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World Bank Document 102629 THE WORLD BANK GROUP Public Disclosure Authorized 2015 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS Public Disclosure Authorized SUMMARY PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized Lima, Peru October 9-11, 2015 THE WORLD BANK GROUP Headquarters 1818 H Street, N.W. Washington, D.C. 20433 U.S.A. Phone: (202) 473-1000 Fax: (202) 477-6391 Internet: www.worldbankgroup.org INTRODUCTORY NOTE The 2015 Annual Meetings of the Boards of Governors of the World Bank Group (Bank), which consists of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA) and International Centre for the Settlement of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund (Fund), took place on October 9, 2015 in Lima, Peru. The Honorable Kordjé Bedoumra, Governor of the Bank and Fund for Chad served as the Chairman. The Summary Proceedings 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. Mahmoud Mohieldin The Corporate Secretary World Bank Group Washington, D.C. January, 2016 iii CONTENTS Page Address by the President of Peru, Ollanta Humala Tasso ...............................................................1 Opening Address by the Chairman Kordjé Bedoumra Governor of the World Bank Group and the International Monetary Fund for Chad ...............5 Opening Address by Jim Yong Kim, President of the World Bank Group .....................................8 Report by Marek Belka, Chairman of the Development Committee .............................................12 Statements by Governors and Alternate Governors.......................................................................14 Bangladesh ...................................... 14 New Zealand .................................... 42 China ............................................... 16 Pakistan ........................................... 45 Colombia ......................................... 18 Papua New Guinea .......................... 46 Fiji ................................................... 20 Philippines ....................................... 49 India ................................................ 23 Spain ................................................ 50 Ireland ............................................. 25 Sri Lanka ......................................... 53 Japan ............................................... 28 Sweden ............................................ 54 Korea, Republic of .......................... 31 Thailand ........................................... 56 Malaysia .......................................... 33 Timor-Leste ..................................... 59 Marshall Islands* ............................ 35 Tonga ............................................... 60 Myanmar ......................................... 37 Tunisia ............................................. 65 Nepal ............................................... 40 Vietnam ........................................... 66 Documents of the Board of Governors ..........................................................................................69 Schedule of Meetings ...............................................................................................................69 Provisions Relating to the Conduct of the Meetings ...............................................................70 Agendas....................................................................................................................................71 Joint Procedures Committee ..........................................................................................................72 Report I ....................................................................................................................................73 Report III ..................................................................................................................................75 MIGA Procedures Committee .......................................................................................................76 Report I ....................................................................................................................................77 _____________________ * Speaking on behalf of a group of countries iv Resolutions Adopted by the Board of Governors of the Bank between the 2014 and 2015 Annual Meetings .........................................................................................................................79 No. 641 Transfer from Surplus to Replenish the Trust Fund for Gaza and West Bank ........79 No. 642 Direct Remuneration of Executive Directors and their Alternates ..........................79 No. 643 2018 Annual Meetings of the Boards of Governors of the International Monetary Fund and the World Bank Group ............................79 Resolutions Adopted by the Board of Governors of the Bank at the 2015 Annual Meetings .......80 No. 644 Financial Statements, Accountant's Report and Administrative Budget .................80 No. 645 Allocation of FY15 Net Income...............................................................................80 No. 646 Resolution of Appreciation ......................................................................................80 No. 647 Membership of the Republic of Nauru ....................................................................81 Resolutions Adopted by the Board of Governors of IFC at the 2015 Annual Meetings ...............84 No. 261 Financial Statements, Accountant's Report, Administrative Budget and Designation of Retained Earnings ...............................84 No. 262 Resolution of Appreciation ......................................................................................84 Resolutions Adopted by the Board of Governors of IDA at the 2015 Annual Meetings ..............80 No. 236 Financial Statements, Accountant's Report, Administrative Budget and and Administrative Budget .........................................85 No. 237 Resolution of Appreciation ......................................................................................85 Resolutions Adopted by the Board of Governors of MIGA at the 2015 Annual Meetings...........86 No. 97 Financial Statements and the Report of the Independent Accountants ......................86 No. 98 Resolution of Appreciation ........................................................................................86 Reports of the Executive Directors of the Bank ............................................................................87 Transfer from Surplus to Replenish Trust Fund for Gaza and West Bank ..............................87 2018 Annual Meetings of the Boards of Governors of the International Monetary Fund and the World Bank Group ........................................88 Allocation of FY15 Net Income ..............................................................................................89 Membership of the Republic of Nauru ....................................................................................90 Accredited Members of the Delegations at the 2015 Annual Meetings ........................................91 Observers at the 2015 Annual Meetings ......................................................................................129 Executive Directors and Alternates IBRD, IFC, IDA ..................................................................136 Directors and Alternates MIGA ...................................................................................................138 Officers of the Board of Governors and Joint Procedures Committee for 2015-2016 ................140 Officers of the Council of Governors and MIGA Procedure Committee for 2015-2016 ............141 v ADDRESS BY THE PRESIDENT OF PERU OLLANTA HUMALA TASSO It gives me great pleasure to welcome you to the city of Lima and to our country, Peru, on the occasion of the opening session of the 2015 Annual Meetings of the Board of Governors of the World Bank and the International Monetary Fund, which brings together representatives from 188 countries, including ministers of economy, governors of central banks, executives from the private sector, academicians, civil society, and visitors from around the world. I would like to begin by stating how gratifying it is for my country to have been chosen to host and organize this forum, which returns to Latin America for the first time in 48 years. Today, Peru’s economy is recognized as being sound. This accomplishment has been possible because of the consistent, sustained, and inclusive policies it has followed in recent years. In just under two decades, Peru has tripled its real gross domestic product, held inflation at 2 percent a year, reduced its national debt, maintained net international reserves at 30 percent of GDP, and kept its country risk factor below the regional level. These successes are the result of a nationwide effort to strengthen a responsible and stable macroeconomic policy. This policy, among its many advantages, has enabled us to promote national and foreign investment, enter new markets, ensure predictability in government decisions, and devise a policy of social inclusion. The Government considers the incorporation of millions of Peruvians into the national economy to be of paramount importance. This new
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