58.               Financial statements of the Bank are published quarterly and are publicly available.  Annual audited financial statements as of the June 30 fiscal year-end appear in the Bank’s Annual Report and in the annual update of the Bank’s Information Statement (prospectus).  The annual statements include a balance sheet; statements of income, comprehensive income, changes in retained earnings and of cash flows; statements of member subscriptions to capital stock and voting power; and a summary statement of loans by borrowing member.  Notes to the financial statements include information on all significant accounting policies and other detailed disclosures.  Such disclosures include the composition of capital stock; return/cost data, maturity, and currency composition of the loans, investments and borrowings of the Bank; and a summary description of the Staff Retirement Plan.  In addition, a Management Discussion and Analysis (MD&A) accompanies the annual financial statements and presents selected financial data, e.g., the average cost of borrowings, average interest rate on loans, return on liquid investments and on loans; other financial ratios Management deems significant; financial product information; a discussion of the Bank’s financial policies and risk management strategies; and a discussion of significant operating results.

59.               In all other quarters (September, December, and March), the Bank provides a condensed presentation of the financial statements, reviewed by the Bank’s external auditors.  A condensed MD&A, which serves as an update to the MD&A published on the preceding June 30, accompanies the condensed quarterly financial statements and includes noteworthy items occurring during that quarter.

60.               The overall borrowing plan is usually announced publicly at the beginning of the fiscal year (July 1).  Other documents related to public offerings are publicly available when the laws or regulations governing the market require that they be filed with a governmental agency.

61.               Detailed statements of all loans and credits are published monthly and are publicly available.

62.               Information on the finances of IDA is published in the IDA audited annual and unaudited quarterly financial statements.  Replenishment terms and conditions are published in the Summary Proceedings of Annual Meetings.  Information on current replenishment negotiations is provided in press briefings at key stages of the process.  Chairman’s summaries of replenishment meetings and papers written for information or consideration during replenishment negotiations are publicly available.