International Bank for Reconstruction and

Development

Management’s Discussion & Analysis

and

Condensed Quarterly Financial Statements

December 31, 2023

(Unaudited)

Contents

Section I: Executive Summary	Summary Financial Results	4
Section II: Overview	Financial Business Model	6
	Basis of Reporting	7
Section III: Financial Results	Financial Results and Portfolio Performance	9
	Net Income	10
Section IV: Risk Management	Risk Governance	16
	Management of IBRD's Risks	16
Section V: Governance	Senior Management Changes	24

Tables

Table 1: Selected Financial Data	2
Table 2: Condensed Statements of Income	9
Table 3: Condensed Balance Sheets	9
Table 4: Gross Disbursements by Region	11
Table 5: Net Commitments by Region	12
Table 6: Net Other Revenue	13
Table 7: Net Non-Interest Expenses	14
Table 8: Unrealized Mark-to-market Gains / (Losses) on Non-trading Portfolios	14
Table 9: Equity-to-Loans Ratio	17
Table 10: Usable Paid-In Capital	18
Table 11: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating	20
Table 12: Non-Commercial Counterparty Credit Risk	20
Table 13: Liquidity Levels for FY24	23

Figures

Figure 1: Sources and Uses of Revenue	7
Figure 2: Loans interest revenue and funding cost (including derivatives)	10
Figure 3: Loan interest revenue, net	10
Figure 4: Change in Net Loans Outstanding	11
Figure 5: Net Loans Outstanding	11
Figure 6: Net Investment Portfolio	12
Figure 7: Investment Revenue, net	12
Figure 8: Borrowing Portfolio (original maturities)	13
Figure 9: Net Non-Interest Expenses (GAAP basis)	13
Figure 10: Country Exposures as of December 31, 2023	18

Management’s Discussion and Analysis

IBRD Management’s Discussion and Analysis: December 31, 2023 1

Section I: Executive Summary

This Management’s Discussion and Analysis (MD&A) reflects the results of the International Bank for

Reconstruction and Development’s (IBRD’s) financial performance for the six months ended December 31, 2023

(FY24 YTD). This document should be read in conjunction with IBRD’s Financial Statements and MD&A for the

fiscal year ended June 30, 2023 (FY23). 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.

Table 1: Selected Financial Data

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

	As of and for the six months ended December 31,		As of and for the fiscal year ended June 30,
	2023	2022	2023
Lending Highlights (Section III)
Net commitments a	$14,996	$9,952	$38,572
Gross disbursements	18,105	15,289	25,504
Net disbursements	11,000	8,839	12,736
Income Statement (Section III)
Board of Governors-approved and other transfers	$(371)	$(221)	$(221)
Net income	357	720	1,144
Balance Sheet (Section III)
Total assets	$342,354	$322,757	$332,641
Net investment portfolio b	74,693	74,508	79,195
Net loans outstanding	253,126	236,706	241,041
Borrowing portfolio c	272,302	257,706	266,828
Total equity	62,447	58,072	60,382
Non-GAAP Measures
Allocable Income (Section III)	$965	$791	$1,312
Usable Equity(Section IV)	53,892	51,405	53,105
Equity-to-Loans Ratio (Section IV)	21.8%	21.6%	22.0 %
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. For the composition of the net investment portfolio, see Notes to the Condensed Quarterly Financial Statements, Note C - Investments - Table C3.
c. Includes associated derivatives.

Management’s Discussion and Analysis Section I: Executive Summary

2    IBRD Management’s Discussion and Analysis: December 31, 2023

IBRD's mission is to end extreme poverty and boost shared prosperity on a livable planet by providingcountries

with loans, guarantees, advisory services, analytical support and other products.

IBRD and its affiliated organizations seek to help countries in reducing poverty and inequality, achieve

improvements in economic growth, job creation, governance, the environment, climate adaptation, mitigation and

resilience, human capital, infrastructure and debt transparency, among others. To meet its development goals, the

WBG1 supports client countries' efforts to implement programs to improve growth and development outcomes with

a vision to create a world free of poverty on a livable planet. Further, new and ongoing challenges continue to

influence the global outlook. These include high inflation, the rise in food insecurity, growing inequality, global

fragility, pandemic risk, armed conflicts and other geopolitical events, rising debt, climate change, and

macroeconomic imbalances. In response, IBRD 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. To further support these efforts, the Board and Management have been working

on an Evolution Roadmap for the WBG to better address the scale of development challenges. As part of this

evolution, in October 2023, the Board of Governors endorsed the new vision and mission, as well as initiatives to

increase impact, modernize the approach to delivery, and increase financing capacity. Additional steps to increase

IBRD’s lending capacity include recently approved measures such as a portfolio guarantee platform with

shareholders to make more financing available to clients, as well as raising hybrid capital, giving shareholders and

other partners an opportunity to make investments with strong leverage potential.

Management’s Discussion and Analysis Section I: Executive Summary

IBRD Management’s Discussion and Analysis: December 31, 2023    3

Summary Financial Results

Net Income

IBRD recorded net income of $357 million for the first six months of FY24, compared with net income of $720

million during the same period in FY23. The $363 million decrease was primarily due to unrealized mark-to-market

losses on IBRD’s non-trading portfolios in FY24, compared to unrealized mark-to-market gains in FY23, and a

decrease in net revenue on interest earning assets, partially offset by a release of provision for losses on loans and

other exposures. Given IBRD’s intention to maintain its non-trading portfolio positions to maturity, unrealized

mark-to-market gains and losses for these portfolios are not included in IBRD’s allocable income.

Allocable Income

Allocable income is the measure IBRD uses for making net income allocation decisions. During the first six months

of FY24, allocable income was $965 million, an increase of $174 million from the same period in FY23. The

increase was primarily due to the release of provision for losses on loans and other exposures, partially offset by a

decrease in net revenue on interest earning assets (see Section III and Section IV).

In millions of U.S. dollars - YTD

Lending Operations

IBRD’s lending operations during the first six months of FY24 provided $15.0 billion of net commitments, $18.1

billion of gross loan disbursements, and $11.0 billion of net loan disbursements. Net loans outstanding were $253.1

billion as of December 31, 2023.

In billions of U.S. dollars

Net commitments were higher by $5.0 billion compared with the same period in FY23 (see Table 5). The regions

with the largest share of commitments in the first six months of FY24 were Latin America and the Caribbean with

31%, and East Asia and Pacific with 27%.

Management’s Discussion and Analysis Section I: Executive Summary

4    IBRD Management’s Discussion and Analysis: December 31, 2023

Disbursements YTD

Net Investment Portfolio

IBRD’s net investment portfolio decreased by $4.5

billion, from $79.2 billion as of June 30, 2023 to

$74.7 billion as of December 31, 2023. The decrease

was primarily due to net loan disbursements that were

higher than net debt issuances during the period.

Seventy percent of the investments are rated AA or

above (see Table 11), reflecting IBRD’s objective of

principal protection and its preference for high-

quality investments.

In billions of U.S. dollars

Net Investment Portfolio

Borrowing Portfolio

As of December 31, 2023, the borrowing portfolio

was $272.3 billion, $5.5 billion higher than June 30,

2023. The increase was mainly due to net new debt

issuances that financed development and lending

operations and satisfied liquidity requirements.

In billions of U.S. dollars

Borrowing Portfolio

Equity-to-Loans Ratio

The Equity-to-Loans ratio decreased from 22.0% as

of June 30, 2023 to 21.8% as of December 31, 2023,

primarily due to the increase in loan exposures (see

Section IV), and was above the policy minimum of

19%. In line with IBRD's currency management

approach, exchange rate movements during the

period did not have an impact on IBRD's Equity-to-

Loans ratio.

During the first six months of FY24, IBRD received

$568 million of paid-in capital subscribed under the

2018 General and Selective Capital Increases (GCI

and SCI), bringing the cumulative amounts received

to $5.9 billion, representing 79% of the total amount

expected over the subscription period. The

subscription period for the GCI and SCI ends on

October 1, 2025.

Ratio in percentages

Equity-to-Loans Ratio

Management’s Discussion and Analysis Section I: Executive Summary

IBRD Management’s Discussion and Analysis: December 31, 2023    5

Section: II Overview

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 (MDB) that combines knowledge services and financing with a global

reach. IBRD’s value is derived 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 low-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 on 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, flagship events and fora to

address the most pressing global development challenges.

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 through 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 middle income and creditworthy low-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 in multiple currencies on variable spread and previously on fixed spread terms. 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 also financed through its equity. IBRD is rated triple-A by the major rating agencies and its bonds

are viewed as high-quality securities by investors. IBRD’s 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.

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 portfolios) with that of its liabilities

(borrowing portfolio), and to stabilize earnings on the portion of the loan portfolio funded by equity. See Section IV:

Risk Management for additional details on how IBRD uses derivatives.

Management’s Discussion and Analysis Section II: Overview

6    IBRD Management’s Discussion and Analysis: December 31, 2023

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

introduces 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 1). This

revenue is used for administrative expenses, provision for losses on loans and other exposures1 (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 fund fees, reimbursable funds, and revenues from fee-based

services to member countries. Non-interest revenue from externally funded activities provides additional capacity to

support the development needs of client countries.

Figure 1: Sources and Uses of Revenue

Basis of Reporting

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 derivatives are reported

at fair value, with changes in fair value reported in the Statements 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.

Management uses net income as the basis for deriving allocable income, as discussed below.

Management’s Discussion and Analysis Section II: Overview

IBRD Management’s Discussion and Analysis: December 31, 2023    7

1 Other exposures include signed loan commitments (including Deferred Drawdown Options – DDOs and irrevocable commitments)

and guarantees.

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 the non-trading portfolios, as well as 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) and Table 2, for details of the adjustments to reported net income to

calculate allocable income.

The volatility in IBRD’s net income is often 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 IBRD's 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 Sheets, with changes in fair values reflected in the Statements of Income.

In line with its financial risk management policies, for the non-trading portfolios, unrealized mark-to-market gains

and losses from instruments carried at fair value (borrowing portfolio, and derivatives in the loans and Other ALM

portfolios) are excluded from allocable income.

For the trading portfolio (investment portfolio), allocable income 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 underlying item is a physical asset held at amortized cost.

Management’s Discussion and Analysis Section II: Overview

8    IBRD Management’s Discussion and Analysis: December 31, 2023

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 2: Condensed Statements of Income
In millions of U.S. dollars
			Impact on income
For the six months ended December 31,	2023	2022	Decrease	Increase
Revenue on interest earning assets, net of funding costs
Loan interest revenue, net	$2,358	$1,845
Other ALM derivatives, net	(868)	(184)
Investment revenue, net a	56	96
Total revenue on interest earning assets, net	$1,546	$1,757
Provision for losses on loans and other exposures, release (charge) b	31	(363)
Net non-interest expenses (Table 7)	(695)	(720)
Net pension cost, other than service cost (Table 7)	94	101
Net other revenue (Table 6)	114	91
Board of Governors-approved and other transfers	(371)	(221)
Non-functional currency translation adjustment losses, net	(8)	(28)
Unrealized mark-to-market (losses) gains on non-trading portfolios, net c	(354)	103
Net income	$357	$720
Adjustments to reconcile net income to allocable income:
Pension d and other adjustments	(125)	(75)
Board of Governors-approved and other transfers	371	221
Non-functional currency translation adjustment losses, net	8	28
Unrealized mark-to-market losses (gains) on non-trading portfolios, net c	354	(103)
Allocable income	$965	$791

a. Includes unrealized mark-to-market losses on the Investments-trading portfolio of $9 million in FY24 YTD (unrealized mark-to-

market gains of $47 million in FY23 YTD) and excludes gains  from Post Employment Benefit Plan (PEBP) and Post Retirement

Contribution Reserve Fund (PCRF) and other adjustments of $31 million in FY24 YTD ($21 million gains for FY23 YTD)

reported in Net other revenue (Table 6).

b. Includes changes on recoverable assets relating to certain Guarantees received (including guarantees received under the

Exposure Exchange Agreements).

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

d. Adjustment to pension accounting expense to arrive at pension plan contributions. Pension plan and PCRF contributions were

$137 million in FY24 YTD and $130 million in FY23 YTD.

Table 3: Condensed Balance Sheets
In millions of U.S. dollars
As of	December 31, 2023	June 30, 2023	Decrease	Increase
Investments and due from banks	$76,241	$79,824
Net loans outstanding a	253,126	241,041
Derivative assets, net	214	271
Other assets	12,773	11,505
Total Assets	$342,354	$332,641
Borrowings	250,705	237,265
Derivative liabilities, net	21,211	26,893
Other liabilities	7,991	8,101
Equity	62,447	60,382
Total Liabilities and Equity	$342,354	$332,641

a. The fair value of IBRD’s loans was $250,730 million as of December 31, 2023 ($236,521 million – June 30, 2023).

Management’s Discussion and Analysis Section III: Financial Results

IBRD Management’s Discussion and Analysis: December 31, 2023    9

The main drivers of the change in the Balance Sheet items are below:

•Increase in net loans outstanding primarily from net loan disbursements;

•Increase in other assets reflecting the increase in accrued interest on loans during FY24 YTD;

•Decrease in investments and due from banks primarily due to net loan disbursements;

•Increase in borrowings primarily due to net new issuances and unrealized mark-to-market losses as a result

of decrease in interest rates, with offsetting gains on borrowing-related derivatives that decreased derivative

liabilities; and

•Increase in equity, primarily due to the increase in accumulated other comprehensive income due to the

increase in the Debit Valuation Adjustment (DVA) on fair value option elected liabilities and the increase

in paid-in capital during FY24 YTD.

Net Income

IBRD's net income was $357 million for the first six months of FY24, compared with net income of $720 million

during the same period in FY23. The $363 million decrease was primarily due to unrealized mark-to-market losses

on IBRD’s non-trading portfolios and a decrease in net revenue on interest earning assets, partially offset by the

release of the provision for losses on loans and other exposures (see Table 2).

Results from Lending activities

Loan Interest Revenue, net

Under IBRD’s pricing policy, the lending rates for all loans are based on the underlying cost of the borrowings

funding these loans. After the effect of related derivatives, the loan and borrowing portfolios are based on variable

interest rates. The portion of the loan portfolio funded by equity is sensitive to changes in short-term interest rates.

Figure 2: Loans interest revenue and funding cost

(including derivatives)

In millions of U.S. dollars, YTD

Figure 3: Loan interest revenue, net

In millions of U.S. dollars, YTD

For the first six months of FY24, IBRD’s loan interest revenue, net of funding costs was $2,358 million, an increase

of $513 million compared with the same period in FY23 (Figure 3), consistent with the increase in average interest

rates during the period. 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 partially stabilizing the net interest revenue earned

from these loans (see Figure 3). 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 increase in loan interest revenue, net of $513 million and the decrease in interest revenue

from Other ALM derivatives, net of $684 million from FY23 YTD to FY24 YTD, resulted in a total decrease in net

loan interest revenue of $171 million. This decrease was primarily due to the 6-month London Interbank Offer Rate

(LIBOR) based borrowing portfolio resetting to Secured Overnight Financing Rate (SOFR) at higher rates during

FY24 YTD, whereas the majority of the loan portfolio had transitioned to SOFR by the end of FY23. This was

partially offset by the increase in loan interest revenue due to the higher average loan balance.

Management’s Discussion and Analysis Section III: Financial Results

10    IBRD Management’s Discussion and Analysis: December 31, 2023

Provision for losses on loans and other exposures

IBRD recorded income from the release of provisions for losses on loans and other exposures of $31 million in

FY24 YTD, as compared to $363 million expense in FY23 YTD. The loan loss provision income is driven by the

decrease in the loss given default (severity) compared to FY23 YTD, due to the decrease in implied forward interest

rates in FY24 YTD, compared to the increase in implied forward interest rates in FY23 YTD.The severity reflects

the expected losses from delays in receiving interest payments since IBRD does not charge interest on overdue

interest. As the majority of IBRD’s loans carry a variable interest rate, changes in forward interest rates impact the

expected losses that are recorded through the provision for losses on loans and other exposures in the statements of

income.

Figure 4: Change in Net Loans Outstanding

In billions of U.S. dollars

Figure 5: Net Loans Outstanding

In billions of U.S. dollars

As of December 31, 2023, 81% of IBRD’s total loans outstanding, after derivatives, were denominated in U.S.

dollars, and 18% were denominated in euro. For the regional presentation of loans outstanding, see Notes to

Condensed Quarterly Financial Statements, Note D: Loans and other exposures, Table D6.

Gross disbursements were $18.1 billion in FY24 YTD, a $2.8 billion increase compared with the same period in

FY23 (Table 4). The increase reflects the increase in Investment Project Financing (IPF) and Development Policy

Financing (DPF) disbursements.

Table 4: Gross Disbursements by Region
In millions of U.S. dollars
For the six months ended December 31,	2023	% of total	2022	% of total	Variance
Eastern and Southern Africa	$637	4%	$1,045	7%	$(408)
Western and Central Africa	70	*	69	*	1
East Asia and Pacific	3,843	21	2,386	16	1,457
Europe and Central Asia	7,074	39	3,263	21	3,811
Latin America and the Caribbean	2,851	16	5,817	38	(2,966)
Middle East and North Africa	1,133	6	1,535	10	(402)
South Asia	2,497	14	1,174	8	1,323
Total	$18,105	100%	$15,289	100%	$2,816

* Indicates percentage less than 0.5%.

Management’s Discussion and Analysis Section III: Financial Results

IBRD Management’s Discussion and Analysis: December 31, 2023    11

Net commitments were $15.0 billion in FY24 YTD, a $5.0 billion increase compared with the same period in FY23

(Table 5), mainly reflecting the increase in DPF and IPF commitments.

Table 5: Net Commitments by Region
In millions of U.S. dollars
For the six months ended December 31,	2023	% of total	2022	% of total	Variance
Eastern and Southern Africa	$1,334	9%	$715	7%	$619
Western and Central Africa	35	*	—	—	35
East Asia and Pacific	4,114	27	700	7	3,414
Europe and Central Asia	3,336	22	2,477	25	859
Latin America and the Caribbean	4,581	31	4,172	42	409
Middle East and North Africa	1,150	8	1,108	11	42
South Asia	446	3	780	8	(334)
Total	$14,996	100%	$9,952	100%	$5,044

* Indicates percentage less than 0.5%.

Results from Investing Activities

Net Investment Portfolio

IBRD’s net investment portfolio was $74.7 billion as of December 31, 2023 ($79.2 billion as of June 30, 2023). Of

this amount, $70.6 billion related to the liquid asset portfolio ($75.4 billion as of June 30, 2023). See Notes to

Condensed Quarterly Financial Statements, Note C: Investments. The decrease in the liquid asset portfolio is

primarily due to the net loan disbursements, partially offset by net new issuances of debt during the period (see

Table 13).

Net Investment Revenue

IBRD’s net investment revenue decreased by $40 million in FY24 YTD compared to FY23 YTD. This was

primarily due to higher unrealized mark-to-market losses on currency swaps due to foreign currency changes.

Figure 6: Net Investment Portfolio

In billions of U.S. dollars

Figure 7: Investment Revenue, net

In millions of U.S. dollars, YTD

Results from Borrowing Activities

As of December 31, 2023, the borrowing portfolio was $272.3 billion, a $5.5 billion increase compared with

June 30, 2023 (see Notes to Condensed Quarterly Financial Statements, Note E: Borrowings). The increase was

primarily due to new debt issuances, net of retirements. New issuances of medium-and long-term debt of $19.4

billion during the first six months of FY24were highly diversified by investor profile and location, with an average

maturity of 7.6 years. The funds raised financed development lending operations and satisfied the liquidity

requirements.

Management’s Discussion and Analysis Section III: Financial Results

12    IBRD Management’s Discussion and Analysis: December 31, 2023

Figure 8: Borrowing Portfolio (original maturities)

In billions of U.S. dollars

Net Other Revenue

Net other revenue was higher by $23 million in FY24 YTD, compared with the same period in FY23. The increase

was mainly due to the higher investment earnings from the PEBP and PCRF holdings, consistent with prevailing

market conditions.

Table 6: Net Other Revenue
In millions of U.S. dollars
For the six months ended December 31,	2023	2022	Variance
Loan commitment fees	$72	$61	$11
Guarantee fees	8	8	—
Others, including net earnings from the PEBP and PCRF	34	22	12
Net other revenue (Table 2)	$114	$91	$23

Net Non-Interest Expenses

IBRD’s net non-interest expenses, shown in Table 7, is comprised of administrative expenses, net of revenue from

externally funded activities, and include costs related to IBRD-executed trust funds and other externally funded

activities. IBRD and IDA's administrative budget is a single resource envelope that funds the combined work

programs of both entities. 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 the two entities.

Figure 9: Net Non-Interest Expenses (GAAP basis)

In millions of U.S. dollars, YTD

Management’s Discussion and Analysis Section III: Financial Results

IBRD Management’s Discussion and Analysis: December 31, 2023    13

The decrease in net non-interest expenses from FY23 YTD to FY24 YTD, on a GAAP basis was primarily driven by

higher revenue from externally funded activities, partially offset by higher staff costs and travel expenses. On an

allocable income basis, net non-interest expenses for FY24 YTDincreased primarily due to higher staff costs and

travel expenses (see Table 7).

Table 7: Net Non-Interest Expenses
In millions of U.S. dollars
For the six months ended December 31,	2023	2022	Variance
Administrative expenses
Staff costs	$577	$542	$35
Travel	66	55	11
Consultant fees and contractual services	187	178	9
Pension and other postretirement benefits a	138	173	(35)
Communications and technology	44	40	4
Premises and equipment	55	63	(8)
Other expenses	14	15	(1)
Total administrative expenses	$1,081	$1,066	$15
Contributions to special programs	15	15	—
Revenue from externally funded activities:
Reimbursable revenue – IBRD executed trust funds	(248)	(228)	(20)
Other revenue	(153)	(133)	(20)
Total revenue from externally funded activities	$(401)	$(361)	$(40)
Net non-interest expenses (Table 2)	695	720	(25)
Net pension cost, other than service cost b (Table 2)	(94)	(101)	7
Net non-interest expenses - GAAP basis	$601	$619	$(18)
Adjustments to arrive at net non-interest expenses - allocable income basis
Pension, Externally Financed Outputs (EFO) and Reserve Advisory and Management Partnership (RAMP) adjustments c	94	54	40
Net non-interest expenses - Allocable income (Non-GAAP basis)	$695	$673	$22
a. Represents the service cost component of net periodic pension cost. See Notes to Condensed Quarterly Financial Statements, Note H: Pension and Other Postretirement Benefits.
b. Amount is included in Other Non-interest expenses in the Condensed Statements of Income (see Table 2).
c. Adjustments are included in the Pension and other adjustments line in Table 2.

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 the first six months of FY24, $354 million of net unrealized mark-to-market losses ($103

million net unrealized mark-to-market gains for same period in FY23) were excluded from reported net income to

arrive at allocable income (see Table 2).

Table 8: Unrealized Mark-to-market Gains / (Losses) on Non-trading Portfolios a
In millions of U.S. dollars
For the six months ended December 31,	2023	2022	Variance
Loan-related derivatives	$(1,567)	$1,955	$(3,522)
Other asset/liability management derivatives, net	1,287	(1,789)	3,076
Borrowings, including derivatives	(137)	(62)	(75)
Client operations and other derivatives, net	63	(1)	64
Total	$(354)	$103	$(457)
a. Adjusted to exclude amounts reclassified to realized mark-to-market gains (losses).

Management’s Discussion and Analysis Section III: Financial Results

14    IBRD Management’s Discussion and Analysis: December 31, 2023

Loan Portfolio

Loans are reported at amortized cost on the balance sheet and therefore the mark to market effect on loans is not

reflected in reported net income. However, the derivatives used to convert loans from fixed-rate to variable-rate

instruments, for asset / liability management purposes, are reported at fair value. From an economic perspective,

IBRD’s loans after the effect of derivatives carry variable interest rates and have a low sensitivity to interest rates.

The unrealized mark to market losses on loan related derivatives were $1,567 million for the first six months of

FY24, primarily due to the decrease in interest rates as of December 31, 2023, compared to June 30, 2023. See

Section IV: Risk Management for additional details on how IBRD uses derivatives in the loan portfolio.

Other ALM Portfolio

IBRD uses derivatives to stabilize its interest revenue from the portion of loans that is sensitive to changes in short-

term interest rates. The Other ALM portfolio consists of derivatives which convert a portion of variable rate loan

cash flows to fixed rate loan cash flows. In the first six months of FY24, IBRD recorded unrealized mark-to-market

gains of $1,287million on this portfolio primarily due to the decrease in interest rates as of December 31, 2023,

compared to June 30, 2023. The duration of this portfolio was 4.2 years, within the Board established limit of 5

years.

Borrowing Portfolio

IBRD’s bonds and the related derivatives are reported at fair value. IBRD recorded $137 million of net unrealized

mark-to-market losses on IBRD’s bonds and associated derivatives, due to the decrease in interest rates as of

December 31, 2023, compared to June 30, 2023. The losses on the bonds due to the decrease in interest rates

exceeded the gains on the bond-related derivatives. The net unrealized mark-to-market losses on IBRD’s bonds

exclude changes in IBRD’s own credit, referred to as the DVA on Fair Value Option elected liabilities, which is

instead recorded in Accumulated Other Comprehensive Income (AOCI). For the first six months of FY24, the DVA

was $828 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 period. As of December 31, 2023, IBRD’s Condensed Balance

Sheets included a cumulative DVA of $1,179 million of mark-to-market gains reflected in AOCI (see Notes to the

Condensed Quarterly Financial Statements, Note K – Fair Value Disclosures).

Board of Governors-approved Transfers

On August 21, 2023, IBRD’s Board of Governors approved contributions from Surplus of $80 million to the Trust

Fund for Gaza and the West Bank and $40 million to the IBRD Fund for Innovative Global Public Goods Solutions

(GPG Fund). The contributions were transferred on September 6, 2023 and September 12, 2023 respectively.

Contributions to the Trust Fund for Gaza and West Bank are recorded in Board of Governors-approved and other

transfers on the Condensed Statements of Income. The financial information of the GPG Fund is included in the

condensed financial statements of IBRD. For the six months ended December 31, 2023, no grants were made by the

GPG Fund and therefore, no amounts are recorded in Board of Governors-approved and other transfers on the

Condensed Statements of Income. Unutilized GPG contributions are included in Retained Earnings on the

Condensed Balance Sheet ($101 million — December 31, 2023 and $61 million —  June 30, 2023).

Since 1964, IBRD has made transfers to IDA out of its net income, upon approval by the Governors. Under a

formula-based approach for IBRD's income support to IDA, the amount of income transfer recommended for IDA is

a function of IBRD's financial results. On October 13, 2023, the Board of Governors approved a transfer of $291

million to IDA out of FY23 allocable income, which was made on October 24, 2023. The transfer was recorded in

the Board of Governors-approved and other transfers line in the Condensed Statements of Income.

Management’s Discussion and Analysis Section III: Financial Results

IBRD Management’s Discussion and Analysis: December 31, 2023    15

Section IV: Risk Management

Risk Governance

IBRD’s risk management processes and practices evolve to reflect changes in activities in response to market, credit,

product, operational, and other developments. The Board, particularly the Audit Committee, periodically reviews

trends in IBRD’s risk profiles and performance, and any major developments in risk management policies and

controls. Management believes that effective risk management is critical for its overall operations. Accordingly, the

risk management governance structure is designed to manage the principal risks IBRD assumes in its activities.

Risk Oversight and Coverage

The Vice President and WBG Chief Risk Officer (CRO) oversees both financial and operational risks. These risks

include (i) country credit risks in the core sovereign-lending business, (ii) market and counterparty risks, including

liquidity risk, and (iii) operational risks relating to people, processes, and systems, or from external events.

The risk of IBRD’s operations not meeting their development outcomes (development outcome risk) in IBRD’s

lending activities is monitored at the corporate level by Operations Policy and Country Services (OPCS). Where

fraud and corruption risks may impact IBRD-financed projects, OPCS, the regions and practice groups, and the

Integrity Vice Presidency jointly address such issues.

For a detailed discussion of the risk governance and risk oversight and coverage, see IBRD’s MD&A for the fiscal

year ended June 30, 2023, Section IX: Risk Management.

Management of IBRD’s Risks

IBRD assumes financial risks in order to achieve its development and strategic objectives. IBRD’s financial risk

management framework is designed to enable and support the institution in achieving its goals in a financially

sustainable manner. IBRD manages credit, market, and operational risks in its financial activities, which include

lending, borrowing and investing. The primary financial risk to IBRD is the country credit risk inherent in its loan

portfolio. IBRD is also exposed to risks in its liquid asset and derivative portfolios, where the major risks are interest

rate, exchange rate, commercial counterparty credit, and liquidity risks. IBRD’s operational risk management

framework is based on a structured and uniform approach to identify, assess and monitor key operational risks

across business units.

In an effort to maximize IBRD’s capacity to lend to member countries for development purposes, IBRD limits its

exposure to market and counterparty credit risks. In addition, to ensure that the financial risks associated with its

loans and other exposures do not exceed its risk-bearing capacity, IBRD uses a strategic capital adequacy framework

as a key medium-term capital planning tool.

Management’s Discussion and Analysis Section IV: Risk Management

16    IBRD Management’s Discussion and Analysis: December 31, 2023

Capital Adequacy

IBRD holds capital to cover the credit, market and operational risks inherent in its operating activities and financial

assets. Country credit risk is the most substantive risk covered by IBRD’s equity.

IBRD’s capital adequacy is the degree to which its equity is sufficient to withstand unexpected shocks. IBRD’s

Board monitors IBRD’s capital adequacy within a strategic capital adequacy framework and uses the Equity-to-

Loans ratio as a key indicator of capital adequacy. The framework seeks to ensure that IBRD’s equity is aligned with

the financial risk associated with its loan portfolio and other exposures over a medium-term capital-planning

horizon.

As shown in Table 9, IBRD’s Equity-to-Loans ratio decreased from 22.0% as of June 30, 2023 to 21.8% as of

December 31, 2023, and remained above the 19% minimum ratio under the strategic capital adequacy framework.

During the first six months of FY24, IBRD received $568 million of paid-in capital subscribed under the 2018 GCI

and SCI, bringing the cumulative amounts received to $5.9 billion, 79% of the $7.5 billion expected over the

subscription period. In line with IBRD’s currency management policy, exchange rate movements during the period

did not have an impact on IBRD’s Equity-to-Loans ratio. Under the currency management policy, to minimize

exchange rate risk, IBRD matches its borrowing obligations in any one currency (after derivatives) with assets in the

same currency. In addition, IBRD periodically undertakes currency conversions to align the currency composition of

its equity with that of its outstanding loans, across major currencies.

Table 9: Equity-to-Loans Ratio
In millions of U.S. dollars
			Variance
As of	December 31, 2023	June 30, 2023	Total	Due to Activities		Due to Translation Adjustments
Usable paid-in capital (Table 10)	$21,300	$20,669	$631	$586	a	$45
Special reserve	293	293	—	—		—
General reserve b	32,974	32,974	—	—		—
Cumulative translation adjustment c	(823)	(1,004)	181	—		181
Other adjustments d	148	173	(25)	—		(25)
Equity (usable equity)	$53,892	$53,105	$787	$586		$201
Loan exposure	$255,950	$243,896	$12,054	$11,000		$1,054
Present value of guarantees	2,935	2,840	95	64		31
Effective but undisbursed DDOs	550	100	450	450		—
Relevant accumulated provisions	(2,836)	(2,853)	17	31		(14)
Deferred loan income	(567)	(520)	(47)	(44)		(3)
Adjustments to reflect third-party guarantees received	(8,753)	(1,877)	(6,876)	(6,878)		2
Other exposures	337	320	17	16		1
Loans (total exposure)	$247,616	$241,906	$5,710	$4,639		$1,071
Equity-to-Loans Ratio	21.8%	22.0%
a. Includes Maintenance-Of-Value (MOV) receipts of $18 million.
b. June 30, 2023 amount includes the transfer to the General Reserve, which was approved by the Board on August 3, 2023.
c. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios, net.
d. Includes cumulative translation gains on non-functional currencies of $196 million ($221 million gains as of June 30, 2023).

Management’s Discussion and Analysis Section IV: Risk Management

IBRD Management’s Discussion and Analysis: December 31, 2023    17

Table 10: Usable Paid-In Capital
In millions of U.S. dollars
As of	December 31, 2023	June 30, 2023	Variance
Paid-in Capital	$22,387	$21,819	$568
Deferred amounts to maintain value of currency holdings a	(415)	(436)	21
Adjustments for unreleased NCPIC:
Restricted cash	(68)	(51)	(17)
Nonnegotiable, noninterest-bearing demand obligations on account of subscribed capital	(313)	(320)	7
Receivable amounts to maintain value of currency holdings	(293)	(345)	52
MOV payable	2	2	—
Total Adjustments for unreleased NCPIC	(672)	(714)	42
Usable paid-in capital	$21,300	$20,669	$631
a. The MOV on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.

Credit Risk

IBRD faces two types of credit risk: country credit risk and counterparty credit risk. Country credit risk is the risk of

loss due to a country not meeting its contractual obligations, and counterparty credit risk is the risk of loss

attributable to a counterparty not honoring its contractual obligations. IBRD is exposed to commercial as well as

non-commercial counterparty credit risk.

Country Credit Risk

IBRD manages country credit risk by using individual country exposure limits and produces credit risk ratings for

all its borrowing countries, which reflect country economic, financial, and political circumstances, and also

considers Environmental, Social and Governance (ESG) risk factors. In addition, IBRD conducts stress tests of the

effects of changes in market variables and of potential geopolitical events on its portfolio to complement its capital

adequacy framework.

Figure 10: Country Exposures as of December 31, 2023a

In billions of U.S. dollars

a.Exposure includes loans outstanding, guarantees provided, net of guarantees received.

As of December 31, 2023, IBRD's loans outstanding to Ukraine were $12.5 billion, guarantees provided were $0.6

billion, offset by $6.1 billion of guarantees received from third parties.

Portfolio Concentration Risk

Portfolio concentration risk, which arises when a small group of borrowers accounts for a large share of loans

outstanding, is a key risk for IBRD. The ten countries with the highest exposures accounted for 59% of IBRD’s total

exposure as of December 31, 2023.

Management’s Discussion and Analysis Section IV: Risk Management

18    IBRD Management’s Discussion and Analysis: December 31, 2023

Concentration risk is carefully managed, in part, by applying an exposure limit to a single borrowing country for the

aggregate balance of loans outstanding, the present value of guarantees, the undisbursed portion of DDOs, and other

eligible exposures that have become effective. Under the current guidelines, IBRD’s exposure to a single borrowing

country is restricted to the lower of an Equitable Access Limit (EAL) or the Single Borrower Limit (SBL).

The SBL framework reflects a dual-SBL system, which differentiates between countries below the Graduation

Discussion Income (GDI) threshold and those above it. Under this system, the FY24 SBL is $28.9 billion for highly

creditworthy countries below the GDI, and $21.2 billion for highly creditworthy countries above the GDI.

Accumulated Provision for Losses on Loans and Other Exposures

As of December 31, 2023, IBRD’s accumulated provision for losses on loans and other exposures was $2,863

million, including $519 million of accumulated provision related to loan commitments (see Notes to Condensed

Quarterly Financial Statements, Note D: Loans and Other Exposures). This was less than 1% of the underlying

exposures ($2,878 million as of June 30, 2023, less than 1% of the underlying exposures).

As of December 31, 2023, 0.6% of IBRD’s total loans outstanding were in nonaccrual status, all related to

Zimbabwe and Belarus. During the first six months of FY24, IBRD received $2 million (less than $1 million for

FY23 YTD) from borrowers in non-accrual status as payment towards amounts overdue, of which $2 million (less

than $1 million for FY23 YTD) relates to the interest income recognized in the Statements of Income. See Notes to

Condensed Quarterly Financial Statements, Note D: Loans and Other Exposures.

No loans to any borrowing country were restored to accrual status during the first six months of FY24.

Counterparty Credit Risk

IBRD is exposed to commercial and non-commercial counterparty credit risk.

Commercial Counterparty Credit Risk

Commercial counterparty credit risk is the risk that counterparties fail to meet their payment obligations under the

terms of the contract or other financial instruments. Effective management of counterparty credit risk is vital to the

success of IBRD’s funding, investment, and asset/liability management activities. The monitoring and management

of these risks is continuous as the market environment evolves.

As a result of IBRD’s use of collateral arrangements for swap transactions, its residual commercial counterparty

credit risk is concentrated in the investment portfolio, in instruments issued by sovereign governments and non-

sovereign holdings (including Agencies and Asset-backed securities, Corporates, and Time Deposits).

As shown in Table 11, 70% of IBRD's investment portfolio is rated AA or above, and the remainder predominantly

rated A. The exposures with AAA and AA rated counterparties primarily relate to sovereign debt and time deposits.

The decrease in exposure rated AAA was primarily driven by a credit rating agency's downgrade of U.S Treasuries

holdings in FY24 YTD. The A rated counterparties principally consist of financial institutions (limited to short-term

deposits and swaps) and sovereign debt.

Management’s Discussion and Analysis Section IV: Risk Management

IBRD Management’s Discussion and Analysis: December 31, 2023    19

Table 11: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating
In millions of U.S. dollars
	As of December 31, 2023
	Investments
Counterparty Rating a	Sovereigns	Non-Sovereigns	Net Swap Exposure	Total Exposure	% of Total
AAA	$10,296	$7,907	$—	$18,203	25%
AA	5,745	27,455	29	33,229	45
A	12,304	9,806	72	22,182	30
BBB	3	29	—	32	*
BB or lower/unrated	—	8	—	8	*
Total	$28,348	$45,205	$101	$73,654	100%
	As of June 30, 2023
	Investments
Counterparty Rating a	Sovereigns	Non-Sovereigns	Net Swap Exposure	Total Exposure	% of Total
AAA	$21,337	$8,157	$—	$29,494	38%
AA	156	31,763	19	31,938	41
A	7,096	8,711	135	15,942	21
BBB	3	35	—	38	*
BB or lower/unrated	—	3	2	5	*
Total	$28,592	$48,669	$156	$77,417	100%
a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.
* Indicates percentage less than 0.5%.

Non-Commercial Counterparty Credit Risk

In addition to its derivative transactions with commercial counterparties, IBRD offers derivative-intermediation and

other services to borrowing member countries, as well as to affiliated and non-affiliated organizations, to help meet

their development needs and fulfill their development mandates (see Table 12).

IBRD has a master derivatives agreement with the International Finance Facility for Immunisation (IFFIm), under

which several transactions have been executed. IBRD has the right to call for collateral above an agreed specified

threshold. As of December 31, 2023, IBRD had not exercised this right, but may do so under the existing terms of

the agreement. Rather than calling for collateral, IBRD and IFFIm have agreed to manage IBRD’s exposure by

applying a risk management buffer to the gearing ratio limit. The gearing ratio limit represents the maximum amount

of IFFIm’s net financial obligations less cash and liquid assets, as a percentage of the net present value of its

financial assets.

Table 12: Non-Commercial Counterparty Credit Risk
In millions of U.S. dollars
Exposures as of December 31, 2023
Non-Commercial Counterparty	Instrument used	Purpose of derivative transaction	Notional	Net Exposure
Borrowing Member Countries	Derivatives	Assist borrowing member countries with managing risks	$7,722	$10
Non-Affiliated Organization	Derivatives	Assist IFFIm with managing financial risks	2,466	—
			$10,188	$10

Management’s Discussion and Analysis Section IV: Risk Management

20    IBRD Management’s Discussion and Analysis: December 31, 2023

Changes in Credit Spreads

The sensitivity of IBRD’s portfolios to credit represents the change in fair value corresponding to changes in credit

spreads.

◦Investments: IBRD purchases investment-grade securities for its liquid asset portfolio. Credit risk is

controlled through appropriate eligibility criteria (see investment eligibility criteria in IBRD’s MD&A as of

June 30, 2023) and a consultative loss limit.

◦Borrowings: IBRD’s own credit risk reflects the cost of funding relative to applicable reference rates.

Changes in IBRD’s credit spreads result in unrealized mark-to-market gains/losses, recorded as Net Change

in DVA on Fair Value Option elected liabilities in the Condensed Statements of Comprehensive Income.

◦Loans: IBRD’s fair value model represents a hypothetical exit price of the loan portfolio. It incorporates

Credit Default Swaps (CDS) spreads as an indicator of the credit risk for each borrower. IBRD does not

hedge its sovereign credit exposure, but Management assesses its credit risk through a loan-loss

provisioning framework. The loan loss provision represents the expected losses inherent in its accrual and

nonaccrual portfolios. IBRD’s country credit risk is managed by using individual country exposure limits

and by monitoring its credit-risk-bearing capacity.

◦Derivatives: IBRD uses derivatives to manage exposures to currency and interest rate risks in its

investment, loan, other ALM and borrowing portfolios. It is therefore exposed to commercial counterparty

credit risk on these instruments.

Market Risk

IBRD is exposed to changes in interest and exchange rates, and it uses various strategies to minimize its exposure to

market risk.

Interest Rate Risk

Under its current interest rate risk management strategy, IBRD seeks to match the interest rate sensitivity of its

assets (loan and investment trading portfolios) with those of its liabilities (borrowing portfolio) by using derivatives,

such as interest rate swaps. These derivatives effectively convert IBRD’s financial assets and liabilities into variable-

rate instruments. After considering the effects of these derivatives, virtually the entire loan and borrowing portfolios

are carried at variable interest rates.

Loans to borrowing countries

Under IBRD’s loan agreements, if an interest rate yields a negative rate, the interest rate charged is zero.

Liquid Asset Portfolio

IBRD’s existing guidelines allow for the investment in a wide variety of credit products in both developed and

emerging market economies (see investment eligibility criteria in IBRD’s MD&A as of June 30, 2023).

The interest rate risk on IBRD’s liquid asset portfolio, including the risk that the value of assets in the portfolio will

fluctuate in response to changes in market interest rates, is managed within specified duration-mismatch limits. The

liquid asset portfolio has spread exposure because IBRD holds instruments other than short-term bank deposits.

These investments generally yield positive returns over the risk-free reference rate (SOFR) but can generate mark-

to-market gains or losses if the credit spread moves.

Management’s Discussion and Analysis Section IV: Risk Management

IBRD Management’s Discussion and Analysis: December 31, 2023    21

Fixed Spread Loan Refinancing Risk

Refinancing risk for funding fixed-spread loans relates to the potential impact of any future deterioration in IBRD's

funding spread relative to what was computed in the fixed-spread when the loan was initially disbursed. IBRD does

not match the maturity of its funding with that of its fixed spread loans as this would result in significantly higher

financing costs for all loans. Instead, IBRD targets a shorter average funding maturity and manages the refinancing

risk by charging a risk premium.

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

Other Interest Rate Risks

Interest rate risk also arises from other variables, including differences in timing between the contractual maturities

or re-pricing of IBRD’s assets, liabilities, and derivative instruments. On variable-rate assets and liabilities, IBRD is

exposed to timing mismatches between the reset dates on its variable-rate receivables and payables. IBRD monitors

these exposures and may execute overlay interest rate swaps to reduce sizable timing mismatches.

Alternative Reference Rates

As of June 30, 2023, all the LIBOR rates ceased to be provided by any administrator or were no longer

representative, in line with previous announcements by The Financial Conduct Authority (FCA), the regulator of

LIBOR. In consideration of the regulatory guidance and in preparation for the global markets’ transition away from

LIBOR, IBRD took the necessary steps to facilitate a smooth and orderly transition of its financial instruments to

alternative reference rates. This transition started on January 1, 2022 and was completed as of December 31, 2023

for all applicable portfolios.

Exchange Rate Risk

IBRD holds the majority of its assets and liabilities in U.S. dollars and euro. However, the reported levels of its

assets, liabilities, income, and expenses in the financial statements are affected by exchange rate movements in all

the currencies in which IBRD transacts, relative to its reporting currency, the U.S. dollar. While IBRD’s equity

could be affected by exchange rate movements, IBRD’s risk management policies work to minimize the exchange

rate risk in its capital adequacy, by immunizing the Equity-to-Loans ratio against exchange rate movements.

To minimize exchange rate risk, IBRD matches its borrowing obligations in any one currency (after derivatives)

with assets in the same currency. In addition, IBRD undertakes periodic currency conversions to align the currency

composition of its equity with that of its outstanding loans across major currencies. Together, these policies are

designed to minimize the impact of exchange rate fluctuations on the Equity-to-Loans ratio; thereby preserving

IBRD’s ability to better absorb unexpected losses from arrears on loan repayments, regardless of exchange rate

movements. As a result, exchange rate movements during the period generally do not have an impact on the overall

Equity-to-Loans ratio.

Management’s Discussion and Analysis Section IV: Risk Management

22    IBRD Management’s Discussion and Analysis: December 31, 2023

Liquidity Risk

Liquidity risk arises in the general funding of IBRD’s activities and in managing its financial position. It includes

the risk of IBRD being unable to fund its portfolio of assets at appropriate maturities and rates, and the risk of being

unable to liquidate a position in a timely manner at a reasonable price.

Under IBRD’s liquidity management guidelines, liquid asset holdings are kept at or above a specified Prudential

Minimum to safeguard against cash flow interruptions.

The Target Liquidity Level represents twelve-months’ coverage as calculated at the start of every fiscal year. The

Prudential Minimum is defined as 80% of the Target Liquidity Level. The maximum guideline of 150% of Target

Liquidity Level continues to function as a guideline rather than a hard ceiling (see Table 13).

Table 13: Liquidity Levels for FY24
	In billions of U.S. dollars	% of Target Liquidity Level
Target Liquidity Level	$59.0
Guideline Maximum Liquidity Level	89.0	150%
Prudential Minimum Liquidity Level	47.2	80%
Liquid Asset Portfolio as of December 31, 2023	$70.6	120%

The FY24 Target Liquidity Level is $5.0 billion higher than the prior year, due to the higher projected debt service.

Operational Risk

Operational risk is defined as the risk of financial loss, or damage to IBRD’s reputation resulting from inadequate or

failed internal processes, people and systems, or from external events.

IBRD recognizes the importance of operational risk management activities, which are embedded in its financial

operations. As part of its business activities, IBRD is exposed to a range of operational risks including physical

security and staff health and safety, data and cyber security, business continuity, and third-party vendor risks.

IBRD’s approach to identifying and managing operational risk includes a dedicated program for these risks and a

robust process that includes assessing and prioritizing operational risks, monitoring and reporting relevant key risk

indicators, aggregating and analyzing internal and external events, and identifying emerging risks that may affect

business units and developing risk response and mitigating actions.

Management’s Discussion and Analysis Section IV: Risk Management

IBRD Management’s Discussion and Analysis: December 31, 2023    23

Section V: Governance

Senior Management Changes

On January 19, 2024, Shaolin Yang announced his resignation as Managing Director and WBG Chief

Administrative Officer, effective at the end of February 2024.

Management’s Discussion and Analysis Section V: Governance

24    IBRD Management’s Discussion and Analysis: December 31, 2023

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

(IBRD)

CONTENTS

December 31, 2023

CONDENSED QUARTERLY FINANCIAL STATEMENTS (UNAUDITED)

CONDENSED BALANCE SHEETS	26
CONDENSED STATEMENTS OF INCOME	28
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME	29
CONDENSED STATEMENTS OF CHANGES IN RETAINED EARNINGS	29
CONDENSED STATEMENTS OF CASH FLOWS	30
NOTES TO CONDENSED QUARTERLY FINANCIAL STATEMENTS	31
INDEPENDENT AUDITOR'S REVIEW REPORT	61

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    25

CONDENSED BALANCE SHEETS

Expressed in millions of U.S. dollars

	December 31, 2023 (Unaudited)	June 30, 2023 (Unaudited)
Assets
Due from banks—Notes C and K
Unrestricted cash	$311	$479
Restricted cash	83	68
	394	547
Investments-Trading (including securities transferred under repurchase or securities lending agreements of $6 million—December 31, 2023 and $9 million—June 30, 2023)—Notes C and K	75,779	79,199
Securities purchased under resale agreements—Notes C and K	68	78
Derivative assets, net—Notes C, E, F, I and K	214	271
Loans outstanding—Notes D, I and K
Total loans approved	337,419	329,008
Less: Undisbursed balance (including signed loan commitments of $70,616 million—December 31, 2023 and $59,350 million— June 30, 2023)	(81,469)	(85,112)
Loans outstanding	255,950	243,896
Less:
Accumulated provision for loan losses	(2,257)	(2,336)
Deferred loan income	(567)	(519)
Net loans outstanding	253,126	241,041
Other assets—Notes C, D, E and I	12,773	11,505
Total assets	$342,354	$332,641

26    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

	December 31, 2023 (Unaudited)	June 30, 2023 (Unaudited)
Liabilities
Borrowings—Notes E and K	$250,705	$237,265
Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received—Notes C and K	7	9
Derivative liabilities, net—Notes C, E, F, I and K	21,211	26,893
Other liabilities—Notes C, D and I	7,984	8,092
Total liabilities	279,907	272,259
Equity
Capital stock—Note B
Authorized capital (2,783,873 shares—December 31, 2023 and June 30, 2023)
Subscribed capital (2,674,353 shares—December 31, 2023, and 2,634,728 shares—June 30, 2023)	322,621	317,840
Less: Uncalled portion of subscriptions	(300,234)	(296,021)
Paid-in capital	22,387	21,819
Nonnegotiable, noninterest-bearing demand obligations on account of subscribed capital	(313)	(320)
Receivable amounts to maintain value of currency holdings	(293)	(345)
Deferred amounts to maintain value of currency holdings	(415)	(436)
Retained earnings (Condensed Statements of Changes in Retained Earnings and Note G)	36,498	36,141
Accumulated other comprehensive income—Note J	4,583	3,523
Total equity	62,447	60,382
Total liabilities and equity	$342,354	$332,641

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    27

CONDENSED STATEMENTS OF INCOME

Expressed in millions of U.S. dollars

	Three Months Ended December 31, (Unaudited)		Six Months Ended December 31, (Unaudited)
	2023	2022	2023	2022
Interest revenue
Loans, net—Note D	$3,920	$2,489	$7,615	$4,146
Other asset / liability management derivatives, net	(446)	(155)	(868)	(184)
Investments-Trading, net	1,069	745	2,137	1,163
Other, net	1	1	1	1
Borrowing expenses, net—Note E	(3,772)	(2,187)	(7,334)	(3,403)
Interest revenue, net of borrowing expenses	772	893	1,551	1,723
Provision for losses on loans and other exposures, release (charge) —Note D	237	30	30	(364)
Non-interest revenue
Revenue from externally funded activities—Note I	237	205	401	361
Commitment charges—Note D	37	31	72	61
Other, net	10	6	22	20
Total	284	242	495	442
Non-interest expenses
Administrative—Notes H and I	(552)	(547)	(1,081)	(1,066)
Contributions to special programs	(14)	(15)	(15)	(15)
Other, net—Note  H	41	45	83	90
Total	(525)	(517)	(1,013)	(991)
Board of Governors-approved and other transfers—Note G	(291)	(141)	(371)	(221)
Non-functional currency translation adjustment (losses), net	(16)	(28)	(8)	(28)
Unrealized mark-to-market gains on Investments-Trading portfolio, net—Notes F and K	66	69	26	56
Unrealized mark-to-market (losses) gains on non-trading portfolios, net—Notes D, E, F and K	(853)	(9)	(353)	103
Net (loss) income	$(326)	$539	$357	$720

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

28    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Expressed in millions of U.S. dollars

	Three Months Ended December 31, (Unaudited)		Six Months Ended December 31, (Unaudited)
	2023	2022	2023	2022
Net (loss) income	$(326)	$539	$357	$720
Other comprehensive  income —Note J
Reclassification to net income:
Amortization of unrecognized net actuarial gains on pension plans	(18)	(7)	(34)	(14)
Amortization of unrecognized prior service costs on pension plans	2	5	4	10
Net change in Debit Valuation Adjustment (DVA) on Fair Value Option elected liabilities—Note  K	883	685	828	974
Currency translation adjustments on functional currency	520	920	262	315
Total other comprehensive income	1,387	1,603	1,060	1,285
Total comprehensive income	$1,061	$2,142	$1,417	$2,005

CONDENSED STATEMENTS OF CHANGES IN RETAINED EARNINGS

Expressed in millions of U.S. dollars

	Six Months Ended December 31, (Unaudited)
	2023	2022
Retained earnings at the beginning of the fiscal year	$36,141	$34,997
Net income for the period	357	720
Retained earnings at the end of the period	$36,498	$35,717

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    29

CONDENSED STATEMENTS OF CASH FLOWS

Expressed in millions of U.S. dollars

	Six Months Ended December 31, (Unaudited)
	2023	2022
Cash flows from investing activities
Loans
Disbursements	$(18,064)	$(15,270)
Principal repayments	7,069	6,163
Principal prepayments	36	287
Loan origination fees received	24	19
Net derivatives-loans	39	39
Other investing activities, net	(54)	(66)
Net cash used in investing activities	(10,950)	(8,828)
Cash flows from financing activities
Medium and long-term borrowings
New issues	19,277	12,059
Retirements	(16,092)	(12,221)
Short-term borrowings (original maturities greater than 90 days)
New issues	11,663	14,258
Retirements	(11,080)	(12,871)
Net short-term borrowings (original maturities less than 90 days)	1,316	(1,578)
Net derivatives-borrowings	(219)	(404)
Capital subscriptions	568	667
Other financing activities, net	8	4
Net cash provided by (used in) financing activities	5,441	(86)
Cash flows from operating activities
Net income	357	720
Adjustments to reconcile net income to net cash used in operating activities:
Unrealized mark-to-market losses (gains) on non-trading portfolios, net	353	(103)
Non-functional currency translation adjustment losses (gains), net	8	28
Depreciation and amortization	314	216
Provision for losses on loans and other exposures (release) charge	(30)	364
Changes in:
Investment portfolio	4,901	7,675
Other assets and liabilities	(542)	135
Net cash provided by operating activities	5,361	9,035
Effect of exchange rate changes on unrestricted and restricted cash	(5)	4
Net (decrease) increase in unrestricted and restricted cash	(153)	125
Unrestricted and restricted cash at the beginning of the fiscal year	547	479
Unrestricted and restricted cash at the end of the period	$394	$604
Supplemental disclosure
Increase (decrease) in ending balances resulting from exchange rate fluctuations
Loans outstanding	$1,053	$1,095
Investment portfolio	43	86
Borrowing portfolio	770	927
Capitalized loan origination fees included in total loans	41	19
Interest paid on borrowing portfolio	6,736	1,859

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

30    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

NOTES TO CONDENSED QUARTERLY FINANCIAL STATEMENTS

NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING AND RELATED POLICIES

Basis of Preparation

These unaudited condensed quarterly financial statements and notes should be read in conjunction with the June 30,

2023 audited financial statements and notes included therein. The condensed comparative information that has been

derived from the June 30, 2023 audited financial statements has not been audited. In the opinion of management, the

condensed quarterly financial statements reflect all adjustments necessary for a fair presentation of IBRD’s financial

position and results of operations in accordance with accounting principles generally accepted in the United States of

America (U.S. GAAP).

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and

disclosure of contingent assets and liabilities at the date of the condensed quarterly financial statements and the

reported amounts of income and expenses during the reporting periods. Due to the inherent uncertainty involved in

making those estimates, actual results could differ from those estimates. Areas in which significant estimates have

been made include, but are not limited to, the provision for losses on loans and other exposures, the valuation of

certain instruments carried at fair value, and the valuation of pension and other postretirement plan-related liabilities.

The results of operations for the first six months of the current fiscal year are not necessarily indicative of results for

the full year.

Accounting and Reporting Developments

Evaluated Accounting Standards:

In June 2022, FASB issued Accounting Standard Update (ASU) 2022-03, Fair Value Measurement (Topic 820)

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a

contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity

security and should not be factored in when measuring fair value. The ASU also clarifies that an entity cannot, as a

separate unit of account, recognize and measure a contractual sale restriction. The ASU requires certain disclosures

for equity securities subject to contractual sale restrictions. For IBRD, the ASU will be effective from the quarter

ending September 30, 2024 (fiscal year 2025 for IBRD), and the adoption of the ASU is not expected to have a

material impact on IBRD's financial statements.

In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures, which

eliminates the accounting guidance on troubled debt restructurings for creditors and amends the guidance on

“vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The ASU

became effective for IBRD from the quarter ended September 30, 2023, and the adoption  of the ASU did not have a

material impact on IBRD's financial statements.

Accounting Standards Under Evaluation:

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable

Segment Disclosures, which requires additional segment disclosures for public entities, including those with a single

reportable segment, such as the significant segment expenses that are regularly provided to the chief operating

decision maker (CODM), the title and position of the CODM, as well as an explanation of how the CODM uses the

reported measure of segment profit or loss. All existing annual disclosures about segment profit or loss must be

provided on an interim basis in addition to disclosure of significant segment expenses. For IBRD, the ASU will be

effective for the annual period ending June 30, 2025 (annual statements of fiscal year 2025).

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response

to the SEC’s Disclosure Update and Simplification Initiative. The new guidance is intended to align U.S. GAAP

requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities.  If by June 30,

2027, the SEC has not removed the related SEC requirement, the related ASU amendment will not become effective.

IBRD is currently evaluating the impact of the ASU on its financial statements.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    31

NOTE B—CAPITAL STOCK

The following table provides a summary of changes in IBRD’s authorized and subscribed shares:

Table B1: IBRD's Shares
	Authorized shares	Subscribed shares
As of June 30, 2022	2,783,873	2,545,984
General Capital Increase/Selective Capital Increase (GCI/SCI)	–	88,744
As of June 30, 2023	2,783,873	2,634,728
GCI/SCI	–	39,625
As of December 31, 2023	2,783,873	2,674,353

The following table provides a summary of the changes in subscribed capital, uncalled portion of subscriptions, and

paid-in capital:

Table B2: IBRD's Capital
In millions of U.S. dollars
	Subscribed capital	Uncalled portion of subscriptions	Paid-in capital
As of June 30, 2022	$307,135	$(286,636)	$20,499
GCI/SCI	10,705	(9,385)	1,320
As of June 30, 2023	317,840	(296,021)	21,819
GCI/SCI	4,781	(4,213)	568
As of December 31, 2023	$322,621	$(300,234)	$22,387

The uncalled portion of subscriptions is subject to call only when required to meet the obligations incurred by IBRD

as a result of borrowings or guaranteeing loans.

On October 1, 2018, IBRD’s Board of Governors approved two resolutions that increased IBRD’s authorized

capital. The total increase in authorized capital was $57.5 billion, of which, $27.8 billion and $29.7 billion relate to

the GCI and SCI, respectively. Under the terms of the 2018 GCI and SCI, paid-in capital is expected to increase by

up to $7.5 billion. On May 23, 2023, the Board approved the extension of the subscription period for GCI and SCI

from October 1, 2023 to October 1, 2025. As of December 31, 2023, the cumulative subscription payments received

under the 2018 capital increases were $5.9 billion.

NOTE C—INVESTMENTS

IBRD’s investments include the liquid asset portfolio, holdings relating to the Post Employment Benefit Plan

(PEBP) and the Post Retirement Contribution Reserve Fund (PCRF).

Investments held by IBRD are designated as trading and reported at fair value or at face value which approximates

fair value. As of December 31, 2023, Investments were primarily comprised of government and agency obligations,

and time deposits (47% and 48%, respectively), with all of the instruments classified as Level 1 or Level 2 within

the fair value hierarchy.

32    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

A summary of IBRD’s Investments-Trading is as follows:

Table C1: Investments - Trading  composition
In millions of U.S. dollars
	December 31, 2023	June 30, 2023
Government and agency obligations	$35,748	$39,046
Time deposits	36,100	36,809
Asset-backed Securities (ABS)	1,570	1,087
Other fund investments a	2,061	1,982
Equity securities a	300	275
Total	$75,779	$79,199
a. Related to PEBP holdings. Other fund investments are comprised of investments in hedge funds, private equity funds,     commingled funds, credit strategy funds and real estate funds, at net asset value (NAV).

IBRD manages its investments on a net portfolio basis. As of December 31, 2023, the largest holdings from a single

counterparty within the net investment portfolio was Japanese government instruments (16%). The following table

summarizes IBRD’s net portfolio position:

Table C2: Net investment portfolio
In millions of U.S. dollars
	December 31, 2023	June 30, 2023
Investments-Trading	$75,779	$79,199
Securities purchased under resale agreements	68	78
Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received a	(89)	(149)
Derivative assets
Currency swaps and forward contracts	72	926
Interest rate swaps	7	18
Other	4	–
Total	83	944
Derivative liabilities
Currency swaps and forward contracts	(1,192)	(33)
Interest rate swaps	(363)	(300)
Other	–	(6)
Total	(1,555)	(339)
Cash held in investment portfolio b	188	385
Receivable from investment securities traded and other assets c	744	102
Payable for investment securities purchased d	(525)	(1,025)
Net investment portfolio	$74,693	$79,195
a. Includes $83 million of cash collateral received from counterparties under derivative agreements ($140 million—June 30, 2023).
b.This amount is included in Unrestricted cash under Due from banks on the Condensed Balance Sheets.
c. Included in Other assets on the Condensed Balance Sheets.
d. This amount includes $458 million of liabilities related to IFC PCRF payable, which is included in Other liabilities on the Condensed Balance Sheets ($385 million—June 30, 2023) and $60 million of liabilities related to short sales ($59 million— June 30, 2023).

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    33

The composition of IBRD’s net investment portfolio is as follows:

Table C3: Net investment portfolio composition
In millions of U.S. dollars
	December 31, 2023	June 30, 2023
Net investment portfolio
Liquid assets	$70,589	$75,413
PEBP holdings	2,794	2,684
PCRF holdings	1,310	1,098
Total	$74,693	$79,195

IBRD uses derivative instruments to manage the associated currency and interest rate risks in the portfolio. For

details of these instruments, see Note F—Derivative Instruments. After considering the effects of these derivatives,

IBRD’s investment portfolio is predominantly denominated in U.S. dollars.

Commercial Credit Risk

For the purpose of risk management, IBRD is party to a variety of financial transactions, certain of which involve

elements of credit risk. Credit risk exposure represents the maximum potential loss due to possible non-performance

by obligors and counterparties under the terms of the contracts. For all securities, IBRD limits trading to a list of

authorized dealers and counterparties. In addition, IBRD may require collateral in connection with resale agreements

and swap agreements. The collateral serves to mitigate IBRD’s exposure to credit risk.

Swap Agreements: Credit risk is mitigated through the application of eligibility criteria and volume limits for

transactions with individual counterparties and through the use of mark-to-market collateral arrangements for swap

transactions. IBRD may require collateral in the form of cash or other approved liquid securities from individual

counterparties in order to mitigate its credit exposure.

IBRD has entered into master derivative agreements that contain legally enforceable close-out netting provisions.

These agreements may further reduce the gross credit risk exposure related to the swaps. Credit risk with financial

assets subject to a master derivatives arrangement is further reduced under these agreements to the extent that

payments and receipts with the counterparty are netted at settlement. The reduction in exposure as a result of these

netting provisions can vary due to the impact of changes in market conditions on existing and new transactions. The

extent of the reduction in exposure may therefore change substantially within a short period of time following the

balance sheet date. For more information on netting and offsetting provisions, see Note F—Derivative Instruments.

The following is a summary of the collateral received by IBRD for swap transactions:

Table C4: Collateral received
In millions of U.S. dollars
	December 31, 2023	June 30, 2023
Collateral received
Cash	$83	$140
Securities	158	161
Total collateral received	$241	$301
Collateral permitted to be repledged	$241	$301
Amount of collateral repledged	–	–
Amount of cash collateral invested	77	134

Securities Lending: IBRD may engage in securities lending and repurchases, against adequate collateral, as well as

secured borrowing and reverse repurchases (resales) of government and agency obligations, corporate securities,

ABS and Mortgage-backed securities (MBS). These transactions, if any, are conducted under legally enforceable

master netting arrangements, which allow IBRD to reduce its gross credit exposure related to these transactions.

IBRD presents its securities lending and repurchases, as well as resales, on a gross basis on the Condensed Balance

34    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

Sheets. As of December 31, 2023 and June 30, 2023, there were no amounts that could potentially be offset as a

result of legally enforceable master netting arrangements.

Securities lending and repurchase agreements expose IBRD to several risks, including counterparty risk,

reinvestment risk, and risk of a collateral gap (due to increases or decrease in the fair value of collateral pledged).

IBRD has procedures in place to ensure that trading activity and balances under these agreements are below

predefined counterparty and maturity limits, and to actively manage net counterparty exposure, after collateral, using

daily market values. Whenever the collateral pledged by IBRD related to its borrowings under repurchase

agreements and securities lending agreements declines in value, the transaction is re-priced as appropriate by

returning cash or pledging additional collateral.

Transfers of securities by IBRD to counterparties are not accounted for as sales as the accounting criteria for the

treatment as a sale have not been met. Counterparties are permitted to repledge these securities until the repurchase

date.

As of December 31, 2023, liabilities relating to securities transferred under repurchase or securities lending

agreements were $6 million ($9 million—June 30, 2023) and there were no unsettled trades relating to repurchase or

securities lending agreements (Nil—June 30, 2023). There were no replacement trades entered into in anticipation

of maturing trades of a similar amount (Nil—June 30, 2023). As of December 31, 2023 and June 30, 2023, the

remaining contractual maturity of these agreements were overnight and continuous. The securities transferred were

mainly comprised of government and agency obligations and equity securities.

In the case of resale agreements, IBRD receives collateral in the form of liquid securities and is permitted to

repledge these securities. While these transactions are legally considered to be true purchases and sales, the

securities received are not recorded on IBRD’s Condensed Balance Sheets as the accounting criteria for treatment as

a sale have not been met. As of December 31, 2023 and June 30, 2023, there were no unsettled trades pertaining to

securities purchased under resale agreements. For resale agreements, IBRD received securities with a fair value of

$68 million as of December 31, 2023 ($78 million—June 30, 2023). As of December 31, 2023 and June 30, 2023,

none of these securities had been transferred under repurchase or security lending agreements.

NOTE D—LOANS AND OTHER EXPOSURES

IBRD’s loans and other exposures (collectively, “exposures”) are generally made to, or guaranteed by, member

countries of IBRD. In addition, IBRD may also make loans to the International Finance Corporation (IFC), an

affiliated organization, without any guarantee. Other exposures include signed loan commitments including Deferred

Drawdown Options (DDOs) and irrevocable commitments and guarantees. As of December 31, 2023, all of IBRD’s

loans were reported at amortized cost.

IBRD uses derivatives to manage the currency risk and the interest rate risk between its loans and borrowings. For

details regarding derivatives used in the loan portfolio, see Note F—Derivative Instruments.

IBRD excludes the interest receivable balance from the amortized cost basis and from the related disclosures.

Accrued interest receivable on loans of $3,593 million as of December 31, 2023 ($3,138 million—June 30, 2023) is

included in Other assets on the Condensed Balance Sheets.

As of December 31, 2023, 0.6% of IBRD’s loans were in nonaccrual status and related to two borrowers (see Table

D4 - Loans in nonaccrual status). The total accumulated provision for losses on loans was 0.9% of the total loan

portfolio. Based on IBRD’s internal credit quality indicators, the majority of loans outstanding are in the Medium-

risk and High-risk classes.

Credit Quality of Sovereign Exposures

Based on an evaluation of IBRD’s exposures, management has determined that IBRD has one portfolio segment –

Sovereign Exposures. IBRD’s loans constitute the majority of the Sovereign Exposures portfolio segment.

IBRD’s country risk ratings are an assessment of its borrowers’ ability and willingness to repay IBRD on time and

in full. These ratings are internal credit quality indicators. Individual country risk ratings are derived on the basis of

both quantitative and qualitative analysis. The components considered in the analysis can be grouped broadly into

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    35

eight categories: political risk, external debt and liquidity, fiscal policy and public debt burden, balance of payments

risks, economic structure and growth prospects, monetary and exchange rate policy, financial sector risks, and

corporate sector debt and vulnerabilities. The analysis also takes into account Environmental, Social, and

Governance (ESG) factors. For the purpose of analyzing the risk characteristics of IBRD’s exposures, these

exposures are grouped into three classes in accordance with assigned borrower risk ratings, which relate to the

likelihood of loss: Low, Medium and High-risk classes, as well as exposures in nonaccrual status.

IBRD’s borrowers’ country risk ratings are key determinants in the provision for losses. Country risk ratings are

grouped in pools of borrowers with similar credit ratings for the purpose of the calculation of the expected credit

losses. Exposure for certain countries in accrual status may be individually assessed on the basis that they do not

share common risk characteristics with an existing pool of exposures. All exposures for countries in nonaccrual

status are individually assessed. Country risk ratings are determined in review meetings that take place several times

a year. All countries are reviewed at least once a year, or more frequently, if circumstances warrant, to determine the

appropriate ratings.

An assessment was also performed to determine whether a qualitative adjustment of the loan loss provision was

needed as of December 31, 2023, including consideration of global and macroeconomic events. Management

concluded that a qualitative adjustment beyond the regular application of IBRD’s loan loss provision framework was

not warranted.

The following tables provide an aging analysis of the loans outstanding:

Table D1: Loan portfolio aging structure
In millions of U.S. dollars
	December 31, 2023
Days past due	Up to 45	46-60	61-90	91-180	Over 180	Total Past Due	Current	Total
Risk Class
Low	$–	$–	$–	$–	$–	$–	$7,229	$7,229
Medium	–	–	–	–	–	–	122,150	122,150
High	2	–	–	–	–	2	125,138	125,140
Loans in accrual status	2	–	–	–	–	2	254,517	254,519
Loans in nonaccrual status	–	1	40	24	599	664	767	1,431
Total	$2	$1	$40	$24	$599	$666	$255,284	$255,950

Table D1.1
In millions of U.S. dollars
	June 30, 2023
Days past due	Up to 45	46-60	61-90	91-180	Over 180	Total Past Due	Current	Total
Risk Class
Low	$–	$–	$–	$–	$–	$–	$7,341	$7,341
Medium	–	–	–	–	–	–	117,886	117,886
High	2	–	–	–	–	2	117,242	117,244
Loans in accrual status	2	–	–	–	–	2	242,469	242,471
Loans in nonaccrual status	–	1	40	26	532	599	826	1,425
Total	$2	$1	$40	$26	$532	$601	$243,295	$243,896

IBRD considers the signature date of a loan agreement as the best indicator of the decision point in the origination

process, rather than the disbursement date. The tables below disclose the outstanding balances of IBRD’s loan

portfolio, classified by the year the loan agreement was signed.

36    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

Table D2: Loan portfolio vintage disclosure
In millions of U.S. dollars
	December 31, 2023
	Fiscal Year of Origination
	2024	2023	2022	2021	2020	Prior Years	CAT DDOs Disbursed and Revolving	CAT DDOs Converted to Term Loans	Loans outstanding as of December  31, 2023
Risk Class
Low	$–	$–	$250	$–	$–	$6,979	$–	$–	$7,229
Medium	4,918	8,150	6,312	9,722	8,046	82,332	300	2,370	122,150
High	5,739	6,597	11,344	9,712	8,091	82,734	–	923	125,140
Loans in accrual status	10,657	14,747	17,906	19,434	16,137	172,045	300	3,293	254,519
Loans in nonaccrual status	–	–	–	–	130	1,301	–	–	1,431
Total	$10,657	$14,747	$17,906	$19,434	$16,267	$173,346	$300	$3,293	$255,950

Table D2.1
In millions of U.S. dollars
	June 30, 2023
	Fiscal Year of Origination
	2023	2022	2021	2020	2019	Prior Years	CAT DDOs Disbursed and Revolving	CAT DDOs Converted to Term Loans	Loans outstanding as of June 30, 2023
Risk Class
Low	$–	$250	$–	$–	$–	$7,091	$–	$–	$7,341
Medium	7,012	6,082	9,419	7,516	5,499	79,676	800	1,882	117,886
High	4,977	10,660	9,128	7,674	7,476	76,405	–	924	117,244
Loans in accrual status	11,989	16,992	18,547	15,190	12,975	163,172	800	2,806	242,471
Loans in nonaccrual status	–	–	–	127	28	1,270	–	–	1,425
Total	$11,989	$16,992	$18,547	$15,317	$13,003	$164,442	$800	$2,806	$243,896

During the three and six months ended December 31, 2023, there were nil and $500 million Catastrophe Deferred

Drawdown Options (CAT DDOs) converted to term loans  (Nil —three and six months ended December 31, 2022).

Accumulated Provision for Losses on Loans and Other Exposures

Management determines the appropriate level of accumulated provision for losses, which reflects the expected

losses inherent in IBRD’s exposures.

Delays in receiving loan payments result in economic losses to IBRD since it does not charge additional interest on

any overdue interest or loan charges. These economic losses are estimated as the difference between the present

value of payments of interest and charges made according to the related loan's contractual terms and the present

value of its expected future cash flows. It is IBRD’s practice not to write off its loans. Historically, all contractual

obligations associated with exposures in nonaccrual status were eventually cleared, thereby allowing borrowers to

emerge from nonaccrual status. To date, no loans have been written off by IBRD.

Management reassesses the adequacy of the accumulated provision on a quarterly basis and adjustments to the

accumulated provision are recorded as a charge to or release of provision in the Condensed Statements of Income.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    37

Changes to the accumulated provision for losses on loans and other exposures are summarized below:

Table D3: Accumulated provision
In millions of U.S. dollars
	December 31, 2023
	Loans outstanding	Loan commitments	Other a	Total
Accumulated provision, beginning of the fiscal year	$2,336	$452	$90	$2,878
Provision - charge (release)	(90)	63	(3)	(30)
Translation adjustment	11	4	—	15
Accumulated provision, end of the period	$2,257	$519	$87	$2,863
Composed of accumulated provision for losses on:
Loans in accrual status	$1,946
Loans in nonaccrual status	311
Total	$2,257
Loans, end of the period:
Loans in accrual status	$254,519
Loans in nonaccrual status	1,431
Total loans outstanding	$255,950

Table D3.1:
In millions of U.S. dollars
	June 30, 2023
	Loans outstanding	Loan commitments	Other a	Total
Accumulated provision, beginning of the fiscal year	$1,742	$359	$64	$2,165
Provision - charge (release)	573	88	24	685
Translation adjustment	21	5	2	28
Accumulated provision, end of the fiscal year	$2,336	$452	$90	$2,878
Composed of accumulated provision for losses on:
Loans in accrual status	$2,014
Loans in nonaccrual status	322
Total	$2,336
Loans, end of the fiscal year:
Loans in accrual status	$242,471
Loans in nonaccrual status	1,425
Total loans outstanding	$243,896
a.  Primarily relates to guarantees and does not Include recoverable assets relating to certain guarantees received (including guarantees received under the Exposure Exchange Agreements). For more details, see Guarantees section.

	Reported as:
	Condensed Balance Sheets	Condensed Statements of Income
Accumulated Provision for Losses on:
Loans outstanding	Accumulated provision for loan losses	Provision for losses on loans and other exposures
Loan commitments and other exposures	Other liabilities	Provision for losses on loans and other exposures

The accumulated provision for losses on loan and other exposures as of December 31, 2023 was $2,863 million,

compared to $2,878 million as of June 30, 2023. The reduction was primarily driven by the decrease in the loss

given default (severity) due to the decrease in the implied forward interest rates for the six months ended

December 31, 2023.

38    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

Overdue Amounts

IBRD considers loans to be past due when a borrower fails to make payment on any principal, interest or other

charges due to IBRD on the dates provided in the contractual loan agreement.

As of December 31, 2023, there were no principal or interest amounts on loans in accrual status that were overdue

by more than three months.

The following tables provide a summary of selected financial information related to loans in nonaccrual status:

Table D4: Loans in nonaccrual status

In millions of U.S. dollars
		Recorded investment		Accumulated Provision for loan losses		Average recorded investment		Overdue amounts
Borrower	Nonaccrual since							Principal		Interest and Charges
Belarus	October 2022	$	1,004	$	98	$	998	$	237	$	54
Zimbabwe	October 2000		427		213		426		427		673
Total - December 31, 2023		$	1,431	$	311	$	1,424	$	664	$	727
Total - June 30, 2023		$	1,425	$	322	$	1,419	$	598	$	690

During the three months ended December 31, 2023, no loans were placed in nonaccrual status or restored to accrual

status.

During the three and six months ended December 31, 2023, interest and other revenue not recognized as a result of

loans being in nonaccrual status were $19 million and $39 million, respectively ($15 million and $34 million– three

and six months ended December 31, 2022).

In addition, during the three and six months ended December 31, 2023, interest income of $1 million and $2 million,

respectively was recognized on loans in nonaccrual status upon receipt of payment (less than $1 million —three and

six months ended December 31, 2022).

Guarantees

Guarantees provided

Guarantees of $6,614 million were outstanding as of December 31, 2023 ($6,542 million—June 30, 2023). These

amounts represent the maximum potential amount of undiscounted future payments that IBRD could be required to

make under these guarantees and are not included in the Condensed Balance Sheets. These guarantees have original

maturities ranging between 10 and 22 years and expire in decreasing amounts through 2046.

As of December 31, 2023, liabilities related to IBRD's obligations under guarantees included the obligation to stand

ready of $287 million ($303 million—June 30, 2023), and the accumulated provision for guarantee losses of $69

million ($76 million—June 30, 2023). These have been included in Other liabilities on the Condensed Balance

Sheets.

During the six months ended December 31, 2023 and December 31, 2022, no guarantees provided by IBRD were

called.

IBRD participates in Exposure Exchange Agreements (EEAs) which are recognized as financial guarantees in the

financial statements. Information on the location and amounts associated with the EEAs executed with the

Multilateral Investment Guarantee Agency (MIGA), African Development Bank and Inter-American Development

Bank included in the Condensed Balance Sheets and Condensed Statements of Income is presented in the following

table:

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    39

Table D5: Amounts associated with EEAs
In millions of U.S. dollars
	December 31, 2023			June 30, 2023
	Notional amount	(Stand ready obligation) Asset	(Provision) Recoverable asset	Notional amount	(Stand ready obligation) Asset	(Provision) Recoverable asset	Location on the Condensed Balance Sheets
Guarantee provided a,c	$3,614	$(139)	$(25)	$3,619	$(149)	$(29)	Other liabilities
Guarantee received b	(3,613)	139	22	(3,619)	149	27	Other assets
	$1	$–	$(3)	$–	$–	$(2)
a. For the six months ended December 31, 2023, Provisions for losses on loans and other exposures line in the Condensed Statements of Income includes $4 million of income relating to Guarantees provided ($1 million of charge —six months ended December 31, 2022).
b. For the six months ended December 31, 2023, Non-interest revenue - Other,  line on the Condensed Statements of Income includes $4 million of reduction in recoverable asset relating to Guarantees received ($1 million of gain in recoverable asset—six months ended December 31, 2022).
c. Notional amount, obligation to stand ready and provision for the guarantee provided are included in IBRD's total guarantees outstanding of $6,614 million, obligations to stand ready of $287 million and accumulated provision for guarantee losses of $69 million, respectively ($6,542 million, $303 million and $76 million, respectively—June 30, 2023).

Guarantees received

As of December 31, 2023, IBRD had received third-party financial guarantees, including guarantees received under

the EEA, of $11,813 million ($6,944 million as of June 30, 2023).  Financial guarantees received protect IBRD

against the risk of loss related to loans in IBRD's portfolio and increase IBRD's lending capacity.  The financial

guarantees that are contractually attached to the loan provide a relief in the loan loss provision of the guaranteed

loan.  Financial guarantees that are not contractually attached to the loan are recorded as a recoverable asset and

included in Other assets on the Condensed Balance Sheets .

Waivers of Loan Charges

The Executive Directors have approved waivers of certain charges on eligible loans. These include a portion of

interest on loans, a portion of the commitment charge on undisbursed balances, and a portion of the front-end fee.

The forgone income resulting from waivers of loan charges was $3 million and $5million for three and six months

ended December 31, 2023, respectively ($4 million and $9 million—three and six months ended December 31,

2022).

Concentration risk

Loan revenue comprises interest, commitment fees, loan origination fees and prepayment premiums, net of waivers.

For the six months ended December 31, 2023, there was no country that contributed to more than 10% to the total

loan revenue.

40    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

IBRD’s loan revenue and associated loans outstanding by geographic region is presented in the following table:

Table D6: Loan revenue and associated outstanding loan balances
In millions of U.S. dollars	For the six months ended and as of
	December 31, 2023		December 31, 2022
Region	Loan Revenue a	Loans Outstanding	Loan Revenue a	Loans Outstanding
Latin America and the Caribbean	$2,284	$78,948	$1,476	$76,974
East Asia and Pacific	1,546	52,717	971	49,735
Europe and Central Asia	1,291	53,778	590	47,835
Middle East and North Africa	911	34,313	541	32,850
South Asia	785	25,615	470	22,479
Eastern and Southern Africa	240	8,610	173	7,599
Western and Central Africa	36	1,969	22	1,806
Total	$7,093	$255,950	$4,243	$239,278
a. Does not include interest expenses, net from loan related derivatives. Includes commitment charges of $72 million for the six months ended December 31, 2023 ($61 million—six months ended December 31, 2022).

For the six months ended December 31, 2023, Interest revenue—Loans, net on the Condensed Statements of Income

of $7,615 million ($4,146 million—six months ended December 31, 2022) includes $594 million of interest revenue,

net from loan related derivatives (interest expense, net of $36 million—six months ended December 31, 2022).

NOTE E—BORROWINGS

IBRD issues unsubordinated and unsecured fixed and variable rate debt in a variety of currencies. Variable rates are

primarily based on exchange rates or market interest rates.

Borrowings issued by IBRD are reported at fair value. As of December 31, 2023, 99% of the instruments were

classified as Level 2 within the fair value hierarchy. In addition, most of these instruments were denominated in U.S.

dollars and euro (62% and 15%, respectively).

IBRD uses derivatives, reported at fair value, to manage the currency risk and the interest rate risk between its loans

and borrowings. For details regarding the derivatives used, see Note F—Derivative Instruments.

The following table summarizes IBRD’s borrowing portfolio, including derivatives:

Table E1: Borrowings and borrowing-related derivatives
In millions of U.S. dollars
	December 31, 2023	June 30, 2023
Borrowings	$250,705	$237,265
Currency swaps, net	5,089	8,697
Interest rate swaps, net	16,508	20,866
Total	$272,302	$266,828

For the six months ended December 31, 2023, Borrowing expenses, net in the Condensed Statements of Income of

$7,334 million ($3,403 million—six months ended December 31, 2022) include $3,909 million of interest expense,

net related to derivatives associated with the Borrowing portfolio (interest expense, net of $1,100 million—six

months ended December 31, 2022).

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    41

NOTE F—DERIVATIVE INSTRUMENTS

IBRD uses derivative instruments in its investment, loan and borrowing portfolios, and for asset/liability

management purposes. It also offers derivative intermediation services to clients and, concurrently, enters into

offsetting transactions with market counterparties.

The following table summarizes IBRD’s use of derivatives in its various financial portfolios:

Portfolio	Derivative instruments used	Purpose / Risk being managed
Risk management purposes:
Investments	Currency swaps, currency forward contracts, interest rate swaps, options, swaptions and futures contracts, to-be-announced (TBA) securities	Manage currency and interest rate risk
Loans	Currency swaps and interest rate swaps	Manage currency risk and interest rate risk between loans and borrowings
Borrowings	Currency swaps and interest rate swaps	Manage currency risk and interest rate risk between loans and borrowings
Other asset/liability management	Currency swaps and interest rate swaps	Manage currency risk and the duration of IBRD’s equity
Other purposes:
Client operations	Currency swaps, currency forward contracts, and interest rate swaps	Assist clients in managing risks

The derivatives in the related tables of Note F are presented on a net basis by instrument.A reconciliation to the

presentation in the Condensed Balance Sheets is shown in table F1.

Offsetting assets and liabilities

IBRD enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements with

substantially all of its derivative counterparties. These legally enforceable master netting agreements give IBRD the

right to liquidate securities held as collateral and to offset receivables and payables with the same counterparty in the

event of default by the counterparty.

The following tables summarize the gross and net derivative positions by instrument type. Instruments that are in a

net asset position are included in the Derivative Assets columns and instruments that are in a net liability position

are included in the Derivative Liabilities columns.  The effects of the ISDA master netting agreements are applied on

an aggregate basis to the total derivative asset and liability positions and are presented net of any cash collateral

received on the Condensed Balance Sheets. The net derivative asset positions in the tables below have been further

reduced by any securities received as collateral to show IBRD’s net exposure on its derivative asset positions.

42    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

Table F1: Derivative assets and liabilities before and after netting adjustments
In millions of U.S. dollars
December 31, 2023				June 30, 2023
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Interest rate swaps	$7,981		$23,815		$8,193		$28,172
Currency swaps a	4,206		9,763		4,623		11,564
Other b	4		–		–		6
Gross Total	$12,191		$33,578		$12,816		$39,742
Less:
Amounts subject to legally enforceable master netting	11,895	d	12,367	e	12,405	d	12,849	e
Cash collateral received c	82				140
Net derivative position on the Condensed Balance Sheet	$214		$21,211		$271		$26,893
Less:
Securities collateral received c	132				145
Net derivative exposure after collateral	$82				$126
a. Includes currency forward contracts.
b. These relate to swaptions, options and futures contracts.
c. Does not include excess collateral received.
d. Includes $33 million Credit Valuation Adjustment (CVA) ($27 million—June 30, 2023).
e. Includes $505 million Debit Valuation Adjustment (DVA) ($471 million—June 30, 2023).

The following tables provide information about the credit risk exposures at fair value of IBRD’s derivative

instruments by portfolio, before the effects of master netting arrangements and collateral:

Table F2: Credit risk exposure of the derivative instruments a

In millions of U.S. dollars
	December 31, 2023
Portfolio	Interest rate swaps	Currency swaps (including currency forward contracts)	Total
Investments	$7	$72	$79
Loans	5,339	1,325	6,664
Client operations	201	502	703
Borrowings	1,984	2,307	4,291
Other asset/liability management derivatives	450	–	450
Total Exposure	$7,981	$4,206	$12,187
Table F2.1
In millions of U.S. dollars
	June 30, 2023
Portfolio	Interest rate swaps	Currency swaps (including currency forward contracts)	Total
Investments	$18	$926	$944
Loans	6,032	1,486	7,518
Client operations	323	531	854
Borrowings	1,415	1,680	3,095
Other asset/liability management derivatives	405	–	405
Total Exposure	$8,193	$4,623	$12,816
a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no material credit risk.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    43

The volume of derivative contracts is measured using the U.S. dollar equivalent notional balance. The notional

balance represents the face value or reference value on which the calculations of payments on the derivative

instruments are determined. As of December 31, 2023, the notional amounts of IBRD’s derivative contracts

outstanding were as follows: interest rate swaps $439,552million ($443,108million—June 30, 2023), currency

swaps $117,213million ($115,634 million—June 30, 2023), long positions of other derivatives $331 million ($360

million—June 30, 2023), and short positions of other derivatives $95million ($113million—June 30, 2023).

IBRD is not required to post collateral under its derivative agreements as long as it maintains a triple-A credit rating.

The aggregate fair value of all derivative instruments with credit-risk related contingent features that were in a

liability position as of December 31, 2023 was $21,537 million ($27,110 million—June 30, 2023). IBRD has not

posted any collateral with these counterparties due to its triple-A credit rating.

If the credit risk related contingent features underlying these agreements were triggered to the extent that IBRD

would be required to post collateral as of December 31, 2023, the amount of collateral that would need to be posted

would be $17,239million ($22,746million—June 30, 2023). Subsequent triggers of contingent features would

require posting of additional collateral, up to a maximum of $21,537 million ($27,110 million—June 30, 2023).

IBRD received collateral totaling $241million as of December 31, 2023 ($301million—June 30, 2023), in relation

to swap transactions (see Note C—Investments).

The following table provides information on the unrealized mark-to-market gains and losses on the non-trading

derivatives and their location on the Condensed Statements of Income:

Table F3: Unrealized mark-to-market gains or losses on non-trading derivatives
In millions of U.S. dollars
	Reported as:	Three Months Ended December 31,		Six Months Ended December 31,
		2023	2022	2023	2022
Interest rate swaps	Unrealized mark-to-market         gains (losses) on           non-trading portfolios, net	$6,647	$442	$4,511	$(5,280)
Currency swaps (including currency forward contracts and structured swaps)		1,517	564	1,797	(876)
Total		$8,164	$1,006	$6,308	$(6,156)

All of the instruments in IBRD’s investment portfolio are held for trading purposes. Within the investment portfolio,

IBRD holds highly rated fixed income securities, equity securities and derivatives. The trading portfolio is primarily

held to ensure the availability of funds to meet future cash flow requirements and for liquidity management

purposes.

The following table provides information on the amount of unrealized mark-to-market gains and losses on the net

Investment–Trading portfolio and their location on the Condensed Statements of Income:

Table F4: Unrealized mark-to-market gains or losses on net investment-trading portfolio
In millions of U.S. dollars
	Reported as:	Three Months Ended December 31,		Six Months Ended December 31,
		2023	2022	2023	2022
Type of instrument a
Fixed income	Unrealized mark-to-market (losses) gains  on Investments-Trading portfolio, net	$27	$22	$(6)	$28
Equity b		39	47	32	28
Total		$66	$69	$26	$56
a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment securities.
b. Related to PEBP holdings.

44    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

NOTE G—RETAINED EARNINGS, ALLOCATIONS AND TRANSFERS

IBRD makes net income allocation decisions on the basis of reported net income, adjusted to exclude unrealized

mark-to-market gains and losses on the non-trading portfolios, net; restricted income; Board of Governors-approved

and other transfers; non-functional currency translation adjustments; and the allocation to the pension reserve.

On August 3, 2023, IBRD’s Executive Directors approved the following adjustments and allocations relating to the

net income earned in the fiscal year ended June 30, 2023: an increase in the General Reserve of $921 million and an

increase in the Pension Reserve by $193 million.

On August 21, 2023, IBRD’s Board of Governors approved contributions from Surplus of $80 million to the Trust

Fund for Gaza and the West Bank and $40 million to the IBRD Fund for Innovative Global Public Goods Solutions

(GPG Fund). The contributions were transferred on September 6, 2023 and September 12, 2023 respectively.

Contributions to the Trust Fund for Gaza and West Bank are recorded in Board of Governors-approved and other

transfers on the Condensed Statements of Income.  The financial information of the GPG Fund is included in the

condensed financial statements of IBRD.  For thesix months ended December 31, 2023, no grants were made by the

GPG Fund and therefore no amounts are recorded in Board of Governors-approved and other transfers on the

Condensed Statements of Income.  Unutilized GPG contributions are included in Retained Earnings on the

Condensed Balance Sheet ($101 million —December 31, 2023 and $61 million  —June 30, 2023).

On October 13, 2023, IBRD’s Board of Governors approved a transfer of $291 million to the International

Development Association (IDA) and a transfer of $100 million to Surplus out of the net income earned in the fiscal

year ended June 30, 2023. The transfer to IDA was made on October 24, 2023.

Retained earnings is comprised of the following components:

Table G1: Retained earnings composition
In millions of U.S. dollars
	December 31, 2023	June 30, 2023
Special reserve	$293	$293
General reserve	32,974	32,053
Pension reserve	932	739
Surplus	100	120
Cumulative fair value adjustments a	1,103	1,271
Unallocated net income (Loss)	727	1,364
Restricted retained earnings	11	21
Other reserves b	358	280
Total	$36,498	$36,141
a. Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.
b. Comprised of non-functional currency translation gains/losses, the unutilized portion of the cumulative transfers to the GPG Fund and revenue from prior years which is set aside for a dedicated purpose.

NOTE H—PENSION AND OTHER POSTRETIREMENT BENEFITS

IBRD, IFC and MIGA participate in the defined benefit Staff Retirement Plan (SRP), a Retired Staff Benefits Plan

(RSBP) and the PEBP (collectively “the Pension Plans”) that cover substantially all of their staff members.

All costs, assets and liabilities associated with the Pension Plans are allocated between IBRD, IFC and MIGA based

upon their employees’ respective participation in the Pension Plans. Costs allocated to IBRD are then shared

between IBRD and IDA based on an agreed cost-sharing methodology.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    45

The following tables summarize the benefit costs associated with the Pension Plans for IBRD and IDA:

Table H1: Pension Plans benefit costs
In millions of U.S. dollars
	Three Months Ended				Six Months Ended
	December 31, 2023				December 31, 2023
	SRP	RSBP	PEBP	Total	SRP	RSBP	PEBP	Total
Service cost	$100	$28	$21	$149	$200	$56	$41	$297
Interest cost	253	41	24	318	506	81	49	636
Expected return on plan assets	(344)	(60)	—	(404)	(688)	(121)	—	(809)
Amortization of unrecognized prior service costs a	—	1	1	2	1	1	2	4
Amortization of unrecognized net actuarial gains a	—	(18)	—	(18)	—	(34)	—	(34)
Net periodic pension cost	$9	$(8)	$46	$47	$19	$(17)	$92	$94
Of which:
IBRD’s share	$5	$(4)	$21	$22	$9	$(8)	$43	$44
IDA’s share	4	(4)	25	25	10	(9)	49	50
a. Included in amounts reclassified into net income in Note J—Accumulated Other Comprehensive Income.
Table H1.1
In millions of U.S. dollars
	Three Months Ended				Six Months Ended
	December 31, 2022				December 31, 2022
	SRP	RSBP	PEBP	Total	SRP	RSBP	PEBP	Total
Service cost	$127	$35	$23	$185	$255	$70	$46	$371
Interest cost	236	41	23	$300	472	81	46	$599
Expected return on plan assets	(346)	(60)	—	$(406)	(693)	(119)	—	$(812)
Amortization of unrecognized prior service costs a	1	4	—	$5	2	7	1	$10
Amortization of unrecognized net actuarial losses a	—	(7)	—	$(7)	—	(14)	—	$(14)
Net periodic pension cost	$18	$13	$46	$77	$36	$25	$93	$154
Of which:
IBRD’s share	$9	$6	$21	$36	$17	$12	$43	$72
IDA’s share	9	7	25	$41	19	13	50	$82
a. Included in amounts reclassified into net income in Note J—Accumulated Other Comprehensive Income.

The components of net periodic pension cost, other than the service cost, are included in the Non-interest expenses

—Other, net in the Condensed Statements of Income. The service cost component is included in the Non-interest

expenses—Administrative in the Condensed Statements of Income.

46    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

The following tables provide the amounts of IBRD’s pension service cost:

Table H2: Pension service cost
In millions of U.S. dollars
	Three Months Ended				Six Months Ended
	December 31, 2023				December 31, 2023
	SRP	RSBP	PEBP	Total	SRP	RSBP	PEBP	Total
Service cost	$100	$28	$21	$149	$200	$56	$41	$297
Of which:
IBRD’s share	$46	$13	$9	$68	$93	$26	$19	$138
IDA’s share	54	15	12	81	107	30	22	$159
Table H2.1:
In millions of U.S. dollars
	Three Months Ended				Six Months Ended
	December 31, 2022				December 31, 2022
	SRP	RSBP	PEBP	Total	SRP	RSBP	PEBP	Total
Service cost	$127	$35	$23	$185	$255	$70	$46	$371
Of which:
IBRD’s share	$59	$16	$11	$86	$119	$32	$22	$173
IDA’s share	68	19	12	$99	136	38	24	$198

NOTE I—TRANSACTIONS WITH AFFILIATED ORGANIZATIONS

IBRD transacts with affiliated organizations by providing loans, administrative and derivative intermediation

services, and through its pension and other postretirement benefit plans.

In addition, IBRD provides transfers to IDA out of its net income, upon approval by the Board of Governors (see

Note G—Retained Earnings, Allocations and Transfers).

IBRD had the following receivables from (payables to) its affiliated organizations:

Table I1: IBRD’s receivables and payables with affiliated organizations
In millions of U.S. dollars
	December 31, 2023				June 30, 2023
	IDA	IFC	MIGA	Total	IDA	IFC	MIGA	Total
Administrative services, net	$549	$33	$7	$589	$594	$35	$10	$639
Payable for PCRF investments	(693)	(458)	—	(1,151)	(579)	(385)	—	(964)
Pension and other postretirement benefits	(804)	(731)	(28)	(1,563)	(712)	(704)	(27)	(1,443)
Total	$(948)	$(1,156)	$(21)	$(2,125)	$(697)	$(1,054)	$(17)	$(1,768)

The receivables from (payables to) these affiliated organizations are reported on the Condensed Balance Sheets as

follows:

Receivables / Payables related to:	Reported as:
Administrative services	Other assets
PCRF investments	Other liabilities
Pension and other postretirement benefits	Other liabilities

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    47

Loans and Other Exposures

IBRD has a Local Currency Loan Facility Agreement with IFC, which is capped at $300 million. As of

December 31, 2023 and June 30, 2023, there were no loans outstanding under this facility.

During the fiscal year ended June 30, 2014, IBRD entered into an exposure exchange agreement with MIGA under

which IBRD and MIGA exchanged selected exposures, with each divesting exposure in countries where their

lending capacities are limited, in return for exposure in countries where they have excess lending capacity. Under

the agreement, IBRD and MIGA have each exchanged $120 million of notional exposure as follows: MIGA

assumes IBRD's loan principal and interest exposure in exchange for IBRD's assumption of principal and interest

exposure of MIGA under its Non-Honoring of Sovereign Financial Obligation agreement. As of December 31, 2023,

assets related to IBRD’s right to be indemnified under this agreement amounted to less than $1 million  (less than $1

million—June 30, 2023), while liabilities related to IBRD’s obligation under this agreement amounted to less than

$1 million (less than $1 million—June 30, 2023). These include an accumulated provision for guarantee losses of

less than $1 million as of December 31, 2023 (less than $1 million—June 30, 2023).

Administrative Services

Expenses jointly incurred by IBRD and IDA are allocated based on an agreed cost-sharing methodology, and

amounts are settled quarterly. For the three and six months ended December 31, 2023, IBRD’s administrative

expenses exclude the share of expenses allocated to IDA of $443 million and $871  million, respectively ($442

million and $863 million—three and six months ended December 31, 2022).

Revenue

Revenue jointly earned by IBRD and IDA is allocated based on an agreed revenue-sharing methodology and

amounts are settled quarterly. For the three and six months ended December 31, 2023, IBRD’s other revenue

excludes revenue allocated to IDA of $91 million and $151million, respectively ($72 million and $128 million—

three and six months ended December 31, 2022), and is included in Revenue from externally funded activities on the

Condensed Statements of Income. This revenue also includes revenue from contracts with clients that are not

affiliated with IBRD and are as follows:

Table I2: Revenue from contracts with clients
In millions of U.S. dollars
	Three Months Ended December 31,			Six Months Ended December 31,
	2023		2022	2023	2022
Trust fund fees	$56		$29	$92	$51
Reimbursable advisory services	24		23	38	36
Asset management services	8		8	16	16
Total	$88	$—	$60	$146	$103
Of which:
IBRD's share	$44		$29	$74	$52
IDA's share	44		31	72	51

Each revenue stream represents compensation for services provided and the related revenue is recognized over time.

When IBRD performs services, its rights to consideration are deemed unconditional and are classified as

receivables. IBRD also has an obligation to provide certain services for which it has received consideration in

advance. Such consideration is presented as contract liability and is subsequently recognized as revenue when the

related performance obligation is satisfied.

The following table shows IBRD’s receivables and contract liabilities related to revenue from contracts with clients:

48    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

Table I3: Receivables and contract liabilities related to revenue from contracts with clients
In millions of U.S. dollars
	December 31, 2023	June 30, 2023
Receivables	$122	$125
Contract liabilities	194	181

The amount of fee revenue associated with services provided to affiliated organizations that is included in Revenue

from externally funded activities in the Condensed Statements of Income, is as follows:

Table I4: Fee revenue from affiliated organizations
In millions of U.S. dollars
	Three Months Ended December 31,		Six Months Ended December 31,
	2023	2022	2023	2022
Fees charged to IFC	$23	$23	$46	$46
Fees charged to MIGA	1	2	3	3

Pension and Other Postretirement Benefits

The payable to IDA represents IDA’s net share of prepaid costs for pension and other postretirement benefit plans

and PEBP assets. These will be realized over the life of the pension plan participants. The payables to IFC and

MIGA represent their respective share of PEBP assets.

The PEBP assets are managed by IBRD and are part of the investment portfolio. For Pension and Other

Postretirement Benefits related disclosures, see Note H—Pension and Other Postretirement Benefits.

Derivative Transactions

These relate to currency forward contracts entered into for IDA with IBRD acting as the intermediary with the

market. As of December 31, 2023 and  June 30, 2023, there were no derivative receivable or payable with any

affiliated organization.

Investments

These relate to investments that IBRD has made on behalf of IFC, associated with the PCRF and are included in

Investments-Trading on IBRD’s Condensed Balance Sheets. The corresponding payable to IFC is included in Other

liabilities on IBRD’s Condensed Balance Sheets. As a result, there is no impact on IBRD’s net asset value from

these transactions.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    49

NOTE J—ACCUMULATED OTHER COMPREHENSIVE INCOME

Comprehensive income or loss consists of net income and other gains and losses affecting equity that, under U.S.

GAAP, are excluded from net income. Other comprehensive income (loss) comprises currency translation

adjustments on assets and liabilities denominated in euro, DVA on Fair Value Option elected liabilities, and pension

related items. These items are presented in the Condensed Statements of Comprehensive Income.

The following tables present the changes in Accumulated Other Comprehensive Income (AOCI) and Accumulated

Other Comprehensive Loss (AOCL):

Table J1: AOCI/AOCL changes
In millions of U.S. dollars
	Six Months Ended December 31, 2023
	Balance, beginning of the fiscal year	Changes  in AOCI	Amounts reclassified into net income	Net Changes during the period	Balance, end of the period
Cumulative Translation Adjustments	$(295)	$262	$—	$262	$(33)
DVA on Fair Value Option elected liabilities	351	825	3	$828	$1,179
Unrecognized Net Actuarial Gains (Losses) on Benefit Plans	3,490	—	(34)	$(34)	$3,456
Unrecognized Prior Service (Costs) Credits on Benefit Plans	(23)	—	4	$4	$(19)
Total AOCI	$3,523	$1,087	$(27)	$1,060	$4,583

Table J1.1:
In millions of U.S. dollars
	Six Months Ended December 31, 2022
	Balance, beginning of the fiscal year	Changes  in AOCL	Amounts reclassified into net income	Net Changes during the period	Balance, end of the period
Cumulative Translation Adjustments	$(790)	$315	$—	$315	$(475)
DVA on Fair Value Option elected liabilities	364	971	3	$974	$1,338
Unrecognized Net Actuarial (Losses) Gains on Benefit Plans	1,387	–	(14)	$(14)	$1,373
Unrecognized Prior Service (Costs) Credits on Benefit Plans	(43)	–	10	10	(33)
Total AOCL	$918	$1,286	$(1)	$1,285	$2,203

50    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

NOTE K— FAIR VALUE DISCLOSURES

Valuation Methods and Assumptions

As of December 31, 2023 and June 30, 2023, IBRD had no assets or liabilities measured at fair value on a non-

recurring basis.

Due from Banks

The carrying amount of unrestricted and restricted cash is considered a reasonable estimate of the fair value of these

positions.

Loans and Loan commitments

There were no loans carried at fair value as of December 31, 2023 or June 30, 2023. IBRD’s loans and loan

commitments would be classified as Level 3 within the fair value hierarchy.

Summarized below are the techniques applied in determining the fair values of IBRD’s financial instruments.

Investment securities

Investment securities are classified based on management’s intention on the date of purchase, their nature, and

IBRD’s policies governing the level and use of such investments. As of December 31, 2023, all of the financial

instruments in IBRD’s investment portfolio were classified as trading. These securities are carried and reported at

fair value, or at face value or NAV, which approximates fair value. Where available, quoted market prices are used

to determine the fair value of trading securities. Examples include most government and agency securities, mutual

funds, exchange-traded equity securities and ABS securities.

For instruments for which market quotations are not available, fair values are determined using model-based

valuation techniques, whether internally generated or vendor-supplied, that include the standard discounted cash

flow method using observable market inputs such as yield curves, credit spreads, and conditional prepayment rates.

Where applicable, unobservable inputs such as conditional prepayment rates, probability of default and loss severity

are used. Unless quoted prices are available, time deposits are reported at face value, which approximates fair value,

as they are short term in nature.

Securities purchased under resale agreements, Securities sold under repurchase agreements, and Securities lent

under securities lending agreements

These securities are of a short-term nature and reported at face value, which approximates fair value.

Discount notes and vanilla bonds

Discount notes and vanilla bonds issued by IBRD are valued using the standard discounted cash flow method which

relies on observable market inputs such as yield curves, foreign exchange rates, basis spreads and funding spreads.

Where available, quoted market prices are used to determine the fair value of short-term notes, as well as some

floating rate notes of longer maturity.

Structured bonds

Structured bonds issued by IBRD have coupon or repayment terms linked to the level or the performance of interest

rates, foreign exchange rates, equity indices, catastrophic events, or commodities. The fair value of the structured

bonds is generally derived using the discounted cash flow method based on estimated future pay-offs determined by

applicable models and computation of embedded optionality such as caps, floors and calls. A wide range of industry

standard models such as one factor Hull-White, Generalized Forward Market Model and Black-Scholes are used

depending on the specific structure. These models incorporate observable market inputs, such as yield curves,

foreign exchange rates, basis spreads, funding spreads, interest rate volatilities, equity index volatilities and equity

indices. Where applicable, the models also incorporate significant unobservable inputs such as correlations between

relevant market data and long-dated interest rate volatilities. Generally, the movements in correlations are

considered to be independent of movements in long-dated interest rate volatilities.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    51

Derivative instruments

Derivative contracts include currency forward contracts, TBA securities, swaptions, options and futures contracts,

currency swaps and interest rate swaps. Currency swaps and interest rate swaps are either plain vanilla or structured.

Currency forward contracts and plain vanilla currency and interest rate swaps are valued using the standard

discounted cash flow methods using observable market inputs such as yield curves, foreign exchange rates, basis

spreads and funding spreads. For structured currency and interest rate swaps, which primarily consist of callable

swaps linked to interest rates, foreign exchange rates, and equity indices, valuation models and inputs similar to the

ones applicable to the valuation of structured bonds are used. Where applicable, the models also incorporate

significant unobservable inputs such as correlations and long-dated interest rate volatilities.

Valuation adjustments on fair value option elected liabilities

The DVA on fair value option elected liabilities is measured by revaluing each liability to determine the changes in

fair value of that liability arising from changes in IBRD’s funding spread applicable to the relevant reference rate.

The table below presents IBRD’s estimates of fair value of its financial assets and liabilities along with their

respective carrying amounts:

Table K1: Fair value and carrying amount of financial assets and liabilities
In millions of U.S. dollars
	December 31, 2023		June 30, 2023
	Carrying Value	Fair Value	Carrying Value	Fair Value
Assets
Due from banks	$394	$394	$547	$547
Investments-Trading (including Securities purchased under resale agreements)	75,847	75,847	79,277	79,277
Net loans outstanding	253,126	250,730	241,041	236,521
Derivative assets, net	214	214	271	271
Miscellaneous assets	119	119	55	55
Liabilities
Borrowings	250,705	250,705	237,265	237,265
Securities sold/lent under repurchase  agreements/securities lending agreements and payable for cash collateral received	7	7	9	9
Derivative liabilities, net	21,211	21,211	26,893	26,893

As of December 31, 2023, IBRD’s signed loan commitments were $71 billion ($59 billion—June 30, 2023) and had

a fair value of $0.4 billion ($0.5 billion—June 30, 2023).

52    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

The following tables present IBRD’s fair value hierarchy for assets and liabilities measured at fair value on a

recurring basis. The fair value of Other fund investments measured using the NAV as a practical expedient are

included in the table below but excluded from the fair value hierarchy.

Table K2: Fair value hierarchy of IBRD’s assets and liabilities
In millions of U.S. dollars
	Fair Value Measurements on a Recurring Basis
	December 31, 2023
	Level 1	Level 2	Level 3	Total
Assets:
Investments–Trading
Government and agency obligations	$17,957	$17,791	$—	$35,748
Time deposits	2,804	33,296	—	36,100
ABS	—	1,570	—	1,570
Other fund investments a	—	—	—	2,061
Equity securities	300	—	—	300
Total Investments–Trading	$21,061	$52,657	$—	$75,779
Securities purchased under resale agreements	8	60	—	68
Derivative assets
Currency swaps b	$—	$4,103	$103	$4,206
Interest rate swaps	—	7,880	101	7,981
Other c	4	—	—	4
	$4	$11,983	$204	$12,191
Less:
Amounts subject to legally enforceable master netting agreements e				11,895
Cash collateral received				82
Derivative assets, net				$214
Miscellaneous assets	—	119	—	119
Liabilities:
Borrowings	$—	$247,310	$3,395	$250,705
Securities sold under repurchase agreements and  securities lent under securities lending agreements d	—	6	—	6
Derivative liabilities
Currency swaps b	—	9,673	90	9,763
Interest rate swaps	—	23,649	166	23,815
Other c	—	—	—	—
	$—	$33,322	$256	$33,578
Less:
Amounts subject to legally enforceable master netting agreements f				12,367
Derivative liabilities, net				$21,211
a. Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.
b. Includes currency forward contracts.
c. These relate to swaptions, options and futures contracts and TBA securities.
d. Excludes payable for cash collateral received.
e. Includes $33 million CVA.
f. Includes $505 million DVA.

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    53

Table K2.1:
In millions of U.S. dollars
	Fair Value Measurements on a Recurring Basis
	June 30, 2023
	Level 1	Level 2	Level 3	Total
Assets:
Investments–Trading
Government and agency obligations	$12,651	$26,395	$—	$39,046
Time deposits	1,992	34,817	—	36,809
ABS	—	1,087	—	1,087
Other fund investments a	—	—	—	1,982
Equity securities	275	—	—	275
Total Investments–Trading	$14,918	$62,299	$—	$79,199
Securities purchased under resale agreements	18	60	—	78
Derivative assets
Currency swaps b	$—	$4,475	$148	$4,623
Interest rate swaps	—	8,120	73	8,193
Other c	—	—	—	—
	$—	$12,595	$221	$12,816
Less:
Amounts subject to legally enforceable master netting agreements e				12,405
Cash collateral received				140
Derivative asset, net				$271
Miscellaneous assets	—	55	—	55
Liabilities:
Borrowings	$—	$233,658	$3,607	$237,265
Securities sold under repurchase agreements and securities lent under securities lending agreements d	—	9	—	9
Derivative liabilities
Currency swaps b	—	11,429	135	11,564
Interest rate swaps	—	27,965	207	28,172
Other c	6	—	$—	$6
	$6	$39,394	$342	$39,742
Less:
Amounts subject to legally enforceable master netting agreements f				12,849
Derivative liabilities, net				$26,893
a. Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.
b. Includes currency forward contracts.
c. These relate to swaptions, options and futures contracts and TBA securities.
d. Excludes payable for cash collateral received.
e. Includes $27 million CVA.
f. Includes $471 million DVA.

IBRD’s Level 3 borrowings primarily relate to structured bonds. The fair value of these bonds is estimated using

discounted cash flow valuation models that incorporate model parameters, observable market inputs, and

unobservable inputs. The significant unobservable inputs used in the fair value measurement of structured bonds and

swaps are correlations and long-dated market interest rate volatilities. Generally, the movements in correlations are

considered to be independent of the movements in long-dated interest rate volatilities.

54    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

Correlation is the statistical measurement of the relationship between two variables. For contracts where the holder

benefits from the convergence of the underlying index prices (e.g., market interest rates and foreign exchange rates),

an increase in correlation would generally result in an increase in the fair value of the instrument. The magnitude

and direction of the fair value adjustment would depend on whether the holder is short or long the option.

Interest rate volatility is the extent to which the level of interest rates changes over time. For purchased options, an

increase in volatility will generally result in an increase in the fair value. In general, the volatility used to price the

option depends on the maturity of the underlying instrument and the option strike price. During the six months

ended December 31, 2023, and the fiscal year ended June 30, 2023, the interest rate volatilities for certain currencies

were extrapolated for certain tenors and, thus, are considered an unobservable input.

IBRD entered into transactions which have an embedded option associated with an equity index. Valuation inputs of

such transactions include, among other valuation inputs, volatilities of the equity indices, that are the extent to which

the level of equity index changes over time. These index volatility levels are consistent with the respective index

construction methodologies and historical movements. Similar to the impact of the volatility of the other asset

classes described above, an increase in the equity index volatility will result in an increase in the value of the

purchase option and vice versa.

In certain instances, particularly for instruments with coupon or repayment terms linked to catastrophic events,

management relies on instrument valuations supplied by external pricing vendors.

The following table provides a summary of the valuation technique applied in determining fair values of these Level

3 instruments and quantitative information regarding the significant unobservable inputs used. Level 3 instruments

represent 1% of IBRD’s borrowings.

Table K3: Level 3 Borrowings and derivatives valuation technique and quantitative information regarding the significant unobservable inputs:
In millions of U.S. dollars
Portfolio	Fair Value as of  December 31, 2023	Fair Value as of  June 30, 2023	Valuation Technique	Unobservable input	Range (average), December 31, 2023	Range (average), June 30, 2023
Borrowings	$3,395	$3,607	Discounted Cash Flow	Correlations	-12% to 100% (12%)	-16% to 99% (11%)
				Interest rate volatilities	64% to 92% (81%)	63% to 85% (78%)
				Equity index volatilities	5% to 15% (9%)	5% to 15% (9%)
Derivative assets/(liabilities), net	$(52)	$(121)	Discounted Cash Flow	Correlations	-12% to 100% (12%)	-16% to 99% (11%)
				Interest rate volatilities	64% to 92% (81%)	63% to 85% (78%)
				Equity index volatilities	5% to 15% (9%)	5% to 15% (9%)

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    55

The tables below provide the details of transfers between Level 2 and Level 3 that are due to changes in observable

inputs.

Table K4: Borrowings and derivatives inter level transfers
In millions of U.S. dollars
	Three Months Ended December 31, 2023		Six Months Ended December 31, 2023
	Level 2	Level 3	Level 2	Level 3
Borrowings
Transfer into (out of)	$25	$(25)	$25	$(25)
Transfer (out of) into	(1)	1	(21)	21
	$24	$(24)	$4	$(4)
Derivative assets, net
Transfer into (out of)	$1	$(1)	$96	$(96)
Transfer (out of) into	—	—	–	–
	1	(1)	96	(96)
Derivative liabilities, net
Transfer (into) out of	$—	$—	$(2)	$2
Transfer out of (into)	—	—	6	(6)
	—	—	4	(4)
Total Derivative Transfers, net	$1	$(1)	$100	$(100)
Table K4.1:
In millions of U.S. dollars
	Three Months Ended December 31, 2022		Six Months Ended December 31, 2022
	Level 2	Level 3	Level 2	Level 3
Borrowings
Transfer into (out of)	$142	$(142)	$142	$(142)
Transfer (out of) into	—	—	(118)	118
	$142	$(142)	$24	$(24)
Derivative assets, net
Transfer into (out of)	$—	$—	$—	$—
Transfer (out of) into	—	—	—	—
	—	—	—	—
Derivative liabilities, net
Transfer (into) out of	$(321)	$321	$(321)	$321
Transfer out of (into)	—	—	324	(324)
	(321)	321	3	(3)
Total Derivative Transfers, net	$(321)	$321	$3	$(3)

56    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

The following tables provide a summary of changes in the fair value of IBRD’s Level 3 borrowings and derivatives:

Table K5: Borrowings Level 3 changes
In millions of U.S. dollars
	Three Months Ended December 31,		Six Months Ended December 31,
	2023	2022	2023	2022
Beginning of the period/fiscal year	$3,384	$3,588	$3,607	$3,932
Issuances	—	—	27	—
Settlements	(266)	(314)	(412)	(485)
Total realized/unrealized mark-to-market losses (gains) in:
Net income	282	126	184	(29)
Other comprehensive income	19	97	(7)	(39)
Transfers to (from) Level 3, net	(24)	(142)	(4)	(24)
End of the period	$3,395	$3,355	$3,395	$3,355

Table K6: Derivatives Level 3 changes
In millions of U.S. dollars
	Three Months Ended December 31, 2023			Six Months Ended December 31, 2023
	Derivatives, Assets/(Liabilities)			Derivatives, Assets/(Liabilities)
	Currency Swaps	Interest Rate Swaps	Total	Currency Swaps	Interest Rate Swaps	Total
Beginning of the period/fiscal year	$(170)	$(146)	$(316)	$13	$(134)	$(121)
Issuances	—	—	—	1	—	1
Settlements	8	13	21	38	22	60
Total realized/unrealized mark-to- market (losses) gains in:
Net income	163	72	235	84	49	133
Other comprehensive income	13	(4)	9	(23)	(2)	(25)
Transfers (from) to Level 3, net	(1)	—	(1)	(100)	—	(100)
End of the period	$13	$(65)	$(52)	$13	$(65)	$(52)
Table K6.1:
In millions of U.S. dollars
	Three Months Ended December 31, 2022			Six Months endedDecember 31, 2022
	Derivatives, Assets/(Liabilities)			Derivatives, Assets/(Liabilities)
	Currency Swaps	Interest Rate Swaps	Total	Currency Swaps	Interest Rate Swaps	Total
Beginning of the period/fiscal year	$(861)	$(291)	$(1,152)	$(379)	$(165)	$(544)
Issuances	—	—	—	—	—	—
Settlements	93	2	95	78	2	80
Total realized/unrealized mark-to- market gains (losses) in:
Net income	58	67	125	6	(63)	(57)
Other comprehensive income	57	(8)	49	(34)	(4)	(38)
Transfers to (from)  Level 3, net	321	—	321	(3)	—	(3)
End of the period	$(332)	$(230)	$(562)	$(332)	$(230)	$(562)

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    57

Information on the unrealized gains or losses included in the Condensed Statements of Income and Condensed

Statements of Comprehensive Income relating to IBRD’s Level 3 borrowings and derivatives that are still held at the

reporting dates, is presented in the following table:

Table K7: Unrealized gains or losses relating to IBRD’s Level 3 borrowings and derivatives
In millions of U.S. dollars
	Three Months Ended December 31,		Six Months Ended December 31,
	2023	2022	2023	2022
Reported as:
Borrowings
Net income (loss) a	$20	$4	$27	$115
Other Comprehensive (loss) income  b	(19)	(99)	8	24
Derivatives
Net (loss) income  a	$(22)	$26	$(4)	$(86)
Other Comprehensive income (loss) c	9	51	(20)	(23)
a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Condensed Statements of Income.
b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option elected liabilities, in the Condensed Statements of Comprehensive Income.
c. Amounts are included in Currency translation adjustment on functional currency, in the Condensed Statements of Comprehensive Income.

Table K8: Borrowings fair value and contractual principal balance
In millions of U.S. dollars
	Fair Value	Principal Amount Due Upon Maturity	Difference
December 31, 2023	$250,705	$272,748	$(22,043)
June 30, 2023	$237,265	$265,147	$(27,882)

The following tables provide information on the changes in fair value due to the change in IBRD’s own credit risk

for financial liabilities measured under the fair value option, included in the Condensed Statements of Other

Comprehensive Income:

Table K9: Changes in fair value due to IBRD’s own credit risk
In millions of U.S. dollars
Unrealized mark-to-market gains (losses) due to DVA on fair value option elected liabilities	Three Months Ended December 31, 2023	Six Months Ended December 31, 2023
DVA on Fair Value Option Elected Liabilities	$882	$825
Amounts reclassified to net income upon derecognition of a liability	1	3
Net change in DVA on Fair Value Option Elected Liabilities	$883	$828
Table K9.1:
In millions of U.S. dollars
Unrealized mark-to-market gains (losses) due to DVA on fair value option elected liabilities	Three Months Ended December 31, 2022	Six Months Ended December 31, 2022
DVA on Fair Value Option Elected Liabilities	$683	$971
Amounts reclassified to net income upon derecognition of a liability	2	3
Net change in DVA on Fair Value Option Elected Liabilities	$685	$974

58    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

The following table provides information on the cumulative changes in fair value due to the change in IBRD’s own-

credit risk for financial liabilities measured under the fair value option, and their location on the Condensed Balance

Sheets:

Table K10: Cumulative changes in fair value due to the change in IBRD’s own-credit risk
In millions of U.S. dollars
DVA on fair value option elected liabilities	December 31, 2023	June 30, 2023
Reported as:
Accumulated other comprehensive income	$1,179	$351

Table K11: Unrealized mark-to-market gains or losses on investments-trading, and non-trading portfolios, net
In millions of U.S. dollars
	Three Months Ended December 31, 2023			Six Months Ended December 31, 2023
	Realized gains (losses)	Unrealized gains (losses) excluding realized amounts a	Unrealized gains (losses)	Realized gains (losses)	Unrealized gains (losses) excluding realized amounts a	Unrealized gains (losses)
Investments-Trading	$166	$(100)	$66	$77	$(51)	$26
Non trading portfolios, net
Loan-related derivatives—Note F	—	(2,821)	(2,821)	—	(1,567)	(1,567)
Other assets/liabilities management   derivatives, net	—	1,994	1,994	—	1,287	1,287
Borrowings, including derivatives —Notes E and F	1	(90)	(89)ᵇ	1	(137)	(136)ᵇ
Client operations and other derivatives, net	—	63	63	—	63	63
Total	$1	$(854)	$(853)	$1	$(354)	$(353)
Table K11.1:
In millions of U.S. dollars
	Three Months Ended December 31, 2022			Six Months Ended December 31, 2022
	Realized gains (losses)	Unrealized gains (losses) excluding realized amounts a	Unrealized gains (losses)	Realized gains (losses)	Unrealized gains (losses) excluding realized amounts a	Unrealized gains (losses)
Investments-Trading	$15	$54	$69	$517	$(461)	$56
Non trading portfolios, net
Loan-related derivatives—Note F	—	(23)	(23)	–	1,955	1,955
Other assets/liabilities management	—	(60)	(60)	—	(1,789)	(1,789)
Borrowings, including derivatives —Notes E and F	—	75	75ᵇ	—	(62)	(62)ᵇ
Client operations and other derivatives, net	—	(1)	(1)	—	(1)	(1)
Total	$—	$(9)	$(9)	$—	$103	$103
a. Adjusted to exclude amounts reclassified to realized gains (losses).
b. Includes $8,993 million of unrealized mark-to-market gains and $6,590 million of unrealized mark-to-market gains related to derivatives associated with borrowings for three and six months ended December 31, 2023, respectively (unrealized mark-to- market gains of $1,090 million and unrealized mark-to-market losses of $6,322 million—three and six months ended December 31, 2022).

IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)    59

NOTE L—CONTINGENCIES

From time to time, IBRD may be named as a defendant or co-defendant in legal actions on different grounds in

various jurisdictions. The outcome of any existing legal action, in which IBRD has been named as a defendant or co-

defendant, as of and for the six months ended December 31, 2023, is not expected to have a material adverse effect

on IBRD's financial position, results of operations or cash flows.

60    IBRD Condensed Quarterly Financial Statements: December 31, 2023 (Unaudited)

INDEPENDENT AUDITOR'S REVIEW REPORT

61   

62

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Medium & Long Term

October 01 2023 through December 31 2023

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
New Borrowings
Australian Dollars
	BOND/SELL AUD/IBRD/PV BM/1130AUD01.10	871601	AUD	400,000,000.00	254,200,000.00	13-Oct-23	24-Oct-23	18-Nov-30
	BOND/SELL AUD/IBRD/PV MTN Core (Non- Retail)/0936AUD01.78	877861	AUD	30,000,000.00	19,011,000.00	18-Oct-23	25-Oct-23	30-Sep-36
Sub-total New Borrowings				430,000,000.00	273,211,000.00
Brazilian Real
	BOND/SELL BRL/IBRD/PV MTN Non-Core (Non- Retail)/0238BRL00.00	917495	BRL	200,000,000.00	40,559,724.00	29-Nov-23	6-Dec-23	8-Feb-38
	BOND/SELL BRL/IBRD/PV MTN Non-Core (Non- Retail)/1138BRL00.00	887412	BRL	400,000,000.00	81,062,732.00	3-Nov-23	10-Nov-23	10-Nov-38
Sub-total New Borrowings				600,000,000.00	121,622,456.00
Chinese Yuan
	BOND/SELL CNY/IBRD/PV MTN Non-Core (Non- Retail)/0129CNH02.25	917484	CNY	150,000,000.00	20,956,746.00	29-Nov-23	6-Dec-23	19-Jan-29
	BOND/SELL CNY/IBRD/PV MTN Non-Core (Non- Retail)/0131CNH02.50	871609	CNY	500,000,000.00	68,341,955.00	13-Oct-23	20-Oct-23	13-Jan-31
Sub-total New Borrowings				650,000,000.00	89,298,701.00
Colombian Pesos
	BOND/SELL COP/IBRD/PV MTN Non-Core (Non- Retail)/1233COP00.00	917489	COP	300,000,000,000.00	75,048,000.00	29-Nov-23	6-Dec-23	6-Dec-33
Sub-total New Borrowings				300,000,000,000.00	75,048,000.00
Euro
	BOND/SELL EUR/IBRD/Callable MTN Core (Non- Retail)/1128EURSTR02	881015	EUR	5,000,000.00	5,337,000.00	24-Oct-23	7-Nov-23	7-Nov-28
	BOND/SELL EUR/IBRD/Callable MTN Core (Non- Retail)/1235EURSTR02	925264	EUR	100,000,000.00	109,300,000.00	7-Dec-23	14-Dec-23	14-Dec-35

Page 1 of 7

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	BOND/SELL EUR/IBRD/European Retail (Structure)/1128EURSTR01	871613	EUR	60,000,000.00	65,196,000.00	13-Oct-23	17-Nov-23	17-Nov-28
	BOND/SELL EUR/IBRD/PV MTN Core (Non- Retail)/1026EUR03.315	863132	EUR	100,000,000.00	105,550,000.00	2-Oct-23	6-Oct-23	6-Oct-26
	BOND/SELL EUR/IBRD/PV MTN Core (Non- Retail)/1026EUR03.399	880228	EUR	100,000,000.00	106,050,000.00	23-Oct-23	23-Oct-23	23-Oct-26
	BOND/SELL EUR/IBRD/PV MTN Core (Non- Retail)/1028EUR03.26	863135	EUR	100,000,000.00	105,550,000.00	2-Oct-23	6-Oct-23	6-Oct-28
Sub-total New Borrowings				465,000,000.00	496,983,000.00
Pounds Sterling
	BOND/SELL GBP/IBRD/PV BM/0830GBP4.875	884277	GBP	200,000,000.00	245,780,000.00	30-Oct-23	7-Nov-23	15-Aug-30
Sub-total New Borrowings				200,000,000.00	245,780,000.00
Indonesian Rupiah
	BOND/SELL IDR/IBRD/Japanese Retail (Uridashi)/1128IDR05.36	864406	IDR	54,000,000,000.00	3,398,220.00	4-Oct-23	30-Oct-23	7-Nov-28
Sub-total New Borrowings				54,000,000,000.00	3,398,220.00
Indian Rupees
	BOND/SELL INR/IBRD/PV MTN Non-Core (Non- Retail)/0428INR06.85	881957	INR	3,000,000,000.00	36,003,390.00	25-Oct-23	1-Nov-23	24-Apr-28
	BOND/SELL INR/IBRD/PV MTN Non-Core (Non- Retail)/0428INR06.85	924377	INR	3,000,000,000.00	35,966,700.00	6-Dec-23	13-Dec-23	24-Apr-28
	BOND/SELL INR/IBRD/PV MTN Non-Core (Non- Retail)/0430INR06.50	863916	INR	2,500,000,000.00	30,052,600.00	3-Oct-23	11-Oct-23	17-Apr-30
	BOND/SELL INR/IBRD/PV MTN Non-Core (Non- Retail)/0430INR06.50	904999	INR	2,000,000,000.00	24,002,840.00	15-Nov-23	22-Nov-23	17-Apr-30
Sub-total New Borrowings				10,500,000,000.00	126,025,530.00
Kazakhstan Tenge
	BOND/SELL KZT/IBRD/PV MTN Non-Core (Non- Retail)/0928KZT12.75	863139	KZT	5,000,000,000.00	10,481,100.00	2-Oct-23	10-Oct-23	13-Sep-28
Sub-total New Borrowings				5,000,000,000.00	10,481,100.00
Mexican Peso
	BOND/SELL MXN/IBRD/PV MTN Non-Core (Non- Retail)/1126MXN09.83	890912	MXN	600,000,000.00	34,999,812.00	8-Nov-23	24-Nov-23	24-Nov-26
Sub-total New Borrowings				600,000,000.00	34,999,812.00

Page 2 of 7

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
Swedish Kronor
	BOND/SELL SEK/IBRD/PV BM/1228SEK02.75	926818	SEK	2,500,000,000.00	244,505,950.00	11-Dec-23	18-Dec-23	18-Dec-28
Sub-total New Borrowings				2,500,000,000.00	244,505,950.00
United States Dollars
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/0728USDSTR03	929335	USD	50,000,000.00	50,000,000.00	14-Dec-23	21-Dec-23	6-Jul-28
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/1033USDSTR01	863155	USD	29,000,000.00	29,000,000.00	3-Oct-23	11-Oct-23	11-Oct-33
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/1033USDSTR02	877332	USD	50,000,000.00	50,000,000.00	17-Oct-23	24-Oct-23	24-Oct-33
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/1128USDSTR02	905791	USD	50,000,000.00	50,000,000.00	16-Nov-23	27-Nov-23	27-Nov-28
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/1133USDSTR01	877873	USD	5,000,000.00	5,000,000.00	18-Oct-23	1-Nov-23	1-Nov-33
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/1143USDSTR	891529	USD	30,000,000.00	30,000,000.00	9-Nov-23	20-Nov-23	20-Nov-43
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/1226USDSTR05	927963	USD	100,000,000.00	100,000,000.00	12-Dec-23	22-Dec-23	22-Dec-26
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/1228USDSTR01	916162	USD	50,000,000.00	50,000,000.00	28-Nov-23	5-Dec-23	5-Dec-28
	BOND/SELL USD/IBRD/Callable MTN Core (Non- Retail)/1233USDSTR01	927958	USD	20,000,000.00	20,000,000.00	12-Dec-23	27-Dec-23	27-Dec-33
	BOND/SELL USD/IBRD/Japanese Retail (Uridashi)/1026USD04.15	877875	USD	4,224,000.00	4,224,000.00	19-Oct-23	27-Oct-23	30-Oct-26
	BOND/SELL USD/IBRD/Japanese Retail (Uridashi)/1226USD03.30	929319	USD	2,000,000.00	2,000,000.00	14-Dec-23	22-Dec-23	23-Dec-26
	BOND/SELL USD/IBRD/PV BM/1133USD04.75	890167	USD	3,000,000,000.00	3,000,000,000.00	7-Nov-23	14-Nov-23	14-Nov-33
	BOND/SELL USD/IBRD/PV MTN Core (Non- Retail)/1026USD04.85	870984	USD	150,000,000.00	150,000,000.00	12-Oct-23	19-Oct-23	19-Oct-26
	BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1228USDFRN	928654	USD	100,000,000.00	100,000,000.00	13-Dec-23	20-Dec-23	20-Dec-28
Sub-total New Borrowings				3,640,224,000.00	3,640,224,000.00
South African Rand
	BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non- Retail)/1126ZAR08.14	890909	ZAR	600,000,000.00	32,626,074.00	8-Nov-23	20-Nov-23	20-Nov-26
Sub-total New Borrowings				600,000,000.00	32,626,074.00
Total New Borrowings					5,394,203,843.00

Page 3 of 7

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
Maturing Borrowings
Australian Dollars
	BOND/SELL AUD/IBRD/Other Structures (Non- Retail)/1223AUDSTR	6259	AUD	(2,750,000.00)	(1,880,725.00)	17-Dec-18	27-Dec-18	27-Dec-23
Sub-total Maturing Borrowings				(2,750,000.00)	(1,880,725.00)
Chinese Yuan
	BOND/SELL CNY/IBRD/PV MTN Non-Core (Non- Retail)/1023CNH02.86	249581	CNY	(200,000,000.00)	(27,334,727.40)	19-Oct-21	28-Oct-21	30-Oct-23
	BOND/SELL CNY/IBRD/PV MTN Non-Core (Non- Retail)/1123CNY03.80	5195	CNY	(37,000,000.00)	(5,074,819.30)	6-Nov-17	13-Nov-17	13-Nov-23
	BOND/SELL CNY/IBRD/PV MTN Non-Core (Non- Retail)/1223CNH02.45	201035	CNY	(641,000,000.00)	(90,201,017.40)	16-Aug-21	24-Aug-21	15-Dec-23
	BOND/SELL CNY/IBRD/PV MTN Non-Core (Non- Retail)/1223CNH02.81	293290	CNY	(250,000,000.00)	(34,993,176.33)	15-Dec-21	23-Dec-21	26-Dec-23
	BOND/SELL CNY/IBRD/PV MTN Non-Core (Non- Retail)/1223CNH02.82	291147	CNY	(350,000,000.00)	(49,025,444.21)	10-Dec-21	20-Dec-21	20-Dec-23
	BOND/SELL CNY/IBRD/PV MTN Non-Core (Non- Retail)/1223CNH02.92	288898	CNY	(150,000,000.00)	(21,107,882.39)	7-Dec-21	15-Dec-21	15-Dec-23
Sub-total Maturing Borrowings				(1,628,000,000.00)	(227,737,067.02)
Colombian Pesos
	BOND/SELL COP/IBRD/PV MTN Non-Core (Non- Retail)/1223COP02.90	34337	COP	(50,000,000,000.00)	(12,674,271.23)	16-Dec-20	23-Dec-20	22-Dec-23
	BOND/SELL COP/IBRD/PV MTN Non-Core (Non- Retail)/1223COP02.90	80088	COP	(75,000,000,000.00)	(19,011,406.84)	17-Feb-21	24-Feb-21	22-Dec-23
	BOND/SELL COP/IBRD/PV MTN Non-Core (Non- Retail)/1223COP02.90	94278	COP	(50,000,000,000.00)	(12,674,271.23)	15-Mar-21	23-Mar-21	22-Dec-23
	BOND/SELL COP/IBRD/PV MTN Non-Core (Non- Retail)/1223COP02.90	136840	COP	(75,000,000,000.00)	(19,011,406.84)	14-May-21	21-May-21	22-Dec-23
Sub-total Maturing Borrowings				(250,000,000,000.00)	(63,371,356.15)
Euro
	BOND/SELL EUR/IBRD/PV MTN Core (Non- Retail)/1023EUR00.04	5173	EUR	(52,000,000.00)	(55,042,000.00)	5-Oct-17	20-Oct-17	20-Oct-23
Sub-total Maturing Borrowings				(52,000,000.00)	(55,042,000.00)
Pounds Sterling
	BOND/SELL GBP/IBRD/PV BM/1023GBPFRN	5462	GBP	(1,250,000,000.00)	(1,515,375,000.00)	27-Sep-18	4-Oct-18	4-Oct-23
	BOND/SELL GBP/IBRD/PV BM/1223GBP00.625	4935	GBP	(300,000,000.00)	(383,145,000.00)	4-Oct-16	12-Oct-16	15-Dec-23

Page 4 of 7

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	BOND/SELL GBP/IBRD/PV MTN Core (Non- Retail)/1223GBP00.625	231109	GBP	(100,000,000.00)	(127,715,000.00)	23-Sep-21	7-Oct-21	15-Dec-23
Sub-total Maturing Borrowings				(1,650,000,000.00)	(2,026,235,000.00)
Georgian Lari
	BOND/SELL GEL/IBRD/PV MTN Non-Core (Non- Retail)/1223GEL07.935	290475	GEL	(31,000,000.00)	(11,545,623.84)	9-Dec-21	20-Dec-21	20-Dec-23
Sub-total Maturing Borrowings				(31,000,000.00)	(11,545,623.84)
Indonesian Rupiah
	BOND/SELL IDR/IBRD/PV MTN Non-Core (Non- Retail)/1023IDR07.89	5465	IDR	(60,000,000,000.00)	(3,813,155.39)	1-Oct-18	10-Oct-18	10-Oct-23
Sub-total Maturing Borrowings				(60,000,000,000.00)	(3,813,155.39)
Indian Rupees
	BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/1223INR04.20	5694	INR	(140,000,000.00)	(1,685,274.91)	1-Jul-19	9-Jul-19	18-Dec-23
	BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/1223INR04.20	5846	INR	(220,000,000.00)	(2,648,289.15)	16-Jan-20	24-Jan-20	18-Dec-23
	BOND/SELL INR/IBRD/PV MTN Non-Core (Non- Retail)/1023INR05.00	5444	INR	(600,000,000.00)	(7,212,622.09)	31-Aug-18	10-Oct-18	11-Oct-23
	BOND/SELL INR/IBRD/PV MTN Non-Core (Non- Retail)/1223INR04.20	5511	INR	(160,000,000.00)	(1,926,028.47)	10-Dec-18	18-Dec-18	18-Dec-23
	BOND/SELL INR/IBRD/PV MTN Non-Core (Non- Retail)/1223INR04.20	5518	INR	(140,000,000.00)	(1,685,274.91)	7-Jan-19	15-Jan-19	18-Dec-23
Sub-total Maturing Borrowings				(1,260,000,000.00)	(15,157,489.52)
Mexican Peso
	BOND/SELL MXN/IBRD/PV MTN Non-Core (Non- Retail)/1023MXN00.50	4677	MXN	(300,000,000.00)	(16,472,519.72)	12-Sep-13	10-Oct-13	10-Oct-23
	BOND/SELL MXN/IBRD/PV MTN Non-Core (Non- Retail)/1223MXN06.20	5482	MXN	(104,000,000.00)	(6,020,173.37)	31-Oct-18	13-Dec-18	14-Dec-23
Sub-total Maturing Borrowings				(404,000,000.00)	(22,492,693.09)
Swedish Kronor
	BOND/SELL SEK/IBRD/PV MTN Non-Core (Non- Retail)/1023SEK00.50	5464	SEK	(2,500,000,000.00)	(229,042,601.92)	1-Oct-18	10-Oct-18	10-Oct-23
	BOND/SELL SEK/IBRD/PV MTN Non-Core (Non- Retail)/1223SEK00.375	5509	SEK	(1,100,000,000.00)	(107,423,973.12)	5-Dec-18	14-Dec-18	14-Dec-23
Sub-total Maturing Borrowings				(3,600,000,000.00)	(336,466,575.05)

Page 5 of 7

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
United States Dollars
	BOND/SELL USD/IBRD/Other (CAT)/1223USDCAR130	185193	USD	(185,000,000.00)	(185,000,000.00)	19-Jul-21	23-Jul-21	29-Dec-23
	BOND/SELL USD/IBRD/Other Structures (Non- Retail)/1223USDSTR03	6260	USD	(28,868,000.00)	(28,868,000.00)	21-Dec-18	28-Dec-18	28-Dec-23
	BOND/SELL USD/IBRD/Putable (Non-Retail)/1023USDSTR04	6026	USD	(100,000,000.00)	(100,000,000.00)	23-Oct-20	29-Oct-20	5-Oct-23
	BOND/SELL USD/IBRD/PV BM/1123USD00.25	6047	USD	(3,000,000,000.00)	(3,000,000,000.00)	17-Nov-20	24-Nov-20	24-Nov-23
	BOND/SELL USD/IBRD/PV MTN Core (Non- Retail)/1023USD00.50	4547	USD	(33,000,000.00)	(33,000,000.00)	3-Sep-03	2-Oct-03	2-Oct-23
	BOND/SELL USD/IBRD/Other Structures (Non- Retail)/1223USDSTR01	6224	USD	(7,032,000.00)	(7,032,000.00)	16-Nov-17	15-Dec-17	15-Dec-23
	BOND/SELL USD/IBRD/Other Structures (Non- Retail)/1223USDSTR02	6257	USD	(3,520,000.00)	(3,520,000.00)	30-Nov-18	14-Dec-18	14-Dec-23
Sub-total Maturing Borrowings				(3,357,420,000.00)	(3,357,420,000.00)
Total Maturing Borrowings					(6,121,161,685.05)
Early Retirement
Swiss Francs
	BOND/BUY CHF/IBRD/PV MTN Core (Non-Retail)/0525CHF0.32	919236	CHF	(10,000,000.00)	(11,431,837.67)	1-Dec-23	8-Dec-23	18-May-25
Sub-total Early Retirement				(10,000,000.00)	(11,431,837.67)
Euro
	BOND/BUY EUR/IBRD/Callable MTN Core (Non- Retail)/0243EURSTR00	862008	EUR	(4,000,000.00)	(4,222,000.00)	29-Sep-23	6-Oct-23	17-Feb-43
	BOND/BUY EUR/IBRD/Callable MTN Core (Non- Retail)/0728EURSTR01	887407	EUR	(50,000,000.00)	(53,385,000.00)	3-Nov-23	10-Nov-23	3-Jul-28
	BOND/BUY EUR/IBRD/Callable MTN Core (Non- Retail)/1027EURSTR	855357	EUR	(5,000,000.00)	(5,296,250.00)	19-Sep-23	10-Oct-23	7-Oct-27
	BOND/BUY EUR/IBRD/Callable MTN Core (Non- Retail)/1027EURSTR02	856803	EUR	(50,000,000.00)	(52,590,000.00)	21-Sep-23	13-Oct-23	13-Oct-27
	BOND/BUY EUR/IBRD/Callable MTN Core (Non- Retail)/1027EURSTR03	860557	EUR	(35,000,000.00)	(36,946,000.00)	27-Sep-23	18-Oct-23	18-Oct-27
Sub-total Early Retirement				(144,000,000.00)	(152,439,250.00)
Indian Rupees
	BOND/BUY INR/IBRD/PV MTN Non-Core (Non- Retail)/0324INR04.65	926821	INR	(143,400,000.00)	(1,726,203.02)	11-Dec-23	18-Dec-23	25-Mar-24
Sub-total Early Retirement				(143,400,000.00)	(1,726,203.02)

Page 6 of 7

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
United States Dollars
	BOND/BUY USD/IBRD/Callable MTN Core (Non- Retail)/0427USDSTR02	867149	USD	(50,000,000.00)	(50,000,000.00)	5-Oct-23	27-Oct-23	27-Apr-27
	BOND/BUY USD/IBRD/Callable MTN Core (Non- Retail)/0527USDSTR03	872323	USD	(50,000,000.00)	(50,000,000.00)	16-Oct-23	6-Nov-23	5-May-27
	BOND/BUY USD/IBRD/Callable MTN Core (Non- Retail)/0527USDSTR04	872324	USD	(50,000,000.00)	(50,000,000.00)	16-Oct-23	6-Nov-23	5-May-27
Sub-total Early Retirement				(150,000,000.00)	(150,000,000.00)
Japanese Yen
	BOND/BUY JPY/IBRD/FX_CT MTN Non-Core (Non- Retail)/1137JPYSTR09	4561	JPY	(1,000,000,000.00)	(6,683,375.10)	18-Oct-07	5-Nov-07	5-Nov-37
	BOND/BUY JPY/IBRD/FX_CT MTN Non-Core (Non- Retail)/1237JPYSTR07	4567	JPY	(150,000,000.00)	(1,026,237.47)	14-Nov-07	10-Dec-07	11-Dec-37
				(1,150,000,000.00)	7,709,612.58
Total Early Retirement					(323,306,903.26)

Page 7 of 7

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

October 01 2023 through December 31 2023

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
New Borrowings
United States Dollars
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231108 WB	863915	USD	25,000,000.00	25,000,000.00	3-Oct-23	4-Oct-23	8-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231115 WB	869359	USD	25,000,000.00	25,000,000.00	10-Oct-23	11-Oct-23	15-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231122 WB	877324	USD	25,000,000.00	25,000,000.00	17-Oct-23	18-Oct-23	22-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231122 WB	880231	USD	15,000,000.00	15,000,000.00	23-Oct-23	25-Oct-23	22-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231130 WB	882549	USD	60,000,000.00	60,000,000.00	26-Oct-23	31-Oct-23	30-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231213 WB	887940	USD	25,000,000.00	25,000,000.00	6-Nov-23	8-Nov-23	13-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231215 WB	869356	USD	100,000,000.00	100,000,000.00	10-Oct-23	10-Oct-23	15-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231218 WB	864410	USD	44,000,000.00	44,000,000.00	4-Oct-23	4-Oct-23	18-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231218 WB	864411	USD	50,000,000.00	50,000,000.00	4-Oct-23	4-Oct-23	18-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231218 WB	867137	USD	50,000,000.00	50,000,000.00	5-Oct-23	6-Oct-23	18-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231220 WB	903351	USD	25,000,000.00	25,000,000.00	13-Nov-23	15-Nov-23	20-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231227 WB	911447	USD	40,000,000.00	40,000,000.00	20-Nov-23	22-Nov-23	27-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231228 WB	915202	USD	60,000,000.00	60,000,000.00	27-Nov-23	30-Nov-23	28-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231228 WB	915203	USD	110,000,000.00	110,000,000.00	27-Nov-23	1-Dec-23	28-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240102 WB	867135	USD	100,000,000.00	100,000,000.00	5-Oct-23	5-Oct-23	2-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240103 WB	890163	USD	100,000,000.00	100,000,000.00	7-Nov-23	7-Nov-23	3-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240104 WB	886143	USD	25,000,000.00	25,000,000.00	1-Nov-23	1-Nov-23	4-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240105 WB	881005	USD	150,000,000.00	150,000,000.00	24-Oct-23	24-Oct-23	5-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240105 WB	904985	USD	25,000,000.00	25,000,000.00	15-Nov-23	15-Nov-23	5-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240108 WB	877326	USD	20,000,000.00	20,000,000.00	17-Oct-23	17-Oct-23	8-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240109 WB	870354	USD	20,000,000.00	20,000,000.00	11-Oct-23	11-Oct-23	9-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240109 WB	883367	USD	40,000,000.00	40,000,000.00	27-Oct-23	31-Oct-23	9-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240110 WB	886924	USD	100,000,000.00	100,000,000.00	2-Nov-23	2-Nov-23	10-Jan-24

Page 1 of 8

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240110 WB	915204	USD	20,000,000.00	20,000,000.00	27-Nov-23	27-Nov-23	10-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240110 WB	926817	USD	25,000,000.00	25,000,000.00	11-Dec-23	13-Dec-23	10-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240112 WB	886923	USD	100,000,000.00	100,000,000.00	2-Nov-23	2-Nov-23	12-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240116 WB	864427	USD	35,000,000.00	35,000,000.00	4-Oct-23	4-Oct-23	16-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240117 WB	886925	USD	100,000,000.00	100,000,000.00	2-Nov-23	2-Nov-23	17-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240119 WB	868007	USD	150,000,000.00	150,000,000.00	6-Oct-23	6-Oct-23	19-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240122 WB	887935	USD	100,000,000.00	100,000,000.00	6-Nov-23	6-Nov-23	22-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240122 WB	890161	USD	50,000,000.00	50,000,000.00	7-Nov-23	7-Nov-23	22-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240122 WB	890162	USD	100,000,000.00	100,000,000.00	7-Nov-23	7-Nov-23	22-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240124 WB	885442	USD	100,000,000.00	100,000,000.00	31-Oct-23	31-Oct-23	24-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240124 WB	890164	USD	150,000,000.00	150,000,000.00	7-Nov-23	8-Nov-23	24-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240126 WB	887933	USD	25,000,000.00	25,000,000.00	6-Nov-23	6-Nov-23	26-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240126 WB	887934	USD	100,000,000.00	100,000,000.00	6-Nov-23	6-Nov-23	26-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240126 WB	887947	USD	5,000,000.00	5,000,000.00	6-Nov-23	7-Nov-23	26-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240130 WB	915207	USD	25,000,000.00	25,000,000.00	27-Nov-23	28-Nov-23	30-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240131 WB	864415	USD	50,000,000.00	50,000,000.00	4-Oct-23	4-Oct-23	31-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240131 WB	881003	USD	250,000,000.00	250,000,000.00	24-Oct-23	24-Oct-23	31-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240131 WB	881004	USD	100,000,000.00	100,000,000.00	24-Oct-23	24-Oct-23	31-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240131 WB	885439	USD	250,000,000.00	250,000,000.00	31-Oct-23	1-Nov-23	31-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240131 WB	885447	USD	100,000,000.00	100,000,000.00	31-Oct-23	31-Oct-23	31-Jan-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240202 WB	910756	USD	200,000,000.00	200,000,000.00	17-Nov-23	17-Nov-23	2-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240205 WB	863138	USD	10,000,000.00	10,000,000.00	2-Oct-23	5-Oct-23	5-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240205 WB	890904	USD	200,000,000.00	200,000,000.00	8-Nov-23	9-Nov-23	5-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240205 WB	890905	USD	100,000,000.00	100,000,000.00	8-Nov-23	9-Nov-23	5-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240207 WB	864416	USD	50,000,000.00	50,000,000.00	4-Oct-23	4-Oct-23	7-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240207 WB	890165	USD	250,000,000.00	250,000,000.00	7-Nov-23	8-Nov-23	7-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240209 WB	872325	USD	100,000,000.00	100,000,000.00	16-Oct-23	17-Oct-23	9-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240209 WB	913107	USD	35,000,000.00	35,000,000.00	22-Nov-23	22-Nov-23	9-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240214 WB	872329	USD	50,000,000.00	50,000,000.00	16-Oct-23	18-Oct-23	14-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240214 WB	904298	USD	50,000,000.00	50,000,000.00	14-Nov-23	17-Nov-23	14-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240214 WB	915205	USD	40,000,000.00	40,000,000.00	27-Nov-23	27-Nov-23	14-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240214 WB	924383	USD	40,000,000.00	40,000,000.00	6-Dec-23	7-Dec-23	14-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240215 WB	904986	USD	250,000,000.00	250,000,000.00	15-Nov-23	15-Nov-23	15-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240215 WB	904988	USD	200,000,000.00	200,000,000.00	15-Nov-23	16-Nov-23	15-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240216 WB	890902	USD	5,000,000.00	5,000,000.00	8-Nov-23	9-Nov-23	16-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240220 WB	905786	USD	150,000,000.00	150,000,000.00	16-Nov-23	16-Nov-23	20-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240221 WB	881002	USD	25,000,000.00	25,000,000.00	24-Oct-23	27-Oct-23	21-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240221 WB	904299	USD	50,000,000.00	50,000,000.00	14-Nov-23	17-Nov-23	21-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240223 WB	863136	USD	100,000,000.00	100,000,000.00	2-Oct-23	2-Oct-23	23-Feb-24

Page 2 of 8

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240223 WB	869360	USD	100,000,000.00	100,000,000.00	10-Oct-23	11-Oct-23	23-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240228 WB	886141	USD	50,000,000.00	50,000,000.00	1-Nov-23	1-Nov-23	28-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240228 WB	887945	USD	50,000,000.00	50,000,000.00	6-Nov-23	6-Nov-23	28-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240229 WB	904987	USD	25,000,000.00	25,000,000.00	15-Nov-23	15-Nov-23	29-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240229 WB	918373	USD	165,000,000.00	165,000,000.00	30-Nov-23	30-Nov-23	29-Feb-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240301 WB	864417	USD	100,000,000.00	100,000,000.00	4-Oct-23	4-Oct-23	1-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240301 WB	867134	USD	100,000,000.00	100,000,000.00	5-Oct-23	5-Oct-23	1-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240301 WB	872326	USD	100,000,000.00	100,000,000.00	16-Oct-23	17-Oct-23	1-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240301 WB	904984	USD	25,000,000.00	25,000,000.00	15-Nov-23	15-Nov-23	1-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240306 WB	887944	USD	50,000,000.00	50,000,000.00	6-Nov-23	6-Nov-23	6-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240307 WB	926816	USD	15,000,000.00	15,000,000.00	11-Dec-23	12-Dec-23	7-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240308 WB	928645	USD	100,000,000.00	100,000,000.00	13-Dec-23	13-Dec-23	8-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240311 WB	935720	USD	100,000,000.00	100,000,000.00	19-Dec-23	19-Dec-23	11-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240312 WB	869358	USD	100,000,000.00	100,000,000.00	10-Oct-23	11-Oct-23	12-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240313 WB	911448	USD	100,000,000.00	100,000,000.00	20-Nov-23	22-Nov-23	13-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240314 WB	911449	USD	30,000,000.00	30,000,000.00	20-Nov-23	20-Nov-23	14-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240315 WB	882550	USD	20,000,000.00	20,000,000.00	26-Oct-23	27-Oct-23	15-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240315 WB	929330	USD	100,000,000.00	100,000,000.00	14-Dec-23	14-Dec-23	15-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240318 WB	916167	USD	40,000,000.00	40,000,000.00	28-Nov-23	28-Nov-23	18-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240320 WB	918372	USD	10,000,000.00	10,000,000.00	30-Nov-23	1-Dec-23	20-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240320 WB	925272	USD	152,502,000.00	152,502,000.00	7-Dec-23	7-Dec-23	20-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240320 WB	930531	USD	150,000,000.00	150,000,000.00	18-Dec-23	18-Dec-23	20-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240322 WB	916164	USD	955,000.00	955,000.00	28-Nov-23	29-Nov-23	22-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240322 WB	924384	USD	5,000,000.00	5,000,000.00	6-Dec-23	8-Dec-23	22-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240322 WB	925271	USD	200,000,000.00	200,000,000.00	7-Dec-23	7-Dec-23	22-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240325 WB	863137	USD	100,000,000.00	100,000,000.00	2-Oct-23	2-Oct-23	25-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240325 WB	864413	USD	100,000,000.00	100,000,000.00	4-Oct-23	4-Oct-23	25-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240325 WB	884276	USD	100,000,000.00	100,000,000.00	30-Oct-23	31-Oct-23	25-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240327 WB	913109	USD	50,000,000.00	50,000,000.00	22-Nov-23	22-Nov-23	27-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240329 WB	878375	USD	50,000,000.00	50,000,000.00	19-Oct-23	19-Oct-23	29-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240329 WB	881006	USD	100,000,000.00	100,000,000.00	24-Oct-23	25-Oct-23	29-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240329 WB	881007	USD	100,000,000.00	100,000,000.00	24-Oct-23	25-Oct-23	29-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240329 WB	882545	USD	100,000,000.00	100,000,000.00	26-Oct-23	26-Oct-23	29-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240329 WB	884275	USD	100,000,000.00	100,000,000.00	30-Oct-23	31-Oct-23	29-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240329 WB	886922	USD	100,000,000.00	100,000,000.00	2-Nov-23	2-Nov-23	29-Mar-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240402 WB	869361	USD	100,000,000.00	100,000,000.00	10-Oct-23	11-Oct-23	2-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240402 WB	877325	USD	100,000,000.00	100,000,000.00	17-Oct-23	18-Oct-23	2-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240402 WB	887938	USD	100,000,000.00	100,000,000.00	6-Nov-23	6-Nov-23	2-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240402 WB	926820	USD	100,000,000.00	100,000,000.00	11-Dec-23	13-Dec-23	2-Apr-24

Page 3 of 8

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240409 WB	916166	USD	100,000,000.00	100,000,000.00	28-Nov-23	28-Nov-23	9-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240410 WB	920951	USD	50,000,000.00	50,000,000.00	5-Dec-23	6-Dec-23	10-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240416 WB	928651	USD	40,000,000.00	40,000,000.00	13-Dec-23	14-Dec-23	16-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240417 WB	926072	USD	50,000,000.00	50,000,000.00	8-Dec-23	15-Dec-23	17-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240422 WB	929326	USD	50,000,000.00	50,000,000.00	14-Dec-23	14-Dec-23	22-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240422 WB	930061	USD	40,000,000.00	40,000,000.00	15-Dec-23	18-Dec-23	22-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240424 WB	913105	USD	50,000,000.00	50,000,000.00	22-Nov-23	22-Nov-23	24-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240424 WB	927957	USD	100,000,000.00	100,000,000.00	12-Dec-23	13-Dec-23	24-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240426 WB	877327	USD	100,000,000.00	100,000,000.00	17-Oct-23	18-Oct-23	26-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240426 WB	877328	USD	100,000,000.00	100,000,000.00	17-Oct-23	18-Oct-23	26-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240426 WB	920456	USD	20,000,000.00	20,000,000.00	4-Dec-23	5-Dec-23	26-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240426 WB	930063	USD	50,000,000.00	50,000,000.00	15-Dec-23	18-Dec-23	26-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240430 WB	885440	USD	250,000,000.00	250,000,000.00	31-Oct-23	1-Nov-23	30-Apr-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240501 WB	886142	USD	100,000,000.00	100,000,000.00	1-Nov-23	2-Nov-23	1-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240501 WB	887939	USD	50,000,000.00	50,000,000.00	6-Nov-23	6-Nov-23	1-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240501 WB	887941	USD	50,000,000.00	50,000,000.00	6-Nov-23	6-Nov-23	1-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240501 WB	911966	USD	100,000,000.00	100,000,000.00	21-Nov-23	21-Nov-23	1-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240501 WB	911969	USD	100,000,000.00	100,000,000.00	21-Nov-23	21-Nov-23	1-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240501 WB	916160	USD	100,000,000.00	100,000,000.00	28-Nov-23	28-Nov-23	1-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240502 WB	919234	USD	200,000,000.00	200,000,000.00	1-Dec-23	1-Dec-23	2-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240502 WB	919235	USD	100,000,000.00	100,000,000.00	1-Dec-23	1-Dec-23	2-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240506 WB	929328	USD	50,000,000.00	50,000,000.00	14-Dec-23	14-Dec-23	6-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240508 WB	911965	USD	100,000,000.00	100,000,000.00	21-Nov-23	21-Nov-23	8-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240508 WB	919238	USD	50,000,000.00	50,000,000.00	1-Dec-23	1-Dec-23	8-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240510 WB	930530	USD	25,000,000.00	25,000,000.00	18-Dec-23	18-Dec-23	10-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240514 WB	928650	USD	100,000,000.00	100,000,000.00	13-Dec-23	13-Dec-23	14-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240515 WB	887936	USD	50,000,000.00	50,000,000.00	6-Nov-23	7-Nov-23	15-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240515 WB	916161	USD	100,000,000.00	100,000,000.00	28-Nov-23	29-Nov-23	15-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240515 WB	935715	USD	100,000,000.00	100,000,000.00	19-Dec-23	20-Dec-23	15-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240517 WB	890901	USD	5,000,000.00	5,000,000.00	8-Nov-23	9-Nov-23	17-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240517 WB	913106	USD	25,000,000.00	25,000,000.00	22-Nov-23	22-Nov-23	17-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240517 WB	930056	USD	25,000,000.00	25,000,000.00	15-Dec-23	15-Dec-23	17-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240520 WB	910757	USD	50,000,000.00	50,000,000.00	17-Nov-23	17-Nov-23	20-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240520 WB	930532	USD	50,000,000.00	50,000,000.00	18-Dec-23	18-Dec-23	20-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240522 WB	910758	USD	50,000,000.00	50,000,000.00	17-Nov-23	17-Nov-23	22-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240524 WB	905785	USD	100,000,000.00	100,000,000.00	16-Nov-23	16-Nov-23	24-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240524 WB	920953	USD	90,000,000.00	90,000,000.00	5-Dec-23	5-Dec-23	24-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240524 WB	928649	USD	100,000,000.00	100,000,000.00	13-Dec-23	13-Dec-23	24-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240529 WB	924382	USD	150,000,000.00	150,000,000.00	6-Dec-23	6-Dec-23	29-May-24

Page 4 of 8

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240530 WB	916170	USD	9,890,000.00	9,890,000.00	28-Nov-23	29-Nov-23	30-May-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240603 WB	916165	USD	15,292,000.00	15,292,000.00	28-Nov-23	28-Nov-23	3-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240603 WB	927955	USD	18,270,000.00	18,270,000.00	12-Dec-23	12-Dec-23	3-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240603 WB	935718	USD	15,474,000.00	15,474,000.00	19-Dec-23	19-Dec-23	3-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240614 WB	920952	USD	25,000,000.00	25,000,000.00	5-Dec-23	6-Dec-23	14-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240614 WB	930055	USD	25,000,000.00	25,000,000.00	15-Dec-23	15-Dec-23	14-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240617 WB	887937	USD	50,000,000.00	50,000,000.00	6-Nov-23	7-Nov-23	17-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240621 WB	927954	USD	25,000,000.00	25,000,000.00	12-Dec-23	13-Dec-23	21-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240621 WB	929327	USD	50,000,000.00	50,000,000.00	14-Dec-23	14-Dec-23	21-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240621 WB	929329	USD	15,000,000.00	15,000,000.00	14-Dec-23	15-Dec-23	21-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240621 WB	929331	USD	100,000,000.00	100,000,000.00	14-Dec-23	14-Dec-23	21-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240621 WB	929332	USD	25,000,000.00	25,000,000.00	14-Dec-23	14-Dec-23	21-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240628 WB	930533	USD	50,000,000.00	50,000,000.00	18-Dec-23	19-Dec-23	28-Jun-24
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20240628 WB	935719	USD	100,000,000.00	100,000,000.00	19-Dec-23	19-Dec-23	28-Jun-24
Sub-total New Borrowings				11,706,383,000.00	11,706,383,000.00
Total New Borrowings					11,706,383,000.00
Maturing Borrowings
United States Dollars
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231002 WB	711044	USD	(30,000,000.00)	(30,000,000.00)	17-Apr-23	18-Apr-23	2-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231002 WB	719558	USD	(100,000,000.00)	(100,000,000.00)	24-Apr-23	24-Apr-23	2-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231002 WB	750179	USD	(100,000,000.00)	(100,000,000.00)	31-May-23	31-May-23	2-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231002 WB	801976	USD	(100,000,000.00)	(100,000,000.00)	26-Jul-23	26-Jul-23	2-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231002 WB	801978	USD	(100,000,000.00)	(100,000,000.00)	26-Jul-23	26-Jul-23	2-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231002 WB	838848	USD	(150,000,000.00)	(150,000,000.00)	11-Sep-23	11-Sep-23	2-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231005 WB	693629	USD	(25,000,000.00)	(25,000,000.00)	21-Mar-23	21-Mar-23	5-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231005 WB	762344	USD	(5,000,000.00)	(5,000,000.00)	15-Jun-23	16-Jun-23	5-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231005 WB	780008	USD	(1,000,000.00)	(1,000,000.00)	7-Jul-23	7-Jul-23	5-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231005 WB	830879	USD	(10,000,000.00)	(10,000,000.00)	30-Aug-23	5-Sep-23	5-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231006 WB	731196	USD	(50,000,000.00)	(50,000,000.00)	8-May-23	8-May-23	6-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231006 WB	792654	USD	(150,000,000.00)	(150,000,000.00)	17-Jul-23	17-Jul-23	6-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231006 WB	801247	USD	(100,000,000.00)	(100,000,000.00)	25-Jul-23	25-Jul-23	6-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231010 WB	692675	USD	(10,000,000.00)	(10,000,000.00)	20-Mar-23	20-Mar-23	10-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231010 WB	802693	USD	(20,000,000.00)	(20,000,000.00)	27-Jul-23	28-Jul-23	10-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231010 WB	816070	USD	(20,000,000.00)	(20,000,000.00)	14-Aug-23	14-Aug-23	10-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231010 WB	817223	USD	(20,000,000.00)	(20,000,000.00)	15-Aug-23	16-Aug-23	10-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231010 WB	861999	USD	(30,000,000.00)	(30,000,000.00)	29-Sep-23	29-Sep-23	10-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231011 WB	801255	USD	(50,000,000.00)	(50,000,000.00)	25-Jul-23	25-Jul-23	11-Oct-23

Page 5 of 8

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231011 WB	862000	USD	(30,000,000.00)	(30,000,000.00)	29-Sep-23	29-Sep-23	11-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231013 WB	702148	USD	(100,000,000.00)	(100,000,000.00)	4-Apr-23	5-Apr-23	13-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231013 WB	859423	USD	(150,000,000.00)	(150,000,000.00)	26-Sep-23	26-Sep-23	13-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231013 WB	859425	USD	(150,000,000.00)	(150,000,000.00)	26-Sep-23	26-Sep-23	13-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231016 WB	716093	USD	(100,000,000.00)	(100,000,000.00)	18-Apr-23	19-Apr-23	16-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231016 WB	717351	USD	(100,000,000.00)	(100,000,000.00)	20-Apr-23	21-Apr-23	16-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231016 WB	719555	USD	(100,000,000.00)	(100,000,000.00)	24-Apr-23	25-Apr-23	16-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231018 WB	801980	USD	(50,000,000.00)	(50,000,000.00)	26-Jul-23	28-Jul-23	18-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231018 WB	856043	USD	(10,000,000.00)	(10,000,000.00)	20-Sep-23	20-Sep-23	18-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231020 WB	749142	USD	(50,000,000.00)	(50,000,000.00)	30-May-23	30-May-23	20-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231020 WB	808726	USD	(100,000,000.00)	(100,000,000.00)	4-Aug-23	4-Aug-23	20-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231020 WB	858749	USD	(100,000,000.00)	(100,000,000.00)	25-Sep-23	25-Sep-23	20-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231020 WB	859420	USD	(150,000,000.00)	(150,000,000.00)	26-Sep-23	26-Sep-23	20-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231023 WB	692676	USD	(10,000,000.00)	(10,000,000.00)	20-Mar-23	20-Mar-23	23-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231025 WB	801981	USD	(50,000,000.00)	(50,000,000.00)	26-Jul-23	26-Jul-23	25-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231026 WB	801246	USD	(4,000,000.00)	(4,000,000.00)	25-Jul-23	25-Jul-23	26-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231027 WB	749141	USD	(100,000,000.00)	(100,000,000.00)	30-May-23	31-May-23	27-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231027 WB	756668	USD	(100,000,000.00)	(100,000,000.00)	6-Jun-23	6-Jun-23	27-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231027 WB	758976	USD	(100,000,000.00)	(100,000,000.00)	9-Jun-23	9-Jun-23	27-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231027 WB	762346	USD	(100,000,000.00)	(100,000,000.00)	15-Jun-23	15-Jun-23	27-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231027 WB	797697	USD	(100,000,000.00)	(100,000,000.00)	18-Jul-23	18-Jul-23	27-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231030 WB	806858	USD	(250,000,000.00)	(250,000,000.00)	1-Aug-23	2-Aug-23	30-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231031 WB	858753	USD	(170,000,000.00)	(170,000,000.00)	25-Sep-23	2-Oct-23	31-Oct-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231101 WB	721778	USD	(30,000,000.00)	(30,000,000.00)	26-Apr-23	28-Apr-23	1-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231101 WB	756669	USD	(100,000,000.00)	(100,000,000.00)	6-Jun-23	6-Jun-23	1-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231101 WB	758975	USD	(100,000,000.00)	(100,000,000.00)	9-Jun-23	9-Jun-23	1-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231101 WB	760492	USD	(50,000,000.00)	(50,000,000.00)	13-Jun-23	13-Jun-23	1-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231101 WB	797698	USD	(100,000,000.00)	(100,000,000.00)	18-Jul-23	18-Jul-23	1-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231101 WB	801979	USD	(100,000,000.00)	(100,000,000.00)	26-Jul-23	26-Jul-23	1-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231101 WB	808227	USD	(50,000,000.00)	(50,000,000.00)	3-Aug-23	4-Aug-23	1-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231106 WB	826872	USD	(100,000,000.00)	(100,000,000.00)	23-Aug-23	24-Aug-23	6-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231106 WB	826875	USD	(100,000,000.00)	(100,000,000.00)	23-Aug-23	24-Aug-23	6-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231108 WB	762343	USD	(100,000,000.00)	(100,000,000.00)	15-Jun-23	15-Jun-23	8-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231108 WB	808230	USD	(25,000,000.00)	(25,000,000.00)	3-Aug-23	7-Aug-23	8-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231108 WB	826869	USD	(50,000,000.00)	(50,000,000.00)	23-Aug-23	23-Aug-23	8-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231108 WB	826871	USD	(50,000,000.00)	(50,000,000.00)	23-Aug-23	23-Aug-23	8-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231108 WB	863915	USD	(25,000,000.00)	(25,000,000.00)	3-Oct-23	4-Oct-23	8-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231109 WB	838845	USD	(80,000,000.00)	(80,000,000.00)	11-Sep-23	11-Sep-23	9-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231110 WB	817218	USD	(50,000,000.00)	(50,000,000.00)	15-Aug-23	15-Aug-23	10-Nov-23

Page 6 of 8

Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231115 WB	732062	USD	(50,000,000.00)	(50,000,000.00)	9-May-23	10-May-23	15-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231115 WB	817855	USD	(150,000,000.00)	(150,000,000.00)	16-Aug-23	16-Aug-23	15-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231115 WB	826870	USD	(100,000,000.00)	(100,000,000.00)	23-Aug-23	23-Aug-23	15-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231115 WB	830873	USD	(200,000,000.00)	(200,000,000.00)	30-Aug-23	31-Aug-23	15-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231115 WB	869359	USD	(25,000,000.00)	(25,000,000.00)	10-Oct-23	11-Oct-23	15-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231116 WB	735713	USD	(5,000,000.00)	(5,000,000.00)	15-May-23	15-May-23	16-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231116 WB	826874	USD	(235,784,000.00)	(235,784,000.00)	23-Aug-23	24-Aug-23	16-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231117 WB	817219	USD	(50,000,000.00)	(50,000,000.00)	15-Aug-23	15-Aug-23	17-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231117 WB	830877	USD	(100,000,000.00)	(100,000,000.00)	30-Aug-23	30-Aug-23	17-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231120 WB	826868	USD	(100,000,000.00)	(100,000,000.00)	23-Aug-23	23-Aug-23	20-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231122 WB	839607	USD	(352,502,000.00)	(352,502,000.00)	12-Sep-23	12-Sep-23	22-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231122 WB	877324	USD	(25,000,000.00)	(25,000,000.00)	17-Oct-23	18-Oct-23	22-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231122 WB	880231	USD	(15,000,000.00)	(15,000,000.00)	23-Oct-23	25-Oct-23	22-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231127 WB	762345	USD	(100,000,000.00)	(100,000,000.00)	15-Jun-23	15-Jun-23	27-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231127 WB	788876	USD	(100,000,000.00)	(100,000,000.00)	11-Jul-23	11-Jul-23	27-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231127 WB	790755	USD	(100,000,000.00)	(100,000,000.00)	13-Jul-23	13-Jul-23	27-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231128 WB	808725	USD	(250,000,000.00)	(250,000,000.00)	4-Aug-23	7-Aug-23	28-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231130 WB	830872	USD	(132,000,000.00)	(132,000,000.00)	30-Aug-23	30-Aug-23	30-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231130 WB	882549	USD	(60,000,000.00)	(60,000,000.00)	26-Oct-23	31-Oct-23	30-Nov-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231201 WB	749139	USD	(4,500,000.00)	(4,500,000.00)	30-May-23	30-May-23	1-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231201 WB	760494	USD	(100,000,000.00)	(100,000,000.00)	13-Jun-23	13-Jun-23	1-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231201 WB	761295	USD	(100,000,000.00)	(100,000,000.00)	14-Jun-23	14-Jun-23	1-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231201 WB	762347	USD	(100,000,000.00)	(100,000,000.00)	15-Jun-23	15-Jun-23	1-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231201 WB	769278	USD	(100,000,000.00)	(100,000,000.00)	20-Jun-23	26-Jun-23	1-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231204 WB	780007	USD	(5,000,000.00)	(5,000,000.00)	7-Jul-23	7-Jul-23	4-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231204 WB	812650	USD	(100,000,000.00)	(100,000,000.00)	8-Aug-23	9-Aug-23	4-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231204 WB	833377	USD	(100,000,000.00)	(100,000,000.00)	5-Sep-23	5-Sep-23	4-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231204 WB	839605	USD	(200,000,000.00)	(200,000,000.00)	12-Sep-23	15-Sep-23	4-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231205 WB	753783	USD	(50,000,000.00)	(50,000,000.00)	5-Jun-23	6-Jun-23	5-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231205 WB	826873	USD	(30,000,000.00)	(30,000,000.00)	23-Aug-23	23-Aug-23	5-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231207 WB	753781	USD	(100,000,000.00)	(100,000,000.00)	5-Jun-23	6-Jun-23	7-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231207 WB	753782	USD	(150,000,000.00)	(150,000,000.00)	5-Jun-23	6-Jun-23	7-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231207 WB	839604	USD	(100,000,000.00)	(100,000,000.00)	12-Sep-23	12-Sep-23	7-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231208 WB	778876	USD	(100,000,000.00)	(100,000,000.00)	5-Jul-23	6-Jul-23	8-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231208 WB	788005	USD	(100,000,000.00)	(100,000,000.00)	10-Jul-23	11-Jul-23	8-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231211 WB	838851	USD	(20,000,000.00)	(20,000,000.00)	11-Sep-23	11-Sep-23	11-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231211 WB	858755	USD	(50,000,000.00)	(50,000,000.00)	25-Sep-23	25-Sep-23	11-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231213 WB	856042	USD	(1,800,000.00)	(1,800,000.00)	20-Sep-23	20-Sep-23	13-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231213 WB	887940	USD	(25,000,000.00)	(25,000,000.00)	6-Nov-23	8-Nov-23	13-Dec-23

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Borrowing Type	Description	Trade Id	Currency	Currency Amount	US$ Equivalent	Trade Date	Settlement Date	Maturity Date
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231214 WB	858751	USD	(35,000,000.00)	(35,000,000.00)	25-Sep-23	25-Sep-23	14-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231214 WB	859424	USD	(35,000,000.00)	(35,000,000.00)	26-Sep-23	27-Sep-23	14-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231215 WB	812651	USD	(200,000,000.00)	(200,000,000.00)	8-Aug-23	9-Aug-23	15-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231215 WB	833378	USD	(200,000,000.00)	(200,000,000.00)	5-Sep-23	5-Sep-23	15-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231215 WB	838847	USD	(47,498,000.00)	(47,498,000.00)	11-Sep-23	11-Sep-23	15-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231215 WB	838852	USD	(50,000,000.00)	(50,000,000.00)	11-Sep-23	13-Sep-23	15-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231215 WB	857746	USD	(100,000,000.00)	(100,000,000.00)	22-Sep-23	25-Sep-23	15-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231215 WB	858750	USD	(35,000,000.00)	(35,000,000.00)	25-Sep-23	25-Sep-23	15-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231215 WB	869356	USD	(100,000,000.00)	(100,000,000.00)	10-Oct-23	10-Oct-23	15-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231218 WB	864410	USD	(44,000,000.00)	(44,000,000.00)	4-Oct-23	4-Oct-23	18-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231218 WB	864411	USD	(50,000,000.00)	(50,000,000.00)	4-Oct-23	4-Oct-23	18-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231218 WB	867137	USD	(50,000,000.00)	(50,000,000.00)	5-Oct-23	6-Oct-23	18-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231219 WB	698086	USD	(25,000,000.00)	(25,000,000.00)	29-Mar-23	29-Mar-23	19-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231220 WB	858757	USD	(170,000,000.00)	(170,000,000.00)	25-Sep-23	25-Sep-23	20-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231220 WB	903351	USD	(25,000,000.00)	(25,000,000.00)	13-Nov-23	15-Nov-23	20-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231226 WB	770395	USD	(100,000,000.00)	(100,000,000.00)	21-Jun-23	21-Jun-23	26-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231226 WB	813304	USD	(100,000,000.00)	(100,000,000.00)	9-Aug-23	10-Aug-23	26-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231227 WB	838853	USD	(50,000,000.00)	(50,000,000.00)	11-Sep-23	13-Sep-23	27-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231227 WB	911447	USD	(40,000,000.00)	(40,000,000.00)	20-Nov-23	22-Nov-23	27-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231228 WB	915202	USD	(60,000,000.00)	(60,000,000.00)	27-Nov-23	30-Nov-23	28-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231228 WB	915203	USD	(110,000,000.00)	(110,000,000.00)	27-Nov-23	1-Dec-23	28-Dec-23
	DIN/SELL USD/IBRD/NULL/IBRDUS 0 20231229 WB	862001	USD	(100,000,000.00)	(100,000,000.00)	29-Sep-23	29-Sep-23	29-Dec-23
Sub-total Maturing Borrowings				(9,768,084,000.00)	(9,768,084,000.00)
Total Maturing Borrowings					(9,768,084,000.00)

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