OFPICIAL        V) '
DOCUMENTS
STATUTORY COMMITTEE REPORT
TO:    The President, International Bank for Reconstruction and Development
Report of the Committee under Section 4 (iii) of Article III of the Articles of Agreement
on the proposed Loan (Public Finance Management Technical Assistance Project) to the
Russian Federation
The undersigned Committee constituted under Section 7 of Article V of the Articles of
Agreement of International Bank for Reconstruction and Development (the Bank) hereby submits
its report pursuant to Section 4 (iii) of Article III of said Articles in respect of the proposal that
the Bank grant to the Russian Federation a loan in an amount of fifty million Dollars
($50,000,000). The purpose of said loan is to assist the Borrower in improving transparency and
results focus in public financial management and building institutional foundations for improved
budget efficiency, effectiveness and accountability.
1.     The Committee has carefully studied the merits of the proposal to grant such a loan, and
of the purpose to which the proceeds of the loan are to be applied.
2.     The Committee is of the opinion that the project toward the financing of which the
proceeds of such loan are to be applied comes within the purposes of the Bank as set forth in
Article I of said Articles of Agreement, and that said project is designed to promote the
development of the productive facilities and resources of the Russian Federation and is in the
interest of the Russian Federation and of the members of the Bank as a whole.


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RUSSIAN FEDERATION                                     (Public Finance Management
Technical Assistance Project)
3.   Accordingly, the Committee finds that said project merits financial assistance from the
Bank, and hereby recommends said project for such assistance.
COMMITTEE
Senior Vice President and Group
General Counsel
Expert Sel cted by Governor for
Russian Federation
Regional Vice President
Europe and Central Asia Region
Dated a tashington, D.C. M