Rome, 12 September 2001

Distinguished Directors,

I would now like to summarize the discussions and decisions taken at this Session of the Executive Board.

In view of yesterday’s tragic events, and to allow time to resume the adjourned Seminar on IFAD’s Investment Policy, it was agreed, in consultation with Board Directors from the three Lists, that the Executive Board would focus on agenda items that require a decision.

The Executive Board began its review of the Fifth Replenishment of IFAD’s Resources (documents EB 2001/73/R.2 and EB 2001/73/R.3) and welcomed the news of the effectiveness of the Replenishment on 7 September 2001. I am pleased to note that we have, today, also received the instrument of contribution of India. The Board further agreed to incorporate the votes created under the Fifth Replenishment in Resolution 119/XXIV. The completed version of the Resolution will be dispatched together with the minutes of this Session.

The Board took note of the Status of Contributions to the Fourth Replenishment of IFAD’s Resources (document EB 2001/73/R.4 and addendum), the Report on IFAD’s Investment Portfolio for the Second Quarter of 2001 (EB 2001/73/R.5) and the Status Report on Principal and Interest Payments (EB 2001/73/R.8 and addendum).

Directors agreed to forego the formal discussion on the Preview of the Programme of Work and Administrative Budget of IFAD for 2002 and to submit instead written comments to the Secretariat, by 26 September 2001 at the latest.

The Resources Available for Commitment were considered, and the Board approved the use of the Advance Commitment Authority (ACA) for an amount of up to USD100.1million (document EB2001/73/R.7 and addendum). Directors were assured that any further requests for the use of the ACA will be accompanied by an analysis of expected reflows, contribution payments and investment returns for the period in question. In addition, a report on the use of the ACA, which was approved at this Session, will be provided to the Seventy-Fourth Session of the Board in December 2001.

The Executive Board endorsed the Report of the Audit Committee (document EB2001/73/R.10) and approved the reappointment of PricewaterhouseCoopers as the external auditor for the 2001 audit, for a total fee of ITL 167 million.

The Executive Board postponed, until its next Session, its review of the country strategic opportunities papers (COSOPs) for India and Mozambique, and approved seven programmes and projects; four in Africa; two in Asia; and one in the Near East and North Africa region. Of these, the loans for Bangladesh, Lebanon and Malawi were formulated and approved under the flexible lending mechanism. With regard to the use of this mechanism, Directors were informed that a full review was scheduled for 2002.

The Board approved five grant proposals and the Memorandum on the Family-Sector Livestock Development Programme in Mozambique. It also reviewed the Planned Project Activities for 2001-2002 (document EB 2001/73/R.26 and addenda).

The Draft Provisional Agenda for the Twenty-Fifth Session of the Governing Council was approved (document EB 2001/73/R.27). Directors welcomed the proposal to change the format of the Governing Council Session in 2002, and accepted the invitation to submit comments and suggestions. The format of the Council will be reported on in greater detail at the Seventy-Fourth Session of the Board in December 2001, at which time a revised agenda will be submitted.

The Executive Board approved the proposed dates for its 2003 Sessions (document EB2001/73/R.29), and authorized the Fund to conclude the Cooperation Arrangements with the Global Environment Facility (EB 2001/73/R.30) and the Cooperation Agreement with the Secretariat of the Joint United Nations Programme on HIV/AIDS (UNAIDS) (EB 2001/73/R.31).

An oral report was presented on the follow-up to IFAD’s Rural Poverty Report. A more detailed presentation will be given in December, by which time the Report will have been translated into the organization’s other official languages. A copy of a joint Popular Coalition/United Nations Research Institute for Social Development (UNRISD) publication on key land reform issues, entitled Whose Land? was also presented to the Board. Your feedback on this publication would be most welcome.

Finally, the Board approved the disclosure, on IFAD’s public website, of the documents approved at the current Session.

Distinguished Directors,

This brings us to the end of our Session. In closing, I would like to reiterate my expression of profound grief and sorrow at the tragic and deplorable events of yesterday. While this Session has been shortened, it has nonetheless, I think, been a productive one and I thank you all very much for your cooperation.

This Session of the Executive Board is hereby closed.