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THE WORLD BANK GROUP
Mongolia
Korea
Cambodia
Palau Micronesia
Marshall Islands
Papua New Solomon
Islands
Vanuatu
Samoa
Kiribati
Australia
New Zealand
FISCAL YEAR
2019-2020
ANNUAL REPORT
OFFICE OF THE EXECUTIVE DIRECTOR
Tuvalu
Australia │Cambodia │Kiribati │Korea │RMI│ FSM │Mongolia │Nauru │New Zealand │Palau │PNG│Samoa │Solomon Islands │Tuvalu │Vanuatu
Nauru
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WORLD BANK GROUP – EAST ASIA / PACIFIC CONSTITUENCY OFFICE ANNUAL REPORT FY2020
CONTENTS
EXECUTIVE SUMMARY
ABBREVIATIONS AND ACRONYMS
CONSTITUENCY OFFICE
Governors and Alternate Governors for the Constituency…………………………………………………. 1
Executive Director, Alternate Executive Director and Staff.................................................... 2
Development Committee Meeting outcome………………………………………………………….………… 3
Voice Secondment Program... ................................................................................................ 4
ISSUES OF INTEREST TO OUR CONSTITUENCY
COVID-19 Operational Response ……………………………………………………………………… ................. 5
IDA Update ............................................................................................................................. 5
Debt Sustainability .................................................................................................................. 6
Climate change adaption and resilience ................................................................................ 7
Small States and the impact of COVID-19 ............................................................................... 7
Human Capital Index ................................................................................................................... 9
IBRD and IFC Capital Increases and Shareholding Reviews ...................................................... 10
Doing Business Report ....................................................................................................... ..... 11
Human resources update ………………………………………………………………………………………………… . 12
FINANCIAL RESULTS
IBRD ………………………………………………………………………………………………………………………..……………… 14
IDA ................................................................................................................................................. 14
IFC ................................................................................................................................................. 15
MIGA .............................................................................................................................................. 15
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ANNEXES
Annex 1. List of FY2020 Constituency Country Developments and Approved Projects..... .... 16
Annex 2. Governors’ Resolutions ............................................................................................ 21
Annex 3. Senior Management Appointments ........................................................................ 22
Annex 4. World Bank Group Organizational Structures …………………………………………..……….. 25
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ANNUAL REPORT FY2020: EDS09 CONSITUENCY OFFICE
EXECUTIVE SUMMARY
It is obvious that 2020 will be remembered for the novel challenges the Covid-19 pandemic brought to our
constituency countries, the Bank and the constituency office. Our constituency countries have faced
significant challenges to protect their health systems and cope with associated economic stress, particularly
from loss of income owing to trade and commerce disruptions and mobility restrictions. Thankfully after
some initial shortfalls of certain personal protective equipment, vital supplies of health equipment and other
necessities were not seriously disrupted.
The Bank responded initially with measures to protect lives and limit damage to health systems. The second
phase of Bank support is intended to aid the recovery and track a pathway towards sustained economic and
social development.
Constituency office staff adapted well to working from home, including attending board meetings and
participating in policy and technical discussions virtually. We continued to advocate strongly for all our
members’ needs in all forums of the Bank. Regular virtual meetings with senior Bank staff enabled us to
contribute member country perspectives in project and program development.
In the following pages, Governors and their advisers will gain a clear view of the major developments of
the year, including the range of approved projects and projects under preparation.
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ABBREVIATIONS AND ACRONYMS
CAT-DDO Catastrophe Deferred Drawdown Options
CEO Chief Executive Officer
CFO Chief Financial Officer
COVID-19 2019 novel Coronavirus
CRW Crisis Response Window
CSIS Center for Strategic and International Studies
D & I Diversity and Inclusion
DFi Development Finance
DPO Development Policy Operation
DSEP Debt Sustainability Enhancement Program
DSSI Debt Service Suspension Initiative
DTCs Development and Transition Countries
ED Executive Director
E/L Equity to Loan Ratio
FSM Federated States of Micronesia
FY Fiscal Year
GDP Gross Domestic Product
GEF Global Environment Facility
GNI Gross National Income
HBW Home Based Work
HCI Human Capital Index
HCP Human Capital Project
HIPC Heavily Indebted Poor Countries
IBER Indonesia Bureau of Economic Research
IBRD International Bank for Reconstruction and Development
ICC International Chamber of Commerce
IDA International Development Association
IDA18 International Development Association/18th Replenishment by IDA Donors
IDA19 International Development Association/19th Replenishment by IDA Donors
IFC International Finance Corporation
IFPRI International Food Policy Research Institute
IMF International Monetary Fund
IRENA International Renewable Energy Agency
MDBs Multilateral Development Banks
MIGA Multilateral Investment Guarantee Agency
OECD Organization for Economic Cooperation and Development
PCRAFI Pacific Catastrophe Risk Assessment and Financing Initiative
PCO Program of Creditor Outreach
PNG Papua New Guinea
PSW Private Sector Window
RMI Republic of Marshall Islands
SDFP Sustainable Development Finance Policy
SDSN Sustainable Development Solutions Network
SISRI Small Island State Resilient Initiative
TA Technical Assistance
UN United Nations
WBG World Bank Group
WHO World Health Organization
All monies expressed in US$ unless indicated otherwise
FY2020 – refers to 1 July 2019-30 June 2020
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CONSTITUENCY OFFICE
GOVERNORS AND ALTERNATE GOVERNORS FOR THE CONSTITUENCY*
Member Countries Governor Alternate Governor
Australia Hon. Josh Frydenberg, MP Hon. Michael Sukkar, MP
Cambodia H.E. Aun Pornmoniroth H.E. Vongsey Vissoth
Kiribati Hon. Teuea Toatu Mr. Benjamin Tokataake
Korea Hon. Nam-Ki Hong Mr. Ju Yeol Lee
Marshall Islands Hon. Alfred Alfred Jr Mrs. Maybelline Andon-Bing
Federated States of
Micronesia
Hon. Eugene Amor Mrs. Senny Phillip
Mongolia Hon. Khurelbaatar Chimed Mr. Lkhagvasuren Byadran
Nauru
Hon. Martin Hunt, MP
Mr. John Petersen
New Zealand Hon. Grant Robertson Ms. Caralee McLiesh
Palau Hon. Elbuchel Sadang Mr. Casmir Remengesau
Papua New Guinea Hon. Ian Ling-Stuckey, MP Mr. Dairi Vele
Samoa Hon. Sili Epa Tuioti Mr. Oscar Thomas Malielegaoi
Solomon Islands Hon. Harry Degruit Kuma Mr. McKinnie Dentana
Tuvalu Hon. Seve Paeniu Mr. Karlos Lee Moresi
Vanuatu Hon. Johnny Koanapo Rasou Mr. Letlet August
* As of September, 2020
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EXECUTIVE DIRECTOR, ALTERNATE EXECUTIVE DIRECTOR AND STAFF
Executive Director Kunil Hwang (Korea)
Alternate Executive Director Gerard Antioch (Australia)
Senior Advisor Warwick White (New Zealand)
Senior Advisor Jerry Nathan (Marshall Islands)
Advisor Kirsty McNichol (Australia)
Advisor Bokwon Lee (Korea)
Advisor Ulzii Dash (Mongolia)
Advisor Tony Sewen (Vanuatu)
Advisor Tobais Bule (Solomon Islands)
Program Assistant Beatrice Nguerekata
Program Assistant Monica Eun Jong Chang
Program Assistant Elsa Warouw
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DEVELOPMENT COMMITTEE MEETING OUTCOME
The virtual Development Committee (DC) meeting took place on Friday, Oct 16, 2020 from 7:00 am-
10:00 am (EDT). Korea’s Governor, Deputy Prime Minister and Minister of Economy and Finance, Mr.
Nam-Ki Hong, attended the Development Committee as the representative of our constituency. In
recognition of the ongoing health risks related to the COVID-19 pandemic, the meeting was conducted
virtually.
The key discussions during Development Committee meeting were:
• President Malpass highlighted the World Bank Group’s fast and comprehensive response to COVID 19 crisis and announced the $12 billion vaccine finance approved by Board of Directors.
He emphasized on the debt issue for long term growth. He insisted that the Net Present Value of
debt should not be more burdensome, and it is necessary to strike a balance between creditors and
debtors. Kristalina, IMF Managing Director, stressed the preparation for post-pandemic economy
under the uncertainty. She stated that each member country should make efforts to move to digital,
green and inclusive economy. She announced that IMF will increase its concessional resources to
secure vaccines in cooperation with WBG.
• The Development Committee members welcomed the WBG and IMF’s effort and encouraged leading role in response to COVID-19. The Development Committee commended the WBG for
the speed and scale of its COVID-19 response. It also lauded the WBG for being at the forefront
of multilateral efforts centering on relief, restructuring, and a resilient recovery and called for
cooperative efforts with IMF and other MDBs. The Development Committee urged the WBG to
focus on the most vulnerable people, including women and children, affected by the pandemic and
provide special support to them.
• Development Committee members supported the extension of the Debt Service Suspension Initiative (DSSI) by six months and to examine, by the time of the 2021 WBG and IMF Spring
Meetings, if the economic and financial situation requires to extend further the DSSI by another
six months. DC members stressed that all official bilateral creditors should implement this
initiative fully and in a transparent manner and encouraged private creditors to participate on
comparable terms.
The Development Committee communique is available [https://www.devcommittee.org/communiques]
During the meeting, the representative of our constituency, Korea’s Governor, Deputy Prime Minister and
Minister of Economy and Finance, stressed the importance transforming this crisis into an opportunity that
builds a stronger and more inclusive economy. He supported equal participation of all public creditors
whether it be a commercial bank or a state-run bank in the Debt Service Suspension Initiative. He said many countries are having difficulties to adopt strong measures to manage the pandemic, as their taxation
conditions and accessibility to the global capital markets are not favorable. He called on WBG, IMF and
member countries to continue supporting the low-income countries so that they can successfully overcome
the crisis and prosper in the post-COVID world.
Our constituency statement highlighted that commodity-exporting and tourism-dependent developing
countries including small island developing states are particularly vulnerable and urged WBG to provide
continuous and tailored support. The statement also drew attention to the recent approved WBG additional
finance to assist developing countries with accessing COVID 19 vaccine. It makes it clear that all member
https://www.devcommittee.org/communiques
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countries are supported in accessing enough vaccines they need and urge our member countries to
guarantee equitable access to vaccine and therapeutics.
The Constituency Statement is available [https://www.devcommittee.org/statements]
VOICE SECONDMENT PROGRAM
The World Bank (Bank) Voice Secondment Program (VSP) provides capacity building and training to
officials from developing and transition countries (DTC). This program was initiated by the Executive
Directors in 2005 with the following objectives:
• To help EDs and Bank’s operational teams in their relations with their constituencies from DTCs;
• To strengthen the ability of the capitals to provide timely and adequate feedback to the EDS and Bank’s operational teams; and
• To increase the knowledge of officials from DTCs on Bank procedures, products and operations.
Officials from relevant government agencies that work closely with the Bank or other international
financial institution may partake in this six-month program.
Ms. Ulziijargal Gonchig from Mongolia and Ms. Maryanne Maspok from Papua New Guinea successfully
completed the 16th VSP Cohort. The outbreak of the COVID-19 pandemic during their time in
Washington DC posed a number of unique challenges; however, they were able to continue their program
by working remotely with their respective host units. Despite a few setbacks in securing their return
flights, some delay, both Maryanne and Ulziijargal were able to safely return to their home countries in
July and August respectively. We wish them the best of luck in all their future career and life.
In terms of the 17th Cohort of the VSP, the program start date is delayed from January 2021 to April 2021
due to COVID-19. From our constituency, 8 countries (Kiribati, Nauru, Solomon Islands, Samoa, Vanuatu,
PNG, Mongolia and Tuvalu) have applied for the 17th VSP cohort. If April 2021 is not a viable start time,
the Program may be suspended for the remainder of the year until January 2022. The situation will be
reassessed at the end of this calendar year.
https://www.devcommittee.org/statements
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ISSUES OF INTEREST TO OUR CONSTITUENCY
COVID-19 OPERATIONAL RESPONSE
The Bank is helping countries respond quickly to the health and economic impacts of COVID-19 through
the Multiphase Approach (MPA), which was approved by the Board in April 2020. The MPA will provide
US$160 billion in grants and loans over 15 months to June 2021. It provides streamlined processes to
allow IDA and IBRD projects to be designed and approved quickly. Initially, the MPA has focused on
supporting countries respond to the public health challenges of COVID. To-date, emergency health
support has reached 111 countries. In our constituency, the Bank has supported seven members through
the rapid design and implementation of health responses, providing more than US$70 million for this
response. The World Bank Group support—across IBRD, IDA, IFC and MIGA—is helping countries
provide critical goods and services and working toward a sustainable recovery.
The WBG will also support IDA and IBRD countries access diagnostics, therapeutic drugs and COVID
vaccines, as they are developed and approved. The Bank has approved a US$12 billion envelope to help
countries access COVID vaccines. This finance will be equally shared across IDA and IBRD
countries. This envelope is designed to provide access to COVID vaccines to 1 billion people globally. In
IBRD countries, the objective is to cover 20% of populations; in IDA countries the objective is to provide
population coverage to lower estimates of ‘herd immunity’. This World Bank financing will complement
COVID vaccine access through the COVAX Facility, which is supported by the WHO and GAVI. Broad,
rapid, equitable and affordable access to vaccines for all countries, including IDA and IBRD countries,
will be central to building a resilient and equitable economic recovery.
The World Bank is also supporting countries to respond to the economic and broader development
challenges resulting from COVID-19 through targeted use of its resources.
The IFC has launched a $4 billion Global Health Platform to provide financing to manufacturers of
healthcare products and help developing countries increase access to the critical healthcare supplies
required to fight the pandemic, including masks, ventilators, test kits and, ultimately, vaccines.
IDA UPDATE
Implementation of IDA18 finished on 30 June 2020. IDA18 was fully committed, with all IDA-eligible
countries in our constituency accessing concessional development finance. Implementation of IDA19
began on 1 July 2020 and will provide US$82 billion in concessional loans and grants to IDA-eligible
countries until 30 June 2023.
COVID has changed the economic and development outlook for all members of the constituency since
IDA19 negotiations were finalised. The Bank is helping IDA-eligible countries respond to the impact of
COVID. IDA-eligible countries were able to access early their IDA19 allocations in Q4 FY20. The Bank
is also front loading IDA19 allocations, so that 43% of resources will be available for countries in FY21.
This is against a benchmark of 33% of resources that would typically being available in FY21. In addition,
countries have the option to reprioritize existing projects to supplement their COVID response.
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DEBT SUSTAINABILITY
The Sustainable Development Finance Policy (SDFP) was agreed by the Board in April 2020. The SDFP
strengthens IDA’s debt-related policy framework through a more pro-active and systemic engagement on
debt sustainability at the country level. The SDFP has two components:
1. The Debt Sustainability Enhancement Program (DSEP) provides incentives for countries to move toward transparent and sustainable financing. Recognizing the importance of debt-financed
investments for development, the DSEP will address debt related risks pertaining to demand-side
factors (pull factors). The DSEP will be an element of IDA’s broader support to country programs
for broad-based, sustainable growth and poverty reduction. Under the DSEP, countries will
implement performance and policy actions (PPAs) as part of a medium-term effort towards
transparent and sustainable borrowing, informed by the country programs which include lending,
diagnostics and technical assistance (TA). The DSEP will inform the levels of IDA resource
allocations available to individual countries, as well as how those resources will be used.
2. The Program of Creditor Outreach (PCO) will enhance IDA’s global platform and convening role to promote creditor outreach and coordination on transparent and sustainable lending practices,
including debt transparency. Enhanced creditor coordination, for instance among multilateral
development banks (MDBs), will help mitigate debt related risks pertaining to the supply side
factors (push factors). Strengthening these mechanisms for collective action will go a long way
towards mitigating risks of unsustainable debt accumulation.
PPAs for FY21 have been discussed with relevant governments in our constituency, largely focusing on
debt management practices.
Debt Service Suspension Initiative (DSSI)
Debt vulnerabilities have been exacerbated as a result of COVID-19. In April, the World Bank’s
Development Committee and the G20 Finance Ministers endorsed the Debt Service Suspension Initiative
(DSSI) in response to a call by the World Bank and the IMF to grant debt-service suspension to the poorest
countries to help them manage the severe impact of the COVID-19 pandemic. The DSSI will allow
eligible countries to suspend repayment of official bilateral credit until at least the end of 2020.
Debt-service suspension will allow low-income countries to concentrate resources on fighting the
pandemic. Private creditors have also been called on to participate in the DSSI.
The Debt Service Suspension Initiative (DSSI) is extended by six months and will be examined, by the
time of the 2021 WBG and IMF Spring Meetings, if the economic and financial situation requires to extend
further the DSSI by another six months, with targeted complements to the April 2020 DSSI Term Sheet.
More than half of all DSSI participants are assessed to be at high risk of debt distress or already in debt
distress according to debt sustainability analysis as of mid-August 2020. Fiscal monitoring indicates that
DSSI participating countries are undertaking substantial COVID-19 related spending even as they face
major revenue shortfalls. Analysis based on WEO projections shows that liquidity support will remain
essential throughout 2021.
The IMF and the World Bank are supporting implementation of the DSSI by monitoring spending,
enhancing public debt transparency, and ensuring prudent borrowing. Two countries in our constituency
are currently participating in the DSSI.
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Further information can be found at: https://www.worldbank.org/en/topic/debt/brief/covid-19-debt-
service-suspension-initiative
CLIMATE CHANGE ADAPTION AND RESILIENCE
The accelerating impacts of climate change, and the need to avoid much larger impacts in the future, bring
urgency to scaling up action on adaptation and resilience. The World Bank Group (WBG) is making
adaptation and resilience a key priority of its 2025 Climate Change Targets that will elevate adaptation to
an equal footing with climate mitigation actions. Climate change is an acute threat to global development
and efforts to end poverty, particularly affecting the poorest and most vulnerable. Its impacts could push
an additional 100 million people into poverty by 2030 and drive migration, with families and whole
communities forced to seek more viable and less vulnerable places to live. As reflected in the Action Plan
on Climate Change Adaptation and Resilience, the Bank Group is making adaptation and resilience a key
priority, placing it on an equal footing with climate mitigation.
Member countries seek World Bank support to meet climate change targets, and the WBG is helping
countries to adaption and resilience to climate change. In fiscal 2019, 31 percent of IBRD and IDA
commitments included climate co-benefits. This once again exceeded the 2020 target of 28 percent, and
now setting the bar even higher. As announced in December 2018, the WBG announced a $200 billion
five-year target for climate action across the Bank Group—half of which will be made up of direct finance
from IBRD and IDA and another $100 billion in combined financing from IFC, MIGA, and private capital
mobilized by the Bank Group. Nearly 30 percent of MIGA’s guarantee program over the fiscal year
supported projects in IDA countries and fragile settings, and almost two-thirds contributed to climate
change adaptation or mitigation.
In a region highly vulnerable to the effects of climate change, the Bank works with countries and partners
to enhance resilience, reduce greenhouse gas emissions, and support clean energy. Promoting connectivity
and climate resilience in small island countries, a vital development priority, was also a focus in fiscal
2019, with eight approved projects totaling almost $240 million in Africa and the Pacific. Furthermore,
World Bank and IFC provided technical assistance to Fiji, for the issuance of the first sovereign green
bond by a developing country, which raised $50 million to support climate change mitigation and
adaptation. This is an example of the Bank’s engagement with countries building green bond markets.
This work helps clients demonstrate leadership on sustainability and climate action, while offering
investors an opportunity to support development solutions that address climate change.
The Strategy for Climate and Disaster Resilient Development in the Pacific, Pacific Catastrophe Risk
Assessment & Financing Initiative (PCRAFI), Pacific Resilience Program and the Small Island State
Resilient Initiative (SISRI) are among other commitment by the WBG and Pacific region to achieve the
goals of the Plan and most of all the WBG twin goals.
The WBG’s future commitment to each country’s development challenges and priorities within the region
will continue to rely on the Regional Partnership Framework, the Systematic Country Diagnostics and
Country Partnership Frameworks.
SMALL STATES AND THE IMPACT OF COVID-19
The Office has continued to engage with the World Bank Group on issues relating to the Small States, and
especially pertaining to the impact of COVID-19. Many Small States within our constituency are
https://www.worldbank.org/en/topic/debt/brief/covid-19-debt-service-suspension-initiativehttps://www.worldbank.org/en/topic/debt/brief/covid-19-debt-service-suspension-initiative
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vulnerable to this unprecedented virus outbreak due to their small economies, remoteness, exposure to
natural disasters and high risk of exogenous shocks. The pandemic has only exacerbated other existing
issues such as debt sustainability, high cost of resilience to climate change, limited domestic resource
mobilization, limited creditworthiness, and difficulties in attracting public and private financing.
The direct financial and economic impact of the pandemic have been severe on all countries, however
small states have been disproportionately affected by the pandemic through disruptions to tourism and
supply chains. Even though some countries in the constituency did not record any COVID-19 cases, the
cost to the economy is high due to loss of tourism and export earnings as a result of border closures. The
disruption of trade in goods due to border closures also has potential impacts on food insecurity for some
small states that depend on imported food. Similarly, the pandemic has also impacted remittances from
citizens working abroad due to travel restrictions. This has placed a lot of pressure on small state
governments to mobilize their already limited resources to support livelihoods and provide social
protection, and at the same time increase health spending for preparedness and response including the
sourcing of personal protective equipment.
As a result of these challenges faced by small states, the office in collaboration with other Executive
Directors responsible for other small states have urged the World Bank to be more proactive in assisting
small states in this unprecedented time. The Bank has been urged to explore the following areas to assist
the small states;
• Increase funding volume for Small States in relation to the second phase of the Fast Track COVID-19 Facility and offer time-bound support for IBRD-only small states during the crisis.
• Urge the Bank to consider exceptional, time-bound access to the Crisis Response Window (‘CRW’) Facility for the vulnerable IBRD-only eligible small states. This will be critical to boost
liquidity support to reignite economic recovery. • Greater use of the Development Policy Loan instrument combined with front loading the
allocation to ensure accelerated disbursement to small states.
• Given the global public goods aspect of the COVID-19 response and containment, it is in the best interest of the global community that all small states in good standing with the World Bank
are able to access the COVID-19 Facility and, in doing so, this will ensure the Bank delivers
on its important objective of ‘leaving no one behind’.
• Bank to assist in building capacity of small states in the areas of Public Financial Management and development policy framing and analysis.
The Bank has also approved an adjustment to the IDA19 Private Sector Window (PSW) eligibility criteria
to temporarily expand PSW support for IDA Gap and Small State Blend Countries, which have been
disproportionately affected by the COVID-19 crisis. The proposal is based primarily on the elevated risk
in IDA Gap and Small State Blend Countries relative to the original PSW-eligible countries and the
expected increasing challenges to develop and finance private sector projects in these countries. The
expanded eligibility has included some small states; however, it did not include two countries in our
constituency due to their status as IBRD only countries.
Finally, the office continues to encourage the Bank to explore ways to help a country in the constituency
as it is one of the countries that was left out from COVID-19 Facility due to its creditworthiness issues to
access IBRD.
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HUMAN CAPITAL INDEX
In September 2020 the Bank updated its Human Capital Index, highlights how current health and
education outcomes shape the productivity of the next generation of workers. The HCI was launched in
2018 as part of the Human Capital Project (HCP), a global effort to accelerate progress towards a world
where all children can achieve their full potential.
This year’s update expands cover to more countries, with 174 countries now included, provides additional
gender disaggregation, and measures progress in human capital over time by comparing 2020 HCI data
against past HCI data. All data is pre-COVID-19 so the Index will serve as a useful ‘snapshot’ of human
capital pre-pandemic crisis.
All members of our constituency are now captured in the Index following the addition this year of the
Republic of Marshall Islands, Federated States of Micronesia, Nauru, Palau and Samoa.
The 2020 HCI report and one-page brief and dataset for each country are available at
https://www.worldbank.org/en/publication/human-capital.
The overall index for our member countries are:
Country Probability of Survival
to Age 5
Expected Years of School
Harmonized Test Scores
Learning-Adjusted Years of School
Fraction of
Children Under 5
Not Stunted
Adult Survival
Rate
2020 HUMAN CAPITAL INDEX
Australia 1.00 13.6 516 11.2 - 0.95 0.77
Cambodia 0.97 9.5 452 6.8 0.68 0.84 0.49
Kiribati 0.95 11.2 411 7.4 - 0.81 0.49
Korea, Rep. 1.00 13.6 537 11.7 - 0.94 0.80
Marshall Islands, Rep.
0.97 9.4 375 5.7 0.65 0.70 0.42
Micronesia, Fed. Sts.
0.97 11.8 380 7.2 - 0.84 0.51
Mongolia 0.98 13.2 435 9.2 0.91 0.80 0.61
Nauru 0.97 11.7 347 6.5 - 0.93 0.51
New Zealand 0.99 13.7 520 11.4 - 0.94 0.78
Palau 0.98 11.7 463 8.7 - 0.87 0.59
Papua New Guinea
0.95 10.3 363 6.0 0.51 0.78 0.43
Samoa 0.98 12.2 370 7.2 0.95 0.89 0.55
https://www.worldbank.org/en/publication/human-capital
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Solomon Islands 0.98 8.3 351 4.7 0.68 0.86 0.42
Tuvalu 0.98 10.8 346 6.0 - 0.79 0.45
Vanuatu 0.97 10.1 348 5.6 0.71 0.87 0.45
IBRD AND IFC CAPITAL INCREASES AND SHAREHOLDING REVIEWS
2018 Capital Increases
In 2010 Governors agreed to 5-yearly shareholding reviews of IBRD and IFC as part of the membership
Voice reforms. These reforms aimed to give greater voice to developing countries in the Bank’s
Governance and were guided by the shareholding principles (the Lima Principles) endorsed by Governors
at the 2015 Annual Meetings in Lima.
The first shareholding review, started in 2015, resulted in the $13.0 billion paid-in capital increase for
IBRD an IFC being endorsed by the Development Committee in April 2018. Shareholders subsequently
approved the capital increases, with IBRD’s $7.5 billion paid-in capital adopted in October 2018 and IFC’s
US$ 5.5 billion increase adopted in April 2020.
The next stage is for members to subscribe and pay for their allocated shares. For IFC, subscription and
payment is due by 15 April 2023, and for their IBRD these are due by 1 October 2023.
By mid-September 2020, IBRD shareholders had submitted subscription documents for approximately
75% of the issued shares and paid-in $1.6 billion of capital. For IFC, where subscriptions only opened in
April, subscriptions have been received for 26% of the issued shares and $82.4 million of paid-in capital
had been received. 2020 Review of IBRD and IFC Shareholding
The second 5-yearly shareholding review started earlier this year and a report has been provided to the
Development Committee for its 2020 Annual Meeting.
For IBRD, the report concludes that continuing issues with shareholding structure merit careful and
thorough consideration, including the under-representation of members, with several cases of extreme
misalignment.
However, there are differing views on whether to proceed with the review at this time and so guidance is
being sought from Development Committee members. One view is not to proceed with the review in light
of ongoing subscriptions to the 2018 capital increase, current global context, and the capital adequacy of
the institutions. Another view is that given there is substantial shareholding misalignment, as a matter of
principle it should be addressed, even if only a modest adjustment is possible at this stage.
For IFC, the review is focusing on settling a methodology for identifying shareholding misalignment; that
is, under and over representation in shareholding (IBRD uses the ‘Dynamic Formula’ for this purpose).
As with IBRD, there are differing views on whether to proceed at this time and so guidance is being sought
from Development Committee members.
https://worldbankgroup.sharepoint.com/:b:/r/sites/BOSSPCF/Confidential/6135a941-61ec-ea11-a817-000d3a9a9b65/Board%20Documents/f7f1d5e3-4eed-ea11-a817-000d3a990db5/Final_SecM2020-0215.pdf?csf=1&web=1&e=W2g9ir
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IDA Voting Rights Review
At the 2019 Annual Meetings, Governors endorsed a review of IDA’s voting rights framework. An interim
progress report has been provided to the Development Committee for its 2020 Annual Meeting. IDA Voting Rights Review: Interim Progress Report to Governors, Annual Meetings 2020 -DC
There are a number of concerns with the current voting rights framework driving the review; these include
the framework has not evolved since IDA was founded; it is overly complicated; and it should do more
and balance incentives for increasing contributions.
Whilst IDA’s current voting rights framework is complex, involving multiple parameters and calculations,
it can be broken down into the four interrelated key building blocks:
i. Membership structure ii. Voting calculations for the upper tiers of the membership structure
iii. Voting calculations for the lower tiers of the membership structure iv. Transition within membership structure.
These interrelated building blocks comprise the organizing framework for review of voting rights changes.
The review will be conducted in two phases.
The first phase, which is likely to continue through to December 2020, will identify options under each
building block (including the status quo) and reach consensus where possible to reduce the number of
assumptions and parameters.
Discussions so far have focused on the first two building blocks: Membership Structure and Upper Tier
Voting Calculations. For membership structure, there is general agreement that a two-tier membership
structure could serve as a starting point to further develop the other building blocks (i.e., a lower tier
comprising IDA recipients, and an upper tier comprising IDA non-recipient members). For upper tier
voting calculations, progress has been mixed. While there is some support for all upper tier members
paying the same price per vote, there are other views supporting some form of price differentiation amongst
upper tier members (for example, differentiating price according to GNI per capita). This building block
will also consider approaches to calculate voting power (e.g., cumulative contributions or giving more
weight to recent contributions) and use of pre-emptive rights for upper tier members.
The second phase of the Review will focus on deeper analysis and further consensus building to narrow
down the remaining building block options and determine a pathway to implementation. This is expected
to conclude in October 2021, where Governors’ endorsement will be sought to an agreed IDA voting rights
framework, and for the new approach to be implemented for the IDA20 replenishment.
DOING BUSINESS REPORT
Over the 17 years of its existence, the Doing Business report has been a valued tool for countries seeking
to measure costs of doing business. Doing Business indicators and methodology are designed with no
single country in mind, but rather to help to improve the overall business climate. It was therefore of
considerable concern to the Board when advised in late August 2020 of several irregularities regarding
changes to the data in the Doing Business 2018 and Doing Business 2020 reports, published in October
2017 and 2019. The changes in the data were inconsistent with the Doing Business methodology.
https://worldbankgroup.sharepoint.com/sites/BOSSP/Official/4c04a30c-b7f9-ea11-a815-000d3a9a9b65/Board%20Documents/3d1a1005-c0f9-ea11-a815-000d3a9a9b65/Final_DC2020-0008%20ida%20voting%20rights.pdfhttps://worldbankgroup.sharepoint.com/sites/BOSSP/Official/4c04a30c-b7f9-ea11-a815-000d3a9a9b65/Board%20Documents/3d1a1005-c0f9-ea11-a815-000d3a9a9b65/Final_DC2020-0008%20ida%20voting%20rights.pdf
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The integrity and impartiality of our data and analysis is paramount and so the World Bank is conducting
a systematic review and assessment of data changes that occurred subsequent to the institutional data
review process for the last five Doing Business reports. The World Bank Group’s independent Internal
Audit function will also be performing an audit of the processes for data collection and review for Doing
Business and the controls to safeguard data integrity.
The Bank will act based on the findings and will retrospectively correct the data of countries that were
most affected by the irregularities. The Board is actively engaged to ensure that the reviews are robust and
necessary actions are taken to protect the integrity of the Doing Business exercise so that it continues to
be a valued tool.
The publication of the Doing Business 2020 report is paused while this review is underway. Press release
on this.
HUMAN RESOURCES UPDATE
Senior management and staffing
Recently, Philippe Le Houérou(IFC CEO), Yvonne Tsikata(Vice President for Corporate Secretariat), and
Ceyla Pazarbasioglu (VP for Equitable Growth, Finance and Institutions) left the World Bank Group. New
VPs, Felipe Jaramillo (VP for Latin America and Caribbean region), Diariétou Gaye (Corporate
Secretariat), and Mouhamadou Diagne (Integrity Vice Presidency) began their assignments.
At end-FY20, the WBG had 16,452 active Open/Term staff onboard, an increase of 2.0% from end-FY19.
In the 12 months ending FY20, the number of Open/Term staff increased by 1.0% at the Bank and 2.9% at
MIGA, and 5.3% at IFC. In line with WBG management's efforts to rebalance the grade mix, growth in the
12 months ending FY20 was at grades GE-GG (+5.2%), while GH+ staff declined by 6.8% and GA-GD
staffing levels declined by 2.3%. The number of WBG Open/Term staff increased by 4.7% outside the US,
and decreased by 0.2% in the US. The number of WBG Open/Term staff in FCS locations increased by
16.7%. In the 12 months ending FY20, the WBG hired 1,257 Open/Term staff, a 35.9% increase from the
prior 12 months. WBG Open/Term staff exited, a 9.8% decline from the prior 12 months.
Home based work and Diversity
From March this year, things began to change significantly with the advent of the coronavirus (COVID-19)
pandemic. Multiple programs were cancelled, due to travel restrictions. Home‐based work (HBW) became
the mandatory and default option. All WBG staff and consultants – both headquarters-based and field-
based, representing all grade levels and administrative and optional units – were invited to participate in
the Home Based Work survey. Many survey respondents across HQ and Country Offices described how
the difficult context in which they have been working for the last several months has been compounded by
expanded work programs, more deliverables with shorter deadlines, and increased pressure from
management to deliver. A great number of respondents reported poor work-life balance, declining mental
health, diminished relationships, and, for some, declining physical health. Many respondents reported
struggling with burnout and that the current workload and pace are unrealistic and unsustainable. There is
growing concern for consultants and their workload and job stability. Respondents hoped that Leadership
would continue to take staff’s mental health needs into consideration and perhaps take more proactive
actions given the need for continued HBW. In terms of client engagement, respondents reported several
concerns given prolonged HBW and the lack of in-person interactions. Specifically, respondents were
https://www.wsj.com/articles/world-bank-delays-report-on-national-competitiveness-rankings-amid-concerns-of-data-manipulation-11598554654?mod=hp_listb_pos3
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concerned about the effectiveness of virtual interactions with clients and the slower pace of projects given
the current context.
Another major shift for diversity and inclusion (D&I) occurred with the release of a video showing the
killing of an African American, George Floyd, in the US by police. Global reactions and protests affected
staff, as did their own personal reactions and situations, shining a light on the need to address racism and
racial discrimination within the WBG, as well as within projects. On June 12, President Malpass announced
the formation of the World Bank Group Task Force on Racism chaired by Sandie Okoro, Senior Vice
President and Group General Counsel. The mandate of the Task Force is to provide recommendations to
the President and WBG Senior Management on how to end racism and racial discrimination in the WBG,
its operations, and the areas it serves. As an institution, the WBG has always strived to ensure that
workplace and behaviors are well aligned with WBG Core Values. These values are also well aligned with
mission, as WBG staffs work hard around the globe to eliminate poverty, support the most vulnerable and
marginalized, and ensure everyone has equal opportunities. The WBG approaches D&I through three
lenses: Advocacy (demonstrating and building partnerships); Accountability (setting goals for D&I and
achieving outcomes); and Inclusion (embedding D&I into talent processes and creating an inclusive
environment).
http://endracism/
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FINANCIAL RESULTS
World Bank Group FY20 Overview
Commitments Gross Disbursements Outstanding Portfolio Allocable/Net Income Capital Adequacy
$84.4 $55.9 $427.0 $2,406 billion Billion billion million IBRD 22.8% 0.0%
21.0% increase 7.0% Increase 4.7% increase 13% increase IDA 35.8% 0.5% IBRD 28.0 20.6% IBRD 20.2 0.3% IBRD 202.2 4.9% IBRD 1,381 16% IDA 30.4 38.5% IDA 21.2 20.7% IDA 161.0 6.0% IDA 724 222% IFC 17.9% 6.3% IFC 22.0 14.8% IFC 10.5 15.9% IFC 41.1 -5.3% IFC -1,672 -1,899% MIGA 4.0 -28.6% MIGA 4.0 -28.6% MIGA 22.6 -3.1% MIGA 57.2 -31% MIGA 47.5% 1.0%
IBRD
IBRD’s FY20 results were dominated by COVID-19 and the response to COVID-19 in the last quarter of
the financial year. IBRD commitments significantly increased in this last quarter as the Bank responded to
the crisis through the Fast Track COVID-19 Facility. This lifted total commitments to $28.0 billion for the
year, from pre-crisis estimates of between $21bn and $24bn.
Allocable Income increased to $1,381 million for the year due to higher interest revenue. Driving this
revenue increase was a combination of higher lending volumes and increased pricing adopted in prior years.
IBRD is relatively immune from the low interest rate environment as most loans are at floating rates and it
has an equity management framework that mitigates interest rate impact on equity funded loans (however,
if low interest rates persist then this will adversely impact on interest income from these loans).
In line with the agreed formula for income allocation, $950 million was retained in the General Reserve to
support a stronger balance sheet, $100 million was transferred to surplus to provide grant support for
development needs (ie. Trust Fund for West Bank Gaza and Fund for Innovative Global Goods Solutions)
and a further $331 million was identified for allocation to IDA. In contrast to prior years, the IDA allocation
is being temporarily held in IBRD’s surplus as prudential measure given the uncertain outlook for IBRD.
The decision to transfer this IDA allocation will now be considered as part of a FY21 mid-term review of
IBRD’s capital adequacy.
IBRD’s capital adequacy, measured by the equity-to-loan ratio (E/L), remained stable at 22.8% as at end
of FY20, which is above the Board’s minimum threshold level of 20%. However, as mentioned above,
given the uncertain outlook Management have heightened attention to protecting capital adequacy.
IDA
IDA18 replenishment was fully committed by the end of FY20, with IDA commitments totaling $30.4
billion for the year. This was a significant increase from FY19 and well above FY18’s record high of $24.0
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billion. Over the IDA18 period IDA’s Small States portfolio more than doubled, from $1.1 billion at the
end of FY17 to $2.5 billion in FY20.
IDA’s capital adequacy, as measured by Deployable Strategic Capital, continues to remain strong at 35.8%,
reflecting its financing model whereby contributions are typically received well in advance of
disbursements.
IFC
The market turmoil associated with COVID-19 is reflected in IFC’s operating performance with net losses
of $1,672 billion comprising $1.1 billion of negative returns in IFC’s emerging markets equity portfolio
and $0.7 billion increase in its loan loss provisions.
Nevertheless, IFC was able to support $22.0 billion of new business in FY20 as part of the Bank’s Fast
Track COVID-19 Facility, which was an increase of $2.9 billion from FY19.
IFC’s capital adequacy, as measured by Deployable Strategic Capital, strengthened to 17.9%. IFC has been
divesting its equity portfolio in recent years as part of a change in its equity strategy. This divestment
releases strategic capital for deployment, and so capital adequacy strengthened in FY20 despite the net loss
for the year.
MIGA
MIGA issued $4.0 billion in new guarantees, down from the prior year’s record high of $5.5 billion. This
decline in new guarantees, after strong growth in recent years, reflects the limited market for MIGA to
support Foreign Direct Investment (FDI), with FDI itself flat or shrinking.
Under MIGA’s new FY21-23 strategy, the Agency aims to deliver between $5.5 billion and $6.0 billion in
guarantees on average per annum, while seeking to deepen its impact in IDA-eligible countries and Fragile
and Conflict-Affected Situations and step up issuance of guarantees in support of Climate Finance. To
achieve this MIGA will focus on expanding its market through developing new products, generating
investable transactions through closer collaboration with other World Bank organizations in upstream work,
and stronger partnerships with other Multi-Development Banks and Export Credit Agencies.
MIGA’s net income declined to $57.2 million despite revenues increasing slightly to $157.4 million (FY19
$153.6 million). The net income decline was driven by a $25.9 million increase in reserves in response to
changes in host country risk ratings, discount rates, and parameters used in the provisioning model.
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ANNEXES
ANNEX 1 - LIST OF FY2020 CONSTITUENCY COUNTRY DEVELOPMENTS AND APPROVED PROJECTS
FY 2020 Approved projects
Country Name Project Name Financier Approval
Date Closing
Date Original Current
Amount Original USD
Amount
Cambodia Cambodia COVID-19 Emergency Response
IDA 4/2/2020 12/31/2022 $ 14,600,000.00 $ 20,000,000.00
Cambodia Pre Service Education IDA 5/29/2020 6/30/2026 $ 11,000,000.00 $ 15,000,000.00
Cambodia LASED III IDA 6/26/2020 12/31/2026 $ 68,100,000.00 $ 93,000,000.00
Kiribati South Tarawa Water and Sanitation IDA 12/13/2019 6/30/2027 $ 11,100,000.00 $ 15,000,000.00
Kiribati PACSTAT-Kiribati IDA 2/11/2020 6/30/2025 $ 1,500,000.00 $ 2,000,000.00
Kiribati Kiribati PROP IDA 3/12/2020 6/30/2026 $ 14,200,000.00 $ 19,500,000.00
Kiribati KOITIIP IDA 3/12/2020 6/30/2026 $ 21,700,000.00 $ 30,000,000.00
Kiribati COVID-19 Response Project IDA 6/25/2020 6/30/2023 $ 1,900,000.00 $ 2,500,000.00
Marshall Islands PREP II RMI IDA 4/24/2020 2/12/2024 $ 11,200,000.00 $ 15,367,000.00
Marshall Islands RMI COVID-19 Response Project IDA 4/16/2020 10/31/2022 $ 1,900,000.00 $ 2,500,000.00
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Country Name Project Name Financier Approval
Date Closing
Date Original Current
Amount Original USD
Amount
Micronesia, Federated States of
Digital FSM IDA 3/27/2020 3/31/2026 $ 22,300,000.00 $ 30,800,000.00
Micronesia, Federated States of
FSMIP IDA 6/5/2020 8/1/2024 $ 1,900,000.00 $ 2,500,000.00
Mongolia EMSO 2 IDA 7/30/2019 7/23/2020 $ 58,100,000.00 $ 80,000,000.00
Mongolia MN-Ulaanbaatar Clean Air IDA 9/30/2019 12/31/2021 $ 8,700,000.00 $ 12,000,000.00
Mongolia Livestock Commercialization Project IDA 12/13/2019 6/30/2025 $ 21,800,000.00 $ 30,000,000.00
Mongolia MN Third Sustainable Livelihoods Project IDA 4/24/2020 10/31/2022 $ 8,800,000.00 $ 12,000,000.00
Mongolia Heating Sector Improvement Project IDA 4/24/2020 12/31/2025 $ 29,900,000.00 $ 41,000,000.00
Mongolia MONGOLIA EMERGENCY COVID-19 RESPONSE
IDA 4/2/2020 3/31/2023 $ 9,600,000.00 $ 13,100,000.00
Mongolia MERESP IDA 6/19/2020 12/31/2023 $ 14,700,000.00 $ 20,000,000.00
Mongolia EMSO 2 IBRD 7/30/2019 7/23/2020 $ 20,000,000.00 $ 20,000,000.00
Mongolia MONGOLIA EMERGENCY COVID-19 RESPONSE
IBRD 4/2/2020 3/31/2023 $ 13,800,000.00 $ 13,800,000.00
Papua New Guinea UYEP II IDA 4/22/2020 9/30/2025 $ 25,500,000.00 $ 35,000,000.00
Papua New Guinea PG Ag Commercialization & Diversificatio IDA 4/22/2020 12/31/2025 $ 29,100,000.00 $ 40,000,000.00
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Country Name Project Name Financier Approval
Date Closing
Date Original Current
Amount Original USD
Amount
Papua New Guinea PNG IMPACT Health IDA 4/22/2020 6/30/2026 $ 21,800,000.00 $ 30,000,000.00
Papua New Guinea PNG COVID-19 Emergency Response Project
IDA 4/10/2020 4/30/2023 $ 14,700,000.00 $ 20,000,000.00
Samoa WS Agriculture Productivity & Marketing IDA 7/2/2019 6/30/2025 $ 14,400,000.00 $ 19,950,000.00
Samoa Samoa Health Program IDA 12/5/2019 12/31/2025 $ 6,900,000.00 $ 9,300,000.00
Samoa Samoa COVID-19 response project IDA 4/21/2020 6/30/2023 $ 2,200,000.00 $ 2,900,000.00
Solomon Islands Solomon Islands DPO IDA 5/6/2020 11/30/2021 $ 2,400,000.00 $ 3,160,000.00
Solomon Islands Rural Development Program II IDA 2/26/2020 2/28/2021 $ 1,700,000.00 $ 2,200,000.00
Solomon Islands Solomon Islands DPO IDA 5/6/2020 11/30/2021 $ 8,700,000.00 $ 11,840,000.00
Tuvalu Tuvalu First Resilience DPF with CAT DDO
IDA 12/13/2019 12/23/2022 $ 5,600,000.00 $ 7,500,000.00
Tuvalu Tuvalu First Resilience DPF with CAT DDO
IDA 12/13/2019 12/23/2022 $ 4,500,000.00 $ 6,000,000.00
Tuvalu Tuvalu Learning Project IDA 6/5/2020 12/31/2025 $ 10,300,000.00 $ 14,000,000.00
Tuvalu MICRO IDA 6/5/2020 1/31/2024 $ 1,900,000.00 $ 2,500,000.00
Vanuatu VCRTP IDA 1/23/2020 12/31/2025 $ 25,900,000.00 $ 35,500,000.00
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Country Name Project Name Financier Approval
Date Closing
Date Original Current
Amount Original USD
Amount
Vanuatu Vanuatu CAT-DDO IDA 1/7/2020 6/30/2023 $ 7,300,000.00 $ 10,000,000.00
Vanuatu VCRTP IDA 1/23/2020 12/31/2025 $ 22,300,000.00 $ 30,500,000.00
Grand Total $572,000,000.00 $770,417,000.00
FY2020 Projects in Pipeline
FY Country Project Product Line IBRD Commitment (US $m)
IDA Commitment (US $m)
FY21 Cambodia P170976 - Cambodia Solid Waste and Plastic Project
IBRD/IDA 0.0 60.0
FY21 Kiribati P169179 - Kiribati Inclusive Growth & Resilience 2
IBRD/IDA 0.0 5.0
FY21 Marshall Islands P171517 - Digital RMI IBRD/IDA 0.0 28.0
FY21 Mongolia P174007 - Mongolia Urban Transport Project
IBRD/IDA 50.0 0.0
FY21 Mongolia P174806 - Mongolia Transport and Logistics Project
IBRD/IDA 100.0 0.0
FY21 Papua New Guinea P166991 - PNG Resilient Transport Project IBRD/IDA 50.0 0.0
FY21 Papua New Guinea P167820 - Utility Performance Project IBRD/IDA 30.0 0.0
FY21 Samoa P171764 - Samoa First Response DPO with CATDDO
IBRD/IDA 0.0 25.0
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FY Country Project Product Line IBRD Commitment (US $m)
IDA Commitment (US $m)
FY21 Solomon Islands P173018 - Sustainable Mining Development Project
IBRD/IDA 0.0 5.0
FY22 Micronesia, Federated States of
P172225 - PRIME IBRD/IDA 0.0 40.0
FY22 Mongolia P174001 - UB Competitiveness and Regeneration Proj
IBRD/IDA 100.0 0.0
FY22 Papua New Guinea P174637 - Child Nutrition and Social Protection
IBRD/IDA 0.0 50.0
Total 12 330 213
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ANNEX 2 – GOVERNORS’ RESOLUTIONS
No. RESOLUTION TITLE DATE
IBRD
672 Transfer from Surplus to fund the IBRD fund for Innovative Global
Public Goods and Solutions October 1, 2019
673 Financial Statements, Accountants’ Report and Administrative
Budget October 18, 2019
674 Allocation of FY19 Net Income October 18, 2019
675 2020 Regular Election of Executive Directors July 31, 2020
676 Transfer from Surplus to the IBRD Fund for Innovative Global
Public Goods Solutions August 24, 2020
677 Direct Remuneration of Executive Directors and their Alternates August 26, 2020
678 Parental Leave for Executive Directors and their Alternates August 26, 2020
IDA
243 Financial Statements, Accountants’ Report and Administrative
Budget October 18, 2019
244 Additions to Resources: Nineteenth Replenishment March 31, 2020
245 Membership of Bulgaria May 22, 2020
IFC
268 Financial Statements, Accountants’ Report, Administrative Budget
and Designation of Retained Earnings October 18, 2019
269 Membership of Brunei Darussalam February 26, 2020
270 2018 Conversion of Retained Earnings and General Capital Increase April 16, 2020
271 2018 Selective Capital Increase April 16, 2020
272 2018 General Capital Increase April 16, 2020
273 Amendment to the Articles of Agreement of the Corporation April 16, 2020
MIGA
107 Financial Statements and the Report of the Independent
Accountants October 18, 2019
108 2020 Regular Election of Directors July 31, 2020
* While most Constituency members are quick to respond to a request for a vote from Governors, our office continues to be concerned
about a number of Constituency members who have difficulty in returning their vote and /or do not take the opportunity to vote.
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ANNEX 3 – SENIOR MANAGEMENT APPOINTMENTS
Four new senior leaders were appointed in FY20 – Anshula Kant as Managing Director & Chief Financial
Officer, Mari Pangestu as Managing Director of Development Policy & Partnerships, Hiroshi Matano as
Executive Vice President of MIGA, and Axel van Trotsenburg as Managing Director of Operations on the
departure of Kristalina Georgieva to the IMF.
Anshula Kant, Managing Director and World Bank Group Chief Financial Officer
Anshula Kant was appointed Managing Director and World Bank Group Chief
Financial Officer on October 7, 2019. In this role, she is responsible for financial
and risk management of the World Bank Group, reporting to the President. Among
other key management duties, her work includes oversight of financial reporting,
risk management and mobilization of IDA and other financial resources.
Through her work at the State Bank of India (SBI), Ms. Kant has more than 35 years
of experience in banking, including retail and corporate banking, mortgage finance,
local currency and foreign exchange instruments, and a diverse array of leadership challenges covering
finance, risk, operations, treasury, funding, regulatory compliance and general management. As CFO of
SBI, Ms. Kant managed $38 billion of revenues and total assets of $500 billion. Stewarding the
organization, she greatly improved the capital base and focused on the long-term sustainability of SBI
within her mandate.
She was a Managing Director and member of the Board of SBI from September 2018 till August 2019.
With direct responsibility for the SBI's Risk, Compliance, and Stressed Asset Portfolio, Ms. Kant led the
creation of investment opportunities while empowering risk management throughout the bank.
Ms. Kant, a native of India, earned her bachelor’s degree with honours in Economic from Lady Shri Ram
College for Women and a master’s degree in Economics from Delhi School of Economics.
Mari Pangestu, World Bank Managing Director, Development and Policy Partnership
Mari Pangestu is the World Bank Managing Director of Development Policy and
Partnerships. In this role, which she assumed on March 1, 2020, Ms. Pangestu
provides leadership and oversees the research and data group of the World Bank
(DEC), the work program of the World Bank’s Global Practice Groups, and the
External and Corporate Relations function.
Ms. Pangestu joins the Bank with exceptional policy and management expertise,
having served as Indonesia’s Minister of Trade from 2004 to 2011 and as Minister
of Tourism and Creative Economy from 2011 to 2014.
She has had vast experience of over 30 years in academia, second track processes, international
organizations and government working in areas related to international trade, investment and development
in multilateral, regional and national settings.
Most recently, Ms. Pangestu was a Senior Fellow at the Columbia School of International and Public
Affairs, as well as Professor of International Economics at the University of Indonesia, adjunct professor
at the Lee Kuan Yew School of Public Policy and Crawford School of Public Policy, Australian National
https://www.worldbank.org/en/about/people/a/anshula-kant
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University and a Board Member of Indonesia Bureau of Economic Research (IBER), as well as Centre for
Strategic and International Studies (CSIS), Jakarta.
Ms. Pangestu is highly regarded as an international expert on a range of global issues. She served as
Chairperson of the Board of Trustees of the International Food Policy Research Institute (IFPRI) in
Washington D.C and as advisor to the Global Commission on the Geopolitics of Energy Transformation of
International Renewable Energy Agency (IRENA) in Abu Dhabi. Her record of board and task force service
includes the Leadership Council of the UN Sustainable Development Solutions Network (SDSN), co-chair
of the expert group for the High-Level Panel for a Sustainable Ocean Economy, the panel of the WHO
health initiative, the Equal Access Initiative, commissioner for the Low Carbon Development Initiative of
Indonesia and executive board member of the International Chamber of Commerce (ICC). She has also
served on the board of a number of private sector companies.
She obtained her bachelor’s and master’s degree in economics from the Australian National University, and
her doctorate in economics from the University of California at Davis. She is married and has two children.
Axel van Trotsenburg, World Bank Managing Director of Operations
Axel van Trotsenburg is the World Bank Managing Director of Operations. In this
role, which he assumed on October 1, 2019, Mr van Trotsenburg oversees the
Bank’s operational program and ensures that the Bank’s delivery model continues
to meet the needs of client countries. He also builds support and mobilizes
financial resources across the international community for efforts to assist low and
middle-income countries.
Mr. van Trotsenburg brings deep experience in regional operations and finance,
drawing on his experience as currently the longest serving Vice President at the
Bank, with two tenures in the Finance Complex and two in Operations. A Dutch and Austrian national, he
was Acting World Bank CEO from September 2 – 30, 2019 and served as World Bank Vice President for
Latin America and the Caribbean from February 2019. In this latter position, he led relations with 31
countries in the region and oversaw a portfolio of ongoing projects, technical assistance and grants worth
more than US$30 billion.
From 2016 to January 2019, Mr. van Trotsenburg served as World Bank Vice President of Development
Finance (DFi). Here, he oversaw strategic mobilization of resources, and was responsible for the
replenishment and stewardship of the International Development Association (IDA), the largest source of
concessional financing for the world's poorest countries. He has led the policy negotiations and process for
two IDA replenishments, which together mobilized a record $125 billion—$50 billion in 2010 for IDA16
and $75 billion in 2016 for IDA18. Under his leadership, for the first time, IDA leveraged its equity by
blending donor contributions with internal resources and funds raised through debt markets.
In his DFi role, Mr. van Trotsenburg also oversaw the International Bank for Reconstruction and
Development (IBRD) corporate finances. He co-led the World Bank Group's efforts to obtain a capital
increase which resulted in shareholders endorsing a transformative package in April 2018, including an
increase of the IBRD capital by $60 billion. He also co-chaired the replenishment negotiations for
the Global Environment Facility (GEF) that were successfully concluded in April 2018 and was responsible
of a multi-billion-dollar trust fund portfolio.
http://ida.worldbank.org/replenishments/ida18-replenishmenthttp://www.worldbank.org/en/news/press-release/2018/04/21/world-bank-group-shareholders-endorse-transformative-capital-packagehttp://www.worldbank.org/en/news/press-release/2018/04/21/world-bank-group-shareholders-endorse-transformative-capital-packagehttp://www.worldbank.org/en/news/press-release/2018/04/21/world-bankimf-spring-meetings-2018-development-committee-communiquehttp://www.thegef.org/https://www.worldbank.org/en/about/people/a/axel-van-trotsenburg
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Apart from his experience in managing World Bank finances, Mr. van Trotsenburg has had extensive
experience in country operations and managing regional programs, including in Africa. Prior to his role as
Vice President of DFi, he served as Vice President for the East Asia and Pacific Region from 2013 to 2016.
From 2009 to 2013, he served as Vice President for Concessional Finance and Global Partnerships.
From July 2007 to July 2009, Mr. van Trotsenburg was Country Director for Colombia and Mexico, and
from 2002 to July 2007, Country Director for Argentina, Chile, Paraguay, and Uruguay. From 1996 to
2001, he was the Senior Manager of the Heavily Indebted Poor Countries (HIPC) Initiative, the largest and
most comprehensive debt relief program for poor countries. In this capacity, he was responsible, with his
IMF counterparts, for the design of the debt relief framework as well as the delivery of debt relief packages
of about $30 billion for 20 countries. At the start of his career at the Bank, he worked as Senior Country
Economist for Côte d’Ivoire and Economist for Guatemala.
Prior to joining the World Bank, Mr. van Trotsenburg worked at the OECD in Paris. He holds a master’s
and a doctorate degree in economics and a master’s degree in international affairs. He is married and has
two children.
Hiroshi Matano, Executive Vice President, MIGA
Hiroshi Matano is Executive Vice President at the Multilateral Investment Guarantee
Agency (MIGA), and a member of the World Bank Group leadership team. He is
responsible for the long-term strategic planning and development of MIGA, guiding
key finance and guarantee operations, forging partnerships and developing MIGA's
business.
A native of Japan, Mr. Matano, brings more than thirty years of experience in banking
and finance. As Global Head of Structured Finance at MUFG, Mr. Matano managed
assets across key global markets, including the world’s largest renewable energy project portfolio. During
this tenure, Mr. Matano was instrumental in the issuance of MUFG’s first green bond, and MUFG was
recipient of the Global Bank of the Year award by Project Finance International.
Mr. Matano also contributed to the merger of Mitsubishi UFJ Securities and Morgan Stanley Japan,
focusing on post-merger integration, and helping make the combined firm the leading investment bank in
Japan.
Earlier in his career, Mr. Matano was seconded to the International Finance Corporation for three years.
During this time, Mr. Matano executed long term investments in Indonesia, Thailand and Korea as part of
a broader effort to support small and medium enterprises in the aftermath of the Asian currency crisis.
Mr. Matano received his Bachelor's degree from the Department of Economics at Keio University and his
Master's degree from the Graduate School of Business at Stanford University.
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ANNEX 4 – WORLD BANK GROUP ORGANIZATIONAL STRUCTURES
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1-2020 Annual Report - Cover2-Annual Report FY2020 3-Back Cover