Public Disclosure Authorized

THE WORLD BANK GROUP

Public Disclosure Authorized

2016 ANNUAL MEETINGS

OF THE BOARDS OF GOVERNORS
Public Disclosure Authorized

SUMMARY PROCEEDINGS
Public Disclosure Authorized

Washington, D.C.
October 7-9, 2016
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

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 INTRODUCTORY NOTE

The 2016 Annual Meetings of the Boards of Governors of the World Bank
Group (Bank), which consist of the International Bank for Reconstruction and
Development (IBRD), International Development Association (IDA), the
International Finance Corporation (IFC), International Centre for the Settlement
of Investment Disputes (ICSID), and the Multilateral Investment Guarantee
Agency (MIGA), held jointly with the International Monetary Fund (Fund), took
place on October 7, 2016 in Washington, D.C. The Honorable Mauricio
Cárdenas, Governor of the Bank and Fund for Colombia, served as the
Chairman.
In Committee Meetings and the Plenary Session, a joint session with the Board
of Governors of the International Monetary Fund, the Board considered and took
action on reports and recommendations submitted by the Executive Directors,
and on matters raised during the Meeting.
These proceedings outline the work of the 70th Annual Meeting and the final
decisions taken by the Board of Governors. They record, in alphabetical order
by member countries, the texts of statements by Governors and the resolutions
and reports adopted by the Boards of Governors of the World Bank Group.
In addition, the Development Committee discussed the Forward Look – A Vision
for the World Bank Group in 2030, and the Dynamic Formula – Report to
Governors Annual Meetings 2016.

Yvonne Tsikata
Vice President and Corporate Secretary
World Bank Group

Washington, D.C.
November, 2016

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Contents
ADDRESS BY THE PRESIDENT OF THE UNITED STATES BARACK OBAMA........................................ 1
OPENING ADDRESS BY THE CHAIRMAN, MAURICIO CÁRDENAS, GOVERNOR OF THE WORLD
BANK GROUP AND THE INTERNATIONAL MONETARY FUND FOR COLOMBIA ............................... 2
OPENING ADDRESS BY JIM YONG KIM, PRESIDENT OF THE WORLD BANK GROUP ...................... 4
REPORT BY MINISTER SRI MULYANI INDRAWATI, CHAIR OF THE DEVELOPMENT
COMMITTEE .................................................................................................................................................... 11
STATEMENTS BY GOVERNORS AND ALTERNATE GOVERNORS ........................................................ 14
BANGLADESH...........................................................................................................................................................14
ESTONIA...................................................................................................................................................................19
FIJI ...........................................................................................................................................................................21
INDIA .......................................................................................................................................................................25
JAPAN ......................................................................................................................................................................27
REPUBLIC OF KOREA................................................................................................................................................30
LAO PEOPLE’S DEMOCRATIC REPUBLIC...................................................................................................................34
MALAYSIA ...............................................................................................................................................................37
MYANMAR ...............................................................................................................................................................39
NEPAL ......................................................................................................................................................................41
NEW ZEALAND.........................................................................................................................................................43
PAKISTAN ................................................................................................................................................................45
PALAU......................................................................................................................................................................47
PHILIPPINES .............................................................................................................................................................50
REPUBLIC OF POLAND ..............................................................................................................................................52
SRI LANKA ...............................................................................................................................................................55
THAILAND ................................................................................................................................................................58
TONGA .....................................................................................................................................................................61
VIETNAM .................................................................................................................................................................66
DOCUMENTS OF THE BOARD OF GOVERNORS ...................................................................................... 68
SCHEDULE OF MEETINGS .........................................................................................................................................68
PROVISIONS RELATING TO THE CONDUCT OF THE MEETINGS ..................................................................................69
AGENDAS .................................................................................................................................................................70
2016 JOINT PROCEDURES COMMITTEE .................................................................................................... 71
REPORT II ................................................................................................................................................................72
REPORT III ...............................................................................................................................................................74
2016 MIGA PROCEDURES COMMITTEE..................................................................................................... 75
REPORT I ..................................................................................................................................................................76
RESOLUTIONS ADOPTED BY THE BOARD OF GOVERNORS OF THE BANK BETWEEN THE 2015
AND 2016 ANNUAL MEETINGS ..................................................................................................................... 78
RESOLUTION NO. 647: MEMBERSHIP OF THE REPUBLIC OF NAURU .........................................................................78
RESOLUTION NO. 648: TRANSFER FROM SURPLUS TO REPLENISH THE TRUST FUND FOR GAZA AND WEST BANK ..80

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 RESOLUTION NO. 649: 2016 REGULAR ELECTION OF EXECUTIVE DIRECTORS.........................................................80
RESOLUTION NO. 650: DIRECT REMUNERATION OF EXECUTIVE DIRECTORS AND THEIR ALTERNATES ...................81
RESOLUTION NO. 651: PARENTAL LEAVE FOR EXECUTIVE DIRECTORS AND THEIR ALTERNATES ...........................81
RESOLUTIONS ADOPTED BY THE BOARD OF GOVERNORS OF THE BANK AT THE 2016 ANNUAL
MEETINGS ........................................................................................................................................................ 82
RESOLUTION NO. 652: FINANCIAL STATEMENTS, ACCOUNTANTS’ REPORT AND ADMINISTRATIVE BUDGET ..........82
RESOLUTION NO. 653: ALLOCATION OF FY16 NET INCOME ....................................................................................82
RESOLUTION ADOPTED BY THE BOARD OF GOVERNORS OF IFC AT THE 2016 ANNUAL
MEETINGS ........................................................................................................................................................ 83
RESOLUTION NO. 263: FINANCIAL STATEMENTS, ACCOUNTANT’S REPORT, ADMINISTRATIVE BUDGET AND
DESIGNATIONS OF RETAINED EARNINGS .................................................................................................................83
RESOLUTIONS ADOPTED BY THE BOARD OF GOVERNORS OF IDA AT THE 2016 ANNUAL
MEETINGS ........................................................................................................................................................ 84
RESOLUTION NO. 238: FINANCIAL STATEMENTS, ACCOUNTANTS’ REPORT AND ADMINISTRATIVE BUDGET ..........84
RESOLUTIONS ADOPTED BY THE COUNCIL OF GOVERNORS OF MIGA BETWEEN THE 2015 AND
2016 ANNUAL MEETINGS .............................................................................................................................. 85
RESOLUTION NO. 99: 2016 REGULAR ELECTION OF DIRECTORS..............................................................................85
RESOLUTIONS ADOPTED BY THE COUNCIL OF GOVERNORS OF MIGA AT THE 2016 ANNUAL
MEETINGS ........................................................................................................................................................ 86
RESOLUTION NO. 100: FINANCIAL STATEMENTS AND THE REPORT OF THE INDEPENDENT ACCOUNTANTS .............86
REPORTS OF THE EXECUTIVE DIRECTORS OF THE BANK ................................................................. 87
MEMBERSHIP OF THE REPUBLIC OF NAURU .............................................................................................................87
TRANSFER FROM SURPLUS TO REPLENISH THE TRUST FUND FOR GAZA AND WEST BANK ......................................88
2016 REGULAR ELECTION OF EXECUTIVE DIRECTORS.............................................................................................89
RULES FOR THE 2016 REGULAR ELECTION OF EXECUTIVE DIRECTORS ...................................................................90
STATEMENT OF RESULTS OF ELECTION, OCTOBER 7, 2016 ......................................................................................94
ALLOCATION OF FY16 NET INCOME ......................................................................................................................102
REPORTS OF THE BOARD OF DIRECTORS OF MIGA ........................................................................... 103
2016 REGULAR ELECTION OF DIRECTORS ..............................................................................................................103
RULES FOR 2016 REGULAR ELECTION OF DIRECTORS ...........................................................................................105
STATEMENT OF RESULTS OF ELECTION, OCTOBER 7, 2016 ....................................................................................108
ACCREDITED MEMBERS OF THE DELEGATIONS AT THE 2016 ANNUAL MEETINGS .................. 117
OBSERVERS AT THE 2016 ANNUAL MEETINGS ..................................................................................... 171
EXECUTIVE DIRECTORS AND ALTERNATES IBRD, IFC, IDA ............................................................. 181
DIRECTORS AND ALTERNATES MIGA .................................................................................................... 183
OFFICERS OF THE BOARD OF GOVERNORS FOR IBRD, IFC AND IDA AND JOINT PROCEDURES
COMMITTEE FOR 2016-2017........................................................................................................................ 185
OFFICERS OF THE MIGA COUNCIL OF GOVERNORS AND MIGA PROCEDURES COMMITTEE
FOR 2016-2017 ................................................................................................................................................. 186

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vii
 Address by The President of the United States 1 Barack Obama

Hello, everybody:
Born from the ashes of war and for more than 70 years, the World Bank and International Monetary Fund
have helped strengthen the global economy, underpin global security, foster developing economies, and lift
billions of people out of poverty. It is an incredible legacy of which we should be very proud.

When I came into office in 2009, we faced another global crisis, the worst economic downturn since the
Great Depression. It was a crisis that required unprecedented international cooperation to jump-start the
world’s economies and help break the downward spiral that enveloped all our nations.

That is why, in addition to taking steps here at home to rebuild our economy on a new foundation for
growth, we worked with the IMF and the World Bank to modernize for a new era and to mobilize $1 trillion
in new resources to support growth around the world, but our work is far from over.

We need to push back against threats to global cooperation and build a global economy that works for
everybody. We need to choke off terrorist financing, including by helping countries strengthen their
financial regulations. We need to invest in education, infrastructure, development, and renewable energy
technologies that will create the opportunities of tomorrow.

That requires the IMF to continue promoting strong, inclusive and balanced global growth, with fiscal
policies to increase demand, support structural reform and reduce economic inequality. It requires the Fund
to continue to help recovering economies get back on a sustainable path, including by pushing back against
protectionism and beggar-thy-neighbor exchange rate policies.

It requires all of us to pursue the World Bank’s vision of eliminating extreme poverty and ensuring shared
prosperity. It means the Bank must continue addressing our most pressing global challenges, from tackling
climate change to responding to the global refugee crisis, to championing investment in countries
experiencing fragility, violence and conflict.

Seven decades after a visionary meeting in Bretton Woods, the IMF and World Bank remains central to our
global economy and financial system. So, I just wanted to take this opportunity to thank all of you for your
hard work to ensure that these critical institutions continue to meet the challenges of our time. The United
States will remain your steadfast partner for years to come.

Thank you, everybody.

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Via video

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 Opening Address by the Chairman, Mauricio Cárdenas,
Governor of the World Bank Group and the International Monetary Fund for Colombia

Esteemed Governors, Madame Lagarde, President Kim. Welcome to the 2016 Annual Meetings of the IMF
and World Bank, and the 70th Plenary of the Boards of Governors. Please join me in thanking Madame
Lagarde and President Kim for their extraordinary dedication and leadership, in particular for their efforts
to preserve and promote global economic cooperation in a challenging world.
It is a great honor for me to chair this event on behalf of my country. Colombia´s development has
accelerated impressively in recent years due to responsible macroeconomic management, institutional
strengthening and effective social interventions. Our economy has been growing steadily and our social
indicators have improved consistently.
Yet, we continue to pay the high human and economic cost of a 52 year-long armed conflict with FARC.
President Santos is determined to put an end to it and begin a new chapter in our history. Today the
Norwegian Nobel Committee decided to award him the Nobel Peace Prize for 2016. As the Committee says
“The award should also be seen as a tribute to the Colombian people who, despite great hardships and
abuses, have not given up hope of a just peace, and to all the parties who have contributed to the peace
process. This tribute is paid, not least, to the representatives of the countless victims of the civil war.”
Peace will not only save lives. Conflict exacerbates poverty through various channels: It lowers productivity
as it destroys infrastructure; it reduces investment by weakening confidence; it grants fewer educational
opportunities to our young; and it breeds higher unemployment.
We estimate that peace alone will accelerate potential economic growth by at least one percentage point
per year. But in those rural areas where the conflict has been more intense, the benefits will be significantly
larger.
A peace agreement was reached. It envisions the demobilization and reintegration of FARC rebels; it
provides justice and reparation to victims, including more than 6 million people that have been displaced
from their homes. It also promotes a more open democracy.
However, last Sunday, in a plebiscite, Colombians rejected the agreement by a small margin. Fear and
uncertainty temporarily defeated hope and opportunity.
These are symptoms of a wider global trend: fear of working with outsiders, the perception that integration
hasn’t worked and will not work — at least not for everyone— and a profound distrust in the capacity of
the political system to deal with these issues.
With millions living in poverty, feeling the effects of income inequality and unemployment, many were
persuaded that the costs outweighed the benefits, and that it was better to reverse course.
These tensions, and the sentiment of voters, are similar to what we see in advanced economies today.
Whether it’s mass immigration, refugee crises, or simply more competition due to globalization, citizens
want to “take back control.” In many advanced economies this is reflected in decisions to adopt stricter
border controls, to abandon integration, and to introduce protectionist measures.
In a sense, this is a failure of leadership. Instead of defending an evidence-based approach to progress and
making the case for hard choices, many have chosen the easy path of playing on people's fears and
advocating policies of isolation.
Building walls around problems may be a simple answer but it is not a real solution.
So what are we to do? How to exercise effective leadership in a world of distrust?

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The first priority is to strongly address the backlash against open markets. International trade is the lifeblood
of the global economy. It drives firms to specialize and innovate. If we stop that process —even
temporarily—we will limit future productivity growth, especially in developing and emerging countries
where these gains will be larger.
One option to circumvent this backlash is to promote regional integration, as we in Colombia have done
with the creation of the Pacific Alliance, together with Chile, Mexico, and Peru. This deep economic
integration is bringing more opportunities to businesses and more jobs to our citizens.
We can also develop and implement growth-oriented policies at the country level. For example, through an
innovative model of PPPs, the private sector is currently investing $15 billion dollars in roads, the largest
infrastructure program in our history and one of the largest in the emerging world today. This program will
improve competitiveness by significantly lowering transportation costs. It will also increase our long-term
productivity growth.
But country level actions need to be complemented with active multilateralism, by which I mean global
economic coordination and cooperation. Opportunities for most of our countries depend heavily on global
prospects. This is why the IMF and World Bank are indispensable. If we don’t foster and preserve a
framework for cooperation, we risk reversing the gains obtained from open and dynamic markets.
These institutions should continue to assist policymakers by providing advice, developing institutional
capacity, and lending to countries in need.
One example is the need of a better global financial safety net, through renewed and expanded IMF lending
facilities. Strengthening the financial position of the World Bank Group to better respond to challenges is
also a first step. The Bank should remain focused on the needs of the poorest and most vulnerable.
But this will not be effective without properly strengthening governance. The Bank and the Fund need to
be organized in a fairer and more democratic way.
Multilateralism and the search for peace are very much the same: both have the potential to bring great
prosperity, but both can be easily derailed by fear. We must look beyond the short-term political gains of
nationalism and protectionism, just as it is Colombia’s duty to reach a peaceful solution to our internal
conflict.
A pragmatic approach to incorporate the views of those that want to make adjustments to the Peace
Agreement is necessary. It will help us consolidate a new nation that will be safer, more prosperous, more
just, more equitable, and better educated. Two days ago the young came out to the streets in Colombia in
massive numbers and sent a very clear message: They want peace; they want political leaders to set aside
their differences and work together to reach an agreement soon, before the chance for peace vanishes.
Inclusive growth, more trade and greater cooperation are our goals. But our toolkit will only work if we are
successful at compensating the most vulnerable who are set to lose. Otherwise they will become the feeding
ground for the advocates of isolation.
I am convinced we can defeat the politics of fear. But we need to make the case for integration with passion,
honesty, courage and determination. As the Nobel Committee said this morning we all should have
“strength to succeed in this demanding task”. This is a battle we cannot afford to lose —we risk losing our
main engines for progress and leaving behind those who need our help the most.
I thank you for your commitment to building a world where decisions are based on the principles that these
institutions embody, and I look forward to working with you to make sure that the outcome of these
meetings restate that message of a more integrated world where there is more cooperation and coordination.
Thank you very much.

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 Opening Address by Jim Yong Kim,
President of the World Bank Group

Thank you, Chairman Cardenas, Madame Lagarde, Ministers, friends

Ladies and gentlemen, I am honored and privileged to lead an extraordinary organization.
Our dedicated staff have persevered, thrived and importantly delivered.
I thank them for always keeping their focus on the needs of our clients.
And I also want to thank all our member countries, for re-appointing me and in doing so, demonstrating
your support for our work, and everything we are trying to achieve, together.
We have the same ambitions, we all want progress, we all want to end extreme poverty in our lifetime. And
we all know it’s possible.
As we push toward our shared goals, the job will become tougher and tougher, because those remaining in
extreme poverty will become harder and harder to reach.
We are living through challenging times.
The World Bank Group must always be ready to act quickly and be flexible, to bring fresh thinking and to
evolve our response as needed, in country after country.
In my first term as President, we have worked to transform the World Bank Group into an organization fit
to tackle some of the most complex challenges facing our generation.
That’s what you asked of us.
Today, I want you to know that we are fit for purpose.
And, we are ready.
The opportunity is enormous but our success will depend on our ability to work with each other and with
you.
Time is not on our side. We all share a growing sense of urgency to act.
We have set ambitious goals, but our staff have shown that we are more than equal to the task.
Now, I’d like to take a moment to reflect on how far we’ve come.
In my first year, you endorsed two ambitious new goals for the institution: to end extreme poverty by 2030,
and to promote shared prosperity – by boosting the income growth of the bottom 40 percent of the
population in every developing country.
In pursuit of these goals, we agreed on a World Bank Group strategy that outlined a basic blueprint for
reform.
The reforms weren’t easy, but the most important things seldom are.
Today, I believe, we have the right structure to deliver more and more effectively for you.
Knowledge is flowing across the organization and to our client countries, driving creativity and innovation.
Let me give you an example of how we’ve successfully transferred knowledge and experience across
regions.

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Through our new structure of Global Practices, knowledge sharing across countries has become easier and
faster. For example, when the Government of India came to the Bank to prepare a major program to expand
sanitation services for the poor, we were able to transfer knowledge and experience from Egypt’s Rural
Sanitation Project and apply it in India.
That resulted in the 1 billion dollar Swachh Bharat Rural Sanitation Project in India, which applied
knowledge of good service delivery – in the areas of local governance, transparency and accountability to
citizens - that had already been taken to scale in Egypt. Thanks to our Global Practices, we are now working
to share knowledge from these two projects globally.
The changes we put in place were done for a reason: to help us better deliver results for you on the ground.
It’s important to note that as we were implementing these reforms, you showed your support with a record
52 billion dollar replenishment of IDA.
And you encouraged us to boost IBRD’s lending power through our “Margins for Maneuver” program. I’m
proud to say that IBRD’s loan revenues will exceed administrative expenses in the next fiscal year for the
first time in a long time.
As part of the Expenditure Review, we cut 400 million dollars in administrative costs and reinvested savings
in the Bank’s business. These reinvestments are allowing us to deliver results to our clients more quickly.
Since I arrived, we have met lending demand at levels not seen outside a financial crisis, with IBRD and
IDA support climbing to more than 160 billion dollars over the past four fiscal years. IFC and MIGA also
delivered respectively 70 billion dollars and 13 billion dollars.
The ability of our staff to leverage finance is remarkable. For every single dollar a donor contributes, IDA
will commit three. Each dollar that IFC invests leverages at least four dollars in contributions from others.
MIGA leverages at a ratio of 1 to 14.
Perhaps most impressive is IBRD’s extraordinary record. With only 15 billion dollars in paid-in capital
from all shareholders since its founding more than seventy years ago, IBRD has mobilized more than 600
billion dollars in lending in middle-income countries around the world. A strong IBRD has been – and
remains – a pillar of our global financial architecture.
You asked us to deliver greater financial innovation and we delivered. In bringing these innovations forward
we are challenging ourselves to find new ways to mobilize resources at the scale required and to make those
resources work harder.
We’ve used our economic expertise and development knowledge to design several financial innovations.
Based on the lessons of Ebola, we created the first-ever Pandemic Emergency Financing Facility earlier
this year.
We have scaled up IDA assistance to the world’s poorest countries. We’re very glad that IDA received a
AAA rating, an important first step to enable IDA to access capital markets. The ratings reflect the
accumulated equity and strong management of IDA, our governance structure, strength of donor support,
and our ability to deliver results.
And we recently announced the Global Concessional Financing Facility, a new effort to address refugee
crises by providing concessional development financing for middle-income countries.
With your support, we’ve ramped up our work on climate change, both in terms of the breadth of our
thinking and in financing, with an announcement in the fall of 2015 to increase climate financing to 28
percent of total commitments by 2020.

5
We know we can’t end poverty without ensuring that we protect the planet and its people. You responded
to this reality by approving a new Environmental and Social Framework. This new framework will promote
better – and lasting - development outcomes.
You have given us permission to be bold.
You have challenged us. We have responded.
But today, we have to ask ourselves still: are we reaching the scale required?
Global growth is now projected at 2.4 percent in 2016. This reflects the slowing of global trade, weak
investment and rising political uncertainty. We now have the highest number of developing countries in
recession since 2009.
I know all of you share my ambition and sense of urgency – ambition and urgency have been at the heart
of everything we’ve accomplished during my first term as World Bank Group President.
Together, we have been planning for the next phase of the World Bank Group’s work.
The Forward Look exercise has set us on a path that will build on our achievements. It is also encouraging
us to think anew about our role and purpose and ensure that our governance reflects the global realities of
today.
As I look toward my second term I want you to know that we are committed more than ever to end poverty
and boost shared prosperity.
And we will achieve these goals in three ways:
First: by accelerating inclusive and sustainable economic growth,
Second: by investing more and more effectively in people, and
Third: by fostering resilience to multiple global shocks and threats.
We have two clear goals and three ways to get there.
On the first, there is overwhelming consensus among all of you that fostering robust, inclusive and
sustainable growth must remain our top priority.
We have an enormous opportunity. But we need you to take action and we need you to push us.
The private sector tells us that unpredictability of government policies and actions, corruption, and tax
regulations continue to present the largest obstacles for investment.
We want to continue working with you to make real progress as you tackle corruption, build stronger
institutions, and reform tax structures which will remove the constraints to private sector investment, foster
better service delivery and promote better governance.
We also want to work with you to make investments more attractive by lowering real and perceived risks,
both in established and in emerging sectors.
Although not yet at the scale that we’d like, I am encouraged by the work that we are doing now to crowd
in private sector investment.

India has one of the largest networks of roads in the world, but the roads are overwhelmed—just 2 percent
of its national highways carry 40 percent of traffic, causing bottlenecks that can limit productivity and slow
economic growth.
In India, as in every other developing country, infrastructure is key to integrating economies and delivering
services. To help improve India’s roads, IFC invested 250 million dollars in the Singapore-based firm Cube
6
Highways. The firm is acquiring a portfolio of toll roads in India, injecting much-needed funds for road
developers to complete their projects.
In Ghana, we worked with the government to arrange financing of 1.5 billion dollars through IBRD, IDA,
IFC and MIGA to support the 7.7 billion dollar natural gas project.
This is the largest foreign direct investment project in Ghana.
It will provide up to 1,000 MW of reliable and cleaner energy, representing about one-third of the country's
current electricity supply. It will generate over 2 billion dollars in present value of taxes and royalties, and
reduce greenhouse gas emissions by about 1.6 million tons of CO2 per year.
Just yesterday, IFC launched a new lending platform that will, in the next five years, raise 5 billion dollars
of private capital for investment in emerging market infrastructure loans. The Managed Co-Lending
Portfolio Program that will focus on infrastructure, will enable institutional investors to invest together with
IFC in a portfolio of projects. Investors will benefit from credit enhancement provided by IFC and the
Swedish development agency, SIDA. The first partnership, signed this week with Allianz, demonstrates the
potential of this platform to mobilize institutional investment to close the infrastructure financing gap.
This is an important step toward establishing infrastructure projects in emerging markets as an asset class.
Governors, colleagues I want you to know that as we continue to encourage more investment in
infrastructure to promote growth, we also know that we have to think more critically about the kinds of
infrastructure that countries will need to compete in the economy of today and tomorrow.
And we must also take great care in ensuring that those investments benefit the poorest and most
marginalized.
Already, technological advances have led to the building of new industries as others have declined. This is
transforming the nature of many jobs and the skills needed for the future.
This brings me to our second pillar, increasing the volume and effectiveness of investments in human
capital.
It is hard to overstate the urgency of making more and more effective investments in people.
It seems clear that digital competency will be an increasingly important requirement for the workforce of
the future. We worry that the traditional economic path from more productive agriculture to light
manufacturing and then to large scale industrialization may be disappearing for many poor countries.
Our job is to work with you to understand what the future economy might look like and structure our
investments to put you in the best place to compete.
We will stand with you as you make those investments in your people, throughout the lifecycle, to spur
economic growth and give your citizens the skills to compete effectively in the global economy.
You can count on us to walk with you into the future no matter what the future might bring.
We are ready and we are committed, to you.
Each of you have your own story of how your people and your economies have been affected by the multiple
global crises we face -- forced displacement, climate change, and pandemics.
Our third pillar, then, is a much expanded role for the World Bank Group in the Global Public Goods
agenda.
We are determined to work with you to foster resilience against some of the most severe shocks that threaten
to roll back decades of progress against poverty.

7
We need everyone to know that IDA has been one of the most important tools in history for building
resilience for the poorest people.
In the first year of IDA17, several crises—Ebola, cyclones in Vanuatu and Tuvalu, floods in Malawi and
the Solomon Islands, and the earthquake in Nepal—led to the depletion of all Crisis Response Window
funds. You provided an additional injection of 900 million dollars to enable us to respond to exceptionally
severe crises in the second half of IDA17.
Thank you.
Today, 65 million people are displaced from their homes. 21 million are refugees. The vast majority of
them now live in developing countries.
You know the data and you asked us to engage, and we did.
To help countries prepare and manage population flow we are developing advance warning systems so that
we can anticipate where people will be moving and then respond quickly.
In Yemen, we are working with UNDP to finance a public works program to help people cope and earn
money. We are working during crises to help host countries improve the business climate and use the private
sector as a driver to stimulate economic growth.
In Jordan, we are helping to create special economic zones to generate more than 200,000 new jobs for
Jordanians and Syrian refugees, and in Lebanon, we’re planning an education project to allow 200,000
Syrian children to enroll in Lebanese public schools.
We are now looking for longer-term solutions in a number of countries, including Afghanistan, Kenya, and
Somalia, on issues ranging from increasing agricultural productivity in areas hosting refugees to helping
refugees return to their countries.
With your support we’re fundamentally rethinking the way we use finance in response to forced
displacement by establishing the Global Concessional Financing Facility. If we really want to solve the
problem, then concessional finance should follow the refugees and not be limited by rigid rules that follow
only GNI per capita.
What you have told us is that we need to be flexible and that you expect us to have real impact. So we will.
Ebola and more recently Zika exposed lethal weaknesses in our ability to respond to pandemics.
There is a high probability that the world will experience another severe disease outbreak in the next 10 to
15 years. This could cost thousands of lives and trillions of dollars.
You told us to respond and once again we did.
If the Pandemic Emergency Financing Facility that we launched this year had existed in 2014 during the
Ebola outbreak in West Africa, we could have mobilized 100 million dollars months before money actually
flowed at a time when the epidemic was only one tenth as severe. Instead, it cost 10 billion dollars for
emergency response, recovery efforts and in economic losses to the affected countries.
Preparedness is the best form of response; and it’s less costly. From natural disasters, we know that
investing in early warning systems has a cost-benefit ratio of at least five dollars saved for every dollar
spent.
This is why your role is so crucial.
With your support, we will explore how innovative financing instruments like the PEF, can be used for
mitigating other kinds of risks that will provide the poor much needed access to insurance and other kinds
of safety nets.

8
Climate change is another global risk where we must change the way we work and the urgency with which
we do it.
The good news is that the world must now enforce the commitments we made in Paris.
But we need to move much more quickly or the door will close on 1.5 degrees Celsius.
August was the hottest month since record-keeping began. And there is a fairly good chance that 2016 – a
year after the signing of the historic Paris agreement – will be the hottest year on record, again.
In almost all parts of the world, extreme weather events, whether record rainfall or droughts, are becoming
more common.
Right now, our thoughts are with the people of Haiti, whose country was devastated this week by Hurricane
Matthew with the death toll nearing 300. The storm’s dire impacts have already been felt across many
vulnerable, small island countries across the Caribbean.
We are sending a rapid assessment team to coordinate with Haiti’s partners in appraising the extent of the
damage. Haiti has also requested support from the Caribbean Catastrophe Risk Insurance Facility, which
was developed with assistance from the World Bank to provide insurance against natural disasters.
Disasters like this remind us of the need to help countries build greater resilience against ever-more frequent
shocks.
More often than not it is the poorest people in the world who are most vulnerable to the impacts of climate
change, making action on climate change core to our mission of ending extreme poverty.
We need to get far more serious about financing the promises that countries have made but we also need to
be more creative in how we use available resources.
We did this when we began looking at the refugee crisis; now we need to do the same thing with greenhouse
gases. Our approach to the refugee crisis was “follow the refugees”; with climate change, we must follow
the greenhouse gases and finance the projects that will reduce them, at the scale required.
We have achieved so much but there is still so much to do.
We have to raise our ambition if we want to spur economic growth for the poorest countries and people in
the world.
We need to make the right investments in people that are critical for countries to be competitive.
With all the global threats that we’re facing, we have to put in place the measures that will make a difference
on the scale that’s needed.
We have created a better World Bank. Now we need a stronger World Bank.
You may recall, in my first plenary speech in Tokyo, I quoted the American civil rights leader Dr. Martin
Luther King, who said “the arc of the moral universe is long, but it bends toward justice.”
Today, I will close with a different quote from Dr. King, which has to do with what he called “the myth of
time…the strangely irrational notion that there is something in the very flow of time that will inevitably
cure all ills.”
Speaking only a few blocks from here in 1963, Dr. King talked about the “fierce urgency of now” – the
need for immediate, purposeful action toward a vitally important goal.
I call on all of us here today to act with that same fierce urgency toward our goal – the end of extreme
poverty.
At the end of the day our aspirations for the poor have to meet the aspirations of the poor for themselves.
Or we will have failed.
9
You have given us the best mission in the world – to end extreme poverty and boost shared prosperity.
Push us to work across the institution to bring new resources, especially from the private sector, to our
clients.
Demand of us to be even more creative with our knowledge and respond more quickly to your needs.
But also, give us the flexibility we need to solve the most important problems and make sure we have the
financial capacity to change the world for the poorest and the most marginalized.
Let’s be bold and together, not only will we bend the arc of history toward justice, we will remake history
for ourselves, our children and all future generations.
Thank you.

10
 Report by Minister Sri Mulyani Indrawati,
Chair of the Development Committee

The Development Committee met today, October 8, in Washington, D.C.

Global economic growth remains sluggish in 2016, with only a modest pick-up expected in 2017. Demand
has remained soft despite highly stimulative monetary policies, foreign direct investment to developing
countries has decreased, commodity exporters are adjusting to declines in exports, and wider geopolitical
and economic uncertainties are weighing on confidence. We call on the World Bank Group (WBG) and the
International Monetary Fund (IMF) to work jointly with countries to enhance synergy among monetary,
fiscal and structural reform policies, stimulate growth, create jobs, and strengthen the gains from
multilateralism for all.
We share a vision of the WBG as a premier development institution: it plays a key role in advancing policies
essential for sustainable growth, poverty reduction, and economic transformation; leads on global agendas;
and helps ensure that the benefits of globalization are widely shared. During the next 15 years, the
development landscape will face critical shifts, including climate change; natural disasters; pandemics;
fragility, conflict and violence; migration and forced displacement; urbanization; and demographic
changes. Meeting these challenges, and rising to the ambition of the Twin Goals, the Sustainable
Development Goals (SDGs) and the COP21 Agreement, will require a better, stronger, and more agile
WBG. This task will also require deeper engagement and collaboration with international financial
institutions and global partners, additional private funds, the ability to harness technological change and
increased country capacity to raise domestic resources. In this regard, we welcome the report to Governors
on the Forward Look: A Vision for the WBG in 2030.
We value the commitment to a more efficient and agile WBG that follows a risk-based approach, upholds
standards, exploits synergies across its institutions, and has a culture that supports these shifts. Resources
should be strategically deployed to meet global and client needs and targeted to areas of the world that most
need funding and have least access to capital, with a tailored value proposition to the full range of clients.
The WBG should strengthen the knowledge agenda, including through enhanced monitoring, learning and
evaluation frameworks and South-South flows and help enhance countries’ crisis preparedness, prevention
and response frameworks. We expect a progress update on the Forward Look with clear results indicators
at the 2017 Spring Meetings.
The private sector is essential to creating jobs and delivering higher living standards. Public policies that
improve governance and regulation, make markets more competitive, and increase openness and
predictability are prerequisites to higher investment and better development outcomes. We urge the WBG
to take a Group-wide approach to help create markets, particularly in the most challenging environments,
and to mobilize private resources, including through guarantees, especially for quality infrastructure, and
for small and medium enterprises. Bringing together the joint capabilities of all WBG institutions is crucial
to mobilizing finance for development and delivering global public goods. We encourage the WBG to
expand its strong collaboration with other multilateral development banks (MDBs), in line with their recent
declaration on infrastructure. We welcome the Global Infrastructure Connectivity Alliance, announced in
September 2016.
Mobilizing domestic resources and addressing illicit financial activities will be vital to unlocking finance
for development: we urge the WBG and IMF to foster policies and transparent institutions that advance
these efforts and improve public expenditure management. We applaud the WBG support to the Stolen
Asset Recovery Initiative. We welcome the progress that the IMF and WBG have made in reviewing the
Debt Sustainability Framework for Low-Income Countries. We stress the important role that technology
and the private sector can play in achieving the Universal Financial Access 2020 goal.

11
 An ambitious IDA18 replenishment is key for delivering the 2030 agenda. We advocate for a strong IDA18
replenishment, with a broadened donor base. We welcome the innovative financing and policy package,
including the proposal to enable IDA, which has recently received milestone triple-A ratings, to tap into
capital markets to complement its resources. We urge the WBG to ensure a smooth transition as countries
graduate from IDA. We also welcome the enhanced Crisis Response Window and the proposal to scale up
private sector activities, including an IFC and MIGA Private Sector Window.
Large movements of people constitute a shared, long-term challenge for countries at all levels of
development. More than half the world’s poor live in countries affected by fragility, conflict, and violence
(FCV), where IDA support is particularly important. We welcome proposals to double financial resources
in these countries and to support, through tailored efforts to their specific needs, refugees and the
communities that host them. The WBG and the IMF should help tackle drivers of fragility, by improving
investment climates, strengthening local governance, rebuilding state institutions, broadening access to
finance, and fostering conflict prevention and resilience. The WBG should increase resources allocated to
these efforts, enhance its capacity to work in these environments, expand its work on forced displacement
and migration and work closely with humanitarian partners.
We welcome the Global Crisis Response Platform, announced at the Leaders’ Summit on Refugees in
September 2016, and urge its rapid implementation. We expect it to provide scaled up, systematic, and
better coordinated support to address crises, including those arising from forced displacement, natural
disasters and pandemics. The Global Concessional Financing Facility, the IDA Crisis Response Window,
and the proposed sub-regional window for refugees in IDA18 will be important for this effort. As part of
the Platform, we also welcome the launch of the Pandemic Emergency Financing Facility and look forward
to its early start-up. It will, together with upgraded efforts towards universal health coverage, fill a critical
gap in health financing architecture.
We look forward to implementation of the WBG Climate Change Action Plan and support countries’
nationally determined contributions under the COP21 agreement. We urge the WBG to continue to focus
on building resilience while expanding insurance schemes and increasing investments in climate-smart land
use, green infrastructure, and sustainable cities. Small states are disproportionately affected by natural
disasters, including rising sea levels and extreme weather events. We ask the WBG and IMF to continue
supporting efforts to facilitate these countries’ access to climate finance for adaptation, mitigation and
improved disaster risk management.
Women still lag behind in most measures of economic opportunity, undermining national and global growth
prospects. The ambitions enshrined in the Twin Goals and the SDGs cannot be realized unless countries
make significant progress in closing gender gaps in key sectors. We strongly support the continued
implementation of the WBG 2015 Gender Strategy and the progress in diversifying WBG staff.
We welcome the approval of the Bank’s new Environmental and Social Framework, which reflects the
most extensive consultations ever conducted by the WBG. The standards expand protections for people and
the environment in Bank-financed investment projects and are part of a far-reaching effort by the WBG to
improve development outcomes. We now ask the Bank to focus on effective implementation, ensure
appropriate financial and human resources to build staff and client capacity, establish a robust
accountability framework, and provide hands-on support where needed.
As part of the Voice reform, we remain committed to the Roadmap for implementation of the Shareholding
Review that was agreed at the 2015 Annual Meetings. We thank Executive Directors for completing their
work on a dynamic formula that reflects the evolution of the global economy and contributions to the
WBG’s mission. We look forward to the next stage of discussions, based on agreed shareholding principles,
formula guidance, and the package of commitments in the Report to Governors on the Dynamic Formula.

12
We also look forward to considering options to strengthen the financial position of the WBG institutions.
We aim to conclude these discussions no later than the 2017 Annual Meetings in line with the Roadmap
endorsed in Lima.
We thank Mr. Bambang Brodjonegoro for his valuable leadership as Chairman of the Development
Committee, and welcome his successor, Ms. Sri Mulyani Indrawati, Minister of Finance of Indonesia, as
its first female Chair.
The next meeting of the Development Committee is scheduled for April 22, 2017.

13
 Statements by Governors and Alternate Governors
gladesh
Bangladesh
ABUL MAAL A. MUHITH
Governor of the Bank and Fund

Introduction
It is indeed a privilege for me to be able to participate once again in the World Bank-IMF joint annual
meeting of 2016 at the headquarters of these two institutions in Washington, D. C. First of all, on behalf of
the Government of Bangladesh, I would like to express my sincere appreciation to the president of the
World Bank and the managing director of IMF for their able leadership in steering the two Bretton Woods
institutions in addressing the complex and assorted economic challenges the world is encountering. Let me
begin by congratulating Madame Lagarde for her second five-year term appointment as the MD of IMF
and at the same time offer my advance congratulations to Mr. Jim Yong Kim for his second term as World
Bank President. I also thank the conference secretariat for the nice arrangements of the Annual meetings.
As always I acknowledge the role of the World Bank Group, particularly IDA in the development endeavor
of Bangladesh from its very birth in 1971 and even for an earlier period. As it happens between partners
we had our ups and downs but overall it has been a fruitful partnership from which we both have benefitted.
So far the WB has committed a total of USD 23.95 billion IDA support. In FY 2016 IDA commitment for
Bangladesh was USD 1.18 billion covering various sectors that included primary education, health, power,
skills development, climate change, agricultural technology and low income housing. The same year the
WB disbursement has reached USD 1160 million, the largest WB disbursement in a year in Bangladesh. I
also acknowledge the successful completion of the Fund’s support under the extended credit facility (ECF)
arrangement.
SDGs and Global Commitment
I should say that 2015 was the year of global commitment. In September the commitment for ending poverty
by 2030 and for socio-economic development of all with leaving no one out of development enterprise
were, indeed, unique and extremely bold. In the same General Assembly session we simultaneously made
a commitment to saving the planet. In July 2015, we adopted the Addis Ababa Action Agenda which
provided a road-map for financing the development goals. The other important commitment came in
December in Paris regarding significant reduction of global carbon emissions. Now is the time for working
together in materialising our pledges for making the planet a better and safer place for both the present and
future generations. It is laudable that WBG and IMF were involved in the process of SDGs formulation and
have designed strategies on how they can contribute extensively and meaningfully to the implementation
of SDGs and the 2030 agenda. WBG’s twin goals of ending extreme poverty by 2030 and promoting shared
prosperity are fully aligned with the post-2015 development agenda. We, however, want to see more
coordination and engagement among the international community including the Bank and Fund in
implementing the post-2015 development agenda.

14
World Development Report: WBG Focus on Internet for Development; and Governance and the
Law
Now I would like to extend my thanks to the WBG for selecting two innovative themes for the World
Development Report (WDR) of this year and the next year. These two reports and the last year’s report on
mind and society are considered together as a ‘trilogy’ of WDRs which explore how policy makers can use
behavioral, technological and institutional instruments to promote economic development and end poverty.
I am rather excited about this year report on the internet and development. The report analyzes the potential
impact of internet on economic growth, equity and the efficiency of public services. Our Government led
by Prime Minister Sheikh Hasina presented in its election manifesto in 2008 the vision of a Digital
Bangladesh and challenged the youth of the country to shape and build it. Since assumption of power in
2009 we have remained steadfast in our goal of a ‘Digital Bangladesh’. Our ‘Vision 2021’, Perspective
Plan (FY 2010-2021) and the 7th Five Year Plan (FY2016-2020) seek to utilize the capacity of information
and communication technology in realizing the country’s development objectives. The National ICT Policy
adopted in 2009 sought to achieve ‘Digital Bangladesh’ by 2020. In ‘Digital Bangladesh’ there should be
neither hunger nor poverty. And, indeed, we are rapidly moving towards that goal which we call Golden
Bangla. Our national anthem begins with the expression “My golden Bangla, I love thee”.
The WDR 2017 will focus on the role of governance and law in poverty reduction and shared prosperity.
There is no denying the fact that the quality of governance is the crucial factor in economic development.
Governance reforms, therefore, is of prime importance in ensuring economic development of a country.
World Bank’s Country Partnership Framework and Progress of IDA 18 Replenishment
We welcome the World Bank’s new Country Partnership Framework (CPF) for Bangladesh for FY 2016-
20 as it has been aligned with our 7th Five Year Plan. We appreciate Bank for identifying five
transformational priority areas such as 1) energy sector, 2) inland connectivity and logistics, 3) regional and
global integration, 4) urbanization, and 5) adaptive delta management with a view to increasing its
engagement in Bangladesh in future. Our development priorities are macroeconomic stability, human
development and sustainable institution building and business environment and they are happily accepted
as the foundational priorities of the Bank.
The negotiation of IDA18 replenishment (for FY2018-20) is going on. I am pleased to learn that the World
Bank has chosen ‘Investing in Growth, Resilience and opportunity’ as overarching theme of IDA 18 and to
achieve the thematic goal, it has identified Jobs and Economic Transformation; Governance and
Institutions; Gender and Development; Climate Change; and Fragile, Conflicts and Violence as core
thematic areas to intervene which are very relevant in the context of SDGs and Paris agreement. I
understand that the resource demand for IDA 18 is projected to be US $ 90 billion and overall resource
envelope is estimated at USD 75 billion under base case scenario. We very much appreciate the IDA’s
initiative with respect to opening up of a new lending window, the IDA plus, by leveraging its equity which
will help broaden its lending capacity and meet growing demand of financing needs of a number of IDA
borrowers. However, IDA 18 replenishment must be done keeping in mind that implementation of SDGs
will require both enhanced capacity and resources. Relying only on current IDA resources to bring
additional fund from the market through leveraging will not be enough. The advanced countries should also
contribute more to the IDA 18.

15
Recent Developments in Bangladesh Economy and the Way Forward
Now, let me give you a brief statement on the performance of Bangladesh economy in recent times and
country’s future development strategies.

• Despite slow pace of recovery in global economy, Bangladesh’s progress in recent years is notable.
For the last seven years we have been able to sustain robust GDP growth while ensuring equitable
distribution of its benefits. In FY 15 we have achieved a handsome 6.55 percent growth. We have
at last been able to grow out of 6 percent growth cycle; and GDP growth is expected to be 7.05
percent in FY16. Per capita income is expected to increase to USD 1,466. Investment has gathered
momentum. Foreign Exchange reserve is now over US $ 31 billion which is equivalent to over 7.5
months import bill. Average monthly inflation rate in August 2016 was 5.37%.

• Our social indicators including poverty, inequality, sanitation, maternal and child mortality rates,
average life expectancy, population growth rate and education are very commendable. Poverty
reduction is at the core of our growth strategy and Bangladesh made an impressive progress in
poverty reduction from more than 70 percent in 1971, when the country was born, to 24 percent in
2014-15. I am looking forward to the celebration of the end poverty day on 17 October in Dhaka
jointly by the President of the Bank and our Honorable Prime Minster.

• Women empowerment is a fundamental strategy in our growth projection.

• We have ensured almost 100 percent enrollment at the primary level. We have already achieved
gender parity both at primary and secondary education levels. Maternity and infant mortality rates
have fallen to 1.9 and 3 per cent respectively. Average life expectancy has gone up to 70.7 years
from 66.5 years in 2005. According to Human Development Report 2015, Bangladesh ranked
142nd in 2014. The overall index was 0.57 in 2014, a great improvement indeed from 0.338 in
1980 and 0.468 in 2000.

• Significant progress has been made in power and energy sector through implementation of various
time-bound programs. Till May 2016, power generation capacity has increased to 14,539 MW. Per
capita power generation now stands at 371 KW with 76 percent people enjoying electricity facility.

• We have achieved remarkable progress in establishing ‘Digital Bangladesh’. There was a massive
expansion in ICT sector in recent times. Bangladesh has already reached the level of becoming a
technology driven modern state. As of July 2016, the number of mobile phones used and internet
subscribers were 128.94 million and 63.92 million respectively. Tele-density and internet density
have gone up to 82 percent and 35 percent respectively. Bangladesh is now exporting soft-wear
and ICT services to about 30 countries including some advanced countries. Agriculture sector is
also reaping the benefit of wider penetration of IT. We are constantly giving priority to the power,
gas, port and physical infrastructure sectors.

• We have set a goal for creating a total of 1.5 million skilled and trained manpower within next 10
years. Our aim is to export more skilled manpower in near future and increase our remittance
income. We have given more emphasis in quality interventions in education including vocational

16
 and technical education. In Bangladesh, about one-third of families are now under coverage of
social security program.

• Human resources development as well as job creation is our topmost priority agenda. We believe
that a vibrant private sector can create significant number of job opportunities and help uplift the
poor people out of poverty. As Bangladesh is still a rural-based economy and majority of poor
people live in the rural areas, a process of real transformation of the rural economy has been being
taken place in terms of investment, infrastructure development, expansion of SMEs and non-formal
sector etc.

• We expect to graduate from the least developed country status very soon. Out of three indicators
(per capita income, economic vulnerability index and human asset index) we have already met the
economic vulnerability criterion and are nearly there in terms of the other two. I firmly believe that
by 2018 we will be able to meet all three criteria.

We have already started the implementation of the 7th Five Year Plan (FY2016-20). The priorities of this
plan are to accelerate growth, reduce poverty, and create employment. The major thrusts of this plan are as
before reduction of poverty and inequality; women advancement; removal of infrastructural bottlenecks;
creating technical and IT knowledge-based human resources; more focus on agriculture and SMEs,
strategies for exporting ICT, health and education services; further promoting public-private partnership
initiatives; and strategies to increase and diversify exports; effective strategy to address the climate change
and disaster risk reduction; and introduction of development result framework.
Women Empowerment and Welfare
Disparity in wages between men and women has declined. However, rate of female workforce participation
is still low. Currently, only 34.1 percent of female labor force is engaged in economic activities. Our target
is to increase their participation to at least 40 per cent by 2021. In terms of reducing gender disparity.
According to the ‘Global Gender Gap Report’, Bangladesh ranked 64th in 2015 among 145 countries.
Women’s participation in the parliament increased from 12.7 percent in 1991 to 20.0 percent in 2014; in
local councils it is a minimum of 33 percent. You will be happy to know that presently our Prime Minister,
Opposition Leader, Speaker and Deputy Leader of the Parliament are women. In terms of the political
empowerment of women, Bangladesh was at the 8th position among 145 countries in 2015. We also take
care of gender responsiveness in our national budget and our development plans. We are also trying our
best to establish safe and secure work places for the garments workers where majority of workers are
women.
Governance Issue
We have achieved reasonable progress in governance in the last two decades and so. The Vision 2021, five
year plans and perspective plan emphasized the need for ensuring a legacy of good governance in the
country. Government has already undertaken a significant number of reform programs including reforms
in core institutions and policies; improving public administration, public service provision and public
financial management; standardizing public procurement rules and regulations along with introducing e-
GP (electronic Government procurement); improving budgetary process; streamlining project preparation,
approval process, monitoring and evaluation system; improving statistics and informatics; modernizing
land management system; introducing e-services, strengthening local Government system; formulating

17
effective anti-corruption strategy etc. A number of steps have also been undertaken to further improve the
judicial system.
Miscellaneous Issues
In combating trans-national terrorism along with militancy and illicit financial flow we have been closely
working with our partner countries. Bangladesh will do everything necessary to fight these social evils.
You are aware that Bangladesh is one of the most climate vulnerable countries and innocent victims of
climate change. With its limited resources Bangladesh is a role model in the world in effective
implementation of climate change mitigation and adaptation policy. In recognition of Bangladesh’s far-
reaching initiatives to address climate change under the visionary leadership of Honorable Prime Minister
Sheikh Hasina, she has been awarded Champions of the Earth award in the Policy Leadership category in
2015. We also hope that the global community will further strengthen their efforts in fulfilling their
commitment regarding climate financing and implement the Paris agreement and related action-plan for
saving the environment and the planet.
Our Prime Minister has fixed the target of transforming Bangladesh into an advanced economy by 2041 as
a land of peace, happiness and prosperity. In this endeavor we need strong supports and cooperation from
the world community particularly from the Bretton Woods institutions.
Thank you again for providing me the opportunity to share my views and thoughts with you. Thank you
also for reading my statement on the website.

China

18
 Estonia
on behalf of the Nordic and Baltic Countries
SVEN SESTER
Governor of the Bank

Ladies and gentlemen,

The Nordic-Baltic constituency, consisting of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,
Norway and Sweden congratulates President Kim on his re-election. We look forward to continued and
engaged cooperation with the World Bank Group under his leadership and vision, fully trusting that
measures will be taken to build trust and morale within all parts of the organization.
The ambition demonstrated in the “Forward Look – A Vision for the World Bank Group in 2030” is
commendable and well founded. We support the intention of the World Bank Group to stay relevant
globally and to all clients when targeting the Twin Goals and the Sustainable Development Goals. It is
clear that different level and type of support and products should be offered to countries depending on their
actual challenges and level of development. It is important that we as shareholders now share a common
view about the future of the World Bank Group - and that we would be ready to contribute with necessary
means to jointly implement an agreed and ambitious vision, starting with the IDA 18 replenishment.
Financial sustainability and the highest rating of the Bank are part of the foundation on which we rely when
we are asking the Bank to do more and to do better. We must therefore consider measures to generate
adequate income, keep the expenditures under prudent restraint and start the conversation on a possible
capital increase on the basis of the Forward Look.
The Nordic Baltic constituency also welcomes the progress achieved in the discussions leading up to the
regular shareholding review. The new dynamic formula and the principles for the shareholding review
present a good compromise for our cooperative development institution. All shareholders, including the
smallest and poorest should feel relevant and the upcoming review process must be kept transparent and
rules based.
Over the years the Bank’s relative importance in capital flows to the developing countries has been reduced,
but it is still well equipped with vast knowledge and wide array of financial and advisory instruments. It
can play a key development role in many client countries, especially when joining efforts and ensuring
coordination with other donors, the regional development banks, the UN and the private sector.
To achieve the Twin Goals the Bank must continue supporting inclusive economic growth and investment
in human capital. The Nordic and Baltic countries will continue to insist on full integration of gender
equality and respect for human rights into the Bank’s regular business as well as high ambitions on climate
change. On both climate and gender, the focus must be on the implementation of commitments. Closing
the gender gap in key sectors is smart economics as it benefits countries as a whole and increases growth
prospects.
Our constituency welcomes the increased emphasis of the WBG work on fragile, conflict and violence
situations. In many countries weak governance and limited institutional capacity are among the main
impediments to inclusive growth. The lessons from the 2016 World Development Report on Digital
Dividends and the upcoming 2017 report on Governance and the Law are therefore very important and
must feed into the Bank’s work.

19
These lessons can be particularly valuable in domestic resource mobilization. Improving the flow of taxes
and other income into government coffers will be a key factor and source to achieve the Sustainable
Development Goals. Many client countries are facing challenges in collecting taxes and spending their
limited resources effectively. The Bank Group must prioritize its support to strengthening clients’ capacity
to develop and implement sound tax policy and back the use of smart digital solutions where possible.
As we all know, illicit financial flows pose an immense challenge to political and economic security,
especially in the developing countries. Corruption, illegal exploitation of natural resources, fraud in
international trade and tax evasion are as harmful as the diversion of money from public priorities. The
Bank Group can use its technical expertise, knowledge and convening power to bring developed and
developing countries, international organizations, and standard setting bodies to work together on reducing
illicit financial flows and returning illegal assets, to coordinate global activities and individual country
work, and to help shape global standards and promote smart and innovative solutions. We call on the Bank
to work out a Plan of Action on its role in preventing illicit financial flows, as a follow-up to the Stocktaking
Report presented in April.
We encourage the bank to continue the work on Trust Fund reform and a better integration of TF financing
with the overall budget process.
Thank you for your attention.

Colombia

20
 Fiji
AIYAZ SAYED-KHAIYUM
Governor of the Bank and Fund

Mr Chairman,
Fellow Governors,
Distinguished Delegates,
Ladies and Gentlemen,
1. I am honoured to deliver this address on behalf of the delegation from the Republic of Fiji, to the
annual meeting of the International Monetary Fund (Fund) and the World Bank (Bank). I would like to
commend the Bretton Woods institutions in helping steer the global economy during these challenging
times of continuing uncertainty and growing risks. I also congratulate Nauru which became the 189th
member of the Fund and the Bank in April this year.
2 I also would like to express the appreciation of our Prime Minister and the Fijian people to the
Fund, the Bank, other development partners and fellow member countries, for the messages of condolences,
international aid and financial support received following the devastation of Cyclone Winston and
subsequent floods earlier this year. 2016 will go down in our history as the year our nation was hit by the
strongest tropical cyclone ever recorded to make landfall in the Southern Hemisphere and one of the
strongest in the world. A joint Post Disaster Needs Assessment led by the Bank revealed total damages and
losses of US$1.4bn or around 30 per cent of GDP. The impact from these shocks on our economy has
further exacerbated the dampening effects already prevailing from the prolonged global slowdown.
3 On behalf of the Fijian Government and people, I express our condolences to the people of Haiti
and others affected by Hurricane Matthew. Having recently experienced the devastating effects of a
destructive natural disaster ourselves; we know that the Fund, the Bank and the global community will do
what is necessary to assist those affected. Hurricane Matthew is also a harsh reminder of the increasingly
destructive natural disasters, exacerbated by climate change, that threaten the economic stability of small
and vulnerable states and the need to develop more creative financing options to support the rebuilding
process.
Fijian Economy
4 Mr Chairman, our growth projection for this year was revised down from 3.5 per cent to 2.4 per
cent to reflect the adverse impact of natural disasters and floods as well as the subsequent rebuilding efforts.
5 Nevertheless, the Fijian economy is still expected to post its seventh consecutive year of broad
based growth this year, a first since the 1970s and this is expected to continue into the medium term.
Comparatively, growth in 2015 and 2014 were 3.6 per cent and 5.6 per cent, respectively, driven by strong
activity in the transport, finance and forestry sectors.
6 Fiji’s current positive growth performance is expected to continue on the back of accommodative
fiscal and monetary policy settings, associated with strong infrastructure spending and supportive low taxes
and interest rates. Credit growth remains firm, consistent with positive demand and expansion in the
financial sector. Notably, prudent public finance, monetary and financial management and supervision
amidst improved business and consumer confidence have yielded macroeconomic and financial stability

21
and manageable debt levels. Fiji’s external stability position remains favourable reinforced by strong
tourism earnings and personal remittances.
7 Specifically, fiscal policy is geared towards enhancing Fiji’s infrastructure development, investing
in human capital and boosting potential growth. While the Government records operating surpluses,
increasing investment expenditures in critical infrastructure underpin deficits, which are expected to remain
within the Government’s target of 3 per cent of GDP. For the 2016/2017 financial year the budgeted deficit
is 4.7 per cent, of which 2 per cent is directed towards reconstruction associated with Cyclone Winston.
Monetary policy is geared towards attaining low inflation and adequate level of foreign reserves. Current
inflation trends above the 3 per cent average norm have been mostly due to supply constraints and structural
policy adjustments while our foreign reserves level can cover more than five months of retained import
cover indicating a healthy external position relative to international benchmarks.
8 Growth is expected to rise to 3.6 per cent in 2017 and decline marginally to 3.1 per cent in 2018.
Nonetheless, there are downside risks to the current strong growth trajectory. These include capacity
constraints in booming sectors particularly construction, the weak global economy, the increasing threat of
natural disasters and other climate change factors and elevated imports related to reconstruction efforts in
the wake of Cyclone Winston, to name a few.
9 The Fijian Government is continuing with its public sector reforms, focusing on public-private
partnerships, civil service and public enterprise reforms and mainstreaming the ease of doing business.
International Monetary Fund
10 Mr Chairman, we welcome and commend the Fund’s commitment to its surveillance, lending and
capacity building activities through which it provides vital policy advice, resources and training to
implement necessary reforms for lifting potential growth. We encourage the Fund to continue to reflect
country specificities appropriately when designing macroeconomic policy advice to its members, to ensure
that optimal policy outcomes are achieved.
11 The Fund’s resources serve as a catalyst for other multilaterals to step-up, we encourage the Fund
to continue to review and enhance its facilities to ensure that the assistance provided is commensurate with
the shocks encountered. Mr Chairman, the debilitating impact of climate change and related natural
disasters in Fiji and other small island vulnerable states, are imminent threats to macroeconomic stability.
This was well illustrated in the proposed assistance available under the Rapid Financing Instrument facility,
which amounted to a mere one per cent of GDP when the devastation of Cyclone Winston is estimated at
around 30 per cent of GDP. We encourage the Fund to consider an approach that would provide greater
flexibility in allowing higher access limits on concessional lending to small states that are significantly
affected by severe natural disasters.
12 Mr Chairman, capacity building is an essential role provided by the Fund that is highly appreciated
by the membership, especially small states with human resources constraints. Given the importance of
preserving macro-financial stability, the Fund should continue to focus on priority areas of fiscal and public
debt sustainability, public financial management, financial sector supervision, and improving data
limitations. With climate change and natural disasters now considered as real threats to the macro stability
of countries such as Fiji, we encourage the Fund to explore ways to incorporate the impact of such shocks
in its policy frameworks. We commend the close collaboration with the Executive Board’s Small States
Working Group resulting in pertinent small states’ issues, such as the withdrawal of correspondent banking
and enhancing resilience to natural disasters and climate change, being elevated and considered more
seriously by the Fund. We understand that work is progressing on this front and look forward to discussing
the preliminary findings during future Annual Meetings.

22
13 We welcome the Fund’s close engagement with Fiji through the annual Article IV consultations
and technical assistance provided through the Pacific Financial Technical Assistance Centre (PFTAC). The
success of recent Article IV missions, publication of staff reports, and ongoing technical assistance (TA)
programs are testament to our effective collaboration, improved traction of the Fund policy advice and their
implementation. We commend the Fund for the continuity of TA in the key areas of macroeconomic
modelling and forecasting, public financial management, financial sector and statistics. Mr Chairman, we
remain appreciative of ongoing Fund engagement through the PFTAC and the Resident Representatives
Offices located in Fiji and encourage the Fund to intensify its efforts towards aligning TA to country needs
and policy priorities while taking into account absorptive capacity. Fiji has shown our commitment to the
PFTAC by agreeing to contribute towards the ongoing funding operations of the PFTAC office in Suva,
Fiji for the next five years.
World Bank
14 Mr Chairman, on World Bank issues, a lot of positive outcomes have transpired since our re-
engagement. In May this year, a new World Bank and International Finance Corporation office opened its
doors in Suva. This is expected to further deepen and strengthen our partnership and collaboration. Having
a country presence has enabled faster action on the ground and Government has capitalised on this by
accessing quick and timely advice from Bank staff. We acknowledge the Bank’s support towards our
rehabilitation efforts for Cyclone Winston; through the Post Disaster Needs Assessment as well as the
US$50 million Development Policy Loan. We look forward to the completion of Fiji’s Systematic Country
Diagnostic and the formulation of our new Country Partnership Framework for 2017.
15 We congratulate the Bank for the Forward Look exercise which sets out the Bank’s vision to 2030,
and the important role the Bank can play in global economic development. The world community has
endorsed a global agenda through the Sustainable Development Goals and the climate change agreement at
COP 21. The Forward Look will enable the Bank to support global development agendas while at the same
time addressing its own corporate goals.
16 Mr Chairman, we commend the Bank for its leading role in developing innovative financing
facilities to address global shocks such as the Pandemics Emergency Financing Facility for pandemics, the
Global Concessional Financing Facility for refugees and the Catastrophe Risk Insurance Facility to provide
insurance against natural disasters. To end extreme poverty by 2030, it is critical that the Bank intensifies
its efforts to face each global challenge with an urgency and scale proportionate to the problem.
17 Mr Chairman, we acknowledge the Bank’s support towards the small states agenda and we
commend the setting up of the Small States Secretariat and the Small States Advisory Group. We support
the setting up of a dedicated research programme for small states and we offer to host the programme in
Fiji as we are already hosting similar programmes with other development partners, such as the United
Nations Economic and Social Commission for Asia and the Pacific (UNESCAP). It would also complement
other initiatives being run in Fiji, such as the setting up of a unit to consider legal issues related to climate
change.
18 While small states are a heterogeneous group, in general they grapple with a range of similar
development challenges. For small island states in the Pacific, climate change is threatening the social and
economic wellbeing of our economies and our ability to meet the Sustainable Development Goals.
Essentially, climate change cannot be de-linked from development. Despite our middle income status, Fiji
remains highly vulnerable to climate change and natural disasters. For IBRD small states like Fiji, there
are currently no concessional funding sources to access finance for rapid emergency response and
reconstruction following a natural disaster. We therefore reiterate the importance of recognising our
inherent vulnerabilities as small states in the allocation of concessional financing, in particular,
consideration of the application of the small island economy exception to Fiji.

23
19 As the hub of the Pacific, our neighbours depend on Fiji for air connectivity, trade, financial
services and education, to name a few, highlighting the interdependence between IBRD and IDA countries
in the region. We welcome the current dialogue on expanding the vulnerability indices, and urge the Bank
to set up a financing facility specifically for middle income small states to access post disaster financing.
We ask the Bank to consider flexibility in providing finance to the region, in particular to providing
assistance to develop bankable projects for the Pacific.
20 The threat of climate change has led to the setting up of a myriad of climate finance facilities.
Notwithstanding the availability of these funds, they remain underutilised given small state’s limited
capacity to access them. The Bank could assist by improving alignment between donors, helping to
simplify procedures for accessing these funds, and in tailoring capacity building programmes to enhance
technical skills for accessing climate funds. Fiji in partnership with the UNESCAP has initiated a regional
training programme in the Pacific to build capacity in this area and we call on the Bank to support such
country initiatives.
21 Mr Chairman, we note the Bank’s in-depth work on the Pacific Possible, which focuses on the
sectors that offer significant potential as well as challenges, being tourism, labour mobility, knowledge
economy, fisheries, deep-sea mining, non-communicable diseases, climate change and natural disaster
preparedness. The Bank’s support through increased lending and advisories would enable Pacific island
economies to harness the potential of these sectors and to address the key challenges that require urgent
action. We urge the Bank to support projects that will enhance progress in the Pacific, such as projects to
develop regional aviation standards, tourism and trade.
22 Mr Chairman, we welcome the progress on the development of a Dynamic Formula and the
Shareholding Review, which will ensure that the Bank remains representative and responsive to global
economic changes. In addition, the new Environmental and Social Framework (ESF) will no doubt
contribute to promoting better and lasting development outcomes.
Conclusion
23 In closing Mr Chairman, let me thank the Fund and the Bank for their ongoing efforts in
strengthening collaboration and deepening partnerships to achieve our national developmental goals and
improving regional and international outcomes. We wish both institutions success in the year ahead.

24
 India
on behalf of Bangladesh, Bhutan, India, and Sri Lanka
ARUN JAITLEY
Governor of the Bank and Fund
Since we met in April 2016, global recovery has been sluggish, and is marked by uncertainties, including
those arising out of the UK referendum for leaving the EU. Global growth is expected to decelerate in 2016
because of a slowdown in advanced economies
Global financial stability appears to have improved with easing external financing conditions and some
recovery in commodity prices. However, risks to global financial stability persist because of low and
negative interest rates, overhang of private debt and significant loan impairments in the banking system.
Also, growing populism and isolationism could lead to further deterioration of global trade. Clearly,
multilateral efforts are needed at this juncture to boost trade to support global growth.
The emerging market and developing economies (EMDEs) as a whole have performed better than the
advanced economies, with India registering robust growth. However, the outlook in the EMDEs remains
uneven and generally weaker than in the past due to challenging macroeconomic conditions arising from
weak global demand and difficulties faced in wake of adjusting to lower commodity revenues. Disorderly
deleveraging of private debt could also impact growth. In order to guard against these risks, policy
frameworks would have to be strengthened by accumulating buffers and deleveraging balance sheets. Gains
from product and labor market reforms and strengthening of risk management practices to address balance
sheet vulnerabilities would be helpful in further enhancing resilience.
Low income countries are affected by low growth and the uncertainties surrounding food and commodity
prices, and would benefit from structural reforms that foster economic diversification and higher
productivity. Additionally, building buffers, increasing capital and social outlays along with structural
reforms would strengthen resilience.
Prolonged accommodative monetary policies in advanced economies will have serious implications for the
EMDEs, including resultant spillovers. There are also concerns that normalization of the US monetary
policy could have adverse consequences for global financial market volatility and capital flows to EMDEs.
Central banks in major advanced economies should be mindful of financial stability risks arising out of
monetary policy normalization.
The entrenchment of risks to the global financial and economic stability has implications for the operations
of both the IMF and the World Bank, particularly in terms of increasing the likelihood of larger demands
on their resources. Both organizations need to be adequately resourced, specifically to meet the wider
canvas of development aspirations arising out of Sustainable Development Goals (SDGs). The global
economic scenario, especially the low interest rate regime and depressed commodity prices, has reduced
the availability of resources, both domestically and through foreign investment. There is concomitant need
for trillions for bridging the gap in financing required to meet the developmental goals of adequate
infrastructure, employment, education and health service and our heightened engagement in delivering
global public goods, prevention and mitigation of crises, fragility and conflict.
In this context, the forward look strategy of the Bank is a timely one. It rightly acknowledges the capital
constraints faced by IBRD and IFC, and makes a strong pitch for capitalization of IBRD and IFC while
mobilizing private sector investment. Our ambitions of annual funding of $40 billion by the Bank, doubling
of IFC’s annual financing and $75 billion replenishment for IDA-18; although much bigger than the present
size of these institutions; are quite modest considering the magnitude of the resources required for achieving
the global mission of SDGs and twin goals of the Bank, i.e., ending extreme poverty and boosting shared
25
prosperity. The focus on Low and Middle Income Countries (LMICs) is very much the need of the hour
where residual poverty is heavily concentrated. We welcome the strategy to build up IBRD portfolio for
the LMICs, including IDA graduates, by significantly increasing lending to LMICs over the next decade.
Similarly, we support the focus on a stronger share in IDA-18 for the LICs affected by situations of fragility,
conflict and violence (FCV) and small states. The strategy to take measures to expand WBG’s work with
the private sector is also critical to its success.
The EMDEs are expected to contribute more than three-quarters of total global growth this year and next.
The voice of EMDEs in IMF and World Bank should be commensurate with their changing weight in the
global economy. In IMF, this can be accomplished as part of the 15th General Review of Quota by
realigning quota shares with the changed global economic realities. It is also important that the formula for
determining quotas is suitably revised including the weight that is given to PPP GDP in the 15th quota
review to better reflect the true economic strength of the EMDEs. With the present composition of Fund
resources skewed excessively towards borrowed resources, IMF membership should show urgency in
completing 15th Review. It is in this context that we are extremely disappointed that a situation has arisen
necessitating the proposal for shifting the deadline for completing the review to Spring meeting of 2019.
We should remember that it was the collective legal obligation of IMF membership to complete 15th review
in 2015, apart from the fact that frequent and excessive delays in completing the GRQs erode the credibility
and legitimacy of the organization. We hope that in future IMF will show more determination and focus on
working towards completing the 15th review including agreement on a new quota formula. We also expect
that the new deadline will be honored as well as adhered to in letter and spirit.
Similarly, the World Bank Group shareholding realignment must dynamically and truly represent the
evolving role of its member countries. A fair and robust dynamic formula is a pre-requisite for this purpose.
The draft report to the Governors has proposed a formulation for the formula based on GDP and IDA
contributions, with 80% weight for GDP and 20% weight for IDA. While this formulation is acceptable,
the shareholding review should necessarily lead to an outcome where the voice of the developing and
transitioning countries is stronger than at present. The exercise also needs to ensure that small and poorest
states are protected and that no shareholder should face excessive dilution of its voice as a result of this
exercise.

26
 Japan
TARO ASO
Governor of the Bank and Fund

I. THE GLOBAL ECONOMY AND THE JAPANESE ECONOMY

Global economic recovery continues, but growth is still weaker than desirable. Although the market turmoil
after the referendum of the United Kingdom has calmed down, uncertainty still remains in the global
economy. Against this backdrop, market stability is especially important. Indeed in view of these
circumstances, we must make utmost efforts to ensure sustainable growth and to avoid a vicious circle of
the economy arising from excessive pessimism, in line with the commitment to using all policy tools—
monetary, fiscal and structural—individually and collectively. Advanced economies need to tackle
domestic economic and social challenges swiftly and properly under resolute leadership. Systemically
important emerging market economies need to recognize their responsibility for the global economy and
thus to address the vulnerabilities through appropriate policy responses. To achieve long-term growth of
the global economy, countries need not only to take near-term policy responses but also to advance
structural reforms to enhance potential growth and resolve vulnerabilities, taking into account country-
specific circumstances.
Japan’s economic fundamentals are solid. Corporate earnings in 2015 hit the highest level in history, while
the unemployment rate declined to the lowest level in almost 21 years. The Japanese economy is now
gradually entering into a virtuous circle. Real GDP growth in the first and second quarters of this year was
2.1 percent and 0.7 percent annually, respectively, both of which are above potential.
Supported by favorable corporate earnings and a tight labor market, it is important to ensure that a virtuous
circle in the economy continues to strengthen, which will lead to steady growth in consumption and
investment. To achieve such a circle, sustained wage increases are crucial. The government continues to
ensure an exit from deflation and achieve sustained economic growth.
This summer Japan put together an economic stimulus package with the fiscal component of 2.7 percent of
GDP. This is a comprehensive and bold package that aims to accelerate structural reforms and investment
for the future. For Japan, the priority is to raise potential growth by overcoming declining birth-rate and
aging population, including through greater labor participation. Therefore, to promote labor participation
of women and the elderly, the package includes work style reform such as rectifying the problem of working
long hours. It also covers budget support for expanding childcare and nursing care capacity. In addition,
the package focuses public investment on infrastructure that would lead to increased productivity, with the
aim of encouraging private investment and laying the foundation for sustained growth. Moreover, the
package also includes raising the minimum wages by 3 percent, which was implemented this month, and
ensuring “equal pay for equal work”.
As for monetary policy, the Bank of Japan conducted last month a comprehensive assessment of the
developments in economic activity and prices as well as policy effects since the introduction of quantitative
and qualitative monetary easing (QQE). In light of the findings of the assessment, with a view to achieving
the price stability target of two percent at the earliest possible time, the Bank decided to introduce "QQE
with Yield Curve Control" as a means of strengthening the existing framework for monetary easing. The
new policy framework consists of two major components. The first is "yield curve control" in which the
27
Bank sets short-term and long-term interest rates as an operating target. The second is an "inflation-
overshooting commitment" in which the Bank commits itself to maintaining an increase in the monetary
base until the annual rate of increase in the observed CPI exceeds the price stability target of two percent
and stays above the target in a stable manner. The Bank will pursue monetary easing in a more forceful
manner under the new framework to achieve the price stability target of two percent at the earliest possible
time.

In close cooperation, the Japanese government and the Bank of Japan will use monetary, fiscal, and
structural policies in an integrated manner with a view to accelerating Abenomics.

II. EXPECTATIONS FOR THE IMF AND THE WORLD BANK

Now, I will address Japan’s expectations for the IMF.

As we face a host of challenges in the global economy, the role of the IMF continues to be substantial. We
look forward to the IMF’s initiatives to resolve issues of the international monetary system.
In recent years, we have observed a significant increase in cross-border capital flows and their heightened
volatility because of the advance in the integration of the world economy. In today’s international monetary
and financial system, it is crucial for each country to carefully monitor capital flows and, under specific
circumstances, manage capital flows in an appropriate manner. We therefore strongly welcome the IMF’s
ongoing work on capital flows, and call on the IMF to provide practical guidance that is helpful for
members’ policy making.
The global financial safety net, as a backstop for stabilizing the international financial system, continues to
play a key role from the standpoint of maintaining market confidence. Although the global financial safety
net has remarkably expanded in terms of their size, including by accumulation of international reserves by
individual countries as well as expansion of bilateral swap lines and regional financing arrangements, it is
important for each layer of the safety net to function effectively and bring about synergies with others. From
this standpoint, we welcome the implementation of a joint test run between the IMF and Chiang Mai
Initiative Multilateralisation, and look forward to similar work between the IMF and other regional
financing arrangements. We also expect the IMF to strengthen the cooperation with AMRO (ASEAN+3
Macroeconomic Research Office) at the operational level, including exchange of information.
For years, Japan has taken leadership in strengthening the IMF’s financial resources in the face of the global
financial crisis and the euro area crisis through borrowing agreements. In addition to traditional, current
account crises the IMF had been assumed to address at the time of foundation, we have seen the emergence
of a new type of balance of payment crises that involve rapid capital outflows and inflows. In light of the
experience with recent crises, it is debatable that the IMF quotas need to cover all of the enormous amount
of potential financing needs, including those stemming from systemic, capital account crises, which are
difficult to predict and rarely occur but highly probable to cause serious damage once they materialize.
Rather, it is reasonable for the IMF to deal with idiosyncratic crises with sufficient amount of quotas and
to prepare for systemic crises through borrowed resources, including the New Arrangements to Borrow and
bilateral agreements. In recognition of this indispensable role of borrowed resources as a reasonable funding
base for the IMF, Japan has just agreed to extend the borrowing agreement with the IMF. Taking into
account the key role of borrowed resources in the IMF’s funding base, it is essential that the voluntary
financial contributions by members to the IMF’s borrowed resources be duly acknowledged in the
distribution of quotas, which is the core of the governance of the IMF.

28
Next, I will express what we expect for the World Bank Group (WBG).
The world confronts a wide-range of complicated development challenges, and expectation for the World
Bank has been growing. In this context, we call for the WBG under the leadership of Dr. Kim in his second
term to take a leading role to achieve twin goals of ending extreme poverty and promoting shared prosperity.
We welcome that the Forward Look, which sets out the medium- to long-term vision of the WBG’s role,
underscores the importance of a holistic approach to crisis preparedness, prevention and response. Also, we
highly value the direction to enhance IBRD’s allocation to lower middle-income countries. We call for the
WBG to steadily implement these policies. Regarding a capital increase of IBRD, we need to discuss this
issue, together with the role IBRD is expected to play as well as the impact of income-improving measures
including an increase in loan pricing.

Furthermore, we welcome the agreement on the dynamic formula, as this is an important step forward.
Nevertheless, we are still faced with more important issues of how to use the agreed formula and implement
a selective capital increase. Since realignment of shareholdings can only proceed on the basis of very broad
support, Japan is of the view that it is essential to take concrete measures to avoid abrupt shifts in
shareholding, both upwards and downwards.

Regarding IDA 18 replenishment currently under negotiation, Japan highly values the introduction of
innovative financing tool of debt financing in the capital markets. Furthermore, Japan welcomes the current
direction of discussion which puts special emphasis on the importance of preparedness and prevention for
natural disasters and pandemics. In the upcoming discussion, we call for the WBG to provide practical and
sufficient transition support to IDA graduates. Japan is committed to make an appropriate contribution to
IDA, given the IDA’s pivotal role in supporting low-income countries.
The world is expected to continue facing various development challenges. Japan is committed to supporting
developing countries, in cooperation with the WBG, in various areas such as prevention, preparedness and
response for a wide range of crises including natural disasters, pandemics and refugee crises, and quality
infrastructure investment.
III. CLOSING
In closing, I would like to express my respect toward the great roles that the two institutions have played in
the international community and their major contributions in this regard. I also expect them to address ever-
increasing difficult global challenges and thus help achieve strong, sustainable and balanced growth as well
as poverty reduction.

29
 Republic of Korea
ILHO YOO
Governor of the Bank and Fund
1. Opening Remarks

Honorable Chair Mauricio Cárdenas,

Managing Director Christine Lagarde,
President Jim Yong Kim,
Fellow Governors and distinguished guests!

2. The State of the Global Economy

As you know very well, the global economy is currently facing many uncertainties and challenges.

Eight years have passed since the onset of the global financial crisis, yet the recovery momentum is still
weak, and it is hard to predict how long this prolonged environment of unprecedented low growth will
persist.

Although global financial market unrest has subsided, in large part thanks to decisive policy measures taken
by central banks of key countries around the world, the global financial market nevertheless continues to
be in a highly fragile state.

We continue to witness investment appetite wane sharply and then rebound again after central banks have
taken measures in response to shocks to the market.

Decoupling of the financial market from the real economy is fueling market volatility and at the same time
increasing the dependence on policy measures.

And with the prolonged reliance on unconventional policies such as negative interest rate, there is growing
concern over the limits and consequences of monetary policies.

3. Policy Suggestions for Recovery of the Global Economy

Against this backdrop, today I would like to share with you my thoughts on what we need to do to promote
stable growth of the global economy.

First, we need to continuously support growth with expansionary economic measures in the short-term,
while pushing structural reforms to build the momentum for growth in the medium- to long-term.

Slow global demand and weak labor productivity coupled with decelerating trade are putting further
downward pressure on the global economy. This climate is underscoring the importance of tackling
economic problems through policies more than ever before.

Monetary policies need to remain expansive to ease financial conditions and support the recovery of
consumption and investment.

30
However, monetary policies alone have limited stimulatory effect on the real economy. In other words,
monetary policies have to be complemented with effective fiscal investment in areas of need such as
employment and infrastructure enhancement to drive demand.

To build the foundation for long-term sustainable growth based on stronger medium- to long-term growth
potential, it is critical to continuously push forward with structural reforms.

That said, the Korean government has adopted a diverse mix of policies and measures to prop up growth.

For instance, the Bank of Korea recently cut the benchmark rate to 1.25%, the lowest in history. The
government formulated and introduced a supplementary budget this year, and introduced various incentive
measures to stimulate domestic spending and investment. And we have set an expansionary budget for next
year as well.

Also, continued structural reforms are underway in four key sectors: public, labor, education and financial.

To reinforce meritocracy in public service, a performance-based payroll system was rolled out across public
agencies. In addition, a new law was introduced to streamline administrative processes for mergers and
acquisitions (M&As) to expedite industrial restructuring.

Countries around the world must join forces to bring the global economy back on track at the earliest
possible date, by remaining aligned on implementing strong expansionary macroeconomic policies and
structural reforms.

Second, stronger emphasis should be put on inclusiveness in putting economic policies to work.

This summer, the results of the Brexit referendum sent shockwaves across the world‘s financial markets.

However, market shocks stemming from political reasons may not be a matter confined to the UK.

The political landscape is shifting in the U.S., Europe and a number of emerging countries as well.

Low growth and widening income inequality are exacerbating the public‘s perception of globalization and
technological advances, which are the traditional engines of global economic growth.
Consequently, this is increasingly giving rise to calls for nationalism and isolationism in countries around
the world.

Such claims are nothing new, but the political risks we face today are more serious and imminent, and have
higher chances of becoming a reality.

Political risks not only pose downward risk to the global economy, but also weaken social cohesion,
standing in the way of the recipe most needed to the global economy—structural reforms.

It is for this reason that we must strive to strengthen social cohesion through inclusive economic policies.

Efforts to improve social mobility through job creation as well as investment in education and welfare not
only help build the political foundation to implement more rational and growth-friendly policies in the long-
term, but can also drive up the growth rate in the short-term as a result.

31
The last point I would like to highlight is interconnection among countries and strengthening collaborative
efforts in policy formulation and implementation.

As I mentioned earlier, the new phenomenon of low growth and changing political landscape may drive a
growing number of governments to opt for more inward-looking policies.

However, history has taught us that policies that only serve one’s own national interests ultimately bring
about results that prove to be less than beneficial.

As such, governments must exercise prudence in implementing policies, weighing the implications and
consequences of their national policies.

Most importantly, countries around the world must demonstrate their common and clear commitment
against trade protectionism and uphold free trade.

In particular, economic leaders need to exercise strong leadership to make sure that participants of the
economy do not succumb to the temptations of protectionism in the current era of low growth.

Policy coordination needs to be reinforced in the area of international finance as well.

As witnessed during the financial market turmoil early this year, financial markets around the world are
closely tied together and interact with one another.

This suggests that governments have to make policy decisions taking into account the spillover and reverse
spillover effects, and collaborate more closely with one another.

And in response to common risks such as the global financial cycle, governments must work together to
put in place a well-established multi-layered financial safety net, for instance bilateral and/or multilateral
currency swap arrangements, IMF-RFA cooperation, and IMF resources.

4. Roles of the IMF and WBG

Distinguished guests,

The challenges facing the global economy and financial markets today call for the IMF and WB to play
greater roles.

For the most part, the Fund should take the lead in the search for policy measures to break away from the
low growth trap and reinforce resilience of the economy.
The current low interest rate environment particularly calls on us to seek more creative alternatives to
expand the boundaries of monetary policy and minimize its side effects.

At the last G20 summit meeting, we agreed on the areas of priority for structural reform, guiding principles
and indicators.

Now, we must take one step further to gather and share the risks and best practices of undertaking structural
reforms by income level. This effort will go a long way in continuously pushing forward with structural
reforms. We look forward to the Fund’s proactive role in this process.
32
Another important role of the Fund is facilitating international policy coordination with analytics on the
impact of each country’s policies on surrounding countries and presenting measures that can minimize
negative repercussions.

In particular, clear and objective studies on the consequences and effects of protectionism based on
precedent examples will offer meaningful lessons in the political and economic context of today.

In light of recent global economic conditions, we believe the Fund also has a stronger leadership role to
play in improving measures to manage capital flows and offering a stronger global financial safety net by
remaining sufficiently resourced.

Meanwhile, the World Bank Group, or WBG, needs to extend its activities beyond supporting country-
specific development efforts to also creating global public goods by taking measures against climate change
and the refugee issue, among others.

This is because development issues, too, are becoming transnational agendas as globalization and
integration of the global economy deepen.

The WBG must also continue to spearhead efforts to mobilize development resources.

Creative financing solutions need to be developed to leverage investment capital, and agencies within the
WBG should assume roles in directing private sector funds to development areas.

That said, we very much welcome the discussion on “Forward Look,” a vision for the WBG in 2030, at this
Annual Meeting.

We look forward to discussions translating into clear action agenda that will lead to visible outcome, and
Korea will join hands in the journey towards achieving the vision.

Thank you.

33
 Lao People’s Democratic Republic
SOMDY DOUANGDY
Governor of the Bank
Mr. Chairman,
Distinguished Delegates,
Ladies and Gentlemen,
It is my honor to represent Government of the Lao People’s Democratic Republic at the 2016 Annual
Meeting of the Board of Governors of the World Bank Group and International Monetary Fund. First of all,
please allow me to express my sincere gratitude to Mr. Chairman, the President of the World Bank Group,
the Managing Director of IMF, and the management at all level for their immense effort, the warm
hospitality and the excellent arrangements for these meaningful meeting at the splendid city of Washington
D.C.
Mr. Chairman,
Global growth continues to disappoint in 2016. Substantial downside risks to growth remain, including
weak demand, tighter financial markets, softening trade, persistently low oil and commodity prices, and
volatile capital flows. Disappointing data for the fourth quarter of 2015 has prompted further downward
revisions to growth forecasts in most major economies. Global GDP growth is projected to remain at 3%
in 2016 – the slowest pace in five years and well below long-run averages – with a slight improvement to
3.3% projected for 2017. The upturn in advanced economies remains insufficient to fuel the global recovery,
and the prolonged slowdown in many emerging economies persists.
Nonetheless, it is encouraging to note that a number of Asian economies have achieved good performance
by constantly undertaking structural policy reforms, and overcoming the obstacles posed by unfavorable
external environment. They also have benefited from lower oil prices and improved global financial
conditions. However, a full recovery process in the advanced economies will have a positive impact on
Asia through creating an improved opportunity for external trade and investment. Therefore, there is a need
to implement a prudent monetary policy and fiscal adjustment to supporting both the recovery and long-
term growth.
Ladies and gentlemen,
GDP growth is estimated to be moderated at 6.9-7% for the FY2015-2016 resulted mainly from number of
measures taken in fiscal consolidation and declining in global commodity price. Service sector continues
to be main driver in Lao economic growth, contributing 40% of GDP with the growth of 8.5%. Inflation in
2016 will face upward pressure due to the slight increase in oil price but remains relatively slow. On the
monetary front, the Bank of Lao PDR (BOL) will continue to employ indirect policy instruments while
targeting money supply growth at 20% per annum. Looking forward, the BOL will continue implement
caps on deposit rate and maintain spread between deposit and weighted-average lending rate at 4% in order
to promote the financial access to SMEs. Continuous efforts shall be made to build up international reserves
at the same level covering more than five months of imports. In addition, banking sector continues to expand
in tandem with authorities’ efforts to strengthen supervisory framework and enforcement of prudential
norms. In this context, the process of adopting Basel II standards has been in good progress with technical
support from multilateral and bilateral counterparts.
On fiscal front, the Government had continuously to make a good progress in conducting reforms in various
areas. The Government has introduced a series of policies and measures to smooth the fiscal tension, to

34
ensure the sustainability of the macroeconomic situation and prudent public finance management.
Moreover, the Government has implemented the mechanism to enhance the domestic revenue collection,
strengthened the coordination among the central and local government, among Government and private
sectors, introduced modern IT program to enhance tax collection. The government also disseminated and
enforced the implementation of the relevant laws and regulations, intensified effort to conduct monitoring
process and inspection, and strengthened public debt management.
Mr. Chairman,
In the process of economic development, it is particularly important moment for Lao PDR as we recently
just completed our 7th Five-Year National Socio-Economic Development Plan (NSEDP). As we reviewed
the outcome of the past implementation of development achievements and unfinished agenda, there is a
need to continue implementation in the next 8th Five-Year NSEDP to bring the country to the next stage of
development and progress. Under the new plan, the efforts to formulate development policy to promote
sustainable and inclusive economic growth with sound economic and financial environment continues to
be the key priority of Lao PDR, aiming at creating necessary macroeconomic conditions conducive to
graduating from the status of Least Developed Country by 2020.
In recognizing the great importance of maintaining a sound macroeconomic conditions favorable for the
implementation of the 8th Five-Year NSEDP in the coming years with recognition of risks and uncertainties
of the external environment that will have some implications in Lao PDR’s economy, therefore, the
government of Lao PDR will continue to pursue prudent fiscal and monetary policies to achieve
macroeconomic stability, with GDP growth of more than 7 percent, low inflation rate and stable exchange
rate. Fiscal policy will target in particular for fiscal consolidation, including improvement in tax
administration, restraints on public wage increase, rationalizing capital spending (including off-budget
investment) and limit on the growth of administrative spending.
Mr. Chairman,
Lao PDR and the World Bank /the IMF have established long and excellent relations. Over 50 years, the
World Bank/IMF have continued to play an important role in providing financial and technical assistance
and economic policy advice to support of the implementation of National Socio-Economic Development
Plan that aims to develop and assist the transition of the country for the development programs with the
stated goal of reducing poverty. With valuable support provided, the livelihood of the people has been
improved. People have enjoyed better basic service delivery, including access to electricity in rural areas,
improvements in education and health, and so forth. Since the establishment of relationship, the World
Bank has particularly provided enormous financing support to Lao PDR in active ongoing support to
programs. The Government will continue to seek cooperation and support from the Bank for accelerating
the socio-economic development to achieve the new SDGs and to graduate from LDCs by 2020 as well as
to facilitate the integration to the regional and global level.
Taking this opportunity, I would like to extend my profound thanks to the Bank and the Fund for their
significant engagement in Lao PDR to provide valuable financial and technical assistance for socio-
economic development and especially Madame Christine Lagarde, IMF Managing Director for her official
visit to Lao PDR for the second time in a year. Her historic visits demonstrated IMF’s determination to
strengthen partnership with Lao PDR and this region and to underline the IMF’s strong relationship with
ASEAN member countries. The visits provided an opportunity for Lao’s top officers to deepen policy
dialogues with the Managing Director in order to safeguard macroeconomic stability during the transition
period in graduating from low-income country status by 2020.
We also highly value IMF’s engagement in important areas of capacity building focused on strengthening
macroeconomic management. Particularly, at the end of this year, the Bank of Lao PDR and the IMF will

35
jointly organize the high-level seminar covering number of key macroeconomic topics that are useful to
policymaking process for ministerial-officers.
In conclusion, on behalf of the Government of Lao PDR, I would like to express our sincere appreciation
to the Management and staff of the Bank and the Fund, for the assistance given to the Lao PDR and
contribution to promoting the socioeconomic progress and development and macroeconomic stability in
Lao PDR. Let me conclude by wishing this meeting a great success.
Thank you.

36
 Malaysia
DATUK JOHARI BIN ABDUL GHANI
Governor of the Bank
Mr. Chairman, distinguished fellow Governors, President of the World Bank Group, Managing Director of
the International Monetary Fund, ladies and gentlemen.
Global Economy
1. Global growth remains modest amid uneven growth across countries. The prolonged weaker
growth among advanced economies and persistently low commodity prices, as well as lackluster global
trade and capital flows pose challenges to the global economy. The advanced economies are envisaged to
register a marginally slower growth. Meanwhile, the emerging market and developing economies are
anticipated to register a slight improvement in growth that is expected to partially offset the slower growth
in the advanced economies. Emerging Asia, in particular China, India and ASEAN remain the main
contributors of growth. Nevertheless, downside risk remains to be a concern, namely low growth and low
inflation environment in the advanced economies, prolonged low commodity prices as well as geopolitical
tensions.
Policy Responses in Malaysia
2. The Malaysian economy is expected to grow between 4% – 4.5% in 2016, supported by strong
domestic demand. The Government remains steadfast in facing the challenges from prolonged uncertainties
in the global economy, while ensuring its policy agenda remains on track. Policy decisions taken by the
Government include fiscal consolidation, the introduction of GST in April 2015 and the removal of costly
and untargeted fuel and other subsidies starting in late 2014. These decisions have been effective in
shielding the country’s fiscal position from the effects of lower oil-related revenues and in diversifying the
revenue base. To support growth, the Central Bank cut the policy rate by 25 basis points to 3% in July 2016.
The Government remains committed in its fiscal consolidation towards achieving a near-balanced budget
by the year 2020.
World Bank Group Office in Malaysia
3. Malaysia’s collaboration with the WBG entered a new dimension, with the official opening of the
WBG Knowledge and Research Hub in Kuala Lumpur in March 2016. The establishment of this office
marked an important milestone, indicating Malaysia’s readiness in taking on a bigger role in the
international arena through a strategic partnership with the WBG. The office is aimed at sharing Malaysia’s
development experiences abroad apart from conducting development policy research of regional and global
importance. In addition, the WBG and the government of Malaysia have also been collaborating actively
in various programmes, including through capacity building and knowledge sharing activities.
Forward Look and Dynamic Formula
4. We express our appreciation to the WBG for their efforts in preparing the Forward Look as it
highlights issues and challenges faced by the WBG and sets clear goals and strategies towards supporting
the 2030 Development Agenda. It will help the WBG to improve its operational model as well as prioritise
and strategically deploy resources in addressing client needs. We believe this approach will further reinforce
the WBG’s relevance and its overall role in the global public goods agenda.

37
5. On the dynamic formula, we are pleased with the proposal to adopt a simple formula that serves as
an input and basis for future discussions of shareholding realignments. We commend the WBG for its
efforts in proposing the Dynamic Formula and support the proposal by the Executive Directors.
Leading on Global and Regional Issues
6. We commend the WBG’s efforts in developing the Climate Change Action Plan to support the
global climate goals. We also welcome the establishment of the Global Crisis Response Platform that will
strengthen the WBG’s approach in assisting developing countries dealing with global crises, which are
increasingly complex and frequent. We also appreciate the WBG’s efforts in promoting disaster-risk
management, reconstruction and post-crisis financing as this would further assist client countries to cope
with such situations.
Strengthening Financial Capacity
7. WBG needs to take more innovative measures in addressing client needs and meeting the 2030
Development Agenda more effectively and efficiently. Towards this end, we urge the WBG to explore new
sources of capital, as this will increase its capacity in complementing the current capital base. This will
promote a more efficient, fair and transparent mobilisation of resources towards meeting the SDGs.
IDA18
8. We welcome the IDA18 replenishment and support the proposal on the establishment of IDA18
Private Sector Window (PSW), aimed at catalysing private sector investment in IDA countries. We look
forward to the day that all IDA countries have similar access into this investment window. We look forward
to a speedy and consensual conclusion on the IDA18 Replenishments.
Enhancing Voice and Representation
9. We continue to underscore the importance of quota and governance reforms to strengthen the
credibility, legitimacy and effectiveness of the IMF. In this regard, whilst remaining cognizant of the
challenges in achieving broad consensus, we reaffirm our commitment to work towards expeditious
completion of the 15th General Review of Quotas. While we remain supportive of the need to augment the
IMF’s resources, we reiterate our commitment to preserving the quota-based nature of the IMF.
Strengthening the International Monetary System
10. We welcome the IMF’s efforts in strengthening the global financial safety net (GFSN), including
ongoing reforms to its lending toolkit and strengthening coordination with Regional Financing
Arrangements including the Chiang Mai Initiative Multilateralisation (CMIM). Regional Financing
Arrangements can complement and reinforce the Fund’s resources in crisis resolution.

38
 Myanmar
U KYAW WIN
Governor of the Bank
Honorable Chairman
Honorable Dr. Jim Young Kim, President of the World Bank Group
Honorable Madam Christine Lagarde, Managing Director of the IMF
Fellow Governors, Distinguished Delegates, Ladies and Gentlemen
It is a great pleasure for me to represent the Government of the Republic of the Union of Myanmar in this
2016 Annual Meetings. I would like to thank the International Monetary Fund and the World Bank Group
for organizing these important meetings and for the excellent arrangement.
Last year, just before the World Bank- IMF Joint Annual Meetings, more precisely on September 25th
2015, Sustainable Development Goals (SDGs) were set out by 193 member countries of the United Nations.
It was targeted to achieve these 17 goals by 2030. Looking back one year period we have passed through,
efforts have been made to work on achieving the set goals. As all of us are aware, the new Agenda of
Sustainable Development Goals (SDGs) were built on the Millennium Development Goals (MDGs) and
continue to work on what have not been achieved, particularly in reaching the most vulnerable. This agenda
is a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and
prosperity through a revitalized global partnership. I believe that this new agenda was set out together on
the path towards sustainable development, devoting us collectively to the pursuit of global development
and of "win-win" cooperation which can bring huge gains to all countries and all parts of the world.
The United Nations General Assembly decided the themes for the High-Level Political Forum on
Sustainable Development for the next three years on 29 July this year where focused on the remaining
challenges of MDGs to overcome especially in eradicating poverty and promoting prosperity, being
sustainable and resilient people for vulnerable communities and ensuring inclusiveness and equality for
global people. To be universal in the sense of embodying a universally shared common global vision of
progress towards a safe, just and sustainable space for all human beings to thrive on the planet, Myanmar
would also like to welcome these actions and participate with best efforts to reflect them.
Let me now turn to recent developments in Myanmar economy. On July 29 2016 the Government of
Myanmar launched our new Economic Policy; it has set out four objectives to be in line with inclusive and
sustainable developments as well as people-centered approach highlighting national reconciliation and job
creation which guarantee nationwide equitable development.
This policy outlined 12-points ranging from the privatization of some state-owned enterprises to the
development of infrastructures including electrification facilities and ports to implementing an ID card
system, the Digital Government Strategy and the e-Government System which are intended to create
opportunities for new generations with all-round capacity.
We also need to bring equitable development to the agricultural, livestock and industrial sectors. The new
Economic Policy focuses on ensuring long term economic development with the objectives of supporting
national reconciliation and the emergence of a united federal democratic union; creating favorable
economic conditions for achieving balanced economic development across the States and Regions; creating
opportunities for the emergence of capable and skilled new generations for the benefit of the country; and
establishing an economic system that can achieve and maintain positive development outcomes through the
participation, innovation and efforts of all citizens. Recently, the Government of Myanmar has brought

39
forth a historic achievement and a part of its peace process, the Union Peace Conference - 21st Century
Panglong was successfully held from 31 August to 3 September 2016 in Nay Pyi Taw.
Regarding the Fund and Bank's support, I would like to extend my sincere appreciation to the Bank for their
cooperation in our reforms. The Bank provides IDA financing programs, in particular, focusing on the rural
development, electric power, telecommunications, education, health, agricultural development, public
financial management and post-Disaster Recovery and Reconstruction. Among the financing programs, we
highly recognize that Myanmar National Community Driven Development Project (NCDDP) supports
Myanmar’s “people-centered” approach to rural development, focusing on engagement with communities
in poor and historically underserved rural areas. We believe that this will help to transform the way rural
development works and empower and motivate communities, by putting people in charge for managing
community development resources.
I also noted the Bank's effort for its first full strategic framework for Myanmar, the new Country Partnership
Framework (2015-2017), which focuses on reducing rural poverty, providing basic services, and
stimulating the private sector in an inclusive manner, so that especially the poor and vulnerable share in the
benefits of reform.
Furthermore, I would also like to extend my appreciation to the Fund. We welcome IMF's yearly
consultation mission highlighted Myanmar’s economic growth by their findings and recommendations for
strengthening financial sector and economic growth. Moreover, the Fund's Technical Assistance Office for
the Lao PDR and the Republic of the Union of Myanmar (TAOLAM) provides technical assistance (TA)
through trainings and workshops with an aim of building understanding of the basic design, use, and impact
of macroeconomic and financial policies. We believe that this would make beneficiary country achieve
high quality, well-tailored TA and training in macroeconomic analysis, management, and reporting, as part
of the Fund’s capacity development strategy.
In conclusion, on behalf of the Government of Myanmar, I wish to express again our deepest appreciation
and best wishes to the managements and staff of the Fund and Bank for their ongoing and continued
assistance to Myanmar as well as staffs for their valuable expertise and contribution to the successful
Annual Meetings.
Thank you.

40
 Nepal
KRISHNA BAHADUR MAHARA
Governor of the Bank
Mr. Chairman,
Fellow Governors,
Distinguished Delegates.
1. It is a pleasure and privilege for me and my delegation to participate in 2016 Annual Meetings of
the Board of Governors of the World Bank Group and the International Monetary Fund. These meetings
have additional importance given the fragility in the global economy. Global confidence effects and tighter
financial conditions have provoked adverse impacts on global growth trajectory in most advanced
economies. Prospects remained diverse across emerging markets and developing economies, with some
improvement for a few large emerging markets. I believe that robust policy actions would help for
successful normalization of economic, financial and monetary conditions in the years ahead.
2. During the last quarter-century, more than one billion people have been lifted out of extreme
poverty. However, still a large chunk of population lives in extreme poverty. Therefore, our effort should
be ensuring the protection of those living in extreme poverty and those who are vulnerable to global or local
market failure, and natural calamities including disease and drought in their communities. In addition, the
priority of the countries should be ensuring the equitable share of income within the economies. I believe,
addressing the poverty and minimizing the income inequality would surely help improve other socio-
economic indicators.
Mr. Chairman,
3. Let me now briefly touch upon the macroeconomic scenario of Nepal. The economic performance
has been slower in the last two years, because of devastating earthquake of April and May 2015 and supply
constraints that remained for more than six months. The effect of these two shocks is clearly visible in high
inflation and low level of government spending. Despite these, other macroeconomic indicators are
relatively well. The average revenue growth in last five years is nearly 20 percent, internal capital market
is strengthening, BOP is in surplus and forex reserve is sufficient for 13 months’ import of goods and
services. However, the trade deficit is ever increasing and export import ratio has been squeezing.
4. After the promulgation of the constitution last year, the foremost important agenda for us is
economic prosperity. Graduating from LDC by 2022 and achieving SDGs, thereby, upgrading the country
to Middle Income Economies by 2030 are the milestones we have set. For this, a number of policy and
structural reforms are initiated. The investment climate is gradually improving.
5. Now, we are concentrating our resources and efforts for the reconstruction of the infrastructures,
settlements and the individual houses destroyed by the earthquake. Public investment has been increased
significantly in large infrastructures and social sector activities. We are confident that we can accelerate the
socio-economic activities and attain the sustained growth from this fiscal year. We expect the annual growth
rate to reach 6.5 percent this year and all other macroeconomic indicators to be positive.
6. Let me also take this opportunity to briefly highlight the latest political scenario. The new
Constitution proclaims Nepal as a Federal Democratic Republic and provides for a bi-cameral
parliamentary form of government. The constitution reflects the collective aspirations of the Nepali people
in line with the national commitment to build an equitable, just, inclusive and prosperous society based on
the principles of equality and proportional inclusiveness. Implementation of Constitution is a primary

41
agenda, for which we are set to hold local, provincial and federal elections by January 2018. Further,
bringing peace process to closure with ensured transitional justice is our priority.
Mr. Chairman,
7. We highly appreciate the support from international development partners. Needless to mention
that the World Bank stands in the front for this cause. It has long been an important partner to Nepal in
supporting the poor, boosting growth and leveraging the private sector.
8. I welcome the World Bank Group’s continued interest to support for Nepal’s large infrastructure
development projects including energy sector, which are crucial to stimulate Nepal’s prosperity. I heartily
thank President Jim Yong Kim for giving priority to the energy sector development. I would continue to
encourage the World Bank Group to lead investment in the area of hydropower, irrigation, renewable
energy, climate change among others.
9. I would like to appreciate the World Bank's efforts for successful IDA-17 Replenishment last year.
I hope, the resources of IDA 17th can be leveraged based on the lessons learned in the previous IDAs. I am
confident the IDA-18 will appear with more ambitions in size, quality and flexibility.
Mr. Chairman,
10. Nepal has already moved forward with full confidence and determination to the mission of socio-
economic development. What we need is a scaled up quality financial support. I am confident that we can
deliver best results with your support.
11. At the end, on behalf of the Government of Nepal, and on my own, I would like to express my
sincere gratitude to the World Bank Group and the IMF for their support in post-earthquake reconstruction
and long partnership for overall socio-economic development of Nepal. I look forward to deepening these
bonds, and wish the Annual Meetings a grand success.
Thank you for your kind attention!

42
 New Zealand
BILL ENGLISH
Governor of the Bank and Fund
The International Monetary Fund and the World Bank Group have key roles to play as many economies
face challenges to growth and maintaining development gains. New Zealand values the role of both
institutions in supporting economies to address these challenges. International cooperation is the key to
making progress on the wide range of issues we face. We welcome measures taken over the last few years
to improve the operational and financial performance of both institutions and look forward to a continuing
focus on efficiency and effectiveness.
These Meetings are being held at a time when global growth continues to be sluggish, particularly in
advanced economies. But while the Annual Meetings provide an opportunity to focus on the world economy
as a whole, they are also a time to recognise that different countries and regions face a variety of situations.
Each requires a different policy prescription.
In New Zealand, the economy is currently growing at around 3 per cent a year. The Government is running
modest fiscal surpluses and will soon begin to reduce net public debt as a percentage of GDP. The Official
Cash Rate, while at historical lows, is above zero. Nonetheless, we face a number of downside risks
including from China's transition and from persistently low global inflation. We welcome the work the IMF
is doing to prepare policy advice ahead of any further negative shocks to the world economy.
As a small, open economy, New Zealand welcomes the focus this year on openness and global integration
and supports the call for greater trade liberalisation and for countries to resist protectionist policies. As the
WEO notes, a number of large, regional trade agreements, such as the Trans-Pacific Partnership agreement,
are currently being negotiated or are in the process of being ratified.
IMF’s work with small states
Climate change and natural disasters pose a high risk to the small island developing states in our region.
We welcome the Fund’s focus on building resilience in the Pacific, including by assessing the impact of
natural disasters on fiscal sustainability, helping countries prepare for—and respond more effectively to—
natural disasters, and by providing rapid financing.
More broadly, we acknowledge and commend the strong engagement by the IMF—and the WBG—with
small states. The number of events at these Annual Meetings relating to small states is a testament to that.
These events include the conference on correspondent banking relationships which is directly relevant to a
number of countries in our region and links to work New Zealand is undertaking on remittances to the
Pacific.
Fund resourcing
New Zealand supports a well-resourced Fund where quota reflects the economic weight of its membership.
This is important for maintaining confidence in the Fund’s ability to respond in a crisis and for legitimacy,
relevance, and credibility with its membership.
In progressing the 15th General Review of Quotas it will be important to determine the appropriate level of
resourcing for the IMF in the post-GFC period and to ensure that quota comprises the majority of this
resourcing. We recognise the role temporary funding arrangements currently play in the IMF’s lending
ability. New Zealand participates in both the New Arrangements to Borrow and the bilateral borrowing
agreements. However, we see bilateral agreements as being only a temporary and supplementary resource.
If the need for elevated Fund resources is considered enduring then it is appropriate that the corresponding

43
increase in financing be met through an increase in quota, not by continuing to maintain temporary facilities.
We stress the importance of moving forward with the 15th General Review as the IMF should have a strong,
permanent basis for its crisis response and contributions should reflect members’ relative economic
positions.
WBG’s Forward Look
We welcome the Forward Look, which sets out how the WBG will evolve to meet development challenges
over the next fifteen years. We support the WBG’s intention to use development finance to mobilise
domestic resources and create a supportive environment for private investment. Greater collaboration
between the World Bank, IFC and MIGA will be necessary to achieve this objective, particularly in small
states where these institutions will need to work effectively together to support market development and
create new opportunities for investment.
We also support the WBG’s intention to play a greater role in the provision of global public goods,
particularly in the areas of climate change, forced displacement and pandemics. However, as the WBG
assumes a greater role in these areas, we expect management to carefully assess the WBG’s comparative
advantage to ensure its contributions do not duplicate or cut across the roles and responsibilities of existing
actors.
The Forward Look commits the WBG to further improve the relevance of its products and the timeliness
of its delivery. Sufficient resources need to be available to support implementation of procurement and
safeguard reforms and, in particular, to provide adequate support for capacity-constrained clients. We urge
the WBG to continue to pay attention to the specific needs and constraints of its smallest clients.
Dynamic Formula
We welcome the conclusion of the Board’s work on the Dynamic Formula. Agreement on the Formula
represents an important step forward in ensuring the ongoing legitimacy of the WBG as a multilateral
institution with broad stakeholder support and representation.
We look forward to further discussions on shareholdings in the lead-up to the 2017 Annual Meetings. A
primary consideration for New Zealand in those discussions will be to ensure there are adequate protections
for the smallest and poorest members of the WBG as all members must retain an appropriate voice in the
institution.
We also expect discussions on shareholdings and capital to take account of the full range of options
available to increase the resources of the Bank. These include pricing measures, further balance sheet
optimisation, contributions to reserves, a more ambitious approach to the leveraging of IDA equity and an
ongoing commitment to cost control. Given the world’s development challenges, it is incumbent on the
WBG to maximise the use of its existing resources, even as we discuss the case for additional capital.

44
 Pakistan
MOHAMMAD ISHAQ DAR
Governor of the Bank
Mr Chairman
Fellow Governors
Distinguished Delegates
It is an honour to participate in 2016 Annual Meetings of the Boards of Governors of World Bank Group
and International Monetary Fund. I would like to express my sincere appreciation for excellent
arrangements.
I take this opportunity to congratulate Dr. Jim Yong Kim for his successful term as President of the World
Bank Group during which he exhibited great leadership qualities. His commitment to issues like climate
change, public-private sector growth, human capital development and better health are at the heart of the
global development agenda and will set the theme for future interventions. Considering his personal
commitment and outstanding performance as President World Bank Group, it is my pleasure to formally
endorse his candidacy for a second term.
Global Economic Environment
We are all aware that growth prospects remain weak on global level as the world economy remains
vulnerable to shocks. Global economy slowed down in 2015, growing at just 2.4 percent compared with
2.6 percent in 2014. Weak oil and commodity prices, shrinking capital flows and global trade contributed
towards a decelerated growth in most developed and emerging economies. Risks to slow-moving global
recovery are significant and include deteriorating conditions for exports, weak economic activity in
advanced economies, rising private sector debt in a few large emerging markets and heightened geopolitical
uncertainties.
Pakistan Economy
Having achieved macroeconomic stability in the last three years through reducing energy shortages, higher
revenue collection, wider tax base, significant reduction in fiscal deficit and infrastructure development, we
are now focused on consolidating the gains and achieving higher, inclusive and sustainable growth which
has been over 4 percent for three years in a row and reached 4.71 percent in financial year 2016, the highest
in last eight years. The forex reserves of the country have improved equal to over 5 months of imports.
Poverty Reduction
Earlier this year, Government of Pakistan adopted a new and better methodology for measuring poverty,
moving from “Food Energy Intake” to “Cost of Basic Needs” formula, which raised the bar on who is
considered poor in Pakistan. According to the new methodology, the poverty headcount percentage declined
from 64.3 percent in FY 2002 to 29.5 percent in FY 2014. If measured on the old methodology, the poverty
headcount in FY 2014 would have been 9.31 percent.
Despite tight fiscal discipline, government has expanded the social safety net expenditure from US$ 400
million in FY 2013 to US$ 1.15 billion in FY 2017. Efforts are continuing for National Financial and Digital
Inclusion in order to cater the unserved and underserved segments of society.
We are aligning our development policies, both at the national and sub-national levels, with the Sustainable
Development Goals of the United Nations. Human development is a core driver of growth and we continue
to invest in all its facets.
45
Mainstreaming Disaster Risk Management
Climate change, resulting in increased frequency and severity of natural disasters, is a constant challenge
for Pakistan. We have mainstreamed disaster risk management into our development policy framework and
are developing strong institutional capacity and resilience so that the economic losses of natural disasters
are contained. We are closely working with World Bank Group and other development partners in this
regard.
The World Bank Group
We acknowledge the close partnership with World Bank Group which has contributed to development and
growth initiatives of Pakistan since 1952.
The current Country Partnership Strategy agreed between Pakistan and the Bank identifies key areas in
which the World Bank Group can best assist Pakistan in achieving sustainable development and poverty
reduction. We appreciate the Bank for supporting the priorities identified by the Government of Pakistan
which are Economy, Energy, Extremism and Education / Health.
Finally, I would express my sincere appreciation for the Board of Directors, the management and the staff
of World Bank Group and the IMF for their continued support and cooperation and look forward to further
deepening our partnership.
Thank you.

46
 Palau
on behalf of Federated States of Micronesia, Republic of Marshall Islands, Kiribati,
Marshall Islands, Palau, Nauru, Samoa, Solomon Islands and Vanuatu
CASMIR REMENGESAU
Governor of the Bank and Fund
Mr. Chairman,
Fellow Governors,
Ladies and Gentlemen:
The 2016 Annual Meetings of the International Monetary Fund and the World Bank Group presents the
member-states of both institutions a rare and important occasion to address their development aspirations
and challenges for both the Bank and the IMF to focus on addressing in the coming year. Our group,
comprising the Federated States of Micronesia, the Republic of Kiribati, the Republic of the Marshall
Islands, the Republic of Palau, the Independent State of Samoa, the Solomon Islands, Tuvalu, Republic of
Nauru and the Republic of Vanuatu, makes up the largest group of Pacific Islands countries within the
World Bank and the International Monetary Fund, and are a conglomeration of diverse but shared
challenges and opportunities.
Our countries in the Pacific region continue to face a combination of constraints, external shocks and
internal challenges that render our ongoing attempts to achieve sustainable, inclusive growth, a constant
far-fetched goal. Economic growth in the Pacific has been considerably slower than in our neighboring
Asian countries, particularly with annual growth rates highly volatile in smaller Pacific economies such as
ours. GDP growth has generally averaged around 2 percent. We have long recognized these inherent
constraining structural factors such as small market size and geographical isolation, but our continued
engagement and partnership with the Bank and the IMF has shown that innovation and more determination
can overcome these constraints. Since 2000, the Pacific region has benefited from the economic surges of
neighboring Asia and our traditional trading partners of Australia, New Zealand and the United States. The
successes of the initial fifteen years of this century should be well learned from to further advance more
economic opportunities for our Pacific economies, and we look to seeing more vibrant support from both
the Bank and the IMF to exact more economic and social gains from trade and positive spillover effects of
Asia’s and the world’s growth.
The Bank and the IMF have been working closely with our countries in supporting sustainable economic
growth and long term reform. This has been done through a number of aspects and is widely appreciated.
But, we still have an unfinished reform agenda. The momentum must be reinvigorated to extensively
engage relevant specialized entities of the Bank and the IMF to truly detach the public sector’s major role
in our economies. There are potentials in transport infrastructure and ICT infrastructure where we are now
seeing initial gains of reducing barriers to private investments that promote more efficient flow of goods
and services. Foreign investment in general and investments in seaports and airports development or
expansion works are crucial to facilitating trade in the Pacific region. The Pacific DMCs, through both
regional and individual approaches, are committed to strengthening our policy and institutional
environments and do call on more proactive engagements of the relevant entities of the World Bank and
IMF to elevate the reform agenda that can forge stronger linkages to reaping the positive spillovers of
regional and global economic growth. Our members look forward to continuing to work with both the IMF
and World Bank to address this agenda.

47
We aspire to bring innovation and more entrepreneurship to our Pacific economies, and we recognize the
tradeoffs in terms of environmental impacts we must accept. However, the greatest barrier to our economic
adaptation and innovation to generate wealth by finding new ways to adding value to our land, labor and
natural resources comes with our environmental vulnerability. The financial cost and the long-term impact
from climate induced disasters would be devastating to the small scale economies of pacific countries.
Thus, we note the outreach and success of the Bank’s work under the IDA Crisis Response Window and
the Pacific Disaster Risk Financing and Insurance Program and would only urge the extension and
affordable retrofitting of these programs to factor in the limited financial abilities of Pacific Developing
Member Countries (PDMC) to subscribe to the PDRFIP or other related facilities under the Bank’s Pacific
Resilience Program (PREP). Also, we encourage the Bank and the Small States Task Force to actively
leverage other development partners’ potential contributions to implementing the initiative, including
support from the Green Climate Fund or any climate financing mechanisms. Moreover, we would expect
the Bank and the IMF to take a more proactive role in operationalizing the Pacific Island Forum’s
“Framework for Resilient Development: An Integrated Approach to Address Climate Change and Disaster
Risk Management (FRDP)”. The framework sets in the coming years a collective platform of guidance by
which the Bank, the IMF and other development partners could effectively support the implementation of
climate change and disaster risk resilience in the region’s member countries and provides a framework for
the Pacific Resilience Partnership. As more climate induced natural disasters become more frequent, the
role of the Bank and the IMF will become more critical in realizing our long-term economic growth. As in
the case in Vanuatu last year when recovering from devastation caused by a cyclone, the IMF stepped in to
assist through the provision of funds to underpin reserves and hence confidence.
The PMDCs were a trailblazer in the formulation of the Sustainable Development Goal 14 and its associated
targets. We note the Bank’s budding role in supporting the ocean’s health, particularly with its convening
role in hosting the Secretariat of the Global Partnership for Oceans up until early 2015, and would urge a
more profound role to adopt more programmatic and regional financing to prioritize and implement
sustainable ocean investment.
The Bank notes in its Partnership Strategy with the Pacific that WBG lending in the region is second to the
Asian Development Bank. While we can appreciate the complementary nature of that position, we would
still call upon the Bank to substantially revisit its graduation policy in relation to financing access and
associated requirements for the PDMCs. We welcome the historically high levels of IDA grant funding
that have been extended to some PDMCs and would argue that their varying development contexts, despite
their improving GNI grades used to transition them from low to middle income, still require much longer
provisioning of IDA grants and additional different degrees of concessional lending. In terms of borrowing,
we believe more concessionary lending of simpler requirements can further elevate PDMCs development.
In a simple snapshot, many of our PDMCs are now classified as middle-income countries (MICs) by the
Bank, and yet have to meet the same degree of requirements as other bigger MIC economies in accessing
IBRD financing.
The PDMCs of our Bank constituency are extremely delighted to have seen the Bank take a serious look
into possible tourism sector development in the Pacific region, as evidenced in the commissioning of the
Pacific Possible- Tourism. The Tourism edition of the Pacific Possible rightly states, “tourism is one of the
few economically viable sectors for the 11 World Bank Pacific member countries.” We are 10 of those 12
PDMCs, and we have been working hard to develop our tourism sector so we can eliminate poverty and
increase shared prosperity. We note the comprehensive analysis on the transformational opportunities that
can substantially enhance economic growth in the PDMCs and are prepared to work with the Bank and our
development partners to realize the potentials of this sector in our respective countries and for the region.
The Bank with its own pool of expertise, resources and convening powers can play an instrumental role in
supporting tourism sector development in the PDMCs.

48
The PDMCs continue to recognize the important role played by the IMF in supporting regular
macroeconomic monitoring for our PDMCs and the provisioning of important technical assistance through
the PFTAC. We will continue to encourage this role to ensure technical assistance provided for capacity
building is an ongoing effort.
Finally, we recognize the leadership the IMF has taken to address the banking issues that most of our
countries are facing, specifically the issues of de-risking and correspondence banking relationships. We
encourage the IMF to continue to monitor de-risking in the context of its surveillance, collaborate with
other international institutions to facilitate dialogue among stakeholders, and analyze and advance potential
solutions.
Mr. Chairman, I would like to conclude by thanking the Bank’s and the IMF’s management and staff for
their commitment and support to our member countries. We look to further nurturing the partnership for
the benefits of our people.
Thank you all for your attention.

49
 Philippines
CARLOS G. DOMINGUEZ
Governor of the Bank

The Philippines now finds itself at an opportune moment. We have the hard work of previous political
administrations to thank for that.
We have reduced debt to 45% of GDP. The lower debt service that entails allows us to free revenues to
address crucial backlogs in infrastructure that hampered our economic growth.
We have achieved investment-grade credit ratings. That will help us shift from consumption- to investment-
led growth. That shift will ensure our economic expansion will pace the rest of Asia.
We have brought down inflation to historically low levels. That gives us the elbow room to increase our
deficit limit and pump prime our economy with public spending on modernizing our logistics backbone,
improving education and public health care as well as raising the capacity of government.
The Philippines benefited immensely from the lower price regime for fossil fuels, as well as lower interest
rates. Over the medium term, we intend to sustain a growth rate of 7% or better. That is the key to bringing
down our poverty rate from 26% to only 17% by 2022.
The new administration that assumed office three months ago fully intends to do the difficult reforms
ranging from upgrading law enforcement capabilities to modernizing our tax administration.
The new administration submitted to our Congress the first package of a tax reform initiative that seeks to
lower the oppressive individual and corporate rates now prevailing. The revenue loss that goes with
lowering rate, will be compensated for that with a broader tax base enabled by making our tax system fairer,
simpler and more efficient.
A full 40% of public spending will be devoted to poverty reduction programs and investments in our human
capital. That provides the context that allows us to call the tax reform package “pro-poor.” The more
important “war” the Duterte administration is waging is that against poverty. It is a war we intend to win
resoundingly.
Much of the volume of poverty plaguing the Philippines is due to uneven development of the many islands
composing this archipelagic country. We have to open access to economic mainstream. We have to end the
armed insurgencies that are most active in the regions that are poorest. They compound the challenge of
poverty reduction. We are now seeking peace settlements with the armed insurgent groups. Peace will allow
progress for the excluded among our people.
To properly disperse economic activity and reduce unevenness in our economic growth, we need to rapidly
modernize the logistics backbone that will make our archipelagic economy more coherent. This means
modernizing our ports and domestic shipping so that goods can flow most efficiently.
We intend to invest in improving agricultural productivity so that farm production ceases to be a poverty
trap for millions and becomes an important driver for our overall economic growth. We will encourage
individual farmers, cooperatives and agribusinesses to raise output per unit of land and water.

50
We will raise our deficit limit from 2% to 3% of GDP. Our strong fiscal position allows that. We expect
massive investments in new infrastructures to produce substantial improvements in our economic
performance. We expect to lead Asian growth in the next few years.
In the three decades since our bout with a debt crisis, the Philippines worked hard to put its house in order.
We undertook the prescribed structural adjustments. We maintained exemplary fiscal discipline.
However, we also postponed spending on vital infra and on the poorest communities. That made our recent
economic accomplishments less inclusive than what was necessary. Now with the beneficial conjuncture
mentioned above, it is time to undertake the economic investments we long postponed. These investments
will allow us to move to a higher growth plane and make the Philippines a regional economic leader instead
of the region’s laggard.
Now is the moment to break from the past of low growth. Now is the moment to do what past austerity
programs prevented us from doing: investing in the young, building the bridges that will connect our
communities, building up our energy supplies, improving domestic transport and mass transit in our cities,
using information technologies to open new business opportunities.
This is the moment to achieve an economic breakthrough. Interest rates are at their lowest. Inflation rates
are benign. We have millions of well trained young Filipinos entering the workforce over the next few
years. Our economic fundamentals are at their strongest. Our banks are awash with funds.
We do not intend to shirk from the challenges of this vital conjuncture. As the mature industrial economies
slow down, we intend to pick up the slack and contribute our fair share in driving growth for the global
economy.
We have defined a 10-point economic agenda that is ambitious. It includes breaking the stranglehold of the
oligarchy as we shift to investment-led growth. It includes rapidly improving our public health services as
much as laying down the infrastructure that we need. This comprehensive agenda requires great political
will to pursue. That factor, as most of you have become aware of over last three months, is abundant in the
presidency of Rodrigo Roa Duterte.
The unprecedented political support President Duterte enjoys arms him with more than sufficient political
capital to invest in profound reforms of government and the economy. That immense political capital will
be deployed judiciously.
The equation complete and the benign conjuncture is rare. We are confident the Philippines will move
forward quickly through the medium term. There is newfound optimism among our people. There is
uncharacteristic determination on the part of our nation’s leaders.
We are entering a period of vigor and vibrancy, of new opportunities and new challenges. We seek you
support at this important turning point for our nation. Change has indeed come to our archipelago.

51
 Republic of Poland
PAWEL SAMECKI
Temporary Alternate Governor of the Bank (on Behalf of Governor Adam Glapinski)
In 2016 the global economic recovery is progressing, yet growth remains modest and its outlook is
uncertain. Despite record-low interest rates, most advanced economies continue to confront significant
investment slack, low productivity growth and weak financial sector balance sheets in selected economies.
Recent developments – including very low inflation and declining trade flows – confirm subdued global
activity. New factors, such as the outcome of the UK vote on leaving the European Union, imply an increase
in economic, political and institutional uncertainty. Further downside risks, such as the persistent slowdown
in major developing countries, geopolitical tensions or acts of terrorism pose additional challenges to
macroeconomic policy and weigh on medium-term growth prospects.
Given this fragile and uncertain global environment, we need well-designed and coordinated policies, which
effectively combine monetary, fiscal and structural tools and catalyse new drivers for sustainable and
inclusive growth. Moreover, we should strive to open up new horizons for development that serve the needs
of all countries and societies in a globalized economy.
The continued shifts in the global economic landscape affect the European economy. Despite improved
crisis management and important progress achieved since the euro zone crisis, Europe still faces economic,
financial and political challenges, as some legacies of the crisis remain, while new problems have emerged.
The European Union continues its efforts to reduce unemployment, bolster investment and strengthen
financial sector balance sheets. Much has been done, but the ultimate effects of the measures undertaken
are still to be seen. Reinvigorating growth potential and reviving economic optimism across the EU requires
growth-friendly macroeconomic policies and accelerated structural reforms. Improving and coordinating
macroprudential policy frameworks could also be useful in removing a burden of unresolved issues in
banking sectors in several EU Member States. By stimulating convergence across the Member States, we
could perpetuate the effects of our individual and coordinated policies.
In today’s environment of high global uncertainty, Poland remains one of the top economic performers
among the EU Member States and its regional peers. Record low unemployment and steadily rising
consumption, as well as strong and well-capitalised financial system, support healthy economic expansion.
Stability-oriented macroeconomic policies help to keep economic growth close to potential and limit the
risks of financial imbalances. Polish authorities are also increasing their efforts to boost long-term
investment, reduce income-inequality and promote sustainable and inclusive growth.
Yet, we are more than certain that given the scale and range of the global challenges, neither regional nor
local action is enough to tackle today’s challenges. An efficient global response will not be possible without
strong and well-equipped international financial institutions which play an equally important role at the
time of preparing precautionary measures as well as when it comes to taking concrete and quick remedial
action.
Against this background, we continue to strongly support the active role of the International Monetary Fund
(IMF) in fulfilling its mandate of ensuring global stability. 2016 has already been a particularly important
time for the Fund. It is with great satisfaction that we welcomed – in January 2016 – the long-awaited entry
into force of the 2010 IMF quota and governance reform. It allowed the Fund not only to significantly
bolster its financial resources, but first and foremost was a major step toward better reflecting the increasing
role of dynamic emerging markets and developing countries in the IMF’s governance structure. We are
certain it has further reinforced the credibility, effectiveness, and legitimacy of the Fund. Another historic
event was the inclusion, as of 1 October 2016, of the Chinese renminbi (RMB) into the SDR basket.

52
Poland has always been an advocate of an adequately resourced IMF, which enables the Fund to play a
central role in the global financial safety net and provides confidence to its members and financial markets,
especially against the prevailing global uncertainty.
At the same time, we have reiterated that the quotas are and should remain the basic source of the Fund’s
financing, while the bilateral and multilateral financing is additional and temporary in its character, assisting
the Fund to efficiently react when risks materialize. With this in mind, Narodowy Bank Polski has joined
the global efforts to strengthen the Fund’s financial capacities as a participant of both the New
Arrangements to Borrow (NAB) and the Borrowing Bilateral Arrangements (BBA).
While the work on the future of the BBAs has already advanced within the Fund, we have expressed our
readiness to consider committing the resources under the extended BBAs and look forward to discussing
the details with the Fund. Moreover, as the current NAB decision is set to expire, we also await the
commencement of the discussion on the terms of its possible renewal.
While the work on the IMF resources has significantly developed, as illustrated above, we also welcome
the fact that it is carried out in parallel with discussions on the new lending toolkit of the Fund. We look
forward to this debate unfolding in the coming months and hope to achieve an outcome which will further
improve the current global financial safety net. While analysing the possible improvements of the current
lending toolkit, it would be of key importance to build on what we have achieved so far and take into
account the experience already gathered by the countries directly involved. In this regard, as a beneficiary
of the FCL arrangement, Poland is willing to share its successful experience and insights.
As regards the global development agenda, it was in 2015 that we made important decisions that will impact
our work in many years to come, with the highlight being the adoption of the Sustainable Development
Goals (SDGs). We strongly supported the World Bank Group (WBG) as an active participant in those
ambitious global efforts which has been pursuing its own twin goals, and its actions aimed at increasing its
readiness to tackle new emerging challenges. Now, we sincerely hope that 2016 will be remembered in the
WBG history as the year of implementation and keeping our promises.
Moving along the paths defined in the SDGs, the WBG has been preparing its overall response and
strengthening its role within the global development community. We note with satisfaction that the
ambitious Lima Roadmap endorsed by the Governors in 2015 has been steadily filled with content over the
recent months.
The challenging yet successfully concluded negotiations on the dynamic formula are instrumental in
moving forward with our work on the Selective Capital Increase (SCI) planned for next year. We hope that
the SCI discussion will enable us to ensure equitable shareholding and will not result in taking a step back
from what we have achieved so far in aligning the balance of voting power among shareholders.
Another key area where the outcome will define the future of the concessional lending is the process of the
IDA 18 replenishment negotiations. It also includes, in broader terms, efforts aimed at an overall ability to
mobilize development finance. Mindful of the scale of challenges ahead, we are aware that the successful
conclusion of the IDA 18 will be instrumental and show the commitment to the development agenda.
Finally, we welcome the comprehensive analytical work on the role of the WBG in the future (Forward
Look exercise to be concluded at the current AM), which has inspired us to think ahead, going beyond the
daily business of the Bank. Based on our recent experience with this exercise, we believe that this type of
mature reflection should become regular WBG practice, perhaps lesser in scale, though repeated on a
regular basis.
We also note with satisfaction the recent approval of the Environmental and Social Framework (ESF), and
we remain confident that the implementation of the safeguards will ensure the highest possible social and

53
environmental standards of the Bank’s operations, while contributing to strengthening borrowers’ own
institutions and procedures.
Yes, a lot has been done, yet the Lima Roadmap and its challenges continue. By no means must we become
complacent. In order to make the most of our efforts, we should build on past achievements. It is crucial
that we avoid the reverse effect where the most recent flow of changes negates the former, painfully crafted
advances. It is relevant, among others, in the context of the dynamic formula implementation, as stated
above.
Some of these efforts are reactive in nature, enhancing the Bank’s readiness to deal with the consequences
of the current events (as for instance the migration and refugee flows, which are unprecedented in recent
history). Others are of a more visionary character, focusing on preparing the Bank to face the future
challenges. Among them are such complex and interrelated themes as the challenges posed by the fragility,
conflict and violence, as well as the risks related to climate change.
Over the last decades, the Bretton Woods institutions have significantly contributed to world prosperity and
stability. They still have an important role to play in meeting the challenges that are ahead of us. Poland
has always been an engaged supporter of the multilateral system and an active member of the Bank and the
Fund. We are more than certain that without the active involvement of the IMF and the WBG, the
appropriate functioning of the international economic and monetary system, as well as the implementation
of the ambitious 2030 Sustainable Development Agenda will not be possible. Therefore, we will further
support efforts aimed at strengthening both institutions and increasing their capacity to assist all member
states in coping with various kinds of economic, political and social challenges.

54
 Sri Lanka
RAVI KARUNANAYAKE
Governor of the Bank and Fund
Mr. Chairman, the world economy has made noteworthy progress since the global financial crisis. However,
the recovery is too weak and remains fragile while being more exposed to negative risks. The gradual
slowdown and rebalancing of the business model in China, lower energy and commodity prices and US
monetary policy tightening as well as Brexit are major challenges ahead in achieving a faster recovery of
global growth. Despite the recent slowdown, emerging market and developing economies are still
accounting for over 70 per cent of global growth, while a modest recovery is continuing in advanced
economies. Since the crisis, monetary policy has been the main policy priority for boosting recoveries in
most economies. However, there is much scope for using fiscal policy as well as infrastructure development
to strengthen the growth framework in some major economies. There also continues to be an unfinished
agenda of financial reforms for addressing current problems in the world economy. Therefore, a
combination of these policies and coordinated actions are required to support sustainable high growth in
the global economy.
We welcome the completion of the 2010 IMF quota and governance reforms and look forward to
completion of the 15th General Review of Quotas and a new formula that further shifts quota shares to
emerging market and developing economies. Also, we commend the IMF Executive Board’s decision to
include the RMB in the SDR basket which is a timely decision and important milestone in the integration
of the Chinese economy in to the global financial system.
Mr. Chairman, let me now briefly highlight recent economic developments in my own country. The Sri
Lankan economy grew moderately by 3.9 per cent during the first half of 2016 supported by improved
manufacturing and services activities. The relatively slow growth was mainly a result of disruptions caused
by adverse weather conditions in particular to agricultural activities. Floods which affected 22 of the 24
districts of the country also had an impact on industrial production. However, the economy is expected to
grow by 5.5 per cent in 2016 with the recovery in economic activities during the second half of the year
supported by favorable base effects in fourth quarter 2016. There have been encouraging trends in the PMI
and business confidence.
Sri Lanka entered into a 3-year arrangement under the Extended Fund Facility (EFF) of USD 1.5 billion
with the IMF to support its economic program 2016–2019 designed to strengthen the external and fiscal
balances of the economy. The anticipated structural adjustments in the external and fiscal sectors, the
implementation of sound macro-economic policies, and increased investments with the enhanced investor
confidence are expected to support Sri Lanka’s economy to expand about 6 per cent in 2017 and to grow
thereafter at an annual rate of around 7 per cent.
Inflation, which indicated some upward movements during the second quarter of the year reflecting
domestic supply shortages due to adverse weather conditions and the immediate impact of some tax
adjustments introduced by the government, declined by August 2016. The year on year headline inflation,
as measured by the change in National Consumer Price Index, declined to 4.5 per cent in August 2016 from
5.8 per cent in July 2016. Meanwhile, core inflation, which reflects the underlying inflation in the economy,
declined to 6 per cent in August from 6.8 per cent in July. The unemployment rate in Sri Lanka remains
around 4.2 per cent.
Mr. Chairman, the relatively higher inflation, along with high monetary and credit expansion, required
preemptive monetary policy measures by the Central Bank. Accordingly, the Central Bank tightened
monetary policy by raising the Statutory Reserve Ratio (SRR) by 1.5 percentage points to 7.5 per cent and
raised policy interest rates twice by 50 basis points each, during 2016.
55
On the fiscal front, the revenue collection of the government recorded an improvement during the first half
of 2016 reflecting increases in both tax and non-tax revenue. This together with the rationalization of
expenditure supported the reduction of the budget deficit during the first half of 2016. The strong
commitment of the government to increase government revenue through further expanding the tax base and
improvement in tax administration, as well as rationalization of expenditure, would help to achieve the
targeted budget deficit of 5.4 per cent in 2016 and further reduction of it to 4.7 per cent in 2017.
Mr. Chairman, Sri Lanka’s external sector performance was subdued during the first half of 2016 largely
due to the impact of a substantial decline in international commodity prices, and lower demand for exports.
The deficit in the trade account increased during the period as a result of the considerable decline in exports
compared to a marginal decline in imports. However, the current account improved with the increased
inflows to the services and secondary income accounts.
Meanwhile, the EFF supported economic program contributed to positive investor sentiments resulting in
an improvement in foreign investment in the government securities market. Also, the proceeds from the
International Sovereign Bond issuance `amounting to US dollars 1.5 billion, and several other international
financial arrangements helped to improve foreign inflows so far during the year. Accordingly, country’s
gross official reserve level was maintained at a comfortable level of US dollars 6.5 billion by end of July
2016 which was equivalent to over 4.2 months of imports. The Sri Lanka rupee depreciated against the US
dollar by 1.2 per cent during the first eight months of 2016.
Meanwhile, the banking sector stability and soundness improved, along with improvements in capital
adequacy, liquidity and asset quality.
The Sri Lankan government has planned sweeping reforms centered on private public partnerships to reduce
debt and improve public revenue. The government is working with the ADB and the World Bank to create
a PPP framework which clearly lays out policy, legal and institutional obligations for contracting PPPs.
Also, measures are being taken by the government to improve the financial strength of State Owned
Enterprises ensuring their long term viability through the implementation of essential structural reforms.
Mr. Chairman, through the government’s policy strategy, we expect to achieve the “Sustainable
Development Goals (SDGs) and Targets” and Sri Lanka will continue to work with the UN and other states
to achieve global goals by 2030. Since Sri Lanka is a small economy with 21 million people, future growth
prospects of the country depend largely on expanding exports through increased market access to the world
economy. Therefore, measures are being taken to boost market access through deepening and widening the
current FTA with India; invigorating the FTA with Pakistan; signing new partnership agreements with
China and Singapore; and the expected restoration of the EU GSP plus. We expect that this will gain
preferential access to markets with more than 3 billion people. Meanwhile, trade and investment
relationships with many other countries are also being pursued.
Empowering people through education, training and skill development, improving investment climate and
the doing business environment, strengthening trade policy and trade facilitation, and financial inclusion
are major priorities of the government which would help to enhance private sector participation in economic
activities enabling to create new employment opportunities.
Mr. Chairman, Sri Lanka has achieved significant progress in its social development indicators due to the
government’s continued efforts and the donor support. I take this opportunity to thank the World Bank
Group for their continued support to Sri Lanka and I believe that its new Country Partnership Framework
for 2017–2020 would help to reinforce Bank’s financing arrangements thereby enhancing its role in the
country’s development. Sri Lanka is among the three countries that are expected to be graduated to “IBRD
only” status from “IDA Blend” at the end of Fiscal Year 2017. Therefore, I take this opportunity to highlight
the importance of allowing these countries a generous transition support and exempting it from any
acceleration clause burden of IDA repayments in order to help their cash flow management.
56
The vicious civil war that prevailed for 27 years in Sri Lanka caused significant hardships for the population,
environment and the economy. Although Sri Lanka demonstrated a satisfactory overall growth performance
in the recent years, the brutal war has resulted in significant regional disparities in growth as well as poverty
across the country. The government has formulated a well-focused policy strategy to address the regional
disparities. However, it is essential that more concessionary financial assistance through innovative
financial tools and products from international financial institutions is available to develop infrastructure
facilities of such regions and also to provide basic needs such as health, education and sanitary facilities.
Also, we look forward to a World Bank shareholding formula that moves towards equitable voting power,
enhancing voice and representation of developing countries, while protecting the poorest and smallest
countries.
Thank You!

57
 Thailand
APISAK TANTIVORAWONG
Governor of the Bank
Mr. Chairman, Mr. President, Fellow Governors, Distinguished Guests, Ladies and Gentlemen
Introduction
It is my great honor to address the 2016 Annual Meetings of the Boards of the Governors of the International
Monetary Fund and the World Bank here today in Washington D.C.. On behalf of the Thai Government, I
would like to convey my heartfelt appreciation to the Fund and the Bank for the warm welcome and
excellent arrangement of this landmark meeting.
Global Economy and Thai Economy
At the global level, growth seems mild and fragile. With sluggish global trade, many countries have taken
refuge in their internal demands. Expansionary fiscal policies and accommodative monetary policies—
some unconventional—have been adopted to strengthen domestic markets. The successes of single-country
stimuli were mixed given limited fiscal spaces and near-zero interest rates in some countries. It has never
been clearer that robust recovery requires collective actions at a global level for not only macroeconomic
policy coordination but also structural reform.
Amidst the global slowdown, Thailand is well-equipped with ample fiscal space and mild inflation rate that
enable us to implement timely policies to support the economy and sectors in need. Soft loans were granted
for farmers and low-income earners—the so-called bottom 40 in the Bank’s language—who were affected
by low commodity prices and draught. Reduced corporate income tax rate was temporary granted to small
and medium enterprises. And thousands of small public infrastructures were implemented throughout the
country to revive local economies during this difficult time. As a result, the Thai economy has expanded
close to our potential at around 3.5 percent per year.
We did not stop just that. To expand our growth potential, three major strategic areas have been emphasized.
The first focus is to upgrade our infrastructures. For physical infrastructure, the government has approved
a 52 billion dollars package to upgrade our roads, rails, airport, and seaport. Private companies, both
domestic and foreign, who wish to invest or operate our infrastructure projects can do so through our Public
Private Participation (PPP) Fast Track initiative which drastically shorten approval time. Private investors
can also invest in our national infrastructure fund, the so-called “Thailand Future Fund.” By the end of this
year, all 20 projects under the 52 billion dollars package are expected to begin.
For the financial infrastructure, the Thai government has launched “National e-Payment Master Plan” with
the aim to replace cash transaction with electronic payment system throughout the country. To date, over
15 million Thais have already registered to our peer-to-peer electronic payment that would enable to them
to transfer cash virtually without cost. The next phase is to extend this payment system to cover business
and government sectors. The tax system will also be upgraded to electronic platform whereby receipts and
invoices can be filed electronically and tax refund can also be paid to taxpayers electronically. Once
completed, payment among people, business, and government should be faster, cheaper and more secured.
The second focus is to promote and facilitate private sector investment, both domestic and foreign,
especially in key future industries. For this to happen, we have revamped our tax and non-tax incentives to
be more competitive and customizable to the needs of investors. We also plan to established the
Competitiveness Enhancement Fund that gives financial incentives to leading global companies in future
industries such as advanced automotive, smart electronics, medical, robotics, aviation, and digital, to name
a few.
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Our third focus is productivity enhancement. To sustain growth in the long run, we need to focus on
Research and Development (R&D) that is practical and market-driven. On this, we plan provides incentives
for private sector to do more R&D by allowing companies to triple their tax deduction on R&D expenses.
Moreover, we are now working on institutional arrangement and incentive alignment between businesses,
research firms, and academic sector with aims to make their research driven products more marketable,
while allowing each party to retain its benefit.
Despite our ambitious plan, we never neglect our fiscal discipline. We are working on our Fiscal
Responsibility Act that gives greater focuses on Medium Term Fiscal Framework. It is our hope that with
the three strategic focuses, we can sustain growth at higher potential to become a stronger contributing
member of the world economic community.
The World Bank Group
I welcome for the Bank’s paper on Forward Look – A Vision for the World Bank Group in 2030, which
incorporates the United Nations’ 2030 Sustainable Development Goals (SDGs) into the Bank’s operating
objectives in ending poverty and promote shared prosperity. I commend for the success of the World Bank
Group so far in fighting with global poor and inequality. I therefore look forward for the Group’s continuous
support to ensuring that no one is left behind.
Considering the ambitious nature of the SDGs, I strongly believe that it is imperative to engage private
sector to take part. Not only financial resource leveraged from private sector, but also effective operational
practices could greatly contribute to economic and social development amidst limited public resources. I
therefore urge the Bank to consider greater private sector participation in its development programs or loans
down the road.
I am supporting the Bank’s idea to embed a more informed risk-taking attitude to its operations to increase
impact based on available resource. I encourage the Bank to prepare projects that build on effective
evaluation on development outcome to warrant the inclusiveness of development impact. I also would like
to see the World Bank Group continues to build and maintain good relationships with clients to make sure
the implementation of the projects is smooth and effective. “A one-size-fits-all” approach should be avoided
and give more attention to country’s specific circumstance in preparing the assistance.
For shareholding review, I am delighted to learn that the process is underway since the last capital
realignment process of the 2010. Given the ambitious targets set under the SDGs, all Multilateral
Development Banks (MDBs) have to explore available options to strengthen their financing capability to
meet the new and challenging global development agenda. I would like to see that the process be done in
such a way that will safeguard the voices of minority while improve the balance of voices between advanced
and emerging members.
Having a long and close partnerships with the Bank, Thailand is pleased that the Bank has step up its quality
of engagement with member countries through its new country engagement framework since 2005. The
introduction of Systematic Country Diagnostic (SCD), which helps identify country-specific development
gap and propose the prioritized areas of high development impacts to be included in the Country Partnership
Framework (CPF) is critical to the future engagements. Having said that, we encourage the Bank to timely
prepare the SCD for member countries. This will be beneficial to client countries to gain maximum benefits
from the diagnostic in terms of policy identifications not only for Bank, but also for the country to tackle
development gap. Close collaboration with relevant stakeholders is also critical to the future of the Bank’s
partnership programs with the members.

59
International Monetary Fund
Thailand is very pleased to learn that the 2010 Quota and Governance Reform has finally become effective
earlier this year, which largely augmented the Fund’s resources as well as drew a major shift of quota share
towards Emerging Market Economies (EMEs). I hope that this would be useful to facilitate the Fund’s
work in supporting member especially developing countries. Looking forward, I urge that the 15th Quota
Review should make sure that the Fund remains well-resourced with quota contributions to address global
uncertainties and financial crises in a more challenging economic environment. In this regard, the Quota
Review is also a good opportunity to further realign voice and quota share to EMEs to reflect our growing
important role in the global economy.
On the backdrop of increasing global risks and volatilities, I commend the Fund for your continued effort
in strengthening the Global Financial Safety Net (GFSN), while also fine-tuning the efficiency and
robustness of lending facilities to prevent systemic risks. In view of this, we encourage the Fund to
coordinate and strengthen synergies with various Regional Financial Arrangements, including the Chiang
Mai Initiative Multilateralisation (CMIM), as they are important supplements to the GFSN. At the current
juncture, we are pleased to be one of financial contributors to the Fund’s temporary borrowing arrangements
to ensure that the Fund can attain sufficient resources to meet members’ financial needs.
On the part of technical assistance (TA), in the long run, institutional capacity building is a key element to
preserve countries’ economic resilience as well as uplifting growth potentials. We greatly appreciate the
Fund's support on technical assistance projects to enhance our policy framework on various fronts (e.g.
public financial management, Specialized Financial Institutions (SFI) governance reform and supervisory
enhancement, financial stability framework).
Mr. Chairman, Ladies and Gentleman
I would like to close my remark by sincerely thanks to the Boards of Governors, the Boards of Directors,
Management, and staff of the World Bank Group and the IMF for their tireless efforts and constructive co-
operations. I wish them success in their noble tasks in promoting global economic stability and eradicating
poverty.
Thank you.

60
 Tonga
AISAKE VALU EKE
Governor of the Bank
Mr Chairman, Mr President of the World Bank Group, Madame Managing Director of the International
Monetary Fund, Fellow Governors, Distinguished delegates, Ladies and Gentlemen

I am honoured to have the opportunity to address the International Monetary Fund (IMF) and World Bank
Group (WBG) Joint Board of Governors’ 2016 Annual Meetings on behalf of the Government of Tonga.
I wish to convey my sincere appreciation and gratitude to Madame Christine Lagarde and Dr. Jim Yon Kim
for their leadership at the helm of our Bretton Woods institutions, in guiding their valuable contribution to
global growth and financial stability.
I would like to take this opportunity also to express my sincere condolences to the people of the affected
Caribbean Islands including those in the Florida Peninsular who lost their homes because of the category-
4 cyclone Matthew. This is a tangible testament of what natural disaster as a result of climate change can
do to an island states in just a few hours instigating unimaginable human and physical damages that would
take years to recover and rebuild.
I welcome the government of Nauru as the newest member of the IMF and WBG and wish her success in
future development endeavours.
Global Economic Outlook
Mr Chairman,
As the growth of the global economy remains unchanged from the disappointing pace of 2015, the
projection is not very promising showing that the world economy is not out of the wood yet since the
eruption of the global crises in late 2008. The recovery has not been flourishing as anticipated, but we are
certain that the determined efforts of the Bretton-Wood Institutions will avoid repeating the history instead
having a sustainable growth that deserves by the citizens of the world. The global economic activities
overtime driven by the growth of the emerging markets and developing economies, albeit the persistent of
the political challenges and dynamic external environment faced affords encouraging global growth
prospects going forward.
With the global efforts disbursed to avoid reverting of the economic gained thus far, the recognized down-
side risks have become more pronounced and prolonged stagnation due to political uncertainties,
geopolitical risks and eroding confidence in policy effectiveness. These downside risks presented a
mentality of fear in most of the policy-makers because of possibility of setting back global growth and
trigger financial market turbulence. Therefore, both institutions are therefore encouraged and called upon
to be rigorous in their approach in assessment of the global economy and target timely strategic actions and
policy measures in response to assist countries towards achieving inclusive, sustainable and resilient
socioeconomic and economy-wide growth and development.
Tonga Economy
Mr Chairman,
The Tonga economy has experienced gradual growth over the past few years of the post-global crises,
slowly picking up with a forecast to even-off over 2016/17. Despite the somewhat sluggish growth
projected, economic growth is nevertheless initiated and supported going forward by a couple of one-off

61
events including construction activities most of which are donor funded projects, including World Bank
development projects, as well as the preparation for the upcoming Pacific Games in 2019.
The Tonga Strategic Development Framework (TSDF) 2015 – 2025 launched last year sets a national vision
for a “more progressive Tonga supporting a higher quality of life for all”. Specifically, there are four
thematic areas upon which the Government would like to place priority focus on during the current financial
year. These are (i) good governance; (ii) inclusive and sustainable growth; (iii) poverty alleviation and; (iv)
safer and better infrastructure. These priorities areas are hinged at the 2016/17 budget theme “Plan the Work
and Work the Plan with Monitoring and Evaluation” chooses to encourage working the plan within the
available resources so as to achieve sustainable and inclusive growth.
Tonga’s GDP in real terms is projected to grow 2.7 per cent in 2016/17 with further positive growth in
2017/18 largely due to increased activity in the secondary and tertiary sectors of the economy. The primary
sector is projected to experience steady growth and is expected to increase in the future given the recent
establishment of the country’s first Fisheries and Agricultural Sector Plans outlining the priority
investments planned for implementation in the coming years. The economy has maintained through its
National Reserve Bank a comfortable set of monetary policy instruments to support macroeconomic
stability, economic growth and to promote low inflation.
The current accommodative stance of the monetary policy is appropriate in light of low inflation and robust
external position, while recent rapid increase in credit growth is not yet a concern considering that it started
from a low base. Specifically, despite the deflation evident, foreign reserves remain comfortably above the
3–4 of import cover, exchange rates remain competitive, positive credit growth, and the banking system
remaining sound with high liquidity and narrowing interest rate spreads. The National Reserve Bank’s
monetary policy actions will continue to focus on exploring measures to encourage the full utilization of
the excess liquidity in the banking system for prudent lending activities to support economic growth. This
includes undertaking financial inclusion initiatives to support inclusive economic growth. Furthermore,
work is in progress to develop the appropriate laws and regulatory framework for the regulation of non-
bank financial institutions that cater for certain sectors of the population which are not banked, to ensure
the interest of financial consumers that they serve are well protected. At the same time, the National Reserve
Bank will remain vigilant and will continue to closely monitor early signs of vulnerabilities.
Fiscal conditions continue to be managed to ensure overall economic fiscal stability. The budget for the
current financial year 2016/17 is TOP$327.9 million with in-kind support of TOP$217.4 million which
constitutes an overall budget value of TOP$545.3 million. This is done through the implementation of
appropriate fiscal strategies to ensure the fiscal management of Government finances, maintaining moderate
debt distress and amongst other, support priority major infrastructure developments. The fiscal balance for
2016/17 presents a slight deficit which is financed from foreign concessional loans as well as domestic
borrowing through bonds. The fiscal policy support development of critical infrastructure projects, and
continue providing low cost loans to the small and medium enterprises and for vocational and technical
education through the Tonga Development Bank.
Tonga faces inevitable developmental challenges with the presence of climate change and its magnified
impacts for island states including Tonga which require adaptation and close management in terms of the
persistent risks evident overtime. The macro economic conditions have remained stable and closely
monitored to ensure that macro stability continues and business confidence is intact. Additionally, financial
conditions remain in support of economic growth with a profitable and highly liquid banking system.
Tonga’s financial system continues to be affected by the global banks’ de-risking decisions which has
resulted in the closing of some of the money transfer operators’ (MTOs) accounts and the exit of
correspondent banking relationships due mainly to elevated money laundering & terrorist financing risks
associated with MTOs. This has the adverse implication of increasing the cost of remittances and reversing

62
the efforts to reduce poverty, promote financial inclusion, and ultimately ensuring macroeconomic
resilience, particularly for small island states such as Tonga who rely heavily on remittances and
international trade for its people’s livelihood.
About 88% of the total remittances are channeled through the MTOs and 70% of Tongan adults were
reported to have received remittances over the past year. Although remittances have remained high, the cost
of remittances from the remitting countries has increased, and in Tonga’s case, cost of remittance from New
Zealand has increased to about 13%, which is above the G20 target of 5% for 2030. Options available for
the authorities in Tonga have been exercised such as efforts to improve the AML/CFT compliance of the
MTOs and easing of certain requirements in order to meet the correspondent banks’ requirements and
thereby avoid the termination of the correspondent banking relationships, as well as through regional
efforts. But it will also work with Financial Institutions to address the concerns with increasing fees as a
result of de-risking. Financial inclusion continues to be a priority with National Reserve Bank’s current
efforts and intention to create a National financial Inclusion Strategy to promote financial inclusion in
Tonga.
Partnership with the World Bank Group (WBG)
Mr Chairman,
While welcoming the World Bank Group management’s continuous commitment to a better, more efficient
and agile organization that uphold standards to further exploit synergies across its institution, the
development of the forward look vision for 2030 certainly galvanize the corporate focus of the Bank
towards eradication of extreme poverty and ensure prosperity. This has confirmed the pledge made in the
2015 Annual Meetings calling the WBG management to build on the critical works undertaken in the past
years so as to reinforce its relevance and overall role in addressing the most intractable development
challenges while improving its effectiveness.
With one year past of the establishment of the Strategic Development Goals (SDGs) and countries having
embraced a truly global agenda providing a shared frame of development ambitions, we urge the WBG
management not to take their eyes off on the objective to offer direction for selectivity and prioritization
within the framework. This is critical because the attainment of the WBG forward look vision requires a
multi-sector approach that bode-well with the overall achievement of the SDGs. This will entail making
sure resources are deployed where they are needed most, integrating global issues into the Bank’s business
model, expanding the partnership works with private sector and catalysing financing for development.
We laud the current replenishment negotiations for IDA 18 which reported to set up for a historical change
and the effort pursued to transform the IDA’s financial model allowing for scaling up of financial assistance
to member countries and the small island states in particular, thereby enhancing its financing capacity and
ability to support critical developmental areas. In that connection, we would like to reemphasize the need
to build in more flexibility into the IDA18 in terms of ensuring vulnerabilities to climate change is part of
the equation and to reconsider the current rules of using debt-distress situation as determinant feature for
provision of either grant or credit. For Tonga, the provision of IDA resources via credit modality could
undermine the effort to build the most required fiscal buffers to counter the economic and social
repercussions caused by climate changes. Tonga is pleased with the WBG commitment to look into this
issue of debt sustainability in the context of scaling-up in the IDA18.
Tonga welcomes the development of the Pacific Possible focusing on transformative opportunities and
providing clear identification of the biggest challenges that requires urgent action. There is no doubt that
the findings presented in the Pacific Possible indeed offer policy-makers with specific insights into what
each area could mean for the economy, for employment, for government income and spending. For this
Pacific Possible to become a reality, we urge the WBG to be more innovative and practical in their advisory

63
assistances to the region so as the country’s development targets are achieved. This requires seeing more
of resources are directed to implement the WBG and Tonga development programs for the next three years.
We thank the WBG for the job well done in taking stock the engagement of the small states with the Bank,
as the report recently issued boldly highlighted that despite the natural beauty of these ocean and land-
locked islands they are extremely vulnerable to climate change and have limited resources to respond to
any climatic impacts. However, we are encouraged with the launching of the Small Island States Resilient
Initiative for the fact it will provide the required breathing space through the provision of various financing
mechanisms such as debt-for-resilient, debt-swaps and exchange of global knowledge. The effort of the
WBG in elevating the visibility of the small states developmental challenges and opportunities into the
WBG business model is welcomed. We urge the WBG to draw up operational framework with timeline to
develop and implement the required new business model, policy tools and operational apparatuses to
improve the WBG’s intervention to enhance the affairs of small states.
With the small states increasingly affected by extreme weather events and rising sea levels, we are
appreciative of the establishment of the Climate Change Action Plan (CCAP) which has underscored the
Bank’s commitment to provide significant assistance to island states in building resilient through expanding
operational climate smart-policies and investing in green infrastructure. In this context, we observe with
gratitude the strong focus on climate change adaptation and resilience under IDA 18 and for the
consideration given to a broad set of characteristics of vulnerability when it comes to distribution of IDA
resources. The attention to provide necessary resources to deal with loss and damages on the aftermath of
climatic disaster is equally important. This is absolutely good for Tonga in its endeavours to better adapt
to climate change and strengthening disaster preparedness.
We are encouraged with the World Bank Group’s continued efforts to mainstream and streamline the
Disaster Risk Management into the national level as well as regional development investment operation
and planning. This is implied that small states such as Tonga will be benefitting from a nimble and swift
response from the WBG in terms of providing investments that helps protect the lives and livelihoods of
the people and to safeguard growth in key socio-economic sectors. Therefore, we call on the WBG as the
premier development institution to play a key role in advancing policies essential for growth and poverty
reduction.
Tonga welcome the approval of the WBG’s new Environmental and Social Framework reflecting the
relentless commitment being pursued by the Bank to expand the protections for the people and the
environment in all Bank-financed investment projects so as to further improve developmental outcomes.
Furthermore, Tonga wishes to acknowledge the valuable assistance provided by IFC over the years in
support of growth in the private sector and towards the promotion of public-private partnership across the
economics’ sectors. Given Tonga’s limited diversification and narrow economic base, we urge IFC to invest
more towards the development of Micro, Small and Medium Enterprises (MSMEs) and their ability to
access finance and leveraging on the available technology and improved infrastructures, as a reasonable
development in this area can be a catalyst to greater mobilization of funds into investment, improve
domestic resource mobilization and enhance the national welfare, reduce inequality and support inclusive
economic growth. This is an area that we are certain will provide a meaningful opportunity for creation of
employment and livelihood, especially for economic empowerment of women and youth in the region, and
thereby reduce the dependency on external sources of income.
Finally, Tonga is very appreciative of the WBG effort to scale-up the financial envelope for IDA18. This
will certainly provide the financial resources required to meet our national priority and that of SGDs.

64
Partnership with the International Monetary Fund (IMF)
Tonga welcomes the development of the Managing Director’s Global Policy Agenda (GPA) and supports
the call for a more potent policy mix involving monetary policy, fiscal policy and structural reforms that
can work to strengthen global growth prospects. In this connection, we appreciate the current consideration
of the Funds to address the issue of social protection through their policy advisory services to member
countries. We believe this is a step to the right direction in recognizing the dire social implications
experienced by billions due to the corollaries provoked by financial and economic crises triggering job-
losses and financial turmoil. We urge the Funds to collaborate effectively with other agencies on social
protection issues so as to ensure intervention programs are complementary in nature. The financial
provision of interest free loan to maintain macro-economic stability of the small island states in the event
of natural disaster is essential.
We acknowledge the Funds continuous efforts to deepen analysis of structural reforms and develop
principles to guide policy prioritization. This has supported the new infrastructure policy that had been
developed to provide technical and financial support towards scaling up infrastructure outlays and
cultivating institutional aptitude in the implementation of infrastructure projects.
We applaud the operationalization of the 2014 Triennial Surveillance Review (TSR) recommendations
towards enhancement of the even-handedness of the Fund’s surveillance. Therefore, we commend the Fund
to further ensure even-handedness across the full range of its activities and put more emphasis on the
importance of continuity and two-way engagement between the Fund and Tonga to augment the traction of
Fund policy advice.
Tonga appreciates the Fund’s incessant commitment to tailor policy advice and examine the scope to
enhance financial support for low-income countries including Tonga in order to pursue their development
undertakings. In this context, we acknowledge the instrumental services rendered by IMF through its annual
Article VI Consultations. This annual event has contributed significantly to the economic policy
consideration of the government which led to the serious concerns over the unilateral decision of the global
correspondent banks in terminating the correspondent bank relationships as well as closing down of the
accounts the local money transfer operators. The concern has been intensified following the release of the
results of the IMF de-risking study in the region which exhibit potential large and detrimental impact of
closure of MTOs on the financial sector and macro-economy.
We therefore urge the Funds to work closely with the global forums and the G20 developed economies,
where de-risking has emanated from, to seriously consider the impact of de-risking on small island states’
economies and people’s livelihood, and clarify their expectations of what needs to be done in order to avoid
de-risking and continue to assist with capacity building in this regard as we certainly concur that efforts
ought to go beyond compliance only.
Tonga also acknowledges assistance that the Fund will be providing the National Reserve Bank to review
its monetary policy tools and develop the financial markets which would go towards improving the
monetary policy transmission mechanism and enhancing the monetary policy framework.
Conclusion
Mr Chairman
Let me once again thank the Bank and Fund for their leadership and guidance and wish both institutions
success in the year ahead.
Thank you very much for your attention.

65
 Vietnam
NGUYEN DONG TIEN
Governor of the Bank
I. The world’s economy
During the first months of 2016, world economy saw slight recovery of oil prices and financial markets.
Given continuation of world economic recovery, uneven economic growth outlooks were seen in emerging
and developed markets which unfolded existence of substantial downside risks.
Recently, unprecedented events including Brexit, immigration crisis reshaped geo-political economic
landscape in Europe, and changed remarkably development outlooks in various economies, particularly EU
and the United Kingdom. Besides, spillover effects from China’s economic rebalancing process on world
trade and financial markets and the spread of terrorist activities imposed higher risks and volatilities to
global economic development.
In this context, it is necessary for international communities to pay more attention to geo-political economic
fluctuations, particularly post-Brexit developments in Europe, the downturn of global trade as well as low
inflation in many countries amidst central banks’ low policy interest rates. In order to maintain strong,
sustainable and balanced growth, economies and authorities need to improve their coordination and
harmonized collaboration between monetary policy and fiscal policy, speed up structural reforms, and, at
the same time, strengthen regional and international cooperation in addressing potential volatilities in
coming time.
II. The role of the IMF and the WB
Vietnam appreciates the role that the International Monetary Fund (IMF) and the World Bank played in
world development through financial, technical supports and policy advices provided to economies in
dealing with adverse impacts from world fluctuations.
Vietnam supports current Fund approach in assisting countries, which is in a flexible, comprehensive policy
framework with focus on individual country’s characteristics. Macroeconomic surveillance followed by
policy advices and assistance to address current and future challenges has shown appropriation, helped to
strengthen Fund’s position as a global economic surveillance and ensure global financial stability.
Initiatives generated by the Fund particularly fit emerging economies, including Vietnam. Vietnam highly
appreciates technical assistances provided to Vietnam in fields of monetary policy effectiveness
improvement, statistics and forecast, foreign exchange reserve management, macroeconomic management
in recent years.
Viet Nam highly appreciates the World Bank efforts in dealing with challenges to the global development
in few past years. Viet Nam welcomes the Bank’s supports and provision of resources to support the
fulfillment of Sustainable Development Goals introduced by the United Nations in September 2015, and
highly appreciates that the World Bank, as the leading development bank, has initiated many new initiatives
including establishment of funds to deal with challenges of climate change, immigration, sustainable energy
development, Billions To Trillions Action Plan: Ideas to Actions, etc. in order to support under-developed
and developing economies in dealing with their own difficulties and challenges for sustainable
development.
Vietnam values the World Bank’s efforts in IDA 18 to support developing countries and tailor transitional
mechanism for IDA graduates. As a future IDA graduate, Vietnam expects to have an appropriate
transitional roadmap to avoid any shocks to economic development with adverse impacts on debt
sustainability, hence help to preserve and maintain economic development achievements made by Vietnam
66
in reaching sustainable development goals. It was our pleasure to learn that IDA recently received AAA
rating for the first time and believe that this would be an important milestone for IDA development and
help IDA to mobilize more resources to better meet supportees’ demands, including Vietnam.
III. Vietnam’s economy
Vietnam’s economy has maintained its recovery momentum since 2015, which could be seen in relatively
positive economic performances. GDP growth in the first nine months of 2016 was estimated at 5.93% y-
o-y. Economic growth on quarterly basis was preserved, in which, growth pace in the next quarter was
higher than the previous one (growth paces in QI, QII and QIII (estimated) were tăng 5.48%, tăng 5.78%
và 6.40%, respectively,) yet still below the rate of 6.53% in QIII 2015 due to slowdown in agricultural
production and mining, worsen sanitization and draught. CPI in September 2016 increased by 3.14% y.t.d.,
below 2016’s target of 5% set by the National Assembly.
Viet Nam outlooks faces with challenges, difficulties reflected through slow recovery of world economy,
climate change, draught, sanitization …, etc. which largely impacts on agricultural production; macro-
economic indicators remain stable but still need consolidating; limited resources and space for monetary
and fiscal policies; ceiling-knocking public debt level and budget expenditure, increasingly severe
competition arise from higher integration, less qualified labour force ….
2016-2020 socio-economic development strategy containing various ambitious goals was recently
approved at the 12th Congress of the Communist Party of Vietnam. In implementing this strategy, the
Government has determined to transform from rule-by-order approach into tectonic one in better serving
socio-economic developments and the people’s living.
From the beginning of 2016, the Government set out overall goals of the 2016 socio-economic development
plan, namely preserving macroeconomic stability, improving development quality, ensuring sustainable
development, focusing on flexible and effective management of monetary policy, fiscal consolidation, close
monitor of public debt and foreign debt, economic reform acceleration in the direction of enhancing
effectiveness and competitiveness.
The Government of Vietnam has been working on a comprehensive economic reform scheme for the 2017-
2021 period for the sakes of competitiveness improvement, sustainable development, and social security
protection, hence direct its focus to accelerating structural solutions to implement free trade agreements
signed with other countries and territories, speeding up reform of key sectors banking and financial markets
and promoting private economic development.
IV. Conclusion
In the context of extensive and intensive economic globalization and increasingly diverse and unpredictable
challenges, I hope that the IMF and the WB shall continue to maintain your valuable supports to member
countries in dealing with those challenges for the sake of poverty reduction and balanced and sustainable
development.

67
 Documents of the Board of Governors
Schedule of Meetings

Friday
October 7 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
Chairman, ICSID Administrative Council
Adjournment

___________________________________________________________________________________

1. The Meetings were held at DAR Constitution Hall (Friday a.m. session).
2. The Development Committee met on Saturday, October 8, 2016 between 2:15 and 5:00 p.m. in the Preston Auditorium, World
Bank HQ.
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)

68
 Provisions Relating to the Conduct of the Meetings

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 Others, Executive Directors, and such staff as may be necessary.

PROCEDURES AND RECORDS

3. The Chairman 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 Chairman, 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 Chairman.

PUBLIC INFORMATION
7. The Chairman 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
Chairman of the Boards of Governors acting jointly with the Managing Director of the International
Monetary Fund and the President of the World Bank Group.

69
 Agendas

BANK
Annual Report
Financial Statements and Annual Audit
Allocation of FY16 Net Income
Administrative Budget for FY17
Report of the Development Committee
2016 Regular Election of Executive Directors
Selection of Chairman and Vice-Chairmen of the Board of Governors and Selection of the Members of
the Joint Procedures Committee and its Officers for 2016-2017

IFC
Annual Report
Financial Statements and Annual Audit
Use of IFC’s FY16 Net Income: Retained Earnings and Designated Retained Earnings
Administrative Budget for FY17

IDA
Annual Report
Financial Statements and Annual Audit
Administrative Budget for FY17

MIGA
Annual Report
Financial Statements and Annual Audit
2016 Regular Election of Directors
Selection of Chairman and Vice-Chairmen of the Board of Governors and Selection of the Members of
the MIGA Procedures Committee and its Officers for 2016-2017

ICSID's Administrative Council

Annual Report
Proposed Budget for FY17
Election of two Deputy Secretaries-General
Potential Rule Amendments: A Request for a Survey and Report on Compliance with Costs Awards in
Favor of States

70
 2016 Joint Procedures Committee

Chairman ………….….. Colombia

Vice Chairmen …….…. Jordan

Sweden

Reporting Member …... Singapore

Members

Albania Republic of Korea

Algeria Nicaragua
Angola Paraguay
Bhutan Russian Federation
China Saudi Arabia
Czech Republic St. Kitts and Nevis
France Tajikistan
Gabon Tanzania
Germany United Kingdom
Israel United States
Japan

71
 2016 Joint Procedures Committee
Report II 1
October 5, 2016
The Joint Procedures Committee approved on October 5, 2016, submission of the following report and
recommendations on Bank and IDA business to the Boards of Governors:

1. 2016 Annual Report

The Committee noted that the 2016 Annual Report and the activities of the Bank and IDA would be
discussed at these Annual Meetings. The Annual Report is available on the Bank’s website after
September 28, 2016 (www.worldbank.org/annualreport).

2. 2016 Regular Election of Executive Directors

The Committee noted that the 2016 Regular Election of Executive Directors of the Bank would be
completed on October 7, 2016 and the next Regular Election of Executive Directors will take place in
2018.

3. Financial Statements, Annual Audits, and Administrative Budgets

The Committee considered the Financial Statements, Accountants’ Reports, and Administrative
Budgets contained in the 2016 Bank and IDA Annual Report, together with the Report dated June 23,
2016 (Bank/IDA Document No. 2). The Committee recommends that the Boards of Governors of the
Bank and IDA adopt the draft Resolutions. 2
4. Allocation of FY16 Net Income
The Committee considered the Report of the Executive Directors, dated August 4, 2016 on the
Allocation of FY16 Net Income (Bank/IDA Document No. 1). The Committee recommends that the
Board of Governors of the Bank adopt the draft resolution. 3

The Committee further approved submission of the following report and recommendations on IFC
business to the Board of Governors:
1. 2016 Annual Report
The Committee noted that the 2016 Annual Report and the activities of the IFC would be discussed at
these Annual Meetings. The Annual Report is available on the Corporation’s website
(www.ifc.org/annualreport).

1
Report I related to business of the Fund.
2
These resolutions were subsequently approved. See pages 82 and 84.
3
This resolution was subsequently approved. See page 82.
(continued)

72
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 FY16 Net Income contained in the
2016 Annual Report, dated September 15, 2016 (IFC Document No. 1). The Committee recommends
that the Board of Governors of IFC adopt the draft resolution. 4

Approved:

/s/
___________________
Mauricio Cárdenas
Colombia – Chairman

(This report was approved and its recommendations were adopted by the Board of Governors on October 7, 2016)

4
This resolution was subsequently approved. See page 83.

73
 Joint Procedures Committee
Report III
October 5, 2016
The Joint Procedures Committee approved on October 5, 2016 submission of the following report and
recommendations to the Boards of Governors:
1. Development Committee
The Committee noted that the Report of the Chairman of the Joint Ministerial Committee of the Boards of
Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries
(Development Committee) would be circulated to the Boards of Governors of the Bank and the Fund
pursuant to paragraph 5 of Resolutions Nos. 294 and 29-9 of the Bank and the Fund, respectively, and
subsequently entered into the record.
The Committee recommends that the Boards of Governors of the Bank and the Fund note the report and
thank the Development Committee for its work.
2. Officers and Joint Procedures Committee for 2016/2017
The Committee recommends that the Governor for Jordan be Chairman, and that the Governors for Malaysia
and Slovak Republic be Vice Chairmen, of the Boards of Governors of the World Bank Group and the Fund,
to hold office until the close of the next Annual Meetings. It is further recommended 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 Chairman, normally by correspondence and, if
the occasion requires, by convening; and that this Committee shall consist of the Governors for the following
members: China, El Salvador, France, Germany, Iceland, Jamaica, Japan, Malawi, Malta, Mongolia,
Panama, Peru, Romania, Russian Federation, São Tomé and Príncipe, Saudi Arabia, South Africa, Sri
Lanka, Switzerland, Tunisia, United Kingdom, and United States.
It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for Jordan and
the Vice Chairmen shall be the Governors for Malaysia and Slovak Republic.
3. Chairman and Vice-Chairmen of the Board of Governors
The Committee recommends that the Governor for Jordan be Chairman, and that the Governors for Malaysia
and Slovak Republic be Vice-Chairmen of the Board of Governors of the International Bank for
Reconstruction and Development and the Multilateral Investment Guarantee Agency and to hold office until
the close of the next Annual Meetings.

Approved:
/s/
___________________
Mauricio Cárdenas
Colombia – Chairman

(This report was approved and its recommendations were adopted by the Board of Governors on October 7, 2016).

74
2016 MIGA PROCEDURES COMMITTEE

Chairman………..…….. Colombia

Vice Chairmen…….….. Jordan

Sweden

Reporting Member…… Singapore

Members

Albania Republic of Korea

Algeria Nicaragua
Angola Paraguay
Bhutan Russian Federation
China Saudi Arabia
Czech Republic St. Kitts and Nevis
France Tajikistan
Gabon Tanzania
Germany United Kingdom
Israel United States
Japan

75
 2016 MIGA Procedures Committee
Report I
October 5, 2016
On October 5, 2016 the MIGA Procedures Committee approved submission of the following report and
recommendations on business on the agenda of the Council of Governors of MIGA:
1. 2016 Annual Report
The Committee noted that the 2016 Annual Report and the activities of MIGA would be considered at
this Annual Meeting. The Annual Report is available on MIGA’s website (http://www.miga.org).
2. Financial Statements and Annual Audit
The Committee considered the Financial Statements and Accountants’ Report contained in the 2016 Annual
Report.

The Committee recommends that the Council of Governors adopt the draft Resolution. 1

3. 2016 Regular Election of Directors

The Committee noted the 2016 Regular Election of Directors of MIGA would be completed on October 7,
2016 and the next Regular Election of Directors will take place in 2018.
4. Officers and Procedures Committee for 2016/2017
The Committee recommends that the Governor for Jordan be Chairman and the Governors for Malaysia and
Slovak Republic be Vice Chairmen of the Council of Governors of MIGA to hold office until the close of the
next Annual Meetings.
It is further recommended 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 Chairman, normally by correspondence and, if the occasion requires, by convening; and that this
Committee shall consist of the Governors for the following members: China, El Salvador, France, Germany,
Iceland, Jamaica, Japan, Malawi, Malta, Mongolia, Panama, Peru, Romania, Russian Federation, São Tomé
and Príncipe, Saudi Arabia, South Africa, Sri Lanka, Switzerland, Tunisia, United Kingdom, and
United States.
It is recommended that the Chairman of the MIGA Procedures Committee shall be the Governor for Jordan
and the Vice Chairmen shall be the Governors for Malaysia and Slovak Republic.
5. Chairman and Vice-Chairmen of the Board of Governors
The Committee recommends that the Governor for Jordan be Chairman, and that the Governors for Malaysia
and Slovak Republic be Vice-Chairmen of the Board of Governors of the International Bank for
Reconstruction and Development and the Multilateral Investment Guarantee Agency and to hold office until
the close of the next Annual Meetings.

1
This resolution was subsequently approved. See page 86

76
Approved:
/s/
________________________
Mauricio Cárdenas
Colombia – Chairman

(This report was approved and its recommendations were adopted by the Board of Governors on October 7, 2016).

77
 Resolutions Adopted
By The Board of Governors of the Bank
Between the 2015 And 2016 Annual Meetings
Resolution No. 647: Membership of the Republic of Nauru

RESOLVED:

WHEREAS, the Government of the Republic of Nauru has applied for admission to membership in
the International Bank for Reconstruction and Development in accordance with Section 1(b) of Article II
of the Articles of Agreement of the Bank;

WHEREAS, pursuant to Section 19 of the By-Laws of the Bank, the Executive Directors, after
consultation with representatives of the Government of the Republic of Nauru, have made
recommendations to the Board of Governors regarding this application;

NOW, THEREFORE, the Board of Governors hereby

RESOLVES:

THAT the terms and conditions upon which the Republic of Nauru shall be admitted to membership
in the Bank shall be as follows:

1. Definitions: As used in this Resolution:

(a) “Bank” means International Bank for Reconstruction and Development.

(b) “Articles” means the Articles of Agreement of the Bank.
(c) “1979 Additional Capital Increase Resolution" means Board of Governors’ Resolution No. 347
entitled “1979 Additional Increase in Authorized Capital Stock and Subscriptions Thereto” adopted
on January 4, 1980, as amended by Resolution No. 419 adopted on August 17, 1987.

2. Membership in the Fund: Before accepting membership in the Bank, the Republic of Nauru shall
accept membership in and become a member of the International Monetary Fund.

3. Subscription: By accepting membership in the Bank, the Republic of Nauru shall subscribe to 336
shares of the capital stock of the Bank at par on the terms and conditions set forth or referred to in paragraph
4 hereof.

78
4. Payments on Subscription:
(a) Upon accepting membership in the Bank, the Republic of Nauru shall pay to the Bank under Article
II, Section 7(i) of the Articles on account of the subscription price of each of the 336 shares
subscribed pursuant to paragraph 3 of this Resolution:
(i) United States dollars equal to 0.6% (six-tenths of one percent) of the said subscription price;
and
(ii) An amount in its own currency which, at the appropriate prevailing exchange rate, shall be
equal to 5.4% (five and four-tenths of one percent) thereof.

(b) The Bank shall call the amounts of subscription under paragraph 3 of this Resolution payable under
the said Article II, Section 7(i) which are not required to be paid under paragraph 4(a) above only
when required to meet obligations of the Bank for funds borrowed or on loans guaranteed by it and
not for use by the Bank in its lending activities or for administrative expenses.

5. Acceptance of Subscription: Before the Bank shall accept the Republic of Nauru's subscription to the
shares set out in paragraph 3 of this Resolution, the following action shall have been taken:

(a) The Republic of Nauru shall have taken all action necessary to authorize such subscription and
shall furnish to the Bank all such information thereon as the Bank may request; and
(b) With respect to and on account of the subscription price of the said shares, the Republic of Nauru
shall pay to the Bank the amounts set forth in paragraph 4(a) above.

6. Representation and Information: Before accepting membership in the Bank, the Republic of Nauru
shall represent to the Bank that it has taken all action necessary to sign and deposit the instrument of
acceptance and sign the Articles as contemplated by paragraphs 7(d) and (e) of this Resolution and the
Republic of Nauru shall furnish to the Bank such information in respect of such action as the Bank may
request.

7. Effective Date of Membership: The Republic of Nauru shall become a member of the Bank with a
subscription as set forth in paragraph 3 of this Resolution as of the date when the Republic of Nauru shall
have complied with the following requirements:

(a) become a member of the International Monetary Fund;

(b) made the payments called for by paragraph 4 of this Resolution;
(c) furnished the representation, and such information as may have been requested by the Bank,
pursuant to paragraph 6 of this Resolution;
(d) deposited with the Government of the United States of America an instrument stating that it has
accepted in accordance with its law the Articles and all the terms and conditions prescribed in this
Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under
the Articles and this Resolution; and
(e) signed the original Articles held in the archives of the Government of the United States of America.

79
8. Additional Subscription on Terms and Conditions of the 1979 Additional Capital Increase Resolution:
The Republic of Nauru may subscribe 250 shares of the capital stock of the Bank on the terms and
conditions specified in paragraphs 2 and 3 of the 1979 Additional Capital Increase Resolution, provided,
however, that notwithstanding the provision of paragraph 2(b) of the said Resolution, the Republic of Nauru
may subscribe such shares up to June 30, 2016, or such later date as the Executive Directors may determine.

9. Limitation on Period for Fulfillment of Requirements of Membership: The Republic of Nauru may
fulfill the requirements for membership in the Bank pursuant to this Resolution until June 30, 2016, or such
later date as the Executive Directors may determine.

(Adopted on November 6, 2015)

Resolution No. 648: Transfer from Surplus to Replenish the Trust Fund for Gaza and West Bank

RESOLVED:

THAT the Bank transfers immediately from surplus, by way of grant, US$55,000,000 to the Trust
Fund for Gaza and West Bank, such transfer to be drawn down by the International Development
Association as needed; provided, however, that the amount of such grant may at any time be changed by
the International Development Association into an equivalent amount in other currencies.

(Adopted on June 24, 2016)

Resolution No. 649: 2016 Regular Election of Executive Directors

RESOLVED:

(a) THAT the Rules for the 2016 Regular Election of Executive Directors are hereby approved; and

(b) THAT a Regular Election of Executive Directors shall take place in connection with the Annual
Meeting of the Board of Governors in 2018.

(Adopted on July 28, 2016)

80
 Resolution No. 650: Direct Remuneration of Executive Directors and their Alternates

RESOLVED:

THAT, effective July 1, 2016, the remuneration of the Executive Directors of the World Bank Group
and their Alternates pursuant to Section 13(e) of the By-Laws shall be paid in the form of a salary without
a separate supplemental allowance, and such salary shall be paid at the annual rate of $256,770 for
Executive Directors, and $222,120 for Alternate Executive Directors.

(Adopted on July 28, 2016)

Resolution No. 651: Parental Leave for Executive Directors and their Alternates

RESOLVED:

THAT, effective July 1, 2016, each Executive Directors and Alternate of an Executive Directors shall
be entitled to leave as follows:

1. Seventy (70) working days of leave in conjunction with the pregnancy and the delivery of a child by
such individual, or ten (10) working days if the Executive Director or Alternate is not the birthmother.

2. Seventy (70) working days of leave when becoming the primary caregiver of an adopted or surrogate
child, or ten (10) working days when not the primary caregiver.

In addition to the above, an Executive Director or Alternate shall be entitled to twenty (20) days of
additional leave (i) in connection with multiple births in one delivery and/or medical complications
resulting from the delivery, or (ii) in the case of adoption of multiple children at the same time or multiple
births of children through surrogacy. The administration of this benefit shall be guided by the general
practices of the administration of similar benefits for the staff of the World Bank.

(Adopted on July 28, 2016)

81
 Resolutions Adopted
By the Board of Governors of the Bank
at the 2016 Annual Meetings

Resolution No. 652: 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 2016 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 7, 2016)

Resolution No. 653: Allocation of FY16 Net Income

RESOLVED:

1. THAT the Report of the Executive Directors dated August 4, 2016 on “Allocation of FY16
Net Income” is hereby noted with approval;

2. THAT the addition to the General Reserve of the IBRD of US$96 million, plus or minus any rounding
amount less than US$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
FY16 allocable net income of the IBRD, US$497 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 7, 2016)

82
 Resolution Adopted
By the Board of Governors of IFC
at the 2016 Annual Meetings

Resolution No. 263: Financial Statements, Accountant’s 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 2016 Annual Report and the Administrative Budget contained
in the Report to the Board of Governors on IFC FY17 Budget Resources: Bridging Strategy and Delivery
(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 FY16 Net Loss of -US$33 million shall be transferred to undesignated
retained earnings.

3. THAT the Corporation’s designation of US$60 million of retained earnings for IFC’s Funding
Mechanism for Technical Assistance and Advisory Services in IFC’s Fiscal Year 2017 financial statements
is hereby noted with approval; and

4. THAT the Corporation’s designation of US$101 million of retained earnings in IFC’s Fiscal Year
2017 financial statements for grants to the International Development Association for use by the
Association in the form of grants in furtherance of the Corporation's purposes is hereby noted with approval.

(Adopted on October 7, 2016)

83
 Resolutions Adopted
By the Board of Governors of IDA
at the 2016 Annual Meetings

Resolution No. 238: 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 2016 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 7, 2016)

84
 Resolutions Adopted
By the Council of Governors of MIGA
Between the 2015 and 2016 Annual Meetings

Resolution No. 99: 2016 Regular Election of Directors

RESOLVED:

(a) THAT the 2016 Regular Election of Directors shall take place in accordance with the Rules; and

(b) THAT a Regular Election of Directors shall take place in connection with the Annual Meeting of the
Council of Governors in 2018.

(Adopted on July 28, 2016)

85
 Resolutions Adopted
By the Council of Governors of MIGA
at the 2016 Annual Meetings

Resolution No. 100: 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 2016 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 7, 2016)

86
 Reports of The Executive Directors
of The Bank

September 30, 2015

Membership of the Republic of Nauru

1. In accordance with Section 19 of the By-Laws of the International Bank for Reconstruction and
Development, the application of the Republic of Nauru for membership in the Bank is hereby submitted to
the Board of Governors.

2. The draft Resolution on membership in the Bank conforms substantially to the pattern for such
resolutions.

3. Representatives of the Republic of Nauru have been consulted informally regarding the terms and
conditions recommended in the draft Resolution and they have raised no objection thereto.

4. The draft Resolution is recommended for adoption by the Board of Governors of the Bank.

(This report was approved and its recommendation was adopted by the Board of Governors on November 6, 2015).

87
 May 12, 2016

Transfer from Surplus to Replenish the Trust Fund for Gaza and West Bank

1. On October 19, 1993, by the terms of Resolution No. 93-11 and IDA 93-7, the Executive
Directors of the International Bank for Reconstruction and Development (Bank) and the International
Development Association (Association) approved the establishment of the Trust Fund for Gaza. On
November 11, 1993, by the terms of Resolution No. 483, the Board of Governors of the Bank
approved the transfer from surplus, by way of grant, of $50 million to the Trust Fund for Gaza. On August
1, 1995, by the terms of Resolution No. 95-6 and IDA 95-3, the Executive Directors of the Bank and the
Association amended Resolution No. 93-11 and IDA 93-7 by: (a) expanding the territorial scope of the
activities to be financed out of the Trust Fund for Gaza to include such areas, sectors and activities in the
West Bank which are or will be under the jurisdiction of the Palestinian Authority pursuant to the relevant
Israeli-Palestinian agreements; and (b) changing the name of the “Trust Fund for Gaza” to “Trust Fund
for Gaza and West Bank”. On October 12, 1995, by the terms of Resolution No. 500, the Board of
Governors approved the transfer to the Trust Fund for Gaza and West Bank, by way of grant out of the
Bank’s FY95 net income, of $90 million. On December 19, 1996, by the terms of Resolution No. 96-11
and No. IDA 96-7, the Executive Directors of the Bank and the Association further amended Resolution
No. 93-11 and IDA 93-7 by: (a) introducing flexibility to the terms under which resources may be
provided out of the Trust Fund for Gaza and West Bank; and (b) requiring that the repayment of trust
fund credits made out of the Trust Fund for Gaza and West Bank accrue to the Association as part of its
resources. Additional funding was provided by transfers from surplus or net income approved by the
Bank's Board of Governors on February 3, 1997 ($90 million, Resolution 511), July 13, 1998 ($90
million, Resolution No. 519), September 30, 1999 ($60 million, Resolution No. 529), February 4, 2004
($80 million, Resolution No. 556), January 31, 2007 ($50 million, Resolution No. 584), June 4, 2008 ($55
million, Resolution No. 589), July 10, 2009 ($55 million, Resolution No. 599), August 9, 2010 ($55
million, Resolution No. 608), June 8, 2011 ($75 million, Resolution No. 615), May 24, 2012 ($55 million,
Resolution No. 623), June 28, 2013 ($55 million, Resolution No. 629), June 23, 2014 ($55 million,
Resolution No. 634), June 9, 2015 ($55 million, Resolution No. 641).

2. In view of the material contribution that the Bank's financial assistance makes to Palestinian
economic welfare, the Executive Directors consider that the Trust Fund for Gaza and West Bank should
be replenished. They recommend that the Board of Governors authorize the transfer from surplus of the
amount of $55 million to the Trust Fund for Gaza and West Bank.

3. Accordingly, the Executive Directors recommend that the Board of Governors adopt the draft
Resolution.

(This report was approved and its recommendation was adopted by the Board of Governors on June 24, 2016).

88
 June 22, 2016

2016 Regular Election of Executive Directors

1. Pursuant to Resolution No. 635 of the Board of Governors, a Regular Election of Executive Directors
will take place in connection with the 2016 Annual Meeting of the Board of Governors. It is proposed that this
Regular Election be conducted by rapid means of communication so as to conclude a reasonable time in
advance of November 1, 2016, when the term of office of the elected Executive Directors shall commence.

2. The Executive Directors have noted that France and the United Kingdom are currently the fifth largest
shareholders, each having an equal number of shares. The Executive Directors have also noted that under the
Bank’s Articles of Agreement, the five largest shareholders have the right to appoint Executive Directors and
that the Executive Directors interpreted the Articles to permit France and the United Kingdom to each appoint
an Executive Director provided such members have equal number of shares and are the fifth largest shareholders
in the Bank 1. Therefore, it is recommended that nineteen Executive Directors be elected.

3. As in past years, there is strong feeling among the Executive Directors that, in the unlikely event of lack
of wide geographical and balanced representation, prompt corrective action would be called for.

4. In addition, Executive Directors noted the importance of promoting gender diversity in the Board of
Executive Directors.
5. The Executive Directors recommend that the maximum and minimum percentages of eligible votes
required for election of an Executive Director be ten percent and two percent, respectively. They believe that
such percentages would provide a range that is broad enough in the circumstances.
6. The Executive Directors recommend that the date from which the 2016 Regular Election will be
effective be November 1, 2016.
7. The Executive Directors note that under the Articles of Agreement of the International Finance
Corporation (the Corporation) and the International Development Association (the Association) the elected
Directors will serve ex officio as members of the Board of Directors of the Corporation and Executive
Directors of the Association.
8. The Executive Directors recommend that the subsequent Regular Election of Executive Directors take
place in connection with the Annual Meeting of the Board of Governors in 2018.

9. The Executive Directors recommend the adoption by the Board of Governors of the attached Rules for
the 2016 Regular Election of Executive Directors, which provide for the conduct of this Election by rapid means
of communication.

10. The draft Resolution, embodying the above recommendations, is proposed for adoption by the Board
of Governors.

(This report was approved and its recommendations were adopted by the Board of Governors on July 28, 2016).

1
Executive Directors’ Resolution No. 2010-0003, adopted on July 6, 2010, as modified by Executive Directors’
Resolution No. 2015-0004 adopted on August 27, 2015.

89
 Rules for the 2016 Regular Election of Executive Directors

DEFINITIONS
1. In these Rules, unless the context shall otherwise require,
(a) “Articles” means the Articles of Agreement of the Bank.
(b) “Board” means the Board of Governors of the Bank.
(c) “Chairman” means the Chairman of the Board or a Vice Chairman acting as Chairman.
(d) “Governor” includes the Alternate Governor and, for actions taken at any meeting, a temporary
Alternate Governor, when acting for the Governor.
(e) “Secretary” means the Corporate Secretary or any acting Corporate Secretary of the Bank.
(f) “Election” means the 2016 Regular Election of Executive Directors.
(g) “Eligible votes” means the total number of votes that can be cast in the election.

2. All actions taken under these Rules, including communications by the Secretary and the Chairman and
nominations and balloting by the Governors, may be taken by rapid means of communication.

TIMING OF ELECTION
3. The election shall be held by requesting nominations and conducting ballots so as to conclude a
reasonable time in advance of November 1, 2016, when the term of office of the elected Executive
Directors shall commence.

BASIC RULES - SCHEDULE B

4. Subject to the adjustment set forth in the Rules, the provisions of Schedule B of the Articles shall apply
to the conduct of the election, except that:
(a) “two percent” shall be substituted for “fourteen percent” in Paragraphs 2 and 5 and “ten percent”
shall be substituted for “fifteen percent” in Paragraphs 3, 4 and 5 thereof; and
(b) “nineteen persons” shall be substituted for “seven persons” in Paragraphs 2, 3 and 6, “eighteen
persons” shall be substituted for “six persons” in Paragraph 6, and “the nineteenth” shall be
substituted for “the seventh” in Paragraph 6 thereof.

EXECUTIVE DIRECTORS TO BE ELECTED

5. Nineteen Executive Directors shall be elected.

90
SUPERVISION OF THE ELECTION
6. The Chairman shall appoint such tellers and other assistants and take such other action as he deems
necessary for the conduct of the election.

NOMINATIONS
7. (a) The Secretary shall request nominations from Governors during a suitable period specified by
the Secretary.
(b) Each nomination shall be made on a nomination form furnished by the Secretary, signed by the
Governor or Governors making the nomination and submitted to the Secretary.
(c) Any person nominated by one or more Governors entitled to vote in the election shall be
eligible for election as Executive Director.
(d) A Governor may nominate only one person.
(e) If a nominee withdraws from the ballot after the closing date of the nomination period, but
before the closing date of the ballot, the Secretary shall inform all Governors eligible to vote
of such withdrawal and invite them to submit nominations of a candidate by rapid means of
communication, during a suitable period specified by the Secretary. At the end of the prescribed
period of time for this nomination, the Secretary shall compile a new list of candidates with all
individuals who were nominated by at least one Governor in either nomination period, and
circulate that list by rapid means of communication to all Governors eligible to vote with an
invitation to vote through similar channels before the end of the balloting period.

BALLOTING
8. (a) Upon the closing of nominations, the Secretary shall send to all Governors entitled to vote in
the election the list of candidates for the election, together with an invitation to Governors to
vote in the first ballot, and announce the deadline for receipt of ballots.
(b) One ballot form shall be furnished to each Governor entitled to vote. On any particular ballot,
only ballot forms distributed for that ballot shall be counted.

9. Each ballot shall be taken as follows:

(a) Ballots shall be conducted by deposit of ballot forms, signed by Governors eligible to vote,
with the Secretary. The first ballot shall take place after the close of nominations, concluding
no later than the first day of the 2016 Annual Meeting of the Board of Governors.
(b) When a ballot shall have been completed, the Secretary shall cause the ballots to be counted
and, as soon as practicable after the tellers have completed their tally of the ballots, shall
announce the names of the persons elected. If a succeeding ballot is necessary, the Secretary
shall announce the names of the nominees to be voted on, the members whose Governors are
eligible to vote and the time period for balloting.
(c) If the tellers shall be of the opinion that any particular ballot is not properly executed, they
shall, if possible, afford the Governor concerned an opportunity to correct it before tallying the
results; and such ballot, if so corrected, shall be deemed to be valid.
91
10. When on any ballot the number of nominees shall not exceed the number of Executive Directors to be
elected, each nominee shall be deemed to be elected by the number of votes received by him on such
ballot; provided, however, that, if on such ballot the votes of any Governor shall be deemed under
Paragraph 4 of Schedule B 2 to have raised the votes cast for any nominee above ten percent of the
eligible votes, no nominee shall be deemed to have been elected who shall not have received on such
ballot a minimum of two percent of the eligible votes, and a succeeding ballot shall be taken for which
any nominee not elected shall be eligible.

11. If, as a result of the first ballot, the number of Executive Directors to be elected in accordance with
Section 5 above shall not have been elected, a second, and if necessary, further ballots shall be taken.
The Governors entitled to vote on such succeeding ballots shall be only:
(a) those who voted on the preceding ballot for any nominee not elected; and
(b) those Governors whose votes for a nominee elected on the preceding ballot are deemed under
Paragraph 4 of Schedule B to have raised the votes cast for such nominee above ten percent of
the eligible votes.

12. If the votes cast by a Governor bring the total votes received by a nominee from below to above ten
percent of the eligible votes, all the votes cast by this Governor shall be deemed to have been cast for
the benefit of that nominee without raising the total votes of the nominee above ten percent.

13. If on any ballot two or more Governors having an equal number of votes shall have voted for the same
nominee and the votes of one or more, but not all, of such Governors could be deemed under Paragraph
4 of Schedule B not to have raised the total votes of the nominee above ten percent of the eligible
votes, the Chairman shall determine by lot the Governor or Governors, as the case may be, who shall
be entitled to vote on the next ballot.

14. Any member whose Governor has voted on the last ballot and whose votes did not contribute to the
election of an Executive Director may, before the effective date of the election, as set forth in Section
18 below, designate an Executive Director who was elected, and that member's votes shall be deemed
to have counted toward the election of the Executive Director so designated.

2
Paragraph 4 of Schedule B reads as follows:
“4. In determining whether the votes cast by a governor are to be deemed to have raised the total of any
person above ten percent of the eligible votes, the ten percent shall be deemed to include, first, the votes of the
governor casting the largest number of votes for such person, then the votes of the governor casting the next
largest number, and so on until ten percent is reached.”

92
ABSTENTION FROM VOTING
15. If a Governor shall abstain from voting on any ballot, he shall not be entitled to vote on any subsequent
ballot and his votes shall not be counted within the meaning of Section 4(g) of Article V towards the
election of any Executive Director. If at the time of any ballot a member shall not have a duly
appointed Governor, such member shall be deemed to have abstained from voting on that ballot.

ELIMINATION OF NOMINEES
16. If on any ballot two or more nominees shall receive the same lowest number of votes, no nominee
shall be dropped from the next succeeding ballot, but if the same situation is repeated on such
succeeding ballot, the Chairman shall eliminate by lot one of such nominees from the next succeeding
ballot.

ANNOUNCEMENT OF THE RESULT

17. After the tally of the last ballot, the Chairman shall cause to be distributed a statement setting forth the
result of the election.

EFFECTIVE DATE OF ELECTION

18. The effective date of the election shall be November 1, 2016, and the term of office of the elected
Executive Directors shall commence on that date. Incumbent elected Executive Directors shall serve
through the day preceding such date.

GENERAL
19. Any question arising in connection with the conduct of the election shall be resolved by the
tellers, subject to appeal, at the request of any Governor, to the Chairman and from him to the Board.
Whenever possible, any such questions shall be put without identifying the members or Governors
concerned.

93
 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

2016 Regular Election of Executive Directors

Statement of Results of Election, October 7, 2016

Members whose Votes Counted Towards Number of Total

Candidate Elected Election Votes Votes

Khalid ALKHUDAIRY 67,188

Saudi Arabia 67,188
Jason ALLFORD 95,448
Australia 32,275
Cambodia 897
Kiribati 1,148
Korea, Republic of 38,207
Marshall Islands 1,152
Micronesia, Federated States of 1,162
Mongolia 1,149
Nauru 1,269
New Zealand 10,444
Palau 699
Papua New Guinea 1,977
Samoa 1,460
Solomon Islands 1,196
Tuvalu 1,144
Vanuatu 1,269
Seydou BOUDA 43,928
Benin 1,551
Burkina Faso 1,943
Cabo Verde 1,191
Cameroon 2,421

94
 Members whose Votes Counted Towards Number of Total
Candidate Elected Election Votes Votes
Central African Republic 1,658
Chad 1,545
Comoros 965
Congo, Democratic Republic of 3,326
Congo, Republic of 1,734
Cote d'Ivoire 4,188
Djibouti 1,242
Equatorial Guinea 1,398
Gabon 1,670
Guinea 1,975
Guinea-Bissau 1,223
Madagascar 2,105
Mali 2,192
Mauritania 1,715
Mauritius 2,257
Niger 1,658
Sao Tome and Principe 1,178
Senegal 3,005
Togo 1,788
Omar BOUGARA 73,113
Afghanistan 1,189
Algeria 12,407
Ghana 2,650
Iran, Islamic Republic of 35,646
Morocco 7,302
Pakistan 12,517
Tunisia 1,402
Andrew BVUMBE 40,011

95
 Members whose Votes Counted Towards Number of Total
Candidate Elected Election Votes Votes
Botswana 1,298
Burundi 1,726
Eritrea 1,276
Ethiopia 1,661
Gambia, The 1,226
Kenya 3,394
Lesotho 1,346
Liberia 1,146
Malawi 1,777
Mozambique 1,734
Namibia 2,206
Rwanda 1,729
Seychelles 946
Sierra Leone 1,506
Somalia 1,235
South Sudan 2,120
Sudan 1,533
Swaziland 1,123
Tanzania 1,978
Uganda 1,300
Zambia 3,493
Zimbabwe 4,258
Otaviano CANUTO 77,290
Brazil 42,646
Colombia 10,413
Dominican Republic 2,775
Ecuador 3,454
Haiti 1,906

96
 Members whose Votes Counted Towards Number of Total
Candidate Elected Election Votes Votes
Panama 1,068
Philippines 10,586
Suriname 1,095
Trinidad and Tobago 3,347
Subhash GARG 84,957
Bangladesh 7,151
Bhutan 1,363
India 70,606
Sri Lanka 5,837
Franciscus GODTS 116,273
Austria 15,294
Belarus 4,894
Belgium 37,836
Czech Republic 8,676
Hungary 11,476
Kosovo 1,649
Luxembourg 2,972
Slovak Republic 4,758
Slovenia 2,392
Turkey 26,326
Werner GRUBER 71,788
Azerbaijan 2,554
Kazakhstan 4,632
Kyrgyz Republic 1,790
Poland 17,812
Serbia 3,529
Switzerland 35,343
Tajikistan 1,743

97
 Members whose Votes Counted Towards Number of Total
Candidate Elected Election Votes Votes
Turkmenistan 1,209
Uzbekistan 3,176
Andin HADIYANTO 70,541
Brunei Darussalam 3,056
Fiji 1,670
Indonesia 23,714
Lao People's Democratic Republic 955
Malaysia 11,130
Myanmar 4,148
Nepal 1,792
Singapore 6,252
Thailand 11,791
Tonga 1,177
Vietnam 4,856
Merza HASAN 60,008
Bahrain 1,786
Egypt, Arab Republic of 11,365
Iraq 3,491
Jordan 2,692
Kuwait 16,018
Lebanon 1,745
Libya 8,523
Maldives 1,152
Oman 2,244
Qatar 2,072
United Arab Emirates 6,025
Yemen, Republic of 2,895
Frank HEEMSKERK 95,709

98
 Members whose Votes Counted Towards Number of Total
Candidate Elected Election Votes Votes
Armenia 1,822
Bosnia and Herzegovina 1,232
Bulgaria 7,291
Croatia 3,589
Cyprus 2,144
Georgia 2,478
Israel 6,702
Macedonia, former Yugoslav Republic of 1,110
Moldova 2,249
Montenegro 1,371
Netherlands 46,512
Romania 7,549
Ukraine 11,660
Christine HOGAN 84,235
Antigua and Barbuda 1,203
Bahamas, The 1,754
Barbados 1,631
Belize 1,269
Canada 59,037
Dominica 1,187
Grenada 1,214
Guyana 2,209
Ireland 8,063
Jamaica 3,514
St. Kitts and Nevis 958
St. Lucia 1,235
St. Vincent and the Grenadines 961

99
 Members whose Votes Counted Towards Number of Total
Candidate Elected Election Votes Votes
Fernando JIMENEZ
LATORRE 108,091
Costa Rica 1,806
El Salvador 824
Guatemala 2,684
Honduras 1,324
Mexico 34,057
Nicaragua 1,510
Spain 44,842
Venezuela, Republica Bolivariana de 21,044
Patience Bongiwe KUNENE 35,128
Angola 3,609
Nigeria 13,457
South Africa 18,062
Andrei LUSHIN 70,073
Russian Federation 67,188
Syrian Arab Republic 2,885
Patrizio PAGANO 72,729
Albania 1,513
Greece 2,367
Italy 58,471
Malta 1,757
Portugal 6,143
San Marino 1,278
Timor-Leste 1,200
Maximo TORERO CULLEN 46,559
Argentina 18,863
Bolivia 2,468

100
 Members whose Votes Counted Towards Number of Total
Candidate Elected Election Votes Votes
Chile 10,696
Paraguay 1,912
Peru 8,374
Uruguay 4,246
Susan ULBAEK 74,405
Denmark 18,479
Estonia 1,853
Finland 12,122
Iceland 2,304
Latvia 2,437
Lithuania 2,593
Norway 14,101
Sweden 20,516

Total Number of Members

Voted 183 1,387,474

/s/ /s/

Zeina Toukan (Jordan) Marcus Svedberg (Sweden)

Teller Teller

101
 August 4, 2016
Allocation of FY16 Net Income
1. The General Reserve plus cumulative exchange rate translation adjustment for the IBRD as of
June 30, 2016 was US$26,172 million (before FY16 net income allocations). As of that date, the surplus
of the IBRD was US$271 million, and the Special Reserve created under Article IV, Section 6 of the
IBRD's Articles of Agreement totaled US$293 million.

2. For the fiscal year ended June 30, 2016 (FY16), the IBRD recorded on a reported basis a net
income of US$495 million. Allocable income of US$593 million is arrived at with the following standard
adjustments, plus or minus any rounding amounts less than US$1 million where applicable, to the
reported net income:

(a) a decrease of US$631 million to exclude the net unrealized mark-to-market gains on non-
trading portfolios;
(b) an increase of US$705 million to exclude the Board of Governors-approved and other
transfers that were allocated from FY16 income, or funded by Surplus or Restricted Retained
Earnings;
(c) an increase of US$24 million, representing the excess of the SRP, RSBP and PEBP
accounting expense over budgetary contribution and IBRD’s share of PEBP and PCRF
investment losses, via a transfer of the same amount from the pension reserve, and
(d) a decrease of US$1 million to exclude the income relating to the receivable from the PAF net
of net outflows relating to temporarily restricted funds, via a transfer of the same amount 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 FY16 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 FY16 net
income of the IBRD:

(a) the addition of US$96 million to the General Reserve, plus or minus any rounding amount less
than US$1 million, and
(b) the transfer to the International Development Association, by way of a grant of US$497
million, from FY16 allocable net income, which amount would be usable to provide financing in
the form of grants in addition to loans.

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 7, 2016).

102
 Reports of the Board of Directors
of MIGA
June 22, 2016
2016 Regular Election of Directors

1. Resolution No. 95 adopted by the Council of Governors on July 31, 2014, provides that a Regular
Election of Directors shall take place in connection with the 2016 Annual Meeting of the Council of
Governors. The Committee reviewed the issues that need to be addressed in the preparation of the Rules
for the 2016 Regular Election.

2. Since the 2014 Regular Election of Directors, one Category Two country (Bhutan) completed all
of the membership requirements.

3. The Report of the Ad Hoc Committee on the Rules for the 2014 Regular Election of MIGA
Directors stated once again in paragraph 4 that:

The Committee expressed the view, as reflected in the Report of the Board
of Directors, that at a time when membership in MIGA became equivalent to that of
the Bank (International Bank for Reconstruction and Development), the MIGA
Board of Directors would become identical in size and composition with that of the
Board of Executive Directors of the Bank and would be based on the same principles
of preserving a broad geographic pattern of representation and of allowing all major
groups of countries to be represented.

4. The Board is now composed of 25 Directors, representing roughly the same constituencies as in
the Bank. MIGA has 181 member countries as opposed to 189 in IBRD, 173 in IDA and 184 in IFC.

5. This increase in membership since 2014 indicates that efforts should continue toward achieving
homogeneity among the Boards of MIGA and the other institutions of the World Bank Group. Moreover,
the number of common issues being dealt with by the Executive Directors/Directors of the World Bank
Group institutions has continued to increase in number and complexity.

6. In view of these developments and noting that Article 2 of the MIGA Convention mandates the
Agency to complement the activities of other members of the World Bank Group, the Board of Directors
makes the following recommendations.

RECOMMENDATIONS

Size of the Board

7. The Board of Directors recommends that the number of Directors remain at its present 25.

Composition of the Board

8. The Board of Directors urges the Governors to form, as closely as possible, the same
constituencies in the MIGA Board of Directors as those for the Boards of other World Bank Group
institutions.

103
9. During the informal meeting held on May 20, 1991, it was the consensus of Directors that,
beginning with the 1992 Election of Directors, Governors should be urged to nominate candidates based in
Washington, D.C., and all Governors complied with this suggestion since the 1992 Regular Election. It is
again recommended that Governors be urged to nominate the same persons as Directors of MIGA as those
nominated to the Boards of the other World Bank Group institutions.

10. It is further recommended that Directors, particularly those elected by more than one Governor,
appoint the same persons as Alternate Directors of MIGA as those appointed to be Alternate Executive
Directors/Alternate Directors to the Boards of the other World Bank Group institutions.

Term of Office

11. Article 32(c) of the Convention and Section 10 of the MIGA By-Laws provide that the Council
of Governors shall determine the term of office of the Directors. It is desirable that the term of office of
MIGA’s Directors should coincide with those of the Boards of the other World Bank Group institutions to
facilitate elections of persons holding positions on these boards. Thus, the Board of Directors recommends
that the Council continue this practice. It is also recommended that the 2016 Regular Election of Directors
be held by requesting nominations and conducting ballots by rapid means of communication so as to
conclude a reasonable time in advance of November 1, 2016, when the term of office of the elected
Directors shall commence.

Maximum and Minimum Percentages of Votes Applicable to the Election

12. For the purpose of Schedule B to the MIGA Convention, the Board of Directors recommends
that for the 2016 Regular Election, the maximum and minimum percentages of the eligible votes required
for election of a Director would be ten and two percent, respectively. These percentages appear appropriate
for the election of the number of Directors to be elected. In the unlikely event that these percentages are
inappropriate due to additional new countries having become members of the Agency and subscription to
additional shares prior to the 2016 Regular Election, the Council of Governors could modify them before
the start of the election.

13. The Board of Directors also recommends that the date from which the 2016 Regular Election will
be effective be November 1, 2016.

14. The Board of Directors further recommends that the subsequent Regular Election of Directors
take place in connection with the Annual Meeting of the Council of Governors in 2018.

15. Accordingly, the Board of Directors recommends that the Council of Governors adopt the draft
Resolution and Rules for the 2016 Regular Election of Directors embodying the above recommendations.

(This report was approved and its recommendations were adopted by the Council of Governors on July 28, 2016).

104
 Rules for 2016 Regular Election of Directors
DEFINITIONS
1. In these Rules, unless the context shall otherwise require,
(a) "Convention" means the Convention Establishing the Multilateral Investment Guarantee
Agency, as amended.
(b) "Council" means the Council of Governors of the Agency.
(c) "Chairman" means the Chairman of the Council or a Vice Chairman acting as Chairman.
(d) "Governor" includes the Alternate Governor or any temporary Alternate Governor, when acting
for the Governor.
(e) "Secretary" means the Corporate Secretary or any acting Corporate Secretary of the Agency.
(f) "Election" means the 2016 Regular Election of Directors.
(g) "Eligible votes" means the total number of votes that can be cast in the election of the Directors
to be elected pursuant to the provisions of paragraphs 6 to 11 of Schedule B to the Convention.

2. All actions taken under these Rules, including communications by the Secretary and the Chairman and
nominations and balloting by the Governors, may be taken by rapid means of communication.

TIMING OF ELECTION
3. The election shall be held by requesting nominations and conducting ballots so as to conclude a
reasonable time in advance of November 1, 2016, when the term of office of the elected Directors
shall commence.

BASIC RULES - SCHEDULE B

4. The provisions of Schedule B of the Convention shall apply to the conduct of the election. For this
purpose:

(a) Twenty-five Directors shall be elected.

(b) Six Directors shall be elected separately, one each by the Governors of the six members having
the largest number of shares. The person nominated by each of the said Governors shall be
deemed to be elected upon being so nominated.
(c) The Directors not elected separately pursuant to paragraph 4(b) above shall be elected in
accordance with the rules in paragraphs 5 through 12 below.

SUPERVISION OF THE ELECTION

5. The Chairman shall appoint such tellers and other assistants and take such other action as he deems
necessary for the conduct of the election.

NOMINATIONS
6. (a) The Secretary shall request nominations from Governors during a suitable period specified by
the Secretary. As noted in the Report of the Board of Directors to the Council of Governors
105
 dated June 22, 2016, Governors are urged to nominate the same persons as the Directors of
MIGA as those elected to the Boards of the other World Bank Group institutions, and to form
the same constituencies in the MIGA Board of Directors as those in the Boards of the other
World Bank Group institutions. In addition, the Directors, particularly those elected by more
than one Governor, are urged to appoint the same persons as Alternate Directors of MIGA as
they have in the Boards of the other World Bank Group institutions.
(b) Each nomination shall be made on a nomination form furnished by the Secretary, signed by the
Governor or Governors making the nomination and submitted to the Secretary.
(c) Any person nominated by one or more Governors entitled to vote in the election shall be eligible
for election as Director.
(d) A Governor may nominate only one person.
(e) If a nominee withdraws from the ballot after the closing date of the nomination period, but before
the closing date of the ballot, the Secretary shall inform all Governors eligible to vote of such
withdrawal and invite them to submit nominations of a candidate by rapid means of
communication, during a suitable period specified by the Secretary. At the end of the prescribed
period of time for this nomination, the Secretary shall compile a new list of candidates with all
individuals who were nominated by at least one Governor in either nomination period, and
circulate that list by rapid means of communication to all Governors eligible to vote with an
invitation to vote through similar channels before the end of the balloting period.

BALLOTING
7. (a) Upon the closing of nominations, the Secretary shall send to all Governors entitled to vote in
the election the list of candidates for the election, together with the invitation to Governors to
vote in the first ballot, and announce the deadline for receipt of ballots.
(b) One ballot form shall be furnished to each Governor entitled to vote. On any particular ballot,
only ballot forms distributed for that ballot shall be counted.

8. Each ballot shall be taken as follows:

(a) Ballots shall be conducted by deposit of ballot forms, signed by Governors eligible to vote, with
the Secretary. The first ballot shall take place after the close of nominations concluding no later
than the first day of the 2016 Annual Meeting of the Council of Governors.
(b) When a bllot shall have been completed, the Secretary shall cause the ballots to be counted and,
as soon as practicable after the tellers have completed their tally of the ballots, shall announce
the names of the persons elected. If a succeeding ballot is necessary, the Secretary shall
announce the names of the nominees to be voted on, the members whose Governors are eligible
to vote and the time period for balloting.
(c) If the tellers shall be of the opinion that any particular ballot is not properly executed, they shall,
if possible, afford the Governor concerned an opportunity to correct it before tallying the results;
and such ballot, if so corrected, shall be deemed to be valid.

9. For the purposes of paragraph 6 of Schedule B to the Convention, the following percentages of total
votes are decided, namely, a maximum of ten percent of eligible votes and a minimum of two percent
of eligible votes.

ANNOUNCEMENT OF THE RESULT

10. After the tally of the last ballot, the Chairman shall cause to be distributed a statement setting forth the
result of the election.

106
EFFECTIVE DATE OF ELECTION
11. The effective date of the election shall be November 1, 2016, and the term of office of the elected
Directors shall commence on that date. Incumbent elected Directors shall serve through the day
preceding such date.

GENERAL
12. Any question arising in connection with the conduct of the election shall be resolved by the tellers,
subject to appeal, at the request of any Governor, to the Chairman and from him to the Council.
Whenever possible, any such questions shall be put without identifying the members or Governors
concerned.

107
 MULTILATERAL INVESTMENT GUARANTEE AGENCY

2016 Regular Election of Directors

Statement of Results of Election, October 7, 2016

Directors elected separately by the Governors of the six member countries having the largest number of
shares:

Members Whose Votes Counted Towards

Candidate Elected Election Total Votes

Matthew MCGUIRE United States 32,790

Kazuhiko KOGUCHI Japan 9,205

Ursula MUELLER Germany 9,162

Melanie ROBINSON United Kingdom 8,791

Herve DE VILLEROCHÉ France 8,791

Yingming YANG China 5,756

108
Directors elected by the Governors of member countries other than those listed above:

Members whose Votes Counted Towards Number of

Candidate Elected Election Votes Total Votes

Khalid ALKHUDAIRY 5,754

Saudi Arabia 5,754
Jason ALLFORD 7,377
Australia 3,245
Cambodia 390
Korea, Republic of 1,017
Micronesia, Federated States of 276
Mongolia 284
New Zealand 739
Palau 276
Papua New Guinea 322
Samoa 276
Solomon Islands 276
Vanuatu 276
Seydou BOUDA 8,153
Benin 334
Burkina Faso 287
Cabo Verde 276
Cameroon 333
Central African Republic 286
Chad 286
Comoros 276
Congo, Democratic Republic of 822
Congo, Republic of 341
Cote d'Ivoire 536
Djibouti 276

109
 Members whose Votes Counted Towards Number of
Candidate Elected Election Votes Total Votes
Equatorial Guinea 276
Gabon 395
Guinea 317
Guinea-Bissau 276
Madagascar 402
Mali 369
Mauritania 337
Mauritius 379
Niger 288
Sao Tome and Principe 276
Senegal 482
Togo 303
Omar BOUGARA 6,986
Afghanistan 344
Algeria 1,370
Ghana 658
Iran, Islamic Republic of 1,885
Morocco 839
Pakistan 1,389
Tunisia 501
Andrew BVUMBE 7,729
Botswana 314
Burundi 300
Eritrea 276
Ethiopia 349
Gambia, The 276
Kenya 529
Lesotho 314

110
 Members whose Votes Counted Towards Number of
Candidate Elected Election Votes Total Votes
Liberia 310
Malawi 303
Mozambique 397
Namibia 333
Rwanda 358
Seychelles 276
Sierra Leone 358
South Sudan 381
Sudan 432
Swaziland 284
Tanzania 474
Uganda 459
Zambia 544
Zimbabwe 462
Otaviano CANUTO 7,477
Brazil 2,832
Colombia 996
Dominican Republic 373
Ecuador 547
Haiti 301
Panama 457
Philippines 1,079
Suriname 308
Trinidad and Tobago 584
Subhash GARG 7,402
Bangladesh 825
Bhutan 276
India 5,597

111
 Members whose Votes Counted Towards Number of
Candidate Elected Election Votes Total Votes
Sri Lanka 704
Franciscus GODTS 10,899
Austria 1,592
Belarus 459
Belgium 3,803
Czech Republic 1,010
Hungary 1,220
Kosovo 322
Luxembourg 430
Slovak Republic 617
Slovenia 406
Turkey 1,040
Werner GRUBER 6,779
Azerbaijan 341
Kazakhstan 594
Kyrgyz Republic 303
Poland 990
Serbia 633
Switzerland 2,869
Tajikistan 356
Turkmenistan 292
Uzbekistan 401
Andin HADIYANTO 6,736
Fiji 297
Indonesia 2,075
Lao People's Democratic Republic 286
Malaysia 1,246
Myanmar 404

112
 Members whose Votes Counted Towards Number of
Candidate Elected Election Votes Total Votes
Nepal 348
Singapore 498
Thailand 968
Vietnam 614
Merza HASAN 7,884
Bahrain 362
Egypt, Arab Republic of 1,035
Iraq 576
Jordan 397
Kuwait 1,865
Lebanon 476
Libya 775
Maldives 276
Oman 392
Qatar 467
United Arab Emirates 882
Yemen, Republic of 381
Frank HEEMSKERK 11,591
Armenia 306
Bosnia and Herzegovina 306
Bulgaria 869
Croatia 556
Cyprus 409
Georgia 337
Israel 1,061
Macedonia, former Yugoslav Republic of 314
Moldova 322
Montenegro 287

113
 Members whose Votes Counted Towards Number of
Candidate Elected Election Votes Total Votes
Netherlands 4,048
Romania 1,204
Ukraine 1,572
Christine HOGAN 9,976
Antigua and Barbuda 276
Bahamas, The 402
Barbados 346
Belize 314
Canada 5,451
Dominica 276
Grenada 276
Guyana 310
Ireland 876
Jamaica 545
St. Kitts and Nevis 276
St. Lucia 314
St. Vincent and the Grenadines 314

Fernando JIMENEZ
LATORRE 7,518
Costa Rica 432
El Salvador 348
Guatemala 366
Honduras 404
Mexico 1,418
Nicaragua 406
Spain 2,491
Venezuela, Republica Bolivariana de 1,653

114
 Members whose Votes Counted Towards Number of
Candidate Elected Election Votes Total Votes
Patience Bongiwe KUNENE 4,014
Angola 413
Nigeria 1,713
South Africa 1,888
Andrei LUSHIN 6,276
Russian Federation 5,754
Syrian Arab Republic 522
Patrizio PAGANO 7,776
Albania 328
Greece 719
Italy 5,196
Malta 358
Portugal 899
Timor-Leste 276
Maximo TORERO CULLEN 5,641
Argentina 2,436
Bolivia 446
Chile 1,081
Paraguay 367
Peru 883
Uruguay 428
Susan ULBAEK 7,774
Denmark 1,491
Estonia 341
Finland 1,283
Iceland 316
Latvia 397
Lithuania 413

115
 Members whose Votes Counted Towards Number of
Candidate Elected Election Votes Total Votes
Norway 1,458
Sweden 2,075

Total Number of Members

Voted 181 218,237

/s/ /s/

Zeina Toukan (Jordan) Marcus Svedberg (Sweden)

Teller Teller

116
 Accredited Members of the Delegations at the 2016 Annual Meetings

Afghanistan Algeria

Governor Governor
Eklil Ahmad Hakimi Hadji Babaammi
Alternate Governor Alternate Governor
Mohammad M. Mastoor Abdelhak Bedjaoui
Other Other
Javid Ahmad Ahmed Boutache
Hila Nawa Alam Amir Bouttaba
Syed Ishaq Alavi Malek Djaoud
Matiullah Faeeq Rosthom Fadli
Mohammad Qahir Haidari Tarik Ladjouzi
Mohebullah Jabarkhail Mohamed Loukal
Hamdullah Mohib Said Maherzi
Khalid Payenda Nawel Noureddine
Khalil Sediq
Angola
Albania
Alternate Governor
Governor Job Graca
Arben Ahmetaj B Aia-Eza Silva *
Gent Sejko M
Other
Alternate Governor Ricardo Abreu
Elisabeta Gjoni B Nsingi Andre
Erjon Luci M Ana Carla Cardoso
Julio Daniel Cohen
Other Jose Manuel Cortez
Knidi Bashari Juciene Clara Daniel Cristiano
Alba Caroshi Valter Filipe Duarte da Silva
Donald Duraj Kamy Elvira Fernandes
Ricardo Hausmann Martina Fernandes
Endrit Lami Sihanouk Fortuna
Nikolla Lera Victoria Francisco
Ljubica Nedelkoska Gil Henriques
Gelardina Prodani Mario Joao
Mimoza Selmani Elavoco Rosario Joao
Erald Themeli Emilio Londa
Klodian Tomorri Tuneka Lukau
Etjen Xhafaj Esmeralda Mangueira
Suzana Monteiro
Miguel Antonio Nascimento
Amelia Claudia Neto
__________________

The list includes delegates for the World Bank Group and the IMF.
B – Bank only
M – MIGA only
* – Temporary

117
 Teresa Evaristo Pascoal Daniel Martin
Tombwele Pedro Maria Martinez Gramuglia
Milton Reis Patricio Melani
Ocante Resende Rodrigues Carlos Alberto Melconian
Laurinda Santos Almeida Pablo Andres Neumeyer
Fabio Soares Pedro Sebastiao Raul Horacio Novoa
Felinto Soares Julian Ortiz
Agostinho Tavares da Silva Neto Norberto Pagani
Adebayo Emanuel Vunge Sergio Osvaldo Perez Gunella
Pablo Quirno
Antigua and Barbuda Demian Axel Reidel
Juan Antonio Ripoll
Alternate Governor Pablo Jose Rodriguez Brizuela
Lennox O. Weston Guido Martin Sandleris
Luis Rodolfo Secco
Other
Andres Pedro Tittarelli
Rasona E. Davis
Héctor R. Torres
Whitfield Harris
Vladimir Werning
Argentina
Armenia
Governor
Governor
Alfonso Prat-Gay
Vache Gabrielyan
Alternate Governor
Federico Sturzenegger
Other
Other Vardan Aramyan
Santiago Afonso Rafayel Avetisyan
Luan Aggersberg Andranik Grigoryan
Candelaria Alvarez Moroni Arthur Javadyan
Maria Alves Rosa Tigran Khalikyan
Federico Alejandro Barttfeld Nerses Yeritsyan
Santiago Bausili
Yael Dina Bialostrozky Australia
Eugenio Bruno
Estefania Campaniello Alternate Governor
Luis Andres Caputo Nigel Ray *
Gerardo Diaz Bartolome
Soto Felix Martin Other
Mariano Flores Vidal Pena Guy Adams
Florencia Soledad Garcia Grant Brown
Juan Francisco Gutierrez Telleria Lauren Brummitt
Christian Federico Hotton Kristina Costello
Sebastian Katz Philip Crago
Pedro Lacoste Max Debelle
Jorge Roberto Hernan Lacunza Nigel Edwards
Guillermo Alejandro Laje Nicholas Ferres
Bernardo Lischinsky Linda Fraser
Martin Lousteau Kristy Gaetjens
Gustavo Lunazzi Bill Gripas
Sofia Machado Daryl Heathcote
Gustavo Angel Marconato
__________________

B – Bank only
M – MIGA only
* – Temporary

118
 Dana Hockey Azerbaijan
Carl Jordan Hoverman
Scott Kovtun Governor
Susan Mckenna Samir Sharifov
Kate Millar
Natasha Milliner Alternate Governor
Barry Keith Morrison Emin Huseynov
Robert Ian O'sullivan
Hector Plummer Other
Jessica Preston Anar Ahmadov
Joanne Reinke Elshan Aliyev
John Richards Tural Balakhishiyev
Chris Mark Robertson Yusif Heydarov
Mark Roche Afgan Isayev
Caroline Rohan Sarkhan Ismaylov
Laura Schwartz Sanan Mirzayev
Sarah Smith Shahmar Movsumov
Samantha Lea Stableford Azer Mursagulov
Cynthia Sterland Elman Rustamov
Andrew Stewart Ulvi Seyidzade
William Elliott Tattersall Elin Suleymanov
Yuri Tattersall Mammad Talibov
Christopher John Thompson
First Name Middle Name Tolhurst Bahamas, The
Joe Ward
Gemma Williams Alternate Governor
Ben Woods Christine Thompson

Austria Other
Michael B. Halkitis
Alternate Governor John Rolle
Paul Schieder
Guenther Schoenleitner Bahrain

Other Governor
Markus Arpa Ahmed Mohamed Hamad A. Alkhalifa
Alexander Ehrlich-Adam
Elisabeth Gruber Alternate Governor
Andrea Hagmann Yusuf Abdulla Humood
Peter Istjan
Andreas Ittner Other
Christian Just Rasheed Mohamed Al Maraj
Brigitte Mayr Heidi Van Den Boom
Ewald Nowotny Sami Mohammed Hameed
Andreas Stauber Mohamed Abdulla Abdulkarim
Wolfgang Waldner Hamad Ahmed Mohamed Alkhalifa
Michael Wancata

__________________

B – Bank only
M – MIGA only
* – Temporary

119
Bangladesh Other
Dmitry Kalechits
Governor Pavel Kallaur
Abul Maal A Muhith Siarhei Nahorny
Other Aleksei Pavlov
Md Joynal Abedin Oleg Popov
Mahbub Ahmed Sergei Roumas
Sarif Ahmed Pavel Shidlovsky
Sagir Ahmed Pavel Shulga
Muhammad Musharraf Hossain Bhuiyan Maksim Yermalovich
Abdur Rahim Harmachi Andrei Yeudachenka
S K Aktar Hossain
S M Jakaria Huq Belgium
Mohammed Syful Islam
Ali Haider Mohammad Jahangir Alternate Governor
Fazle Kabir Jan Smets B
Md Abul Fayez Khan Ronald De Swert M
Sabia Muhith Pieter Jan Van Steenkiste *
Samina Muhith Guillaume Pierre Wunsch *
Shamima Nargis
Md Shahabuddin Patwary Other
Md Habibur Rahman Jeroen Clicq
Mohammad Ziauddin Gerda De Corte
Anthony De Lannoy
Barbados Kurt Delodder
Olivier Elias
Governor Tom Franck
Christopher P. Sinckler Els Haelterman
Ludivine Halbrecq
Alternate Governor Stefany Knoll
Louis Woodroffe * Anne Leclercq
Marc Rifflet
Other Melanie Schellens
Jane Elizabeth Brathwaite Dominique Servais
Michelle Doyle Lowe Luc Roger Stevens
Seibert Kenmore Frederick
Oliver Jordan Belize
Angela Kinch
Arlette King Governor
Jovan Reid Carla Barnett
Delisle Worrell
Alternate Governor
Belarus Yvonne Sharman Hyde

Governor Other
Vasily Matyushevsky Patrick Andrews
Elvira Mendez
Alternate Governor Ardelle Sabido
Aleksandr Zaborovsky * Joseph D. Waight
Emil J. Waight

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M – MIGA only
* – Temporary

120
Benin Bosnia and Herzegovina

Governor Governor
Abdoulaye Bio-Tchane Denis Zvizdic

Alternate Governor Alternate Governor

Romuald Wadagni Asja Niksic

Other Other
Francis Amoussou Vjekoslav Bevanda
Valentin Biaou Dina Budalica
Philippe Dahoui Emin Cohodarevic
Victorin Ede Yaovi Samir Corovic
Gilles Guerard Zeljka Cvijanovic
Fabrice Houessou Milorad Djurdjevic
Freud Klissou Mario Glibic
Alain Komaclo Haris Hrle
Josue Toho Sanja Juric
Ankica Kolobaric
Bhutan Alem Kominlija
Ankica Kovacevic
Governor Sasa Maric
Namgay Dorji Jelka Milicevic
Darko Milunovic
Alternate Governor Goran Mirascic
Tshering Dorji B* Milenko Misic
Amela Mulavdic
Other Olivera Nikolic
Phajo Dorjee Fadil Novalic
Dasho Penjore Lejla Simon
Phub Dorji Tangbi Senad Softic
Zoran Tegeltija
Bolivia Dalibor Tomas

Governor Botswana
Rene Gonzalo Orellana Halkyer
Governor
Alternate Governor Ontefetse Kenneth Matambo
Luis A. Arce
Alternate Governor
Other Solomon M. Sekwakwa
Alejandro Bilbao Bilbao La Vieja Ruiz
Víctor De La Barra Other
Jaime Durán Chuquimia Puni Galefetoge Campbell
Hernando Cordova Larrazabal Chepete Chepete
Leyla Medinaceli Lefhoko Kgoboko
Raùl Mendoza Kealeboga Shalaulo Masalila
Mariana Prado Noya Linah K. Mohohlo
Juliet Lindiwe Molebatsi
Emolemo Morake
Taufila Nyamadzabo
__________________

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M – MIGA only
* – Temporary

121
 Ignatius Khuduego Oarabile Marcio Takeda
Alexandre Tombini
Brazil Jeannine Torres
Carlos Viana
Governor
Ilan Goldfajn Brunei Darussalam

Alternate Governor Governor

Luis Antonio Balduino Hisham Mohd Hanifah

Other Other
Carlos Hamilton Araujo Yusof Abd Rahman
Tiago Berriel Mardini Eddie
Renato Bezerra Dos Santos Mohammad Nizam Ismi
Brigida Bongiolo Azizul Sabrin Omar
Leonardo Botelho Ferreira Haziq Sahrip
Camilo Buzzi
Otaviano Canuto Bulgaria
Vinicius Carrasco
Matheus Cavallari Governor
Ricardo Daskal Hirschbruch Vladislav Goranov
Ariosto De Carvalho
Mauricio De Moura Alternate Governor
Ricardo De Souza Monteiro Dimitar Kostov
Sandro De Vargas Serpa
Pedro Fachada Other
Isaac Ferreira Nadejda Georgieva Deleva
João Fruet Junior Eleonora Nikolaeva Nikolova
Arnaldo José Galvão Svetlana Dimitrova Panova
Erivaldo Gomes Marinela Petrova
Wagner Thomaz De Aquino Guerra Dimitar Radev
Gustavo Paul Kurrle Nikolay Stefanov
Artur Cardoso De Lacerda Tihomir Stoytchev
Reinaldo Le Grazie
Reinaldo Lima Burkina Faso
Alfredo Lingoist
Ernesto Lozardo Governor
Giselle Meirelles Hadizatou Rosine Coulibaly Sori
Henrique Meirelles
Flavio Melo Other
André Minella Lassina Bitie
Solange Moraes Rego Juste Alain Magloire Dabre
Amelia Oliveira Mahamadou Diarra
Diogo Ramos Moïse Moussa Kabore
Leonardo Reis Salam Kafando
Bruno Saraiva Moubassera Kirakoye
Jose Gilberto Scandiucci Charles Ki-Zerbo
Sergio Silva Do Amaral Sanata Kone
Antonio Henrique Silveira Sié Hamed Abdel Aziz Laye
Alisson Souza Marcellin Nanema
Guilherme Studart
__________________

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M – MIGA only
* – Temporary

122
 Naby Abraham Ouattara
Stephane Ouedraogo Other
Adama Salembere Narith Chan
Monique Sanou Chanto Chea
Seydou Sinka Serey Chea
Ateridar Galip Some Suasdey Chea
Sylvestre Bapouguini Tankoano Dalin Chhun
Armand Tiemtore Bunrong Chum
Pierre Waongo Bonnaroth Houl
Vouthy Khou
Burundi Sovannarith Kith
Sopheara Mang
Governor Sam An Meas
Domtien Ndihokubwayo Channarith Meng
Chanthana Neav
Alternate Governor Sannisith Sum
Desire Musharitse B* Channoch Vong
Sakada Vy
Other
Sylvere Bankimbaga Cameroon
Jean Ciza
Benjamin Manirakiza Governor
Ernest Ndabashinze Louis Paul Motaze
Aiamble Niyonkuru
Audace Niyonzima Alternate Governor
Deo Guide Rurema Charles Assamba Ongodo
Beatrice Samandari Jean Tchoffo *
Aude Toyi
Other
Cabo Verde Sarwal Adoum Mahamat
Delphine Akelanwie Ngundam
Governor Evelyne Akwese Ndikefor
Olavo Correia Henri Bala Mbarga
Michele Esso
Alternate Governor Michel Modeste Essono
Carlos Furtado Henri Etoundi Essomba
Carla Cruz * Sylvie Eyeffa
Njie Thomas Kinge
Other Jeannette Laouadi
Oriana Gonçalves Jean Marie Benoît Mani
Rui Maia Matthew Martin
Jose Luis Rocha Gregoire Mebada Mebada
Alamine Ousmane Mey
Cambodia Theodore Nana
Chinmoun Oumarou
Governor Isaac Tamba
Vanndy Hem Thomas Georistian Tchotelle

Alternate Governor
Thirong Pen
__________________

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M – MIGA only
* – Temporary

123
Canada Katharine Rechico
Jonathan Rothschild
Governor Paul Samson
Bill Morneau Neil Saravanamuttoo
David Sarraf
Alternate Governor Shehryar Sarwar
Marie-Claude Bibeau Jill Vardy
Peter Boehm * Hanna Wajda
Timothy Sargent * Carolyn Wilkins
Gloria Wong
Other Emily Yorke
Carmen Avila-Yiptong Rebekah Young
Robert Bacile Lorie Zorn
David Barnabe
Antoine Brunelle-Cote Central African Republic
Robert Cayer
James Clark Governor
Brian Clow Felix Moloua
Carolyn Cudmore
Gitane De Silva Alternate Governor
Umesha De Silva Marie-Laure Dengou
Saman Dias Amarawardena
Vincent Doire Other
Erik Ens Lucas Abaga Nchama
Bob Fay Henri Bedaya
Damian Ferrese Henri Pascal Bolanga
Sarah Fountain Smith Ali Chaïbou
Chrystia Freeland Amadou Cisse
Gilles Gauthier Mesmin Dembassa Worogagoi
Collin Goodlet Henri-Marie Dondra
Etienne Grall Gervais Doungoupou
Jeremy Harrison Alexis Guenengafo
David Hart Abdoulaye Hamadou
Hussein Hirji Joseph Henri Ikori Yombo
Howard Isaac Evelyne Loudegue
Sharan Kaur Lydie Flore Magba
Gitanjali Kumar Abakar Mahamat
Timothy Lane Anissa Dacosta Ngundi
Rick Leblanc Damian Ondo Mane Nchama
Jean-Simon Lepage Zul-Kifl Salami
Richard Maksymetz Franck Wackers
Basia Manitius
Julie Mann Chad
Rachel Mccormick
Steven Mclaren Governor
Josianne Menard Mariam Mahamat Nour
Geoffroi Montpetit
Angela Nembavlakis Alternate Governor
Patricia Pena Ngabo Seli Mbogo
Stephen Poloz
Elisha Ram
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M – MIGA only
* – Temporary

124
 Other
Ousmane Abdoulaye Haggar Other
Djagba Balandi Ming Ai
Abdoulaye Barh Bachar Linghui Cai
Nurane Bashir Xiaoli Cai
Bechir Daye Shixin Chen
Naimbayel Djekonde Lijuan Chen
Amelie Djeraibe Jia Chen
Tchoul Tchouli Gombo Jing Chen
Akhouna Kasser Yu Cheng
Gore Mbaitoloum Lin Cheng
Mahamat Nasser Hassan Pik Ching Beatrice Chiu
Tchingombe Patchanne Papouri Kang Ding
Antonio Poncioni Merian Shilei Fan
Christiana Rajaomanera Xinran Gao
Ildjima Sanda Mallot Elsa V. Gomez
Ngueto Tiraina Yambaye Wensong Guo
Jing Guo
Chile Kai Guo
Bin Han
Governor Yahui He
Rodrigo Osvaldo Valdes Pulido Jianxiong He
Weng Sun Ho
Other Lourdes Horton
Felipe Allard Hanning Hu
Ricardo Consiglio Xiaofan Hu
Rodrigo Contreras Xin Hua
Kevin Cowan Yuan Jiang
Beltran De Ramon Zhongxia Jin
José Degregorio Kin Wai Law
Annemarie Duncker Wing Sing Vincent Lee
Maria Flores-Isch Cheuk Man Leung
Marcela Gomez Hongxia Li
Carlos Mártabit Hui Li
Alberto Naudon Wenzheng Li
Manuel Augusto Pacheco Ran Lin
Jorge Rodríguez Jian Liu
Alejandra Rozas Weihua Liu
Claudio Soto Zongjie Liu
Joaquin Viladomat Tres Hua Liu
Juan Gabriel Valdés Jin Lu
Rodrigo Vergara Zhenyu Lu
Ricardo Vicuña Nan Luan
Xiao Luo
China Hui Ma
Jun Ma
Governor Changchun Mu
Jiwei Lou Lu Ouyang
Jiangnan Qian
Alternate Governor Yan Ren
Yaobin Shi Zhong Ruan
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B – Bank only
M – MIGA only
* – Temporary

125
 Xiaofeng Rui Juliana Escalante
Yu Sang Andres Escobar
Yang Shuai Milena Lopez
Kai Song Ana Fernanda Maiguashca
Xiangyan Song Lina Maria Mondragon
Tianqi Sun Felipe Munoz
Ping Sun Juan Carlos Pinzon
Dong Tao Martha Lucia Ramos
Chun Wah, John Tsang Maria Clemencia Sierra
Jianfan Wang Jose Dario Uribe
Sheng Wang
Wei Wu Comoros
Jingfang Wu
Wai Man Wu Governor
Weizheng Xiang Said Ali Chayhane
Sheng Xie
Fei Xie Alternate Governor
Yi Xiong Fouad Goulam
Luling Xu
Caixia Xu Other
Bo Yan Omar Bafakih
Fan Yang Mze Abdou Mohamed Chanfiou
Yang Yang Mze Chei Oubeidi
Yuanjie Yang Moindjie Saadi
Zi Yang Omar Soilihi
Yingming Yang Mohamed Soilihi Djounaid
Gang Yi
Hoi Ying Yip Congo, Democratic Republic of
Raymond Yuen
Bo Zhang Governor
Xu Zhang Henri Yav Mulang
Lei Zhang
Song Zhang Alternate Governor
Yan Zhou Gérard Mutombo Mule Mule
Ye Zhou
Xiaochuan Zhou Other
Guangyao Zhu François N. Balumuene
Jun Zhu Joachim Batomene Matukondolo
Dan Zong Célestin Chiza
Alain Kaninda Ngalula
Colombia Jean Louis Kayembe Wa Kayembe
Patrice Kitebi Kibol Mvul
Governor Firmin Koto
Mauricio Cardenas Bertin Mawaka Lubembo
Samba Mawakani
Other Godefroid Misenga Milabyo
Maria Angelica Arbelaez Lievinne Mongu
Eduardo Campo Tambo A Kabila Mukendi
Carlos Gustavo Cano Félicien Mulenda Kahenga
Clemente Del Valle Sandra Zeli Munzimi
Sergio Diazgranados Vincent Ngoga Nzinga
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M – MIGA only
* – Temporary

126
 Jephte Kibidikila Nsumbu Roger Madrigal
Honoré Tshiyoyo Dijiba
Cote d'Ivoire
Congo, Republic of
Governor
Governor Daniel Kablan Duncan
Ingrid Olga Ghislaine Ebouka-Babackas
Alternate Governor
Alternate Governor Jean-Claude Brou
Calixte Nganongo
Other
Other Fiacre Adopo
Sarah Andely John Afele
Maxime Apounou Prosper Akmel Akpa
Belery Atomini Diamoutene Alassane Zie
Jacques Bouity Amoa Antoine Ano
Henri Djombo Jacques Assahore Konan
Aymar Delmas Ebiou Inza Camara
Landry Savely Ekaka Okombi Abdourahmane Cisse
Theodore Ikemo Jean Alain Clement
Jean Claude Iwanga Jean-Marie Coulbary
Paul Malie Adama Coulibaly
Stephane B. Mamaty Soungalo Jules Prosper Coulibaly
Franck Corneille Mampouya-M'bamba Mamadou Sangafowa Coulibaly
Bertille Ida Chantal Mapouata Chalouho Coulibaly
Thystere Mayanith Sylvie Dadie Nguessan
Serge Mombouli Daouda Diabate
Pierre Mpandou Massanfi Bamba Diomande
Jacqueline Claire Nzalankazi Vakaramoko Doumbia
Roch Okemba Kouao Ephrem Enoh
Auxence Okombi Prakash Hurry
Felicite Omporo-Enouany Ahoutou Emmanuel Koffi
Jean-Baptiste Ondaye Paul Koffi
Gatien Wenceslas Ondaye Obili Andre Sylvere Konan Kouakou
Isidore Ondoki Nathan Kone
Gabrielle Prisca Ouya Yacouba Kone
Frederic Poumbou Adama Kone
Kouame Georges Kouadio
Costa Rica Remi Allah Kouadio
Mireille M'bahia
Governor Jil-Alexandre N'dia
Helio Fallas Marcellin N'djomon
Sain Oguie
Alternate Governor Wautabouna Ouattara
Olivier Castro Pérez Jeremias Pereira
Juan Carlos Quiros B* Clement Plaho Ekra
Lucien Pouamon
Other Yves Tadet
Carlos De Paco Thierry Tanoh
Juan Carlos Izaguirre Araujo Caroline Tioman
Roman Macaya Nankaridja Toure
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B – Bank only
M – MIGA only
* – Temporary

127
 Koffi Yao Other
Jana Bacova
Croatia Karel Bauer
Pavla Knotkova
Governor Miroslav Kollar
Zdravko Maric Jiri Rusnok
Jan Schmidt
Alternate Governor Dana Steinmetzova
Silvija Belajec * Vladimir Tomsik

Other Denmark
Oleg Butkovic
Michael Faulend Alternate Governor
Marijana Kolic Martin Bille Hermann
Zoran Konstantinovic
Nikica Kopacevic Other
Relja Martic Thomas Worm Andersen
Josip Paro Jesper Berg
Hrvoje Radovanic Per Callesen
Vedran Sosic Rasmus Ammitzboeld Degn
Harun Tankovic Mary-Lou Julie Nathalia Feinberg
Zeljko Tufekcic Claus Hjort Frederiksen
Mirna Vlasic Feketija Thomas Pihl Gade
Boris Vujcic Anne Louise Grinsted
Helena M. Hansen
Cyprus Martin Holmberg
Deanie Jensen
Governor Michael Joerholm
Kyriacos Kakouris Signe Terney Larsen
Lars Gert Lose
Alternate Governor Lotte Machon
Stelios Leonidou * Sune Malthe-Thagaard
Maria Marin
Other Lisbeth Mikkelsen
Chrystalla Georghadji Jens B. Nellegaard
Harris Georgiades Anders Ornemark
Georgios A. Kyriacou Mette Petry
Savia Orphanidu Jennifer A. Pham
Leonidas Pentelides Niels Richter
Andrea Petranyi Lars Rohde
Georgios Syrichas Anne Pontoppidan Soerensen

Czech Republic Djibouti

Governor Governor
Milena Hrdinkova Ilyas Moussa Dawaleh

Alternate Governor Alternate Governor

Zuzana Matyasova Ibrahim Hamadou Hassan *

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B – Bank only
M – MIGA only
* – Temporary

128
 Other Other
Almis Mohamed Abdillahi Maria Soledad Barrera
Abdallah Oumar Absieh Francisco Borja Cevallos
Mouna Osman Aden Nathalie Cely
Ahmed Osman Ali Daniel Andres Hernandez Cely
Mohamed Ali Sebastian Maag Pardo
Djama Souleiman Ali Diego Martinez Vinueza
Dougsyee Aouled Douksieh Victor Villacres
Ali Daoud Paul Villareal
Ismail Mohamed Djama
Mohamed Siad Douale Egypt, Arab Republic of
Youssouf Aouled Farah
Abdi Ismael Hersi Governor
Mohamed Mahmoud Moustapha Sahar Nasr
Daher Omar Obsieh
Haibado Ismael Omar Alternate Governor
Dirieh Farah Souldan Shehab Marzban *

Dominica Other
Maha Zakaria Abdallah
Other Ahmed Farouk Abdelhamid
Timothy N. J. Antoine Mohamed Elhady Abdelmageed
Vince Henderson Mohamed Ahmed Aboulfadl
Rami Ahmed Adel Mohamed Aboulnaga
Dominican Republic Ayman Alkaffas
Amr Altantawy
Governor Tarek Hassan Amer
Isidoro Santana Lopez Magued Sayed Amin
Reham Barakat
Alternate Governor Yasser El Shemy
Yvan Rodriguez Hany El Waziry
Yasser Gaber Elfityany
Other Amr Aly Elgarhy
Julio Gabriel Andujar Scheker Mahmoud Elkhatib
Rafael Capellan Costa Hisham Tarek Elshall
Frank Fuentes Dina Ezzat
Mercedes Magdalena Lizardo Espinal Wael Hamed
Harold Ortiz Rios Nehal Helmy
Juan Reyes Lobna Hilal
Joel Tejeda Ahmad Hosni
Hector Valdez Albizu Mohamed Ismail
Ahmed Ismail
Ecuador Youmna Khattab
Ahmed Kouchouk
Governor Mootaz Mansour
Fausto Eduardo Herrera Nicolalde Shahir Wafik Nashed
Mohanad Omar
Alternate Governor Yasser Reda
Patricia Cobos B* Karim Saad
Yasser Sobhi

__________________

B – Bank only
M – MIGA only
* – Temporary

129
El Salvador Martha Woldeghiorghis

Governor Other
Francisco Lorenzana-Duran Berhane Habtemariam Messel

Alternate Governor Estonia

Carlos Enrique Caceres
Governor
Other Sven Sester
Oscar Anaya
Luis Aparicio Alternate Governor
Gustavo Argueta Marten Ross
Oscar Cabrera Melgar
Claudia Canjura De Centeno Other
Edgar Rolando Cartagena Eve Anni
Nelson Fuentes Ardo Hansson
Julieta Fuentes Katrin Kask
Carlos Sanabria Riina Laigo
Mauricio Silva Raoul Lattemae
Enilson Solano Madis Muller
Helen Popp
Equatorial Guinea
Ethiopia
Governor
Eucario Bakale Angue Oyana Governor
Abdulaziz Mohammed
Other
Carmen Abeme Medam Alternate Governor
Sergio Jesus Abeso Obono Fisseha Aberra
Juan Manuel Afugu Mbomio
Dina Akele Abaga Nchama Other
Denisse Andeme Ndong Teklewold Atnafu Ambula
Magdalena Ava Bosoka Newayekritos Gabreab
Ivan Bacale Ebe Molina Girma Birru Gedda
Esperanza Obono Edjang Ayingono Getachew E Gizaw
Elias Ovono Edjo Iliena Gabreyesus Guntie
Teodoro Ela Ebang Mezgebu Terefe
Amada Madiba Sepa
Fernando Nguema Mangue Abeme Fiji
Cesar Augusto Mba Abogo
Antonio Ngua Mba Eyang Governor
Ismael Efua Mbana Makina Aiyaz Sayed-Khaiyum
Luis E. Ndong Grachov
Arturo Nguema Abogo Alternate Governor
Pascual Nvo Mangue Makereta Konrote
Miguel Engonga Obiang Eyang
Nicolas Fernando Okiri Abaha Other
Faizul Ariff Ali
Eritrea Pankaj Pratap Singh
Resina Leba Luwa Sovea
Alternate Governor Petaia Dokanivalu Tuimanu
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B – Bank only
M – MIGA only
* – Temporary

130
 Akuila Kamanalagi Vuira Jeremie Blin
Caroline Elizabeth Waqabaca Josselin Bremaud
Tracey Ching Ling Wong Laurence Breton
Nathalie Broadhurst
Finland Bruno Cabrillac
Armel Castets
Governor Benoit Catzaras
Petteri Orpo Anne-Sophie Cerisola
Brittany Chaney
Alternate Governor Marilyn Chaperon
Kai Aslak Mykkanen B Clemence Choutet
Elisabeth Claverie De Saint Martin
Other Gregory Clemente
Aki Ilari Enkenberg Benoit Cormier
Pentti Hakkarainen Stephane Crouzat
Heikki Juhani Hietala Gabriel Cumenge
Tuuli Juurikkala Nicolas Dasnois
Sanna Kangasharju Simond De Galbert
Kirsti Kauppi Annabelle De Gaye
Teppo Koivisto Olivier Decottignies
Erkki Liikanen Samuel Delepierre
Soili Makelainen-Buhanist Anne-Marie Descotes
Veronica Marchant Morgan Eric Despres
Pekka Antero Moren Mariam Diallo
Mika Poso Diane Doucerain
Pasi Harri Rajala Maxime Durande
Leena Ritola Marc Farnoux
Anu Sammallahti Marie-Helene Ferrer
Satu-Leena Santala Jean-Luc Fulachier
Ville Kalervo Valkonen Bruno Fulda
Kimmo Virolainen Jeremie Gauthier
Max von Bonsdorff May Gicquel
Gael Giraud
France Amelie Girerd
Michael Gordon
Governor Yves Guicquero
Michel Sapin Thibault Guyon
Francois Haas
Alternate Governor Kamilla Hassen
Odile Renaud-Basso Bernhard Hechenberger
Guillaume Chabert * Isabelle Horlans
Herve De Villeroche * Pierre Jaillet
Oliver Jonglez
Other David Krembel
Marie-Jeanne Ama Patrick Lachaussee
Gerard Araud Emmanuelle Lachaussee
Julien Assoun Philippe Lacoste
Schwan Badirou Gafari Renaud Lassus
Guillaume Barberousse Anne Le Lorier
Francois-Xavier Bellocq Noam Leandri
Pierre-Emmanuel Beluche Laure Loaec
__________________

B – Bank only
M – MIGA only
* – Temporary

131
 Tomas Macek Akwo Fule Meporewa
Veronique Massenet Denis Meporewa
Emmanuelle Matz Thierry Minko
Laurence Monnoyer-Smith Medard Ndoungou Bidaye
Julie Morel Jean-Baptiste Ngolo Allini
Tristan Mouline Rod Rembendambya
Stephane Mousset Guy Nazair Samba
Amaury Mulliez
Lily Olm Gambia, The
Philippe Orliange
Balazs Parkanyi Governor
Jeremie Pellet Abdou Kolley
Nicolas Pillerel
Cecile Pot Alternate Governor
Cyril Rebillard Baboucarr Jobe B
Anthony Requin
Olivier-Gabriel Richard Other
Natacha Rimbon Lamin Camara
Remy Rioux Amadou Colley
Cyril Rousseau Kumba Conateh
Segolene Royal Sheikh Omar Faye
Marion Sanchez Bakary Jammeh
Raphael Sart
Ioulia Sauthier Georgia
Laurence Scurry
Maryline Simone Alternate Governor
Xavier Starkloff Nikoloz Gagua *
Marc-Olivier Strauss-Kahn David Lezhava *
Samuel Tribollet
Laurence Tubiana Other
Andre Vallini Levan Beridze
Francois Villeroy De Galhau Sofia Gegechkori
Nadia Voisin Archil Gegeshidze
Victor Wright Koba Gvenetadze
Laurent Zylberberg Giorgi Kakauridze
Archil Mestvirishvili
Gabon Mariam Tarasashvili
Giorgi Tsikolia
Governor Givi Zedelashvili
Régis Immongault Tatagani
Germany
Alternate Governor
Roger Owono Mba Governor
Thomas Silberhorn
Other
Eric Roland Belibi Alternate Governor
Lionel Beninga Thomas Bernd Steffen
Boubakary Halilou Yerima
Regis Immongault Other
Marie Mireille Koumbat Elke Baumann
Francis Lendjoungou Michael Peter Best
__________________

B – Bank only
M – MIGA only
* – Temporary

132
 Patrick Braemer Jelena Stapf
Eva Johanna Brueggemann Joerg Hellmuth Juergen Stephan
Claudia Maria Buch Claudia Stirböck
Andreas Raymond Dombret Monika Thrun
Holger Fabig Stephan Toscani
Carsten Frank Peter Trautmann
Markus Gallander Stephan Ulrich
Doris Grimm Martin Volkmar
Bernd Gruschinski Ruediger W.L. von Kleist
Victoria Haglan Friedericke Freifrau von Tiesenhause
Felix Haupt Norbert Walter-Borjans
Anne Hauschild Jan Weder
Robert Josef Heinbuecher Jens Weidmann
Henrike Herz Benjamin Weigert
Judith Hoffmann Ludger J. Wocken
Levin Holle Johannes Heinrich Wolff
Levin Johannes Ludwig Holle Juergen Zattler
Margaret Horb Jens Zimmermann
Ingrid-Gabriela Hoven
Johannes Kahrs Ghana
Nadine Kalwey
Anita Doris Kiontke Governor
Volkmar Klein Seth Terkper
Melanie Denise Klein
Dirk Klimach Alternate Governor
Marianne Elfriede Kothe Helen Mona Quartey
Marcell Kreutzer
Hans-Ulrich Krueger Other
Alexander Karl Lipponer Joshua Abor
Gesa Miehe-Nordmeyer Skido Achulo
Claudia Mueller Grace Akrofi
Sibylle Pfeiffer Raymond Amanfu
Simon Rach Stephen Amegashie
Stefan Rebmann Benjamin Amoah
Birgit Reichenstein Stella Akosua Ansah
Erika Renneke Samuel Arkhurst
Josef Rief Johnson P. Asiama
Stephan Rochow James Avedzi
Oliver Roehn Akosua Okyere Badoo
Lars-Hendrik Roeller Cassiel Ato Forson
Tobias Romeis Kwame Gyesaw
Marc Schattenmann Enyonam Edjeani Haizel
Wolfgang Schäuble Alhassan Iddrisu
Gerhard Schick Abdul-Nashiru Issahaku
Carsten Schneider Evelyn Kwatia
Thorsten Scholz Letitia Mante-Akrofi
Heinrich Schroeder Nelly Mireku
Ludger Schuknecht Joseph Henry Smith
Christoph Schwarze Amma Adomaa Twum-Amoah
Marco Reinhard Semmelmann
Gerhard Günther Sennlaub
__________________

B – Bank only
M – MIGA only
* – Temporary

133
Greece Sergio Francisco Recinos Rivera

Alternate Governor Guinea

Ilias Xanthakos
Governor
Other Kanny Mama Diallo
Georgios Apostolakis
Efthymios Aravantinos Alternate Governor
George Chouliarakis Mohamed Lamine Doumbouya
Rebecca Cortese
Nicholas Christos Garganas Other
Glenn Kim Khader Barry
Fragkiskos Koutentakis Mamadou Alpha Barry
Theocharis Lalacos Madikaba Camara
Peter Legler Lancine Conde
Theodoros Mitrakos Mamady Conde
Stylianos Papadopoulos Moussa Dabo
Elena Papadopoulou Abdoulaye Diallo
Spyridon Papakonstantinou Ismael Dioubate
Ilias Plaskovitis Jacques Diouf
Michalis Psalidopoulos Pema Guilavogui
Euclid Tsakalotos Maladho Kaba
Mamadi Kaba
Grenada Abraham Richard Kamano
Louncény Nabe
Governor Salematou Sako
Oliver Joseph Fatoumata Samoura
Bouna Sylla
Alternate Governor Idrissa Thiam
Mike Sylvester Oumou Hann Thiam

Other Guinea-Bissau
Sebastian Espinosa
Angus Friday Governor
Thomas William Hill Henrique Horta
Kevin Vincent Hogan
David Nagoski Alternate Governor
Dianne Perrotte Jose Adelino Vieira

Guatemala Other
Totas Joao Correia
Governor Joao Alage Mamadu Fadia
Julio Héctor Estrada-Domínguez B Elisio Gomes Sa
Issa Jandi
Alternate Governor Fernando Jorge Maria Correia
Oscar Roberto Monterroso Sazo B*
Rosa Maria Ortega-Sagastume B* Guyana

Other Governor
Victor Vasquez Winston Dacosta Jordan
Mario Marroquin
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M – MIGA only
* – Temporary

134
 Gyorgy Patrik Polai
Other Reka Szemerkényi
Gobind Ganga Endre Torok
Natasha Theresa Gaskin-Peters Istvan Veres
Sheranne Ayana Isaacs
Iceland
Haiti
Alternate Governor
Governor Maria Erla Marelsdottir *
Yves Romain Bastien
Other
Alternate Governor Gudmundur Arnason
Jean Baden Dubois David Bjarnason
Marie Victoire Vanette Vincent * Nokkvi Bragason
Esther Finnbogadottir
Other Ingimundur Fridriksson
Jovis Bellot Mar Gudmundsson
Ronald Gabriel Gudrun Soley Gunnarsdottir
Edwige Jean Sigurdur Sturla Palsson
Georgette Jean-Louis Jon Sigurgeirsson
Romel Troissou Thorarinna Soebech
Wilner Valcin Gudrun Thorleifsdottir

Honduras India

Alternate Governor Governor

Manuel De Jesus Bautista Flores Arun Jaitley
Rocio Tabora *
Alternate Governor
Other Shaktikanta Das
Rigoberto Romero
Efrain Suarez Other
Marlon Tabora Nilkanth Avhad
Sriram Balasubramanyam
Hungary Gopal Bhandari
Arundhati Bhattacharya
Governor Indu Shekhar Chaturvedi
Mihaly Varga B Simanchala Dash
Sunil Kumar Dhami
Alternate Governor Jagan Mohan Rao Dhanisetty
Agnes Anna Hornung B Balachandran K Erattapana
Subir Vithal Gokarn
Other Rajan Goyal
Andras Balatoni Mahalingam Gurumoorthy
Gyorgy Barcza Himanshu Joshi
Szilard Benk Sanjay Kapoor
Balazs Greinstetter Karamjeet Kaur
Agnes Ilsinszki Raj Kumar
Andrea Nagyne Boda Gangadhar Panda
Daniel Palotai Urjit Ravindra Patel
Gyula Pleschinger Mohua Roy
__________________

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M – MIGA only
* – Temporary

135
 Mridul Kumar Saggar Rika Maylani
Taranjit Singh Sandhu Dewi Meidiwaty
Satish Kumar Sivan Rut Setio Nastiti
Rajesh Subarno Suahasil Nazara
Arvind Subramanian Rachmad Poetranto
Ravi Sundararajan Teddie Pramono
Joel Tallapally Wahyu Pratomo
Lily Vadera Aditya Rachman
Latha Vishwanath Fazri Reza
Wempi Saputra
Indonesia Tirta Segara
Anggarini Sesotyoningtyas
Governor Mutiara Syifaus Shabrina
Sri Mulyani Indrawati Daniel T.S. Simanjuntak
Tonny Sumartono
Alternate Governor Riyanthi Handayani Supadio
Agus Martowardojo M Sidharto Suryodipuro
Yetti Susilowati
Other Mr Susiwijono
Evie Sylviani Akbar Enrico David Tarigan
Luky Alfirman Endang Trianti
Novita Bachtiar Rindayuni Triavini
Ardiyanto Basuki Suryo Utomo
Budi Bowoleksono Perry Warjiyo
Adi Budiarso Aria Teguh Mahendra Wibisono
Aida Suwandi Budiman Wiwit Widyastuti
Reny Cordelia Juli Budi Winantya
Dewa Putu Ekayana
Neneng Euis Fatimah Iran, Islamic Republic of
Deden Firman
Fery Gunawan Governor
Muliaman Darmansyah Hadad Ali Taieb Nia
Andin Hadiyanto
Iss Hafid Alternate Governor
Diah Esti Handayani Mohammad Khazaee Torshizi
Erwin Haryono Seyed Mohammad Ali Mousavi *
Filianingsih Hendarta
Nella Sri Hendriyetty Other
Miftahul Huda Simin Abdolalizadeh
Rendra Zairuddin Idris Ali Bahman Abadi
Syurkani Ishak Kasim Zohreh Bahrehbar
Peter Jacobs Majid Bizmark
I Made Edi Juliana Peyman Ghorbani
Bipan Kapur Seyed Malek Hosseini
Causa Iman Karana Gholamali Kamyab
Isti Kuhn Ali Akbar Karimi
Windy Kurniasari Hassan Khodayari Haj Yousefloo
Dian Lestari Akbar Komijani
Devy Listia Majid Korrami
Jodi Mahardi Ali Movahednejad
Praseno Retianto Martadarma Ali Seydabadi
__________________

B – Bank only
M – MIGA only
* – Temporary

136
 Gholamreza Taj Gardoon Israel
Ezzatollah Yousefian Molla
Governor
Iraq Karnit Flug

Other Alternate Governor

Ammar Al Dabagh Yoel Naveh B
Moutaz Al Dewani
Hadeel Al Mousawi Other
Abdulameer Al Rubaye Michal Abadi-Boiangiu
Waleed Alabbas Andrew Abir
Salahuddin Al-Hadeethi Shai Babad
Hussein Jaber Abdulhameed Al-Khaqani Nadine Baudot-Trajtenberg
Hasan Khazaal Al-Msari Hedva Ber
Mohamad Jawad Alquraishy Hila Cohen Mizrav
Salem Jawad Chalabi Inbal Hanasab
Mahmood Mohammed Dagher Anat Katz
Jinan Ismaeil Ibrahim Matan Lev Ari
Ali M. Ismail Shula Mishli
Jafar Kais Ilana Moyal
Mudher M. Salih Kasim Yoav Isaac Soffer
Lamyaa Kumail Nathan Sussman
Sebastian Talat Marcus
Taif Sami Mohamed Italy
Fadhil Othman
Shwan Ibrahim Taha Governor
Ahmed Utaifa Ignazio Visco

Ireland Alternate Governor

Filippo Giansante
Alternate Governor
Paul Ryan * Other
Paola Ansuini
Other Antonio Bassanetti
Anne Anderson Franco Bassanini
Sharon Martina Donnery Roberto Basso
Alan Gibbons Stefania Bazzoni
Dympna Mary Hayes Gisella Berardi
Nigel Philip Hutson Paolo Cappellacci
Mary Josephine Keeney Alessandro Cascino
Philip R. Lane Andrea Cascone
Yvonne Mccarthy Irene Castagnoli
Eoghan Murphy Andrea Catalano
Frank Oconnor Laura Cerami
Michael O'keeffe Cristina Collura
Conor O'kelly Carlo Cottarelli
Des O'leary Adolfo Di Carluccio
Hilary Reilly Paolo Di Lorenzo
Richard Troy Federica Diamanti
Rossa White Daniela Enriquez
Francesco Fedele
__________________

B – Bank only
M – MIGA only
* – Temporary

137
 Luca Franchetti Pardo
Laura Frigenti Alternate Governor
Federico Giammusso Haruhiko Kuroda B
Davide Iacovoni Masatsugu Asakawa *
Vincenzo La Via Toshinori Doi *
Antonio Leone Eiji Maeda *
Christian Lungarotti Kenji Okamura *
Giovanni Majnoni Shigeo Shimizu *
Manuela Nenna
Pietro Carlo Padoan Other
Fabrizio Pagani Masaru Abe
Fabio Panetta Tatae Akiyama
Giuseppe Parigi Toshihisa Aoyagi
Cristina Quaglierini Kazuhiko Arakawa
Michele Quaroni Shunsuke Endo
Salvatore Rossi Marvin Fernandez
Andrea Sandre Hideo Fukushima
Francesco Spadafora Momo Fukushima
Lorenzo Spadavecchia Ryuichi Funatsu
Marta Spinella Shigeki Furuta
Massimo Tavani Yoshiaki Fuse
Armando Varricchio Tatsuya Goyashiki
Gelsomina Vigliotti Shohei Hara
Yoshinori Harada
Jamaica Tomohiro Harada
Yumi Haruki
Governor Soshi Hashimoto
Audley Shaw Hisashi Hatomoto
Takanori Hattori
Alternate Governor Hirotake Hayashi
Everton McFarlane Ryozo Himino
Koki Hirota
Other Kenichi Horike
Ariel Bowen Kaoru Ikeda
Nigel Clarke Nobuhiro Ikuro
Marsha Coore-Lobban Ryota Inaba
Wayne Henry Osamu Inami
Audrey Marks Naoaki Inayoshi
Darlene Marie Morrison Tsutomu Itsumi
Hillary Robertson Mitsutoshi Kajikawa
Wayne Robinson Masato Kanda
Maurene Simms Yasushi Kanzaki
Michael Anthony Tharkur Hiroshi Kato
Fayval Williams Mai Kawahara
Arthur Hugh Williams Noriko Kawai
Brian Wynter Yuki Kitagawa
Naohiro Kitano
Japan Yosuke Kobayashi
Hiroaki Kojima
Governor Harada Koki
Taro Aso Kenichi Kono
__________________

B – Bank only
M – MIGA only
* – Temporary

138
 Kanako Kozaki Hideki Watanabe
Kohei Kuboyama Shige Watanabe
Tadaaki Kumagai Kazuki Watanabe
Junichiro Kuroda Takeshi Yamada
Kazuhiro Masaki Hiroomi Yamaguchi
Junko Masuda Naoki Yamashita
Eri Matsui Satomi Yanagidani
Chishiro Matsumoto Mamoru Yanase
Masanori Matsuo Kosuke Yokoo
Ai Miyahara Akiro Yoshida
Chie Miyahara
Masato Miyazaki Jordan
Toshiyuki Miyoshi
Katsuki Morihara Governor
Mari Naganuma Imad Najib Fakhoury
Yasuhisa Nakao
Motoharu Nakashima Alternate Governor
Hiroshi Nakaso Zeina Toukan B
Ryosuke Nakata
Yoshinori Nakata Other
Ken Nibayashi Dana Abuhantash
Stace Nicholson Adel Alsharkas
Atsuyuki Oike Asal Al-Tal
Shinichiro Okawa Nedal Azzam
Takashi Osada Hazar Ibrahim Badran
Ryu Otsuka Dana Zureikat Daoud
Tetsuya Sakamoto Ziad Fariz
Hiroki Sakamoto Ahmad Habashneh
Hiromichi Sakuma Dina Kawar
Kenichiro Sasae Ruslan Khozouz
Kunihito Sasaki Omar Zuheir Malhas
Hirokazu Sato Omar Masalha
Ken Shinohara Anas Oran
Kotaro Shiojiri Abdelhakim Shibli
Kenji Suda Nour Tawil
Kazuhiro Suzuki Sami Abdallah Toughoz
Rieko Suzuki
Shohei Tada Kazakhstan
Naoto Takemoto
Hajime Takeuchi Governor
Hiroshi Takeuchi Erbolat Dossaev
Haruto Takimura
Takuma Tanaka Alternate Governor
Kiichi Tokuoka Madina Abylkassymova
Kenichi Tomiyoshi
Kei Toyama Other
Akihiro Tsuchiya Assel Abdugalimova
Hirokazu Tsuda Azamat Agaidarov
Sayuri Uematsu Aktoty Aitzhanova
Shuhei Ueno Yerkin Akhinzhanov
Kazuho Ujiie Daniyar Akishev
__________________

B – Bank only
M – MIGA only
* – Temporary

139
 Ardak Amangeldiyev Benjamin Kipkirui Langat
Nurgali Arystanov Moses Lessonet
Adil Bekbassov Isaya Maana
Baurzhan Bektemirov Jane Mugweh
Neil Brown Perpetual Wambui Muiga
Yerlan Danenov Makali Mulu
Bauyrzhan Dossymbekov Donald Murgor
Askar Dostiyarov Ronny Gitonga Mutethia
Nurlan Dutbayev Geoffrey Ngungi Mwau
Zhanar Gabdullina Francis Mwaura Mwega
Nurlan Gabdyzhamalov Ella Kendi Mwenda
Dalel Ismagulov Wohoro Patrick Ndohho
Muhamed Izbastin Charles Muriuki Njagagua
Shigeo Katsu Patrick Njoroge
Kairat Kelimbetov Kennedy Nyakundi Nyachiro
Zhandos Kenzhalin Robert Kivuti Nyaga
Sabit Khakimzhanov Kipkosgei Toroitich
Kaisar Kopish
Ainur Kuatova Kiribati
Ruslan Meirkhanov
Aisha Mukasheva Governor
Aidar Nuraliyev Teuea Toatu
Olzhas Nurgaliyev
Galimzhan Pirmatov Alternate Governor
Arman Sapargaliyev Mareta Taua Kaiteie
Abay Sarkulov
Daulet Saudabayev Other
Zhandos Shaimardanov Danietta Apisai
Arman Shamshin Teneke Barenaba Kirata
Bakhyt Sultanov
Kairat Umarov Korea, Republic of
Ainur Yertlessova
Seitzhan Yerzhanov Governor
Ilho Yoo
Kenya
Alternate Governor
Governor Juyeol Lee
Henry Kiplagat Rotich
Other
Alternate Governor Jin Woan Beom
Kamau Thugge Heekwon Chae
Suwon Chin
Other Gimun Cho
Shakeel Shabbir Ahmed Jin-Kwang Choi
Robinson Githae Ji-Young Choi
Jameck Irungu Kamau Kwanghae Choi
Musa N. Kathanje Seong Young Choi
Lydia Gakii Kiambi Munseong Choi
Julius Maina Kigaga Jaeho Chun
Sammy Cherviyot Koech Esther Hong
Charles Koori Kyung Wook Hur
__________________

B – Bank only
M – MIGA only
* – Temporary

140
 Chung Hoon Hwang Kosovo
Hohyun Jang
Seung Cheol Jeon Governor
Kwang Jo Jeong Avdullah Hoti
Soyoung Ji
Seoungho Jin Alternate Governor
Woojae Jung Agim Krasniqi
Moo-Kyung Jung
Kyunghee Kim Other
Sarah Kim Vlora Citaku
Minjin Kim Ardita Dushi
Kiwon Kim Salvador Elmazi
Nam Sung Kim Lorik Fejzullahu
Yonghwan Kim Bedri Hamza
Seung Hwan Kim Berat Havolli
Jae Hwan Kim Halit Hoxhaj
Mun Gu Kim Lulzim Ismajli
Hyunggoo Kim Frymezim Isufaj
Yoon Kyung Kim Hajdar Korbi
Seon Jung Kim Mentor Mehmedi
Yoonsang Kim Flamur Mrasori
Areum Ko Shkumbin Munishi
Jongwook Lee Blerand Stavileci
Joongshik Lee
Young-Joo Lee Kuwait
Chan Jong Lee
Hyo Jin Lee Governor
Byeongyeon Lee Anas K. Al-Saleh
Hue Han Lee
Seungwook Lee Alternate Governor
Ahran Lee Bader Mohamed Al-Saad
Kyongsook Lee Hesham Ibrahim Al-Waqayan *
Hyunjoon Lim
Kyung Seol Min Other
Seungho Nah Muhammad A. Al Awadhi
Jeewon Park Mohammad Y. Al Hashel
Hyun Woo Park Marwan Al Saleh
Chanjun Park Ahmed Al Tahous
Chanho Park Osama Alattal
Chang-Hwan Park Osama Alayoub
Soyoung Park Waleed Al-Bahar
Ilyoung Park Thamer Alfailakawi
Seunghyun Shim Yousef B.Y.H. Al-Roumi
Jeemin Son Saleh Y. Al-Sagoubi
In-Chang Song Rania Al-Salem
Seokjun Yang Mohammad Alzuhair
Hyung Cheol Yoo Farouk A. Bastaki
Jeong Shik Yoon Ahmad Mohammed Abdulrehman Bastaki
Soohoon Yoon Jaber Mushtaq
Kyonghwa Yu

__________________

B – Bank only
M – MIGA only
* – Temporary

141
Kyrgyz Republic Thatnakhone Thammavong
Phansy Viphavanh
Governor Holady Volarath
Adylbek Kasymaliev
Latvia
Alternate Governor
Chynara Kenzhebaeva Governor
Dana Reizniece-Ozola
Other
Tolkunbek Abdygulov Alternate Governor
Talant Akmatbekov Liga Klavina
Margarita Cherikbaeva
Kwang Young Choi Other
Almazbek Cholponkulov Kaspars Abolins
Chorobek Imashov Baiba Bane
Nazgul Karabakirova Agnija Jekabsone
Sultan Khudaibergenov Juris Kravalis
Mukhamed Lou Arnis Lagzdins
Azizbek Omorkulov Peters Putnins
Altynai Sakeeva Ilmars Rimsevics
Lutfullah Sarilar Jurijs Spiridonovs
Biubiumariiam Sharshenova Maija Treija
Ulanbek Termechikov Raivo Vanags
Zamira Tokhtokhodjaeva
Kadyr Toktogulov Lebanon

Lao People's Democratic Republic Alternate Governor

Alain A. Bifani *
Governor
Somdy Douangdy Other
Raja Abou Asli
Alternate Governor Saad Andary
Thipphakone Chanthavongsa * Muhammad Baasiri
Saade Chami
Other Wafaa Charafeddine
Puttavanh Dalavong Raed Charafeddine
Phetsathaphone Keovongvichith Sami El Azar
Thavone Khemkham Fouad Elias El Khouri
Soukinda Ounavong Nelly Habib
Bounthala Panyavichith Samir Hammoud
Somphao Phaysith Marianne Howayek
Chanthanome Phommany Nadim Adel Kassar
Oth Phonhxiengdy Mounir Lyan
Rithikone Phoummasack Wassim Manssouri
Monesavanh Phoutthavong Iman Saab
Vatthana Sanoubane Riad Toufic Salamé Salameh
Vanida Savaddy Sami Saliba
Mai Sayavongs Talal Faysal Salman
Savandouangchit Sengdeuan
Khen Sombandith
Khamphan Suphab
__________________

B – Bank only
M – MIGA only
* – Temporary

142
Lesotho Lithuania

Alternate Governor Other

Tlohelang Peter Aumane Rimtautas Bartkus
Marijus Bernatavicius
Other Rima Kaziliuniene
Ntsiuoa Larentina Jaase Algimantas Rimkunas
Seriti Keta Gerda Sakalauskaite
Rethabile Masenyetse Laura Sereniene
Adelaide Retseliste Matlanyane Marius Skuodis
Powell Lehlomela Mohapi Jurgita Uzieliene
Tom Mpeta Vitas Vasiliauskas
Christopher Nyaka Audrius Zelionis
Motena Tsolo
Luxembourg
Liberia
Governor
Governor Pierre Egide Auguste Gramegna
Boima S. Kamara
Alternate Governor
Alternate Governor Arsene Jacoby
Milton Alvin Weeks
Other
Other Cedric Nicolas Crelo
Theophilus Addey Veronique Dockendorf
Anstes Agnew Michael Paul Fischer
Alvin Attah Isabelle Goubin
Johnson Baysahwala, Jr. Amela Hubic
John B.S Davies Nicolas C. Jost
Gweh Gaye Bob Philippe Kieffer
Dorbor Hagba Serge Justin Kolb
Kambo Jefferson Sylvie Lucas
Miatta Kuteh Stanislaus Jean Myck
Tolbert G. Nyenswah Manuel Tonnar
Clavenda O Payman
Mohammed M. Sherif Macedonia, former Yugoslav Republic of
Mounir Siaplay
Sylvester Kassa Thomas Governor
Emmanuel Togba Kiril Minoski
Sidiki Trawally
Alternate Governor
Libya Dejan Nikolovski

Other Other
Ali Saad Alashhab Dimitar Bogov
Saddek Omar Elkaber Kristina Jordanova
Mohamed Milad Hassadi Maja Kadievska Vojnovik
Ibrahim Mohamed Mesallem Metodija Tanevski
Tarik Mohamed Yousef

__________________

B – Bank only
M – MIGA only
* – Temporary

143
Madagascar Shahri Ahmad Shaharuddin
Hairil Yahri Bin Yaacob
Alternate Governor Siti Harlena Binti Harris Lee
Claude Rakotoarisoa * Harris Bin Hassan
Muhammad Ibrahim
Other Mohd Fraziali Ismail
Arison Honoré Clair Andriamalala Nooraihan Radzuan Mohd
Maminirina Lesth Andriambelo Nazrul Hisyam Mohd Noh
Andre Andriamiharisoa Shamsuddin Mohd Mahayidin
Jaona Andriatsitohaina Mohd Fahmi Mohd Mokhtar
Pierre-Jean Feno Syed Shaniff Said Ali Batu Shah
Henri Rabarijohn Zurwati Haslinda Zainal Bahry
Joe Andrianaivotiana Rabeantoandro
Leon Maxime Raelison Rajaobelina Maldives
Haingotiana Liliane Rajemisa
Francois Marie Maurice Gervais Governor
Rakotoarimanana Ahmed Zuhoor
Maria Herinjara Ranohatra
Velotiana Raobelina Alternate Governor
Alain Herve Rasolofondraibe Abdulla Ali *
Iouri Garisse Razafindrakoto
Other
Malawi Azeema Adam
Neeza Imad
Governor Ahmed Naseer
Goodall E. Gondwe
Mali
Alternate Governor
Ronald Dadi Mangani Governor
Daniel Jenya * Sidi Almoctar Oumar

Other Alternate Governor

Chakudza Kagona Banda Sidiki Traore
Charles Chuka
Juanito Dichoso Other
Getrude Madalo Khauyeza Ely Prosper Arama
Ethel Mamba Barema Bocoum
Macdonald Davie Mwale Boubou Cisse
Rodwell Sitembala Ben Mzonde Tiena Coulibaly
Jane F. Nankwenya Moussa Alassane Diallo
Hastings Kawaza Mfitizalimba Ngoma Marico Keita
Edward Y. Sawerengera Konimba Sidibe
Violet Skeva Bassary Toure
Konzo Traore
Malaysia
Malta
Alternate Governor
Givananadam Kalinan * Governor
Edward Scicluna
Other
Johari Abdul Ghani
__________________

B – Bank only
M – MIGA only
* – Temporary

144
 Other Soorooj Phokeer
Alfred Mifsud J.K. Ramasamy
Mario Vella Sanjay Ramnarainsing
Mohammad Kayoum Safee
Marshall Islands
Mexico
Governor
Brenson Wase Alternate Governor
Vanessa Rubio
Other Gonzalo Canseco *
Junior Aini Carlos Raul Delgado *
Patrick Chen Bernardo Gonzalez *
Vilma Edwards Liliana Jimenez *
Ywao Elanzo, Jr. Luis Madrazo *
Sultan Korean Alberto Torres *
Gerald Zackios Oscar Vela *

Mauritania Other
Andrea Arevalo
Governor Ines Avalos
El Moctar Ould Djay Nicolas Cabrera
Rodrigo Carriedo
Alternate Governor Rodolfo Carrillo
Mohamed Lemine Tar * Agustin Carstens
Daniel Chiquiar
Other Stephanie Conejo
William Brahim Werzeg Eduardo Del Rio
Mohameden Daddah Rafael Del Villar
Mohamedoun Daddah Alejandro Diaz De Leon
Mariem Dah Ana Luisa Fajer
Mohamed Lemine Ould Dhehby Jose Martin Garcia
Adama Boubou Dieng Alfonso Guerra
Mohamed El Moghdad Javier Guzman
Oumar Gueye Carlos Hurtado
Fall Khyar Tatiana Lopez
Najim Elhadj Mohamed Carlos Marquez
Elhadji Mohamed Najim Alejandro Marquinez
Mohamed Salem Nany Bosco Marti
Abdel Aziz Ould Dahi Jose Antonio Meade
Boumedienne Taya Pascual O'dogherty
Diombar Thiam Javier Perez
Taleb Jiddou Tolba Maria Jose Posadas
Hassen Zein Oscar Ulices Ramirez
Manuel Ramos Francia
Mauritius Alma Romero
Carlos Sada
Governor Sandra Sanchez
Pravind Kumar Jugnauth Juan Luis Sherwell
Miguel Siliceo
Other Jose Luis Stein
Rameswurlall Basant Roi Ana Torres
__________________

B – Bank only
M – MIGA only
* – Temporary

145
 Rodrigo Turrent Davaasuren Sodnomdarjaa
Gerardo Zuniga Tserenbadral Tudev
Ider Tumurbaatar
Micronesia, Federated States of
Montenegro
Governor
Sihna N. Lawrence Governor
Nikola Vukicevic
Alternate Governor
Senny Phillip Other
Milojica Dakic
Other Nikola Fabris
Eugene Amor Milena Ljumovic
Victor Gouland Milena Veljovic
Patrick Mackenzie
James Naich Morocco
David Panuelo
Governor
Moldova Mohammed Boussaid

Governor Alternate Governor

Octavian Armasu Mohammed Louafa
Faouzia Zaaboul *
Alternate Governor
Veronica Vragaleva Other
Driss Alaoui
Other Nizar Baraka
Octavian Calmic Boutaina Ben Moussa
Sergiu Cioclea Anouar Benichou
Marin Molosag Soundouss Bouhia
Vladimir Munteanu Malika Dhif
Abdelali Eddebbagh
Mongolia Abdelkrim El Amrani
Omar El Khayari
Governor Karim El Rhaidi
Battogtokh Choijilsuren Anis El-Youssoufi
Youssef Farhat
Alternate Governor Abdellatif Jouahri
Nadmid Bayartsaikhan Jilali Kenzi
Mohamed Nbou
Other Mounir Razki
Enkhjin Atarbaatar Mohamed Taamouti
Gantulga Badamkhatan Hamza Tber
Altangerel Bulgaa
Nyamaa Buyanantogtokh Mozambique
Gan Ochir Doojav
Batbayar Enkhtaivan Governor
Ganbaatar Jambal Adriano Afonso Maleiane
Sonor Luvsandorj
Ayasgalan Molor
Manduul Nyamandeleg
__________________

B – Bank only
M – MIGA only
* – Temporary

146
 Alternate Governor Nepal
Rogerio Lucas Zandamela
Governor
Other Krishna Bahadur Mahara
Ana Maria Alberto
Jaime Fernando Chauque Alternate Governor
Waldemar Fernando De Sousa Shanta Raj Subedi
Carlos Dos Santos
Mario Flavia Other
Ernesto Gouveia Gove Baikuntha Aryal
Umaia Mahomed Narayan Dhakal
Adriano Isaias Ubisse Arjun Kumar Karki
Eduardo Zaqueu Aakriti Khanal
Chiranjibi Nepal
Myanmar Rajendra Pandit
Kailash Raj Pokharel
Alternate Governor Hemlal Sharma
Khin Saw Oo Jiban Prakash Shrestha
Bhuban Thapa
Other Nara Bahadur Thapa
Kyaw Kyaw Maung
Zaw Naing Netherlands
May Toe Win
Governor
Namibia Jeroen Dijsselbloem

Governor Alternate Governor

Andreas Penda Ithindi Lilianne Ploumen

Alternate Governor Other

Antonia Kapia * Janine Geertruida Cornelia Adema
Ebson Ngurimuye Uanguta * Helene Bakker
Joanneke Balfoort
Other Fatimazhra Belhirch
Kenneth Matomola Stephanie Broeder
Helvi Ndapanda Ivo Bronstring
Tikus Ndove Carla Bundy
Bonifatius Paulino Jeske De Lint
Richard Doornbos
Nauru Eric Bertrand Pierre Duflos
Ben Feiertag
Governor Coen Gelinck
David Adeang Richard Gibson
Angela Guiro
Alternate Governor Paul Louis Ceriel Hilbers
Martin Hunt Irene Jansen
Jose Jardim
Other Klaas Knot
Engaro Adeang Linda Konijn
John Petersen Vincent Kooijman
Jerome Larosch
__________________

B – Bank only
M – MIGA only
* – Temporary

147
 Rendolf Andy Lee Constantijn Jelle Vandersyp
Ronald Linker Nicolaas Nick Venter
Marjolijn Luchtmeijer
Daan Marks Nicaragua
Queen Maxima of the Netherlands
Lysette Melfor Governor
Jacquelien Nienhuis Ivan Acosta Montalvan
Frank Oostindie
Tirsa Partodikromo Alternate Governor
Allard Postma Francisco J. Mayorga
Xavier Prens Silvio Conrado *
Christiaan Rebergen
Gabriella Sancisi Other
Henne Schuwer Ernesto Conrado
Sebnem Sener Nina Conrado
Paul Cornelis Maria Soethoudt Manuel Coronel
Kim Petronella Maria Solberg Francisco Jose Abea Lacayo
Roy Spijkerboer Uriel Ramon Perez
Sven Stevenson Leonardo Ovidio Reyes Ramirez
Job Swank Carlos German Sequeira
Nanette Taams Maria Jose Sobalvarro
Isabelle van der Tol
Peter van der Vliet Niger
Herman van Gelderen
Koen van Middelaar Governor
David van't Hof Kane Aichatou Boulama
Adeline Velu
Lilian Vermeulen Alternate Governor
Hans Vijlbrief Ahmat Jidoud
Gesina A.M.T. Wiltjer
Remco Zeeuw Other
Djando Abdou
New Zealand Hassana Alidou
Mahamane Bachir Fifi
Governor Harouna Doulla
Bill English Mahamadou Gado
Habou Hamidine
Alternate Governor Fatchima Hima Rabo
Gabriel Makhlouf Maman Laouane Karim
Alchina Idrissa Kourgueni
Other Abdou Rafa Maman Laouali
Geoffrey M. Bascand Ouhoumoudou Mahamadou
Caroline Rachel Beresford Saidou Sidibe
Timothy John Groser Mahaman Sani Yakoubou
Mark John Holden
Philip John Houlding Nigeria
Grant Johnston
Tim Ng Governor
Helen Jane Patterson Kemi Adeosun
Renee Dawn Philip
Whitney Talbot
__________________

B – Bank only
M – MIGA only
* – Temporary

148
 Alternate Governor Norway
Mahmoud Isa-Dutse
Abraham Nwankwo * Governor
John Enoh Owan-Enoh * Borge Brende

Other Other
Solomon Olamilekan Adeola Kare Reidar Aas
Damilola Adesanya Lise Albrechtsen
Oladele Oladipo Afolabi Anne Berit Christiansen
Salihijo Ahmad Vebjorn Dysvik
Olalekan Joseph Ajayi Hege Gudrun Eliassen
Yosolaoluwa Akinbi Tom Eriksen
Oladele Bernard Akinrolabu Anne Glad Fredriksen
Sarah Alade Kristine Grecuhina
Munir Alao Audun Groenn
Hakeem Toyin Balogun Thorvald Grung Moe
Akpan Hogan Ekpo Bjorn Brede Hansen
Hadiza Elayo Karine Hertzberg
Bridget Jegwanrime Emakpor Kari Hoel
Godwin Ifeanyi Emefiele Amund Holmsen
Olufemi Julius Fakeye Halvor Hvideberg
Abba Salihi Gwaram Lomoy Jon
Philip Aruwa Gyunka Morten Jonassen
Rafiu Adebayo Ibrahim Janne Mikael Karkkolainen
Babanginda Ibrahim Vaishali Lara Kathuria
Abdulmumin Abdulsalam Isa Runar Malkenes
Innocent T. Isichei Jay Merchant
Tijani Yahaya Kaura Ola Danneborg Nafstad
Umaru Ibrahim Kurfi Petter Oelberg
Haruna Mohammed Øystein Olsen
Amina J. Mohammed Kjell Roland
Baba Yusuf Musa Maren Romstad
Salisu Saleh Nainna Tove Katrine Sand
Ozoemena Nnaji Bjornar Slettvag
George Nyeso Guri Solberg
Kingsley Isitua Obiora Marit Strand
Evelyn Oboro Christian U. Syse
Olusegum Odebunmi Sigbjorn Tenfjord
Eric Ocheme Odoh Marte Torskenaes
Fatima Elabor Ojiaku Vibeke Traalim
Bright Erakpoweri Okogu Leif Trana
Isaac Agwunsi Okorafor Mirella Wassiluk
Shakirudeen Adewale Oloko
Oghenekaro Aziakpono Olori Oman
Michael Chinedu Ononugbo
Chukwudi Jones Victor Onyereri Governor
Babatunde Opadeji Abdulsalam Mohammed Al Morshdy
Moses Tule
Emmanuel Uzodinma Ukeje Alternate Governor
Monday Isioma Usiade Nasser Suleiman Al Harthy B
Salisu Ningi Zakari Rashid Salim Al Rashdi M
__________________

B – Bank only
M – MIGA only
* – Temporary

149
 Other Alternate Governor
Mazin Ali Al Amri Aristides Valdonedo
Darwish Bin Ismail Al Balushi
Ali Mohammed Al Haj Jafar Other
Jawad Mohammed Al Talib Brian William Bombassaro
Hamood Sangoor Al-Zadjali Katyuska Del Carmen Correa
Rolando Julio De Leon De Alba
Pakistan Eli Whitney Debevoise
Karla Patricia Gonzalez
Governor Emanuel Arturo Gonzalez-Revilla
Mohammad Ishaq Dar B Alfredo Macia
Waqar Masood Khan M Carmen Susana Mora
Raul Moreira
Alternate Governor Gustavo Adolfo Valderrama
Tariq Bajwa B Ivan Alexei Zarak

Other Papua New Guinea

Saeed Ahmed
Moin Akhtar Governor
Amir Ashfaq Loi M. Bakani
Mohsin Mushtaq Chandna
Ishrat Husain Alternate Governor
Ashfaq Hussain Manu Momo
Jalil Abbas Jilani
Umaima Jubran Other
Kaleem Khilji Clarence Brian Gomez
Zoobia Masood Nancy Lelang
Ubaid Ur Rehman Nizamani Ellison Pidik
Rizwan Saeed Shaikh Mathew Rabui
Ali Tahir John Andrew Uware
Muhammad Tayyab
Bilal Ahmed Virk Paraguay
Ashraf Mahmood Wathra
Governor
Palau Santiago Peña

Governor Alternate Governor

Casmir Esang Remengesau Lea Gimenez

Alternate Governor Other

Darren Fritz B* Pablo Agustín Alonso
Gladys Benegas
Other Dionisio Borda
Elbuchel Sadang Hugo Rafael Caceres Aguero
Muriell Sinsak Carlos Carvallo
Humberto Colmán
Panama Jorge Corvalán
Fleming Duarte
Governor Carlos Fernandez
Dulcidio Jose De La Guardia Wilma Patricia Frutos Ruiz
__________________

B – Bank only
M – MIGA only
* – Temporary

150
 Viviana Garay Raymond Albert Batac
Viviana Maria Gonzalez Bogarin Mc Queen Buenavides
Stella Guillen Jose Chan Gonzaga
Benigno López Patrick Chuasoto
José Maciel Charisma Coros Pineda
Lorena Milessi Francisco Garcia Dakila, Jr.
Jose Ramon Molinas Vega Saul De Vries
Martha Peña Ben Pagaran Evardone
Leila Rachid Mylo Fausto
Pablino Rodríguez Jose Paolo Ma. Galang
German Rojas Irigoyen William Buenaventura Go
Yan Speranza Ivan Gonzales
Maria Carla Hernandez
Peru Rafael Jose Itchon
Josyline Javelosa
Governor Evella Rose Macadangdang
Alfredo E. Thorne Vetter Thomas Benjamin Marcelo
Editha Laureta Martin
Alternate Governor Ernesto Pernia
Rossana Carla Polastri Clark Gunther Emil Sales
Grace Karen Singson
Other Maria Edita Tan
Carlos Blanco Caceres Iloila Tan
Alvaro De Los Rios Diez Nestor Villanueva Tan
Cecilia Galarreta Jose Sarsosa Tano
Alberto Javier Hart Merino Merwin Valeza
Oscar Hendrick Jose Arnulfo Asprer Veloso
Cesar Liendo Vidal Edna Cera Villa
Erika Violeta Lizardo Guzman Rosanna Marie Villamor-Voogel
Carlos Jose Pareja Rios Alberto Solon Villarosa
Jorge Fernando Ponce San Roman Cesar Ozaeta Virtusio
Tania Quispe Mansilla
Belissa Maribel Rojas Poland
Renzo Rossini
Oscar Rafael Suarez Pena Governor
Maximo Agusto Torero Adam Glapinski B
Julio Velarde Tomasz Skurzewski M

Philippines Alternate Governor

Piotr Nowak B
Governor Pawel Samecki B*
Carlos G. Dominguez
Other
Alternate Governor Bartosz Arabik
Amando Maglalang Tetangco, Jr. Wioletta Barwicka
Benjamin Estoista Diokno * Pawel Gebski
Paulina Gomulak
Other Malgorzata Grotte
Mylhyn Acosta Robert Jagiello
Valentin Aldeguer Araneta Rafal Jarosz
Darell Ann Artates Michal Kaminski
__________________

B – Bank only
M – MIGA only
* – Temporary

151
 Ryszard Kokoszczynski Alternate Governor
Ludwik Kotecki Abdulla Mohammed S.A. Al Thani
Michal Krupinski
Albert Kucharski Other
Irena Lasota Abdulla Ahmad
Marta Lau Ahmad Ali K. Ahmad
Mateusz Morawiecki Mahmoud Yousif Ahmed
Marcin Obroniecki Mohammed Abdulaziz Al Attiyah
Miroslaw Panek Yousuf Jumah Al Buainin
Maciej Pisarski Ahmed Abdulla Al Emadi
Andrzej Raczko Bader Ahmed Al Emadi
Magdalena Szpin Ali Saad Al Hajri
Piotr Szpunar Ahmed Al Hashmi
Dorota Szymanek Mohammad Moqbel Al Hitmi
Agnieszka Urbanowska Qutaiba Al Khazraj
Remigiusz Urbanowski Mohammed Jaham Al Kuwari
Martyna Wojciechowska Mohammed Saeed Al Naimi
Katarzyna Zajdel-Kurowska Fahad Al Nuaimi
Robert Zima Khaled Sultan Al Rabban
Mohammed Al Shams
Portugal Mohammed Saif Al Sowaidi
Ali Asad A Sh Al-Emadi
Governor Hisham Saleh Al-Mannai
Mario Jose Centeno Saad Hamad I. A. Al-Mansouri
Abdulla Saad Al-Mohannadi
Alternate Governor Sara Al-Saadi
Ricardo Mourinho Felix Haitham Alsalama
Khalid Soud Al-Thani
Other Abdulla Saoud Al-Thani
Marta Abreu Georgette Bosha
Maria Ines Alves Amal Chmouny
Rui Manuel Carvalho Nisreen Haddad
Cristina Casalinho Imad Harb
Carlos Da Silva Costa Mokhtar Ismeil
Maria Manuela Ferreira Bashir Kalisa
Domingos Fezas Vital Mohamad Fouad Moabi
Paula Rita Leal Kamal Nagi
Silvia Maria Dias Luz Michael Gerard Ryan
Nuno Alexandre Martins Ziad Soubra
Alvaro Matias
Bruno Proenca Romania
Jose Ramalho
Sofia Tome D'Alte da Fonseca Governor
Tiago Vargas Tavares Anca Dana Dragu

Qatar Alternate Governor

Liviu Voinea
Governor
Ali Sharieff Al Emadi Other
Victor Andrei
Roxana Cezarina Banica
__________________

B – Bank only
M – MIGA only
* – Temporary

152
 Cezar Botel Anna Valkova
Boni Cucu Sergey Vasiliev
Daianu Daniel Gennadii Vasiliev
Ion Ghizdeanu Dmitry Vasilyev
Attila Gyorgy Konstantin Vyshkovsky
Mugur Isarescu Ksenia Yudaeva
Mihaela Marinescu Dmitry Zhirnov
Dan Matei Aleksandr Zimin
Bogdan Mihai
Diana Popescu Rwanda
Bogdan Puscas
Bogdan Vaduva Governor
Mariana Vizoli Claver Gatete

Russian Federation Alternate Governor

Ronald Nkusi B*
Alternate Governor
Andrei Lushin * Other
Maksim Oreshkin * Jonathan S. Gatera
Sergey Storchak * Josiane Ingabire
Joy Irankunda
Other Mathilde Mukantabana
Vladimir Agapov Bonny Musefano
Nailya Asker-Zade Bonny Musefano
Maria Atamanchuk Kigabo Thomas Rusuhuzwa
Andrei Bokarev Amina Umulisa Rwakunda
Irina Burdanova John Rwangombwa
Sergey Kislyak John Rwangombwa
Vladimir Kolychev Eric Sande Rwigamba
Andrey Kostin Setti Solomon
Boris Lvin
Anna Lvova Samoa
Dmitry Lyakishev
Alsu Makhmutova Governor
Maxim Menshikov Epa Tuioti
Eugene Miagkov
Aleksei Mozhin Alternate Governor
Vladimir Nazarov Iulai Lavea
Lev Palei
Konstantin Panov Other
Sergey Potapov Atalina Emma Enari
Marina Proutkova Faiane Susana Laulu
Artem Ragulin Rosemary Abigail Alofi Lee Hang
Viktor Rodionov Karras Harre Lui
Tatiana Simakova
Alexander Slepnev San Marino
Margarita Smoroda
Pavel Snisorenko Governor
Ekaterina Sycheva Marco Arzilli
Vasily Titov
Anton Tolstikov
__________________

B – Bank only
M – MIGA only
* – Temporary

153
 Alternate Governor Fahad I. Alshathri
Dario Galassi Turkey Alturkey
Sulaiman M. Al-Turki
Other Sami A. Al-Yousef
Daniela Berti Mohammed Alzaben
Giancarlo Capicchioni Subodh Keshava
Wafik Grais Mona Razouk
Lorenzo Savorelli Sadok Rouai
Noor Tarawneh
Sao Tome and Principe
Senegal
Governor
Americo d’Oliveira Dos Ramos Governor
Amadou Ba

Alternate Governor Other

Ana Maria da Conceicao Silveira Baidy Agne
Thierno Aw
Other Mamadou Moustapha Ba
Ginesio Valentim Afonso da Mata Cheikh Ahmed Tidiane Ba
Dilson De Sousa Pontes Tiny Aboubacar Sadikh Barry
Maria Do Carmo Silveira Danielle Benoist
Papa Mademba Biteye
Saudi Arabia Khadidiatou Bousso
Mamadou Camara
Governor Mouhamadou Makhtar Cisse
Ibrahim A. Al-Assaf Babacar Cisse
Ismaila Dem
Alternate Governor Babacar Diagne
Ahmed A. Alkholifey Ismaiela Diallo
Francoise Dieme
Other Abdoulaye Diop
Mansour Oudah Al Sawi Issa Djibo
Majid Alawwad Charles Fall
Ahmed H. Al-Balawi Samba Fall
Yousef Al-Bassam Mansour Faye
Ahmad Al-Ghannam Ousmane Ngary Faye
Assem Algursan Amadou Hott
Abdullah Al-Hammad Mansour Elimane Kane
Bandr Alhomaly Mamadou Fall Kane
Muhammad Al-Jasser Mamadou Kane
Riyadh Alkhareif Yaya Abdoul Kane
Fahad Al-Mesained Tiemoko Meyliet Kone
Hesham F. Alogeel Papa Momar Lo
Ibrahim Alromaih Mewlon Nzale Ange Constantin Mancabou
Tareq Alsadhan Babacar Mbaye
Fahad Alsaif Ndeye Selbe Mbodj
Hamad Alsayari Pierre Ndiaye
Ayman Al-Sayari Mamadou Ndiaye
Saad A. Alshahrani Diagna Ndiaye
Fehaid Al-Shammari Momar Ndiaye
__________________

B – Bank only
M – MIGA only
* – Temporary

154
 Alioune Ndong Sierra Leone
Modou Mamoune Ngom
Maguette Niang Governor
Noelle Nguele Offutt Patrick Saidu Conteh
Lassana Gagny Sakho
Mamadou Sarr Alternate Governor
Papa Amadou Sarr Alimamy Bangura *
Massyla Sylla
Abdoul Aziz Tall Other
Moussa Abdoul Thiam Alpha Kapri Bangura
Kalidou Assane Thiam Abu Bakarr Bangura
Mahamane Alassane Toure Morlai Bangura
Ibrahima Wade Alpha Ibrahima Diallo
Matthew Dingie
Serbia Sahr Lahai Jusu
Haja Isata Kallah-Kamara
Governor Paul Merlvin Kamara
Dusan Vujovic Abie Elizabeth Kamara
Idrissa Emking Kanu
Alternate Governor Philip Michael Kargbo
Branko Drcelic Michael Sorie Kargbo
Momodu Lamin Kargbo
Other Edward Kawa
Vuk Djokovic James Sanpha Koroma
Nikola Dragasevic Amara Omar Kuyateh
Grozdanic Gorana Ibrahim Khalil Lamin
Ana Ivkovic Kaifala Marah
Milica Jovanovic Grahame J. Nathan
Vladimir Jovicic Stephen Justin Prior
Vladimir Krulj Momodou Bamba Saho
Djerdj Matkovic Mohamed Alie Sesay
Jelena Miljkovic Isatu Sema Aisha Sillah
Darko Stamenkovic Bokari Kortu Stevens
Jorgovanka Tabakovic Pasco Gerald Temple

Seychelles Singapore

Governor Governor
Jean Paul Adam B Indranee Rajah

Alternate Governor Alternate Governor

Caroline Abel B Alvin Lim *

Other Other
Laura Elisabeth Agathine Trina Chuang
Ronald Cafrine Ian Chung
Brian Clifford Commettant Luz Foo
Jenifer Sullivan Kenneth Koh
Mario Damien Thesee Ashok Kumar
Wei Sian Karen Lee
Peter Lim
__________________

B – Bank only
M – MIGA only
* – Temporary

155
 Luo You Clarice Lim Bostjan Jazbec
Yuh Yiing Loh Borut Repansek
Ravi Menon Vida Seme Hocevar
Anna Ng Irena Vodopivec Jean
Teo Heng Ng
Jia Jun Ng Solomon Islands
Serene Ong
Rishi Ramchand Alternate Governor
Nigel Seow Mckinnie Dentana
Timothy Wei Siong Seow
Tharman Shanmugaratnam Other
Peiling Sheryl Shum Harry Kuma
Teng Teng Jolene Tan Denton Rarawa
Zhien Joel Tan
Zeng Yi Wong Somalia

Slovak Republic Governor

Abdirahman Sharif
Governor
Peter Kažimír Alternate Governor
Bashir Isse Ali
Alternate Governor Hassan Abdirizak *
Karol Mrva
Other
Other Hodan Said Isse
Jorge Andrade da Silva Weli G. Nur
Eduard Hagara Abukar Omarsson
Vazil Hudák
Miroslav Ivan South Africa
Marek Jakoby
Štefan Kišš Governor
Peter Kmec Vanitha Gordhan
Martina Kobilicová
Štefan Králik Alternate Governor
Ivan Lesay Lungisa Fuzile
Jozef Makúch
Vladimír Martvon Other
Martin Šanta Sedwyn Franco Anthony
Angela Solíková Fuad Cassim
Lucia Šrámková Gcina Nomsa Dlamini
Ntombizonke Famakinwa
Slovenia Pravin Jamnadas Gordhan
Francois Hentschel
Governor Juanita Jansen
Irena Sodin Mcebisi Jonas
Matsepo Nontombi Jonas
Alternate Governor Anthony Frank Julies
Gonzalo Caprirolo B* Lesetja Kganyago
Christopher Loewald
Other Nowetu Luti
Marjan Divjak Mninwa Mahlangu
__________________

B – Bank only
M – MIGA only
* – Temporary

156
 Lindiwe Mathada Elisa Garcia Grande
Robertina Mbedzi Ramon Gil-Casares
Robin Mbedzi Miren Arantzazu Gonzalez
Nandi Siziwe Mkunqwana Emiliano Gonzalez Mota
Aaron Daniel Mminele Monica Jaramillo
Lucky Molefe Fernando Jimenez Latorre
Nomonde Nolutshungu Pilar l'Hotellerie-Fallois
Lesego Ntoahae Luis Maria Linde
Zafar Parker Fernando Lopez
Mmakgoshi Phetla-Lekhethe Victor Manuel Márquez
Simon Qobo Luis Marti
Logan Rangasamy Delia Millan
Monale Ratsoma Pablo Moreno
Cleo Rose-Innes Fernando Navarrete
Joanne Scott Emma Navarro
Sipo Sikakane Soledad Nuñez
Samantha Springfield Estefania Sanchez Rodriguez
Thivhonali Thathi Javier Sanz Muñoz

South Sudan Sri Lanka

Governor Governor
Stephen Dhieu Dau Ravindra Sandresh Karunanayake

Other Alternate Governor

Abraham Ding Akoi Mohamed Rafeek Mohamed Ismail
Marial Bawuor
Geith Abraham Dauson Other
Moses Mabior Deu Awuol Don Ajith Perera Abeysekera
Brian Dsilva Indrajith Coomaraswamy
Ocum Carlos Genes Sunera De Soyza
John Dor Majok Dilshad De Alwis Feroze
Aban Othow Rupasinghe Swarnalatha Gunaratne
Albino Dak Othow Prasad Kariyawasam
Thalagala Nishantha Perera
Spain Swarnapali K. G. A. W. Ratnayake
Welivitage Don Thushara Rodrigo
Governor Ranepura Hewage Samantha Samaratunga
Luis De Guindos Dimuthu Sanja Wijeyaratne Samaratunga
Upekka Samaratunga
Alternate Governor Kanakarathna Mahinda Siriwardana
Jorge Dajani * P Nandalal Weerasinghe

Other St. Kitts and Nevis

Antonio Cordero
Pablo De Ramon-Laca Clausen Governor
Juan Luis Diez Timothy S. Harris
Rafael Dominguez
Ana Dominguez Velasco Other
Julio Durán Zanna Barnard
Gonzalo Garcia Andres Maria Barthelmy
__________________

B – Bank only
M – MIGA only
* – Temporary

157
 Trevor O. B. Brathwaite Gamal Malik Goraish
Everson Hull Gamal Eldin Hassan
Yvonne Jean-Smith Sabir Mohamed Hassan Salih
Kemoy Liburd Chow Farouck Mohamedelnoor Hussin
Thelma Phillip-Browne Maowia Khalid
Eisa Mohamed
St. Lucia Mustafa Mohamed Ahmed
Somia Amir Osman Mubarak
Governor Nagla Abdelaziz Osman
Allen Chastanet Mohammed Abdalla Osman Anter

Alternate Governor Suriname

Ubaldus Raymond
Governor
Other Gillmore Hoefdraad
Isaac Anthony
Elizabeth Darius-Clarke Alternate Governor
Anton Edmunds Karel Eckhorst B*
Tracy Polius
Kimari Storey Other
Cointha Thomas Ruth Frankel
Glenn Gersie
St. Vincent and the Grenadines Genevieve Gersie-Elshot
Faranaaz Hausil
Governor William Orie
Camillo Gonsalves Nicole Kim Pieters
Jade Charity Tjon
Alternate Governor
Laura Anthony-Browne Swaziland

Other Governor
Decima Corea Hlangusempi Dlamini B
Maurice Edwards Vusie Ephraem Dlamini M

Sudan Alternate Governor

Bheki Sibonangaye Bhembe B
Governor
Muna Elsayed Ismail Abuharaz B Other
Sadile Dlamini
Alternate Governor Brenda Dlamini
Mohamed Bushra Badawi B* Martin Dlamini
Sikhumbuzo Dlamini
Other Elliot B Gamedze
Bader Eldin Mahmoud Abbas Kennedy Groening
Mekki Yousif Abdalla Elmograbi Maqhawe K Mnisi
Asaad Abdelmutaleb Hamad Majozi Sithole
Abdelrahman Hassan Abdelrahman
Nawal Ahmed Mukhtar Sweden
Mustafa Dinar
Nazar Elagami Rahtalla Governor
Bahereldeen Gamareldeen Magdalena Andersson
__________________

B – Bank only
M – MIGA only
* – Temporary

158
 Alternate Governor
Alternate Governor Raymund A. Furrer B
Marcus Svedberg * Nicole Ruder M

Other Other
Miriam Abu Eid Jurg Adamek
Kerstin Af Jochnick Ines Barnetta
Karl Backeus Martin Baumgartner
Alexandra Carrell Berg von Linde Martin Dahinden
Anna K. Craenen Elena Donzelli
Elin Katrine Johanna Ekelund Husborn Amir Alexander Fouad
Karolina Ekholm Daniel Freihofer
Elin Eliasson Alain Gabler
Eva Haghanipour Jorg Gasser
Anneli Hildeman Petra Gerlach
Anneli Hildeman Daniel Heller
Eva Hunnius-Ohlin Paul Inderbinen
Stefan Ingves Thomas Jordan
Stefan Isaksson Thomas Jordan
Per Jansson Alexander Karrer
Cecilia Anna Margareta Kahn Andreas Ledergerber
Karin Kronhoffer Florence Lochrane
Magnus Lennartsson Peter Minder
Caroline Leung Philipp Orga
Pernilla Liljeson Friederike Pohlenz
Hans Lindblad Cyril Gabriel Teiva Prissette
Tomas Lundberg Laurence Roth
Bjorn Lyrvall Andrea Maria Virgilio Siviero
Emelie Mannefred Daniela Stoffel Delprete
Pernilla Meyersson Sebastian Waelti
Emma Nilsson Maria Isabelle Wieser
Maria Norstrom Lea Zurcher
Johanna Nuder
Thomas Ostros Syrian Arab Republic
Marie Harriet Ottosson
Mattis Persson
Anders Ronquist Tajikistan
Anders Ronquist
Johan Rydberg Governor
Anna Ryott Abdusalom Qurboniyon B
Tammy Maria Timko Umed Latifov M
Eriksson Modeer Ulrika
Emil Wannheden Alternate Governor
Ewa Wiberg Jamshed Nurmahmadzoda B

Switzerland Other
Aziz Kholboboev
Governor Farhod Salim
Ulrich Maurer B
Raymund A. Furrer M

__________________

B – Bank only
M – MIGA only
* – Temporary

159
Tanzania Kittipat Jeamsripong
Surachit Laksanasut
Governor Alisara Mahasandana
Philip Isdor Mpango Pisan Manawapat
Kontee Nuchsuwan
Alternate Governor Wisarkorn Phetthitiwat
James M. Doto Satther Promsumphan
Daungporn Rodpengsangkaha
Other Suwit Rojanavanich
Moses Manase Abilu Woraphot Samritdetkhachorn
James Andilile Veerathai Santiprabhob
Dismas Assenga Tharwan Seareeprayoon
John M Cheyo Chantavarn Sucharitakul
Bihindi Khatib Chularat Suteethorn
Tiba Eugen Kisonga Rit Syamananda
Erasto Kivuyo Pornvipa Tangcharoenmonkong
Dickson Lema Benjarat Tanongsakmontri
Mary Ngelela Maganga Nartnikorn Tantipong
Zephania Abduel Maivaji Neera Tantivorawong
Edwin Makamba Soraphol Tulayasathien
Scola Malinga Pattrawan Vechasart
Khalid Salum Mohamed Porametee Vimolsiri
Sauda Msemo
Frank Mtosho Timor-Leste
Baraka Munisi
Mameltha Kissha Mutagabwa Governor
Benny L. Mwaipaja Santina Jrf Viegas Cardoso
Natu El- Maamry Mwamba
Msafiri Nampesya Alternate Governor
Ludovick Nduhiye Helder Lopes
Benno J. Ndulu Ramon G. Oliveros *
Benno Ndulu
Johnson Nyella Other
Augustine Olal Domingos Alves
Khamis Mussa Omar Natercia Coelho da Silva
Patrick W Pima Helder Da Costa
Juma Hassan Reli Ludmila Estrela Gomes
Kay Rala Xanana Gusmao
Thailand Habib Mayar
Gabriela Pinto
Governor Emilia Pires
Apisak Tantivorawong Helche Silvester
Balbina Soares
Alternate Governor
Boonchai Charassangsomboon * Togo

Other Governor
Rom Aroonvisoot Kossi Assimaidou
Thitiporn Banchongkalkul
Sasiphand Bhanarai Alternate Governor
Panalee Choosri Aheba Johnson
__________________

B – Bank only
M – MIGA only
* – Temporary

160
 Mehdi Gharbi
Other Fayssal Gouia
Mongo Aharh-Kpessou Moez Mehdi Mahmoudi
Kodzo Wolanyo Amawuda Taoufik Rajhi
Ade Basso Anounkou Abdelmalek Saadaoui
Essobozou Awade Bechir Trabelsi
Yokoudema Kadokalih Amel Ben Younes Turki
Couassi-Abou Lowgnet Afi Kponyo Skander Turki
Amavi Amelia Kwadzo Lamia Zribi
Kossi Tenou
Sani Yaya Turkey

Tonga Governor
Osman Celik
Governor
'Aisake Valu Eke Alternate Governor
Raci Kaya
Alternate Governor
Aholotu Palu Other
Mehmet Ali Akben
Other Mustafa Soner Aksu
Sione Ngongo Kioa Hasan Basri Alagoz
Mele Ungatea Latu Hakan Atasoy
Mehmet Alper Batur
Trinidad and Tobago Omer Ethem Bayar
Kifaye Didem Bayar
Other Ahmet Bicer
Jenisa Bala Zeynep Boga
Daryl Cheong Ibrahim Halil Canakci
Michelle Durham-Kissoon Murat Cetinkaya
Omatee Geawan-Ramdass Fatih Mehmet Dogan
Alvin Hilaire Kerem Donmez
Zahrah Mohammed Senol Duman
Anthony Phillips-Spencer Ozgu Evirgen
Veronica Ramcharan Cem Ali Gokcen
Maurice Suite Busra Nur Gunes
Ewart Williams Ibrahim Ethem Guney
Gozde Gurgun
Tunisia Yavuz Selim Hacihasanoglu
Bea Hernandez
Governor Buket Imir
Mohamed Fadhel Abdelkefi Cagatay Imirgi
Orhan Kandar
Alternate Governor Ali Hakan Kara
Kalthoum Hamzaoui Himmet Karadag
Bilal Karaoglu
Other Osman Kilincel
Chedly Ayari Osman Kucukcinar
Sonia Ben Nasr Sema Kumral
Raja Boulabiar Hayri Maraslioglu
Aymen Erraies Murat Karani Onal
__________________

B – Bank only
M – MIGA only
* – Temporary

161
 Pinar Ozlu Other
Rasit Pertev Anne Namara Kabagambe
Halil Burak Sakal Allen Kagina
Osman Sarac Mary Katarikawe
Sedife Sarp Lawrence Katekyeza Kiiza
Suleyman Semdinoglu Charles Kizito
Emrah Sener Nanjobe Layton
Mehmet Simsek Lillian Nalima Lukyamuzi-Musoke
Esra Simsek Grace Nalunga Luwemba
Semih Tumen Adam Magume
Olcay Turan Gyvira Makanga
Murat Uysal Aldret Albert Musisi
Mahmut Varli Lilian Sarah Nanyanzi
Gokben Yener Alfred Nnam
Yavuz Yeter Dickson Ogwang
Muhammed Hasan Yilmaz Woneka Oliver
Onder Yilmaz Jane Onega Owachgiu
Emmanual Tumusiime-Mutebile
Turkmenistan
Ukraine
Governor
Muhammetguly A. Muhammedov Alternate Governor
Oleksandr Danyliuk *
Alternate Governor
Dovletmyrat Mulkiyev Other
Yuriy Butsa
Other Valerii Chalyi
Jumamuhammet Annagulyyev Oleksii Chernyshev
Rahimberdi Jepbarov Kostyantyn Chyzhyk
Meret Bairamovich Orazov Valeria Gontareva
Sergiy Khudiyash
Tuvalu Volodymyr Muzylov
Volodymyr Shalkivskyi
Governor Oleksandr Shchur
Maatia Toafa Dmytro Solohub
Vitalii Tarasiuk
Alternate Governor
Letasi Iulai United Arab Emirates

Other Alternate Governor

Niuatui Niuatui Obaid Humaid Al Tayer
Penielu Teo
Manraoi Vaaia Other
Ali Hamdan Ahmed
Uganda Pinaki Aich
Khalifa Hassan Al Daboos
Governor Khalifa Ahmed Al Faheem
Matia Kasaijai Marwa Rashed Al Mahmood
Ahmed Saeed Al Qamzi
Alternate Governor Hesham Al Qassim
Keith Muhakanizi Ahmed Al Qassim
__________________

B – Bank only
M – MIGA only
* – Temporary

162
 Hassan Al Redha Alice Campbell
Mohammed Ibrahim Al Shaibani Mark Carney
Abdulla Zaid Mohamed Al Shehhi Alice Carr
Juma Rashid Al Tayer Irene Chen
Juma Al Tayer Richard Corrigan
Hamad Essa Al Zaabi Jon Cunliffe
Khalid Ali Al-Bustani Maura Danehey
Sharifa Yaqoub Alhashemi Kim Darroch
Mubarak Rashed Almansoori Edd Denbee
Jamal Hamed Almarri Shamik Dhar
Essa Abdulfattah Kazim Almulla Marilyne Duvigneau
Arif Mohd Hadi Mir Ahmad Amiri Jonno Evans
Abdulla Saeed Bin Majed Belyoahah Steve Field
Shireesh Bhide Kristin Forbes
Soon Young Chang Victoria Gibbs
Robert Clarke Sonja Gibbs
Vincent Cook Rhys Gordon-Jones
Stephen Jordan Andrew Gracie
Magda Elsayed Kandil Peter Green
Faisal Noorali Lalani Kate Greer
Nevine Loutfy Kayleigh Guinan
Mark John Mcginness Brett Hill
Andreas Meletiou Michael Hoare
Jonathan Morris Glenn Hoggarth
Tarek Mourad Tanya Holden
Shayne Nelson Jordan Humphreys
Thomas Pereira Kelly Hysan
Vikram Pradhan Katherine Jane
Alain Jean Paul Renaud Yoshihiro Kawai
Andrew James Spindler David Kennedy
Suryanarayan Subramanian Rosanna Kim
Alexander Thursby David Stephen Kinder
Mark Domenic Zanelli Samuel Knott
Harry Lee
United Kingdom Tom Lefeuvre
Ferdinand Ley
Governor Mark Lowcock
Priti Patel Mark Macgann
Andrew Mackey
Alternate Governor Lord Peter Mandelson
Philip Hammond Paul Marsh
Andrew Mccoubrey
Other Kayley Mcmorrow
Ashley Alder Joe Moynihan
Hayden Allan Tom Mutton
Andrew Bailey Eva Myers
Kiman Bassi Diana Noble
Sally Belfield Sinead O'leary-Barrett
James Benford Andrew Overton
Mark Bowman Robert Oxley
Charles Brukner Philip Ozouf
__________________

B – Bank only
M – MIGA only
* – Temporary

163
 Dhiren Patel Janelle Austin Asiedu
Caroline Read Bama Athreya
Antonia Romeo Ahmed Attieg
Holger Walter Rothenbusch Sara Aviel
Charles Roxburgh Mary Patricia Azevedo
Steven Sabey Jennifer L. Bachus
Efren Sabillo Britney E. Bailey
Victoria Saporta Lauren Miyoko Baker
Jude Scott Susan Baker
Anthony Segal-Knowles Evan W. Baker Iii
Minouche Shafik Daniela A. Ballard
Fiona Shaikh Jeffrey Bandman
Michael Sheren Peter H. Barlerin
Langston Richard Mckenzie Sibblies Andy Baukol
Samrita Sidhu Anne Frere Baum
Conrad Smewing Rachel R. Bayly
Matthew Taylor Robert A. Beadle
Richard Teuten Jeremy A. Beck
Rachel Turner Douglas Michael Bell
Adair Turner Rachel Belter
Benedict Wagner-Rundell Catherine Berg
Vicky White Elilzabeth Clay Berry
Ormond Williams Brendan Patrick Bertagnoll
Sam Woods Robert B. Bertram
Dan York-Smith Marina Rose Best
Manu Kumar Bhardwaj
United States Rukmani D. Bhatia
Leena Ashutosh Bhatnagar
Governor Gretchen Melissa Biery
Jacob Joseph Lew Deborah L. Birx
Donna Kaylene Blackburn
Alternate Governor William David Block
Catherine Novelli Sarah Bloom Raskin
Beverly Ann Bogerty
Other Tracey Bonner
Zayba Abdulla Evangelia Bouzis
Michael Allen Ablowich Sharon Bowen
Zaid A. Abuhouran Joshua Boxerman
Angeli P. Achrekar Lael Brainard
Jennifer M. Adams Joseph H. Brinker
Christopher Benton Adams Mark Nathaniel Brown
Adewale Adeyemo Erin Rachelle Brown
Reed Jay Aeschliman Gavin J. Buckley
Yewande Alade John Burrows
Joshua J. Albert Polly Clark Byers
Paige Eve Alexander Robert R. Camilleri
Cameron Scott Alford Heather Ann Carroll
Tanya D. Alfredson Michael Carson
Scott Allen James Catto
Eric Michael Ambrose Yam Ki Chan
Asmeret Dawit Asghedom Ann Mei Chang
__________________

B – Bank only
M – MIGA only
* – Temporary

164
 Shiliang Chen Michael Carl Falkenheim
Yasmina Chergui Aaron L. Feit
Tashi L. Chogyal Paige Elizabeth Fetzer
Jeanny Chong Susan French Fine
Jennifer Whey-Min Chow Justin P. Finnegan
Benjamin Lee Coburn Stanley Fischer
Gerald Cohen Jonathan Fishman
Carol Cohen Lida M. Fitts
Thomas Connors Jennifer Fowler
Deborah M. Crane Qing Karen Francis
Marshal A. Crawford Kalina Meilan Francis
Maria Antonia Cruz Michael Rodney Fraser
Jennifer Crystal Erin Frautschy Barrows
Benjamin Jared Cushman Andrea Karen Freeman
Aarushi Das Michael B.G. Froman
Himamauli Das Brody Garner
Chad Edward Dear Jane Garrido
Melissa Del Rosario Karlin Judith Gatton
Charles Alexander Deluca Amias Agassiz Moore Gerety
Roland Demarcellus Melanie Gilbert
Abigail Mary Demopulos Siobhan A. Girling
Joseph Boyle Dickson Daniel Lawrence Glaser
Shannon Ding Heather G. Goethert
Robert Stephen Dohner Rachel Ellen Goldberg
Stephen Paul Donovan Adam Lyle Goldsmith
Brian M. Doyle Aaron Marc Goldzimer
Susan Driano Stephen Readon Gooch
Joshua Allen Drobnyk Warren Gorlick
Lennon B. Dugan David Gottfried
Danielle A. Dukowicz Gregory Gottlieb
Beth P. Dunford Corinne A. Graff
Kristina M. Dunne Daniel Scott Grant
Jonathan T. Dworken Christopher Grant
Karen Elizabeth Dynan Martin Grant
James Anthony Earl Barry Quentin Gray
Enoh T. Ebong Michael Blake Greenwald
Noah Eden Steven D. Grefe
April Michelle Elliott Maureen Grewe
Christopher C. Ellis Christopher Grewe
Margot B. Ellis Olivia Brooks Griffin
Matthew D. Emry Joseph Gruber
Nicholas Beechy Enz Martin Gruenberg
Becky Erkul Dean Gudicello
Kristen Ann Erthum Christopher Colin Guest
Alexis Clare Erwin Vanessa P. Guest
Marcela X. Escobari Mileydi Guilarte
Victoria Esser James N. Hamilton
Nancy L. Estes Kathleen Marie Hamm
Linda Iquo Etim William P. Hammink
Timothy Eydelnant Devin Hampton
Kate Audrey Eyerman Diana Beck Rossiter Harbison
__________________

B – Bank only
M – MIGA only
* – Temporary

165
 Richard David Harden Jamie Ilana Kraut
Glenn Harrington John Doherty Kriegsman
Jennifer A. Haverkamp Lisa Jean Kubiske
Paul Reilly Hegarty Jyl Renae Kuczynski
David B. Hegwood Shailesh Kumar
Jacob Atkins Henderson Marisa Lago
Barbara E. Hendrie Ruby Lai
Andrew Herscowitz Denise Lamaute
Plato R. Hieronimus Clemence Landers
Johnathan A. Hilton Gregory Larson
Ana Elizabeth Himelic Alexia Latortue
Elizabeth A. Hogan Carolyn C. Laurenzano
Dovie Alice Holland Timothy Lavelle
Robert Walter Holleyman Megan Jennifer Leary
Elizabeth S. Hosinski Allison Leblanc
Emily Howard Paul Leder
Carina Hreib Audrey Lee
Colin Huerter Mallory Cassandra Leewong
Sang Ju Hull Alfonso E. Lenhardt
Leslie Denise Hull Michael R. Leonard
Christopher N. Hunnicutt Paul Andrew Leonovich
Lyndsay Nichole Huot Benjamin Levine
John Charles Hurley Cherrica Li
Anthony Nicholas Ieronimo Merry Lin
Jessica Isaacs Stephen F. Little
Thomas Geoffrey Iverson Elizabeth Lascelles Littlefield
Ke Ji Allison K. Lombardo
Elizabeth Scott Johnson Jonathan Loritz
Kelly Elizabeth Johnson Philip Martial Lovegren
Richard William Johnston Andrea Marie Lupo
Sean Maurice Jones Sarah Ann Lynch
Keith C. Jordan Colin Vilas Mahoney
Ajit Vijay Joshi Nishad Majmudar
Amad Judeh Dorothea C. Malloy
Debra A. Juncker Matthew Sebastian Malloy
Adil Kabani Anthony Marcus
Adam K. Kaloides Alejandro Mares
Steven Kamin Susan A. Markham
Michael Adam Kaplan Alana Maria Marsili
Robert Kolb Kaproth Leonardo Martinez
Jonathan D. Katz Jerrod Ludger Mason
Nayla Marie Kawerk Timothy Massad
Brian Joseph Keane Karen Mathiasen
Carol Ann Kelley Ryan Douglas May
Stefanie K. Kendall Meredith G. Mccormack
Alex Khachaturian William Larry Mcdonald
Nasir Mahmood Khilji Alyson Mcgee
Behnaz Kibria Amy E. Mcquade
Scott Kleinberg Solianna C. Meaza
Irene Koek Lorri Anne Meils
Julie Ann Koenen A. Greer Meisels
__________________

B – Bank only
M – MIGA only
* – Temporary

166
 Thomas O. Melia Juana Karina Plascencia
Lev Menand Christopher S. Ploszaj
Eric Onno Meyer Patricia Pollard
Svetlana Milbert Eric Postel
Timothy Mills Simon Potter
Julie Beth Mills Jerome Powell
Sean Misko Rahul Prabhakar
Reginald W. Mitchell Jeffrey Prescott
Jennifer M. Mock James Christopher Prussing
Matthew Jay Mohlenkamp Cedric Pulliam
Jeffrey Moon Patricia Lynne Rader
Robert Alan Morin Natalie Radhakrishnan
Charles Clark Morovec Silvia L. Ramirez
Anna Marisa Morris Arathi Rao
Daniel Foster Morris Diane Ray
John Morton Jason Michael Raymond
Debra I. Mosel Trevor Reeve
Hilary Mossberg Scott Rembrandt
Alex Mourant William Matthew Remington
Jason E. Moxley Robert Eric Reno
Arthur Murton Catherine Reynolds
Adam Grant Myers William Granfield Rich
Anjani Desikan Nadadur Laurie Faxon Richardson
Rashid Naseem Salina Rico
Fabio Natalucci Maria Angelique Roberts
Matthew Nemeth Sabrina Roshan
Charles E. North Kevin Johnny Rosier
Nour Nsouli David Rowe
Malachy Nugent Sarah Kendall Runge
Lydia Nylander Christopher T. Runyan
Jamie Leonor Obal Warren Ryan
Christopher Ogilvie Michael Schetzel
Brian O'toole Daniel Schneiderman
Ariel Pablos Mendez Erik Joseph Schnotala
Eric Pan Robert Kennett Scott
Omar Parbhoo Stephanie Segal
David J. Park Christina Segal-Knowles
Joakim Parker Jason Scott Seligman
Sarah E. Parsons Sara Senich
Emily-Anne Patt Clarence Alexander Severens
Matthew Philip Pelligrino Thomas Bertram Sewell
Eric Pelofsky Alpa Mahendra Shah
Bill Duane Pelton Tara Rae Shannon
Christa Pennifill D. Nathan Sheets
Joseph S. Pennington Laura Shen
Daniel Walter Peters Chaitra P. Shenoy
Jonathan Patrick Phillips Christopher L. Shepherd-Pratt
Jeffrey D. Picard Laura Sima
Hannah Marcy Pincus Erik M. Singer
Anthony F. Pipa Daleep Singh
Michael A. Pisa Kim Noelles Smaczniak
__________________

B – Bank only
M – MIGA only
* – Temporary

167
 Julia Christine Smearman Ryan George Washburn
Gayle Smith Robert Wasserman
Barbara J. Smith Sarah Lyn Weber
Michelle A. Smith Douglas W. Webster
Whitney Kent Smith Jessica Webster
John James Spears John Leslie Weeks
Jackson Taylor Spivey Chris Weideman
Katherine D. Steel Antonio Francesco Weiss
Gloria D. Steele Mary Jo White
Jonathan N. Stivers Oren E. Whyche
Gabriela Stocks Susan E. Wilder
Kathryn Stolp Shamika N. Williams
Elan Strait Justina R. Williamson
Michael Clinton Strauss James Marlin Wilson
Nicholas Strychacz Beth Anne Wilson
Patrick Lindsay Stuart Peter Wisner
Harry Robert Sullivan Erik John Woodhouse
Matthew Sullivan David Wright
Steve Matthew Swartz Ann Marie Yastishock
Cody Welles Swyer Janet Yellen
Adam Jacob Szubin Gavin Yerxa
Lilburn Trigg Talley Mamadi Yilla
Daniel K. Tarullo Lesley Anne Young
Shantanu Tata Sally Yozell
Chris Edward Taylor Leocadia Irine Zak
Lorena M. Taylo-Segura Rick Ziegler
Laura Temel Andrew Zilm
David Jonathan Tessler Jeremy Leaman Zook
Ashlee R. Thomas
Carrie Ann Thompson Uruguay
Jennifer Thornton
Aye Thwin Alternate Governor
Victor Alexander Tineo Herman Kamil
Ramin Toloui Mariella Maglia *
Thao Phong Mai Tran
Karen Faye Travis Other
Henderson Whitener Trefzger Laureano Bentancur Lira
Laura Ann Trimble Marianela Bruno
Qurra Tulann Carlos Gianelli
Marybeth K. Turner Alberto Graña
Noam Carl Unger Antonio Nelson Juambeltz Rizzo
Arjun Vasan Julio Tealdi Risso
Joanna Raina Veltri David Vogel
Darci Vetter
Stephen Nestor Vitvitsky Uzbekistan
Debra C. von Koch
Sweta Wahal Alternate Governor
Douglas D Walker Ravshan Gulyamov B
Anne Shere Wallwork Shokhrukh Shoakhmedov B *
Molly M. Ward
Gordon Warren
__________________

B – Bank only
M – MIGA only
* – Temporary

168
 Other Lan Ngoc Tran
Sardor Sagdullayev Huu Hien Vo

Vanuatu Yemen, Republic of

Governor Governor
Gaetan Pikioune Mohammed Al Maitami

Alternate Governor Alternate Governor

Simeon Malachi Athy Nazar Abdullah Basuhaib

Other Other
Michael Samuel Hililan Qusai Abdalla Al Meqbeli
Lynette Ragonmal Abbas Albasha
Tony Amos Sewen Abdulrahman Aleryani
Abdulla Al-Quaiti
Venezuela, Republica Bolivariana de Monasser Al-Quaiti
Adel Alsuneini
Governor Ahmed Awad Binmufarak
Rodolfo Medina Del Rio
Zambia
Alternate Governor
Eudomar Rafael Tovar Governor
Felix Mutati B
Other
Howard Alvarez Alternate Governor
Margarita Berton Lucky Mulusa B*
Victor Blanco Ronald Simwinga B*
Jesus Cova
Armando Leon Other
Juan Cristobal Prieto Marsha Chipasha Achiume Holdway
Luis Rivero Mukuli Sibbuku Chikuba
Pablo Romero Joseph Chilaizya
Julio Cesar Viloria Kayula Chimfwembe
Francis Chipimo
Vietnam Moses Edward Chongo
William Kabwe
Governor Danny Kaliba
Dong Tien Nguyen Denny H. Kalyalya
Patricia Littiya
Alternate Governor Mutale Mbalamweshi
Long Duc Nguyen Gladys Chongo Mposha
Mulenga Musepa
Other Nawa Musiwa Muyatwa
Hai An Ha Inonge Mwenya
Hung Vinh Nguyen Emmanuel Mulenga Pamu
Lien Hong Nguyen Auxilia Bupe Ponga
Tra Vy Thi Nguyen Musokotwane Sichizuwe
Thanh Chung Nguyen
Huong Thi Thu Nguyen
Luu Thi Hoang Phuong
__________________

B – Bank only
M – MIGA only
* – Temporary

169
Zimbabwe

Governor
Willard L Manungo

Alternate Governor
Pfungwa Kunaka

Other
Michael Chakanaka Bimha
Shaw Chimombe
Patrick A Chinamasa
Josephine Dambaza
Matilda Dzumbunu
Caleb Fundanga
Siwela Gladys
George Guvamatanga
Frank Kamangeni
Admore Kandlela
Tiviniton Makuve
Somkhosi Malaba
John Panonetsa Mangudya
Rwatirisa Matsika
Chipo Mhini
Buhlebenkosi Moyo
Joseph Muchepa
Kuda Mudereri
John Mushayavanhu
Jonah Mushayi
Ronald Mutandagayi
Ammon Mutembwa
Patrick Mutimba
Russell Muusha
Simon Nyarota
Rapheal Otieno
Webster Rusere
Azvinandaa Saburi
Mpofu Sehliselo
Sharon Wallet

__________________

B – Bank only
M – MIGA only
* – Temporary

170
 Observers at the 2016 Annual Meetings

Abu Dhabi Fund for Development Anthony Musonda Simpasa

Sibry Tapsoba
Adel Alhosani Hau Sing Tse
Rashed Al Kaabi Desire Vencatachellum
Nyamajeje Calleb Weggoro
Africa Finance Corporation
African Export-Import Bank
Andrew Folorunso Alli
Adesegun Akin-Olugbade Benedict Oramah
Reuel Andrews Kanayo Awani
Oyebanji Fehintola Denys Denya
Sanjeev Gupta Richman Dzene
Alice Usanase Jacqueline Ebeid
George Elombi
African Biofuel and Renewable Energy Company Hippolyte Fofack
Philip Kamau
Kodjogan Fedy Amr Kamel
Kangah Kouakou Alphonse
African Capacity Building Foundation Jean Christian Koudou
Higenyi Samuel Mugoya
Emmanuel Nnadozie Gwendoline Mwaba
Bakary Kone Chandi Mwenebungu
Humphrey Nwugo
African Development Bank
African Fund for Guarantee and Economic
Akinwumi Ayodeji Adesina Cooperation
Shimeles Abebe
Tariq Altushani Justin Uyisenga
Charles Boamah
Olivier Eweck African Trade Insurance Agency
Heinrich Mihe Gaomab
Kapil Kapoor George O. Otieno
Jacob Kolster Israel Augustine Kamuzora
Janvier K. Litse Caroline Nyambura Kinyanjui
Martine Delhaise Mabiala Doumbeneny Sindiso N. Ngwenya
Celestin Monga Hellen Adhiambo Ooko
Angela Nalikka Cyprien Sakubu
Rakesh Nangia
Gabriel Negatu African Union
Helene N'Garmin Ganga
Vincent Nmehielle Muna Ahmed Abdalla
Hassatou N'sele Fatima Acyl
Kwabena Boadu Oku-Afari Biodun Adeyemo
Tom Mboya Owiyo Fareed Kwesi Arthur
Godfred Awa Eddy Penn Mesfin Tessema Ashagrie
Alex Rugamba Tarek Ben Youssef
Ndinaye Sekwi Charumbira
Mike Salawou
Assietou Diouf
171
Erica L. Hovani-Bue Peter Kim
Amine Idriss Adoum Maria Aurora Gregoria Lomotan
Moleboheng Aurelia Mabote Thiam Hee Ng
Seraphine Manirambona Amr J. Qari
Patrick Manke Michael Reyes
Anthony Mothae Maruping Roka Sanda
Josepha Musabyemariya
Craig Steffensen
Anthony I. Okara
Deborah Stokes
Zibagwe Scelo
Babajide Olumide Sodipo Natsuki Tyler
Woochong Um
Arab Bank for Economic Development in Africa Im Em Unkavanich
Pierre Van Peteghem
Sidi Tah Wencai Zhang
Kamal Mahmoud Abdellatif
Mohamed El Hafedh Beddy Asian Infrastructure Investment Bank

Arab Fund for Economic and Social Development Liqun Jin

Daniel Grian Alexander
Abdlatif Al-Hamad Thierry De Longuemar
Mondher Gargouri Jang Ping Thia
Hossam Khalil Joachim Von Amsberg
Yanning Wang
Arab Monetary Fund Xiao Wang
Quan Zheng
Abdulrahman A. Alhamidy
Yisr Barnieh Association of African Development Finance
Institutions
ASEAN+3 Macroeconomic Research Office
Joseph Alfred Amihere
Junhong Chang Percy Bansosa Nsiala
Feng Gong Ernest Athur Dietrich
Beomhee Han Gbrehiwot Esayas Bahre
Hoe Ee Khor Paul Jubile Ilunga Mupani
Qiying Pang Lionel Kalamba Muipatayi
Yasuto Watanabe Nazaire Kibuti
Denis Maheshe Tulinabo
Asian Development Bank Emmanuel Ntaganda
Kevin Tshikaya Tshikaya Tshiani
Takehiko Nakao Petunia Zwane
Michael Peter Barrow
Indu Bhushan Bank for International Settlements
Kazuki Fukunaga
Almazbek Galiev Jaime Caruana
Diwakar Gupta Enrique Alberola Ila
Sujata Gupta Pereira Da Silva
Zenia E. Jimenez Hermann Greve
Naoya Jinda Corrinne Ho
Michael T. Jordan Jean-Francois Rigaudy
Songyee Jung Philip Turner

172
 Pierre Moussa
Christophe Lekaka
Bank of Central African States Thierry Mamadou Asngar
Jean-Claude Nguemeni
Dieudonne Evou Mekou Paul Tasong Njukang

Black Sea Trade and Development Bank Central African States Development Bank

Serafeim Tsokas Abbas Mahamat Tolli

Valery Vladimirovich Aksenov Oscar Ngole
Christopher Peter Best
Central American Bank for Economic Integration
CAF - Development Bank of Latin America
Hernan Danery Alvarado
Enrique Garcia Victor Fabiano
Ainara Bacaicoa Izarzugaza Ricardo Rico
Felix Bergel Ramiro Tabares
Gabriel Felpeto
Anahiz Figueroa Central American Monetary Council
Isabella Maria Grisanti Vollbracht
Andres Rugeles Angel-Alberto Arita-Orellana
Hugo Sarmiento
Common Market for Eastern and Southern Africa
Caribbean Community
Perpetual Chawe Mpande Chuulu
Joseph Cox Dennis Matanda
Rodinald Soomer
Evelyn Wayne Commonwealth Secretariat

Caribbean Development Bank Patricia Janet Scotland

Samantha Kathleen Attridge
Warren Smith Bhabani Shankar Choudhury
Joseph Jason Cotton Kimberly Cliff
Ian Durant Reginald Darius
Dorla Humes Matthew Leo Doyle
Justine Andre Ram Paula Dawn Harris
Shami Mohamed Jabane
Center for Latin American Monetary Studies Annie Wanjiru Kahenya
Denny Mahalia Lewis-Bynoe
Fernando Tenjo Obianuju Chinedum Maduforo
Adriana Alverde Deodat Maharaj
Jaime Osvaldo Coronado Travis Klaus Mitchell
Maria Luisa Gutierrez Duncan Onduru
Dalmir Sergio Louzada Lucas Craig Rutherford
Fernando Sanchez Alison Souter
Karen P. Williams
Central African Economic and Monetary Sanjana Zaman
Community

173
Cooperation Council for the Arab States of the Sergei Guriev
Gulf Zbigniew Hockuba
Matthew Jordan-Tank
Abdullah Al Shilbi Natalia Khanjenkova
Khalid Alalsheikh Hans Peter Lankes
Isabelle Laurent
Council of Europe Development Bank Francis Malige
Hannah Meadley-Roberts
Rolf Wenzel Elizabeth Nelson
Matthias Bauer Renae Thor Ng
Anna Fokkelman Camilla Otto
Jacques Mirante Pere Jean-Marc Peterschmitt
Carlo Monticelli Alain Christian Pilloux
Thierry Poirel Alexander Plekhanov
Riccardo Puliti
East African Community Enzo Quattrociocche
Artur Radziwill
Enos Stephen Bukuku Bojana Reiner
Pantaleo Joseph Kessy Mattia Romani
Robert Maate Alan Rousso
Artem Shevalev
East African Development Bank Andras Simor
Michele Small
Mahesh K. Kotecha Josue Tanaka
Nicholas Tesseyman
Economic Community of West African States Axel Van Nederveen
Pippa Wright
Marcel Alain De Souza
George Agyekum Donkor European Central Bank
Abdoulaye Fall
Macdonald Saye Goanue Mario Draghi
Lassane Kabore Roland Beck
Kone Tanou Benoit Coeure
Mamadou Traore Vitor Constancio
Agnese De Leo
European Bank for Reconstruction and Peter Ehrlich
Development Christine Graeff
Lucas Guttenberg
Sumantra Chakrabarti Michele Kirstetter
Kuusvek Andre Peter Kooijman
Mandeep Bains Sam Langfield
Philip Bennett Sabine Lautenschlaeger
Angelique Botella Yves Mersch
Jonathan Charles Aidan Meyler
Roberto De Michele Eszter Miltenyi Torstensson
Leonor Fontoura Frank Moss
Hildegard Gacek Malgorzata Osiewicz
Calogera Jane Genuardi Rasmus Rueffer
Julie Green Juergen Schaaf

174
Ronan Sheridan Gunther Oettinger
Giuseppe Siani David Osullivan
Roland Straub Elisabeth Pape
Jean-Pierre Vidal Kay Parplies
Benjamin Vonessen Anna Prisco
Jennifer Riccardi
Valerie Rouxel-Laxton
European Commission Heinz Scherrer
Graciela Schiliuk
Jamilla Abarkane Werner Scholz
Morales Alvaro Stella Simantiraki
Benjamin Angel Yasmina Sioud
Ana Baas Clarissa Spada
Jean-Luc Bald Jesse Spector
James Andrew Barbour Joost Stekelenburg
John C. Berrigan Loukas Stemitsiotis
Moreno Bertoldi Michael Theiler
Cristian Bobocea Susan Tucker
Helena Boguslawska Fabrice Vareille
Rudiger Boogert Vlassia Vassikeri
Klaus Botzet Zaneta Vegnere
Marco Buti Caroline Vicini
Ben Carliner Alessandro Villa
Linda Corugedo Steneberg Ilona Volter De Thier
Declan Costello Petr Wagner
Fabien Dell Thomas Wieser
Servaas Deroose Kai Wynands
Valdis Dombrovskis Kasper Zeuthen
Annika Eriksgaard Melander
Deborah Fitzer European Investment Bank Group
Elena Flores
Jeremie Gallon Werner Hoyer
Erica Gerretsen Mark Allen
Andrea Glorioso Thomas Barrett
Olivier Guersent Mirko Becker
Michael Hager Guido Bichisao
Renate Hahlen Carlota Cenalmor Sanchez
Anna Herold Bertrand De Mazieres
Christopher Kleponis Bachlmair Dieter
Michael Koehler Gavin Dunnett
Elke Koenig Roman Escolano
Michelle Kosmidis Ambroise Fayolle
Tristan Le Berigot Ana Francelia Garcia
Despina Manos Alain Godard
Stefano Manservisi Roger Havenith
Katarina Mathernova Christopher Hurst
Pierre Moscovici Davia Jasmin
Valere Moutarlier Christelle Jolivet
Alexander Oettinger Christopher Knowles

175
Eila Kreivi Inter-American Development Bank
Jean-Christophe Laloux
Andrew Macdowell Luis Alberto Moreno
Maggiore Matteo David Abensur
Scatasta Monica Maristella Aldana
Debora Revoltella Carola Alvarez
Heike Ruettgers Amal-Lee Amin
Marjut Santoni Galindo Arturo
Frank Schuster Per Backman
Jonathan Taylor Matias Bendersky
Pim Van Ballekom Tracy Ann Betts-Martinez
Patrick Walsh Juan Pablo Bonilla
Jerry Butler
European Stability Mechanism Francisco J.J. Castro Y Ortiz
Ignacio Corlazzoli
Klaus Peter Regling Gustavo De Rosa
Kalin Anev-Janse Andre Delgado
Gong Cheng Satomi Dieguez
Sarah Fouqueray Carrick Laura Fan
Christophe Frankel Soledad Feal Zubimendi
Nicola Giammarioli Orlando Ferreira Caballero
Sebastien Levy Federico Galizia
Dominika Joanna Miernik Jaime Garcia Alba
Wolfgang Proissl Luis Alberto Giorgio
Juan Alberto Rojas Blaya Jonathan Goldman
Siegfried Ruhl Sebastian Gonzalez Saldarriaga
Rolf Rainer Strauch Bernardo Guillamon
Andres Sutt Diana Hincapie
Wim Van Aken Julie T. Katzman
Juan Ketterer
Financial Fund for the Development of the River Brett Maitland
Plate Basin Victoria Marquez Mees
Alexandre Meira da Rosa
Juan Enrique Notaro Leopoldo Montanez
Elke Groterhorst Gina Montiel
Mariana Prado Juan Ricardo Ortega Lopez
Pablo Pereira Dos Santos
Financial Stability Board Zoila Pun Perez
German Quintana
Svein Andresen Davinia Rodriguez Santos
Robert Patalano Luiz Ros
Rupert Thackray Thorne Jose Juan Ruiz
Gema Sacristan
Food and Agriculture Organization of the United James Peter Scriven
Nations Jose Seligman Silva
Frank Sperling
Barbara Ekwall Esteban Verdugo Pedreros
Maria Aranzazu Villanueva Hermida
Triana Yentzen Toro

176
International Investment Bank Walid Abdelwahab
Marouan Abid
Denis Ivanov Mohamed Abida
Abdihamid Abu
International Fund for Agricultural Development Rami Mahmoud Ahmad
Mohammed Alami
Kanayo F. Nwanze Ghassan Youssef Al-Baba
Denisse Garcia Karim Allaoui
Henock Kifle Sahal Almarwai
Johannes Linn Savas Alpay
Jimenez Mcinnis Luis Mohammad Alsaati
Carmina Marquez Khalil Hassan Antar
Deirdre Mc Grenra Reem Khalil Attieh
Gulmira Mchale Ashraf Dawood
Luis Mcinnis Abdulhakim Elwaer
Thomas Pesek Hafiz Emrith
Claudia Soliz Castro Ababacar Gaye
Salem Sonbol Hani
International Labour Organization Allison Marie Janos
Salah Mansour
Guy Ryder Mohamed Hedi Mejai
Azita Berar Awad M Nazee Noordali
Nancy Donaldson Azmi Omar
Deborah Greenfield Alexander Perjessy
Ruba Jaradat Sakiyoulahi Sow
Conerious Kuteesa Rafee Yusoff
Moazam Mahmood
Regina Monticone Islamic Financial Services Board
Isabel Ortiz
Christophe Perrin Jaseem Ahmed
Stephen Kennett Pursey
Christian Ramos Kuwait Fund for Arab Economic Development
Tara Rangarajan
Dan Rees Nesf Sami Alnesf
Nair Roopa
Jose Manuel Salazar Latin American Association of Development
Ana Fernandez Soto Financing Institutions
Erick J. Zeballos
Xin Zhang Edgardo Alvarez

International Organization of La Francophonie Latin American Economic System

Laurence Arnould Roberto Guarnieri

Moncef Follain
Latin American Reserve Fund
Islamic Development Bank
Anna Maria Carrasquilla
Bandar Hajjar Diana Briceno
Khaled Al Aboodi Carlos Giraldo

177
 Nicolas Pinaud
New Development Bank Jan Rielaender
Miguel Rodriguez-Gorman
Kundapur V. Kamath Matthew Slavoski
Fabio Augusto Najjarian Batista Suzanne Steensen
Irina Burukina Piera Tortora
Yaoru Jin Marie Tourret
Leslie Maasdorp Litsa Vavakis
Paulo Nogueira Batista Junior Iain Williamson
Shu Zhan Michaela Wright
Xian Zhu

Nordic Development Fund Organization of the Petroleum Exporting

Countries
Pasi Hellman
Mohammed Sanusi Barkindo
Nordic Investment Bank Hojatollah Ghanimi Fard
Nadir Gurer
Henrik Normann Jorge Leon
Lars Eibeholm Joerg Spitzy
Jens Hellerup
Alexander Ruf Pacific Islands Forum Secretariat
Heidi Susanne Syrjanen
Thomas Wrangdahl Meg Taylor
Raymond Nilesh Prasad
OPEC Fund for International Development
Palestine Liberation Organization
Said Aissi
Fuad Albassam Shukry Bishara
Tareq Alnassar Azzam Shawwa
Musab Alomar Rula Malouf
Khalid Khadduri Mohammad Shtayyeh
Belkacem Ouzrourou Najib Yaser

Organisation for Economic Co-operation and Southern African Development Community

Development
Remigious Makumbe
Angel Gurria Martin Tichaona Muchero
Sebastian Barnes Phera Ramoeli
Niamh Cahill Billings Gainmore Zanamwe
Nilar Andrea Chit Tun
Susan Fridy United Nations
Carol Guthrie
Ian Hawkesworth Gyan Chandra Acharya
Jean-Marie Le Grand Benedetta Audia
Anton Leis Garcia Hilmija Bajrektarevic
Iza Lejarraga Jean Luc Bories
Rahul Pallan Carol Boykin

178
Jon Brause Justin Forsyth
Herman Bril Alicia Marin
Megan Carroll Jaya Murthy
Tomas Anker Christensen Ana Nieto
Laure-Anne Courdesse Darrow Nalinee Nippita
Ertharin Cousin Mandeep Obrien
Mac Darrow Georgina Thompson
Deborah Deyoung Frank Borge Wietzke
Oumar Diallo
Sara Dixon United Nations Conference on Trade and
Jan Eliasson Development
Patricia Espinosa
Lucas Feldman Richard Kozul-Wright
Munevar Felipe
Andrea Gitow
Nathaniel Glidden UN Development Programme
Anueja Gopalakrishnan
Hanna Grahn Helen Clark
Nana Hirata Sonia Arenaza
Scott Jenkins Marissa Ayento
Peter Kenilorea Pierre Pascal Bardoux Chesneau
Ebru Kuran Asif Chida
Suhyeon Lee Paul F. Clayman
Michael Lennard Pedro Conceicao
Alanna Malik Sophie De Caen
Liam Murphy Paolo Galli
Jesca Muyingo Stephen Gold
David Nunes Nabarro Philippe Grandet
Hannah Pedri Nergis Gulasan
Carlos Perrone Shani Harris
Hernani Escobar Rodriguez Gail Hurley
Jago Salmon Sarah Jackson Han
Karen Shira Petra Jaervinan
Robert Skinner Christopher King
Karen Smyth Matthew Mckinnon
Sharon Spiegel Nevean Nawar
Peter Thomson Michael O'neill
Alexander Trepelkov Yesim Oruc
Melissa Tullis Rucheta Singh
Richard Tyner Jennifer Topping
Tidhar Wald Anahita Vasudevan
Dessima Williams Qi Zhu
Orlando Mehmet Yilmazata
Fernando Zelner UN Economic Commission for Africa

UN Children’s Fund Joseph Atta Mensah

Anthony Lake
Pia Britto

179
UN Economic Commission for Latin America and World Health Organization
the Caribbean
Agustin Alejandro Alcantara
Vianka Aliaga Freddy Perez
Ines Bustillo
Perrotti Daniel World Trade Organization
Helvia Velloso
Roberto Azevedo
UN Environment Program Robert Koopman
Marc Auboin
Erik Solheim Keith Mcelroy Rockwell
Mahenau Agha David Tinline
Patricia Beneke Tim Yeend
Mark Halle
Elliott Harris Indonesia Planning Team 2018 Annual Meetings
Iain Henderson
Olivier Lavagne D'ortigue Arif Baharudin
Felicity Perry Fery Gunawan
Nicholas Robins I Made Ed Juliana
Simon Zadek Devy Listia
Nuohan Zhang Wempi Saputra
Susiwijono
West African Development Bank Prio Utomo
Iqbal Alan Abdullah
Christian Narcisse Adovelande Amelia
Christian N. Dieudonné Agossa Susilowani Daud
Maxime Bertin Akpaca Ichwan Fauzan Agus
Nathalie Brou Fofana Meri Gajali
Kodjo Adodo Dosseh Riyanthi Handayani
Nimatou Dramane Arif Hidayat Sudafi
Gnekele Gnassingbe Ketut Jaman
Dovi Khady Eliane Kouassigan Bipan Kapur
Komlan N. Vaughan Mensah Wiwin Kurniawan
Enny Listyorini
West African Economic and Monetary Union Randy Maharsi Sugiwardani
Ratna Ning
Cheikhe Hadjibou Soumare Miranti Dian Rahayu
Abdallah Boureima Muhammad Reza Abdullah
Eloge Houessou Nurhayati Sanusi Iskandar
Assoukou Krikpeu Lasmi Siti Mariam
Emedetemin Nonfodji
Jean Sanon
Amadou Boubacar Toure

West African Monetary Institute

Abwaku Englama
John Herbert Tei Kitcher

180
 Executive Directors and Alternates IBRD, IFC, IDA
OCTOBER 9, 2016

Executive Directors Alternate Executive Directors

Khalid Alkhudairy Turki Dhaifallah Almutairi

(Saudi Arabia) (Saudi Arabia)

Otaviano Canuto Rosalia De Leon

(Brazil) (Philippines)

Heenam Choi Jason Allford

(Republic of Korea) (Australia)

Herve de Villeroche Benoit Paul Eleuthere Catzaras

(France) (France)

Alejandro Foxley Daniel Pierini

(Chile) (Argentina)

Jorg Frieden Paulina Gomulak

(Switzerland) (Poland)

Subhash Garg Muhammad Musharraf Hossain Bhuiyan

(India) (Bangladesh)

Franciscus Godts Gulsum Yazganarikan

(Belgium) (Turkey)

Merza Hussain Hasan Ragui El-Etreby

(Kuwait) (Arab Republic of Egypt)

Frank Heemskerk Claudiu Doltu

(Netherlands) (Romania)

Mohamed Kayad Seydou Bouda

(Djibouti) (Burkina Faso)

Nasir Mahmood Khosa Omar Bougara

(Pakistan) (Algeria)

Kazuhiko Koguchi Daiho Fujii

(Japan) (Japan)

Peter Larose Andrew Bvumbe

(Seychelles) (Zimbabwe)

181
Executive Directors Alternate Executive Directors

Ana Lourenco Bongi Kunene

(Angola) (South Africa)

Andrei Lushin Eugene Miagkov

(Russian Federation) (Russian Federation)

Matthew McGuire (VACANT)

(United States)

Ursula Mueller Claus Michael Happe

(Germany) (Germany)

Patrizio Pagano Nuno Mota Pinto

(Italy) (Portugal)

Melanie Robinson Clare Roberts

(United Kingdom) (United Kingdom)

Jose Rojas Beatriz De Guindos

(Venezuela) (Spain)

Susan Anette Ulbaek Martin Poder

(Denmark) (Estonia)

Rionald Silaban Pornwasa Sirinupongs

(Indonesia) (Thailand)

Alister Smith Peteranne Tamara Donaldson

(Canada) (Jamaica)

Yingming Yang Jiandi Ye

(China) (China)

182
 Directors and Alternates MIGA
OCTOBER 9, 2016

Executive Directors Alternate Executive Directors

Khalid Alkhudairy Turki Dhaifallah Almutairi

(Saudi Arabia) (Saudi Arabia)

Otaviano Canuto Rosalia De Leon

(Brazil) (Philippines)

Heenam Choi Jason Allford

(Republic of Korea) (Australia)

Herve de Villeroche Benoit Paul Eleuthere Catzaras

(France) (France)

Alejandro Foxley Daniel Pierini

(Chile) (Argentina)

Jorg Frieden Paulina Gomulak

(Switzerland) (Poland)

Subhash Garg Muhammad Musharraf Hossain Bhuiyan

(India) (Bangladesh)

Franciscus Godts Gulsum Yazganarikan

(Belgium) (Turkey)

Merza Hussain Hasan Ragui El-Etreby

(Kuwait) (Arab Republic of Egypt)

Frank Heemskerk Claudiu Doltu

(Netherlands) (Romania)

Mohamed Kayad Seydou Bouda

(Djibouti) (Burkina Faso)

Nasir Mahmood Khosa Omar Bougara

(Pakistan) (Algeria)

Kazuhiko Koguchi Takeshi Yasuraoka

(Japan) (Japan)

Peter Larose Andrew Bvumbe

(Seychelles) (Zimbabwe)

183
Executive Directors Alternate Executive Directors

Ana Lourenco Bongi Kunene

(Angola) (South Africa)

Andrei Lushin Eugene Miagkov

(Russian Federation) (Russian Federation)

Matthew McGuire (VACANT)

(United States)

Ursula Mueller Claus Michael Happe

(Germany) (Germany)

Patrizio Pagano Nuno Mota Pinto

(Italy) (Portugal)

Melanie Robinson Clare Roberts

(United Kingdom) (United Kingdom)

Jose Rojas Beatriz De Guindos

(Venezuela) (Spain)

Susan Anette Ulbaek Martin Poder

(Denmark) (Estonia)

Rionald Silaban Pornwasa Sirinupongs

(Indonesia) (Thailand)

Alister Smith Peteranne Tamara Donaldson

(Canada) (Jamaica)

Yingming Yang Jiandi Ye

(China) (China)

184
Officers of The Board of Governors for IBRD, IFC AND IDA and Joint Procedures Committee for
2016-2017

Chair........................................................... Jordan

Vice Chairs.................................................. Malaysia

Slovak Republic

Other Members………………………………. China

El Salvador
France
Germany
Iceland
Jamaica
Japan
Malawi
Malta
Mongolia
Panama
Peru
Romania
Russian Federation
São Tomé and Príncipe
Saudi Arabia
South Africa
Sri Lanka
Switzerland
Tunisia
United Kingdom
United States

185
Officers of the MIGA Council of Governors and MIGA Procedures Committee for 2016-2017

Chair........................................................... Jordan

Vice Chairs.................................................. Malaysia

Slovak Republic

Other Members……….……………………… China

El Salvador
France
Germany
Iceland
Jamaica
Japan
Malawi
Malta
Mongolia
Panama
Peru
Romania
Russian Federation
São Tomé and Príncipe
Saudi Arabia
South Africa
Sri Lanka
Switzerland
Tunisia
United Kingdom
United States

186