provided through the Pacific Financial Technical Assistance Centre (PFTAC). The success of recent Article IV missions, publication of staff reports, and ongoing technical assistance (TA) programs are testament to our effective collaboration, improved traction of the Fund policy advice and their implementation. We commend the Fund for the continuity of TA in the key areas of macroeconomic modelling and forecasting, public financial management, financial sector and statistics. Mr Chairman, we remain appreciative of ongoing Fund engagement through the PFTAC and the Resident Representatives Offices located in Fiji and encourage the Fund to intensify its efforts towards aligning TA to country needs and policy priorities while taking into account absorptive capacity. Fiji has shown our commitment to the PFTAC by agreeing to contribute towards the ongoing funding operations of the PFTAC office in Suva, Fiji for the next five years. World Bank 14 Mr Chairman, on World Bank issues, a lot of positive outcomes have transpired since our re- engagement. In May this year, a new World Bank and International Finance Corporation office opened its doors in Suva. This is expected to further deepen and strengthen our partnership and collaboration. Having a country presence has enabled faster action on the ground and Government has capitalised on this by accessing quick and timely advice from Bank staff. We acknowledge the Bank’s support towards our rehabilitation efforts for Cyclone Winston; through the Post Disaster Needs Assessment as well as the US$50 million Development Policy Loan. We look forward to the completion of Fiji’s Systematic Country Diagnostic and the formulation of our new Country Partnership Framework for 2017. 15 We congratulate the Bank for the Forward Look exercise which sets out the Bank’s vision to 2030, and the important role the Bank can play in global economic development. The world community has endorsed a global agenda through the Sustainable Development Goals and the climate change agreement at COP 21. The Forward Look will enable the Bank to support global development agendas while at the same time addressing its own corporate goals. 16 Mr Chairman, we commend the Bank for its leading role in developing innovative financing facilities to address global shocks such as the Pandemics Emergency Financing Facility for pandemics, the Global Concessional Financing Facility for refugees and the Catastrophe Risk Insurance Facility to provide insurance against natural disasters. To end extreme poverty by 2030, it is critical that the Bank intensifies its efforts to face each global challenge with an urgency and scale proportionate to the problem. 17 Mr Chairman, we acknowledge the Bank’s support towards the small states agenda and we commend the setting up of the Small States Secretariat and the Small States Advisory Group. We support the setting up of a dedicated research programme for small states and we offer to host the programme in Fiji as we are already hosting similar programmes with other development partners, such as the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP). It would also complement other initiatives being run in Fiji, such as the setting up of a unit to consider legal issues related to climate change. 18 While small states are a heterogeneous group, in general they grapple with a range of similar development challenges. For small island states in the Pacific, climate change is threatening the social and economic wellbeing of our economies and our ability to meet the Sustainable Development Goals. Essentially, climate change cannot be de-linked from development. Despite our middle income status, Fiji remains highly vulnerable to climate change and natural disasters. For IBRD small states like Fiji, there are currently no concessional funding sources to access finance for rapid emergency response and reconstruction following a natural disaster. We therefore reiterate the importance of recognising our inherent vulnerabilities as small states in the allocation of concessional financing, in particular, consideration of the application of the small island economy exception to Fiji. 23 19 As the hub of the Pacific, our neighbours depend on Fiji for air connectivity, trade, financial services and education, to name a few, highlighting the interdependence between IBRD and IDA countries in the region. We welcome the current dialogue on expanding the vulnerability indices, and urge the Bank to set up a financing facility specifically for middle income small states to access post disaster financing. We ask the Bank to consider flexibility in providing finance to the region, in particular to providing assistance to develop bankable projects for the Pacific. 20 The threat of climate change has led to the setting up of a myriad of climate finance facilities. Notwithstanding the availability of these funds, they remain underutilised given small state’s limited capacity to access them. The Bank could assist by improving alignment between donors, helping to simplify procedures for accessing these funds, and in tailoring capacity building programmes to enhance technical skills for accessing climate funds. Fiji in partnership with the UNESCAP has initiated a regional training programme in the Pacific to build capacity in this area and we call on the Bank to support such country initiatives. 21 Mr Chairman, we note the Bank’s in-depth work on the Pacific Possible, which focuses on the sectors that offer significant potential as well as challenges, being tourism, labour mobility, knowledge economy, fisheries, deep-sea mining, non-communicable diseases, climate change and natural disaster preparedness. The Bank’s support through increased lending and advisories would enable Pacific island economies to harness the potential of these sectors and to address the key challenges that require urgent action. We urge the Bank to support projects that will enhance progress in the Pacific, such as projects to develop regional aviation standards, tourism and trade. 22 Mr Chairman, we welcome the progress on the development of a Dynamic Formula and the Shareholding Review, which will ensure that the Bank remains representative and responsive to global economic changes. In addition, the new Environmental and Social Framework (ESF) will no doubt contribute to promoting better and lasting development outcomes. Conclusion 23 In closing Mr Chairman, let me thank the Fund and the Bank for their ongoing efforts in strengthening collaboration and deepening partnerships to achieve our national developmental goals and improving regional and international outcomes. We wish both institutions success in the year ahead. 24 India on behalf of Bangladesh, Bhutan, India, and Sri Lanka ARUN JAITLEY Governor of the Bank and Fund Since we met in April 2016, global recovery has been sluggish, and is marked by uncertainties, including those arising out of the UK referendum for leaving the EU. Global growth is expected to decelerate in 2016 because of a slowdown in advanced economies Global financial stability appears to have improved with easing external financing conditions and some recovery in commodity prices. However, risks to global financial stability persist because of low and negative interest rates, overhang of private debt and significant loan impairments in the banking system. Also, growing populism and isolationism could lead to further deterioration of global trade. Clearly, multilateral efforts are needed at this juncture to boost trade to support global growth. The emerging market and developing economies (EMDEs) as a whole have performed better than the advanced economies, with India registering robust growth. However, the outlook in the EMDEs remains uneven and generally weaker than in the past due to challenging macroeconomic conditions arising from weak global demand and difficulties faced in wake of adjusting to lower commodity revenues. Disorderly deleveraging of private debt could also impact growth. In order to guard against these risks, policy frameworks would have to be strengthened by accumulating buffers and deleveraging balance sheets. Gains from product and labor market reforms and strengthening of risk management practices to address balance sheet vulnerabilities would be helpful in further enhancing resilience. Low income countries are affected by low growth and the uncertainties surrounding food and commodity prices, and would benefit from structural reforms that foster economic diversification and higher productivity. Additionally, building buffers, increasing capital and social outlays along with structural reforms would strengthen resilience. Prolonged accommodative monetary policies in advanced economies will have serious implications for the EMDEs, including resultant spillovers. There are also concerns that normalization of the US monetary policy could have adverse consequences for global financial market volatility and capital flows to EMDEs. Central banks in major advanced economies should be mindful of financial stability risks arising out of monetary policy normalization. The entrenchment of risks to the global financial and economic stability has implications for the operations of both the IMF and the World Bank, particularly in terms of increasing the likelihood of larger demands on their resources. Both organizations need to be adequately resourced, specifically to meet the wider canvas of development aspirations arising out of Sustainable Development Goals (SDGs). The global economic scenario, especially the low interest rate regime and depressed commodity prices, has reduced the availability of resources, both domestically and through foreign investment. There is concomitant need for trillions for bridging the gap in financing required to meet the developmental goals of adequate infrastructure, employment, education and health service and our heightened engagement in delivering global public goods, prevention and mitigation of crises, fragility and conflict. In this context, the forward look strategy of the Bank is a timely one. It rightly acknowledges the capital constraints faced by IBRD and IFC, and makes a strong pitch for capitalization of IBRD and IFC while mobilizing private sector investment. Our ambitions of annual funding of $40 billion by the Bank, doubling of IFC’s annual financing and $75 billion replenishment for IDA-18; although much bigger than the present size of these institutions; are quite modest considering the magnitude of the resources required for achieving the global mission of SDGs and twin goals of the Bank, i.e., ending extreme poverty and boosting shared 25 prosperity. The focus on Low and Middle Income Countries (LMICs) is very much the need of the hour where residual poverty is heavily concentrated. We welcome the strategy to build up IBRD portfolio for the LMICs, including IDA graduates, by significantly increasing lending to LMICs over the next decade. Similarly, we support the focus on a stronger share in IDA-18 for the LICs affected by situations of fragility, conflict and violence (FCV) and small states. The strategy to take measures to expand WBG’s work with the private sector is also critical to its success. The EMDEs are expected to contribute more than three-quarters of total global growth this year and next. The voice of EMDEs in IMF and World Bank should be commensurate with their changing weight in the global economy. In IMF, this can be accomplished as part of the 15th General Review of Quota by realigning quota shares with the changed global economic realities. It is also important that the formula for determining quotas is suitably revised including the weight that is given to PPP GDP in the 15th quota review to better reflect the true economic strength of the EMDEs. With the present composition of Fund resources skewed excessively towards borrowed resources, IMF membership should show urgency in completing 15th Review. It is in this context that we are extremely disappointed that a situation has arisen necessitating the proposal for shifting the deadline for completing the review to Spring meeting of 2019. We should remember that it was the collective legal obligation of IMF membership to complete 15th review in 2015, apart from the fact that frequent and excessive delays in completing the GRQs erode the credibility and legitimacy of the organization. We hope that in future IMF will show more determination and focus on working towards completing the 15th review including agreement on a new quota formula. We also expect that the new deadline will be honored as well as adhered to in letter and spirit. Similarly, the World Bank Group shareholding realignment must dynamically and truly represent the evolving role of its member countries. A fair and robust dynamic formula is a pre-requisite for this purpose. The draft report to the Governors has proposed a formulation for the formula based on GDP and IDA contributions, with 80% weight for GDP and 20% weight for IDA. While this formulation is acceptable, the shareholding review should necessarily lead to an outcome where the voice of the developing and transitioning countries is stronger than at present. The exercise also needs to ensure that small and poorest states are protected and that no shareholder should face excessive dilution of its voice as a result of this exercise. 26 Japan TARO ASO Governor of the Bank and Fund I. THE GLOBAL ECONOMY AND THE JAPANESE ECONOMY Global economic recovery continues, but growth is still weaker than desirable. Although the market turmoil after the referendum of the United Kingdom has calmed down, uncertainty still remains in the global economy. Against this backdrop, market stability is especially important. Indeed in view of these circumstances, we must make utmost efforts to ensure sustainable growth and to avoid a vicious circle of the economy arising from excessive pessimism, in line with the commitment to using all policy tools— monetary, fiscal and structural—individually and collectively. Advanced economies need to tackle domestic economic and social challenges swiftly and properly under resolute leadership. Systemically important emerging market economies need to recognize their responsibility for the global economy and thus to address the vulnerabilities through appropriate policy responses. To achieve long-term growth of the global economy, countries need not only to take near-term policy responses but also to advance structural reforms to enhance potential growth and resolve vulnerabilities, taking into account country- specific circumstances. Japan’s economic fundamentals are solid. Corporate earnings in 2015 hit the highest level in history, while the unemployment rate declined to the lowest level in almost 21 years. The Japanese economy is now gradually entering into a virtuous circle. Real GDP growth in the first and second quarters of this year was 2.1 percent and 0.7 percent annually, respectively, both of which are above potential. Supported by favorable corporate earnings and a tight labor market, it is important to ensure that a virtuous circle in the economy continues to strengthen, which will lead to steady growth in consumption and investment. To achieve such a circle, sustained wage increases are crucial. The government continues to ensure an exit from deflation and achieve sustained economic growth. This summer Japan put together an economic stimulus package with the fiscal component of 2.7 percent of GDP. This is a comprehensive and bold package that aims to accelerate structural reforms and investment for the future. For Japan, the priority is to raise potential growth by overcoming declining birth-rate and aging population, including through greater labor participation. Therefore, to promote labor participation of women and the elderly, the package includes work style reform such as rectifying the problem of working long hours. It also covers budget support for expanding childcare and nursing care capacity. In addition, the package focuses public investment on infrastructure that would lead to increased productivity, with the aim of encouraging private investment and laying the foundation for sustained growth. Moreover, the package also includes raising the minimum wages by 3 percent, which was implemented this month, and ensuring “equal pay for equal work”. As for monetary policy, the Bank of Japan conducted last month a comprehensive assessment of the developments in economic activity and prices as well as policy effects since the introduction of quantitative and qualitative monetary easing (QQE). In light of the findings of the assessment, with a view to achieving the price stability target of two percent at the earliest possible time, the Bank decided to introduce "QQE with Yield Curve Control" as a means of strengthening the existing framework for monetary easing. The new policy framework consists of two major components. The first is "yield curve control" in which the 27 Bank sets short-term and long-term interest rates as an operating target. The second is an "inflation- overshooting commitment" in which the Bank commits itself to maintaining an increase in the monetary base until the annual rate of increase in the observed CPI exceeds the price stability target of two percent and stays above the target in a stable manner. The Bank will pursue monetary easing in a more forceful manner under the new framework to achieve the price stability target of two percent at the earliest possible time. In close cooperation, the Japanese government and the Bank of Japan will use monetary, fiscal, and structural policies in an integrated manner with a view to accelerating Abenomics. II. EXPECTATIONS FOR THE IMF AND THE WORLD BANK Now, I will address Japan’s expectations for the IMF. As we face a host of challenges in the global economy, the role of the IMF continues to be substantial. We look forward to the IMF’s initiatives to resolve issues of the international monetary system. In recent years, we have observed a significant increase in cross-border capital flows and their heightened volatility because of the advance in the integration of the world economy. In today’s international monetary and financial system, it is crucial for each country to carefully monitor capital flows and, under specific circumstances, manage capital flows in an appropriate manner. We therefore strongly welcome the IMF’s ongoing work on capital flows, and call on the IMF to provide practical guidance that is helpful for members’ policy making. The global financial safety net, as a backstop for stabilizing the international financial system, continues to play a key role from the standpoint of maintaining market confidence. Although the global financial safety net has remarkably expanded in terms of their size, including by accumulation of international reserves by individual countries as well as expansion of bilateral swap lines and regional financing arrangements, it is important for each layer of the safety net to function effectively and bring about synergies with others. From this standpoint, we welcome the implementation of a joint test run between the IMF and Chiang Mai Initiative Multilateralisation, and look forward to similar work between the IMF and other regional financing arrangements. We also expect the IMF to strengthen the cooperation with AMRO (ASEAN+3 Macroeconomic Research Office) at the operational level, including exchange of information. For years, Japan has taken leadership in strengthening the IMF’s financial resources in the face of the global financial crisis and the euro area crisis through borrowing agreements. In addition to traditional, current account crises the IMF had been assumed to address at the time of foundation, we have seen the emergence of a new type of balance of payment crises that involve rapid capital outflows and inflows. In light of the experience with recent crises, it is debatable that the IMF quotas need to cover all of the enormous amount of potential financing needs, including those stemming from systemic, capital account crises, which are difficult to predict and rarely occur but highly probable to cause serious damage once they materialize. Rather, it is reasonable for the IMF to deal with idiosyncratic crises with sufficient amount of quotas and to prepare for systemic crises through borrowed resources, including the New Arrangements to Borrow and bilateral agreements. In recognition of this indispensable role of borrowed resources as a reasonable funding base for the IMF, Japan has just agreed to extend the borrowing agreement with the IMF. Taking into account the key role of borrowed resources in the IMF’s funding base, it is essential that the voluntary financial contributions by members to the IMF’s borrowed resources be duly acknowledged in the distribution of quotas, which is the core of the governance of the IMF. 28 Next, I will express what we expect for the World Bank Group (WBG). The world confronts a wide-range of complicated development challenges, and expectation for the World Bank has been growing. In this context, we call for the WBG under the leadership of Dr. Kim in his second term to take a leading role to achieve twin goals of ending extreme poverty and promoting shared prosperity. We welcome that the Forward Look, which sets out the medium- to long-term vision of the WBG’s role, underscores the importance of a holistic approach to crisis preparedness, prevention and response. Also, we highly value the direction to enhance IBRD’s allocation to lower middle-income countries. We call for the WBG to steadily implement these policies. Regarding a capital increase of IBRD, we need to discuss this issue, together with the role IBRD is expected to play as well as the impact of income-improving measures including an increase in loan pricing. Furthermore, we welcome the agreement on the dynamic formula, as this is an important step forward. Nevertheless, we are still faced with more important issues of how to use the agreed formula and implement a selective capital increase. Since realignment of shareholdings can only proceed on the basis of very broad support, Japan is of the view that it is essential to take concrete measures to avoid abrupt shifts in shareholding, both upwards and downwards. Regarding IDA 18 replenishment currently under negotiation, Japan highly values the introduction of innovative financing tool of debt financing in the capital markets. Furthermore, Japan welcomes the current direction of discussion which puts special emphasis on the importance of preparedness and prevention for natural disasters and pandemics. In the upcoming discussion, we call for the WBG to provide practical and sufficient transition support to IDA graduates. Japan is committed to make an appropriate contribution to IDA, given the IDA’s pivotal role in supporting low-income countries. The world is expected to continue facing various development challenges. Japan is committed to supporting developing countries, in cooperation with the WBG, in various areas such as prevention, preparedness and response for a wide range of crises including natural disasters, pandemics and refugee crises, and quality infrastructure investment. III. CLOSING In closing, I would like to express my respect toward the great roles that the two institutions have played in the international community and their major contributions in this regard. I also expect them to address ever- increasing difficult global challenges and thus help achieve strong, sustainable and balanced growth as well as poverty reduction. 29 Republic of Korea ILHO YOO Governor of the Bank and Fund 1. Opening Remarks Honorable Chair Mauricio Cárdenas, Managing Director Christine Lagarde, President Jim Yong Kim, Fellow Governors and distinguished guests! 2. The State of the Global Economy As you know very well, the global economy is currently facing many uncertainties and challenges. Eight years have passed since the onset of the global financial crisis, yet the recovery momentum is still weak, and it is hard to predict how long this prolonged environment of unprecedented low growth will persist. Although global financial market unrest has subsided, in large part thanks to decisive policy measures taken by central banks of key countries around the world, the global financial market nevertheless continues to be in a highly fragile state. We continue to witness investment appetite wane sharply and then rebound again after central banks have taken measures in response to shocks to the market. Decoupling of the financial market from the real economy is fueling market volatility and at the same time increasing the dependence on policy measures. And with the prolonged reliance on unconventional policies such as negative interest rate, there is growing concern over the limits and consequences of monetary policies. 3. Policy Suggestions for Recovery of the Global Economy Against this backdrop, today I would like to share with you my thoughts on what we need to do to promote stable growth of the global economy. First, we need to continuously support growth with expansionary economic measures in the short-term, while pushing structural reforms to build the momentum for growth in the medium- to long-term. Slow global demand and weak labor productivity coupled with decelerating trade are putting further downward pressure on the global economy. This climate is underscoring the importance of tackling economic problems through policies more than ever before. Monetary policies need to remain expansive to ease financial conditions and support the recovery of consumption and investment. 30 However, monetary policies alone have limited stimulatory effect on the real economy. In other words, monetary policies have to be complemented with effective fiscal investment in areas of need such as employment and infrastructure enhancement to drive demand. To build the foundation for long-term sustainable growth based on stronger medium- to long-term growth potential, it is critical to continuously push forward with structural reforms. That said, the Korean government has adopted a diverse mix of policies and measures to prop up growth. For instance, the Bank of Korea recently cut the benchmark rate to 1.25%, the lowest in history. The government formulated and introduced a supplementary budget this year, and introduced various incentive measures to stimulate domestic spending and investment. And we have set an expansionary budget for next year as well. Also, continued structural reforms are underway in four key sectors: public, labor, education and financial. To reinforce meritocracy in public service, a performance-based payroll system was rolled out across public agencies. In addition, a new law was introduced to streamline administrative processes for mergers and acquisitions (M&As) to expedite industrial restructuring. Countries around the world must join forces to bring the global economy back on track at the earliest possible date, by remaining aligned on implementing strong expansionary macroeconomic policies and structural reforms. Second, stronger emphasis should be put on inclusiveness in putting economic policies to work. This summer, the results of the Brexit referendum sent shockwaves across the world‘s financial markets. However, market shocks stemming from political reasons may not be a matter confined to the UK. The political landscape is shifting in the U.S., Europe and a number of emerging countries as well. Low growth and widening income inequality are exacerbating the public‘s perception of globalization and technological advances, which are the traditional engines of global economic growth. Consequently, this is increasingly giving rise to calls for nationalism and isolationism in countries around the world. Such claims are nothing new, but the political risks we face today are more serious and imminent, and have higher chances of becoming a reality. Political risks not only pose downward risk to the global economy, but also weaken social cohesion, standing in the way of the recipe most needed to the global economy—structural reforms. It is for this reason that we must strive to strengthen social cohesion through inclusive economic policies. Efforts to improve social mobility through job creation as well as investment in education and welfare not only help build the political foundation to implement more rational and growth-friendly policies in the long- term, but can also drive up the growth rate in the short-term as a result. 31 The last point I would like to highlight is interconnection among countries and strengthening collaborative efforts in policy formulation and implementation. As I mentioned earlier, the new phenomenon of low growth and changing political landscape may drive a growing number of governments to opt for more inward-looking policies. However, history has taught us that policies that only serve one’s own national interests ultimately bring about results that prove to be less than beneficial. As such, governments must exercise prudence in implementing policies, weighing the implications and consequences of their national policies. Most importantly, countries around the world must demonstrate their common and clear commitment against trade protectionism and uphold free trade. In particular, economic leaders need to exercise strong leadership to make sure that participants of the economy do not succumb to the temptations of protectionism in the current era of low growth. Policy coordination needs to be reinforced in the area of international finance as well. As witnessed during the financial market turmoil early this year, financial markets around the world are closely tied together and interact with one another. This suggests that governments have to make policy decisions taking into account the spillover and reverse spillover effects, and collaborate more closely with one another. And in response to common risks such as the global financial cycle, governments must work together to put in place a well-established multi-layered financial safety net, for instance bilateral and/or multilateral currency swap arrangements, IMF-RFA cooperation, and IMF resources. 4. Roles of the IMF and WBG Distinguished guests, The challenges facing the global economy and financial markets today call for the IMF and WB to play greater roles. For the most part, the Fund should take the lead in the search for policy measures to break away from the low growth trap and reinforce resilience of the economy. The current low interest rate environment particularly calls on us to seek more creative alternatives to expand the boundaries of monetary policy and minimize its side effects. At the last G20 summit meeting, we agreed on the areas of priority for structural reform, guiding principles and indicators. Now, we must take one step further to gather and share the risks and best practices of undertaking structural reforms by income level. This effort will go a long way in continuously pushing forward with structural reforms. We look forward to the Fund’s proactive role in this process. 32 Another important role of the Fund is facilitating international policy coordination with analytics on the impact of each country’s policies on surrounding countries and presenting measures that can minimize negative repercussions. In particular, clear and objective studies on the consequences and effects of protectionism based on precedent examples will offer meaningful lessons in the political and economic context of today. In light of recent global economic conditions, we believe the Fund also has a stronger leadership role to play in improving measures to manage capital flows and offering a stronger global financial safety net by remaining sufficiently resourced. Meanwhile, the World Bank Group, or WBG, needs to extend its activities beyond supporting country- specific development efforts to also creating global public goods by taking measures against climate change and the refugee issue, among others. This is because development issues, too, are becoming transnational agendas as globalization and integration of the global economy deepen. The WBG must also continue to spearhead efforts to mobilize development resources. Creative financing solutions need to be developed to leverage investment capital, and agencies within the WBG should assume roles in directing private sector funds to development areas. That said, we very much welcome the discussion on “Forward Look,” a vision for the WBG in 2030, at this Annual Meeting. We look forward to discussions translating into clear action agenda that will lead to visible outcome, and Korea will join hands in the journey towards achieving the vision. Thank you. 33 Lao People’s Democratic Republic SOMDY DOUANGDY Governor of the Bank Mr. Chairman, Distinguished Delegates, Ladies and Gentlemen, It is my honor to represent Government of the Lao People’s Democratic Republic at the 2016 Annual Meeting of the Board of Governors of the World Bank Group and International Monetary Fund. First of all, please allow me to express my sincere gratitude to Mr. Chairman, the President of the World Bank Group, the Managing Director of IMF, and the management at all level for their immense effort, the warm hospitality and the excellent arrangements for these meaningful meeting at the splendid city of Washington D.C. Mr. Chairman, Global growth continues to disappoint in 2016. Substantial downside risks to growth remain, including weak demand, tighter financial markets, softening trade, persistently low oil and commodity prices, and volatile capital flows. Disappointing data for the fourth quarter of 2015 has prompted further downward revisions to growth forecasts in most major economies. Global GDP growth is projected to remain at 3% in 2016 – the slowest pace in five years and well below long-run averages – with a slight improvement to 3.3% projected for 2017. The upturn in advanced economies remains insufficient to fuel the global recovery, and the prolonged slowdown in many emerging economies persists. Nonetheless, it is encouraging to note that a number of Asian economies have achieved good performance by constantly undertaking structural policy reforms, and overcoming the obstacles posed by unfavorable external environment. They also have benefited from lower oil prices and improved global financial conditions. However, a full recovery process in the advanced economies will have a positive impact on Asia through creating an improved opportunity for external trade and investment. Therefore, there is a need to implement a prudent monetary policy and fiscal adjustment to supporting both the recovery and long- term growth. Ladies and gentlemen, GDP growth is estimated to be moderated at 6.9-7% for the FY2015-2016 resulted mainly from number of measures taken in fiscal consolidation and declining in global commodity price. Service sector continues to be main driver in Lao economic growth, contributing 40% of GDP with the growth of 8.5%. Inflation in 2016 will face upward pressure due to the slight increase in oil price but remains relatively slow. On the monetary front, the Bank of Lao PDR (BOL) will continue to employ indirect policy instruments while targeting money supply growth at 20% per annum. Looking forward, the BOL will continue implement caps on deposit rate and maintain spread between deposit and weighted-average lending rate at 4% in order to promote the financial access to SMEs. Continuous efforts shall be made to build up international reserves at the same level covering more than five months of imports. In addition, banking sector continues to expand in tandem with authorities’ efforts to strengthen supervisory framework and enforcement of prudential norms. In this context, the process of adopting Basel II standards has been in good progress with technical support from multilateral and bilateral counterparts. On fiscal front, the Government had continuously to make a good progress in conducting reforms in various areas. The Government has introduced a series of policies and measures to smooth the fiscal tension, to 34 ensure the sustainability of the macroeconomic situation and prudent public finance management. Moreover, the Government has implemented the mechanism to enhance the domestic revenue collection, strengthened the coordination among the central and local government, among Government and private sectors, introduced modern IT program to enhance tax collection. The government also disseminated and enforced the implementation of the relevant laws and regulations, intensified effort to conduct monitoring process and inspection, and strengthened public debt management. Mr. Chairman, In the process of economic development, it is particularly important moment for Lao PDR as we recently just completed our 7th Five-Year National Socio-Economic Development Plan (NSEDP). As we reviewed the outcome of the past implementation of development achievements and unfinished agenda, there is a need to continue implementation in the next 8th Five-Year NSEDP to bring the country to the next stage of development and progress. Under the new plan, the efforts to formulate development policy to promote sustainable and inclusive economic growth with sound economic and financial environment continues to be the key priority of Lao PDR, aiming at creating necessary macroeconomic conditions conducive to graduating from the status of Least Developed Country by 2020. In recognizing the great importance of maintaining a sound macroeconomic conditions favorable for the implementation of the 8th Five-Year NSEDP in the coming years with recognition of risks and uncertainties of the external environment that will have some implications in Lao PDR’s economy, therefore, the government of Lao PDR will continue to pursue prudent fiscal and monetary policies to achieve macroeconomic stability, with GDP growth of more than 7 percent, low inflation rate and stable exchange rate. Fiscal policy will target in particular for fiscal consolidation, including improvement in tax administration, restraints on public wage increase, rationalizing capital spending (including off-budget investment) and limit on the growth of administrative spending. Mr. Chairman, Lao PDR and the World Bank /the IMF have established long and excellent relations. Over 50 years, the World Bank/IMF have continued to play an important role in providing financial and technical assistance and economic policy advice to support of the implementation of National Socio-Economic Development Plan that aims to develop and assist the transition of the country for the development programs with the stated goal of reducing poverty. With valuable support provided, the livelihood of the people has been improved. People have enjoyed better basic service delivery, including access to electricity in rural areas, improvements in education and health, and so forth. Since the establishment of relationship, the World Bank has particularly provided enormous financing support to Lao PDR in active ongoing support to programs. The Government will continue to seek cooperation and support from the Bank for accelerating the socio-economic development to achieve the new SDGs and to graduate from LDCs by 2020 as well as to facilitate the integration to the regional and global level. Taking this opportunity, I would like to extend my profound thanks to the Bank and the Fund for their significant engagement in Lao PDR to provide valuable financial and technical assistance for socio- economic development and especially Madame Christine Lagarde, IMF Managing Director for her official visit to Lao PDR for the second time in a year. Her historic visits demonstrated IMF’s determination to strengthen partnership with Lao PDR and this region and to underline the IMF’s strong relationship with ASEAN member countries. The visits provided an opportunity for Lao’s top officers to deepen policy dialogues with the Managing Director in order to safeguard macroeconomic stability during the transition period in graduating from low-income country status by 2020. We also highly value IMF’s engagement in important areas of capacity building focused on strengthening macroeconomic management. Particularly, at the end of this year, the Bank of Lao PDR and the IMF will 35 jointly organize the high-level seminar covering number of key macroeconomic topics that are useful to policymaking process for ministerial-officers. In conclusion, on behalf of the Government of Lao PDR, I would like to express our sincere appreciation to the Management and staff of the Bank and the Fund, for the assistance given to the Lao PDR and contribution to promoting the socioeconomic progress and development and macroeconomic stability in Lao PDR. Let me conclude by wishing this meeting a great success. Thank you. 36 Malaysia DATUK JOHARI BIN ABDUL GHANI Governor of the Bank Mr. Chairman, distinguished fellow Governors, President of the World Bank Group, Managing Director of the International Monetary Fund, ladies and gentlemen. Global Economy 1. Global growth remains modest amid uneven growth across countries. The prolonged weaker growth among advanced economies and persistently low commodity prices, as well as lackluster global trade and capital flows pose challenges to the global economy. The advanced economies are envisaged to register a marginally slower growth. Meanwhile, the emerging market and developing economies are anticipated to register a slight improvement in growth that is expected to partially offset the slower growth in the advanced economies. Emerging Asia, in particular China, India and ASEAN remain the main contributors of growth. Nevertheless, downside risk remains to be a concern, namely low growth and low inflation environment in the advanced economies, prolonged low commodity prices as well as geopolitical tensions. Policy Responses in Malaysia 2. The Malaysian economy is expected to grow between 4% – 4.5% in 2016, supported by strong domestic demand. The Government remains steadfast in facing the challenges from prolonged uncertainties in the global economy, while ensuring its policy agenda remains on track. Policy decisions taken by the Government include fiscal consolidation, the introduction of GST in April 2015 and the removal of costly and untargeted fuel and other subsidies starting in late 2014. These decisions have been effective in shielding the country’s fiscal position from the effects of lower oil-related revenues and in diversifying the revenue base. To support growth, the Central Bank cut the policy rate by 25 basis points to 3% in July 2016. The Government remains committed in its fiscal consolidation towards achieving a near-balanced budget by the year 2020. World Bank Group Office in Malaysia 3. Malaysia’s collaboration with the WBG entered a new dimension, with the official opening of the WBG Knowledge and Research Hub in Kuala Lumpur in March 2016. The establishment of this office marked an important milestone, indicating Malaysia’s readiness in taking on a bigger role in the international arena through a strategic partnership with the WBG. The office is aimed at sharing Malaysia’s development experiences abroad apart from conducting development policy research of regional and global importance. In addition, the WBG and the government of Malaysia have also been collaborating actively in various programmes, including through capacity building and knowledge sharing activities. Forward Look and Dynamic Formula 4. We express our appreciation to the WBG for their efforts in preparing the Forward Look as it highlights issues and challenges faced by the WBG and sets clear goals and strategies towards supporting the 2030 Development Agenda. It will help the WBG to improve its operational model as well as prioritise and strategically deploy resources in addressing client needs. We believe this approach will further reinforce the WBG’s relevance and its overall role in the global public goods agenda. 37 5. On the dynamic formula, we are pleased with the proposal to adopt a simple formula that serves as an input and basis for future discussions of shareholding realignments. We commend the WBG for its efforts in proposing the Dynamic Formula and support the proposal by the Executive Directors. Leading on Global and Regional Issues 6. We commend the WBG’s efforts in developing the Climate Change Action Plan to support the global climate goals. We also welcome the establishment of the Global Crisis Response Platform that will strengthen the WBG’s approach in assisting developing countries dealing with global crises, which are increasingly complex and frequent. We also appreciate the WBG’s efforts in promoting disaster-risk management, reconstruction and post-crisis financing as this would further assist client countries to cope with such situations. Strengthening Financial Capacity 7. WBG needs to take more innovative measures in addressing client needs and meeting the 2030 Development Agenda more effectively and efficiently. Towards this end, we urge the WBG to explore new sources of capital, as this will increase its capacity in complementing the current capital base. This will promote a more efficient, fair and transparent mobilisation of resources towards meeting the SDGs. IDA18 8. We welcome the IDA18 replenishment and support the proposal on the establishment of IDA18 Private Sector Window (PSW), aimed at catalysing private sector investment in IDA countries. We look forward to the day that all IDA countries have similar access into this investment window. We look forward to a speedy and consensual conclusion on the IDA18 Replenishments. Enhancing Voice and Representation 9. We continue to underscore the importance of quota and governance reforms to strengthen the credibility, legitimacy and effectiveness of the IMF. In this regard, whilst remaining cognizant of the challenges in achieving broad consensus, we reaffirm our commitment to work towards expeditious completion of the 15th General Review of Quotas. While we remain supportive of the need to augment the IMF’s resources, we reiterate our commitment to preserving the quota-based nature of the IMF. Strengthening the International Monetary System 10. We welcome the IMF’s efforts in strengthening the global financial safety net (GFSN), including ongoing reforms to its lending toolkit and strengthening coordination with Regional Financing Arrangements including the Chiang Mai Initiative Multilateralisation (CMIM). Regional Financing Arrangements can complement and reinforce the Fund’s resources in crisis resolution. 38 Myanmar U KYAW WIN Governor of the Bank Honorable Chairman Honorable Dr. Jim Young Kim, President of the World Bank Group Honorable Madam Christine Lagarde, Managing Director of the IMF Fellow Governors, Distinguished Delegates, Ladies and Gentlemen It is a great pleasure for me to represent the Government of the Republic of the Union of Myanmar in this 2016 Annual Meetings. I would like to thank the International Monetary Fund and the World Bank Group for organizing these important meetings and for the excellent arrangement. Last year, just before the World Bank- IMF Joint Annual Meetings, more precisely on September 25th 2015, Sustainable Development Goals (SDGs) were set out by 193 member countries of the United Nations. It was targeted to achieve these 17 goals by 2030. Looking back one year period we have passed through, efforts have been made to work on achieving the set goals. As all of us are aware, the new Agenda of Sustainable Development Goals (SDGs) were built on the Millennium Development Goals (MDGs) and continue to work on what have not been achieved, particularly in reaching the most vulnerable. This agenda is a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity through a revitalized global partnership. I believe that this new agenda was set out together on the path towards sustainable development, devoting us collectively to the pursuit of global development and of "win-win" cooperation which can bring huge gains to all countries and all parts of the world. The United Nations General Assembly decided the themes for the High-Level Political Forum on Sustainable Development for the next three years on 29 July this year where focused on the remaining challenges of MDGs to overcome especially in eradicating poverty and promoting prosperity, being sustainable and resilient people for vulnerable communities and ensuring inclusiveness and equality for global people. To be universal in the sense of embodying a universally shared common global vision of progress towards a safe, just and sustainable space for all human beings to thrive on the planet, Myanmar would also like to welcome these actions and participate with best efforts to reflect them. Let me now turn to recent developments in Myanmar economy. On July 29 2016 the Government of Myanmar launched our new Economic Policy; it has set out four objectives to be in line with inclusive and sustainable developments as well as people-centered approach highlighting national reconciliation and job creation which guarantee nationwide equitable development. This policy outlined 12-points ranging from the privatization of some state-owned enterprises to the development of infrastructures including electrification facilities and ports to implementing an ID card system, the Digital Government Strategy and the e-Government System which are intended to create opportunities for new generations with all-round capacity. We also need to bring equitable development to the agricultural, livestock and industrial sectors. The new Economic Policy focuses on ensuring long term economic development with the objectives of supporting national reconciliation and the emergence of a united federal democratic union; creating favorable economic conditions for achieving balanced economic development across the States and Regions; creating opportunities for the emergence of capable and skilled new generations for the benefit of the country; and establishing an economic system that can achieve and maintain positive development outcomes through the participation, innovation and efforts of all citizens. Recently, the Government of Myanmar has brought 39 forth a historic achievement and a part of its peace process, the Union Peace Conference - 21st Century Panglong was successfully held from 31 August to 3 September 2016 in Nay Pyi Taw. Regarding the Fund and Bank's support, I would like to extend my sincere appreciation to the Bank for their cooperation in our reforms. The Bank provides IDA financing programs, in particular, focusing on the rural development, electric power, telecommunications, education, health, agricultural development, public financial management and post-Disaster Recovery and Reconstruction. Among the financing programs, we highly recognize that Myanmar National Community Driven Development Project (NCDDP) supports Myanmar’s “people-centered” approach to rural development, focusing on engagement with communities in poor and historically underserved rural areas. We believe that this will help to transform the way rural development works and empower and motivate communities, by putting people in charge for managing community development resources. I also noted the Bank's effort for its first full strategic framework for Myanmar, the new Country Partnership Framework (2015-2017), which focuses on reducing rural poverty, providing basic services, and stimulating the private sector in an inclusive manner, so that especially the poor and vulnerable share in the benefits of reform. Furthermore, I would also like to extend my appreciation to the Fund. We welcome IMF's yearly consultation mission highlighted Myanmar’s economic growth by their findings and recommendations for strengthening financial sector and economic growth. Moreover, the Fund's Technical Assistance Office for the Lao PDR and the Republic of the Union of Myanmar (TAOLAM) provides technical assistance (TA) through trainings and workshops with an aim of building understanding of the basic design, use, and impact of macroeconomic and financial policies. We believe that this would make beneficiary country achieve high quality, well-tailored TA and training in macroeconomic analysis, management, and reporting, as part of the Fund’s capacity development strategy. In conclusion, on behalf of the Government of Myanmar, I wish to express again our deepest appreciation and best wishes to the managements and staff of the Fund and Bank for their ongoing and continued assistance to Myanmar as well as staffs for their valuable expertise and contribution to the successful Annual Meetings. Thank you. 40 Nepal KRISHNA BAHADUR MAHARA Governor of the Bank Mr. Chairman, Fellow Governors, Distinguished Delegates. 1. It is a pleasure and privilege for me and my delegation to participate in 2016 Annual Meetings of the Board of Governors of the World Bank Group and the International Monetary Fund. These meetings have additional importance given the fragility in the global economy. Global confidence effects and tighter financial conditions have provoked adverse impacts on global growth trajectory in most advanced economies. Prospects remained diverse across emerging markets and developing economies, with some improvement for a few large emerging markets. I believe that robust policy actions would help for successful normalization of economic, financial and monetary conditions in the years ahead. 2. During the last quarter-century, more than one billion people have been lifted out of extreme poverty. However, still a large chunk of population lives in extreme poverty. Therefore, our effort should be ensuring the protection of those living in extreme poverty and those who are vulnerable to global or local market failure, and natural calamities including disease and drought in their communities. In addition, the priority of the countries should be ensuring the equitable share of income within the economies. I believe, addressing the poverty and minimizing the income inequality would surely help improve other socio- economic indicators. Mr. Chairman, 3. Let me now briefly touch upon the macroeconomic scenario of Nepal. The economic performance has been slower in the last two years, because of devastating earthquake of April and May 2015 and supply constraints that remained for more than six months. The effect of these two shocks is clearly visible in high inflation and low level of government spending. Despite these, other macroeconomic indicators are relatively well. The average revenue growth in last five years is nearly 20 percent, internal capital market is strengthening, BOP is in surplus and forex reserve is sufficient for 13 months’ import of goods and services. However, the trade deficit is ever increasing and export import ratio has been squeezing. 4. After the promulgation of the constitution last year, the foremost important agenda for us is economic prosperity. Graduating from LDC by 2022 and achieving SDGs, thereby, upgrading the country to Middle Income Economies by 2030 are the milestones we have set. For this, a number of policy and structural reforms are initiated. The investment climate is gradually improving. 5. Now, we are concentrating our resources and efforts for the reconstruction of the infrastructures, settlements and the individual houses destroyed by the earthquake. Public investment has been increased significantly in large infrastructures and social sector activities. We are confident that we can accelerate the socio-economic activities and attain the sustained growth from this fiscal year. We expect the annual growth rate to reach 6.5 percent this year and all other macroeconomic indicators to be positive. 6. Let me also take this opportunity to briefly highlight the latest political scenario. The new Constitution proclaims Nepal as a Federal Democratic Republic and provides for a bi-cameral parliamentary form of government. The constitution reflects the collective aspirations of the Nepali people in line with the national commitment to build an equitable, just, inclusive and prosperous society based on the principles of equality and proportional inclusiveness. Implementation of Constitution is a primary 41 agenda, for which we are set to hold local, provincial and federal elections by January 2018. Further, bringing peace process to closure with ensured transitional justice is our priority. Mr. Chairman, 7. We highly appreciate the support from international development partners. Needless to mention that the World Bank stands in the front for this cause. It has long been an important partner to Nepal in supporting the poor, boosting growth and leveraging the private sector. 8. I welcome the World Bank Group’s continued interest to support for Nepal’s large infrastructure development projects including energy sector, which are crucial to stimulate Nepal’s prosperity. I heartily thank President Jim Yong Kim for giving priority to the energy sector development. I would continue to encourage the World Bank Group to lead investment in the area of hydropower, irrigation, renewable energy, climate change among others. 9. I would like to appreciate the World Bank's efforts for successful IDA-17 Replenishment last year. I hope, the resources of IDA 17th can be leveraged based on the lessons learned in the previous IDAs. I am confident the IDA-18 will appear with more ambitions in size, quality and flexibility. Mr. Chairman, 10. Nepal has already moved forward with full confidence and determination to the mission of socio- economic development. What we need is a scaled up quality financial support. I am confident that we can deliver best results with your support. 11. At the end, 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 IMF for their support in post-earthquake reconstruction and long partnership for overall socio-economic development of Nepal. I look forward to deepening these bonds, and wish the Annual Meetings a grand success. Thank you for your kind attention! 42 New Zealand BILL ENGLISH Governor of the Bank and Fund The International Monetary Fund and the World Bank Group have key roles to play as many economies face challenges to growth and maintaining development gains. New Zealand values the role of both institutions in supporting economies to address these challenges. International cooperation is the key to making progress on the wide range of issues we face. We welcome measures taken over the last few years to improve the operational and financial performance of both institutions and look forward to a continuing focus on efficiency and effectiveness. These Meetings are being held at a time when global growth continues to be sluggish, particularly in advanced economies. But while the Annual Meetings provide an opportunity to focus on the world economy as a whole, they are also a time to recognise that different countries and regions face a variety of situations. Each requires a different policy prescription. In New Zealand, the economy is currently growing at around 3 per cent a year. The Government is running modest fiscal surpluses and will soon begin to reduce net public debt as a percentage of GDP. The Official Cash Rate, while at historical lows, is above zero. Nonetheless, we face a number of downside risks including from China's transition and from persistently low global inflation. We welcome the work the IMF is doing to prepare policy advice ahead of any further negative shocks to the world economy. As a small, open economy, New Zealand welcomes the focus this year on openness and global integration and supports the call for greater trade liberalisation and for countries to resist protectionist policies. As the WEO notes, a number of large, regional trade agreements, such as the Trans-Pacific Partnership agreement, are currently being negotiated or are in the process of being ratified. IMF’s work with small states Climate change and natural disasters pose a high risk to the small island developing states in our region. We welcome the Fund’s focus on building resilience in the Pacific, including by assessing the impact of natural disasters on fiscal sustainability, helping countries prepare for—and respond more effectively to— natural disasters, and by providing rapid financing. More broadly, we acknowledge and commend the strong engagement by the IMF—and the WBG—with small states. The number of events at these Annual Meetings relating to small states is a testament to that. These events include the conference on correspondent banking relationships which is directly relevant to a number of countries in our region and links to work New Zealand is undertaking on remittances to the Pacific. Fund resourcing New Zealand supports a well-resourced Fund where quota reflects the economic weight of its membership. This is important for maintaining confidence in the Fund’s ability to respond in a crisis and for legitimacy, relevance, and credibility with its membership. In progressing the 15th General Review of Quotas it will be important to determine the appropriate level of resourcing for the IMF in the post-GFC period and to ensure that quota comprises the majority of this resourcing. We recognise the role temporary funding arrangements currently play in the IMF’s lending ability. New Zealand participates in both the New Arrangements to Borrow and the bilateral borrowing agreements. However, we see bilateral agreements as being only a temporary and supplementary resource. If the need for elevated Fund resources is considered enduring then it is appropriate that the corresponding 43 increase in financing be met through an increase in quota, not by continuing to maintain temporary facilities. We stress the importance of moving forward with the 15th General Review as the IMF should have a strong, permanent basis for its crisis response and contributions should reflect members’ relative economic positions. WBG’s Forward Look We welcome the Forward Look, which sets out how the WBG will evolve to meet development challenges over the next fifteen years. We support the WBG’s intention to use development finance to mobilise domestic resources and create a supportive environment for private investment. Greater collaboration between the World Bank, IFC and MIGA will be necessary to achieve this objective, particularly in small states where these institutions will need to work effectively together to support market development and create new opportunities for investment. We also support the WBG’s intention to play a greater role in the provision of global public goods, particularly in the areas of climate change, forced displacement and pandemics. However, as the WBG assumes a greater role in these areas, we expect management to carefully assess the WBG’s comparative advantage to ensure its contributions do not duplicate or cut across the roles and responsibilities of existing actors. The Forward Look commits the WBG to further improve the relevance of its products and the timeliness of its delivery. Sufficient resources need to be available to support implementation of procurement and safeguard reforms and, in particular, to provide adequate support for capacity-constrained clients. We urge the WBG to continue to pay attention to the specific needs and constraints of its smallest clients. Dynamic Formula We welcome the conclusion of the Board’s work on the Dynamic Formula. Agreement on the Formula represents an important step forward in ensuring the ongoing legitimacy of the WBG as a multilateral institution with broad stakeholder support and representation. We look forward to further discussions on shareholdings in the lead-up to the 2017 Annual Meetings. A primary consideration for New Zealand in those discussions will be to ensure there are adequate protections for the smallest and poorest members of the WBG as all members must retain an appropriate voice in the institution. We also expect discussions on shareholdings and capital to take account of the full range of options available to increase the resources of the Bank. These include pricing measures, further balance sheet optimisation, contributions to reserves, a more ambitious approach to the leveraging of IDA equity and an ongoing commitment to cost control. Given the world’s development challenges, it is incumbent on the WBG to maximise the use of its existing resources, even as we discuss the case for additional capital. 44 Pakistan MOHAMMAD ISHAQ DAR Governor of the Bank Mr Chairman Fellow Governors Distinguished Delegates It is an honour to participate in 2016 Annual Meetings of the Boards of Governors of World Bank Group and International Monetary Fund. I would like to express my sincere appreciation for excellent arrangements. I take this opportunity to congratulate Dr. Jim Yong Kim for his successful term as President of the World Bank Group during which he exhibited great leadership qualities. His commitment to issues like climate change, public-private sector growth, human capital development and better health are at the heart of the global development agenda and will set the theme for future interventions. Considering his personal commitment and outstanding performance as President World Bank Group, it is my pleasure to formally endorse his candidacy for a second term. Global Economic Environment We are all aware that growth prospects remain weak on global level as the world economy remains vulnerable to shocks. Global economy slowed down in 2015, growing at just 2.4 percent compared with 2.6 percent in 2014. Weak oil and commodity prices, shrinking capital flows and global trade contributed towards a decelerated growth in most developed and emerging economies. Risks to slow-moving global recovery are significant and include deteriorating conditions for exports, weak economic activity in advanced economies, rising private sector debt in a few large emerging markets and heightened geopolitical uncertainties. Pakistan Economy Having achieved macroeconomic stability in the last three years through reducing energy shortages, higher revenue collection, wider tax base, significant reduction in fiscal deficit and infrastructure development, we are now focused on consolidating the gains and achieving higher, inclusive and sustainable growth which has been over 4 percent for three years in a row and reached 4.71 percent in financial year 2016, the highest in last eight years. The forex reserves of the country have improved equal to over 5 months of imports. Poverty Reduction Earlier this year, Government of Pakistan adopted a new and better methodology for measuring poverty, moving from “Food Energy Intake” to “Cost of Basic Needs” formula, which raised the bar on who is considered poor in Pakistan. According to the new methodology, the poverty headcount percentage declined from 64.3 percent in FY 2002 to 29.5 percent in FY 2014. If measured on the old methodology, the poverty headcount in FY 2014 would have been 9.31 percent. Despite tight fiscal discipline, government has expanded the social safety net expenditure from US$ 400 million in FY 2013 to US$ 1.15 billion in FY 2017. Efforts are continuing for National Financial and Digital Inclusion in order to cater the unserved and underserved segments of society. We are aligning our development policies, both at the national and sub-national levels, with the Sustainable Development Goals of the United Nations. Human development is a core driver of growth and we continue to invest in all its facets. 45 Mainstreaming Disaster Risk Management Climate change, resulting in increased frequency and severity of natural disasters, is a constant challenge for Pakistan. We have mainstreamed disaster risk management into our development policy framework and are developing strong institutional capacity and resilience so that the economic losses of natural disasters are contained. We are closely working with World Bank Group and other development partners in this regard. The World Bank Group We acknowledge the close partnership with World Bank Group which has contributed to development and growth initiatives of Pakistan since 1952. The current Country Partnership Strategy agreed between Pakistan and the Bank identifies key areas in which the World Bank Group can best assist Pakistan in achieving sustainable development and poverty reduction. We appreciate the Bank for supporting the priorities identified by the Government of Pakistan which are Economy, Energy, Extremism and Education / Health. Finally, I would express my sincere appreciation for the Board of Directors, the management and the staff of World Bank Group and the IMF for their continued support and cooperation and look forward to further deepening our partnership. Thank you. 46 Palau on behalf of Federated States of Micronesia, Republic of Marshall Islands, Kiribati, Marshall Islands, Palau, Nauru, Samoa, Solomon Islands and Vanuatu CASMIR REMENGESAU Governor of the Bank and Fund Mr. Chairman, Fellow Governors, Ladies and Gentlemen: The 2016 Annual Meetings of the International Monetary Fund and the World Bank Group presents the member-states of both institutions a rare and important occasion to address their development aspirations and challenges for both the Bank and the IMF to focus on addressing in the coming year. Our group, comprising the Federated States of Micronesia, the Republic of Kiribati, the Republic of the Marshall Islands, the Republic of Palau, the Independent State of Samoa, the Solomon Islands, Tuvalu, Republic of Nauru and the Republic of Vanuatu, makes up the largest group of Pacific Islands countries within the World Bank and the International Monetary Fund, and are a conglomeration of diverse but shared challenges and opportunities. Our countries in the Pacific region continue to face a combination of constraints, external shocks and internal challenges that render our ongoing attempts to achieve sustainable, inclusive growth, a constant far-fetched goal. Economic growth in the Pacific has been considerably slower than in our neighboring Asian countries, particularly with annual growth rates highly volatile in smaller Pacific economies such as ours. GDP growth has generally averaged around 2 percent. We have long recognized these inherent constraining structural factors such as small market size and geographical isolation, but our continued engagement and partnership with the Bank and the IMF has shown that innovation and more determination can overcome these constraints. Since 2000, the Pacific region has benefited from the economic surges of neighboring Asia and our traditional trading partners of Australia, New Zealand and the United States. The successes of the initial fifteen years of this century should be well learned from to further advance more economic opportunities for our Pacific economies, and we look to seeing more vibrant support from both the Bank and the IMF to exact more economic and social gains from trade and positive spillover effects of Asia’s and the world’s growth. The Bank and the IMF have been working closely with our countries in supporting sustainable economic growth and long term reform. This has been done through a number of aspects and is widely appreciated. But, we still have an unfinished reform agenda. The momentum must be reinvigorated to extensively engage relevant specialized entities of the Bank and the IMF to truly detach the public sector’s major role in our economies. There are potentials in transport infrastructure and ICT infrastructure where we are now seeing initial gains of reducing barriers to private investments that promote more efficient flow of goods and services. Foreign investment in general and investments in seaports and airports development or expansion works are crucial to facilitating trade in the Pacific region. The Pacific DMCs, through both regional and individual approaches, are committed to strengthening our policy and institutional environments and do call on more proactive engagements of the relevant entities of the World Bank and IMF to elevate the reform agenda that can forge stronger linkages to reaping the positive spillovers of regional and global economic growth. Our members look forward to continuing to work with both the IMF and World Bank to address this agenda. 47 We aspire to bring innovation and more entrepreneurship to our Pacific economies, and we recognize the tradeoffs in terms of environmental impacts we must accept. However, the greatest barrier to our economic adaptation and innovation to generate wealth by finding new ways to adding value to our land, labor and natural resources comes with our environmental vulnerability. The financial cost and the long-term impact from climate induced disasters would be devastating to the small scale economies of pacific countries. Thus, we note the outreach and success of the Bank’s work under the IDA Crisis Response Window and the Pacific Disaster Risk Financing and Insurance Program and would only urge the extension and affordable retrofitting of these programs to factor in the limited financial abilities of Pacific Developing Member Countries (PDMC) to subscribe to the PDRFIP or other related facilities under the Bank’s Pacific Resilience Program (PREP). Also, we encourage the Bank and the Small States Task Force to actively leverage other development partners’ potential contributions to implementing the initiative, including support from the Green Climate Fund or any climate financing mechanisms. Moreover, we would expect the Bank and the IMF to take a more proactive role in operationalizing the Pacific Island Forum’s “Framework for Resilient Development: An Integrated Approach to Address Climate Change and Disaster Risk Management (FRDP)”. The framework sets in the coming years a collective platform of guidance by which the Bank, the IMF and other development partners could effectively support the implementation of climate change and disaster risk resilience in the region’s member countries and provides a framework for the Pacific Resilience Partnership. As more climate induced natural disasters become more frequent, the role of the Bank and the IMF will become more critical in realizing our long-term economic growth. As in the case in Vanuatu last year when recovering from devastation caused by a cyclone, the IMF stepped in to assist through the provision of funds to underpin reserves and hence confidence. The PMDCs were a trailblazer in the formulation of the Sustainable Development Goal 14 and its associated targets. We note the Bank’s budding role in supporting the ocean’s health, particularly with its convening role in hosting the Secretariat of the Global Partnership for Oceans up until early 2015, and would urge a more profound role to adopt more programmatic and regional financing to prioritize and implement sustainable ocean investment. The Bank notes in its Partnership Strategy with the Pacific that WBG lending in the region is second to the Asian Development Bank. While we can appreciate the complementary nature of that position, we would still call upon the Bank to substantially revisit its graduation policy in relation to financing access and associated requirements for the PDMCs. We welcome the historically high levels of IDA grant funding that have been extended to some PDMCs and would argue that their varying development contexts, despite their improving GNI grades used to transition them from low to middle income, still require much longer provisioning of IDA grants and additional different degrees of concessional lending. In terms of borrowing, we believe more concessionary lending of simpler requirements can further elevate PDMCs development. In a simple snapshot, many of our PDMCs are now classified as middle-income countries (MICs) by the Bank, and yet have to meet the same degree of requirements as other bigger MIC economies in accessing IBRD financing. The PDMCs of our Bank constituency are extremely delighted to have seen the Bank take a serious look into possible tourism sector development in the Pacific region, as evidenced in the commissioning of the Pacific Possible- Tourism. The Tourism edition of the Pacific Possible rightly states, “tourism is one of the few economically viable sectors for the 11 World Bank Pacific member countries.” We are 10 of those 12 PDMCs, and we have been working hard to develop our tourism sector so we can eliminate poverty and increase shared prosperity. We note the comprehensive analysis on the transformational opportunities that can substantially enhance economic growth in the PDMCs and are prepared to work with the Bank and our development partners to realize the potentials of this sector in our respective countries and for the region. The Bank with its own pool of expertise, resources and convening powers can play an instrumental role in supporting tourism sector development in the PDMCs. 48 The PDMCs continue to recognize the important role played by the IMF in supporting regular macroeconomic monitoring for our PDMCs and the provisioning of important technical assistance through the PFTAC. We will continue to encourage this role to ensure technical assistance provided for capacity building is an ongoing effort. Finally, we recognize the leadership the IMF has taken to address the banking issues that most of our countries are facing, specifically the issues of de-risking and correspondence banking relationships. We encourage the IMF to continue to monitor de-risking in the context of its surveillance, collaborate with other international institutions to facilitate dialogue among stakeholders, and analyze and advance potential solutions. Mr. Chairman, I would like to conclude by thanking the Bank’s and the IMF’s management and staff for their commitment and support to our member countries. We look to further nurturing the partnership for the benefits of our people. Thank you all for your attention. 49 Philippines CARLOS G. DOMINGUEZ Governor of the Bank The Philippines now finds itself at an opportune moment. We have the hard work of previous political administrations to thank for that. We have reduced debt to 45% of GDP. The lower debt service that entails allows us to free revenues to address crucial backlogs in infrastructure that hampered our economic growth. We have achieved investment-grade credit ratings. That will help us shift from consumption- to investment- led growth. That shift will ensure our economic expansion will pace the rest of Asia. We have brought down inflation to historically low levels. That gives us the elbow room to increase our deficit limit and pump prime our economy with public spending on modernizing our logistics backbone, improving education and public health care as well as raising the capacity of government. The Philippines benefited immensely from the lower price regime for fossil fuels, as well as lower interest rates. Over the medium term, we intend to sustain a growth rate of 7% or better. That is the key to bringing down our poverty rate from 26% to only 17% by 2022. The new administration that assumed office three months ago fully intends to do the difficult reforms ranging from upgrading law enforcement capabilities to modernizing our tax administration. The new administration submitted to our Congress the first package of a tax reform initiative that seeks to lower the oppressive individual and corporate rates now prevailing. The revenue loss that goes with lowering rate, will be compensated for that with a broader tax base enabled by making our tax system fairer, simpler and more efficient. A full 40% of public spending will be devoted to poverty reduction programs and investments in our human capital. That provides the context that allows us to call the tax reform package “pro-poor.” The more important “war” the Duterte administration is waging is that against poverty. It is a war we intend to win resoundingly. Much of the volume of poverty plaguing the Philippines is due to uneven development of the many islands composing this archipelagic country. We have to open access to economic mainstream. We have to end the armed insurgencies that are most active in the regions that are poorest. They compound the challenge of poverty reduction. We are now seeking peace settlements with the armed insurgent groups. Peace will allow progress for the excluded among our people. To properly disperse economic activity and reduce unevenness in our economic growth, we need to rapidly modernize the logistics backbone that will make our archipelagic economy more coherent. This means modernizing our ports and domestic shipping so that goods can flow most efficiently. We intend to invest in improving agricultural productivity so that farm production ceases to be a poverty trap for millions and becomes an important driver for our overall economic growth. We will encourage individual farmers, cooperatives and agribusinesses to raise output per unit of land and water. 50 We will raise our deficit limit from 2% to 3% of GDP. Our strong fiscal position allows that. We expect massive investments in new infrastructures to produce substantial improvements in our economic performance. We expect to lead Asian growth in the next few years. In the three decades since our bout with a debt crisis, the Philippines worked hard to put its house in order. We undertook the prescribed structural adjustments. We maintained exemplary fiscal discipline. However, we also postponed spending on vital infra and on the poorest communities. That made our recent economic accomplishments less inclusive than what was necessary. Now with the beneficial conjuncture mentioned above, it is time to undertake the economic investments we long postponed. These investments will allow us to move to a higher growth plane and make the Philippines a regional economic leader instead of the region’s laggard. Now is the moment to break from the past of low growth. Now is the moment to do what past austerity programs prevented us from doing: investing in the young, building the bridges that will connect our communities, building up our energy supplies, improving domestic transport and mass transit in our cities, using information technologies to open new business opportunities. This is the moment to achieve an economic breakthrough. Interest rates are at their lowest. Inflation rates are benign. We have millions of well trained young Filipinos entering the workforce over the next few years. Our economic fundamentals are at their strongest. Our banks are awash with funds. We do not intend to shirk from the challenges of this vital conjuncture. As the mature industrial economies slow down, we intend to pick up the slack and contribute our fair share in driving growth for the global economy. We have defined a 10-point economic agenda that is ambitious. It includes breaking the stranglehold of the oligarchy as we shift to investment-led growth. It includes rapidly improving our public health services as much as laying down the infrastructure that we need. This comprehensive agenda requires great political will to pursue. That factor, as most of you have become aware of over last three months, is abundant in the presidency of Rodrigo Roa Duterte. The unprecedented political support President Duterte enjoys arms him with more than sufficient political capital to invest in profound reforms of government and the economy. That immense political capital will be deployed judiciously. The equation complete and the benign conjuncture is rare. We are confident the Philippines will move forward quickly through the medium term. There is newfound optimism among our people. There is uncharacteristic determination on the part of our nation’s leaders. We are entering a period of vigor and vibrancy, of new opportunities and new challenges. We seek you support at this important turning point for our nation. Change has indeed come to our archipelago. 51 Republic of Poland PAWEL SAMECKI Temporary Alternate Governor of the Bank (on Behalf of Governor Adam Glapinski) In 2016 the global economic recovery is progressing, yet growth remains modest and its outlook is uncertain. Despite record-low interest rates, most advanced economies continue to confront significant investment slack, low productivity growth and weak financial sector balance sheets in selected economies. Recent developments – including very low inflation and declining trade flows – confirm subdued global activity. New factors, such as the outcome of the UK vote on leaving the European Union, imply an increase in economic, political and institutional uncertainty. Further downside risks, such as the persistent slowdown in major developing countries, geopolitical tensions or acts of terrorism pose additional challenges to macroeconomic policy and weigh on medium-term growth prospects. Given this fragile and uncertain global environment, we need well-designed and coordinated policies, which effectively combine monetary, fiscal and structural tools and catalyse new drivers for sustainable and inclusive growth. Moreover, we should strive to open up new horizons for development that serve the needs of all countries and societies in a globalized economy. The continued shifts in the global economic landscape affect the European economy. Despite improved crisis management and important progress achieved since the euro zone crisis, Europe still faces economic, financial and political challenges, as some legacies of the crisis remain, while new problems have emerged. The European Union continues its efforts to reduce unemployment, bolster investment and strengthen financial sector balance sheets. Much has been done, but the ultimate effects of the measures undertaken are still to be seen. Reinvigorating growth potential and reviving economic optimism across the EU requires growth-friendly macroeconomic policies and accelerated structural reforms. Improving and coordinating macroprudential policy frameworks could also be useful in removing a burden of unresolved issues in banking sectors in several EU Member States. By stimulating convergence across the Member States, we could perpetuate the effects of our individual and coordinated policies. In today’s environment of high global uncertainty, Poland remains one of the top economic performers among the EU Member States and its regional peers. Record low unemployment and steadily rising consumption, as well as strong and well-capitalised financial system, support healthy economic expansion. Stability-oriented macroeconomic policies help to keep economic growth close to potential and limit the risks of financial imbalances. Polish authorities are also increasing their efforts to boost long-term investment, reduce income-inequality and promote sustainable and inclusive growth. Yet, we are more than certain that given the scale and range of the global challenges, neither regional nor local action is enough to tackle today’s challenges. An efficient global response will not be possible without strong and well-equipped international financial institutions which play an equally important role at the time of preparing precautionary measures as well as when it comes to taking concrete and quick remedial action. Against this background, we continue to strongly support the active role of the International Monetary Fund (IMF) in fulfilling its mandate of ensuring global stability. 2016 has already been a particularly important time for the Fund. It is with great satisfaction that we welcomed – in January 2016 – the long-awaited entry into force of the 2010 IMF quota and governance reform. It allowed the Fund not only to significantly bolster its financial resources, but first and foremost was a major step toward better reflecting the increasing role of dynamic emerging markets and developing countries in the IMF’s governance structure. We are certain it has further reinforced the credibility, effectiveness, and legitimacy of the Fund. Another historic event was the inclusion, as of 1 October 2016, of the Chinese renminbi (RMB) into the SDR basket. 52 Poland has always been an advocate of an adequately resourced IMF, which enables the Fund to play a central role in the global financial safety net and provides confidence to its members and financial markets, especially against the prevailing global uncertainty. At the same time, we have reiterated that the quotas are and should remain the basic source of the Fund’s financing, while the bilateral and multilateral financing is additional and temporary in its character, assisting the Fund to efficiently react when risks materialize. With this in mind, Narodowy Bank Polski has joined the global efforts to strengthen the Fund’s financial capacities as a participant of both the New Arrangements to Borrow (NAB) and the Borrowing Bilateral Arrangements (BBA). While the work on the future of the BBAs has already advanced within the Fund, we have expressed our readiness to consider committing the resources under the extended BBAs and look forward to discussing the details with the Fund. Moreover, as the current NAB decision is set to expire, we also await the commencement of the discussion on the terms of its possible renewal. While the work on the IMF resources has significantly developed, as illustrated above, we also welcome the fact that it is carried out in parallel with discussions on the new lending toolkit of the Fund. We look forward to this debate unfolding in the coming months and hope to achieve an outcome which will further improve the current global financial safety net. While analysing the possible improvements of the current lending toolkit, it would be of key importance to build on what we have achieved so far and take into account the experience already gathered by the countries directly involved. In this regard, as a beneficiary of the FCL arrangement, Poland is willing to share its successful experience and insights. As regards the global development agenda, it was in 2015 that we made important decisions that will impact our work in many years to come, with the highlight being the adoption of the Sustainable Development Goals (SDGs). We strongly supported the World Bank Group (WBG) as an active participant in those ambitious global efforts which has been pursuing its own twin goals, and its actions aimed at increasing its readiness to tackle new emerging challenges. Now, we sincerely hope that 2016 will be remembered in the WBG history as the year of implementation and keeping our promises. Moving along the paths defined in the SDGs, the WBG has been preparing its overall response and strengthening its role within the global development community. We note with satisfaction that the ambitious Lima Roadmap endorsed by the Governors in 2015 has been steadily filled with content over the recent months. The challenging yet successfully concluded negotiations on the dynamic formula are instrumental in moving forward with our work on the Selective Capital Increase (SCI) planned for next year. We hope that the SCI discussion will enable us to ensure equitable shareholding and will not result in taking a step back from what we have achieved so far in aligning the balance of voting power among shareholders. Another key area where the outcome will define the future of the concessional lending is the process of the IDA 18 replenishment negotiations. It also includes, in broader terms, efforts aimed at an overall ability to mobilize development finance. Mindful of the scale of challenges ahead, we are aware that the successful conclusion of the IDA 18 will be instrumental and show the commitment to the development agenda. Finally, we welcome the comprehensive analytical work on the role of the WBG in the future (Forward Look exercise to be concluded at the current AM), which has inspired us to think ahead, going beyond the daily business of the Bank. Based on our recent experience with this exercise, we believe that this type of mature reflection should become regular WBG practice, perhaps lesser in scale, though repeated on a regular basis. We also note with satisfaction the recent approval of the Environmental and Social Framework (ESF), and we remain confident that the implementation of the safeguards will ensure the highest possible social and 53 environmental standards of the Bank’s operations, while contributing to strengthening borrowers’ own institutions and procedures. Yes, a lot has been done, yet the Lima Roadmap and its challenges continue. By no means must we become complacent. In order to make the most of our efforts, we should build on past achievements. It is crucial that we avoid the reverse effect where the most recent flow of changes negates the former, painfully crafted advances. It is relevant, among others, in the context of the dynamic formula implementation, as stated above. Some of these efforts are reactive in nature, enhancing the Bank’s readiness to deal with the consequences of the current events (as for instance the migration and refugee flows, which are unprecedented in recent history). Others are of a more visionary character, focusing on preparing the Bank to face the future challenges. Among them are such complex and interrelated themes as the challenges posed by the fragility, conflict and violence, as well as the risks related to climate change. Over the last decades, the Bretton Woods institutions have significantly contributed to world prosperity and stability. They still have an important role to play in meeting the challenges that are ahead of us. Poland has always been an engaged supporter of the multilateral system and an active member of the Bank and the Fund. We are more than certain that without the active involvement of the IMF and the WBG, the appropriate functioning of the international economic and monetary system, as well as the implementation of the ambitious 2030 Sustainable Development Agenda will not be possible. Therefore, we will further support efforts aimed at strengthening both institutions and increasing their capacity to assist all member states in coping with various kinds of economic, political and social challenges. 54 Sri Lanka RAVI KARUNANAYAKE Governor of the Bank and Fund Mr. Chairman, the world economy has made noteworthy progress since the global financial crisis. However, the recovery is too weak and remains fragile while being more exposed to negative risks. The gradual slowdown and rebalancing of the business model in China, lower energy and commodity prices and US monetary policy tightening as well as Brexit are major challenges ahead in achieving a faster recovery of global growth. Despite the recent slowdown, emerging market and developing economies are still accounting for over 70 per cent of global growth, while a modest recovery is continuing in advanced economies. Since the crisis, monetary policy has been the main policy priority for boosting recoveries in most economies. However, there is much scope for using fiscal policy as well as infrastructure development to strengthen the growth framework in some major economies. There also continues to be an unfinished agenda of financial reforms for addressing current problems in the world economy. Therefore, a combination of these policies and coordinated actions are required to support sustainable high growth in the global economy. We welcome the completion of the 2010 IMF quota and governance reforms and look forward to completion of the 15th General Review of Quotas and a new formula that further shifts quota shares to emerging market and developing economies. Also, we commend the IMF Executive Board’s decision to include the RMB in the SDR basket which is a timely decision and important milestone in the integration of the Chinese economy in to the global financial system. Mr. Chairman, let me now briefly highlight recent economic developments in my own country. The Sri Lankan economy grew moderately by 3.9 per cent during the first half of 2016 supported by improved manufacturing and services activities. The relatively slow growth was mainly a result of disruptions caused by adverse weather conditions in particular to agricultural activities. Floods which affected 22 of the 24 districts of the country also had an impact on industrial production. However, the economy is expected to grow by 5.5 per cent in 2016 with the recovery in economic activities during the second half of the year supported by favorable base effects in fourth quarter 2016. There have been encouraging trends in the PMI and business confidence. Sri Lanka entered into a 3-year arrangement under the Extended Fund Facility (EFF) of USD 1.5 billion with the IMF to support its economic program 2016–2019 designed to strengthen the external and fiscal balances of the economy. The anticipated structural adjustments in the external and fiscal sectors, the implementation of sound macro-economic policies, and increased investments with the enhanced investor confidence are expected to support Sri Lanka’s economy to expand about 6 per cent in 2017 and to grow thereafter at an annual rate of around 7 per cent. Inflation, which indicated some upward movements during the second quarter of the year reflecting domestic supply shortages due to adverse weather conditions and the immediate impact of some tax adjustments introduced by the government, declined by August 2016. The year on year headline inflation, as measured by the change in National Consumer Price Index, declined to 4.5 per cent in August 2016 from 5.8 per cent in July 2016. Meanwhile, core inflation, which reflects the underlying inflation in the economy, declined to 6 per cent in August from 6.8 per cent in July. The unemployment rate in Sri Lanka remains around 4.2 per cent. Mr. Chairman, the relatively higher inflation, along with high monetary and credit expansion, required preemptive monetary policy measures by the Central Bank. Accordingly, the Central Bank tightened monetary policy by raising the Statutory Reserve Ratio (SRR) by 1.5 percentage points to 7.5 per cent and raised policy interest rates twice by 50 basis points each, during 2016. 55 On the fiscal front, the revenue collection of the government recorded an improvement during the first half of 2016 reflecting increases in both tax and non-tax revenue. This together with the rationalization of expenditure supported the reduction of the budget deficit during the first half of 2016. The strong commitment of the government to increase government revenue through further expanding the tax base and improvement in tax administration, as well as rationalization of expenditure, would help to achieve the targeted budget deficit of 5.4 per cent in 2016 and further reduction of it to 4.7 per cent in 2017. Mr. Chairman, Sri Lanka’s external sector performance was subdued during the first half of 2016 largely due to the impact of a substantial decline in international commodity prices, and lower demand for exports. The deficit in the trade account increased during the period as a result of the considerable decline in exports compared to a marginal decline in imports. However, the current account improved with the increased inflows to the services and secondary income accounts. Meanwhile, the EFF supported economic program contributed to positive investor sentiments resulting in an improvement in foreign investment in the government securities market. Also, the proceeds from the International Sovereign Bond issuance `amounting to US dollars 1.5 billion, and several other international financial arrangements helped to improve foreign inflows so far during the year. Accordingly, country’s gross official reserve level was maintained at a comfortable level of US dollars 6.5 billion by end of July 2016 which was equivalent to over 4.2 months of imports. The Sri Lanka rupee depreciated against the US dollar by 1.2 per cent during the first eight months of 2016. Meanwhile, the banking sector stability and soundness improved, along with improvements in capital adequacy, liquidity and asset quality. The Sri Lankan government has planned sweeping reforms centered on private public partnerships to reduce debt and improve public revenue. The government is working with the ADB and the World Bank to create a PPP framework which clearly lays out policy, legal and institutional obligations for contracting PPPs. Also, measures are being taken by the government to improve the financial strength of State Owned Enterprises ensuring their long term viability through the implementation of essential structural reforms. Mr. Chairman, through the government’s policy strategy, we expect to achieve the “Sustainable Development Goals (SDGs) and Targets” and Sri Lanka will continue to work with the UN and other states to achieve global goals by 2030. Since Sri Lanka is a small economy with 21 million people, future growth prospects of the country depend largely on expanding exports through increased market access to the world economy. Therefore, measures are being taken to boost market access through deepening and widening the current FTA with India; invigorating the FTA with Pakistan; signing new partnership agreements with China and Singapore; and the expected restoration of the EU GSP plus. We expect that this will gain preferential access to markets with more than 3 billion people. Meanwhile, trade and investment relationships with many other countries are also being pursued. Empowering people through education, training and skill development, improving investment climate and the doing business environment, strengthening trade policy and trade facilitation, and financial inclusion are major priorities of the government which would help to enhance private sector participation in economic activities enabling to create new employment opportunities. Mr. Chairman, Sri Lanka has achieved significant progress in its social development indicators due to the government’s continued efforts and the donor support. I take this opportunity to thank the World Bank Group for their continued support to Sri Lanka and I believe that its new Country Partnership Framework for 2017–2020 would help to reinforce Bank’s financing arrangements thereby enhancing its role in the country’s development. Sri Lanka is among the three countries that are expected to be graduated to “IBRD only” status from “IDA Blend” at the end of Fiscal Year 2017. Therefore, I take this opportunity to highlight the importance of allowing these countries a generous transition support and exempting it from any acceleration clause burden of IDA repayments in order to help their cash flow management. 56 The vicious civil war that prevailed for 27 years in Sri Lanka caused significant hardships for the population, environment and the economy. Although Sri Lanka demonstrated a satisfactory overall growth performance in the recent years, the brutal war has resulted in significant regional disparities in growth as well as poverty across the country. The government has formulated a well-focused policy strategy to address the regional disparities. However, it is essential that more concessionary financial assistance through innovative financial tools and products from international financial institutions is available to develop infrastructure facilities of such regions and also to provide basic needs such as health, education and sanitary facilities. Also, we look forward to a World Bank shareholding formula that moves towards equitable voting power, enhancing voice and representation of developing countries, while protecting the poorest and smallest countries. Thank You! 57 Thailand APISAK TANTIVORAWONG Governor of the Bank Mr. Chairman, Mr. President, Fellow Governors, Distinguished Guests, Ladies and Gentlemen Introduction It is my great honor to address the 2016 Annual Meetings of the Boards of the Governors of the International Monetary Fund and the World Bank here today in Washington D.C.. On behalf of the Thai Government, I would like to convey my heartfelt appreciation to the Fund and the Bank for the warm welcome and excellent arrangement of this landmark meeting. Global Economy and Thai Economy At the global level, growth seems mild and fragile. With sluggish global trade, many countries have taken refuge in their internal demands. Expansionary fiscal policies and accommodative monetary policies— some unconventional—have been adopted to strengthen domestic markets. The successes of single-country stimuli were mixed given limited fiscal spaces and near-zero interest rates in some countries. It has never been clearer that robust recovery requires collective actions at a global level for not only macroeconomic policy coordination but also structural reform. Amidst the global slowdown, Thailand is well-equipped with ample fiscal space and mild inflation rate that enable us to implement timely policies to support the economy and sectors in need. Soft loans were granted for farmers and low-income earners—the so-called bottom 40 in the Bank’s language—who were affected by low commodity prices and draught. Reduced corporate income tax rate was temporary granted to small and medium enterprises. And thousands of small public infrastructures were implemented throughout the country to revive local economies during this difficult time. As a result, the Thai economy has expanded close to our potential at around 3.5 percent per year. We did not stop just that. To expand our growth potential, three major strategic areas have been emphasized. The first focus is to upgrade our infrastructures. For physical infrastructure, the government has approved a 52 billion dollars package to upgrade our roads, rails, airport, and seaport. Private companies, both domestic and foreign, who wish to invest or operate our infrastructure projects can do so through our Public Private Participation (PPP) Fast Track initiative which drastically shorten approval time. Private investors can also invest in our national infrastructure fund, the so-called “Thailand Future Fund.” By the end of this year, all 20 projects under the 52 billion dollars package are expected to begin. For the financial infrastructure, the Thai government has launched “National e-Payment Master Plan” with the aim to replace cash transaction with electronic payment system throughout the country. To date, over 15 million Thais have already registered to our peer-to-peer electronic payment that would enable to them to transfer cash virtually without cost. The next phase is to extend this payment system to cover business and government sectors. The tax system will also be upgraded to electronic platform whereby receipts and invoices can be filed electronically and tax refund can also be paid to taxpayers electronically. Once completed, payment among people, business, and government should be faster, cheaper and more secured. The second focus is to promote and facilitate private sector investment, both domestic and foreign, especially in key future industries. For this to happen, we have revamped our tax and non-tax incentives to be more competitive and customizable to the needs of investors. We also plan to established the Competitiveness Enhancement Fund that gives financial incentives to leading global companies in future industries such as advanced automotive, smart electronics, medical, robotics, aviation, and digital, to name a few. 58 Our third focus is productivity enhancement. To sustain growth in the long run, we need to focus on Research and Development (R&D) that is practical and market-driven. On this, we plan provides incentives for private sector to do more R&D by allowing companies to triple their tax deduction on R&D expenses. Moreover, we are now working on institutional arrangement and incentive alignment between businesses, research firms, and academic sector with aims to make their research driven products more marketable, while allowing each party to retain its benefit. Despite our ambitious plan, we never neglect our fiscal discipline. We are working on our Fiscal Responsibility Act that gives greater focuses on Medium Term Fiscal Framework. It is our hope that with the three strategic focuses, we can sustain growth at higher potential to become a stronger contributing member of the world economic community. The World Bank Group I welcome for the Bank’s paper on Forward Look – A Vision for the World Bank Group in 2030, which incorporates the United Nations’ 2030 Sustainable Development Goals (SDGs) into the Bank’s operating objectives in ending poverty and promote shared prosperity. I commend for the success of the World Bank Group so far in fighting with global poor and inequality. I therefore look forward for the Group’s continuous support to ensuring that no one is left behind. Considering the ambitious nature of the SDGs, I strongly believe that it is imperative to engage private sector to take part. Not only financial resource leveraged from private sector, but also effective operational practices could greatly contribute to economic and social development amidst limited public resources. I therefore urge the Bank to consider greater private sector participation in its development programs or loans down the road. I am supporting the Bank’s idea to embed a more informed risk-taking attitude to its operations to increase impact based on available resource. I encourage the Bank to prepare projects that build on effective evaluation on development outcome to warrant the inclusiveness of development impact. I also would like to see the World Bank Group continues to build and maintain good relationships with clients to make sure the implementation of the projects is smooth and effective. “A one-size-fits-all” approach should be avoided and give more attention to country’s specific circumstance in preparing the assistance. For shareholding review, I am delighted to learn that the process is underway since the last capital realignment process of the 2010. Given the ambitious targets set under the SDGs, all Multilateral Development Banks (MDBs) have to explore available options to strengthen their financing capability to meet the new and challenging global development agenda. I would like to see that the process be done in such a way that will safeguard the voices of minority while improve the balance of voices between advanced and emerging members. Having a long and close partnerships with the Bank, Thailand is pleased that the Bank has step up its quality of engagement with member countries through its new country engagement framework since 2005. The introduction of Systematic Country Diagnostic (SCD), which helps identify country-specific development gap and propose the prioritized areas of high development impacts to be included in the Country Partnership Framework (CPF) is critical to the future engagements. Having said that, we encourage the Bank to timely prepare the SCD for member countries. This will be beneficial to client countries to gain maximum benefits from the diagnostic in terms of policy identifications not only for Bank, but also for the country to tackle development gap. Close collaboration with relevant stakeholders is also critical to the future of the Bank’s partnership programs with the members. 59 International Monetary Fund Thailand is very pleased to learn that the 2010 Quota and Governance Reform has finally become effective earlier this year, which largely augmented the Fund’s resources as well as drew a major shift of quota share towards Emerging Market Economies (EMEs). I hope that this would be useful to facilitate the Fund’s work in supporting member especially developing countries. Looking forward, I urge that the 15th Quota Review should make sure that the Fund remains well-resourced with quota contributions to address global uncertainties and financial crises in a more challenging economic environment. In this regard, the Quota Review is also a good opportunity to further realign voice and quota share to EMEs to reflect our growing important role in the global economy. On the backdrop of increasing global risks and volatilities, I commend the Fund for your continued effort in strengthening the Global Financial Safety Net (GFSN), while also fine-tuning the efficiency and robustness of lending facilities to prevent systemic risks. In view of this, we encourage the Fund to coordinate and strengthen synergies with various Regional Financial Arrangements, including the Chiang Mai Initiative Multilateralisation (CMIM), as they are important supplements to the GFSN. At the current juncture, we are pleased to be one of financial contributors to the Fund’s temporary borrowing arrangements to ensure that the Fund can attain sufficient resources to meet members’ financial needs. On the part of technical assistance (TA), in the long run, institutional capacity building is a key element to preserve countries’ economic resilience as well as uplifting growth potentials. We greatly appreciate the Fund's support on technical assistance projects to enhance our policy framework on various fronts (e.g. public financial management, Specialized Financial Institutions (SFI) governance reform and supervisory enhancement, financial stability framework). Mr. Chairman, Ladies and Gentleman I would like to close my remark by sincerely thanks to the Boards of Governors, the Boards of Directors, Management, and staff of the World Bank Group and the IMF for their tireless efforts and constructive co- operations. I wish them success in their noble tasks in promoting global economic stability and eradicating poverty. Thank you. 60 Tonga AISAKE VALU EKE Governor of the Bank Mr Chairman, Mr President of the World Bank Group, Madame Managing Director of the International Monetary Fund, Fellow Governors, Distinguished delegates, Ladies and Gentlemen I am honoured to have the opportunity to address the International Monetary Fund (IMF) and World Bank Group (WBG) Joint Board of Governors’ 2016 Annual Meetings on behalf of the Government of Tonga. I wish to convey my sincere appreciation and gratitude to Madame Christine Lagarde and Dr. Jim Yon Kim for their leadership at the helm of our Bretton Woods institutions, in guiding their valuable contribution to global growth and financial stability. I would like to take this opportunity also to express my sincere condolences to the people of the affected Caribbean Islands including those in the Florida Peninsular who lost their homes because of the category- 4 cyclone Matthew. This is a tangible testament of what natural disaster as a result of climate change can do to an island states in just a few hours instigating unimaginable human and physical damages that would take years to recover and rebuild. I welcome the government of Nauru as the newest member of the IMF and WBG and wish her success in future development endeavours. Global Economic Outlook Mr Chairman, As the growth of the global economy remains unchanged from the disappointing pace of 2015, the projection is not very promising showing that the world economy is not out of the wood yet since the eruption of the global crises in late 2008. The recovery has not been flourishing as anticipated, but we are certain that the determined efforts of the Bretton-Wood Institutions will avoid repeating the history instead having a sustainable growth that deserves by the citizens of the world. The global economic activities overtime driven by the growth of the emerging markets and developing economies, albeit the persistent of the political challenges and dynamic external environment faced affords encouraging global growth prospects going forward. With the global efforts disbursed to avoid reverting of the economic gained thus far, the recognized down- side risks have become more pronounced and prolonged stagnation due to political uncertainties, geopolitical risks and eroding confidence in policy effectiveness. These downside risks presented a mentality of fear in most of the policy-makers because of possibility of setting back global growth and trigger financial market turbulence. Therefore, both institutions are therefore encouraged and called upon to be rigorous in their approach in assessment of the global economy and target timely strategic actions and policy measures in response to assist countries towards achieving inclusive, sustainable and resilient socioeconomic and economy-wide growth and development. Tonga Economy Mr Chairman, The Tonga economy has experienced gradual growth over the past few years of the post-global crises, slowly picking up with a forecast to even-off over 2016/17. Despite the somewhat sluggish growth projected, economic growth is nevertheless initiated and supported going forward by a couple of one-off 61 events including construction activities most of which are donor funded projects, including World Bank development projects, as well as the preparation for the upcoming Pacific Games in 2019. The Tonga Strategic Development Framework (TSDF) 2015 – 2025 launched last year sets a national vision for a “more progressive Tonga supporting a higher quality of life for all”. Specifically, there are four thematic areas upon which the Government would like to place priority focus on during the current financial year. These are (i) good governance; (ii) inclusive and sustainable growth; (iii) poverty alleviation and; (iv) safer and better infrastructure. These priorities areas are hinged at the 2016/17 budget theme “Plan the Work and Work the Plan with Monitoring and Evaluation” chooses to encourage working the plan within the available resources so as to achieve sustainable and inclusive growth. Tonga’s GDP in real terms is projected to grow 2.7 per cent in 2016/17 with further positive growth in 2017/18 largely due to increased activity in the secondary and tertiary sectors of the economy. The primary sector is projected to experience steady growth and is expected to increase in the future given the recent establishment of the country’s first Fisheries and Agricultural Sector Plans outlining the priority investments planned for implementation in the coming years. The economy has maintained through its National Reserve Bank a comfortable set of monetary policy instruments to support macroeconomic stability, economic growth and to promote low inflation. The current accommodative stance of the monetary policy is appropriate in light of low inflation and robust external position, while recent rapid increase in credit growth is not yet a concern considering that it started from a low base. Specifically, despite the deflation evident, foreign reserves remain comfortably above the 3–4 of import cover, exchange rates remain competitive, positive credit growth, and the banking system remaining sound with high liquidity and narrowing interest rate spreads. The National Reserve Bank’s monetary policy actions will continue to focus on exploring measures to encourage the full utilization of the excess liquidity in the banking system for prudent lending activities to support economic growth. This includes undertaking financial inclusion initiatives to support inclusive economic growth. Furthermore, work is in progress to develop the appropriate laws and regulatory framework for the regulation of non- bank financial institutions that cater for certain sectors of the population which are not banked, to ensure the interest of financial consumers that they serve are well protected. At the same time, the National Reserve Bank will remain vigilant and will continue to closely monitor early signs of vulnerabilities. Fiscal conditions continue to be managed to ensure overall economic fiscal stability. The budget for the current financial year 2016/17 is TOP$327.9 million with in-kind support of TOP$217.4 million which constitutes an overall budget value of TOP$545.3 million. This is done through the implementation of appropriate fiscal strategies to ensure the fiscal management of Government finances, maintaining moderate debt distress and amongst other, support priority major infrastructure developments. The fiscal balance for 2016/17 presents a slight deficit which is financed from foreign concessional loans as well as domestic borrowing through bonds. The fiscal policy support development of critical infrastructure projects, and continue providing low cost loans to the small and medium enterprises and for vocational and technical education through the Tonga Development Bank. Tonga faces inevitable developmental challenges with the presence of climate change and its magnified impacts for island states including Tonga which require adaptation and close management in terms of the persistent risks evident overtime. The macro economic conditions have remained stable and closely monitored to ensure that macro stability continues and business confidence is intact. Additionally, financial conditions remain in support of economic growth with a profitable and highly liquid banking system. Tonga’s financial system continues to be affected by the global banks’ de-risking decisions which has resulted in the closing of some of the money transfer operators’ (MTOs) accounts and the exit of correspondent banking relationships due mainly to elevated money laundering & terrorist financing risks associated with MTOs. This has the adverse implication of increasing the cost of remittances and reversing 62 the efforts to reduce poverty, promote financial inclusion, and ultimately ensuring macroeconomic resilience, particularly for small island states such as Tonga who rely heavily on remittances and international trade for its people’s livelihood. About 88% of the total remittances are channeled through the MTOs and 70% of Tongan adults were reported to have received remittances over the past year. Although remittances have remained high, the cost of remittances from the remitting countries has increased, and in Tonga’s case, cost of remittance from New Zealand has increased to about 13%, which is above the G20 target of 5% for 2030. Options available for the authorities in Tonga have been exercised such as efforts to improve the AML/CFT compliance of the MTOs and easing of certain requirements in order to meet the correspondent banks’ requirements and thereby avoid the termination of the correspondent banking relationships, as well as through regional efforts. But it will also work with Financial Institutions to address the concerns with increasing fees as a result of de-risking. Financial inclusion continues to be a priority with National Reserve Bank’s current efforts and intention to create a National financial Inclusion Strategy to promote financial inclusion in Tonga. Partnership with the World Bank Group (WBG) Mr Chairman, While welcoming the World Bank Group management’s continuous commitment to a better, more efficient and agile organization that uphold standards to further exploit synergies across its institution, the development of the forward look vision for 2030 certainly galvanize the corporate focus of the Bank towards eradication of extreme poverty and ensure prosperity. This has confirmed the pledge made in the 2015 Annual Meetings calling the WBG management to build on the critical works undertaken in the past years so as to reinforce its relevance and overall role in addressing the most intractable development challenges while improving its effectiveness. With one year past of the establishment of the Strategic Development Goals (SDGs) and countries having embraced a truly global agenda providing a shared frame of development ambitions, we urge the WBG management not to take their eyes off on the objective to offer direction for selectivity and prioritization within the framework. This is critical because the attainment of the WBG forward look vision requires a multi-sector approach that bode-well with the overall achievement of the SDGs. This will entail making sure resources are deployed where they are needed most, integrating global issues into the Bank’s business model, expanding the partnership works with private sector and catalysing financing for development. We laud the current replenishment negotiations for IDA 18 which reported to set up for a historical change and the effort pursued to transform the IDA’s financial model allowing for scaling up of financial assistance to member countries and the small island states in particular, thereby enhancing its financing capacity and ability to support critical developmental areas. In that connection, we would like to reemphasize the need to build in more flexibility into the IDA18 in terms of ensuring vulnerabilities to climate change is part of the equation and to reconsider the current rules of using debt-distress situation as determinant feature for provision of either grant or credit. For Tonga, the provision of IDA resources via credit modality could undermine the effort to build the most required fiscal buffers to counter the economic and social repercussions caused by climate changes. Tonga is pleased with the WBG commitment to look into this issue of debt sustainability in the context of scaling-up in the IDA18. Tonga welcomes the development of the Pacific Possible focusing on transformative opportunities and providing clear identification of the biggest challenges that requires urgent action. There is no doubt that the findings presented in the Pacific Possible indeed offer policy-makers with specific insights into what each area could mean for the economy, for employment, for government income and spending. For this Pacific Possible to become a reality, we urge the WBG to be more innovative and practical in their advisory 63 assistances to the region so as the country’s development targets are achieved. This requires seeing more of resources are directed to implement the WBG and Tonga development programs for the next three years. We thank the WBG for the job well done in taking stock the engagement of the small states with the Bank, as the report recently issued boldly highlighted that despite the natural beauty of these ocean and land- locked islands they are extremely vulnerable to climate change and have limited resources to respond to any climatic impacts. However, we are encouraged with the launching of the Small Island States Resilient Initiative for the fact it will provide the required breathing space through the provision of various financing mechanisms such as debt-for-resilient, debt-swaps and exchange of global knowledge. The effort of the WBG in elevating the visibility of the small states developmental challenges and opportunities into the WBG business model is welcomed. We urge the WBG to draw up operational framework with timeline to develop and implement the required new business model, policy tools and operational apparatuses to improve the WBG’s intervention to enhance the affairs of small states. With the small states increasingly affected by extreme weather events and rising sea levels, we are appreciative of the establishment of the Climate Change Action Plan (CCAP) which has underscored the Bank’s commitment to provide significant assistance to island states in building resilient through expanding operational climate smart-policies and investing in green infrastructure. In this context, we observe with gratitude the strong focus on climate change adaptation and resilience under IDA 18 and for the consideration given to a broad set of characteristics of vulnerability when it comes to distribution of IDA resources. The attention to provide necessary resources to deal with loss and damages on the aftermath of climatic disaster is equally important. This is absolutely good for Tonga in its endeavours to better adapt to climate change and strengthening disaster preparedness. We are encouraged with the World Bank Group’s continued efforts to mainstream and streamline the Disaster Risk Management into the national level as well as regional development investment operation and planning. This is implied that small states such as Tonga will be benefitting from a nimble and swift response from the WBG in terms of providing investments that helps protect the lives and livelihoods of the people and to safeguard growth in key socio-economic sectors. Therefore, we call on the WBG as the premier development institution to play a key role in advancing policies essential for growth and poverty reduction. Tonga welcome the approval of the WBG’s new Environmental and Social Framework reflecting the relentless commitment being pursued by the Bank to expand the protections for the people and the environment in all Bank-financed investment projects so as to further improve developmental outcomes. Furthermore, Tonga wishes to acknowledge the valuable assistance provided by IFC over the years in support of growth in the private sector and towards the promotion of public-private partnership across the economics’ sectors. Given Tonga’s limited diversification and narrow economic base, we urge IFC to invest more towards the development of Micro, Small and Medium Enterprises (MSMEs) and their ability to access finance and leveraging on the available technology and improved infrastructures, as a reasonable development in this area can be a catalyst to greater mobilization of funds into investment, improve domestic resource mobilization and enhance the national welfare, reduce inequality and support inclusive economic growth. This is an area that we are certain will provide a meaningful opportunity for creation of employment and livelihood, especially for economic empowerment of women and youth in the region, and thereby reduce the dependency on external sources of income. Finally, Tonga is very appreciative of the WBG effort to scale-up the financial envelope for IDA18. This will certainly provide the financial resources required to meet our national priority and that of SGDs. 64 Partnership with the International Monetary Fund (IMF) Tonga welcomes the development of the Managing Director’s Global Policy Agenda (GPA) and supports the call for a more potent policy mix involving monetary policy, fiscal policy and structural reforms that can work to strengthen global growth prospects. In this connection, we appreciate the current consideration of the Funds to address the issue of social protection through their policy advisory services to member countries. We believe this is a step to the right direction in recognizing the dire social implications experienced by billions due to the corollaries provoked by financial and economic crises triggering job- losses and financial turmoil. We urge the Funds to collaborate effectively with other agencies on social protection issues so as to ensure intervention programs are complementary in nature. The financial provision of interest free loan to maintain macro-economic stability of the small island states in the event of natural disaster is essential. We acknowledge the Funds continuous efforts to deepen analysis of structural reforms and develop principles to guide policy prioritization. This has supported the new infrastructure policy that had been developed to provide technical and financial support towards scaling up infrastructure outlays and cultivating institutional aptitude in the implementation of infrastructure projects. We applaud the operationalization of the 2014 Triennial Surveillance Review (TSR) recommendations towards enhancement of the even-handedness of the Fund’s surveillance. Therefore, we commend the Fund to further ensure even-handedness across the full range of its activities and put more emphasis on the importance of continuity and two-way engagement between the Fund and Tonga to augment the traction of Fund policy advice. Tonga appreciates the Fund’s incessant commitment to tailor policy advice and examine the scope to enhance financial support for low-income countries including Tonga in order to pursue their development undertakings. In this context, we acknowledge the instrumental services rendered by IMF through its annual Article VI Consultations. This annual event has contributed significantly to the economic policy consideration of the government which led to the serious concerns over the unilateral decision of the global correspondent banks in terminating the correspondent bank relationships as well as closing down of the accounts the local money transfer operators. The concern has been intensified following the release of the results of the IMF de-risking study in the region which exhibit potential large and detrimental impact of closure of MTOs on the financial sector and macro-economy. We therefore urge the Funds to work closely with the global forums and the G20 developed economies, where de-risking has emanated from, to seriously consider the impact of de-risking on small island states’ economies and people’s livelihood, and clarify their expectations of what needs to be done in order to avoid de-risking and continue to assist with capacity building in this regard as we certainly concur that efforts ought to go beyond compliance only. Tonga also acknowledges assistance that the Fund will be providing the National Reserve Bank to review its monetary policy tools and develop the financial markets which would go towards improving the monetary policy transmission mechanism and enhancing the monetary policy framework. Conclusion Mr Chairman Let me once again thank the Bank and Fund for their leadership and guidance and wish both institutions success in the year ahead. Thank you very much for your attention. 65 Vietnam NGUYEN DONG TIEN Governor of the Bank I. The world’s economy During the first months of 2016, world economy saw slight recovery of oil prices and financial markets. Given continuation of world economic recovery, uneven economic growth outlooks were seen in emerging and developed markets which unfolded existence of substantial downside risks. Recently, unprecedented events including Brexit, immigration crisis reshaped geo-political economic landscape in Europe, and changed remarkably development outlooks in various economies, particularly EU and the United Kingdom. Besides, spillover effects from China’s economic rebalancing process on world trade and financial markets and the spread of terrorist activities imposed higher risks and volatilities to global economic development. In this context, it is necessary for international communities to pay more attention to geo-political economic fluctuations, particularly post-Brexit developments in Europe, the downturn of global trade as well as low inflation in many countries amidst central banks’ low policy interest rates. In order to maintain strong, sustainable and balanced growth, economies and authorities need to improve their coordination and harmonized collaboration between monetary policy and fiscal policy, speed up structural reforms, and, at the same time, strengthen regional and international cooperation in addressing potential volatilities in coming time. II. The role of the IMF and the WB Vietnam appreciates the role that the International Monetary Fund (IMF) and the World Bank played in world development through financial, technical supports and policy advices provided to economies in dealing with adverse impacts from world fluctuations. Vietnam supports current Fund approach in assisting countries, which is in a flexible, comprehensive policy framework with focus on individual country’s characteristics. Macroeconomic surveillance followed by policy advices and assistance to address current and future challenges has shown appropriation, helped to strengthen Fund’s position as a global economic surveillance and ensure global financial stability. Initiatives generated by the Fund particularly fit emerging economies, including Vietnam. Vietnam highly appreciates technical assistances provided to Vietnam in fields of monetary policy effectiveness improvement, statistics and forecast, foreign exchange reserve management, macroeconomic management in recent years. Viet Nam highly appreciates the World Bank efforts in dealing with challenges to the global development in few past years. Viet Nam welcomes the Bank’s supports and provision of resources to support the fulfillment of Sustainable Development Goals introduced by the United Nations in September 2015, and highly appreciates that the World Bank, as the leading development bank, has initiated many new initiatives including establishment of funds to deal with challenges of climate change, immigration, sustainable energy development, Billions To Trillions Action Plan: Ideas to Actions, etc. in order to support under-developed and developing economies in dealing with their own difficulties and challenges for sustainable development. Vietnam values the World Bank’s efforts in IDA 18 to support developing countries and tailor transitional mechanism for IDA graduates. As a future IDA graduate, Vietnam expects to have an appropriate transitional roadmap to avoid any shocks to economic development with adverse impacts on debt sustainability, hence help to preserve and maintain economic development achievements made by Vietnam 66 in reaching sustainable development goals. It was our pleasure to learn that IDA recently received AAA rating for the first time and believe that this would be an important milestone for IDA development and help IDA to mobilize more resources to better meet supportees’ demands, including Vietnam. III. Vietnam’s economy Vietnam’s economy has maintained its recovery momentum since 2015, which could be seen in relatively positive economic performances. GDP growth in the first nine months of 2016 was estimated at 5.93% y- o-y. Economic growth on quarterly basis was preserved, in which, growth pace in the next quarter was higher than the previous one (growth paces in QI, QII and QIII (estimated) were tăng 5.48%, tăng 5.78% và 6.40%, respectively,) yet still below the rate of 6.53% in QIII 2015 due to slowdown in agricultural production and mining, worsen sanitization and draught. CPI in September 2016 increased by 3.14% y.t.d., below 2016’s target of 5% set by the National Assembly. Viet Nam outlooks faces with challenges, difficulties reflected through slow recovery of world economy, climate change, draught, sanitization …, etc. which largely impacts on agricultural production; macro- economic indicators remain stable but still need consolidating; limited resources and space for monetary and fiscal policies; ceiling-knocking public debt level and budget expenditure, increasingly severe competition arise from higher integration, less qualified labour force …. 2016-2020 socio-economic development strategy containing various ambitious goals was recently approved at the 12th Congress of the Communist Party of Vietnam. In implementing this strategy, the Government has determined to transform from rule-by-order approach into tectonic one in better serving socio-economic developments and the people’s living. From the beginning of 2016, the Government set out overall goals of the 2016 socio-economic development plan, namely preserving macroeconomic stability, improving development quality, ensuring sustainable development, focusing on flexible and effective management of monetary policy, fiscal consolidation, close monitor of public debt and foreign debt, economic reform acceleration in the direction of enhancing effectiveness and competitiveness. The Government of Vietnam has been working on a comprehensive economic reform scheme for the 2017- 2021 period for the sakes of competitiveness improvement, sustainable development, and social security protection, hence direct its focus to accelerating structural solutions to implement free trade agreements signed with other countries and territories, speeding up reform of key sectors banking and financial markets and promoting private economic development. IV. Conclusion In the context of extensive and intensive economic globalization and increasingly diverse and unpredictable challenges, I hope that the IMF and the WB shall continue to maintain your valuable supports to member countries in dealing with those challenges for the sake of poverty reduction and balanced and sustainable development. 67 Documents of the Board of Governors Schedule of Meetings Friday October 7 9:00 a.m. Opening Ceremonies Address from the Chair Annual Address by Managing Director, International Monetary Fund Annual Address by President, World Bank Group Procedures Committees Reports Chairman, ICSID Administrative Council Adjournment ___________________________________________________________________________________ 1. The Meetings were held at DAR Constitution Hall (Friday a.m. session). 2. The Development Committee met on Saturday, October 8, 2016 between 2:15 and 5:00 p.m. in the Preston Auditorium, World Bank HQ. 3. 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) 68 Provisions Relating to the Conduct of the Meetings ADMISSION 1. Sessions of the Boards of Governors of the International Monetary Fund (Fund) and the World Bank Group (Bank) will be joint and shall be 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 Others, 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. 4. Governors may submit written or video statements, or both, in advance of the Annual Meetings by a deadline specified by the Secretaries of the Fund and the Bank. Such written statements will be included in the record of the Annual Meetings. 5. The Secretaries will have verbatim transcripts prepared of the proceedings of the Boards of Governors. Transcripts of proceedings of the Joint Procedures Committee will be prepared only if a meeting is held. Transcripts of proceedings of the Joint Procedures Committee are confidential and available only to the Chairman, the Managing Director of the International Monetary Fund, the President of the World Bank Group, and the Secretaries. 6. Reports of the Joint Procedures Committee shall be signed by the Committee Chairman. PUBLIC INFORMATION 7. The Chairman of the Boards of Governors, the Managing Director of the International Monetary Fund and the President of the World Bank Group will communicate to the press such information concerning the proceedings of the Annual Meetings as they may deem suitable. 8. These Rules of Conduct applicable to Annual Meetings shall stand until they are modified by the Chairman of the Boards of Governors acting jointly with the Managing Director of the International Monetary Fund and the President of the World Bank Group. 69 Agendas BANK Annual Report Financial Statements and Annual Audit Allocation of FY16 Net Income Administrative Budget for FY17 Report of the Development Committee 2016 Regular Election of Executive Directors Selection of Chairman and Vice-Chairmen of the Board of Governors and Selection of the Members of the Joint Procedures Committee and its Officers for 2016-2017 IFC Annual Report Financial Statements and Annual Audit Use of IFC’s FY16 Net Income: Retained Earnings and Designated Retained Earnings Administrative Budget for FY17 IDA Annual Report Financial Statements and Annual Audit Administrative Budget for FY17 MIGA Annual Report Financial Statements and Annual Audit 2016 Regular Election of Directors Selection of Chairman and Vice-Chairmen of the Board of Governors and Selection of the Members of the MIGA Procedures Committee and its Officers for 2016-2017 ICSID's Administrative Council Annual Report Proposed Budget for FY17 Election of two Deputy Secretaries-General Potential Rule Amendments: A Request for a Survey and Report on Compliance with Costs Awards in Favor of States 70 2016 Joint Procedures Committee Chairman ………….….. Colombia Vice Chairmen …….…. Jordan Sweden Reporting Member …... Singapore Members Albania Republic of Korea Algeria Nicaragua Angola Paraguay Bhutan Russian Federation China Saudi Arabia Czech Republic St. Kitts and Nevis France Tajikistan Gabon Tanzania Germany United Kingdom Israel United States Japan 71 2016 Joint Procedures Committee Report II 1 October 5, 2016 The Joint Procedures Committee approved on October 5, 2016, submission of the following report and recommendations on Bank and IDA business to the Boards of Governors: 1. 2016 Annual Report The Committee noted that the 2016 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 28, 2016 (www.worldbank.org/annualreport). 2. 2016 Regular Election of Executive Directors The Committee noted that the 2016 Regular Election of Executive Directors of the Bank would be completed on October 7, 2016 and the next Regular Election of Executive Directors will take place in 2018. 3. Financial Statements, Annual Audits, and Administrative Budgets The Committee considered the Financial Statements, Accountants’ Reports, and Administrative Budgets contained in the 2016 Bank and IDA Annual Report, together with the Report dated June 23, 2016 (Bank/IDA Document No. 2). The Committee recommends that the Boards of Governors of the Bank and IDA adopt the draft Resolutions. 2 4. Allocation of FY16 Net Income The Committee considered the Report of the Executive Directors, dated August 4, 2016 on the Allocation of FY16 Net Income (Bank/IDA Document No. 1). The Committee recommends that the Board of Governors of the Bank adopt the draft resolution. 3 The Committee further approved submission of the following report and recommendations on IFC business to the Board of Governors: 1. 2016 Annual Report The Committee noted that the 2016 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 (www.ifc.org/annualreport). 1 Report I related to business of the Fund. 2 These resolutions were subsequently approved. See pages 82 and 84. 3 This resolution was subsequently approved. See page 82. (continued) 72 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 FY16 Net Income contained in the 2016 Annual Report, dated September 15, 2016 (IFC Document No. 1). The Committee recommends that the Board of Governors of IFC adopt the draft resolution. 4 Approved: /s/ ___________________ Mauricio Cárdenas Colombia – Chairman (This report was approved and its recommendations were adopted by the Board of Governors on October 7, 2016) 4 This resolution was subsequently approved. See page 83. 73 Joint Procedures Committee Report III October 5, 2016 The Joint Procedures Committee approved on October 5, 2016 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 Bank and the Fund pursuant to paragraph 5 of Resolutions Nos. 294 and 29-9 of the Bank and the Fund, respectively, and subsequently entered into the record. The Committee recommends that the Boards of Governors of the Bank and the Fund note the report and thank the Development Committee for its work. 2. Officers and Joint Procedures Committee for 2016/2017 The Committee recommends that the Governor for Jordan be Chairman, and that the Governors for Malaysia and Slovak Republic 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: China, El Salvador, France, Germany, Iceland, Jamaica, Japan, Malawi, Malta, Mongolia, Panama, Peru, Romania, Russian Federation, São Tomé and Príncipe, Saudi Arabia, South Africa, Sri Lanka, Switzerland, Tunisia, United Kingdom, and United States. It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for Jordan and the Vice Chairmen shall be the Governors for Malaysia and Slovak Republic. 3. Chairman and Vice-Chairmen of the Board of Governors The Committee recommends that the Governor for Jordan be Chairman, and that the Governors for Malaysia and Slovak Republic be Vice-Chairmen of the Board of Governors of the International Bank for Reconstruction and Development and the Multilateral Investment Guarantee Agency and to hold office until the close of the next Annual Meetings. Approved: /s/ ___________________ Mauricio Cárdenas Colombia – Chairman (This report was approved and its recommendations were adopted by the Board of Governors on October 7, 2016). 74 2016 MIGA PROCEDURES COMMITTEE Chairman………..…….. Colombia Vice Chairmen…….….. Jordan Sweden Reporting Member…… Singapore Members Albania Republic of Korea Algeria Nicaragua Angola Paraguay Bhutan Russian Federation China Saudi Arabia Czech Republic St. Kitts and Nevis France Tajikistan Gabon Tanzania Germany United Kingdom Israel United States Japan 75 2016 MIGA Procedures Committee Report I October 5, 2016 On October 5, 2016 the MIGA Procedures Committee approved submission of the following report and recommendations on business on the agenda of the Council of Governors of MIGA: 1. 2016 Annual Report The Committee noted that the 2016 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 2016 Annual Report. The Committee recommends that the Council of Governors adopt the draft Resolution. 1 3. 2016 Regular Election of Directors The Committee noted the 2016 Regular Election of Directors of MIGA would be completed on October 7, 2016 and the next Regular Election of Directors will take place in 2018. 4. Officers and Procedures Committee for 2016/2017 The Committee recommends that the Governor for Jordan be Chairman and the Governors for Malaysia and Slovak Republic be Vice Chairmen of the Council of Governors of MIGA to hold office until the close of the next Annual Meetings. It is further recommended that a MIGA 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: China, El Salvador, France, Germany, Iceland, Jamaica, Japan, Malawi, Malta, Mongolia, Panama, Peru, Romania, Russian Federation, São Tomé and Príncipe, Saudi Arabia, South Africa, Sri Lanka, Switzerland, Tunisia, United Kingdom, and United States. It is recommended that the Chairman of the MIGA Procedures Committee shall be the Governor for Jordan and the Vice Chairmen shall be the Governors for Malaysia and Slovak Republic. 5. Chairman and Vice-Chairmen of the Board of Governors The Committee recommends that the Governor for Jordan be Chairman, and that the Governors for Malaysia and Slovak Republic be Vice-Chairmen of the Board of Governors of the International Bank for Reconstruction and Development and the Multilateral Investment Guarantee Agency and to hold office until the close of the next Annual Meetings. 1 This resolution was subsequently approved. See page 86 76 Approved: /s/ ________________________ Mauricio Cárdenas Colombia – Chairman (This report was approved and its recommendations were adopted by the Board of Governors on October 7, 2016). 77 Resolutions Adopted By The Board of Governors of the Bank Between the 2015 And 2016 Annual Meetings Resolution No. 647: Membership of the Republic of Nauru RESOLVED: WHEREAS, the Government of the Republic of Nauru has applied for admission to membership in the International Bank for Reconstruction and Development in accordance with Section 1(b) of Article II of the Articles of Agreement of the Bank; WHEREAS, pursuant to Section 19 of the By-Laws of the Bank, the Executive Directors, after consultation with representatives of the Government of the Republic of Nauru, have 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 the Republic of Nauru shall be admitted to membership in the Bank shall be as follows: 1. Definitions: As used in this Resolution: (a) “Bank” means International Bank for Reconstruction and Development. (b) “Articles” means the Articles of Agreement of the Bank. (c) “1979 Additional Capital Increase Resolution" means Board of Governors’ Resolution No. 347 entitled “1979 Additional Increase in Authorized Capital Stock and Subscriptions Thereto” adopted on January 4, 1980, as amended by Resolution No. 419 adopted on August 17, 1987. 2. Membership in the Fund: Before accepting membership in the Bank, the Republic of Nauru shall accept membership in and become a member of the International Monetary Fund. 3. Subscription: By accepting membership in the Bank, the Republic of Nauru shall subscribe to 336 shares of the capital stock of the Bank at par on the terms and conditions set forth or referred to in paragraph 4 hereof. 78 4. Payments on Subscription: (a) Upon accepting membership in the Bank, the Republic of Nauru shall pay to the Bank under Article II, Section 7(i) of the Articles on account of the subscription price of each of the 336 shares subscribed pursuant to paragraph 3 of this Resolution: (i) United States dollars equal to 0.6% (six-tenths of one percent) of the said subscription price; and (ii) An amount in its own currency which, at the appropriate prevailing exchange rate, shall be equal to 5.4% (five and four-tenths of one percent) thereof. (b) The Bank shall call the amounts of subscription under paragraph 3 of this Resolution payable under the said Article II, Section 7(i) which are not required to be paid under paragraph 4(a) 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. 5. Acceptance of Subscription: Before the Bank shall accept the Republic of Nauru's subscription to the shares set out in paragraph 3 of this Resolution, the following action shall have been taken: (a) The Republic of Nauru shall have taken all action necessary to authorize such subscription and shall furnish to the Bank all such information thereon as the Bank may request; and (b) With respect to and on account of the subscription price of the said shares, the Republic of Nauru shall pay to the Bank the amounts set forth in paragraph 4(a) above. 6. Representation and Information: Before accepting membership in the Bank, the Republic of Nauru shall represent to the Bank that it has taken all action necessary to sign and deposit the instrument of acceptance and sign the Articles as contemplated by paragraphs 7(d) and (e) of this Resolution and the Republic of Nauru shall furnish to the Bank such information in respect of such action as the Bank may request. 7. Effective Date of Membership: The Republic of Nauru shall become a member of the Bank with a subscription as set forth in paragraph 3 of this Resolution as of the date when the Republic of Nauru shall have complied with the following requirements: (a) become a member of the International Monetary Fund; (b) made the payments called for by paragraph 4 of this Resolution; (c) furnished the representation, and such information as may have been requested by the Bank, pursuant to paragraph 6 of this Resolution; (d) deposited with the Government of the United States of America an instrument stating that it has accepted 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 (e) signed the original Articles held in the archives of the Government of the United States of America. 79 8. Additional Subscription on Terms and Conditions of the 1979 Additional Capital Increase Resolution: The Republic of Nauru may subscribe 250 shares of the capital stock of the Bank on the terms and conditions specified in paragraphs 2 and 3 of the 1979 Additional Capital Increase Resolution, provided, however, that notwithstanding the provision of paragraph 2(b) of the said Resolution, the Republic of Nauru may subscribe such shares up to June 30, 2016, or such later date as the Executive Directors may determine. 9. Limitation on Period for Fulfillment of Requirements of Membership: The Republic of Nauru may fulfill the requirements for membership in the Bank pursuant to this Resolution until June 30, 2016, or such later date as the Executive Directors may determine. (Adopted on November 6, 2015) Resolution No. 648: Transfer from Surplus to Replenish the Trust Fund for Gaza and West Bank RESOLVED: THAT the Bank transfers immediately from surplus, by way of grant, US$55,000,000 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 on June 24, 2016) Resolution No. 649: 2016 Regular Election of Executive Directors RESOLVED: (a) THAT the Rules for the 2016 Regular Election of Executive Directors are hereby approved; and (b) THAT a Regular Election of Executive Directors shall take place in connection with the Annual Meeting of the Board of Governors in 2018. (Adopted on July 28, 2016) 80 Resolution No. 650: Direct Remuneration of Executive Directors and their Alternates RESOLVED: THAT, effective July 1, 2016, the remuneration of the Executive Directors of the World Bank Group and their Alternates pursuant to Section 13(e) of the By-Laws shall be paid in the form of a salary without a separate supplemental allowance, and such salary shall be paid at the annual rate of $256,770 for Executive Directors, and $222,120 for Alternate Executive Directors. (Adopted on July 28, 2016) Resolution No. 651: Parental Leave for Executive Directors and their Alternates RESOLVED: THAT, effective July 1, 2016, each Executive Directors and Alternate of an Executive Directors shall be entitled to leave as follows: 1. Seventy (70) working days of leave in conjunction with the pregnancy and the delivery of a child by such individual, or ten (10) working days if the Executive Director or Alternate is not the birthmother. 2. Seventy (70) working days of leave when becoming the primary caregiver of an adopted or surrogate child, or ten (10) working days when not the primary caregiver. In addition to the above, an Executive Director or Alternate shall be entitled to twenty (20) days of additional leave (i) in connection with multiple births in one delivery and/or medical complications resulting from the delivery, or (ii) in the case of adoption of multiple children at the same time or multiple births of children through surrogacy. The administration of this benefit shall be guided by the general practices of the administration of similar benefits for the staff of the World Bank. (Adopted on July 28, 2016) 81 Resolutions Adopted By the Board of Governors of the Bank at the 2016 Annual Meetings Resolution No. 652: 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 2016 Annual Report, as fulfilling the requirements of Article V, Section 13, of the Articles of Agreement and of Section 18 of the By-Laws of the Bank. (Adopted on October 7, 2016) Resolution No. 653: Allocation of FY16 Net Income RESOLVED: 1. THAT the Report of the Executive Directors dated August 4, 2016 on “Allocation of FY16 Net Income” is hereby noted with approval; 2. THAT the addition to the General Reserve of the IBRD of US$96 million, plus or minus any rounding amount less than US$1 million, is hereby noted with approval; and 3. THAT the IBRD transfers to the International Development Association, by way of a grant out of the FY16 allocable net income of the IBRD, US$497 million, which amount may be used by the Association to provide financing in the form of grants in addition to loans; such transfer is to be drawn down by the Association immediately upon approval by the Board of Governors of the IBRD. (Adopted on October 7, 2016) 82 Resolution Adopted By the Board of Governors of IFC at the 2016 Annual Meetings Resolution No. 263: Financial Statements, Accountant’s 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 2016 Annual Report and the Administrative Budget contained in the Report to the Board of Governors on IFC FY17 Budget Resources: Bridging Strategy and Delivery (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 Corporation’s FY16 Net Loss of -US$33 million shall be transferred to undesignated retained earnings. 3. THAT the Corporation’s designation of US$60 million of retained earnings for IFC’s Funding Mechanism for Technical Assistance and Advisory Services in IFC’s Fiscal Year 2017 financial statements is hereby noted with approval; and 4. THAT the Corporation’s designation of US$101 million of retained earnings in IFC’s Fiscal Year 2017 financial statements for grants to the International Development Association for use by the Association in the form of grants in furtherance of the Corporation's purposes is hereby noted with approval. (Adopted on October 7, 2016) 83 Resolutions Adopted By the Board of Governors of IDA at the 2016 Annual Meetings Resolution No. 238: 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 2016 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. (Adopted on October 7, 2016) 84 Resolutions Adopted By the Council of Governors of MIGA Between the 2015 and 2016 Annual Meetings Resolution No. 99: 2016 Regular Election of Directors RESOLVED: (a) THAT the 2016 Regular Election of Directors shall take place in accordance with the Rules; and (b) THAT a Regular Election of Directors shall take place in connection with the Annual Meeting of the Council of Governors in 2018. (Adopted on July 28, 2016) 85 Resolutions Adopted By the Council of Governors of MIGA at the 2016 Annual Meetings Resolution No. 100: Financial Statements and the Report of the Independent Accountants RESOLVED: THAT the Council of Governors of the Agency considers the Financial Statements, and the Report of Independent Accountants included in the 2016 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. (Adopted on October 7, 2016) 86 Reports of The Executive Directors of The Bank September 30, 2015 Membership of the Republic of Nauru 1. In accordance with Section 19 of the By-Laws of the International Bank for Reconstruction and Development, the application of the Republic of Nauru for membership in the Bank is hereby submitted to the Board of Governors. 2. The draft Resolution on membership in the Bank conforms substantially to the pattern for such resolutions. 3. Representatives of the Republic of Nauru have been consulted informally regarding the terms and conditions recommended in the draft Resolution and they have raised no objection thereto. 4. The draft Resolution is recommended for adoption by the Board of Governors of the Bank. (This report was approved and its recommendation was adopted by the Board of Governors on November 6, 2015). 87 May 12, 2016 Transfer from Surplus to Replenish the Trust Fund 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 $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 $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 ($90 million, Resolution 511), July 13, 1998 ($90 million, Resolution No. 519), September 30, 1999 ($60 million, Resolution No. 529), February 4, 2004 ($80 million, Resolution No. 556), January 31, 2007 ($50 million, Resolution No. 584), June 4, 2008 ($55 million, Resolution No. 589), July 10, 2009 ($55 million, Resolution No. 599), August 9, 2010 ($55 million, Resolution No. 608), June 8, 2011 ($75 million, Resolution No. 615), May 24, 2012 ($55 million, Resolution No. 623), June 28, 2013 ($55 million, Resolution No. 629), June 23, 2014 ($55 million, Resolution No. 634), June 9, 2015 ($55 million, Resolution No. 641). 2. In view of the material contribution that the Bank's financial assistance makes to Palestinian economic welfare, the Executive Directors 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 $55 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. (This report was approved and its recommendation was adopted by the Board of Governors on June 24, 2016). 88 June 22, 2016 2016 Regular Election of Executive Directors 1. Pursuant to Resolution No. 635 of the Board of Governors, a Regular Election of Executive Directors will take place in connection with the 2016 Annual Meeting of the Board of Governors. It is proposed that this Regular Election be conducted by rapid means of communication so as to conclude a reasonable time in advance of November 1, 2016, when the term of office of the elected Executive Directors shall commence. 2. The Executive Directors have noted that France and the United Kingdom are currently the fifth largest shareholders, each having an equal number of shares. The Executive Directors have also noted that under the Bank’s Articles of Agreement, the five largest shareholders have the right to appoint Executive Directors and that the Executive Directors interpreted the Articles to permit France and the United Kingdom to each appoint an Executive Director provided such members have equal number of shares and are the fifth largest shareholders in the Bank 1. Therefore, it is recommended that nineteen Executive Directors be elected. 3. As in past years, there is strong feeling among the Executive Directors that, in the unlikely event of lack of wide geographical and balanced representation, prompt corrective action would be called for. 4. In addition, Executive Directors noted the importance of promoting gender diversity in the Board of Executive Directors. 5. The Executive Directors recommend that the maximum and minimum percentages of eligible votes required for election of an Executive Director be ten percent and two percent, respectively. They believe that such percentages would provide a range that is broad enough in the circumstances. 6. The Executive Directors recommend that the date from which the 2016 Regular Election will be effective be November 1, 2016. 7. The Executive Directors note that under the Articles of Agreement of the International Finance Corporation (the Corporation) and the International Development Association (the Association) the elected Directors will serve ex officio as members of the Board of Directors of the Corporation and Executive Directors of the Association. 8. The Executive Directors recommend that the subsequent Regular Election of Executive Directors take place in connection with the Annual Meeting of the Board of Governors in 2018. 9. The Executive Directors recommend the adoption by the Board of Governors of the attached Rules for the 2016 Regular Election of Executive Directors, which provide for the conduct of this Election by rapid means of communication. 10. The draft Resolution, embodying the above recommendations, is proposed for adoption by the Board of Governors. (This report was approved and its recommendations were adopted by the Board of Governors on July 28, 2016). 1 Executive Directors’ Resolution No. 2010-0003, adopted on July 6, 2010, as modified by Executive Directors’ Resolution No. 2015-0004 adopted on August 27, 2015. 89 Rules for the 2016 Regular Election of Executive Directors DEFINITIONS 1. In these Rules, unless the context shall otherwise require, (a) “Articles” means the Articles of Agreement of the Bank. (b) “Board” means the Board of Governors of the Bank. (c) “Chairman” means the Chairman of the Board or a Vice Chairman acting as Chairman. (d) “Governor” includes the Alternate Governor and, for actions taken at any meeting, a temporary Alternate Governor, when acting for the Governor. (e) “Secretary” means the Corporate Secretary or any acting Corporate Secretary of the Bank. (f) “Election” means the 2016 Regular Election of Executive Directors. (g) “Eligible votes” means the total number of votes that can be cast in the election. 2. All actions taken under these Rules, including communications by the Secretary and the Chairman and nominations and balloting by the Governors, may be taken by rapid means of communication. TIMING OF ELECTION 3. The election shall be held by requesting nominations and conducting ballots so as to conclude a reasonable time in advance of November 1, 2016, when the term of office of the elected Executive Directors shall commence. BASIC RULES - SCHEDULE B 4. Subject to the adjustment set forth in the Rules, the provisions of Schedule B of the Articles shall apply to the conduct of the election, except that: (a) “two percent” shall be substituted for “fourteen percent” in Paragraphs 2 and 5 and “ten percent” shall be substituted for “fifteen percent” in Paragraphs 3, 4 and 5 thereof; and (b) “nineteen persons” shall be substituted for “seven persons” in Paragraphs 2, 3 and 6, “eighteen persons” shall be substituted for “six persons” in Paragraph 6, and “the nineteenth” shall be substituted for “the seventh” in Paragraph 6 thereof. EXECUTIVE DIRECTORS TO BE ELECTED 5. Nineteen Executive Directors shall be elected. 90 SUPERVISION OF THE ELECTION 6. The Chairman shall appoint such tellers and other assistants and take such other action as he deems necessary for the conduct of the election. NOMINATIONS 7. (a) The Secretary shall request nominations from Governors during a suitable period specified by the Secretary. (b) Each nomination shall be made on a nomination form furnished by the Secretary, signed by the Governor or Governors making the nomination and submitted to the Secretary. (c) Any person nominated by one or more Governors entitled to vote in the election shall be eligible for election as Executive Director. (d) A Governor may nominate only one person. (e) If a nominee withdraws from the ballot after the closing date of the nomination period, but before the closing date of the ballot, the Secretary shall inform all Governors eligible to vote of such withdrawal and invite them to submit nominations of a candidate by rapid means of communication, during a suitable period specified by the Secretary. At the end of the prescribed period of time for this nomination, the Secretary shall compile a new list of candidates with all individuals who were nominated by at least one Governor in either nomination period, and circulate that list by rapid means of communication to all Governors eligible to vote with an invitation to vote through similar channels before the end of the balloting period. BALLOTING 8. (a) Upon the closing of nominations, the Secretary shall send to all Governors entitled to vote in the election the list of candidates for the election, together with an invitation to Governors to vote in the first ballot, and announce the deadline for receipt of ballots. (b) One ballot form shall be furnished to each Governor entitled to vote. On any particular ballot, only ballot forms distributed for that ballot shall be counted. 9. Each ballot shall be taken as follows: (a) Ballots shall be conducted by deposit of ballot forms, signed by Governors eligible to vote, with the Secretary. The first ballot shall take place after the close of nominations, concluding no later than the first day of the 2016 Annual Meeting of the Board of Governors. (b) When a ballot shall have been completed, the Secretary shall cause the ballots to be counted and, as soon as practicable after the tellers have completed their tally of the ballots, shall announce the names of the persons elected. If a succeeding ballot is necessary, the Secretary shall announce the names of the nominees to be voted on, the members whose Governors are eligible to vote and the time period for balloting. (c) If the tellers shall be of the opinion that any particular ballot is not properly executed, they shall, if possible, afford the Governor concerned an opportunity to correct it before tallying the results; and such ballot, if so corrected, shall be deemed to be valid. 91 10. When on any ballot the number of nominees shall not exceed the number of Executive Directors to be elected, each nominee shall be deemed to be elected by the number of votes received by him on such ballot; provided, however, that, if on such ballot the votes of any Governor shall be deemed under Paragraph 4 of Schedule B 2 to have raised the votes cast for any nominee above ten percent of the eligible votes, no nominee shall be deemed to have been elected who shall not have received on such ballot a minimum of two percent of the eligible votes, and a succeeding ballot shall be taken for which any nominee not elected shall be eligible. 11. If, as a result of the first ballot, the number of Executive Directors to be elected in accordance with Section 5 above shall not have been elected, a second, and if necessary, further ballots shall be taken. The Governors entitled to vote on such succeeding ballots shall be only: (a) those who voted on the preceding ballot for any nominee not elected; and (b) those Governors whose votes for a nominee elected on the preceding ballot are deemed under Paragraph 4 of Schedule B to have raised the votes cast for such nominee above ten percent of the eligible votes. 12. If the votes cast by a Governor bring the total votes received by a nominee from below to above ten percent of the eligible votes, all the votes cast by this Governor shall be deemed to have been cast for the benefit of that nominee without raising the total votes of the nominee above ten percent. 13. If on any ballot two or more Governors having an equal number of votes shall have voted for the same nominee and the votes of one or more, but not all, of such Governors could be deemed under Paragraph 4 of Schedule B not to have raised the total votes of the nominee above ten percent of the eligible votes, the Chairman shall determine by lot the Governor or Governors, as the case may be, who shall be entitled to vote on the next ballot. 14. Any member whose Governor has voted on the last ballot and whose votes did not contribute to the election of an Executive Director may, before the effective date of the election, as set forth in Section 18 below, designate an Executive Director who was elected, and that member's votes shall be deemed to have counted toward the election of the Executive Director so designated. 2 Paragraph 4 of Schedule B reads as follows: “4. In determining whether the votes cast by a governor are to be deemed to have raised the total of any person above ten percent of the eligible votes, the ten percent shall be deemed to include, first, the votes of the governor casting the largest number of votes for such person, then the votes of the governor casting the next largest number, and so on until ten percent is reached.” 92 ABSTENTION FROM VOTING 15. If a Governor shall abstain from voting on any ballot, he shall not be entitled to vote on any subsequent ballot and his votes shall not be counted within the meaning of Section 4(g) of Article V towards the election of any Executive Director. If at the time of any ballot a member shall not have a duly appointed Governor, such member shall be deemed to have abstained from voting on that ballot. ELIMINATION OF NOMINEES 16. If on any ballot two or more nominees shall receive the same lowest number of votes, no nominee shall be dropped from the next succeeding ballot, but if the same situation is repeated on such succeeding ballot, the Chairman shall eliminate by lot one of such nominees from the next succeeding ballot. ANNOUNCEMENT OF THE RESULT 17. After the tally of the last ballot, the Chairman shall cause to be distributed a statement setting forth the result of the election. EFFECTIVE DATE OF ELECTION 18. The effective date of the election shall be November 1, 2016, and the term of office of the elected Executive Directors shall commence on that date. Incumbent elected Executive Directors shall serve through the day preceding such date. GENERAL 19. Any question arising in connection with the conduct of the election shall be resolved by the tellers, subject to appeal, at the request of any Governor, to the Chairman and from him to the Board. Whenever possible, any such questions shall be put without identifying the members or Governors concerned. 93 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT 2016 Regular Election of Executive Directors Statement of Results of Election, October 7, 2016 Members whose Votes Counted Towards Number of Total Candidate Elected Election Votes Votes Khalid ALKHUDAIRY 67,188 Saudi Arabia 67,188 Jason ALLFORD 95,448 Australia 32,275 Cambodia 897 Kiribati 1,148 Korea, Republic of 38,207 Marshall Islands 1,152 Micronesia, Federated States of 1,162 Mongolia 1,149 Nauru 1,269 New Zealand 10,444 Palau 699 Papua New Guinea 1,977 Samoa 1,460 Solomon Islands 1,196 Tuvalu 1,144 Vanuatu 1,269 Seydou BOUDA 43,928 Benin 1,551 Burkina Faso 1,943 Cabo Verde 1,191 Cameroon 2,421 94 Members whose Votes Counted Towards Number of Total Candidate Elected Election Votes Votes Central African Republic 1,658 Chad 1,545 Comoros 965 Congo, Democratic Republic of 3,326 Congo, Republic of 1,734 Cote d'Ivoire 4,188 Djibouti 1,242 Equatorial Guinea 1,398 Gabon 1,670 Guinea 1,975 Guinea-Bissau 1,223 Madagascar 2,105 Mali 2,192 Mauritania 1,715 Mauritius 2,257 Niger 1,658 Sao Tome and Principe 1,178 Senegal 3,005 Togo 1,788 Omar BOUGARA 73,113 Afghanistan 1,189 Algeria 12,407 Ghana 2,650 Iran, Islamic Republic of 35,646 Morocco 7,302 Pakistan 12,517 Tunisia 1,402 Andrew BVUMBE 40,011 95 Members whose Votes Counted Towards Number of Total Candidate Elected Election Votes Votes Botswana 1,298 Burundi 1,726 Eritrea 1,276 Ethiopia 1,661 Gambia, The 1,226 Kenya 3,394 Lesotho 1,346 Liberia 1,146 Malawi 1,777 Mozambique 1,734 Namibia 2,206 Rwanda 1,729 Seychelles 946 Sierra Leone 1,506 Somalia 1,235 South Sudan 2,120 Sudan 1,533 Swaziland 1,123 Tanzania 1,978 Uganda 1,300 Zambia 3,493 Zimbabwe 4,258 Otaviano CANUTO 77,290 Brazil 42,646 Colombia 10,413 Dominican Republic 2,775 Ecuador 3,454 Haiti 1,906 96 Members whose Votes Counted Towards Number of Total Candidate Elected Election Votes Votes Panama 1,068 Philippines 10,586 Suriname 1,095 Trinidad and Tobago 3,347 Subhash GARG 84,957 Bangladesh 7,151 Bhutan 1,363 India 70,606 Sri Lanka 5,837 Franciscus GODTS 116,273 Austria 15,294 Belarus 4,894 Belgium 37,836 Czech Republic 8,676 Hungary 11,476 Kosovo 1,649 Luxembourg 2,972 Slovak Republic 4,758 Slovenia 2,392 Turkey 26,326 Werner GRUBER 71,788 Azerbaijan 2,554 Kazakhstan 4,632 Kyrgyz Republic 1,790 Poland 17,812 Serbia 3,529 Switzerland 35,343 Tajikistan 1,743 97 Members whose Votes Counted Towards Number of Total Candidate Elected Election Votes Votes Turkmenistan 1,209 Uzbekistan 3,176 Andin HADIYANTO 70,541 Brunei Darussalam 3,056 Fiji 1,670 Indonesia 23,714 Lao People's Democratic Republic 955 Malaysia 11,130 Myanmar 4,148 Nepal 1,792 Singapore 6,252 Thailand 11,791 Tonga 1,177 Vietnam 4,856 Merza HASAN 60,008 Bahrain 1,786 Egypt, Arab Republic of 11,365 Iraq 3,491 Jordan 2,692 Kuwait 16,018 Lebanon 1,745 Libya 8,523 Maldives 1,152 Oman 2,244 Qatar 2,072 United Arab Emirates 6,025 Yemen, Republic of 2,895 Frank HEEMSKERK 95,709 98 Members whose Votes Counted Towards Number of Total Candidate Elected Election Votes Votes Armenia 1,822 Bosnia and Herzegovina 1,232 Bulgaria 7,291 Croatia 3,589 Cyprus 2,144 Georgia 2,478 Israel 6,702 Macedonia, former Yugoslav Republic of 1,110 Moldova 2,249 Montenegro 1,371 Netherlands 46,512 Romania 7,549 Ukraine 11,660 Christine HOGAN 84,235 Antigua and Barbuda 1,203 Bahamas, The 1,754 Barbados 1,631 Belize 1,269 Canada 59,037 Dominica 1,187 Grenada 1,214 Guyana 2,209 Ireland 8,063 Jamaica 3,514 St. Kitts and Nevis 958 St. Lucia 1,235 St. Vincent and the Grenadines 961 99 Members whose Votes Counted Towards Number of Total Candidate Elected Election Votes Votes Fernando JIMENEZ LATORRE 108,091 Costa Rica 1,806 El Salvador 824 Guatemala 2,684 Honduras 1,324 Mexico 34,057 Nicaragua 1,510 Spain 44,842 Venezuela, Republica Bolivariana de 21,044 Patience Bongiwe KUNENE 35,128 Angola 3,609 Nigeria 13,457 South Africa 18,062 Andrei LUSHIN 70,073 Russian Federation 67,188 Syrian Arab Republic 2,885 Patrizio PAGANO 72,729 Albania 1,513 Greece 2,367 Italy 58,471 Malta 1,757 Portugal 6,143 San Marino 1,278 Timor-Leste 1,200 Maximo TORERO CULLEN 46,559 Argentina 18,863 Bolivia 2,468 100 Members whose Votes Counted Towards Number of Total Candidate Elected Election Votes Votes Chile 10,696 Paraguay 1,912 Peru 8,374 Uruguay 4,246 Susan ULBAEK 74,405 Denmark 18,479 Estonia 1,853 Finland 12,122 Iceland 2,304 Latvia 2,437 Lithuania 2,593 Norway 14,101 Sweden 20,516 Total Number of Members Voted 183 1,387,474 /s/ /s/ Zeina Toukan (Jordan) Marcus Svedberg (Sweden) Teller Teller 101 August 4, 2016 Allocation of FY16 Net Income 1. The General Reserve plus cumulative exchange rate translation adjustment for the IBRD as of June 30, 2016 was US$26,172 million (before FY16 net income allocations). As of that date, the surplus of the IBRD was US$271 million, and the Special Reserve created under Article IV, Section 6 of the IBRD's Articles of Agreement totaled US$293 million. 2. For the fiscal year ended June 30, 2016 (FY16), the IBRD recorded on a reported basis a net income of US$495 million. Allocable income of US$593 million is arrived at with the following standard adjustments, plus or minus any rounding amounts less than US$1 million where applicable, to the reported net income: (a) a decrease of US$631 million to exclude the net unrealized mark-to-market gains on non- trading portfolios; (b) an increase of US$705 million to exclude the Board of Governors-approved and other transfers that were allocated from FY16 income, or funded by Surplus or Restricted Retained Earnings; (c) an increase of US$24 million, representing the excess of the SRP, RSBP and PEBP accounting expense over budgetary contribution and IBRD’s share of PEBP and PCRF investment losses, via a transfer of the same amount from the pension reserve, and (d) a decrease of US$1 million to exclude the income relating to the receivable from the PAF net of net outflows relating to temporarily restricted funds, via a transfer of the same amount to Restricted Retained Earnings. 3. The Executive Directors have considered what actions to take, or to recommend that the Board of Governors take, with respect to FY16 net income. The Executive Directors have concluded that the interests of the IBRD and its members would be best served by the following dispositions of the FY16 net income of the IBRD: (a) the addition of US$96 million to the General Reserve, plus or minus any rounding amount less than US$1 million, and (b) the transfer to the International Development Association, by way of a grant of US$497 million, from FY16 allocable net income, which amount would be usable to provide financing in the form of grants in addition to loans. 4. Accordingly, the Executive Directors recommend that the Board of Governors note with approval the present report and adopt the draft resolution attached. (This report was approved and its recommendation was adopted by the Board of Governors on October 7, 2016). 102 Reports of the Board of Directors of MIGA June 22, 2016 2016 Regular Election of Directors 1. Resolution No. 95 adopted by the Council of Governors on July 31, 2014, provides that a Regular Election of Directors shall take place in connection with the 2016 Annual Meeting of the Council of Governors. The Committee reviewed the issues that need to be addressed in the preparation of the Rules for the 2016 Regular Election. 2. Since the 2014 Regular Election of Directors, one Category Two country (Bhutan) completed all of the membership requirements. 3. The Report of the Ad Hoc Committee on the Rules for the 2014 Regular Election of MIGA Directors stated once again in paragraph 4 that: The Committee expressed the view, as reflected in the Report of the Board of Directors, that at a time when membership in MIGA became equivalent to that of the Bank (International Bank for Reconstruction and Development), the MIGA Board of Directors would become identical in size and composition with that of the Board of Executive Directors of the Bank and would be based on the same principles of preserving a broad geographic pattern of representation and of allowing all major groups of countries to be represented. 4. The Board is now composed of 25 Directors, representing roughly the same constituencies as in the Bank. MIGA has 181 member countries as opposed to 189 in IBRD, 173 in IDA and 184 in IFC. 5. This increase in membership since 2014 indicates that efforts should continue toward achieving homogeneity among the Boards of MIGA and the other institutions of the World Bank Group. Moreover, the number of common issues being dealt with by the Executive Directors/Directors of the World Bank Group institutions has continued to increase in number and complexity. 6. In view of these developments and noting that Article 2 of the MIGA Convention mandates the Agency to complement the activities of other members of the World Bank Group, the Board of Directors makes the following recommendations. RECOMMENDATIONS Size of the Board 7. The Board of Directors recommends that the number of Directors remain at its present 25. Composition of the Board 8. The Board of Directors urges the Governors to form, as closely as possible, the same constituencies in the MIGA Board of Directors as those for the Boards of other World Bank Group institutions. 103 9. During the informal meeting held on May 20, 1991, it was the consensus of Directors that, beginning with the 1992 Election of Directors, Governors should be urged to nominate candidates based in Washington, D.C., and all Governors complied with this suggestion since the 1992 Regular Election. It is again recommended that Governors be urged to nominate the same persons as Directors of MIGA as those nominated to the Boards of the other World Bank Group institutions. 10. It is further recommended that Directors, particularly those elected by more than one Governor, appoint the same persons as Alternate Directors of MIGA as those appointed to be Alternate Executive Directors/Alternate Directors to the Boards of the other World Bank Group institutions. Term of Office 11. Article 32(c) of the Convention and Section 10 of the MIGA By-Laws provide that the Council of Governors shall determine the term of office of the Directors. It is desirable that the term of office of MIGA’s Directors should coincide with those of the Boards of the other World Bank Group institutions to facilitate elections of persons holding positions on these boards. Thus, the Board of Directors recommends that the Council continue this practice. It is also recommended that the 2016 Regular Election of Directors be held by requesting nominations and conducting ballots by rapid means of communication so as to conclude a reasonable time in advance of November 1, 2016, when the term of office of the elected Directors shall commence. Maximum and Minimum Percentages of Votes Applicable to the Election 12. For the purpose of Schedule B to the MIGA Convention, the Board of Directors recommends that for the 2016 Regular Election, the maximum and minimum percentages of the eligible votes required for election of a Director would be ten and two percent, respectively. These percentages appear appropriate for the election of the number of Directors to be elected. In the unlikely event that these percentages are inappropriate due to additional new countries having become members of the Agency and subscription to additional shares prior to the 2016 Regular Election, the Council of Governors could modify them before the start of the election. 13. The Board of Directors also recommends that the date from which the 2016 Regular Election will be effective be November 1, 2016. 14. The Board of Directors further recommends that the subsequent Regular Election of Directors take place in connection with the Annual Meeting of the Council of Governors in 2018. 15. Accordingly, the Board of Directors recommends that the Council of Governors adopt the draft Resolution and Rules for the 2016 Regular Election of Directors embodying the above recommendations. (This report was approved and its recommendations were adopted by the Council of Governors on July 28, 2016). 104 Rules for 2016 Regular Election of Directors DEFINITIONS 1. In these Rules, unless the context shall otherwise require, (a) "Convention" means the Convention Establishing the Multilateral Investment Guarantee Agency, as amended. (b) "Council" means the Council of Governors of the Agency. (c) "Chairman" means the Chairman of the Council or a Vice Chairman acting as Chairman. (d) "Governor" includes the Alternate Governor or any temporary Alternate Governor, when acting for the Governor. (e) "Secretary" means the Corporate Secretary or any acting Corporate Secretary of the Agency. (f) "Election" means the 2016 Regular Election of Directors. (g) "Eligible votes" means the total number of votes that can be cast in the election of the Directors to be elected pursuant to the provisions of paragraphs 6 to 11 of Schedule B to the Convention. 2. All actions taken under these Rules, including communications by the Secretary and the Chairman and nominations and balloting by the Governors, may be taken by rapid means of communication. TIMING OF ELECTION 3. The election shall be held by requesting nominations and conducting ballots so as to conclude a reasonable time in advance of November 1, 2016, when the term of office of the elected Directors shall commence. BASIC RULES - SCHEDULE B 4. The provisions of Schedule B of the Convention shall apply to the conduct of the election. For this purpose: (a) Twenty-five Directors shall be elected. (b) Six Directors shall be elected separately, one each by the Governors of the six members having the largest number of shares. The person nominated by each of the said Governors shall be deemed to be elected upon being so nominated. (c) The Directors not elected separately pursuant to paragraph 4(b) above shall be elected in accordance with the rules in paragraphs 5 through 12 below. SUPERVISION OF THE ELECTION 5. The Chairman shall appoint such tellers and other assistants and take such other action as he deems necessary for the conduct of the election. NOMINATIONS 6. (a) The Secretary shall request nominations from Governors during a suitable period specified by the Secretary. As noted in the Report of the Board of Directors to the Council of Governors 105 dated June 22, 2016, Governors are urged to nominate the same persons as the Directors of MIGA as those elected to the Boards of the other World Bank Group institutions, and to form the same constituencies in the MIGA Board of Directors as those in the Boards of the other World Bank Group institutions. In addition, the Directors, particularly those elected by more than one Governor, are urged to appoint the same persons as Alternate Directors of MIGA as they have in the Boards of the other World Bank Group institutions. (b) Each nomination shall be made on a nomination form furnished by the Secretary, signed by the Governor or Governors making the nomination and submitted to the Secretary. (c) Any person nominated by one or more Governors entitled to vote in the election shall be eligible for election as Director. (d) A Governor may nominate only one person. (e) If a nominee withdraws from the ballot after the closing date of the nomination period, but before the closing date of the ballot, the Secretary shall inform all Governors eligible to vote of such withdrawal and invite them to submit nominations of a candidate by rapid means of communication, during a suitable period specified by the Secretary. At the end of the prescribed period of time for this nomination, the Secretary shall compile a new list of candidates with all individuals who were nominated by at least one Governor in either nomination period, and circulate that list by rapid means of communication to all Governors eligible to vote with an invitation to vote through similar channels before the end of the balloting period. BALLOTING 7. (a) Upon the closing of nominations, the Secretary shall send to all Governors entitled to vote in the election the list of candidates for the election, together with the invitation to Governors to vote in the first ballot, and announce the deadline for receipt of ballots. (b) One ballot form shall be furnished to each Governor entitled to vote. On any particular ballot, only ballot forms distributed for that ballot shall be counted. 8. Each ballot shall be taken as follows: (a) Ballots shall be conducted by deposit of ballot forms, signed by Governors eligible to vote, with the Secretary. The first ballot shall take place after the close of nominations concluding no later than the first day of the 2016 Annual Meeting of the Council of Governors. (b) When a bllot shall have been completed, the Secretary shall cause the ballots to be counted and, as soon as practicable after the tellers have completed their tally of the ballots, shall announce the names of the persons elected. If a succeeding ballot is necessary, the Secretary shall announce the names of the nominees to be voted on, the members whose Governors are eligible to vote and the time period for balloting. (c) If the tellers shall be of the opinion that any particular ballot is not properly executed, they shall, if possible, afford the Governor concerned an opportunity to correct it before tallying the results; and such ballot, if so corrected, shall be deemed to be valid. 9. For the purposes of paragraph 6 of Schedule B to the Convention, the following percentages of total votes are decided, namely, a maximum of ten percent of eligible votes and a minimum of two percent of eligible votes. ANNOUNCEMENT OF THE RESULT 10. After the tally of the last ballot, the Chairman shall cause to be distributed a statement setting forth the result of the election. 106 EFFECTIVE DATE OF ELECTION 11. The effective date of the election shall be November 1, 2016, and the term of office of the elected Directors shall commence on that date. Incumbent elected Directors shall serve through the day preceding such date. GENERAL 12. Any question arising in connection with the conduct of the election shall be resolved by the tellers, subject to appeal, at the request of any Governor, to the Chairman and from him to the Council. Whenever possible, any such questions shall be put without identifying the members or Governors concerned. 107 MULTILATERAL INVESTMENT GUARANTEE AGENCY 2016 Regular Election of Directors Statement of Results of Election, October 7, 2016 Directors elected separately by the Governors of the six member countries having the largest number of shares: Members Whose Votes Counted Towards Candidate Elected Election Total Votes Matthew MCGUIRE United States 32,790 Kazuhiko KOGUCHI Japan 9,205 Ursula MUELLER Germany 9,162 Melanie ROBINSON United Kingdom 8,791 Herve DE VILLEROCHÉ France 8,791 Yingming YANG China 5,756 108 Directors elected by the Governors of member countries other than those listed above: Members whose Votes Counted Towards Number of Candidate Elected Election Votes Total Votes Khalid ALKHUDAIRY 5,754 Saudi Arabia 5,754 Jason ALLFORD 7,377 Australia 3,245 Cambodia 390 Korea, Republic of 1,017 Micronesia, Federated States of 276 Mongolia 284 New Zealand 739 Palau 276 Papua New Guinea 322 Samoa 276 Solomon Islands 276 Vanuatu 276 Seydou BOUDA 8,153 Benin 334 Burkina Faso 287 Cabo Verde 276 Cameroon 333 Central African Republic 286 Chad 286 Comoros 276 Congo, Democratic Republic of 822 Congo, Republic of 341 Cote d'Ivoire 536 Djibouti 276 109 Members whose Votes Counted Towards Number of Candidate Elected Election Votes Total Votes Equatorial Guinea 276 Gabon 395 Guinea 317 Guinea-Bissau 276 Madagascar 402 Mali 369 Mauritania 337 Mauritius 379 Niger 288 Sao Tome and Principe 276 Senegal 482 Togo 303 Omar BOUGARA 6,986 Afghanistan 344 Algeria 1,370 Ghana 658 Iran, Islamic Republic of 1,885 Morocco 839 Pakistan 1,389 Tunisia 501 Andrew BVUMBE 7,729 Botswana 314 Burundi 300 Eritrea 276 Ethiopia 349 Gambia, The 276 Kenya 529 Lesotho 314 110 Members whose Votes Counted Towards Number of Candidate Elected Election Votes Total Votes Liberia 310 Malawi 303 Mozambique 397 Namibia 333 Rwanda 358 Seychelles 276 Sierra Leone 358 South Sudan 381 Sudan 432 Swaziland 284 Tanzania 474 Uganda 459 Zambia 544 Zimbabwe 462 Otaviano CANUTO 7,477 Brazil 2,832 Colombia 996 Dominican Republic 373 Ecuador 547 Haiti 301 Panama 457 Philippines 1,079 Suriname 308 Trinidad and Tobago 584 Subhash GARG 7,402 Bangladesh 825 Bhutan 276 India 5,597 111 Members whose Votes Counted Towards Number of Candidate Elected Election Votes Total Votes Sri Lanka 704 Franciscus GODTS 10,899 Austria 1,592 Belarus 459 Belgium 3,803 Czech Republic 1,010 Hungary 1,220 Kosovo 322 Luxembourg 430 Slovak Republic 617 Slovenia 406 Turkey 1,040 Werner GRUBER 6,779 Azerbaijan 341 Kazakhstan 594 Kyrgyz Republic 303 Poland 990 Serbia 633 Switzerland 2,869 Tajikistan 356 Turkmenistan 292 Uzbekistan 401 Andin HADIYANTO 6,736 Fiji 297 Indonesia 2,075 Lao People's Democratic Republic 286 Malaysia 1,246 Myanmar 404 112 Members whose Votes Counted Towards Number of Candidate Elected Election Votes Total Votes Nepal 348 Singapore 498 Thailand 968 Vietnam 614 Merza HASAN 7,884 Bahrain 362 Egypt, Arab Republic of 1,035 Iraq 576 Jordan 397 Kuwait 1,865 Lebanon 476 Libya 775 Maldives 276 Oman 392 Qatar 467 United Arab Emirates 882 Yemen, Republic of 381 Frank HEEMSKERK 11,591 Armenia 306 Bosnia and Herzegovina 306 Bulgaria 869 Croatia 556 Cyprus 409 Georgia 337 Israel 1,061 Macedonia, former Yugoslav Republic of 314 Moldova 322 Montenegro 287 113 Members whose Votes Counted Towards Number of Candidate Elected Election Votes Total Votes Netherlands 4,048 Romania 1,204 Ukraine 1,572 Christine HOGAN 9,976 Antigua and Barbuda 276 Bahamas, The 402 Barbados 346 Belize 314 Canada 5,451 Dominica 276 Grenada 276 Guyana 310 Ireland 876 Jamaica 545 St. Kitts and Nevis 276 St. Lucia 314 St. Vincent and the Grenadines 314 Fernando JIMENEZ LATORRE 7,518 Costa Rica 432 El Salvador 348 Guatemala 366 Honduras 404 Mexico 1,418 Nicaragua 406 Spain 2,491 Venezuela, Republica Bolivariana de 1,653 114 Members whose Votes Counted Towards Number of Candidate Elected Election Votes Total Votes Patience Bongiwe KUNENE 4,014 Angola 413 Nigeria 1,713 South Africa 1,888 Andrei LUSHIN 6,276 Russian Federation 5,754 Syrian Arab Republic 522 Patrizio PAGANO 7,776 Albania 328 Greece 719 Italy 5,196 Malta 358 Portugal 899 Timor-Leste 276 Maximo TORERO CULLEN 5,641 Argentina 2,436 Bolivia 446 Chile 1,081 Paraguay 367 Peru 883 Uruguay 428 Susan ULBAEK 7,774 Denmark 1,491 Estonia 341 Finland 1,283 Iceland 316 Latvia 397 Lithuania 413 115 Members whose Votes Counted Towards Number of Candidate Elected Election Votes Total Votes Norway 1,458 Sweden 2,075 Total Number of Members Voted 181 218,237 /s/ /s/ Zeina Toukan (Jordan) Marcus Svedberg (Sweden) Teller Teller 116 Accredited Members of the Delegations at the 2016 Annual Meetings Afghanistan Algeria Governor Governor Eklil Ahmad Hakimi Hadji Babaammi Alternate Governor Alternate Governor Mohammad M. Mastoor Abdelhak Bedjaoui Other Other Javid Ahmad Ahmed Boutache Hila Nawa Alam Amir Bouttaba Syed Ishaq Alavi Malek Djaoud Matiullah Faeeq Rosthom Fadli Mohammad Qahir Haidari Tarik Ladjouzi Mohebullah Jabarkhail Mohamed Loukal Hamdullah Mohib Said Maherzi Khalid Payenda Nawel Noureddine Khalil Sediq Angola Albania Alternate Governor Governor Job Graca Arben Ahmetaj B Aia-Eza Silva * Gent Sejko M Other Alternate Governor Ricardo Abreu Elisabeta Gjoni B Nsingi Andre Erjon Luci M Ana Carla Cardoso Julio Daniel Cohen Other Jose Manuel Cortez Knidi Bashari Juciene Clara Daniel Cristiano Alba Caroshi Valter Filipe Duarte da Silva Donald Duraj Kamy Elvira Fernandes Ricardo Hausmann Martina Fernandes Endrit Lami Sihanouk Fortuna Nikolla Lera Victoria Francisco Ljubica Nedelkoska Gil Henriques Gelardina Prodani Mario Joao Mimoza Selmani Elavoco Rosario Joao Erald Themeli Emilio Londa Klodian Tomorri Tuneka Lukau Etjen Xhafaj Esmeralda Mangueira Suzana Monteiro Miguel Antonio Nascimento Amelia Claudia Neto __________________ The list includes delegates for the World Bank Group and the IMF. B – Bank only M – MIGA only * – Temporary 117 Teresa Evaristo Pascoal Daniel Martin Tombwele Pedro Maria Martinez Gramuglia Milton Reis Patricio Melani Ocante Resende Rodrigues Carlos Alberto Melconian Laurinda Santos Almeida Pablo Andres Neumeyer Fabio Soares Pedro Sebastiao Raul Horacio Novoa Felinto Soares Julian Ortiz Agostinho Tavares da Silva Neto Norberto Pagani Adebayo Emanuel Vunge Sergio Osvaldo Perez Gunella Pablo Quirno Antigua and Barbuda Demian Axel Reidel Juan Antonio Ripoll Alternate Governor Pablo Jose Rodriguez Brizuela Lennox O. Weston Guido Martin Sandleris Luis Rodolfo Secco Other Andres Pedro Tittarelli Rasona E. Davis Héctor R. Torres Whitfield Harris Vladimir Werning Argentina Armenia Governor Governor Alfonso Prat-Gay Vache Gabrielyan Alternate Governor Federico Sturzenegger Other Other Vardan Aramyan Santiago Afonso Rafayel Avetisyan Luan Aggersberg Andranik Grigoryan Candelaria Alvarez Moroni Arthur Javadyan Maria Alves Rosa Tigran Khalikyan Federico Alejandro Barttfeld Nerses Yeritsyan Santiago Bausili Yael Dina Bialostrozky Australia Eugenio Bruno Estefania Campaniello Alternate Governor Luis Andres Caputo Nigel Ray * Gerardo Diaz Bartolome Soto Felix Martin Other Mariano Flores Vidal Pena Guy Adams Florencia Soledad Garcia Grant Brown Juan Francisco Gutierrez Telleria Lauren Brummitt Christian Federico Hotton Kristina Costello Sebastian Katz Philip Crago Pedro Lacoste Max Debelle Jorge Roberto Hernan Lacunza Nigel Edwards Guillermo Alejandro Laje Nicholas Ferres Bernardo Lischinsky Linda Fraser Martin Lousteau Kristy Gaetjens Gustavo Lunazzi Bill Gripas Sofia Machado Daryl Heathcote Gustavo Angel Marconato __________________ B – Bank only M – MIGA only * – Temporary 118 Dana Hockey Azerbaijan Carl Jordan Hoverman Scott Kovtun Governor Susan Mckenna Samir Sharifov Kate Millar Natasha Milliner Alternate Governor Barry Keith Morrison Emin Huseynov Robert Ian O'sullivan Hector Plummer Other Jessica Preston Anar Ahmadov Joanne Reinke Elshan Aliyev John Richards Tural Balakhishiyev Chris Mark Robertson Yusif Heydarov Mark Roche Afgan Isayev Caroline Rohan Sarkhan Ismaylov Laura Schwartz Sanan Mirzayev Sarah Smith Shahmar Movsumov Samantha Lea Stableford Azer Mursagulov Cynthia Sterland Elman Rustamov Andrew Stewart Ulvi Seyidzade William Elliott Tattersall Elin Suleymanov Yuri Tattersall Mammad Talibov Christopher John Thompson First Name Middle Name Tolhurst Bahamas, The Joe Ward Gemma Williams Alternate Governor Ben Woods Christine Thompson Austria Other Michael B. Halkitis Alternate Governor John Rolle Paul Schieder Guenther Schoenleitner Bahrain Other Governor Markus Arpa Ahmed Mohamed Hamad A. Alkhalifa Alexander Ehrlich-Adam Elisabeth Gruber Alternate Governor Andrea Hagmann Yusuf Abdulla Humood Peter Istjan Andreas Ittner Other Christian Just Rasheed Mohamed Al Maraj Brigitte Mayr Heidi Van Den Boom Ewald Nowotny Sami Mohammed Hameed Andreas Stauber Mohamed Abdulla Abdulkarim Wolfgang Waldner Hamad Ahmed Mohamed Alkhalifa Michael Wancata __________________ B – Bank only M – MIGA only * – Temporary 119 Bangladesh Other Dmitry Kalechits Governor Pavel Kallaur Abul Maal A Muhith Siarhei Nahorny Other Aleksei Pavlov Md Joynal Abedin Oleg Popov Mahbub Ahmed Sergei Roumas Sarif Ahmed Pavel Shidlovsky Sagir Ahmed Pavel Shulga Muhammad Musharraf Hossain Bhuiyan Maksim Yermalovich Abdur Rahim Harmachi Andrei Yeudachenka S K Aktar Hossain S M Jakaria Huq Belgium Mohammed Syful Islam Ali Haider Mohammad Jahangir Alternate Governor Fazle Kabir Jan Smets B Md Abul Fayez Khan Ronald De Swert M Sabia Muhith Pieter Jan Van Steenkiste * Samina Muhith Guillaume Pierre Wunsch * Shamima Nargis Md Shahabuddin Patwary Other Md Habibur Rahman Jeroen Clicq Mohammad Ziauddin Gerda De Corte Anthony De Lannoy Barbados Kurt Delodder Olivier Elias Governor Tom Franck Christopher P. Sinckler Els Haelterman Ludivine Halbrecq Alternate Governor Stefany Knoll Louis Woodroffe * Anne Leclercq Marc Rifflet Other Melanie Schellens Jane Elizabeth Brathwaite Dominique Servais Michelle Doyle Lowe Luc Roger Stevens Seibert Kenmore Frederick Oliver Jordan Belize Angela Kinch Arlette King Governor Jovan Reid Carla Barnett Delisle Worrell Alternate Governor Belarus Yvonne Sharman Hyde Governor Other Vasily Matyushevsky Patrick Andrews Elvira Mendez Alternate Governor Ardelle Sabido Aleksandr Zaborovsky * Joseph D. Waight Emil J. Waight __________________ B – Bank only M – MIGA only * – Temporary 120 Benin Bosnia and Herzegovina Governor Governor Abdoulaye Bio-Tchane Denis Zvizdic Alternate Governor Alternate Governor Romuald Wadagni Asja Niksic Other Other Francis Amoussou Vjekoslav Bevanda Valentin Biaou Dina Budalica Philippe Dahoui Emin Cohodarevic Victorin Ede Yaovi Samir Corovic Gilles Guerard Zeljka Cvijanovic Fabrice Houessou Milorad Djurdjevic Freud Klissou Mario Glibic Alain Komaclo Haris Hrle Josue Toho Sanja Juric Ankica Kolobaric Bhutan Alem Kominlija Ankica Kovacevic Governor Sasa Maric Namgay Dorji Jelka Milicevic Darko Milunovic Alternate Governor Goran Mirascic Tshering Dorji B* Milenko Misic Amela Mulavdic Other Olivera Nikolic Phajo Dorjee Fadil Novalic Dasho Penjore Lejla Simon Phub Dorji Tangbi Senad Softic Zoran Tegeltija Bolivia Dalibor Tomas Governor Botswana Rene Gonzalo Orellana Halkyer Governor Alternate Governor Ontefetse Kenneth Matambo Luis A. Arce Alternate Governor Other Solomon M. Sekwakwa Alejandro Bilbao Bilbao La Vieja Ruiz Víctor De La Barra Other Jaime Durán Chuquimia Puni Galefetoge Campbell Hernando Cordova Larrazabal Chepete Chepete Leyla Medinaceli Lefhoko Kgoboko Raùl Mendoza Kealeboga Shalaulo Masalila Mariana Prado Noya Linah K. Mohohlo Juliet Lindiwe Molebatsi Emolemo Morake Taufila Nyamadzabo __________________ B – Bank only M – MIGA only * – Temporary 121 Ignatius Khuduego Oarabile Marcio Takeda Alexandre Tombini Brazil Jeannine Torres Carlos Viana Governor Ilan Goldfajn Brunei Darussalam Alternate Governor Governor Luis Antonio Balduino Hisham Mohd Hanifah Other Other Carlos Hamilton Araujo Yusof Abd Rahman Tiago Berriel Mardini Eddie Renato Bezerra Dos Santos Mohammad Nizam Ismi Brigida Bongiolo Azizul Sabrin Omar Leonardo Botelho Ferreira Haziq Sahrip Camilo Buzzi Otaviano Canuto Bulgaria Vinicius Carrasco Matheus Cavallari Governor Ricardo Daskal Hirschbruch Vladislav Goranov Ariosto De Carvalho Mauricio De Moura Alternate Governor Ricardo De Souza Monteiro Dimitar Kostov Sandro De Vargas Serpa Pedro Fachada Other Isaac Ferreira Nadejda Georgieva Deleva João Fruet Junior Eleonora Nikolaeva Nikolova Arnaldo José Galvão Svetlana Dimitrova Panova Erivaldo Gomes Marinela Petrova Wagner Thomaz De Aquino Guerra Dimitar Radev Gustavo Paul Kurrle Nikolay Stefanov Artur Cardoso De Lacerda Tihomir Stoytchev Reinaldo Le Grazie Reinaldo Lima Burkina Faso Alfredo Lingoist Ernesto Lozardo Governor Giselle Meirelles Hadizatou Rosine Coulibaly Sori Henrique Meirelles Flavio Melo Other André Minella Lassina Bitie Solange Moraes Rego Juste Alain Magloire Dabre Amelia Oliveira Mahamadou Diarra Diogo Ramos Moïse Moussa Kabore Leonardo Reis Salam Kafando Bruno Saraiva Moubassera Kirakoye Jose Gilberto Scandiucci Charles Ki-Zerbo Sergio Silva Do Amaral Sanata Kone Antonio Henrique Silveira Sié Hamed Abdel Aziz Laye Alisson Souza Marcellin Nanema Guilherme Studart __________________ B – Bank only M – MIGA only * – Temporary 122 Naby Abraham Ouattara Stephane Ouedraogo Other Adama Salembere Narith Chan Monique Sanou Chanto Chea Seydou Sinka Serey Chea Ateridar Galip Some Suasdey Chea Sylvestre Bapouguini Tankoano Dalin Chhun Armand Tiemtore Bunrong Chum Pierre Waongo Bonnaroth Houl Vouthy Khou Burundi Sovannarith Kith Sopheara Mang Governor Sam An Meas Domtien Ndihokubwayo Channarith Meng Chanthana Neav Alternate Governor Sannisith Sum Desire Musharitse B* Channoch Vong Sakada Vy Other Sylvere Bankimbaga Cameroon Jean Ciza Benjamin Manirakiza Governor Ernest Ndabashinze Louis Paul Motaze Aiamble Niyonkuru Audace Niyonzima Alternate Governor Deo Guide Rurema Charles Assamba Ongodo Beatrice Samandari Jean Tchoffo * Aude Toyi Other Cabo Verde Sarwal Adoum Mahamat Delphine Akelanwie Ngundam Governor Evelyne Akwese Ndikefor Olavo Correia Henri Bala Mbarga Michele Esso Alternate Governor Michel Modeste Essono Carlos Furtado Henri Etoundi Essomba Carla Cruz * Sylvie Eyeffa Njie Thomas Kinge Other Jeannette Laouadi Oriana Gonçalves Jean Marie Benoît Mani Rui Maia Matthew Martin Jose Luis Rocha Gregoire Mebada Mebada Alamine Ousmane Mey Cambodia Theodore Nana Chinmoun Oumarou Governor Isaac Tamba Vanndy Hem Thomas Georistian Tchotelle Alternate Governor Thirong Pen __________________ B – Bank only M – MIGA only * – Temporary 123 Canada Katharine Rechico Jonathan Rothschild Governor Paul Samson Bill Morneau Neil Saravanamuttoo David Sarraf Alternate Governor Shehryar Sarwar Marie-Claude Bibeau Jill Vardy Peter Boehm * Hanna Wajda Timothy Sargent * Carolyn Wilkins Gloria Wong Other Emily Yorke Carmen Avila-Yiptong Rebekah Young Robert Bacile Lorie Zorn David Barnabe Antoine Brunelle-Cote Central African Republic Robert Cayer James Clark Governor Brian Clow Felix Moloua Carolyn Cudmore Gitane De Silva Alternate Governor Umesha De Silva Marie-Laure Dengou Saman Dias Amarawardena Vincent Doire Other Erik Ens Lucas Abaga Nchama Bob Fay Henri Bedaya Damian Ferrese Henri Pascal Bolanga Sarah Fountain Smith Ali Chaïbou Chrystia Freeland Amadou Cisse Gilles Gauthier Mesmin Dembassa Worogagoi Collin Goodlet Henri-Marie Dondra Etienne Grall Gervais Doungoupou Jeremy Harrison Alexis Guenengafo David Hart Abdoulaye Hamadou Hussein Hirji Joseph Henri Ikori Yombo Howard Isaac Evelyne Loudegue Sharan Kaur Lydie Flore Magba Gitanjali Kumar Abakar Mahamat Timothy Lane Anissa Dacosta Ngundi Rick Leblanc Damian Ondo Mane Nchama Jean-Simon Lepage Zul-Kifl Salami Richard Maksymetz Franck Wackers Basia Manitius Julie Mann Chad Rachel Mccormick Steven Mclaren Governor Josianne Menard Mariam Mahamat Nour Geoffroi Montpetit Angela Nembavlakis Alternate Governor Patricia Pena Ngabo Seli Mbogo Stephen Poloz Elisha Ram __________________ B – Bank only M – MIGA only * – Temporary 124 Other Ousmane Abdoulaye Haggar Other Djagba Balandi Ming Ai Abdoulaye Barh Bachar Linghui Cai Nurane Bashir Xiaoli Cai Bechir Daye Shixin Chen Naimbayel Djekonde Lijuan Chen Amelie Djeraibe Jia Chen Tchoul Tchouli Gombo Jing Chen Akhouna Kasser Yu Cheng Gore Mbaitoloum Lin Cheng Mahamat Nasser Hassan Pik Ching Beatrice Chiu Tchingombe Patchanne Papouri Kang Ding Antonio Poncioni Merian Shilei Fan Christiana Rajaomanera Xinran Gao Ildjima Sanda Mallot Elsa V. Gomez Ngueto Tiraina Yambaye Wensong Guo Jing Guo Chile Kai Guo Bin Han Governor Yahui He Rodrigo Osvaldo Valdes Pulido Jianxiong He Weng Sun Ho Other Lourdes Horton Felipe Allard Hanning Hu Ricardo Consiglio Xiaofan Hu Rodrigo Contreras Xin Hua Kevin Cowan Yuan Jiang Beltran De Ramon Zhongxia Jin José Degregorio Kin Wai Law Annemarie Duncker Wing Sing Vincent Lee Maria Flores-Isch Cheuk Man Leung Marcela Gomez Hongxia Li Carlos Mártabit Hui Li Alberto Naudon Wenzheng Li Manuel Augusto Pacheco Ran Lin Jorge Rodríguez Jian Liu Alejandra Rozas Weihua Liu Claudio Soto Zongjie Liu Joaquin Viladomat Tres Hua Liu Juan Gabriel Valdés Jin Lu Rodrigo Vergara Zhenyu Lu Ricardo Vicuña Nan Luan Xiao Luo China Hui Ma Jun Ma Governor Changchun Mu Jiwei Lou Lu Ouyang Jiangnan Qian Alternate Governor Yan Ren Yaobin Shi Zhong Ruan __________________ B – Bank only M – MIGA only * – Temporary 125 Xiaofeng Rui Juliana Escalante Yu Sang Andres Escobar Yang Shuai Milena Lopez Kai Song Ana Fernanda Maiguashca Xiangyan Song Lina Maria Mondragon Tianqi Sun Felipe Munoz Ping Sun Juan Carlos Pinzon Dong Tao Martha Lucia Ramos Chun Wah, John Tsang Maria Clemencia Sierra Jianfan Wang Jose Dario Uribe Sheng Wang Wei Wu Comoros Jingfang Wu Wai Man Wu Governor Weizheng Xiang Said Ali Chayhane Sheng Xie Fei Xie Alternate Governor Yi Xiong Fouad Goulam Luling Xu Caixia Xu Other Bo Yan Omar Bafakih Fan Yang Mze Abdou Mohamed Chanfiou Yang Yang Mze Chei Oubeidi Yuanjie Yang Moindjie Saadi Zi Yang Omar Soilihi Yingming Yang Mohamed Soilihi Djounaid Gang Yi Hoi Ying Yip Congo, Democratic Republic of Raymond Yuen Bo Zhang Governor Xu Zhang Henri Yav Mulang Lei Zhang Song Zhang Alternate Governor Yan Zhou Gérard Mutombo Mule Mule Ye Zhou Xiaochuan Zhou Other Guangyao Zhu François N. Balumuene Jun Zhu Joachim Batomene Matukondolo Dan Zong Célestin Chiza Alain Kaninda Ngalula Colombia Jean Louis Kayembe Wa Kayembe Patrice Kitebi Kibol Mvul Governor Firmin Koto Mauricio Cardenas Bertin Mawaka Lubembo Samba Mawakani Other Godefroid Misenga Milabyo Maria Angelica Arbelaez Lievinne Mongu Eduardo Campo Tambo A Kabila Mukendi Carlos Gustavo Cano Félicien Mulenda Kahenga Clemente Del Valle Sandra Zeli Munzimi Sergio Diazgranados Vincent Ngoga Nzinga __________________ B – Bank only M – MIGA only * – Temporary 126 Jephte Kibidikila Nsumbu Roger Madrigal Honoré Tshiyoyo Dijiba Cote d'Ivoire Congo, Republic of Governor Governor Daniel Kablan Duncan Ingrid Olga Ghislaine Ebouka-Babackas Alternate Governor Alternate Governor Jean-Claude Brou Calixte Nganongo Other Other Fiacre Adopo Sarah Andely John Afele Maxime Apounou Prosper Akmel Akpa Belery Atomini Diamoutene Alassane Zie Jacques Bouity Amoa Antoine Ano Henri Djombo Jacques Assahore Konan Aymar Delmas Ebiou Inza Camara Landry Savely Ekaka Okombi Abdourahmane Cisse Theodore Ikemo Jean Alain Clement Jean Claude Iwanga Jean-Marie Coulbary Paul Malie Adama Coulibaly Stephane B. Mamaty Soungalo Jules Prosper Coulibaly Franck Corneille Mampouya-M'bamba Mamadou Sangafowa Coulibaly Bertille Ida Chantal Mapouata Chalouho Coulibaly Thystere Mayanith Sylvie Dadie Nguessan Serge Mombouli Daouda Diabate Pierre Mpandou Massanfi Bamba Diomande Jacqueline Claire Nzalankazi Vakaramoko Doumbia Roch Okemba Kouao Ephrem Enoh Auxence Okombi Prakash Hurry Felicite Omporo-Enouany Ahoutou Emmanuel Koffi Jean-Baptiste Ondaye Paul Koffi Gatien Wenceslas Ondaye Obili Andre Sylvere Konan Kouakou Isidore Ondoki Nathan Kone Gabrielle Prisca Ouya Yacouba Kone Frederic Poumbou Adama Kone Kouame Georges Kouadio Costa Rica Remi Allah Kouadio Mireille M'bahia Governor Jil-Alexandre N'dia Helio Fallas Marcellin N'djomon Sain Oguie Alternate Governor Wautabouna Ouattara Olivier Castro Pérez Jeremias Pereira Juan Carlos Quiros B* Clement Plaho Ekra Lucien Pouamon Other Yves Tadet Carlos De Paco Thierry Tanoh Juan Carlos Izaguirre Araujo Caroline Tioman Roman Macaya Nankaridja Toure __________________ B – Bank only M – MIGA only * – Temporary 127 Koffi Yao Other Jana Bacova Croatia Karel Bauer Pavla Knotkova Governor Miroslav Kollar Zdravko Maric Jiri Rusnok Jan Schmidt Alternate Governor Dana Steinmetzova Silvija Belajec * Vladimir Tomsik Other Denmark Oleg Butkovic Michael Faulend Alternate Governor Marijana Kolic Martin Bille Hermann Zoran Konstantinovic Nikica Kopacevic Other Relja Martic Thomas Worm Andersen Josip Paro Jesper Berg Hrvoje Radovanic Per Callesen Vedran Sosic Rasmus Ammitzboeld Degn Harun Tankovic Mary-Lou Julie Nathalia Feinberg Zeljko Tufekcic Claus Hjort Frederiksen Mirna Vlasic Feketija Thomas Pihl Gade Boris Vujcic Anne Louise Grinsted Helena M. Hansen Cyprus Martin Holmberg Deanie Jensen Governor Michael Joerholm Kyriacos Kakouris Signe Terney Larsen Lars Gert Lose Alternate Governor Lotte Machon Stelios Leonidou * Sune Malthe-Thagaard Maria Marin Other Lisbeth Mikkelsen Chrystalla Georghadji Jens B. Nellegaard Harris Georgiades Anders Ornemark Georgios A. Kyriacou Mette Petry Savia Orphanidu Jennifer A. Pham Leonidas Pentelides Niels Richter Andrea Petranyi Lars Rohde Georgios Syrichas Anne Pontoppidan Soerensen Czech Republic Djibouti Governor Governor Milena Hrdinkova Ilyas Moussa Dawaleh Alternate Governor Alternate Governor Zuzana Matyasova Ibrahim Hamadou Hassan * __________________ B – Bank only M – MIGA only * – Temporary 128 Other Other Almis Mohamed Abdillahi Maria Soledad Barrera Abdallah Oumar Absieh Francisco Borja Cevallos Mouna Osman Aden Nathalie Cely Ahmed Osman Ali Daniel Andres Hernandez Cely Mohamed Ali Sebastian Maag Pardo Djama Souleiman Ali Diego Martinez Vinueza Dougsyee Aouled Douksieh Victor Villacres Ali Daoud Paul Villareal Ismail Mohamed Djama Mohamed Siad Douale Egypt, Arab Republic of Youssouf Aouled Farah Abdi Ismael Hersi Governor Mohamed Mahmoud Moustapha Sahar Nasr Daher Omar Obsieh Haibado Ismael Omar Alternate Governor Dirieh Farah Souldan Shehab Marzban * Dominica Other Maha Zakaria Abdallah Other Ahmed Farouk Abdelhamid Timothy N. J. Antoine Mohamed Elhady Abdelmageed Vince Henderson Mohamed Ahmed Aboulfadl Rami Ahmed Adel Mohamed Aboulnaga Dominican Republic Ayman Alkaffas Amr Altantawy Governor Tarek Hassan Amer Isidoro Santana Lopez Magued Sayed Amin Reham Barakat Alternate Governor Yasser El Shemy Yvan Rodriguez Hany El Waziry Yasser Gaber Elfityany Other Amr Aly Elgarhy Julio Gabriel Andujar Scheker Mahmoud Elkhatib Rafael Capellan Costa Hisham Tarek Elshall Frank Fuentes Dina Ezzat Mercedes Magdalena Lizardo Espinal Wael Hamed Harold Ortiz Rios Nehal Helmy Juan Reyes Lobna Hilal Joel Tejeda Ahmad Hosni Hector Valdez Albizu Mohamed Ismail Ahmed Ismail Ecuador Youmna Khattab Ahmed Kouchouk Governor Mootaz Mansour Fausto Eduardo Herrera Nicolalde Shahir Wafik Nashed Mohanad Omar Alternate Governor Yasser Reda Patricia Cobos B* Karim Saad Yasser Sobhi __________________ B – Bank only M – MIGA only * – Temporary 129 El Salvador Martha Woldeghiorghis Governor Other Francisco Lorenzana-Duran Berhane Habtemariam Messel Alternate Governor Estonia Carlos Enrique Caceres Governor Other Sven Sester Oscar Anaya Luis Aparicio Alternate Governor Gustavo Argueta Marten Ross Oscar Cabrera Melgar Claudia Canjura De Centeno Other Edgar Rolando Cartagena Eve Anni Nelson Fuentes Ardo Hansson Julieta Fuentes Katrin Kask Carlos Sanabria Riina Laigo Mauricio Silva Raoul Lattemae Enilson Solano Madis Muller Helen Popp Equatorial Guinea Ethiopia Governor Eucario Bakale Angue Oyana Governor Abdulaziz Mohammed Other Carmen Abeme Medam Alternate Governor Sergio Jesus Abeso Obono Fisseha Aberra Juan Manuel Afugu Mbomio Dina Akele Abaga Nchama Other Denisse Andeme Ndong Teklewold Atnafu Ambula Magdalena Ava Bosoka Newayekritos Gabreab Ivan Bacale Ebe Molina Girma Birru Gedda Esperanza Obono Edjang Ayingono Getachew E Gizaw Elias Ovono Edjo Iliena Gabreyesus Guntie Teodoro Ela Ebang Mezgebu Terefe Amada Madiba Sepa Fernando Nguema Mangue Abeme Fiji Cesar Augusto Mba Abogo Antonio Ngua Mba Eyang Governor Ismael Efua Mbana Makina Aiyaz Sayed-Khaiyum Luis E. Ndong Grachov Arturo Nguema Abogo Alternate Governor Pascual Nvo Mangue Makereta Konrote Miguel Engonga Obiang Eyang Nicolas Fernando Okiri Abaha Other Faizul Ariff Ali Eritrea Pankaj Pratap Singh Resina Leba Luwa Sovea Alternate Governor Petaia Dokanivalu Tuimanu __________________ B – Bank only M – MIGA only * – Temporary 130 Akuila Kamanalagi Vuira Jeremie Blin Caroline Elizabeth Waqabaca Josselin Bremaud Tracey Ching Ling Wong Laurence Breton Nathalie Broadhurst Finland Bruno Cabrillac Armel Castets Governor Benoit Catzaras Petteri Orpo Anne-Sophie Cerisola Brittany Chaney Alternate Governor Marilyn Chaperon Kai Aslak Mykkanen B Clemence Choutet Elisabeth Claverie De Saint Martin Other Gregory Clemente Aki Ilari Enkenberg Benoit Cormier Pentti Hakkarainen Stephane Crouzat Heikki Juhani Hietala Gabriel Cumenge Tuuli Juurikkala Nicolas Dasnois Sanna Kangasharju Simond De Galbert Kirsti Kauppi Annabelle De Gaye Teppo Koivisto Olivier Decottignies Erkki Liikanen Samuel Delepierre Soili Makelainen-Buhanist Anne-Marie Descotes Veronica Marchant Morgan Eric Despres Pekka Antero Moren Mariam Diallo Mika Poso Diane Doucerain Pasi Harri Rajala Maxime Durande Leena Ritola Marc Farnoux Anu Sammallahti Marie-Helene Ferrer Satu-Leena Santala Jean-Luc Fulachier Ville Kalervo Valkonen Bruno Fulda Kimmo Virolainen Jeremie Gauthier Max von Bonsdorff May Gicquel Gael Giraud France Amelie Girerd Michael Gordon Governor Yves Guicquero Michel Sapin Thibault Guyon Francois Haas Alternate Governor Kamilla Hassen Odile Renaud-Basso Bernhard Hechenberger Guillaume Chabert * Isabelle Horlans Herve De Villeroche * Pierre Jaillet Oliver Jonglez Other David Krembel Marie-Jeanne Ama Patrick Lachaussee Gerard Araud Emmanuelle Lachaussee Julien Assoun Philippe Lacoste Schwan Badirou Gafari Renaud Lassus Guillaume Barberousse Anne Le Lorier Francois-Xavier Bellocq Noam Leandri Pierre-Emmanuel Beluche Laure Loaec __________________ B – Bank only M – MIGA only * – Temporary 131 Tomas Macek Akwo Fule Meporewa Veronique Massenet Denis Meporewa Emmanuelle Matz Thierry Minko Laurence Monnoyer-Smith Medard Ndoungou Bidaye Julie Morel Jean-Baptiste Ngolo Allini Tristan Mouline Rod Rembendambya Stephane Mousset Guy Nazair Samba Amaury Mulliez Lily Olm Gambia, The Philippe Orliange Balazs Parkanyi Governor Jeremie Pellet Abdou Kolley Nicolas Pillerel Cecile Pot Alternate Governor Cyril Rebillard Baboucarr Jobe B Anthony Requin Olivier-Gabriel Richard Other Natacha Rimbon Lamin Camara Remy Rioux Amadou Colley Cyril Rousseau Kumba Conateh Segolene Royal Sheikh Omar Faye Marion Sanchez Bakary Jammeh Raphael Sart Ioulia Sauthier Georgia Laurence Scurry Maryline Simone Alternate Governor Xavier Starkloff Nikoloz Gagua * Marc-Olivier Strauss-Kahn David Lezhava * Samuel Tribollet Laurence Tubiana Other Andre Vallini Levan Beridze Francois Villeroy De Galhau Sofia Gegechkori Nadia Voisin Archil Gegeshidze Victor Wright Koba Gvenetadze Laurent Zylberberg Giorgi Kakauridze Archil Mestvirishvili Gabon Mariam Tarasashvili Giorgi Tsikolia Governor Givi Zedelashvili Régis Immongault Tatagani Germany Alternate Governor Roger Owono Mba Governor Thomas Silberhorn Other Eric Roland Belibi Alternate Governor Lionel Beninga Thomas Bernd Steffen Boubakary Halilou Yerima Regis Immongault Other Marie Mireille Koumbat Elke Baumann Francis Lendjoungou Michael Peter Best __________________ B – Bank only M – MIGA only * – Temporary 132 Patrick Braemer Jelena Stapf Eva Johanna Brueggemann Joerg Hellmuth Juergen Stephan Claudia Maria Buch Claudia Stirböck Andreas Raymond Dombret Monika Thrun Holger Fabig Stephan Toscani Carsten Frank Peter Trautmann Markus Gallander Stephan Ulrich Doris Grimm Martin Volkmar Bernd Gruschinski Ruediger W.L. von Kleist Victoria Haglan Friedericke Freifrau von Tiesenhause Felix Haupt Norbert Walter-Borjans Anne Hauschild Jan Weder Robert Josef Heinbuecher Jens Weidmann Henrike Herz Benjamin Weigert Judith Hoffmann Ludger J. Wocken Levin Holle Johannes Heinrich Wolff Levin Johannes Ludwig Holle Juergen Zattler Margaret Horb Jens Zimmermann Ingrid-Gabriela Hoven Johannes Kahrs Ghana Nadine Kalwey Anita Doris Kiontke Governor Volkmar Klein Seth Terkper Melanie Denise Klein Dirk Klimach Alternate Governor Marianne Elfriede Kothe Helen Mona Quartey Marcell Kreutzer Hans-Ulrich Krueger Other Alexander Karl Lipponer Joshua Abor Gesa Miehe-Nordmeyer Skido Achulo Claudia Mueller Grace Akrofi Sibylle Pfeiffer Raymond Amanfu Simon Rach Stephen Amegashie Stefan Rebmann Benjamin Amoah Birgit Reichenstein Stella Akosua Ansah Erika Renneke Samuel Arkhurst Josef Rief Johnson P. Asiama Stephan Rochow James Avedzi Oliver Roehn Akosua Okyere Badoo Lars-Hendrik Roeller Cassiel Ato Forson Tobias Romeis Kwame Gyesaw Marc Schattenmann Enyonam Edjeani Haizel Wolfgang Schäuble Alhassan Iddrisu Gerhard Schick Abdul-Nashiru Issahaku Carsten Schneider Evelyn Kwatia Thorsten Scholz Letitia Mante-Akrofi Heinrich Schroeder Nelly Mireku Ludger Schuknecht Joseph Henry Smith Christoph Schwarze Amma Adomaa Twum-Amoah Marco Reinhard Semmelmann Gerhard Günther Sennlaub __________________ B – Bank only M – MIGA only * – Temporary 133 Greece Sergio Francisco Recinos Rivera Alternate Governor Guinea Ilias Xanthakos Governor Other Kanny Mama Diallo Georgios Apostolakis Efthymios Aravantinos Alternate Governor George Chouliarakis Mohamed Lamine Doumbouya Rebecca Cortese Nicholas Christos Garganas Other Glenn Kim Khader Barry Fragkiskos Koutentakis Mamadou Alpha Barry Theocharis Lalacos Madikaba Camara Peter Legler Lancine Conde Theodoros Mitrakos Mamady Conde Stylianos Papadopoulos Moussa Dabo Elena Papadopoulou Abdoulaye Diallo Spyridon Papakonstantinou Ismael Dioubate Ilias Plaskovitis Jacques Diouf Michalis Psalidopoulos Pema Guilavogui Euclid Tsakalotos Maladho Kaba Mamadi Kaba Grenada Abraham Richard Kamano Louncény Nabe Governor Salematou Sako Oliver Joseph Fatoumata Samoura Bouna Sylla Alternate Governor Idrissa Thiam Mike Sylvester Oumou Hann Thiam Other Guinea-Bissau Sebastian Espinosa Angus Friday Governor Thomas William Hill Henrique Horta Kevin Vincent Hogan David Nagoski Alternate Governor Dianne Perrotte Jose Adelino Vieira Guatemala Other Totas Joao Correia Governor Joao Alage Mamadu Fadia Julio Héctor Estrada-Domínguez B Elisio Gomes Sa Issa Jandi Alternate Governor Fernando Jorge Maria Correia Oscar Roberto Monterroso Sazo B* Rosa Maria Ortega-Sagastume B* Guyana Other Governor Victor Vasquez Winston Dacosta Jordan Mario Marroquin __________________ B – Bank only M – MIGA only * – Temporary 134 Gyorgy Patrik Polai Other Reka Szemerkényi Gobind Ganga Endre Torok Natasha Theresa Gaskin-Peters Istvan Veres Sheranne Ayana Isaacs Iceland Haiti Alternate Governor Governor Maria Erla Marelsdottir * Yves Romain Bastien Other Alternate Governor Gudmundur Arnason Jean Baden Dubois David Bjarnason Marie Victoire Vanette Vincent * Nokkvi Bragason Esther Finnbogadottir Other Ingimundur Fridriksson Jovis Bellot Mar Gudmundsson Ronald Gabriel Gudrun Soley Gunnarsdottir Edwige Jean Sigurdur Sturla Palsson Georgette Jean-Louis Jon Sigurgeirsson Romel Troissou Thorarinna Soebech Wilner Valcin Gudrun Thorleifsdottir Honduras India Alternate Governor Governor Manuel De Jesus Bautista Flores Arun Jaitley Rocio Tabora * Alternate Governor Other Shaktikanta Das Rigoberto Romero Efrain Suarez Other Marlon Tabora Nilkanth Avhad Sriram Balasubramanyam Hungary Gopal Bhandari Arundhati Bhattacharya Governor Indu Shekhar Chaturvedi Mihaly Varga B Simanchala Dash Sunil Kumar Dhami Alternate Governor Jagan Mohan Rao Dhanisetty Agnes Anna Hornung B Balachandran K Erattapana Subir Vithal Gokarn Other Rajan Goyal Andras Balatoni Mahalingam Gurumoorthy Gyorgy Barcza Himanshu Joshi Szilard Benk Sanjay Kapoor Balazs Greinstetter Karamjeet Kaur Agnes Ilsinszki Raj Kumar Andrea Nagyne Boda Gangadhar Panda Daniel Palotai Urjit Ravindra Patel Gyula Pleschinger Mohua Roy __________________ B – Bank only M – MIGA only * – Temporary 135 Mridul Kumar Saggar Rika Maylani Taranjit Singh Sandhu Dewi Meidiwaty Satish Kumar Sivan Rut Setio Nastiti Rajesh Subarno Suahasil Nazara Arvind Subramanian Rachmad Poetranto Ravi Sundararajan Teddie Pramono Joel Tallapally Wahyu Pratomo Lily Vadera Aditya Rachman Latha Vishwanath Fazri Reza Wempi Saputra Indonesia Tirta Segara Anggarini Sesotyoningtyas Governor Mutiara Syifaus Shabrina Sri Mulyani Indrawati Daniel T.S. Simanjuntak Tonny Sumartono Alternate Governor Riyanthi Handayani Supadio Agus Martowardojo M Sidharto Suryodipuro Yetti Susilowati Other Mr Susiwijono Evie Sylviani Akbar Enrico David Tarigan Luky Alfirman Endang Trianti Novita Bachtiar Rindayuni Triavini Ardiyanto Basuki Suryo Utomo Budi Bowoleksono Perry Warjiyo Adi Budiarso Aria Teguh Mahendra Wibisono Aida Suwandi Budiman Wiwit Widyastuti Reny Cordelia Juli Budi Winantya Dewa Putu Ekayana Neneng Euis Fatimah Iran, Islamic Republic of Deden Firman Fery Gunawan Governor Muliaman Darmansyah Hadad Ali Taieb Nia Andin Hadiyanto Iss Hafid Alternate Governor Diah Esti Handayani Mohammad Khazaee Torshizi Erwin Haryono Seyed Mohammad Ali Mousavi * Filianingsih Hendarta Nella Sri Hendriyetty Other Miftahul Huda Simin Abdolalizadeh Rendra Zairuddin Idris Ali Bahman Abadi Syurkani Ishak Kasim Zohreh Bahrehbar Peter Jacobs Majid Bizmark I Made Edi Juliana Peyman Ghorbani Bipan Kapur Seyed Malek Hosseini Causa Iman Karana Gholamali Kamyab Isti Kuhn Ali Akbar Karimi Windy Kurniasari Hassan Khodayari Haj Yousefloo Dian Lestari Akbar Komijani Devy Listia Majid Korrami Jodi Mahardi Ali Movahednejad Praseno Retianto Martadarma Ali Seydabadi __________________ B – Bank only M – MIGA only * – Temporary 136 Gholamreza Taj Gardoon Israel Ezzatollah Yousefian Molla Governor Iraq Karnit Flug Other Alternate Governor Ammar Al Dabagh Yoel Naveh B Moutaz Al Dewani Hadeel Al Mousawi Other Abdulameer Al Rubaye Michal Abadi-Boiangiu Waleed Alabbas Andrew Abir Salahuddin Al-Hadeethi Shai Babad Hussein Jaber Abdulhameed Al-Khaqani Nadine Baudot-Trajtenberg Hasan Khazaal Al-Msari Hedva Ber Mohamad Jawad Alquraishy Hila Cohen Mizrav Salem Jawad Chalabi Inbal Hanasab Mahmood Mohammed Dagher Anat Katz Jinan Ismaeil Ibrahim Matan Lev Ari Ali M. Ismail Shula Mishli Jafar Kais Ilana Moyal Mudher M. Salih Kasim Yoav Isaac Soffer Lamyaa Kumail Nathan Sussman Sebastian Talat Marcus Taif Sami Mohamed Italy Fadhil Othman Shwan Ibrahim Taha Governor Ahmed Utaifa Ignazio Visco Ireland Alternate Governor Filippo Giansante Alternate Governor Paul Ryan * Other Paola Ansuini Other Antonio Bassanetti Anne Anderson Franco Bassanini Sharon Martina Donnery Roberto Basso Alan Gibbons Stefania Bazzoni Dympna Mary Hayes Gisella Berardi Nigel Philip Hutson Paolo Cappellacci Mary Josephine Keeney Alessandro Cascino Philip R. Lane Andrea Cascone Yvonne Mccarthy Irene Castagnoli Eoghan Murphy Andrea Catalano Frank Oconnor Laura Cerami Michael O'keeffe Cristina Collura Conor O'kelly Carlo Cottarelli Des O'leary Adolfo Di Carluccio Hilary Reilly Paolo Di Lorenzo Richard Troy Federica Diamanti Rossa White Daniela Enriquez Francesco Fedele __________________ B – Bank only M – MIGA only * – Temporary 137 Luca Franchetti Pardo Laura Frigenti Alternate Governor Federico Giammusso Haruhiko Kuroda B Davide Iacovoni Masatsugu Asakawa * Vincenzo La Via Toshinori Doi * Antonio Leone Eiji Maeda * Christian Lungarotti Kenji Okamura * Giovanni Majnoni Shigeo Shimizu * Manuela Nenna Pietro Carlo Padoan Other Fabrizio Pagani Masaru Abe Fabio Panetta Tatae Akiyama Giuseppe Parigi Toshihisa Aoyagi Cristina Quaglierini Kazuhiko Arakawa Michele Quaroni Shunsuke Endo Salvatore Rossi Marvin Fernandez Andrea Sandre Hideo Fukushima Francesco Spadafora Momo Fukushima Lorenzo Spadavecchia Ryuichi Funatsu Marta Spinella Shigeki Furuta Massimo Tavani Yoshiaki Fuse Armando Varricchio Tatsuya Goyashiki Gelsomina Vigliotti Shohei Hara Yoshinori Harada Jamaica Tomohiro Harada Yumi Haruki Governor Soshi Hashimoto Audley Shaw Hisashi Hatomoto Takanori Hattori Alternate Governor Hirotake Hayashi Everton McFarlane Ryozo Himino Koki Hirota Other Kenichi Horike Ariel Bowen Kaoru Ikeda Nigel Clarke Nobuhiro Ikuro Marsha Coore-Lobban Ryota Inaba Wayne Henry Osamu Inami Audrey Marks Naoaki Inayoshi Darlene Marie Morrison Tsutomu Itsumi Hillary Robertson Mitsutoshi Kajikawa Wayne Robinson Masato Kanda Maurene Simms Yasushi Kanzaki Michael Anthony Tharkur Hiroshi Kato Fayval Williams Mai Kawahara Arthur Hugh Williams Noriko Kawai Brian Wynter Yuki Kitagawa Naohiro Kitano Japan Yosuke Kobayashi Hiroaki Kojima Governor Harada Koki Taro Aso Kenichi Kono __________________ B – Bank only M – MIGA only * – Temporary 138 Kanako Kozaki Hideki Watanabe Kohei Kuboyama Shige Watanabe Tadaaki Kumagai Kazuki Watanabe Junichiro Kuroda Takeshi Yamada Kazuhiro Masaki Hiroomi Yamaguchi Junko Masuda Naoki Yamashita Eri Matsui Satomi Yanagidani Chishiro Matsumoto Mamoru Yanase Masanori Matsuo Kosuke Yokoo Ai Miyahara Akiro Yoshida Chie Miyahara Masato Miyazaki Jordan Toshiyuki Miyoshi Katsuki Morihara Governor Mari Naganuma Imad Najib Fakhoury Yasuhisa Nakao Motoharu Nakashima Alternate Governor Hiroshi Nakaso Zeina Toukan B Ryosuke Nakata Yoshinori Nakata Other Ken Nibayashi Dana Abuhantash Stace Nicholson Adel Alsharkas Atsuyuki Oike Asal Al-Tal Shinichiro Okawa Nedal Azzam Takashi Osada Hazar Ibrahim Badran Ryu Otsuka Dana Zureikat Daoud Tetsuya Sakamoto Ziad Fariz Hiroki Sakamoto Ahmad Habashneh Hiromichi Sakuma Dina Kawar Kenichiro Sasae Ruslan Khozouz Kunihito Sasaki Omar Zuheir Malhas Hirokazu Sato Omar Masalha Ken Shinohara Anas Oran Kotaro Shiojiri Abdelhakim Shibli Kenji Suda Nour Tawil Kazuhiro Suzuki Sami Abdallah Toughoz Rieko Suzuki Shohei Tada Kazakhstan Naoto Takemoto Hajime Takeuchi Governor Hiroshi Takeuchi Erbolat Dossaev Haruto Takimura Takuma Tanaka Alternate Governor Kiichi Tokuoka Madina Abylkassymova Kenichi Tomiyoshi Kei Toyama Other Akihiro Tsuchiya Assel Abdugalimova Hirokazu Tsuda Azamat Agaidarov Sayuri Uematsu Aktoty Aitzhanova Shuhei Ueno Yerkin Akhinzhanov Kazuho Ujiie Daniyar Akishev __________________ B – Bank only M – MIGA only * – Temporary 139 Ardak Amangeldiyev Benjamin Kipkirui Langat Nurgali Arystanov Moses Lessonet Adil Bekbassov Isaya Maana Baurzhan Bektemirov Jane Mugweh Neil Brown Perpetual Wambui Muiga Yerlan Danenov Makali Mulu Bauyrzhan Dossymbekov Donald Murgor Askar Dostiyarov Ronny Gitonga Mutethia Nurlan Dutbayev Geoffrey Ngungi Mwau Zhanar Gabdullina Francis Mwaura Mwega Nurlan Gabdyzhamalov Ella Kendi Mwenda Dalel Ismagulov Wohoro Patrick Ndohho Muhamed Izbastin Charles Muriuki Njagagua Shigeo Katsu Patrick Njoroge Kairat Kelimbetov Kennedy Nyakundi Nyachiro Zhandos Kenzhalin Robert Kivuti Nyaga Sabit Khakimzhanov Kipkosgei Toroitich Kaisar Kopish Ainur Kuatova Kiribati Ruslan Meirkhanov Aisha Mukasheva Governor Aidar Nuraliyev Teuea Toatu Olzhas Nurgaliyev Galimzhan Pirmatov Alternate Governor Arman Sapargaliyev Mareta Taua Kaiteie Abay Sarkulov Daulet Saudabayev Other Zhandos Shaimardanov Danietta Apisai Arman Shamshin Teneke Barenaba Kirata Bakhyt Sultanov Kairat Umarov Korea, Republic of Ainur Yertlessova Seitzhan Yerzhanov Governor Ilho Yoo Kenya Alternate Governor Governor Juyeol Lee Henry Kiplagat Rotich Other Alternate Governor Jin Woan Beom Kamau Thugge Heekwon Chae Suwon Chin Other Gimun Cho Shakeel Shabbir Ahmed Jin-Kwang Choi Robinson Githae Ji-Young Choi Jameck Irungu Kamau Kwanghae Choi Musa N. Kathanje Seong Young Choi Lydia Gakii Kiambi Munseong Choi Julius Maina Kigaga Jaeho Chun Sammy Cherviyot Koech Esther Hong Charles Koori Kyung Wook Hur __________________ B – Bank only M – MIGA only * – Temporary 140 Chung Hoon Hwang Kosovo Hohyun Jang Seung Cheol Jeon Governor Kwang Jo Jeong Avdullah Hoti Soyoung Ji Seoungho Jin Alternate Governor Woojae Jung Agim Krasniqi Moo-Kyung Jung Kyunghee Kim Other Sarah Kim Vlora Citaku Minjin Kim Ardita Dushi Kiwon Kim Salvador Elmazi Nam Sung Kim Lorik Fejzullahu Yonghwan Kim Bedri Hamza Seung Hwan Kim Berat Havolli Jae Hwan Kim Halit Hoxhaj Mun Gu Kim Lulzim Ismajli Hyunggoo Kim Frymezim Isufaj Yoon Kyung Kim Hajdar Korbi Seon Jung Kim Mentor Mehmedi Yoonsang Kim Flamur Mrasori Areum Ko Shkumbin Munishi Jongwook Lee Blerand Stavileci Joongshik Lee Young-Joo Lee Kuwait Chan Jong Lee Hyo Jin Lee Governor Byeongyeon Lee Anas K. Al-Saleh Hue Han Lee Seungwook Lee Alternate Governor Ahran Lee Bader Mohamed Al-Saad Kyongsook Lee Hesham Ibrahim Al-Waqayan * Hyunjoon Lim Kyung Seol Min Other Seungho Nah Muhammad A. Al Awadhi Jeewon Park Mohammad Y. Al Hashel Hyun Woo Park Marwan Al Saleh Chanjun Park Ahmed Al Tahous Chanho Park Osama Alattal Chang-Hwan Park Osama Alayoub Soyoung Park Waleed Al-Bahar Ilyoung Park Thamer Alfailakawi Seunghyun Shim Yousef B.Y.H. Al-Roumi Jeemin Son Saleh Y. Al-Sagoubi In-Chang Song Rania Al-Salem Seokjun Yang Mohammad Alzuhair Hyung Cheol Yoo Farouk A. Bastaki Jeong Shik Yoon Ahmad Mohammed Abdulrehman Bastaki Soohoon Yoon Jaber Mushtaq Kyonghwa Yu __________________ B – Bank only M – MIGA only * – Temporary 141 Kyrgyz Republic Thatnakhone Thammavong Phansy Viphavanh Governor Holady Volarath Adylbek Kasymaliev Latvia Alternate Governor Chynara Kenzhebaeva Governor Dana Reizniece-Ozola Other Tolkunbek Abdygulov Alternate Governor Talant Akmatbekov Liga Klavina Margarita Cherikbaeva Kwang Young Choi Other Almazbek Cholponkulov Kaspars Abolins Chorobek Imashov Baiba Bane Nazgul Karabakirova Agnija Jekabsone Sultan Khudaibergenov Juris Kravalis Mukhamed Lou Arnis Lagzdins Azizbek Omorkulov Peters Putnins Altynai Sakeeva Ilmars Rimsevics Lutfullah Sarilar Jurijs Spiridonovs Biubiumariiam Sharshenova Maija Treija Ulanbek Termechikov Raivo Vanags Zamira Tokhtokhodjaeva Kadyr Toktogulov Lebanon Lao People's Democratic Republic Alternate Governor Alain A. Bifani * Governor Somdy Douangdy Other Raja Abou Asli Alternate Governor Saad Andary Thipphakone Chanthavongsa * Muhammad Baasiri Saade Chami Other Wafaa Charafeddine Puttavanh Dalavong Raed Charafeddine Phetsathaphone Keovongvichith Sami El Azar Thavone Khemkham Fouad Elias El Khouri Soukinda Ounavong Nelly Habib Bounthala Panyavichith Samir Hammoud Somphao Phaysith Marianne Howayek Chanthanome Phommany Nadim Adel Kassar Oth Phonhxiengdy Mounir Lyan Rithikone Phoummasack Wassim Manssouri Monesavanh Phoutthavong Iman Saab Vatthana Sanoubane Riad Toufic Salamé Salameh Vanida Savaddy Sami Saliba Mai Sayavongs Talal Faysal Salman Savandouangchit Sengdeuan Khen Sombandith Khamphan Suphab __________________ B – Bank only M – MIGA only * – Temporary 142 Lesotho Lithuania Alternate Governor Other Tlohelang Peter Aumane Rimtautas Bartkus Marijus Bernatavicius Other Rima Kaziliuniene Ntsiuoa Larentina Jaase Algimantas Rimkunas Seriti Keta Gerda Sakalauskaite Rethabile Masenyetse Laura Sereniene Adelaide Retseliste Matlanyane Marius Skuodis Powell Lehlomela Mohapi Jurgita Uzieliene Tom Mpeta Vitas Vasiliauskas Christopher Nyaka Audrius Zelionis Motena Tsolo Luxembourg Liberia Governor Governor Pierre Egide Auguste Gramegna Boima S. Kamara Alternate Governor Alternate Governor Arsene Jacoby Milton Alvin Weeks Other Other Cedric Nicolas Crelo Theophilus Addey Veronique Dockendorf Anstes Agnew Michael Paul Fischer Alvin Attah Isabelle Goubin Johnson Baysahwala, Jr. Amela Hubic John B.S Davies Nicolas C. Jost Gweh Gaye Bob Philippe Kieffer Dorbor Hagba Serge Justin Kolb Kambo Jefferson Sylvie Lucas Miatta Kuteh Stanislaus Jean Myck Tolbert G. Nyenswah Manuel Tonnar Clavenda O Payman Mohammed M. Sherif Macedonia, former Yugoslav Republic of Mounir Siaplay Sylvester Kassa Thomas Governor Emmanuel Togba Kiril Minoski Sidiki Trawally Alternate Governor Libya Dejan Nikolovski Other Other Ali Saad Alashhab Dimitar Bogov Saddek Omar Elkaber Kristina Jordanova Mohamed Milad Hassadi Maja Kadievska Vojnovik Ibrahim Mohamed Mesallem Metodija Tanevski Tarik Mohamed Yousef __________________ B – Bank only M – MIGA only * – Temporary 143 Madagascar Shahri Ahmad Shaharuddin Hairil Yahri Bin Yaacob Alternate Governor Siti Harlena Binti Harris Lee Claude Rakotoarisoa * Harris Bin Hassan Muhammad Ibrahim Other Mohd Fraziali Ismail Arison Honoré Clair Andriamalala Nooraihan Radzuan Mohd Maminirina Lesth Andriambelo Nazrul Hisyam Mohd Noh Andre Andriamiharisoa Shamsuddin Mohd Mahayidin Jaona Andriatsitohaina Mohd Fahmi Mohd Mokhtar Pierre-Jean Feno Syed Shaniff Said Ali Batu Shah Henri Rabarijohn Zurwati Haslinda Zainal Bahry Joe Andrianaivotiana Rabeantoandro Leon Maxime Raelison Rajaobelina Maldives Haingotiana Liliane Rajemisa Francois Marie Maurice Gervais Governor Rakotoarimanana Ahmed Zuhoor Maria Herinjara Ranohatra Velotiana Raobelina Alternate Governor Alain Herve Rasolofondraibe Abdulla Ali * Iouri Garisse Razafindrakoto Other Malawi Azeema Adam Neeza Imad Governor Ahmed Naseer Goodall E. Gondwe Mali Alternate Governor Ronald Dadi Mangani Governor Daniel Jenya * Sidi Almoctar Oumar Other Alternate Governor Chakudza Kagona Banda Sidiki Traore Charles Chuka Juanito Dichoso Other Getrude Madalo Khauyeza Ely Prosper Arama Ethel Mamba Barema Bocoum Macdonald Davie Mwale Boubou Cisse Rodwell Sitembala Ben Mzonde Tiena Coulibaly Jane F. Nankwenya Moussa Alassane Diallo Hastings Kawaza Mfitizalimba Ngoma Marico Keita Edward Y. Sawerengera Konimba Sidibe Violet Skeva Bassary Toure Konzo Traore Malaysia Malta Alternate Governor Givananadam Kalinan * Governor Edward Scicluna Other Johari Abdul Ghani __________________ B – Bank only M – MIGA only * – Temporary 144 Other Soorooj Phokeer Alfred Mifsud J.K. Ramasamy Mario Vella Sanjay Ramnarainsing Mohammad Kayoum Safee Marshall Islands Mexico Governor Brenson Wase Alternate Governor Vanessa Rubio Other Gonzalo Canseco * Junior Aini Carlos Raul Delgado * Patrick Chen Bernardo Gonzalez * Vilma Edwards Liliana Jimenez * Ywao Elanzo, Jr. Luis Madrazo * Sultan Korean Alberto Torres * Gerald Zackios Oscar Vela * Mauritania Other Andrea Arevalo Governor Ines Avalos El Moctar Ould Djay Nicolas Cabrera Rodrigo Carriedo Alternate Governor Rodolfo Carrillo Mohamed Lemine Tar * Agustin Carstens Daniel Chiquiar Other Stephanie Conejo William Brahim Werzeg Eduardo Del Rio Mohameden Daddah Rafael Del Villar Mohamedoun Daddah Alejandro Diaz De Leon Mariem Dah Ana Luisa Fajer Mohamed Lemine Ould Dhehby Jose Martin Garcia Adama Boubou Dieng Alfonso Guerra Mohamed El Moghdad Javier Guzman Oumar Gueye Carlos Hurtado Fall Khyar Tatiana Lopez Najim Elhadj Mohamed Carlos Marquez Elhadji Mohamed Najim Alejandro Marquinez Mohamed Salem Nany Bosco Marti Abdel Aziz Ould Dahi Jose Antonio Meade Boumedienne Taya Pascual O'dogherty Diombar Thiam Javier Perez Taleb Jiddou Tolba Maria Jose Posadas Hassen Zein Oscar Ulices Ramirez Manuel Ramos Francia Mauritius Alma Romero Carlos Sada Governor Sandra Sanchez Pravind Kumar Jugnauth Juan Luis Sherwell Miguel Siliceo Other Jose Luis Stein Rameswurlall Basant Roi Ana Torres __________________ B – Bank only M – MIGA only * – Temporary 145 Rodrigo Turrent Davaasuren Sodnomdarjaa Gerardo Zuniga Tserenbadral Tudev Ider Tumurbaatar Micronesia, Federated States of Montenegro Governor Sihna N. Lawrence Governor Nikola Vukicevic Alternate Governor Senny Phillip Other Milojica Dakic Other Nikola Fabris Eugene Amor Milena Ljumovic Victor Gouland Milena Veljovic Patrick Mackenzie James Naich Morocco David Panuelo Governor Moldova Mohammed Boussaid Governor Alternate Governor Octavian Armasu Mohammed Louafa Faouzia Zaaboul * Alternate Governor Veronica Vragaleva Other Driss Alaoui Other Nizar Baraka Octavian Calmic Boutaina Ben Moussa Sergiu Cioclea Anouar Benichou Marin Molosag Soundouss Bouhia Vladimir Munteanu Malika Dhif Abdelali Eddebbagh Mongolia Abdelkrim El Amrani Omar El Khayari Governor Karim El Rhaidi Battogtokh Choijilsuren Anis El-Youssoufi Youssef Farhat Alternate Governor Abdellatif Jouahri Nadmid Bayartsaikhan Jilali Kenzi Mohamed Nbou Other Mounir Razki Enkhjin Atarbaatar Mohamed Taamouti Gantulga Badamkhatan Hamza Tber Altangerel Bulgaa Nyamaa Buyanantogtokh Mozambique Gan Ochir Doojav Batbayar Enkhtaivan Governor Ganbaatar Jambal Adriano Afonso Maleiane Sonor Luvsandorj Ayasgalan Molor Manduul Nyamandeleg __________________ B – Bank only M – MIGA only * – Temporary 146 Alternate Governor Nepal Rogerio Lucas Zandamela Governor Other Krishna Bahadur Mahara Ana Maria Alberto Jaime Fernando Chauque Alternate Governor Waldemar Fernando De Sousa Shanta Raj Subedi Carlos Dos Santos Mario Flavia Other Ernesto Gouveia Gove Baikuntha Aryal Umaia Mahomed Narayan Dhakal Adriano Isaias Ubisse Arjun Kumar Karki Eduardo Zaqueu Aakriti Khanal Chiranjibi Nepal Myanmar Rajendra Pandit Kailash Raj Pokharel Alternate Governor Hemlal Sharma Khin Saw Oo Jiban Prakash Shrestha Bhuban Thapa Other Nara Bahadur Thapa Kyaw Kyaw Maung Zaw Naing Netherlands May Toe Win Governor Namibia Jeroen Dijsselbloem Governor Alternate Governor Andreas Penda Ithindi Lilianne Ploumen Alternate Governor Other Antonia Kapia * Janine Geertruida Cornelia Adema Ebson Ngurimuye Uanguta * Helene Bakker Joanneke Balfoort Other Fatimazhra Belhirch Kenneth Matomola Stephanie Broeder Helvi Ndapanda Ivo Bronstring Tikus Ndove Carla Bundy Bonifatius Paulino Jeske De Lint Richard Doornbos Nauru Eric Bertrand Pierre Duflos Ben Feiertag Governor Coen Gelinck David Adeang Richard Gibson Angela Guiro Alternate Governor Paul Louis Ceriel Hilbers Martin Hunt Irene Jansen Jose Jardim Other Klaas Knot Engaro Adeang Linda Konijn John Petersen Vincent Kooijman Jerome Larosch __________________ B – Bank only M – MIGA only * – Temporary 147 Rendolf Andy Lee Constantijn Jelle Vandersyp Ronald Linker Nicolaas Nick Venter Marjolijn Luchtmeijer Daan Marks Nicaragua Queen Maxima of the Netherlands Lysette Melfor Governor Jacquelien Nienhuis Ivan Acosta Montalvan Frank Oostindie Tirsa Partodikromo Alternate Governor Allard Postma Francisco J. Mayorga Xavier Prens Silvio Conrado * Christiaan Rebergen Gabriella Sancisi Other Henne Schuwer Ernesto Conrado Sebnem Sener Nina Conrado Paul Cornelis Maria Soethoudt Manuel Coronel Kim Petronella Maria Solberg Francisco Jose Abea Lacayo Roy Spijkerboer Uriel Ramon Perez Sven Stevenson Leonardo Ovidio Reyes Ramirez Job Swank Carlos German Sequeira Nanette Taams Maria Jose Sobalvarro Isabelle van der Tol Peter van der Vliet Niger Herman van Gelderen Koen van Middelaar Governor David van't Hof Kane Aichatou Boulama Adeline Velu Lilian Vermeulen Alternate Governor Hans Vijlbrief Ahmat Jidoud Gesina A.M.T. Wiltjer Remco Zeeuw Other Djando Abdou New Zealand Hassana Alidou Mahamane Bachir Fifi Governor Harouna Doulla Bill English Mahamadou Gado Habou Hamidine Alternate Governor Fatchima Hima Rabo Gabriel Makhlouf Maman Laouane Karim Alchina Idrissa Kourgueni Other Abdou Rafa Maman Laouali Geoffrey M. Bascand Ouhoumoudou Mahamadou Caroline Rachel Beresford Saidou Sidibe Timothy John Groser Mahaman Sani Yakoubou Mark John Holden Philip John Houlding Nigeria Grant Johnston Tim Ng Governor Helen Jane Patterson Kemi Adeosun Renee Dawn Philip Whitney Talbot __________________ B – Bank only M – MIGA only * – Temporary 148 Alternate Governor Norway Mahmoud Isa-Dutse Abraham Nwankwo * Governor John Enoh Owan-Enoh * Borge Brende Other Other Solomon Olamilekan Adeola Kare Reidar Aas Damilola Adesanya Lise Albrechtsen Oladele Oladipo Afolabi Anne Berit Christiansen Salihijo Ahmad Vebjorn Dysvik Olalekan Joseph Ajayi Hege Gudrun Eliassen Yosolaoluwa Akinbi Tom Eriksen Oladele Bernard Akinrolabu Anne Glad Fredriksen Sarah Alade Kristine Grecuhina Munir Alao Audun Groenn Hakeem Toyin Balogun Thorvald Grung Moe Akpan Hogan Ekpo Bjorn Brede Hansen Hadiza Elayo Karine Hertzberg Bridget Jegwanrime Emakpor Kari Hoel Godwin Ifeanyi Emefiele Amund Holmsen Olufemi Julius Fakeye Halvor Hvideberg Abba Salihi Gwaram Lomoy Jon Philip Aruwa Gyunka Morten Jonassen Rafiu Adebayo Ibrahim Janne Mikael Karkkolainen Babanginda Ibrahim Vaishali Lara Kathuria Abdulmumin Abdulsalam Isa Runar Malkenes Innocent T. Isichei Jay Merchant Tijani Yahaya Kaura Ola Danneborg Nafstad Umaru Ibrahim Kurfi Petter Oelberg Haruna Mohammed Øystein Olsen Amina J. Mohammed Kjell Roland Baba Yusuf Musa Maren Romstad Salisu Saleh Nainna Tove Katrine Sand Ozoemena Nnaji Bjornar Slettvag George Nyeso Guri Solberg Kingsley Isitua Obiora Marit Strand Evelyn Oboro Christian U. Syse Olusegum Odebunmi Sigbjorn Tenfjord Eric Ocheme Odoh Marte Torskenaes Fatima Elabor Ojiaku Vibeke Traalim Bright Erakpoweri Okogu Leif Trana Isaac Agwunsi Okorafor Mirella Wassiluk Shakirudeen Adewale Oloko Oghenekaro Aziakpono Olori Oman Michael Chinedu Ononugbo Chukwudi Jones Victor Onyereri Governor Babatunde Opadeji Abdulsalam Mohammed Al Morshdy Moses Tule Emmanuel Uzodinma Ukeje Alternate Governor Monday Isioma Usiade Nasser Suleiman Al Harthy B Salisu Ningi Zakari Rashid Salim Al Rashdi M __________________ B – Bank only M – MIGA only * – Temporary 149 Other Alternate Governor Mazin Ali Al Amri Aristides Valdonedo Darwish Bin Ismail Al Balushi Ali Mohammed Al Haj Jafar Other Jawad Mohammed Al Talib Brian William Bombassaro Hamood Sangoor Al-Zadjali Katyuska Del Carmen Correa Rolando Julio De Leon De Alba Pakistan Eli Whitney Debevoise Karla Patricia Gonzalez Governor Emanuel Arturo Gonzalez-Revilla Mohammad Ishaq Dar B Alfredo Macia Waqar Masood Khan M Carmen Susana Mora Raul Moreira Alternate Governor Gustavo Adolfo Valderrama Tariq Bajwa B Ivan Alexei Zarak Other Papua New Guinea Saeed Ahmed Moin Akhtar Governor Amir Ashfaq Loi M. Bakani Mohsin Mushtaq Chandna Ishrat Husain Alternate Governor Ashfaq Hussain Manu Momo Jalil Abbas Jilani Umaima Jubran Other Kaleem Khilji Clarence Brian Gomez Zoobia Masood Nancy Lelang Ubaid Ur Rehman Nizamani Ellison Pidik Rizwan Saeed Shaikh Mathew Rabui Ali Tahir John Andrew Uware Muhammad Tayyab Bilal Ahmed Virk Paraguay Ashraf Mahmood Wathra Governor Palau Santiago Peña Governor Alternate Governor Casmir Esang Remengesau Lea Gimenez Alternate Governor Other Darren Fritz B* Pablo Agustín Alonso Gladys Benegas Other Dionisio Borda Elbuchel Sadang Hugo Rafael Caceres Aguero Muriell Sinsak Carlos Carvallo Humberto Colmán Panama Jorge Corvalán Fleming Duarte Governor Carlos Fernandez Dulcidio Jose De La Guardia Wilma Patricia Frutos Ruiz __________________ B – Bank only M – MIGA only * – Temporary 150 Viviana Garay Raymond Albert Batac Viviana Maria Gonzalez Bogarin Mc Queen Buenavides Stella Guillen Jose Chan Gonzaga Benigno López Patrick Chuasoto José Maciel Charisma Coros Pineda Lorena Milessi Francisco Garcia Dakila, Jr. Jose Ramon Molinas Vega Saul De Vries Martha Peña Ben Pagaran Evardone Leila Rachid Mylo Fausto Pablino Rodríguez Jose Paolo Ma. Galang German Rojas Irigoyen William Buenaventura Go Yan Speranza Ivan Gonzales Maria Carla Hernandez Peru Rafael Jose Itchon Josyline Javelosa Governor Evella Rose Macadangdang Alfredo E. Thorne Vetter Thomas Benjamin Marcelo Editha Laureta Martin Alternate Governor Ernesto Pernia Rossana Carla Polastri Clark Gunther Emil Sales Grace Karen Singson Other Maria Edita Tan Carlos Blanco Caceres Iloila Tan Alvaro De Los Rios Diez Nestor Villanueva Tan Cecilia Galarreta Jose Sarsosa Tano Alberto Javier Hart Merino Merwin Valeza Oscar Hendrick Jose Arnulfo Asprer Veloso Cesar Liendo Vidal Edna Cera Villa Erika Violeta Lizardo Guzman Rosanna Marie Villamor-Voogel Carlos Jose Pareja Rios Alberto Solon Villarosa Jorge Fernando Ponce San Roman Cesar Ozaeta Virtusio Tania Quispe Mansilla Belissa Maribel Rojas Poland Renzo Rossini Oscar Rafael Suarez Pena Governor Maximo Agusto Torero Adam Glapinski B Julio Velarde Tomasz Skurzewski M Philippines Alternate Governor Piotr Nowak B Governor Pawel Samecki B* Carlos G. Dominguez Other Alternate Governor Bartosz Arabik Amando Maglalang Tetangco, Jr. Wioletta Barwicka Benjamin Estoista Diokno * Pawel Gebski Paulina Gomulak Other Malgorzata Grotte Mylhyn Acosta Robert Jagiello Valentin Aldeguer Araneta Rafal Jarosz Darell Ann Artates Michal Kaminski __________________ B – Bank only M – MIGA only * – Temporary 151 Ryszard Kokoszczynski Alternate Governor Ludwik Kotecki Abdulla Mohammed S.A. Al Thani Michal Krupinski Albert Kucharski Other Irena Lasota Abdulla Ahmad Marta Lau Ahmad Ali K. Ahmad Mateusz Morawiecki Mahmoud Yousif Ahmed Marcin Obroniecki Mohammed Abdulaziz Al Attiyah Miroslaw Panek Yousuf Jumah Al Buainin Maciej Pisarski Ahmed Abdulla Al Emadi Andrzej Raczko Bader Ahmed Al Emadi Magdalena Szpin Ali Saad Al Hajri Piotr Szpunar Ahmed Al Hashmi Dorota Szymanek Mohammad Moqbel Al Hitmi Agnieszka Urbanowska Qutaiba Al Khazraj Remigiusz Urbanowski Mohammed Jaham Al Kuwari Martyna Wojciechowska Mohammed Saeed Al Naimi Katarzyna Zajdel-Kurowska Fahad Al Nuaimi Robert Zima Khaled Sultan Al Rabban Mohammed Al Shams Portugal Mohammed Saif Al Sowaidi Ali Asad A Sh Al-Emadi Governor Hisham Saleh Al-Mannai Mario Jose Centeno Saad Hamad I. A. Al-Mansouri Abdulla Saad Al-Mohannadi Alternate Governor Sara Al-Saadi Ricardo Mourinho Felix Haitham Alsalama Khalid Soud Al-Thani Other Abdulla Saoud Al-Thani Marta Abreu Georgette Bosha Maria Ines Alves Amal Chmouny Rui Manuel Carvalho Nisreen Haddad Cristina Casalinho Imad Harb Carlos Da Silva Costa Mokhtar Ismeil Maria Manuela Ferreira Bashir Kalisa Domingos Fezas Vital Mohamad Fouad Moabi Paula Rita Leal Kamal Nagi Silvia Maria Dias Luz Michael Gerard Ryan Nuno Alexandre Martins Ziad Soubra Alvaro Matias Bruno Proenca Romania Jose Ramalho Sofia Tome D'Alte da Fonseca Governor Tiago Vargas Tavares Anca Dana Dragu Qatar Alternate Governor Liviu Voinea Governor Ali Sharieff Al Emadi Other Victor Andrei Roxana Cezarina Banica __________________ B – Bank only M – MIGA only * – Temporary 152 Cezar Botel Anna Valkova Boni Cucu Sergey Vasiliev Daianu Daniel Gennadii Vasiliev Ion Ghizdeanu Dmitry Vasilyev Attila Gyorgy Konstantin Vyshkovsky Mugur Isarescu Ksenia Yudaeva Mihaela Marinescu Dmitry Zhirnov Dan Matei Aleksandr Zimin Bogdan Mihai Diana Popescu Rwanda Bogdan Puscas Bogdan Vaduva Governor Mariana Vizoli Claver Gatete Russian Federation Alternate Governor Ronald Nkusi B* Alternate Governor Andrei Lushin * Other Maksim Oreshkin * Jonathan S. Gatera Sergey Storchak * Josiane Ingabire Joy Irankunda Other Mathilde Mukantabana Vladimir Agapov Bonny Musefano Nailya Asker-Zade Bonny Musefano Maria Atamanchuk Kigabo Thomas Rusuhuzwa Andrei Bokarev Amina Umulisa Rwakunda Irina Burdanova John Rwangombwa Sergey Kislyak John Rwangombwa Vladimir Kolychev Eric Sande Rwigamba Andrey Kostin Setti Solomon Boris Lvin Anna Lvova Samoa Dmitry Lyakishev Alsu Makhmutova Governor Maxim Menshikov Epa Tuioti Eugene Miagkov Aleksei Mozhin Alternate Governor Vladimir Nazarov Iulai Lavea Lev Palei Konstantin Panov Other Sergey Potapov Atalina Emma Enari Marina Proutkova Faiane Susana Laulu Artem Ragulin Rosemary Abigail Alofi Lee Hang Viktor Rodionov Karras Harre Lui Tatiana Simakova Alexander Slepnev San Marino Margarita Smoroda Pavel Snisorenko Governor Ekaterina Sycheva Marco Arzilli Vasily Titov Anton Tolstikov __________________ B – Bank only M – MIGA only * – Temporary 153 Alternate Governor Fahad I. Alshathri Dario Galassi Turkey Alturkey Sulaiman M. Al-Turki Other Sami A. Al-Yousef Daniela Berti Mohammed Alzaben Giancarlo Capicchioni Subodh Keshava Wafik Grais Mona Razouk Lorenzo Savorelli Sadok Rouai Noor Tarawneh Sao Tome and Principe Senegal Governor Americo d’Oliveira Dos Ramos Governor Amadou Ba Alternate Governor Other Ana Maria da Conceicao Silveira Baidy Agne Thierno Aw Other Mamadou Moustapha Ba Ginesio Valentim Afonso da Mata Cheikh Ahmed Tidiane Ba Dilson De Sousa Pontes Tiny Aboubacar Sadikh Barry Maria Do Carmo Silveira Danielle Benoist Papa Mademba Biteye Saudi Arabia Khadidiatou Bousso Mamadou Camara Governor Mouhamadou Makhtar Cisse Ibrahim A. Al-Assaf Babacar Cisse Ismaila Dem Alternate Governor Babacar Diagne Ahmed A. Alkholifey Ismaiela Diallo Francoise Dieme Other Abdoulaye Diop Mansour Oudah Al Sawi Issa Djibo Majid Alawwad Charles Fall Ahmed H. Al-Balawi Samba Fall Yousef Al-Bassam Mansour Faye Ahmad Al-Ghannam Ousmane Ngary Faye Assem Algursan Amadou Hott Abdullah Al-Hammad Mansour Elimane Kane Bandr Alhomaly Mamadou Fall Kane Muhammad Al-Jasser Mamadou Kane Riyadh Alkhareif Yaya Abdoul Kane Fahad Al-Mesained Tiemoko Meyliet Kone Hesham F. Alogeel Papa Momar Lo Ibrahim Alromaih Mewlon Nzale Ange Constantin Mancabou Tareq Alsadhan Babacar Mbaye Fahad Alsaif Ndeye Selbe Mbodj Hamad Alsayari Pierre Ndiaye Ayman Al-Sayari Mamadou Ndiaye Saad A. Alshahrani Diagna Ndiaye Fehaid Al-Shammari Momar Ndiaye __________________ B – Bank only M – MIGA only * – Temporary 154 Alioune Ndong Sierra Leone Modou Mamoune Ngom Maguette Niang Governor Noelle Nguele Offutt Patrick Saidu Conteh Lassana Gagny Sakho Mamadou Sarr Alternate Governor Papa Amadou Sarr Alimamy Bangura * Massyla Sylla Abdoul Aziz Tall Other Moussa Abdoul Thiam Alpha Kapri Bangura Kalidou Assane Thiam Abu Bakarr Bangura Mahamane Alassane Toure Morlai Bangura Ibrahima Wade Alpha Ibrahima Diallo Matthew Dingie Serbia Sahr Lahai Jusu Haja Isata Kallah-Kamara Governor Paul Merlvin Kamara Dusan Vujovic Abie Elizabeth Kamara Idrissa Emking Kanu Alternate Governor Philip Michael Kargbo Branko Drcelic Michael Sorie Kargbo Momodu Lamin Kargbo Other Edward Kawa Vuk Djokovic James Sanpha Koroma Nikola Dragasevic Amara Omar Kuyateh Grozdanic Gorana Ibrahim Khalil Lamin Ana Ivkovic Kaifala Marah Milica Jovanovic Grahame J. Nathan Vladimir Jovicic Stephen Justin Prior Vladimir Krulj Momodou Bamba Saho Djerdj Matkovic Mohamed Alie Sesay Jelena Miljkovic Isatu Sema Aisha Sillah Darko Stamenkovic Bokari Kortu Stevens Jorgovanka Tabakovic Pasco Gerald Temple Seychelles Singapore Governor Governor Jean Paul Adam B Indranee Rajah Alternate Governor Alternate Governor Caroline Abel B Alvin Lim * Other Other Laura Elisabeth Agathine Trina Chuang Ronald Cafrine Ian Chung Brian Clifford Commettant Luz Foo Jenifer Sullivan Kenneth Koh Mario Damien Thesee Ashok Kumar Wei Sian Karen Lee Peter Lim __________________ B – Bank only M – MIGA only * – Temporary 155 Luo You Clarice Lim Bostjan Jazbec Yuh Yiing Loh Borut Repansek Ravi Menon Vida Seme Hocevar Anna Ng Irena Vodopivec Jean Teo Heng Ng Jia Jun Ng Solomon Islands Serene Ong Rishi Ramchand Alternate Governor Nigel Seow Mckinnie Dentana Timothy Wei Siong Seow Tharman Shanmugaratnam Other Peiling Sheryl Shum Harry Kuma Teng Teng Jolene Tan Denton Rarawa Zhien Joel Tan Zeng Yi Wong Somalia Slovak Republic Governor Abdirahman Sharif Governor Peter Kažimír Alternate Governor Bashir Isse Ali Alternate Governor Hassan Abdirizak * Karol Mrva Other Other Hodan Said Isse Jorge Andrade da Silva Weli G. Nur Eduard Hagara Abukar Omarsson Vazil Hudák Miroslav Ivan South Africa Marek Jakoby Štefan Kišš Governor Peter Kmec Vanitha Gordhan Martina Kobilicová Štefan Králik Alternate Governor Ivan Lesay Lungisa Fuzile Jozef Makúch Vladimír Martvon Other Martin Šanta Sedwyn Franco Anthony Angela Solíková Fuad Cassim Lucia Šrámková Gcina Nomsa Dlamini Ntombizonke Famakinwa Slovenia Pravin Jamnadas Gordhan Francois Hentschel Governor Juanita Jansen Irena Sodin Mcebisi Jonas Matsepo Nontombi Jonas Alternate Governor Anthony Frank Julies Gonzalo Caprirolo B* Lesetja Kganyago Christopher Loewald Other Nowetu Luti Marjan Divjak Mninwa Mahlangu __________________ B – Bank only M – MIGA only * – Temporary 156 Lindiwe Mathada Elisa Garcia Grande Robertina Mbedzi Ramon Gil-Casares Robin Mbedzi Miren Arantzazu Gonzalez Nandi Siziwe Mkunqwana Emiliano Gonzalez Mota Aaron Daniel Mminele Monica Jaramillo Lucky Molefe Fernando Jimenez Latorre Nomonde Nolutshungu Pilar l'Hotellerie-Fallois Lesego Ntoahae Luis Maria Linde Zafar Parker Fernando Lopez Mmakgoshi Phetla-Lekhethe Victor Manuel Márquez Simon Qobo Luis Marti Logan Rangasamy Delia Millan Monale Ratsoma Pablo Moreno Cleo Rose-Innes Fernando Navarrete Joanne Scott Emma Navarro Sipo Sikakane Soledad Nuñez Samantha Springfield Estefania Sanchez Rodriguez Thivhonali Thathi Javier Sanz Muñoz South Sudan Sri Lanka Governor Governor Stephen Dhieu Dau Ravindra Sandresh Karunanayake Other Alternate Governor Abraham Ding Akoi Mohamed Rafeek Mohamed Ismail Marial Bawuor Geith Abraham Dauson Other Moses Mabior Deu Awuol Don Ajith Perera Abeysekera Brian Dsilva Indrajith Coomaraswamy Ocum Carlos Genes Sunera De Soyza John Dor Majok Dilshad De Alwis Feroze Aban Othow Rupasinghe Swarnalatha Gunaratne Albino Dak Othow Prasad Kariyawasam Thalagala Nishantha Perera Spain Swarnapali K. G. A. W. Ratnayake Welivitage Don Thushara Rodrigo Governor Ranepura Hewage Samantha Samaratunga Luis De Guindos Dimuthu Sanja Wijeyaratne Samaratunga Upekka Samaratunga Alternate Governor Kanakarathna Mahinda Siriwardana Jorge Dajani * P Nandalal Weerasinghe Other St. Kitts and Nevis Antonio Cordero Pablo De Ramon-Laca Clausen Governor Juan Luis Diez Timothy S. Harris Rafael Dominguez Ana Dominguez Velasco Other Julio Durán Zanna Barnard Gonzalo Garcia Andres Maria Barthelmy __________________ B – Bank only M – MIGA only * – Temporary 157 Trevor O. B. Brathwaite Gamal Malik Goraish Everson Hull Gamal Eldin Hassan Yvonne Jean-Smith Sabir Mohamed Hassan Salih Kemoy Liburd Chow Farouck Mohamedelnoor Hussin Thelma Phillip-Browne Maowia Khalid Eisa Mohamed St. Lucia Mustafa Mohamed Ahmed Somia Amir Osman Mubarak Governor Nagla Abdelaziz Osman Allen Chastanet Mohammed Abdalla Osman Anter Alternate Governor Suriname Ubaldus Raymond Governor Other Gillmore Hoefdraad Isaac Anthony Elizabeth Darius-Clarke Alternate Governor Anton Edmunds Karel Eckhorst B* Tracy Polius Kimari Storey Other Cointha Thomas Ruth Frankel Glenn Gersie St. Vincent and the Grenadines Genevieve Gersie-Elshot Faranaaz Hausil Governor William Orie Camillo Gonsalves Nicole Kim Pieters Jade Charity Tjon Alternate Governor Laura Anthony-Browne Swaziland Other Governor Decima Corea Hlangusempi Dlamini B Maurice Edwards Vusie Ephraem Dlamini M Sudan Alternate Governor Bheki Sibonangaye Bhembe B Governor Muna Elsayed Ismail Abuharaz B Other Sadile Dlamini Alternate Governor Brenda Dlamini Mohamed Bushra Badawi B* Martin Dlamini Sikhumbuzo Dlamini Other Elliot B Gamedze Bader Eldin Mahmoud Abbas Kennedy Groening Mekki Yousif Abdalla Elmograbi Maqhawe K Mnisi Asaad Abdelmutaleb Hamad Majozi Sithole Abdelrahman Hassan Abdelrahman Nawal Ahmed Mukhtar Sweden Mustafa Dinar Nazar Elagami Rahtalla Governor Bahereldeen Gamareldeen Magdalena Andersson __________________ B – Bank only M – MIGA only * – Temporary 158 Alternate Governor Alternate Governor Raymund A. Furrer B Marcus Svedberg * Nicole Ruder M Other Other Miriam Abu Eid Jurg Adamek Kerstin Af Jochnick Ines Barnetta Karl Backeus Martin Baumgartner Alexandra Carrell Berg von Linde Martin Dahinden Anna K. Craenen Elena Donzelli Elin Katrine Johanna Ekelund Husborn Amir Alexander Fouad Karolina Ekholm Daniel Freihofer Elin Eliasson Alain Gabler Eva Haghanipour Jorg Gasser Anneli Hildeman Petra Gerlach Anneli Hildeman Daniel Heller Eva Hunnius-Ohlin Paul Inderbinen Stefan Ingves Thomas Jordan Stefan Isaksson Thomas Jordan Per Jansson Alexander Karrer Cecilia Anna Margareta Kahn Andreas Ledergerber Karin Kronhoffer Florence Lochrane Magnus Lennartsson Peter Minder Caroline Leung Philipp Orga Pernilla Liljeson Friederike Pohlenz Hans Lindblad Cyril Gabriel Teiva Prissette Tomas Lundberg Laurence Roth Bjorn Lyrvall Andrea Maria Virgilio Siviero Emelie Mannefred Daniela Stoffel Delprete Pernilla Meyersson Sebastian Waelti Emma Nilsson Maria Isabelle Wieser Maria Norstrom Lea Zurcher Johanna Nuder Thomas Ostros Syrian Arab Republic Marie Harriet Ottosson Mattis Persson Anders Ronquist Tajikistan Anders Ronquist Johan Rydberg Governor Anna Ryott Abdusalom Qurboniyon B Tammy Maria Timko Umed Latifov M Eriksson Modeer Ulrika Emil Wannheden Alternate Governor Ewa Wiberg Jamshed Nurmahmadzoda B Switzerland Other Aziz Kholboboev Governor Farhod Salim Ulrich Maurer B Raymund A. Furrer M __________________ B – Bank only M – MIGA only * – Temporary 159 Tanzania Kittipat Jeamsripong Surachit Laksanasut Governor Alisara Mahasandana Philip Isdor Mpango Pisan Manawapat Kontee Nuchsuwan Alternate Governor Wisarkorn Phetthitiwat James M. Doto Satther Promsumphan Daungporn Rodpengsangkaha Other Suwit Rojanavanich Moses Manase Abilu Woraphot Samritdetkhachorn James Andilile Veerathai Santiprabhob Dismas Assenga Tharwan Seareeprayoon John M Cheyo Chantavarn Sucharitakul Bihindi Khatib Chularat Suteethorn Tiba Eugen Kisonga Rit Syamananda Erasto Kivuyo Pornvipa Tangcharoenmonkong Dickson Lema Benjarat Tanongsakmontri Mary Ngelela Maganga Nartnikorn Tantipong Zephania Abduel Maivaji Neera Tantivorawong Edwin Makamba Soraphol Tulayasathien Scola Malinga Pattrawan Vechasart Khalid Salum Mohamed Porametee Vimolsiri Sauda Msemo Frank Mtosho Timor-Leste Baraka Munisi Mameltha Kissha Mutagabwa Governor Benny L. Mwaipaja Santina Jrf Viegas Cardoso Natu El- Maamry Mwamba Msafiri Nampesya Alternate Governor Ludovick Nduhiye Helder Lopes Benno J. Ndulu Ramon G. Oliveros * Benno Ndulu Johnson Nyella Other Augustine Olal Domingos Alves Khamis Mussa Omar Natercia Coelho da Silva Patrick W Pima Helder Da Costa Juma Hassan Reli Ludmila Estrela Gomes Kay Rala Xanana Gusmao Thailand Habib Mayar Gabriela Pinto Governor Emilia Pires Apisak Tantivorawong Helche Silvester Balbina Soares Alternate Governor Boonchai Charassangsomboon * Togo Other Governor Rom Aroonvisoot Kossi Assimaidou Thitiporn Banchongkalkul Sasiphand Bhanarai Alternate Governor Panalee Choosri Aheba Johnson __________________ B – Bank only M – MIGA only * – Temporary 160 Mehdi Gharbi Other Fayssal Gouia Mongo Aharh-Kpessou Moez Mehdi Mahmoudi Kodzo Wolanyo Amawuda Taoufik Rajhi Ade Basso Anounkou Abdelmalek Saadaoui Essobozou Awade Bechir Trabelsi Yokoudema Kadokalih Amel Ben Younes Turki Couassi-Abou Lowgnet Afi Kponyo Skander Turki Amavi Amelia Kwadzo Lamia Zribi Kossi Tenou Sani Yaya Turkey Tonga Governor Osman Celik Governor 'Aisake Valu Eke Alternate Governor Raci Kaya Alternate Governor Aholotu Palu Other Mehmet Ali Akben Other Mustafa Soner Aksu Sione Ngongo Kioa Hasan Basri Alagoz Mele Ungatea Latu Hakan Atasoy Mehmet Alper Batur Trinidad and Tobago Omer Ethem Bayar Kifaye Didem Bayar Other Ahmet Bicer Jenisa Bala Zeynep Boga Daryl Cheong Ibrahim Halil Canakci Michelle Durham-Kissoon Murat Cetinkaya Omatee Geawan-Ramdass Fatih Mehmet Dogan Alvin Hilaire Kerem Donmez Zahrah Mohammed Senol Duman Anthony Phillips-Spencer Ozgu Evirgen Veronica Ramcharan Cem Ali Gokcen Maurice Suite Busra Nur Gunes Ewart Williams Ibrahim Ethem Guney Gozde Gurgun Tunisia Yavuz Selim Hacihasanoglu Bea Hernandez Governor Buket Imir Mohamed Fadhel Abdelkefi Cagatay Imirgi Orhan Kandar Alternate Governor Ali Hakan Kara Kalthoum Hamzaoui Himmet Karadag Bilal Karaoglu Other Osman Kilincel Chedly Ayari Osman Kucukcinar Sonia Ben Nasr Sema Kumral Raja Boulabiar Hayri Maraslioglu Aymen Erraies Murat Karani Onal __________________ B – Bank only M – MIGA only * – Temporary 161 Pinar Ozlu Other Rasit Pertev Anne Namara Kabagambe Halil Burak Sakal Allen Kagina Osman Sarac Mary Katarikawe Sedife Sarp Lawrence Katekyeza Kiiza Suleyman Semdinoglu Charles Kizito Emrah Sener Nanjobe Layton Mehmet Simsek Lillian Nalima Lukyamuzi-Musoke Esra Simsek Grace Nalunga Luwemba Semih Tumen Adam Magume Olcay Turan Gyvira Makanga Murat Uysal Aldret Albert Musisi Mahmut Varli Lilian Sarah Nanyanzi Gokben Yener Alfred Nnam Yavuz Yeter Dickson Ogwang Muhammed Hasan Yilmaz Woneka Oliver Onder Yilmaz Jane Onega Owachgiu Emmanual Tumusiime-Mutebile Turkmenistan Ukraine Governor Muhammetguly A. Muhammedov Alternate Governor Oleksandr Danyliuk * Alternate Governor Dovletmyrat Mulkiyev Other Yuriy Butsa Other Valerii Chalyi Jumamuhammet Annagulyyev Oleksii Chernyshev Rahimberdi Jepbarov Kostyantyn Chyzhyk Meret Bairamovich Orazov Valeria Gontareva Sergiy Khudiyash Tuvalu Volodymyr Muzylov Volodymyr Shalkivskyi Governor Oleksandr Shchur Maatia Toafa Dmytro Solohub Vitalii Tarasiuk Alternate Governor Letasi Iulai United Arab Emirates Other Alternate Governor Niuatui Niuatui Obaid Humaid Al Tayer Penielu Teo Manraoi Vaaia Other Ali Hamdan Ahmed Uganda Pinaki Aich Khalifa Hassan Al Daboos Governor Khalifa Ahmed Al Faheem Matia Kasaijai Marwa Rashed Al Mahmood Ahmed Saeed Al Qamzi Alternate Governor Hesham Al Qassim Keith Muhakanizi Ahmed Al Qassim __________________ B – Bank only M – MIGA only * – Temporary 162 Hassan Al Redha Alice Campbell Mohammed Ibrahim Al Shaibani Mark Carney Abdulla Zaid Mohamed Al Shehhi Alice Carr Juma Rashid Al Tayer Irene Chen Juma Al Tayer Richard Corrigan Hamad Essa Al Zaabi Jon Cunliffe Khalid Ali Al-Bustani Maura Danehey Sharifa Yaqoub Alhashemi Kim Darroch Mubarak Rashed Almansoori Edd Denbee Jamal Hamed Almarri Shamik Dhar Essa Abdulfattah Kazim Almulla Marilyne Duvigneau Arif Mohd Hadi Mir Ahmad Amiri Jonno Evans Abdulla Saeed Bin Majed Belyoahah Steve Field Shireesh Bhide Kristin Forbes Soon Young Chang Victoria Gibbs Robert Clarke Sonja Gibbs Vincent Cook Rhys Gordon-Jones Stephen Jordan Andrew Gracie Magda Elsayed Kandil Peter Green Faisal Noorali Lalani Kate Greer Nevine Loutfy Kayleigh Guinan Mark John Mcginness Brett Hill Andreas Meletiou Michael Hoare Jonathan Morris Glenn Hoggarth Tarek Mourad Tanya Holden Shayne Nelson Jordan Humphreys Thomas Pereira Kelly Hysan Vikram Pradhan Katherine Jane Alain Jean Paul Renaud Yoshihiro Kawai Andrew James Spindler David Kennedy Suryanarayan Subramanian Rosanna Kim Alexander Thursby David Stephen Kinder Mark Domenic Zanelli Samuel Knott Harry Lee United Kingdom Tom Lefeuvre Ferdinand Ley Governor Mark Lowcock Priti Patel Mark Macgann Andrew Mackey Alternate Governor Lord Peter Mandelson Philip Hammond Paul Marsh Andrew Mccoubrey Other Kayley Mcmorrow Ashley Alder Joe Moynihan Hayden Allan Tom Mutton Andrew Bailey Eva Myers Kiman Bassi Diana Noble Sally Belfield Sinead O'leary-Barrett James Benford Andrew Overton Mark Bowman Robert Oxley Charles Brukner Philip Ozouf __________________ B – Bank only M – MIGA only * – Temporary 163 Dhiren Patel Janelle Austin Asiedu Caroline Read Bama Athreya Antonia Romeo Ahmed Attieg Holger Walter Rothenbusch Sara Aviel Charles Roxburgh Mary Patricia Azevedo Steven Sabey Jennifer L. Bachus Efren Sabillo Britney E. Bailey Victoria Saporta Lauren Miyoko Baker Jude Scott Susan Baker Anthony Segal-Knowles Evan W. Baker Iii Minouche Shafik Daniela A. Ballard Fiona Shaikh Jeffrey Bandman Michael Sheren Peter H. Barlerin Langston Richard Mckenzie Sibblies Andy Baukol Samrita Sidhu Anne Frere Baum Conrad Smewing Rachel R. Bayly Matthew Taylor Robert A. Beadle Richard Teuten Jeremy A. Beck Rachel Turner Douglas Michael Bell Adair Turner Rachel Belter Benedict Wagner-Rundell Catherine Berg Vicky White Elilzabeth Clay Berry Ormond Williams Brendan Patrick Bertagnoll Sam Woods Robert B. Bertram Dan York-Smith Marina Rose Best Manu Kumar Bhardwaj United States Rukmani D. Bhatia Leena Ashutosh Bhatnagar Governor Gretchen Melissa Biery Jacob Joseph Lew Deborah L. Birx Donna Kaylene Blackburn Alternate Governor William David Block Catherine Novelli Sarah Bloom Raskin Beverly Ann Bogerty Other Tracey Bonner Zayba Abdulla Evangelia Bouzis Michael Allen Ablowich Sharon Bowen Zaid A. Abuhouran Joshua Boxerman Angeli P. Achrekar Lael Brainard Jennifer M. Adams Joseph H. Brinker Christopher Benton Adams Mark Nathaniel Brown Adewale Adeyemo Erin Rachelle Brown Reed Jay Aeschliman Gavin J. Buckley Yewande Alade John Burrows Joshua J. Albert Polly Clark Byers Paige Eve Alexander Robert R. Camilleri Cameron Scott Alford Heather Ann Carroll Tanya D. Alfredson Michael Carson Scott Allen James Catto Eric Michael Ambrose Yam Ki Chan Asmeret Dawit Asghedom Ann Mei Chang __________________ B – Bank only M – MIGA only * – Temporary 164 Shiliang Chen Michael Carl Falkenheim Yasmina Chergui Aaron L. Feit Tashi L. Chogyal Paige Elizabeth Fetzer Jeanny Chong Susan French Fine Jennifer Whey-Min Chow Justin P. Finnegan Benjamin Lee Coburn Stanley Fischer Gerald Cohen Jonathan Fishman Carol Cohen Lida M. Fitts Thomas Connors Jennifer Fowler Deborah M. Crane Qing Karen Francis Marshal A. Crawford Kalina Meilan Francis Maria Antonia Cruz Michael Rodney Fraser Jennifer Crystal Erin Frautschy Barrows Benjamin Jared Cushman Andrea Karen Freeman Aarushi Das Michael B.G. Froman Himamauli Das Brody Garner Chad Edward Dear Jane Garrido Melissa Del Rosario Karlin Judith Gatton Charles Alexander Deluca Amias Agassiz Moore Gerety Roland Demarcellus Melanie Gilbert Abigail Mary Demopulos Siobhan A. Girling Joseph Boyle Dickson Daniel Lawrence Glaser Shannon Ding Heather G. Goethert Robert Stephen Dohner Rachel Ellen Goldberg Stephen Paul Donovan Adam Lyle Goldsmith Brian M. Doyle Aaron Marc Goldzimer Susan Driano Stephen Readon Gooch Joshua Allen Drobnyk Warren Gorlick Lennon B. Dugan David Gottfried Danielle A. Dukowicz Gregory Gottlieb Beth P. Dunford Corinne A. Graff Kristina M. Dunne Daniel Scott Grant Jonathan T. Dworken Christopher Grant Karen Elizabeth Dynan Martin Grant James Anthony Earl Barry Quentin Gray Enoh T. Ebong Michael Blake Greenwald Noah Eden Steven D. Grefe April Michelle Elliott Maureen Grewe Christopher C. Ellis Christopher Grewe Margot B. Ellis Olivia Brooks Griffin Matthew D. Emry Joseph Gruber Nicholas Beechy Enz Martin Gruenberg Becky Erkul Dean Gudicello Kristen Ann Erthum Christopher Colin Guest Alexis Clare Erwin Vanessa P. Guest Marcela X. Escobari Mileydi Guilarte Victoria Esser James N. Hamilton Nancy L. Estes Kathleen Marie Hamm Linda Iquo Etim William P. Hammink Timothy Eydelnant Devin Hampton Kate Audrey Eyerman Diana Beck Rossiter Harbison __________________ B – Bank only M – MIGA only * – Temporary 165 Richard David Harden Jamie Ilana Kraut Glenn Harrington John Doherty Kriegsman Jennifer A. Haverkamp Lisa Jean Kubiske Paul Reilly Hegarty Jyl Renae Kuczynski David B. Hegwood Shailesh Kumar Jacob Atkins Henderson Marisa Lago Barbara E. Hendrie Ruby Lai Andrew Herscowitz Denise Lamaute Plato R. Hieronimus Clemence Landers Johnathan A. Hilton Gregory Larson Ana Elizabeth Himelic Alexia Latortue Elizabeth A. Hogan Carolyn C. Laurenzano Dovie Alice Holland Timothy Lavelle Robert Walter Holleyman Megan Jennifer Leary Elizabeth S. Hosinski Allison Leblanc Emily Howard Paul Leder Carina Hreib Audrey Lee Colin Huerter Mallory Cassandra Leewong Sang Ju Hull Alfonso E. Lenhardt Leslie Denise Hull Michael R. Leonard Christopher N. Hunnicutt Paul Andrew Leonovich Lyndsay Nichole Huot Benjamin Levine John Charles Hurley Cherrica Li Anthony Nicholas Ieronimo Merry Lin Jessica Isaacs Stephen F. Little Thomas Geoffrey Iverson Elizabeth Lascelles Littlefield Ke Ji Allison K. Lombardo Elizabeth Scott Johnson Jonathan Loritz Kelly Elizabeth Johnson Philip Martial Lovegren Richard William Johnston Andrea Marie Lupo Sean Maurice Jones Sarah Ann Lynch Keith C. Jordan Colin Vilas Mahoney Ajit Vijay Joshi Nishad Majmudar Amad Judeh Dorothea C. Malloy Debra A. Juncker Matthew Sebastian Malloy Adil Kabani Anthony Marcus Adam K. Kaloides Alejandro Mares Steven Kamin Susan A. Markham Michael Adam Kaplan Alana Maria Marsili Robert Kolb Kaproth Leonardo Martinez Jonathan D. Katz Jerrod Ludger Mason Nayla Marie Kawerk Timothy Massad Brian Joseph Keane Karen Mathiasen Carol Ann Kelley Ryan Douglas May Stefanie K. Kendall Meredith G. Mccormack Alex Khachaturian William Larry Mcdonald Nasir Mahmood Khilji Alyson Mcgee Behnaz Kibria Amy E. Mcquade Scott Kleinberg Solianna C. Meaza Irene Koek Lorri Anne Meils Julie Ann Koenen A. Greer Meisels __________________ B – Bank only M – MIGA only * – Temporary 166 Thomas O. Melia Juana Karina Plascencia Lev Menand Christopher S. Ploszaj Eric Onno Meyer Patricia Pollard Svetlana Milbert Eric Postel Timothy Mills Simon Potter Julie Beth Mills Jerome Powell Sean Misko Rahul Prabhakar Reginald W. Mitchell Jeffrey Prescott Jennifer M. Mock James Christopher Prussing Matthew Jay Mohlenkamp Cedric Pulliam Jeffrey Moon Patricia Lynne Rader Robert Alan Morin Natalie Radhakrishnan Charles Clark Morovec Silvia L. Ramirez Anna Marisa Morris Arathi Rao Daniel Foster Morris Diane Ray John Morton Jason Michael Raymond Debra I. Mosel Trevor Reeve Hilary Mossberg Scott Rembrandt Alex Mourant William Matthew Remington Jason E. Moxley Robert Eric Reno Arthur Murton Catherine Reynolds Adam Grant Myers William Granfield Rich Anjani Desikan Nadadur Laurie Faxon Richardson Rashid Naseem Salina Rico Fabio Natalucci Maria Angelique Roberts Matthew Nemeth Sabrina Roshan Charles E. North Kevin Johnny Rosier Nour Nsouli David Rowe Malachy Nugent Sarah Kendall Runge Lydia Nylander Christopher T. Runyan Jamie Leonor Obal Warren Ryan Christopher Ogilvie Michael Schetzel Brian O'toole Daniel Schneiderman Ariel Pablos Mendez Erik Joseph Schnotala Eric Pan Robert Kennett Scott Omar Parbhoo Stephanie Segal David J. Park Christina Segal-Knowles Joakim Parker Jason Scott Seligman Sarah E. Parsons Sara Senich Emily-Anne Patt Clarence Alexander Severens Matthew Philip Pelligrino Thomas Bertram Sewell Eric Pelofsky Alpa Mahendra Shah Bill Duane Pelton Tara Rae Shannon Christa Pennifill D. Nathan Sheets Joseph S. Pennington Laura Shen Daniel Walter Peters Chaitra P. Shenoy Jonathan Patrick Phillips Christopher L. Shepherd-Pratt Jeffrey D. Picard Laura Sima Hannah Marcy Pincus Erik M. Singer Anthony F. Pipa Daleep Singh Michael A. Pisa Kim Noelles Smaczniak __________________ B – Bank only M – MIGA only * – Temporary 167 Julia Christine Smearman Ryan George Washburn Gayle Smith Robert Wasserman Barbara J. Smith Sarah Lyn Weber Michelle A. Smith Douglas W. Webster Whitney Kent Smith Jessica Webster John James Spears John Leslie Weeks Jackson Taylor Spivey Chris Weideman Katherine D. Steel Antonio Francesco Weiss Gloria D. Steele Mary Jo White Jonathan N. Stivers Oren E. Whyche Gabriela Stocks Susan E. Wilder Kathryn Stolp Shamika N. Williams Elan Strait Justina R. Williamson Michael Clinton Strauss James Marlin Wilson Nicholas Strychacz Beth Anne Wilson Patrick Lindsay Stuart Peter Wisner Harry Robert Sullivan Erik John Woodhouse Matthew Sullivan David Wright Steve Matthew Swartz Ann Marie Yastishock Cody Welles Swyer Janet Yellen Adam Jacob Szubin Gavin Yerxa Lilburn Trigg Talley Mamadi Yilla Daniel K. Tarullo Lesley Anne Young Shantanu Tata Sally Yozell Chris Edward Taylor Leocadia Irine Zak Lorena M. Taylo-Segura Rick Ziegler Laura Temel Andrew Zilm David Jonathan Tessler Jeremy Leaman Zook Ashlee R. Thomas Carrie Ann Thompson Uruguay Jennifer Thornton Aye Thwin Alternate Governor Victor Alexander Tineo Herman Kamil Ramin Toloui Mariella Maglia * Thao Phong Mai Tran Karen Faye Travis Other Henderson Whitener Trefzger Laureano Bentancur Lira Laura Ann Trimble Marianela Bruno Qurra Tulann Carlos Gianelli Marybeth K. Turner Alberto Graña Noam Carl Unger Antonio Nelson Juambeltz Rizzo Arjun Vasan Julio Tealdi Risso Joanna Raina Veltri David Vogel Darci Vetter Stephen Nestor Vitvitsky Uzbekistan Debra C. von Koch Sweta Wahal Alternate Governor Douglas D Walker Ravshan Gulyamov B Anne Shere Wallwork Shokhrukh Shoakhmedov B * Molly M. Ward Gordon Warren __________________ B – Bank only M – MIGA only * – Temporary 168 Other Lan Ngoc Tran Sardor Sagdullayev Huu Hien Vo Vanuatu Yemen, Republic of Governor Governor Gaetan Pikioune Mohammed Al Maitami Alternate Governor Alternate Governor Simeon Malachi Athy Nazar Abdullah Basuhaib Other Other Michael Samuel Hililan Qusai Abdalla Al Meqbeli Lynette Ragonmal Abbas Albasha Tony Amos Sewen Abdulrahman Aleryani Abdulla Al-Quaiti Venezuela, Republica Bolivariana de Monasser Al-Quaiti Adel Alsuneini Governor Ahmed Awad Binmufarak Rodolfo Medina Del Rio Zambia Alternate Governor Eudomar Rafael Tovar Governor Felix Mutati B Other Howard Alvarez Alternate Governor Margarita Berton Lucky Mulusa B* Victor Blanco Ronald Simwinga B* Jesus Cova Armando Leon Other Juan Cristobal Prieto Marsha Chipasha Achiume Holdway Luis Rivero Mukuli Sibbuku Chikuba Pablo Romero Joseph Chilaizya Julio Cesar Viloria Kayula Chimfwembe Francis Chipimo Vietnam Moses Edward Chongo William Kabwe Governor Danny Kaliba Dong Tien Nguyen Denny H. Kalyalya Patricia Littiya Alternate Governor Mutale Mbalamweshi Long Duc Nguyen Gladys Chongo Mposha Mulenga Musepa Other Nawa Musiwa Muyatwa Hai An Ha Inonge Mwenya Hung Vinh Nguyen Emmanuel Mulenga Pamu Lien Hong Nguyen Auxilia Bupe Ponga Tra Vy Thi Nguyen Musokotwane Sichizuwe Thanh Chung Nguyen Huong Thi Thu Nguyen Luu Thi Hoang Phuong __________________ B – Bank only M – MIGA only * – Temporary 169 Zimbabwe Governor Willard L Manungo Alternate Governor Pfungwa Kunaka Other Michael Chakanaka Bimha Shaw Chimombe Patrick A Chinamasa Josephine Dambaza Matilda Dzumbunu Caleb Fundanga Siwela Gladys George Guvamatanga Frank Kamangeni Admore Kandlela Tiviniton Makuve Somkhosi Malaba John Panonetsa Mangudya Rwatirisa Matsika Chipo Mhini Buhlebenkosi Moyo Joseph Muchepa Kuda Mudereri John Mushayavanhu Jonah Mushayi Ronald Mutandagayi Ammon Mutembwa Patrick Mutimba Russell Muusha Simon Nyarota Rapheal Otieno Webster Rusere Azvinandaa Saburi Mpofu Sehliselo Sharon Wallet __________________ B – Bank only M – MIGA only * – Temporary 170 Observers at the 2016 Annual Meetings Abu Dhabi Fund for Development Anthony Musonda Simpasa Sibry Tapsoba Adel Alhosani Hau Sing Tse Rashed Al Kaabi Desire Vencatachellum Nyamajeje Calleb Weggoro Africa Finance Corporation African Export-Import Bank Andrew Folorunso Alli Adesegun Akin-Olugbade Benedict Oramah Reuel Andrews Kanayo Awani Oyebanji Fehintola Denys Denya Sanjeev Gupta Richman Dzene Alice Usanase Jacqueline Ebeid George Elombi African Biofuel and Renewable Energy Company Hippolyte Fofack Philip Kamau Kodjogan Fedy Amr Kamel Kangah Kouakou Alphonse African Capacity Building Foundation Jean Christian Koudou Higenyi Samuel Mugoya Emmanuel Nnadozie Gwendoline Mwaba Bakary Kone Chandi Mwenebungu Humphrey Nwugo African Development Bank African Fund for Guarantee and Economic Akinwumi Ayodeji Adesina Cooperation Shimeles Abebe Tariq Altushani Justin Uyisenga Charles Boamah Olivier Eweck African Trade Insurance Agency Heinrich Mihe Gaomab Kapil Kapoor George O. Otieno Jacob Kolster Israel Augustine Kamuzora Janvier K. Litse Caroline Nyambura Kinyanjui Martine Delhaise Mabiala Doumbeneny Sindiso N. Ngwenya Celestin Monga Hellen Adhiambo Ooko Angela Nalikka Cyprien Sakubu Rakesh Nangia Gabriel Negatu African Union Helene N'Garmin Ganga Vincent Nmehielle Muna Ahmed Abdalla Hassatou N'sele Fatima Acyl Kwabena Boadu Oku-Afari Biodun Adeyemo Tom Mboya Owiyo Fareed Kwesi Arthur Godfred Awa Eddy Penn Mesfin Tessema Ashagrie Alex Rugamba Tarek Ben Youssef Ndinaye Sekwi Charumbira Mike Salawou Assietou Diouf 171 Erica L. Hovani-Bue Peter Kim Amine Idriss Adoum Maria Aurora Gregoria Lomotan Moleboheng Aurelia Mabote Thiam Hee Ng Seraphine Manirambona Amr J. Qari Patrick Manke Michael Reyes Anthony Mothae Maruping Roka Sanda Josepha Musabyemariya Craig Steffensen Anthony I. Okara Deborah Stokes Zibagwe Scelo Babajide Olumide Sodipo Natsuki Tyler Woochong Um Arab Bank for Economic Development in Africa Im Em Unkavanich Pierre Van Peteghem Sidi Tah Wencai Zhang Kamal Mahmoud Abdellatif Mohamed El Hafedh Beddy Asian Infrastructure Investment Bank Arab Fund for Economic and Social Development Liqun Jin Daniel Grian Alexander Abdlatif Al-Hamad Thierry De Longuemar Mondher Gargouri Jang Ping Thia Hossam Khalil Joachim Von Amsberg Yanning Wang Arab Monetary Fund Xiao Wang Quan Zheng Abdulrahman A. Alhamidy Yisr Barnieh Association of African Development Finance Institutions ASEAN+3 Macroeconomic Research Office Joseph Alfred Amihere Junhong Chang Percy Bansosa Nsiala Feng Gong Ernest Athur Dietrich Beomhee Han Gbrehiwot Esayas Bahre Hoe Ee Khor Paul Jubile Ilunga Mupani Qiying Pang Lionel Kalamba Muipatayi Yasuto Watanabe Nazaire Kibuti Denis Maheshe Tulinabo Asian Development Bank Emmanuel Ntaganda Kevin Tshikaya Tshikaya Tshiani Takehiko Nakao Petunia Zwane Michael Peter Barrow Indu Bhushan Bank for International Settlements Kazuki Fukunaga Almazbek Galiev Jaime Caruana Diwakar Gupta Enrique Alberola Ila Sujata Gupta Pereira Da Silva Zenia E. Jimenez Hermann Greve Naoya Jinda Corrinne Ho Michael T. Jordan Jean-Francois Rigaudy Songyee Jung Philip Turner 172 Pierre Moussa Christophe Lekaka Bank of Central African States Thierry Mamadou Asngar Jean-Claude Nguemeni Dieudonne Evou Mekou Paul Tasong Njukang Black Sea Trade and Development Bank Central African States Development Bank Serafeim Tsokas Abbas Mahamat Tolli Valery Vladimirovich Aksenov Oscar Ngole Christopher Peter Best Central American Bank for Economic Integration CAF - Development Bank of Latin America Hernan Danery Alvarado Enrique Garcia Victor Fabiano Ainara Bacaicoa Izarzugaza Ricardo Rico Felix Bergel Ramiro Tabares Gabriel Felpeto Anahiz Figueroa Central American Monetary Council Isabella Maria Grisanti Vollbracht Andres Rugeles Angel-Alberto Arita-Orellana Hugo Sarmiento Common Market for Eastern and Southern Africa Caribbean Community Perpetual Chawe Mpande Chuulu Joseph Cox Dennis Matanda Rodinald Soomer Evelyn Wayne Commonwealth Secretariat Caribbean Development Bank Patricia Janet Scotland Samantha Kathleen Attridge Warren Smith Bhabani Shankar Choudhury Joseph Jason Cotton Kimberly Cliff Ian Durant Reginald Darius Dorla Humes Matthew Leo Doyle Justine Andre Ram Paula Dawn Harris Shami Mohamed Jabane Center for Latin American Monetary Studies Annie Wanjiru Kahenya Denny Mahalia Lewis-Bynoe Fernando Tenjo Obianuju Chinedum Maduforo Adriana Alverde Deodat Maharaj Jaime Osvaldo Coronado Travis Klaus Mitchell Maria Luisa Gutierrez Duncan Onduru Dalmir Sergio Louzada Lucas Craig Rutherford Fernando Sanchez Alison Souter Karen P. Williams Central African Economic and Monetary Sanjana Zaman Community 173 Cooperation Council for the Arab States of the Sergei Guriev Gulf Zbigniew Hockuba Matthew Jordan-Tank Abdullah Al Shilbi Natalia Khanjenkova Khalid Alalsheikh Hans Peter Lankes Isabelle Laurent Council of Europe Development Bank Francis Malige Hannah Meadley-Roberts Rolf Wenzel Elizabeth Nelson Matthias Bauer Renae Thor Ng Anna Fokkelman Camilla Otto Jacques Mirante Pere Jean-Marc Peterschmitt Carlo Monticelli Alain Christian Pilloux Thierry Poirel Alexander Plekhanov Riccardo Puliti East African Community Enzo Quattrociocche Artur Radziwill Enos Stephen Bukuku Bojana Reiner Pantaleo Joseph Kessy Mattia Romani Robert Maate Alan Rousso Artem Shevalev East African Development Bank Andras Simor Michele Small Mahesh K. Kotecha Josue Tanaka Nicholas Tesseyman Economic Community of West African States Axel Van Nederveen Pippa Wright Marcel Alain De Souza George Agyekum Donkor European Central Bank Abdoulaye Fall Macdonald Saye Goanue Mario Draghi Lassane Kabore Roland Beck Kone Tanou Benoit Coeure Mamadou Traore Vitor Constancio Agnese De Leo European Bank for Reconstruction and Peter Ehrlich Development Christine Graeff Lucas Guttenberg Sumantra Chakrabarti Michele Kirstetter Kuusvek Andre Peter Kooijman Mandeep Bains Sam Langfield Philip Bennett Sabine Lautenschlaeger Angelique Botella Yves Mersch Jonathan Charles Aidan Meyler Roberto De Michele Eszter Miltenyi Torstensson Leonor Fontoura Frank Moss Hildegard Gacek Malgorzata Osiewicz Calogera Jane Genuardi Rasmus Rueffer Julie Green Juergen Schaaf 174 Ronan Sheridan Gunther Oettinger Giuseppe Siani David Osullivan Roland Straub Elisabeth Pape Jean-Pierre Vidal Kay Parplies Benjamin Vonessen Anna Prisco Jennifer Riccardi Valerie Rouxel-Laxton European Commission Heinz Scherrer Graciela Schiliuk Jamilla Abarkane Werner Scholz Morales Alvaro Stella Simantiraki Benjamin Angel Yasmina Sioud Ana Baas Clarissa Spada Jean-Luc Bald Jesse Spector James Andrew Barbour Joost Stekelenburg John C. Berrigan Loukas Stemitsiotis Moreno Bertoldi Michael Theiler Cristian Bobocea Susan Tucker Helena Boguslawska Fabrice Vareille Rudiger Boogert Vlassia Vassikeri Klaus Botzet Zaneta Vegnere Marco Buti Caroline Vicini Ben Carliner Alessandro Villa Linda Corugedo Steneberg Ilona Volter De Thier Declan Costello Petr Wagner Fabien Dell Thomas Wieser Servaas Deroose Kai Wynands Valdis Dombrovskis Kasper Zeuthen Annika Eriksgaard Melander Deborah Fitzer European Investment Bank Group Elena Flores Jeremie Gallon Werner Hoyer Erica Gerretsen Mark Allen Andrea Glorioso Thomas Barrett Olivier Guersent Mirko Becker Michael Hager Guido Bichisao Renate Hahlen Carlota Cenalmor Sanchez Anna Herold Bertrand De Mazieres Christopher Kleponis Bachlmair Dieter Michael Koehler Gavin Dunnett Elke Koenig Roman Escolano Michelle Kosmidis Ambroise Fayolle Tristan Le Berigot Ana Francelia Garcia Despina Manos Alain Godard Stefano Manservisi Roger Havenith Katarina Mathernova Christopher Hurst Pierre Moscovici Davia Jasmin Valere Moutarlier Christelle Jolivet Alexander Oettinger Christopher Knowles 175 Eila Kreivi Inter-American Development Bank Jean-Christophe Laloux Andrew Macdowell Luis Alberto Moreno Maggiore Matteo David Abensur Scatasta Monica Maristella Aldana Debora Revoltella Carola Alvarez Heike Ruettgers Amal-Lee Amin Marjut Santoni Galindo Arturo Frank Schuster Per Backman Jonathan Taylor Matias Bendersky Pim Van Ballekom Tracy Ann Betts-Martinez Patrick Walsh Juan Pablo Bonilla Jerry Butler European Stability Mechanism Francisco J.J. Castro Y Ortiz Ignacio Corlazzoli Klaus Peter Regling Gustavo De Rosa Kalin Anev-Janse Andre Delgado Gong Cheng Satomi Dieguez Sarah Fouqueray Carrick Laura Fan Christophe Frankel Soledad Feal Zubimendi Nicola Giammarioli Orlando Ferreira Caballero Sebastien Levy Federico Galizia Dominika Joanna Miernik Jaime Garcia Alba Wolfgang Proissl Luis Alberto Giorgio Juan Alberto Rojas Blaya Jonathan Goldman Siegfried Ruhl Sebastian Gonzalez Saldarriaga Rolf Rainer Strauch Bernardo Guillamon Andres Sutt Diana Hincapie Wim Van Aken Julie T. Katzman Juan Ketterer Financial Fund for the Development of the River Brett Maitland Plate Basin Victoria Marquez Mees Alexandre Meira da Rosa Juan Enrique Notaro Leopoldo Montanez Elke Groterhorst Gina Montiel Mariana Prado Juan Ricardo Ortega Lopez Pablo Pereira Dos Santos Financial Stability Board Zoila Pun Perez German Quintana Svein Andresen Davinia Rodriguez Santos Robert Patalano Luiz Ros Rupert Thackray Thorne Jose Juan Ruiz Gema Sacristan Food and Agriculture Organization of the United James Peter Scriven Nations Jose Seligman Silva Frank Sperling Barbara Ekwall Esteban Verdugo Pedreros Maria Aranzazu Villanueva Hermida Triana Yentzen Toro 176 International Investment Bank Walid Abdelwahab Marouan Abid Denis Ivanov Mohamed Abida Abdihamid Abu International Fund for Agricultural Development Rami Mahmoud Ahmad Mohammed Alami Kanayo F. Nwanze Ghassan Youssef Al-Baba Denisse Garcia Karim Allaoui Henock Kifle Sahal Almarwai Johannes Linn Savas Alpay Jimenez Mcinnis Luis Mohammad Alsaati Carmina Marquez Khalil Hassan Antar Deirdre Mc Grenra Reem Khalil Attieh Gulmira Mchale Ashraf Dawood Luis Mcinnis Abdulhakim Elwaer Thomas Pesek Hafiz Emrith Claudia Soliz Castro Ababacar Gaye Salem Sonbol Hani International Labour Organization Allison Marie Janos Salah Mansour Guy Ryder Mohamed Hedi Mejai Azita Berar Awad M Nazee Noordali Nancy Donaldson Azmi Omar Deborah Greenfield Alexander Perjessy Ruba Jaradat Sakiyoulahi Sow Conerious Kuteesa Rafee Yusoff Moazam Mahmood Regina Monticone Islamic Financial Services Board Isabel Ortiz Christophe Perrin Jaseem Ahmed Stephen Kennett Pursey Christian Ramos Kuwait Fund for Arab Economic Development Tara Rangarajan Dan Rees Nesf Sami Alnesf Nair Roopa Jose Manuel Salazar Latin American Association of Development Ana Fernandez Soto Financing Institutions Erick J. Zeballos Xin Zhang Edgardo Alvarez International Organization of La Francophonie Latin American Economic System Laurence Arnould Roberto Guarnieri Moncef Follain Latin American Reserve Fund Islamic Development Bank Anna Maria Carrasquilla Bandar Hajjar Diana Briceno Khaled Al Aboodi Carlos Giraldo 177 Nicolas Pinaud New Development Bank Jan Rielaender Miguel Rodriguez-Gorman Kundapur V. Kamath Matthew Slavoski Fabio Augusto Najjarian Batista Suzanne Steensen Irina Burukina Piera Tortora Yaoru Jin Marie Tourret Leslie Maasdorp Litsa Vavakis Paulo Nogueira Batista Junior Iain Williamson Shu Zhan Michaela Wright Xian Zhu Nordic Development Fund Organization of the Petroleum Exporting Countries Pasi Hellman Mohammed Sanusi Barkindo Nordic Investment Bank Hojatollah Ghanimi Fard Nadir Gurer Henrik Normann Jorge Leon Lars Eibeholm Joerg Spitzy Jens Hellerup Alexander Ruf Pacific Islands Forum Secretariat Heidi Susanne Syrjanen Thomas Wrangdahl Meg Taylor Raymond Nilesh Prasad OPEC Fund for International Development Palestine Liberation Organization Said Aissi Fuad Albassam Shukry Bishara Tareq Alnassar Azzam Shawwa Musab Alomar Rula Malouf Khalid Khadduri Mohammad Shtayyeh Belkacem Ouzrourou Najib Yaser Organisation for Economic Co-operation and Southern African Development Community Development Remigious Makumbe Angel Gurria Martin Tichaona Muchero Sebastian Barnes Phera Ramoeli Niamh Cahill Billings Gainmore Zanamwe Nilar Andrea Chit Tun Susan Fridy United Nations Carol Guthrie Ian Hawkesworth Gyan Chandra Acharya Jean-Marie Le Grand Benedetta Audia Anton Leis Garcia Hilmija Bajrektarevic Iza Lejarraga Jean Luc Bories Rahul Pallan Carol Boykin 178 Jon Brause Justin Forsyth Herman Bril Alicia Marin Megan Carroll Jaya Murthy Tomas Anker Christensen Ana Nieto Laure-Anne Courdesse Darrow Nalinee Nippita Ertharin Cousin Mandeep Obrien Mac Darrow Georgina Thompson Deborah Deyoung Frank Borge Wietzke Oumar Diallo Sara Dixon United Nations Conference on Trade and Jan Eliasson Development Patricia Espinosa Lucas Feldman Richard Kozul-Wright Munevar Felipe Andrea Gitow Nathaniel Glidden UN Development Programme Anueja Gopalakrishnan Hanna Grahn Helen Clark Nana Hirata Sonia Arenaza Scott Jenkins Marissa Ayento Peter Kenilorea Pierre Pascal Bardoux Chesneau Ebru Kuran Asif Chida Suhyeon Lee Paul F. Clayman Michael Lennard Pedro Conceicao Alanna Malik Sophie De Caen Liam Murphy Paolo Galli Jesca Muyingo Stephen Gold David Nunes Nabarro Philippe Grandet Hannah Pedri Nergis Gulasan Carlos Perrone Shani Harris Hernani Escobar Rodriguez Gail Hurley Jago Salmon Sarah Jackson Han Karen Shira Petra Jaervinan Robert Skinner Christopher King Karen Smyth Matthew Mckinnon Sharon Spiegel Nevean Nawar Peter Thomson Michael O'neill Alexander Trepelkov Yesim Oruc Melissa Tullis Rucheta Singh Richard Tyner Jennifer Topping Tidhar Wald Anahita Vasudevan Dessima Williams Qi Zhu Orlando Mehmet Yilmazata Fernando Zelner UN Economic Commission for Africa UN Children’s Fund Joseph Atta Mensah Anthony Lake Pia Britto 179 UN Economic Commission for Latin America and World Health Organization the Caribbean Agustin Alejandro Alcantara Vianka Aliaga Freddy Perez Ines Bustillo Perrotti Daniel World Trade Organization Helvia Velloso Roberto Azevedo UN Environment Program Robert Koopman Marc Auboin Erik Solheim Keith Mcelroy Rockwell Mahenau Agha David Tinline Patricia Beneke Tim Yeend Mark Halle Elliott Harris Indonesia Planning Team 2018 Annual Meetings Iain Henderson Olivier Lavagne D'ortigue Arif Baharudin Felicity Perry Fery Gunawan Nicholas Robins I Made Ed Juliana Simon Zadek Devy Listia Nuohan Zhang Wempi Saputra Susiwijono West African Development Bank Prio Utomo Iqbal Alan Abdullah Christian Narcisse Adovelande Amelia Christian N. Dieudonné Agossa Susilowani Daud Maxime Bertin Akpaca Ichwan Fauzan Agus Nathalie Brou Fofana Meri Gajali Kodjo Adodo Dosseh Riyanthi Handayani Nimatou Dramane Arif Hidayat Sudafi Gnekele Gnassingbe Ketut Jaman Dovi Khady Eliane Kouassigan Bipan Kapur Komlan N. Vaughan Mensah Wiwin Kurniawan Enny Listyorini West African Economic and Monetary Union Randy Maharsi Sugiwardani Ratna Ning Cheikhe Hadjibou Soumare Miranti Dian Rahayu Abdallah Boureima Muhammad Reza Abdullah Eloge Houessou Nurhayati Sanusi Iskandar Assoukou Krikpeu Lasmi Siti Mariam Emedetemin Nonfodji Jean Sanon Amadou Boubacar Toure West African Monetary Institute Abwaku Englama John Herbert Tei Kitcher 180 Executive Directors and Alternates IBRD, IFC, IDA OCTOBER 9, 2016 Executive Directors Alternate Executive Directors Khalid Alkhudairy Turki Dhaifallah Almutairi (Saudi Arabia) (Saudi Arabia) Otaviano Canuto Rosalia De Leon (Brazil) (Philippines) Heenam Choi Jason Allford (Republic of Korea) (Australia) Herve de Villeroche Benoit Paul Eleuthere Catzaras (France) (France) Alejandro Foxley Daniel Pierini (Chile) (Argentina) Jorg Frieden Paulina Gomulak (Switzerland) (Poland) Subhash Garg Muhammad Musharraf Hossain Bhuiyan (India) (Bangladesh) Franciscus Godts Gulsum Yazganarikan (Belgium) (Turkey) Merza Hussain Hasan Ragui El-Etreby (Kuwait) (Arab Republic of Egypt) Frank Heemskerk Claudiu Doltu (Netherlands) (Romania) Mohamed Kayad Seydou Bouda (Djibouti) (Burkina Faso) Nasir Mahmood Khosa Omar Bougara (Pakistan) (Algeria) Kazuhiko Koguchi Daiho Fujii (Japan) (Japan) Peter Larose Andrew Bvumbe (Seychelles) (Zimbabwe) 181 Executive Directors Alternate Executive Directors Ana Lourenco Bongi Kunene (Angola) (South Africa) Andrei Lushin Eugene Miagkov (Russian Federation) (Russian Federation) Matthew McGuire (VACANT) (United States) Ursula Mueller Claus Michael Happe (Germany) (Germany) Patrizio Pagano Nuno Mota Pinto (Italy) (Portugal) Melanie Robinson Clare Roberts (United Kingdom) (United Kingdom) Jose Rojas Beatriz De Guindos (Venezuela) (Spain) Susan Anette Ulbaek Martin Poder (Denmark) (Estonia) Rionald Silaban Pornwasa Sirinupongs (Indonesia) (Thailand) Alister Smith Peteranne Tamara Donaldson (Canada) (Jamaica) Yingming Yang Jiandi Ye (China) (China) 182 Directors and Alternates MIGA OCTOBER 9, 2016 Executive Directors Alternate Executive Directors Khalid Alkhudairy Turki Dhaifallah Almutairi (Saudi Arabia) (Saudi Arabia) Otaviano Canuto Rosalia De Leon (Brazil) (Philippines) Heenam Choi Jason Allford (Republic of Korea) (Australia) Herve de Villeroche Benoit Paul Eleuthere Catzaras (France) (France) Alejandro Foxley Daniel Pierini (Chile) (Argentina) Jorg Frieden Paulina Gomulak (Switzerland) (Poland) Subhash Garg Muhammad Musharraf Hossain Bhuiyan (India) (Bangladesh) Franciscus Godts Gulsum Yazganarikan (Belgium) (Turkey) Merza Hussain Hasan Ragui El-Etreby (Kuwait) (Arab Republic of Egypt) Frank Heemskerk Claudiu Doltu (Netherlands) (Romania) Mohamed Kayad Seydou Bouda (Djibouti) (Burkina Faso) Nasir Mahmood Khosa Omar Bougara (Pakistan) (Algeria) Kazuhiko Koguchi Takeshi Yasuraoka (Japan) (Japan) Peter Larose Andrew Bvumbe (Seychelles) (Zimbabwe) 183 Executive Directors Alternate Executive Directors Ana Lourenco Bongi Kunene (Angola) (South Africa) Andrei Lushin Eugene Miagkov (Russian Federation) (Russian Federation) Matthew McGuire (VACANT) (United States) Ursula Mueller Claus Michael Happe (Germany) (Germany) Patrizio Pagano Nuno Mota Pinto (Italy) (Portugal) Melanie Robinson Clare Roberts (United Kingdom) (United Kingdom) Jose Rojas Beatriz De Guindos (Venezuela) (Spain) Susan Anette Ulbaek Martin Poder (Denmark) (Estonia) Rionald Silaban Pornwasa Sirinupongs (Indonesia) (Thailand) Alister Smith Peteranne Tamara Donaldson (Canada) (Jamaica) Yingming Yang Jiandi Ye (China) (China) 184 Officers of The Board of Governors for IBRD, IFC AND IDA and Joint Procedures Committee for 2016-2017 Chair........................................................... Jordan Vice Chairs.................................................. Malaysia Slovak Republic Other Members………………………………. China El Salvador France Germany Iceland Jamaica Japan Malawi Malta Mongolia Panama Peru Romania Russian Federation São Tomé and Príncipe Saudi Arabia South Africa Sri Lanka Switzerland Tunisia United Kingdom United States 185 Officers of the MIGA Council of Governors and MIGA Procedures Committee for 2016-2017 Chair........................................................... Jordan Vice Chairs.................................................. Malaysia Slovak Republic Other Members……….……………………… China El Salvador France Germany Iceland Jamaica Japan Malawi Malta Mongolia Panama Peru Romania Russian Federation São Tomé and Príncipe Saudi Arabia South Africa Sri Lanka Switzerland Tunisia United Kingdom United States 186