International Bank for Reconstruction and Development
                        International Development Association
                                    FOR OFFICIAL USE ONLY



FOR                                                                   For consideration on
EXECUTIVE                                                             Tuesday, February 24, 1998
DIRECTORS'
MEETING


                                                                      M98-7
                                                                      IDA/M98-7

     FROM: The Secretary                                              February 9, 1998


                             Minutes of Meeting of the Executive Directors
                             of the Bank and IDA held in the Board Room
                                    on February 3, 1998 at 10:05 a.m.

     1.    There were present:

                                                CHAIRMAN

                                    S. Sandstrom, Managing Director

           EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS

           S. Ahmed (Alternate)                        K. Alyahya
           A. Azizi (Temporary Alternate)              N. Blancher (Temporary Alternate)
           A. Bourhane                                 J. Carvalho
           L. Christov (Temporary Alternate)           B. Crowe (Temporary Alternate)
           F. Drudi (Temporary Alternate)              M. Endoh (Temporary Alternate)
           I. Fernandez De Mesa (Alternate)            L. Hubloue
           J. Hylewski (Alternate)                     J. Justiniano (Temporary Alternate)
           S. Katash (Temporary Alternate)             M. Kell (Temporary Alternate)
           C. Legg (Alternate)                         Li Guanghui (Temporary Alternate)
           M. Portugal (Alternate)                     A. Sadik (Temporary Alternate)
           H. Schaffer                                 A. Slusher (Alternate)
           Sun Vithespongse (Alternate)                G. Westberg (Temporary Alternate)

           OFFICERS AND STAFF PARTICIPATING

           I. Shiliata, Senior Vice President          Z. Ecevit, Director, LCODR
             & General Counsel                         K. Challa, LCC4C
           M. Cortes, LCSFP                            P. Levy, LCC7 A
           D. Mattheisen, Corporate Secretariat


 This document has a restricted distribution and may be used by recipients only in the
 performance of their official duties. Its contents may not otherwise be disclosed without
 World Bank authorization.
                                        -2-                                         M98-7
                                                                                IDA/M98-7



Loan to Uruguay - Contractual Savings Structural Adjustment Loan

2.     The Executive Directors considered the President's Report and Recommendation (R98-5
dated January 12, 1998) and approved the Contractual Savings Structural Adjustment Loan to
Uruguay in the amount of US$100 million equivalent on the payment terms and other terms
and conditions set out in the President's Report (LOAN APPROVAL NO. 98-6).

Date of Next Meeting

3.    It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on
February 10, 1998.

Adjournment

4.     The meeting adjourned at 11:00 a.m.




Distribution:

 Executive Directors and Alternates
 President
 Bank Group Senior Management
 Vice Presidents, Bank, IFC and MIGA
 Directors and Department Heads, Bank, IFC and MIGA