International Bank for Reconstruction and Development
                        International Development Association

                                  FOR OFFICIAL USE ONLY



FOR
EXECUTIVE
EXRECUTORV                                                                For consideration on
                                                                          Thursday, February 18, 1999
DIRECTORS'                                                      ___________



MEETING

                                                                          M99-5
                                                                          IDA/M99-5


   FROM: The Secretary                                                    February 3, 1999


                  Minutes of Meeting of the Executive Directors of the Bank and IDA
                  held in the Board Room on Tuesday, January 26, 1999 at 10:06 a.m.


    1.   There were present:

                                            CHAIRMAN

                                 Zhang Shengman, Managing Director


   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS

          G.   Abraham (Alternate)                   I.   Haque
          S.   Ahmed (Alternate)                     L.   Hubloue (Alternate)
          K.   Al-Aboodi (Alternate)                 Z.   Hurtic (Temporary Alternate)
          J.   Alvarez (Temporary Alternate)         J.   Hylewski (Alternate)
          M.   Amr (Alternate)                       E.   Jourcin (Temporary Alternate)
          E.   Biskup (Alternate)                    S.   Katash (Temporary Alternate)
          A.   Brandt (Alternate)                    T.   O'Leary
          H.   Cordeiro (Alternate)                  0.   Otazu (Temporary Alternate)
          M.   Endoh (Temporary Alternate)           S.   Pickford
          F.   Ferrer                                J.   Piercy
          P.   Gomes (Alternate)                     A.   Stinson (Temporary Alternate)
          Li   Guanghui (Temporary Alternate)        W.   Wan Abdullah (Alternate)



  This document has a restricted distribution and may be used by recipients only in the
  performanceof their official duties. Its contentsmay not otherwisebe disclosedwithout
  World Bank authorization.
                                               2                                         M99-5
                                                                                   IDA/M99-5


OFFICERS AND STAFF PARTICIPATING

        J.   Linn,Vice President,ECA               S.    Shetty,AFTM1
        C.   Madavo,Vice President,AFR             J.                ECSSD
                                                         Stoutjesdijk,
        A.   Rigo, Deputy GeneralCounsel           R.    van Til, IMF
        P.   Pomerantz,Director,AFCO2              H.    Denton,CorporateSecretariat

Minutes of PreviousMeeting

2.    The ExecutiveDirectorsapprovedthe minutes of the meetingheld on December 15, 1998
(M98-76[IDA/M98-75]).

Credit to Zambia- Public SectorReformand Export PromotionProject

3.      The ExecutiveDirectorsconsideredthe President's Reportand Recommendation      (IDA/R99-2
dated January5, 1999)and approvedthe creditto the Republicof Zambiafor a Public SectorReformand
Export PromotionProject in the amountof SDR122.7million(US$170.0      million equivalent)on the
payment termsand other terms and conditionsset out in the President'sReport. It was agreedthat
Managementwould brief the Board on implementationprogresspriorto futuretranche releases.

Credit to KyrgyzRepublic- Flood EmergencyProject

4.      The ExecutiveDirectorsconsideredthe President's Memorandum    and Recommendation
(IDA/R99-3datedJanuary 5, 1999)and approvedthe credit to the KyrgyzRepublicfor a Flood
EmergencyProject in the amountof SDR7.3million (US$10.0millionequivalent)on the paymentterms
and other terms and conditions set out in the President's Memorandum.

Date of NextMeeting

5.     It wasagreed to hold a meetingof theExecutive Directorsof the Bank and IDA on Thursday,
January 28, 1999.

Adjournment

6.     The meetingadjournedat 11:31a.m.



Distribution:

 ExecutiveDirectorsand Alternates
 President
 Bank GroupSeniorManagement
 Vice Presidents,Bank, IFC and MIGA
 Directors and DepartmentHeads, Bank,IFC and MIGA