Announcements


Launch Date : Feb 19, 2019
Description :

Due to inclement weather, WBG Washington Offices will be CLOSED on February 20. Other activities such as offsite training sessions are cancelled.

Information on accessing WBG systems remotely can be found here.

This information is also available by calling into WBG's 24/7 Alert Line at 202 458 7669 (8-SNOW).

Please refer to this Announcement on how the Bank Group determines its operating status and leave options available to staff.


Launch Date : Feb 19, 2019
Description :

The World Bank Group would like to remind you regarding the regulations that were issued in late December 2011 under the Foreign Account Tax Compliance Act (FATCA). Under its provisions, starting with the 2011 tax return, U.S. citizens and other "specified individuals" (including certain resident aliens and nonresident aliens)[1] who file a federal U.S. tax return are required to report their "specified foreign financial assets" on a Form 8938 if their aggregate value exceeds certain thresholds (described below).  The Form must be attached to your annual federal tax return. Failure to report may result in a significant penalty ($10,000 or more). The regulations continue to be applicable to the World Bank Staff Retirement Plan ("SRP") participants and Retirees. Under the regulations currently in effect, your interest in the SRP is a specified foreign financial asset and may be subject to reporting. This reporting requirement is solely a disclosure requirement; it does not affect your taxable income or income tax liability. 

If you are not required to file (and do not otherwise file) a federal tax return, you are NOT subject to this new reporting requirement.  To determine if a Form 8938 disclosure is required, the dollar value of all foreign financial assets (including your interest in the  SRP, valued as described in the following paragraph) must be taken into account, excluding those held through U.S. financial institutions (such as U.S. banks and brokerage firms as well as U.S. branches of foreign banks and brokerage firms).  For married individuals filing a joint federal tax return, you must file Form 8938 if the value of the combined specified foreign financial assets in which either spouse has an interest exceeds $100,000 on the last day of the taxable year or exceeds $150,000 at any time during the year.  The corresponding figures for a U.S. individual filing a single return are $50,000 and $75,000.  Higher dollar thresholds apply to U.S. individuals who reside abroad.

If you are required to file Form 8938 because the value of all your specified foreign financial assets exceeds the applicable reporting threshold, you may be required to report your interest in the SRP as follows: 

  • Active Net Plan participant who is not eligible for the lifetime pension[2]: If you are a participant in the Net Plan and are not yet eligible for the lifetime pension, you must report the fair market value of your interest in the SRP, which is the U.S. dollar equivalent total lump sum benefit (all SRP components as listed on your pension benefits summary.  This information is available from myHR's Self-Service if your salary is paid in U. S dollars. If your salary is paid in a currency other than U.S. dollars, please note that while your Cash Balance and Country Office Savings Plan (if applicable) are maintained in U.S. dollars and no conversion is necessary, your Defined Benefit and Termination Grant (if applicable) components are shown in the currency of your current salary and need to be converted into U.S. dollar equivalents. Please refer to the instruction of IRS Form 8938 for guidance). 
  • Active Net Plan participant who is eligible for a lifetime pension[3]: If you are a participant in the Net Plan and are eligible for a lifetime pension, the value of your defined benefit is not readily ascertainable.  In this case, under the special valuation rules, you should report the value of your interest in the SRP as zero.  Please note that if the fair market value of your SRP interest is zero, you have to file Form 8938 only if the value of your other specified foreign assets exceeds the above-referenced thresholds.
  • Active Gross Plan participant: If you are a participant in the Gross Plan, the value of your defined benefit is not readily ascertainable.  In this case, under the special valuation rules, you should report the value of your interest in the SRP as zero.  Please note that if the fair market value of your SRP interest is zero, you have to file Form 8938 only if the value of your other specified foreign assets exceeds the above-referenced thresholds.
  • Retiree (Gross and Net Plans): If you are a retiree, the value of your interest in the SRP is not readily ascertainable.  The regulations allow your interest in the SRP to be treated as having a value equal to the amount of the distributions received in the most recent taxable year, as reported to you on Form 1099-R, which you should have received in mid to late January.   If you have not received any distributions from the SRP in 2017, then the value of your interest in the SRP is zero.

US Internal Revenue Service has designated the special page on its web-site to provide information about Foreign Account Tax Compliance Act at https://www.irs.gov/businesses/corporations/fatca-information-for-individuals

The blank IRS Form 8938 and its instructions are available from IRS web-site at www.irs.gov free of charge.

While the Bank Group is not required to alert its pension plan participants of any changes in tax laws of any of its member countries, we are assisting you by providing this general information on an exceptional basis. The Bank Group does not assume any responsibility for any error or omission on your tax return that may have been filed by you before or after reading this alert. This notice does not constitute a professional tax or legal advice. It is your responsibility to comply with all provisions of law, which may be subject to change. Accordingly, we urge you to consult with a professional tax adviser if you are not sure whether and how FATCA applies in your particular situation.



[1] Under the regulations, you are a "specified individual" if you are a U.S. citizen, a resident alien of the U.S. for any part of the tax year, a nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return, or a nonresident alien who is a bone fide resident of American Samoa or Puerto Rico (please refer to IRS Publication 570). The special rules also apply for cases when an individual is a U.S. tax resident according to one or more tests of residency, but elects to be taxed as a resident of another country under the provisions of a U.S. income tax treaty. Please refer to Instructions of IRS Form 8938 for additional information.

[2] You have either less than 10 years of pensionable service in the plan or 5 to 10 years and do not meet rule of 60 (your age + pensionable service  is 60 or more)

[3] You have either 10 or more years of pensionable service or 5 or more years of pensionable service and  meet the rule of 60 (age plus service totals 60 or more).


Launch Date : Feb 15, 2019
Description :

On February 15, 2019, the World Bank Group was notified that the official name of the country has changed from the former Yugoslav Republic of Macedonia to the Republic of North Macedonia. 


This name will henceforth be used in official World Bank Group documents.  In listing names of countries, the name "North Macedonia" will be used.

 

Yvonne Tsikata
Vice President and Corporate Secretary



Launch Date : Feb 15, 2019
Description :

December 31, 2018 Financial Statements

The Audit Committee reviewed and discussed the December 31, 2018 Management's Discussion and Analysis (MD&A) and Financial Statements for IBRD, IDA, IFC, and MIGA on February 13, 2019. These documents report on the entities' financial and operational results for the first six months of the fiscal year, and are now publicly available online for IBRD, IDA, IFC, and MIGA.

Aggregate WBG commitments for FY19 YTD were 5% lower compared with prior YTD. This was driven by the decrease in commitments for IBRD and IFC, partially offset by the increase in commitments for MIGA and IDA.

IBRD's allocable income increased by 33% compared with FY18 YTD, primarily due to higher equity contribution and business revenue and a decrease in loan loss provisions in FY19 YTD, compared with FY18 YTD.

IFC's FY19 YTD total commitments consisted of $2.9 billion for the Long-Term Finance program and $3.9 billion for Core Mobilization.

MIGA issued a record high of new guarantees totaling $2.9 billion in FY19 YTD, representing 52% of the full year plan and an increase of 63% over FY18 YTD.

Below are some key measures from the MD&As and Financial Statements for December 2018. Also included are highlights of the performance of the individual entities along with links to information on their business models.

WBG Performance At A Glance

AAGDec2018.PNG 

Key Highlights

World Bank Group

  • WBG commitments were $24.4 billion for FY19 YTD, $1.2 billion lower compared to FY18 YTD.
  • WBG business revenue was $3.8 billion for FY19 YTD, $0.2 billion increase compared to FY18 YTD.
  • WBG gross administrative expenses were $2.7 billion for FY19 YTD, $0.07 billion increase compared to FY18 YTD.
 

IBRD

  • FY19 YTD commitments were $5.5 billion, representing 22% of projections for FY19. 
  • FY19 YTD allocable income was $557 million, a 33% increase compared with FY18 YTD, as a result of higher equity contribution and business revenue and a decrease in loan loss provision. The FY19 YTD year-end Equity-to-Loans ratio was 22.7%, above the 20% policy prudential minimum level.
  • Administrative expenses for IBRD/IDA increased year-on-year by 3%, primarily due to an increase in BETF expenses.

IBRD Business Model

IBRDModel-TN.png 

IDA

  • IDA delivered commitments in FY19 YTD of $9.3 billion, an increase of $0.6 billion compared with FY18 YTD. The Africa and South Asia regions together accounted for 94% of the FY19 YTD commitments.

IDA Business Model

IDAModel-TN.png

 

IFC

  • IFC's total commitments were $6.8 billion in FY19 YTD, compared to $7.6 billion in FY18 YTD. The Long-Term Finance program was $2.9 billion in FY19 YTD, compared to $4.7 billion in FY18 YTD and Core Mobilization was $3.9 billion in FY19 YTD, compared to $2.9 billion in FY18 YTD.
  • The accounting for IFC's equity portfolio under US GAAP changed significantly beginning in FY19 Q1 due to the implementation of a new accounting standard on financial instruments.  As a result, FY19 YTD and FY18 YTD GAAP income and income available for designations are not directly comparable.  As part of the implementation on July 1, 2018, IFC recorded a one-time transition adjustment that included an increase in equity investments and capital of $1.5 billion.
  • IFC’s had a net loss of $847 million in FY19 YTD and reported net income of $435 million in FY18 YTD. The primary driver of IFC’s net loss in FY19 YTD and decline compared to FY18 YTD was the overall loss on the equity portfolio of $833 million (including net unrealized losses, net realized gains, and dividends). This is partially offset by higher treasury income, higher loan and debt security income, and lower provisions for losses on loans and guarantees in FY19 YTD.

IFC Simplified Business Model

IFCModel-TN.png

 

MIGA

  • FY19 YTD new guarantees issued for $2.9 billion coupled with the relatively lower portfolio run-off of $0.9 billion, resulted in the Agency's gross outstanding exposure reaching a record high of $23.1 billion.
  • Operating income (net premium income less administrative expenses) grew by 14% from $28.6 million in FY18 YTD to $32.5 million in FY19 YTD.
  • FY19 YTD net income of $39.2 million is $3.9 million higher when compared to FY18 YTD due primarily to the higher income from investments and higher operating income, partially offset by the increase in reserve for claims.

MIGA Business Model

MIGAModel-TN.png 

Pam O'Connell

WBG Chief Accountant


Links to the MD&A and Financial Statements for each of the World Bank Group institutions are provided below.

For questions please contact:

The financial statements and other summary financial information are also available on the WBG Finances app available for iPhone, iPad and Android devices.

The general purpose of these financial statements is to provide information to investors in IBRD's and IFC's bonds, rating agencies, members and shareholders, as well as other stakeholders, about the results of operations, financial position, and cash flows of the institutions. The MD&A is an integral part of the financial statements and provides a narrative explanation from management's perspective of how the institutions have performed over the past year. In particular, in addition to information on the financial performance of the WBG entities, the MD&A provides useful information on the business models, governance and risk management of each entity.


Launch Date : Feb 15, 2019
Description : This is an IFC Announcement and description is currently not available
Launch Date : Feb 15, 2019
Description :

 

I am pleased to announce the appointment of Dinka Zuro as Chief Administrative Officer, Finance Partners Unit (BPSFP), in the Budget, Performance Review and Strategic Planning Vice Presidency (BPS).

Ms. Zuro, a Croatian national, joined the Bank in 2001 as an Administrative Officer in the Europe and Central Asia Department.   She has since held various positions, her most recent assignment being Senior Strategy Officer in BPS.

In her new position Ms. Zuro’s top three priorities will be to (i) provide support and  guidance to client VPUs regarding business planning, resource allocation and appropriate monitoring and evaluation as well as policy and pricing; (ii) contribute to the design and implementation of business finance policies and practices for client VPUs, ensuring a corporate approach to resource generation, allocation and utilization; and (iii) support the strengthening of Resource Management (RM) staff capacity and deployment of standardized RM tools and approaches within BPSFP, working closely with other members of the RM Leadership Team.

Ms. Zuro was selected to this position through the Bank-wide competitive managerial selection process. Her appointment is effective March 15, 2019.

 

Antonella Bassani

Vice-President

Budget, Performance Review and Strategic Planning


Launch Date : Feb 15, 2019
Description :

I am pleased to announce the appointment of Nalini Natarajan as Chief Administrative Officer, Information and Technology Solutions and Budget, Performance Review and Strategic Planning Unit (BPSIB), in the BPS Vice Presidency.

Ms. Natarajan, an Indian national, joined the Bank in 1998 as a Consultant in the Multilateral Investment Guarantee Agency (MIGA).  She has since held various positions, her most recent assignment being a Resource Management Advisor in BPS.

In her new position Ms. Natarajan’s top three priorities will be to (i) provide support and  guidance to client VPUs regarding business planning, resource allocation and appropriate monitoring and evaluation as well as policy and pricing; (ii) contribute to the design and implementation of business finance policies and practices for client VPUs, ensuring a corporate approach to resource generation, allocation and utilization; and (iii) support the strengthening of Resource Management (RM) staff capacity and deployment of standardized RM tools and approaches within BPSIB, working closely with other members of the RM Leadership Team.

Ms. Natarajan was selected to this position through the Bank-wide competitive managerial selection process. Her appointment is effective March 15, 2019.

 

Antonella Bassani

Vice-President

Budget, Performance Review and Strategic Planning


Launch Date : Feb 14, 2019
Description :

FCI and DEC are jointly organizing the Overview Course of Financial Sector Issues 2019 under the theme "Financial Systems in the Era of Data and Technology." The course will be held at the Preston Auditorium on June 24-28.

About the Course

The 2019 Overview Course of Financial Sector Issues aims at providing a solid knowledge of the fundamentals of the financial sector and an opportunity to learn about the latest thinking in key areas. The theme is Financial Systems in the Era of Data and Technology.

Throughout the training, participants will hear the views of leading financial experts on the more traditional role of the financial sector as well as how big data and new financial technologies are reshaping finance all over the world. Participants will have the opportunity to ask questions, interact and engage in discussions with renowned scholars, policy experts and prominent industry figures, who will identify the critical questions related to each topic. The event will also provide the participants with opportunities to network and exchange knowledge of various countries' experiences with their peers.

A course completion certificate will be jointly delivered by the World Bank Group and the George Washington University School of Business.

Who can attend?

The Course is structured primarily for external, non-WBG participants, and it is intended for officials from central banks, ministries of finance, and financial regulatory agencies in developing countries, as well as staff involved in financial sector operations from international development organizations and the private sector. Potential candidates can also include WBG project counterparts, and banking regulators and supervisors.

Prior knowledge of financial sector issues is expected, and it is suggested that only those with experience in this field attend.

WBG staff who wish to attend should write to Fotios Stravoravdis at fstravoravdis@worldbankgroup.org  and will be placed on a waitlist. Waitlisted registrants who are accepted to the course will be contacted in May.  

Important deadlines

The Early Bird Special fee for payment submitted by external registrants before March 31, 2019, is US$1,300. Registration fee between April 1st and May 31st is US$1,500. Cancellation and full refund of fees are allowed until May 31, 2019.

Where to find more information?

Learn more at the course's website. Registration via this website is reserved for external participants.  


Launch Date : Feb 14, 2019
Description :

WBFN is hosting a tax seminar on Tax Return Tips under the new tax law.

Date: Tuesday, February 26, 2019
Time: 11:30am - 1:00pm
Venue: J1-050
Guest Speaker: Dale Mason, The Wolf Group, PC


Dale will discuss income tax planning and compliance for non-US citizens holding G4 Visas, and US Citizen/Green Card Holders 

Topics for discussion will include:

  • Tax Reform 2018: How the biggest tax changes in a generation may affect your 2018 income tax return
  • Can you really file your tax return on a postcard?
  • How to avoid the most common income tax return filing penalties
  • Q&A session

To Register, please email  familynetwork@worldbank.org


Pension Plan Seminar
Feb 14, 2019
Launch Date : Feb 14, 2019
Description :

WBFN is hosting a seminar on the WBG Net Pension Plan:

Date: Thursday, March 7, 2019
Time: 11:30am - 1:00pm
Venue: J1-050
Guest Speaker: Sharada Sundar, Manager, Pension Administration


This seminar will help you better understand your options under the WBG's Net Pension Plan. Time will be set aside for questions and answers.

To Register, please email familynetwork@worldbank.org