FILE NO. 1-3431
				REGULATION BW
				RULE 3

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

100 F Street, N.E.

Washington, D.C. 20549

REPORT OF

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

With respect to one or more proposed issues

of debt securities of the Bank

Filed pursuant to Rule 3 of Regulation BW

Dated: September 26, 2022

The following information is being filed pursuant to Rule 3 of Regulation BW with respect to one or more proposed issues of debt securities of the International Bank for Reconstruction and Development. As authorized by Rule 4 of Regulation BW, certain information is to be provided in the form of an Information Statement, attached as Exhibit A. Certain information specified in Schedule A to Regulation BW is not available at the date of this Report.

Items 1-6. Not yet known. This information will be included in the prospectus for a particular issue.

Item 7. Exhibit

Exhibit A: Information Statement dated September 21, 2022.

Information Statement

International Bank for Reconstruction

and Development

 

The International Bank for Reconstruction and Development (IBRD) intends from time to time to issue its notes and bonds with maturities and on terms determined by market conditions at the time of sale. The notes and bonds may be sold to dealers or underwriters, who may resell them, or they may be sold by IBRD directly or through agents.

The specific currency, aggregate principal amount, maturity, interest rate or method for determining such rate, interest payment dates, if any, purchase price to be paid to IBRD, any terms for redemption or other special terms, form and denomination of such notes and bonds, information as to stock exchange listing and the names of the dealers, underwriters or agents in connection with the sale of such notes and bonds being offered at a particular time, as well as any other information that may be required, will be set forth in a prospectus or supplemental information statement.

Except as otherwise indicated, in this Information Statement (1) all amounts are stated in current United States dollars translated as indicated in the Notes to Financial Statements: Note A and (2) all information is given as of June  30, 2022.

AVAILABILITY OF INFORMATION

This Information Statement will be filed with the U.S. Securities and Exchange Commission electronically through the EDGAR system and will be available at the Internet address http://www.sec.gov/edgar.shtml.

Upon request, IBRD will provide additional copies of this Information Statement without charge. Written or telephone requests should be directed to IBRD’s main office at 1818 H Street, N.W., Washington, D.C. 20433, Attention: Capital Markets and Investments Department, tel: (202) 477-2880, or to IBRD’s Tokyo office at Fukoku Seimei Building 14F, 2-2-2 Uchisaiwai-cho, Chiyoda-ku, Tokyo 100-0011, Japan, tel: (813) 3597-6650.

The Information Statement is also available on IBRD’s Investor Relations website at http://www.worldbank.org/debtsecurities/. Other documents and information on IBRD’s website are not intended to be incorporated by reference in this Information Statement.

 

September 21, 2022

 

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This Management’s Discussion and Analysis (MD&A) discusses the financial results of the International Bank for Reconstruction and Development (IBRD) for the fiscal year ended June 30, 2022 (FY22). IBRD undertakes no obligation to update any forward-looking statements. Certain reclassifications of prior years’ information have been made to conform with the current year’s presentation. For discussion of IBRD’s financial results for the year ended June 30, 2021, as compared to the year ended June 30, 2020, see Section III – Financial Results in IBRD’s MD&A and Financial Statements for the fiscal year ended June 30, 2021. For information relating to IBRD’s development operations’ results and corporate performance, refer to the World Bank Corporate Scorecard and Sustainability Review.

Box 1: Selected Financial Data

In millions of U.S. dollars, except ratios which are in percentages

 

 

		As of and for the fiscal years ended June 30
		2022				2021				2020
Lending Highlights (Section IV)
Net commitmentsa		$	33,072			$	30,523			$	27,976
Gross disbursements			28,168				23,691				20,238
Net disbursements			14,876				13,590				10,622
Income Statement (Section III)
Board of Governors-approved and other transfers		$	(354	)		$	(411	)		$	(340	)
Net income (loss)			3,990				2,039				(42	)
Balance Sheet
Total assets		$	317,542			$	317,301			$	296,804
Net investment portfolio (Section VI)			82,057				85,831				82,485
Net loans outstanding (Section IV)			227,092				218,799				202,158
Borrowing portfoliob (Section VII)			256,909				253,656				237,231
Total equity			55,320				48,078				40,387
Non-GAAP Measures:
Allocable Income (Section III)
Allocable income		$	806			$	1,248			$	1,381
Allocated as follows:
General Reservec			589				874				950
International Development Association			117				274				—
Surplus			100				100				431d
Usable Equitye f (Section VIII)		$	50,481			$	49,997			$	47,138
Equity-to-loans ratiog (See Section IX)			22.0%				22.6%				22.8%

 

 

a.	Amounts include guarantee commitments and guarantee facilities that have been approved by the Executive Directors (referred to as “the Board” in this document) and are net of full terminations and cancellations relating to commitments approved in the same fiscal year.

b.	Includes associated derivatives.

c.	The June 30, 2022 amount represents the transfer to the General Reserve from FY22 net income, which was approved by the Board on August 4, 2022.

d.	On January 25, 2021, the Board of Governors approved a transfer of $331 million to IDA from Surplus, which was made on February 1, 2021.

e.	Excludes amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative translation adjustments.

f.	As defined in Table 28: Usable Equity. Usable Equity includes the transfer to the General Reserve from FY22 net income, which was approved by the Board on August 4, 2022.

g.	As defined in Table 29: Equity-to-Loans Ratio.

 

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Section I: Executive Summary

With its many years of experience and its depth of knowledge in the international development arena, IBRD plays a key role in achieving the World Bank Group’s (WBG¹) goal of helping countries achieve better development outcomes. IBRD contributes to both the WBG’s twin goals of ending extreme poverty and promoting shared prosperity, and to the Forward Look², by providing countries with loans, advisory services and analytical support.

IBRD and its affiliated organizations seek to help countries achieve improvements in growth, job creation, poverty reduction, governance, the environment, climate adaptation and resilience, human capital, infrastructure and debt transparency, among others. To meet its development goals, the WBG has been increasing its focus on country programs in order to improve growth and development outcomes. Further, in response to the ongoing coronavirus disease (COVID-19) pandemic and other geopolitical events, IBRD continues to work in solidarity with partners at global and country levels to support its borrowing countries.

Further, the last fiscal year brought new challenges to the global outlook – high inflation and the rise in food insecurity that came on top of growing inequality, global fragility, the coronavirus disease (COVID-19) pandemic and other geopolitical events, rising debt, and macroeconomic imbalances. In response, IBRD, as part of the WBG efforts, continues to work with partners at global and country levels to support its borrowing countries in addressing the impact of these multiple crises, to enhance resilience, and lay the groundwork for rebuilding better. The responses all remain in compliance with IBRD’s existing financial, operational and risk management policies.

Summary Financial Results

Net Income

IBRD recorded net income of $3,990 million for the fiscal year ended June 30, 2022, an increase of $1,951 million, compared with net income of $2,039 million for the fiscal year ended June 30, 2021. The increase in FY22 was largely due to higher unrealized mark-to-market gains on IBRD’s non-trading portfolios compared to FY21, primarily from derivatives in the loan portfolio. Given IBRD’s intention to maintain its non-trading portfolio positions to maturity, unrealized mark-to-market gains and losses are not included in IBRD’s allocable income.

 

1	The other WBG institutions are the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). The World Bank consists of IBRD and IDA.

2

The Forward Look: A Vision for the WBG in 2030, describes how the WBG will deliver on its twin goals and its three priorities of sustainable and inclusive growth, human capital, and resilience. The Forward Look rests on four pillars: serving all clients; mobilizing resources for development and creating markets; leading on global issues; and improving the business model.

 

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Allocable Income

Allocable income is the measure IBRD uses for making net income allocation decisions. For the fiscal year ended June 30, 2022, allocable income was $806 million, compared with $1,248 million for the fiscal year ended June 30, 2021. The decrease in allocable income was mainly due to higher provision for losses on loans and other exposures, primarily reflecting the increase in the loss given default (severity) due to the increase in the implied forward interest rates during the year (See Section III).

 

In millions of U.S. dollars

Lending Operations

IBRD’s lending operations during the fiscal year ended June 30, 2022 provided $33.1 billion of net commitments, the highest annual amount in a decade, and $28.2 billion of gross loan disbursements. Net disbursements of $14.9 billion were the key driver for the increase in net loans outstanding, from $218.8 billion at the end of the fiscal year ended June 30, 2021, to $227.1 billion at the end of the fiscal year ended June 30, 2022.

 

In billions of U.S. dollars

 

 

Net commitments were $2.6 billion higher compared with FY21 (Table 9), reflecting continued support for COVID-19 related efforts, including $3.3 billion of financing for COVID-19 vaccines. The regions with the largest share of commitments during FY22 were Latin America and the Caribbean with 28% and Europe and Central Asia with 18%.

 

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Net Investment Portfolio

 

IBRD’s net investment portfolio decreased by $3.7 billion, from $85.8 billion as of June 30, 2021, to $82.1 billion as of June 30, 2022. The investments remain concentrated in the upper end of the credit spectrum, with 77% rated AA or above (Table 30), reflecting IBRD’s objective of principal protection and its preference for high-quality investments.		In billions of U.S. dollars

Borrowing Portfolio

 

As of June 30, 2022, the borrowings portfolio was $256.9 billion, $3.2 billion higher than June 30, 2021. The increase was mainly due to net new debt issuances that financed development and lending operations and satisfied liquidity requirements. The debt issuances were highly diversified in terms of investor types and location, with an average maturity of 7.6 years.		In billions of U.S. dollars

Equity-to-Loans Ratio

 

The Equity-to-Loans ratio was 22.0% as of June 30, 2022, above the policy minimum of 20%. It was lower compared with 22.6% as of June 30, 2021, as the increase in the loan and other exposures outpaced the increase in usable equity. In line with IBRD’s currency management policy, exchange rate movements during the year did not have an impact on IBRD’s equity-to-loans ratio.   In FY22, IBRD received $1.3 billion of paid-in capital subscribed under the 2018 General and Selective Capital Increases (GCI and SCI), bringing the cumulative amounts received to $4.0 billion, 54% of the total amount expected over the subscription period.		Ratio in percentages

 

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Section II: Overview

Introduction

IBRD, an international organization owned by its 189-member countries, is one of the five institutions of the WBG. Each institution is legally and financially independent, with separate assets and liabilities. IBRD is not liable for the obligations of the other institutions.

IBRD is a multilateral development bank that combines knowledge services and financing with a global reach. IBRD’s value derives from its ability to help eligible borrowing members address their development challenges and meet their rising demand for innovative products. IBRD provides loans, guarantees, and other financial products for development-focused projects and programs to creditworthy middle-income and lower-income countries to support sustainable development. By operating across a full range of country clients, IBRD maintains a depth of development knowledge, uses its convening power to promote development and advance the global public goods agenda, and coordinates responses to regional and global challenges.

Member countries use IBRD’s technical advice and analysis and convening power to develop or implement better policies, programs, and reforms that help sustain development over the long term. The products delivered range from development data, to reports in key social economic and social issues at the local, country, regional and global levels. The products also include knowledge-sharing workshops focused on local issues, to flagship events and fora to address the most pressing global development challenges.

Presentation

This document provides management’s discussion and analysis of the financial condition and results of operations for IBRD for the fiscal year ended June 30, 2022. At the end of this document there is a Glossary of Terms and a list of Abbreviations and Acronyms. Certain reclassifications of prior years’ information have been made to conform to the current year’s presentation.

Financial Business Model

IBRD’s objective is not to maximize profits, but to earn adequate income to ensure that it has the long-term financial capacity necessary to support its development activities. IBRD seeks to generate sufficient revenue to finance its operations as well as to be able to set aside funds in reserves to strengthen its financial position.

It also seeks to provide support to IDA and trust funds via income transfers for other developmental purposes.

IBRD’s financial strength rests on the support it receives from its shareholders, and on its array of financial policies and practices. Shareholder support for IBRD is reflected in the capital backing it continues to receive from its members and in the record of its borrowing member countries in meeting their debt service obligations to IBRD. Sound financial and risk management policies and practices have enabled IBRD to maintain adequate capital, diversify its funding sources, hold a portfolio of liquid investments to meet its financial commitments, and limit its risks, including credit and market risks.

IBRD offers its borrowers, in creditworthy middle-income and lower-income countries, long-term loans with maturities up to 35 years. Borrowers may customize their repayment terms to meet their debt management or project needs, and loans have fixed or variable spread terms in multiple currencies. Effective April 1, 2021, IBRD’s offering of loans on fixed spread terms has been suspended in the context of the global markets’ transition away from the London Interbank Offer Rate (LIBOR). Borrowers have generally preferred loans denominated in U.S dollars and euros. IBRD also supports its borrowers by providing access to risk management products such as derivative instruments, including currency and interest rate swaps and interest rate caps and collars.

To meet its development goals, IBRD intermediates funds for lending from the international capital markets. IBRD’s loans are financed through its equity, and from borrowings raised in the capital markets. IBRD is rated triple-A by the major rating agencies and its bonds are viewed as high-quality securities by investors. IBRD’s

 

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funding strategy is aimed at achieving the best long-term value on a sustainable basis for its borrowing members. This strategy has enabled IBRD to borrow at favorable market terms and pass the savings on to its borrowing members. IBRD’s annual funding volumes vary from year to year, and funds raised are used to finance IBRD’s development projects and programs in member countries. Funds not deployed for lending are maintained in IBRD’s investment portfolio to supply liquidity for its operations. Figure 1 below illustrates IBRD’s financial business model.

Figure 1: IBRD’s Financial Business Model

 

 

IBRD uses derivatives to manage its exposure to various market risks from the above activities. These are used to align the interest and currency composition of its assets (loan and investment trading portfolios) with that of its liabilities (borrowing portfolio), and to stabilize earnings on the portion of the loan portfolio funded by equity. See Section IX: Risk Management for additional details on how IBRD uses derivatives.

Management believes that these risk management strategies, taken together, effectively manage market risk in IBRD’s operations from an economic perspective. However, these strategies entail the use of derivatives, which introduce the potential for volatility in net income through unrealized mark-to-market gains and losses (particularly given the long-term nature of some of IBRD’s assets and liabilities). Accordingly, management makes decisions on income allocation without reference to unrealized mark-to-market gains and losses on risk management instruments in the non-trading portfolios – see Basis of Reporting – Allocable Income.    

Financial Performance

IBRD’s primary sources of revenue are from loans and investments, both net of funding costs (see Figure 2). These revenues cover administrative expenses, provisions for losses on loans and other exposures³ (LLP), as well as transfers to Reserves, Surplus, and for other development purposes, including transfers to IDA.

In addition, other development activities generate non-interest revenue that is classified as Revenue from externally funded activities. These external funds include trust funds, reimbursable funds and revenues from fee-based services to member countries. Noninterest revenue from externally funded activities provides additional capacity to support the development needs of client countries.

 

3	Other exposures include deferred drawdown options (DDO), irrevocable commitments, exposures to member countries’ derivatives and guarantees.

 

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Figure 2: Sources and Uses of Revenue

 

 

Basis of Reporting

Audited Financial Statements

IBRD’s financial statements conform with accounting principles generally accepted in the United States of America (U.S. GAAP). All financial instruments in the investment and borrowing portfolios and all other derivatives are reported at fair value, with changes in fair value reported in the Statement of Income, except for changes in IBRD’s own credit, which are reflected in Other Comprehensive Income. IBRD’s loans are reported at amortized cost, except for loans with embedded derivatives, if any, which are reported at fair value. Management uses net income as the basis for deriving allocable income, as discussed below.

Allocable Income

IBRD’s Articles of Agreement (the Articles) require that the Governors determine the allocation of income at the end of every fiscal year. Allocable income, which is a non-GAAP financial measure, is an internal management measure that reflects income available for allocation. IBRD defines allocable income as net income after certain adjustments, that are approved by the Board at the end of every fiscal year. These adjustments primarily relate to unrealized mark-to-market gains and losses associated with its non-trading portfolios, as well as the expenses for Board of Governors-approved and other transfers, which primarily relate to the allocation of the prior year’s net income.

See Financial Results Section (Section III) for details of the adjustments to reported net income to calculate allocable income.

The volatility in IBRD’s reported net income is usually driven by the unrealized mark-to-market gains and losses on the derivative instruments in IBRD’s non-trading portfolios: loans, borrowings, and other asset/liability management (ALM). IBRD’s risk management strategy entails the use of derivatives to manage market risk. These derivatives are primarily used to align the interest rate and currency bases of its assets and liabilities. IBRD has elected not to designate any hedging relationships for accounting purposes. Rather, all derivative instruments are reported at fair value on the Balance Sheet, with changes in fair values accounted for through the Statement of Income.

 

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In line with its financial risk management policies, for the non-trading portfolios, unrealized gains and losses from instruments carried at fair value (borrowings and associated derivatives, and derivatives in the loan and other ALM portfolios) are excluded from allocable income.

For the trading portfolio (investment portfolio), allocable income generally includes both realized and unrealized mark-to-market gains and losses. In some cases, the unrealized mark-to-market gains and losses on certain trades are excluded from allocable income when the hedged item is a physical asset held at amortized cost.

 

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Section III: Financial Results

Financial Results and Portfolio Performance

The following is a discussion of the key drivers of IBRD’s financial performance, including a reconciliation between IBRD’s net income and allocable income.

Table 1: Condensed Statement of Income

In millions of U.S. dollars

 

 

For the fiscal year ended June 30,		2022				2021				Impact on income Decrease Increase
Revenue on interest earning assets, net of funding costs
Loan interest revenue, net		$	1,892			$	1,754
Other ALM derivatives, net			583				604
Investment revenue, neta			(3	)			86
Total revenue on interest earning assets, net		$	2,472			$	2,444
Provision for losses on loans and other exposuresb			(562	)			(147	)
Net non-interest expenses (Table 5)			(1,455	)			(1,384	)
Pension cost, other than service cost (Table 5)			280				(11	)
Net other revenue (Table 4)			103				295
Board of Governors-approved and other transfers			(354	)			(411	)
Non-functional currency translation adjustments gains, netc			150				35
Unrealized mark-to-market gains on non- trading portfolios, netd (Table 7)			3,356				1,218
Net income		$	3,990			$	2,039
Adjustments to reconcile net income to allocable income:
Pensione and other adjustments (Table 8)			(32	)			51
Board of Governors-approved and other transfers			354				411
Non-functional currency translation adjustments gains, netc			(150	)			(35	)
Unrealized mark-to-market (gains) on non- trading portfolios, netd			(3,356	)			(1,218	)
Allocable Income		$	806			$	1,248

 

a.

Includes unrealized mark-to-market losses on the Investments-Trading portfolio of $21 million in FY22 (unrealized mark-to-market gains of $62 million for FY21) and excludes Post-Employment Benefit Plan (PEBP) and Post-Retirement Contribution Reserve Fund (PCRF) losses of $33 million in FY22 ($168 million gains for FY21) reported in Net other revenue (Table 4).

b.	Includes changes on recoverable asset relating to Guarantee received under the Exposure Exchange Agreements (EEAs).

c.	Translation adjustments relating to assets and liabilities denominated in non-functional currencies.

d.	Adjusted to exclude amounts reclassified to realized gains (losses).

e.	Adjustment to pension accounting expense to arrive at pension plan contributions. Pension plan and PCRF contributions were $250 million in FY22 and $245 million in FY21.

 

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IBRD’s principal assets are its loans to member countries. These are financed by IBRD’s equity and borrowings from the capital markets.

Table 2: Condensed Balance Sheet

In millions of U.S. dollars

 

 

As of June 30,		2022				2021				Decrease / Increase
Investments and due from banks		$	82,299			$	90,251
Net loans outstandinga			227,092				218,799
Derivative Assets, net			804				3,355
Other assets			7,347				4,896
Total Assets		$	317,542			$	317,301
Borrowings			235,173				260,076
Derivative Liabilities, net			20,041				1,222
Other liabilities			7,008				7,925
Equity			55,320				48,078
Total Liabilities and Equity		$	317,542			$	317,301

 

a.	The fair value of IBRD’s loans was $225,046 million as of June 30, 2022 ($223,687 million – June 30, 2021).

The main drivers of the change in the Balance sheet items are: 1) decrease in investments and due from banks primarily from translation adjustment losses and the reduction in cash collateral balances, 2) increase in net loans outstanding due to net loan disbursements, partially offset by translation adjustment losses, and 3) decrease in borrowings from mark-to-market gains as a result of the increase in interest rates, with offsetting losses on derivatives that decreased derivative assets and increased derivative liabilities.

Net Income

IBRD’s net income was $3,990 million in FY22, compared with net income of $2,039 million in FY21. The increase was primarily due to net unrealized mark-to-market gains on the loan-related derivatives of $5,988 million in FY22 compared to gains of $2,415 million in FY21. The gains in both years were mainly driven by the increase in interest rates, with a greater increase and resultant gains in FY22 (see Table 1 and Notes to Financial Statements, Note L: Fair Value Disclosures, Table L11).

 

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Results from Lending activities

Loan Interest Revenue, net

Under IBRD’s pricing policy, the lending rates for all of IBRD’s loans are based on the underlying cost of the borrowings funding these loans. After the effect of related derivatives (see Figure 24 and Figure 25), the loan and borrowing portfolios are based on variable interest rates, and the portion of the loan portfolio funded by equity is sensitive to changes in short-term interest rates.

 

Figure 3: Loan interest revenue and funding cost (including derivatives)   In millions of U.S. dollars		Figure 4: Loan interest revenue, net   In millions of U.S. dollars

The increase in IBRD’s loan interest revenue and corresponding increase in the loan funding cost in FY22 compared to FY21 (Figure 3) was primarily due to the increase in the average balance of the loan and borrowing portfolios.

IBRD’s FY22 loan interest revenue, net of funding costs was $1,892 million, an increase of $138 million compared with $1,754 million in FY21. The increase was primarily due to the higher average balance, as well as the impact of the pricing measures previously adopted.

Other ALM derivatives moderate the impact of interest rate changes on the portion of the loan portfolio that is sensitive to interest rate movements, thereby stabilizing the net interest revenue earned from these loans (see Figure 4). Other ALM derivatives comprise interest rate swaps which are used to convert the variable rate cash flows from these loans to fixed rate cash flows. The combined effect of the decrease in interest revenue from Other ALM derivatives, net of $21 million and the increase in loan interest revenue, net of $138 million from FY21 to FY22, resulted in a total increase in net loan interest revenue of $117 million.

 

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Provision for losses on loans and other exposures

During FY22, IBRD recorded a provision for losses on loans and other exposures of $562 million, $415 million higher than the same period in FY21, primarily reflecting the increase in the loss given default (severity) due to the increase in the implied forward interest rates during the year. The severity reflects the expected losses from delays in receiving interest payments since IBRD does not charge for overdue interest. As the majority of IBRD’s loans carry a variable interest rate, increases in forward interest rates increase the expected losses that are recorded through the provision for losses on loans and other exposures in the statement of income.

Table 3: Change in Net Loans Outstanding   In millions of U.S. dollars						Figure 5: Net Loans Outstanding   In billions of U.S. dollars
Net Loans outstanding as of June 30, 2021		$	218,799
Activity during the period:
Gross loan disbursements			28,168
Loan repayments			(13,292	)
Change in accumulated provision for loan lossesa			(509	)
Change in deferred loan income			(29	)
Translation adjustments			(6,045	)
Total activity		$	8,293
Net Loans outstanding as of June 30, 2022		$	227,092
a.   See Notes to Financial Statements, Note D: Loans and Other Exposures.

As of June 30, 2022, IBRD’s net loans outstanding totaled $227.1 billion, $8.3 billion or 4% higher than June 30, 2021 (see Figure 5). The increase was mainly attributable to $14.9 billion of net loan disbursements in FY22, partially offset by currency translation loss of $6.0 billion, primarily due to the 12.5% depreciation of the euro against the U.S. dollar during the year.

Gross disbursements were $28.2 billion, 19% higher compared to FY21, primarily due to higher disbursements for Investment Project Financing (IPF) operations.

Results from Investing activities

Investment Portfolio

IBRD’s net investment portfolio was $82.1 billion as of June 30, 2022 ($85.8 billion as of June 30, 2021). Of this amount $78.8 billion related to the liquid asset portfolio ($82.8 billion as of June 30, 2021). See Note C: Investments in the Notes to the Financial Statements. The decreased level of liquidity reflects the lower debt service requirements and higher loan disbursements during the year (see Section VI).

 

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Net Investment Revenue

During FY22, IBRD’s net investment revenue decreased by $89 million, compared to FY21. This was mainly due to the unrealized mark-to market losses in FY22 compared to unrealized mark-to-market gains in FY21. The impact of the increase in interest rates drove the unrealized mark-to-market losses in FY22, while FY21 saw a decline in interest rates.

 

Figure 6: Net Investment Portfolio   In billions of U.S. dollars		Figure 7: Investment Revenue, net   In millions of U.S. dollars

Results from Borrowing Activities

As of June 30, 2022, the borrowing portfolio was $256.9 billion, $3.2 billion higher than June 30, 2021 (see Note E: Borrowings in the Notes to the Financial Statements). The increase was primarily due to new net short-term debt issuances during the year. New issuances of medium-and long-term debt of $40.8 billion during the year (Table 24) were highly diversified by currencies, with an average maturity of 7.6 years. The decrease in medium-and long-term debt issuances in FY22 is primarily due to lower debt servicing and refinancing requirements.

 

Figure 8: Borrowing Portfolio (original maturities)   In billions of U.S. dollars

Net Other Revenue

Net other revenue represents certain non-interest sources of revenue, which was lower by $192 million during FY22. The decrease was mainly due to lower investment earnings from the PEBP and PCRF holdings, consistent with prevailing market conditions.

 

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Table 4: Net Other Revenue

In millions of U.S. dollars

 

 

For the fiscal year ended June 30,		2022				2021				Variance
Loan commitment fees		$	126			$	115			$	11
Guarantee fees			14				14				—
Net Earnings from Post-Employment Benefit Plan (PEBP) and Post-Retirement Contribution Reserve Fund (PCRF)			(33	)			168				(201	)
PEF and PAFa			(5	)			(6	)			1
Others			1				4				(3	)
Net other revenue (Table 1)		$	103			$	295			$	(192	)

 

 

a.

Amounts are fully offset by fair value changes in trades (facing counterparties) related to the Pandemic Emergency Financing Facility (PEF) and Pilot Auction Facility for Methane and Climate Change Mitigation (PAF), which are included in Unrealized mark-to market gains/(losses) on non-trading portfolios, net (Table 1). All PEF and PAF trades matured as of June 30, 2022.

Net Non-Interest Expenses

As shown in Table 5, IBRD’s net non-interest expenses primarily comprise administrative expenses, net of revenue from externally funded activities. IBRD/IDA’s administrative budget is a single resource envelope that funds the combined work programs of IBRD and IDA. The allocation of net administrative expenses between IBRD and IDA is based on an agreed cost and revenue sharing methodology, approved by their Boards, which is primarily driven by the relative level of lending, knowledge services, and other services between these two institutions. The administrative expenses shown in Table 5 include costs related to IBRD-executed trust funds and other externally funded activities.

On a GAAP basis, net non-interest expenses in FY22 decreased by $220 million compared to FY21. This is primarily due to the decrease in pension costs, mainly driven by the higher return on plan assets in FY21, which resulted in lower amortization of unrecognized actuarial losses in FY22.

Figure 9: Net Non-Interest Expenses

(GAAP basis)

In millions of U.S. dollars

 

IBRD’s net non-interest expenses for allocable income purposes were $1,245 million in FY22 compared to $1,182 million in FY21, an increase of $63 million. FY21’s net non-interest expenses were significantly impacted by COVID-related restrictions. FY22’s increase was driven by higher travel expenses due to the gradual easing of COVID-related travel restrictions/office closures, inflationary cost pressures, acceleration of work programs from the high level of lending activities during the year as well as additional support and engagement in FCV countries to address the growing needs and the increase in conflict situations. As a result, travel costs increased by $47 million but are still less than what they were before the COVID pandemic, approximately 33% of FY19 costs. The cost of operating in FCV countries also affected expenses including costs associated with evacuations and security in dangerous situations.

 

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IBRD monitors its net administrative expenses as a percentage of its loan spread revenue (Box 2) and certain fee revenue, using an efficiency measure referred to as the Budget Anchor. In FY22, IBRD’s Budget Anchor was 65.4%, a decline of 0.3 percentage point compared with 65.7% in FY21. The decline was due to increase in loan spread revenue partially offset by an increase in net non-interest expenses during the year due to the gradual easing of COVID related travel restrictions/office closures and acceleration of work programs in FY22 compared to FY21 (see Table 6 and Figure 10 for details of the Budget Anchor components).

Table 5: Net Non-Interest Expenses

In millions of U.S. dollars

 

 

For the fiscal year ended June 30,		2022				2021				Variance
Administrative expenses
Staff costs		$	1,003			$	1,006			$	(3	)
Travel			60				13				47
Consultant fees and contractual services			490				473				17
Pension and other post-retirement benefitsa			451				441				10
Communications and Technology			73				63				10
Premises and equipment			128				123				5
Other expenses			20				23				(3	)
Total administrative expenses		$	2,225			$	2,142			$	83
Grant Making Facilities (See Section V)			17				18				(1	)
Revenue from externally funded activities (See Section V)
Reimbursable revenue – IBRD executed trust funds			(494	)			(470	)			(24	)
Reimbursable advisory services			(47	)			(53	)			6
Revenue – Trust fund administration			(50	)			(44	)			(6	)
Restricted revenue (primarily externally financed outputs)			(4	)			(18	)			14
Revenue – Asset management services			(18	)			(18	)			—
Other revenue			(174	)			(173	)			(1	)
Total Revenue from externally funded activities			(787	)			(776	)			(11	)
Net non-interest expenses (Table 1)		$	1,455			$	1,384			$	71
Pension cost, other than service costb (Table 1)			(280	)			11				(291	)
Net non-interest expenses – GAAP basis		$	1,175			$	1,395			$	(220	)
Adjustments to arrive at net non-interest expenses – allocable income basis
Pension, EFO and RAMP adjustmentsc			70				(213	)			283
Net non-interest expenses – Allocable income basis		$	1,245			$	1,182			$	63

 

 

a.	Represents the service cost component of net periodic pension cost. See Notes to Financial Statements, Note J: Pension and Other Post-Retirement Benefits.

b.	Amount is included in Other Non-interest expenses in the Condensed Statement of Income (see Table 1).

c.	Adjustments are included in the Pension and other adjustments line in Table 1. RAMP adjustment applies from FY22 prospectively.

 

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Table 6: Budget Anchor Ratio

In millions of U.S. dollars

 

 

For the fiscal year ended June 30,		2022				2021				Variance
Total net Non-Interest Expenses (From Table 5)		$	1,175			$	1,395			$	(220	)
Pension adjustment (From Table 8)a			79				(207	)			286
RAMP adjustmenta			7				—				7
EFO adjustmenta			(16	)			(6	)			(10	)
Net administrative expenses – for Budget Anchor		$	1,245			$	1,182			$	63
Loan spread revenue, net			1,765				1,671				94
Loan commitment fees (From Table 4)			126				115				11
Guarantee fees (From Table 4)			14				14				—
Budget anchor revenue		$	1,905			$	1,800			$	105
Budget Anchor			65.4	%			65.7	%

 

a.	These adjustments are made to arrive at net administrative expenses used for allocable income purposes. For more information, see Table 8 in Net Income Allocation section.

Figure 10: Budget Anchor

In millions of U.S. dollars

 

 

Unrealized mark-to-market gains and losses on non-trading portfolios

Unrealized mark-to-market gains and losses associated with the non-trading portfolios are excluded from reported net income to arrive at allocable income. As a result, from a long-term financial sustainability perspective, income allocations are generally based on amounts that have been realized (except for the Investments-Trading portfolio, as previously discussed). For FY22, $3,356 million of net unrealized mark-to-market gains ($1,218 million net unrealized mark-to-market gains in FY21) were excluded from reported net income to arrive at allocable income (see Table 1).

 

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Table 7: Unrealized Mark-to-Market gains/losses on non-trading portfolios, net

In millions of U.S. dollars

 

 

		For the fiscal year ended June 30, 2022
		Unrealized gains (losses)a				Realized gains (losses)				Total
Borrowings, including related derivatives		$	747			$	12			$	759
Loan related derivatives			5,988				6				5,994
Other asset/liability management derivatives, net			(3,392	)			—				(3,392	)
Client operations derivatives			8				—				8
Others, net			5				—				5
Total		$	3,356			$	18			$	3,374

 

 

 

 

		For the fiscal year ended June 30, 2021
		Unrealized gains (losses)a				Realized gains (losses)				Total
Borrowings, including related derivatives		$	140			$	14			$	154
Loan related derivatives			2,415				—				2,415
Other asset/liability management derivatives, net			(1,351	)			—				(1,351	)
Client operations derivatives			14				—				14
Total		$	1,218			$	14			$	1,232

 

a.	Excludes amounts reclassified to realized mark-to-market gains (losses).

Loan Portfolio

Loans are reported at amortized cost, whereas the derivatives which convert the loans from fixed-rate to variable-rate instruments for asset liability management purposes, are reported at fair value. As a result, while from an economic perspective, IBRD’s loans after the effect of derivatives carry variable interest rates, and therefore have a low sensitivity to interest rates, the mark to market effect is not reflected in the reported net income. Net income includes only the unrealized mark to market gains and losses on loan related derivatives, which in FY22 was a gain of $5,988 million, primarily due to the increase in the interest rates during the year. See Section IX: Risk Management for additional details on how IBRD uses derivatives in the loan portfolio.

Borrowing Portfolio

IBRD’s bonds and the related derivatives are reported at fair value. IBRD recorded $747 million of net unrealized mark-to-market gains on IBRD’s bonds and associated derivatives for the year ended June 30, 2022. The gains on the bonds, due to the increase in interest rates, exceeded the losses on the bond-related derivatives as the bonds are more sensitive to changes in interest rates (Figure 23). The net unrealized mark-to-market gains on IBRD’s bonds exclude changes in IBRD’s own credit, referred to as the Debit Valuation Adjustment (DVA), which is recorded in Accumulated Other Comprehensive Income (AOCI). In FY22, the DVA was $582 million of unrealized mark-to-market gains, resulting mainly from the widening of IBRD’s credit spreads relative to the applicable reference rate during the year. As of June 30, 2022, IBRD’s Balance Sheet included a cumulative DVA of $364 million of mark-to-market gains reflected in AOCI (See Notes to the Financial Statements, Note L –Fair Value Disclosures).

Other ALM Portfolio

IBRD uses derivatives to stabilize its interest revenue from the portion of loans which are sensitive to changes in short-term interest rates. The Other ALM portfolio consists of derivatives which convert variable rate cash flows to fixed rate cash flows. In FY22, IBRD recorded unrealized mark-to-market losses of $3,392 million on this

 

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portfolio, primarily due to the increase in interest rates during the year. As of June 30, 2022, the duration of this portfolio was 3.4 years, within the Board established limit of 5 years.

Net Income Allocation

Net income allocation decisions are based on allocable income. Management recommends allocations out of net income to the Board at the end of each fiscal year to augment reserves and support developmental activities. As illustrated in Table 8, the key differences between allocable income and reported net income relate to unrealized mark-to-market gains and losses on IBRD’s non-trading portfolios, and expenses related to Board of Governors-approved and other transfers.

Table 8: Allocable Income

In millions of U.S. dollars

 

 

For the fiscal years ended June 30,		2022				2021
Net Income		$	3,990			$	2,039
Adjustments to Reconcile Net Income to Allocable Income:
Board of Governors-approved and other transfers			354				411
Non-functional currency translation adjustments gains, neta			(150	)			(35	)
Unrealized mark-to-market gains on non-trading portfolios, netb			(3,356	)			(1,218	)
Pensionc			(79	)			207
PEBP and PCRF adjustment			33				(168	)
Other			14				12
Allocable Income		$	806			$	1,248
Recommended Allocations
General Reserve			589				874
Surplus			100				100
Transfer to IDA			117				274
Total Allocations		$	806			$	1,248

 

a.	Translation adjustments relating to assets and liabilities in non-functional currencies.

b.	Adjusted to exclude amounts reclassified to realized gains (losses).

c.	Represents the difference between the pension cost incurred and pension contributions.

All of the adjustments between reported net income and allocable income are recommended by management and approved by the Board:

Board of Governors-approved and other transfers

Board of Governors-approved and other transfers refer to the allocations recommended by the Board and approved by the Governors, as part of the prior year’s net income allocation process and subsequent decisions on uses of surplus, as well as on payments from restricted retained earnings.

Since these amounts primarily relate to allocations out of IBRD’s FY21 allocable income, Surplus, or restricted retained earnings, they are excluded from FY22 reported net income in calculating FY22 allocable income.

Non-functional currency translation adjustment gains/losses

Translation gains and losses relating to non-functional currencies are reflected in reported net income. Since these are unrealized gains/losses that relate to asset/liability positions still held by IBRD, they are excluded from reported net income to arrive at allocable income.

Unrealized mark-to-market gains/losses on non-trading portfolios

These mainly comprise unrealized mark-to-market gains and losses on the loan, borrowing, and other ALM portfolios as discussed previously.

 

21

Unrealized mark-to-market gains/losses on certain positions in the investments-trading portfolio, net

This adjustment applies to trades where the unrealized gains and losses on derivative forward contracts are recorded in the statement of income and the underlying physical assets being purchased and sold are recorded at amortized cost during the holding period. In these cases, the unrealized gains and losses on the forward contract at the end of the reporting period (if any) are excluded from net income when calculating allocable income. As of June 30, 2022, there were no active trades requiring adjustment.

Pension, PEBP and PCRF adjustments

The Pension adjustment reflects the difference between the accounting expense and IBRD’s cash contributions to the pension plans, the Post-Employment Benefit Plan (PEBP) and the Post-Retirement Contribution Reserve Fund (PCRF). It also includes investment revenue earned on pension plan, PEBP, and PCRF assets. The PCRF was established by the Board to stabilize contributions to the pension and post-retirement benefits plans. Management bases allocation decisions on IBRD’s cash contributions to the pension plans, PEBP and PCRF, rather than pension accounting expenses. In addition, Management has designated the income from these assets to meet the future needs of the pension plans. As a result, PEBP and PCRF investment revenues are excluded from allocable income.

Other Adjustments

 

•

Under certain arrangements (such as Externally Financed Outputs), IBRD enters into agreements with donors under which it receives grants to finance specified IBRD outputs or services. These funds may be utilized only for the purposes specified in the agreements and are, therefore, considered restricted until IBRD has fulfilled those purposes. Management excludes amounts arising from these arrangements from allocable income, because IBRD has no discretion over the use of the related funds. In line with this, the income is transferred out of restricted retained earnings and in FY22, the net balance of these restricted funds decreased by $16 million.

 

•

The income recognized for the right to receive reimbursement from the FIF related to the PAF for Methane and Climate Change Mitigation4 is excluded, as this is required for the payout for the changes in market value on put options under the PAF. Therefore, it is not available for other uses. In FY22, $5 million of expense was recognized in reported net income, and thus excluded to arrive at the FY22 allocable income. The change in the market value of the put option is also excluded from reported net income to arrive at allocable income, as part of the unrealized mark-to market gains/(losses) on non-trading portfolios. All PAF trades matured during FY22.

 

 

•

Effective from FY22, the difference between fee revenue and expenses from the Reserve Advisory and Management Partnership (RAMP) program is excluded from the reported net income to arrive at allocable income. Under the Board-approved framework, RAMP fees are dedicated for the purpose of providing technical assistance and asset management services to external clients. Due to the potential timing mismatch between fee revenue (recognized as earned) and program expenditures (recognized when incurred), fees earned in a given fiscal year may be used to provide services in a future fiscal year. To ensure that RAMP revenues are only used for the delivery of RAMP services, and not allocated for other purposes, any difference between fee revenue and expenses from RAMP included in reported net income are excluded to arrive at allocable net income. In FY22, the difference between fee revenue and expenses from RAMP of $7 million was excluded to arrive at the FY22 allocable income.

 

4

In FY16, IBRD issued put options for methane and climate change mitigation. The PAF is a climate finance model developed by IBRD to stimulate investment in projects that reduce greenhouse gas emissions in developing countries. The PAF is a pay-for-performance mechanism which uses auctions to allocate public funds and attract private sector investment to projects that reduce methane emissions by providing a medium-term guaranteed floor price on emission rights.

 

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Income Allocation

Since 1964, IBRD has made transfers to IDA from its net income, upon approval by the Board of Governors. In FY17, the Board approved a formula-based approach for determining IBRD’s transfers to IDA. The approach links transfers to IBRD’s allocable income for the year, ensuring that most allocable income is retained to grow IBRD’s reserves. In addition, as part of the commitment made under the 2018 capital package, the incremental revenue from the 2018 price increase is excluded from the formula used to calculate the amount to be transferred to IDA, and fully retained in IBRD’s reserves.

IBRD’s strong support of IDA is reflected in the $16.4 billion of cumulative income transfers it has made since IDA’s first replenishment.

Annual IDA transfer recommendations are subject to approval by the Governors as part of the net income allocation process in accordance with IBRD’s Articles. In making their decisions, Governors will continue to take the overall financial standing of IBRD into consideration.

Allocable income in FY22 was $806 million, and of this, the Board approved the allocation of $589 million to the General Reserve on August 4, 2022, and the Board recommended to IBRD’s Governors a transfer of $117 million to IDA and $100 million to Surplus.

Figure 11: FY22 Allocable Income and Income Allocation

In millions of U.S. dollars

 

 

 

 

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Section IV: Lending Activities

IBRD provides financing instruments and knowledge services to middle-income and creditworthy low-income countries to reduce poverty and promote shared prosperity, while ensuring that social, environmental, and governance considerations are taken into account. Country teams with an understanding of each country’s circumstances work with clients to tailor the mix of instruments, products, and services.

Engagements with borrowing members are aligned with IBRD’s strategic priorities, including engagements that support global public goods such as climate, fragility and gender.

Projects and programs supported by IBRD are designed to achieve a positive social impact and undergo a rigorous review and internal approval process, aimed at safeguarding equitable and sustainable economic growth, that includes early screening to identify environmental and social impacts and designing mitigation actions.

Identifying and appraising a project, and approving and disbursing a loan, can often take several years. However, IBRD has shortened the preparation and approval cycle for countries in emergency situations (e.g., natural disasters) and in crises (e.g., food, fuel, and global economic crises).

Loan disbursements must meet the requirements set out in loan agreements. During implementation of IBRD-supported operations, IBRD’s staff review progress, monitor compliance with IBRD policies, and help resolve any problems that may arise. The Independent Evaluation Group, an IBRD unit whose Director General reports to the Board, evaluates the extent to which operations have met their development objectives.

All IBRD loans, are made to, or guaranteed by, member countries. IBRD may also make loans to IFC without any guarantee. In most cases, IBRD’s Board approves each loan and guarantee after appraisal of a project by staff. Under the Multiphase Programmatic Approach, the Board may approve an overall program framework, its financing envelope and the first appraised phase, and then authorize Management to appraise and commit financing for later program phases.

For FY23, eligible countries with 2021 per capita Gross National Income (GNI) of more than $1,255 are eligible to borrow from IBRD.

Net Lending Commitments and Gross Disbursements

IBRD provided $33.1 billion of new net loan commitments in FY22, through 136 operations (including blend operations), an increase of $2.6 billion (8%) compared to FY21, mainly driven by the increase in Development Policy Financing (DPF) commitments (Figure 12).

Table 9: Net Commitments by Region

In millions of U.S. dollars

 

 

For the fiscal year ended June 30,		2022				% of total				2021				% of total				Variance
Eastern and Southern Africa		$	2,907				9	%		$	1,525				5	%		$	1,382
Western and Central Africa			386				1				500				2				(114	)
East Asia and Pacific			5,482				17				6,753				22				(1,271	)
Europe and Central Asia			5,974				18				4,559				15				1,415
Latin America and the Caribbean			9,407				28				9,464				31				(57	)
Middle East and North Africa			4,135				13				3,976				13				159
South Asia			4,781				14				3,746				12				1,035
Total		$	33,072				100	%		$	30,523				100	%		$	2,549

 

 

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Table 10: Gross Disbursements by Region

In millions of U.S. dollars

 

 

For the fiscal year ended June 30,		2022				% of total				2021				% of total				Variance
Eastern and Southern Africa		$	2,441				9	%		$	325				1	%		$	2,116
Western and Central Africa			261				1				132				1				129
East Asia and Pacific			5,439				19				4,439				19				1,000
Europe and Central Asia			4,580				16				3,625				15				955
Latin America and the Caribbean			8,911				32				8,741				37				170
Middle East and North Africa			3,407				12				2,764				12				643
South Asia			3,129				11				3,665				15				(536	)
Total		$	28,168				100	%		$	23,691				100	%		$	4,477

 

Lending Categories

IBRD’s lending is classified in three categories: investment project financing, development policy financing, and program-for-results (Figure 12).

Investment Project Financing (IPF)

IPF provides financing for a wide range of activities aimed at creating the physical and social infrastructure necessary to reduce poverty and create sustainable development. IPF is usually disbursed over the long-term (roughly a 5 to 10-year horizon). FY22 net commitments under this lending category were $14.1 billion, compared with $14.5 billion in FY21.

Development Policy Financing (DPF)

DPF aims to support borrowers in achieving sustainable development through a program of policy and institutional actions. Examples of DPF projects include strengthening public financial management, improving the investment climate, addressing bottlenecks to improve service delivery, and diversifying the economy. DPF supports reforms through non-earmarked general budget financing. DPF provides fast-disbursing financing (roughly 1 to 3 years) to help borrowers address actual or anticipated financing requirements. FY22 net commitments under this lending category were $13.2 billion, compared with $10.8 billion in FY21.

Program-for-Results (PforR)

PforR helps countries improve the design and implementation of their development programs and achieve specific results by strengthening institutions and building capacity. PforR disburses when agreed results are achieved and verified. Results are identified and agreed upon during the loan preparation stage.

FY22 net commitments under this lending category were $5.8 billion compared with $5.2 billion in FY21.

 

25

Figure 12: Share of Lending Categories for Annual Net Commitments

 

 

Currently Available Lending Products

As of June 30, 2022, 85 member countries were eligible to borrow from IBRD. See Appendix for a list of eligible countries.

IBRD Flexible Loans (IFLs)

IFLs allow borrowers to customize their repayment terms (i.e., grace period, repayment period, and amortization profile) to meet their debt management or project needs. The IFL previously offered two types of loan terms: variable-spread terms and fixed-spread terms. Effective April 1, 2021, IBRD’s offering of loans on fixed spread terms as well as a related conversion feature from the variable spread terms to fixed spread terms was suspended (see section IX: Risk Management). As of June 30, 2022, 71% of IBRD’s loans outstanding carried variable-spread terms and 29% had fixed-spread terms. See Table 13 for details of loan terms for IFL loans.

IFLs include options to manage the currency and/or interest rate risk over the life of the loan. The outstanding balance of loans, for which currency or interest rate conversions have been exercised was $41.6 billion as of June 30, 2022 and $38.8 billion as of June 30, 2021. IFLs may be denominated in the currency or currencies chosen by the borrower if IBRD can efficiently intermediate in that currency. Using currency conversions, some borrowing member countries have converted their IBRD loans into domestic currencies to reduce their foreign currency exposure for projects or programs that do not generate foreign currency revenue. These local currency loans may carry fixed or variable-spread terms. The balance of such loans outstanding was $3.7 billion as of June 30, 2022 and $3.5 billion as of June 30, 2021. Box 2 below shows the components of the spread on IBRD’s IFLs and how these are determined.

Box 2: Components of Loan spread

 

Contractual lending spread		Subject to the Board’s periodic review
Maturity Premium
Market Risk Premium		Set by Management
Funding Cost Margin

The ability to offer long-term financing distinguishes development banks from other sources of funding for member countries. Since IBRD introduced maturity-based pricing in 2010, most countries continue to choose loans with the longer maturities with a higher maturity premium, highlighting the value of longer maturities to member countries. However, in FY22, due to the ongoing multiple crises, some countries requested more fast-disbursing loans with shorter maturities (See Table 11).

 

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Table 11: Net Commitments by Maturity

In millions of U.S. dollars

 

 

		For the fiscal year ended June 30, 2022				For the fiscal year ended June 30, 2021
Maturity		Variable     Spread				Fixed     Spread a				Variable     Spread				Total
< 8 years		$	2,992			$	4,680			$	3,188			$	7,868
8-10 years			5,885				187				3,492				3,679
10-12 years			15,716				1,225				7,337				8,562
12-15 years			1,922				1,326				637				1,963
15-18 years			3,330				280				2,489				2,769
>18 years			3,227				663				5,014				5,677
Guarantee Commitments			—				—				—				5
Total Net Commitments		$	33,072			$	8,361			$	22,157			$	30,523

 

 

a.	Effective April 1, 2021, IBRD’s offering of loans on fixed spread terms has been suspended.

Other Lending Products Currently Available

In addition to IFLs, IBRD offers loans with a deferred drawdown option, Special Development Policy Loans (SDPLs), loan-related derivatives, and loans to IFC (See Box 3).

Box 3: Other Lending Products Currently Available

 

Lending Product		Description
Loans with a Deferred Drawdown Option		The Development Policy Loan Deferred Drawdown Option (DPL DDO) gives borrowers the flexibility to rapidly obtain the financing they require. For example, such funds could be needed owing to a shortfall in resources caused by unfavorable economic events, such as declines in growth or unfavorable shifts in commodity prices or terms of trade. The Catastrophe Risk DDO (CAT DDO) enables borrowers to access immediate funding to respond rapidly in the wake of a natural disaster. Under the DPL DDO, borrowers may defer disbursement for up to three years, renewable for an additional three years. The CAT DDO has a revolving feature, and the three-year drawdown period may be renewed up to four times, for a total maximum drawdown period of 15 years (Table 13). As of June 30, 2022, the amount of DDOs disbursed and outstanding was $8.8 billion (compared to $9.6 billion on June 30, 2021), and the undisbursed amount of effective DDOs were $0.6 billion, compared to Nil a year earlier.
Special Development Policy Loans (SDPLs)		SDPLs support structural and social reforms by creditworthy borrowers that face a possible global financial crisis or are already in a crisis and have extraordinary and urgent external financing needs. As of June 30, 2022 and June 30, 2021, the outstanding balance of such loans was Nil. IBRD made no new SDPL commitments in either FY22 or FY21.
Loan-Related Derivatives		IBRD assists its borrowers with access to better risk management tools by offering derivative instruments, including currency and interest rate swaps and interest rate caps and collars, associated with their loans. These instruments may be executed either under a master derivatives agreement, which substantially conforms to industry standards, or under individually negotiated agreements. Under these arrangements, IBRD passes through the market cost of these instruments to its borrowers. The balance of loans outstanding for which borrowers had entered into currency or interest rate derivative transactions under a master derivatives agreement with IBRD was $9 billion as of June 30, 2022, compared with $11.1 billion a year earlier.
Loans with IFC		IBRD provides loans to IFC in connection with the release of a member’s National Currency Paid-In Capital (NCPIC) to IBRD. (See Section VIII for explanation of NCPIC). There was no outstanding amount as of June 30, 2022 and June 30, 2021.

 

27

Lending Terms Applicable to IBRD Products

Until the end of FY19, loans for all eligible members were subject to the same pricing. However, as part of the 2018 capital package, IBRD implemented a new pricing structure that classifies member countries into four pricing groups, based on income and other factors, and relates the maturity premium to the exemptions, discounts or surcharges applicable to each pricing group (See Table 12 below).

Table 12: Country Pricing Group and Maturity Premium (in basis points)

 

Country pricing group		Description		Maturity Premium a
A		Blends b, small states, countries in fragile and conflict-affected situations (FCS) and recent IDA graduates. These countries are exempt from the maturity premium increase regardless of their income levels.		0-50c
B		Countries below-GDI which do not qualify for an exemption listed in Group A.		0-70
C		Countries above-GDI, but below high-income status and which do not qualify for an exemption listed in Group A.		0-90
D		Countries with high income status and which do not qualify for an exemption listed in Group A.		5-115

 

a.	Based on the weighted average maturity of the loan, borrower’s income, and other factors, approved by the Board and reviewed annually.

b.	Countries eligible for IDA and IBRD loans.

c.	Member countries in group A are exempt from the maturity premium increase applicable from July 1, 2018.

Table 13: Loan Terms Available During Fiscal Year Ended June 30, 2022

Basis points, unless otherwise noted

 

IBRD Flexible Loan (IFL) a

Special Development

Variable-spread Terms

Fixed-spread Termsb

Policy Loans (SDPL)

Final maturity

35 years

35 years

10 years

Maximum weighted average maturity

20 years

20 years

7.5 years

Reference market rate

Market-based variable rate index

Market-based variable rate index

Market-based variable rate index

Spread

Contractual lending spread

50

50

min. 200

Maturity premium

0-115c

0-115c

—

Market risk premium

—

10-15d

—

Funding cost margin

Actual average funding cost incurred during the preceding six-month period

Projected funding spread to six-month variable rate index e

—

Charges

Front-end fee

25

25

100

Late service charge on principal payments received after 30 days of due datef Commitment Feegi

50 25

50 25

— 25

Development Policy Loan Deferred Drawdown Option

Catastrophe Risk Deferred Drawdown Option

Reference market rate

Market-based variable rate index

Market-based variable rate index

Contractual lending spread

IFL variable in effect at the time of withdrawal

Front-end fee

25

50h

Renewal fee

—

25

Stand-by fee

50g

—

a.	There is an implicit floor of zero on the overall interest rate in IBRD’s loans.

b.	Effective April 1, 2021, IBRD suspended offering loans with fixed spread terms.

c.	Based on the weighted average maturity of the loan and on country pricing group.

d.	Based on the weighted average maturity of the loan.

e.	Projected funding spread to variable rate index was based on the weighted average maturity of the loan.

f.	See Box 7 in Section IX for a discussion of overdue payments.

 

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g.	Certain waivers of commitment / stand-by fees payable during the first year of financing for health-related COVID-19 operations are approved under the Fast-Track COVID-19 Facility.

h.	For CAT-DDOs approved under the Fast-Track COVID-19 Facility, the Front-End Fee is reduced to 25bps.

i.	For operations approved under the Additional Financing to the COVID-19 Strategic Preparedness and Response Program (SPRP), the commitment fee is waived for a period of up to 18 months starting from the date of approval of the relevant operation.

Discontinued Lending Products

IBRD’s loan portfolio includes lending products whose terms are no longer available for new commitments. These products include currency pool loans and fixed-rate single-currency loans. As of June 30, 2022, loans outstanding of $468 million (0.2% of the portfolio) carried terms no longer offered, with final maturity in May 2026.

Waivers

Loan terms offered prior to September 28, 2007 included a partial waiver of interest and commitment charges on eligible loans. For these loans, waivers are approved annually by the Board. For FY23, the Board has approved the same waiver rates as in FY22 for all eligible borrowers with eligible loans. The foregone income in FY22 due to previously approved waivers was $20 million (FY21: $31 million).

Figure 13 illustrates a breakdown of IBRD’s loans outstanding and undisbursed balances by loan terms, as well as loans outstanding by currency composition. The interest and currency profile of loans outstanding after the use of derivatives for risk management purposes is discussed under Market Risk in Section IX.

Table 14: Loans outstanding by interest rate structure, excluding derivatives

In millions of U.S. dollars, except for ratios

 

 

June 30, 2022																								June 30, 2021
Product terms		Total				% of Total				Of which reference rate is		Total				% of Total								Product terms		Total				% of Total				Of which reference rate is				Total				% of Total
Fixed Spread Loans		$	66,075				29	%		Fixed		$	33,097				14	%						Fixed Spread Loans		$	66,226				30	%			Fixed			$	33,151				15	%
										Variable			32,978				15																		Variable				33,075				15
Variable Spread Loans			163,269				71			Fixed			7,150				3							Variable Spread Loans			154,338				70				Fixed				4,479				2
										Variable			156,119				68																		Variable				149,859				68
Total		$	229,344				100	%				$	229,344				100	%						Total		$	220,564				100	%						$	220,564				100	%

 

Figure 13: Loan Portfolio

Figure 13a. Undisbursed Balances by Loan Terms

In millions of U.S. dollars, except for ratios

 

 

 

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Figure 13b. Loans Outstanding by Currency

 

 

 

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Section V: Other Development Activities

IBRD continues to deliver value to its client countries through its knowledge services, convening power, and capacity to implement solutions that address global issues where coordinated action is critical.

IBRD also assists clients with designing financial products and structuring transactions to help mobilize resources for development projects and mitigate the financial effects of market volatility and disasters.

Other financial products and services provided to borrowing member countries, and to affiliated and non-affiliated organizations, include financial guarantees, grants, externally-funded activities (described below), and advisory services and analytics.

Guarantees

IBRD’s exposure on its guarantees was $6.3 billion as of June 30, 2022 compared to $6.7 billion as of June 30, 2021 (see Table 15). Exposure is measured by discounting each guaranteed amount from its next call date.

IBRD offers project-based and policy-based guarantees for priority projects and programs in member countries. Project-based guarantees are provided to mobilize private financing for projects; they are also used to mitigate projects’ payment- and performance-related risks. Policy-based guarantees are provided to mobilize private financing for sovereigns or sub- sovereigns. IBRD’s guarantees are partial and are intended to provide only the coverage necessary to obtain the required private financing, considering country, market and, if appropriate, project circumstances. All guarantees require a sovereign counter-guarantee and indemnity, comparable to the requirement of a sovereign guarantee for IBRD lending to sub-sovereign and non-sovereign borrowers (see Box 4). The Corporate Risk Guarantee Committee reviews the choice of instrument for all proposed new guarantee operations.

Box 4: Types of Guarantees Provided by IBRD

 

Guarantee		Description
Project-based guarantees		Two types of project-based guarantees are offered: 1.  Loan guarantees: these cover loan-related debt service defaults caused by the government’s failure to meet specific payment and/or performance obligations arising from contract, law or regulation, in relation to a project. Loan guarantees include coverage for debt service defaults on: (i) commercial debt, normally for a private sector project where the cause of debt service default is specifically covered by IBRD’s guarantee; and, (ii) a specific portion of commercial debt irrespective of the cause of such default, normally for a public-sector project. 2.  Payment guarantees: These cover payment default on non-loan related government payment obligations to private entities and foreign public entities arising from contract, law or regulation.
Policy-based guarantees		These cover debt service default, irrespective of the cause of such default, on a specific portion of commercial debt owed by national or sub national government and associated with the supported government’s program of policy and institutional actions.
Guarantees for enclave operations		IBRD extends guarantees for projects in IDA-only member countries that (i) are expected to generate large economic benefits with significant developmental impact in the member country; and (ii) cannot be fully financed out of the country’s own resources, IDA resources, or other concessional financing. Those projects are known as enclave operations. The provision of IBRD support to enclave operations is subject to credit enhancement features that adequately mitigate IBRD’s credit risk.

 

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Table 15: Guarantees Exposure

In millions of U.S. dollars

 

 

As of June 30,		2022				2021
Guarantees (project, policy and enclave)		$	2,703			$	3,079
Exposure Exchange Agreements			3,630				3,640
Total		$	6,333			$	6,719

 

Table 16: Pricing for IBRD Project-Based and Policy-Based Guarantees

 

 

 

		Basis Points
Charges		FY22				FY21
Front-end fee			25				25
Processing feea b			50				50
Initiation feec b			15				15
Standby fee			25				25
Guarantee feed			50-165				50-165

 

 

a.	Determined on a case-by-case basis. In exceptional cases, projects can be charged over 50 bps of the guarantee amount.

b.	Not applicable for public projects.

c.	The initiation fee is 15 basis points of the guaranteed amount or $100,000, whichever is greater.

d.	Based on the weighted average maturity of the guarantee and country pricing group.

In addition, IBRD has entered into the following arrangements, which are treated as financial guarantees under U.S. GAAP:

 

•

Advance Market Commitment (AMC): AMC is a multilateral initiative to accelerate the creation of a market and sustainable production capacity for pneumococcal vaccines for developing countries. IBRD provides a financial platform for AMC by holding donor-pledged assets as an intermediary agent and passing them on to the Global Alliance for Vaccines and Immunization (GAVI) when appropriate conditions are met. Moreover, should a donor fail to pay, or delay paying any amounts due, IBRD has committed to pay from its own funds any amounts due and payable by the donor, to the extent there is a shortfall in total donor funds received. During FY22, the AMC initiative concluded and there was no exposure for IBRD as of June 30, 2022.

 

•

Exposure Exchange Agreements (EEA): IBRD has an exposure exchange agreement outstanding with MIGA under which IBRD and MIGA exchanged selected exposures through reciprocal guarantees, with each divesting itself of exposure in countries where their lending capacities are limited, in return for exposure in countries where they had excess lending capacity.

IBRD also has an EEA with the African Development Bank (AfDB) and the Inter-American Development Bank (IADB), a Multilateral Development Bank (MDB) EEA. Under this EEA, each MDB exchanged credit risk exposure of a reference portfolio supported by underlying loans to borrowing member countries. For each MDB, EEAs through diversification benefits, help reduce credit risk at the portfolio level; improve the risk-weighted capital ratios especially by addressing exposure concentration concerns; and create lending headroom for individual borrowing countries where MDBs may be constrained. The EEA involved the receipt of a guarantee and the provision of a guarantee against nonpayment in the reference portfolio by each MDB to the other. The guarantee received and the guarantee provided are two separate transactions: (a) a receipt of an asset for the right to be indemnified and receive risk coverage (recoverable asset) and (b) the provision of a financial guarantee, respectively (see Notes to the Financial Statements, Note D: Loans and Other Exposures).

 

•

Other guarantee arrangements: As of June 30, 2022, IBRD had received guarantees totaling $2,116 million ($1,544 million for FY21) on borrowing member loans. These guarantees serve as a credit enhancement to increase IBRD’s lending capacity in certain countries.

 

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Table 17: Exposure Exchange Agreements

In millions of U.S. dollars

 

 

As of June 30,		2022								2021
		Guarantee Received				Guarantee Provided				Guarantee Received				Guarantee Provided
Exposure Exchange Agreement
MIGA		$	21			$	21			$	31			$	31
IADB			2,021				2,021				2,021				2,021
AfDB			1,588				1,588				1,588				1,588
Total notional		$	3,630			$	3,630			$	3,640			$	3,640

 

Grants

Grant-Making Facilities (GMFs) are complementary to IBRD’s work. In FY22, IBRD deployed $17 million under this program, compared with $18 million in FY21. These amounts are reflected in contributions to special programs on IBRD’s Statement of Income, after IDA’s share is determined in accordance with the cost sharing ratio.

Externally-Funded Activities

Mobilization of external funds from third-party partners includes trust funds. Additional external funds include reimbursable funds and revenues from fee-based services to member countries, which are related to RAS, EFOs, and other financial products and services, including RAMP.

Trust Funds

Trust Funds provide development solutions that serve member recipients and donors. Trust funded partnerships often serve as a platform for IBRD and the partners to access WBG’s diverse technical and financial resources, and achieve development goals whose complexity, scale, and scope exceed any individual partner’s capabilities. IBRD’s roles and responsibilities in managing trust funds depend on the type of fund, outlined as follows:

 

•

IBRD-Executed Trust Funds (BETFs): IBRD, alone or jointly with one or more of its affiliated organizations, manages the funds and implements the activities financed. These trust funds support IBRD’s work program. IBRD disbursed $494 million in FY22 ($470 million in FY21) of trust fund program funds.

 

•

Recipient-Executed Trust Funds (RETFs): Funds are provided to a third party, normally in the form of project grant financing, and are supervised by IBRD.

 

•

Financial Intermediary Funds (FIFs): IBRD, as trustee, administrator, or treasury manager, offers specific administrative or financial services with a limited operational role. Arrangements include the administration of debt service trust funds, fiscal agency funds and other more specialized limited fund management roles.

IBRD uses a cost recovery framework for trust funds, which aims to recover the costs of performing agreed roles in administering trust funds, and is guided by principles of transparency, fairness, simplification, standardization, predictability and consistent treatment across all trust fund donors.

Management continues to implement measures to improve planning, support sustainability and enhance alignment of External Funds with mission priorities through greater use of umbrella trust fund programs, increased cost recovery, and new budgetary measures to manage External Funds usage.

During FY22, IBRD’s share of revenue and fees from trust fund administration was $50 million ($44 million in FY21) (see Notes to Financial Statements, Note I: Management of External Funds and Other Services).

 

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Reimbursable Advisory Services (RAS)

While most of IBRD’s advisory and analytical work is financed by its own budget or donor contributions (e.g., trust funds), clients may also pay for services. IBRD offers technical assistance and other advisory services to its member countries, in connection with, and independent of, lending operations. Available services include, for example, assigning qualified professionals to survey developmental opportunities in member countries; analyzing member countries fiscal, economic, and developmental environments; helping members devise coordinated development programs; and improving their asset and liability management techniques. In FY22, IBRD earned revenue of $47 million ($53 million in FY21) from RAS.

Externally Financed Outputs (EFOs)

IBRD offers donors the ability to contribute to specific projects and programs. EFO contributions are recorded as restricted revenue when received because they are for contractually specified purposes. In FY22, IBRD had $4 million of restricted revenue, compared with $18 million in FY21, which are included in Net non-interest expenses – GAAP basis in Table 5.

Restrictions are released once the funds are used for the purposes specified by donors. In FY 22, there was a release of $20 million ($24 million in FY21).

Other Financial Products and Services

Managing Financial Risks for Clients

IBRD helps member countries build resilience to shocks by facilitating access to risk management solutions to mitigate the financial effects of currency, interest rate, and commodity price volatility, disasters, and extreme weather events.

Box 5 below lists some financial solutions and disaster risk financing instruments IBRD offers:

Box 5: Financing Instruments

 

Hedging Transactions		Disaster Risk Financing
Interest Rate		Catastrophe Derivatives and Bonds
Currency		Insurance and Reinsurance
Commodity Price		Regional Pooling Facilities

IBRD also intermediates the following risk management transactions for clients:

 

•

Affiliated Organization: To assist IDA with its asset/liability management, IBRD executes currency forward contracts on its behalf.

 

•

Unaffiliated Organization: To assist the International Finance Facility for Immunization (IFFIm) with its asset/liability management strategy, IBRD executes currency and interest rate swaps on its behalf. In addition, IBRD, as Treasury Manager, is a counterparty to IFFIm and enters into offsetting swaps with market counterparties. During FY22, IBRD executed currency swaps with notional amounts of $250 million under this agreement.

(See Risk Management, Section IX, for a detailed discussion of IBRD’s risk mitigation of these derivative transactions).

Asset Management

The Reserves Advisory and Management Partnership (RAMP) provides services that build clients’ capacity to support the sound management of their official sector assets. Clients include central banks, sovereign wealth funds, national pension funds, and supranational organizations. RAMP helps clients to upgrade their asset management capabilities, including portfolio and risk management, operational infrastructure, and human

 

34

resources capacity. Under most of these arrangements, IBRD is responsible for managing a portion of the institution’s assets and, in return, receives a fee based on the average value of the portfolio managed (see Table 18). The fees earned are used to provide training and capacity-building services. In addition to RAMP, IBRD invests and manages investments on behalf of IDA, MIGA, and trust funds; those investments are not included in IBRD’s assets.

Table 18: RAMP – Assets and Revenues

In millions of U.S. dollars

 

 

As of June 30,		2022				2021
Assets managed under RAMP		$	23,884			$	27,873
Revenue from RAMPa		$	15			$	17

 

 

a.	RAMP revenue of $7 million was excluded to arrive at the FY22 allocable income.

As noted in the discussion of Trust Fund Activities above, IBRD, alone or jointly with one or more of its affiliated organizations, administers on donors’ behalf funds restricted for specific uses. Such administration is governed by agreements with donors, who include members, their agencies and other entities. These funds are held in trust and are not included on IBRD’s Balance Sheet, except for $566 million of undisbursed third-party contributions made to IBRD-executed trust funds, which are recognized on the Balance Sheet as an asset and a liability. The cash and investment assets held in trust by IBRD as administrator and trustee totaled $33.7 billion in FY22, of which $108 million ($93 million in FY21) relates to IBRD contributions to these trust funds (Table 19).

Table 19: Cash and Investment Assets Held in Trust

In millions of U.S. dollars

 

 

As of June 30,		2022				2021
IBRD-administered		$	249			$	263
Jointly administered with affiliated organizations			1,004				1,025
Recipient-executed			2,965				3,082
Financial intermediary funds			22,399				19,757
Execution not yet assigneda			7,114				7,187
Total fiduciary assets		$	33,731			$	31,314

 

a. These represent assets held in trust for which the determination as to the type of execution is yet to be finalized.

Other Financing Solutions

From time to time, IBRD uses its debt issuance platform for other financing support for clients and other development organizations with complementary objectives. For example, during FY22, IBRD issued a five-year $150 million Wildlife Conservation bond (WCB) which contains features aimed to protect and increase black rhino populations in protected areas in South Africa. The pay-for-success financial structure enables private sector investment in global public goods such as biodiversity conservation.

 

35

Section VI: Investment Activities

IBRD’s investment portfolio consists mainly of the liquid asset portfolio. As of June 30, 2022, the net investment portfolio totaled $82.1 billion with $78.8 billion representing the liquid asset portfolio. This compares with $85.8 billion a year earlier, of which $82.8 billion represented the liquid asset portfolio (see Note C: Investments in the Notes to the Financial Statements). The decreased level of liquidity reflects the lower debt service requirements and higher loan disbursements during the year.

Liquid Asset Portfolio

Funds raised through IBRD’s borrowing activities that have not yet been deployed for lending are held in the liquid asset portfolio to provide liquidity for IBRD’s operations. The portfolio is managed with the goal of ensuring sufficient cash flows to meet all IBRD’s financial commitments. While it seeks a reasonable return on this portfolio, IBRD restricts its liquid assets to high-quality investments, consistent with its investment objective of prioritizing principal protection over yield. Liquid assets are managed conservatively and are primarily held against any disruptions in IBRD’s access to capital markets.

IBRD’s liquid assets are held mainly in highly rated, fixed-income instruments (see Box 8: Eligibility Criteria for IBRD’s Investments) and include the following:

 

•

Government and agency obligations

 

•

Time deposits and other unconditional obligations of banks and financial institutions

 

•

Asset-backed securities (including agency mortgage-backed securities)

 

•

Currency, interest rate and other risk management derivatives

 

•

Exchange-traded options and futures

Figure 14: Liquid Asset Portfolio by Asset Class

In millions of U.S. dollars, except for ratios

 

IBRD keeps liquidity volumes above a Prudential Minimum which is defined as 80% of the twelve-month Target Liquidity Level. The twelve- month Target Liquidity Level is calculated before the end of each fiscal year based on Management’s estimates of projected net loan disbursements approved at the time of projection and twelve months of debt-service for the upcoming fiscal year. This twelve-month estimate becomes the target for the upcoming fiscal year and the Prudential Minimum is 80% of this target (see Section IX for details of how IBRD manages liquidity risk).

The liquid asset portfolio is composed largely of assets denominated in, or swapped into, U.S. dollars, with net exposure to short-term interest rates after derivatives. The portfolio has an average duration of less than three months, and the debt funding these liquid assets has a similar currency and duration profile. This is a direct result of IBRD’s exchange-rate and interest-rate-risk-management policies (see Section IX), combined with appropriate investment guidelines (see Box 8).

 

36

The maturity profile of IBRD’s liquid asset portfolio reflects a high degree of liquidity. As of June 30, 2022, $69.6 billion (approximately 88% of total volume) was due to mature within six months, of which $29.3 billion was expected to mature within one month.

The liquid asset portfolio is held in three sub-portfolios: Stable, Operational, and Discretionary, each may have different risk profiles and performance guidelines (see Table 20).

 

•

Stable portfolio is mainly an investment portfolio holding all or a portion of the Prudential Minimum level of liquidity, set at the start of each fiscal year.

 

•

Operational portfolio is used to meet IBRD’s day-to-day cash flow requirements.

 

•

Discretionary portfolio gives IBRD the flexibility to execute its borrowing program and can be used to tap attractive market opportunities. Additional portions of the Prudential Minimum may also be held in this portfolio.

Table 20: Liquid Asset Portfolio Composition

In millions of U.S. dollars, except ratios which are in percentages

 

 

As of June 30,		2022				%				2021				%
Liquid asset portfolio
Stable		$	49,296				63	%		$	57,143				69	%
Operational			13,345				17				17,502				21
Discretionary			16,155				20				8,106				10
Total		$	78,796				100	%		$	82,751				100	%

 

Table 21: Liquid Asset Portfolio – Average Balances and Returns

In millions of U.S. dollars, except rates which are in percentages

 

 

		Average Balances								Financial Returns %
		2022				2021				2022				2021
Liquid asset portfolio
Stable		$	55,925			$	56,842				0.31	%			0.44	%
Operational			13,736				20,026				0.24				0.03
Discretionary			9,398				7,892				0.61				0.31
Total		$	79,059			$	84,760				0.32	%			0.33	%

 

During FY22, IBRD’s total return of 0.32% on the liquid asset portfolio was relatively stable, compared to last year.

In addition to monitoring gross investment returns relative to their benchmarks, IBRD also monitors overall earnings from the investment portfolio, net of funding costs. In FY22, IBRD had $3 million of losses, net of funding costs on the investment portfolio as discussed in Section III.

 

37

Other Investments

In addition to the liquid asset portfolio, the investment portfolio also includes holdings related to AMC, PCRF, PEBP and the Local Currency Market Development program (LCMD, see Notes to Financial Statements Note C: Investments for additional details). Table 22 below summarizes the net carrying value of other investments (see Notes to Financial Statements, Note I: Management of External Funds and Other Services for additional details on AMC):

Table 22: Net Carrying Value of Other Investments

In millions of U.S. dollars

 

 

As of June 30,		2022				2021
AMC		$	—			$	10
PEBP			2,456				2,476
PCRF			766				555
LCMD			39				39
Total		$	3,261			$	3,080

 

 

38