International Bank for Reconstruction and Development
                         International Development Association

                                   FOR OFFICIAL USE ONLY



FOR
                                                                      For considerationon
EXECUTIVE                                                             Tuesday, February 23, 1999
DIRECTORS'
MEETING
                                                                      M99-6
                                                                      IDA/M99-6

     FROM: The Secretary                                              February5, 1999


                   Minutes of Meeting of the Executive Directors of the Bank and IDA
                   held in the Board Room on Thursday, January 28,1999 at 10:07 a.m.


     1.    There were present:

                                             CLAIRMAN

                                    S. Sandstrom, Managing Director


    EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS

           G.   Abraham (Alternate)                   C. Legg (Alternate)
           E.   Ako-Adjei (Temporary Altemate)        S. Lutfi (Temporary Alternate)
           K.   Al-Aboodi (Alternate)                 M. Marek (Alternate)
           J.   Alvarez (Temporary Alternate)         I. Niemi
           R.   Bachmayer                             T. O'Leary
           E.   Biskup (Alternate)                    0. Otazu (Temporary Alternate)
           A.   Bugrov                                S. Pickford
           H.   Cordeiro (Alternate)                  S. Singh
           F.   Ferrer                                P. Stek
           J.   Hylewski (Alternate)                  B. Toure
           A.   Kamitomai (Alternate)                 W. Wan Abdullah (Altemate)
           S.   Le Gal (Temporary Alternate)          Zhu Xian

    ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS

           S. Ahmed                                   L. Hubloue
           P. Gomes

 This document has a restricted distribution and may be used by recipients only in the
 performanceof their official duties. Its contents may not otherwise be disclosed without
 World Bank authorization.
                                                                                                        '1

                                                  2                                             M99-6
                                                                                           IDA/M99-6




OFFICERS AND STAFF PARTICIPATING

          J.    Linn, Vice President, ECA             A.   Downs, CE2DR
          A.    Rigo, Deputy General Counsel          S.   von Friedeburg, CE2G1
          P.    Siegelbaum, Director, ECCI 1          T.   Wolf, IMF
          L.    Chu, ECC 1I                           H.   Denton, Corporate Secretariat

Belarus   -    Country Assistance Strategy

2.     The Executive Directors discussed the Country Assistance Strategy for Belarus (R98-305 dated
December 28, 1998, R98-305/1 dated January 12, 1999, R98-305/2 dated January 20, 1999, and
R98-305/3 dated January 21, 1999). (The Chairman's Concluding Remarks were distributed as
SecM99-71).

Credit to Yemen - Second Public Works Project

3.       The Executive Directors approved the credit to the Republic of Yemen for a Second Public
Works Project in the amount of SDR35.6 million (US$50.0 million equivalent) on the payment terms and
other terms and conditions set out in the President's Memorandum (IDA/R99-6 dated January 11, 1999).

Supplemental Credit to Honduras - Nutrition and Health Project

4.      The Executive Directors approved the supplemental credit to the Republic of Honduras for a
Nutrition and Health Project in the amount of SDR7.5 million (US$10.4 million equivalent) on the
payment terms and other terms and conditions set out in the President's Memorandum (IDA/R99-8 dated
January 21, 1999).

Pension Reform: Additional Amendments to the Staff Retirement Plan Document

5.      The Executive Directors recorded their approval on January 22, 1999 of the recommendation
contained in paragraph 9 of the Memorandum from the Deputy Secretary entitled "Pension Reform:
Additional Amendments to the Staff Retirement Plan Document"(R98-90/1).

China: Seventh Railway Project (Loan No. 3897-CHA) - Restructuring and Amendment to Loan
Agreement (R99-2)

6.      The Executive Directors, with Ms. Piercy abstaining, recorded their approval on
January 22, 1999 of the recommendation contained in paragraph 50 of the Memorandum from the
Secretary entitled "China: Seventh Railway Project (Loan 3897-CHA) - Restructuring and Amendment
to Loan Agreement (R99-2)".
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                                                                                           IDA/M99-6



Date of Next Meeting

7.     It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on
February 2, 1999.

Adjournment

8.     The meeting adjourned at 12:25 p.m.




Distribution:

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