2018 Annual Meetings of the Boards of Governors Summary Proceedings Bali, Indonesia October 12-14, 2018 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 Introductory Note The 2018 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the International Centre for the Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA), held jointly with that of the International Monetary Fund (Fund), took place on October 12, 2018 in Bali, Indonesia. His Excellency Petteri Orpo, Governor of the Bank and the Fund for Finland, served as the Chair. In a joint Plenary Session with the Board of Governors of the Fund, the Boards of Governors considered and adopted reports and recommendations submitted by the Executive Directors, and decided on matters raised during the Meeting. These Summary Proceedings outline the work of the 72nd Annual Meetings and the final decisions taken by the Boards of Governors. Texts of statements by Governors submitted during the time of the Annual Meetings are currently available on the following page: http://www.worldbank.org/en/meetings/splash/annual/statements Beginning March 1, 2019, the statements will be permanently available on the Documents & Reports webpage, the World Bank’s official repository for publicly disclosed documents: http://documents.worldbank.org In addition, the Development Committee discussed the following items: • Human Capital: A Project for the World • Disruptive Technologies and the World Bank Group – Creating Opportunities – Mitigating Risks • The Bali Fintech Agenda • Debt Vulnerabilities in Emerging and Low-Income Economies Yvonne Tsikata Vice President and Corporate Secretary World Bank Group Washington, D.C. February 2019 iii Contents Opening Address by the Chair, Petteri Orpo, Governor of the World Bank Group and the International Monetary Fund for Finland ........................................................................................................................... 1 Opening Address by Jim Yong Kim, President of the World Bank Group ................................................. 3 Documents of the Boards of Governors ...................................................................................................... 10 Schedule of Meetings ............................................................................................................................. 10 Provisions Relating to the Conduct of the Meetings .............................................................................. 11 Agenda .................................................................................................................................................... 12 2018 Joint Procedures Committee .............................................................................................................. 13 Report II.................................................................................................................................................. 14 Report III ................................................................................................................................................ 16 2018 MIGA Procedures Committee ........................................................................................................... 17 Report I ................................................................................................................................................... 18 Resolutions Adopted by the Board of Governors of the Bank at the 2018 Annual Meetings ................... 20 Resolution No. 665: Financial Statements, Accountants’ Report and Administrative Budget ............. 20 Resolution No. 666: Allocation of FY18 Net Income ............................................................................ 20 Resolution No. 667: Resolution of Appreciation ................................................................................... 21 Resolutions Adopted by the Board of Governors of IFC at the 2018 Annual Meetings ........................... 22 Resolution No. 266: Financial Statements, Accountants’ Report, Administrative Budget and Designations of Retained Earnings......................................................................................................... 22 Resolution No. 267: Resolution of Appreciation ................................................................................... 23 Resolutions Adopted by the Board of Governors of IDA at the 2018 Annual Meetings........................... 24 Resolution No. 241: Financial Statements, Accountants’ Report and Administrative Budget ............. 24 Resolution No. 242: Resolution of Appreciation ................................................................................... 24 Resolutions Adopted by the Council of Governors of MIGA at the 2018 Annual Meetings .................... 25 Resolution No. 105: Financial Statements and the Report of the Independent Accountants ................. 25 Resolution No. 106: Resolution of Appreciation ................................................................................... 25 Report of the Executive Directors of the Bank ........................................................................................... 26 Allocation of FY18 Net Income ............................................................................................................. 26 Accredited Members of the Delegations at the 2018 Annual Meetings .................................................... 28 Observers at the 2018 Annual Meetings ..................................................................................................... 40 iv Opening Address by the Chair, Petteri Orpo, Governor of the World Bank Group and the International Monetary Fund for Finland President Joko Widodo Managing Director Christine Lagarde President Jim Yong Kim and Fellow Governors Welcome to the Annual Meetings of the World Bank Group and IMF, and to the seventy-second Plenary of the Boards of Governors. Please join me in thanking our hosts, the Indonesian government and the people of Bali, for their warm hospitality. It is an honour for me and for Finland to chair this meeting. Much has changed since we last met. Global growth remains strong and unemployment has declined. Although major reforms have helped strengthen the global financial system, the effects of the global financial crisis remain. Some families still have not recovered. For many, globalization means unemployment, falling wages and income inequality. This creates fertile ground for populism and polarization. In a world of declining trust and limited multilateral coordination, a recession could quickly turn into another crisis. There is concern that robots could be the trigger. It is estimated that millions of jobs could be lost to artificial intelligence, which would hit middle- to low-income workers the hardest. However, technology does not need to work against us. Managed fairly, the digital revolution has the potential to increase prosperity for all. My country Finland is an example of how this can be achieved. Finland has been an independent state for a hundred years. Finland has made a remarkable economic journey, from one of the poorest, most agrarian countries in Europe, to one of the wealthiest in the world. How did we get there? By investing in our people—through health, social protection, women’s rights and education. Our long-term objective is to provide equal opportunities to high-quality education and training for all citizens. Finnish education policy is built on the principles of free education and lifelong learning. We believe that education is the key to competitiveness and wellbeing of the society. As Finland’s experience has shown, investing in human capital not only strengthens a society’s resilience; it also makes economic sense. In Finland, we value trust. It is the fundamental pillar of a functioning society. I believe trust is also what we need at the global level. Without trust it becomes impossible to find solutions to global problems we are facing today. Without a doubt, climate change is the defining challenge of our times. Recent expert reports demonstrate that global warming is happening even faster than we expected. Luckily, the reports also show that we have the means to mitigate climate change. We just need to step up efforts, make the right political decisions and to implement them. 1 I give you an example close to Finland. In thirty year’s time, the Arctic Sea is expected to be almost completely ice-free in the summer, which would raise sea levels, and could contribute even further to global warming. As the President of Finland, Sauli Niinistö, warned: “If we lose the Arctic, we lose the whole world.” Fortunately, communities around the world are finding innovative ways to adapt. Here in Indonesia for example, communities in Borneo and Java are responding to climate change with agroforestry. Unproductive rice paddies are being used to plant teak, which can be cut and harvested. This is good for land productivity as well as biodiversity. Of course, responding to climate change involves more than just adaptation. Globally, greenhouse gas emissions are still on upward trend. Together, we must turn that trend. And there is hope: already, more efficient use of energy and renewable energy sources are helping to reduce emissions notably. We should encourage green technologies and continued innovation. And we should discourage high- emission production technologies. However, historically countries have hesitated to take action because of concerns about negative effects on growth. The Nordic experience shows that it is possible to reduce emissions and still have healthy economic growth. Well-designed climate and energy policies can mitigate climate change while also promoting sustainable economic growth and employment. As Finance Minister, it is important to me that we are able to come up with concrete measures that are within the competence of the Ministry of Finance. I am very pleased that Finland has taken steps to incorporate sustainable development in our budget, as one of the first countries in the world. This demonstrates how we use taxpayers’ money for advancing the sustainable development goals. The threat of climate change, however, cannot be solved by each nation working alone. Country-level actions need to be complemented by multilateral efforts. The same can be said of the global economy. If we don’t preserve a framework for global economic coordination and cooperation, we risk reversing the gains from open markets. The IMF and the World Bank Group have an important role to play in making globalization work better. They were created to promote global integration and economic cooperation. Today, they aim for broadly- shared prosperity. Prosperity cannot be achieved by resorting to protectionism. Trade barriers and tariffs will not solve global imbalances. To solve global challenges, we need to restore trust: trust between citizens, trust between governments, and trust in institutions. Perhaps the greatest asset of the IMF and the World Bank Group is their culture of consensus-building, which is rooted in trust. Global consensus can only be achieved with cooperation, compromise and goodwill. I know this is not easy. But without consensus, and without trust, there will be no solution to our challenges. Thank you. 2 Opening Address by Jim Yong Kim, President of the World Bank Group Chairman Orpo, President Jokowi, Madame Lagarde, Governors, Ministers, Friends, Welcome to the 2018 IMF-World Bank Group Annual Meetings. It’s an honor to be here in Bali, and we’re grateful for the very warm welcome from President Joko Widodo, Coordinating Minister Luhut Pandjaitan, Minister Sri Mulyani Indrawati, and the government and people of Indonesia. Saya menyampaikan belasungkawa yang mendalam atas kehilangan jiwa dan kerusakan di Sulawesi Tengah dan Lombok. Kami semua di Grup Bank Dunia siap mendukung pemerintah dan rakyat Indonesia. We stand shoulder-to-shoulder with Indonesia. Indonesians are a resilient and compassionate people, and they will rise from this challenge stronger than ever. I’d like to take a moment to thank our Governors, our Board, and our dedicated staff around the world for delivering an historic capital increase. Thank you for the faith you put in us, and for giving us more resources to tackle the world’s biggest problems like the tragedies that struck Indonesia this year. The natural disasters in Lombok and Sulawesi are a reminder of why we gather every year. We have to agree on ways forward in tackling the biggest challenges our clients face: • How can we help them build resilience to natural disasters such as earthquakes and tsunamis, and tackle the climate shocks that exacerbate them? • How can countries manage debt levels, so they don’t stifle economic growth? • How do we help countries invest in their people and prepare for an increasingly complex future? • And above all – what will it take to promote economic growth and help lift people out of poverty everywhere in the world? We’ve gathered here this week to share new ideas and approaches to answer these questions and accelerate progress toward our twin goals: to end extreme poverty by 2030; and to boost shared prosperity among the poorest 40 percent around the world. Our bi-annual Poverty and Shared Prosperity report, which we will release next week, shows how much progress we’ve made – and how much further we have to go. Over the last 25 years, more than one billion people have lifted themselves out of extreme poverty. The global poverty rate is around 10 percent – the lowest it has ever been in recorded history. This is one of the great achievements of our time, but 736 million people still live in extreme poverty – less than a dollar-90 cents a day. A quarter of the world’s population lives on less than 3 dollars-20 cents a day 3 which is the poverty level in lower-middle-income countries. And nearly half of the people on Earth live on less than 5-and-a-half dollars a day – the poverty level in upper-middle-income countries. The pace of poverty reduction is also slowing, which means that we have to accelerate our efforts on the three pillars of our strategy to achieve the twin goals: • First, to drive inclusive, sustainable economic growth by crowding in private sector investment, help countries manage debt levels, and harness the power of technology like FinTech; • Second, to build resilience to shocks and threats by taking urgent action on climate change, and help countries share the risks of disasters with the capital markets; • And finally, to help countries invest more – and more effectively – in their people to prepare for what is certain to be a more digitally-demanding future. The final pillar has been our focus for much of the past year. We’re approaching it with what Martin Luther King used to call a “fierce sense of urgency” because of two overarching trends that we’re seeing in every region: First, aspirations are rising all over the world. Smart phones, the internet, and social media allow nearly everyone to know how everyone else lives. Our economists found that this changes their reference income – the income to which they compare their own, which is a powerful accelerator of aspirations. And there is little question that aspirations will continue to rise. Some studies estimate that by 2025, all 8 billion people in the world could have access to broadband, and nearly everyone will likely have access to a smartphone. Second, technology is changing the nature of work – the focus of our World Development Report this year. Technology and automation are replacing scores of tasks and doing away with some jobs. Innovation is also changing the scope of existing jobs, creating new occupations, and launching career fields that didn’t exist a few years ago. So, if technology is helping raise aspirations and changing the nature of work, we’re going to have to answer some very difficult questions: What are people going to do? How will they support their families? How will they reach their ambitions in an increasingly complex world? The good news, is that we know more than ever about helping countries prepare for this future. The key is making the right investments in people – ensuring that they accumulate the health, knowledge, and skills they need to realize their full potential. Yesterday, we announced a new tool to help make the case for those investments: the first Human Capital Index. It’s a summary measure of the human capital that a child born today can expect to attain by age 18 – given the risks of poor health and poor education in the country where that child lives. The Index focuses on outcomes – not inputs – in three components: • Survival: What is the probability that a child born today will survive to age 5? • School: How much school will they complete, and most importantly, how much will they learn? • Health: Will children be stunted before age 5? And will they be healthy into adulthood, ready for work, with a foundation for lifelong learning? 4 I’m sure you’ve seen the numbers, so let me explain what they mean: • We examined the contributions of health and education to the productivity of the next generation of workers. Each country falls into a range between 0 and 1. • A 1 is only possible if a child born today can expect to achieve full health – which is defined as no stunting and survival up to at least age 60; and complete education – 14 years of high-quality school by age 18. • That means that if a country scores 0.70 in the Index, the future earnings potential of children born today will be 30 percent lower than what they could have achieved at the “frontier” – complete education and full health. With the Human Capital Index, we’re working to change the conversation around human capital. For the last few decades, we relied on donors and emotional appeals to invest in the next generation. The appeals worked, and financing for global health and education increased dramatically from a low base. We’ve had enormous successes like PEPFAR and the Global Fund, but these efforts – and even a dramatic expansion of ODA – won’t solve the problem. The Index draws a direct line between better health and education outcomes, and future economic growth. It paints a very clear picture for leaders of how much more productive their workers could be with full health, a complete education, and the skills needed in the future. For example, if a country has a score of 0.50, the future GDP per worker could be twice as high if the country reached the frontier. Over the course of 50 years, this works out to 1.4 percent of GDP growth every year. Building human capital takes time, but in the long term it pays off in faster growth and more poverty reduction. We have simulated what would happen if all countries improved their human capital outcomes at rates equivalent to the top quartile of good performers over the past decade. At this ambitious – but realistic – pace of improvement, global poverty in 2050 could be nearly half of what it will be if countries don’t make these improvements. And the benefits would be concentrated in low and middle-income countries. So far, 28 countries have signed on as early adopters of our Human Capital Project, and we’re working with them to close gaps and design country-wide plans to improve health and learning. Here are a few examples: • Peru is committing to raising tax revenues to improve health and education outcomes by 2021. They set a goal to achieve 95 percent enrollment of children in pre-school and near universal health coverage. These commitments build on Peru’s success reducing childhood stunting. In 2008, 28 percent of children in Peru were stunted. The World Bank supported a strong, country-led program that used cash transfers in targeted communities to support poor mothers and ensure that their young children had proper nutrition and stimulation. In just seven years, Peru cut the stunting rate in half, to 14 percent. We’re now taking the lessons from Peru and helping to apply them around the world – including here in Indonesia. 5 • Poland, a high-income economy that’s working with us on human capital development, has valuable lessons to share. Poland’s education reforms at the start of this century produced enormous improvements in student learning. The most notable policy is 3 years of comprehensive secondary school for all students before they move into vocational or academic tracks. As a direct result of this reform, between 2000 and 2006, Poland moved from below the OECD average on PISA scores in reading, to number 9. • Ethiopia is emerging from a period of political and social crisis. In his inaugural address, Prime Minister Abiy said that one of the key solutions to the country’s problems is to be found in education. He pledged to redouble the government’s efforts with absolute determination to focus on education quality. We’re prepared to work with Prime Minister Abiy to support human capital development, alongside economic reforms. • Egypt reduced regressive energy subsidies to make human capital investments across the board. Four years ago, subsidies for energy were 6.6 percent of GDP – more than the government spent on health, education, and social protection combined. We helped bring in private sector investment to transition to solar energy, which increased the government’s fiscal space by around 14 billion dollars a year. Egypt used those resources to roll out two new cash transfer programs that now reach 9.5 million people; increase food subsidies for the poorest by 300 percent; and expand its school meals program, which covers 12 million children. Egypt has started a system-wide transformation of its health, education, and rural sanitation systems, including changing incentives to produce better outcomes. • At the last Annual Meetings, President Paul Kagame helped make the case for human capital, and Rwanda has made the reduction of stunting a national priority. The country is targeting children under 2 years old in districts with the highest burden of stunting; rolling out mass media and radio campaigns to raise awareness; and using conditional grants through its flagship social protection project to improve the delivery of health and nutrition services. Rwanda is also strengthening its mechanisms to hold authorities accountable for results at all levels of government. • Indonesia set ambitious targets for reducing stunting – from 33 percent to 22 percent by 2022. The government is following through with financing reforms – including taxes on tobacco – to collect more resources for human capital investments. In July, I visited Dakung, in central Lombok, with Vice President Kalla. This is one of 31 districts where they are testing a new, grass-roots approach to delivering key health and education services. I saw “human development workers” measuring the growth of babies using length mats, which I’m told has raised awareness in the community about the consequences of stunting. The workers counseled pregnant women and mothers on nutrition and interacted with young children in an early childhood development program. 6 The World Bank helped design this pilot, and we will support its expansion throughout the country. Working across the whole of government, Indonesia has committed 3.9 billion dollars per year, and to action from 22 ministries. Earlier this year, President Jokowi said, “We often talk about the wealth of our natural resources, but we seem to neglect the fact that Indonesia has great power in the form of human resources. This is truly the biggest and strongest capital in our possession…building Indonesian people is our investment to face the future.” As all leaders face that future, they have more tools than ever to help build human capital. By raising aspirations and changing the nature of work, technology makes investments in people more urgent. But it also gives us new ways to improve outcomes in health and education. I’ve made it a priority to learn from innovators from all over the world. In the past month, I’ve visited Silicon Valley twice, and we invited top innovators here to Bali to showcase how technology can accelerate progress toward financial inclusion and improved human capital. For example: • The Mindspark app uses millions of data points from student tests to figure out common mistakes children make answering math problems, and the program designs remedial exercises for each student. This platform has helped 80,000 students across India improve math and Hindi skills for a fraction of the cost of attending school. • Digital Health startup Babylon developed a mobile app that uses AI and machine learning to set up virtual consultations with doctors and health professionals. In Rwanda, more than 2 million people use the app – around 30 percent of the nation’s population. And last spring, Babylon announced a partnership with WeChat in China, where 1 billion users can get instant healthcare advice through their mobile phones. • It’s not just about health and education – it’s also about jobs. Today, we’re announcing a new partnership with Stripe, who is here at our Innovation Fair showcasing how their technology supports millions of entrepreneurs around the world. Together, we plan to survey entrepreneurs from over 100 countries to better understand – from the ground up – the legal, regulatory, and bureaucratic bottlenecks for companies doing business on the internet, and the policies that help digital entrepreneurship thrive. We will eventually incorporate these insights into our Doing Business report. Even the top-performing countries cannot let up in their efforts to build human capital. Singapore, the country closest to the frontier on the Human Capital Index, is continuing to improve its education system to teach “21st century competencies” such as self-awareness and responsible decision- making, and focus on universal early childhood education. 7 The initiative builds on Prime Minister Lee Hsien Loong’s commitment to making health and education national priorities. In his 2017 National Day address, Prime Minister Lee said the goal was to “build our future so that Singaporeans can start right, stay healthy, and live smart at every age.” World leaders must take the same approach: invest in your people – with a fierce sense of urgency. As innovation continues to accelerate, it will be harder to catch up. Every day that you don’t build human capital, your economy, and your country, will fall farther and farther behind. This is the economic reality of our time. It’s also personal. I was born in South Korea in 1959, when it was one of the poorest countries in the world. The World Bank wouldn’t give Korea even the lowest interest rate loan. The country’s literacy rate was around 23 percent. In 1962, Korea received its first loan from the World Bank—for a railroad. Its second loan was for education. And Korea kept investing in education: • The country’s constitution and laws made primary school mandatory. In 1945, 54 percent of Korean children were enrolled in primary school; by 1959 it was 96 percent. • In the 1960s, Korea made it possible to attend middle school without taking a test; by 1974 the government had a policy of standardizing high school education. • The Korean government drew up a five-year plan for science and technology education in the 1960s, in tandem with its five-year economic plan. They founded the Korean Advanced Institute of Sciences and several other government-funded research institutes. Today, South Korea’s literacy rate is nearly 98 percent; in the last 37 years, the GDP has increased 47-fold. Investments in people can transform lives, livelihoods, and the trajectories of entire countries—if they are an urgent priority for a country’s top leaders. As we work to drive economic growth, accelerate the reduction of poverty, and build human capital, we would do well to follow the words of former Indonesian President Sukarno from more than half a century ago. In 1955, Indonesia hosted the Asia-Africa conference in Bandung – a meeting of 29 newly-independent countries, which between them represented roughly half of the world’s population. President Sukarno challenged the leaders not to be guided by fear, but instead: “Be guided by hopes and determination; be guided by ideals; and yes, be guided by dreams.” Our dream is a world free of poverty, and we have never been closer to realizing that dream. But none of us can hide from the stark reality of this human capital crisis. 8 Generations from now, our grandchildren and great-grandchildren will ask: what did you do when you knew how critical investments in human capital were for my future, my world? What did you do when you found out that improving health and education could change billions of lives and the course of entire countries? • Did you commit to ending stunting? • Did you enhance learning for every child? • Did you ensure that everyone has access to healthcare and a chance to lead a long, healthy life? • Did you prepare young people for the jobs of the future? If we don’t act now to answer those questions, I fear that aspirations will be met with frustration, and more countries may go down the path of fragility, conflict, violence, extremism, and eventually migration. Given how quickly aspirations are rising, we won’t just have Arab Springs. We’ll have African Springs, South Asian Springs, Latin American Springs, and the list will go on. For the leaders of the world, especially heads of state and ministers of finance: now that we know the importance of these investments, we have no excuse but to act – with the sense of urgency that this crisis requires – to invest for productivity and economic growth, in our people. We have the data. I’ve described innovative, transformational examples of how some countries have succeeded, and as many of you know, I have been working for most of my adult life to provide complex medical care and education, at all levels, in some of the poorest places on earth. Today, I’m here to tell you that we can do this. And it very well may be the most important thing you do to prepare your country for the future – to give every child, everywhere in the world, a chance to reach for the stars. 9 Documents of the Boards of Governors Schedule of Meetings FRIDAY October 12 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 Chair, ICSID Administrative Council Adjournment NOTES: 1. The Meetings will be held at the Bali Nusa Dua Convention Center -- BNDCC 1-Nusa Dua Hall (Friday a.m. session). 2. The Development Committee Plenary Meeting will take place on Saturday, October 13, 2018 at 2:15 p.m. at the Bali Nusa Dua Convention Center – BNDCC 2-Pecatu 3/5. 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) 4. Meetings of the Joint Procedures Committee (JPC) and MIGA Procedures Committee (MPC) will be held, if required, commencing at 5:30 p.m., Thursday, October 11. JPC and MPC members will be informed of meeting arrangements. 10 Provisions Relating to the Conduct of the Meetings 1 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 advisers, Executive Directors, and such staff as may be necessary. PROCEDURES AND RECORDS 3. The Chair 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 Chair, 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 Chair. PUBLIC INFORMATION 7. The Chair 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 Chair of the Boards of Governors acting jointly with the Managing Director of the International Monetary Fund and the President of the World Bank Group. 1 Approved on April 5, 2018 pursuant to the By-Laws, IBRD Section 5(d), IFC Section 4(d), IDA Section 1(a), and MIGA Section 1(d). 11 Agenda IBRD Annual Report Financial Statements and Annual Audit Allocation of FY18 Net Income Administrative Budget for FY19 2018 Regular Election of Executive Directors Selection of the Chair and Vice-Chairs of the Boards of Governors and Selection of the Members of the Joint Procedures Committee and its Officers for 2018-2019 IFC Annual Report Financial Statements and Annual Audit Use of IFC’s FY18 Net Income: Retained Earnings and Designation of Retained Earnings Administrative Budget for FY19 IDA Annual Report Financial Statements and Annual Audit Administrative Budget for FY19 MIGA Annual Report Financial Statements and Annual Audit 2018 Regular Election of Directors Selection of the Chair and Vice-Chairs of the Council of Governors and Selection of the Members of the MIGA Procedures Committee and its Officers for 2018-2019 ICSID’s Administrative Council Annual Report Proposed Budget for FY19 12 2018 Joint Procedures Committee Chair Finland Vice Chairs Ghana Indonesia Members Angola Kyrgyz Republic Armenia Mexico Bahrain Portugal Belize Russian Federation China Saudi Arabia Dominican Republic Senegal Ethiopia Slovenia France United Kingdom Germany United States India Uruguay Japan Vanuatu 13 2018 Joint Procedures Committee Report II 2 October 10, 2018 The Joint Procedures Committee approved on October 10, 2018 submission of the following report and recommendations on Bank and IDA business to the Boards of Governors: BANK/IDA 1. 2018 Annual Report The Committee noted that the 2018 Annual Report and the activities of the Bank and IDA would be discussed at these Annual Meetings. The Annual Report will be available on the Bank’s website (www.worldbank.org/annualreport). 2. Financial Statements, Annual Audits, and Administrative Budgets The Committee considered the Financial Statements, Accountants’ Reports, and Administrative Budgets contained in the 2018 Bank and IDA Annual Report, together with the Report dated September 20, 2018 (Bank/IDA Document No. 1). The Committee recommends that the Boards of Governors of the Bank and IDA adopt the draft Resolutions set forth in Bank Document No. 1 and IDA Document No. 1, respectively. 3 3. Allocation of FY18 Net Income The Committee considered the Report of the Executive Directors, dated August 9, 2018 on the Allocation of FY18 Net Income (Bank Document No. 2). The Committee recommends that the Board of Governors of the Bank adopt the draft resolution attached to the said report. 4 4. 2018 Regular Election of Executive Directors The Committee noted that the 2018 Regular Election of Executive Directors of the Bank would be completed on October 12, 2018 and the next Regular Election of Executive Directors will take place in 2020. 2 Report I related to the business of the Fund. 3 These resolutions were subsequently approved. See pages 20 and 24. 4 This resolution was subsequently approved. See page 20. (continued) 14 IFC The Committee further approved submission of the following report and recommendations on IFC business to the Board of Governors: 1. 2018 Annual Report The Committee noted that the 2018 Annual Report and the activities of the IFC would be discussed at these Annual Meetings. The Annual Report will be available on the Corporation’s website (http://www.ifc.org/annualreport/download). 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 FY18 Net Income contained in the 2018 Report to Governors, dated September 21, 2018 (IFC Document No. 1). The Committee recommends that the Board of Governors of IFC adopt the draft resolution attached to the said report. 5 Approved: /s/ Petteri Orpo Finland – Chair (This report was approved and its recommendations were adopted by the Board of Governors on October 12, 2018.) 5 This resolution was subsequently approved. See page 22. 15 2018 Joint Procedures Committee Report III October 10, 2018 The Joint Procedures Committee approved on October 10, 2018 submission of the following report and recommendations to the Boards of Governors: 1. Development Committee The Committee noted that the Report of the Chair of the Joint Ministerial Committee of the Boards of Governors of the Fund and the Bank on the Transfer of Real Resources to Developing Countries (Development Committee) would be circulated to the Boards of Governors of the Fund and the Bank pursuant to paragraph 5 of Resolutions Nos. 29-9 and 294 of the Fund and the Bank, respectively, and subsequently entered into the record. The Committee recommends that the Boards of Governors of the Fund and the Bank note the report and thank the Development Committee for its work. 2. Chair and Vice-Chairs of the Boards of Governors The Committee recommends that the Governor for Fiji be Chair, and that the Governors for Canada and South Africa be Vice Chairs, of the Boards of Governors of the International Monetary Fund and of the International Bank for Reconstruction and Development, to hold office until the close of the next Annual Meetings. 3. Joint Procedures Committee for 2018/2019 The Committee recommends 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 Chair, normally by correspondence and, if the occasion requires, by convening; and that this Committee shall consist of the Governors for the following members: Chile, China, Comoros, Costa Rica, France, Germany, India, Italy, Japan, Latvia, Moldova, Morocco, Namibia, New Zealand, Russian Federation, Saudi Arabia, Slovak Republic, Trinidad and Tobago, Turkmenistan, United Arab Emirates, United Kingdom, and United States. The Committee further recommends that the Chair of the Joint Procedures Committee shall be the Governor for Fiji and the Vice Chairs shall be the Governors for Canada and South Africa. Approved: /s/ Petteri Orpo Finland – Chair (This report was approved and its recommendations were adopted by the Board of Governors on October 12, 2018.). 16 2018 MIGA Procedures Committee Chair Finland Vice Chairs Ghana Indonesia Members Angola Kyrgyz Republic Armenia Mexico Bahrain Portugal Belize Russian Federation China Saudi Arabia Dominican Republic Senegal Ethiopia Slovenia France United Kingdom Germany United States India Uruguay Japan Vanuatu 17 2018 MIGA Procedures Committee Report I October 10, 2018 The MIGA Procedures Committee approved on October 10, 2018 submission of the following report and recommendations on business on the agenda of the Council of Governors of MIGA: 1. 2018 Annual Report The Committee noted that the 2018 Annual Report and the activities of MIGA would be considered at this Annual Meeting. The Annual Report will be available on MIGA’s website (http://www.miga.org/report/2018-annual-report). 2. Financial Statements and Annual Audits The Committee considered the Financial Statements and Accountants’ Report contained in the 2018 Annual Report. The Committee recommends that the Council of Governors adopt the draft Resolution set forth in MIGA Document No. 1. 1 3. 2018 Regular Election of Directors The Committee noted that the 2018 Regular Election of Directors of MIGA would be completed on October 12, 2018 and the next Regular Election of Directors will take place in 2020. 4. Chair and Vice-Chairs of the Council of Governors The Committee recommends that the Governor for Fiji be Chair, and that the Governors for Canada and South Africa be Vice Chairs, of the Council of Governors of the Multilateral Investment Guarantee Agency and to hold office until the close of the next Annual Meetings. 5. MIGA Procedures Committee for 2018/2019 The Committee recommends 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 Chair, normally by correspondence and, if the occasion requires, by convening; and that this Committee shall consist of the Governors for the following members: Chile, China, Comoros, Costa Rica, France, Germany, India, Italy, Japan, Latvia, Moldova, Morocco, Namibia, New Zealand, Russian Federation, Saudi Arabia, Slovak Republic, Trinidad and Tobago, Turkmenistan, United Arab Emirates, United Kingdom, United States. 1 This resolution was subsequently approved. See page 25. (continued) 18 The Committee further recommends that the Chair of the MIGA Procedures Committee shall be the Governor for Fiji and the Vice Chairs shall be the Governors for Canada and South Africa. Approved: /s/ Petteri Orpo_____ Finland – Chair (This report was approved and its recommendations were adopted by the Board of Governors on October 12, 2018.) 19 Resolutions Adopted by the Board of Governors of the Bank at the 2018 Annual Meetings Resolution No. 665: 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 2018 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 12, 2018) Resolution No. 666: Allocation of FY18 Net Income RESOLVED: 1. THAT the Report of the Executive Directors dated August 9, 2018 on “Allocation of FY18 Net Income - Final” is hereby noted with approval; 2. THAT the addition to the General Reserve of the IBRD of $913 million, plus or minus any rounding amount less than $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 FY18 allocable net income of the IBRD, $248 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 12, 2018) 20 Resolution No. 667: Resolution of Appreciation RESOLVED: THAT the Boards of Governors of the International Monetary Fund and the World Bank Group express their sincere appreciation to the Government and People of Indonesia for their gracious and warm hospitality during these Annual Meetings; THAT they express particular appreciation to the Governors and Alternate Governors for Indonesia and to their associates for the many contributions they made toward ensuring the success of the 2018 Annual Meetings. (Adopted on October 12, 2018) 21 Resolutions Adopted by the Board of Governors of IFC at the 2018 Annual Meetings Resolution No. 266: Financial Statements, Accountants’ Report, Administrative Budget and Designations of Retained Earnings RESOLVED: 1. THAT the Board of Governors of the Corporation consider the Consolidated Financial Statements and Independent Auditors’ Report included in the 2018 Annual Report and the Administrative Budget contained in the Report to the Board of Governors on IFC FY19 Budget: Optimizing Resources for Impact (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 FY18 Net Income of US$1.280 billion shall be transferred to undesignated retained earnings; 3. THAT the Corporation’s designation of US$70 million of retained earnings for IFC’s Creating Markets Advisory Window in IFC's Fiscal Year 2019 financial statements is hereby noted with approval; 4. THAT the Corporation’s designation of US$45 million of retained earnings for IFC's Funding Mechanism for Technical Assistance and Advisory Services in IFC's Fiscal Year 2019 financial statements is hereby noted with approval; and 5. THAT the Corporation’s designation of US$115 million of retained earnings for grants to the International Development Association for use by the Association in the form of grants in furtherance of the Corporation's purposes in IFC's Fiscal Year 2019 financial statements is hereby noted with approval. (Adopted on October 12, 2018) 22 Resolution No. 267: Resolution of Appreciation RESOLVED: THAT the Boards of Governors of the International Monetary Fund and the World Bank Group express their sincere appreciation to the Government and People of Indonesia for their gracious and warm hospitality during these Annual Meetings; THAT they express particular appreciation to the Governors and Alternate Governors for Indonesia and to their associates for the many contributions they made toward ensuring the success of the 2018 Annual Meetings. (Adopted on October 12, 2018) 23 Resolutions Adopted by the Board of Governors of IDA at the 2018 Annual Meetings Resolution No. 241: 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 2018 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 12, 2018) Resolution No. 242: Resolution of Appreciation RESOLVED: THAT the Boards of Governors of the International Monetary Fund and the World Bank Group express their sincere appreciation to the Government and People of Indonesia for their gracious and warm hospitality during these Annual Meetings; THAT they express particular appreciation to the Governors and Alternate Governors for Indonesia and to their associates for the many contributions they made toward ensuring the success of the 2018 Annual Meetings. (Adopted on October 12, 2018) 24 Resolutions Adopted by the Council of Governors of MIGA at the 2018 Annual Meetings Resolution No. 105: 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 2018 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 12, 2018) Resolution No. 106: Resolution of Appreciation RESOLVED: THAT the Boards of Governors of the International Monetary Fund and the World Bank Group express their sincere appreciation to the Government and People of Indonesia for their gracious and warm hospitality during these Annual Meetings; That they express particular appreciation to the Governors and Alternate Governors for Indonesia and to their associates for the many contributions they made toward ensuring the success of the 2018 Annual Meetings. (Adopted on October 12, 2018) 25 Report of the Executive Directors of the Bank August 9, 2018 Allocation of FY18 Net Income 1. The General Reserve plus cumulative exchange rate translation adjustment for the IBRD as of June 30, 2018 was $27,228 million (before FY18 net income allocations). As of that date, the surplus of the IBRD was $216 million, and the Special Reserve created under Article IV, Section 6 of the IBRD's Articles of Agreement totaled $293 million. 2. For the fiscal year ended June 30, 2018 (FY18), the IBRD recorded on a reported basis a net income of $698 million. Allocable net income of $1,161 million is arrived at with the following standard adjustments, plus or minus any rounding amounts less than $1 million where applicable, to the reported net income: (a) an increase of $266 million to exclude the net unrealized mark-to-market gains on non-trading portfolios; (b) an increase of $178 million to exclude the Board of Governors-approved transfer that was allocated from FY17 income or funded by surplus; (c) an increase of $22 million, representing an upward adjustment of $56 million to account for the excess of the accounting pension expense over budgetary allocation, net of a $34 million downward adjustment to exclude IBRD's share of investment income related to Post-Employment Benefits Plan (PEBP) and Post-Retirement Contribution Reserve Fund (PCRF), via a transfer of $22 million from the Pension Reserve, and (d) a decrease of $3 million to exclude $2 million net inflows relating to temporarily restricted funds under the service agreements with donors and $1 million net revenue relating to transactions associated with two financial intermediary funds (the Pilot Auction Facility for Methane and Climate Change Mitigation, and the Pandemic Emergency Financing Facility), via a transfer of $3 million 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 FY18 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 FY18 net income of the IBRD: (a) the addition of $913 million to the General Reserve, plus or minus any rounding amount less than $1 million, and (b) the transfer to the International Development Association, by way of a grant of $248 million, from FY18 net income, which amount would be usable to provide financing in the form of grants in addition to loans. (continued) 26 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 12, 2018.) 27 Accredited Members of the Delegations at the 2018 Annual Meetings (Governors, Alternate Governors and Temporary Alternate Governors only) Afghanistan Australia Governor Governor Mohammad Humayon Qayoumi Josh Frydenberg Alternate Governor Alternate Governor Mohammad Khalid Payenda Nigel Ray Albania Austria Governor Governor Gent Sejko M Hartwig Löger Alternate Governor Alternate Governor Elisabeta Gjoni B Harald Waiglein Erjon Luci M Azerbaijan Algeria Governor Governor Shahmar Movsumov Abderrahmane Raouya Alternate Governor Alternate Governor Emin Muradov* Abdelhak Bedjaoui Bahamas, The Angola Governor Governor Peter Turnquest Augusto de Sousa Archer Mangueira Alternate Governors Alternate Governor Marlon Johnson Pedro Luis da Fonseca Christine M. Thompson* Argentina Bahrain Governor Governor Nicolás Dujovne Ahmed Al-Khalifa Alternate Governor Alternate Governor Veronica Rappoport* Yusuf Humood Armenia Bangladesh Governor Governor Armen Hayrapetyan Abul Maal Muhith Alternate Governors Kazi Shofiqul Azam B Mahmuda Begum M _________________ B – Bank only M – MIGA only * – Temporary 28 Barbados Botswana Governor Governor Ryan Straughn Ontefetse Kenneth Matambo Alternate Governor Alternate Governor Ian Carrington Solomon Sekwakwa Belarus Brazil Governor Governor Dmitry Krutoy Ilan Goldfajn Alternate Governor Alternate Governor Dmitry Yaroshevich* Marcello De Moura Estevao Belgium Brunei Darussalam Governor Governor Tom Franck Amin Abdullah B Alternate Governor Bruno van der Pluijm Bulgaria Belize Governor Vladislav Goranov Governor Alternate Governor Audrey Joy Grant Dimitar Kostov Alternate Governor Kareem Michael Burkina Faso Benin Governor Sanata Kone Governor Alternate Governor Abdoulaye Bio Tchane Ambroise Kafando Alternate Governor Romuald Wadagni Burundi Bhutan Governor Domitien Ndihokubwayo Governor Alternate Governor Nim Dorji Annonciate Nshimirimana* Alternate Governor Lhaden Lotay Cambodia Bolivia Governor Vanndy Hem Governor Alternate Governor Mariana Prado Noya Thirong Pen Alternate Governor Raul Sixto Mendoza Patino* Cameroon Bosnia and Herzegovina Governor Governor Alamine Ousmane Mey Senad Softic Alternate Governor Charles Assamba Ongodo _________________ B – Bank only M – MIGA only * – Temporary 29 Canada Congo, Democratic Republic of Governor Alternate Governor Bill Morneau Déogracias Mutombo Mwana Nyembo Alternate Governors Diane Jacovella Congo, Republic of Andrew Clark* Christopher MacLennan* Governor Rick Stewart* Ingrid Olga Ghislaine Ebouka-Babackas Rob Stewart* Costa Rica Central African Republic Alternate Governor Governor Rodrigo Cubero Brealey Felix Moloua Alternate Governor Cote d'Ivoire Steve Laurent Apete-Matongo Alternate Governor Chad Moussa Sanogo Governor Croatia Issa Doubragne Alternate Governor Governor Houle Djonkamla Zdravko Maric Alternate Governor Chile Stipe Zupan Alternate Governors Cyprus Andres Perez* Francisco Moreno Guzman* Governor Christos Patsalides China Alternate Governor Kyriacos Kakouris Alternate Governor Jiayi Zou Czech Republic Hongxia Li* Minwen Zhang* Governor Shixin Chen* Lenka Dupakova Xia Lyu* Alternate Governor Yingming Yang* Jitka Vyoralova Zhongjing Wang* Denmark Colombia Alternate Governor Governor Martin Hermann Andres Alberto Pardo-Amezquita Alternate Governor Djibouti Gloria Alonso Governor Comoros Ali Mohamed Ali Alternate Governor Governor Almis Mohamed Abdillahi Said Ali Said Chayhane Alternate Governor Fouady Goulame _________________ B – Bank only M – MIGA only * – Temporary 30 Dominica Ethiopia Alternate Governor Governor Beverly Best* Abraham Tekeste Alternate Governor Dominican Republic Fisseha Aberra* Governor Fiji Isidoro Santana Alternate Governor Governor Alexis Cruz Rodriguez* Makereta Konrote Alternate Governor Egypt, Arab Republic of Shiri Gounder Governor Finland Sahar Nasr Governor El Salvador Petteri Orpo Alternate Governors Governor Anne-Mari Virolainen B Oscar O. Cabrera Melgar Tuomas Saarenheimo M Alternate Governor Edgar Cartagena France Equatorial Guinea Alternate Governors Renaud-Basso, Odile Governor Guillaume Chabert* Lucas Abaga Nchama Herve de Villeroche* Alternate Governor Valentin Ela Maye Gabon Eritrea Governor Jean Marie Ogandaga Governor Alternate Governor Berhane Habtemariam Roger Owono Mba Alternate Governor Martha Woldegiorghis Gambia, The Estonia Governor Mambury Njie Governor Alternate Governor Toomas Toniste Mod K. Ceesay Alternate Governor Marten Ross Georgia Eswatini Governor Ivane Matchavariani Governor Alternate Governor Bheki Bhembe Nikoloz Gagua Alternate Governor Bertram B. Stewart _________________ B – Bank only M – MIGA only * – Temporary 31 Germany Haiti Governor Governor Norbert Barthle Vanette Grey Vincent Alternate Governor Alternate Governor Wolfgang Schmidt Fritz-Gerald Louis* Ghana Honduras Governor Alternate Governor Yaw Osafo-Maafo Wilfredo Cerrato Rodriguez Alternate Governors Charles Adu Boahen Hungary Nelly Mireku* Governors Greece Mihaly Varga B Laszlo Balogh M Governor Alternate Governor Ilias Xanthakos Laszlo Balogh B* Alternate Governor Margarita Antoniou Iceland Grenada Alternate Governor Bjarni Benediktsson Governor Keith C. Mitchell India Alternate Governor Ethelstan A. Friday Governor Subhash Chandra Garg Guatemala Indonesia Governor Rosa Maria Ortega Governor Alternate Governor Sri Mulyani Indrawati Sergio Recinos Alternate Governors Bambang P.S. Brodjonegoro B Guinea Dian Lestari * Governor Iran, Islamic Republic of Kanny Diallo Alternate Governor Governor Ismaël Dioubaté Seyed Rahmattolah Akrami Alternate Governor Guinea-Bissau Mohammad Khazaee Torshizi Governor Iraq Jeremias Pereira Alternate Governor Alternate Governor Elisio Gomes Sa Salahuddin Al-Hadeethi* Guyana Ireland Governor Governor Winston Jordan Paul Ryan _________________ B – Bank only M – MIGA only * – Temporary 32 Israel Korea, Republic of Governor Governor Shai Babad Dong Yeon Kim Alternate Governor Italy Juyeol Lee Governor Kosovo Ignazio Visco Alternate Governor Governor Gelsomina Vigliotti Bedri Hamza Patrizio Pagano* Alternate Governor Behxhet Haliti Jamaica Kuwait Governor Nigel Clarke Governor Alternate Governor Nayef Falah Al-Hajraf Darlene Morrison Alternate Governors Abdulwahab Ahmed Al-Bader B Japan Farouk Ali Bastaki M Governor Kyrgyz Republic Taro Aso Alternate Governor Governor Haruhiko Kuroda B Nurbek Jenish Alternate Governor Jordan Altynai Aidarova Governor Lao People's Democratic Republic Mary Kawar Alternate Governor Governor Zeina Toukan Somdy Douangdy Alternate Governor Kazakhstan Angkhansada Mouangkham* Governor Latvia Asset Irgaliyev Alternate Governor Alternate Governor Zhandos Shaimardanov Liga Klavina* Kenya Lebanon Governor Alternate Governor Henry Rotich Alain Bifani* Alternate Governor Kamau Thugge Lesotho Kiribati Governor Tlohelang Peter Aumane Governor Alternate Governor Teuea Toatu B Nthoateng Lebona Alternate Governor Koin Uriam Kiritione B* _________________ B – Bank only M – MIGA only * – Temporary 33 Liberia Mali Governor Governor Samuel D. Tweah Boubou Cisse Alternate Governor Lithuania Arouna Modibo Toure Alternate Governors Malta Loreta Maskalioviene* Raminta Stanaityte-Cesnuliene* Governor Edward Scicluna Luxembourg Marshall Islands Governor Arsene Jacoby Governor Alternate Governor Brenson Wase B Miguel Marques Alternate Governor David Paul B Macedonia, former Yugoslav Republic of Mauritania Governor Dragan Tevdovski Governor Alternate Governor El Moctar Djay Rilind Kabashi Alternate Governor Abass Sylla Madagascar Mauritius Governor Marcel Arsonaivo Napetoke Alternate Governor Alternate Governor Dharam Dev Manraj Claude Rakotoarisoa Mexico Malawi Governor Governor José Antonio González Anaya Goodall E. Gondwe Alternate Governor Alternate Governor Miguel Messmacher Linartas Ben Botolo Micronesia, Federated States of Malaysia Governor Governor Sihna Lawrence Lim Guan Eng Alternate Governor Alternate Governor Senny Phillip Ahmad Badri Mohd Zahir Moldova Maldives Governor Governor Octavian Armasu Ahmed Zuhoor Alternate Governor Alternate Governor Tatiana Ivanicichina Ahmed Munawar _________________ B – Bank only M – MIGA only * – Temporary 34 Mongolia Netherlands Governor Alternate Governor Khurelbaatar Chimed Reina Buijs Alternate Governor Lhagvasuren Bydran New Zealand Montenegro Governor Grant Robertson Governor Alternate Governor Darko Radunovic Gabriel Makhlouf Alternate Governor Nina Vujosevic Nicaragua Morocco Governor Ivan Acosta Montalvan Governor Alternate Governor Lahcen Daoudi Uriel Perez Alternate Governor Faouzia Zaaboul Niger Mozambique Governor Aichatou Boulama Kane Governor Adriano Maleiane Nigeria Alternate Governor Rogerio Lucas Zandamela Governor Zainab Shamsuna Ahmed Myanmar Alternate Governors Mahmoud Isa-Dutse Governor Aliyu Ahmed B* Soe Win Alternate Governor Norway Si Si Pyone* Governor Namibia Nikolai Eivindsson Astrup Governor Oman Ericah B. Shafudah Alternate Governor Governor Ebson Uanguta Darwish Al Balushi Alternate Governor Nauru Musallam M. Qatan M Governor Pakistan Russ Kun Alternate Governor Governors Martin Hunt Asad Umar B Arif Ahmed Khan M Nepal Alternate Governor Syed Ghazanfar Abbas Jilani B Governor Yuba Raj Khatiwada Alternate Governor Arjun Kumar Karki B* _________________ B – Bank only M – MIGA only * – Temporary 35 Palau Qatar Governor Governor Elbuchel Sadang Ali Shareef Al-Emadi Alternate Governor Alternate Governor Muriel Sinsak Abdullah Al-Thani Panama Romania Governor Alternate Governor Eyda Varela de Chinchilla Liviu Voinea Alternate Governor Gustavo Valderrama Russian Federation Papua New Guinea Alternate Governor Storchak Anatolyevich Sergey Governor Charles Abel Rwanda Alternate Governor Manu Momo* Governor Uzziel Ndagijimana Paraguay Alternate Governor Ronald Nkusi* Governor Benigno López Samoa Alternate Governor Humberto Colman Governor Sili Sala Epa Tuioti Peru Alternate Governor Iulai Lavea Alternate Governor Betty Armida Sotelo Bazán San Marino Philippines Alternate Governor Dario Galassi B Governor Carlos G. Dominguez Sao Tome and Principe Alternate Governor Benjamin Diokno Governor Americo d'Oliveira dos Ramos Poland Saudi Arabia Governors Pawel Samecki B Governor Patryk Loszewski M Mohammed A. Al-Jadaan Alternate Governor Alternate Governor Patryk Loszewski B* Ahmed Alkholifey Portugal Senegal Governor Governor Teresa Ribeiro Amadou Ba Alternate Governors Alternate Governor Ana Barreto Papa Amadou Sarr Paulo Pedroso* _________________ B – Bank only M – MIGA only * – Temporary 36 Serbia South Africa Governor Governor Jelena Tanaskovic Dondo Mogajane Alternate Governor Alternate Governor Nenad Vlaketic Vuyelwa Vumendlini-Schalk Seychelles South Sudan Governor Governor Maurice Loustau-Lalanne Salvatore Garang Mabiordit Alternate Governor Alternate Governor Caroline Abel Dier Tong Ngor Sierra Leone Spain Governor Alternate Governor Jacob Jusu Saffa Carlos San Basilio* Alternate Governor Sahr Lahai Jusu Sri Lanka Singapore Governor Mangala Samaraweera Governor Alternate Governor Swee Keat Heng Ruwanchandra Kalu Dura Shantha Alternate Governor Ching Yee Tan St. Lucia Slovak Republic Governor Allen M. Chastanet Governor Alternate Governor Peter Kazimir Guy Joseph Alternate Governor Vladimir Martvon* Sudan Slovenia Governor Mosellem Ahmed Alamir Governor Alternate Governor Mateja Vranicar Erman Makki Mohammed Abdelrahim Alternate Governor Gonzalo Caprirolo Cattoretti Suriname Solomon Islands Governor Gillmore Hoefdraad Governor Mckinnie Pitakia Dentana Switzerland Alternate Governor Barnabas Balekana Vote Governors Johann Schneider-Ammann B Somalia Raymund Furrer M Alternate Governors Governor Raymund Furrer B* Abdirahman Duale Beileh B Werner Gruber B* Alternate Governor Bashir Isse B _________________ B – Bank only M – MIGA only * – Temporary 37 Tajikistan Turkey Governors Governor Faiziddin Qahorzoda Berat Albayrak Alternate Governor Alternate Governor Jamshed Nurmahmadzoda B* Bülent Aksu Tanzania Turkmenistan Governor Governor Philip Mpango Bagtyyar Altyyev B Alternate Governor Thailand Merdanguly Magtymgulyyevich Palivanov Governor Tuvalu Apisak Tantivorawong Alternate Governor Governor Lavaron Sangsnit* Maatia Toafa B Alternate Governor Timor-Leste Palipa H Lauti B Governor Uganda Sara Lobo Brites Alternate Governor Governor Epifanio Martins Aridru Ajedra Gabriel Gadison Alternate Governor Togo Keith Muhakanizi Governor Ukraine Madidoma Essobozou Awade Alternate Governor Governor Kossi Tenou Oksana Markarova Tonga United Arab Emirates Governor Alternate Governor Pohiva Tu'i'onetoa B Obaid Al Tayer Alternate Governor Natalia Latufangahea Latu B United Kingdom Trinidad and Tobago Governor Penny Mordaunt Governor Alternate Governor Suzette Taylor-Lee Chee Philip Hammond Alternate Governor Jayanti Budhooram United States Tunisia Governor Steven T. Mnuchin Governor Zied Laadhari Uruguay Alternate Governor Karim Bououni* Alternate Governor Adrian Fernandez* _________________ B – Bank only M – MIGA only * – Temporary 38 Uzbekistan Yemen, Republic of Governor Governor Sukhrob R. Kholmuradov Mohammed Saeed Al-Sadi Alternate Governor Alternate Governor Sardor Sagdullayev Nazar Basuhaib Vanuatu Zambia Governor Gaetan Pikioune Governor Alternate Governor Alexander Chiteme Letlet August Alternate Governor Fredson Kango Yamba Venezuela, Republica Bolivariana de Zimbabwe Governor Sohail Hernandez Governor Alternate Governor Mthuli Ncube Eduardo Ramirez Castro Alternate Governor George Tongesayi Guvamatanga Vietnam Governor To Huy Vu Alternate Governor Pham Thanh Ha _________________ B – Bank only M – MIGA only * – Temporary 39 Observers at the 2018 Annual Meetings Abu Dhabi Fund for Development (ABU DHABI FUND) Africa Finance Corporation (AFC) African Biofuel and Renewable Energy Company (ABREC) African Capacity Building Foundation (ACBF) African Development Bank Group (AFDB) African Export-Import Bank (AFREXIMBANK) African Trade Insurance Agency (ATI) African Union (AU) Arab Bank for Economic Development in Africa (BADEA) Arab Fund for Economic and Social Development (AFESD) Arab Monetary Fund (AMF) ASEAN+3 Macroeconomic Research Office (AMRO) Asian Development Bank (ASDB) Asian Infrastructure Investment Bank (AIIB) Association of African Development Finance Institutions (AADFI) Association of Southeast Asian Nations (ASEAN) Bank for International Settlements (BIS) Black Sea Trade and Development Bank (BSTDB) CAF - Development Bank of Latin America (CAF) Caribbean Development Bank (CDB) Center for Latin American Monetary Studies (CEMLA) Central American Bank for Economic Integration (CABEI) Common Market for Eastern and Southern Africa (COMESA) Commonwealth Secretariat (COMSEC) Cooperation Council for the Arab States of the Gulf (GCC) Council of Europe Development Bank (CEB) East African Community (EAC) East African Development Bank (EADB) Economic Community of West African States (ECOWAS) European Bank for Reconstruction and Development (EBRD) European Central Bank (ECB) European Commission (EC) European Investment Bank Group (EIB Group) European Stability Mechanism (ESM) Financial Stability Board (FSB) Inter-American Development Bank (IADB) Inter-American Investment Corporation (IIC) International Fund for Agricultural Development (IFAD) International Investment Bank (IIB) International Labour Organization (ILO) International Organization for Migration (IOM) Islamic Development Bank (ISDB) Islamic Financial Services Board (IFSB) Kuwait Fund for Arab Economic Development (KUWAIT FUND) Latin American Reserve Fund (LARF) Moroccan Planning Team (MPT) New Development Bank (NDB) Nordic Development Fund (NDF) Nordic Investment Bank (NIB) (continued) 40 OPEC Fund for International Development (OFID) Organisation for Economic Co-operation and Development (OECD) Organization of the Petroleum Exporting Countries (OPEC) Palestine Liberation Organization (P.L.O.) United Nations (UN) United Nations Children's Fund (UNICEF) United Nations Conference on Trade and Development (UNCTAD) United Nations Development Programme (UNDP) United Nations Economic Commission for Africa (UNECA) United Nations Environment Programme (UNEP) West African Development Bank (BOAD) West African Economic and Monetary Union (UEMOA) West African Monetary Institute (WAMI) World Health Organization (WHO) World Trade Organization (WTO) 41