INTERNATIONAL DEVELOPMENT ASSOCIATION

                                    BOARD OF GOVERNORS



                                       Resolution No. 123

            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 1980/81 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 2, 1981)