InternationalBank for Reconstructionand Development
                       InternationalDevelopmentAssociation

                                  FOR OFFICIAL USE ONLY



FOR
EXECUTIVE                                                                       on
                                                                For consideration
                                                                Tuesday,March9, 1999
DIRECTORS'
MEETING
                                                                M99-8
                                                                IDA/M99-8

 FROM: The Secretary                                            February 22, 1999



              Minutesof Meetingof theExecutive Directorsof the Bankand IDA
              held in the BoardRoom on Tuesday,February16,1999 at 10:07 am.


 1.    There were present:

                                        CHAIRMAN

                             J. D. Wolfensohn,Presidentfollowedby
                                 S. Sandstrom,ManagingDirector


 EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS

       K. Al-Saad                                 I. Niemi
       K. Alyahya                                 A. Olaoye(Temporary  Alternate)
       R. Bachmayer                               T. O'Leary
       E. Biskup (Alternate)                      F. Passacantando
       K. Brachemi(Alternate)                     J. Pesme (Altemate)
       A. Bugrov                                  I. Rivera(Alternate)
       F. Ferrer                                  P. Rubianes(Alternate)
       Y. Horimoto(TemporaryAlternate)            S. Singh
       J. Hutagalung                              P. Stek
       C. Legg (Alternate)                        B. Toure
       M. Marek (Alternate)                       M. Wickstead(Alternate)
       M. Meyer                                   Zhu Xian



 This document has a restricted distributionand may be used by recipients only in the
 perfornance of their official duties. Its contentsmay not otherwisebe disclosedwithout
 World Bank authorization.
                                                 2                                         M99-8
                                                                                       IDA/M99-8


ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS

        P. Gomes                                     W. WanAbdullah
        L. Hubloue                                   ZhaoXiaoyu
        E. Miagkov

OFFICERS AND STAFF PARTICIPATING

        C. Koch-Weser,ManagingDirector               ZhangShengman,Secretary
        S. Sandstrom,ManagingDirector                H. Denton, CorporateSecretariat
        A. Rigo, Deputy General Counsel


Briefingby Mr. Wolfensohnon hisRecent Travels

2.     Mr. Wolfensohnbriefedthe Board on his recenttravels to Austria, Italy and Jordan.

Minutesof PreviousMeeting

3.     The ExecutiveDirectorsapprovedthe minutesof the meetingheld on January21, 1999
(M99-4[IDA/M99-4]).

ManagingDirectors' Oral Reporton the Status of the OperationalWork Program

4.    Messrs.Koch-Weserand Sandstrombriefedthe Board on the status of the OperationalWork
Program.

Credit to Moldova - Social Investment Fund Project

5.      The ExecutiveDirectorsapprovedthe credit to the Republic of Moldovafor a Social Investment
Fund Projectin the amountof SDR10.9million (US$15.0million equivalent)on the paymentterms and
other termsand conditionsset out in the President's Memorandum(IDA/R99-9datedJanuary 25, 1999).

Requestfor Inspection- Brazil:LandReform and PovertyAlleviationPilot Project(Loan No.
4147-BR)Extension:Preliminary  AssessmentPeriod(INSP/R99-2)

6.     The ExecutiveDirectorsrecordedtheir approvalon February 4, 1999of the recommendation
containedin the Memorandumfromthe Secretaryentitled"Request for Inspection- Brazil:Land Reform
and PovertyAlleviationPilot Project(LoanNo. 4147-BR)Extension:PreliminaryAssessmentPeriod"
(INSP/R99-2), that an additionalthirty-dayperiod be allowedfor the InspectionPanelto prepare its
recommendation,  namely untilMarch5, 1999.
                                                    3                                           M99-8
                                                                                           IDA/M99-8



Executive Directors' Assistants - Record 'Approved          -ivel

7.       The Executive Directors recorded their approval oii tie dates shown of the following proposals
for travel by Executive Directors' Assistants:

        SecM99-30    -   January 25,   1999               SecM99-66 - February 3, 1999
        SecM99-44    -   January 28,   1999               SecM99-76 - February 9, 1999
        SecM99-45    -   January 28,   1999               SecM99-77 - February 9, 1999
        SecM99-65    -   February 3,   1999

Farewell to Mr. Zhao Xiaoyu

8.       The Chairman made the customary presentation to Mr. Zhao on the expiration of his term of
service. The Executive Directors noted their appreciation of his services and tendered him good wishes
for the future.

Date Of Next Meeting

9.      It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Thursday,
February 18, 1999.

Adjournment

10.     The meeting adjourned at 12:38 p.m.




Distribution:

 Executive Directors and Alternates
 President
 Bank Group Senior Management
 Vice Presidents, Bank, IFC and MIGA
 Directors and Department Heads, Bank, IFC and MIGA