International Bank for Reconstruction and Development International Development Association FOR OFFICIAL USE ONLY FOR EXECUTIVE For considerationon DIRECTORS' Tuesday,January 11,2000 MEETING M99-63 IDA/M99-62 FROM: Vice Presidentand Secretary December17, 1999 Minutesof Meetingof the ExecutiveDirectorsof the Bank and IDA held in the BoardRoom on Thursday,December2,1999 at 10:06a.m. 1. There were present: CHAIRMAN S. Sandstrom,ManagingDirector EXECUTIVE ACTINGAS EXECUTIVE DIRECTORS DIRECTORSANDALTERNATES G. Abraham(Alternate) Y. Horimoto(TemporaryAlternate) K. Al-Aboodi(Alternate) L. Hubloue(Alternate) F. Alfiler(TemporaryAlternate) J. Hylewski(Alternate) K. Al-Saad 0. Otazu (Temporary Alternate) E. Biskup(Alternate) J. Pesme(Alternate) A. Bugrov J. Piercy* J. Cebulis(TemporaryAlternate) G. Rene(TemporaryAlternate) M. Dhif (Alternate) B.P. Singh F. Ferrer P. Stek H. Hagan (TemporaryAlternate) B. Toure K. Hlaing(TemporaryAlternate) S. Vori (TemporaryAlternate) L. Holden(Alternate) Zhu Xian DIRECTORS ALTERNATES NOT ACTINGAS EXECUTIVE S. Ahmed C. Ramos P. Gomes * by videoconferencefrom Manila This document has a restricted distribution and may be used by recipients only in the performanceof their official duties. Its contents may not otherwisebe disclosedwithout World Bank authorization. 2 M99-63 IDA/M99-62 OFFICERS AND STAFF PARTICIPATING D. Khairallah, Deputy General Counsel H. Garnett, AFT12 C. Fall, Vice President and Secretary H. Hanson, EACPQ C. Madavo, Vice President, AFR A. Martinez, ECSPF M. Nishimizu, Vice President, SAR C. Monga, AFTM4 J-L. Sarbib, Vice President, AFR D. Morin, AFT12 J-M. Severino, Vice President, EAP R. Raturi, EASRD J. Adams, Director, AFMTZ G. Spencer, SASRD V. Bhargava, Director, EACPF* M. Wilson, EASRD S. Katsu, Director, ECAVP L. Zlaoui, ECSPE M. Todorova, Director, SACSL J. Kakhonen, IMF H. Tuluy, Director, AFC15 E. Sacerdoti, IMF A. Vorkink, Director, ECCO5 H. Denton, Corporate Secretariat ; by videoconference from Manila Minutes of Previous Meeting 2. The Executive Directors approved the minutes of the meeting held on November 2, 1999 (M99-58[IDA/M99-57]). Adaptable Program Lending Loan and GEF Grant to the Philippines - Mindanao Rural Development Project 3. The Executive Directors considered the President's Memorandum and Recommendation (R99-209[GEF/R99-1 1] dated November 10, 1999 and /1 dated November 18, 1999) and approved the loan in the amount of US$27.5 million and a Global Environment Facility Grant of SDR 1.0 million (US$1.25 million equivalent) to the Republic of the Philippines for a Mindanao Rural Development Project on the payment terms and other terms and conditions set out in the President's Memorandum. The loan constitutes the first in a series of four APLs for the Mindanao Rural Development Program, not exceeding in the aggregate US$290.0 million over the next fourteen years. Loan to Bulgaria - Second Financial and Enterprise Sector Adjustment Loan 4. The Executive Directors considered the President's Report and Recommendation (R99-207 dated November 9, 1999) and approved the loan to the Republic of Bulgaria for a Second Financial and Enterprise Adjustment Loan in the amount of Euro 95.50 million (US$100.0 million equivalent) on the payment terms and other terms and conditions set out in the President's Report. 3 M99-63 IDA/M99-62 Credit to Burkina Faso - Third Structural Adjustment Credit 5. The Executive Directors considered the President's Report and Recommendation (IDA/R99-175 dated November 10, 1999) and approved the credit to Burkina Faso for a Third Structural Adjustment Credit in the amount of SDR 18.0 million (US$25.0 million equivalent) on the payment terms and other terms and conditions set out in the President's Report. Adaptable Program Lending Credit to Tanzania - Public Service Reform Project 6. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R99- 178 dated November 11, 1999) and approved the credit to the United Republic of Tanzania for a Public Service Reform Project in the amount of SDR 29.9 million (US$41.2 million equivalent) on the payment terms and other terms and conditions set out in the President's Memorandum. The credit constitutes the first in a series of APLs for the Public Service Reform Program, not exceeding in the aggregate the amount of US$94.0 million equivalent over the next eleven years. Credit to Sri Lanka - North-East Irrigated Agriculture Project 7. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R99- 179 dated November 11, 1999) and approved the credit to the Democratic Socialist Republic of Sri Lanka for a North-East Irrigated Agriculture Project in the amount of SDR 19.6 million (US$27.0 million equivalent) on the payment terms and other terms and conditions set out in the President's Memorandum. It was agreed that management would provide a progress report on implementation in about one year. Credit to Madagascar - Second Health Sector Support Project 8. The Executive Directors approved the credit to the Republic of Madagascar for a Second Health Sector Support Project in the amount of SDR 29.0 million (US$40.0 million equivalent) on the payment terms and other terms and conditions set out in the President's Memorandum (IDA/R99-177 dated November 11, 1999,/1 dated November 16, 1999). Yemen - Grant from the Debt Reduction Facility for IDA-only Countries for a Commercial Debt Reduction Operation 9. The Executive Directors recorded their approval on November 22, 1999 of the recommendation contained in paragraph 30 of the Memorandum from the President entitled "Yemen - Grant from the Debt Reduction Facility for IDA-only Countries for a Commercial Debt Reduction Operation" (IDA/R99-174). 4 M99-63 IDA/M99-62 Mexico - Second Water Supply and Sanitation Sector Project (Loan 3751-ME) - Amendment to the Loan and Guarantee Agreement 10. The Executive Directors recorded their approval on November 23, 1999 of the recommendation contained in paragraph 21 of the Memorandum from the President entitled "Mexico - Second Water Supply and Sanitation Sector Project (Loan 3751-ME) - Amendment to the Loan and Guarantee Agreement" (R99-210). Date of Next Meeting 11. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on December 7, 1999. Adjournment 12. The meeting recessed at 10:51 a.m. and reconvened at 12:41 p.m.; recessed at 1:05 p.m., reconvened at 2:35 p.m. and adjourned at 5:57 p.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