# EDGAR Filing Document

**Accession Number:** 0000051120
**File Stem:** 0001628280-25-039053
**Filing Date:** 2025-8
**Character Count:** 615454
**Document Hash:** 8919b06978ca699b1d260d072645ad28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-039053.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001628280-25-039053

**CONFORMED SUBMISSION TYPE**: ANNLRPT

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT
- **CENTRAL INDEX KEY:** 0000051120
- **STANDARD INDUSTRIAL CLASSIFICATION:** INTERNATIONAL AFFAIRS [9721]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** ANNLRPT
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 083-00003
- **FILM NUMBER:** 251195749

**BUSINESS ADDRESS:**
- **STREET 1:** 1818 H STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20433
- **BUSINESS PHONE:** 2024771234

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WORLD BANK
- **DATE OF NAME CHANGE:** 20000101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IBRD
- **DATE OF NAME CHANGE:** 20000101

International Bank for Reconstruction and

Development

![image_0.jpg](image_0.jpg)

Management's Discussion & Analysis

and

Financial Statements

June 30, 2025

IBRD Management's Discussion and Analysis: June 30, 2025 1

**Management's Discussion and Analysis**<br>

**Contents**

---

| | | |
|:---|:---|:---|
| Section I: Overview | Introduction | [4](#iae3d9155a6e24cfca752aa2c0d3ff816_8806) |
|  | Financial Business Model | [4](#i158dbc7c447e4c88a2f3930e66ac1276_5573) |
|  | Basis of Reporting | [6](#i4ff47688dc574995af03e474a861132b_15331) |
| Section II: Executive Summary | Summary Financial Results | [9](#ideaa5cc853f649e1b63e19ee67ed4cb2_4459) |
| Section III: Financial Results | Portfolio Performance and Financial Results | [11](#i61766a9950cd4f7fac43a87f2414bc3a_11135) |
|  | Net Income | [12](#i61766a9950cd4f7fac43a87f2414bc3a_3674) |
|  | Income Allocation | [18](#i49c5a7520af1470480f318910dd3458b_13063) |
| Section IV: Lending Activities | Net Lending Commitments and Gross Disbursements | [22](#i7a166d58e91b4257be0e6c22233ca213_497) |
|  | Lending Categories | [23](#i04506645951949e588517290d53ebd34_1609) |
|  | Currently Available Lending Products | [24](#i9959e8e4182f4c6db3b7bf15af265a5c_3167) |
|  | Loans Outstanding | [27](#i1f6da84dd8d5473a985f3b0f3c07ed05_7910) |
| Section V: Other Development Activities | Guarantees | [28](#ia4c3e233e5f94c2aaa34caccbed06bfa_3674) |
|  | Grant Making Facilities | [30](#i82f00f9ee2d64c3f96e3365f564edfa8_404) |
|  | Externally-Funded Activities | [30](#ib14c8002fc004f229085c0dd6522069d_7011) |
| Section VI: Investment Activities | Liquid Asset Portfolio | [34](#icd6ad6afcc914dfabbf8a9b8caab73c6_4220) |
|  | Other Investments | [35](#i860819f288e945d1b1eb577ce0908918_631) |
| Section VII: Borrowing Activities | Borrowings | [36](#i8778d4341a364e3d82b71697cd2e358f_2882) |
|  | Short-Term Borrowings | [37](#ie2c623ac4e1f4366a094b14dc50a09d2_784) |
|  | Medium- and Long-Term Borrowings | [38](#i3a24fbabfd0c49369d4195973b5d7136_828) |
| Section VIII: Capital Activities | Capital Structure | [39](#if200535825ac4064aa9a48c40cbb96a3_4225) |
|  | Usable Equity | [41](#i4096fb7543e74e7a9c41ab63d875dd96_2387) |
| Section IX: Risk Management | Risk Governance | [42](#ie4bca991897f4f1abf099a2b54e1d034_1449) |
|  | Risk Oversight and Coverage | [42](#i357100c7c9db42b9b574c11dc11a49f6_8482) |
|  | Management of IBRD's Risks | [45](#i4aad035725b24224bb915241c52c4d5b_1255) |
|  | Capital Adequacy | [45](#i14d44aacf1fa402e92d27edd4b4f53ea_2328) |
|  | Credit Risk | [47](#i306287b6898d42ef9bfc468ee2063711_25341) |
|  | Market Risk | [55](#icf4e2bdb91c541c38b341fc6c34b652c_17379) |
|  | Operational Risk | [59](#ic7f8d12587f74e3b9595cc658db452bc_2813) |
| Section X: Contractual Obligations | Contractual Obligations | [60](#ie46b0c3d7ede47e1b43caba2c0527ea6_0-0-1-1-1689149) |
| Section XI: Pension and Other Post-Retirement  | Governance | [61](#ideee378c06c54a6c838474da2570fc60_2078) |
| Benefits | Funding and Investment Policies | [61](#i7c8fdd302ec24a0fa5ab4d96646173a6_2794) |
|  | Projected Benefit Obligations | [62](#i544171cc30bd4715a6a2d5d4b4520a1e_1475) |
| Section XII: Critical Accounting Policies and the  | Fair Value of Financial Instruments | [63](#i9934b1046e594217b1fa2a189fa63f54_2774) |
| Use of Estimates | Provision for Losses on Loans and Other Exposures | [64](#if5c9d683813a40b49bbf885868778125_2507) |
|  | Pension and Other Post-Retirement Benefits | [64](#ib2578c6f82c94575a1dba3a383c12c9a_912) |
| Section XIII: Governance and Controls | Business Conduct | [65](#i02f22faab0394463af81d1d1b67a7211_900) |
|  | General Governance | [65](#ie3da97a938e64eb9a03195d182fc00ff_975) |
|  | Executive Directors | [65](#i03f0f64a0c14478fbe2e9a2200d4c8a8_2338) |
|  | Audit Committee | [66](#ibdafb774964043bcaf1c1e81ad028004_2230) |
|  | Auditor Independence | [67](#ie5a44aeb9c924fb99ab306f416f6b339_1478) |
|  | External Auditors | [67](#if4a1389fd215413e8aa41a79c3121ed4_382) |
|  | Senior Management Changes | [67](#i5b6136ef6799404dabd61b3bfbae6558_220) |
|  | Internal Control | [67](#i092b0763c2d74bfba6c4646e38665487_1653) |
| Section XIV: Reconciliations of Components of <br>Allocable Income<br>| Statements of Income | [69](#i1e0ad9281be5480895a598757b63d7d3_0-0-1-1-1687773) |
| Appendix | Glossary of Terms | [70](#ia1c97702366b4202ae7ef7214721dc35_4416) |
|  | Abbreviations and Acronyms | [71](#i26b5e271031040fba4437ed04cd3f2c2_2378) |
|  | Eligible Borrowing Member Countries by Region as of June 30, 2025 | [72](#id44350c9b42b496587a9691020fa44e6_113) |

---

2 IBRD Management's Discussion and Analysis: June 30, 2025

**Management's Discussion and Analysis**<br>

**List of Tables, Figures and Boxes**

**Tables**

---

| | |
|:---|:---|
| Table 1: Selected Financial Data | [8](#iff1776ab27f54bd38e0bb8c222576af4_2798) |
| Table 2: Condensed Balance Sheets | [11](#i61766a9950cd4f7fac43a87f2414bc3a_3670) |
| Table 3: Condensed Statements of Income | [12](#i61766a9950cd4f7fac43a87f2414bc3a_3671) |
| Table 4: Rate and Volume Analysis of Changes in Interest Revenue and Borrowing Expenses | [12](#i61766a9950cd4f7fac43a87f2414bc3a_3672) |
| Table 5: Statement of Allocable Income (non-GAAP Measures) | [13](#i61766a9950cd4f7fac43a87f2414bc3a_3673) |
| Table 6: Net Non-Interest Expenses | [16](#i45f44bfab0db4e85a3f8e15779e29baa_0-0-1-1-1686367) |
| Table 7: Budget Anchor Ratio | [17](#iafecde3fc1f4402ba6b484372fc18097_0-0-1-1-1686386) |
| Table 8: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net | [17](#i5d1ab450d4bf4042aeb9572124caa9ee_0-0-1-6-1669481) |
| Table 9: Allocable Income and Recommended Allocations | [18](#i6e6f67b7862e458080b9efa2a826acc9_0-0-1-1-1686408) |
| Table 10: Board of Governors-approved Transfers and Allocations | [19](#i611a850f5ce74b39a3812751e4fe5016_0-0-1-5-1715622) |
| Table 11: Retained Earnings Composition | [21](#i96e092bd91c6488fb287dc21a6fa77fa_17557) |
| Table 12: Net Commitments by Region | [22](#i924322d53a6c43d798d17e5a1c8e559c_0-0-1-10-1688120) |
| Table 13: Gross Disbursements by Region | [23](#i8868ec49fbd44bb6bc79507db4b5e370_0-0-1-10-1688123) |
| Table 14: Net Commitments by Maturity | [25](#i20e3f849bbb541b8b57b1d1ce94457dc_0-0-1-5-1688127) |
| Table 15: Country Pricing Group and Maturity Premium (in Basis Points) | [26](#i9959e8e4182f4c6db3b7bf15af265a5c_3165) |
| Table 16: Loan Terms Available During Financial Year Ended June 30, 2025 | [26](#i0c4d6e8a2b9045f89c5d13102dea25c9_0-0-1-5-1688131) |
| Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives | [27](#i34c55fce75184bbabf8d5755f03cf87d_0-0-1-13-1688133) |
| Table 18: Undisbursed Balances by Loan Terms | [27](#i1f6da84dd8d5473a985f3b0f3c07ed05_1631) |
| Table 19: Exposure Exchange Agreements | [29](#ia23ecead0d3c4808ae6ba4b92f44bd1d_0-0-1-8-1688140) |
| Table 20: Guarantees Exposure | [29](#ia23ecead0d3c4808ae6ba4b92f44bd1d_0-0-1-8-1688140) |
| Table 21: Credit Enhancements Received | [30](#id4810415729c49afb40f39e49f52b870_0-0-1-4-1688142) |
| Table 22: RAMP - Assets and Revenues | [32](#i87588b3432d14febb29cb2d89cab286c_0-0-1-1-1661915) |
| Table 23: Funds Held in Trust by IBRD | [33](#i57056be1d89a4643ba92e9f68824d5f0_0-0-1-4-1688146) |
| Table 24: Liquid Asset Portfolio by Asset Class | [34](#icd6ad6afcc914dfabbf8a9b8caab73c6_4219) |
| Table 25: Net Carrying Value of Other Investments | [35](#ifd5c59c84a294dae8d5e8495cebc79b5_0-0-1-1-1661915) |
| Table 26: Effect of Derivatives on Currency Composition of the Borrowing Portfolio – June 30, 2025 | [36](#i8778d4341a364e3d82b71697cd2e358f_2881) |
| Table 27: Short-Term Borrowings | [37](#i670476400bda44a2a7be751d96f2c02b_0-0-1-1-1661915) |
| Table 28: Funding Operations Indicators | [38](#ie41d08c0ad264b309ff5bfa95d9b6854_0-0-1-1-1661915) |
| Table 29: Maturity Profile of Medium Long-Term Debt | [38](#i46a03de68e004653a1f2ab4449f9d5af_0-0-1-14-1688165) |
| Table 30: Medium and Long-Term Borrowings Raised by Currency during the year, Excluding Derivatives | [38](#i3a24fbabfd0c49369d4195973b5d7136_827) |
| Table 31: Breakdown of IBRD Subscribed Capital | [39](#i08c6c2486dc4498c9bd999f88154c741_0-0-1-8-1688170) |
| Table 32: Usable Paid-in Capital | [40](#i823d676561cd43ada02af9410ae5f11a_0-0-1-6-1688172) |
| Table 33: Equity-to-Loans Ratio | [46](#icb6fd59e8fec41c68b95719ed0d66df0_0-0-1-1-1661915) |
| Table 34: Usable Equity | [47](#i9e197c46a54245c49d149d4163b5dcbe_0-0-1-1-1735682) |
| Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating | [53](#i1d0a9b7e8d9948b989ca4bb2927b7773_0-0-1-10-1688180) |
| Table 36: Non-Commercial Counterparty Credit Risk | [53](#i306287b6898d42ef9bfc468ee2063711_25340) |
| Table 37: Effect of Credit on IBRD Portfolios | [55](#i6ad68fd96c514d17b8d7b444a7433623_0-0-1-1-1686669) |
| Table 38: Effect of Interest Rates on IBRD's Portfolios | [55](#i50c3419ebd36460a941a4e6044009997_0-0-1-1-1686677) |
| Table 39: Liquidity Levels | [59](#icd56468b6d934b9ca30cba94620c8daf_0-0-1-1-1661915) |
| Table 40: Contractual Obligations | [60](#if9d64c8b7cf1482eb30ba33e37af6c57_0-0-1-10-1688191) |
| Table 41: Funded Status of the Plans | [62](#i9e18f014cccc4b7795af71780991b7fd_0-0-1-5-1688193) |
| Table 42: Fair Value Level 3 Summary | [63](#i62bd7164a6bd4490a40c62b6badca253_0-0-1-6-1688195) |
| Table 43: Interest Revenue, Net of Borrowings Expenses | [69](#i0fe13ab3ce4a4709a0904a03a9f9bf47_0-0-1-1-1686760) |
| Table 44: Total Revenue on Interest Earning Assets, Net | [69](#ie7793c24e54f4b6ba9d6107dd0487c86_0-0-1-1-1686762) |

---

IBRD Management's Discussion and Analysis: June 30, 2025 3

**Management's Discussion and Analysis**<br>

**Figures**

---

| | |
|:---|:---|
| Figure 1: Sources and Uses of Revenue | [6](#i158dbc7c447e4c88a2f3930e66ac1276_5572) |
| Figure 2: Loan Interest Revenue and Funding Cost (Including Related Derivatives) | [13](#i49c5a7520af1470480f318910dd3458b_13055) |
| Figure 3: Loan Interest Revenue, Net of Funding Costs | [13](#i49c5a7520af1470480f318910dd3458b_13056) |
| Figure 4: Change in Net Loans Outstanding | [14](#i49c5a7520af1470480f318910dd3458b_34485) |
| Figure 5: Net Loans Outstanding | [14](#i49c5a7520af1470480f318910dd3458b_13058) |
| Figure 6: Investments - Trading | [15](#i49c5a7520af1470480f318910dd3458b_13059) |
| Figure 7: Investment Revenue, Net | [15](#i49c5a7520af1470480f318910dd3458b_13060) |
| Figure 8: Borrowings (Original Maturities) | [15](#i49c5a7520af1470480f318910dd3458b_13061) |
| Figure 9: Net Non-Interest Expenses (Reported Basis) | [16](#i49c5a7520af1470480f318910dd3458b_13062) |
| Figure 10: Percentage Share of Lending Categories for Annual Net Commitments | [23](#i04506645951949e588517290d53ebd34_1608) |
| Figure 11: Voting Power of Top Six Members as of June 30, 2025 | [39](#if200535825ac4064aa9a48c40cbb96a3_4223) |
| Figure 12: Management Risk Committee Structure for Financial and Operational Risks | [43](#i357100c7c9db42b9b574c11dc11a49f6_8480) |
| Figure 13: Equity-to-Loans Ratio | [46](#i14d44aacf1fa402e92d27edd4b4f53ea_2326) |
| Figure 14: Country Exposures as of June 30, 2025 | [49](#i306287b6898d42ef9bfc468ee2063711_25333) |
| Figure 15: Sensitivity to Interest Rates | [56](#icf4e2bdb91c541c38b341fc6c34b652c_17372) |
| Figure 16: Use of Derivatives for Loans and Borrowings | [56](#icf4e2bdb91c541c38b341fc6c34b652c_17374) |
| Figure 17: Use of Derivatives for Investments | [57](#icf4e2bdb91c541c38b341fc6c34b652c_17375) |
| Figure 18: Use of Derivatives for Other ALM | [57](#icf4e2bdb91c541c38b341fc6c34b652c_17376) |
| Figure 19: Governance Structure | [65](#ie3da97a938e64eb9a03195d182fc00ff_974) |

---

**Boxes**

---

| | |
|:---|:---|
| Box 1: Components of Loan spread | [24](#i9959e8e4182f4c6db3b7bf15af265a5c_3163) |
| Box 2: Loans with Other Financial Terms as of June 30, 2025 | [25](#i9959e8e4182f4c6db3b7bf15af265a5c_3164) |
| Box 3: Types of Guarantees Provided by IBRD | [28](#ia4c3e233e5f94c2aaa34caccbed06bfa_3673) |
| Box 4: Financing Instruments | [32](#ib14c8002fc004f229085c0dd6522069d_6994) |
| Box 5: Summary of IBRD's Specific Risk Categories | [44](#i357100c7c9db42b9b574c11dc11a49f6_8481) |
| Box 6: Treatment of Overdue Payments | [50](#i306287b6898d42ef9bfc468ee2063711_25339) |
| Box 7: Eligibility Criteria for IBRD's Investments | [52](#i306287b6898d42ef9bfc468ee2063711_25338) |

---

<sup>1</sup> *The other WBG institutions are the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral*

*Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). The World Bank consists of IBRD*

*and IDA.*

4 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section I: Overview |

---

**Section I: Overview**<br>

**Introduction**

International Bank for Reconstruction and Development (IBRD), an international organization owned by

its 189 member countries, is one of the five institutions of the World Bank Group (WBG<sup>1</sup>). 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 primarily to

middle-income and creditworthy lower-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 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.

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

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

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

progress toward development objectives, including economic growth, job creation, governance, human

capital, infrastructure, and debt transparency. To meet its development goals, the WBG 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 factors continue to influence

the global outlook, including: global market uncertainties, migration surges, youth unemployment, energy

access, climate adaptation and mitigation, and growing fragility. IBRD continues to work with partners at

global and country levels and its borrowing countries to maximize the impact for development by

efficiently channeling resources into projects that create jobs, drive growth, reduce poverty, and improve

living standards. To further support these efforts, the Boards of Directors and management have been

reforming the WBG and are working to better address the scale of development needs. This process

includes initiatives to increase impact, expand financing capacity, support projects that address global

challenges with cross-border externalities, and modernize the approach to delivery.

**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 grow reserves to strengthen its financial position.

It also seeks to provide support to IDA and certain 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.

<sup>2</sup>*Other exposures include deferred drawdown options (DDO), irrevocable commitments, exposures to member countries'*

*derivatives and guarantees.*

IBRD Management's Discussion and Analysis: June 30, 2025 5

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section I: Overview |

---

IBRD offers its borrowers, in middle-income and creditworthy low-income countries, loans with maturities

up to 35 years. For some projects, the maximum loan maturity can be extended to up to 50 years (Table

16). Borrowers may customize their repayment terms to meet their debt management or project needs, in

multiple currencies. 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, catastrophe derivatives, 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 largely financed through its equity and from borrowings raised in the capital

markets and from shareholders. 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 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 IX: Risk Management for additional details on how IBRD uses derivatives.

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 introduce 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.

**Sources and Uses of Revenue**

IBRD's primary sources of revenue are from loans and investments, both net of funding costs (Figure 1).

These revenues cover administrative expenses, provisions for losses on loans and other exposures <sup>2</sup>

(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.

6 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section I: Overview |

---

**Figure 1: Sources and Uses of Revenue**

**Simplified Balance Sheet**

![shape-9c72b314d1d79939.gif](shape-9c72b314d1d79939.gif)

![shape-9c72b314d1d79939.gif](shape-9c72b314d1d79939.gif)

**Uses**

**Sources**

![shape-b5c54c48749c6415.gif](shape-b5c54c48749c6415.gif)

![shape-b5c54c48749c6415.gif](shape-b5c54c48749c6415.gif)

**Revenue**

**Funding**

**Net Interest** 

**Revenue**

Return on

Investments

Loan

Revenue

Cost of

borrowings

Cost of

borrowings

Investment

Revenue, net

Loan Interest

Revenue, net

Liquid

Investments

![shape-66dbf6df114de832.gif](shape-66dbf6df114de832.gif)

Loans

![shape-d76c13ebe2f34c9a.gif](shape-d76c13ebe2f34c9a.gif)

Debt

Equity

![shape-625492a97b4a35f2.gif](shape-625492a97b4a35f2.gif)

Admin

Expenses

![shape-bd5b2c9d94f86d53.gif](shape-bd5b2c9d94f86d53.gif)

LLP

![shape-4da31dad36fab068.gif](shape-4da31dad36fab068.gif)

Reserves

![shape-99b91ee92ba9815c.gif](shape-99b91ee92ba9815c.gif)

IDA, Other

transfers &

Surplus

**-**

**-**

**=**

**=**

![shape-c786b794cc5243ab.gif](shape-c786b794cc5243ab.gif)

**Basis of Reporting**

**Reported Basis**

IBRD's financial statements are prepared in accordance with accounting principles generally accepted in

the United States of America (U.S. GAAP) and are independently audited on an annual basis.Generally,

Investments - Trading, Borrowings, and Derivatives are reported at fair value in the Balance Sheets, with

changes in fair value reported in the Statements of Income. Changes in IBRD's own credit are reflected in

Other Comprehensive Income. Hybrid capital and IBRD's loans are reported at amortized cost in the

Balance Sheets.

The variability in IBRD's reported net income is inherently driven by the unrealized mark-to-market gains

and losses on the financial instruments in IBRD's non-trading portfoliosas not all financial instruments are

reported on the same measurement basis. 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 its 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 accounted for through the Statements of Income.

**Non-GAAP Measures**

Management uses certain non-GAAP financial measures to evaluate the underlying operations and

financial performance of IBRD. A non-GAAP financial measure is a measure that is adjusted to exclude,

include, or reclassify certain items or components from the most directly comparable measure calculated

in accordance with U.S. GAAP and reported in the audited financial statements.

**Allocable Income**

IBRD's Articles of Agreement (the Articles) require that the Board of Governors determine the allocation of

income at the end of every fiscal year. Allocable income is a non-GAAP measure that reflects income

available for allocation. IBRD defines allocable income as net income after certain adjustments. These

adjustments primarily relate to unrealized mark-to-market gains and losses associated with the non-

IBRD Management's Discussion and Analysis: June 30, 2025 7

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section I: Overview |

---

trading portfolios, as well as Board of Governors-approved transfers, which primarily relate to the

allocation of the prior year's net income.

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

gains and losses from instruments reported at fair value (borrowing portfolio, and derivatives in the loan

and other Asset/Liability Management (ALM) portfolios) are excluded from allocable income.

For the trading portfolio (investment portfolio), allocable income generally 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 an asset held at

amortized cost.

See Section III: Financial Results and Table 9, for details of the adjustments to reported net income to

calculate allocable income.

**Equity-to-Loans Ratio**

IBRD's capital adequacy model mandates that IBRD hold capital for credit risk, market risk, and

operational risk covering all activities and assets on its books. The Equity-to-Loans ratio is a key indicator

of IBRD's capital adequacy representing IBRD's usable equity as a percentage of its total loans,

guarantees and other exposures.

See Section IX: Risk Management and Table 33 for more details on the Equity-to-Loans ratio.

**Budget Anchor Ratio**

The Budget Anchor is an efficiency metric to monitor the coverage of IBRD's net administrative expenses

by its loan spread revenue.

See Section III: Financial Results and Table 7 for more details of the Budget Anchor components.

8 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section II: Executive Summary |

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**Section II: Executive Summary**<br>

This Management's Discussion and Analysis (MD&A) discusses the financial results of the International

Bank for Reconstruction and Development (IBRD) for the fiscal year ended June 30, 2025 (FY25). 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. For discussion of

IBRD's financial results for the year ended June 30, 2024, as compared to the year ended June 30, 2023,

see Section III: Financial Results in IBRD's MD&A and Financial Statements for the fiscal year ended

June 30, 2024 (FY24).

**Table 1: Selected Financial Data**

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

---

| | | | |
|:---|:---|:---|:---|
|  | *As of and for the fiscal years ended June 30* | *As of and for the fiscal years ended June 30* | *As of and for the fiscal years ended June 30* |
|  | 2025 | 2024 | 2023 |
| **Lending Highlights** (Section IV) |  |  |  |
| **Loans and Guarantees** |  |  |  |
| Net commitments <sup>a</sup> | $40885 | $37568 | $38572 |
| Gross disbursements | 30779 | 33450 | 25504 |
| Net disbursements | 14794 | 20115 | 12736 |
| **Income Statement** (Section III) |  |  |  |
| Board of Governors-approved transfers | $(815) | $(371) | $(221) |
| Net income | 2100 | 2142 | 1144 |
| **Balance Sheet** (Section III) |  |  |  |
| Total assets | $399511 | $356612 | $332641 |
| Investments-Trading <sup>b</sup> | 102674 | 82728 | 79199 |
| Net loans outstanding | 280043 | 260236 | 241041 |
| Borrowings <sup>b</sup> | 306161 | 261790 | 237265 |
| Total equity | 72012 | 63484 | 60382 |
| **Non-GAAP Measures:** |  |  |  |
| **Allocable Income** (Section III)<sup>c</sup> |  |  |  |
| Allocable income | $2384 | $1849 | $1312 |
| Allocated as follows: |  |  |  |
| General Reserve  | 1182 | 834 | 921 |
| International Development Association | 782 | 515 | 291 |
| Surplus  | 420 | 500 | 100 |
| **Usable Equity** <sup>d</sup><sup>e</sup>(Section VIII) | $57878 | $54655 | $53105 |
| **Equity-to-Loans ratio**<sup>f</sup> (Section IX) | 21.6% | 21.5% | 22.0% |
| *a.Commitments that have been approved by the Executive Directors (referred to as "the Board" in this document), and are net of*<br>*full terminations and cancellations relating to commitments approved in the same fiscal year.* | *a.Commitments that have been approved by the Executive Directors (referred to as "the Board" in this document), and are net of*<br>*full terminations and cancellations relating to commitments approved in the same fiscal year.* | *a.Commitments that have been approved by the Executive Directors (referred to as "the Board" in this document), and are net of*<br>*full terminations and cancellations relating to commitments approved in the same fiscal year.* | *a.Commitments that have been approved by the Executive Directors (referred to as "the Board" in this document), and are net of*<br>*full terminations and cancellations relating to commitments approved in the same fiscal year.* |
| *b. See Notes to the Financial Statements: Note C - Investments, Note E - Borrowings.* | *b. See Notes to the Financial Statements: Note C - Investments, Note E - Borrowings.* | *b. See Notes to the Financial Statements: Note C - Investments, Note E - Borrowings.* | *b. See Notes to the Financial Statements: Note C - Investments, Note E - Borrowings.* |
| *c. Refer to Table 9: Allocable Income and Recommended Allocations for a reconciliation to net income as per reported basis.* | *c. Refer to Table 9: Allocable Income and Recommended Allocations for a reconciliation to net income as per reported basis.* | *c. Refer to Table 9: Allocable Income and Recommended Allocations for a reconciliation to net income as per reported basis.* | *c. Refer to Table 9: Allocable Income and Recommended Allocations for a reconciliation to net income as per reported basis.* |
| *d. Excludes amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*translation adjustments.* | *d. Excludes amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*translation adjustments.* | *d. Excludes amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*translation adjustments.* | *d. Excludes amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*translation adjustments.* |
| e.*Usable Equity includes the impact of the transfer to the General Reserve from FY25 net income, which was approved by the*<br>*Board on August 7, 2025. See Usable Equity components inTable 33: Equity-to-Loans Ratio and reconciliation of IBRD's Total*<br>*equity to Usable equity in Table 34: Usable Equity.* | e.*Usable Equity includes the impact of the transfer to the General Reserve from FY25 net income, which was approved by the*<br>*Board on August 7, 2025. See Usable Equity components inTable 33: Equity-to-Loans Ratio and reconciliation of IBRD's Total*<br>*equity to Usable equity in Table 34: Usable Equity.* | e.*Usable Equity includes the impact of the transfer to the General Reserve from FY25 net income, which was approved by the*<br>*Board on August 7, 2025. See Usable Equity components inTable 33: Equity-to-Loans Ratio and reconciliation of IBRD's Total*<br>*equity to Usable equity in Table 34: Usable Equity.* | e.*Usable Equity includes the impact of the transfer to the General Reserve from FY25 net income, which was approved by the*<br>*Board on August 7, 2025. See Usable Equity components inTable 33: Equity-to-Loans Ratio and reconciliation of IBRD's Total*<br>*equity to Usable equity in Table 34: Usable Equity.* |
| *f. See components in Table 33: Equity-to-Loans Ratio* | *f. See components in Table 33: Equity-to-Loans Ratio* | *f. See components in Table 33: Equity-to-Loans Ratio* | *f. See components in Table 33: Equity-to-Loans Ratio* |

---

IBRD Management's Discussion and Analysis: June 30, 2025 9

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section II: Executive Summary |

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**Summary Financial Results**

**Net Income**

IBRD recorded net income of $2,100 million for the fiscal year ended June 30, 2025, a decrease of $42

million, compared with net income of $2,142 million for the fiscal year ended June 30, 2024. The

decrease in FY25 was primarily due to higher Board of Governors-approved transfers by $444 million.

This was partially offset by an increase in interest revenue net of borrowing expenses and lower provision

expense for losses on loans and other exposures.

**Allocable Income**

Allocable income is a non-GAAP measure IBRD uses for making net income allocation decisions. 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. In addition, Board of

Governors-approved transfers are also excluded from IBRD's allocable income since these amounts

relate to allocations out of prior year allocable income, surplus, or restricted retained earnings.

For the fiscal year ended June 30, 2025, allocable income was $2,384 million, compared with $1,849

million for the fiscal year ended June 30, 2024. The increase was primarily due to the increase in net

revenue on interest earning assets in FY25, compared to FY24 (Section III).

*In millions of U.S. dollars*

![chart-269ab0b207d44ea1aed.gif](chart-269ab0b207d44ea1aed.gif)

**Lending Operations**

IBRD's lending operations during the fiscal year ended June 30, 2025 provided $40.9 billion of net

commitments (Table 12) and $30.8 billion of gross loan disbursements (Table 13). Net disbursements of

$14.8 billion were the key driver of the increase in net loans outstanding from $260.2 billion as of June 30,

2024 to $280.0 billion as of June 30, 2025.

*In billions of U.S. dollars*

![chart-590d5cb89ec44f9fa5f.gif](chart-590d5cb89ec44f9fa5f.gif)

![chart-01484140d3f847d99c9.gif](chart-01484140d3f847d99c9.gif)

![chart-87642ef6343f425db73.gif](chart-87642ef6343f425db73.gif)

Net commitments were $3.3 billion higher compared with FY24 (Table 12). The regions with the largest

share of commitments during FY25 were Latin America and the Caribbean with 30%, and Europe and

Central Asia with 26%. Gross disbursements were $2.7 billion lower compared to FY24 (Table 13). The

regions with the largest share of gross disbursements were Europe and Central Asia with 26%, and Latin

America and the Caribbean with 26%.

10 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section II: Executive Summary |

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**Investments - Trading**

IBRD's Investments - Trading increased by

$20.0 billion, from $82.7 billion as of June 30,

2024 to $102.7 billion as of June 30, 2025. The

increase was primarily due to net new debt

issuances that were higher than net loan

disbursements during the year, and is consistent

with the higher target liquidity level in FY25

compared to FY24 (Section III and Section VI).

As of June 30, 2025, 77% of the investments are

rated AA or above (Table 35).

*In billions of U.S. dollars*

**Investments - Trading**

![chart-6ab69801a1f34f36917.gif](chart-6ab69801a1f34f36917.gif)

**Borrowings**

Borrowings reported at fair value: As of June 30,

2025, the borrowings reported at fair value were

$305.7 billion, $43.9 billion higher than June 30,

2024. The increase was mainly due to net new

debt issuances that financed the growing

development and lending operations and

satisfied liquidity requirements.

Borrowings reported at amortized cost: As of

June 30, 2025, the borrowings reported at

amortized cost were $482 million, all related to

IBRD's issuances of hybrid capital (Section III

and Section IX).

*In billions of U.S. dollars*

**Borrowings**

![chart-1b696b729b2845879a0.gif](chart-1b696b729b2845879a0.gif)

**Equity-to-Loans Ratio**

The Equity-to-Loans ratio marginally increased

from 21.5% as of June 30, 2024 to 21.6% as of

June 30, 2025, primarily due to the increase in

usable equity outpacing the increase in loan

exposures, and remained above the policy

minimum of 18%. In line with IBRD's currency

management approach, exchange rate

movements during the year did not have an

impact on IBRD's Equity-to-Loans ratio (Section

VIII and Section IX).

In FY25, IBRD received $0.5 billion of paid-in

capital subscribed under the 2018 General and

Selective Capital Increases (GCI and SCI),

bringing the cumulative amounts received to

$6.5 billion, representing 86% of the total

amount available for subscription. The

subscription period for the GCI and SCI ends on

October 1, 2025.

*Ratio in percentages*

**Equity-to-Loans Ratio**

![chart-d8825a41c0084c6fbfa.gif](chart-d8825a41c0084c6fbfa.gif)

IBRD Management's Discussion and Analysis: June 30, 2025 11

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section III: Financial Results  |

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**Section III: Financial Results** <br>

**Portfolio Performance and Financial Results**

The following table shows IBRD's Condensed Balance Sheets for FY25 and FY24 and the key factors

driving these financial results.

**Table 2: Condensed Balance Sheets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
| *As of June 30,* | *2025* | *2024* | *Decrease* | *Increase* |
| Investments and due from banks | $103173 | $83297 |  |  |
| Net loans outstanding <sup>a</sup> | 280043 | 260236 |  |  |
| Derivative assets, net | 666 | 456 |  |  |
| Other assets | 15629 | 12623 |  |  |
| **Total Assets** | **$399511** | **$356612** |  |  |
| Borrowings | 306161 | 261790 |  |  |
| Derivative liabilities, net | 12454 | 22728 |  |  |
| Other liabilities | 8884 | 8610 |  |  |
| Total equity | 72012 | 63484 |  |  |
| **Total Liabilities and Equity** | **$399511** | **$356612** |  |  |
| *a. The fair value of IBRD's loans was $278,883 million as of June 30, 2025 ($257,415 million – June 30, 2024).* | *a. The fair value of IBRD's loans was $278,883 million as of June 30, 2025 ($257,415 million – June 30, 2024).* | *a. The fair value of IBRD's loans was $278,883 million as of June 30, 2025 ($257,415 million – June 30, 2024).* | *a. The fair value of IBRD's loans was $278,883 million as of June 30, 2025 ($257,415 million – June 30, 2024).* | *a. The fair value of IBRD's loans was $278,883 million as of June 30, 2025 ($257,415 million – June 30, 2024).* |

---

![chart-a2e79ba2ff944bdb9c6.gif](chart-a2e79ba2ff944bdb9c6.gif)

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

• Increase in investments and due from banks primarily due to net new debt issuances exceeding

net loan disbursements;

• Increase in net loans outstanding primarily from net loan disbursements of $14.8 billion;

• Increase in other assets mainly from the increase in the overfunded status of the Staff Retirement

Plan (SRP) and Retired Staff Benefits Plan (RSBP);

• Increase in borrowings primarily due to net new issuances;

• Decrease in derivative liabilities, net due to the gains on borrowing-related derivatives as a result

of the decrease in relevant interest rates; and

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

(AOCI) due to the net actuarial gains on benefit plans and the net income during the year.

12 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section III: Financial Results  |

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**Net Income**

IBRD's net income was $2,100 million in FY25, compared with net income of $2,142 million in FY24. The

decrease was primarily due to higher Board of Governors-approved transfers of $444 million. This was

partially offset by an increase in interest revenue net of borrowing expenses, and lower provision expense

for losses on loans and other exposures. The $815 million of Board of Governors-approved transfers

were expensed as grants upon approval by the Board of Governors in FY25, and were funded from

IBRD's prior years' allocable income.

**Table 3: Condensed Statements of Income**

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| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *Impact on income* | *Impact on income* |
| *For the fiscal year ended June 30,* | *2025* | *2024* | *Decrease* | *Increase* |
| **Interest revenue** |  |  |  |  |
| Loans, net (Table 43) | $15301 | $15831 |  |  |
| Other asset / liability management derivatives, net | (1293) | (1726) |  |  |
| Investments-Trading, net (Table 43) | 4444 | 4337 |  |  |
| Other, net | 2 | 2 |  |  |
| Borrowing expenses, net (Table 43) | (14920) | (15215) |  |  |
| **Interest revenue, net of borrowing expenses (Table 44)** | **$3534** | **$3229** |  |  |
| **Provision for losses on loans and other exposures, release (charge)** | 75 | (94) |  |  |
| **Non-interest revenue** |  |  |  |  |
| Revenue from externally funded activities (Table 6) | 947 | 960 |  |  |
| Commitment charges (Table 5) | 152 | 149 |  |  |
| Other, net (Table 5) | 170 | 42 |  |  |
| **Non-interest expenses** |  |  |  |  |
| Administrative <sup>a</sup>(Table 6) | (2522) | (2379) |  |  |
| Contributions to special programs (Table 6) | (17) | (17) |  |  |
| Other, net <sup>b</sup> | 150 | 170 |  |  |
| Board of Governors-approved transfers | (815) | (371) |  |  |
| Currency remeasurement (losses) gains, net | (44) | 73 |  |  |
| Unrealized mark-to-market gains on Investments-Trading portfolio, net | 214 | 91 |  |  |
| Unrealized mark-to-market gains on non-trading portfolios, net | 256 | 289 |  |  |
| **Net Income** | **$2100** | **$2142** |  |  |
| *a. Includes pension service cost of $287 million for the year ended June 30, 2025 ($284 million – June 30, 2024). See Table 6.* | *a. Includes pension service cost of $287 million for the year ended June 30, 2025 ($284 million – June 30, 2024). See Table 6.* | *a. Includes pension service cost of $287 million for the year ended June 30, 2025 ($284 million – June 30, 2024). See Table 6.* | *a. Includes pension service cost of $287 million for the year ended June 30, 2025 ($284 million – June 30, 2024). See Table 6.* | *a. Includes pension service cost of $287 million for the year ended June 30, 2025 ($284 million – June 30, 2024). See Table 6.* |
| *b. Includes income from net pension cost, other than service cost of $175 million for the year ended June 30, 2025 ($194 million –* <br>*June 30, 2024) (Table 6).* | *b. Includes income from net pension cost, other than service cost of $175 million for the year ended June 30, 2025 ($194 million –* <br>*June 30, 2024) (Table 6).* | *b. Includes income from net pension cost, other than service cost of $175 million for the year ended June 30, 2025 ($194 million –* <br>*June 30, 2024) (Table 6).* | *b. Includes income from net pension cost, other than service cost of $175 million for the year ended June 30, 2025 ($194 million –* <br>*June 30, 2024) (Table 6).* | *b. Includes income from net pension cost, other than service cost of $175 million for the year ended June 30, 2025 ($194 million –* <br>*June 30, 2024) (Table 6).* |

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![chart-93480dabb6de46b6bd5.gif](chart-93480dabb6de46b6bd5.gif)

Table 4 below provides an interest rate and volume analysis of IBRD's interest revenue and borrowing

expenses. The variance reflects the year-over-year change in interest income on loans, investments-

trading, and borrowing expenses between FY24 and FY25.

**Table 4: Rate and Volume Analysis of Changes in Interest Revenue and Borrowing Expenses**

*In millions of U.S. dollars*

---

| | | | |
|:---|:---|:---|:---|
|  | *FY 2025 versus FY 2024* | *FY 2025 versus FY 2024* | *FY 2025 versus FY 2024* |
|  |  | *Variance due to changes in* | *Variance due to changes in* |
|  | *Total Variance* | *Volume* | *Rate* |
| **Increase (decrease) in Interest revenue related to:** |  |  |  |
| Loans | $(530) | $1150 | $(1680) |
| Investments-Trading | 107 | 600 | (493) |
| **(Increase) decrease in Interest expense related to:** |  |  |  |
| Borrowings | $295 | $(1688) | $1983 |

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IBRD Management's Discussion and Analysis: June 30, 2025 13

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section III: Financial Results  |

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As illustrated in Figure 1, investments are funded by borrowings, and loans are funded by borrowings and

equity. Under IBRD's pricing policy, the lending rates for IBRD's loans are based on the underlying cost of

the borrowings funding these loans, therefore, interest revenue, net of funding costs provides an overall

view of IBRD's net income generation. Table 5 below shows revenue on interest earning assets net of

interest expenses from borrowings funding these assets and the other components of allocable income.

**Table 5: Statement of Allocable Income (non-GAAP Measures)**

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| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *Impact on income* | *Impact on income* |
| *For the fiscal year ended June 30,* | *2025* | *2024* | *Decrease* | *Increase* |
| **Revenue on interest earning assets** |  |  |  |  |
| Loan interest margin <sup>a</sup> | $2327 | $2119 |  |  |
| Loan interest revenue from loans funded by equity | 2494 | 2755 |  |  |
| **Loan interest revenue, net of funding costs (Table 43)** | **$4821** | **$4874** |  |  |
| Other asset / liability management (ALM) derivatives, net (Table 3) | (1293) | (1726) |  |  |
| Investment revenue, net of funding costs (Table 43) | 65 | 61 |  |  |
| **Total revenue on interest earning assets, net (Table 44)** | **$3593** | **$3209** |  |  |
| Provision for losses on loans and other exposures, release (charge) (Table 3) | 75 | (94) |  |  |
| Net non-interest expenses (Table 6) | (1582) | (1434) |  |  |
| Commitment charges (Table 3) | 152 | 149 |  |  |
| Non-interest revenue - Other, net (Table 3) | 170 | 42 |  |  |
| Non-interest expenses - Other | (24) | (23) |  |  |
| **Allocable Income** | **$2384** | **$1849** |  |  |
| *a. Represents the margin between loan returns and associated debt cost.* | *a. Represents the margin between loan returns and associated debt cost.* | *a. Represents the margin between loan returns and associated debt cost.* | *a. Represents the margin between loan returns and associated debt cost.* | *a. Represents the margin between loan returns and associated debt cost.* |

---

![chart-42ff6402735a4926b83.gif](chart-42ff6402735a4926b83.gif)

See Section XIV: Reconciliations of Components of Allocable Income and Table 9 for a reconciliation of

the components of Table 3 and Table 5.

**Results from Lending Activities**

**Loan Interest Revenue**

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 (Figure 2). The portion of loans funded by equity is sensitive to

changes in short-term interest rates.

**Figure 2: Loan Interest Revenue and Funding** 

**Cost (Including Related Derivatives)**

*In millions of U.S. dollars*

![chart-608707f264c5476b8de.gif](chart-608707f264c5476b8de.gif)

**Figure 3: Loan Interest Revenue, Net of** 

**Funding Costs**<sup>a</sup>

*In millions of U.S. dollars*

![chart-37522c83748d41d8976.gif](chart-37522c83748d41d8976.gif)

*a.Includes related derivatives.*

IBRD's FY25 loan interest revenue, net of funding costs was $4,821 million, a decrease of $53 million

compared with $4,874 million in FY24 (Figure 3), primarily driven by the decrease in average interest

rates on the portion of the loan portfolio which is sensitive to interest rate movements (Table 5). This was

partially offset by the higher lending volume during the year. Other ALM derivatives moderate the impact

14 IBRD Management's Discussion and Analysis: June 30, 2025

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| **Management's Discussion and Analysis** | Section III: Financial Results  |

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of interest rate changes on the portion of loans that is sensitive to interest rate movements, thereby

partially stabilizing the net interest revenue earned from these loans (as illustrated in 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 decrease in loan interest revenue, net of

funding costs of $53 million and the decrease in interest expense from Other ALM derivatives, net of $433

million from FY24 to FY25, resulted in a total increase in net loan interest revenue of $380 million.

In October 2024, as a part of the package of measures to deliver on WBG's new vision and mission, the

Board approved adjustments to IBRD's loan pricing, which include: 1) establishing a grace period, during

which no commitment fees are charged for the first four years for Investment Project Financing (IPF) and

Program-for Results Financing (PforRs); 2) removal of the prepayment premium; 3) introduction of a 7

year Short Maturity Loan (SML) with a maturity discount applied to the contractual spread; and 4)

expansion of the lowest pricing group to include all Climate Resilient Debt Clause (CRDC)-eligible IBRD

borrowers under current eligibility requirements. See Section IV: Lending Activities for additional details on

CRDC.

**Provision for losses on loans and other exposures**

During FY25, IBRD recorded income from the release of provision for losses on loans and other

exposures of $75 million compared to a $94 million expense in FY24. As the majority of IBRD's loans

carry variable interest rates, 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.

Accordingly, the provision release in FY25 was primarily driven by the decrease in the loss given default

(severity) due to the decrease in the relevant implied forward interest rates in FY25. The severity reflects

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

the portion related to overdue interest.

**Figure 4: Change in Net Loans Outstanding**

*In billions of U.S. dollars*

![chart-293abb49733a43028f1.gif](chart-293abb49733a43028f1.gif)

**Figure 5: Net Loans Outstanding**

*In billions of U.S. dollars*

![chart-2f76ab8710c74f2b8ea.gif](chart-2f76ab8710c74f2b8ea.gif)

*\* Indicates amount less than $0.1 billion.*

As of June 30, 2025, IBRD's net loans outstanding totaled $280.0 billion, $19.8 billion or 8% higher than

June 30, 2024 (Figure 5). The increase was mainly attributable to $14.8 billion of net loan disbursements

in FY25.

Gross disbursements were $30.8 billion, a decrease of $2.7 billion compared to FY24 (Table 13).

IBRD Management's Discussion and Analysis: June 30, 2025 15

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| **Management's Discussion and Analysis** | Section III: Financial Results  |

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**Results from Investing activities**

**Net Investment Revenue**

During FY25, IBRD's net investment revenue increased by $4 million, compared to FY24 (Table 5). The

increase was primarily driven by higher unrealized mark-to-market gains on the investments-trading

portfolio, net in FY25, compared to FY24. This was largely offset by the higher funding costs that

exceeded the increase in investment interest revenue in FY25. See Table 43.

**Investments - Trading** 

IBRD's Investments - Trading was $102.7 billion as of June 30, 2025 ($82.7 billion as of June 30, 2024).

See Figure 6 below and Note C: Investments in the Notes to the Financial Statements. The increase in

the Investments - Trading was primarily due to the net new debt issuances that were higher than net loan

disbursements during the year, and consistent with the higher target liquidity level in FY25 (see Section

VI: Investment Activities).

**Figure 6: Investments - Trading**

*In billions of U.S. dollars*

![chart-c5ef8eca27fc40d8990.gif](chart-c5ef8eca27fc40d8990.gif)

**Figure 7: Investment Revenue, Net**

*In millions of U.S. dollars*

![chart-4340a3dcadcf46b7a18.gif](chart-4340a3dcadcf46b7a18.gif)

**Results from Borrowing activities** 

As of June 30, 2025, the borrowings were $306.2 billion, $44.4 billion higher than June 30, 2024 (Note E:

Borrowings in the Notes to the Financial Statements). The increase was primarily due to net new debt

issuances of $31.0 billion during the year. The $64.5 billion of medium-and long-term debt raised during

the year (Table 28) was diversified by investor profile and location, with an average maturity of 5.5 years.

The funds raised financed development lending operations and satisfied the liquidity requirements.

**Figure 8: Borrowings (Original Maturities)**

*In billions of U.S. dollars*![chart-80a40c9cc817420099a.gif](chart-80a40c9cc817420099a.gif)

16 IBRD Management's Discussion and Analysis: June 30, 2025

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**Net Non-Interest Expenses** 

As shown in Table 6, IBRD's net non-interest expenses are primarily comprised of administrative

expenses, net of revenue from externally funded activities, and include costs related to Bank-executed

activities for 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 these two entities.

**Figure 9: Net Non-Interest Expenses (Reported Basis)**

*In millions of U.S. dollars*

![chart-937ec10c3cd04931b8f.gif](chart-937ec10c3cd04931b8f.gif)

The increase in net non-interest expenses from FY24 to FY25, on both a reported basis and allocable

income basis, was primarily driven by higher administrative expenses (Table 6).

---

| | | | |
|:---|:---|:---|:---|
| **Table 6: Net Non-Interest Expenses** |  |  |  |
| *In millions of U.S. dollars* |  |  |  |
| *For the fiscal year ended June 30,* | *2025* | *2024* | *Variance* |
| Administrative expenses |  |  |  |
| Staff costs | $1261 | $1178 | $83 |
| Travel | 164 | 158 | 6 |
| Consultant fees and contractual services | 551 | 518 | 33 |
| Pension service cost <sup>a</sup> | 287 | 284 | 3 |
| Communications and technology | 105 | 99 | 6 |
| Premises and equipment | 133 | 126 | 7 |
| Other expenses | 21 | 16 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total administrative expenses** <sup>b</sup> **(Table 3)** | **$2522** | **$2379** | **$143** |
| Contributions to special programs (Section V) (Table 3) | 17 | 17 |  |
| Revenue from externally funded activities: (Section V) |  |  |  |
| Reimbursable revenue – Bank-executed activities for trust funds | (604) | (612) | 8 |
| Reimbursable advisory services | (49) | (47) | (2) |
| Revenue - Trust funds administration | (91) | (99) | 8 |
| Restricted revenue (primarily externally financed outputs) | (5) | (8) | 3 |
| Revenue - Asset management services | (18) | (17) | (1) |
| Other revenue <sup>c</sup> | (180) | (177) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenue from externally funded activities (Table 3)** | **$(947)** | **$(960)** | **$13** |
| **Net non-interest expenses** | **1592** | **1436** | **156** |
| Add: Inclusion of Net pension cost, other than service cost <sup>d</sup> (Table 3) | (175) | (194) | 19 |
| **Net non-interest expenses - ReportedBasis** | **$1417** | **$1242** | **$175** |
| **Adjustments to arrive at net non-interest expenses - non-GAAP measure** |  |  |  |
| Less: Exclusion ofPension, Externally Financed Outputs (EFO) and Reserve <br>Advisory and Management Partnership (RAMP) adjustments <sup>e</sup><br>| 165 | 192 | (27) |
| **Net non-interest expenses - non-GAAP measure (Table 5)** | **$1582** | **$1434** | **$148** |
| *a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the*<br>*fiscal year. See Notes to Financial Statements, Note K: Pension and Other Post-Retirement Benefits.* | *a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the*<br>*fiscal year. See Notes to Financial Statements, Note K: Pension and Other Post-Retirement Benefits.* | *a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the*<br>*fiscal year. See Notes to Financial Statements, Note K: Pension and Other Post-Retirement Benefits.* | *a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the*<br>*fiscal year. See Notes to Financial Statements, Note K: Pension and Other Post-Retirement Benefits.* |
| *b. Includes expenses related to Bank-executed activities for trust funds of $604 million for FY25 and $612 million for FY24.* | *b. Includes expenses related to Bank-executed activities for trust funds of $604 million for FY25 and $612 million for FY24.* | *b. Includes expenses related to Bank-executed activities for trust funds of $604 million for FY25 and $612 million for FY24.* | *b. Includes expenses related to Bank-executed activities for trust funds of $604 million for FY25 and $612 million for FY24.* |
| *c. Includes fee revenue associated with services provided to affiliated organizations of $116 million in FY25 ($112 million in FY24).*<br>*See Notes to Financial Statements, Note H: Transactions with Affiliated Organizations.* | *c. Includes fee revenue associated with services provided to affiliated organizations of $116 million in FY25 ($112 million in FY24).*<br>*See Notes to Financial Statements, Note H: Transactions with Affiliated Organizations.* | *c. Includes fee revenue associated with services provided to affiliated organizations of $116 million in FY25 ($112 million in FY24).*<br>*See Notes to Financial Statements, Note H: Transactions with Affiliated Organizations.* | *c. Includes fee revenue associated with services provided to affiliated organizations of $116 million in FY25 ($112 million in FY24).*<br>*See Notes to Financial Statements, Note H: Transactions with Affiliated Organizations.* |
| *d. Amount is included in Non-interest expenses - Other in the Statements of Income (Table 3).* | *d. Amount is included in Non-interest expenses - Other in the Statements of Income (Table 3).* | *d. Amount is included in Non-interest expenses - Other in the Statements of Income (Table 3).* | *d. Amount is included in Non-interest expenses - Other in the Statements of Income (Table 3).* |
| *e. Components of this adjustment are included in Table 9.* | *e. Components of this adjustment are included in Table 9.* | *e. Components of this adjustment are included in Table 9.* | *e. Components of this adjustment are included in Table 9.* |

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IBRD Management's Discussion and Analysis: June 30, 2025 17

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IBRD's goal is to have its net administrative expenses covered by its loan interest margin (see

components of loan spread in Box 1) and certain fee revenue, using a measure referred to as the Budget

Anchor. In FY25, IBRD's Budget Anchor was 63.4%, an increase of 0.7% compared with 62.7% in FY24.

The increase was primarily due to the relative increase in net non-interest expenses outpacing the

increase in budget anchor revenue (see Table 7 for details of the Budget Anchor components).

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| | | | |
|:---|:---|:---|:---|
| **Table 7: Budget Anchor Ratio** |  |  |  |
| *In millions of U.S. dollars* |  |  |  |
| *For the fiscal year ended June 30,* | *2025* | *2024* | *Variance* |
| Net non-interest expenses (Table 6) | $1417 | $1242 | $175 |
| Pension, RAMP, EFO and other adjustments <sup>a</sup> | 167 | 192 | (25) |
| **Total expenses for Budget Anchor** | **$1584** | **$1434** | **$150** |
| Loan interest margin (Table 5) | 2327 | 2119 | 208 |
| Loan commitment fees (Table 3) | 152 | 149 | 3 |
| Guarantee fees | 18 | 19 | (1) |
| **Total revenue for Budget Anchor** | **$2497** | **$2287** | **$210** |
| **Budget Anchor** | **63.4%** | **62.7%** | **0.7%** |

---

*a.These adjustments are made to arrive at total expenses for Budget Anchor purpose.*

**Unrealized mark-to-market gains (losses) on non-trading portfolios, net**

During FY25, the non-trading portfolios had $256 million of net unrealized mark-to-market gains ($289

million net unrealized mark-to-market gains in FY24). The decrease in gains was mainly driven by the

unrealized market-to-market losses on loan related derivatives and borrowings, primarily due to the

decrease in relevant interest rates.

---

| | | | |
|:---|:---|:---|:---|
| **Table 8: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net** | **Table 8: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net** | **Table 8: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net** | **Table 8: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net** |
| *In millions of U.S. dollars* |  |  |  |
| *For the fiscal year ended June 30,* | *2025* | *2024* | *Variance* |
| Loan related derivatives | $(1372) | $(458) | $(914) |
| Other ALM derivatives, net | 1839 | 708 | 1131 |
| Borrowings, including related derivatives | (234) | 9 | (243) |
| Client operations and other derivatives, net  | 23 | 30 | (7) |
| **Unrealized mark-to-market gains (losses) on non-trading portfolios -** <br>**Reported basis (Table 3)**<br>| **$256** | **$289** | **$(33)** |

---

**Loan Portfolio**

Loans outstanding are reported at amortized cost on the Balance Sheets and therefore the mark-to-

market effect on loans is not reflected in reported net income. However, the derivatives used to convert

the 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 the change in interest rates. The unrealized mark-to-

market losses on loan related derivatives were $914 million higher in FY25 compared to FY24, due to the

more prominent decrease in relevant interest rates during the year. See Section IX: 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 FY25, IBRD recorded unrealized

mark-to-market gains of $1,839 million on this portfolio, primarily due to the decrease in relevant interest

rates as of June 30, 2025 compared to June 30, 2024. The duration of this portfolio was 4.4 years as of

June 30, 2025, within the Board established limit of 5 years.

18 IBRD Management's Discussion and Analysis: June 30, 2025

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**Borrowing Portfolio**

IBRD's borrowings and the related derivatives are reported at fair value, except for hybrid capital which is

reported at amortized cost on the Balance Sheets. IBRD recorded $234 million of net unrealized mark-to-

market losses on IBRD's borrowings at fair value and associated derivatives, due to the decrease in

relevant interest rates as of June 30, 2025 compared to June 30, 2024. The unrealized mark-to-market

losses on the borrowings at fair value were mainly driven by the decrease in relevant interest rates and

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 Debit Valuation Adjustment (DVA) on Fair

Value Option elected liabilities, which is instead recorded in AOCI. In FY25, the DVA was $991 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 year. This was primarily driven by the widening of spreads across

euro sovereign, supranational, and agency markets. As of June 30, 2025, IBRD's Balance Sheets

included a cumulative DVA of $1,664 million of mark-to-market gains reflected in AOCI (See Notes to the

Financial Statements, Note J – Fair Value Disclosures).

**Income Allocation**

Management recommends allocations of income to the Board, at the end of each fiscal year, to augment

reserves and support developmental activities. These allocations are based on allocable income. As

illustrated in Table 9, the key differences between allocable income and net income are (i) expenses

related to Board of Governors-approved transfers, (ii) non-functional currency translation adjustment

gains and losses and (iii) unrealized mark-to-market gains and losses on IBRD's non-trading portfolios,

which are all excluded from allocable income.

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| | | |
|:---|:---|:---|
| **Table 9: Allocable Income and Recommended Allocations** |  |  |
| *In millions of U.S. dollars* |  |  |
| *For the fiscal years ended June 30,* | *2025* | *2024* |
| **Net Income (Table 3)** | **$2100** | **$2142** |
| **Adjustments to Reconcile Net Income to Allocable Income:** |  |  |
| Board of Governors-approved transfers (Table 3) | 815 | 371 |
| Currency remeasurement losses (gains), net <sup>a</sup> (Table 3) | 44 | (73) |
| Unrealized mark-to-market losses (gains) on non-trading portfolios, net <sup>b</sup> | (252) | (287) |
| Pension adjustment | (169) | (194) |
| Income from PEBP and PCRF investment holdings | (134) | (112) |
| EFO, RAMP, LPF1, GFPP and other adjustments <sup>c</sup> | (20) | 2 |
| **Allocable Income (Table 5)** | **$2384** | **$1849** |
| **Recommended Allocations** |  |  |
| General Reserve (Table 11) | 1182 | 834 |
| Surplus (Table 11) | 420 | 500 |
| Transfer to IDA | 782 | 515 |
| **Total Allocations** | **$2384** | **$1849** |
| *a. Currency remeasurements relating to assets and liabilities denominated in non-functional currencies.* | *a. Currency remeasurements relating to assets and liabilities denominated in non-functional currencies.* | *a. Currency remeasurements relating to assets and liabilities denominated in non-functional currencies.* |
| *b. Adjusted to exclude $4 million gains in FY25 ($2 million gains in FY24) reclassified to realized gains/losses.* | *b. Adjusted to exclude $4 million gains in FY25 ($2 million gains in FY24) reclassified to realized gains/losses.* | *b. Adjusted to exclude $4 million gains in FY25 ($2 million gains in FY24) reclassified to realized gains/losses.* |
| *c.Includes EFO income subject to contractual donor restrictions and transferred to Restricted Retained Earnings; RAMP-related*<br>*revenue and expenses excluded under a Board-approved framework to ensure use solely for program delivery; and unrealized*<br>*mark-to-market gains on IBRD Surplus-Funded Livable Planet Fund (LPF1) and Grant Facility for Project Preparation (GFPP)*<br>*investments, representing funds restricted for the specified uses; and unrealized mark-to-market gains/losses on certain*<br>*positions in the investments-trading portfolio, if any.* | *c.Includes EFO income subject to contractual donor restrictions and transferred to Restricted Retained Earnings; RAMP-related*<br>*revenue and expenses excluded under a Board-approved framework to ensure use solely for program delivery; and unrealized*<br>*mark-to-market gains on IBRD Surplus-Funded Livable Planet Fund (LPF1) and Grant Facility for Project Preparation (GFPP)*<br>*investments, representing funds restricted for the specified uses; and unrealized mark-to-market gains/losses on certain*<br>*positions in the investments-trading portfolio, if any.* | *c.Includes EFO income subject to contractual donor restrictions and transferred to Restricted Retained Earnings; RAMP-related*<br>*revenue and expenses excluded under a Board-approved framework to ensure use solely for program delivery; and unrealized*<br>*mark-to-market gains on IBRD Surplus-Funded Livable Planet Fund (LPF1) and Grant Facility for Project Preparation (GFPP)*<br>*investments, representing funds restricted for the specified uses; and unrealized mark-to-market gains/losses on certain*<br>*positions in the investments-trading portfolio, if any.* |

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IBRD Management's Discussion and Analysis: June 30, 2025 19

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All of the adjustments between reported net income and allocable income are recommended by

management and approved by the Board.

**Adjustments to Net Income to arrive at Allocable Income:**

**Board of Governors-approved Transfers and Allocations**

Board of Governors-approved transfers refer to the allocations recommended by the Board and approved

by the Governors, as part of the prior year's net income allocation process and subsequent decisions on

uses of surplus, as well as on payments from restricted retained earnings. Since these amounts primarily

relate to allocations out of IBRD's FY24 allocable income or Surplus, they are excluded from FY25

reported net income in calculating FY25 allocable income.

During FY25, the Board of Governors approved the following transfers and allocations as shown in Table

10below:

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| | | | |
|:---|:---|:---|:---|
| **Table 10: Board of Governors-approved Transfers and Allocations** | **Table 10: Board of Governors-approved Transfers and Allocations** | **Table 10: Board of Governors-approved Transfers and Allocations** | **Table 10: Board of Governors-approved Transfers and Allocations** |
| *In millions of U.S. dollars* |  |  |  |
| ***Date of approval*** | ***Amount***  | ***Retained Earnings Source*** | ***Beneficiary*** |
| **Board of Governors-approved Transfers Reported in the Statements of Income** <sup>a</sup>**:** | **Board of Governors-approved Transfers Reported in the Statements of Income** <sup>a</sup>**:** | **Board of Governors-approved Transfers Reported in the Statements of Income** <sup>a</sup>**:** | **Board of Governors-approved Transfers Reported in the Statements of Income** <sup>a</sup>**:** |
| September 9, 2024 | $100 | Surplus | Trust Fund for Gaza and West Bank  |
| September 18, 2024 | 200 | Surplus | Trust Fund for Gaza and West Bank |
| September 18, 2024 | 515 | FY24 allocable income | IDA  |
| Total | $815 |  |  |
| **Board of Governors-approved Allocations Reported as Reclassifications Within Retained Earnings:** | **Board of Governors-approved Allocations Reported as Reclassifications Within Retained Earnings:** | **Board of Governors-approved Allocations Reported as Reclassifications Within Retained Earnings:** | **Board of Governors-approved Allocations Reported as Reclassifications Within Retained Earnings:** |
| September 18, 2024 | $200 | Surplus | IBRD Surplus-Funded Livable Planet Fund <br>(LPF1) <sup>b</sup><br>|
| January 17, 2025 | 100 | Surplus | Grant Facility for Project Preparation <br>(GFPP) <sup>c</sup><br>|
| Total | $300 |  |  |
| *a. These transfers are unconditional and expensed upon approval.*  | *a. These transfers are unconditional and expensed upon approval.*  | *a. These transfers are unconditional and expensed upon approval.*  | *a. These transfers are unconditional and expensed upon approval.*  |
| *b. For the fiscal year ended June 30, 2025, less than $0.5 million of grants were expensed by the LPF1.* | *b. For the fiscal year ended June 30, 2025, less than $0.5 million of grants were expensed by the LPF1.* | *b. For the fiscal year ended June 30, 2025, less than $0.5 million of grants were expensed by the LPF1.* | *b. For the fiscal year ended June 30, 2025, less than $0.5 million of grants were expensed by the LPF1.* |
| *c. The Grant Facility for Project Preparation (GFPP) provides grants to support preparation of World Bank financed lending*<br>*operations. The GFPP is currently financed by IBRD's surplus and is established for an initial period of 7 years. For the fiscal*<br>*year ended June 30, 2025, no grants were expensed by the GFPP.* | *c. The Grant Facility for Project Preparation (GFPP) provides grants to support preparation of World Bank financed lending*<br>*operations. The GFPP is currently financed by IBRD's surplus and is established for an initial period of 7 years. For the fiscal*<br>*year ended June 30, 2025, no grants were expensed by the GFPP.* | *c. The Grant Facility for Project Preparation (GFPP) provides grants to support preparation of World Bank financed lending*<br>*operations. The GFPP is currently financed by IBRD's surplus and is established for an initial period of 7 years. For the fiscal*<br>*year ended June 30, 2025, no grants were expensed by the GFPP.* | *c. The Grant Facility for Project Preparation (GFPP) provides grants to support preparation of World Bank financed lending*<br>*operations. The GFPP is currently financed by IBRD's surplus and is established for an initial period of 7 years. For the fiscal*<br>*year ended June 30, 2025, no grants were expensed by the GFPP.* |

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**Currency remeasurement gains/losses, net**

Remeasurement gains and losses relating to non-functional currencies are reflected in reported net

income. Since these are unrealized gains/losses that relate to asset/liability positions still held by IBRD,

they are excluded from reported net income to arrive at allocable income and reflected in Other Reserves

within Retained Earnings (Table 11).

**Unrealized mark-to-market gains (losses) on non-trading portfolios, net**

These mainly comprise unrealized mark-to-market gains and losses on the loan, borrowing, and other

ALM portfolios as previously discussed. Since IBRD expects to maintain its non-trading portfolio positions

to maturity, the unrealized mark-to-market gains and losses on these positions are transitory and will

reduce to zero at maturity. For that reason, these gains and losses are excluded from net income to arrive

at allocable income and are reflected in Cumulative Fair Value Adjustments within Retained Earnings

(Table 11).

20 IBRD Management's Discussion and Analysis: June 30, 2025

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**Pension, PEBP and PCRF adjustments**

The Pension adjustment reflects the difference between the accounting expense and IBRD's cash

contributions to the pension plans, the Post-Employment Benefit Plan (PEBP), and the Post-Retirement

Contribution Reserve Fund (PCRF). It also includes investment revenue earned on the PEBP and PCRF

assets. The PCRF was established by the Board to stabilize contributions to the pension and post-

retirement benefits plans. Management bases allocation decisions on IBRD's cash contributions to the

pension plans, PEBP and PCRF, rather than pension accounting expenses. In addition, Management has

designated the income from these assets to meet the future needs of the pension plans. As a result,

PEBP and PCRF investment revenues are excluded from allocable income and reflected in Pension

Reserves within Retained Earnings (Table 11).

**Externally Financed Outputs (EFO)**

Under certain arrangements (such as Externally Financed Outputs), IBRD enters into agreements with

donors under which it receives grants to finance specified IBRD outputs or services. These funds may be

utilized only for the purposes specified in the agreements and are, therefore, considered restricted until

IBRD has fulfilled those purposes. Management excludes amounts arising from these arrangements from

allocable income because IBRD has no discretion over the use of the related funds. In line with this, in

FY25, income of $3 million was transferred out of Restricted Retained Earnings within Retained Earnings

(Table 11). Consequently, the net balance of these restricted funds decreased by the same amount.

**RAMP**

Under the Board-approved framework, RAMP fees are dedicated for the purpose of providing technical

assistance and asset management services to external clients. Due to the potential timing mismatch

between fee revenue (recognized as earned) and program expenditures (recognized when incurred), fees

earned in a given fiscal year may be used to provide services in a future fiscal year. To ensure that RAMP

revenues are only used for the delivery of RAMP services, and not allocated for other purposes, any

difference between fee revenue and expenses from RAMP included in reported net income are excluded

to arrive at allocable income. Allocable income for FY25 was adjusted for the $1 million excess of RAMP

expenses over the fee revenue from RAMP (Table 9) and is reflected in Other Reserves within Retained

Earnings.

**LPF1 and GFPP**

LPF1 was funded by IBRD to finance eligible activities in order to incentivize solutions to address global

challenges with cross-border externalities. GFPP was funded by IBRD to provide grants to support

preparation of financed lending operations. Unutilized funds in both facilities were invested in an

investment pool and recorded at fair value in IBRD's Investment-Trading portfolio. Periodic changes in the

investment value are recorded as unrealized mark-to-market gains/losses on trading portfolios and are

excluded to arrive at Allocable income. Allocable income for FY25 was adjusted for $24 million unrealized

mark-to-market gains on investments related to LPF1 and GFPP and is reflected in Other Reserves within

Retained Earnings.

**Unrealized mark-to-market gains (losses) on certain positions in the investments-trading** 

**portfolios, net**

This adjustment applies to trades where the unrealized gains and losses on derivative forward contracts

are recorded in the Statements of Income and the underlying physical assets being purchased and sold

are recorded at amortized cost during the holding period. In these cases, the unrealized gains and losses

on the forward contract at the end of the reporting period, if any, are excluded from net income when

calculating allocable income and reflected in Restricted Retained Earnings within Retained Earnings

(Table 11). As of June 30, 2025, there were no active trades requiring adjustment.

IBRD Management's Discussion and Analysis: June 30, 2025 21

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section III: Financial Results  |

---

**Income Allocation and Retained Earnings**

Allocable income is net income after certain adjustments (Table 9). The Governors determine the

allocation of income at the end of every fiscal year into the following categories: General reserves,

Surplus, and transfers to IDA. In making their decisions, Governors take the overall financial standing of

IBRD into consideration.

Annual IDA transfer recommendations are subject to approval by the Governors as part of the net income

allocation process in accordance with IBRD's Articles. There is a Board approved formula-based

approach for determining IBRD's transfers to IDA. The approach links proposed transfers to IDA with

IBRD's allocable income for the year. Cumulative transfers to IDA, since IDA's first replenishment totaled

$17.3 billion.

Allocable income in FY25 was $2,384 million ($1,849 million - FY24), and out of this, the Board approved

the allocation of $1,182 million ($834 million - FY24) to the General Reserve on August 7, 2025 (August 6,

2024 - FY24), and the Board recommended to IBRD's Board of Governors a transfer of $782 million

($515 million - FY24) to IDA and $420 million ($500 million - FY24) to Surplus. Further, the Board

recommended to IBRD's Board of Governors the following transfers out of Surplus: $300 million transfer

to the IBRD Trust Fund for Gaza and West Bank, $100million to GFPP and $20 million to LPF1 (Table

11).

As shown in Table 9, the Board recommends and the IBRD's Governors approve allocations of income, at

the end of each fiscal year, to augment reserves and support developmental activities. Therefore,

reserves in the form of Retained Earnings consist of cumulative amounts allocated to components of

Retained Earnings (see Notes to the Financial Statements, Note A: Summary of Significant Accounting

and Related Policies and Note G: Board of Governors Approved Transfers).

The components of Retained Earnings, reflecting the subsequent recommended allocations of FY25 net

income by the Board are summarized below:

**Table 11: Retained Earnings Composition**

*In millions of U.S. dollars*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Special* <br>*Reserve*<br>| *General* <br>*Reserve*<br>| *Pension* <br>*Reserve*<br>| *Surplus* | *Cumulative* <br>*Fair value* <br>*Adjustments*<br>| *Unallocated* <br>*Net Income* <br>*(Loss)*<br>| *Restricted* <br>*Retained* <br>*Earnings*<br>| *Other* <br>*Reserves* <sup>a</sup><br>| *Total* |
| As of June 30, 2025 | $293 | $34058 | $987 | $— | $1390 | $2915 | $11 | $729 | $40383 |
| Recommended: |  |  |  |  |  |  |  |  |  |
| Net income allocation  |  | 1182 | 303 | 420 | 252 | (2133) | (3) | (21) |  |
| Board of Governors-<br>approved transfers <br>funded from Surplus and <br>other transfers <sup>c</sup><br>|  |  |  | (420) |  | 300 |  | 120 |  |
| Total after <br>recommended <br>allocations<br>| **$293** | **$35240**<br> <sup>b</sup> | **$1290** | **$—** | **$1642** | **$1082** | **$8** | **$828** | **$40383** |
| *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* | *a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public* <br>*Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of* <br>*the GFPP.* |
| *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* | *b. Included as a component of usable equity in* Table 33*.* |
| *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* | *c. A concurrent transfer is recommended to be made from Surplus to Unallocated Net Income (Loss) and/or Other Reserves for all* <br>*transfers reported in the Statements of Income and authorized to be funded from Surplus.* |

---

22 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IV: Lending Activities |

---

**Section IV: Lending Activities**<br>

IBRD provides financing instruments and knowledge services to creditworthy middle-income and low-

income countries, while ensuring that social, environmental, and governance considerations are taken

into account. Country teams with an understanding of each country's circumstances work with clients to

tailor the mix of instruments, products, and services. For FY26, countries with 2025 per capita Gross

National Income (GNI) of more than $1,325 are eligible for new lending from IBRD.

Through its country-based engagement, IBRD focuses on borrower countries' priorities while also taking

into consideration its corporate priorities, including addressing global challenges.

Projects and programs supported by IBRD are designed to achieve a positive social impact and undergo

a rigorous review and internal approval process, aimed at safeguarding equitable and sustainable

economic growth, that includes early screening to identify environmental and social impacts and

designing mitigation actions.

Financing cycles involve identifying and appraising a project and approving and disbursing the funds. In

response to emergency situations, such as natural disasters and crises, IBRD is able to accelerate the

preparation and approval cycle.

Loan disbursements must meet the requirements set out in loan agreements. During implementation of

IBRD-supported operations, IBRD's staff review progress, monitor compliance with IBRD policies, and

help resolve any problems that may arise. The Independent Evaluation Group, an independent unit

reporting directly to the Board, evaluates the extent to which operations have met their development

objectives.

All IBRD loans, are made to, or guaranteed by, member countries. IBRD may also make loans to IFC

without any guarantee. In most cases, IBRD's Board approves each loan and guarantee after appraisal of

a project by staff. Under the Multiphase Programmatic Approach, the Board may approve an overall

program framework, its financing envelope and the first appraised phase, and then authorize

Management to appraise and commit financing for later program phases.

**Net Lending Commitments and Gross Disbursements**

IBRD provided $40.9 billion of new net loan commitments in FY25, through 139 operations, an increase of

$3.3 billion (9%) compared to FY24.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 12: Net Commitments by Region** | **Table 12: Net Commitments by Region** | **Table 12: Net Commitments by Region** | **Table 12: Net Commitments by Region** | **Table 12: Net Commitments by Region** | **Table 12: Net Commitments by Region** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *For the fiscal year ended June 30,* | *2025* | *% of total* | *2024* | *% of total* | *Variance* |
| Eastern and Southern Africa | $2920 | 7% | $2914 | 8% | $6 |
| Western and Central Africa | 912 | 2 | 1725 | 5 | (813) |
| East Asia and Pacific | 6430 | 16 | 6788 | 18 | (358) |
| Europe and Central Asia | 10478 | 26 | 9302 | 25 | 1176 |
| Latin America and the Caribbean | 12389 | 30 | 9463 | 25 | 2926 |
| Middle East and North Africa | 5166 | 13 | 4233 | 11 | 933 |
| South Asia | 2590 | 6 | 3143 | 8 | (553) |
| **Total** | **$40885** | **100%** | **$37568** | **100%** | **$3317** |

---

IBRD Management's Discussion and Analysis: June 30, 2025 23

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IV: Lending Activities |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 13: Gross Disbursements by Region** | **Table 13: Gross Disbursements by Region** | **Table 13: Gross Disbursements by Region** | **Table 13: Gross Disbursements by Region** | **Table 13: Gross Disbursements by Region** | **Table 13: Gross Disbursements by Region** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *For the fiscal year ended June 30,* | *2025* | *% of total* | *2024* | *% of total* | *Variance* |
| Eastern and Southern Africa | $1228 | 4% | $3126 | 9% | $(1898) |
| Western and Central Africa | 1263 | 4 | 240 | 1 | 1023 |
| East Asia and Pacific | 4064 | 13 | 5492 | 16 | (1428) |
| Europe and Central Asia | 8056 | 26 | 10574 | 32 | (2518) |
| Latin America and the Caribbean | 7828 | 26 | 6305 | 19 | 1523 |
| Middle East and North Africa | 4376 | 14 | 3332 | 10 | 1044 |
| South Asia | 3964 | 13 | 4381 | 13 | (417) |
| **Total** | **$30779** | **100%** | **$33450** | **100%** | **$(2671)** |

---

**Lending Categories**

IBRD's lending is classified in three categories: investment project financing, development policy

financing, and program-for-results (Figure 10).

**Investment Project Financing (IPF)**

IPF provides financing for a wide range of activities aimed at creating the physical and social

infrastructure necessary to reduce poverty and create sustainable development. IPF generally disburses

over 5 to 10-years.FY25 net IPF commitments were $17.5 billion, compared with $14.6 billion in FY24.

**Development Policy Financing (DPF)**

DPF supports borrowers in achieving sustainable development through programs of policy and

institutional actions. Examples of DPF projects include strengthening public financial management,

improving the investment climate, addressing bottlenecks to improve service delivery, and diversifying the

economy. DPF supports reforms through non-earmarked general budget financing. DPF provides fast-

disbursing financing to help borrowers address actual or anticipated financing requirements. FY25 net

DPF commitments were $16.6 billion, compared with $15.9 billion in FY24.

**Program-for-Results (PforR)**

PforR helps countries improve the design and implementation of their development programs and achieve

specific results by strengthening institutions and building capacity. PforR disburses when agreed results

are achieved and verified. Results are identified and agreed upon during the loan preparation stage. FY25

net PforR commitments were $6.8 billion, compared with $7.1 billion in FY24.

**Figure 10: Percentage Share of Lending Categories for Annual Net Commitments**

*In billions of U.S. dollars, except rates in percentages*

![chart-6c608ec76dca43aba39.gif](chart-6c608ec76dca43aba39.gif)

24 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IV: Lending Activities |

---

**Currently Available Lending Products**

As of June 30, 2025, 86 member countries were eligible to borrow from IBRD. See Appendix for a list of

eligible countries.

**IBRD Flexible Loans (IFLs)**

IFLs allow borrowers to customize their repayment terms (i.e., grace period, repayment period, and

amortization profile) to meet their debt management or project needs. The IFL previously offered two

types of loan terms: variable-spread terms and fixed-spread terms. Effective April 1, 2021, IBRD's offering

of loans on fixed spread terms as well as a related conversion feature from the variable spread terms to

fixed spread terms was suspended (see Section IX: Risk Management). As of June 30, 2025, 78% of

IBRD's loans outstanding carried variable-spread terms and 22% had fixed-spread terms. See Table 16

for details of loan terms for IFL loans.

IFLs include options to manage the currency and/or interest rate risk over the life of the loan. The

outstanding balance of loans for which currency or interest rate conversions have been exercised was

$58.2 billion as of June 30, 2025 and $52.7 billion as of June 30, 2024. IFLs may be denominated in the

currency or currencies chosen by the borrower if IBRD can efficiently intermediate in that currency or

currencies. Using currency conversions, some borrowing member countries have converted their IBRD

loans into domestic currencies to reduce their foreign currency exposure for projects or programs that do

not generate foreign currency revenue. These local currency loans may carry fixed or variable-spread

terms. The balance of local currency loans outstanding was $2.9 billion as of June 30, 2025 and $3.2

billion as of June 30, 2024, respectively. Box 1 below shows the components of the spread on IBRD's

IFLs and how these are determined.

**Box 1: Components of Loan spread**

![shape-5358c38557ad6469.gif](shape-5358c38557ad6469.gif)

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Contractual lending spread

Subject to the Board's periodic review

![shape-5358c38557ad6469.gif](shape-5358c38557ad6469.gif)

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Maturity Premium

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Funding Cost Margin

Set by Management based on the

market

Subject to the Board's periodic review

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

FSL Market Risk Premium \*

*\*This is only applicable to fixed spread loans which are not currently offered.*

IBRD offers long-term financing for member countries. Since IBRD introduced maturity-based pricing in

2010, most countries continue to choose loans with the longer maturities with a higher maturity premium,

highlighting the value of longer maturities to member countries.

IBRD Management's Discussion and Analysis: June 30, 2025 25

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IV: Lending Activities |

---

---

| | | |
|:---|:---|:---|
| **Table 14: Net Commitments by Maturity** | **Table 14: Net Commitments by Maturity** | **Table 14: Net Commitments by Maturity** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *For the fiscal year ended* | *For the fiscal year ended* |
| *Maturity* | *June 30, 2025* | *June 30, 2024* |
| < 8 years | $826 | $1477 |
| 8-10 years | 7929 | 7498 |
| 10-12 years | 5250 | 7020 |
| 12-15 years | 7901 | 4425 |
| 15-18 years | 3269 | 4086 |
| >18 years | 14754 | 12395 |
| Guarantee Commitments | 956 | 667 |
| **Total Net Commitments** | **$40885** | **$37568** |

---

**Loans with Other Financial Terms Currently Available** 

In addition to IFLs with standard terms, IBRD offers loans with a deferred drawdown option, Special

Development Policy Loans (SDPLs), loan-related derivatives, and loans to IFC (Box 2).

**Box 2: Loans with Other Financial Terms as of June 30, 2025**

---

| | |
|:---|:---|
| **Loans with Other** <br>**Financial Terms**<br>| **Description** |
| **Loans with a Deferred**<br>**Drawdown Option**<br>| The DPF with a Deferred Drawdown Option (DPF DDO) gives borrowers the flexibility to rapidly obtain<br>the financing they require. For example, such funds could be needed owing to a shortfall in resources<br>caused by unfavorable economic events, such as declines in growth or unfavorable shifts in commodity<br>prices or terms of trade. The Catastrophe Risk DDO (CAT DDO) enables borrowers to access<br>immediate funding to respond rapidly in the wake of a natural disaster and/or public health emergency<br>caused by a biological event. The Investment Project Financing DDO (IPF DDO) provides clients with<br>contingent financing for specific investment project expenditures to increase financial preparedness for<br>certain crisis response needs. Under the DPF DDO, borrowers may defer disbursement for up to three<br>years, renewable for an additional three years. Under the IPF DDO, borrowers may defer disbursement<br>for up to five years, renewable for an additional three years. The CAT DDO has a revolving feature and<br>the three-year drawdown period may be renewed up to four times, for a total maximum drawdown<br>period of 15 years (Table 16). As of June 30, 2025, the amount of DDOs disbursed and outstanding was<br>$9.5 billion (compared to $9.5 billion as of June 30, 2024). The undisbursed amount of effective DDOs<br>was $1.1 billion (compared to $0.5 billion a year earlier), and the undisbursed amount of disbursing<br>DDOs was $1.0 billion (compared to $0.7 billion as of June 30, 2024).<br>|
| **Special Development** <br>**Policy Loans (SDPLs)**<br>| SDPLs support structural and social reforms by creditworthy borrowers that face a possible financial<br>crisis or are already in a crisis and have extraordinary and urgent external financing needs. There were<br>no amounts outstanding as of June 30, 2025 and June 30, 2024. IBRD made no new SDPL<br>commitments in either FY25 or FY24.<br>|
| **Loan-Related** <br>**Derivatives**<br>| IBRD assists its borrowers with access to risk management tools by offering derivative instruments,<br>including currency and interest rate swaps and interest rate caps and collars, associated with their<br>loans. These instruments may be executed either under a master derivatives agreement, which<br>substantially conforms to industry standards, or under individually negotiated agreements. Under these<br>arrangements, IBRD passes through the market cost of these instruments to its borrowers. The balance<br>of loans outstanding for which borrowers had entered into currency or interest rate derivative<br>transactions under a master derivatives agreement with IBRD was $7.0 billion as of June 30, 2025 and<br>$8.9 billion as of June 30, 2024.<br>|
| **Loans with IFC** | IBRD provides loans to IFC in connection with the release of a member's National Currency Paid-In<br>Capital (NCPIC) to IBRD (See Section VIII: Capital Activities for explanation of NCPIC). There were no<br>loans outstanding as of June 30, 2025 and June 30, 2024.<br>|

---

**Lending Terms Applicable to IBRD Products** 

The current pricing structure classifies member countries into four pricing groups, based on income and

other factors, and relates the maturity premium to the exemptions, discounts or surcharges applicable to

each pricing group (Table 15).

<sup>3</sup> *Eligible borrowers are IBRD Small State Economies, members of the Small States Forum, and Small Island Developing States as defined by the*

*United Nations.*

26 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IV: Lending Activities |

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**Table 15: Country Pricing Group and Maturity Premium (in Basis Points)**

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| | | |
|:---|:---|:---|
| *Country pricing group* | *Description* | *Maturity* <br>*Premium*<sup>a d</sup><br>|
| A | Blends <sup>b</sup>, small states, countries in fragile and conflict-affected situations (FCS), recent <br>IDA graduates, and CRDC-eligible countries. These countries are exempt from the <br>maturity premium increase regardless of their income levels.<br>| 0-50 <sup>c</sup> |
| B | Countries below or equal to GDI (Graduation Discussion Income) which do not qualify for <br>an exemption listed in Group A.<br>| 0-70 |
| C | Countries above-GDI, but below high-income status and which do not qualify for an <br>exemption listed in Group A.<br>| 0-90 |
| D | Countries with high income status and which do not qualify for an exemption listed in <br>Group A.<br>| 5-115 |
| *a. Based on the weighted average maturity of the loan, borrower's income, and other factors, approved by the Board and reviewed*<br>*annually.*<br>*b. Countries eligible for IDA and IBRD loans.*<br>*c. Member countries in group A are exempt from the maturity premium increase applicable from July 1, 2018.*<br>*d. For IBRD loans with a final maturity of up to 7 years, there is a maturity premium discount of 20bps. This discount is applied to*<br>*the overall lending spread.* | *a. Based on the weighted average maturity of the loan, borrower's income, and other factors, approved by the Board and reviewed*<br>*annually.*<br>*b. Countries eligible for IDA and IBRD loans.*<br>*c. Member countries in group A are exempt from the maturity premium increase applicable from July 1, 2018.*<br>*d. For IBRD loans with a final maturity of up to 7 years, there is a maturity premium discount of 20bps. This discount is applied to*<br>*the overall lending spread.* | *a. Based on the weighted average maturity of the loan, borrower's income, and other factors, approved by the Board and reviewed*<br>*annually.*<br>*b. Countries eligible for IDA and IBRD loans.*<br>*c. Member countries in group A are exempt from the maturity premium increase applicable from July 1, 2018.*<br>*d. For IBRD loans with a final maturity of up to 7 years, there is a maturity premium discount of 20bps. This discount is applied to*<br>*the overall lending spread.* |

---

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| | | |
|:---|:---|:---|
| **Table 16: Loan Terms Available During Financial Year Ended June 30, 2025** | **Table 16: Loan Terms Available During Financial Year Ended June 30, 2025** | **Table 16: Loan Terms Available During Financial Year Ended June 30, 2025** |
| Basis points, unless otherwise noted | Basis points, unless otherwise noted | Basis points, unless otherwise noted |
|  | *IBRD Flexible Loan (IFL)* <sup>a b</sup> | *Special Development Policy Loans* <br>*(SDPL)* |
|  | *Variable-spread Terms* | *Special Development Policy Loans* <br>*(SDPL)* |
| ***Final maturity*** <sup>f</sup> | 35 years <sup>c</sup> | 10 years |
| ***Maximum weighted average maturity*** | 20 years <sup>c</sup> | 7.5 years |
| ***Reference market rate*** | Market-based variable rate index | Market-based variable rate index |
| ***Spread*** |  |  |
| Contractual lending spread <sup>f</sup> | 50 | min. 200 |
| Maturity premium <sup>f</sup> | 0-115 <sup>d</sup> |  |
| Funding cost margin | Actual average funding cost <br>incurred during the preceding six-<br>month period<br>|  |
| ***Charges*** |  |  |
| Front-end fee | 25 | 100 |
| Late service charge on principal payments received<br>after 30 days of due date <sup>e</sup><br>| 50 |  |
| Commitment fee<sup>g</sup> | 25 | 25 |

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| | | |
|:---|:---|:---|
| Other financial terms for DDOs <sup>h</sup> | Other financial terms for DDOs <sup>h</sup> | Other financial terms for DDOs <sup>h</sup> |
|  | *DPF DDO and IPF DDO* | *CAT DDO* |
| Front-end fee | 25 | 50 |
| Renewal fee |  | 25 |
| Stand-by fee | 50 |  |
| Commitment fee |  |  |
| *a.There is an implicit floor of zero on the overall interest rate in IBRD's loans.*<br>*b. Effective April 1, 2021, IBRD suspended offering loans with fixed spread terms.*<br>*c. For some projects addressing global challenges with cross border externalities, the maximum loan maturity is extended to up to*<br>*50 years and the maximum weighted average maturity is extended to up to 25 years.*<br>*d. Based on the weighted average maturity of the loan and on country pricing group.*<br>*e. See Box 6 in Section IX: Risk Management for a discussion of overdue payments.*<br>*f. IBRD offers a 7-year final maturity loan with a 20bps maturity discount.*<br>*g. Effective October 15, 2024, the Board approved a grace period of 4 years for IPF and PforR commitment fees.*<br>*h. The financial terms not listed separately for DDOs are the same as those presented above for IFLs.* | *a.There is an implicit floor of zero on the overall interest rate in IBRD's loans.*<br>*b. Effective April 1, 2021, IBRD suspended offering loans with fixed spread terms.*<br>*c. For some projects addressing global challenges with cross border externalities, the maximum loan maturity is extended to up to*<br>*50 years and the maximum weighted average maturity is extended to up to 25 years.*<br>*d. Based on the weighted average maturity of the loan and on country pricing group.*<br>*e. See Box 6 in Section IX: Risk Management for a discussion of overdue payments.*<br>*f. IBRD offers a 7-year final maturity loan with a 20bps maturity discount.*<br>*g. Effective October 15, 2024, the Board approved a grace period of 4 years for IPF and PforR commitment fees.*<br>*h. The financial terms not listed separately for DDOs are the same as those presented above for IFLs.* | *a.There is an implicit floor of zero on the overall interest rate in IBRD's loans.*<br>*b. Effective April 1, 2021, IBRD suspended offering loans with fixed spread terms.*<br>*c. For some projects addressing global challenges with cross border externalities, the maximum loan maturity is extended to up to*<br>*50 years and the maximum weighted average maturity is extended to up to 25 years.*<br>*d. Based on the weighted average maturity of the loan and on country pricing group.*<br>*e. See Box 6 in Section IX: Risk Management for a discussion of overdue payments.*<br>*f. IBRD offers a 7-year final maturity loan with a 20bps maturity discount.*<br>*g. Effective October 15, 2024, the Board approved a grace period of 4 years for IPF and PforR commitment fees.*<br>*h. The financial terms not listed separately for DDOs are the same as those presented above for IFLs.* |

---

**Climate Resilient Debt Clause (CRDC)**

IBRD offers CRDCs for eligible new and existing loans (with minimum remaining maturity of five years),

for certain borrowers<sup>3</sup>. CRDCs allow eligible borrowing countries to defer payments of principal and/or

IBRD Management's Discussion and Analysis: June 30, 2025 27

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IV: Lending Activities |

---

interest (and other loan charges) for up to two years after an eligible event. After the deferral period, the

borrower will restart payments of the deferred amounts according to a modified amortization schedule that

maintains the original weighted average maturity of the loan and does not extend the final maturity date.

The eligible events when the clause was first offered were tropical cyclones and earthquakes. In October

2024, the Board approved an extension of the covered events to include all natural catastrophes,

including droughts, floods, and public health emergencies caused by a biological event. Total IBRD loans

outstanding as of June 30, 2025, for the 24 countries (including Blend countries) that are eligible to adopt

the clause for CRDCs was $6.0 billion.

**Loans Outstanding**

As of June 30, 2025, 78% of loans outstanding were denominated in U.S. dollars, 20% were denominated

in euros and 2% were denominated in other currencies, before the use of derivatives. The interest and

currency profile of loans outstanding after the use of derivatives for risk management purposes is

discussed under Market Risk in Section IX: Risk Management.

Table 17illustrates a breakdown of IBRD's loans outstanding by interest rate structure.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** | **Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives** |
| *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* | *In millions of U.S. dollars, except for ratios* |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| *Product* <br>*terms*<br>| *Total* | *% of* <br>*Total*<br>| *Of which* <br>*reference* <br>*rate is*<br>| *Total* | *% of* <br>*Total*<br>| *Product* <br>*terms*<br>| *Total* | *% of* <br>*Total*<br>| *Of which* <br>*reference* <br>*rate is*<br>| *Total* | *% of* <br>*Total*<br>|
| Fixed <br>Spread <br>Loans<br>| $63118 | 22% | Fixed | $30799 | 11% | Fixed <br>Spread <br>Loans<br>| $63170 | 24% | Fixed | $31110 | 12% |
|  |  |  | Variable | 32319 | 11 |  |  |  | Variable | 32060 | 12 |
| Variable <br>Spread <br>Loans<br>| 219972 | 78 | Fixed | 26078 | 9 | Variable <br>Spread <br>Loans<br>| 200020 | 76 | Fixed | 20362 | 8 |
|  |  |  | Variable | 193894 | 69 |  |  |  | Variable | 179658 | 68 |
| Total | $283090 | 100% |  | $283090 | 100% |  | $263190 | 100% |  | $263190 | 100% |

---

Table 18 below illustrates a breakdown of IBRD's undisbursed balances by financial loan terms.

**Table 18: Undisbursed Balances by Loan Terms**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *As of June 30,* | *2025* | *%* | *2024* | *%* |
| Variable Spread terms | $86643 | 94% | $77294 | 91% |
| Fixed Spread terms | 5702 | 6 | 7764 | 9 |
| Total | $92345 | 100% | $85058 | 100% |

---

28 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section V: Other Development Activities  |

---

**Section V: Other Development Activities** <br>

IBRD continues to deliver value to its client countries through its knowledge services, convening power,

and capacity to implement solutions that address global issues where coordinated action is critical.

IBRD also assists clients with designing financial products and structuring transactions to help mobilize

resources for development projects and mitigate the financial effects of market volatility and disasters.

Other financial products and services provided to borrowing member countries, and to affiliated and non-

affiliated organizations, include financial guarantees, grants, externally-funded activities, and advisory

services and analytics.

**Guarantees**

**Guarantees provided**

IBRD offers project-based and policy-based guarantees for priority projects and programs in member

countries. IBRD also offers guarantees for enclave operations. Project-based guarantees are provided to

mobilize private financing for projects; they are also used to mitigate projects' payment- and performance-

related risks. Policy-based guarantees are provided to mobilize private financing for sovereigns or sub-

sovereigns. IBRD's guarantees are partial and are intended to provide only the coverage necessary to

obtain the required private financing, considering country, market and, if appropriate, project

circumstances. All guarantees require a sovereign counter-guarantee and indemnity, comparable to the

requirement of a sovereign guarantee for IBRD lending to sub-sovereign and non-sovereign borrowers

(Box 3). On July 1, 2024, the WBG Guarantee Platform, maintained by MIGA, was launched to bring

together products and experts from the World Bank, IFC, and MIGA and aims to boost WBG guarantee

issuances for all entities.

**Box 3: Types of Guarantees Provided by IBRD**

---

| | |
|:---|:---|
| **Guarantee** | **Description** |
| **Project-based**<br>**guarantees**<br>| Two types of project-based guarantees are offered:<br>1.Loan guarantees: these cover loan-related debt service defaults caused by the government's<br>failure to meet specific payment and/or performance obligations arising from contract, law or<br>regulation, in relation to a project. Loan guarantees include coverage for debt service defaults<br>on: (i) commercial debt, normally for a private sector project where the cause of debt service<br>default is specifically covered by IBRD's guarantee; and, (ii) a specific portion of commercial<br>debt irrespective of the cause of such default, normally for a public-sector project.<br>2.Payment guarantees: These cover payment default on non-loan related government payment<br>obligations to private entities and foreign public entities arising from contract, law or regulation.<br>|
| **Policy-based**<br>**guarantees**<br>| These cover debt service default, irrespective of the cause of such default, on a specific portion of<br>commercial debt owed by national or sub national government and associated with the supported<br>government's program of policy and institutional actions.<br>|
| **Guarantees for** <br>**enclave operations**<br>| IBRD extends guarantees for projects in IDA-only member countries that (i) are expected to generate<br>large economic benefits with significant developmental impact in the member country; and (ii) cannot be<br>fully financed out of the country's own resources, IDA resources, or other concessional financing. The<br>provision of IBRD support to enclave operations is subject to credit enhancement features that<br>adequately mitigate IBRD's credit risk.<br>|

---

In addition, IBRD has entered into the following arrangements, which are treated as financial guarantees

under U.S. GAAP:

IBRD has a Multilateral Development Bank (MDB) Exposure Exchange Agreement (EEA) with the African

Development Bank (AfDB) and the Inter-American Development Bank (IADB). Under this EEA, each MDB

exchanged credit risk exposure of a reference portfolio supported by underlying loans to borrowing

member countries. For each MDB, EEAs through diversification benefits, help reduce credit risk at the

portfolio level; improve the risk-weighted capital ratios especially by addressing exposure concentration

concerns; and create lending headroom for individual borrowing countries where MDBs may be

constrained. The EEA involved the receipt of a guarantee and the provision of a guarantee against

nonpayment in the reference portfolio by each MDB to the other. The guarantee received and the

IBRD Management's Discussion and Analysis: June 30, 2025 29

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section V: Other Development Activities  |

---

guarantee provided are two separate transactions: (a) a receipt of an asset for the right to be indemnified

and receive risk coverage (recoverable asset) and (b) the provision of a financial guarantee, respectively

(see Notes to the Financial Statements, Note D: Loans and Other Exposures).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Table 19: Exposure Exchange Agreements** | **Table 19: Exposure Exchange Agreements** | **Table 19: Exposure Exchange Agreements** | **Table 19: Exposure Exchange Agreements** | **Table 19: Exposure Exchange Agreements** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *As of June 30,* | *2025* | *2025* | *2024* | *2024* |
|  | *Guarantee* <br>*Received* | *Guarantee* <br>*Provided* | *Guarantee* <br>*Received* | *Guarantee* <br>*Provided* |
|  | *Guarantee* <br>*Received* | *Guarantee* <br>*Provided* | *Guarantee* <br>*Received* | *Guarantee* <br>*Provided* |
| Exposure Exchange Agreement |  |  |  |  |
| IADB | 2021 | 2021 | 2021 | 2021 |
| AfDB | 1588 | 1588 | 1588 | 1588 |
| MIGA |  |  | 2 |  |
| **Total notional** | **$3609** | **$3609** | **$3611** | **$3609** |

---

IBRD's exposure on its guarantees was $7.4 billion as of June 30, 2025 compared to $7.1 billion as of

June 30, 2024 (Table 20). Exposure is measured by discounting each guaranteed amount from its next

call date.

---

| | | |
|:---|:---|:---|
| **Table 20: Guarantees Exposure** | **Table 20: Guarantees Exposure** | **Table 20: Guarantees Exposure** |
| *In million U.S. dollars* | *In million U.S. dollars* | *In million U.S. dollars* |
| *As of June 30,* | *2025* | *2024* |
| Guarantees (project, policy and enclave) | $3818 | $3488 |
| Exposure Exchange Agreements | 3609 | 3609 |
| **Total** | **$7427** | **$7097** |

---

**Guarantees received**

As part of its development activities, IBRD also receives third-party guarantees to enhance the credit

quality of its loan portfolio and increase its lending capacity.

*Credit enhancement arrangements*: As of June 30, 2025, IBRD had $11.3 billion of outstanding loans

under which bilateral guarantees were received from highly rated member countries or other Multilateral

Development Banks ($8.9 billion as of June 30, 2024).

In addition, as of June 30, 2025, IBRD received total notional value of $1.1 billion portfolio guarantees

from 2 highly rated member countries, under its new Portfolio Guarantee Platform (PGP).

The bilateral guarantees and guarantees under the PGP serve as credit enhancements and reduce

IBRD's internal risk capital requirements. Guarantees that are contractually attached to the loan reduce

the exposure at risk in computing the loan loss provision. Guarantees that are not contractually attached

to the loan (including the PGP), are recorded as a recoverable asset and included in Other assets on the

Balance Sheet (see Notes to the Financial Statements, Note D - Loans and Other Exposures).

IBRD has also received other forms of credit enhancements for loans outstanding totaling $2.5 billion as

of June 30, 2025 ($2.0 billion as of June 30, 2024), that protect IBRD against the risk of loss on certain

loans in IBRD's portfolio. These credit enhancements are accounted for as derivatives at fair value and

are included in Other assets - Miscellaneous on IBRD's Balance Sheet as they do not meet the

accounting definition of guarantees.

30 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section V: Other Development Activities  |

---

---

| | | |
|:---|:---|:---|
| **Table 21: Credit Enhancements Received** | **Table 21: Credit Enhancements Received** | **Table 21: Credit Enhancements Received** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *As of June 30,* | *2025* | *2024* |
| ***Bi-lateral Guarantees Received*** |  |  |
| Borrowing Country With Loan Guarantees |  |  |
| Brazil | 185 | 200 |
| Egypt, Arab Republic of | 138 | 142 |
| Indonesia | 350 | 350 |
| Iraq | 324 | 359 |
| Jordan | 333 | 367 |
| Morocco | 123 | 155 |
| Philippines | 200 | 220 |
| Ukraine | 9685 | 7057 |
| **Total Outstanding** | **$11338** | **$8850** |
| ***Portfolio Guarantees Received*** | 1070 |  |
| ***Other Credit Enhancements Received*** |  |  |
| Borrowing Country With Other Credit Enhancements |  |  |
| India | 1000 | 1000 |
| Ukraine | 1500 | 1016 |
| **Total Outstanding** | **$2500** | **$2016** |
| **Total Guarantees and Credit Enhancements Received** | **$14908** | **$10866** |

---

**Grant Making Facilities**

Grant Making Facilities (GMFs) are funded by IBRD's contributions to specific trust funds and are

complementary to IBRD's work. IBRD deployed $17 million under this program in FY25 ($17 million in

FY24). These amounts are reflected in Contributions to Special Programs in IBRD's Statements of

Income, after IDA's share is determined in accordance with the cost sharing ratio.

**Externally-Funded Activities** 

Mobilization of external funds from third-party partners includes trust funds. Additional external funds

include reimbursable funds and revenues from fee-based services to member countries, which are related

to EFOs (Externally Financed Outputs), RAS (Reimbursable Advisory Services), and other financial

products and services, including RAMP.

**Trust Funds**

Trust Funds receive money from donors that provide development solutions that serve member recipients

and donors. Trust funded partnerships often serve as a platform for IBRD and the partners to access

WBG's diverse technical and financial resources, and achieve development goals whose complexity,

scale, and scope exceed any individual partner's capabilities. IBRD's roles and responsibilities in

managing trust funds depend on the type of fund, outlined as follows:

• Bank-executed activities for trust funds: IBRD, alone or jointly with one or more of its affiliated

organizations, manages the funds and implements the activities financed. These trust funds support

IBRD's work program. IBRD disbursed $604 million in FY25 ($612 million in FY24) of trust fund

program funds, which was included in Non-interest expenses, Administrative in IBRD's Statements

of Income with corresponding revenue included in Non-interest revenue, Revenue from externally

funded activities (Table 6).

• Recipient-executed activities for trust funds: Funds are provided to a third party, normally in the

form of project grant financing, and are supervised by IBRD.

IBRD Management's Discussion and Analysis: June 30, 2025 31

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section V: Other Development Activities  |

---

• Financial Intermediary Funds (FIFs): IBRD, as trustee, administrator, or treasury manager, offers

specific administrative or financial services with a limited operational role. Arrangements include the

administration of debt service trust funds, fiscal agency funds and other more specialized limited

fund management roles.

IBRD uses a cost recovery framework for trust funds, to recover the costs of performing agreed roles in

administering trust funds, and is guided by principles of transparency, fairness, simplification,

standardization, predictability and consistent treatment across all trust fund donors.

Management continues to implement measures to improve planning, support sustainability and enhance

alignment of external funds with mission priorities through greater use of umbrella trust fund programs.

During FY25, IBRD's share of fees from trust fund administration was $91 million ($99 million in FY24),

which is included in Revenue from externally funded activities (Table 3) on the Reported basis. On an

Allocable income basis, this amount is part of Net non-interest expenses (Table 6). See Notes to Financial

Statements, Note L: Trust Funds Administration and Other Services. The decrease in fees was mainly

driven by lower disbursements to the trust funds.

**Reimbursable Advisory Services (RAS)**

While most of IBRD's advisory and analytical work is financed by its own budget or donor contributions

(e.g., Trust Funds), clients may also pay for services. IBRD offers technical assistance and other advisory

services to its member countries, in connection with, and independent of, lending operations. Available

services include, for example, assigning qualified professionals to survey developmental opportunities in

member countries; analyzing member countries fiscal, economic, and developmental environments;

helping members devise coordinated development programs; and improving their asset and liability

management techniques. In FY25, IBRD earned revenue of $49 million ($47 million in FY24) from RAS,

which is included in Revenue from externally funded activities (Table 3) on the Reported basis. On an

Allocable income basis, this amount is part of Net non-interest expenses (Table 6).

**Externally Financed Outputs (EFOs)** 

IBRD offers donors the ability to contribute to specific projects and programs. EFO contributions are

recorded as restricted revenue when received because they are grants for contractually specified

purposes. In FY25, IBRD had $5 million of restricted revenue, compared with $8 million in FY24, which

are included in Net non-interest expenses – reported basis in Table 6.

Restrictions are released once the funds are used for the purposes specified by donors. In FY25, there

was a release of $8 million ($8 million in FY24).

**Other Financial Products and Services**

**Managing Financial Risks for Clients**

IBRD helps member countries build resilience by facilitating access to risk management solutions to

mitigate the financial effects of currency, interest rate, and commodity price volatility, disasters, and

extreme weather events.

32 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section V: Other Development Activities  |

---

Box 4 below lists some financial solutions and disaster risk financing instruments IBRD offers:

**Box 4: Financing Instruments**

Hedging Transactions Disaster Risk Financing

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Interest Rate

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Catastrophe Derivatives and Bonds

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Insurance and Reinsurance

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Regional Pooling Facilities

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Currency

![shape-6a73c8f56776ef14.gif](shape-6a73c8f56776ef14.gif)

Commodity Price

IBRD also intermediates the following risk management transactions for clients:

• *Affiliated Organization:* To assist IDA with its asset/liability management IBRD executed currency

forward contracts on its behalf. There were no open trades as of June 30, 2025.

• *Unaffiliated Organization*: To assist the International Finance Facility for Immunization (IFFIm) with

its asset/liability management strategy, IBRD executes currency and interest rate swaps on its

behalf. In addition, IBRD, as Treasury Manager, is a counterparty to IFFIm and enters into offsetting

swaps with market counterparties. During FY25, IBRD did not execute any swaps under this

agreement.

(See Section IX: Risk Management, for a detailed discussion of IBRD's risk mitigation of these derivative

transactions).

**Asset Management** 

The Reserves Advisory and Management Partnership (RAMP) provides services that build clients'

capacity to support the sound management of their official sector assets. Clients include central banks,

sovereign wealth funds, national pension funds, and supranational organizations. RAMP helps clients

upgrade their asset management capabilities, including portfolio and risk management, operational

infrastructure, and human resources capacity. Under most of these arrangements, IBRD is responsible for

managing a portion of the institution's assets and, in return, receives a fee based on the average value of

the portfolio managed (Table 22). The fees earned are used to provide training and capacity-building

services. In addition to RAMP, IBRD invests and manages investments on behalf of IDA, MIGA, and trust

funds; those investments are not included in IBRD's assets.

---

| | | |
|:---|:---|:---|
| **Table 22: RAMP - Assets and Revenues** |  |  |
| *In millions of U.S. dollars* |  |  |
| *As of June 30,* | *2025* | *2024* |
| Assets managed under RAMP | $27772 | $24851 |
| Revenue from RAMP | $15 | $14 |

---

As noted in the discussion of Trust Fund Activities above, IBRD, alone or jointly with one or more of its

affiliated organizations, administers funds restricted for specific uses on the donors' behalf. This

administration is governed by agreements with donors, who include members, their agencies and other

entities. These funds are held in trust and are not included on IBRD's Balance Sheets, except for $575

million of undisbursed third-party contributions made to trust funds executed by IBRD, individually or with

other affiliated organizations, which are recognized on the Balance Sheets. The funds held in trust by

IBRD as administrator and trustee totaled $64.3 billion in FY25, of which $0.5 billion ($0.1 billion in FY24)

relates to IBRD's own contributions to these trust funds (Table 23).

IBRD Management's Discussion and Analysis: June 30, 2025 33

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section V: Other Development Activities  |

---

---

| | | |
|:---|:---|:---|
| **Table 23: Funds Held in Trust by IBRD** | **Table 23: Funds Held in Trust by IBRD** | **Table 23: Funds Held in Trust by IBRD** |
| *In millions of U.S dollars* | *In millions of U.S dollars* | *In millions of U.S dollars* |
| *As of June 30,* | *2025* | *2024* |
| Bank-executed activities | $243 | $258 |
| Jointly executed with affiliated organizations | 1059 | 1085 |
| Recipient-executed activities | 6035 | 3330 |
| Financial intermediary funds | 48478 | 29826 |
| Execution not yet assigned <sup>a</sup> | 8468 | 7807 |
| **Total fiduciary assets** | **$64283** | **$42306** |
| *a.These represent assets held in trust for which the determination as to the type of execution is yet to be finalized.* | *a.These represent assets held in trust for which the determination as to the type of execution is yet to be finalized.* | *a.These represent assets held in trust for which the determination as to the type of execution is yet to be finalized.* |

---

34 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section VI: Investment Activities |

---

**Section VI: Investment Activities** <br>

Investments held by IBRD are designated as trading and used mostly for liquidity purposes. As of

June 30, 2025, Investments - Trading totaled $102.7 billion ($82.7 billion as of June 30, 2024). See Note

C—Investments in the Notes to the Financial Statements.

**Liquid Asset Portfolio**

Funds raised through IBRD's borrowing activities that have not yet been deployed for lending are held in

the liquid asset portfolio to provide liquidity for IBRD's operations. The portfolio is managed with the goal

of ensuring sufficient cash flows to meet all of IBRD's financial commitments. While it seeks a reasonable

return on this portfolio, IBRD restricts its liquid assets to high-quality investments, consistent with its

investment objective of prioritizing principal protection over yield. Liquid assets are managed

conservatively and are primarily held against disruptions in IBRD's access to capital markets.

IBRD's liquid assets are held mainly in highly rated, fixed-income instruments (see Box 7: Eligibility

Criteria for IBRD's Investments) and include the following:

• Government, agency, and corporate obligations

• Time deposits and other unconditional obligations of banks and financial institutions

• Asset-backed securities (including agency mortgage-backed securities)

• Currency, interest rate and other risk management derivatives

• Exchange-traded options and futures

**Table 24: Liquid Asset Portfolio by Asset Class**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *As of June 30,* | *2025* | *%* | *2024* | *%* |
| Liquid asset portfolio |  |  |  |  |
| Time Deposits | $52279 | 55% | $45984 | 58% |
| Government, agency and corporate obligations | 41626 | 43 | 30701 | 39 |
| Asset-backed Securities & Others | 2138 | 2 | 2107 | 3 |
| Total | $96043 | 100% | $78792 | 100% |

---

IBRD keeps liquidity volumes above a Prudential Minimum which is defined by its financial policies as

80% of the twelve-month Target Liquidity Level. The twelve-month Target Liquidity Level is calculated

before the end of each fiscal year based on Management's estimates of projected net loan disbursements

approved at the time of projection and debt-service for the upcoming fiscal year. This twelve-month

estimate becomes the target for the upcoming fiscal year and the Prudential Minimum is 80% of this

target (see Section IX: Risk Management, for details of how IBRD manages liquidity risk).

The liquid asset portfolio is composed largely of assets denominated in, or swapped into, U.S. dollars,

with net exposure to short-term interest rates after derivatives. The portfolio has an average duration of

less than three months, and the debt funding these liquid assets has a similar currency and duration

profile. This is a direct result of IBRD's exchange-rate and interest-rate-risk-management policies (see

Section IX: Risk Management), combined with appropriate investment guidelines (Box 7).

The maturity profile of IBRD's liquid asset portfolio reflects a high degree of liquidity. As of June 30, 2025,

$77.9 billion (approximately 81% of total volume) was due to mature within six months, of which $24.3

billion was expected to mature within one month.

During FY25, IBRD's total return on the liquid asset portfolio was 5.19%, a marginal decrease compared

to FY24 total return of 5.81%, and consistent with the decreasing interest rate environment. In addition to

monitoring gross investment returns relative to their benchmarks, IBRD also monitors overall earnings

from the investment portfolio, net of funding costs. In FY25, IBRD had $65 million of revenue, net of

funding costs on the investment portfolio as discussed in Section III: Financial Results.

IBRD Management's Discussion and Analysis: June 30, 2025 35

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section VI: Investment Activities |

---

**Other Investments**

In addition to the liquid asset portfolio, the investment portfolio also includes holdings related to the PEBP,

PCRF, and other investments (see Note C—Investments). Table 25 below summarizes the net carrying

value of other investments:

---

| | | |
|:---|:---|:---|
| **Table 25: Net Carrying Value of Other Investments** |  |  |
| *In millions of U.S. dollars* |  |  |
| *As of June 30,* | *2025* | *2024* |
| PEBP | $3252 | $2939 |
| PCRF and others | 1803 | 949 |
| **Total** | **$5055** | **$3888** |

---

36 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section VII: Borrowing Activities  |

---

**Section VII: Borrowing Activities** <br>

IBRD has been issuing bonds in the international capital markets since 1947. The proceeds of these

bonds support IBRD's lending operations which are aimed at promoting sustainable development for

IBRD's borrowing member countries.

**Borrowings**

IBRD borrows at attractive rates underpinned by its strong financial profile and shareholder support that

together are the basis for its triple-A credit rating. As a result of its financial strength and triple-A credit

rating, IBRD is recognized as a premier borrower and its bonds and notes are viewed as a high credit

quality investment in the global capital markets.

IBRD uses the proceeds to finance development activities in creditworthy middle-income and low-income

countries eligible to borrow from IBRD at market-based rates. Funding raised in any given year is used for

IBRD's operations, including loan disbursements, replacement of maturing debt, and prefunding for

lending activities. IBRD determines its funding requirements based on a three-year rolling horizon and

funds about one-third of the projected amount in the current fiscal year.

As discussed in Section I: Overview, IBRD uses currency and interest rate derivatives in connection with

its borrowings for asset and liability management purposes. New medium and long-term funding is

swapped into variable-rate U.S. dollar instruments, with conversion to other currencies carried out

subsequently, as needed. This is in accordance with loan funding requirements, so that IBRD can

minimize interest rate and currency risk. IBRD also uses derivatives to manage the re-pricing risks

between loans and borrowings. Further discussion on how IBRD manages this risk is included in Section

IX: Risk Management.

IBRD issues short-term debt (maturing in one year or less), and medium- and long-term debt (with a

maturity greater than one year). In FY25, IBRD raised a total of $64.5 billion of medium- and long-term

debt (Table 28). From time to time, IBRD exercises the call option in its callable bond issues; it may also

repurchase its debt to meet other operational or strategic needs such as providing liquidity to its investors

(Table 28).

As of June 30, 2025, the borrowings totaled $306.2 billion, $44.4 billion higher than June 30, 2024 (see

Note E: Borrowings in the Notes to the Financial Statements). The increase was primarily due to net

medium-and long-term debt issuances during the year (Table 28).

Table 26illustrates the impact of derivatives on the currency composition of IBRD's borrowing portfolio.

**Table 26: Effect of Derivatives on Currency Composition of the Borrowing Portfolio – June 30, 2025**

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

---

| | | |
|:---|:---|:---|
| *As of June 30, 2025* | *Borrowings excluding* <br>*derivatives*<br>| *Borrowings including* <br>*derivatives*<br>|
| US Dollar | 62% | 86% |
| Euro | 16 | 14 |
| Others | 22 |  |
| Total | 100% | 100% |

---

As of June 30, 2025, IBRD's total borrowings, after the effects of derivatives, carried variable rates with a

weighted average cost of4.4% (5.5% as of June 30, 2024). The decrease in the weighted average cost

from the prior year reflects the decrease in the short-term market interest rates during the year. This also

resulted in a decrease in IBRD's weighted average loan rates, which are also based on IBRD's funding

cost. IBRD's lending spread was therefore not impacted by the decrease in short-term interest rates

(Figure 2).

IBRD Management's Discussion and Analysis: June 30, 2025 37

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section VII: Borrowing Activities  |

---

**Short-Term Borrowings**

Table 27 summarizes IBRD's short-term borrowings, which mainly include discount notes, securities lent

or sold under securities lending and repurchase agreements, and other short-term borrowings.

**Discount Notes**

IBRD's short-term borrowings consist mainly of discount notes issued in U.S. dollars. These borrowings

have a weighted average maturity of approximately 136 days.

**Securities Lent or Sold under Repurchase Agreements**

These short-term borrowings are secured mainly by highly-rated collateral in the form of securities,

including government-issued debt, and have an average maturity of less than 30 days.

**Other Short-Term Borrowings**

Other short-term borrowings are mostly money market instruments that have maturities of one year or

less.

---

| | | |
|:---|:---|:---|
| **Table 27: Short-Term Borrowings** |  |  |
| *In millions of U.S. dollars, except rates which are in percentages* | *In millions of U.S. dollars, except rates which are in percentages* | *In millions of U.S. dollars, except rates which are in percentages* |
| *As of June 30,* | *2025* | *2024* |
| **Discount notes** <sup>a</sup> |  |  |
| Average daily balance during the fiscal year | $13166 | $10374 |
| Weighted-average rate during the fiscal year | 4.72% | 5.39% |
| **Securities lent or sold under repurchase agreements** <sup>b</sup> |  |  |
| Average monthly balance during the fiscal year | $449 | $723 |
| Weighted-average rate during the fiscal year | 4.88% | 1.24% |
| **Other short-term borrowings** <sup>a</sup> |  |  |
| Average daily balance during the fiscal year | $105 | $44 |
| Weighted-average rate during the fiscal year | 4.69% | 5.44% |
| *a. At amortized cost which approximates fair value*  | *a. At amortized cost which approximates fair value*  | *a. At amortized cost which approximates fair value*  |
| *b. Excludes securities related to PEBP and PCRF.* | *b. Excludes securities related to PEBP and PCRF.* | *b. Excludes securities related to PEBP and PCRF.* |

---

38 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section VII: Borrowing Activities  |

---

**Medium- and Long-Term Borrowings**

In FY25, medium- and long-term debt raised directly by IBRD in the capital markets amounted to $64.0

billion with an average maturity to first call of 5.5 years (Table 28). The increase in medium- and long-term

debt raised in FY25 is primarily due to higher debt servicing and refinancing requirements.

In FY25, IBRD started issuing debt in the form of perpetual hybrid capital. As of June 30, 2025, the

amount raised was $0.5 billion.

---

| | | |
|:---|:---|:---|
| **Table 28: Funding Operations Indicators** |  |  |
| *In millions of U.S. dollars, except maturities which are in years* |  |  |
| *For the fiscal year ended June 30,* | *2025* | *2024* |
| **Issuances** <sup>a</sup> |  |  |
| Medium- and long-term funding raised | $64545 | $52380 |
| Average maturity to first call date | 5.5 | 5.9 |
| Average maturity to contractual final maturity <sup>b</sup> | 8.0 | 6.8 |
| **Maturities** |  |  |
| Medium- and long-term funding matured | $33879 | $29786 |
| Average maturity of debt matured <sup>b</sup> | 6.4 | 4.4 |
| **Called/Repurchased** |  |  |
| Medium- and long-term funding called/repurchased | $4676 | $1960 |
| a. *Expected life of IBRD's bonds are generally between first call date and the contractual final maturity.* | a. *Expected life of IBRD's bonds are generally between first call date and the contractual final maturity.* | a. *Expected life of IBRD's bonds are generally between first call date and the contractual final maturity.* |
| *b. Excludes hybrid capital that has no defined maturity period.* |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 29: Maturity Profile of Medium Long-Term Debt** | **Table 29: Maturity Profile of Medium Long-Term Debt** | **Table 29: Maturity Profile of Medium Long-Term Debt** | **Table 29: Maturity Profile of Medium Long-Term Debt** | **Table 29: Maturity Profile of Medium Long-Term Debt** | **Table 29: Maturity Profile of Medium Long-Term Debt** | **Table 29: Maturity Profile of Medium Long-Term Debt** | **Table 29: Maturity Profile of Medium Long-Term Debt** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* |
|  | *Less than 1* <br>*year*<br>| *1 to 2* <br>*years*<br>| *2 to 3* <br>*years*<br>| *3 to 4* <br>*years*<br>| *4 to 5* <br>*years*<br>| *Due After 5* <br>*years*<br>| *Total* |
| Medium and Long-Term Debt | $34173 | $37482 | $36816 | $32710 | $39117 | $112874 | $293172 |

---

As shown below, 74% of IBRD's medium-and long-term borrowings issued during the year were in U.S.

dollars:

**Table 30: Medium and Long-Term Borrowings Raised by Currency during the year, Excluding Derivatives**

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

---

| | | |
|:---|:---|:---|
| *As of June 30,* | *2025* | *2024* |
| US Dollar | 74% | 61% |
| Euro | 10 | 14 |
| Others | 16 | 25 |
| Total | 100% | 100% |

---

IBRD Management's Discussion and Analysis: June 30, 2025 39

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section VIII: Capital Activities  |

---

**Section VIII: Capital Activities** <br>

**Capital Structure**

**Principal Shareholders and Voting Power**

As of June 30, 2025, IBRD had 189 member countries, with the top six accounting for 40% of the total

voting power (Figure 11). The United States is IBRD's largest shareholder, with 15.79% of total voting

power. Accordingly, it also has the largest share of IBRD's uncalled capital, $50,627 million, or 17% of

total uncalled capital.

As of June 30, 2025, member countries holding a credit rating of AA and above accounted for 34% of the

total voting power.

**Subscribed Capital**

Total subscribed capital is comprised of paid-in capital and uncalled subscribed capital. See Statement of

Subscriptions to Capital Stock and Voting Power in IBRD's Financial Statements for balances by country.

**Figure 11: Voting Power of Top Six Members** 

**as of June 30, 2025**

![chart-cb70dac890b147f69dd.gif](chart-cb70dac890b147f69dd.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Table 31: Breakdown of IBRD Subscribed Capital** | **Table 31: Breakdown of IBRD Subscribed Capital** | **Table 31: Breakdown of IBRD Subscribed Capital** | **Table 31: Breakdown of IBRD Subscribed Capital** | **Table 31: Breakdown of IBRD Subscribed Capital** |
| *In millions of U.S. dollars, except ratios which are in percentages* | *In millions of U.S. dollars, except ratios which are in percentages* | *In millions of U.S. dollars, except ratios which are in percentages* | *In millions of U.S. dollars, except ratios which are in percentages* | *In millions of U.S. dollars, except ratios which are in percentages* |
| *As of June 30,* | *%*  | *2025* | *2024* | *Variance* |
| Subscribed capital |  |  |  |  |
| Paid-in capital | 7% | $22911 | $22452 | $459 |
| Uncalled Subscribed capital | 93% | 303924 | 300620 | 3304 |
| **Total subscribed capital** | **100%** | **$326835** | **$323072** | **$3763** |

---

**Uncalled Subscribed Capital**

As of June 30, 2025, the total uncalled portion of subscriptions was $303,924 million. The amount may be

called only when required to meet IBRD's obligations for funds borrowed or loans guaranteed and is,

thus, not available for use by IBRD when making loans. Of this amount, $42,456 million was restricted

pursuant to resolutions of the Board of Governors (though such conditions are not required by IBRD's

Articles). While these resolutions are not legally binding on future Board of Governors, they do record an

understanding among members that this amount will not be called for use by IBRD in its lending activities

or for administrative purposes.

No call has ever been made on IBRD's capital. Any such calls are required to be uniform, but the

obligations of IBRD's members to make payment on such calls are independent of one another. If the

amount received on a call is insufficient to meet the obligations of IBRD for which the call is made, IBRD

has the right to make further calls until the amounts received are sufficient to meet such obligations. On

40 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section VIII: Capital Activities  |

---

any such call or calls, however, no member is required to pay more than the unpaid balance of its capital

subscription.

Under the Bretton Woods Agreements Act and other U.S. legislation, the Secretary of the U.S. Treasury is

permitted to pay approximately $7,663 million of the uncalled portion of the subscription of the United

States, if called for use by IBRD, without need for further congressional action.

The balance of the uncalled portion of the U.S. subscription, $42,964 million, has been authorized but not

appropriated by the U.S. Congress. Further action by the U.S. Congress is required to enable the

Secretary of the U.S. Treasury to pay any portion of this balance. The General Counsel of the U.S.

Treasury has rendered an opinion that the entire uncalled portion of the U.S. subscription is an obligation

backed by the full faith and credit of the U.S., notwithstanding that congressional appropriations have not

been obtained with respect to certain portions of the subscription.

**Capital Increases**

In October 2018, the Governors approved a new GCI and SCI as part of a capital package that includes

institutional and financial reforms designed to ensure long-term financial sustainability. The capital

increases would result in additional subscribed capital of up to $60.1 billion, with $7.5 billion of paid-in

capital and $52.6 billion of callable capital. The subscription period for the GCI and SCI ends on October

1, 2025.

**Paid-In Capital**

Paid-in capital has two components:

• The U.S. dollar portion, which is freely available for use by IBRD.

• National Currency Paid-In Capital (NCPIC) portion, usage of which is subject to certain restrictions

under IBRD's Articles and is subject to Maintenance-Of-Value (MOV) requirements. For additional

details see the Notes to the Financial Statements, Note A: Summary of Significant Accounting and

Related Policies.

**Usable Paid-in Capital**

Usable paid-in capital represents the portion of paid-in capital that is available to support IBRD's risk

bearing capacity and includes all U.S. dollar paid-in capital, as well as NCPIC for which use restrictions

have been lifted (referred to as released NCPIC). The adjustments made to paid-in capital to arrive at

usable paid-in capital are provided in Table 32.

The $736 million increase in usable paid-in capital during FY25 was primarily due to the receipt of $333

million for GCI and $126 million for SCI during FY25.

---

| | | | |
|:---|:---|:---|:---|
| **Table 32: Usable Paid-in Capital** | **Table 32: Usable Paid-in Capital** | **Table 32: Usable Paid-in Capital** | **Table 32: Usable Paid-in Capital** |
| *In millions of U.S dollars* | *In millions of U.S dollars* | *In millions of U.S dollars* | *In millions of U.S dollars* |
| *As of June 30,* | *2025* | *2024* | *Variance* |
| Paid-in Capital | $22911 | $22452 | $459 |
| Deferred amounts to maintain value of currency holdings <sup>a</sup> | (298) | (558) | 260 |
| Adjustments for unreleased NCPIC: |  |  |  |
| Restricted cash | (61) | (66) | 5 |
| Nonnegotiable, noninterest-bearing demand obligations on<br>account of subscribed capital<br>| (313) | (310) | (3) |
| Receivable amounts to maintain value of currency holdings | (325) | (337) | 12 |
| MOV payable | 5 | 2 | 3 |
| Total Adjustments for unreleased NCPIC | (694) | (711) | 17 |
| **Usable paid-in capital** | **$21919** | **$21183** | **$736** |
| *a. The MOV (Maintenance-Of-Value) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* | *a. The MOV (Maintenance-Of-Value) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* | *a. The MOV (Maintenance-Of-Value) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* | *a. The MOV (Maintenance-Of-Value) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* |

---

IBRD Management's Discussion and Analysis: June 30, 2025 41

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section VIII: Capital Activities  |

---

**Usable Equity**

Usable equity represents the amount of equity that is available to support IBRD's lending operations.

Usable equity is central to the three frameworks IBRD uses to manage its capital adequacy, credit risk,

and equity earnings. These frameworks, described in Section IX: Risk Management, are:

• Strategic Capital Adequacy Framework

• Credit Risk and Loan Loss Provisioning Framework

• Other ALM Framework

See Table 33 for the components of Usable Equity and see Table 34 for a reconciliation of Total Equity

and Usable Equity.

42 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IX: Risk Management  |

---

**Section IX: Risk Management** <br>

**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

(AC), 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, and supports Management in its oversight function, particularly in coordinating different aspects

of risk management and in connection with risks that are common across functional areas.

IBRD's risk governance structure is built on the "three lines model" where:

• Business units, with support from specialized functions, are responsible for directly managing

risks in their respective functional areas;

• The Vice President and WBG Chief Risk Officer (CRO) provides direction, challenge, and

oversight over risk management practices; and

• Internal Audit provides independent assurance and advice on the effectiveness of risk

management.

IBRD's risk management process comprises of risk identification, assessment, response and risk

monitoring and reporting. IBRD has policies and procedures under which risk owners are responsible for

identifying, assessing, responding to, monitoring and reporting risks.

**Risk Oversight and Coverage**

**Financial and Operational Risk Management**

The CRO (Vice President and WBG Chief Risk Officer) 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 and model risks, and (iii) operational risks relating to people,

processes and systems, or from external events. In addition, the CRO works closely with IFC, MIGA, and

IDA's Management, to review, measure, aggregate, and report on risks, and share best practices across

the WBG. The CRO also helps enhance cooperation between the entities and facilitates knowledge

sharing in the risk management function.

The following three departments report directly to the CRO:

**Credit Risk Department**

• Identifies, measures, monitors, and manages country credit risk faced by IBRD. By agreement

with the Board, the individual country credit risk ratings are not shared with the Board and are not

made public.

• Assesses loan portfolio risk, determines the adequacy of provisions for losses on loans and other

exposures, and monitors borrowers that are vulnerable to crises in the near term. These reviews

are taken into account when determining the overall country programs and lending operations,

and they are included in the assessment of IBRD's capital adequacy.

• Reviews proposed new financial products for any implications for country credit risk.

**Market and Counterparty Risk Department**

• Responsible for market, liquidity, and counterparty credit risk oversight, assessment, and

reporting. It does these in coordination with IBRD's financial managers who are responsible for

the day-to-day execution of trades for the liquid asset and derivative portfolios, within applicable

policy and guideline limits.

IBRD Management's Discussion and Analysis: June 30, 2025 43

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IX: Risk Management  |

---

• Ensures effective oversight, including: (i) maintaining sound credit assessments, (ii) addressing

transaction and product risk issues, (iii) providing an independent review function, (iv) monitoring

market and counterparty risk in the investment, borrowing and client operation portfolios, and (v)

the model risk for financial and capital models. It also provides reports to the Audit Committee

and the Board on the extent and nature of risks, risk management, and oversight.

• Responsible for validation of market data and models used for fair valuation of financial

instruments. Undertakes model verification to ensure robust implementation of the models for fair-

valued products.

**Operational Risk Department** 

• Provides direction and oversight for operational risk activities by business function.

• Key operational risk management responsibilities include: (i) administering the Operational Risk

Committee (ORC) for IBRD, (ii) implementing the operational risk management framework which

is aligned with Basel principles and provides direction to business unit partners to ensure

consistent application, (iii) assisting and guiding business units in identifying and prioritizing

significant operational risks and enabling monitoring and reporting of risks through suitable

metrics (or risk indicators), (iv) helping identify emerging risks and trends through monitoring of

internal and external risk events, (v) supporting risk response and mitigating actions, and

preparing a corporate Operational Risk Report for review and discussion by the ORC.

• Responsible for the oversight of the enterprise risk, operational risk, business continuity,

operational resilience, corporate insurance, and data privacy functions.

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.

**Risk Committees**

**Figure 12: Management Risk Committee Structure for Financial and Operational Risks**

Financial Risk Operational Risk

![shape-d3eaaab62c4084de.gif](shape-d3eaaab62c4084de.gif)

**ALCO**

Asset and Liability

Management Committee

Chair: MDCFO

![shape-8628c7add88d8f42.gif](shape-8628c7add88d8f42.gif)

**ERC**

Enterprise Risk Committee

Chair: MDCAO

![shape-d3eaaab62c4084de.gif](shape-d3eaaab62c4084de.gif)

**NBC**

New Business Committee

![shape-8628c7add88d8f42.gif](shape-8628c7add88d8f42.gif)

**ORC**

Operational Risk Committee

![shape-634c5a3156097718.gif](shape-634c5a3156097718.gif)

**FRC**

Finance and Risk Committee

Chair: MDCFO

**Financial Risk Committees:**

**The Finance and Risk Committee (FRC)**, a Vice President level committee, provides a high-level

governance structure for decisions that may have financial risks. The FRC was created under the

authority of the Managing Director and WBG Chief Financial Officer (MDCFO) to approve, clear, or

discuss: (a) risk policy and procedure documents related to financial integrity, income sustainability and

balance sheet strength, and (b) issues and new business initiatives with policy implications related to

IBRD's financial risks, including country credit, market, counterparty, liquidity and model risks, and

operational risks related to the finance business functions. The FRC helps to integrate individual

components of finance and risk management activities by building on mechanisms and processes already

in place and provides a forum for discussing and communicating significant risk related issues. The FRC

44 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IX: Risk Management  |

---

meets regularly to discuss the financial performance, new products and services, and risk management of

IBRD.

**New Business Committee (NBC)** is a standing subcommittee of the FRC. The NBC provides advice,

guidance and recommendations to the FRC, by performing due diligence over new financial products or

services to ensure that Management has a full understanding of the rationale, costs, risks and rewards of

the product or service being considered.

**Asset and Liability Management Committee (ALCO)**, a Vice President-level committee chaired by the

MDCFO, provides a high-level forum to ensure prudent balance sheet management of IBRD by: a)

monitoring its financial positions and ALM activities for compliance with its respective guidelines, policies

and procedures, including borrowing and investment activities; b) identifying and providing

recommendations on emerging ALM issues for IBRD, as well as those related to capital, balance-sheet

planning, and financial sustainability and c) serving as a reviewing and recommending body for ongoing

decisions as part of implementing the ALM policies and procedures of IBRD, including those that impact

lending rates and net income.

**Operational Risk Committees:**

**The Enterprise Risk Committee (ERC)** is a Vice President-level committee chaired by the Managing

Director and Chief Administrative Officer (MDCAO) that oversees IBRD's non-financial risks through

reviewing, discussing and/or formulating proposed policies, procedures, directives, guidance, and other

matters requested by its members. ERC's scope comprises of: a) operational risk, including business

continuity, corporate security, cyber security, and IT service continuity; b) enterprise risk; c) Integrity Vice

Presidency (INT) and Ethics and Business Conduct (EBC) policies and methodologies; d) shared

services; and e) any other matters brought by the MDCAO. The ERC leverages existing risk management

mechanisms that are in place to provide a corporate view of operational and non-financial risks.

**Operational Risk Committee (ORC)** is the main governance committee for operational risk and provides

a mechanism for an integrated review and response across IBRD units on operational risks associated

with people, processes, and systems, including business continuity, and recognizing that business units

remain responsible for managing operational risks. The Committee's key responsibilities include

monitoring significant operational risk matters and events on a quarterly basis to ensure that appropriate

risk-response measures are taken and reviewing and concluding on IBRD's overall operational risk

profile. The ORC is chaired by the CROVP and escalates significant risks and decisions to the FRC and

ERC.

**Box 5: Summary of IBRD's Specific Risk Categories**

---

| | |
|:---|:---|
| **Types of Risk** | **How the Risk is Managed** |
| **Credit Risk**<br>&nbsp;&nbsp;&nbsp;&nbsp;Country Credit Risk<br>&nbsp;&nbsp;&nbsp;&nbsp;Counterparty Credit Risk<br>| IBRD's credit-risk-bearing capacity and individual country exposure limits<br>Counterparty credit limits and collateral<br>|
| **Market Risk**<br>&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk<br>&nbsp;&nbsp;&nbsp;&nbsp;Exchange Rate Risk<br>&nbsp;&nbsp;&nbsp;&nbsp;Liquidity Risk<br>| Interest rate derivatives to match the sensitivity of assets and liabilities<br>Currency derivatives to align the currency composition of assets and liabilities<br>Prudential minimum liquidity level<br>|
| **Operational Risk** | Risk assessment and monitoring of key risk indicators and internal and external <br>operational risk events<br>|

---

**Other Risk Councils**

The Financial Risk Council and Non-Financial Risk Council facilitate regular coordination and

collaboration across WBG entities in financial and non-financial risk functions, respectively. These

councils, chaired by the MDCFO and MDCAO, respectively, meet regularly to identify opportunities for

collaboration across the risk functions that serve to enhance the effectiveness of each of the risk functions

while respecting the fiduciary obligations of each entity and considering the different mandates, clients,

products, and business models. They also provide a common forum for the systematic exchange of

information and encourage joint reporting of risks across the entities to form an overall picture on risk and

IBRD Management's Discussion and Analysis: June 30, 2025 45

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for the purposes of information sharing, identifying interdependencies, connections, and concentrations of

risk.

**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 for its

financial activities, which include lending, borrowing and investing (Box 5). 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.

**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 loans and other exposures over a

medium-term capital-planning horizon.

As shown in Table 33, IBRD's Equity-to-Loans ratio increased by 0.1% from 21.5% as of June 30, 2024 to

21.6% as of June 30, 2025, primarily due to the increase in usable equity, mainly driven by the increase in

proposed transfer to general reserve out of the FY25 allocable income, which outpaced the increase in

total loan exposure, primarily due to the increase in outstanding loans. In October 2024, as part of the

WBG evolution process, the Board approved establishing the new Framework of Restoration Measures

(FRM) for capital adequacy, which further strengthens the protection for IBRD's triple-A rating. The FRM

includes a set of capital adequacy-related metrics, along with indicative thresholds, as well as restoration

measures. Following the establishment of the FRM, the Board approved a reduction in the policy

minimum Equity-to-Loans ratio from 19% to 18% based on a review of IBRD's capital adequacy

framework, which became effective immediately after the Board approval. The minimum Equity-to-Loans

ratio policy continues to support IBRD's triple-A rating and long-term financial sustainability.

In October 2024, the Board also approved the offer of Enhanced Callable Capital (ECC), another

shareholder support instrument to expand IBRD's financing capacity. Shareholders can convert a portion

of their existing callable capital to the enhanced terms so that it could be called earlier in the event that

IBRD were to face an imminent threat of a rating downgrade, but had not yet reached a point where it was

at risk of defaulting to its bondholders, which is when a call on the current form of callable capital will be

made. The ECC conversion is on a voluntary basis and upon bilateral agreement between the

shareholder and IBRD. There were no signed ECC agreements as of June 30, 2025.

In FY25, IBRD signed bilateral agreements for hybrid capital with 8 member countries for a total notional

value of $773 million, expected to be settled over the next 4 years. As of June 30, 2025, $482 million has

been settled and reported in the balance sheet. For capital adequacy purposes, hybrid capital is a

component of usable equity in the equity-to-loans ratio (Table 33) in accordance with IBRD's financial

policies.

Portfolio guarantees are risk management instruments that support additional financing capacity for IBRD.

On IBRD's Balance Sheet, effective portfolio guarantees are recorded in Other assets measured based

on the expected credit losses on the underlying portfolio. As of June 30, 2025, portfolio guarantee

agreements with 2 member countries of $1.1 billion notional were effective. For capital adequacy

46 IBRD Management's Discussion and Analysis: June 30, 2025

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measures, effective portfolio guarantees are leveraged reductions to loan exposures in the equity-to-loans

ratio to capture their first-loss and portfolio-wide loss-absorption features.

**Figure 13: Equity-to-Loans Ratio**

![chart-a0a55b2abf1a40518e3.gif](chart-a0a55b2abf1a40518e3.gif)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 33: Equity-to-Loans Ratio** |  |  |  |  |  |
| *In millions of U.S. dollars* |  |  |  |  |  |
|  |  |  | *Variance* | *Variance* | *Variance* |
| *As of June 30,* | *2025* | *2024* | *Total* | *Due to* <br>*Activities*<br>| *Due to* <br>*Translation* <br>*Adjustment*<br>|
| Usable paid-in capital | $21919 | $21183 | $736 | $470 | $266 |
| Special reserve | 293 | 293 |  |  |  |
| General reserve <sup>a</sup> | 35240 | 34058 | 1182 | 1182 |  |
| Cumulative translation adjustment <sup>b</sup> | (224) | (1126) | 902 |  | 902 |
| Hybrid capital | 482 |  | 482 | 477 | 5 |
| Other adjustments <sup>c</sup> | 168 | 247 | (79) |  | (79) |
| **Equity (usable equity) (Table 34)** | **$57878** | **$54655** | **$3223** | **$2129** | **$1094** |
| Loan exposures | $283090 | $263190 | $19900 | $14795 | $5105 |
| Adjustments to reflect third-party guarantees <br>received<br>| (13620) | (10658) | (2962) | (2901) | (61) |
| Adjustment for portfolio guarantees received <sup>d</sup> | (4280) |  | (4280) | (4280) |  |
| Present value of guarantees provided | 3818 | 3488 | 330 | 124 | 206 |
| Effective but undisbursed DDOs | 2105 | 1261 | 844 | 806 | 38 |
| Relevant accumulated provisions | (2813) | (2942) | 129 | 201 | (72) |
| Deferred loan income | (681) | (594) | (87) | (72) | (15) |
| Other exposures and adjustments, net | 366 | 377 | (11) | (11) |  |
| **Loans (total exposure)** | **$267985** | **$254122** | **$13863** | **$8662** | **$5201** |
| **Equity-to-Loans Ratio** | **21.6%** | **21.5%** |  |  |  |
| *a. Includes transfer to the General Reserve, which for FY25 (FY24) was approved by the Board on August 7, 2025 (August 6,*<br>*2024).* | *a. Includes transfer to the General Reserve, which for FY25 (FY24) was approved by the Board on August 7, 2025 (August 6,*<br>*2024).* | *a. Includes transfer to the General Reserve, which for FY25 (FY24) was approved by the Board on August 7, 2025 (August 6,*<br>*2024).* | *a. Includes transfer to the General Reserve, which for FY25 (FY24) was approved by the Board on August 7, 2025 (August 6,*<br>*2024).* | *a. Includes transfer to the General Reserve, which for FY25 (FY24) was approved by the Board on August 7, 2025 (August 6,*<br>*2024).* | *a. Includes transfer to the General Reserve, which for FY25 (FY24) was approved by the Board on August 7, 2025 (August 6,*<br>*2024).* |
| *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* |
| *c. Includes cumulative remeasurement gains on non-functional currencies of $216 million for FY25 ($295 million gains for FY24).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $216 million for FY25 ($295 million gains for FY24).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $216 million for FY25 ($295 million gains for FY24).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $216 million for FY25 ($295 million gains for FY24).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $216 million for FY25 ($295 million gains for FY24).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $216 million for FY25 ($295 million gains for FY24).* |
| *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the PGP which covers losses on* <br>*the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the PGP which covers losses on* <br>*the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the PGP which covers losses on* <br>*the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the PGP which covers losses on* <br>*the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the PGP which covers losses on* <br>*the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the PGP which covers losses on* <br>*the entire portfolio (first loss), and also the counterparty credit risk.* |

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In FY25, IBRD received $0.5 billion of paid-in capital subscribed under the 2018 General and Selective

Capital Increases (GCI and SCI), bringing the cumulative amounts received to $6.5 billion, representing

86% of the total amount expected over the subscription period. In line with IBRD's currency management

policy, exchange rate movements during the year 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

IBRD Management's Discussion and Analysis: June 30, 2025 47

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periodically undertakes currency conversions to align the currency composition of its equity with that of its

outstanding loans, across major currencies.

Table 34 provides a reconciliation of IBRD's total equity (Table 2) to the usable equity amounts presented

and discussed in the MD&A (Table 33) as of June 30, 2025.

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| **Table 34: Usable Equity** |  |  |
| *In millions of U.S. dollars* |  |  |
| *For the fiscal years ended June 30,* | *2025* | *2024* |
| **Total Equity (Table 2)** | **$72012** | **$63484** |
| **Proposed transfer to general reserve (Table 11)** | **1182** | **834** |
| **Less - adjustments to retained earnings (Table 11):** |  |  |
| Unallocated Net Income (Loss) | (2915) | (2513) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension Reserve | (987) | (681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surplus |  | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative fair value adjustments | (1390) | (1103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other reserves | (729) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted retained earnings | (11) | (358) |
| **Total adjustments to retained earnings**  | **(6032)** | **(4766)** |
| **Less - adjustments to accumulated other comprehensive income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (9654) | (3954) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative translation adjustment (Table 33) | (224) | (1126) |
| **Total adjustments to accumulated other comprehensive income** | **(9878)** | **(5080)** |
| **Other adjustments:** |  |  |
| Hybrid capital | 482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative remeasurement gains on non-functional currencies | 216 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative PEBP income adjustment <sup>a</sup> | (48) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments for unreleased National Currency Paid-In Capital (NCPIC) | (56) | (64) |
| **Total other adjustments** | **594** | **183** |
| **Usable Equity (Table 33)** | **57878** | **54655** |
| *a. Reflects a legacy treatment to exclude income earned on PEBP assets, as this income is intended to support PEBP liabilities only.* | *a. Reflects a legacy treatment to exclude income earned on PEBP assets, as this income is intended to support PEBP liabilities only.* | *a. Reflects a legacy treatment to exclude income earned on PEBP assets, as this income is intended to support PEBP liabilities only.* |

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**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's mandate is to take only sovereign credit risk in its lending activities. Within country credit risk,

three distinct types of risks can be identified: idiosyncratic risk, correlation risk, and concentration risk.

Idiosyncratic risk is the risk of an individual borrowing country's exposure falling into nonaccrual status for

country-specific reasons (such as policy slippage or political instability). Correlation risk is the risk that

exposure to two or more borrowing countries will fall into nonaccrual in response to common global or

regional economic, political, or financial developments. Concentration risk is the risk resulting from having

a large portion of exposure outstanding which, if the exposure fell into nonaccrual, would result in IBRD's

financial health being excessively impaired. Concentration risk needs to be evaluated both on a stand-

alone basis (exposure of one borrowing country) and when taking into account correlation when more

than one borrowing country is affected by a common event, such that when combined, IBRD's exposure

to a common risk is elevated.

To estimate idiosyncratic risk and stand-alone concentration risk, the Credit Risk Department looks at

IBRD's exposure to each borrowing country and each borrowing country's expected default to IBRD as

48 IBRD Management's Discussion and Analysis: June 30, 2025

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captured in its credit rating. Credit ratings and default probabilities reflect country economic, financial and

political circumstances, and also consider Environmental, Social and Governance (ESG) risk factors. For

correlation risk, the Credit Risk Department models the potential common factors that could impact

borrowing countries simultaneously. The existence of correlation increases the likelihood of large

nonaccrual events, as most of these nonaccrual events involve the joint default of two or more obligors in

the portfolio.

IBRD manages country credit risk by using individual country exposure limits and takes into account

factors such as population size and the economic situation of the country. 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.

**Portfolio Concentration Risk**

Portfolio concentration risk, which arises when a small group of borrowing countries account for a large

share of loans outstanding, is a key concern for IBRD. It is carefully managed for each borrowing country,

in part, through an exposure limit for the aggregate balance of loans outstanding, the present value of

guarantees, and the undisbursed portion of Deferred Drawdown Options (DDOs) that have become

effective, among other potential exposures. Under 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).

**Equitable Access Limit (EAL) and Statutory Lending Limit (SLL)**

The EAL is equal to 10% of IBRD's SLL. Under IBRD's Articles, as applied, total loans outstanding,

including participations in loans and callable guarantees, may not exceed the sum of unimpaired

subscribed capital, reserves and surplus, referred to as the SLL. As of June 30, 2025, the SLL totaled

$361.2 billion. The outstanding loans and callable guarantees totaled $286.9 billion, or 79% of the SLL.

The EAL was $36.1 billion, as of June 30, 2025. The SLL was originally intended to ensure that sufficient

resources are available to meet IBRD's obligations to bondholders in the highly unlikely event of

substantial and historically unprecedented losses on IBRD's loans. IBRD has subsequently adopted an

internal risk-based capital adequacy framework based on risk management practices that have evolved

significantly since the time the SLL was established. The SLL is not a risk-based metric, and could

constrain IBRD's lending capacity below levels that are consistent with its risk-based framework.

Accordingly, IBRD is in the process of amending the Articles to remove the SLL. The Board of Governors

approved a Resolution to remove the SLL on July 10, 2023. IBRD is now going through the final stage of

the amendment process, which requires acceptance by three-fifths of the members having eighty-five

percent of the voting power.

**Single Borrower Limit (SBL)**

The SBL amount is established, in part, by assessing its impact on overall portfolio risk relative to equity.

The SBL caps the maximum exposure to IBRD's most creditworthy and largest borrowing countries in

terms of population and economic size. The SBL framework reflects a dual-SBL system, with the SBL for

countries above the Graduation Discussion Income (GDI) threshold set lower than the SBL for countries

below GDI. GDI is the level of GNI (Gross National Income) per capita of a member country above which

graduation from IBRD starts being discussed. The GDI threshold was $7,895 as of July 1, 2024. Under

the dual-SBL system, the SBL for FY25 was $30.9 billion for highly creditworthy countries below the GDI

and $22.2 billion for highly creditworthy countries above the GDI. On July 22, 2025, the Board approved

the FY26 SBL of $31.7 billion and $22.6 billion for countries below and above GDI, respectively.

As of June 30, 2025, the ten countries with the highest exposures accounted for about 57% of IBRD's

total exposure (Figure 14). IBRD's largest exposure to a single borrowing country was $23.1 billion on

June 30, 2025. Monitoring these exposures relative to the limit, however, requires consideration of the

repayment profiles of existing loans, as well as disbursement profiles and projected new loans and

guarantees.

IBRD Management's Discussion and Analysis: June 30, 2025 49

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**Sustainable Annual Lending Level (SALL)**

The "Financial Sustainability Framework" (FSF) requires IBRD to align its annual lending levels to its long-

term sustainable capacity, while retaining flexibility to respond to crises by maintaining a crisis buffer.

The SALL is the maximum annual commitment level sustainable, in real terms, for 10 years in line with

IBRD's prudential policies. Under the FSF, the Board annually approves a crisis buffer. The crisis buffer-

adjusted sustainable annual lending level (SALL-Adj) serves as the upper bound for regular lending in the

next year. For the fiscal year ending June 30, 2025, the Board had approved a crisis buffer of $10.0 billion

and a SALL-Adj of $39.0 billion. On June 23, 2025, the Board approved a crisis buffer of $10.0 billion for

FY26. The corresponding SALL-Adj, which will be the core lending ceiling for FY26, is $42.0 billion. The

total lending capacity also includes additional capacity from the Global Solutions Accelerator Platform

(GSAP) as part of the Framework for Financial Incentives (FFI), as well as additional operations

supported by highly rated bilateral guarantees and other balance sheet optimization measures.

**Figure 14: Country Exposures as of June 30, 2025**

*In billions of U.S. dollars*

*a*

![chart-66fa26dc8e8a442eb9a.gif](chart-66fa26dc8e8a442eb9a.gif)

*a. Exposure includes loans outstanding and guarantees provided and are net of guarantees received.*

As of June 30, 2025, IBRD's loans outstanding to Ukraine were $16.9 billion, and guarantees provided to

Ukraine were $0.5 billion. Guarantees received from third parties for the benefit of Ukraine were $11.2

billion.

**Credit-Risk-Bearing Capacity**

Management uses risk models to estimate the size of a potential nonaccrual shock that IBRD could face

over the next three years at a given confidence level. The model-estimated nonaccrual shock is a single

measure of the credit quality of the portfolio that combines the following:

• IBRD's country-credit-risk ratings and their associated expected risk of default;

• Covariance risks;

• The outstanding loan's distribution across risk rating categories; and

• The exposure concentration.

The shock estimated by this risk model is used in IBRD's capital adequacy testing to determine the

impact of potential nonaccrual events on equity and income earning capacity.

**Expected Losses, Overdue Payments, and Non-Performing Loans**

The loan loss provision is calculated by taking into account IBRD's total estimated exposure, the

Expected Default Frequency (EDF), i.e. probability of default, and the assumed loss in the event of

default. Expected losses inherent in the loan portfolio attributable to country credit risk are covered by the

accumulated provision for losses on loans and other exposures, while unexpected losses owing to

country credit risk are covered by equity (see Notes to the Financial Statements, Note A: Summary of

Significant Accounting and Related Policies and Note D: Loans and Other Exposures).

50 IBRD Management's Discussion and Analysis: June 30, 2025

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When a borrower fails to make payments due to IBRD on any principal, interest, or other charges, IBRD

may suspend disbursements immediately on all loans to that borrower. IBRD's current practice is to

exercise this option using a graduated approach (Box 6). These practices also apply to member countries

eligible to borrow from both IBRD and IDA, and whose payments on IDA loans may become overdue. It is

IBRD's practice not to reschedule interest or principal payments on its loans or participate in debt

rescheduling agreements with respect to its loans. As of June 30, 2025, there were no principal or interest

amounts on loans in accrual status, that were overdue by more than three months.

As of June 30, 2025, IBRD had $283.1 billion of loans outstanding, of which 0.5% were in nonaccrual

status, all related to Zimbabwe and Belarus. IBRD's accumulated provision for losses on loans and other

exposures was $3.0 billion, which represents a provisioning rate of less than 1% of the underlying

exposures ($3.0 billion as of June 30, 2024, less than 1% of the underlying exposures).

During the year, IBRD received $2 million ($4 million in FY24) from borrowers in non-accrual status as

payments towards principal amount overdue. Accordingly, none of these amounts were recognized in the

FY25 Statement of Income ($4 million recognized as interest in the FY24 Statement of Income). The

exposure to Zimbabwe was $425 million as of June 30, 2025, compared with $426 million as of June 30,

2024. The exposure to Belarus was $1,012 million as of June 30, 2025, compared with $984 million as of

June 30, 2024.

During the year, no loans to any borrowing country were placed in nonaccrual status or restored to

accrual status.

**Box 6: Treatment of Overdue Payments**

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| | |
|:---|:---|
| Overdue by <br>30 days<br>| Where the borrower is the member country, no new loans to the member country, or to any other borrower in the<br>country, will be presented to the Board for approval, nor will any previously approved loan be signed, until payments<br>for all amounts 30 days overdue or longer have been received. Where the borrower is not the member country, no<br>new loans to that borrower will be signed or approved. In either case, the borrower will lose its eligibility for any<br>waiver of interest charges in effect at that time for loans signed before May 16, 2007, and those loans signed<br>between May 16, 2007, and September 27, 2007, if the borrowers elected not to convert the terms of their loans to<br>the pricing terms effective September 27, 2007. For loans with the pricing terms applicable from May 16, 2007, an<br>overdue interest penalty will be charged at a rate of 50 basis points on the overdue principal. That is, if an overdue<br>amount remains unpaid for a period of 30 days, then the borrower will pay a higher interest rate (Reference rate +<br>spread) plus 50 basis points on the overdue principal amount until the overdue amount is fully paid.<br>|
| Overdue by <br>45 days<br>| In addition to the provisions cited above for payments overdue by 30 days, to avoid proceeding further on the<br>notification process leading to suspension of disbursements, the country as borrower or guarantor and all borrowers<br>in the country must pay not only all payments overdue by 30 days or more, but also all payments due regardless of<br>the number of days since they have fallen due. Where the borrower is not the member country, no new loans to, or<br>guaranteed by, the member country, will be signed or approved. Additionally, all borrowers in the country will lose<br>eligibility for any waivers of interest in effect at the time.<br>|
| Overdue by <br>60 days<br>| In addition to the suspension of approval for new loans and signing of previously approved loans, disbursements on<br>all loans to, or guaranteed by, the member country are suspended until all overdue amounts are paid. This policy<br>applies even when the borrower is not the member country. Under exceptional circumstances, disbursements can be<br>made to a member country upon the Board's approval.<br>|
| Overdue by <br>more than <br>six months<br>| In addition to the suspension of disbursements on all loans to, or guaranteed by, the member country, all loans made<br>to or guaranteed by a member of IBRD are placed in nonaccrual status, unless IBRD's management determines that<br>the overdue amount will be collected in the immediate future. Unpaid interest and other charges accrued but not yet<br>paid on loans outstanding are deducted from the revenue for the current period. Interest and other charges on<br>nonaccruing exposures are included in revenue only to the extent that payments have been received by IBRD. A<br>decision on the restoration of accrual status is made upon arrears clearance. If collectability risk is considered to be<br>particularly high at the time of arrears clearance, the member's exposures may not automatically emerge from<br>nonaccrual status until a suitable period of payment performance has passed.<br>|

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IBRD Management's Discussion and Analysis: June 30, 2025 51

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**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.

IBRD mitigates the counterparty credit risk from its investment and derivative holdings through the credit

approval process, the use of collateral agreements and risk limits, and other monitoring procedures. The

credit approval process involves evaluating counterparty and product-specific creditworthiness, assigning

internal credit ratings and limits, and determining the risk profile of specific transactions. Credit limits are

set and monitored throughout the year. Counterparty exposure is updated daily, considering the current

market values of assets held, estimates of potential future movements of exposure for derivative

instruments, and related counterparty collateral agreements, where collateral posting requirements are

based on thresholds driven by public credit ratings. Collateral held includes cash and highly rated liquid

investment securities. Commercial credit risk management includes ESG related assessments in the

approval and monitoring of higher exposure counterparties for the liquid asset portfolio and for derivative

counterparties. In addition, third-party ESG scores of the liquid asset portfolio and derivative exposures

are monitored.

IBRD's liquid asset investment portfolio consists mostly of sovereign government bonds, debt instruments

issued by sovereign government agencies, corporates and bank time deposits. More than half of these

investments are with issuers and counterparties rated triple-A and AA (Table 35).

*Derivative Instruments*

In the normal course of its business, IBRD enters into various derivative instruments to manage foreign

exchange and interest rate risks. These derivatives are used mainly to meet the financial needs of IBRD

borrowers and to manage the institution's exposure to fluctuations in interest and exchange rates. These

transactions are conducted with other financial institutions and, by their nature, entail commercial

counterparty credit risk.

While the volume of derivative activity can be measured by the contracted notional value of derivatives,

notional value is not an accurate measure of credit or market risk. IBRD uses the estimated replacement

cost of the derivative instrument, or potential future exposure to measure counterparty credit risk with

these trading partners.

Under IBRD's collateral arrangements, IBRD receives collateral when mark-to-market exposure is greater

than the ratings based collateral threshold. As of June 30, 2025, IBRD had received collateral of cash and

securities totaling $0.5 billion.

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

credit rating. (For the contractual value, notional amounts, related credit risk exposure amounts, and the

amount IBRD would be required to post in the event of a downgrade, see Notes to Financial Statements,

Note F: Derivative Instruments).

*Investment Securities*

The Board-approved General Investment Authorization provides the basic authority for IBRD to invest its

liquid assets. Furthermore, all investment activities are conducted in accordance with a more detailed set

of Investment Guidelines. The Investment Guidelines are approved by the MDCFO and implemented by

the Treasurer. These Investment Guidelines set out detailed trading and operational rules, including

instruments eligible for investments, and establish risk parameters relative to benchmarks. These include

an overall consultative loss limit and duration deviation, specifying concentration limits on counterparties

and instrument classes, as well as clear lines of responsibility for risk monitoring and compliance. Credit

risk is controlled by applying eligibility criteria (Box 7).

The overall market risk of the investment portfolio is subject to a consultative loss limit to reflect a level of

tolerance for the risk of underperforming the benchmark in any fiscal year. IBRD has procedures in place

52 IBRD Management's Discussion and Analysis: June 30, 2025

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|:---|:---|
| **Management's Discussion and Analysis** | Section IX: Risk Management  |

---

to monitor performance against this limit and potential risks, and it takes appropriate actions if the limit is

reached. All investments are subject to additional conditions specified by the Chief Risk Officer, as

deemed necessary.

IBRD's exposure to futures and options and resale agreements is marginal. For futures and options, IBRD

generally closes out open positions prior to expiration. Futures are settled on a daily basis. In addition,

IBRD monitors the fair value of resale securities received and, if necessary, closes out transactions and

enters into new repriced transactions.

Management has broadened its universe of investment assets in an effort to achieve greater

diversification in the portfolio and better risk-adjusted investment performance. This exposure is

monitored by the Market and Counterparty Risk Department.

**Box 7: Eligibility Criteria for IBRD's Investments**<sup>a</sup>

---

| | |
|:---|:---|
| Instrument Securities | Description |
| Sovereigns | IBRD may only invest in obligations issued or unconditionally guaranteed by governments of<br>member countries with a minimum credit rating of AA-. However, no rating is required if<br>government obligations are denominated in the national currency of the issuer.<br>|
| Agencies | IBRD may invest only in obligations issued by an agency or instrumentality of a government of a<br>member country, a multilateral organization, or any other official entity (other than the<br>government of a member country), with a minimum credit rating of AA-.<br>|
| Corporates and asset-backed <br>securities<br>| IBRD may only invest in securities with a triple-A credit rating. |
| Time deposits <sup>b</sup> | IBRD may only invest in time deposits issued or guaranteed by financial institutions, whose<br>senior debt securities are rated at least A-.<br>|
| Commercial Paper | IBRD may only invest in short-term borrowings (less than 190 days) from commercial banks,<br>corporates, and financial institutions with at least two Prime-1 ratings.<br>|
| Securities lending, and <br>borrowing, repurchases, <br>resales, and reverse <br>repurchases<br>| IBRD may engage in securities lending against adequate collateral, repurchases and reverse<br>repurchases, against adequate margin protection, of the securities described under the<br>sovereigns, agencies, and corporates and asset-backed security categories.<br>|
| Collateral Assets | IBRD may engage in collateralized forward transactions, such as swap, repurchase, resale,<br>securities lending, or equivalent transactions that involve certain underlying assets not<br>independently eligible for investment. In each case, adequate margin protection needs to be<br>received.<br>|

---

*Commercial Counterparty Credit Risk Exposure*

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, corporates, and asset-backed securities)

(Table 35).

IBRD Management's Discussion and Analysis: June 30, 2025 53

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|:---|:---|
| **Management's Discussion and Analysis** | Section IX: Risk Management  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *Investments* | *Investments* |  |  |  |
| *Counterparty Rating* <sup>a</sup> | *Sovereigns* | *Non-Sovereigns* | *Net Swap* <br>*Exposure*<br>| *Total* <br>*Exposure*<br>| *% of* <br>*Total*<br>|
| AAA | $8334 | $12252 | $— | $20586 | 21% |
| AA | 6499 | 49688 | 114 | 56301 | 56 |
| A | 7524 | 15541 | 146 | 23211 | 23 |
| BBB | 3 | 34 |  | 37 | \* |
| BB or lower/unrated |  | 8 |  | 8 | \* |
| **Total** | **$22360** | **$77523** | **$260** | **$100143** | **100%** |
|  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
|  | *Investments* | *Investments* |  |  |  |
| *Counterparty Rating* <sup>a</sup> | *Sovereigns* | *Non-Sovereigns* | *Net Swap* <br>*Exposure*<br>| *Total* <br>*Exposure*<br>| *% of* <br>*Total*<br>|
| AAA | $9583 | $8844 | $— | $18427 | 23% |
| AA | 6778 | 36481 | 54 | 43313 | 54 |
| A | 7240 | 11505 | 131 | 18876 | 23 |
| BBB | 4 | 28 |  | 32 | \* |
| BB or lower/unrated |  | 7 |  | 7 | \* |
| **Total** | **$23605** | **$56865** | **$185** | **$80655** | **100%** |
| *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available*<br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a*<br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available*<br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a*<br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available*<br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a*<br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available*<br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a*<br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available*<br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a*<br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available*<br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a*<br>*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%.* | *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* |

---

IBRD's overall commercial counterparty credit exposure, net of collateral held, was $100.1 billion as of

June 30, 2025. As shown on Table 35, the credit quality of IBRD's portfolio remains concentrated in the

upper end of the credit spectrum, with 77% of the portfolio rated AA or above and the remaining portfolio

primarily rated A. The A-rated counterparties primarily consisted of sovereigns and financial institutions,

which include collateralized swap exposures and short-term deposits.

*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 or to carry out their development mandates (Table

36):

**Table 36: Non-Commercial Counterparty Credit Risk**

*In millions of U.S. dollars*

*Exposures as of June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Non-Commercial* <br>*Counterparty*<br>| *Instrument used* | *Purpose of derivative transaction* | *Notional* | *Net Exposure* |
| Borrowing Member <br>Countries<br>| Derivatives | Assist borrowing member countries with <br>managing risks<br>| $5923 | $— |
| Non-Affiliated Organization | Derivatives | Assist IFFIm with managing risks | 1844 |  |
|  |  |  | **$7767** | **$—** |

---

• *Borrowing Member Countries:* Currency and interest rate swap transactions are executed

between IBRD and its borrowers under master derivative agreements. As of June 30, 2025, the

notional amounts were $5.9 billion with no net exposure to IBRD under these agreements.

Expected losses inherent in these exposures due to country credit risk are incorporated in the fair

value of these instruments.

54 IBRD Management's Discussion and Analysis: June 30, 2025

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|:---|:---|
| **Management's Discussion and Analysis** | Section IX: Risk Management  |

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• *Affiliated Organizations:* Derivative contracts were executed between IBRD and IDA, under an

agreement allowing IBRD to intermediate derivative contracts on behalf of IDA. As of June 30,

2025, IBRD did not have any exposure to IDA under these agreements.

• *Non-Affiliated Organizations:* IBRD has a master derivatives agreement with IFFIm, under which

several transactions have been executed. As of June 30, 2025, the notional amounts were $1.8

billion with no net fair value exposures to IBRD under this agreement. IBRD has the right to call

for collateral above an agreed specified threshold. As of June 30, 2025, IBRD had not exercised

this right, but it reserves the right 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.

*Credit and Debit Valuation Adjustments*

Most outstanding derivative positions are transacted over the counter and therefore valued using

internally developed valuation models. For commercial and non-commercial counterparties where IBRD

has a net exposure (net receivable position), IBRD calculates a Credit Valuation Adjustment (CVA) to

reflect credit risk. For net derivative positions with commercial and non-commercial counterparties where

IBRD is in a net payable position, IBRD calculates a Debit Valuation Adjustment (DVA) to reflect its own

credit risk.

The CVA is calculated using future projected exposures of the derivative contracts, net of collateral

received under credit support agreements, and the probability of counterparty default based on the Credit

Default Swaps (CDS) spread and, where applicable, proxy CDS spreads. IBRD does not currently hedge

this exposure. The DVA calculation is generally consistent with the CVA methodology and incorporates

IBRD's own credit spread as observed through the CDS market. As of June 30, 2025, IBRD recorded a

CVA on its Balance Sheet of $36 million, and a DVA of $319 million.

**Changes in Credit Spreads**

• *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 Statements of Comprehensive

Income.

• *Loans*: IBRD's fair value model mainly represents a hypothetical MDB market exit price of the loans

outstanding. It incorporates CDS spreads as an indicator of the credit risk for each borrower, after

adjusting recovery levels to incorporate IBRD's institutional experience and assumptions. These

assumptions are reviewed annually. 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.

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

controlled through appropriate eligibility criteria (Box 7). The overall risk of the investment portfolio

is also constrained by a consultative loss limit. In line with these risk management strategies, the

potential effect of default risk on IBRD's investment portfolio is therefore small.

• *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. This risk is managed through:

◦ Stringent selection of commercial derivative counterparties,

◦ Daily marking-to-market of derivative positions, and

◦ Use of collateral and collateral thresholds for all commercial counterparties.

The sensitivity of IBRD's portfolios to changes in credit spreads is shown in Table 37, where the amount

represents the dollar change in fair value which corresponds to a one basis point parallel upward shift in

credit spreads.

IBRD Management's Discussion and Analysis: June 30, 2025 55

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| **Management's Discussion and Analysis** | Section IX: Risk Management  |

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---

| | |
|:---|:---|
| **Table 37: Effect of Credit on IBRD Portfolios** |  |
| *In millions of U.S. dollars* |  |
| *As of June 30, 2025* | *Credit Effect on Portfolio*<br>*Sensitivity* <sup>a</sup><br>|
| Borrowings  | $124 |
| Loans <sup>b</sup> | (5) |
| Investments <sup>c</sup> | (3) |
| **Total gains** | $**116** |
| *a. Excludes CVA and DVA on derivatives.*  | *a. Excludes CVA and DVA on derivatives.*  |
| *b. If loans were measured at fair value* | *b. If loans were measured at fair value* |
| *c. Excludes PEBP and PCRF holdings and investments related to LPF1 and GFPP.* |  |

---

**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. Before these derivatives, 90% of the outstanding

borrowings had fixed interest rates, and 11% of the loans had fixed interest rates as of June 30, 2025.

After considering the effects of these derivatives, virtually the entire borrowing and loan portfolios are

reported at variable interest rates.

• *Loan and Borrowing Portfolios:* In line with IBRD's financial risk management strategies, the

sensitivity of IBRD's loan and borrowing portfolios to changes in interest rates is managed through

derivatives. As noted earlier, IBRD intends to maintain its positions in these portfolios until maturity

and thus manages these instruments on a cash flow basis. The resulting net unrealized mark-to-

market gains and losses on these portfolios, associated with the sensitivity to interest rates, are

therefore not expected to be realized.

• *Other ALM:* IBRD uses derivatives to convert the variable rate cash flows on loans funded by equity

back to fixed rate cash flows, thereby stabilizing loan interest revenue over time. Other ALM is

classified as a non-trading portfolio and these derivatives are recorded at fair value.

• *Investments:* After the effects of derivatives, the duration of the investment trading portfolio is less

than three months. As a result, the portfolio has a low sensitivity to changes in interest rates,

resulting in small fair value adjustments to income.

The sensitivity of these portfolios to interest rate movements, after the effect of derivatives, is shown in

Table 38 below where the amount represents the dollar change in fair value corresponding to a one basis

point parallel upward shift in interest rates as of June 30, 2025.

---

| | |
|:---|:---|
| **Table 38: Effect of Interest Rates on IBRD's Portfolios** |  |
| *In millions of U.S. dollars* |  |
| *As of June 30, 2025* | *Net Interest Rates Effect on* <br>*Portfolio Sensitivity* <sup>a</sup><br>|
| Borrowing portfolio | $(3) |
| Loan portfolio <sup>b</sup> | 1 |
| Other ALM | (24) |
| Investment portfolio <sup>c</sup> | (1) |
| **Total losses** | $**(27)** |
| *a. After the effects of derivatives* | *a. After the effects of derivatives* |
| *b. If loans were measured at fair value.* | *b. If loans were measured at fair value.* |
| *c. Excludes PEBP and PCRF holdings and investments related to LPF1 and GFPP.* |  |

---

56 IBRD Management's Discussion and Analysis: June 30, 2025

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|:---|:---|
| **Management's Discussion and Analysis** | Section IX: Risk Management  |

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Figure 15 depicts the effect of derivatives on the overall sensitivity of borrowing, loan, other ALM and

investments portfolios. It indicates the extent to which each portfolio is economically hedged. For

example, for the borrowing portfolio, a one basis point increase in interest rates would result in $118

million of unrealized mark-to-market gains on bonds, which would be offset by the impact of $121 million

of unrealized mark-to-market losses on swaps. Loan sensitivities are illustrative as loans are reported at

amortized cost on the Balance Sheets.

**Figure 15: Sensitivity to Interest Rates**

*(Dollar change in fair value corresponding to a one-basis-point upward parallel shift in interest rates)*

*In millions of U.S. dollars*

*As of June 30, 2025*

**Borrowing PortfolioLoan PortfolioOther ALMInvestment Portfolio**

Swaps Bonds

Loans Swaps

Swaps

Investments Swaps

![chart-dccfd3ced7c64d3fa4b.gif](chart-dccfd3ced7c64d3fa4b.gif)

![chart-7f7b37738af84895a23.gif](chart-7f7b37738af84895a23.gif)

![chart-d671cfe9c5294623828.gif](chart-d671cfe9c5294623828.gif)

![chart-24f059c2f1f0476887f.gif](chart-24f059c2f1f0476887f.gif)

*Alignment of Assets and Liabilities* – IBRD borrows in multiple currency and interest rate bases worldwide

and lends the proceeds of those borrowings to eligible member countries. IBRD offers its borrowers the

option of converting the currency and interest rate bases on their loans where there is a liquid swap

market, thereby enabling them to select loan terms that are best suited to their circumstances. Such

options meet borrowers' preferences and help mitigate their currency and interest rate risk. In the

absence of active risk management, IBRD would be exposed to substantial market risk and asset-liability

management imbalances. To address such imbalances, IBRD uses derivatives to swap its payment

obligations on bonds to a currency and interest rate basis that is aligned with its loan portfolio. Likewise,

when a borrower exercises a conversion option on a loan to change its currency or interest rate basis,

IBRD uses derivatives to convert its exposure back to a currency and interest rate basis, that is aligned

with its loan portfolio. Thus, IBRD's payment obligations on its borrowings are aligned with its loans

funded by such borrowings – generally, after the effect of derivatives, IBRD primarily pays either U.S.

dollar or euro, short-term variable rates on its borrowings, and receives either U.S. dollar or euro, short-

term variable rates on its loans. Figure 16 below illustrates the use of derivatives in the loan and

borrowing portfolios.

**Figure 16: Use of Derivatives for Loans and Borrowings**

---

| | | |
|:---|:---|:---|
| **Market Debt** | **After Derivatives** | **Loans** |

---

![shape-b418d5c7da1d410.gif](shape-b418d5c7da1d410.gif)

Non-US

Currencies

In multiple

interest rate

bases or fixed

coupon rate

![shape-666da41ba652a631.gif](shape-666da41ba652a631.gif)

Currency

Swaps

![shape-666da41ba652a631.gif](shape-666da41ba652a631.gif)

Interest

Rate Swaps

![shape-4f5d2cccca4e9e20.gif](shape-4f5d2cccca4e9e20.gif)

Currency

Swaps

![shape-4f5d2cccca4e9e20.gif](shape-4f5d2cccca4e9e20.gif)

Interest

Rate

Swaps

![shape-b418d5c7da1d410.gif](shape-b418d5c7da1d410.gif)

In US dollars

and euros

Reference

rate-based

floating rate

![shape-b418d5c7da1d410.gif](shape-b418d5c7da1d410.gif)

In multiple

currencies of

borrowers'

preference

In multiple

interest rate

bases or fixed

coupon rate

IBRD Management's Discussion and Analysis: June 30, 2025 57

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| **Management's Discussion and Analysis** | Section IX: Risk Management  |

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Derivatives are also used to manage market risk in the liquidity portfolio. In line with its development

mandate, IBRD maintains a large liquidity balance to ensure that it can make payments on its borrowing

obligations and loan disbursements, even in the event of severe market disruptions. Pending

disbursement, the liquidity portfolio is invested on a global basis in multiple currencies and interest rates.

Derivatives are also used to align the currency and duration of investments with the debt funding the

liquidity portfolio. Figure 17 below illustrates the use of derivatives in the liquidity portfolio:

**Figure 17: Use of Derivatives for Investments**

---

| | | |
|:---|:---|:---|
| **Market Debt** | **After Derivatives** | **Liquidity Portfolio** |

---

![shape-b418d5c7da1d410.gif](shape-b418d5c7da1d410.gif)

Non-US

Currencies

In multiple

interest rate

bases or fixed

coupon rate

![shape-666da41ba652a631.gif](shape-666da41ba652a631.gif)

Currency

Swaps

![shape-666da41ba652a631.gif](shape-666da41ba652a631.gif)

Interest

Rate Swaps

![shape-b418d5c7da1d410.gif](shape-b418d5c7da1d410.gif)

In US dollars

Reference

rate-based

floating rate

![shape-4f5d2cccca4e9e20.gif](shape-4f5d2cccca4e9e20.gif)

Currency

Swaps

![shape-4f5d2cccca4e9e20.gif](shape-4f5d2cccca4e9e20.gif)

Interest

Rate

Swaps

![shape-b418d5c7da1d410.gif](shape-b418d5c7da1d410.gif)

In multiple

currencies

In multiple

interest rate

bases or fixed

coupon rate

*Other ALM* – Given most loans carry variable rates, for the portion of loans that are funded by equity, loan

interest revenue, if left unmanaged, would be highly sensitive to fluctuations in short-term interest rates.

The Equity-to-Loans ratio of 21.6% indicates the portion of loans funded by equity. To manage this

exposure, Management has put in place a framework with the primary goal of stabilizing this revenue.

Under this framework, IBRD uses derivatives to convert the variable rate cash flows on loans funded by

equity back to fixed rate cash flows, thereby stabilizing loan interest revenue over time. See Figure 18

below.

**Figure 18: Use of Derivatives for Other ALM**

---

| | |
|:---|:---|
| **Equity-Funded Loans** <br>**(After Loan Derivatives)**<br>| **After Derivatives** |

---

![shape-73f2a9000ecd7304.gif](shape-73f2a9000ecd7304.gif)

Floating

Interest Rate

Cash Flows

![shape-73f2a9000ecd7304.gif](shape-73f2a9000ecd7304.gif)

Fixed Rate

Cash Flows

![shape-29235a3d753e8351.gif](shape-29235a3d753e8351.gif)

Interest Rate Swaps

Although interest rates have been rising, low and negative interest rates present a challenge for various

IBRD portfolios.

*Loans to borrowing countries:*

Under IBRD's loan agreements, if an interest rate formula 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 Box 7). In FY25, IBRD's liquid asset

portfolio incurred unrealized mark-to-market losses due to the sharp increase in interest rates.

58 IBRD Management's Discussion and Analysis: June 30, 2025

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|:---|:---|
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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 (Secured Overnight Financing Rate - SOFR) but can generate mark-to-market gains or

losses if the credit spread moves.

**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 has been 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 re-set dates on its variable-rate

receivables and payables. IBRD monitors these exposures and may execute overlay interest rates swaps

to reduce sizable timing mismatches.

**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.

IBRD's functional currencies are the U.S. dollar and euro. Currency translation adjustments relating to

euro-denominated balances are reflected in other comprehensive income, a component of equity.

Currency translation adjustments relating to non-euro denominated balances (non-functional currencies)

are reported in the Statements of Income. 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 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

year generally do not have an impact on the overall Equity-to-Loans ratio.

The currency composition of the Loan portfolio (after the effect of associated derivatives) as of June 30,

2025 mainly consists of 79% U.S. Dollars and 20% euros.

The currency composition of the Borrowing portfolio (after the effect of associated derivatives) funding

loans as of June 30, 2025 mainly consists of 79% U.S. Dollars and 20% euros.

**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, aggregate 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

IBRD Management's Discussion and Analysis: June 30, 2025 59

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section IX: Risk Management  |

---

150% of the Target Liquidity Level continues to function as a guideline rather than a hard ceiling (Table

39).

---

| | | |
|:---|:---|:---|
| **Table 39: Liquidity Levels** |  |  |
| *Effective for FY25* | *In billions of* <br>*U.S. dollars*<br>| *% of Target* <br>*Liquidity Level*<br>|
| Target Liquidity Level | $65.0 |  |
| Guideline Maximum Liquidity Level | 97.5 | 150% |
| Prudential Minimum Liquidity Level | 52.0 | 80% |
| Liquid Asset Portfolio as of June 30, 2025 | $96.0 | 148% |

---

The FY26 Target Liquidity Level is set at $79.0 billion, $14.0 billion higher than FY25 Target Liquidity

Level due to higher projected debt service and net loan disbursements in FY26.

**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, staff health and safety, information security and data privacy, business

continuity, and third-party 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, identifying emerging risks that may affect business units, and developing risk

responses and mitigating actions.

**Cybersecurity Risk Management**

IBRD's operations rely on the secure processing, storage and transmission of confidential and other

information in computer systems and networks. Like other financial institutions, cybersecurity risk

continues to be significant for IBRD due to the evolving sophistication and complexity of the cyber threat

landscape. These risks are unavoidable and IBRD seeks to manage them on a cost-effective basis

consistent with its risk appetite.

To protect the security of its computer systems, software, networks and other technology assets, IBRD

has developed a cybersecurity risk management program, aligned with its Operational Risk Management

Framework. This program consists of cybersecurity policies, procedures, compliance and awareness

programs. A multi-layered approach for cybersecurity risk management is employed to prevent and detect

malicious activity, both from within the organization and from external sources. In response to emerging

cyber threats such as malware including ransomware, denial of service, phishing attacks and artificial

intelligence related risks, IBRD adapts its technical and process-level controls and enhances user

awareness to mitigate the risk. When relying on third-party vendors for technology-enabled services,

additional meaningful and diligent measures are applied to gain assurance regarding the security of its

information and technology assets including, as appropriate, legal and cybersecurity contractual

safeguards in third-party vendor agreements and the review and monitoring of third-party control

environments.

IBRD periodically assesses the maturity and effectiveness of its cyber defenses through risk mitigation

techniques, including but not limited to, targeted testing, internal and external audits, incident response

desktop exercises and industry benchmarking.

60 IBRD Management's Discussion and Analysis: June 30, 2025

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|:---|:---|
| **Management's Discussion and Analysis** | Section X: Contractual Obligations |

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**Section X: Contractual Obligations**<br>

In conducting its business, IBRD takes on contractual obligations that may require future payments.

These include borrowings, operating and finance leases, contractual purchases, capital expenditures, and

other long-term liabilities. Table 40shows IBRD's contractual obligations for the next five years and

thereafter; it excludes the following obligations reflected on IBRD's Balance Sheets: undisbursed loans,

amounts payable for currency and interest rate swaps, amounts payable for investment securities

purchased, guarantees, and cash received under agency arrangements.

• *Borrowings*: IBRD issues debt in the form of securities to private and governmental buyers.

*•Finance Leases:* IBRD reclassified a land lease as a finance lease following the execution of a

purchase and sale agreement during the fiscal year ended June 30, 2025. The amount due in one

year represents future cash payments for real estate-related obligations based on the contractual

amounts payable until the purchase is completed in June 2026 as planned.

• *Operating Leases*: IBRD leases real estate and equipment under lease agreements for varying

periods. Operating lease expenditures represents future cash payments for real estate-related

obligations and equipment, based on contractual amounts.

• *Contractual Purchases:* IBRD is a party to various obligations to purchase products and services,

which are purchase commitments in the ordinary course of business.

• *Other Long-Term Liabilities*: IBRD provides a variety of benefits to its employees. As some of these

benefits are of a long-term nature, IBRD records the associated liability on its Balance Sheets. The

obligations payable represents expected benefit payments as well as contributions to the pension

plans. These include future service and pay accruals for current staff and new staff projections for

the next 10 years.

Operating leases, contractual purchases and capital expenditures, and other long-term obligations include

obligations shared with IDA, IFC, and MIGA under cost-sharing and service arrangements. These

arrangements reflect the WBG strategy of maximizing synergies, to best leverage resources for

development (see Notes to Financial Statements, Note H for Transactions with Affiliated Organizations).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 40: Contractual Obligations** | **Table 40: Contractual Obligations** | **Table 40: Contractual Obligations** | **Table 40: Contractual Obligations** | **Table 40: Contractual Obligations** | **Table 40: Contractual Obligations** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* |
|  | *Due in 1 year* <br>*or Less*<br>| *Due after 1* <br>*Year up to 3* <br>*Years*<br>| *Due after 3* <br>*Years up to 5* <br>*Years*<br>| *Due After 5* <br>*years*<br>| *Total* |
| Borrowings | $47162 | $74298 | $71827 | $112874 | $306161 |
| Finance leases | 11 |  |  |  | 11 |
| Operating leases | 61 | 57 | 28 | 9 | 155 |
| Contractual purchases | 644 | 20 | 4 | 8 | 676 |
| Other long-term liabilities | 777 | 201 | 115 | 224 | 1317 |
| **Total** | **$48655** | **$74576** | **$71974** | **$113115** | **$308320** |

---

IBRD Management's Discussion and Analysis: June 30, 2025 61

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|:---|:---|
| **Management's Discussion and Analysis** | Section XI: Pension & Other Post-Retirement Benefits |

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**Section XI: Pension & Other Post-Retirement Benefits**<br>

**Governance**

IBRD participates, along with IFC and MIGA, in pension and post-retirement benefit plans. The Staff

Retirement Plan and Trust (SRP), Retired Staff Benefits Plan and Trust (RSBP), and PEBP (collectively

called the "Plans") are defined benefit plans and cover all WBG employees, retirees and their

beneficiaries. Costs, assets, and liabilities associated with the Plans are allocated among IBRD, IFC, and

MIGA, based on their employees' respective participation in the Plans. Costs allocated to IBRD are

subsequently shared with IDA, based on an agreed cost-sharing ratio (see Notes to Financial Statements,

Note K: Pension and Other Post-Retirement Benefits).

The benefits of the Plans at retirement are determined pursuant to the Plan Documents adopted by the

Board (Plan Document). IBRD has a contractual obligation to make benefit payments to the Plans'

beneficiaries. The governance mechanism of the Plans, including the funding and investment policies

described here, are designed to support this objective.

There are two committees that govern the Plans. From a governance standpoint, both committees are

independent of IBRD and the Board.

• The Pension Finance Committee (PFC), which is responsible for the financial management of the

Plans and is supported by the Pension Finance Administrator.

• The Pension Benefits Administration Committee (PBAC), which is responsible for the

administration of the benefits of the Plans.

Contributions to the SRP and RSBP are irrevocable, with assets held in separate trusts, and the PEBP

assets are included in IBRD's investment portfolio. IBRD acts as trustee for the Plans and the assets are

used for the exclusive benefit of the participants and their beneficiaries. The objective of the Plans is to

accumulate sufficient assets to meet future pension benefit obligations. As of June 30, 2025, IBRD and

IDA's share of the assets amounted to $34.7 billion (Table 41). This represents the accumulated

contributions paid into the plans net of benefit payments, together with the accumulated value of

investment earnings, net of related expenses.

**Funding and Investment Policies**

The key policies underpinning the financial management of the Plans, including the determination of WBG

contributions and the investment of Plan assets, are the funding and investment policies. The objective of

these policies is to ensure that the Plans have sufficient assets to meet benefit payments over the long

term. The funding policy, as approved by the PFC, establishes the rules that determine the WBG's

contributions. The policy seeks to fund the Plans in a consistent and timely manner, while at the same

time avoiding excessive volatility in WBG contributions. The funding policy determines how much the

WBG must contribute annually to sustain and ensure the accumulation of sufficient assets over time to

meet the expected benefit payments. Under the Plan Document, the PFC determines the WBG

contribution based on actuarial valuations. IBRD is required to make the contribution determined by the

PFC. In FY25, the WBG's rate for contributions to the Plans was 12.71% of salaries.

The Projected Benefit Obligation (PBO) is derived from AA-rated corporate bonds, as required by U.S.

GAAP. The selection of this rate as the basis for the discount rate is to establish a liability equivalent to an

amount that if invested in high-quality fixed income securities would match the benefit payment stream.

While this measure is based on an objective, observable market rate, it does not necessarily reflect the

realized or expected returns of the Plan which depend on how the Plans are managed and invested. The

PBO for funding purposes is discounted using a 3.5% real discount rate since the funding strategy for the

Plans is based on a target of 3.5% real return on investments. This rate constitutes the long-term return

objective for the Plan's assets, referred to as the Long-Term Real Return Objective (LTRRO), which

Management has followed since the year ended June 30, 1999 and last reaffirmed under the strategic

asset allocation review in April 2024. If the return on pension assets is 3.5% in real terms and

contributions are made at the actuarially required rates (which reflect the long-term cost of the plan

benefit), the Plan benefits will be funded over time.

62 IBRD Management's Discussion and Analysis: June 30, 2025

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|:---|:---|
| **Management's Discussion and Analysis** | Section XI: Pension & Other Post-Retirement Benefits |

---

The assets of the Plans are diversified across a variety of asset classes, with the objective of achieving

returns consistent with the LTRRO over the long term without taking undue risks. The returns on

investments for the Plans have met or exceeded the LTRRO on a consistent basis in the long term as well

as in recent years. The PFC periodically reviews the LTRRO for realism and appropriateness. See Notes

to Financial Statements, Note K: Pension and Other Post-Retirement Benefits for asset allocation,

expected return on Plan assets and assumptions used to determine the PBO.

The Plan has a long-standing Environmental, Social and Governance (ESG) policy that reflects the latest

developments in and understanding of responsible investments and ESG integration. The ESG policy is

based on a principled and pragmatic approach in accordance with and subject to the fiduciary standard

applicable to the administration and investment of Plan assets. The Plan's ESG policy outlines a practical

approach to ESG integration and responsible ownership, providing an operational framework for a

consistent consideration of relevant ESG issues applicable to each asset class, as well as for the conduct

of corporate engagement and proxy voting on the Plan's applicable equity holdings.

**Projected Benefit Obligations**

Given that pension plan liabilities can be defined and measured in different ways, it is possible to have

different funded status measures for the same plans. The most widely used and publicly disclosed

measure of pension plan liabilities is the PBO measure required under U.S. GAAP. It reflects the present

value of all retirement benefits earned by participants (adjusted for assumed inflation) as of a given date,

including projected salary increases to retirement. Therefore, the PBO measure is an appropriate metric

for assessing the ability of the Plans to cover expected benefits as of a certain date. The underlying

actuarial assumptions used to determine the PBO, accumulated benefit obligations, and funded status

associated with the Plans are based on financial market interest rates, experience, and Management's

best estimate of future benefit changes, economic conditions and earnings from plan assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Table 41: Funded Status of the Plans** | **Table 41: Funded Status of the Plans** | **Table 41: Funded Status of the Plans** | **Table 41: Funded Status of the Plans** | **Table 41: Funded Status of the Plans** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* |
| PBO | $(21555) | $(2725) | $(2070) | $(26350) |
| Plan assets | 27400 | 4921 | 2359 | 34680 |
| Net position | $5845 | $2196 | $289 | $8330 |
| IBRD's funded status |  |  |  | $3908 |
|  | *As of June 30, 2024* | *As of June 30, 2024* | *As of June 30, 2024* | *As of June 30, 2024* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* |
| PBO | $(22166) | $(3408) | $(2097) | $(27671) |
| Plan assets | 25689 | 4540 | 2135 | 32364 |
| Net position | $3523 | $1132 | $38 | $4693 |
| IBRD's funded status |  |  |  | $2235 |

---

The discount rate used to convert future obligations into today's dollars is derived from high-grade, AA-

rated corporate bond yields as required by U.S. GAAP. The overfunded status of the pension plans for

IBRD and IDA of $8,330 million as of June 30, 2025, net of PEBP assets, primarily reflects the actuarial

gains in the projected benefit obligations as a result of the decrease in the expected inflation rate and the

increase in the nominal discount rate, as well as the increase in the value of the Plan Assets due to

higher-than-expected asset returns. As the Plans are managed with a long-term horizon, results over

shorter time periods may be impacted positively or negatively by market fluctuations.

IBRD Management's Discussion and Analysis: June 30, 2025 63

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|:---|:---|
| **Management's Discussion and Analysis** | Section XII: Critical Accounting Policies and the Use of Estimates |

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**Section XII: Critical Accounting Policies and the Use** <br>**of Estimates**<br>

IBRD's significant accounting policies, as well as estimates made by Management, are integral to its

financial reporting. While all of these policies require a certain level of judgment and estimates, significant

policies require Management to make highly difficult, complex, and subjective judgments as these relate

to matters inherently uncertain and susceptible to change. Note A to the financial statements contains a

summary of IBRD's significant accounting policies including a discussion of recently issued accounting

pronouncements.

**Fair Value of Financial Instruments**

The fair values of financial instruments are based on a three-level hierarchy. For financial instruments

classified as Level 1 or 2, less judgment is applied in arriving at fair value measures as the inputs are

based on observable market data. For financial instruments classified as Level 3, unobservable inputs are

used. These require Management to make important assumptions and judgments in determining fair

value measures. Investments measured at net asset value per share (or its equivalent) are not classified

in the fair value hierarchy.

Most of IBRD's financial instruments which are recorded at fair value are classified as Levels 1 and 2.

Table 42 presents the summary of the fair value of financial instruments recorded at fair value on a

recurring basis, and the amounts measured using significant Level 3 inputs. IBRD's level 3 instruments

are mainly structured bonds and related swaps held in the borrowing portfolio; these use market

observable inputs and unobservable inputs such as correlations, interest rate volatilities, and equity index

volatilities. There were no Level 3 instruments in IBRD's investment or loan portfolios as of June 30, 2025.

All of IBRD's loans were reported at amortized cost as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Table 42: Fair Value Level 3 Summary** | **Table 42: Fair Value Level 3 Summary** | **Table 42: Fair Value Level 3 Summary** | **Table 42: Fair Value Level 3 Summary** | **Table 42: Fair Value Level 3 Summary** |
| *In millions U.S. dollars* |  |  |  |  |
| *For the fiscal year ended June 30,* | *2025* | *2025* | *2024* | *2024* |
|  | *Level 3* | *Total* <br>*Balance*<br>| *Level 3* | *Total Balance* |
| Total Assets at fair value | $356 | $115364 | $263 | $94842 |
| As a percentage of total assets | 0.31% |  | 0.28% |  |
| Total Liabilities at fair value | $5121 | $330706 | $4349 | $296712 |
| As a percentage of total liabilities | 1.55% |  | 1.47% |  |

---

IBRD reviews the methodology, inputs, and assumptions on a quarterly basis to assess the

appropriateness of the fair value hierarchy classification of each financial instrument.

Some financial instruments are valued using pricing models. The valuation group, independent of the

treasury and financial reporting functions, reviews all financial instrument models affecting financial

reporting through fair value and assesses model appropriateness and consistency. The review looks at

whether the models accurately reflect the characteristics of the transaction and its risks, the suitability and

convergence properties of numerical algorithms, the reliability of data sources, the consistency of the

treatment with models for similar products, and sensitivity to input parameters and assumptions that

cannot be priced from the market.

Reviews are conducted of new and/or changed models, as well as previously validated models, to assess

whether any changes in the product or market may have affected the model's continued validity and

whether any theoretical or competitive developments may require reassessment of the model's adequacy.

The financial models used for input to IBRD's financial statements are subject to both internal and

periodic external verification and review by qualified personnel.

64 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section XII: Critical Accounting Policies and the Use of Estimates |

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In cases where Management relies on instrument valuations supplied by external pricing vendors,

procedures are in place to validate the appropriateness of the models used, as well as the inputs applied

in determining those values.

**Provision for Losses on Loans and Other Exposures** 

IBRD evaluates estimated exposures over the life of loans and other exposures, to incorporate

undisbursed loan commitments in the measure of exposure, and to incorporate estimations of future

market conditions for a reasonable and supportable forecast period along with historical experience. The

overall provision for expected losses is the sum of the computed annual losses, taking into account

borrower risk ratings and associated expected default frequencies, estimates of exposure, and severity of

loss given default.

For loans reported at fair value, if any, the credit risk assessment is a determinant of fair value. All of

IBRD's loans were reported at amortized cost as of June 30, 2025.

The determination of a borrower's risk rating is based on complex variables such as: political risk, external

debt and liquidity, fiscal policy and the public debt burden, balance of payments risks, economic structure

and growth prospects, monetary and exchange rate policy, and financial sector risks and corporate sector

debt and other vulnerabilities. Additionally, estimations of disbursements and repayments of exposures

are made, as well as estimations of future interest cash flows based on forward looking market variables,

and the impact of any credit enhancement arrangements IBRD has received.

IBRD periodically reviews these variables and reassesses the adequacy of the accumulated provision

accordingly. Actual losses may differ from expected losses owing to unforeseen changes in any of the

variables affecting the creditworthiness or estimates inherent in the exposure measurements of

borrowers.

The Credit Risk Committee monitors aspects of country credit risk, in particular, reviewing the provision

for losses on loans and guarantees taking into account, among other factors, any changes in exposure,

risk ratings of borrowing member countries, or changes between the accrual and nonaccrual portfolios.

The accumulated provision for loan losses is reported separately in the Balance Sheets as a reduction

from IBRD's total loans outstanding. The accumulated provision for losses on loan commitments and

other exposures is included in accounts payable and miscellaneous liabilities. Increases or decreases in

the accumulated provision for losses on loans and other exposures are reported in the Statements of

Income as a Provision for losses on loans and other exposures (see Notes to Financial Statements: Note

A: Summary of Significant Accounting and Related Policies and Note D: Loans and Other Exposures).

**Pension and Other Post-Retirement Benefits**

The underlying actuarial assumptions used to determine the PBO, accumulated benefit obligations, and

funded status associated with IBRD pension and other post-retirement benefit plans are based on

financial market interest rates, experience, and Management's best estimate of future benefit changes

and economic conditions. All costs, assets and liabilities associated with these plans are allocated

between IBRD, IFC, and MIGA based upon their employees' respective participation in the plans. Costs

allocated to IBRD are then shared between IBRD and IDA based on an agreed cost-sharing ratio. IDA,

IFC and MIGA reimburse IBRD for their proportionate share of any contributions made to these plans by

IBRD. Contributions to the plans are calculated as a percentage of salary (see Notes to Financial

Statements, Note K: Pension and Other Post-Retirement Benefits).

IBRD Management's Discussion and Analysis: June 30, 2025 65

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|:---|:---|
| **Management's Discussion and Analysis** | Section XIII: Governance and Controls |

---

**Section XIII: Governance and Controls**<br>

**Business Conduct**

The WBG promotes a positive work environment in which staff members understand their ethical

obligations to the institution. In support of this commitment, the institution has in place a Code of Conduct.

The WBG has both an Ethics Help Line and a Fraud and Corruption hotline. A third-party service offers

many methods of worldwide communication. Reporting channels include telephone, mail, email, or

confidential submission through a website.

IBRD has procedures in place for receiving, retaining, and handling recommendations and concerns

relating to business conduct identified during the accounting, internal control, and auditing processes.

WBG staff rules clarify and codify the staff's obligations in reporting suspected fraud, corruption, or other

misconduct that may threaten the operations or governance of the WBG. These rules also offer protection

from retaliation.

**Figure 19: Governance Structure**

![goverancestructurecolor.jpg](goverancestructurecolor.jpg)

**General Governance**

IBRD's decision-making structure consists of the Board of Governors, Executive Directors (the Board),

the President, Management, and staff. The Board of Governors is the highest decision-making authority.

Governors are appointed by their member governments for a five-year term, which is renewable. The

Board of Governors may delegate authority to the Executive Directors to exercise any of its powers,

except for certain powers enumerated in IBRD's Articles. IBRD has its own policies and frameworks that

are carried out by staff that share responsibilities over both IBRD and IDA.

In addition, IBRD and IDA have joint internal institutional oversight units which play an assurance role to

shareholders and management that IBRD's work is impactful and accountable, informed by best

practices, and delivered to the highest ethical standards with risk management controls and governance

processes that are functioning effectively.

**Executive Directors**

In accordance with IBRD's Articles, Executive Directors are appointed or elected every two years by their

member governments. The Board currently has 25 Executive Directors, who represent all 189 member

countries. Executive Directors are neither officers nor staff of IBRD. The President is the only member of

the Board from management, and he serves as a non-voting member and as Chairman of the Board.

The Board is required to consider proposals made by the President on IBRD loans, grants and

guarantees and on other policies that affect its general operations. The Board is also responsible for

presenting to the Governors, at the Annual Meetings, audited accounts, an administrative budget, and an

annual report on operations and policies and other matters.

66 IBRD Management's Discussion and Analysis: June 30, 2025

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| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section XIII: Governance and Controls |

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The Board and its committees are in continuous sessions based in Washington DC, as business requires.

Each committee's terms of reference establish its respective roles and responsibilities. As committees do

not vote on issues, their role is primarily to serve the Board in discharging its responsibilities.

The committees are made up of eight members and function under their respective stipulated terms of

reference. These committees are as follows:

• Audit Committee - assists the Board in overseeing IBRD's finances, accounting, risk management

and internal controls (see further explanation below).

• Budget Committee - assists the Board in approving the World Bank's budget and in overseeing

the preparation and execution of IBRD's business plans. The committee provides guidance to

management on strategic directions of IBRD.

• Committee on Development Effectiveness - supports the Board in assessing IBRD's development

effectiveness, providing guidance on strategic directions of IBRD, and monitoring the quality and

results of operations.

• Committee on Governance and Executive Directors' Administrative Matters - assists the Board on

issues related to the governance of IBRD, the Board's own effectiveness, and the administrative

policy applicable to Executive Directors' offices.

• Human Resources Committee - strengthens the efficiency and effectiveness of the Board in

discharging its oversight responsibility on the World Bank's human resources strategy, policies

and practices, and their alignment with the business needs of the organization.

**Audit Committee**

**Membership**

The Audit Committee consists of eight Executive Directors. Membership in the Committee is determined

by the Board, based on nominations by the Chairman of the Board, following informal consultation with

Executive Directors.

**Key Responsibilities**

The Audit Committee is appointed by the Board for the primary purpose of assisting the Board in

overseeing IBRD's finances, accounting, risk management, internal controls and institutional integrity.

Specific responsibilities include:

• Oversight of the integrity of IBRD's financial statements.

• Appointment, qualifications, independence and performance of the External Auditor.

• Performance of the Group Internal Audit.

• Adequacy and effectiveness of financial and accounting policies and internal controls and the

mechanisms to deter, prevent and penalize fraud and corruption in IBRD operations and

corporate procurement.

• Effective management of financial, fiduciary and compliance risks in IBRD.

• Oversight of the institutional arrangements and processes for risk management across IBRD.

In carrying out its role, the Audit Committee discusses financial issues and policies that affect IBRD's

financial position and capital adequacy with Management, external auditors, and internal auditors. It

recommends the annual audited financial statements for approval to the Board. The Audit Committee

monitors and reviews developments in corporate governance and its own role on an ongoing basis.

IBRD Management's Discussion and Analysis: June 30, 2025 67

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|:---|:---|
| **Management's Discussion and Analysis** | Section XIII: Governance and Controls |

---

**Executive Sessions**

Under the Audit Committee's terms of reference, it may convene in executive session at any time, without

Management's presence. The Audit Committee meets separately in executive session with the external

and internal auditors.

**Access to Resources and to Management**

Throughout the year, the Audit Committee receives a large volume of information to enable it to carry out

its duties and meets both formally and informally throughout the year to discuss relevant matters. It has

complete access to Management, and reviews and discusses with Management topics considered in its

terms of reference.

The Audit Committee has the authority to seek advice and assistance from outside legal, accounting, or

other advisors as it deems necessary.

**Auditor Independence**

The appointment of the external auditor for IBRD is governed by a set of Board-approved principles.

These include:

• Limits on the external auditor's provision of non-audit-related services

• Requiring all audit-related services to be pre-approved on a case-by-case basis by the Board,

upon recommendation of the Audit Committee, and

• Renewal of the external audit contract every five years, with a limit of two consecutive terms and

mandatory rotation thereafter.

The external auditor may provide non-prohibited, non-audit related services subject to monetary limits.

Broadly, the list of prohibited non-audit services include those that would put the external auditor in the

roles typically performed by management and in a position of auditing their own work, such as accounting

services, internal audit services, and provision of investment advice. The total non-audit services fees

over the term of the relevant external audit contract shall not exceed 70% of the audit fees over the same

period.

Communication between the external auditor and the Audit Committee is ongoing and carried out as often

as deemed necessary by either party. The Audit Committee meets periodically with the external auditor

and individual committee members have independent access to the external auditor. IBRD's external

auditors also follow the communication requirements with the Audit Committee set out under generally

accepted auditing standards in the United States.

**External Auditors**

The external auditor is appointed to a five-year term, with a limit of two consecutive terms, and is subject

to annual reappointment based on the recommendation of the Audit Committee and approval of a

resolution by the Board.

In May 2022, IBRD's Board approved Deloitte & Touche LLP as IBRD's external auditor for a second five-

year term commencing in FY24.

**Senior Management Changes**

Lakshmi Shyam-Sunder, WBG Chief Risk Officer and Vice President, retired in January 2025. Dennis

McLaughlin was appointed to this role effective January 2, 2025.

Pamela O'Connell, Vice President and WBG Controller, will be retiring and leaving the Bank in September

2025. **Internal Control**

**Internal Control Over Financial Reporting**

Each fiscal year, Management evaluates the internal controls over financial reporting to determine

whether any changes made in these controls during the fiscal year materially affect, or would be

68 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section XIII: Governance and Controls |

---

reasonably likely to materially affect, IBRD's internal control over financial reporting. The internal control

framework promulgated by the Committee of Sponsoring Organizations of the Treadway Commission

(COSO), "Internal Control - Integrated Framework (2013)" provides guidance for designing, implementing

and conducting internal control and assessing its effectiveness. IBRD uses the 2013 COSO framework to

assess the effectiveness of the internal control over financial reporting. As of June 30, 2025, management

maintained effective internal control over financial reporting. See "Management's report regarding

effectiveness of Internal Control over Financial Reporting" on page74.[74](#ia84a54270b964a40997e475e93ef90e5_313).

IBRD's internal control over financial reporting as of June 30, 2025, has been audited by Deloitte &

Touche LLP, an independent auditor, as stated in their report, which is included herein.

**Disclosure Controls and Procedures**

Disclosure controls and procedures are designed to ensure that information required to be disclosed is

gathered and communicated to Management, as appropriate, to allow timely decisions regarding required

disclosure by IBRD. Management conducted an evaluation of the effectiveness of such controls and

procedures and the President and the MDCFO have concluded that these controls and procedures were

effective as of June 30, 2025.

IBRD Management's Discussion and Analysis: June 30, 2025 69

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section XIV: Reconciliations of Components of Allocable Income |

---

**Section XIV: Reconciliations of Components of Allocable Income**<br>

As discussed in Section I: Overview and Section III: Financial Results, in addition to reported financial

measures determined in accordance with U.S. GAAP, IBRD also uses certain non-GAAP financial

measures to evaluate performance, make operating decisions, determine business strategy, develop

targeted financial goals, and allocate resources.

The tables below provide a reconciliation of key components of allocable income referenced in the MD&A

to the most directly comparable U.S. GAAP reported measures.

**Statements of Income**

IBRD presents interest revenue on loans, investments and other assets, interest expense on borrowings

and certain other items on a gross basis on its reported statements of income. However, IBRD assesses

the performance of its lending, investing and other activities on a net basis, which takes into consideration

interest expense on borrowings to fund these activities, the impact of realized gains and losses on

derivatives designated as economic hedges to manage interest rate and currency risk and other costs.

The presentation of amounts in Table 3 is intended to reflect how IBRD manages its lending, investing

and other activities and assesses the financial performance of these activities.

Table 43 and Table 44 provide reconciliations of the components of IBRD's statements of income (Table

3) for the specified periods to the non-GAAP amounts presented and discussed in the MD&A (Table 5).

---

| | | |
|:---|:---|:---|
| **Table 43: Interest Revenue, Net of Borrowings Expenses** |  |  |
| *In millions of U.S. dollars* |  |  |
| *For the fiscal years ended June 30,* | *2025* | *2024* |
| **Interest revenue — Loans, net (Table 3 – Reported Basis)** | **$15301** | **$15831** |
| Less: Borrowing expenses funding loans | (10484) | (10957) |
| Add: Others | 4 |  |
| **Loan interest revenue, net of funding costs (Table 5)** | **$4821** | **$4874** |
| **Interest revenue—Investments-Trading, net (Table 3 – Reported Basis)** | **$4444** | **$4337** |
| Add: Reclassification of unrealized mark-to-market gains on investments-trading portfolio, <br>net (Table 3)<br>| 214 | 91 |
| Less: Unrealized mark-to-market (gains) losses attributable to PEBP, PCRF, LPF1 and <br>GFPP investment holdings reclassified to non-interest revenue, net (Table 44)<br>| (158) | (112) |
| Less: Borrowing expenses funding investment-trading | (4435) | (4255) |
| **Investment revenue, net of funding costs (Table 5)** | **$65** | **$61** |
| **Borrowing Expenses** |  |  |
| Borrowing expenses funding loans | 10484 | 10957 |
| Borrowing expenses funding investment-trading | 4435 | 4255 |
| Add: Others | 1 | 3 |
| **Borrowing expense, net (Table 3 – Reported Basis)** | **$14920** | **$15215** |

---

---

| | | |
|:---|:---|:---|
| **Table 44: Total Revenue on Interest Earning Assets, Net** |  |  |
| *In millions of U.S. dollars* |  |  |
| *For the fiscal years ended June 30,* | *2025* | *2024* |
| **Interest revenue, net of borrowings expense (Table 3 – Reported Basis)** | **$3534** | **$3229** |
| Add: Reclassification of unrealized mark-to-market gains (losses) on investments-trading <br>portfolio, net (Table 3)<br>| 214 | 91 |
| Less: Unrealized mark-to-market (gains) losses attributable to PEBP, PCRF, LPF1 and <br>GFPP investment holdings reclassified to non-interest revenue, net (Table 43)<br>| (158) | (112) |
| Add: Others | 3 | 1 |
| **Total revenue on interest earning assets, net (Table 5)** | **$3593** | **$3209** |

---

70 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Appendix |

---

**Appendix**<br>

**Glossary of Terms**

**Articles:** IBRD's Articles of Agreement

**Below GDI Country**: Country whose Gross National Income per capita is below the Graduation Discussion Income

as published in the Per Capita Income Guidelines for Operational Purposes.

**Board:** The Executive Directors as established by IBRD's Articles of Agreement.

**Budget Anchor:** Efficiency measure that IBRD uses to monitor the coverage of its net administrative expenses by its

loan interest margin.

**Capital Adequacy:** A measure of IBRD's ability to withstand unexpected shocks and is based on the amount of

IBRD's usable equity expressed as a percentage of its loans and other related exposures.

**Credit Default Swaps (CDS):** A derivative contract that provides protection against deteriorating credit quality and

allows one party to receive payment in the event of a default or specified credit event by a third party.

**Credit Valuation Adjustment (CVA):** The CVA represents the counterparty credit risk exposure and is reflected in

the fair value of derivative instruments.

**Debit Valuation Adjustment (DVA):** DVA on Fair Value Option (FVO) Elected Liabilities that corresponds to the

change in fair value of the liability presented under the FVO that relate to the instrument specific credit risk ("own-

credit risk").

**Duration:** Provides an indication of the sensitivity of underlying yield to changes in interest rates.

**Equity-to-Loans Ratio:** The Board monitors IBRD's capital adequacy within a Strategic Capital Adequacy

Framework, using the Equity-to-Loans ratio as a key indicator of IBRD's capital adequacy. For details on the ratio, see

Table 33.

**Lending Operations:** Total projects from a fiscal year based on project approval date as of June 30 of the fiscal year.

**Loan Interest Margin:** The difference between loan returns and associated debt cost.

**Lower-Middle-Income Countries:** For FY25, income groups are classified according to the 2023 gross national

income (GNI) per capita. For lower-middle-income countries, the GNI range was $1,146-$4,515.

**Maintenance of Value (MOV):** Under IBRD's Articles, members are required to maintain the value of their

subscriptions of national currency paid-in, which is subject to certain restrictions. MOV is determined by measuring

the foreign exchange value of a member's national currency against the standard of value of IBRD's capital based on

the 1974 SDR.

**Net Commitments:** Commitments net of full terminations and cancellations approved in the same fiscal year and

include guarantee commitments that have been approved by the Executive Directors.

**Net Loan Disbursements:** Loan disbursements net of repayments and prepayments.

**Prudential Minimum:** The minimum amount of liquidity that IBRD is required to hold and is defined as 80% of the

Target Liquidity Level.

**Single Borrower Limit (SBL):** The maximum authorized exposure to IBRD's most creditworthy and largest

borrowing countries in terms of population and economic size.

**Strategic Capital Adequacy Framework:** Evaluates IBRD's capital adequacy as measured by stress tests and an

appropriate minimum level for the long-term Equity-to-Loans ratio. The Equity-to-Loans ratio provides a background

framework in the context of annual net income allocation decisions, as well as in the assessment of the initiatives for

the use of capital. The framework has been approved by the Board.

**Statutory Lending Limit (SLL):** Under IBRD's Articles, as applied, the total amount outstanding of loans,

participations in loans, and callable guarantees may not exceed the sum of unimpaired subscribed capital, reserves

and surplus.

**Sustainable Annual Lending Level (SALL):** The level of lending that can be sustained in real terms over 10 years.

**Target Liquidity Level (TLL):** The twelve-month Target Liquidity Level is calculated before the end of each fiscal

year based on Management's estimates of projected net loan disbursements approved at the time of projection and

twelve-month of debt-service for the upcoming fiscal year. This twelve-month estimate becomes the target for the

upcoming fiscal year.

**U.S. GAAP:** Accounting principles generally accepted in the United States of America.

**World Bank:** The World Bank consists of IBRD and IDA.

**World Bank Group (WBG):** The World Bank Group consists of IBRD, IDA, IFC, MIGA, and ICSID.

IBRD Management's Discussion and Analysis: June 30, 2025 71

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Appendix |

---

**Abbreviations and Acronyms**

**AfDB:** African Development Bank

**AOCI:** Accumulated Other Comprehensive Income

**BOG:** Board of Governors

**COSO:** Committee of Sponsoring Organizations of

the Treadway Commission

**CDS:** Credit Default Swaps

**CVA:** Credit Valuation Adjustment

**CRO:** Vice President and WBG Chief Risk Officer

**DDO:** Deferred Drawdown Option

**DPF:** Development Project Financing

**DVA:** Debit Valuation Adjustment

**EAL:** Equitable Access Limit

**EDF:** Expected default frequency

**EEA:** Exposure Exchange Agreement

**EFOs:** Externally Financed Outputs

**ESG:** Environmental, Social and Governance

**FIFs:** Financial Intermediary Funds

**FRC:** Finance and Risk Committee

**GCI:** General Capital Increase

**GDI**: Graduation Discussion Income

**GNI:** Gross National Income

**GMFs:** Grant-Making Facilities

**IADB:** Inter-American Development Bank

**IBRD:** International Bank for Reconstruction and

Development

**ICSID:** International Centre for Settlement of

Investment Disputes

**IFC:** International Finance Corporation

**IDA:** International Development Association

**IFFIm:**International Finance Facility for Immunization

**IFLs:** IBRD FlexibleLoans

**IPF:** Investment Project Financing

**LLP:** Loan Loss Provision

**LTRRO:** Long-Term Real Return Objective

**MDB:** Multilateral Development Bank

**MDCAO:** Managing Director and World Bank Group

Chief Administrative Officer

**MDCFO:** Managing Director and World Bank Group

Chief Financial Officer

**MIGA:** Multilateral Investment Guarantee Agency

**MOV:** Maintenance-Of-Value

**NBC:** New Business Committee

**NCPIC:** National Currency Paid-in Capital

**ORC:** Operational Risk Committee

**PBAC:** Pension Benefits Administration Committee

**PBO:** Pension Benefit Obligation

**PCRF:** Post Retirement Contribution Reserve Fund

**PEBP:** Post-Employment Benefit Plan

**PFC:** Pension Finance Committee

**PforR:** Program-for-Results

**RAS:** Reimbursable Advisory Services

**RAMP:** Reserves Advisory and Management

Partnership

**RSBP**: Retired Staff Benefits Plan

**SALL:** Sustainable Annual Lending Level

**SCI:** Selective Capital Increase

**SDPL:** Special Development Policy Loans

**SBL:** Single Borrower Limit

**SOFR:**Secured Overnight Financing Rate

**SLL:** Statutory Lending Limit

**SRP:** Staff Retirement Plan

72 IBRD Management's Discussion and Analysis: June 30, 2025

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Appendix |

---

**Eligible Borrowing Member Countries by Region as of June 30, 2025**

---

| | |
|:---|:---|
| **Region** | **Countries** |
| Eastern and Southern Africa | Angola, Botswana, Eswatini\*, Kenya\*, Mauritius, Namibia, Seychelles, South Africa, Zimbabwe\* |
| Western and Central Africa | Republic of Cabo Verde\*, Cameroon\*, Republic of Congo\*, Equatorial Guinea, Gabon, Nigeria\*, <br>Cote d'Ivoire\*<br>|
| East Asia and Pacific | China, Fiji\*, Indonesia, Malaysia, Mongolia, Nauru, Palau, Papua New Guinea\*, Philippines, <br>Thailand, Timor-Leste\*, Viet Nam<br>|
| Europe and Central Asia | Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, <br>Kazakhstan, North Macedonia, Moldova, Montenegro, Poland, Romania, Russian Federation, <br>Serbia, Türkiye, Turkmenistan, Ukraine, Uzbekistan\* <br>|
| Latin America and Caribbean | Argentina, Antigua and Barbuda, Barbados, Belize\*, Bolivia, Brazil, Chile, Colombia, Costa Rica, <br>Dominica\*, Dominican Republic, Ecuador, El Salvador, Grenada\*, Guatemala, Jamaica, Mexico, <br>Panama, Paraguay, Peru, St. Kitts and Nevis, St. Lucia\*, St. Vincent and the Grenadines\*, <br>Suriname\*, Trinidad and Tobago, Uruguay, Venezuela<br>|
| Middle East and North Africa | Algeria, Arab Republic of Egypt, Islamic Republic of Iran, Iraq, Jordan, Lebanon, Libya, Morocco,<br>Tunisia<br>|
| South Asia | India, Pakistan\*  |

---

*\* Blend countries eligible for IDA and IBRD loans.*

IBRD FINANCIAL STATEMENTS: June 30, 2025 73

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

FINANCIAL STATEMENTS AND INTERNAL CONTROL REPORTS

June 30, 2025

---

| | |
|:---|:---|
| **Management's Report Regarding Effectiveness of Internal Control Over Financial Reporting** | **[74](#ia84a54270b964a40997e475e93ef90e5_313)** |
| **Independent Auditor's Report on Effectiveness of Internal Control Over Financial Reporting** | **[76](#ia84a54270b964a40997e475e93ef90e5_316)** |
| **Independent Auditor's Report** | **[78](#ia84a54270b964a40997e475e93ef90e5_319)** |
| **Balance Sheets** | **[82](#ia84a54270b964a40997e475e93ef90e5_325)** |
| **Statements of Income** | **[84](#ia84a54270b964a40997e475e93ef90e5_328)** |
| **Statements of Comprehensive Income** | **[85](#ia84a54270b964a40997e475e93ef90e5_331)** |
| **[Statements of Changes in E](#ia84a54270b964a40997e475e93ef90e5_13)quity** | **[86](#ia84a54270b964a40997e475e93ef90e5_334)** |
| **Statements of Cash Flows** | **[87](#ia84a54270b964a40997e475e93ef90e5_337)** |
| **Supplementary Information** |  |
| **Summary Statement of Loans** | **[89](#ia84a54270b964a40997e475e93ef90e5_340)** |
| **Statement of Subscriptions to Capital Stock and Voting Power** | **[91](#ia84a54270b964a40997e475e93ef90e5_346)** |
| **Notes to Financial Statements** | **[95](#ia84a54270b964a40997e475e93ef90e5_349)** |

---

74 IBRD FINANCIAL STATEMENTS: June 30, 2025

Management's Report Regarding Effectiveness of Internal Control Over

Financial Reporting

![ibrd1icfr.jpg](ibrd1icfr.jpg)

IBRD FINANCIAL STATEMENTS: June 30, 2025 75

![ibrd2icfr.jpg](ibrd2icfr.jpg)

76 IBRD FINANCIAL STATEMENTS: June 30, 2025

Independent Auditor's Report on Effectiveness of Internal Control Over

Financial Reporting

![deloitte1ibrdicfrjun25.jpg](deloitte1ibrdicfrjun25.jpg)

IBRD FINANCIAL STATEMENTS: June 30, 2025 77

![deloitte2ibrdicfrjun25.jpg](deloitte2ibrdicfrjun25.jpg)

78 IBRD FINANCIAL STATEMENTS: June 30, 2025

Independent Auditor's Report

![deloitte1ibrdauditjun25.jpg](deloitte1ibrdauditjun25.jpg)

IBRD FINANCIAL STATEMENTS: June 30, 2025 79

![deloitte2ibrdauditjun25.jpg](deloitte2ibrdauditjun25.jpg)

80 IBRD FINANCIAL STATEMENTS: June 30, 2025

Independent Auditor's Report

![deloitte3ibrdauditjun25.jpg](deloitte3ibrdauditjun25.jpg)

IBRD FINANCIAL STATEMENTS: June 30, 2025 81

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

FINANCIAL STATEMENTS

June 30, 2025

82 IBRD FINANCIAL STATEMENTS: June 30, 2025

BALANCE SHEETS

*June 30, 2025 and June 30, 2024*

*Expressed in millions of U.S. dollars*

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| **Assets** |  |  |
| ***Due from banks—Notes C and J*** |  |  |
| Unrestricted cash | $412 | $410 |
| Restricted cash | 73 | 80 |
|  | 485 | 490 |
| ***Investments-Trading*** (including securities transferred under repurchase or <br>securities lending agreements of $312 million—June 30, 2025 and $255 million<br>—June 30, 2024)—***Notes C and J***<br>| 102674 | 82728 |
| ***Securities purchased under resale agreements—Notes C and J*** | 14 | 79 |
| ***Derivative assets, net—Notes C, F and J*** | 666 | 456 |
| ***Receivables*** |  |  |
| Receivable from investment securities traded—*Note C* | 84 | 438 |
| Accrued income on loans and guarantee fees receivable—*Note D* | 3562 | 4022 |
|  | 3646 | 4460 |
| ***Loans outstanding—Notes D, H and J*** |  |  |
| Total loans | 375435 | 348248 |
| Less: Undisbursed balance (including signed loan commitments of<br>$76,870 million—June 30, 2025 and $66,761 million—June 30, 2024)<br>| (92345) | (85058) |
| Loans outstanding | 283090 | 263190 |
| Less:  |  |  |
| Accumulated provision for loan losses | (2366) | (2360) |
| Deferred loan income | (681) | (594) |
| Net loans outstanding | 280043 | 260236 |
| ***Other assets*** |  |  |
| Assets under retirement benefits plans—*Notes I and K* | 8041 | 4655 |
| Premises and equipment, net | 1866 | 1842 |
| Miscellaneous—*Notes D,H,J and L* | 2076 | 1666 |
|  | 11983 | 8163 |
| **Total assets** | $399511 | $356612 |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 83

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| **Liabilities** |  |  |
| ***Borrowings—Notes E and J*** |  |  |
| Borrowings, at fair value | $305679 | $261790 |
| Borrowings, at amortized cost | 482 |  |
|  | 306161 | 261790 |
| ***Securities sold under repurchase agreements, securities lent under*** <br>***securities lending agreements, and payable for cash collateral received—***<br>***Notes C and J***<br>| 312 | 256 |
| ***Derivative liabilities, net—Notes C, F and J*** | 12454 | 22728 |
| ***Other liabilities*** |  |  |
| Payable for investment securities purchased—*Note C* | 199 | 561 |
| Liabilities under retirement benefits plans—*Notes I and K* | 2070 | 2097 |
| Accounts payable and miscellaneous liabilities—*Notes D, H, J and L* | 6303 | 5696 |
|  | 8572 | 8354 |
| **Total liabilities** | 327499 | 293128 |
| **Equity** |  |  |
| ***Capital stock—Note B*** |  |  |
| Authorized capital (2,783,873 shares—June 30, 2025 and <br>June 30, 2024)<br>|  |  |
| Subscribed capital (2,709,291 shares—June 30, 2025, and <br>2,678,098 shares—June 30, 2024)<br>| 326835 | 323072 |
| Less uncalled portion of subscriptions | (303924) | (300620) |
| Paid-in capital | 22911 | 22452 |
| ***Nonnegotiable, noninterest-bearing demand obligations on account of*** <br>***subscribed capital*** <br>| (313) | (310) |
| ***Receivable and deferred amounts to maintain value of currency holdings —***<br>***Note B***<br>| (623) | (895) |
| ***Retained earnings —Note G*** | 40383 | 38283 |
| ***Accumulated other comprehensive income —Note I*** | 9654 | 3954 |
| **Total equity** | 72012 | 63484 |
| **Total liabilities and equity** | $399511 | $356612 |

---

***The Notes to Financial Statements are an integral part of these Statements.***

84 IBRD FINANCIAL STATEMENTS: June 30, 2025

STATEMENTS OF INCOME

*For the fiscal years ended June 30, 2025, June 30, 2024 and June 30, 2023*

*Expressed in millions of U.S. dollars*

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| ***Interest revenue*** |  |  |  |
| Loans, net—*Note D* | $15301 | $15831 | $10522 |
| Other asset/liability management derivatives, net—*Notes F and J* | (1293) | (1726) | (850) |
| Investments-Trading, net | 4444 | 4337 | 3079 |
| Other, net | 2 | 2 | 2 |
| ***Borrowing expenses, net—Note E*** | (14920) | (15215) | (9562) |
| ***Interest revenue, net of borrowing expenses*** | 3534 | 3229 | 3191 |
| ***Provision for losses on loans and other exposures, release*** <br>***(charge) — Note D***<br>| 75 | (94) | (685) |
| ***Non-interest revenue*** |  |  |  |
| Revenue from externally funded activities—*Notes H and L* | 947 | 960 | 878 |
| Commitment charges—*Note D* | 152 | 149 | 124 |
| Other, net | 170 | 42 | 43 |
| Total | 1269 | 1151 | 1045 |
| ***Non-interest expenses*** |  |  |  |
| Administrative—*Notes H, K and L* | (2522) | (2379) | (2320) |
| Contributions to special programs | (17) | (17) | (17) |
| Other—*Note K* | 150 | 170 | 183 |
| Total | (2389) | (2226) | (2154) |
| ***Board of Governors-approved transfers—Note G*** | (815) | (371) | (221) |
| ***Currency remeasurement (losses) gains, net*** | (44) | 73 | 39 |
| ***Unrealized mark-to-market gains on Investments-Trading*** <br>&nbsp;&nbsp;&nbsp;&nbsp;***portfolio, net—Notes F and J***<br>| 214 | 91 | 84 |
| ***Unrealized mark-to-market gains (losses) on non-trading*** <br>&nbsp;&nbsp;&nbsp;&nbsp;***portfolios, net***<br>|  |  |  |
| Loan-related derivatives—*Notes D, F and J* | (1372) | (458) | 1677 |
| Other asset/liability management derivatives, net—*Notes F and J* | 1839 | 708 | (1642) |
| Borrowings, including derivatives—*Notes E, F and J* | (234) | 9 | (190) |
| Others, net —*Note J* | 23 | 30 |  |
| Total | 256 | 289 | (155) |
| **Net income** | $2100 | $2142 | $1144 |

---

***The Notes to Financial Statements are an integral part of these Statements.***

IBRD FINANCIAL STATEMENTS: June 30, 2025 85

STATEMENTS OF COMPREHENSIVE INCOME

*For the fiscal years ended June 30, 2025, June 30, 2024 and June 30, 2023*

*Expressed in millions of U.S. dollars*

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| **Net income** | $2100 | $2142 | $1144 |
| **Other comprehensive income —Note I** |  |  |  |
| Net actuarial gains on benefit plans | 3420 | 251 | 2103 |
| Prior service credit on benefit plans, net | 8 | 8 | 20 |
| Net change in Debit Valuation Adjustment (DVA) on Fair <br>&nbsp;&nbsp;&nbsp;&nbsp;Value Option elected liabilities—Note J<br>| 991 | 322 | (13) |
| Currency translation adjustments on functional currency <br>gains (losses)<br>| 1281 | (150) | 495 |
| Total other comprehensive income | 5700 | 431 | 2605 |
| **Total comprehensive income** | $7800 | $2573 | $3749 |

---

86 IBRD FINANCIAL STATEMENTS: June 30, 2025

STATEMENTS OF CHANGES IN EQUITY

*For the fiscal years ended June 30, 2025, June 30, 2024 and June 30, 2023*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Expressed in millions of U.S. dollars* | *Expressed in millions of U.S. dollars* | *Expressed in millions of U.S. dollars* | *Expressed in millions of U.S. dollars* | *Expressed in millions of U.S. dollars* | *Expressed in millions of U.S. dollars* | *Expressed in millions of U.S. dollars* |
|  | *Paid-in* <br>*Capital*<br>| *Nonnegotiable,* <br>*noninterest-*<br>*bearing* <br>*demand* <br>*obligations on* <br>*account of* <br>*subscribed* <br>*capital* <br>| *Receivable* <br>*and* <br>*deferred* <br>*amounts to* <br>*maintain* <br>*value of* <br>*currency* <br>*holdings*<br>| *Retained* <br>*earnings*<br>| *Accumulated* <br>*other* <br>*comprehensive* <br>*income* <br>| *Total* <br>*equity*<br>|
| **As of June 30, 2022** | $20499 | $(316) | $(778) | $34997 | $918 | $55320 |
| Net income |  |  |  | 1144 |  | 1144 |
| Other comprehensive <br>income<br>|  |  |  |  | 2605 | 2605 |
| Subscriptions received | 1320 |  |  |  |  | 1320 |
| Demand obligations <br>(received) encashed, net<br>|  | (8) |  |  |  | (8) |
| Currency remeasurement <br>changes, net<br>|  | 4 | (19) |  |  | (15) |
| Receipts of MOV |  |  | 16 |  |  | 16 |
| **As of June 30, 2023** | 21819 | (320) | (781) | 36141 | 3523 | 60382 |
| Net income |  |  |  | 2142 |  | 2142 |
| Other comprehensive <br>income<br>|  |  |  |  | 431 | 431 |
| Subscriptions received | 633 |  |  |  |  | 633 |
| Demand obligations <br>(received) encashed, net<br>|  |  |  |  |  |  |
| Currency remeasurement <br>changes, net<br>|  | 10 | (132) |  |  | (122) |
| Receipts of MOV |  |  | 18 |  |  | 18 |
| **As of June 30, 2024** | 22452 | (310) | (895) | 38283 | 3954 | 63484 |
| Net income |  |  |  | 2100 |  | 2100 |
| Other comprehensive <br>income<br>|  |  |  |  | 5700 | 5700 |
| Subscriptions received | 459 |  |  |  |  | 459 |
| Demand obligations <br>(received) encashed, net<br>|  | (2) |  |  |  | (2) |
| Currency remeasurement <br>changes, net<br>|  | (1) | 258 |  |  | 257 |
| Receipts of MOV |  |  | 14 |  |  | 14 |
| **As of June 30, 2025** | $22911 | $(313) | $(623) | $40383 | $9654 | $72012 |

---

***The Notes to Financial Statements are an integral part of these Statements.***

IBRD FINANCIAL STATEMENTS: June 30, 2025 87

STATEMENTS OF CASH FLOWS

*For the fiscal years ended June 30, 2025, June 30, 2024 and June 30, 2023*

*Expressed in millions of U.S. dollars*

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| **Cash flows from investing activities** |  |  |  |
| Loans |  |  |  |
| Disbursements | (30471) | $(33375) | $(25465) |
| Principal repayments | 15456 | 12991 | 12296 |
| Principal prepayments | 529 | 344 | 472 |
| Loan origination fees received | 34 | 37 | 27 |
| Net derivatives-loans | 84 | 76 | 66 |
| Other investing activities, net | (246) | (154) | (141) |
| Net cash used in investing activities | (14614) | (20081) | (12745) |
| **Cash flows from financing activities** |  |  |  |
| Medium and long-term borrowings |  |  |  |
| New issues | 64300 | 52152 | 42056 |
| Retirements | (37220) | (30888) | (30275) |
| Short-term borrowings (original maturities greater than 90 days) |  |  |  |
| New issues | 26573 | 20483 | 25358 |
| Retirements | (23076) | (22270) | (25846) |
| Net short-term borrowings (original maturities less than 90 days) | 419 | 807 | (4716) |
| Net derivatives-borrowings | 88 | 10 | (787) |
| Capital subscriptions | 459 | 633 | 1320 |
| Other financing activities, net | (6) |  | (5) |
| Net cash provided by financing activities | 31537 | 20927 | 7105 |
| **Cash flows from operating activities** |  |  |  |
| Net income | 2100 | 2142 | 1144 |
| Adjustments to reconcile net income to net cash (used in) provided by <br>operating activities:<br>|  |  |  |
| Unrealized mark-to-market (gains) losses on non-trading portfolios, <br>net<br>| (256) | (289) | 155 |
| Currency remeasurement losses (gains), net | 44 | (73) | (39) |
| Depreciation and amortization and capitalized interest on loans, net | 419 | 614 | 535 |
| Provision for losses on loans and other exposures, (release) <br>charge <br>| (75) | 94 | 685 |
| Changes in:  |  |  |  |
| Investments-Trading | (17200) | (4288) | 3173 |
| Net investment securities purchased/traded | 24 | (410) | 608 |
| Net derivatives-investments | (1200) | 1063 | (826) |
| Net securities purchased/sold under resale/repurchase <br>agreements and payable for cash collateral received<br>| 132 | 128 | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income on loans and guarantee fees receivable | 549 | (676) | (2230) |
| Miscellaneous assets | (373) | 232 | (4) |
| Accrued interest on borrowings | (1704) | 393 | 2051 |
| Accounts payable and miscellaneous liabilities | 593 | 232 | 463 |
| Pension and other post-retirement benefits | 15 | (59) | 86 |
| Net cash (used in) provided by operating activities | (16932) | (897) | 5707 |
| **Effect of exchange rate changes on unrestricted and restricted cash** | 4 | (6) | 1 |
| **Net (decrease) increase in unrestricted and restricted cash** | (5) | (57) | 68 |
| **Unrestricted and restricted cash at the beginning of the fiscal year** | 490 | 547 | 479 |
| **Unrestricted and restricted cash at the end of the fiscal year** | $485 | $490 | $547 |

---

88 IBRD FINANCIAL STATEMENTS: June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| **Supplemental disclosure** |  |  |  |
| Increase (decrease) in ending balances resulting from exchange rate <br>fluctuations<br>|  |  |  |
| Loans outstanding | $5105 | $(822) | $1817 |
| Investment portfolio | 231 | 17 | 4 |
| Borrowing portfolio | 4148 | (577) | 1397 |
| Capitalized interest and loan origination fees included in total loans | 308 | 155 | 73 |
| Interest paid on borrowing portfolio | 16046 | 14265 | 6948 |

---

***The Notes to Financial Statements are an integral part of these Statements.***

IBRD FINANCIAL STATEMENTS: June 30, 2025 89

SUMMARY STATEMENT OF LOANS

*June 30, 2025*

*Expressed in millions of U.S. dollars*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | *Undisbursed balance* | *Undisbursed balance* |  |  |
| *Borrower* | *Total loans* <sup>a,b</sup> | *Loans* <br>*approved but* <br>*not yet signed*<br>| *Signed loan* <br>*commitment* <sup>c</sup><br>| *Loans* <br>*Outstanding*<br>| *Percentage of* <br>*total loans* <br>*outstanding* <sup>d</sup><br>|
| Albania <sup>b</sup> | $1679 | $— | $624 | $1055 | 0.37% |
| Angola <sup>a</sup> | 7621 | 250 | 2467 | 4904 | 1.73 |
| Antigua and Barbuda | 4 |  |  | 4 | \* |
| Argentina | 15748 | 230 | 3397 | 12121 | 4.28 |
| Armenia <sup>b</sup> | 1494 | 196 | 197 | 1101 | 0.39 |
| Azerbaijan | 1289 |  | 333 | 956 | 0.34 |
| Bahamas, The | 100 |  |  | 100 | 0.04 |
| Barbados | 303 | 30 | 54 | 219 | 0.08 |
| Belarus | 1012 |  |  | 1012 | 0.36 |
| Belize | 111 |  | 70 | 41 | 0.02 |
| Bolivia, Plurinational State of <sup>a</sup> | 1568 |  | 621 | 947 | 0.33 |
| Bosnia and Herzegovina <sup>b</sup> | 1481 | 94 | 550 | 837 | 0.30 |
| Botswana <sup>a</sup> | 784 |  | 118 | 666 | 0.24 |
| Brazil<sup>b</sup> | 21795 | 4258 | 2154 | 15383 | 5.43 |
| Bulgaria | 67 |  |  | 67 | 0.02 |
| Cabo Verde, Republic of | 40 |  | \* | 40 | 0.01 |
| Cameroon | 1159 |  | 282 | 877 | 0.31 |
| Chile <sup>a</sup> | 900 | 150 | 583 | 167 | 0.06 |
| China <sup>b</sup> | 19775 | 764 | 4666 | 14345 | 5.07 |
| Colombia <sup>a</sup> | 18077 | 700 | 807 | 16570 | 5.85 |
| Congo, Republic of | 551 |  | 280 | 271 | 0.10 |
| Costa Rica <sup>a</sup> | 3154 | 335 | 1334 | 1485 | 0.52 |
| Côte d'Ivoire  | 180 |  | \* | 180 | 0.06 |
| Croatia | 1785 |  | 487 | 1298 | 0.46 |
| Dominican Republic <sup>a</sup> | 3703 |  | 1349 | 2354 | 0.83 |
| Ecuador <sup>a</sup> | 7018 |  | 675 | 6343 | 2.24 |
| Egypt, Arab Republic of <sup>b</sup> | 14510 |  | 1930 | 12580 | 4.44 |
| El Salvador | 2188 | 120 | 1051 | 1017 | 0.36 |
| Eswatini | 429 | 65 | 40 | 324 | 0.11 |
| Fiji | 204 |  | 25 | 179 | 0.06 |
| Gabon <sup>a</sup> | 988 | 163 | 168 | 657 | 0.23 |
| Georgia <sup>b</sup> | 2346 |  | 589 | 1757 | 0.62 |
| Grenada | 14 |  | 1 | 13 | \* |
| Guatemala | 2524 | 400 | 26 | 2098 | 0.74 |
| India <sup>b</sup> | 34455 | 910 | 8959 | 24586 | 8.69 |
| Indonesia <sup>b</sup> | 29799 | 2226 | 6228 | 21345 | 7.54 |
| Iran, Islamic Republic of | 139 |  |  | 139 | 0.05 |
| Iraq<sup>b</sup> | 4047 | 930 | 421 | 2696 | 0.95 |
| Jamaica | 1229 |  | 128 | 1101 | 0.39 |
| Jordan <sup>b</sup> | 8016 |  | 2277 | 5739 | 2.03 |
| Kazakhstan | 4645 | 655 | 211 | 3779 | 1.33 |
| Kenya | 2028 |  | 3 | 2025 | 0.72 |
| Kosovo | 86 |  |  | 86 | 0.03 |
| Lebanon | 2294 | 250 | 907 | 1137 | 0.40 |
| Mauritius | 272 |  | 184 | 88 | 0.03 |
| Mexico | 13827 |  |  | 13827 | 4.88 |
| Moldova | 862 |  | 525 | 337 | 0.12 |
| Mongolia | 280 |  | 224 | 56 | 0.02 |
| Montenegro <sup>b</sup> | 380 |  | 85 | 295 | 0.10 |
| Morocco <sup>b</sup> | 16506 | 619 | 3778 | 12109 | 4.28 |

---

90 IBRD FINANCIAL STATEMENTS: June 30, 2025

SUMMARY STATEMENT OF LOANS (CONTINUED)

*June 30, 2025*

*Expressed in millions of U.S. dollars*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Borrower* |  | *Undisbursed balance* | *Undisbursed balance* |  |  |
| *Borrower* | *Total loans* <sup>a,b</sup> | *Loans* <br>*approved but* <br>*not yet signed*<br>| *Signed loan* <br>*commitment* <sup>c</sup><br>| *Loans* <br>*Outstanding*<br>| *Percentage of* <br>*total loans* <br>*outstanding* <sup>d</sup><br>|
| Namibia <sup>a</sup> | $100 | $— | $100 |  | \*% |
| Nigeria <sup>a</sup> | 2916 |  | 1570 | 1346 | 0.48 |
| North Macedonia <sup>b</sup> | 966 | 17 | 210 | 739 | 0.26 |
| Pakistan <sup>b</sup> | 5227 |  | 2408 | 2819 | 1.00 |
| Panama  | 2093 |  | 128 | 1965 | 0.70 |
| Papua New Guinea | 80 |  | 76 | 4 | \* |
| Paraguay | 1449 |  | 323 | 1126 | 0.40 |
| Peru | 7135 | 650 | 927 | 5558 | 1.96 |
| Philippines <sup>b</sup> | 19612 |  | 4091 | 15521 | 5.48 |
| Poland | 5882 |  | 147 | 5735 | 2.03 |
| Romania <sup>b</sup> | 8134 |  | 1367 | 6767 | 2.39 |
| Serbia <sup>b</sup> | 3392 |  | 864 | 2528 | 0.89 |
| Seychelles | 208 | 8 | 18 | 182 | 0.07 |
| South Africa <sup>a</sup> | 5445 |  | 1937 | 3508 | 1.24 |
| Sri Lanka  | 1230 |  | 171 | 1059 | 0.37 |
| St. Lucia | 2 |  |  | 2 | \* |
| Suriname | 58 |  | 27 | 31 | 0.01 |
| Thailand | 458 |  |  | 458 | 0.16 |
| Timor-Leste | 12 |  |  | 12 | \* |
| Trinidad and Tobago <sup>a</sup> | 20 |  |  | 20 | 0.01 |
| Tunisia  | 6660 | 568 | 1311 | 4781 | 1.69 |
| Türkiye <sup>b</sup> | 25217 | 887 | 10922 | 13408 | 4.74 |
| Turkmenistan | 20 |  |  | 20 | 0.01 |
| Ukraine <sup>b</sup> | 17505 |  | 641 | 16864 | 5.96 |
| Uruguay  | 1500 |  | 59 | 1441 | 0.51 |
| Uzbekistan  | 3634 |  | 257 | 3377 | 1.19 |
| Viet Nam  | 2588 |  | 508 | 2080 | 0.74 |
| Zimbabwe  | 426 |  |  | 426 | 0.15 |
| **Total-June 30, 2025** | **$375435** | **$15475** | **$76870** | **$283090** | **100%** |
| **Total-June 30, 2024** | **$348248** | **$18297** | **$66761** | **$263190** |  |
| **Notes**  | **Notes**  | **Notes**  | **Notes**  | **Notes**  | **Notes**  |
| *a. Indicates a country for which a guarantee is provided under an Exposure Exchange Agreement (EEA) with a multilateral* <br>*development organization (see Note D—Loans and Other Exposures). The amount of the guarantees is not included in the* <br>*figures in the Statement above.* | *a. Indicates a country for which a guarantee is provided under an Exposure Exchange Agreement (EEA) with a multilateral* <br>*development organization (see Note D—Loans and Other Exposures). The amount of the guarantees is not included in the* <br>*figures in the Statement above.* | *a. Indicates a country for which a guarantee is provided under an Exposure Exchange Agreement (EEA) with a multilateral* <br>*development organization (see Note D—Loans and Other Exposures). The amount of the guarantees is not included in the* <br>*figures in the Statement above.* | *a. Indicates a country for which a guarantee is provided under an Exposure Exchange Agreement (EEA) with a multilateral* <br>*development organization (see Note D—Loans and Other Exposures). The amount of the guarantees is not included in the* <br>*figures in the Statement above.* | *a. Indicates a country for which a guarantee is provided under an Exposure Exchange Agreement (EEA) with a multilateral* <br>*development organization (see Note D—Loans and Other Exposures). The amount of the guarantees is not included in the* <br>*figures in the Statement above.* | *a. Indicates a country for which a guarantee is provided under an Exposure Exchange Agreement (EEA) with a multilateral* <br>*development organization (see Note D—Loans and Other Exposures). The amount of the guarantees is not included in the* <br>*figures in the Statement above.* |
| *b. Indicates a country for which a guarantee has been received, under an EEA with a multilateral development organization or* <br>*from another guarantee provider (see Note D—Loans and Other Exposures). The effect of the guarantee is not included in the* <br>*figures in the Statement above.* | *b. Indicates a country for which a guarantee has been received, under an EEA with a multilateral development organization or* <br>*from another guarantee provider (see Note D—Loans and Other Exposures). The effect of the guarantee is not included in the* <br>*figures in the Statement above.* | *b. Indicates a country for which a guarantee has been received, under an EEA with a multilateral development organization or* <br>*from another guarantee provider (see Note D—Loans and Other Exposures). The effect of the guarantee is not included in the* <br>*figures in the Statement above.* | *b. Indicates a country for which a guarantee has been received, under an EEA with a multilateral development organization or* <br>*from another guarantee provider (see Note D—Loans and Other Exposures). The effect of the guarantee is not included in the* <br>*figures in the Statement above.* | *b. Indicates a country for which a guarantee has been received, under an EEA with a multilateral development organization or* <br>*from another guarantee provider (see Note D—Loans and Other Exposures). The effect of the guarantee is not included in the* <br>*figures in the Statement above.* | *b. Indicates a country for which a guarantee has been received, under an EEA with a multilateral development organization or* <br>*from another guarantee provider (see Note D—Loans and Other Exposures). The effect of the guarantee is not included in the* <br>*figures in the Statement above.* |
| *c. Loan agreements totaling $6,656 million ($7,624 million—June 30, 2024) have been signed, but the loans are not effective and* <br>*disbursements do not start until the borrowers and/or guarantors take certain actions and furnish documents.* | *c. Loan agreements totaling $6,656 million ($7,624 million—June 30, 2024) have been signed, but the loans are not effective and* <br>*disbursements do not start until the borrowers and/or guarantors take certain actions and furnish documents.* | *c. Loan agreements totaling $6,656 million ($7,624 million—June 30, 2024) have been signed, but the loans are not effective and* <br>*disbursements do not start until the borrowers and/or guarantors take certain actions and furnish documents.* | *c. Loan agreements totaling $6,656 million ($7,624 million—June 30, 2024) have been signed, but the loans are not effective and* <br>*disbursements do not start until the borrowers and/or guarantors take certain actions and furnish documents.* | *c. Loan agreements totaling $6,656 million ($7,624 million—June 30, 2024) have been signed, but the loans are not effective and* <br>*disbursements do not start until the borrowers and/or guarantors take certain actions and furnish documents.* | *c. Loan agreements totaling $6,656 million ($7,624 million—June 30, 2024) have been signed, but the loans are not effective and* <br>*disbursements do not start until the borrowers and/or guarantors take certain actions and furnish documents.* |
| *d. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *d. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *d. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *d. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *d. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *d. May differ from the calculated figures or sum of individual figures shown due to rounding.* |
| *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* |

---

***The Notes to Financial Statements are an integral part of these Statements.***

IBRD FINANCIAL STATEMENTS: June 30, 2025 91

STATEMENT OF SUBSCRIPTIONS TO

CAPITAL STOCK AND VOTING POWER

*June 30, 2025*

*Expressed in millions of U.S. dollars*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Voting Power* | *Voting Power* |
| *Member* | *Number of* <br>*shares*<br>| *Percentage* <br>*of total* <sup>a</sup><br>| *Total* <br>*amounts* <sup>a</sup><br>| *Amounts* <br>*paid in* <sup>a,b</sup><br>| *Amounts* <br>*subject to* <br>*call* <sup>a, b</sup><br>| *Number of* <br>*votes*<br>| *Percentage* <br>*of total* <sup>a</sup><br>|
| Afghanistan | 506 | 0.02% | $61.0 | $5.1 | $55.9 | 1348 | 0.05% |
| Albania | 1355 | 0.05 | 163.5 | 8.5 | 154.9 | 2197 | 0.08 |
| Algeria | 13689 | 0.51 | 1651.4 | 118.4 | 1533.0 | 14531 | 0.51 |
| Angola | 4068 | 0.15 | 490.7 | 28.8 | 461.9 | 4910 | 0.17 |
| Antigua and Barbuda | 659 | 0.02 | 79.5 | 2.3 | 77.2 | 1501 | 0.05 |
| Argentina | 28897 | 1.07 | 3486.0 | 235.6 | 3250.4 | 29739 | 1.04 |
| Armenia | 2006 | 0.07 | 242.0 | 13.8 | 228.2 | 2848 | 0.10 |
| Australia <sup>c</sup> | 39054 | 1.44 | 4711.3 | 342.1 | 4369.1 | 39896 | 1.39 |
| Austria <sup>c</sup> | 18143 | 0.67 | 2188.7 | 157.4 | 2031.3 | 18985 | 0.66 |
| Azerbaijan | 2876 | 0.11 | 346.9 | 21.1 | 325.9 | 3718 | 0.13 |
| Bahamas, The | 1503 | 0.06 | 181.3 | 10.3 | 171.1 | 2345 | 0.08 |
| Bahrain | 1648 | 0.06 | 198.8 | 11.9 | 186.9 | 2490 | 0.09 |
| Bangladesh | 7884 | 0.29 | 951.1 | 65.1 | 886.0 | 8726 | 0.30 |
| Barbados | 948 | 0.03 | 114.4 | 4.5 | 109.9 | 1790 | 0.06 |
| Belarus | 4547 | 0.17 | 548.5 | 34.6 | 513.9 | 5389 | 0.19 |
| Belgium <sup>c</sup> | 43281 | 1.60 | 5221.2 | 380.0 | 4841.2 | 44123 | 1.54 |
| Belize | 646 | 0.02 | 77.9 | 3.1 | 74.8 | 1488 | 0.05 |
| Benin | 1536 | 0.06 | 185.3 | 10.0 | 175.3 | 2378 | 0.08 |
| Bhutan | 829 | 0.03 | 100.0 | 4.2 | 95.8 | 1671 | 0.06 |
| Bolivia, Plurinational State of | 2846 | 0.11 | 343.3 | 18.9 | 324.4 | 3688 | 0.13 |
| Bosnia and Herzegovina | 980 | 0.04 | 118.2 | 10.3 | 107.9 | 1822 | 0.06 |
| Botswana | 916 | 0.03 | 110.5 | 5.4 | 105.1 | 1758 | 0.06 |
| Brazil | 53509 | 1.98 | 6455.1 | 386.8 | 6068.3 | 54351 | 1.89 |
| Brunei Darussalam | 2373 | 0.09 | 286.3 | 15.2 | 271.1 | 3215 | 0.11 |
| Bulgaria | 7609 | 0.28 | 917.9 | 64.5 | 853.4 | 8451 | 0.29 |
| Burkina Faso | 1519 | 0.06 | 183.2 | 9.7 | 173.5 | 2361 | 0.08 |
| Burundi | 1043 | 0.04 | 125.8 | 4.6 | 121.3 | 1885 | 0.07 |
| Cabo Verde, Republic of | 729 | 0.03 | 87.9 | 2.3 | 85.7 | 1571 | 0.05 |
| Cambodia | 619 | 0.02 | 74.7 | 6.4 | 68.3 | 1461 | 0.05 |
| Cameroon | 2202 | 0.08 | 265.6 | 12.4 | 253.3 | 3044 | 0.11 |
| Canada <sup>c</sup> | 70455 | 2.60 | 8499.3 | 619.5 | 7879.8 | 71297 | 2.49 |
| Central African Republic | 975 | 0.04 | 117.6 | 3.9 | 113.8 | 1817 | 0.06 |
| Chad | 975 | 0.04 | 117.6 | 3.9 | 113.8 | 1817 | 0.06 |
| Chile | 11787 | 0.44 | 1421.9 | 101.3 | 1320.7 | 12629 | 0.44 |
| China | 166859 | 6.16 | 20129.0 | 1445.1 | 18683.9 | 167701 | 5.85 |
| Colombia | 11806 | 0.44 | 1424.2 | 101.2 | 1323.0 | 12648 | 0.44 |
| Comoros | 369 | 0.01 | 44.5 | 1.0 | 43.5 | 1211 | 0.04 |
| Congo, Democratic Republic of | 3416 | 0.13 | 412.1 | 31.0 | 381.1 | 4258 | 0.15 |
| Congo, Republic of | 1051 | 0.04 | 126.8 | 4.3 | 122.4 | 1893 | 0.07 |
| Costa Rica | 1392 | 0.05 | 167.9 | 12.3 | 155.6 | 2234 | 0.08 |
| Côte d'Ivoire | 4270 | 0.16 | 515.1 | 33.3 | 481.9 | 5112 | 0.18 |
| Croatia | 3376 | 0.12 | 407.3 | 29.9 | 377.4 | 4218 | 0.15 |
| Cyprus | 2111 | 0.08 | 254.7 | 16.0 | 238.6 | 2953 | 0.10 |
| Czechia <sup>c</sup> | 9451 | 0.35 | 1140.1 | 82.0 | 1058.2 | 10293 | 0.36 |
| Denmark <sup>c</sup> | 21061 | 0.78 | 2540.7 | 182.4 | 2358.3 | 21903 | 0.76 |
| Djibouti | 801 | 0.03 | 96.6 | 2.8 | 93.8 | 1643 | 0.06 |
| Dominica | 699 | 0.03 | 84.3 | 3.5 | 80.8 | 1541 | 0.05 |
| Dominican Republic | 3142 | 0.12 | 379.0 | 25.1 | 353.9 | 3984 | 0.14 |
| Ecuador | 3828 | 0.14 | 461.8 | 24.1 | 437.7 | 4670 | 0.16 |
| Egypt, Arab Republic of | 10682 | 0.39 | 1288.6 | 76.8 | 1211.8 | 11524 | 0.40 |

---

92 IBRD FINANCIAL STATEMENTS: June 30, 2025

STATEMENT OF SUBSCRIPTIONS TO

CAPITAL STOCK AND VOTING POWER (CONTINUED)

*June 30, 2025*

*Expressed in millions of U.S. dollars*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Subscriptions*  | *Subscriptions*  | *Subscriptions*  | *Subscriptions*  | *Subscriptions*  | *Voting Power*  | *Voting Power*  |
| *Member*  | *Number of* <br>*shares*<br>| *Percentage* <br>*of total* <sup>a</sup><br>| *Total* <br>*amounts* <sup>a</sup><br>| *Amounts* <br>*paid in* <sup>a,b</sup><br>| *Amounts* <br>*subject to* <br>*call* <sup>a, b</sup><br>| *Number of* <br>*votes*<br>| *Percentage* <br>*of total* <sup>a</sup><br>|
| El Salvador | 552 | 0.02% | $66.6 | $5.5 | $61.1 | 1394 | 0.05% |
| Equatorial Guinea | 715 | 0.03 | 86.3 | 2.7 | 83.5 | 1557 | 0.05 |
| Eritrea | 593 | 0.02 | 71.5 | 1.8 | 69.7 | 1435 | 0.05 |
| Estonia <sup>c</sup> | 1372 | 0.05 | 165.5 | 9.5 | 156.1 | 2214 | 0.08 |
| Eswatini | 609 | 0.02 | 73.5 | 3.7 | 69.8 | 1451 | 0.05 |
| Ethiopia | 1470 | 0.05 | 177.3 | 8.3 | 169.1 | 2312 | 0.08 |
| Fiji | 1407 | 0.05 | 169.7 | 9.8 | 159.9 | 2249 | 0.08 |
| Finland <sup>c</sup> | 13726 | 0.51 | 1655.8 | 118.5 | 1537.3 | 14568 | 0.51 |
| France <sup>c</sup> | 108611 | 4.01 | 13102.3 | 956.6 | 12145.7 | 109453 | 3.82 |
| Gabon | 1110 | 0.04 | 133.9 | 7.0 | 126.9 | 1952 | 0.07 |
| Gambia, The | 777 | 0.03 | 93.7 | 2.7 | 91.0 | 1619 | 0.06 |
| Georgia | 2590 | 0.10 | 312.4 | 18.6 | 293.8 | 3432 | 0.12 |
| Germany <sup>c</sup> | 118578 | 4.38 | 14304.7 | 1043.5 | 13261.1 | 119420 | 4.16 |
| Ghana | 2202 | 0.08 | 265.6 | 16.1 | 249.5 | 3044 | 0.11 |
| Greece <sup>c</sup> | 4460 | 0.16 | 538.0 | 40.4 | 497.6 | 5302 | 0.18 |
| Grenada | 673 | 0.02 | 81.2 | 2.4 | 78.8 | 1515 | 0.05 |
| Guatemala | 2001 | 0.07 | 241.4 | 12.4 | 229.0 | 2843 | 0.10 |
| Guinea | 1864 | 0.07 | 224.9 | 9.9 | 214.9 | 2706 | 0.09 |
| Guinea-Bissau | 613 | 0.02 | 73.9 | 1.4 | 72.5 | 1455 | 0.05 |
| Guyana | 1724 | 0.06 | 208.0 | 11.5 | 196.5 | 2566 | 0.09 |
| Haiti | 1550 | 0.06 | 187.0 | 7.8 | 179.2 | 2392 | 0.08 |
| Honduras | 641 | 0.02 | 77.3 | 2.3 | 75.0 | 1483 | 0.05 |
| Hungary <sup>c</sup> | 12456 | 0.46 | 1502.6 | 107.4 | 1395.2 | 13298 | 0.46 |
| Iceland <sup>c</sup> | 1975 | 0.07 | 238.3 | 14.8 | 223.5 | 2817 | 0.10 |
| India | 85175 | 3.14 | 10275.1 | 738.0 | 9537.1 | 86017 | 3.00 |
| Indonesia | 28863 | 1.07 | 3481.9 | 249.9 | 3232.0 | 29705 | 1.04 |
| Iran, Islamic Republic of | 34963 | 1.29 | 4217.8 | 254.3 | 3963.4 | 35805 | 1.25 |
| Iraq | 5085 | 0.19 | 613.4 | 48.9 | 564.5 | 5927 | 0.21 |
| Ireland <sup>c</sup> | 9415 | 0.35 | 1135.8 | 80.3 | 1055.5 | 10257 | 0.36 |
| Israel | 7386 | 0.27 | 891.0 | 62.6 | 828.4 | 8228 | 0.29 |
| Italy <sup>c</sup> | 76144 | 2.81 | 9185.6 | 668.6 | 8517.1 | 76986 | 2.68 |
| Jamaica | 3741 | 0.14 | 451.3 | 30.5 | 420.8 | 4583 | 0.16 |
| Japan <sup>c</sup> | 199885 | 7.38 | 24113.1 | 1751.9 | 22361.2 | 200727 | 7.00 |
| Jordan | 2337 | 0.09 | 281.9 | 16.5 | 265.4 | 3179 | 0.11 |
| Kazakhstan | 4573 | 0.17 | 551.7 | 31.3 | 520.4 | 5415 | 0.19 |
| Kenya | 3435 | 0.13 | 414.4 | 21.1 | 393.2 | 4277 | 0.15 |
| Kiribati | 680 | 0.03 | 82.0 | 1.9 | 80.1 | 1522 | 0.05 |
| Korea, Republic of <sup>c</sup> | 45285 | 1.67 | 5463.0 | 389.9 | 5073.1 | 46127 | 1.61 |
| Kosovo, Republic of | 1538 | 0.06 | 185.5 | 11.5 | 174.1 | 2380 | 0.08 |
| Kuwait | 20944 | 0.77 | 2526.6 | 167.7 | 2358.9 | 21786 | 0.76 |
| Kyrgyz Republic | 1107 | 0.04 | 133.5 | 5.7 | 127.9 | 1949 | 0.07 |
| Lao People's Democratic Republic | 355 | 0.01 | 42.8 | 3.3 | 39.5 | 1197 | 0.04 |
| Latvia <sup>c</sup> | 2027 | 0.07 | 244.5 | 15.3 | 229.3 | 2869 | 0.10 |
| Lebanon | 1062 | 0.04 | 128.1 | 6.3 | 121.8 | 1904 | 0.07 |
| Lesotho | 1057 | 0.04 | 127.5 | 4.6 | 122.9 | 1899 | 0.07 |
| Liberia | 606 | 0.02 | 73.1 | 3.6 | 69.5 | 1448 | 0.05 |
| Libya | 9935 | 0.37 | 1198.5 | 72.1 | 1126.4 | 10777 | 0.38 |
| Lithuania <sup>c</sup> | 2258 | 0.08 | 272.4 | 17.3 | 255.1 | 3100 | 0.11 |
| Luxembourg <sup>c</sup> | 2806 | 0.10 | 338.5 | 22.1 | 316.4 | 3648 | 0.13 |
| Madagascar | 2506 | 0.09 | 302.3 | 18.0 | 284.4 | 3348 | 0.12 |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 93

STATEMENT OF SUBSCRIPTIONS TO

CAPITAL STOCK AND VOTING POWER (CONTINUED)

*June 30, 2025*

*Expressed in millions of U.S. dollars*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Voting Power* | *Voting Power* |
| *Member* | *Number of* <br>*shares*<br>| *Percentage* <br>*of total* <sup>a</sup><br>| *Total* <br>*amounts* <sup>a</sup><br>| *Amounts* <br>*paid in* <sup>a,b</sup><br>| *Amounts* <br>*subject to* <br>*call* <sup>a, b</sup><br>| *Number of* <br>*votes*<br>| *Percentage* <br>*of total* <sup>a</sup><br>|
| Malawi | 1722 | 0.06% | $207.7 | $10.2 | $197.5 | 2564 | 0.09% |
| Malaysia | 10447 | 0.39 | 1260.3 | 75.4 | 1184.8 | 11289 | 0.39 |
| Maldives | 525 | 0.02 | 63.3 | 2.0 | 61.3 | 1367 | 0.05 |
| Mali | 2035 | 0.08 | 245.5 | 14.1 | 231.4 | 2877 | 0.10 |
| Malta | 1533 | 0.06 | 184.9 | 10.9 | 174.0 | 2375 | 0.08 |
| Marshall Islands | 469 | 0.02 | 56.6 | 0.9 | 55.7 | 1311 | 0.05 |
| Mauritania | 1308 | 0.05 | 157.8 | 6.1 | 151.7 | 2150 | 0.07 |
| Mauritius | 1780 | 0.07 | 214.7 | 13.1 | 201.6 | 2622 | 0.09 |
| Mexico | 47720 | 1.76 | 5756.7 | 413.1 | 5343.6 | 48562 | 1.69 |
| Micronesia, Federated States of | 479 | 0.02 | 57.8 | 1.0 | 56.8 | 1321 | 0.05 |
| Moldova | 2419 | 0.09 | 291.8 | 17.2 | 274.6 | 3261 | 0.11 |
| Mongolia | 829 | 0.03 | 100.0 | 5.6 | 94.4 | 1671 | 0.06 |
| Montenegro | 971 | 0.04 | 117.1 | 6.6 | 110.5 | 1813 | 0.06 |
| Morocco | 8069 | 0.30 | 973.4 | 66.8 | 906.6 | 8911 | 0.31 |
| Mozambique | 1332 | 0.05 | 160.7 | 6.8 | 153.9 | 2174 | 0.08 |
| Myanmar | 3465 | 0.13 | 418.0 | 21.4 | 396.6 | 4307 | 0.15 |
| Namibia | 1930 | 0.07 | 232.8 | 11.7 | 221.1 | 2772 | 0.10 |
| Nauru | 586 | 0.02 | 70.7 | 2.4 | 68.3 | 1428 | 0.05 |
| Nepal | 1528 | 0.06 | 184.3 | 8.6 | 175.7 | 2370 | 0.08 |
| Netherlands<sup>c</sup> | 54111 | 2.00 | 6527.7 | 475.4 | 6052.3 | 54953 | 1.92 |
| New Zealand <sup>c</sup> | 11261 | 0.42 | 1358.5 | 96.8 | 1261.6 | 12103 | 0.42 |
| Nicaragua | 999 | 0.04 | 120.5 | 5.3 | 115.2 | 1841 | 0.06 |
| Niger | 1233 | 0.05 | 148.7 | 5.6 | 143.1 | 2075 | 0.07 |
| Nigeria | 19417 | 0.72 | 2342.4 | 168.0 | 2174.3 | 20259 | 0.71 |
| North Macedonia | 641 | 0.02 | 77.3 | 5.7 | 71.7 | 1483 | 0.05 |
| Norway <sup>c</sup> | 16746 | 0.62 | 2020.2 | 145.0 | 1875.1 | 17588 | 0.61 |
| Oman | 1978 | 0.07 | 238.6 | 12.1 | 226.5 | 2820 | 0.10 |
| Pakistan | 14148 | 0.52 | 1706.7 | 122.4 | 1584.3 | 14990 | 0.52 |
| Palau | 16 | \* | 1.9 | 0.2 | 1.8 | 858 | 0.03 |
| Panama | 1138 | 0.04 | 137.3 | 10.3 | 127.0 | 1980 | 0.07 |
| Papua New Guinea | 2273 | 0.08 | 274.2 | 16.1 | 258.1 | 3115 | 0.11 |
| Paraguay | 2037 | 0.08 | 245.7 | 14.1 | 231.6 | 2879 | 0.10 |
| Peru | 9092 | 0.34 | 1096.8 | 77.5 | 1019.3 | 9934 | 0.35 |
| Philippines | 11887 | 0.44 | 1434.0 | 102.1 | 1331.9 | 12729 | 0.44 |
| Poland <sup>c</sup> | 20474 | 0.76 | 2469.9 | 177.1 | 2292.8 | 21316 | 0.74 |
| Portugal <sup>c</sup> | 8937 | 0.33 | 1078.1 | 76.2 | 1001.9 | 9779 | 0.34 |
| Qatar | 1389 | 0.05 | 167.6 | 11.1 | 156.5 | 2231 | 0.08 |
| Romania | 8210 | 0.30 | 990.4 | 72.4 | 918.0 | 9052 | 0.32 |
| Russian Federation | 79121 | 2.92 | 9544.8 | 685.8 | 8859.0 | 79963 | 2.79 |
| Rwanda | 1502 | 0.06 | 181.2 | 7.5 | 173.7 | 2344 | 0.08 |
| St. Kitts and Nevis | 275 | 0.01 | 33.2 | 0.3 | 32.9 | 1117 | 0.04 |
| St. Lucia | 699 | 0.03 | 84.3 | 2.6 | 81.7 | 1541 | 0.05 |
| St. Vincent and the Grenadines | 387 | 0.01 | 46.7 | 1.6 | 45.1 | 1229 | 0.04 |
| Samoa | 947 | 0.03 | 114.2 | 5.1 | 109.2 | 1789 | 0.06 |
| San Marino | 595 | 0.02 | 71.8 | 2.5 | 69.3 | 1437 | 0.05 |
| Sao Tome and Principe | 705 | 0.03 | 85.0 | 2.2 | 82.9 | 1547 | 0.05 |
| Saudi Arabia | 76967 | 2.84 | 9284.9 | 668.3 | 8616.6 | 77809 | 2.71 |
| Senegal | 2942 | 0.11 | 354.9 | 17.5 | 337.4 | 3784 | 0.13 |
| Serbia | 4133 | 0.15 | 498.6 | 36.6 | 462.0 | 4975 | 0.17 |
| Seychelles | 263 | 0.01 | 31.7 | 0.2 | 31.6 | 1105 | 0.04 |

---

94 IBRD FINANCIAL STATEMENTS: June 30, 2025

STATEMENT OF SUBSCRIPTIONS TO

CAPITAL STOCK AND VOTING POWER (CONTINUED)

*June 30, 2025*

*Expressed in millions of U.S. dollars*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Subscriptions* | *Voting Power* | *Voting Power* |
| *Member* | *Number* <br>*of shares*<br>| *Percentage* <br>*of total* <sup>a</sup><br>| *Total* <br>*amounts* <sup>a</sup><br>| *Amounts* <br>*paid in* <sup>a,b</sup><br>| *Amounts* <br>*subject to* <br>*call* <sup>a, b</sup><br>| *Number of* <br>*votes*<br>| *Percentage* <br>*of total* <sup>a</sup><br>|
| Sierra Leone | 1043 | 0.04% | $125.8 | $4.6 | $121.2 | 1885 | 0.07% |
| Singapore | 7109 | 0.26 | 857.6 | 63.0 | 794.6 | 7951 | 0.28 |
| Slovak Republic <sup>c</sup> | 4785 | 0.18 | 577.2 | 41.0 | 536.2 | 5627 | 0.20 |
| Slovenia <sup>c</sup> | 2037 | 0.08 | 245.7 | 18.0 | 227.8 | 2879 | 0.10 |
| Solomon Islands | 729 | 0.03 | 87.9 | 2.3 | 85.6 | 1571 | 0.05 |
| Somalia, Federal Republic of | 632 | 0.02 | 76.2 | 3.3 | 72.9 | 1474 | 0.05 |
| South Africa | 20793 | 0.77 | 2508.4 | 180.0 | 2328.4 | 21635 | 0.75 |
| South Sudan | 1437 | 0.05 | 173.4 | 8.6 | 164.8 | 2279 | 0.08 |
| Spain <sup>c</sup> | 52895 | 1.95 | 6381.0 | 461.2 | 5919.8 | 53737 | 1.87 |
| Sri Lanka | 6282 | 0.23 | 757.8 | 51.0 | 706.9 | 7124 | 0.25 |
| Sudan | 1989 | 0.07 | 239.9 | 15.5 | 224.5 | 2831 | 0.10 |
| Suriname | 412 | 0.02 | 49.7 | 2.0 | 47.7 | 1254 | 0.04 |
| Sweden <sup>c</sup> | 25148 | 0.93 | 3033.7 | 219.1 | 2814.6 | 25990 | 0.91 |
| Switzerland <sup>c</sup> | 40889 | 1.51 | 4932.6 | 357.9 | 4574.7 | 41731 | 1.45 |
| Syrian Arab Republic | 2452 | 0.09 | 295.8 | 14.0 | 281.8 | 3294 | 0.11 |
| Tajikistan | 1204 | 0.04 | 145.2 | 5.3 | 139.9 | 2046 | 0.07 |
| Tanzania | 1295 | 0.05 | 156.2 | 10.0 | 146.2 | 2137 | 0.07 |
| Thailand | 13752 | 0.51 | 1659.0 | 118.1 | 1540.9 | 14594 | 0.51 |
| Timor-Leste | 753 | 0.03 | 90.8 | 3.1 | 87.8 | 1595 | 0.06 |
| Togo | 1598 | 0.06 | 192.8 | 8.1 | 184.7 | 2440 | 0.09 |
| Tonga | 796 | 0.03 | 96.0 | 3.5 | 92.5 | 1638 | 0.06 |
| Trinidad and Tobago | 3376 | 0.12 | 407.3 | 22.8 | 384.5 | 4218 | 0.15 |
| Tunisia | 2064 | 0.08 | 249.0 | 18.3 | 230.7 | 2906 | 0.10 |
| Türkiye | 30668 | 1.13 | 3699.6 | 264.5 | 3435.1 | 31510 | 1.10 |
| Turkmenistan | 627 | 0.02 | 75.6 | 3.6 | 72.0 | 1469 | 0.05 |
| Tuvalu | 461 | 0.02 | 55.6 | 1.5 | 54.1 | 1303 | 0.05 |
| Uganda | 1128 | 0.04 | 136.1 | 9.6 | 126.5 | 1970 | 0.07 |
| Ukraine | 14361 | 0.53 | 1732.4 | 108.5 | 1623.9 | 15203 | 0.53 |
| United Arab Emirates | 7043 | 0.26 | 849.6 | 66.2 | 783.4 | 7885 | 0.27 |
| United Kingdom <sup>c</sup> | 108611 | 4.01 | 13102.3 | 975.7 | 12126.6 | 109453 | 3.82 |
| United States <sup>c</sup> | 451968 | 16.68 | 54523.2 | 3896.0 | 50627.1 | 452810 | 15.79 |
| Uruguay | 3732 | 0.14 | 450.2 | 28.1 | 422.1 | 4574 | 0.16 |
| Uzbekistan | 4238 | 0.16 | 511.3 | 32.9 | 478.4 | 5080 | 0.18 |
| Vanuatu | 765 | 0.03 | 92.3 | 3.1 | 89.2 | 1607 | 0.06 |
| Venezuela, Republica <br>Bolivariana de<br>| 20361 | 0.75 | 2456.2 | 150.8 | 2305.5 | 21203 | 0.74 |
| Viet Nam | 5311 | 0.20 | 640.7 | 47.0 | 593.7 | 6153 | 0.21 |
| Yemen, Republic of | 2212 | 0.08 | 266.8 | 14.0 | 252.8 | 3054 | 0.11 |
| Zambia | 4727 | 0.17 | 570.2 | 38.7 | 531.5 | 5569 | 0.19 |
| Zimbabwe | 3575 | 0.13 | 431.3 | 22.4 | 408.9 | 4417 | 0.15 |
| **Total - June 30, 2025** | **2709291** | **100%** | **326835** | **22911** | **303924** | **2868429** | **100%** |
| **Total - June 30, 2024** | **2678098** |  | **323072** | **22452** | **300620** | **2835535** |  |
| ***Notes*** |  |  |  |  |  |  |  |
| *a. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *a. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *a. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *a. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *a. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *a. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *a. May differ from the calculated figures or sum of individual figures shown due to rounding.* | *a. May differ from the calculated figures or sum of individual figures shown due to rounding.* |
| *b. See Notes to Financial Statements, Note B—Capital Stock, Maintenance of Value, and Membership.* | *b. See Notes to Financial Statements, Note B—Capital Stock, Maintenance of Value, and Membership.* | *b. See Notes to Financial Statements, Note B—Capital Stock, Maintenance of Value, and Membership.* | *b. See Notes to Financial Statements, Note B—Capital Stock, Maintenance of Value, and Membership.* | *b. See Notes to Financial Statements, Note B—Capital Stock, Maintenance of Value, and Membership.* | *b. See Notes to Financial Statements, Note B—Capital Stock, Maintenance of Value, and Membership.* | *b. See Notes to Financial Statements, Note B—Capital Stock, Maintenance of Value, and Membership.* | *b. See Notes to Financial Statements, Note B—Capital Stock, Maintenance of Value, and Membership.* |
| *c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).* | *c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).* | *c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).* | *c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).* | *c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).* | *c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).* | *c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).* | *c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).* |
| *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* | *\* Indicates amount less than $0.5 million or 0.005%* |

---

***The Notes to Financial Statements are an integral part of these Statements.***

IBRD FINANCIAL STATEMENTS: June 30, 2025 95

NOTES TO FINANCIAL STATEMENTS

**PURPOSE AND AFFILIATED ORGANIZATIONS**

The International Bank for Reconstruction and Development (IBRD) is an international organization which

commenced operations in 1946. The principal purpose of IBRD is to promote sustainable economic

development and reduce poverty in its member countries, primarily by providing loans, guarantees and

related technical assistance for specific projects and for programs of economic reform in developing

member countries. The activities of IBRD are complemented by those of three affiliated organizations, the

International Development Association (IDA), the International Finance Corporation (IFC), and the

Multilateral Investment Guarantee Agency (MIGA). Each of these organizations is legally and financially

independent from IBRD, with separate assets and liabilities, and IBRD is not liable for their respective

obligations. Transactions with these affiliated organizations are disclosed in the notes that follow.

IBRD is immune from taxation pursuant to Article VII, Section 9, *Immunities from Taxation*, of IBRD's

Articles of Agreement.

**NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING AND RELATED** 

**POLICIES**

IBRD's financial statements are prepared in conformity with accounting principles generally accepted in

the United States of America (U.S. GAAP).

The preparation of financial statements in conformity with U.S. GAAP requires management to make

estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of

contingent assets and liabilities at the date of the financial statements and the reported amounts of

revenue and expenses during the reporting periods. Due to the inherent uncertainty involved in making

these estimates, actual results could differ from these estimates. Significant judgment has been used in

the valuation of certain financial instruments, the determination of the adequacy of the accumulated

provisions for losses on loans and other exposures, the determination of the net periodic cost from

pension and other postretirement benefits plans, and the present value of projected benefit obligations.

Certain reclassifications of the prior year's information have been made to conform with the current year's

presentation.

**Translation and Remeasurement of Currencies**

IBRD's financial statements are expressed in terms of U.S. dollars for the purpose of reporting IBRD's

financial position and the results of its operations. IBRD's functional currencies are the U.S. dollar and

euro.

Assets and liabilities are translated at market exchange rates in effect at the end of the reporting period.

Revenue and expenses are translated at either the market exchange rates in effect on the dates on which

they are recognized or at an average of the market exchange rates in effect during the month of the

transaction. Remeasurement adjustments relating to non-functional currencies are reflected in the

Statements of Income, while translation adjustments for assets and liabilities denominated in euro are

reflected in the Statements of Comprehensive Income.

**Paid-In Capital**

**Valuation of Capital Stock**

In the Articles of Agreement, the capital stock of IBRD is expressed in terms of "U.S. dollars of the weight

and fineness in effect on July 1, 1944" ("1944 dollars"). Following the abolition of gold as a common

denominator of the monetary system and the repeal of the provision of the U.S. law defining the par value

of the U.S. dollar in terms of gold, the pre-existing basis for translating 1944 dollars into current dollars or

96 IBRD FINANCIAL STATEMENTS: June 30, 2025

into any other currency was eliminated. The Executive Directors of IBRD have decided, until such time as

the relevant provisions of the Articles of Agreement are amended, that the words "U.S. dollars of the

weight and fineness in effect on July 1, 1944" in Article II, Section 2(a) of the Articles of Agreement of

IBRD are interpreted to mean the Special Drawing Right (SDR) introduced by the International Monetary

Fund, as valued in terms of U.S. dollars immediately before the introduction of the basket method of

valuing the SDR on July 1, 1974, such value being $1.20635 for one SDR ("1974 SDR").

**Nonnegotiable, Noninterest-bearing Demand Obligations on Account of Subscribed** 

**Capital**

All demand obligations are held in bank accounts which bear IBRD's name and are carried and reported

at face value as a reduction to equity. Payments on some of these instruments are due to IBRD upon

demand. Others are due to IBRD on demand, but only after IBRD's callable subscribed capital has been

entirely called pursuant to Article IV, Section 2 (a) of the Articles of Agreement.

**Receivable and deferred amounts to maintain value of currency holdings**

Article II, Section 9 of the Articles of Agreement provides for maintenance of value (MOV), at the time of

subscription, of national currencies paid-in, which are subject to certain restrictions. MOV is determined

by measuring the foreign exchange value of a member's national currency against the standard of value

of IBRD's capital based on the 1974 SDR. MOV receivable are amounts due from members on account of

movements in exchange rates from the date of initial subscription, resulting in the reduction in the value of

their paid-in capital denominated in national currencies. Members are required to make payments to IBRD

if their currencies depreciate significantly relative to the standard of value. These amounts may be settled

either in cash or a nonnegotiable, noninterest-bearing note, which is due on demand. Furthermore, the

Executive Directors have adopted a policy of reimbursing members whose national currencies appreciate

significantly in terms of the standard of value.

MOV is deferred when the restriction of national currencies paid-in is lifted and these currencies are being

used in IBRD's operations and/or are being invested, swapped, or loaned to members by IBRD or through

IFC. Once these restricted currencies are no longer being used in operations, the related MOV is no

longer deferred, but rather, becomes due on the same terms as other MOV obligations.

All MOV receivable balances are shown as components of Equity, under Receivable amounts to maintain

value of currency holdings. All MOV payable balances are included in Other liabilities – Accounts payable

and miscellaneous liabilities on the Balance Sheets. The net receivable or payable MOV amounts relating

to national currencies used in IBRD's lending and investing operations are also included as a component

of Equity under Deferred amounts to maintain value of currency holdings.

**Withdrawal of Membership**

Under IBRD's Articles of Agreement, in the event a member withdraws from IBRD, the withdrawing

member is entitled to receive the value of its shares payable to the extent the member does not have any

outstanding obligations to IBRD. IBRD's Articles of Agreement also state that the former member has

continuing obligations to IBRD after withdrawal. Specifically, the former member remains fully liable for its

entire capital subscription, including both the previously paid-in portion and the callable portion, so long as

any part of the loans or guarantees contracted before it ceased to be a member are outstanding.

**Transfers Approved by the Board of Governors**

In accordance with IBRD's Articles of Agreement, as interpreted by the Executive Directors, the Board of

Governors may exercise its reserved power to approve transfers to other entities for development

purposes. When unconditional, these transfers, which are included in the Board of Governors-approved

transfers line in the Statements of Income, are reported as expenses upon approval. If conditional, these

transfers are expensed when the conditions specified for the use by the beneficiaries have been met. The

transfers are funded from the preceding fiscal year's Net Income, Surplus, Restricted Retained Earnings

or Other Reserves.

IBRD FINANCIAL STATEMENTS: June 30, 2025 97

**Retained Earnings**

Retained Earnings consist of allocated amounts (Special Reserve, General Reserve, Pension Reserve,

Surplus, Cumulative Fair Value Adjustments, Restricted Retained Earnings, Other Reserves) and

Unallocated Net Income (Loss).

The Special Reserve consists of loan commissions set aside pursuant to Article IV, Section 6 of the

Articles of Agreement, which are to be held in liquid assets. These assets may be used only for the

purpose of meeting liabilities of IBRD on its borrowings and guarantees in the event of default on loans

made, participated in, or guaranteed by IBRD. The Special Reserve assets are included under

Investments-Trading, and comprise obligations of the United States Government, its agencies, and other

official entities. The allocation of such commissions to the Special Reserve was discontinued in 1964 with

respect to subsequent loans and no further additions are being made to it.

The General Reserve consists of earnings from prior fiscal years which, in the judgment of the Executive

Directors, should be retained in IBRD's operations.

The Pension Reserve consists of the difference between the cumulative actual funding of the Staff

Retirement Plan and Trust (SRP) and other postretirement benefits plans, and the cumulative accounting

income or expense for these plans, from prior fiscal years. This reserve is reduced when pension

accounting expenses exceed the actual funding of these plans. In addition, the Pension Reserve also

includes investment revenue earned on the Post-Employment Benefits Plan (PEBP) portfolio and Post

Retirement Contribution Reserve Fund (PCRF), which is used to stabilize IBRD's contributions to the

pension plan.

Surplus consists of earnings from prior fiscal years which are retained by IBRD until a further decision is

made on their disposition. Allocations from Surplus are recorded when approved by the Board of

Governors.

Cumulative Fair Value Adjustments consist of the unrealized mark-to-market gains or losses on non-

trading portfolios and certain positions in the trading portfolio.

Restricted Retained Earnings consists of contributions or revenue from prior years which are contractually

restricted as to their purpose.

Other Reserves consist mainly of allocations from Surplus to certain funds and non-functional currency

translation adjustment gains/losses from prior fiscal years.

Unallocated Net Income (Loss) consists of the current fiscal year's net income (loss) adjusted for Board of

Governors-approved transfers made during the year.

**Accumulated other comprehensive income**

Comprehensive income or loss consists of net income (loss) 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, as presented in Statement of Comprehensive income.

**Loans and Other Exposures**

**Loans**

All IBRD loans are made to or guaranteed by countries that are members of IBRD, except for loans made

to IFC. The majority of IBRD's loans have repayment obligations based on specific currencies. IBRD also

holds multicurrency loans which have repayment obligations in various currencies determined on the

basis of a currency pooling system. Other exposures comprise signed commitments (including Deferred

Drawdown Options (DDOs) that are effective, and irrevocable commitments), and guarantees.

Generally, loans are reported on the Balance Sheets at amortized cost. Loans with embedded derivatives

are assessed for fair value election, or bifurcation of the loan and derivative. Commitment charges on the

undisbursed balance of loans are recognized in revenue as earned. Any loan origination fees

98 IBRD FINANCIAL STATEMENTS: June 30, 2025

incorporated in the terms of a loan are deferred and recognized over the life of the loan as an adjustment

of the yield. The unamortized balance of loan origination fees is included as a reduction of the Loans

outstanding on the Balance Sheets, and the amortization of loan origination fees are included in Interest

revenue from Loans, net in the Statements of Income. Accrued interest is presented in the Balance

Sheets line item Receivables - Accrued income on loans and guarantee fees receivable.

It is IBRD's practice not to reschedule interest or principal payments on its loans or participate in debt

rescheduling agreements with respect to its loans, except foractivation of a deferral under the Climate

Resilient Debt Clause (CRDC). Should any other permissible modifications be made to the terms of

existing loans, IBRD would perform an evaluation to determine the required accounting treatment,

including whether the modification would result in the affected loans being accounted for as a new loan or

as a continuation of the existing loan.

It is IBRD's policy to place all loans and other exposures (collectively "exposures") made to or guaranteed

by a member of IBRD into nonaccrual status if principal, interest, or other charges with respect to any

such exposures are overdue by more than six months, unless IBRD's management determines that the

overdue amount will be collected in the immediate future. In addition, if loans and other exposures made

by IDA to a member country are placed in nonaccrual status, all IBRD loans and other exposures made

to, or guaranteed by, that member country will also be placed in nonaccrual status by IBRD. On the date a

member's exposures are placed into nonaccrual status, unpaid interest and other charges accrued on

exposures to the member are deducted from the revenue of the current period.

Interest and other charges on nonaccruing exposures are included in revenue only to the extent that

payments have been received by IBRD. A decision on the restoration of accrual status is made upon

arrears clearance. If collectability risk is considered to be particularly high at the time of arrears

clearance, the member's exposures may not automatically emerge from nonaccrual status until a suitable

period of payment performance has passed.

**Loan Commitments**

Loan Commitments are undisbursed loans approved by the Executive Directors, for which disbursements

are yet to be made. IBRD records a provision for expected losses on undisbursed loan commitments

including DDOs, when signed by both parties. The signature of the loan agreement is a binding event that

prevents IBRD from unconditionally withdrawing from the agreement.

**Guarantees provided**

Financial guarantees are commitments issued by IBRD to guarantee payment by a member country (the

debtor) to a third party in the event that a member government (or a government-owned entity) fails to

perform its contractual obligations to a third party.

Guarantees provided are regarded as outstanding when the underlying financial obligation of the debtor is

incurred, and called when a guaranteed party demands payment under the guarantee. IBRD would be

required to perform under its guarantees if the payments guaranteed were not made by the debtor and

the guaranteed party called the guarantee by demanding payment from IBRD in accordance with the

terms of the guarantee. In the event that a guarantee of a member country is called, IBRD has the

contractual right to require payment from the member country.

IBRD records the fair value of the obligation to stand ready in Other Liabilities - Accounts payable and

miscellaneous liabilities, and a corresponding fees receivable asset in the Receivables - Accrued income

on loans and guarantee fees receivable line on IBRD's Balance Sheets. Upfront guarantee fees received

are deferred and amortized over the life of the guarantee.

**Guarantees Received**

IBRD receives third-party guarantees in the form of a credit enhancement to loan exposures. The credit

enhancements that are contractually attached to the loan reduce the exposure at risk considered in

computing the loan loss provisions.

IBRD FINANCIAL STATEMENTS: June 30, 2025 99

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

and included in Other assets - Miscellaneous on the Balance Sheets. The change in value of the

recoverable asset is recorded as Non-interest revenue - Other, net on the Statements of Income.

Credit enhancements that do not meet the requirements to be accounted for as financial guarantees are

recorded as derivatives.

**Accumulated Provision for Losses on Loans and Other Exposures**

Management determines the appropriate level of accumulated provisions for losses on exposures, which

reflects the expected losses inherent in IBRD's exposures.

**Loans** 

Loan exposures are disaggregated into two groups: exposures in accrual status and exposures in

nonaccrual status. In each group, a credit risk rating is assigned to exposures for each borrower.

The total exposure for provisioning is the current exposure and the estimated future exposure, taking into

account expected disbursements and repayments over the life of the instruments. The expected credit

losses related to loans and other exposures are calculated over the life of the instruments based on the

annual estimated exposures, the expected default frequency (probability of default to IBRD) and the

estimated loss given default. The provision for expected losses is the sum of the expected annual losses

over the life of the instruments.

For countries in accrual status, these exposures are grouped in pools of borrowers with a similar risk

rating. The determination of a borrower's rating is based on various factors (see Note D—Loans and other

exposures). Each risk rating is mapped to an expected default frequency using IBRD's credit migration

matrix, based on historical observations of credit ratings at the beginning and at the end of each year.

Expected losses on loan exposures comprise estimates of potential losses arising from the economic loss

due to delays in receiving payments. The estimated loss given default is determined at each Balance

Sheet date, based on IBRD's historical experience, as well as parameters adjusted for current conditions

during the reasonable and supportable forecast period of IBRD. The loss given default is based on the

borrower's eligibility, namely: IBRD, Blend (IBRD and IDA) and IDA, with the highest loss given default

associated with IDA eligibility. The main factors used to determine the loss given default are the estimated

length of delays in receiving loan payments, and the effective interest rate of the exposure. As the

majority of IBRD's loans carry a variable interest rate, the loss severity is impacted by the changes in

forward looking market interest rates.

For the calculation of expected credit losses, IBRD applies a three-year reasonable and supportable

forecast period, representing the most reliable and available economic data during this period. IBRD also

applies a ten-year straight-line reversion to the mean to reflect the historical pattern of rating migration to

the mean of its loan portfolio.

This methodology is also applied to countries with exposures in nonaccrual status, although the expected

default frequency is equal to one hundred percent. At times, to reflect certain distinguishing circumstances

of a particular nonaccrual situation, different input assumptions may be used for a specific country.

All exposures for countries in nonaccrual status are individually assessed. 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. It is IBRD's practice not to write off loans. All

contractual obligations associated with exposures in nonaccrual status have eventually been cleared, and

borrowers have emerged from nonaccrual status. To date, no loans have been written off.

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

Statements of Income. In addition, reasonableness of the inputs used is reassessed quarterly.

100 IBRD FINANCIAL STATEMENTS: June 30, 2025

**Loan Commitments** 

IBRD records the expected credit losses on loan commitments based on the projected disbursements of

signed loan commitments (adjusted by cancellations based on historical experience), the expected

probability of default and estimated loss given default. The provision is included in Other liabilities -

Accounts payable and miscellaneous liabilities on the Balance Sheets.

**Guarantees provided**

IBRD records a contingent liability for the expected losses related to guarantees provided over the

projected life of the instruments, that is determined based on the estimated exposure at default, multiplied

by the corresponding loss given default and expected default probability for the projected life of the

guarantee. This contingent liability as well as the unamortized balance of the deferred guarantee fees,

and the unamortized balance of the obligation to stand-ready, are included in Other Liabilities - Accounts

payable and miscellaneous liabilities on the Balance Sheets.

**Exposure Exchange Agreements (EEAs)**

IBRD executes EEAs with various organizations. While these agreements are not legally considered

guarantees, in IBRD's financial statements they are recognized as financial guarantees as they meet the

accounting criteria for financial guarantees. Under an EEA, each party exchanges credit risk exposure of

a portfolio supported by underlying loans to borrowers, by providing and receiving guarantees from each

other, for the amounts specified. The guarantee provided and the guarantee received are two separate

transactions; namely (a) the provision of a financial guarantee, and (b) the receipt of an asset. There is

generally no exchange of cash between the organizations for these transactions.

For a guarantee provided under an EEA, IBRD records a liability equivalent to the fair value of the

obligation to stand ready. This liability is included in Other liabilities - Accounts payable and miscellaneous

liabilities on the Balance Sheets and is amortized over the life of the EEA. IBRD also records a liability,

and corresponding expense, in recognition of the risk coverage provided (provision). The change in the

provision is recorded as Provision for losses on loans and other exposures on the Statements of Income.

The value of this liability reflects the credit quality of the underlying loans in the portfolio and changes over

the life of the EEA as the credit quality of these loans changes.

For a guarantee received under an EEA, IBRD records an asset equivalent to the fair value of the right to

be indemnified. This asset is included in Other assets – Miscellaneous on the Balance Sheets and is

amortized over the life of the EEA. IBRD records corresponding income, in recognition of the risk

coverage received (recoverable asset). The change in value of the recoverable asset is recorded as Non-

interest revenue - Other, net on the Statements of Income. The value of this asset reflects the credit

quality of the underlying loans in the portfolio and changes over the life of the EEA contract as the credit

quality of these loans changes.

**Statements of Cash Flows**

For the purpose of IBRD's Statements of Cash Flows, cash is defined as the amount of Unrestricted cash

and Restricted cash under the Due from banks line on the Balance Sheets.

**Restricted Cash**

This includes amounts which have been received from members as part of their capital subscriptions, as

well as from donors and other sources, which are restricted for specified purposes. For capital

subscriptions, a portion of these subscriptions have been paid to IBRD in the national currencies of the

members. These amounts are usable by IBRD in its lending and investing operations, only with the

consent of the respective members, and for administrative expenses incurred in national currencies.

**Investments**

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 June 30, 2025, all of

IBRD FINANCIAL STATEMENTS: June 30, 2025 101

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 net asset value (NAV), which approximate fair value.

Where available, quoted market prices are used to determine the fair value of trading securities. These

include most government, agency and corporate obligations, exchange-traded equity securities, Asset-

backed Securities (ABS), and Mortgage-backed Securities (MBS). 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 discounted cash flow method using observable

market inputs such as yield curves, credit spreads, and conditional prepayment rates. Where applicable,

unobservable inputs such as estimated conditional prepayment rates for illiquid instruments, 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. Purchases and sales of securities

are recorded on a trade-date basis. Time deposits and money market deposits are recorded at

settlement. The first-in first-out method is used to determine the cost of securities sold in computing the

realized gains and losses on these instruments. Derivative instruments used in liquidity management are

not designated as hedging instruments for accounting purposes.

Interest revenue is included in the Investments-Trading, net line in the Statements of Income. Unrealized

gains and losses for investment securities and related financial instruments held in the trading portfolio

are included in the Unrealized mark-to-market gains (losses) on Investments-Trading portfolio, net line in

the Statements of Income. Realized gains and losses on trading securities are recognized in the

Statements of Income when securities are sold.

IBRD may require collateral in the form of approved liquid securities from individual counterparties or

cash, under legal agreements that provide for collateralization, in order to mitigate its credit exposure to

these counterparties. For collateral received in the form of cash from counterparties, IBRD invests the

amounts received and records the investment and a corresponding obligation to return the cash.

Collateral received in the form of liquid securities is only recorded on IBRD's Balance Sheets to the extent

that it has been transferred under securities lending agreements in return for cash.

**Securities Purchased Under Resale Agreements, Securities Lent Under Securities** 

**Lending Agreements and Securities Sold Under Repurchase Agreements and** 

**Payable for Cash Collateral Received**

Securities purchased under resale agreements, securities lent under securities lending agreements,

securities sold under repurchase agreements and payable for cash collateral received are reported at

face value which approximates fair value, as they are short term in nature. IBRD receives securities

purchased under resale agreements, monitors the fair value of the securities and, if necessary, closes out

transactions and enters into new repriced transactions. The securities transferred to counterparties under

repurchase and security lending arrangements and the securities transferred to IBRD under resale

agreements have not met the accounting criteria for treatment as a sale. Therefore, securities transferred

under repurchase agreements and security lending arrangements are retained as assets on the Balance

Sheets, and securities received under resale agreements are not recorded on the Balance Sheets.

Securities lent under securities lending agreements and sold under securities repurchase agreements as

well as securities purchased under resale agreements are presented on a gross basis which is consistent

with the manner in which these instruments are settled. The interest earned from securities purchased

under resale agreements is included in Investments–Trading, net in the Statements of Income. The

interest expense pertaining to the securities sold under repurchase agreements and security lending

arrangements, is included in the Borrowing expenses, net line in the Statements of Income.

**Premises and Equipment**

Premises and equipment, including leasehold improvements, and information technology assets are

carried at cost less accumulated depreciation and amortization. IBRD computes depreciation and

amortization using the straight-line method over the estimated useful lives of the owned assets, which

102 IBRD FINANCIAL STATEMENTS: June 30, 2025

range between three and fifty years. For leasehold improvements, depreciation is computed over the

lesser of the remaining term of the leased facility or the estimated economic life of the improvement.

Maintenance and repairs are charged to expense as incurred, while major improvements are capitalized

and amortized over the estimated useful life.

**Lessee Arrangements**

IBRD's lessee arrangements are mostly real estate operating leases. Under these arrangements, IBRD

records right-of-use assets and lease liabilities at lease commencement. Right-of-use assets are reported

in Other assets - Premises and equipment, net and the related lease liabilities are reported in Other

liabilities - Accounts payable and miscellaneous liabilities. IBRD has elected to account for the lease and

non-lease components together as a single lease component. At lease commencement, lease liabilities

are recognized based on the present value of the remaining lease payments and discounted using IBRD's

incremental borrowing rate. All leases are recorded on the Balance Sheets except short-term leases with

an initial term of 12 months or less. Lease expense, including that for short-term leases, is recognized on

a straight-line basis over the lease term and is recorded in Administrative expenses in the Statements of

Income.

**Borrowings**

To ensure funds are available for lending and liquidity purposes, IBRD borrows in the international capital

markets, offering its securities (discount notes, vanilla and structured bonds) to private and governmental

buyers. IBRD issues debt instruments of varying maturities denominated in various currencies with both

fixed and variable interest rates.

IBRD has elected the fair valu<u>e</u> option for debt instruments issued in the capital markets. All changes in

fair value are recognized in the related Unrealized mark-to-market gains and losses on non-trading

portfolios, net, line in the Statements of Income, except for changes in the fair value related to IBRD's own

credit risk, which are reported in Other Comprehensive Income (OCI) as a Debit Valuation Adjustment

(DVA). The DVA on fair value option elected liabilities is measured by revaluing each borrowing

instrument to determine the changes in fair value of that instrument arising from changes in IBRD's

funding spread relative to the applicable reference rate.

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.

For the purpose of the Statements of Cash Flows, short-term borrowings, if any, with original maturities

less than 90 days, are presented net of new issuances and retirements. By contrast, short-term

borrowings with original maturities greater than 90 days and up to one year are presented on a gross

basis.

Interest expense relating to all debt instruments in IBRD's borrowing portfolio is measured on an effective

yield basis and is reported as part of Borrowing expenses, net in the Statements of Income.

Amortization of discounts and premiums is recorded using the effective interest method and is included in

the Borrowing expenses, net line in the Statements of Income.

**Accounting for Borrowings at Amortized Cost**

In October 2024, IBRD issued hybrid capital in the legal form of debt, which has characteristics of both

debt and equity. Hybrid capital is reported at amortized cost and included in Borrowings on the Balance

Sheets. This financial instrument also contains interest cancellation and principal write down features.

Currently, hybrid capital is available to IBRD's shareholders, which may also enter into separate

agreements with IBRD that allow them to redeem the hybrid capital to satisfy the payment condition for

their paid-in portion of any future capital increase to which the shareholder has subscribed. In addition,

certain agreements include an option, at IBRD's discretion, to redeem the instrument at par after an initial

period of 5 years.

IBRD FINANCIAL STATEMENTS: June 30, 2025 103

Hybrid capital is subordinated to IBRD's unsubordinated debt issuances, senior to IBRD equity and pari-

passu with all other subordinated issuances. Hybrid capital carries interest rates similar to those of IBRD's

senior medium and long-term bonds. Interest on the hybrid capital is cancellable at the sole discretion of

IBRD, or mandatorily upon the occurrence of a trigger event (linked to the ratio of non-performing loans

over usable equity, and to the ratio of reported equity-to-assets).

Hybrid capital principal is automatically cancelled in the event IBRD makes a call to its members for

callable capital.

**Accounting for Derivatives**

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

accounted for through the Statements of Income.

The presentation of derivative instruments on IBRD's Balance Sheets reflects the netting of derivative

asset and liability positions and the related cash collateral received from the counterparty, when a legally

enforceable master netting agreement exists, and the other requisite conditions are met. In addition, in

the Notes to the financial statements, unless stated differently, derivatives are presented on a net basis by

instrument.

A master netting agreement is an industry standard agreement with a counterparty that permits multiple

transactions governed by that agreement to be terminated or accelerated and settled through a single

payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required

payment or transfer security or deliver collateral when due). Obligations under master netting agreements

are often secured by collateral posted under an industry standard credit support annex to the master

netting agreement. Upon default by the counterparty, the collateral agreement grants an entity the right to

set-off any amounts payable by the counterparty against any posted collateral.

IBRD uses derivative instruments in its investment trading portfolio to manage interest rate and currency

risks. These derivatives are carried and reported at fair value. Interest revenue/expenses are reflected as

part of Interest revenue <u>-</u> Investments-Trading, net, while unrealized mark-to-market gains and losses on

these derivatives are reflected as part of the Unrealized mark-to-market gains (losses) in Investments-

Trading, net line in the Statements of Income.

IBRD also uses derivatives in its loan, borrowing and asset/liability management activities. It also offers

derivative intermediation services to clients. In the loan and borrowing portfolios, derivatives are used to

modify the interest rate and/or currency characteristics of these portfolios. The interest component of

these derivatives is recognized as an adjustment to the related loan revenue and borrowing costs over

the life of the derivative contracts and is included in the related Interest revenue/expenses lines in the

Statements of Income. Changes in fair values of these derivatives are recorded in the Statements of

Income as Unrealized mark-to-market gains and losses in non-trading portfolios, net.

For the purpose of the Statements of Cash Flows, IBRD has elected to report the cash flows associated

with the derivative instruments that are used to economically hedge its loans, investments and

borrowings, in a manner consistent with the presentation of the related loan, investment and borrowing

cash flows.

Derivative contracts include currency forward contracts, to-be-announced (TBA) securities, swaptions,

exchange traded 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 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 structured bond valuations are used. Where applicable, the models also incorporate

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

104 IBRD FINANCIAL STATEMENTS: June 30, 2025

Most outstanding derivative positions are transacted over-the-counter and therefore valued using

internally developed valuation models. For commercial and non-commercial counterparties where IBRD

has a net receivable position, IBRD calculates a Credit Valuation Adjustment (CVA) to reflect credit risk.

For net derivative positions with commercial and non-commercial counterparties where IBRD is in a net

payable position, IBRD calculates a DVA to reflect its own credit risk. The CVA is calculated using future

projected exposures of the derivative contracts, net of collateral received under credit support

agreements, and the probability of counterparty default based on the Credit Default Swaps (CDS) spread

and, where applicable, proxy CDS spreads. The DVA calculation is generally consistent with the CVA

methodology and incorporates IBRD's own credit spread as observed through the CDS market.

**Valuation of Financial Instruments** 

IBRD has an established and documented process for determining fair values. Fair value is based upon

quoted market prices for the same or similar securities, where available. Financial instruments for which

quoted market prices are not readily available are valued based on discounted cash flow models and

other established valuation models. These models primarily use market-based or independently-sourced

market parameters such as yield curves, interest rates, volatilities, foreign exchange rates and credit

curves, and may incorporate unobservable inputs, some of which may be significant. Selection of these

inputs may involve some judgment. In instances where management relies on instrument valuations

supplied by external pricing vendors, there are procedures in place to validate the appropriateness of the

models used as well as inputs applied in determining those values. The fair value of certain investments

is calculated using NAV as a practical expedient. To ensure that the valuations are appropriate where

internally-developed models are used, IBRD has various controls in place, which include both internal and

periodic external verification and review.

**Fair Value Hierarchy**

Financial instruments are categorized based on the priority of the inputs to the valuation technique. The

fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or

liabilities (Level 1), the next highest priority to observable market-based inputs or inputs that are

corroborated by market data (Level 2) and the lowest priority to unobservable inputs that are not

corroborated by market data (Level 3).

Financial assets and liabilities recorded at fair value on the Balance Sheets are categorized based on the

inputs to the valuation techniques as follows:

*Level 1*:Financial assets and liabilities whose values are based on unadjusted quoted prices for identical

assets or liabilities in active markets.

*Level 2*:Financial assets and liabilities whose values are based on quoted prices for similar assets or

liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that

are not active; or pricing models for which all significant inputs are observable, either directly or

indirectly for substantially the full term of the asset or liability.

*Level 3*:Financial assets and liabilities whose values are based on prices or valuation techniques that

require inputs that are both unobservable and significant to the overall fair value measurement.

IBRD's policy is to recognize transfers in and transfers out of levels as of the end of the reporting period in

which they occur.

Investments measured at NAV (or its equivalent) are not classified in the fair value hierarchy.

**Accounting for Grant Expenses**

IBRD recognizes an expense for unconditional grants, such as Contributions to special programs and

most Board of Governors-approved transfers, upon approval. IBRD recognizes an expense for conditional

grants when the conditions specified for use by the beneficiaries have been met.

IBRD FINANCIAL STATEMENTS: June 30, 2025 105

**Trust Funds**

To the extent that IBRD acts as an agent for, or controls Bank-executed activities for trust funds, assets

held on behalf of specified beneficiaries are recorded on IBRD's Balance Sheets, along with

corresponding liabilities. Amounts disbursed from these trust funds are recorded as expenses with

corresponding amounts recognized as revenues. For recipient-executed activities for trust funds, since

IBRD acts as a trustee, no assets or liabilities relating to these activities are recorded on the Balance

Sheets. In some trust funds, execution is split between recipient-executed and Bank-executed portions.

Decisions on assignment of funding resources between the two types of execution may be made on an

ongoing basis, therefore, the execution of a portion of these available resources may not yet be assigned.

IBRD also acts as a financial intermediary to provide specific administrative or financial services with a

limited fiduciary or operational role. These arrangements, referred to as Financial Intermediary Funds,

include, for example, administration of debt service trust funds, financial intermediation and other more

specialized limited fund management roles. For these arrangements, funds are held and disbursed in

accordance with instructions from donors or, in some cases, an external governance structure or a body

operating on behalf of donors. For Financial Intermediary Funds, since IBRD acts as a trustee, no assets

or liabilities relating to these activities are recorded on the Balance Sheets.

**Accounting and Reporting Developments**

**Evaluated Accounting Standards:**

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 IBRD). 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 became effective for the annual period ended June 30, 2025, and

the adoption of the ASU has resulted in additional disclosures (see Note M - Segment Reporting).

In June 2022, the Financial Accounting Standards Board (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 became effective from the

quarter ending September 30, 2024 (fiscal year 2025 for IBRD), and the adoption of the ASU did not have

a material impact on IBRD's financial statements.

**Accounting Standards Under Evaluation:**

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive* 

*Income—Expense Disaggregation Disclosures (Subtopic 220-40)*, which requires disaggregated

disclosure of income statement expenses for public business entities. The ASU does not change the

expense captions an entity presents on the face of the income statement; rather, it requires

disaggregation of certain expense captions into specified categories in disclosures within the notes to the

financial statements. In January 2025, the FASB issued ASU 2025-01, *Income Statement—Reporting* 

*Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective* 

*Date* which clarifies the effective date of ASU 2024-03. For IBRD, the ASUs will be effective for the annual

period ending June 30, 2028 (annual statements of fiscal year 2028, and interim reporting periods

thereafter). IBRD is currently evaluating the impact of the ASUs on its financial statements.

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.

106 IBRD FINANCIAL STATEMENTS: June 30, 2025

**NOTE B—CAPITAL STOCK, MAINTENANCE OF VALUE AND** 

**MEMBERSHIP**

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, 2023 | 2783873 | 2634728 |
| General Capital Increase/Selective Capital Increase (GCI/SCI) | – | 43370 |
| As of June 30, 2024 | 2783873 | 2678098 |
| GCI/SCI | – | 31193 |
| As of June 30, 2025 | 2783873 | 2709291 |

---

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* <br>*subscriptions*<br>| *Paid-in capital* |
| As of June 30, 2023 | $317840 | $(296021) | $21819 |
| GCI/SCI | 5232 | (4599) | 633 |
| As of June 30, 2024 | 323072 | (300620) | 22452 |
| GCI/SCI | 3763 | (3304) | 459 |
| As of June 30, 2025 | $326835 | $(303924) | $22911 |

---

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

by IBRD as a result of borrowings (excluding hybrid capital) 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 June 30, 2025,

the cumulative subscription payments received under the 2018 capital increases were $6.5 billion.

**Amounts to Maintain the Value of Currency Holdings**

The following table summarizes the amounts to Maintain the Value of Currency(MOV), classified as

components of equity:

**Table B3: MOV balances**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| MOV receivable | $(325) | $(337) |
| Net Deferred MOV receivable | (168) | (428) |
| Deferred demand obligations | (130) | (130) |
| Deferred MOV receivable | $(298) | $(558) |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 107

**NOTE C—INVESTMENTS**

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

Plan (PEBP), the Post Retirement Contribution Reserve Fund (PCRF), the IBRD Surplus-Funded Livable

Planet Fund (LPF1), and the Grant Facility for Project Preparation (GFPP).

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

approximates fair value. As of June 30, 2025, Investments were primarily comprised of government,

agency and corporate obligations and time deposits (43% and 51%, respectively), with all of the

instruments classified as Level 1 or Level 2 within the fair value hierarchy.

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

**Table C1: Investments - Trading composition**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| Government, agency and corporate obligations | $44151 | $32353 |
| Time deposits | 52283 | 45991 |
| Asset-backed Securities (ABS) | 3210 | 1880 |
| Other fund investments <sup>a</sup> | 2775 | 2155 |
| Equity securities <sup>b</sup> | 255 | 349 |
| Total | $102674 | $82728 |
| *a. Includes PEBP holdings as investments in hedge funds, private equity funds, commingled funds, credit strategy funds and real*<br>*asset funds, at net asset value (NAV) and investments held by the IBRD Surplus-Funded Livable Planet Fund (LPF1) and the*<br>*Grant Facility for Project Preparation (GFPP) at fair value.*<br>*b. Relates to PEBP holdings.* | *a. Includes PEBP holdings as investments in hedge funds, private equity funds, commingled funds, credit strategy funds and real*<br>*asset funds, at net asset value (NAV) and investments held by the IBRD Surplus-Funded Livable Planet Fund (LPF1) and the*<br>*Grant Facility for Project Preparation (GFPP) at fair value.*<br>*b. Relates to PEBP holdings.* | *a. Includes PEBP holdings as investments in hedge funds, private equity funds, commingled funds, credit strategy funds and real*<br>*asset funds, at net asset value (NAV) and investments held by the IBRD Surplus-Funded Livable Planet Fund (LPF1) and the*<br>*Grant Facility for Project Preparation (GFPP) at fair value.*<br>*b. Relates to PEBP holdings.* |

---

108 IBRD FINANCIAL STATEMENTS: June 30, 2025

IBRD manages its investments on a net portfolio basis. As of June 30, 2025, the largest holdings from a

single counterparty within the net investment portfolio was the Government of Japan (7%). The following

table summarizes IBRD's net investment portfolio position:

**Table C2: Net investment portfolio** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| **Investments-Trading** | $102674 | $82728 |
| **Securities purchased under resale agreements** | 14 | 79 |
| **Securities sold under repurchase agreements, securities lent under** <br>**securities lending agreements, and payable for cash collateral received** <sup>a</sup><br>| (344) | (277) |
| **Derivative assets** |  |  |
| Currency swaps and forward contracts | 173 | 812 |
| Interest rate swaps | 88 | 14 |
| Other <sup>b</sup> | 2 | 1 |
| Total | 263 | 827 |
| **Derivative liabilities** |  |  |
| Currency swaps and forward contracts | (1149) | (68) |
| Interest rate swaps | (57) | (450) |
| Other <sup>b</sup> |  |  |
| Total | (1206) | (518) |
| **Cash held in investment portfolio** <sup>c</sup> | 314 | 308 |
| **Receivable from investment securities traded and other assets**  | 84 | 438 |
| **Payable for investment securities purchased** <sup>d</sup> | (199) | (561) |
| **IFC PCRF payable** <sup>e</sup> | (502) | (344) |
| **Netinvestment portfolio** | $101098 | $82680 |
| *a. Includes $32 million cash collateral received from counterparties under derivative agreements ($21 million—June 30, 2024).* | *a. Includes $32 million cash collateral received from counterparties under derivative agreements ($21 million—June 30, 2024).* | *a. Includes $32 million cash collateral received from counterparties under derivative agreements ($21 million—June 30, 2024).* |
| *b. Includes swaptions, options, and futures contracts.* | *b. Includes swaptions, options, and futures contracts.* | *b. Includes swaptions, options, and futures contracts.* |
| *c. This amount is included in Unrestricted cash under Due from banks on the Balance Sheets.* | *c. This amount is included in Unrestricted cash under Due from banks on the Balance Sheets.* | *c. This amount is included in Unrestricted cash under Due from banks on the Balance Sheets.* |
| *d. There were no liabilities related to short sales ($59 million—June 30, 2024).* | *d. There were no liabilities related to short sales ($59 million—June 30, 2024).* | *d. There were no liabilities related to short sales ($59 million—June 30, 2024).* |
| *e. See Note H - Transactions with affiliated organizations, Liabilities are included in Other liabilities – Accounts payable and* <br>*miscellaneous liabilities on the Balance Sheets.* | *e. See Note H - Transactions with affiliated organizations, Liabilities are included in Other liabilities – Accounts payable and* <br>*miscellaneous liabilities on the Balance Sheets.* | *e. See Note H - Transactions with affiliated organizations, Liabilities are included in Other liabilities – Accounts payable and* <br>*miscellaneous liabilities on the Balance Sheets.* |

---

**Table C3: Net investment portfolio composition**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| Net investment portfolio |  |  |
| Liquid assets | $96043 | $78792 |
| PEBP, PCRF and Other holdings | 5055 | 3888 |
| **Total** | $101098 | $82680 |

---

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.

IBRD FINANCIAL STATEMENTS: June 30, 2025 109

**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. 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* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| Collateral received |  |  |
| Cash | $32 | $21 |
| Securities | 488 | 322 |
| Total collateral received | $520 | $343 |
| Collateral permitted to be repledged | $520 | $343 |
| Amount of collateral repledged | – | – |
| Amount of cash collateral invested | 32 | 21 |

---

**Securities Financing Activities**

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 Balance Sheets. As of June 30, 2025, there were no amounts that could potentially be offset

as a result of legally enforceable master netting arrangements ($59 million—June 30, 2024).

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 June 30, 2025, liabilities relating to securities transferred under repurchase or securities lending

agreements were $312 million ($256 million—June 30, 2024) and there were no unsettled trades relating

to repurchase or securities lending agreements (Nil —June 30, 2024). There were no replacement trades

entered into in anticipation of maturing trades of a similar amount (Nil—June 30, 2024). As of June 30,

2025 and June 30, 2024, the remaining contractual maturity of these agreements was up to 30 days. The

110 IBRD FINANCIAL STATEMENTS: June 30, 2025

securities transferred were mainly comprised of government and agency obligations, equity securities and

sovereign debt.

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 Balance Sheets as the accounting criteria for

treatment as a sale have not been met. As of June 30, 2025 and June 30, 2024, there were no unsettled

trades pertaining to securities purchased under resale agreements. For resale agreements, IBRD

received securities with a fair value of $15 million as of June 30, 2025 ($79 million—June 30, 2024). As of

June 30, 2025 and June 30, 2024, 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 such as Deferred Drawdown Options (DDOs) and irrevocable commitments and

guarantees. As of June 30, 2025, 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.

The majority of IBRD's loans outstanding are denominated in U.S. dollars (78%) and euro (20%).

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

disclosures. Accrued interest receivable on loans of $3,297 million June 30, 2025 ($3,706 million—

June 30, 2024) is included in Receivables- Accrued income on loans and guarantee fees receivable in the

Balance Sheets.

As of June 30, 2025, 0.5% of IBRD's loans were in nonaccrual status and related to two borrowers (see

Table D6: Loans in nonaccrual status). The total accumulated provision for losses on loans in accrual

status and nonaccrual status accounted for 0.8% of the total loan portfolio. Based on IBRD's internal

credit quality indicators, the majority of loans outstanding are in the medium-risk or high-risk classes.

IBRD FINANCIAL STATEMENTS: June 30, 2025 111

A summary of IBRD's loans outstanding by currency and by interest rate characteristics (fixed or variable)

is as follows:

**Table D1: Loans outstanding <u>by</u> currency and interest rate structure**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *U.S. dollars* | *U.S. dollars* | *Euro* | *Euro* | *Japanese Yen* | *Japanese Yen* | *Others* | *Others* | *Loans Outstanding* | *Loans Outstanding* |  |
|  | *Fixed* | *Variable* | *Fixed* | *Variable* | *Fixed* | *Variable* | *Fixed* | *Variable* | *Fixed* | *Variable* | *Total* |
| Multicurrency terms<sup>a</sup> | $15 | $402 | $3 | $7 | $4 | $4 | $— | $— | $22 | $413 | $435 |
| Weighted average rate (%) <sup>b</sup> | 9.89 | 7.25 | 2.78 | 7.36 | 2.78 | 7.36 |  |  | 7.41 | 7.26 | 7.26 |
| Average Maturity (years) <sup>c</sup> | 0.11 |  | 0.62 |  | 0.62 |  |  |  | 0.29 |  | 0.01 |
| Variable-spread terms | $— | $178794 | $— | $36763 | $— | $1869 | $— | $2133 | $— | $219559 | $219559 |
| Weighted average rate (%)<sup>b</sup> |  | 5.45 |  | 3.01 |  | 1.00 |  | 9.41 |  | 5.04 | 5.04 |
| Average Maturity (years) |  | 8.74 |  | 8.55 |  | 8.17 |  | 6.28 |  | 8.68 | 8.68 |
| Fixed-spread terms | $17250 | $23172 | $13147 | $8074 | $— | $690 | $380 | $383 | $30777 | $32319 | $63096 |
| Weighted average rate (%) <sup>b</sup> | 3.26 | 5.88 | 2.11 | 3.26 |  | 1.04 | 9.54 | 8.03 | 2.85 | 5.15 | 4.03 |
| Average Maturity (years) | 7.10 | 8.40 | 9.10 | 6.62 |  | 3.76 | 9.13 | 6.67 | 7.98 | 7.83 | 7.90 |
| **Loans Outstanding** | $17265 | $202368 | $13150 | $44844 | $4 | $2563 | $380 | $2516 | $30799 | $252291 | $283090 |
| Weighted average rate (%) <sup>b</sup> | 3.27 | 5.50 | 2.11 | 3.06 | 2.78 | 1.02 | 9.54 | 9.20 | 2.85 | 5.06 | 4.82 |
| Average Maturity (years) | 7.09 | 8.68 | 9.10 | 8.20 | 0.62 | 6.97 | 9.13 | 6.34 | 7.97 | 8.56 | 8.49 |
| **Loans Outstanding** |  |  |  |  |  |  |  |  |  |  | $283090 |
| Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | 3047 |
| **Net loans outstanding** |  |  |  |  |  |  |  |  |  |  | $280043 |

---

**Table D1.1**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* | *In millions of U.S. dollars, except as otherwise noted* |
|  |  |  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
|  | *U.S. dollars* | *U.S. dollars* | *Euro* | *Euro* | *Japanese Yen* | *Japanese Yen* | *Others* | *Others* | *Loans Outstanding* | *Loans Outstanding* |  |
|  | *Fixed* | *Variable* | *Fixed* | *Variable* | *Fixed* | *Variable* | *Fixed* | *Variable* | *Fixed* | *Variable* | *Total* |
| Multicurrency terms <sup>a</sup> | $21 | $402 | $8 | $7 | $4 | $3 | $— | $— | $33 | $412 | $445 |
| Weighted average rate (%) <sup>b</sup> | 8.37 | 6.38 | 2.78 | 6.43 | 2.78 | 6.43 |  |  | 6.32 | 6.38 | 6.38 |
| Average Maturity (years) <sup>c</sup> | 0.39 |  | 1.12 |  | 1.09 |  |  |  | 0.65 |  | 0.05 |
| Variable-spread terms | $— | $167948 | $— | $28782 | $— | $334 | $— | $2544 | $— | $199608 | $199608 |
| Weighted average rate (%) <sup>b</sup> |  | 6.35 |  | 4.40 |  | 0.84 |  | 10.13 |  | 6.11 | 6.11 |
| Average Maturity (years) |  | 8.52 |  | 7.97 |  | 6.69 |  | 6.15 |  | 8.41 | 8.41 |
| Fixed-spread terms | $18351 | $23792 | $12429 | $7132 | \* | $711 | $297 | $425 | $31077 | $32060 | $63137 |
| Weighted average rate (%) <sup>b</sup> | 3.30 | 6.88 | 2.08 | 4.77 |  | 0.64 | 8.67 | 10.51 | 2.86 | 6.32 | 4.62 |
| Average maturity (years) | 7.63 | 8.96 | 9.59 | 7.14 |  | 4.18 | 8.27 | 7.17 | 8.42 | 8.43 | 8.43 |
| **Loans Outstanding** | $18372 | $192142 | $12437 | $35921 | $4 | $1048 | $297 | $2969 | $31110 | $232080 | $263190 |
| Weighted average rate (%) <sup>b</sup> | 3.30 | 6.41 | 2.08 | 4.47 | 2.78 | 0.72 | 8.67 | 10.19 | 2.86 | 6.14 | 5.75 |
| Average Maturity (years) | 7.63 | 8.56 | 9.59 | 7.80 | 1.09 | 4.97 | 8.27 | 6.29 | 8.42 | 8.39 | 8.40 |
| **Loans Outstanding** |  |  |  |  |  |  |  |  |  |  | $263190 |
| Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | Less accumulated provision for loan losses and deferred loan income | 2954 |
| **Net loans outstanding** |  |  |  |  |  |  |  |  |  |  | $260236 |
| *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* | *a. Variable rates for multicurrency loans are based on the weighted average cost of allocated debt.* |
| *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* | *b. Excludes effects of any waivers of loan interest.* |
| *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* | *c. For loans past their repayment maturity, average maturity is not computed.* |
| *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* | *\* Indicates amount less than $0.5 million.* |

---

112 IBRD FINANCIAL STATEMENTS: June 30, 2025

The maturity structure of IBRD's loans is as follows:

**Table D2: Loans maturity structure** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
| *Terms/Rate Type* | *Up to 1 year* | *2 to 5 years* | *6-15 years* | *Greater than 15* <br>*years*<br>| *Total* |
| Multicurrency terms |  |  |  |  |  |
| Fixed | $22 | $— | $— | $— | $22 |
| Variable | 413 |  |  |  | 413 |
| Variable-spread terms |  |  |  |  |  |
| Fixed |  |  |  |  |  |
| Variable | 11329 | 63813 | 111412 | 33005 | 219559 |
| Fixed-spread terms |  |  |  |  |  |
| Fixed | 2418 | 7034 | 18620 | 2705 | 30777 |
| Variable | 2527 | 10729 | 15004 | 4059 | 32319 |
| All Loans |  |  |  |  |  |
| Fixed | 2440 | 7034 | 18620 | 2705 | 30799 |
| Variable | 14269 | 74542 | 126416 | 37064 | 252291 |
| Total loans outstanding | $16709 | $81576 | $145036 | $39769 | $283090 |

---

**Table D2.1**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
| *Terms/Rate Type* | *Up to 1 year* | *2 to 5 years* | *6 to 15 years* | *Greater than 15* <br>*years*<br>| *Total* |
| Multicurrency terms |  |  |  |  |  |
| Fixed | $24 | $9 | $— | $— | $33 |
| Variable | 412 |  |  |  | 412 |
| Variable-spread terms |  |  |  |  |  |
| Fixed |  |  |  |  |  |
| Variable | 12034 | 56517 | 104736 | 26321 | 199608 |
| Fixed-spread terms |  |  |  |  |  |
| Fixed | 1719 | 7038 | 18107 | 4213 | 31077 |
| Variable | 2018 | 9391 | 16040 | 4611 | 32060 |
| All Loans |  |  |  |  |  |
| Fixed | 1743 | 7047 | 18107 | 4213 | 31110 |
| Variable | 14464 | 65908 | 120776 | 30932 | 232080 |
| Total loans outstanding | $16207 | $72955 | $138883 | $35145 | $263190 |

---

**Credit Quality of Sovereign Exposures**

Sovereign loans constitute the substantial majority of IBRD's exposures.

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 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.

Based on the borrower risk ratings, IBRD classifies loans into three credit quality categories—Low Risk,

Medium Risk, and High Risk. These categories, which are described below, are intended to differentiate

between varying levels of borrower credit risk and the associated likelihood of non-timely debt service

across IBRD's loan portfolio.

*Low Risk*:Exposures in this group generally exhibit strong credit characteristics with minimal uncertainty

around repayment. Borrowers in this category typically demonstrate solid financial performance,

consistent and stable cash flows, and a history of timely debt service. The likelihood of non-timely debt

service is considered low.

IBRD FINANCIAL STATEMENTS: June 30, 2025 113

*Medium Risk*:Exposures in this group display satisfactory credit profiles, but may be subject to moderate

risk factors, such as country-specific volatility or operational challenges. Borrowers in this category

usually exhibit adequate financial performance, though their resilience to adverse conditions may be more

limited. The likelihood of non-timely debt service is considered moderate to low.

*High Risk*: Exposures in this category exhibit signs of elevated credit risk. Borrowers in this category may

show weak or deteriorating financial indicators, irregular or delayed payment history, or limited capacity to

absorb external shocks. While these loans remain on accrual status, the likelihood of non-timely debt

service is considered heightened.

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 June 30, 2025, 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.

**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 June 30, 2025, no principal or interest are overdue by more than three months for loans in accrual

status.

The following tables provide an aging analysis and amounts past due of the loans outstanding:

**Table D3: Loans outstanding aging structure**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |  |  |  |  |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
| *Days past due* | *Up to 45* | *46-60* | *61-90* | *91-180* | *Over 180* | *Total Past* <br>*Due*<br>| *Current* <sup>a</sup> | *Total*  |
| Risk Class |  |  |  |  |  |  |  |  |
| Low | $– | $– | $– | $– | $– | $– | $5903 | $5903 |
| Medium | – | – | – | – | – | – | 130396 | 130396 |
| High  | 14 | – | – | – | – | 14 | 145340 | 145354 |
| Loans in accrual status | 14 | – | – | – | – | 14 | 281639 | 281653 |
| Loans in nonaccrual status | – | 1 | 42 | 22 | 794 | 859 | 578 | 1437 |
| Total | $14 | $1 | $42 | $22 | $794 | $873 | $282217 | $283090<br> <sup>b</sup> |
| *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* |
| *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,648 million.* |

---

114 IBRD FINANCIAL STATEMENTS: June 30, 2025

**Table D3.1**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |  |  |  |  |
|  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
| *Days past due* | *Up to 45* | *46-60* | *61-90* | *91-180* | *Over 180* | *Total Past* <br>*Due*<br>| *Current* <sup>a</sup> | *Total*  |
| Risk Class |  |  |  |  |  |  |  |  |
| Low | $– | $– | $– | $– | $– | $– | $6935 | $6935 |
| Medium | – | – | – | – | – | – | 124106 | 124106 |
| High  | 5 | 9 | 2 | – | – | 16 | 130723 | 130739 |
| Loans in accrual status | 5 | 9 | 2 | – | – | 16 | 261764 | 261780 |
| Loans in nonaccrual status | – | 1 | 40 | 24 | 661 | 726 | 684 | 1410 |
| Total | $5 | $10 | $42 | $24 | $661 | $742 | $262448 | $263190<br> <sup>b</sup> |
| *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* |
| *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* | *b.The total amount of loans at amortized cost which contain principal past due amounts was $1,621 million.* |

---

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* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  |  | *Recorded* <br>*investment* | *Accumulated* <br>*Provision for* <br>*loan losses* | *Average* <br>*recorded* <br>*investment* | *Overdue amounts* | *Overdue amounts* |
| *Borrower* | *Nonaccrual since* | *Recorded* <br>*investment* | *Accumulated* <br>*Provision for* <br>*loan losses* | *Average* <br>*recorded* <br>*investment* | *Principal* | *Interest and* <br>*Charges* |
| Belarus | October 2022 | 1012 | 99 | 989 | 434 | 136 |
| Zimbabwe | October 2000 | 425 | 213 | 426 | 425 | 715 |
| Total - June 30, 2025 | Total - June 30, 2025 | $1437 | $312 | $1415 | $859 | $851 |
| Total - June 30, 2024 | Total - June 30, 2024 | $1410 | $324 | $1418 | $726 | $767 |

---

During the fiscal year ended June 30, 2025, no loans were placed in nonaccrual status or restored to

accrual status.

During the fiscal yearended June 30, 2025, interest and other revenue not recognized as a result of loans

being in nonaccrual status was $79 million ($80 million– June 30, 2024 and $69 million– June 30, 2023).

In addition, during the fiscal year ended June 30, 2025, no interest income was recognized on loans in

nonaccrual status upon receipt of payment ($4 million —June 30, 2024 and $2 million—June 30, 2023).

IBRD FINANCIAL STATEMENTS: June 30, 2025 115

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 balances of IBRD's

Loans outstanding, classified by the year the loan agreement was signed.

**Table D5: Loans outstanding vintage disclosure**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* |  |  |  |
|  | *2025* | *2024* | *2023* | *2022* | *2021* | *Prior* <br>*Years*<br>| *CAT* <br>*DDOs* <br>*Disbursed* <br>*and* <br>*Revolving*<br>| *CAT* <br>*DDOs* <br>*Converted* <br>*to Term* <br>*Loans*<br>| *Loans* <br>*outstanding* <br>*as of* <br>*June 30,* <br>*2025*<br>|
| Risk Class |  |  |  |  |  |  |  |  |  |
| Low | $15 | $148 | $– | $– | $– | $5740 | $– | $– | $5903 |
| Medium | 7159 | 8626 | 9501 | 7702 | 10850 | 83477 | 449 | 2632 | 130396 |
| High | 11095 | 14781 | 8294 | 13031 | 11124 | 86124 | 1 | 904 | 145354 |
| Loans in accrual status | 18269 | 23555 | 17795 | 20733 | 21974 | 175341 | 450 | 3536 | 281653 |
| Loans in nonaccrual <br>status<br>| – | – | – | – | – | 1437 | – | – | 1437 |
| Total | $18269 | $23555 | $17795 | $20733 | $21974 | $176778 | $450 | $3536 | $283090 |

---

**Table D5.1**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
|  | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* |  |  |  |
|  | *2024* | *2023* | *2022* | *2021* | *2020* | *Prior* <br>*Years*<br>| *CAT* <br>*DDOs* <br>*Disbursed* <br>*and* <br>*Revolving*<br>| *CAT* <br>*DDOs* <br>*Converted* <br>*to Term* <br>*Loans*<br>| *Loans*<br>*outstanding*<br>*as of*<br>*June 30,*<br>*2024*<br>|
| Risk Class |  |  |  |  |  |  |  |  |  |
| Low | $150 | $– | $250 | $– | $– | $6535 | $– | $– | $6935 |
| Medium | 7885 | 8445 | 6893 | 10126 | 8421 | 79700 | 302 | 2334 | 124106 |
| High | 11645 | 7402 | 11897 | 9951 | 8486 | 80454 | 1 | 903 | 130739 |
| Loans in accrual status | 19680 | 15847 | 19040 | 20077 | 16907 | 166689 | 303 | 3237 | 261780 |
| Loans in nonaccrual <br>status<br>| – | – | – | – | 115 | 1295 | – | – | 1410 |
| Total | $19680 | $15847 | $19040 | $20077 | $17022 | $167984 | $303 | $3237 | $263190 |

---

The Catastrophe Deferred Draw-Down Option (CAT-DDO) promotes countries' resilience to disasters and

expands the range of IBRD's crisis instruments. It is a contingent credit line that provides immediate

liquidity to countries in the aftermath of a catastrophe. The amount of Catastrophe Deferred Drawdown

Option (CAT DDOs) converted to term loans during the fiscal year ended June 30, 2025, is $300 million

($500 million—fiscal year ended June 30, 2024).

**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

116 IBRD FINANCIAL STATEMENTS: June 30, 2025

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

Statements of Income.

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

**Table D6: Accumulated provision**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *Loans outstanding* | *Loan commitments* | *Other* <sup>a</sup> | *Total* |
| **Accumulated provision, beginning of the fiscal year** | $2360 | $514 | $92 | $2966 |
| Provision - release | (44) | (23) | (8) | (75) |
| Translation adjustment | 50 | 19 | 4 | 73 |
| **Accumulated provision, end of the fiscal year** | $2366 | $510 | $88 | $2964 |
| **Composed of accumulated provision for losses on:** |  |  |  |  |
| Loans in accrual status | $2054 |  |  |  |
| Loans in nonaccrual status  | 312 |  |  |  |
| Total | $2366 |  |  |  |
| Loans, end of the fiscal year: |  |  |  |  |
| Loans in accrual status | $281653 |  |  |  |
| Loans in nonaccrual status  | 1437 |  |  |  |
| Total loans outstanding | $283090 |  |  |  |

---

**Table D6.1:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
|  | *Loans outstanding* | *Loan commitments* | *Other* <sup>a</sup> | *Total* |
| **Accumulated provision, beginning of the fiscal year** | $2336 | $452 | $90 | $2878 |
| Provision - charge | 29 | 64 | 1 | 94 |
| Translation adjustment | (5) | (2) | 1 | (6) |
| **Accumulated provision, end of the fiscal year** | $2360 | $514 | $92 | $2966 |
| **Composed of accumulated provision for losses on:** |  |  |  |  |
| Loans in accrual status | $2036 |  |  |  |
| Loans in nonaccrual status | 324 |  |  |  |
| Total | $2360 |  |  |  |
| Loans, end of the fiscal year: |  |  |  |  |
| Loans in accrual status | $261780 |  |  |  |
| Loans in nonaccrual status | 1410 |  |  |  |
| Total loans outstanding | $263190 |  |  |  |
| *a. Primarily relates to guarantees given. For more details, see Guarantees section.* | *a. Primarily relates to guarantees given. For more details, see Guarantees section.* | *a. Primarily relates to guarantees given. For more details, see Guarantees section.* | *a. Primarily relates to guarantees given. For more details, see Guarantees section.* | *a. Primarily relates to guarantees given. For more details, see Guarantees section.* |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 117

---

| | | |
|:---|:---|:---|
|  | ***Reported as:*** | ***Reported as:*** |
|  | ***Balance Sheets*** | ***Statements of Income*** |
| Accumulated Provision for Losses <br>on:<br>|  |  |
| Loans outstanding | Accumulated provision for loan losses | Provision for losses on loans and other exposures |
| Loan commitments and other<br>&nbsp;&nbsp;&nbsp;&nbsp;exposures<br>| Other liabilities | Provision for losses on loans and other exposures |

---

The accumulated provision for losses on loan and other exposures as of June 30, 2025 was $2,964

million, compared to $2,966 million as of June 30, 2024. The decrease of $2 million in the accumulated

provision for losses on loan and other exposures is attributable to a release of $75 million primarily driven

by a decrease in loss severity and expected default frequency offset by increase in exposure, and foreign

currency translation losses of $73 million.

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.

**Guarantees**

**Guarantees provided**

Guarantees of $7,465 million were outstanding as of June 30, 2025 ($7,168 million—June 30, 2024),

including guarantees provided under the EEA. 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 Balance Sheets. These guarantees have original maturities ranging between 10 and

23 years and expire in decreasing amounts through 2047.

As of June 30, 2025, liabilities related to IBRD's obligations under guarantees included the obligation to

stand ready of $288 million ($296 million—June 30, 2024), and the accumulated provision for guarantee

losses of $63 million ($71 million—June 30, 2024). These are included in Other liabilities - Accounts

payable and miscellaneous liabilities on the Balance Sheets.

During the fiscal year ended June 30, 2025 and June 30, 2024, no guarantees provided by IBRD were

called.

**Exposure Exchange Agreements**

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 African Development Bank and Inter-American Development Bank included in the

Balance Sheets is presented in the following table:

**Table D7: Amounts associated with EEAs**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |  |
|  | *Notional* <br>*amount*<br>| *(Stand ready* <br>*obligation)* <br>*Asset*<br>| *(Provision)* <br>*Recoverable* <br>*asset*<br>| *Notional* <br>*amount*<br>| *(Stand ready* <br>*obligation)* <br>*Asset*<br>| *(Provision)* <br>*Recoverable* <br>*asset*<br>| *Location on* <br>*the Balance* <br>*Sheets*<br>|
| Guarantees provided  | $3609 | $(109) | $(17) | $3609 | $(129) | $(25) | Other liabilities |
| Guarantees received  | (3609) | 109 | 13 | (3611) | 129 | 19 | Other assets |
|  | $— | $– | $(4) | $(2) | $– | $(6) |  |

---

**Guarantees received**

As of June 30, 2025, IBRD had received third-party financial guarantees, including guarantees received

under the EEA, of $14,947 million ($12,461 million as of June 30, 2024). In addition, during the year,

IBRD received a notional value of $1.1 billion of portfolio guarantees under PGP from its shareholders.

118 IBRD FINANCIAL STATEMENTS: June 30, 2025

Portfolio guarantees are accounted for as financial guarantees and the related recoverable asset of $136

million as of June 30, 2025(Nil- as of June 30, 2024) is presented as Other assets on the Balance

Sheets. Financial guarantees received protect IBRD against the risk of loss related to loans in IBRD's

portfolio and increase IBRD's lending capacity.

**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. In addition, in October 2024, as part of the adjustments to IBRD's loan pricing, the

Executive Directors approved the waiver of future prepayment premiums on existing loans, as applicable.

The forgone income resulting from these waivers was $11 million for year ended June 30, 2025 ($9

million— June 30, 2024 and $16 million —June 30, 2023).

**Concentration risk**

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

of waivers. For the fiscal year ended June 30, 2025, there was nocountry that contributed more than 10%

to the total loan revenue.

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

table:

**Table D8: Loan revenue and associated outstanding loan balances by geographic region**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *For the fiscal year ended and as of* | *For the fiscal year ended and as of* | *For the fiscal year ended and as of* | *For the fiscal year ended and as of* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2024* | *June 30, 2024* |
| *Region* | *Loan Revenue* <sup>a</sup> | *Loans* <br>*Outstanding*<br>| *Loan Revenue* <sup>a</sup> | *Loans* <br>*Outstanding*<br>|
| Latin America and the Caribbean | $4481 | $83935 | $4674 | $80934 |
| East Asia and Pacific | 2953 | 54000 | 3154 | 52621 |
| Europe and Central Asia | 2790 | 62017 | 2769 | 54838 |
| Middle East and North Africa | 1811 | 39180 | 1860 | 35300 |
| South Asia | 1663 | 28465 | 1655 | 26415 |
| Eastern and Southern Africa | 623 | 12124 | 524 | 11014 |
| Western and Central Africa | 110 | 3369 | 76 | 2068 |
| Total | $14431 | $283090 | $14712 | $263190 |
| *a. Excludes $1,022 million interest income from loan related derivatives for the fiscal year ended June 30, 2025 ($1,268 million—*<br>*fiscal year ended June 30, 2024). Includes commitment charges of $152 million for the fiscal year ended June 30, 2025 ($149*<br>*million—fiscal year ended June 30, 2024).* | *a. Excludes $1,022 million interest income from loan related derivatives for the fiscal year ended June 30, 2025 ($1,268 million—*<br>*fiscal year ended June 30, 2024). Includes commitment charges of $152 million for the fiscal year ended June 30, 2025 ($149*<br>*million—fiscal year ended June 30, 2024).* | *a. Excludes $1,022 million interest income from loan related derivatives for the fiscal year ended June 30, 2025 ($1,268 million—*<br>*fiscal year ended June 30, 2024). Includes commitment charges of $152 million for the fiscal year ended June 30, 2025 ($149*<br>*million—fiscal year ended June 30, 2024).* | *a. Excludes $1,022 million interest income from loan related derivatives for the fiscal year ended June 30, 2025 ($1,268 million—*<br>*fiscal year ended June 30, 2024). Includes commitment charges of $152 million for the fiscal year ended June 30, 2025 ($149*<br>*million—fiscal year ended June 30, 2024).* | *a. Excludes $1,022 million interest income from loan related derivatives for the fiscal year ended June 30, 2025 ($1,268 million—*<br>*fiscal year ended June 30, 2024). Includes commitment charges of $152 million for the fiscal year ended June 30, 2025 ($149*<br>*million—fiscal year ended June 30, 2024).* |

---

For the fiscal year ended June 30, 2025, Interest revenue—Loans, net in the Statements of Income was

$15,301 million ($15,831 million—June 30, 2024 and $10,522 million —June 30, 2023). This includes

$1,022 million of interest income, net related to loan related derivatives associated with the Loan portfolio

(interest income, net of $1,268 million June 30, 2024 and $367 million —June 30, 2023).

**NOTE E—BORROWINGS**

IBRD issues unsubordinated and unsecured fixed and variable rate debt in a variety of currencies. These

borrowings are reported at fair value. IBRD has issued hybrid capital at variable rates to shareholders,

which is subordinated to all other debt, and is reported at amortized cost. Variable rates are primarily

based on exchange rates or market interest rates.

As of June 30, 2025, 98% 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 16%,

respectively, refer Table E3).

IBRD FINANCIAL STATEMENTS: June 30, 2025 119

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.

After the effect of these derivatives, the borrowing portfolio carried variable interest rates, with a weighted

average cost of 4.40% as of June 30, 2025 (5.54% as of June 30, 2024).

A summary of IBRD's borrowings at fair value, is as follows (for details on principal due upon maturity, see

Note J—Fair Value Disclosures):

**Table E1: Borrowings and borrowing-related derivatives, at fair value**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| Borrowings  | $305679 | $261790 |
| Currency swaps, net | 1788 | 7427 |
| Interest rate swaps, net | 12277 | 17900 |
| Total | $319744 | $287117 |

---

As of June 30, 2025, borrowings reported at amortized cost were $482 million related to IBRD's issuances

of hybrid capital which represents the outstanding principal of these instruments. The majority of holders

of hybrid capital as of June 30, 2025, entered into separate agreements with IBRD that allow them to

redeem the hybrid capital to satisfy the payment condition for their paid-in portion of any future capital

increase.

For the fiscal year ended June 30, 2025, Borrowing expenses, net in the Statements of Income was

$14,920 million ($15,215 million—June 30, 2024 and $9,562 million —June 30, 2023). This includes

$6,470 million of interest expense, net related to derivatives associated with the borrowings (interest

expense, net of $7,781 million— June 30, 2024 and interest expense, net of $4,237 million —June 30,

2023).

The following table provides a summary of the interest rate characteristics of IBRD's borrowings:

**Table E2: Interest rate composition of Borrowings**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars, except as otherwise noted* |  |  |  |  |
|  | *June 30, 2025* | *WAC* <sup>a</sup> *(%)* | *June 30, 2024* | *WAC* <sup>a</sup> *(%)* |
| Fixed | $288323 | 2.81 | $253337 | 2.42 |
| Variable | 32843 | 6.61 | 29494 | 8.40 |
| Borrowings <sup>b</sup> | $321166 | &nbsp;&nbsp;&nbsp;&nbsp;3.20% | $282831 | &nbsp;&nbsp;&nbsp;&nbsp;3.04% |
| Fair Value Adjustment | (15005) |  | (21041) |  |
| Total Borrowings  | $306161 |  | $261790 |  |
| *a. WAC refers to weighted average borrowings cost as of the reporting date.* | *a. WAC refers to weighted average borrowings cost as of the reporting date.* | *a. WAC refers to weighted average borrowings cost as of the reporting date.* | *a. WAC refers to weighted average borrowings cost as of the reporting date.* | *a. WAC refers to weighted average borrowings cost as of the reporting date.* |
| *b. At amortized cost.* | *b. At amortized cost.* | *b. At amortized cost.* | *b. At amortized cost.* | *b. At amortized cost.* |

---

The currency composition of IBRD's borrowings before derivatives was as follows:

**Table E3: Currency composition of Borrowings (before derivatives)**

---

| | | |
|:---|:---|:---|
|  | *June 30, 2025* | *June 30, 2024* |
| U.S. Dollar | 62.1% | 62.6% |
| Euro | 16.3 | 15.1 |
| Others | 21.6 | 22.3 |
|  | 100.0% | 100.0% |

---

120 IBRD FINANCIAL STATEMENTS: June 30, 2025

The maturity structure of IBRD's borrowings outstanding was as follows:

**Table E4: Maturity structure of Borrowings**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| Less than 1 year | $47162 | $41955 |
| Between |  |  |
| 1-2 years | 37482 | 32883 |
| 2-3 years | 36816 | 31082 |
| 3-4 years | 32710 | 29994 |
| 4-5 years | 39117 | 32042 |
| Thereafter <sup>a</sup> | 112874 | 93834 |
|  | $306161 | $261790 |
| <sup>a</sup> *Includes hybrid capital.* |  |  |

---

IBRD's borrowings at fair value have original maturities ranging from 20 days to 50 years, with the final

maturity in 2073. Hybrid capital is a perpetual financial instrument, accounted for at amortized cost.

**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, <br>interest rate swaps, options, swaptions and <br>futures contracts, to-be-announced (TBA) <br>securities<br>| Manage currency and interest rate risk |
| Loans | Currency swaps and interest rate swaps | Manage currency risk and interest rate risk <br>between loans and borrowings <br>|
| Borrowings | Currency swaps and interest rate swaps | Manage currency risk and interest rate risk <br>between loans and borrowings <br>|
| Other asset/liability <br>management derivatives<br>| Currency swaps and interest rate swaps | Manage currency risk and the duration of IBRD's <br>equity <br>|
| Other purposes: |  |  |
| Client operations | Currency swaps, currency forward contracts, <br>and interest rate swaps<br>| Assist clients in managing risks |

---

Under client operations, derivative intermediation services are provided to the following:

***Borrowing Countries:*** Currency and interest rate swap transactions are executed between IBRD and its

borrowers under master derivatives agreements.

***Non-Affiliated Organizations:*** IBRD has a master derivatives agreement with the International Finance

Facility for Immunisation (IFFIm), under which several transactions have been executed.

***Affiliated Organizations***: Derivative contracts are executed between IBRD and IDA, under an agreement

allowing IBRD to intermediate derivative contracts on behalf of IDA.

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

to the presentation in the Balance Sheets is shown in Table F1.

IBRD FINANCIAL STATEMENTS: June 30, 2025 121

**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 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.

**Table F1: Derivative assets and liabilities before and after netting adjustments**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |  |  |  |  |
| *June 30, 2025* |  |  |  | *June 30, 2024* |  |  |  |  |
|  | *Derivative* <br>*Assets* | *Derivative* <br>*Assets* | *Derivative* <br>*Liabilities* | *Derivative* <br>*Liabilities* | *Derivative* <br>*Assets*<br>|  | *Derivative* <br>*Liabilities*<br>|  |
| Interest rate swaps | $7559 |  | $17523 |  | $7977 |  | $24759 |  |
| Currency swaps <sup>a</sup> | 5115 |  | 7192 |  | 4057 |  | 9907 |  |
| Other <sup>b</sup> | 2 |  | – |  | 1 |  | – |  |
| **Gross Total** | $12676 |  | $24715 |  | $12035 |  | $34666 |  |
| Less: |  |  |  |  |  |  |  |  |
| Amounts subject to legally enforceable master netting <br>agreements<br>| 11978 | ᵈ | 12261 | ᵉ | 11558 | ᵈ | 11938 | ᵉ |
| Cash collateral received <sup>c</sup> | 32 |  |  |  | 21 |  |  |  |
| **Net derivative position on the Balance Sheet** | $666 |  | $12454 |  | $456 |  | $22728 |  |
| Less: |  |  |  |  |  |  |  |  |
| Securities collateral received <sup>c</sup> | 442 |  |  |  | 298 |  |  |  |
| **Net derivative exposure after collateral** | $224 |  |  |  | $158 |  |  |  |
| *a. Includesforward contracts.* | *a. Includesforward contracts.* | *a. Includesforward contracts.* | *a. Includesforward contracts.* |  |  |  |  |  |
| *b. Relate to swaptions, options and futures contracts.* | *b. Relate to swaptions, options and futures contracts.* | *b. Relate to swaptions, options and futures contracts.* | *b. Relate to swaptions, options and futures contracts.* |  |  |  |  |  |
| *c. Does not include excess collateral received.* | *c. Does not include excess collateral received.* | *c. Does not include excess collateral received.* | *c. Does not include excess collateral received.* |  |  |  |  |  |
| *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* | *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* | *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* | *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* | *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* | *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* | *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* | *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* | *d. Includes $36 million Credit Valuation Adjustment (CVA) ($29 million—June 30, 2024).* |
| *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* | *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* | *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* | *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* | *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* | *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* | *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* | *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* | *e. Includes $319 million Debit Valuation Adjustment (DVA) ($409 million—June 30, 2024).* |

---

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** <sup>a</sup>

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
| *Portfolio* | *Interest rate swaps* | *Currency swaps (including*<br>*forward contracts)*<br>| *Total* |
| Investments | $88 | $173 | $261 |
| Loans | 4986 | 1054 | 6040 |
| Client operations | 107 | 352 | 459 |
| Borrowings | 1985 | 3536 | 5521 |
| Other asset/liability management derivatives | 393 | – | 393 |
| Total Exposure | $7559 | $5115 | $12674 |

---

122 IBRD FINANCIAL STATEMENTS: June 30, 2025

**Table F2.1**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
| *Portfolio* | *Interest rate swaps* | *Currency swaps (including* <br>*forward contracts)*<br>| *Total* |
| Investments | $14 | $812 | $826 |
| Loans | 5893 | 1314 | 7207 |
| Client operations | 274 | 424 | 698 |
| Borrowings | 1555 | 1507 | 3062 |
| Other asset-liability management derivatives | 241 | – | 241 |
| Total Exposure | $7977 | $4057 | $12034 |
| *a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no* <br>*material credit risk.* | *a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no* <br>*material credit risk.* | *a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no* <br>*material credit risk.* | *a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no* <br>*material credit risk.* |

---

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 June 30, 2025, the notional amounts of IBRD's derivative

contracts outstanding were as follows: interest rate swaps $445,827 million ($436,783 million—June 30,

2024), currency swaps $129,923 million ($120,483 million—June 30, 2024), long positions of other

derivatives $304 million ($280 million—June 30, 2024), and short positions of other derivatives $115

million ($201 million—June 30, 2024).

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 June 30, 2025 was $12,627 million ($22,858 million—

June 30, 2024). 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 June 30, 2025, the amount of collateral that would need to

be posted would be $9,241 million ($18,593 million—June 30, 2024). Subsequent triggers of contingent

features would require posting of additional collateral, up to a maximum of $12,627 million ($22,858

million—June 30, 2024). IBRD received collateral totaling $520 million as of June 30, 2025 ($343 million

—June 30, 2024), 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 Statements of Income:

**Table F3: Unrealized mark-to-market gains or losses on non-trading derivatives**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* |  |  |  |
| *Type of instrument* <sup>a</sup> | *Reported as:* | *2025* | *2024* | *2023* |
| Interest rate swaps | Unrealized mark-to-market <br>gains (losses) on non-<br>trading portfolios, net | $6283 | $3324 | $(4948) |
| Currency swaps (including forward <br>contracts)<br>| Unrealized mark-to-market <br>gains (losses) on non-<br>trading portfolios, net | 1897 | 1145 | (867) |
| **Total** |  | $8180 | $4469 | $(5815) |
| *a. For disclosures related to derivatives in trading portfolio, see Table F4.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F4.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F4.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F4.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F4.*  |

---

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.

IBRD FINANCIAL STATEMENTS: June 30, 2025 123

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 Statements of Income:

**Table F4: Unrealized mark-to-market gains or losses on net investment-trading portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* |  |  |  |
|  | *Reported as:* | *2025* | *2024* | *2023* |
| Type of instrument <sup>a</sup> |  |  |  |  |
| Fixed income  | Unrealized mark-to-market gains (losses) on <br>Investments-Trading portfolio, net | $92 | $7 | $10 |
| Equity and other fund <br>investments <sup>b</sup><br>| Unrealized mark-to-market gains (losses) on <br>Investments-Trading portfolio, net | 122 | 84 | 74 |
| **Total** |  | $214 | $91 | $84 |
| *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  |
| *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* |

---

**NOTE G — RETAINED EARNINGS AND BOARD OF GOVERNORS** 

**APPROVED TRANSFERS**

Retained earnings are comprised of the following components:

**Table G1: Retained earnings composition**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| Special reserve | $293 | $293 |
| General reserve | 34058 | 33224 |
| Pension reserve | 987 | 681 |
| Surplus |  | 100 |
| Cumulative fair value adjustments <sup>a</sup> | 1390 | 1103 |
| Unallocated net income | 2915 | 2513 |
| Restricted retained earnings | 11 | 11 |
| Other reserves <sup>b</sup> | 729 | 358 |
| Total | $40383 | $38283 |
| *a. Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.* | *a. Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.* | *a. Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.* |
| *b. Comprised of $324 million of currency remeasurement gains/losses, net ($251 million - June 30, 2024), $301 million ($101*<br>*million - June 30, 2024) and $100 million (Nil- June 30, 2024) balances available for LPF1 and the GFPP, respectively, and $4*<br>*million revenue from prior years which is set aside for a dedicated purpose ($6 million - June 30, 2024).* | *b. Comprised of $324 million of currency remeasurement gains/losses, net ($251 million - June 30, 2024), $301 million ($101*<br>*million - June 30, 2024) and $100 million (Nil- June 30, 2024) balances available for LPF1 and the GFPP, respectively, and $4*<br>*million revenue from prior years which is set aside for a dedicated purpose ($6 million - June 30, 2024).* | *b. Comprised of $324 million of currency remeasurement gains/losses, net ($251 million - June 30, 2024), $301 million ($101*<br>*million - June 30, 2024) and $100 million (Nil- June 30, 2024) balances available for LPF1 and the GFPP, respectively, and $4*<br>*million revenue from prior years which is set aside for a dedicated purpose ($6 million - June 30, 2024).* |

---

Board of Governors-approved transfers that were expensed during the stated fiscal years are included in

the following table:

**Table G2: Board of Governors-approved transfers expensed**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
| *Transfers funded from:* | *2025* | *2024* | *2023* |
| IDA | $515 | $291 | $117 |
| Trust fund for Gaza and West Bank | 300 | 80 | 80 |
| LPF1 | \* |  | 24 |
| Total | $815 | $371 | $221 |
| *\* Indicates amount less than $0.5 million.* |  |  |  |

---

124 IBRD FINANCIAL STATEMENTS: June 30, 2025

On September 9, 2024, IBRD's Board of Governors approved transfers from Surplus of $100 million to

the Trust Fund for Gaza and the West Bank. On September 18, 2024, IBRD's Board of Governors

approved an additional transfer of $200 million from Surplus to the Trust Fund for Gaza and the West

Bank.

On September 18, 2024, IBRD's Board of Governors approved a transfer of $515 million to the

International Development Association (IDA).

There were no amounts payable for the transfers approved by the Board of Governors as of June 30,

2025, and June 30, 2024.

**NOTE H—TRANSACTIONS WITH AFFILIATED ORGANIZATIONS**

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

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—Board of Governors approved transfers).

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

**Table H1: IBRD's receivables and payables with affiliated organizations**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
|  | *IDA* | *IFC* | *MIGA* | *Total* | *IDA* | *IFC* | *MIGA* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable (payable) for <br>administrative services, net<br>| $631 | $(64) | $17 | $584 | $279 | $1 | $16 | $296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for PCRF investments  | (721) | (502) |  | (1223) | (489) | (344) |  | (833) |
| Pension and other postretirement <br>benefits<br>| (1086) | (859) | (34) | (1979) | (906) | (774) | (30) | (1710) |
| Total | $(1176) | $(1425) | $(17) | $(2618) | $(1116) | $(1117) | $(14) | $(2247) |

---

The receivables from (payables to) these affiliated organizations are reported on the 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 |

---

**Administrative Services**

**Expenses**

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

and amounts are settled quarterly. For the fiscal year ended June 30, 2025, IBRD's administrative

expenses exclude the share of expenses allocated to IDA of $1,989 million ($1,750 million—fiscal year

ended June 30, 2024 and $1,744 million fiscal year ended June 30, 2023).

**Revenue**

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

and amounts are settled quarterly. For the fiscal year ended June 30, 2025, IBRD's Non-interest revenue

excludes revenue allocated to IDA of $330 million ($326 million—fiscal year ended June 30, 2024 and

$280 million fiscal year ended June 30, 2023). IBRD's share of revenue jointly earned is included in

Revenue from externally funded activities on the Statements of Income. This revenue also includes

revenue from contracts with clients that are not affiliated with IBRD and are as follows:

IBRD FINANCIAL STATEMENTS: June 30, 2025 125

**Table H2: Revenue from contracts with clients**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *2025* | *2024* | *2023* |
| Trust fund fees | $179 | $192 | $119 |
| Reimbursable advisory services | 96 | 91 | 99 |
| Asset management services | 35 | 33 | 31 |
| Total | $310 | $316 | $249 |
| Of which: |  |  |  |
| IBRD's share | $157 | $163 | $130 |
| IDA's share | 153 | 153 | 119 |

---

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 a 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:

**Table H3: Receivables and contract liabilities related to revenue from contracts with clients**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| Receivables | $137 | $111 |
| Contract liabilities | 158 | 185 |

---

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

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

**Table H4: Fee revenue from affiliated organizations** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *2025* | *2024* | *2023* |
| Fees charged to IFC | $109 | $105 | $102 |
| Fees charged to MIGA | 7 | 7 | 7 |

---

**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 Balance Sheets. The corresponding payable to IFC is

included in Other liabilities – Accounts payable and miscellaneous liabilities on IBRD's Balance Sheets.

As a result, there is no impact on IBRD's net asset value from these transactions.

**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 K—Pension and Other Postretirement Benefits.

126 IBRD FINANCIAL STATEMENTS: June 30, 2025

**NOTE I—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 Statements of Comprehensive

Income.

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

**Table I1: AOCI/AOCL changes**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *2025* | *2025* | *2025* | *2025* | *2025* |
|  | *Balance,* <br>*beginning of* <br>*the fiscal year*<br>| *Changes* <br>*in AOCI*<br>| *Amounts* <br>*reclassified* <br>*into net* <br>*income*<br>| *Net Changes* <br>*during the* <br>*period*<br>| *Balance, end* <br>*of the fiscal* <br>*year*<br>|
| Cumulative Translation Adjustments | $(445) | $1281 | $— | $1281 | $836 |
| DVA on Fair Value Option elected liabilities | 673 | 1009 | (18) | 991 | 1664 |
| Unrecognized Net Actuarial Gains (Losses) on <br>Benefit Plans<br>| 3741 | 3484 | (64)ᵃ | 3420 | 7161 |
| Unrecognized Prior Service (Costs) Credits on <br>Benefit Plans<br>| (15) | – | 8 ᵃ  | 8 | (7) |
| Total AOCI | $3954 | $5774 | $(74) | $5700 | $9654 |

---

**Table I1.1:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *2024* | *2024* | *2024* | *2024* | *2024* |
|  | *Balance,* <br>*beginning of* <br>*the fiscal year*<br>| *Changes* <br>*in AOCL*<br>| *Amounts* <br>*reclassified* <br>*into net* <br>*income*<br>| *Net Changes* <br>*during the* <br>*period*<br>| *Balance, end* <br>*of the fiscal* <br>*year*<br>|
| Cumulative Translation Adjustments | $(295) | $(150) | $— | $(150) | $(445) |
| DVA on Fair Value Option elected liabilities | 351 | 321 | 1 | 322 | 673 |
| Unrecognized Net Actuarial Gains (Losses) on <br>Benefit Plans<br>| 3490 | 318 | (67)ᵃ | 251 | 3741 |
| Unrecognized Prior Service (Costs) Credits on <br>Benefit Plans<br>| (23) | – | 8 ᵃ  | 8 | (15) |
| Total AOCI | $3523 | $489 | $(58) | $431 | $3954 |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 127

**Table I1.2:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *2023* | *2023* | *2023* | *2023* | *2023* |
|  | *Balance,* <br>*beginning of* <br>*the fiscal year*<br>| *Changes* <br>*in AOCL*<br>| *Amounts* <br>*reclassified* <br>*into net* <br>*income*<br>| *Net Changes* <br>*during the* <br>*period*<br>| *Balance, end* <br>*of the fiscal* <br>*year*<br>|
| Cumulative Translation Adjustments | $(790) | $495 | $— | $495 | $(295) |
| DVA on Fair Value Option elected liabilities | 364 | (60) | 47 | (13) | 351 |
| Unrecognized Net Actuarial Gains (Losses) on <br>Benefit Plans<br>| 1387 | 2131 | (28)ᵃ | 2103 | 3490 |
| Unrecognized Prior Service (Costs) Credits on <br>Benefit Plans<br>| (43) | – | 20ᵃ | 20 | (23) |
| Total AOCI | $918 | $2566 | $39 | $2605 | $3523 |
| *a. See Note K—Pension and Other Post Retirement Benefits.* | *a. See Note K—Pension and Other Post Retirement Benefits.* | *a. See Note K—Pension and Other Post Retirement Benefits.* | *a. See Note K—Pension and Other Post Retirement Benefits.* | *a. See Note K—Pension and Other Post Retirement Benefits.* | *a. See Note K—Pension and Other Post Retirement Benefits.* |

---

**NOTE J— FAIR VALUE DISCLOSURES**

**Valuation Methods and Assumptions** 

As of June 30, 2025 and June 30, 2024, 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 June 30, 2025 or June 30, 2024. 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 June 30, 2025, 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.

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.

128 IBRD FINANCIAL STATEMENTS: June 30, 2025

**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.

**Borrowings**

*(i) 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.

*(ii) 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.

*(iii) Borrowings, at amortized cost*

The fair value of borrowings measured at amortized cost would be classified as Level 3 within the fair

value hierarchy.

**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.

IBRD FINANCIAL STATEMENTS: June 30, 2025 129

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

their respective carrying amounts:

**Table J1: Fair value and carrying amount of financial assets and liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2024* | *June 30, 2024* |
|  | *Carrying Value* | *Fair Value* | *Carrying Value* | *Fair Value* |
| **Assets** |  |  |  |  |
| Due from banks | $485 | $485 | $490 | $490 |
| Investments-Trading (including Securities <br>purchased under resale agreements)<br>| 102688 | 102688 | 82807 | 82807 |
| Net loans outstanding | 280043 | 278883 | 260236 | 257415 |
| Derivative assets, net | 666 | 666 | 456 | 456 |
| Miscellaneous assets | 115 | 115 | 88 | 88 |
| **Liabilities** |  |  |  |  |
| Borrowings, at fair value | $305679 | $305679 | $261790 | $261790 |
| Borrowings, at amortized cost | 482 | 489 |  |  |
| Securities sold/lent under repurchase <br>agreements/securities lending agreements <br>and payable for cash collateral received<br>| 312 | 312 | 256 | 256 |
| Derivative liabilities, net | 12454 | 12454 | 22728 | 22728 |

---

As of June 30, 2025, IBRD's signed loan commitments were $77 billion ($67 billion—June 30, 2024) and

had a fair value of $(0.014) billion ($0.3 billion—June 30, 2024).

130 IBRD FINANCIAL STATEMENTS: June 30, 2025

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 the investments included in the Other fund investments that are

measured using the NAV as a practical expedient are included in the table below but excluded from the

fair value hierarchy.

**Table J2: Fair value hierarchy of IBRD's assets and liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| **Assets:** |  |  |  |  |
| Investments–Trading |  |  |  |  |
| Government, agency and corporate obligations | $15957 | $28194 | $— | $44151 |
| Time deposits | 2750 | 49533 |  | 52283 |
| ABS |  | 3210 |  | 3210 |
| Other fund investments <sup>a</sup> |  | 416 |  | 2775 |
| Equity securities | 255 |  |  | 255 |
| Total Investments–Trading | $18962 | $81353 | $— | $102674 |
| Securities purchased under resale agreements | $14 | $— | $— | $14 |
| Derivative assets |  |  |  |  |
| Currency swaps <sup>b</sup> | $— | $4926 | $189 | $5115 |
| Interest rate swaps |  | 7392 | 167 | 7559 |
| Other <sup>c</sup> | 2 |  |  | 2 |
| Gross Total | $2 | $12318 | $356 | $12676 |
| Miscellaneous assets | $— | $115 | $— | $115 |
| **Liabilities:** |  |  |  |  |
| Borrowings, at fair value | $— | $300845 | $4834 | $305679 |
| Securities sold under repurchase agreements and securities lent under <br>securities lending agreements <sup>d</sup><br>| $— | $312 | $— | $312 |
| Derivative liabilities |  |  |  |  |
| Currency swaps <sup>b</sup> | $— | $7097 | $95 | $7192 |
| Interest rate swaps |  | 17331 | 192 | 17523 |
| Other <sup>c</sup> |  |  |  |  |
| Gross Total | $— | $24428 | $287 | $24715 |
| Accounts payable and miscellaneous liabilities | $— | $5 | $— | $5 |
| *a. Includes Investments held by LPF1 and GFPP of $416 million, which are carried at fair value and investments in PEBP* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*holdings of $2,359 million, which are carried at NAV and excluded from the fair value hierarchy.* | *a. Includes Investments held by LPF1 and GFPP of $416 million, which are carried at fair value and investments in PEBP* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*holdings of $2,359 million, which are carried at NAV and excluded from the fair value hierarchy.* | *a. Includes Investments held by LPF1 and GFPP of $416 million, which are carried at fair value and investments in PEBP* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*holdings of $2,359 million, which are carried at NAV and excluded from the fair value hierarchy.* | *a. Includes Investments held by LPF1 and GFPP of $416 million, which are carried at fair value and investments in PEBP* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*holdings of $2,359 million, which are carried at NAV and excluded from the fair value hierarchy.* | *a. Includes Investments held by LPF1 and GFPP of $416 million, which are carried at fair value and investments in PEBP* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*holdings of $2,359 million, which are carried at NAV and excluded from the fair value hierarchy.* |
| *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* |
| *c. Includes swaptions, options, and futures contracts.*  | *c. Includes swaptions, options, and futures contracts.*  | *c. Includes swaptions, options, and futures contracts.*  | *c. Includes swaptions, options, and futures contracts.*  | *c. Includes swaptions, options, and futures contracts.*  |
| *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 131

**Table J2.1:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* |
|  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| **Assets:** |  |  |  |  |
| Investments–Trading |  |  |  |  |
| Government agency and corporate obligations | $12940 | $19413 | $— | $32353 |
| Time deposits | 3517 | 42474 |  | 45991 |
| ABS |  | 1880 |  | 1880 |
| Other fund investments <sup>a</sup> |  |  |  | 2155 |
| Equity securities | 349 |  |  | 349 |
| Total Investments–Trading | $16806 | $63767 | $— | $82728 |
| Securities purchased under resale agreements | $20 | $59 | $— | $79 |
| Derivative assets |  |  |  |  |
| Currency swaps <sup>b</sup> | $— | $3935 | $122 | $4057 |
| Interest rate swaps |  | 7836 | $141 | 7977 |
| Other <sup>c</sup> | 1 |  |  | 1 |
| Gross Total | $1 | $11771 | $263 | $12035 |
| Miscellaneous assets | $— | $88 | $— | $88 |
| **Liabilities:** |  |  |  |  |
| Borrowings, at fair value | $— | $257735 | $4055 | $261790 |
| Securities sold under repurchase agreements and securities lent under <br>securities lending agreements <sup>d</sup><br>| $— | $256 | $— | $256 |
| Derivative liabilities |  |  |  |  |
| Currency swaps <sup>b</sup> | $— | $9816 | $91 | $9907 |
| Interest rate swaps |  | 24556 | 203 | 24759 |
| Other <sup>c</sup> |  |  | $— | $— |
| Gross Total | $— | $34372 | $294 | $34666 |
| Accounts payable and miscellaneous liabilities | $— | $2 | $— | $2 |
| *a. Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.* | *a. Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.* | *a. Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.* | *a. Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.* | *a. Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.* |
| *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* |
| *c. Includes swaptions, options, and futures contracts.* | *c. Includes swaptions, options, and futures contracts.* | *c. Includes swaptions, options, and futures contracts.* | *c. Includes swaptions, options, and futures contracts.* | *c. Includes swaptions, options, and futures contracts.* |
| *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* |

---

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.

132 IBRD FINANCIAL STATEMENTS: June 30, 2025

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 change 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 fiscal year ended June 30, 2025 and the fiscal year ended June 30, 2024, 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 2% of IBRD's borrowings.

**Table J3: Level 3 Borrowings and derivatives valuation technique and quantitative information** 

**regarding the significant unobservable inputs:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *Portfolio* | *Fair Value as* <br>*of June 30,* <br>*2025*<br>| *Fair Value as* <br>*of June 30,* <br>*2024*<br>| *Valuation* <br>*Technique*<br>| *Unobservable* <br>*input*<br>| *Range (average),* <br>*June 30, 2025*<br>| *Range (average),*<br>*June 30, 2024*<br>|
| Borrowings | $4834 | $4055 | Discounted <br>Cash Flow | Correlations | -14% to 80% (10%) | -11% to 84% (7%) |
| Borrowings | $4834 | $4055 | Discounted <br>Cash Flow | Interest rate <br>volatilities<br>| 66% to 72% (70%) | 65% to 77% (73%) |
| Borrowings | $4834 | $4055 | Discounted <br>Cash Flow | Equity index <br>volatilities<br>| 5% to 15% (10%) | 5% to 15% (9%) |
| Derivative <br>assets/(liabilities), <br>net | $69 | $(31) | Discounted <br>Cash Flow | Correlations | -14% to 80% (10%) | -11% to 84% (7%) |
| Derivative <br>assets/(liabilities), <br>net | $69 | $(31) | Discounted <br>Cash Flow | Interest rate <br>volatilities<br>| 66% to 72% (70%) | 65% to 77% (73%) |
| Derivative <br>assets/(liabilities), <br>net | $69 | $(31) | Discounted <br>Cash Flow | Equity index <br>volatilities<br>| 5% to 15% (10%) | 5% to 15% (9%) |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 133

The tables below provide the details of transfers between Level 2 and Level 3 that are due to changes in

observable inputs.

**Table J4: Borrowings and derivatives inter level transfers**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *2025* | *2025* | *2024* | *2024* |
|  | *Level 2* | *Level 3* | *Level 2* | *Level 3* |
| Borrowings |  |  |  |  |
| Transfer into (out of) | $91 | $(91) | $90 | $(90) |
| Transfer (out of) into | (103) | $103 | (46) | $46 |
|  | $(12) | $12 | $44 | $(44) |
| Derivative assets, net |  |  |  |  |
| Transfer into (out of) | $10 | $(10) | $96 | $(96) |
| Transfer (out of) into | (3) | $3 | (1) | $1 |
|  | 7 | $(7) | 95 | $(95) |
| Derivative liabilities, net |  |  |  |  |
| Transfer (into) out of | $(1) | $1 | $(63) | $63 |
| Transfer out of (into) | $21 | (21) | $7 | (7) |
|  | 20 | $(20) | (56) | $56 |
| **Total Derivative Transfers, net** | $27 | $(27) | $39 | $(39) |

---

The following tables provide a summary of changes in the fair value of IBRD's Level 3 borrowings and

derivatives:

**Table J5: Borrowings Level 3 changes**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *June 30, 2025* | *June 30, 2024* |
| Beginning of the fiscal year | $4055 | $3607 |
| Issuances | 796 | 1054 |
| Settlements | (430) | (831) |
| Total realized/unrealized mark-to-market losses (gains) in: |  |  |
| Net income | 335 | 352 |
| Other comprehensive income | 66 | (83) |
| Transfers (from) to Level 3, net | 12 | (44) |
| End of the fiscal year | $4834 | $4055 |

---

134 IBRD FINANCIAL STATEMENTS: June 30, 2025

**Table J6: Derivatives Level 3 changes**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| In millions of U.S. dollars | In millions of U.S. dollars | In millions of U.S. dollars | In millions of U.S. dollars | In millions of U.S. dollars | In millions of U.S. dollars | In millions of U.S. dollars |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Derivatives, Assets/(Liabilities) | Derivatives, Assets/(Liabilities) | Derivatives, Assets/(Liabilities) | Derivatives, Assets/(Liabilities) | Derivatives, Assets/(Liabilities) | Derivatives, Assets/(Liabilities) |
|  | Currency <br>Swaps<br>| Interest <br>Rate Swaps<br>| Total | Currency <br>Swaps<br>| Interest <br>Rate Swaps<br>| Total |
| Beginning of the fiscal year | $31 | $(62) | $(31) | $13 | $(134) | $(121) |
| Issuances |  |  |  |  | (78) | (78) |
| Settlements | 44 | (53) | (9) | 52 | 13 | 65 |
| Total realized/unrealized mark-to-<br>market gains (losses) in:<br>|  |  |  |  |  |  |
| Net income | 27 | 96 | 123 | 162 | 76 | 238 |
| Other comprehensive income | 18 | (5) | 13 | (96) |  | (96) |
| Transfers (from) to Level 3, net | (27) |  | (27) | (100) | 61 | (39) |
| End of the fiscal year | $93 | $(24) | $69 | $31 | $(62) | $(31) |

---

Information on the unrealized gains or losses included in the Statements of Income and 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 J7: Unrealized gains or losses relating to IBRD's Level 3 borrowings and derivatives**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *2025* | *2024* | *2023* |
| Reported as: |  |  |  |
| Borrowings |  |  |  |
| Net (loss) income <sup>a</sup> | $(302) | 210 | $56 |
| Other Comprehensive income (loss) <sup>b</sup> | (66) | 83 | (53) |
| Derivatives |  |  |  |
| Net income (loss) <sup>a</sup> | $316 | $(107) | $(54) |
| Other Comprehensive (loss) income <sup>c</sup> | 11 | (91) | 5 |
| *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Statements of Income.* | *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Statements of Income.* | *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Statements of Income.* | *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Statements of Income.* |
| *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option*<br>*elected liabilities, in the Statements of Comprehensive Income.* | *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option*<br>*elected liabilities, in the Statements of Comprehensive Income.* | *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option*<br>*elected liabilities, in the Statements of Comprehensive Income.* | *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option*<br>*elected liabilities, in the Statements of Comprehensive Income.* |
| *c. Amounts are included in Currency translation adjustment on functional currency, in the Statements of Comprehensive Income.* | *c. Amounts are included in Currency translation adjustment on functional currency, in the Statements of Comprehensive Income.* | *c. Amounts are included in Currency translation adjustment on functional currency, in the Statements of Comprehensive Income.* | *c. Amounts are included in Currency translation adjustment on functional currency, in the Statements of Comprehensive Income.* |

---

**Table J8: Borrowings fair value and contractual principal balance**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Fair Value* | *Principal Amount Due* <br>*Upon Maturity*<br>| *Difference* |
| June 30, 2025 | $305679 | $325327 | $(19648) |
| June 30, 2024 | $261790 | $285322 | $(23532) |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 135

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 Statements of Other

Comprehensive Income:

**Table J9: 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* <br>*elected liabilities*<br>| *2025* | *2024* |
| DVA on Fair Value Option Elected Liabilities | $1009 | $321 |
| Amounts reclassified to net income upon derecognition of a liability | (18) | 1 |
| Net change in DVA on Fair Value Option Elected Liabilities | $991 | $322 |

---

As of June 30, 2025, IBRD's Balance Sheets included a DVA of $1,664 million cumulative gains ($673

million cumulative gain—June 30, 2024) in Accumulated other comprehensive income, associated with

the changes in IBRD's own credit for financial liabilities measured under the fair value option.

**Table J10: Unrealized mark-to-market gains or losses on investments-trading, and non-trading** 

**portfolios, net**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *2025* | *2025* | *2025* |
|  | *Realized gains* <br>*(losses)*<br>| *Unrealized gains* <br>*(losses) excluding* <br>*realized amounts* <sup>a</sup><br>| *Unrealized gains* <br>*(losses)*<br>|
| **Investments-Trading, net** | $(343) | $557 | $214 |
| **Non trading portfolios, net** |  |  |  |
| Loan-related derivatives—Note F | 4 | (1376) | (1372) |
| Other assets/liabilities management <br>&nbsp;&nbsp;&nbsp;&nbsp;derivatives, net<br>|  | 1839 | 1839 |
| Borrowings, including derivatives <br>—Notes E and F<br>|  | (234) | (234) ᵇ  |
| Client operations and other derivatives, net |  | 23 | 23 |
| **Total** | $4 | $252 | $256 |

---

**Table J10.1:**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *2024* | *2024* | *2024* |
|  | *Realized gains* <br>*(losses)*<br>| *Unrealized gains* <br>*(losses) excluding* <br>*realized amounts* <sup>a</sup><br>| *Unrealized gains* <br>*(losses)*<br>|
| **Investments-Trading, net** | $113 | $(22) | $91 |
| **Non trading portfolios, net** |  |  |  |
| Loan-related derivatives—Note F |  | (458) | (458) |
| Other assets/liabilities management <br>&nbsp;&nbsp;&nbsp;&nbsp;derivatives, net<br>|  | 708 | 708 |
| Borrowings, including derivatives <br>—Notes E and F<br>| 2 | 7 | 9 ᵇ |
| Client operations and other derivatives, net |  | 30 | 30 |
| **Total** | $2 | $287 | $289 |

---

136 IBRD FINANCIAL STATEMENTS: June 30, 2025

**Table J10.2:**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *2023* | *2023* | *2023* |
|  | *Realized gains* <br>*(losses)*<br>| *Unrealized gains* <br>*(losses) excluding* <br>*realized amounts* <sup>a</sup><br>| *Unrealized gains* <br>*(losses)*<br>|
| **Investments-Trading, net** | $(42) | $126 | $84 |
| **Non trading portfolios, net** |  |  |  |
| Loan-related derivatives—Note F | 4 | 1673 | 1677 |
| Other assets/liabilities management <br>&nbsp;&nbsp;&nbsp;&nbsp;derivatives, net<br>|  | (1642) | (1642) |
| Borrowings, including derivatives <br>—Notes E and F<br>| 8 | (198) | (190) ᵇ  |
| Client operations and other derivatives, net |  |  |  |
| **Total** | $12 | $(167) | (155) |
| *a. Adjusted to exclude amounts reclassified to realized gains (losses).* | *a. Adjusted to exclude amounts reclassified to realized gains (losses).* | *a. Adjusted to exclude amounts reclassified to realized gains (losses).* | *a. Adjusted to exclude amounts reclassified to realized gains (losses).* |
| *b. Includes $7,714 million of unrealized mark-to-market gains related to derivatives associated with borrowings for fiscal year*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ended June 30, 2025 (unrealized mark-to-market gains of $4,220 million—fiscal year ended June 30, 2024 and unrealized* <br>*mark-to-market losses of $5,851 million—fiscal year ended June 30, 2023).* | *b. Includes $7,714 million of unrealized mark-to-market gains related to derivatives associated with borrowings for fiscal year*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ended June 30, 2025 (unrealized mark-to-market gains of $4,220 million—fiscal year ended June 30, 2024 and unrealized* <br>*mark-to-market losses of $5,851 million—fiscal year ended June 30, 2023).* | *b. Includes $7,714 million of unrealized mark-to-market gains related to derivatives associated with borrowings for fiscal year*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ended June 30, 2025 (unrealized mark-to-market gains of $4,220 million—fiscal year ended June 30, 2024 and unrealized* <br>*mark-to-market losses of $5,851 million—fiscal year ended June 30, 2023).* | *b. Includes $7,714 million of unrealized mark-to-market gains related to derivatives associated with borrowings for fiscal year*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ended June 30, 2025 (unrealized mark-to-market gains of $4,220 million—fiscal year ended June 30, 2024 and unrealized* <br>*mark-to-market losses of $5,851 million—fiscal year ended June 30, 2023).* |

---

**NOTE K—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 PEBP (collectively "the Pension Plans") that cover substantially all of their staff

members.

The SRP provides pension benefits and includes a cash balance plan. The RSBP provides certain health

and life insurance benefits to eligible retirees. The PEBP provides certain pension benefits administered

outside the SRP.

IBRD uses a June 30<sup>th</sup> measurement date for its pension and other postretirement benefit plans.

All costs, assets and liabilities associated with these 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. IDA, IFC and MIGA

reimburse IBRD for their proportionate share of any contributions made to these plans by IBRD.

Contributions to the Pension Plans are calculated as a percentage of salary.

IBRD FINANCIAL STATEMENTS: June 30, 2025 137

The following table summarizes the benefit costs associated with the SRP, RSBP, and PEBP for IBRD

and IDA:

**Table K1: Pension Plan benefit costs**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *SRP* | *SRP* | *SRP* | *RSBP* | *RSBP* | *RSBP* | *PEBP* | *PEBP* | *PEBP* |
|  | *2025* | *2024* | *2023* | *2025* | *2024* | *2023* | *2025* | *2024* | *2023* |
| Service cost | $424 | $401 | $511 | $111 | $112 | $139 | $77 | $82 | $93 |
| Interest cost | 1152 | 1011 | 944 | 180 | 162 | 162 | 110 | 99 | 92 |
| Expected return on plan <br>assets<br>| (1492) | (1377) | (1386) | (266) | (243) | (238) |  |  |  |
| Amortization of <br>unrecognized prior <br>service costs <sup>a</sup><br>| 3 | 3 | 3 | 2 | 2 | 14 | 3 | 3 | 3 |
| Amortization of <br>unrecognized net <br>actuarial (gains) <br>losses <sup>a</sup><br>|  |  |  | (64) | (67) | (28) |  |  |  |
| Net periodic pension <br>cost<br>| $87 | $38 | $72 | $(37) | $(34) | $49 | $190 | $184 | $188 |
| of which: |  |  |  |  |  |  |  |  |  |
| IBRD's share  | $41 | $18 | $34 | $(18) | $(16) | $23 | $89 | $88 | $89 |
| IDA's share | 46 | 20 | 38 | (19) | (18) | 26 | 101 | 96 | 99 |
|  |  |  |  |  |  |  | *2025* | *2024* | *2023* |
| Net periodic pension cost (all three plans combined) | Net periodic pension cost (all three plans combined) | Net periodic pension cost (all three plans combined) | Net periodic pension cost (all three plans combined) |  |  |  |  |  |  |
| IBRD's share |  |  |  |  |  |  | $112 | $90 | $146 |
| IDA's share |  |  |  |  |  |  | 128 | 98 | 163 |
| *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in Amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* |

---

IDA's share of benefit costs is included as a payable to/receivable from IDA in Other liabilities – Accounts

payable and miscellaneous liabilities on the Balance Sheets (see Note H—Transactions with Affiliated

Organizations).

The components of net periodic pension cost, other than the service cost component, are included in the

Non-interest expenses – Other line item in the Statements of Income. The service cost component is

included in the line item Non-interest expenses – Administrative expenses.

138 IBRD FINANCIAL STATEMENTS: June 30, 2025

The following table provides details of the Pension service cost:

**Table K2: Pension service cost**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *2025* | *2025* | *2025* | *2025* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* |
| Service cost | $424 | $111 | $77 | $612 |
| Of which: |  |  |  |  |
| IBRD's share  | $199 | $52 | $36 | $287 |
| IDA's share | 225 | 59 | 41 | 325 |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *2024* | *2024* | *2024* | *2024* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* |
| Service cost | $401 | $112 | $82 | $595 |
| Of which: |  |  |  |  |
| IBRD's share  | $191 | $53 | $40 | $284 |
| IDA's share | 210 | 59 | 42 | 311 |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *2023* | *2023* | *2023* | *2023* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* |
| Service cost | $511 | $139 | $93 | $743 |
| Of which: |  |  |  |  |
| IBRD's share  | $241 | $66 | $44 | $351 |
| IDA's share | 270 | 73 | 49 | 392 |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 139

The following table summarizes the Projected Benefit Obligations (PBO), fair value of plan assets, and

funded status associated with the SRP, RSBP, and PEBP for IBRD and IDA. The SRP and RSBP assets

are held in separate trusts and the PEBP assets are included in IBRD's investment portfolio. The assets

of the PEBP are mostly invested in fixed income, equity instruments and other fund investments.

**Table K3: PBO, funded status and accumulated benefit obligations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *SRP* | *SRP* | *RSBP* | *RSBP* | *PEBP* | *PEBP* |
|  | *2025* | *2024* | *2025* | *2024* | *2025* | *2024* |
| **Projected Benefit Obligations** |  |  |  |  |  |  |
| Beginning of year | $22166 | $21208 | $3408 | $3341 | $2097 | $2057 |
| Service cost | 424 | 401 | 111 | 112 | 77 | 82 |
| Interest cost | 1152 | 1011 | 180 | 162 | 110 | 99 |
| Participant contributions | 193 | 181 | 34 | 33 | 5 | 4 |
| Benefits paid | (1073) | (961) | (126) | (117) | (58) | (57) |
| Actuarial loss (gain) | (1307) | 326 | (882) | (123) | (161) | (88) |
| End of year | 21555 | 22166 | 2725 | 3408 | 2070 | 2097 |
| **Fair value of plan assets** |  |  |  |  |  |  |
| Beginning of year | 25689 | 24565 | 4540 | 4281 |  |  |
| Participant contributions | 193 | 181 | 34 | 33 |  |  |
| Actual return on assets | 2454 | 1749 | 438 | 303 |  |  |
| Employer contributions | 137 | 155 | 35 | 40 |  |  |
| Benefits paid | (1073) | (961) | (126) | (117) |  |  |
| End of year | 27400 | 25689 | 4921 | 4540 |  |  |
| **Funded Status-Over (Under)** <sup>a</sup> | $5845 | $3523 | $2196 | $1132 | $(2070) | $(2097) |
| **Accumulated Benefit** <br>**Obligations**<br>| $20506 | $20968 | $2725 | $3408 | $1925 | $1931 |
| *a. Over-Funded status is included in Other Assets – Assets under retirement benefits plans on the Balance Sheets and Under -*<br>*Funded status Other liabilities – Liabilities under retirement benefits plans on the Balance Sheets.* | *a. Over-Funded status is included in Other Assets – Assets under retirement benefits plans on the Balance Sheets and Under -*<br>*Funded status Other liabilities – Liabilities under retirement benefits plans on the Balance Sheets.* | *a. Over-Funded status is included in Other Assets – Assets under retirement benefits plans on the Balance Sheets and Under -*<br>*Funded status Other liabilities – Liabilities under retirement benefits plans on the Balance Sheets.* | *a. Over-Funded status is included in Other Assets – Assets under retirement benefits plans on the Balance Sheets and Under -*<br>*Funded status Other liabilities – Liabilities under retirement benefits plans on the Balance Sheets.* | *a. Over-Funded status is included in Other Assets – Assets under retirement benefits plans on the Balance Sheets and Under -*<br>*Funded status Other liabilities – Liabilities under retirement benefits plans on the Balance Sheets.* | *a. Over-Funded status is included in Other Assets – Assets under retirement benefits plans on the Balance Sheets and Under -*<br>*Funded status Other liabilities – Liabilities under retirement benefits plans on the Balance Sheets.* | *a. Over-Funded status is included in Other Assets – Assets under retirement benefits plans on the Balance Sheets and Under -*<br>*Funded status Other liabilities – Liabilities under retirement benefits plans on the Balance Sheets.* |

---

As of June 30, 2025, the SRP and RSBP were overfunded by $5,845 million and $2,196 million,

respectively. The PEBP, after reflecting IBRD and IDA's share of assets which totals $2,359 million, within

IBRD's investment portfolio, was overfunded by $289 million.

During the fiscal years ended June 30, 2025 and June 30, 2024, there were no amendments made to the

retirement benefit plans.

The following tables present the amounts included in Accumulated Other Comprehensive Income/Loss

relating to Pension and Other Postretirement Benefits:

**Table K4: Amounts included in Accumulated Other Comprehensive Income as of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *SRP* | *RSBP* | *PEBP* | *Total* |
| Net actuarial (gains)  | $(4491) | $(2424) | $(246) | $(7161) |
| Prior service cost |  | 7 |  | 7 |
| Net amount recognized in Accumulated Other Comprehensive <br>Income<br>| $(4491) | $(2417) | $(246) | $(7154) |

---

140 IBRD FINANCIAL STATEMENTS: June 30, 2025

**Table K4.1: Amounts included in Accumulated Other Comprehensive Income as of June 30, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *SRP* | *RSBP* | *PEBP* | *Total* |
| Net actuarial (gains)  | $(2222) | $(1434) | $(85) | $(3741) |
| Prior service cost | 3 | 9 | 3 | 15 |
| Net amount recognized in Accumulated Other Comprehensive <br>Income<br>| $(2219) | $(1425) | $(82) | $(3726) |

---

**Assumptions**

The actuarial assumptions used are based on financial market interest rates, inflation expectations, past

experience, and Management's best estimate of future benefit changes and economic conditions.

Changes in these assumptions will impact future benefit costs and obligations.

The expected long-term rate of return for the SRP assets is a weighted average of the expected long-term

(10 years or more) returns for the various asset classes, weighted by the portfolio allocation. Asset class

returns are developed using a forward-looking building block approach. Equity returns are generally

developed as the sum of expected inflation, expected real earnings growth and expected long-term

dividend yield. Bond returns are generally developed as the sum of expected inflation, real bond yield,

duration-adjusted change in yields and risk premium/spread (as appropriate). Other asset class returns

are derived from their relationship to equity and bond markets. The expected long-term rate of return for

the RSBP is computed using procedures similar to those used for the SRP. The discount rate used in

determining the benefit obligation is selected by reference to the year-end yield of AA corporate bonds.

Actuarial gains and losses occur when actual results are different from expected results. Amortization of

these unrecognized gains and losses will be included in income if, at the beginning of the fiscal year, they

exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets. If

required, the unrecognized gains and losses are amortized over the expected average remaining service

lives of the employee group.

The following tables present the weighted-average assumptions used in determining the projected benefit

obligations and the net periodic pension costs:

**Table K5: Weighted average assumptions used to determine projected benefit obligations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* |
|  | *SRP* | *SRP* | *RSBP* | *RSBP* | *PEBP* | *PEBP* |
|  | *2025* | *2024* | *2025* | *2024* | *2025* | *2024* |
| Discount rate | 5.50 | 5.30 | 5.60 | 5.40 | 5.50 | 5.30 |
| Rate of compensation increase | 4.80 | 5.20 |  |  | 4.80 | 5.20 |
| Health care growth rates |  |  |  |  |  |  |
| –at end of fiscal year |  |  | 6.00 | 5.40 |  |  |
| Ultimate health care growth rate |  |  | 4.00 | 4.40 |  |  |
| Year in which ultimate rate is reached |  |  | 2033 | 2031 |  |  |
| Interest crediting rate | 5.00 | 5.40 | n.a | n.a | 5.00 | 5.40 |

---

IBRD FINANCIAL STATEMENTS: June 30, 2025 141

**Table K6: Weighted average assumptions used to determine net periodic pension cost**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* | *In percent, except years* |
|  | *SRP* | *SRP* | *SRP* | *RSBP* | *RSBP* | *RSBP* | *PEBP* | *PEBP* | *PEBP* |
|  | *2025* | *2024* | *2023* | *2025* | *2024* | *2023* | *2025* | *2024* | *2023* |
| Discount rate | 5.30 | 4.90 | 4.40 | 5.40 | 4.90 | 4.50 | 5.30 | 4.90 | 4.50 |
| Expected return on plan assets | 5.90 | 5.70 | 5.90 | 5.90 | 5.70 | 5.90 |  |  |  |
| Rate of compensation increase | 5.20 | 5.10 | 5.30 |  |  |  | 5.20 | 5.10 | 5.30 |
| Health care growth rates |  |  |  |  |  |  |  |  |  |
| –at end of fiscal year |  |  |  | 5.40 | 5.40 | 5.80 |  |  |  |
| Ultimate health care growth rate |  |  |  | 4.40 | 4.20 | 4.40 |  |  |  |
| Year in which ultimate rate is reached |  |  |  | 2031 | 2031 | 2031 |  |  |  |
| Interest crediting rate | 5.40 | 5.20 | 5.40 | n.a | n.a | n.a | 5.40 | 5.20 | 5.40 |

---

The medical cost trend rate can significantly affect the reported postretirement benefit income or costs

and benefit obligations for the RSBP. For the fiscal year ended June 30, 2025, the net actuarial gains

were primarily attributable to the decrease in the expected inflation assumption and an increase in the

nominal discount rate, offset by changes in demographic experience. In addition, there was an increase in

the value of the plan assets that exceeded the expected asset returns. For the fiscal year ended June 30,

2024, the actuarial gains were primarily due to an increase in the value of the plan assets in excess of

expected asset returns which was partially offset by the actuarial losses attributable to the increase in

inflation assumptions and demographic experience.

**Investment Strategy**

The investment policies establish the framework for investment of the plan assets based on long-term

investment objectives and the trade-offs inherent in seeking adequate investment returns within

acceptable risk parameters. A key component of the investment policy is to establish a Strategic Asset

Allocation (SAA) representing the policy portfolio (i.e., policy mix of assets) around which the SRP and

RSBP (the Plans) are invested. The SAA is derived using a mix of quantitative analysis that incorporates

expected returns and volatilities by asset class as well as correlations across the asset classes, and

qualitative considerations such as the liquidity needs of the Plans. The SAA for the Plans is reviewed in

detail and reset about every three to five years, with more frequent reviews and changes if and as needed

based on market conditions.

The key long-term objective is to generate asset performance that is reasonable in relation to the growth

rate of the underlying liabilities and the assumed sponsor contribution rates, without taking undue risks.

Given the relatively long investment horizons of the SRP and RSBP, and the relatively modest liquidity

needs over the short-term to pay benefits and meet other cash requirements, the focus of the investment

strategy is on generating sustainable long-term investment returns through a globally diversified set of

strategies including fixed income, public and private equity and real assets. The last SAA review effective

July 1, 2024 resulted in an increased allocation to Credit Strategiesfrom 6% to 7% and Real Assets from

13% to 15% while reducing the Public Equities allocation from 31% to 29% and Market Neutral Hedge

Funds from 10% to 9%.

142 IBRD FINANCIAL STATEMENTS: June 30, 2025

The following table presents the policy asset allocation and the actual asset allocations by asset category

for the SRP and RSBP:

**Table K7: Policy and actual asset allocations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *SRP* | *SRP* | *SRP* | *RSBP* | *RSBP* | *RSBP* |
|  | *Policy allocation* <br>*2025 (%)* | *Actual Allocation (%)* | *Actual Allocation (%)* | *Policy allocation* <br>*2025 (%)* | *Actual Allocation (%)* | *Actual Allocation (%)* |
| **Asset class** | *Policy allocation* <br>*2025 (%)* | *2025* | *2024* | *Policy allocation* <br>*2025 (%)* | *2025* | *2024* |
| Fixed income and Cash | 20 | 19 | 19 | 20 | 20 | 19 |
| Credit Strategies | &nbsp;&nbsp;&nbsp;&nbsp;7  | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Public equity | 29 | 25 | 22 | 29 | 25 | 23 |
| Private equity | 20 | 24 | 27 | 20 | 23 | 26 |
| Market neutral hedge funds | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;9 | 9 | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;9 | 8 |
| Real assets <sup>a</sup> | 15 | 14 | 14 | 15 | 15 | 15 |
| Other <sup>b</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;1 |  | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Total** | 100 | 100 | 100 | 100 | 100 | 100 |
| *a. Includes public and private real estate, infrastructure and timber.* | *a. Includes public and private real estate, infrastructure and timber.* | *a. Includes public and private real estate, infrastructure and timber.* | *a. Includes public and private real estate, infrastructure and timber.* | *a. Includes public and private real estate, infrastructure and timber.* | *a. Includes public and private real estate, infrastructure and timber.* | *a. Includes public and private real estate, infrastructure and timber.* |
| *b. Includes authorized investments that are outside the policy allocations primarily in hedge funds.* | *b. Includes authorized investments that are outside the policy allocations primarily in hedge funds.* | *b. Includes authorized investments that are outside the policy allocations primarily in hedge funds.* | *b. Includes authorized investments that are outside the policy allocations primarily in hedge funds.* | *b. Includes authorized investments that are outside the policy allocations primarily in hedge funds.* | *b. Includes authorized investments that are outside the policy allocations primarily in hedge funds.* | *b. Includes authorized investments that are outside the policy allocations primarily in hedge funds.* |

---

**Significant Concentrations of Risk in Plan Assets**

The assets of the SRP and RSBP are diversified across a variety of asset classes. Investments in these

asset classes are further diversified across funds, managers, strategies, geographies and sectors, to limit

the impact of any individual investment. In spite of such level of diversification, equity market risk remains

the primary source of the overall return volatility of the Plans. As of June 30, 2025, the largest exposure to

a single counterparty was 12% and 13%of the plan assets in SRP and RSBP, respectively (10% and

12%, respectively—June 30, 2024).

**Risk Management Practices** 

Managing investment risk is an integral part of managing the assets of the Plans. Asset diversification is

central to the overall investment strategy and risk management approach for the Plans. Absolute risk

indicators such as the overall return volatility and drawdown of the Plans are the primary measures used

to define the risk tolerance level and establish the overall level of investment risk. In addition, the level of

active risk (defined as the annualized standard deviation of portfolio returns relative to those of the policy

portfolio) is closely monitored and managed on an ongoing basis.

Market risk is regularly monitored at the absolute level, as well as at the relative levels with respect to the

investment policy, manager benchmarks, and liabilities of the Plans. Stress tests are performed

periodically using relevant market scenarios to assess the impact of extreme market events.

Monitoring of performance (at both manager and asset class levels) against benchmarks, and compliance

with investment guidelines, are carried out on a regular basis which provides helpful information for

assessing the impact on the portfolios caused by market risk factors. Risk management for different asset

classes is tailored to their specific characteristics and is an integral part of the external managers' due

diligence and monitoring processes.

Credit risk is monitored on a regular basis and assessed for possible credit event impacts. The liquidity

position of the Plans is analyzed at regular intervals and periodically tested using various stress scenarios

to ensure that the Plans have sufficient liquidity to meet all cash flow requirements. In addition, the long-

term cash flow needs of the Plans are considered during the SAA exercise and are one of the main

drivers in determining maximum allocation to the illiquid investment vehicles.

IBRD FINANCIAL STATEMENTS: June 30, 2025 143

**Fair Value Measurements and Disclosures**

All plan assets are measured at fair value on a recurring basis. The following tables present the fair value

hierarchy of major categories of plan assets:

**Table K8: Plan assets fair value hierarchy**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *SRP* | *SRP* | *SRP* | *SRP* | *RSBP* | *RSBP* | *RSBP* | *RSBP* |
|  | *Level 1* | *Level 2* | *Level 3* | *Total* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| *Debt securities* |  |  |  |  |  |  |  |  |
| Short-term investments | $9 | $8 | $— | $17 | $4 | $4 | $— | $8 |
| Securities purchased under resale <br>agreements<br>| 150 |  |  | 150 | 35 |  |  | 35 |
| Government and agency securities | 3434 | 461 |  | 3895 | 666 | 94 |  | 760 |
| Corporate and convertible bonds |  | 385 |  | 385 |  | 73 |  | 73 |
| ABS |  | 199 |  | 199 |  | 37 |  | 37 |
| MBS |  | 618 |  | 618 |  | 106 |  | 106 |
| Total debt securities | 3593 | 1671 |  | 5264 | 705 | 314 |  | 1019 |
| *Equity securities* |  |  |  |  |  |  |  |  |
| Stocks | 2607 |  |  | 2607 | 485 |  |  | 485 |
| Real estate investment trusts (REITs) | 184 |  |  | 184 | 27 |  |  | 27 |
| Total equity securities | 2791 |  |  | 2791 | 512 |  |  | 512 |
| Other funds at NAV <sup>a</sup> |  |  |  |  |  |  |  |  |
| Commingled funds |  |  |  | 4365 |  |  |  | 746 |
| Private equity funds |  |  |  | 6459 |  |  |  | 1126 |
| Private credit funds |  |  |  | 2072 |  |  |  | 352 |
| Real asset funds (including infrastructure <br>and timber)<br>|  |  |  | 3680 |  |  |  | 703 |
| Hedge funds |  |  |  | 2590 |  |  |  | 444 |
| Total other funds |  |  |  | 19166 |  |  |  | 3371 |
| Derivative assets/liabilities | 8 | (1) |  | 7 | 3 |  |  | 3 |
| Other assets/liabilities, net <sup>b</sup> |  |  |  | 172 |  |  |  | 16 |
| **Total assets** | $6392 | $1670 | $— | $27400 | $1220 | $314 | $— | $4921 |
| *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* |
| *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* |

---

144 IBRD FINANCIAL STATEMENTS: June 30, 2025

**K8.1**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* | *June 30, 2024* |
|  | *SRP* | *SRP* | *SRP* | *SRP* | *RSBP* | *RSBP* | *RSBP* | *RSBP* |
|  | *Level 1* | *Level 2* | *Level 3* | *Total* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| *Debt securities* |  |  |  |  |  |  |  |  |
| Short-term investments | $11 | $37 | $— | $48 | $5 | $8 | $— | $13 |
| Securities purchased under resale <br>agreements<br>| 218 |  |  | 218 | 37 |  |  | 37 |
| Government and agency securities | 2515 | 273 |  | 2788 | 540 | 48 |  | 588 |
| Corporate and convertible bonds |  | 366 |  | 366 |  | 71 |  | 71 |
| ABS |  | 165 |  | 165 |  | 35 |  | 35 |
| MBS |  | 410 |  | 410 |  | 78 |  | 78 |
| Total debt securities | 2744 | 1251 |  | 3995 | 582 | 240 |  | 822 |
| *Equity securities* |  |  |  |  |  |  |  |  |
| Stocks | 2680 |  |  | 2680 | 423 |  |  | 423 |
| Real estate investment trusts (REITs) | 176 |  |  | 176 | 26 |  |  | 26 |
| Total equity securities | 2856 |  |  | 2856 | 449 |  |  | 449 |
| Other funds at NAV <sup>a</sup> |  |  |  |  |  |  |  |  |
| Commingled funds |  |  |  | 3729 |  |  |  | 651 |
| Private equity funds |  |  |  | 6935 |  |  |  | 1160 |
| Private credit funds |  |  |  | 2118 |  |  |  | 354 |
| Real asset funds (including infrastructure <br>and timber)<br>|  |  |  | 3423 |  |  |  | 653 |
| Hedge funds |  |  |  | 2539 |  |  |  | 431 |
| Total other funds |  |  |  | 18744 |  |  |  | 3249 |
| Derivative assets/liabilities | 9 | 2 |  | 11 | 1 |  |  | 1 |
| Other assets/liabilities, net <sup>b</sup> |  |  |  | 83 |  |  |  | 19 |
| **Total assets** | $5609 | $1253 | $— | $25689 | $1032 | $240 | $— | $4540 |
| *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* | *a. Investments measured at fair value using NAV as a practical expedient have not been included under the fair value hierarchy.* |
| *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* | *b. Includes receivables and payables carried at amounts that approximate fair value.* |

---

**Valuation Methods and Assumptions**

The following are general descriptions of asset categories, as well as the valuation methodologies and

inputs used to determine the fair value of each major category of plan assets. Investment amounts in the

asset categories shown in the table above may be different from the asset category allocation shown in

the Investment Strategy section of the note. Asset classes in the table above are grouped by the

characteristics of the investments held. The asset class break-down in the Investment Strategy section is

based on Management's view of the economic exposures after considering the impact of derivatives and

certain trading strategies.

**Debt securities**

Debt securities include discount notes, securities purchased under resale agreements, U.S. treasuries

and agencies, debt obligations of foreign governments, sub-sovereigns and domestic and foreign

corporations. Debt securities also include investments in ABS such as collateralized mortgage obligations

and MBS. These securities are valued by independent pricing vendors either at quoted prices in active

markets or valuation techniques incorporating observable market inputs such as dealer quotes, yield

curves, interest rates, volatilities, foreign exchange rates, credit curves and other market datafor the

same or similar securities., Some debt securities require significant unobservable inputs, involving

judgment in their valuation. Management believes its estimates of fair value are reasonable based on

sourcing securities prices from multiple independent third-party vendors and periodic reviews over

valuation. Money market instruments and securities purchased under resale agreements are reported at

discounted face value which approximates fair value.

IBRD FINANCIAL STATEMENTS: June 30, 2025 145

**Equity securities**

Equity securities (including REITs) represent investments in entities in various industries and countries.

Investments in public equity listed on securities exchanges are valued at the quoted closing price on the

last business day of the reporting period.

**Commingled funds**

Commingled funds are typically collective investment vehicles, such as trusts that are reported at NAV as

provided by the investment manager or sponsor of the fund based on the valuation of underlying

investments.

**Private equity funds** 

Private equity fundsinclude investments primarily in buyout, venture, growth capital, and secondary funds

across North America, Europe and Asia in a variety of sectors. Many of these funds are in the investment

phase of their life-cycle. Private Equity investments do not have a readily determinable fair market value

and are reported at NAV provided by the fund managers, taking into consideration the latest audited

financial statements of the funds.

**Private credit funds** 

Private credit funds include <u>i</u>nvestments primarily in several direct lending funds that provide private

financing to medium-sized companies, and funds focused on opportunistic credit, specialty financing and

asset-based lending. The funds with these strategies offer attractive yields with downside protection

compared to public credit markets. Many of these funds are in the investment phase of their life cycle.

Private credit investments do not have a readily determinable fair value and are reported at NAV provided

by the fund managers, taking into consideration the latest audited financial statements of the funds.

**Real asset funds (including real estate, infrastructure and timber)**

Real asset funds include investments in core real estate, non-core real estate investments (such as debt,

value add, and opportunistic equity investments) and infrastructure. Real asset investments do not have a

readily determinable fair market value and are reported at NAV provided by the fund managers, taking

into consideration the latest audited financial statements of the funds.

**Hedge funds**

Hedge funds consist of investments in equity fundamental, equity quantitative, fixed income arbitrage,

multi strategy, macro discretionary, macro quantitative, volatility arbitrage, and merger arbitrage

strategies. These investments do not have a readily determinable fair market value and are reported at

NAV provided by external managers or fund administrators (based on the valuations of underlying

investments) monthly, taking into consideration the latest audited financial statements of the funds.

Investments in hedge funds and commingled funds can typically be redeemed at NAV within the near

term while investments in private equity and most real estate are inherently long term and illiquid in nature

with a quarter lag in reporting by the fund managers. Since the reporting of those asset classes is done

with a lag, management estimates are based on the latest available information considering underlying

market fundamentals and significant events through the Balance Sheet date.

**Investment in derivatives**

Investment in derivatives such as equity or bond futures, swaps, options and currency forwards are used

to achieve a variety of objectives that include hedging interest rates and currency risks, gaining desired

market exposure of a security, an index or currency exposure and rebalancing the portfolio. Over-the-

counter derivatives are reported using valuations based on discounted cash flow methods incorporating

observable market inputs.

146 IBRD FINANCIAL STATEMENTS: June 30, 2025

**Estimated Future Benefit Payments**

The following table shows the benefit payments expected to be paid in each of the next five years and

subsequent five years. The expected benefit payments are based on the same assumptions used to

measure the benefit obligation:

**Table K9: Expected benefit payments**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *SRP* | *RSBP* | *PEBP* |
| July 1, 2025 - June 30, 2026 | $1166 | $92 | $87 |
| July 1, 2026 - June 30, 2027 | 1203 | 99 | 92 |
| July 1, 2027 - June 30, 2028 | 1246 | 106 | 98 |
| July 1, 2028 - June 30, 2029 | 1289 | 113 | 105 |
| July 1, 2029 - June 30, 2030 | 1335 | 120 | 112 |
| July 1, 2030 - June 30, 2035 | 7345 | 713 | 662 |

---

**Expected Contributions**

IBRD's contribution to the SRP and RSBP varies from year to year, as determined by the Pension

Finance Committee (PFC), which bases its judgment on the results of annual actuarial valuations of the

assets and liabilities of the SRP and RSBP. The best estimate of the amount of contributions expected to

be paid to the SRP and RSBP by IBRD and IDA during the fiscal year beginning July 1, 2025 is $140

million and $26 million, respectively.

**NOTE L—TRUST FUNDS ADMINISTRATION AND OTHER SERVICES**

**Trust Funds**

IBRD, alone or jointly with one or more of its affiliated organizations, administers on behalf of donors,

including members, their agencies and other entities, funds restricted for specific uses in accordance with

administration agreements with donors. Specified uses could include co-financing of IBRD lending

projects, debt reduction operations, technical assistance including feasibility studies and project

preparation, global and regional programs, and research and training programs. These funds are held in

trust with IBRD and/or IDA, and are held in a separate investment portfolio which is not commingled with

IBRD and/or IDA funds.

Trust fund execution may be carried out in one of two ways: recipient-executed or Bank-executed

activities.

Recipient-executed activities for trust funds involve activities carried out by a recipient third-party

executing agency. IBRD enters into agreements with and disburses funds to those recipients, who then

exercise spending authority to meet the objectives and comply with terms stipulated in the agreements.

Bank-executed activities for trust funds involve IBRD execution of activities as described in relevant

administration agreements with donors, which define the terms and conditions for use of the funds.

Spending authority is exercised by IBRD, under the terms of the administration agreements. The

executing agency services provided by IBRD vary and include for example, activity preparation, analytical

and advisory activities and project-related activities, including procurement of goods and services.

IBRD FINANCIAL STATEMENTS: June 30, 2025 147

The following table summarizes the expenses pertaining to Bank-executed activities for trust funds:

**Table L1: Expenses for Bank-executed activities for trust funds**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *2025* | *2024* | *2023* |
| Expenses for Bank-executed activities for trust funds | $604 | $612 | $570 |

---

These amounts are included in Administrative expenses and the corresponding revenue is included in

Revenue from externally funded activities in the Statements of Income. Administrative expenses primarily

relate to staff costs, travel and consultant fees.

The following table summarizes all undisbursed contributions made by third party donors to Bank-

executed activities for trust funds, recognized on the Balance Sheets:

**Table L2: Undisbursed contributions by third party donors to Bank-executed activities for trust** 

**funds**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *2025* | *2024* |
| Bank-executed activities for trust funds | $575 | $637 |

---

These amounts are included in Other assets - Miscellaneous and the corresponding liabilities are

included in Other liabilities – Accounts payable and miscellaneous liabilities on the Balance Sheets.

**Revenues** 

IBRD's revenues for the administration of trust fund operations were as follows:

**Table L3: Trust fund administration revenues**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *2025* | *2024* | *2023* |
| Revenues | $91 | $99 | $62 |

---

These amounts are included in Revenue from externally funded activities in the Statements of Income.

Revenue collected from donor contributions for trust fund administration fees, but not yet earned by IBRD

totaling $87 million as of June 30, 2025 ($101 million—June 30, 2024) is included in Other assets -

Miscellaneous and in Other liabilities – Accounts payable and miscellaneous liabilities, respectively on the

Balance Sheets.

**Investment Management Services**

IBRD offers treasury and investment management services to affiliated and non-affiliated organizations.

In addition, IBRD offers asset management and technical advisory services to central banks of member

countries, under the Reserves Advisory and Management Program, for capacity building and other

development purposes, and receives a fee for these services.

During the fiscal year ended June 30, 2025, IBRD's fee revenue from investment management activities

totaled $18 million ($17 million –June 30, 2024 and $16 million – June 30, 2023) and is included in

Revenue from externally funded activities in the Statements of Income.

148 IBRD FINANCIAL STATEMENTS: June 30, 2025

**NOTE M—SEGMENT REPORTING**

IBRD has determined that it has a single reportable operating segment. The President is the Chief

Operating Decision Maker (CODM), who regularly reviews operational performance and financial

measures of IBRD to assess performance and allocate resources.

The Administrative budget for IBRD and IDA is approved and managed as a single resource. The CODM

receives expense information on the combined basis for IBRD and IDA. As a result, no significant

segment expense amounts are presented separately for IBRD to the CODM. The measure of segment

profit or loss is at the entity level and is reported on the Statements of Income as Net (loss) income. The

measure of segment assets is reported on the Balance Sheets as Total assets.

The following table presents IBRD's revenues by products/services:

**Table M1: Revenues by products/services**

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *Fiscal Year Ended June 30,* | *Fiscal Year Ended June 30,* | *Fiscal Year Ended June 30,* |
| *Revenue* | *2025* | *2024* | *2023* |
| Loan Revenue <sup>a</sup> | $14431 | $14712 | $10279 |
| Revenue from externally funded activities | 947 | 960 | 878 |
| Guarantee fees <sup>b</sup> | 41 | 42 | 37 |
| Total | $15419 | $15714 | $11194 |
| *a. For the fiscal year ended June 30, 2025 includes commitment charges of $152 million ($149 million –June 30, 2024 and $124*<br>*million – June 30, 2023) and excludes interest from loan related derivatives of $1,022 million ($1,268 million –June 30, 2024*<br>*and $367 million – June 30, 2023)* | *a. For the fiscal year ended June 30, 2025 includes commitment charges of $152 million ($149 million –June 30, 2024 and $124*<br>*million – June 30, 2023) and excludes interest from loan related derivatives of $1,022 million ($1,268 million –June 30, 2024*<br>*and $367 million – June 30, 2023)* | *a. For the fiscal year ended June 30, 2025 includes commitment charges of $152 million ($149 million –June 30, 2024 and $124*<br>*million – June 30, 2023) and excludes interest from loan related derivatives of $1,022 million ($1,268 million –June 30, 2024*<br>*and $367 million – June 30, 2023)* | *a. For the fiscal year ended June 30, 2025 includes commitment charges of $152 million ($149 million –June 30, 2024 and $124*<br>*million – June 30, 2023) and excludes interest from loan related derivatives of $1,022 million ($1,268 million –June 30, 2024*<br>*and $367 million – June 30, 2023)* |
| *b. Included in Non-interest revenue-Other,net on the Statements of Income and excludes recoverable asset related to guarantees*<br>*received and other miscellaneous income of $129 million for the fiscal year ended June 30, 2025(Nil –June 30, 2024 and $6*<br>*million – June 30, 2023)* | *b. Included in Non-interest revenue-Other,net on the Statements of Income and excludes recoverable asset related to guarantees*<br>*received and other miscellaneous income of $129 million for the fiscal year ended June 30, 2025(Nil –June 30, 2024 and $6*<br>*million – June 30, 2023)* | *b. Included in Non-interest revenue-Other,net on the Statements of Income and excludes recoverable asset related to guarantees*<br>*received and other miscellaneous income of $129 million for the fiscal year ended June 30, 2025(Nil –June 30, 2024 and $6*<br>*million – June 30, 2023)* | *b. Included in Non-interest revenue-Other,net on the Statements of Income and excludes recoverable asset related to guarantees*<br>*received and other miscellaneous income of $129 million for the fiscal year ended June 30, 2025(Nil –June 30, 2024 and $6*<br>*million – June 30, 2023)* |

---

**NOTE N—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 fiscal year ended June 30, 2025, is not expected to

have a material adverse effect on IBRD's financial position, results of operations or cash flows.

**Page 1 of 8**

---

| |
|:---|
| ***International Bank for Reconstruction and Development*** |
| **SEC Report - Changes in Borrowings**<br>**Medium & Long Term**<br>**April 01 2025 through June 30 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>New Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>Brazilian Real</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0338BRL00.00<br>| 1331053 | BRL | 130000000.00 | 22750540.33 | 29-Apr-25 | 7-May-25 | 16-Mar-38 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0537BRL00.00<br>| 1327801 | BRL | 250000000.00 | 44480028.47 | 23-Apr-25 | 30-Apr-25 | 26-May-37 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0537BRL00.00<br>| 1314940 | BRL | 500000000.00 | 86101496.44 | 8-Apr-25 | 22-Apr-25 | 26-May-37 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0238BRL00.00<br>| 1304223 | BRL | 750000000.00 | 133153428.26 | 28-Mar-25 | 4-Apr-25 | 8-Feb-38 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0238BRL00.00<br>| 1331027 | BRL | 1000000000.00 | 175004156.35 | 29-Apr-25 | 7-May-25 | 8-Feb-38 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/1029BRL10.00<br>| 1316947 | BRL | 300000000.00 | 51660897.87 | 11-Apr-25 | 22-Apr-25 | 17-Oct-29 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **2930000000.00** | **513150547.72** |  |  |  |
| **<u>Chinese Yuan</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0335CNH02.60<br>| 1341291 | CNY | 300000000.00 | 41554124.25 | 13-May-25 | 20-May-25 | 28-Mar-35 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **300000000.00** | **41554124.25** |  |  |  |
| **<u>Euro</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-<br>Retail)/0635EURSTR01<br>| 1351463 | EUR | 40000000.00 | 45696000.00 | 23-May-25 | 5-Jun-25 | 5-Jun-35 |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-<br>Retail)/0635EURSTR02<br>| 1357296 | EUR | 25000000.00 | 28556250.00 | 3-Jun-25 | 10-Jun-25 | 10-Jun-35 |
|  | BOND/SELL EUR/IBRD/European Retail (Structure)/0430EURSTR | 1304217 | EUR | 27000000.00 | 30659850.00 | 28-Mar-25 | 25-Apr-25 | 25-Apr-30 |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-<br>Retail)/0660EURSTR<br>| 1358233 | EUR | 128400000.00 | 146863920.00 | 4-Jun-25 | 11-Jun-25 | 11-Jun-60 |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-<br>Retail)/0565EURSTR01<br>| 1331058 | EUR | 122590876.70 | 138435747.51 | 29-Apr-25 | 22-May-25 | 22-May-65 |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0439EUR02.052 | 1292490 | EUR | 10000000.00 | 11079500.00 | 13-Mar-25 | 10-Apr-25 | 10-Apr-39 |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/1137EURFRN | 1339935 | EUR | 20000000.00 | 22697000.00 | 9-May-25 | 23-May-25 | 23-Nov-37 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **372990876.70** | **423988267.51** |  |  |  |

---

**Page 2 of 8**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>Indian Rupees</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0135INR06.71<br>| 1331035 | INR | 860000000.00 | 10058891.30 | 29-Apr-25 | 15-May-25 | 21-Jan-35 |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0135INR06.71<br>| 1308549 | INR | 4500000000.00 | 52540938.15 | 2-Apr-25 | 16-Apr-25 | 21-Jan-35 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **5360000000.00** | **62599829.45** |  |  |  |
| **<u>Kazakhstan Tenge</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-<br>Retail)/0626KZT15.00<br>| 1332829 | KZT | 20000000000.00 | 39094951.86 | 2-May-25 | 12-May-25 | 22-Jun-26 |
|  | BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0428KZT14.5 | 1319541 | KZT | 15000000000.00 | 29129041.65 | 16-Apr-25 | 25-Apr-25 | 25-Apr-28 |
|  | BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-<br>Retail)/0626KZT13.75<br>| 1331830 | KZT | 11000000000.00 | 21638634.80 | 30-Apr-25 | 13-May-25 | 11-Jun-26 |
|  | BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-<br>Retail)/0626KZT13.75<br>| 1305280 | KZT | 21000000000.00 | 40066777.96 | 31-Mar-25 | 7-Apr-25 | 11-Jun-26 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **67000000000.00** | **129929406.27** |  |  |  |
| **<u>Swiss Francs</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CHF/IBRD/PV BM/0446CHF01.207 | 1301305 | CHF | 130000000.00 | 159031133.40 | 26-Mar-25 | 17-Apr-25 | 17-Apr-46 |
|  | BOND/SELL CHF/IBRD/PV BM/0632CHF00.485 | 1342225 | CHF | 225000000.00 | 276957163.96 | 15-May-25 | 17-Jun-25 | 17-Jun-32 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **355000000.00** | **435988297.36** |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0545USDSTR06<br>| 1341295 | USD | 120689504.80 | 120689504.80 | 13-May-25 | 27-May-25 | 27-May-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0545USDSTR<br>| 1331051 | USD | 84433250.71 | 84433250.71 | 29-Apr-25 | 7-May-25 | 7-May-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR05<br>| 1303329 | USD | 20000000.00 | 20000000.00 | 27-Mar-25 | 3-Apr-25 | 3-Apr-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR08<br>| 1327810 | USD | 100000000.00 | 100000000.00 | 23-Apr-25 | 30-Apr-25 | 30-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR06<br>| 1308545 | USD | 100000000.00 | 100000000.00 | 2-Apr-25 | 9-Apr-25 | 9-Apr-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0445USDSTR03<br>| 1324758 | USD | 20000000.00 | 20000000.00 | 17-Apr-25 | 28-Apr-25 | 28-Apr-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0545USDSTR03<br>| 1337892 | USD | 50000000.00 | 50000000.00 | 6-May-25 | 15-May-25 | 15-May-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0545USDSTR04<br>| 1339313 | USD | 100000000.00 | 100000000.00 | 8-May-25 | 15-May-25 | 15-May-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR03<br>| 1303318 | USD | 50000000.00 | 50000000.00 | 27-Mar-25 | 3-Apr-25 | 3-Apr-35 |

---

**Page 3 of 8**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR04<br>| 1326180 | USD | 50000000.00 | 50000000.00 | 21-Apr-25 | 28-Apr-25 | 28-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0545USDSTR05<br>| 1339316 | USD | 100000000.00 | 100000000.00 | 8-May-25 | 15-May-25 | 15-May-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0532USDSTR01<br>| 1339319 | USD | 50000000.00 | 50000000.00 | 8-May-25 | 15-May-25 | 14-May-32 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0532USDSTR<br>| 1339317 | USD | 50000000.00 | 50000000.00 | 8-May-25 | 15-May-25 | 14-May-32 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0445USDSTR01<br>| 1318832 | USD | 25000000.00 | 25000000.00 | 15-Apr-25 | 24-Apr-25 | 24-Apr-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0535USDSTR01<br>| 1349848 | USD | 50000000.00 | 50000000.00 | 21-May-25 | 29-May-25 | 29-May-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0535USDSTR02<br>| 1349850 | USD | 30000000.00 | 30000000.00 | 21-May-25 | 29-May-25 | 29-May-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0535USDSTR05<br>| 1350487 | USD | 20000000.00 | 20000000.00 | 22-May-25 | 30-May-25 | 30-May-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0532USDSTR02<br>| 1339931 | USD | 50000000.00 | 50000000.00 | 9-May-25 | 16-May-25 | 17-May-32 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0535USDSTR03<br>| 1349852 | USD | 30000000.00 | 30000000.00 | 21-May-25 | 29-May-25 | 29-May-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR07<br>| 1308547 | USD | 100000000.00 | 100000000.00 | 2-Apr-25 | 9-Apr-25 | 9-Apr-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR08<br>| 1315633 | USD | 100000000.00 | 100000000.00 | 9-Apr-25 | 22-Apr-25 | 22-Apr-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR02<br>| 1301301 | USD | 30000000.00 | 30000000.00 | 26-Mar-25 | 2-Apr-25 | 2-Apr-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR03<br>| 1316293 | USD | 70000000.00 | 70000000.00 | 10-Apr-25 | 17-Apr-25 | 17-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0635USDSTR01<br>| 1349844 | USD | 50000000.00 | 50000000.00 | 21-May-25 | 3-Jun-25 | 3-Jun-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0445USDSTR<br>| 1314937 | USD | 10000000.00 | 10000000.00 | 8-Apr-25 | 22-Apr-25 | 22-Apr-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR09<br>| 1316283 | USD | 100000000.00 | 100000000.00 | 10-Apr-25 | 22-Apr-25 | 22-Apr-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR11<br>| 1316973 | USD | 10000000.00 | 10000000.00 | 11-Apr-25 | 22-Apr-25 | 22-Apr-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0532USDSTR03<br>| 1339944 | USD | 70000000.00 | 70000000.00 | 9-May-25 | 19-May-25 | 19-May-32 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0635USDSTR02<br>| 1352511 | USD | 20000000.00 | 20000000.00 | 27-May-25 | 10-Jun-25 | 10-Jun-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0545USDSTR02<br>| 1337889 | USD | 25000000.00 | 25000000.00 | 6-May-25 | 13-May-25 | 13-May-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0535USDSTR04<br>| 1349857 | USD | 35000000.00 | 35000000.00 | 21-May-25 | 30-May-25 | 30-May-35 |

---

**Page 4 of 8**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0535USDSTR<br>| 1329327 | USD | 10000000.00 | 10000000.00 | 25-Apr-25 | 8-May-25 | 8-May-35 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0555USDSTR02<br>| 1330958 | USD | 20000000.00 | 20000000.00 | 29-Apr-25 | 8-May-25 | 8-May-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0545USDSTR01<br>| 1331792 | USD | 50000000.00 | 50000000.00 | 30-Apr-25 | 8-May-25 | 8-May-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0445USDSTR02<br>| 1319538 | USD | 10000000.00 | 10000000.00 | 16-Apr-25 | 25-Apr-25 | 25-Apr-45 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0555USDSTR<br>| 1328585 | USD | 50000000.00 | 50000000.00 | 24-Apr-25 | 6-May-25 | 6-May-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0555USDSTR01<br>| 1329329 | USD | 50000000.00 | 50000000.00 | 25-Apr-25 | 6-May-25 | 6-May-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR05<br>| 1326183 | USD | 50000000.00 | 50000000.00 | 21-Apr-25 | 30-Apr-25 | 30-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR06<br>| 1326626 | USD | 20000000.00 | 20000000.00 | 22-Apr-25 | 30-Apr-25 | 30-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR07<br>| 1327809 | USD | 50000000.00 | 50000000.00 | 23-Apr-25 | 30-Apr-25 | 30-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR<br>| 1305746 | USD | 50000000.00 | 50000000.00 | 1-Apr-25 | 8-Apr-25 | 8-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR01<br>| 1307906 | USD | 50000000.00 | 50000000.00 | 1-Apr-25 | 8-Apr-25 | 8-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0455USDSTR02<br>| 1307909 | USD | 70000000.00 | 70000000.00 | 1-Apr-25 | 8-Apr-25 | 8-Apr-55 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0435USDSTR10<br>| 1316291 | USD | 50000000.00 | 50000000.00 | 10-Apr-25 | 17-Apr-25 | 17-Apr-35 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1133USD04.75 | 1340839 | USD | 200000000.00 | 200000000.00 | 12-May-25 | 19-May-25 | 14-Nov-33 |
|  | BOND/SELL USD/IBRD/PV BM/0528USD03.625 | 1331045 | USD | 4000000000.00 | 4000000000.00 | 29-Apr-25 | 6-May-25 | 5-May-28 |
|  | BOND/SELL USD/IBRD/PV BM/0532USD04.00 | 1331047 | USD | 5000000000.00 | 5000000000.00 | 29-Apr-25 | 6-May-25 | 6-May-32 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0628USDFRN | 1303335 | USD | 100000000.00 | 100000000.00 | 27-Mar-25 | 3-Apr-25 | 30-Jun-28 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1030USDFRN | 1344334 | USD | 250000000.00 | 250000000.00 | 16-May-25 | 23-May-25 | 4-Oct-30 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0529USDFRN | 1339941 | USD | 50000000.00 | 50000000.00 | 9-May-25 | 16-May-25 | 16-May-29 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **11850122755.51** | **11850122755.51** |  |  |  |
| **<u>Total New Borrowings</u>** |  |  |  |  | **13457333228.07** |  |  |  |
| **<u>Maturing Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>Australian Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL AUD/IBRD/PV BM/0625AUD04.25 | 4725 | AUD | (350000000.00) | (227797500.00) | 10-Feb-15 | 17-Feb-15 | 24-Jun-25 |
|  | BOND/SELL AUD/IBRD/PV BM/0625AUD04.25 | 4684 | AUD | (300000000.00) | (195255000.00) | 17-Jun-14 | 24-Jun-14 | 24-Jun-25 |
|  | BOND/SELL AUD/IBRD/PV BM/0625AUD04.25 | 4699 | AUD | (300000000.00) | (195255000.00) | 29-Oct-14 | 7-Nov-14 | 24-Jun-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(950000000.00)** | **(618307500.00)** |  |  |  |

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**Page 5 of 8**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>Brazilian Real</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5617 | BRL | (35000000.00) | (6388959.88) | 10-Apr-19 | 18-Apr-19 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5641 | BRL | (30000000.00) | (5476251.32) | 10-May-19 | 20-May-19 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5662 | BRL | (40000000.00) | (7301668.43) | 28-May-19 | 5-Jun-19 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5690 | BRL | (30000000.00) | (5476251.32) | 24-Jun-19 | 3-Jul-19 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/Japanese Retail (Uridashi)/0625BRL00.00 | 5735 | BRL | (20000000.00) | (3650834.22) | 30-Aug-19 | 10-Sep-19 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/Japanese Retail (Uridashi)/0625BRL00.00 | 5761 | BRL | (25000000.00) | (4563542.77) | 2-Oct-19 | 10-Oct-19 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5096 | BRL | (15000000.00) | (2738125.66) | 23-Jun-17 | 3-Jul-17 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5111 | BRL | (15000000.00) | (2738125.66) | 19-Jul-17 | 27-Jul-17 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5131 | BRL | (15000000.00) | (2738125.66) | 24-Aug-17 | 1-Sep-17 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5440 | BRL | (20000000.00) | (3650834.22) | 24-Aug-18 | 4-Sep-18 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5443 | BRL | (20000000.00) | (3650834.22) | 31-Aug-18 | 11-Sep-18 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5448 | BRL | (20000000.00) | (3650834.22) | 7-Sep-18 | 18-Sep-18 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5451 | BRL | (20000000.00) | (3650834.22) | 13-Sep-18 | 25-Sep-18 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5458 | BRL | (20000000.00) | (3650834.22) | 19-Sep-18 | 28-Sep-18 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5460 | BRL | (30000000.00) | (5476251.32) | 25-Sep-18 | 3-Oct-18 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5470 | BRL | (20000000.00) | (3650834.22) | 3-Oct-18 | 15-Oct-18 | 30-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL08.10<br>| 4755 | BRL | (12000000.00) | (2177305.22) | 10-Jun-15 | 25-Jun-15 | 25-Jun-25 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625BRL00.00<br>| 5086 | BRL | (20000000.00) | (3650834.22) | 23-May-17 | 31-May-17 | 30-Jun-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(407000000.00)** | **(74281281.00)** |  |  |  |
| **<u>Chinese Yuan</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0425CNH03.25<br>| 384866 | CNY | (1000000000.00) | (137025719.73) | 20-Apr-22 | 28-Apr-22 | 28-Apr-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1000000000.00)** | **(137025719.73)** |  |  |  |
| **<u>Euro</u>** |  |  |  |  |  |  |  |  |

---

**Page 6 of 8**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0425EUR00.155 | 5032 | EUR | (50000000.00) | (56720000.00) | 2-Mar-17 | 29-Mar-17 | 15-Apr-25 |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0525EUR00.113 | 4743 | EUR | (42000000.00) | (47737200.00) | 22-Apr-15 | 7-May-15 | 7-May-25 |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0525EUR00.18 | 4830 | EUR | (48000000.00) | (53179200.00) | 13-Apr-16 | 12-May-16 | 12-May-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(140000000.00)** | **(157636400.00)** |  |  |  |
| **<u>Indian Rupees</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0525INR05.00<br>| 5621 | INR | (100000000.00) | (1179836.59) | 18-Apr-19 | 7-May-19 | 7-May-25 |
|  | BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/0425INR00.00 | 5901 | INR | (2550000000.00) | (29857212.27) | 17-Mar-20 | 28-Apr-20 | 25-Apr-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(2650000000.00)** | **(31037048.86)** |  |  |  |
| **<u>Indonesian Rupiah</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL IDR/IBRD/Japanese Retail (Uridashi)/0525IDR05.54 | 5904 | IDR | (69200000000.00) | (4195465.02) | 23-Mar-20 | 28-Apr-20 | 8-May-25 |
|  | BOND/SELL IDR/IBRD/Japanese Retail (Uridashi)/0425IDR05.00 | 5887 | IDR | (75750000000.00) | (4508928.57) | 21-Feb-20 | 30-Mar-20 | 10-Apr-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(144950000000.00)** | **(8704393.59)** |  |  |  |
| **<u>Mexican Peso</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL MXN/IBRD/PV MTN Non-Core (Non-<br>Retail)/0525MXN05.25<br>| 4746 | MXN | (263000000.00) | (13506538.86) | 8-May-15 | 18-May-15 | 19-May-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(263000000.00)** | **(13506538.86)** |  |  |  |
| **<u>Peso Uruguayo</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL UYU/IBRD/Other Structures (Non-<br>Retail)/0525UYUSTR01<br>| 6287 | UYU | (434500000.00) | (10376119.40) | 16-Apr-20 | 7-May-20 | 7-May-25 |
|  | BOND/SELL UYU/IBRD/Other Structures (Non-<br>Retail)/0625UYUSTR01<br>| 6293 | UYU | (431400000.00) | (10346564.34) | 20-May-20 | 4-Jun-20 | 4-Jun-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(865900000.00)** | **(20722683.74)** |  |  |  |
| **<u>Polish Zloty</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL PLN/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625PLN00.33<br>| 5957 | PLN | (45000000.00) | (12289541.60) | 18-Jun-20 | 25-Jun-20 | 25-Jun-25 |
|  | BOND/SELL PLN/IBRD/PV MTN Non-Core (Non-<br>Retail)/0625PLN00.34<br>| 5942 | PLN | (16000000.00) | (4291557.70) | 3-Jun-20 | 10-Jun-20 | 10-Jun-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(61000000.00)** | **(16581099.30)** |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL USD/IBRD/Other Structures (Non-<br>Retail)/0525USDSTR01<br>| 6187 | USD | (8687000.00) | (8687000.00) | 15-May-15 | 22-May-15 | 22-May-25 |
|  | BOND/SELL USD/IBRD/Other Structures (Non-Retail)/0525USDSTR | 6185 | USD | (50000000.00) | (50000000.00) | 21-Apr-15 | 15-May-15 | 15-May-25 |

---

**Page 7 of 8**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/SELL USD/IBRD/Other Structures (Non-<br>Retail)/0625USDSTR01<br>| 6193 | USD | (1333000.00) | (1333000.00) | 23-Jun-15 | 30-Jun-15 | 30-Jun-25 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0625USD02.308 | 4756 | USD | (88000000.00) | (88000000.00) | 18-Jun-15 | 24-Jun-15 | 24-Jun-25 |
|  | BOND/SELL USD/IBRD/PV BM/0425USD00.625 | 5916 | USD | (8000000000.00) | (8000000000.00) | 15-Apr-20 | 22-Apr-20 | 22-Apr-25 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0525USD01.95 | 4744 | USD | (80000000.00) | (80000000.00) | 22-Apr-15 | 8-May-15 | 8-May-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(8228020000.00)** | **(8228020000.00)** |  |  |  |
| **<u>Total Maturing Borrowings</u>** |  |  |  |  | **(9305822665.08)** |  |  |  |
| **<u>Early Retirements</u>** |  |  |  |  |  |  |  |  |
| **<u>Euro</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL EUR/IBRD/Other Structures (Non-Retail)/0647EURSTR | 6189 | EUR | (10000000.00) | (11568500.00) | 3-Jun-15 | 17-Jun-25 | 17-Jun-47 |
|  | BOND/BUY EUR/IBRD/Callable MTN Core (Non-<br>Retail)/0433EURSTR01<br>| 1304237 | EUR | (10000000.00) | (11488500.00) | 28-Mar-25 | 22-Apr-25 | 21-Apr-33 |
|  | BOND/BUY EUR/IBRD/Callable MTN Core (Non-<br>Retail)/0438EURSTR<br>| 1304238 | EUR | (10000000.00) | (11488500.00) | 28-Mar-25 | 22-Apr-25 | 19-Apr-38 |
|  | BOND/SELL EUR/IBRD/Other Structures (Non-Retail)/0645EURSTR | 6188 | EUR | (1000000.00) | (1156850.00) | 3-Jun-15 | 17-Jun-25 | 16-Jun-45 |
|  | BOND/SELL EUR/IBRD/Other Structures (Non-<br>Retail)/0647EURSTR01<br>| 6190 | EUR | (15000000.00) | (17352750.00) | 4-Jun-15 | 17-Jun-25 | 17-Jun-47 |
|  | BOND/SELL EUR/IBRD/Other Structures (Non-<br>Retail)/0646EURSTR01<br>| 6191 | EUR | (10000000.00) | (11438000.00) | 28-May-15 | 11-Jun-25 | 11-Jun-46 |
| **<u>Sub-total Early Retirements</u>** |  |  |  | **(56000000.00)** | **(64493100.00)** |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0538USDSTR<br>| 1324748 | USD | (50000000.00) | (50000000.00) | 17-Apr-25 | 12-May-25 | 10-May-38 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0534USDSTR07<br>| 1337885 | USD | (100000000.00) | (100000000.00) | 6-May-25 | 28-May-25 | 28-May-34 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0533USDSTR<br>| 1316296 | USD | (150000000.00) | (150000000.00) | 10-Apr-25 | 6-May-25 | 5-May-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0533USDSTR10<br>| 1330311 | USD | (25000000.00) | (25000000.00) | 28-Apr-25 | 27-May-25 | 26-May-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0533USDSTR11<br>| 1332836 | USD | (10000000.00) | (10000000.00) | 2-May-25 | 27-May-25 | 26-May-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0634USDSTR02<br>| 1341309 | USD | (30000000.00) | (30000000.00) | 13-May-25 | 5-Jun-25 | 5-Jun-34 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0434USDSTR05<br>| 1304236 | USD | (10000000.00) | (10000000.00) | 28-Mar-25 | 22-Apr-25 | 18-Apr-34 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0633USDSTR<br>| 1341765 | USD | (15000000.00) | (15000000.00) | 14-May-25 | 5-Jun-25 | 5-Jun-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0135USDSTR02<br>| 1304239 | USD | (20000000.00) | (20000000.00) | 28-Mar-25 | 22-Apr-25 | 21-Jan-35 |

---

**Page 8 of 8**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0634USDSTR09<br>| 1349151 | USD | (50000000.00) | (50000000.00) | 20-May-25 | 9-Jun-25 | 7-Jun-34 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0433USDSTR<br>| 1302723 | USD | (20000000.00) | (20000000.00) | 26-Mar-25 | 28-Apr-25 | 27-Apr-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0533USDSTR03<br>| 1330316 | USD | (20000000.00) | (20000000.00) | 28-Apr-25 | 16-May-25 | 16-May-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0627USDSTR03<br>| 1342236 | USD | (30000000.00) | (30000000.00) | 15-May-25 | 6-Jun-25 | 6-Jun-27 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0634USDSTR05<br>| 1342237 | USD | (10000000.00) | (10000000.00) | 15-May-25 | 6-Jun-25 | 6-Jun-34 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/1227USDSTR02<br>| 1358693 | USD | (15000000.00) | (15000000.00) | 5-Jun-25 | 27-Jun-25 | 27-Dec-27 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0633USDSTR02<br>| 1358695 | USD | (10000000.00) | (10000000.00) | 5-Jun-25 | 27-Jun-25 | 27-Jun-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0633USDSTR01<br>| 1358694 | USD | (150000000.00) | (150000000.00) | 5-Jun-25 | 27-Jun-25 | 27-Jun-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/1034USDSTR<br>| 1307918 | USD | (51364180.13) | (51364180.13) | 1-Apr-25 | 24-Apr-25 | 24-Oct-34 |
|  | BOND/BUY USD/IBRD/Putable (Non-Retail)/0628USDSTR01 | 1343834 | USD | (1258000.00) | (1258000.00) | 16-May-25 | 9-Jun-25 | 9-Jun-28 |
| **<u>Sub-total Early Retirements</u>** |  |  |  | **(767622180.13)** | **(767622180.13)** |  |  |  |
| **<u>Total Early Retirements</u>** |  |  |  |  | **(832115280.13)** |  |  |  |

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**Page 1 of 11**

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| |
|:---|
| ***International Bank for Reconstruction and Development*** |
| **SEC Report - Changes in Borrowings**<br>**Short Term**<br>**April 01 2025 through June 30 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
| **<u>New Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251229 WB | 1375683 | USD | 100000000.00 | 100000000.00 | 23-Jun-25 | 23-Jun-25 | 29-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251103 WB | 1330314 | USD | 100000000.00 | 100000000.00 | 28-Apr-25 | 28-Apr-25 | 03-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251114 WB | 1344328 | USD | 100000000.00 | 100000000.00 | 19-May-25 | 19-May-25 | 14-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1344330 | USD | 100000000.00 | 100000000.00 | 19-May-25 | 20-May-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251114 WB | 1344331 | USD | 100000000.00 | 100000000.00 | 19-May-25 | 20-May-25 | 14-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251201 WB | 1319544 | USD | 100000000.00 | 100000000.00 | 16-Apr-25 | 16-Apr-25 | 01-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251001 WB | 1319545 | USD | 100000000.00 | 100000000.00 | 16-Apr-25 | 16-Apr-25 | 01-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251124 WB | 1319548 | USD | 100000000.00 | 100000000.00 | 16-Apr-25 | 17-Apr-25 | 24-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251024 WB | 1349144 | USD | 100000000.00 | 100000000.00 | 20-May-25 | 20-May-25 | 24-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250808 WB | 1304232 | USD | 100000000.00 | 100000000.00 | 28-Mar-25 | 01-Apr-25 | 08-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250808 WB | 1324743 | USD | 100000000.00 | 100000000.00 | 17-Apr-25 | 17-Apr-25 | 08-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250808 WB | 1324744 | USD | 100000000.00 | 100000000.00 | 17-Apr-25 | 17-Apr-25 | 08-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250829 WB | 1324746 | USD | 100000000.00 | 100000000.00 | 17-Apr-25 | 17-Apr-25 | 29-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1375672 | USD | 100000000.00 | 100000000.00 | 23-Jun-25 | 23-Jun-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251114 WB | 1375679 | USD | 100000000.00 | 100000000.00 | 23-Jun-25 | 23-Jun-25 | 14-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1375691 | USD | 100000000.00 | 100000000.00 | 23-Jun-25 | 23-Jun-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250926 WB | 1307915 | USD | 100000000.00 | 100000000.00 | 01-Apr-25 | 03-Apr-25 | 26-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250926 WB | 1324751 | USD | 100000000.00 | 100000000.00 | 17-Apr-25 | 17-Apr-25 | 26-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251024 WB | 1326163 | USD | 100000000.00 | 100000000.00 | 21-Apr-25 | 21-Apr-25 | 24-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251003 WB | 1326166 | USD | 100000000.00 | 100000000.00 | 21-Apr-25 | 21-Apr-25 | 03-Oct-25 |

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**Page 2 of 11**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251001 WB | 1316954 | USD | 100000000.00 | 100000000.00 | 11-Apr-25 | 11-Apr-25 | 01-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251024 WB | 1316959 | USD | 100000000.00 | 100000000.00 | 11-Apr-25 | 11-Apr-25 | 24-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251001 WB | 1316962 | USD | 100000000.00 | 100000000.00 | 11-Apr-25 | 11-Apr-25 | 01-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250909 WB | 1317885 | USD | 100000000.00 | 100000000.00 | 14-Apr-25 | 14-Apr-25 | 09-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251024 WB | 1317887 | USD | 100000000.00 | 100000000.00 | 14-Apr-25 | 14-Apr-25 | 24-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250829 WB | 1317889 | USD | 100000000.00 | 100000000.00 | 14-Apr-25 | 14-Apr-25 | 29-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250909 WB | 1327795 | USD | 100000000.00 | 100000000.00 | 23-Apr-25 | 23-Apr-25 | 09-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1327797 | USD | 100000000.00 | 100000000.00 | 23-Apr-25 | 24-Apr-25 | 02-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250926 WB | 1340831 | USD | 100000000.00 | 100000000.00 | 12-May-25 | 12-May-25 | 26-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251001 WB | 1341304 | USD | 100000000.00 | 100000000.00 | 13-May-25 | 13-May-25 | 01-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251114 WB | 1353521 | USD | 100000000.00 | 100000000.00 | 28-May-25 | 28-May-25 | 14-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251201 WB | 1318838 | USD | 100000000.00 | 100000000.00 | 15-Apr-25 | 16-Apr-25 | 01-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251124 WB | 1318840 | USD | 100000000.00 | 100000000.00 | 15-Apr-25 | 15-Apr-25 | 24-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251103 WB | 1318841 | USD | 100000000.00 | 100000000.00 | 15-Apr-25 | 15-Apr-25 | 03-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250926 WB | 1318842 | USD | 100000000.00 | 100000000.00 | 15-Apr-25 | 15-Apr-25 | 26-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250909 WB | 1318844 | USD | 100000000.00 | 100000000.00 | 15-Apr-25 | 15-Apr-25 | 09-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251001 WB | 1318845 | USD | 100000000.00 | 100000000.00 | 15-Apr-25 | 15-Apr-25 | 01-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251024 WB | 1318846 | USD | 100000000.00 | 100000000.00 | 15-Apr-25 | 15-Apr-25 | 24-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250718 WB | 1329342 | USD | 100000000.00 | 100000000.00 | 25-Apr-25 | 28-Apr-25 | 18-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250711 WB | 1329343 | USD | 100000000.00 | 100000000.00 | 25-Apr-25 | 28-Apr-25 | 11-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251114 WB | 1343825 | USD | 100000000.00 | 100000000.00 | 16-May-25 | 16-May-25 | 14-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251114 WB | 1343826 | USD | 100000000.00 | 100000000.00 | 16-May-25 | 16-May-25 | 14-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251006 WB | 1319546 | USD | 100000000.00 | 100000000.00 | 16-Apr-25 | 16-Apr-25 | 06-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251211 WB | 1376987 | USD | 100000000.00 | 100000000.00 | 24-Jun-25 | 24-Jun-25 | 11-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251216 WB | 1376989 | USD | 100000000.00 | 100000000.00 | 24-Jun-25 | 24-Jun-25 | 16-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251110 WB | 1341305 | USD | 100000000.00 | 100000000.00 | 13-May-25 | 13-May-25 | 10-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251121 WB | 1349147 | USD | 100000000.00 | 100000000.00 | 20-May-25 | 20-May-25 | 21-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251031 WB | 1353516 | USD | 30000000.00 | 30000000.00 | 28-May-25 | 28-May-25 | 31-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260108 WB | 1353520 | USD | 25000000.00 | 25000000.00 | 28-May-25 | 29-May-25 | 08-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB | 1319547 | USD | 150000000.00 | 150000000.00 | 16-Apr-25 | 17-Apr-25 | 01-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250923 WB | 1376992 | USD | 35194000.00 | 35194000.00 | 24-Jun-25 | 24-Jun-25 | 23-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250708 WB | 1326620 | USD | 40000000.00 | 40000000.00 | 22-Apr-25 | 23-Apr-25 | 08-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250905 WB | 1317895 | USD | 50000000.00 | 50000000.00 | 14-Apr-25 | 14-Apr-25 | 05-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250910 WB | 1316957 | USD | 50000000.00 | 50000000.00 | 11-Apr-25 | 14-Apr-25 | 10-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251224 WB | 1340830 | USD | 50000000.00 | 50000000.00 | 12-May-25 | 13-May-25 | 24-Dec-25 |

---

**Page 3 of 11**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250814 WB | 1341302 | USD | 45000000.00 | 45000000.00 | 13-May-25 | 16-May-25 | 14-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250721 WB | 1341303 | USD | 60000000.00 | 60000000.00 | 13-May-25 | 16-May-25 | 21-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260115 WB | 1374395 | USD | 200000000.00 | 200000000.00 | 18-Jun-25 | 20-Jun-25 | 15-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251017 WB | 1375673 | USD | 50000000.00 | 50000000.00 | 23-Jun-25 | 23-Jun-25 | 17-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1375674 | USD | 50000000.00 | 50000000.00 | 23-Jun-25 | 24-Jun-25 | 06-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250908 WB | 1375675 | USD | 40000000.00 | 40000000.00 | 23-Jun-25 | 23-Jun-25 | 08-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250922 WB | 1326153 | USD | 150000000.00 | 150000000.00 | 21-Apr-25 | 21-Apr-25 | 22-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251010 WB | 1326159 | USD | 50000000.00 | 50000000.00 | 21-Apr-25 | 22-Apr-25 | 10-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251210 WB | 1340832 | USD | 50000000.00 | 50000000.00 | 12-May-25 | 13-May-25 | 10-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250804 WB | 1340834 | USD | 25000000.00 | 25000000.00 | 12-May-25 | 12-May-25 | 04-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250828 WB | 1352474 | USD | 30000000.00 | 30000000.00 | 27-May-25 | 30-May-25 | 28-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251204 WB | 1330313 | USD | 50000000.00 | 50000000.00 | 28-Apr-25 | 28-Apr-25 | 04-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251201 WB | 1330312 | USD | 150000000.00 | 150000000.00 | 28-Apr-25 | 28-Apr-25 | 01-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1319549 | USD | 25000000.00 | 25000000.00 | 16-Apr-25 | 17-Apr-25 | 02-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250807 WB | 1349148 | USD | 6700000.00 | 6700000.00 | 20-May-25 | 22-May-25 | 07-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251001 WB | 1304233 | USD | 150000000.00 | 150000000.00 | 28-Mar-25 | 01-Apr-25 | 01-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1305274 | USD | 25000000.00 | 25000000.00 | 31-Mar-25 | 01-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250815 WB | 1352472 | USD | 27000000.00 | 27000000.00 | 27-May-25 | 27-May-25 | 15-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251003 WB | 1375676 | USD | 40000000.00 | 40000000.00 | 23-Jun-25 | 25-Jun-25 | 03-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250815 WB | 1375677 | USD | 5000000.00 | 5000000.00 | 23-Jun-25 | 23-Jun-25 | 15-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250919 WB | 1375678 | USD | 30000000.00 | 30000000.00 | 23-Jun-25 | 23-Jun-25 | 19-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250919 WB | 1375680 | USD | 50000000.00 | 50000000.00 | 23-Jun-25 | 23-Jun-25 | 19-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250926 WB | 1375686 | USD | 31670000.00 | 31670000.00 | 23-Jun-25 | 25-Jun-25 | 26-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250710 WB | 1307912 | USD | 50000000.00 | 50000000.00 | 01-Apr-25 | 02-Apr-25 | 10-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250710 WB | 1307913 | USD | 50000000.00 | 50000000.00 | 01-Apr-25 | 02-Apr-25 | 10-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250718 WB | 1307914 | USD | 25000000.00 | 25000000.00 | 01-Apr-25 | 02-Apr-25 | 18-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250725 WB | 1324755 | USD | 10000000.00 | 10000000.00 | 17-Apr-25 | 28-Apr-25 | 25-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1326148 | USD | 50000000.00 | 50000000.00 | 21-Apr-25 | 21-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250919 WB | 1376972 | USD | 16023000.00 | 16023000.00 | 24-Jun-25 | 25-Jun-25 | 19-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250714 WB | 1376973 | USD | 300000000.00 | 300000000.00 | 24-Jun-25 | 24-Jun-25 | 14-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250917 WB | 1376988 | USD | 50000000.00 | 50000000.00 | 24-Jun-25 | 24-Jun-25 | 17-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251028 WB | 1353515 | USD | 50000000.00 | 50000000.00 | 28-May-25 | 28-May-25 | 28-Oct-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250902 WB | 1353518 | USD | 13000000.00 | 13000000.00 | 28-May-25 | 04-Jun-25 | 02-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250829 WB | 1326149 | USD | 75000000.00 | 75000000.00 | 21-Apr-25 | 21-Apr-25 | 29-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251201 WB | 1326152 | USD | 150000000.00 | 150000000.00 | 21-Apr-25 | 21-Apr-25 | 01-Dec-25 |

---

**Page 4 of 11**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250829 WB | 1326154 | USD | 50000000.00 | 50000000.00 | 21-Apr-25 | 22-Apr-25 | 29-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250912 WB | 1326155 | USD | 50000000.00 | 50000000.00 | 21-Apr-25 | 22-Apr-25 | 12-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250917 WB | 1326156 | USD | 50000000.00 | 50000000.00 | 21-Apr-25 | 22-Apr-25 | 17-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250926 WB | 1326158 | USD | 40000000.00 | 40000000.00 | 21-Apr-25 | 22-Apr-25 | 26-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250703 WB | 1326161 | USD | 1500000.00 | 1500000.00 | 21-Apr-25 | 22-Apr-25 | 03-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1326162 | USD | 5600000.00 | 5600000.00 | 21-Apr-25 | 22-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250703 WB | 1326173 | USD | 21000000.00 | 21000000.00 | 21-Apr-25 | 28-Apr-25 | 03-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250711 WB | 1326176 | USD | 21000000.00 | 21000000.00 | 21-Apr-25 | 28-Apr-25 | 11-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250911 WB | 1376994 | USD | 500000000.00 | 500000000.00 | 24-Jun-25 | 24-Jun-25 | 11-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250701 WB | 1317883 | USD | 16103000.00 | 16103000.00 | 14-Apr-25 | 15-Apr-25 | 01-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250822 WB | 1317890 | USD | 40000000.00 | 40000000.00 | 14-Apr-25 | 14-Apr-25 | 22-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250815 WB | 1317891 | USD | 50000000.00 | 50000000.00 | 14-Apr-25 | 14-Apr-25 | 15-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250808 WB | 1317892 | USD | 50000000.00 | 50000000.00 | 14-Apr-25 | 14-Apr-25 | 08-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1317893 | USD | 50000000.00 | 50000000.00 | 14-Apr-25 | 14-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250912 WB | 1317896 | USD | 50000000.00 | 50000000.00 | 14-Apr-25 | 14-Apr-25 | 12-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250722 WB | 1326618 | USD | 2000000.00 | 2000000.00 | 22-Apr-25 | 28-Apr-25 | 22-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250722 WB | 1326619 | USD | 15000000.00 | 15000000.00 | 22-Apr-25 | 23-Apr-25 | 22-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250701 WB | 1326623 | USD | 5154000.00 | 5154000.00 | 22-Apr-25 | 23-Apr-25 | 01-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251201 WB | 1327791 | USD | 50000000.00 | 50000000.00 | 23-Apr-25 | 23-Apr-25 | 01-Dec-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250919 WB | 1317897 | USD | 32000000.00 | 32000000.00 | 14-Apr-25 | 14-Apr-25 | 19-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250915 WB | 1327796 | USD | 25000000.00 | 25000000.00 | 23-Apr-25 | 24-Apr-25 | 15-Sep-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250815 WB | 1327799 | USD | 200000000.00 | 200000000.00 | 23-Apr-25 | 24-Apr-25 | 15-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1328587 | USD | 25000000.00 | 25000000.00 | 24-Apr-25 | 24-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250701 WB | 1328588 | USD | 13964000.00 | 13964000.00 | 24-Apr-25 | 25-Apr-25 | 01-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1328589 | USD | 25000000.00 | 25000000.00 | 24-Apr-25 | 24-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1328591 | USD | 7500000.00 | 7500000.00 | 24-Apr-25 | 28-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20251114 WB | 1328592 | USD | 25000000.00 | 25000000.00 | 24-Apr-25 | 24-Apr-25 | 14-Nov-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250725 WB | 1340833 | USD | 16000000.00 | 16000000.00 | 12-May-25 | 12-May-25 | 25-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250807 WB | 1340835 | USD | 44000000.00 | 44000000.00 | 12-May-25 | 12-May-25 | 07-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250729 WB | 1341299 | USD | 25000000.00 | 25000000.00 | 13-May-25 | 16-May-25 | 29-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250822 WB | 1353519 | USD | 20000000.00 | 20000000.00 | 28-May-25 | 04-Jun-25 | 22-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250701 WB | 1318848 | USD | 3250000.00 | 3250000.00 | 15-Apr-25 | 16-Apr-25 | 01-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250711 WB | 1328593 | USD | 4000000.00 | 4000000.00 | 24-Apr-25 | 30-Apr-25 | 11-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250729 WB | 1328594 | USD | 9000000.00 | 9000000.00 | 24-Apr-25 | 30-Apr-25 | 29-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250718 WB | 1328595 | USD | 25000000.00 | 25000000.00 | 24-Apr-25 | 30-Apr-25 | 18-Jul-25 |

---

**Page 5 of 11**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250722 WB | 1328596 | USD | 8000000.00 | 8000000.00 | 24-Apr-25 | 30-Apr-25 | 22-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250703 WB | 1328597 | USD | 4000000.00 | 4000000.00 | 24-Apr-25 | 30-Apr-25 | 03-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250807 WB | 1341306 | USD | 30000000.00 | 30000000.00 | 13-May-25 | 14-May-25 | 07-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250714 WB | 1341764 | USD | 500000000.00 | 500000000.00 | 14-May-25 | 14-May-25 | 14-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1329335 | USD | 20000000.00 | 20000000.00 | 25-Apr-25 | 25-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250801 WB | 1329336 | USD | 20000000.00 | 20000000.00 | 25-Apr-25 | 25-Apr-25 | 01-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250729 WB | 1329337 | USD | 300000000.00 | 300000000.00 | 25-Apr-25 | 28-Apr-25 | 29-Jul-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250807 WB | 1342234 | USD | 30000000.00 | 30000000.00 | 15-May-25 | 16-May-25 | 07-Aug-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250515 WB | 1326147 | USD | 300000000.00 | 300000000.00 | 21-Apr-25 | 21-Apr-25 | 15-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250514 WB | 1326145 | USD | 500000000.00 | 500000000.00 | 21-Apr-25 | 21-Apr-25 | 14-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250514 WB | 1326170 | USD | 150000000.00 | 150000000.00 | 21-Apr-25 | 21-Apr-25 | 14-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250611 WB | 1319551 | USD | 450000000.00 | 450000000.00 | 16-Apr-25 | 17-Apr-25 | 11-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250414 WB | 1316952 | USD | 125000000.00 | 125000000.00 | 11-Apr-25 | 11-Apr-25 | 14-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250618 WB | 1327790 | USD | 300000000.00 | 300000000.00 | 23-Apr-25 | 23-Apr-25 | 18-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250430 WB | 1304231 | USD | 10000000.00 | 10000000.00 | 28-Mar-25 | 01-Apr-25 | 30-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250618 WB | 1329334 | USD | 300000000.00 | 300000000.00 | 25-Apr-25 | 25-Apr-25 | 18-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250624 WB | 1353514 | USD | 150000000.00 | 150000000.00 | 28-May-25 | 28-May-25 | 24-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250618 WB | 1350485 | USD | 200000000.00 | 200000000.00 | 22-May-25 | 22-May-25 | 18-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250421 WB | 1316950 | USD | 60000000.00 | 60000000.00 | 11-Apr-25 | 11-Apr-25 | 21-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250609 WB | 1326151 | USD | 5800000.00 | 5800000.00 | 21-Apr-25 | 22-Apr-25 | 09-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250617 WB | 1327789 | USD | 200000000.00 | 200000000.00 | 23-Apr-25 | 23-Apr-25 | 17-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250428 WB | 1324753 | USD | 65850000.00 | 65850000.00 | 17-Apr-25 | 21-Apr-25 | 28-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250509 WB | 1326150 | USD | 4800000.00 | 4800000.00 | 21-Apr-25 | 22-Apr-25 | 09-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250516 WB | 1305265 | USD | 20000000.00 | 20000000.00 | 31-Mar-25 | 01-Apr-25 | 16-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250516 WB | 1305267 | USD | 6353000.00 | 6353000.00 | 31-Mar-25 | 01-Apr-25 | 16-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250523 WB | 1326621 | USD | 8000000.00 | 8000000.00 | 22-Apr-25 | 23-Apr-25 | 23-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250529 WB | 1319550 | USD | 400000000.00 | 400000000.00 | 16-Apr-25 | 17-Apr-25 | 29-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1316287 | USD | 400000000.00 | 400000000.00 | 10-Apr-25 | 11-Apr-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1319554 | USD | 69717000.00 | 69717000.00 | 16-Apr-25 | 17-Apr-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1316965 | USD | 8000000.00 | 8000000.00 | 11-Apr-25 | 14-Apr-25 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250507 WB | 1317884 | USD | 150000000.00 | 150000000.00 | 14-Apr-25 | 15-Apr-25 | 07-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250507 WB | 1319543 | USD | 66000000.00 | 66000000.00 | 16-Apr-25 | 16-Apr-25 | 07-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250507 WB | 1326143 | USD | 200000000.00 | 200000000.00 | 21-Apr-25 | 21-Apr-25 | 07-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250529 WB | 1326146 | USD | 300000000.00 | 300000000.00 | 21-Apr-25 | 21-Apr-25 | 29-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250505 WB | 1318847 | USD | 1000000.00 | 1000000.00 | 15-Apr-25 | 16-Apr-25 | 05-May-25 |

---

**Page 6 of 11**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250505 WB | 1327798 | USD | 5000000.00 | 5000000.00 | 23-Apr-25 | 24-Apr-25 | 05-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1318837 | USD | 300000000.00 | 300000000.00 | 15-Apr-25 | 16-Apr-25 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1318839 | USD | 20000000.00 | 20000000.00 | 15-Apr-25 | 15-Apr-25 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250604 WB | 1319553 | USD | 23000000.00 | 23000000.00 | 16-Apr-25 | 17-Apr-25 | 04-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250630 WB | 1319555 | USD | 350000000.00 | 350000000.00 | 16-Apr-25 | 21-Apr-25 | 30-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250627 WB | 1326172 | USD | 20000000.00 | 20000000.00 | 21-Apr-25 | 22-Apr-25 | 27-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250627 WB | 1326615 | USD | 12000000.00 | 12000000.00 | 22-Apr-25 | 23-Apr-25 | 27-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250613 WB | 1318843 | USD | 50000000.00 | 50000000.00 | 15-Apr-25 | 15-Apr-25 | 13-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250416 WB | 1316288 | USD | 50000000.00 | 50000000.00 | 10-Apr-25 | 10-Apr-25 | 16-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250509 WB | 1317894 | USD | 50000000.00 | 50000000.00 | 14-Apr-25 | 14-Apr-25 | 09-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250624 WB | 1352470 | USD | 100000000.00 | 100000000.00 | 27-May-25 | 28-May-25 | 24-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250624 WB | 1353517 | USD | 100000000.00 | 100000000.00 | 28-May-25 | 28-May-25 | 24-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1316289 | USD | 100000000.00 | 100000000.00 | 10-Apr-25 | 10-Apr-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1327800 | USD | 100000000.00 | 100000000.00 | 23-Apr-25 | 24-Apr-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250501 WB | 1319552 | USD | 100000000.00 | 100000000.00 | 16-Apr-25 | 17-Apr-25 | 01-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250630 WB | 1316290 | USD | 100000000.00 | 100000000.00 | 10-Apr-25 | 10-Apr-25 | 30-Jun-25 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **15719178000.00** | **15719178000.00** |  |  |  |
| **<u>Total New Borrowings</u>** |  |  |  |  | **15719178000.00** |  |  |  |
| **<u>Maturing Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250417 WB | 1257900 | USD | (8454000.00) | (8454000.00) | 28-Jan-25 | 29-Jan-25 | 17-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250414 WB | 1257910 | USD | (20000000.00) | (20000000.00) | 28-Jan-25 | 14-Feb-25 | 14-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250430 WB | 1231536 | USD | (250000000.00) | (250000000.00) | 18-Dec-24 | 19-Dec-24 | 30-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250512 WB | 1290537 | USD | (200000000.00) | (200000000.00) | 11-Mar-25 | 12-Mar-25 | 12-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250611 WB | 1281412 | USD | (200000000.00) | (200000000.00) | 28-Feb-25 | 28-Feb-25 | 11-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250616 WB | 1303325 | USD | (250000000.00) | (250000000.00) | 27-Mar-25 | 27-Mar-25 | 16-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250515 WB | 1326147 | USD | (300000000.00) | (300000000.00) | 21-Apr-25 | 21-Apr-25 | 15-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250618 WB | 1289144 | USD | (200000000.00) | (200000000.00) | 07-Mar-25 | 07-Mar-25 | 18-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250408 WB | 1276839 | USD | (40000000.00) | (40000000.00) | 20-Feb-25 | 27-Feb-25 | 08-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250519 WB | 1301326 | USD | (170000000.00) | (170000000.00) | 26-Mar-25 | 26-Mar-25 | 19-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250527 WB | 1231531 | USD | (30000000.00) | (30000000.00) | 18-Dec-24 | 18-Dec-24 | 27-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250418 WB | 1298237 | USD | (5000000.00) | (5000000.00) | 18-Mar-25 | 19-Mar-25 | 18-Apr-25 |

---

**Page 7 of 11**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250508 WB | 1261099 | USD | (40000000.00) | (40000000.00) | 03-Feb-25 | 07-Feb-25 | 08-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250516 WB | 1232243 | USD | (150000000.00) | (150000000.00) | 19-Dec-24 | 20-Dec-24 | 16-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250617 WB | 1230789 | USD | (48300000.00) | (48300000.00) | 17-Dec-24 | 18-Dec-24 | 17-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1230788 | USD | (200000000.00) | (200000000.00) | 17-Dec-24 | 17-Dec-24 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1289649 | USD | (20000000.00) | (20000000.00) | 10-Mar-25 | 14-Mar-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250509 WB | 1261744 | USD | (20000000.00) | (20000000.00) | 04-Feb-25 | 10-Feb-25 | 09-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250404 WB | 1223907 | USD | (29000000.00) | (29000000.00) | 12-Dec-24 | 13-Dec-24 | 04-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1222580 | USD | (5000000.00) | (5000000.00) | 10-Dec-24 | 12-Dec-24 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250610 WB | 1289651 | USD | (75000000.00) | (75000000.00) | 10-Mar-25 | 11-Mar-25 | 10-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250407 WB | 1233075 | USD | (250000000.00) | (250000000.00) | 20-Dec-24 | 23-Dec-24 | 07-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250501 WB | 1263867 | USD | (25000000.00) | (25000000.00) | 10-Feb-25 | 10-Feb-25 | 01-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250425 WB | 1225736 | USD | (12000000.00) | (12000000.00) | 16-Dec-24 | 17-Dec-24 | 25-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250613 WB | 1261741 | USD | (200000000.00) | (200000000.00) | 04-Feb-25 | 05-Feb-25 | 13-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250626 WB | 1301333 | USD | (229000000.00) | (229000000.00) | 26-Mar-25 | 26-Mar-25 | 26-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250417 WB | 1276836 | USD | (18000000.00) | (18000000.00) | 20-Feb-25 | 21-Feb-25 | 17-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250417 WB | 1281413 | USD | (5000000.00) | (5000000.00) | 28-Feb-25 | 28-Feb-25 | 17-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250514 WB | 1326145 | USD | (500000000.00) | (500000000.00) | 21-Apr-25 | 21-Apr-25 | 14-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250514 WB | 1326170 | USD | (150000000.00) | (150000000.00) | 21-Apr-25 | 21-Apr-25 | 14-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250414 WB | 1300693 | USD | (150000000.00) | (150000000.00) | 24-Mar-25 | 24-Mar-25 | 14-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250430 WB | 1258552 | USD | (200000000.00) | (200000000.00) | 29-Jan-25 | 29-Jan-25 | 30-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250611 WB | 1319551 | USD | (450000000.00) | (450000000.00) | 16-Apr-25 | 17-Apr-25 | 11-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250414 WB | 1301331 | USD | (160000000.00) | (160000000.00) | 26-Mar-25 | 26-Mar-25 | 14-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250414 WB | 1304230 | USD | (150000000.00) | (150000000.00) | 28-Mar-25 | 31-Mar-25 | 14-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250414 WB | 1316952 | USD | (125000000.00) | (125000000.00) | 11-Apr-25 | 11-Apr-25 | 14-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250430 WB | 1261096 | USD | (20000000.00) | (20000000.00) | 03-Feb-25 | 03-Feb-25 | 30-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250430 WB | 1269862 | USD | (25000000.00) | (25000000.00) | 13-Feb-25 | 13-Feb-25 | 30-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250430 WB | 1269864 | USD | (25000000.00) | (25000000.00) | 13-Feb-25 | 13-Feb-25 | 30-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250528 WB | 1276219 | USD | (200000000.00) | (200000000.00) | 19-Feb-25 | 19-Feb-25 | 28-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250618 WB | 1298234 | USD | (45000000.00) | (45000000.00) | 18-Mar-25 | 21-Mar-25 | 18-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250618 WB | 1327790 | USD | (300000000.00) | (300000000.00) | 23-Apr-25 | 23-Apr-25 | 18-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250620 WB | 1305268 | USD | (10000000.00) | (10000000.00) | 31-Mar-25 | 31-Mar-25 | 20-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250620 WB | 1305269 | USD | (10000000.00) | (10000000.00) | 31-Mar-25 | 31-Mar-25 | 20-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250620 WB | 1305272 | USD | (10000000.00) | (10000000.00) | 31-Mar-25 | 31-Mar-25 | 20-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250430 WB | 1304231 | USD | (10000000.00) | (10000000.00) | 28-Mar-25 | 01-Apr-25 | 30-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250519 WB | 1303320 | USD | (350000000.00) | (350000000.00) | 27-Mar-25 | 27-Mar-25 | 19-May-25 |

---

**Page 8 of 11**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250618 WB | 1329334 | USD | (300000000.00) | (300000000.00) | 25-Apr-25 | 25-Apr-25 | 18-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250418 WB | 1298238 | USD | (5000000.00) | (5000000.00) | 18-Mar-25 | 19-Mar-25 | 18-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250522 WB | 1276838 | USD | (27000000.00) | (27000000.00) | 20-Feb-25 | 21-Feb-25 | 22-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250624 WB | 1353514 | USD | (150000000.00) | (150000000.00) | 28-May-25 | 28-May-25 | 24-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1284884 | USD | (20000000.00) | (20000000.00) | 06-Mar-25 | 06-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1284885 | USD | (20000000.00) | (20000000.00) | 06-Mar-25 | 06-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250618 WB | 1350485 | USD | (200000000.00) | (200000000.00) | 22-May-25 | 22-May-25 | 18-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1284886 | USD | (20000000.00) | (20000000.00) | 06-Mar-25 | 06-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1284888 | USD | (20000000.00) | (20000000.00) | 06-Mar-25 | 06-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1284889 | USD | (20000000.00) | (20000000.00) | 06-Mar-25 | 06-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1284892 | USD | (20000000.00) | (20000000.00) | 06-Mar-25 | 06-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1284895 | USD | (70000000.00) | (70000000.00) | 06-Mar-25 | 06-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1289646 | USD | (25000000.00) | (25000000.00) | 10-Mar-25 | 10-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1305270 | USD | (10000000.00) | (10000000.00) | 31-Mar-25 | 31-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1305271 | USD | (10000000.00) | (10000000.00) | 31-Mar-25 | 31-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250411 WB | 1263873 | USD | (20000000.00) | (20000000.00) | 10-Feb-25 | 14-Feb-25 | 11-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250421 WB | 1316950 | USD | (60000000.00) | (60000000.00) | 11-Apr-25 | 11-Apr-25 | 21-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250428 WB | 1257899 | USD | (15000000.00) | (15000000.00) | 28-Jan-25 | 28-Jan-25 | 28-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250609 WB | 1326151 | USD | (5800000.00) | (5800000.00) | 21-Apr-25 | 22-Apr-25 | 09-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250617 WB | 1327789 | USD | (200000000.00) | (200000000.00) | 23-Apr-25 | 23-Apr-25 | 17-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250428 WB | 1324753 | USD | (65850000.00) | (65850000.00) | 17-Apr-25 | 21-Apr-25 | 28-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250509 WB | 1305264 | USD | (280000000.00) | (280000000.00) | 31-Mar-25 | 31-Mar-25 | 09-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250509 WB | 1326150 | USD | (4800000.00) | (4800000.00) | 21-Apr-25 | 22-Apr-25 | 09-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250516 WB | 1305265 | USD | (20000000.00) | (20000000.00) | 31-Mar-25 | 01-Apr-25 | 16-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250516 WB | 1305267 | USD | (6353000.00) | (6353000.00) | 31-Mar-25 | 01-Apr-25 | 16-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250523 WB | 1303323 | USD | (13395000.00) | (13395000.00) | 27-Mar-25 | 28-Mar-25 | 23-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250523 WB | 1326621 | USD | (8000000.00) | (8000000.00) | 22-Apr-25 | 23-Apr-25 | 23-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250529 WB | 1319550 | USD | (400000000.00) | (400000000.00) | 16-Apr-25 | 17-Apr-25 | 29-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1316287 | USD | (400000000.00) | (400000000.00) | 10-Apr-25 | 11-Apr-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1319554 | USD | (69717000.00) | (69717000.00) | 16-Apr-25 | 17-Apr-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250404 WB | 1223908 | USD | (25000000.00) | (25000000.00) | 12-Dec-24 | 13-Dec-24 | 04-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1316965 | USD | (8000000.00) | (8000000.00) | 11-Apr-25 | 14-Apr-25 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250505 WB | 1257908 | USD | (5000000.00) | (5000000.00) | 28-Jan-25 | 06-Feb-25 | 05-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250507 WB | 1317884 | USD | (150000000.00) | (150000000.00) | 14-Apr-25 | 15-Apr-25 | 07-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250507 WB | 1319543 | USD | (66000000.00) | (66000000.00) | 16-Apr-25 | 16-Apr-25 | 07-May-25 |

---

**Page 9 of 11**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250507 WB | 1326143 | USD | (200000000.00) | (200000000.00) | 21-Apr-25 | 21-Apr-25 | 07-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250529 WB | 1326146 | USD | (300000000.00) | (300000000.00) | 21-Apr-25 | 21-Apr-25 | 29-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250424 WB | 1284887 | USD | (450000000.00) | (450000000.00) | 06-Mar-25 | 06-Mar-25 | 24-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250505 WB | 1257909 | USD | (5000000.00) | (5000000.00) | 28-Jan-25 | 07-Feb-25 | 05-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250505 WB | 1318847 | USD | (1000000.00) | (1000000.00) | 15-Apr-25 | 16-Apr-25 | 05-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250505 WB | 1327798 | USD | (5000000.00) | (5000000.00) | 23-Apr-25 | 24-Apr-25 | 05-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1258555 | USD | (250000000.00) | (250000000.00) | 29-Jan-25 | 30-Jan-25 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250407 WB | 1257905 | USD | (200000000.00) | (200000000.00) | 28-Jan-25 | 28-Jan-25 | 07-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250407 WB | 1290529 | USD | (500000000.00) | (500000000.00) | 11-Mar-25 | 11-Mar-25 | 07-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250521 WB | 1276837 | USD | (200000000.00) | (200000000.00) | 20-Feb-25 | 20-Feb-25 | 21-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1289650 | USD | (10000000.00) | (10000000.00) | 10-Mar-25 | 14-Mar-25 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1289652 | USD | (250000000.00) | (250000000.00) | 10-Mar-25 | 11-Mar-25 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250604 WB | 1284880 | USD | (10000000.00) | (10000000.00) | 06-Mar-25 | 06-Mar-25 | 04-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250410 WB | 1280061 | USD | (70000000.00) | (70000000.00) | 26-Feb-25 | 06-Mar-25 | 10-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250425 WB | 1263874 | USD | (10000000.00) | (10000000.00) | 10-Feb-25 | 14-Feb-25 | 25-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250425 WB | 1263875 | USD | (30000000.00) | (30000000.00) | 10-Feb-25 | 12-Feb-25 | 25-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250501 WB | 1280731 | USD | (33000000.00) | (33000000.00) | 27-Feb-25 | 27-Feb-25 | 01-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250501 WB | 1303321 | USD | (150000000.00) | (150000000.00) | 27-Mar-25 | 31-Mar-25 | 01-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1318837 | USD | (300000000.00) | (300000000.00) | 15-Apr-25 | 16-Apr-25 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1318839 | USD | (20000000.00) | (20000000.00) | 15-Apr-25 | 15-Apr-25 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250604 WB | 1319553 | USD | (23000000.00) | (23000000.00) | 16-Apr-25 | 17-Apr-25 | 04-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250613 WB | 1293496 | USD | (1400000.00) | (1400000.00) | 17-Mar-25 | 18-Mar-25 | 13-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250630 WB | 1319555 | USD | (350000000.00) | (350000000.00) | 16-Apr-25 | 21-Apr-25 | 30-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250627 WB | 1280744 | USD | (40000000.00) | (40000000.00) | 27-Feb-25 | 28-Feb-25 | 27-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250627 WB | 1326172 | USD | (20000000.00) | (20000000.00) | 21-Apr-25 | 22-Apr-25 | 27-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250627 WB | 1326615 | USD | (12000000.00) | (12000000.00) | 22-Apr-25 | 23-Apr-25 | 27-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250630 WB | 1301327 | USD | (500000000.00) | (500000000.00) | 26-Mar-25 | 26-Mar-25 | 30-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250630 WB | 1261102 | USD | (150000000.00) | (150000000.00) | 03-Feb-25 | 04-Feb-25 | 30-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250613 WB | 1318843 | USD | (50000000.00) | (50000000.00) | 15-Apr-25 | 15-Apr-25 | 13-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250425 WB | 1284893 | USD | (50000000.00) | (50000000.00) | 06-Mar-25 | 06-Mar-25 | 25-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1289645 | USD | (50000000.00) | (50000000.00) | 10-Mar-25 | 10-Mar-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250416 WB | 1316288 | USD | (50000000.00) | (50000000.00) | 10-Apr-25 | 10-Apr-25 | 16-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250509 WB | 1317894 | USD | (50000000.00) | (50000000.00) | 14-Apr-25 | 14-Apr-25 | 09-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250606 WB | 1261101 | USD | (50000000.00) | (50000000.00) | 03-Feb-25 | 04-Feb-25 | 06-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1263876 | USD | (50000000.00) | (50000000.00) | 10-Feb-25 | 12-Feb-25 | 30-May-25 |

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**Page 10 of 11**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1284882 | USD | (50000000.00) | (50000000.00) | 06-Mar-25 | 06-Mar-25 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250604 WB | 1290531 | USD | (50000000.00) | (50000000.00) | 11-Mar-25 | 11-Mar-25 | 04-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250606 WB | 1284891 | USD | (50000000.00) | (50000000.00) | 06-Mar-25 | 06-Mar-25 | 06-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250606 WB | 1284894 | USD | (50000000.00) | (50000000.00) | 06-Mar-25 | 06-Mar-25 | 06-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250620 WB | 1298235 | USD | (50000000.00) | (50000000.00) | 18-Mar-25 | 18-Mar-25 | 20-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250522 WB | 1263868 | USD | (50000000.00) | (50000000.00) | 10-Feb-25 | 11-Feb-25 | 22-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250506 WB | 1223904 | USD | (50000000.00) | (50000000.00) | 12-Dec-24 | 12-Dec-24 | 06-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250401 WB | 1223910 | USD | (50000000.00) | (50000000.00) | 12-Dec-24 | 13-Dec-24 | 01-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1276841 | USD | (50000000.00) | (50000000.00) | 20-Feb-25 | 21-Feb-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250416 WB | 1276835 | USD | (50000000.00) | (50000000.00) | 20-Feb-25 | 20-Feb-25 | 16-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250411 WB | 1261743 | USD | (50000000.00) | (50000000.00) | 04-Feb-25 | 04-Feb-25 | 11-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250523 WB | 1223917 | USD | (50000000.00) | (50000000.00) | 12-Dec-24 | 13-Dec-24 | 23-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250507 WB | 1257911 | USD | (50000000.00) | (50000000.00) | 28-Jan-25 | 29-Jan-25 | 07-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250529 WB | 1225728 | USD | (50000000.00) | (50000000.00) | 16-Dec-24 | 17-Dec-24 | 29-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250606 WB | 1257903 | USD | (50000000.00) | (50000000.00) | 28-Jan-25 | 29-Jan-25 | 06-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250521 WB | 1261740 | USD | (50000000.00) | (50000000.00) | 04-Feb-25 | 05-Feb-25 | 21-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250514 WB | 1284890 | USD | (50000000.00) | (50000000.00) | 06-Mar-25 | 06-Mar-25 | 14-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250502 WB | 1225734 | USD | (100000000.00) | (100000000.00) | 16-Dec-24 | 18-Dec-24 | 02-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250528 WB | 1225730 | USD | (100000000.00) | (100000000.00) | 16-Dec-24 | 18-Dec-24 | 28-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250624 WB | 1352470 | USD | (100000000.00) | (100000000.00) | 27-May-25 | 28-May-25 | 24-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250605 WB | 1284881 | USD | (100000000.00) | (100000000.00) | 06-Mar-25 | 06-Mar-25 | 05-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250513 WB | 1301207 | USD | (100000000.00) | (100000000.00) | 25-Mar-25 | 25-Mar-25 | 13-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250609 WB | 1225733 | USD | (100000000.00) | (100000000.00) | 16-Dec-24 | 18-Dec-24 | 09-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250421 WB | 1298233 | USD | (100000000.00) | (100000000.00) | 18-Mar-25 | 18-Mar-25 | 21-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250428 WB | 1223916 | USD | (100000000.00) | (100000000.00) | 12-Dec-24 | 16-Dec-24 | 28-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250505 WB | 1223912 | USD | (100000000.00) | (100000000.00) | 12-Dec-24 | 16-Dec-24 | 05-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250424 WB | 1280060 | USD | (100000000.00) | (100000000.00) | 26-Feb-25 | 26-Feb-25 | 24-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250410 WB | 1231532 | USD | (100000000.00) | (100000000.00) | 18-Dec-24 | 19-Dec-24 | 10-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250604 WB | 1280737 | USD | (100000000.00) | (100000000.00) | 27-Feb-25 | 27-Feb-25 | 04-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250627 WB | 1225727 | USD | (100000000.00) | (100000000.00) | 16-Dec-24 | 18-Dec-24 | 27-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250630 WB | 1223909 | USD | (100000000.00) | (100000000.00) | 12-Dec-24 | 16-Dec-24 | 30-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250512 WB | 1290538 | USD | (100000000.00) | (100000000.00) | 11-Mar-25 | 12-Mar-25 | 12-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250414 WB | 1301346 | USD | (100000000.00) | (100000000.00) | 26-Mar-25 | 26-Mar-25 | 14-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250430 WB | 1261742 | USD | (100000000.00) | (100000000.00) | 04-Feb-25 | 04-Feb-25 | 30-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250522 WB | 1301330 | USD | (100000000.00) | (100000000.00) | 26-Mar-25 | 26-Mar-25 | 22-May-25 |

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**Page 11 of 11**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade</u>** <br>**<u>Date</u>**<br>| **<u>Settlement</u>** <br>**<u>Date</u>**<br>| **<u>Maturity</u>** <br>**<u>Date</u>**<br>|
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250624 WB | 1353517 | USD | (100000000.00) | (100000000.00) | 28-May-25 | 28-May-25 | 24-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250602 WB | 1280729 | USD | (100000000.00) | (100000000.00) | 27-Feb-25 | 28-Feb-25 | 02-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250401 WB | 1224982 | USD | (100000000.00) | (100000000.00) | 13-Dec-24 | 13-Dec-24 | 01-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250401 WB | 1230787 | USD | (100000000.00) | (100000000.00) | 17-Dec-24 | 17-Dec-24 | 01-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250401 WB | 1231530 | USD | (100000000.00) | (100000000.00) | 18-Dec-24 | 18-Dec-24 | 01-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250401 WB | 1232239 | USD | (100000000.00) | (100000000.00) | 19-Dec-24 | 19-Dec-24 | 01-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250401 WB | 1233073 | USD | (100000000.00) | (100000000.00) | 20-Dec-24 | 20-Dec-24 | 01-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250513 WB | 1301208 | USD | (100000000.00) | (100000000.00) | 25-Mar-25 | 25-Mar-25 | 13-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250513 WB | 1301329 | USD | (100000000.00) | (100000000.00) | 26-Mar-25 | 26-Mar-25 | 13-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250609 WB | 1284883 | USD | (100000000.00) | (100000000.00) | 06-Mar-25 | 06-Mar-25 | 09-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250411 WB | 1289143 | USD | (100000000.00) | (100000000.00) | 07-Mar-25 | 07-Mar-25 | 11-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1257898 | USD | (100000000.00) | (100000000.00) | 28-Jan-25 | 28-Jan-25 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1257904 | USD | (100000000.00) | (100000000.00) | 28-Jan-25 | 28-Jan-25 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1263871 | USD | (100000000.00) | (100000000.00) | 10-Feb-25 | 11-Feb-25 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1263877 | USD | (100000000.00) | (100000000.00) | 10-Feb-25 | 11-Feb-25 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1269863 | USD | (100000000.00) | (100000000.00) | 13-Feb-25 | 13-Feb-25 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250523 WB | 1301344 | USD | (100000000.00) | (100000000.00) | 26-Mar-25 | 27-Mar-25 | 23-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1301209 | USD | (100000000.00) | (100000000.00) | 25-Mar-25 | 25-Mar-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1316289 | USD | (100000000.00) | (100000000.00) | 10-Apr-25 | 10-Apr-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250612 WB | 1327800 | USD | (100000000.00) | (100000000.00) | 23-Apr-25 | 24-Apr-25 | 12-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250415 WB | 1280057 | USD | (100000000.00) | (100000000.00) | 26-Feb-25 | 26-Feb-25 | 15-Apr-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250530 WB | 1225732 | USD | (100000000.00) | (100000000.00) | 16-Dec-24 | 18-Dec-24 | 30-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250610 WB | 1303324 | USD | (100000000.00) | (100000000.00) | 27-Mar-25 | 27-Mar-25 | 10-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250501 WB | 1303322 | USD | (100000000.00) | (100000000.00) | 27-Mar-25 | 31-Mar-25 | 01-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250501 WB | 1305266 | USD | (100000000.00) | (100000000.00) | 31-Mar-25 | 31-Mar-25 | 01-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250501 WB | 1319552 | USD | (100000000.00) | (100000000.00) | 16-Apr-25 | 17-Apr-25 | 01-May-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250630 WB | 1293497 | USD | (100000000.00) | (100000000.00) | 17-Mar-25 | 18-Mar-25 | 30-Jun-25 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20250630 WB | 1316290 | USD | (100000000.00) | (100000000.00) | 10-Apr-25 | 10-Apr-25 | 30-Jun-25 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(18520069000.00)** | **(18520069000.00)** |  |  |  |
| **<u>Total Maturing Borrowings</u>** |  |  |  |  | **(18520069000.00)** |  |  |  |

---