MARCELO MARIA GIUGALE, PHD

Marcelo Giugale is the former Director of the World Bank’s Department of Financial Advisory and Banking Services—the team of professionals who help governments in emerging and developing countries manage their assets, their debts, and their risks. A former Director of country, sector, and practice Departments, and an international development leader, his thirty years of experience span the Middle East, Eastern Europe, Central Asia, Latin-America, and Africa, where he led senior-level policy dialogue and over thirty billion dollars in lending and insurance operations across the development spectrum. An Adjunct Professor at Georgetown University and a Fellow of the US National Academy of Public Administration, he has published on macroeconomic policy, finance, subnational fiscal rules, development economics, business, agriculture, and applied econometrics. Notably, he was the chief editor of collections of policy notes published for the presidential transitions in Mexico (2000), Colombia (2002), Ecuador (2003), Bolivia (2006) and Peru (2006). In 2017, he authored the second edition of “Economic Development: What Everyone Needs to Know”, a featured volume by Oxford University Press. His opinion editorials are published in the leading newspapers and blog-sites of the USA, Europe, Latin-America, and Africa. He received decorations from the governments of Bolivia and Peru, and taught at the American University in Cairo, The London School of Economics, and the Universidad Católica Argentina. A citizen of Argentina and Italy, he holds a PhD and a MSc in Economics from The London School of Economics, and a Summa-Cum-Laude BA in Economics from Universidad Católica Argentina. You can watch his TED talk (“Ending Poverty”), and follow him on Twitter at @Marcelo_WB

WORK EXPERIENCE March 2017 to World Bank, Director of the Financial Advisory and Banking Services October 2020 Department Headed a team of some 50 senior finance professionals who manage over $25 billion dollars in central bank reserves, sovereign wealth funds, and pension endowments for more than 70 developing countries. With an internal budget of just over $30 million, the team has been a pioneer in helping governments hedge meteorological, geological and commodity risks, and implement debt management strategies that give sustainability to their fiscal accounts.

November 2015 to World Bank, Senior Economic Adviser of the Cluster of Global Practices March 2017 Equitable Growth, Finance, and Institutions Advised the Cluster of Global Practices at the strategic, policy, technical, and communication levels. The Cluster is composed of 2,000-plus specialists in macroeconomics, finance, trade, poverty, and institutions. It manages an annual lending pipeline of some $18 billion, a project portfolio worth $26 billion, and just under one thousand pieces of analytical work per year. July 2014 to World Bank, Senior Director of the Global Practice for Macroeconomics and October 2015 Fiscal Management. Managed the Global Practice that houses the 300-plus macroeconomists of the World Bank Group, working in some 120 client countries. The Practice delivers the institution’s policy positions on global economic issues, $7 billion a year in fast- disbursing lending, and over two hundred pieces of advisory and analytical work— all with an administrative budget of around $75 million.

February 2011 to World Bank, Director of Economic Policy and Poverty Reduction for Africa June 2014 Headed a department of some 200 professional staff in charge of the Bank’s advisory and lending services in Africa, with focus on growth, fiscal, monetary, and debt policy; public sector governance and institutional development; trade and integration; and poverty, inequality and gender. With an annual budget of US$ 30 million, the department delivers about US$ 2 billion per year in concessional lending; supervises a US$ 1 billion portfolio of projects; and publishes some 50 major reports.

July 2007 to World Bank, Dual Director of Economic Policy and Poverty Reduction, January 2011 and of Finance and Private Sector Development, for Latin-America. Managed a department of 120 professional staff in charge of the Bank’s advisory and lending services in Latin-America, with focus on macroeconomics; state- capacity; financial markets, business environment and regulation; and equity. The department produced about US$ 4 billion per year in new IBRD loans; oversaw the implementation a US$ 5 billion portfolio of projects; and delivered 40 publications annually—all with an annual budget of US$ 30 million.

Dec. 2002 to World Bank, Director for the Andean Region June 2007 Managed the four-country department in charge of the World Bank’s assistance program to the Andean region. With some 100 staff located in five different capital cities, and a US$ 15 million annual operational budget, the department delivered some US$ 800 million in new, IBRD and IDA loans per annum, built a US$ 2 billion project portfolio, and generated US$ 5 million worth of analytical and advisory services every year.

Oct. 2000 to World Bank, Lead Economist and Sector Leader for Colombia, December 2002 Mexico, and Managed the three-country department’s economic program through a core staff of six senior economists, five support staff, and an extended country team of twenty- five development professionals. With an annual administrative budget of some US$3 million, provided economic supervision of a US$20 billion accumulated loan exposure, a US$2 billion yearly lending flow, a US$6 million analytical program, and a multi-sector project portfolio that included a US$400 million Fiscal Adjustment Loan for Colombia and a US$300 million Tax Reform Loan for Mexico.

Sept. 1998 to World Bank, Lead Economist for Mexico Sept. 2000 Headed a multi-disciplinary team of professionals that saw to the development and poverty-reduction rationale of the Bank’s Country Assistance Strategy in Mexico; US$12 billion loan portfolio; US$1.5 billion annual lending flow; and US$2 million

2 annual program of economic analysis. Managed and supervised the delivery of a varied lending program, including a US$600 million Decentralization Adjustment Loan and a US$500 million Estado de México Structural Adjustment Loan (the first subnational budget-support operation in the Bank’s history).

Jan. 1998– World Bank, Principal Economist for Central Asia and Baltics Regions Aug. 1998 Headed group of economists and statisticians in charge of the Bank’s economic policy advice, non-lending services, and economic development underpinning of its US$1.5 billion loan portfolios in Kazakhstan and Lithuania.

June 1995– World Bank, Senior Economist for the Baltics Region Dec. 1997 Responsible for the Bank's economic transition advisory role in Lithuania, for the related US$80 million Structural Adjustment Loan operation, and for the economic strategy of the Bank's US$250 million investment portfolio in the country.

July 1992– World Bank, Senior Resident Economist in Cairo, Egypt June 1995 Headed a team of economists, financial officers and researchers that supplied the analytical basis and intelligence for the management of the World Bank's US$2.2 billion investment portfolio in Egypt and provided in-situ advice to the Egyptian Government's Cabinet of Ministers on its economic reform efforts (including a first- ever, US$300 million Structural Adjustment Loan).

Oct. 1991– World Bank, Country Economist for Lebanon June 1992 Led the World Bank's economic work in post-war Lebanon; in particular, provided the economic rationale for the Bank's and other international donors' 1992 Emergency Reconstruction Project (a US$0.5 billion package).

Aug. 1990– World Bank, Country Economist for Egypt Sept. 1991 Co-designer of Egypt's economic reform program, backed by a US$450 million joint World Bank-International Monetary Fund financing package.

Sept. 1989 Joined The World Bank through its Young Professional Program

June 1986– Economic Editor in London for the Radio Show "Nuevo Dia" July 1988 (New Day) broadcast by "Radio del Plata" of Buenos Aires, Argentina.

ACADEMIC APPOINTMENTS:

January 2020 – Adjunct Professor of International Finance, Georgetown University Present Graduate lecturing in Macroeconomic Policy in a Financially-Integrated World

Aug. 1993– Professor of Economics, American University Cairo June 1994 Part-time graduate lecturing in Finance for Developing Countries.

Aug. 1988– Lecturer in Finance, The London School of Economics August 1989 Graduate lecturing on Financial Decision Analysis and Corporate Finance.

March 1985– Professor of Economics, The Argentine Catholic University

3 July 1985

EDUCATION 2003 New Management Leadership Program, Harvard Business School, Harvard University 2000 Executive Development Program, Harvard Business School, Harvard University 1989 Ph.D. in Economics, The London School of Economics 1987 M.Phil. in Economics, The London School of Economics 1986 Master of Science in Economics, The London School of Economics 1984 BA in Economics, Argentine Catholic University, Buenos Aires

BOOKS Giugale, Marcelo. 2017. Economic Development—What Everyone Needs to Know, 2nd Edition, New York: Oxford University Press. Giugale, Marcelo. 2014. Economic Development—What Everyone Needs to Know, 1st Edition, New York: Oxford University Press. Canuto, Otaviano, and Marcelo Giugale, eds. 2010. The Day After Tomorrow: A Handbook on the Future of Economic Policy in the Developing World, Washington DC: World Bank Publications. Molinas, Jose R., Ricardo Paes de Barros, Jaime Saavedra, and Marcelo Giugale. 2010. Do Our Children Have a Chance? The 2010 Human Opportunity Report for , Washington DC: World Bank Publications. Giugale, Marcelo, Vicente Fretes-Cibils, and John Lincoln Newman, eds. 2006. The Opportunity of a Different Peru—Prosperous, Equitable and Governable, Washington DC: World Bank Publications. (Also available in Spanish) Giugale, Marcelo, Vicente Fretes-Cibils, and Connie Luff, eds. 2006. Bolivia—Public Policies For the Well- being of All, Washington DC: World Bank Publications. (Also available in Spanish) Fretes-Cibils, Vicente, Marcelo Giugale, and Jose R. Lopez-Calix, eds. 2003. Ecuador—An Economic and Social Agenda for the New Millennium, Washington DC: World Bank Publications. (Also available in Spanish) Giugale, Marcelo, Olivier Lafourcade, and Connie Luff, eds. 2002.Colombia—The Economic Foundation of Peace, Washington DC: World Bank Publications. (Also available in Spanish) Giugale, Marcelo, Suchada Langley, and William H. Myers, eds. 2002. Exchange Rate Volatility and Agricultural Trade, Ontario, Canada: Captus Press. Giugale, Marcelo, Olivier Lafourcade, and Vinh H. Nguyen, eds. 2001. Mexico—A Comprehensive Development Agenda for the New Era, Washington DC: World Bank Publications. Fleming, Alexander, and Marcelo Giugale, eds. 2000. Financial Systems in Transition, London, UK and Singapore: World Scientific Publisher. Giugale, Marcelo, and Steven B. Webb, eds. 2000. Achievements and Challenges of Fiscal Decentralization— Lessons from Mexico, Washington DC: World Bank Publications. Giugale, Marcelo, Nataija Kazlauskiene, and William H. Meyers. eds. 1999. Through Transition To Accession: Lithuania’s Agriculture on the Road to the European Union, Ames, IA: Iowa State University Press.

4 Giugale, Marcelo, ed. 1998. Lithuania—An Opportunity for Economic Success, Washington DC: World Bank Publications. Giugale, Marcelo, and Hamed Mubarak. eds. 1996. Private Sector Development in Egypt, Cairo, Egypt: American University Press.

ARTICLES Giugale, Marcelo and Nga Thi Viet Nguyen. 2018. Money to the People: A Calculation of Direct Dividend Payments in Africa. Journal of International Economics and Economic Policy, Volume 15, Issue 1, pp. 1-19, January. Giugale, Marcelo. 2016. Freedom from Poverty: New Directions in Economic Development, in Terry Miller and Anthony B. Kim, eds., The 2016 Index of Economic Freedom – Promoting Economic Opportunity and Prosperity, Washington DC: The Heritage Foundation. Giugale, Marcelo, Eoin McGuirk, and Anand Rajaram. 2016. The Political Economy of Direct Dividend Transfers in Resource-rich Countries: A Theoretical Consideration. World Bank PRE Working Paper Series, No. 7575, February. Giugale, Marcelo. 2015. Commentary: Why Should Budget Cuts Feel Like Recentralization? Public Administration Review, Volume 75, Issue 6, pp. 853-854, November/December. Giugale, Marcelo and Mark Thomas. 2015. African Debt and Debt Relief, in Celestin Monga and Justin Yifu Lin, eds., The Oxford Handbook of Africa and Economics, Volume II, pp. 186-203, New York: Oxford University Press. Giugale, Marcelo, 2015. The Changing War on Poverty, Public Administration Review, Volume 75, Issue 3, pp. 359-360, May/June. Giugale, Marcelo, and Nga Thi Viet Nguyen. 2014. Money to the People: Estimates of the Potential Scale of Direct Dividend Payments in Africa, Policy Paper No. 043, Center for Global Development, Washington D.C. Croke, Kevin, Andrew Dabalen, Gabriel Demombybes, Marcelo Giugale, and Johannes Hoogeveen. 2014. Collecting High Frequency Panel Data in Africa Using Mobile Phone Interviews, Canadian Journal of Development Studies, Volume 35, Issue 1, April. Giugale, Marcelo, and Douglas Hostland. 2013. Africa’s Macroeconomic Story, World Bank PRE Working Paper Series, No. 6635, October. Giugale, Marcelo, and Shantayanan Devarajan. 2013. The Case For Direct Transfers of Resource Revenues in Africa, Working Paper No. 333, Center for Global Development, Washington D.C. Giugale, Marcelo, Suchada V. Langley, Charles Hallahan, and William H. Myers. 2000. International Financial Volatility and Agricultural Commodity Trade: A Primer, American Journal of Agricultural Economics, Vol. 82, No. 3, pp. 695-700, August. Giugale, Marcelo, Sherif El-Diwany, and Stephen Everhart. 2000. Informality, Size and Regulation: Theory and An Application to Egypt, International Journal of Small Business Economics, Vol. 14, No. 2, pp. 95–106, March. Giugale, Marcelo, Alan Korobow, and Steven Webb. 2000. A New Model for Market-based Regulation of Sub-national Borrowing: The Mexican Approach, World Bank PRE Working Paper Series, No. 2370, May. Giugale, Marcelo, and Alan Korobow. 2000. Shock Persistence and the Choice of Foreign Exchange Regime: An Empirical Note from Mexico, World Bank PRE Working Paper Series, No. 2371, May.

5 Giugale, Marcelo, Rossana Polastri, and Samuel Talley. 1998. Capital Inflow Reversals, Banking Stability and Prudential Regulation in Central and Eastern Europe, World Bank PRE Working Paper Series, No. 2023, December. Faulk, Dagney, and Marcelo Giugale. 1997. Is There a Latin-American Debt Crisis Building-Up in Eastern Europe? A Comparative Analysis, CARD Working Paper 97-WP 186, Iowa State University, December. Giugale, Marcelo, and Mette Knudsen. 1996. Protecting Jobs or Protecting Rents? Back-of-the-Envelope Arithmetics on the Egyptian Car Industry, The World Economy, Vol. 19, No. 5, September. Giugale, Marcelo. 1993. The Rationale for Structural Adjustment—A Layman's Guide, Cairo Papers on Economic Activity and Social Sciences, Vol.16, Mon. 3, Fall. Goodhart, Charles A., and Marcelo Giugale. 1993. From Hour to Hour in the FOREX Market, The Manchester School Journal of Economic and Social Studies, No. 1, Vol. LXI, March. Dailami, Mansoor, and Marcelo Giugale. 1991. Reflections on Credit Policy in Developing Countries—Its Effect on Private Investment, World Bank PRE Working Paper Series, No. 654, April. Dinh, Hinh T., and Marcelo Giugale. 1991. Inflation Tax and Deficit Financing in Egypt, World Bank PRE Working Paper Series, No. 668, May. Dinh, Hinh T., and Marcelo Giugale. 1990. Money, Inflation, and Deficit in Egypt, World Bank PRE Working Paper Series, No. 553, December. Goodhart, Charles A., and Marcelo Giugale. 1989. Some Evidence on Daily Trading Activity in the London FOREX Market, The Journal of International Securities Markets, Vol. 3, pp. 137-46, Summer.

MAJOR OPINION EDITORIALS In Pursuit of Fin-Tech Hubs, The Bulletin, OMFIF, Vol. 10, Ed. 2, p. 30, April 2019. Insurance: An Answer to Fiscal Risk, The Bulletin, OMFIF, Vol. 10, Ed. 1, p. 31, January 2019. The Pros and Cons of “Green Bonds”, The Bulletin, OMFIF, Vol. 9, Ed. 8, p. 25, September 2018. Sustaining Africa’s Growth, VoxEU, 12-18-2014 The Creditworthy Poor?, Project Syndicate, 10-06-2014 How Africa Can Extract Big Benefits For Everyone From Natural Resources (with S. Devarajan), The Guardian (UK), 06-29-2011. Emerged Economies (with O. Canuto), Foreign Policy (USA), 11-10-2010. The Final Battle in the War Against Poverty (with O. Canuto), Roubini Monitor, 11-2-2010. Fiscal Quality (with O. Canuto), Roubini Monitor, 10-13-2010. Global Growth Switchover (with O. Canuto), Roubini Monitor, 9-27-2010. Calidad: El Futuro de la Política Fiscal en América Latina, El Universal (México), 1-VI-2010 Un Índice de Oportunidad Humana para una Sociedad más Equitativa, El País (Spain), Reforma (México), March 2010. A Brave New World for Latin-America, Houston Chronicle (USA), 1-IV-2010

6 Mujeres: El Otro Motor del Crecimiento, La Nación (Argentina); Los Tiempos, La Prensa (Bolivia); El Espectador (Colombia); Listín Diario (República Dominicana); La Prensa Grafica (El Salvador); El Periódico (Guatemala); El Universal (México); ABC Color (Paraguay). March 2010. Innovar o Perecer: América Latina y el Nuevo Orden Comercial, El Universal (México), 29-X-2009 América Latina Mas Allá de La Crisis, La Tercera (), 3-VII-2009, Portafolio (Colombia), 4-IX-2009, Fortuna (Argentina), 31-X-2009. Una Crisis y Diez Lecciones, América Economía (México), 18-VI-2009 The Global Crisis: Latin-America’s Opportunity, Latin Business Chronicle (USA), 17-VI-2009 Let Subsidies Help The Poor, Miami Herald (USA), 27-I-2009 América Latina Ante La Crisis: Una Respuesta Anti-cíclica y Progresiva, El Cronista Comercial (Argentina), La Prensa (Bolivia), Valor Economico (Brasil), La Republica (Colombia), La Republica (Costa Rica), El Universo (Ecuador), La Prensa Grafica (El Salvador), La Tribuna (Honduras), Japan Times (Japan), Reforma (Mexico), ABC Color (Paraguay), Gestion (Peru), El Universal (Venezuela). January 2009.

BLOGS AT THE HUFFINGTON POST (www.huffingtonpost.com/marcelo-giugale/) Time to Insure Developing Countries against Natural Disasters – 10-11-2017 Why Are Governments Talking about “Structural Reform”? – 10-20-2016 Can Services Drive Africa’s Development? – 9-5-2016 Why Are Governments Struggling to Prop the World’s Economy? – 3-3-2016 From Miami to Mumbai: What Makes Cities Competitive? – 12-16-2015 Of Fools and Free Markets – 10-29-2015 The Fed’s Decision and the Developing Countries – 09-14-2015 Piketty, Stiglitz, and Our Renewed Interest in Inequality – 05-10-2015 Time to End Fuel Subsidies – 04-16-2015 Europe’s Woes and the Poor – 02-27-2015 Cheap Oil and the Poor – 01-09-2015 The Economic Impact of Ebola – 12-08-2014 Does Debt Forgiveness Work? Ask Africa – 07-13-2014 What Can Foreign Investment Really Do For Your Country? – 06-01-2014 Impact Evaluation: A Woman’s Best Friend? – 05-07-2014 Should Foreign Aid Be Abandoned or Adapted? – 01-07-2014 Can We Innovate Our Way Out of Poverty? – 11-21-2013 Can Africa Follow China’s Industrialization Path? – 10-2-2013 How Green Should Economic Growth Be? – 5-23-2013 What on Earth Are "Commodity Super-cycles", and Why Do They Matter? – 5-9-2013 Les Miserables: How Many People Live in Extreme Poverty? – 4-22- 2013 What's the Future of Foreign Aid? – 4-8-2013 Can Governments Create Industries? – 2-28-2013 Why Do The Poor Complain So Little? – 2-6- 2013 How To Tell When Your Country Is Managing Its Riches Well? – 1-8-2013 Fix Africa's Statistics – 12-19-2012 Working In The Shadows: What Have We Learned About Informality? – 11-29-2012 Why Economic Growth Happens In Some Places And Not In Others? – 11-1-2012 Has Decentralization Worked? – 10-4-2012 Can Africa Feed Africa? – 9-18-2012 What Have Economists Learned About Indigenous Peoples – 6-21-2012

7 A Latin Solution to an African Problem – 6-3-2012 The Greatest Generation of Argentine Women – 5-15-2012 Why Do Obvious Reforms Never Happen? The Political Economy of Things – 4-26-2012 How Can Africa Compete With China? – 4-4-2012 Who Will Be Africa's - March 21, 2012: Transparency and Your Natural Resources – 3-7-2012 The Lingering Global Crisis and the New Poor – 2-28-2012 Defragmenting Africa – 2-14-2012 Blessed by Nature, Cursed by Politics – 1-12-2012 Has Globalization Helped or Hurt Women? – 12-16-2011 How Tomorrow's Infrastructure Will Be Built – 11-30-2011 Winners, Losers and the Beauty of Impact Analysis – 11-16-2011 The World's Newest Nations – 11-3-2101 Yes, They Can: How Emerging Economies Are Building Universal Health Coverage – 10-19-2011 Africa’s Emergence – Part II – 10-5-2011 A Five-point Checklist to Prepare for Another Global Crisis – 9-21-2011. Africa's Emergence - Part I – 9-8-2011. Technology and the World of Tomorrow's Leaders – 08-16-2011. Why Is It So Difficult to Agree on Tax Reform? – 07-27-2011 Development and the New Power of Entertainment Education – 07-8-2011. Give Africans a Stake in their Own Wealth – 06-22-2011. The Child from Mozambique – 06-8-2011. Women, Growth and Generational Change – 05-26-2011. Poverty in the Era of Data – 05-12-2011. Food, Fear and Folly – 04-28-2011. Violence and the Failure of Institutions – 04-13-2011. Cairo, Corruption and Cultural Change – 03-29-2011. The State and Me – 03-14-2011. Financial Policy Catches Up With Reality (with O. Canuto) – 03-05-2011. The End of Poverty – 02-25-2011. The Human Opportunity Index – 02-11-2011. Creative Latin-America – 02-1-2011. If You Want to Grow, Learn (with O. Canuto) – 01-5-2011. Will We Ever Trust the State? (with O. Canuto) – 12-6-2010. The Final Battle In the War Against Poverty (with O. Canuto) – 11-3-2010. Fiscal Quality (with O. Canuto) – 10-14-2010. Growth Switch-Over (with O. Canuto) – 09-27-2010.

AWARDS AND PROFESSIONAL RECOGNITIONS Fellow – US National Academy of Public Administration, inducted to the Academy by election of its body of Fellows, November 2014. Member of the Editorial Board – Public Administration Review, the flagship journal of the American Society for Public Administration, October 2014 – October 2018. Grand Officer of the Order of Merit—Peru (Gran Oficial de la Orden del Mérito), a decoration awarded by President Alan Garcia of Peru, for distinguished service to the country, June 2007. Coat of Arms of Our Lady of La Paz--Bolivia (Escudo de Armas de Nuestra Señora de La Paz), a decoration awarded by Mayor Juan del Granado of La Paz, Bolivia, for outstanding support to the city, May 2007.

8 World Bank – Performance Award (first series), for outstanding team work, technical excellence, and client commitment, Washington, May 2000. Lionel Robbins Scholar, awarded by the Lionel Robbins Memorial Foundation in memory of the "The Right Hon. Lord Robbins, C.H., C.B., economist, public servant and supporter of the arts", London, 1987. Medalla de Oro (Golden Medal – Suma Cum Laude), awarded by Argentine Catholic University to its Best Graduate in Economics, Buenos Aires, 1985. Medalla de Oro (Golden Medal), awarded by Banco de la Provincia de Buenos Aires (Buenos Aires Province Bank) to Argentina's Best Young Economist, Buenos Aires, 1985. Medalla de Oro (Golden Medal), awarded by Editorial El Derecho (The Right, publisher) to Argentina's Best Thesis in Economics, Buenos Aires, 1985.

LANGUAGES English; Spanish; French; Italian (fair)

PROFESSIONAL INTERESTS Financial Innovation as a Tool for Economic Development The Political Economy of Growth and Development Policy- and Decision-making in Uncertain, Institutionally-weak Country Environments Communication Strategies for Economic and Social Reform The Microeconomic Underpinnings of Macroeconomic Sustainability Incentive Frameworks and Distortions in Social Sectors and Human Development Sub-national Fiscal and Financial Policy in Rapidly Decentralizing Countries

PERSONAL INTERESTS Last-resort Assistance to the Disadvantaged and the Disabled World Current Affairs Sports (soccer; soccer coaching; weight-resistance training; boxing)

PERSONAL DATA Born in Buenos Aires, Argentina, on October 31, 1961 Argentine and Italian Nationalities. Married, two children, one grand-daughter Address: 3402 Rebecca Jane Way; Alexandria, Virginia, USA Contact Nos.: (o) 202•473•7738; (c) 202-215-8819; (h) 703•329•6736 Email: [email protected]

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