Annex 1 Guidelines for PRSP Preparation Status Reports and Accompanying JSAS
If a country requests continued access to Fund concessional assistance, but has not completed its full PRSP within one year of its initial I-PRSP, it would be required to provide a report to the Boards of the Bank and the Fund indicating the progress that had been made in developing its full PRSP.1 The guidelines set out below are intended to assist countries in the preparation of reports on status of PRSP preparation and staff with respect to the accompanying Joint Staff Assessments (JSA). The principle underlying these guidelines is that the administrative burden on both countries and Bank-Fund staff should be minimized, since priority attention should remain on finalizing the full PRSP.
The PRSP Preparation Status Report can be short (2-4 single-spaced pages), but should address the following key questions:
What has been the progress in developing the full PRSP with respect to the timetable and action plan set out in the I-PRSP? In this regard, it is expected that the report would highlight progress and major constraints in the areas to be assessed in the forthcoming full PRSP (i.e., participation; poverty diagnosis; targets, indicators, and monitoring; and priority public policies), bearing in mind the issues raised by the staff in the earlier JSA.
To what extent (if any) has the timetable, road map, and/or expected completion date for the full PRSP been revised?
What additional steps are the authorities taking, including seeking technical assistance, to complete the full PRSP in coordination with civil society and external partners?
The accompanying JSA of a PRSP Preparation Status Report should also be short (1-2 single-spaced page) documents which provide the staff’s views of the authorities’ report with respect to the three questions set out above. In particular, staff would be expected to comment on the feasibility of the revised timetable and action plan, and the extent to which issues raised in the JSA of the I-PRSP have been or are being addressed. If the authorities are seeking technical assistance to complete their PRSP, the JSA should take a position as to whether this assistance is likely to be forthcoming and provide a likely schedule for its delivery.
If the staffs are satisfied that progress on the PRSP has been adequate overall, then the JSA would conclude with the following statement: “The staffs of the World Bank and IMF consider that progress on the development of the full PRSP, as evidenced by the PRSP Preparation Status Report, is satisfactory and provides a sound basis for continued access to Fund concessional assistance and IDA adjustment lending. The staffs recommend that the respective Executive Directors of the World Bank and the IMF reach the same conclusion.”
Annex 2 Interim Guidelines for Poverty Reduction Support Credits
1. The Poverty Reduction Support Credit (PRSC) is a CAS-based development assistance instrument, supporting an IDA-eligible country's policy and institutional reform program to help implement its poverty reduction strategy. The PRSC is grounded in the principles of the Comprehensive Development Framework (CDF) and the international development goals.1 Over time, it is expected to become an important vehicle of IDA financial support to low-income countries with strong programs, anchoring the Bank's overall support for their poverty reduction strategies. These interim guidelines will be kept under review and revised, as necessary, in light of the early experience with PRSCs.
2. Context. The Development Committee paper, Supporting Country Development: World Bank Role and Instruments in Low-and Middle-Income Countries, spelled out the process by which the Bank customizes its country support. As indicated there, the Bank starts with the country's own vision, with the Poverty Reduction Strategy Paper (PRSP) setting out the country's poverty reduction strategy and the priority public actions it expects to achieve its goals. Utilizing country-based economic and sector work (ESW), Bank and Fund staff provide a Joint Staff Assessment (JSA) of the adequacy of the PRSP—and of the country's commitment and capacity to implement it—as a strategy for achieving sustained growth and poverty reduction and making progress toward the international development goals. In turn, the PRSP and JSA feed into the Country Assistance Strategy (CAS) and PRSC processes, which will increasingly be synchronized.2 It is expected that the PRSP/PRSC framework will allow donors to combine their efforts behind a single program, with consistent and harmonized monitoring and evaluation focusing on results at the project, program, and country levels.
3. Features. A PRSC program typically involves a series of two or three operations (individual PRSCs) that together support the country's medium-term development and reform program to implement its poverty reduction strategy.3 Its specific structure depends on country circumstances, including the objectives and nature of the country's reform program that it supports and the timing of the requirement for assistance.
The medium-term program supported by a PRSC series (Medium-Term Program) principally draws from and elaborates on the country's PRSP and takes into account the JSA's analysis of the adequacy of that strategy. It is set out in the government's Letter of Development Policy (LDP) and multi-year matrix of policy and institutional reforms, with results-focused monitoring indicators and progress benchmarks.4 The time horizon of the PRSC series ideally corresponds to the PRSP and CAS periods.
A PRSC series may include single-tranche as well as multi-tranche operations.5 It is expected that single-tranche PRSCs may normally be appropriate for countries with a relatively strong track record of performance, whereas two-tranche operations may normally be appropriate for countries without an adequate track record, or where close monitoring is useful in the implementation of the program.
Each individual PRSC in the series is made based on (a) the receipt of an acceptable LDP; (b) a satisfactory macroeconomic framework;6 (c) the up-front completion of a set of specific social and structural reform measures (“prior actions”), agreed at negotiations and set out in the LDP/multi-year matrix, and focused on priority actions that are critical for the success of the Medium-Term Program and are expected to have a substantial impact on sustainable growth and poverty reduction; and (d) on satisfactory progress in carrying out the Medium-Term Program, based on a review and assessment by staff, against the CAS triggers and the overall set of social and structural actions set out in the LDP/matrix. In this review and assessment, staff also consider the results-focused indicators and benchmarks for monitoring the overall implementation of the poverty reduction strategy set out in the LDP/matrix.
To the extent practicable, individual PRSCs are normally phased in line with the borrowing government's annual budget and policy cycle. The documentation for each individual PRSC clearly indicates how that operation is linked with preceding or subsequent PRSCs in the series (if any)—including the prior actions that have been completed, and the prior actions expected to precede and the policy areas expected to be covered in subsequent PRSCs.7 The second and any subsequent PRSCs in the series build on the previous ones; their prior actions (and any tranche conditions) are formulated and agreed when they are negotiated, drawing on the Medium-Term Program set out in the preceding PRSC. They each include an updated LDP and multi-year matrix, which reflect the evolving Medium-Term Program and specify the agreed prior actions and any tranche conditions. In moving from one PRSC to the next in the series, if progress is found to lag behind expectations, a judgment is made on whether to adapt the Medium-Term Program, to reduce the amount of the subsequent PRSC operation, or to delay the next operation until further progress has been made.
Some PRSCs may focus mainly on economy wide policy or institutional issues, such as broad public sector reform; they are governed by the operational policies for structural adjustment credits. Other PRSCs may cover policy or institutional issues in key sectors such as infrastructure, health, education, or rural development; they are governed by the operational policies for sectoral adjustment credits. All PRSC series are also governed by the Bank's guidelines on programmatic adjustment lending.8
4. CAS and ESW Underpinnings. Two ex-ante integrative analyses are key inputs to the CAS and are expected to underpin the development of a PRSC program in a country: (a) a cross-cutting assessment of the country's social, structural, and key sectoral development policies, which covers the policy reform and institutional development priorities for sustainable growth and poverty reduction—including for enhancing positive and mitigating adverse impacts that the reforms being supported may have on poor people and other vulnerable groups and on the environment; and (b) an assessment of the country's public financial accountability arrangements, which covers its public expenditure, procurement, and financial management systems. These two integrative analyses normally constitute core diagnostic Bank ESW, drawing as needed on poverty assessments, public expenditure reviews, country procurement and financial accountability reviews, environmental and social analysis, and other more in-depth work carried out by the Bank, clients, and other development partners. Other ESW (such as sector-based institutional analysis) may also underpin the PRSC as appropriate. Where possible, such integrative analyses and other ESW should be undertaken through a close working partnership with the country in order to further capacity-building goals and broad understanding and ownership. This knowledge informs the Bank's advice to the country in its preparation of the PRSP, and the Bank's assessment in the JSA. It also informs the development of reform actions in the PRSC from the underlying PRSP. For all IDA borrowers, the CAS assesses the adequacy and vintage of the stock of knowledge from Bank ESW and other country and development partners' work, indicating how any gaps are to be addressed. Building on the CAS, the President's Report for each PRSC explains how the program for filling identified gaps will feed into subsequent PRSCs. As part of the costing of CASs, adequate resources are expected to be identified to cover the costs to the Bank of any needed analytic work associated with PRSCs.
5. Social Impact. The PRSC relies on an ex-ante analysis of the social (including gender) and poverty reduction impact of the Bank-supported reform program, typically undertaken in the context of the preparation of the PRSP and reflected in the JSA, and informing the integrative assessment of the country's social, structural, and key sectoral development policies. Where the JSA, core ESW, or similar analyses identify weaknesses in this area that would likely impede the effective achievement of the country's poverty reduction strategy, the CAS would typically specify how the Bank's assistance program would help address such weaknesses, including through the PRSC or other Bank supported operations. Drawing on the social impact analysis underpinning the PRSP, and (as appropriate) on additional work supplementing this analysis, the PRSC documentation describes the likely social impact of the policy and institutional reforms supported by the Bank (and of the associated macroeconomic policies), the alternative reforms considered, and the measures the authorities are taking to enhance positive and mitigate adverse impacts. It also lays out in detail the country's arrangements and benchmarks for monitoring progress in achieving the poverty reduction objectives supported by the PRSC, and the regular reporting that is part of Bank preparation and supervision work.
6. Environmental Impact. The appropriate treatment of environmental issues in PRSCs depends on their coverage and focus. If the PRSC is a structural adjustment credit, the requirements of Operational Directive (OD) 8.60 apply.9 When relevant, staff review environmental policies and practices in the country, take account of any relevant findings and recommendations of such reviews in the design of structural adjustment programs, and identify positive and negative linkages between the various reforms proposed and the environment. If there are negative linkages, staff devise specific measures as appropriate to counteract the possible negative effects, or explain how mitigation is otherwise being achieved. If the PRSC is a sectoral adjustment credit, the requirements of Operational Policy (OP) 4.01 also apply.10 In this case, the findings and any recommendations of the environmental assessment (EA) are reflected in the Medium-Term Program and in PRSC conditionality, if and as required by OP 4.01. As early as possible in the preparation process, a working group including the Quality Assurance and Compliance Unit of ESSD, LEG, OPCS, and PREM gives guidance on the classification of a proposed PRSC as a structural or sectoral adjustment credit and, where applicable, further EA actions. For all PRSCs, the relevant environmental work may, where possible, be done upstream, as part of the PRSP and CAS processes.
7. Fiduciary Assessment. As noted, the PRSC relies on an ex-ante fiduciary assessment of the country's public expenditure, procurement, and financial management systems. Such assessment is expected to normally focus on:11 (a) the comprehensiveness and transparency of the budget, with an appropriate focus on poverty-focused public spending; (b) the adequacy and transparency of systems to guide and monitor budget implementation, including procurement; and (c) the adequacy and transparency of systems for monitoring, reporting on, and auditing public financial flows, including the adequacy of the arrangements for disbursement, reporting, and auditing of PRSC proceeds.12 Where the public expenditure review, fiduciary assessment, other core ESW, or similar analyses identify weaknesses in these areas that would likely impede the effective achievement of the poverty reduction strategy supported by the PRSC, the Medium-Term Program incorporates specific measures to address such weaknesses, including where appropriate as prior actions or conditions of tranche release of individual PRSCs, or as prior conditions for subsequent PRSCs in the series.
8. Relationship between PRSC and PRGF. Both the PRSC and the IMF's Poverty Reduction and Growth Facility (PRGF) provide support of the country's poverty reduction strategy articulated in the PRSP, and Bank and Fund staff closely coordinate in their preparation. The following principles have been agreed:
Given the important complementarities between the macroeconomic and the structural and social issues, there is a presumption—but no guarantee—that, after a transition period of gradual build-up in the pipeline of PRSPs and PRSCs, the Bank will normally provide support through a PRSC when the Fund provides support through a PRGF arrangement.13 When there are both a PRGF and PRSC, to the extent practicable they are negotiated on the same timeframe and proceed in parallel, building on the PRSP and the JSA.
The Bank regards the presence of an on-track PRGF arrangement as adequate evidence that the macroeconomic framework is appropriate. When a PRSC is under consideration or performance under a PRSC is being reviewed without a companion PRGF in place, Bank staff ascertain whether the Fund has any major outstanding concerns about the adequacy of the country's macroeconomic policies. Fund staff aim to communicate this assessment to the Bank in time to be reflected in Bank reporting to its Board.
Similarly, the Fund regards the presence of an on-track PRSC as adequate evidence that the social and structural program is appropriate. When a PRGF is under consideration or performance under a PRGF is under review without a companion PRSC, Fund staff will consult with Bank staff to ascertain whether the Bank has major outstanding concerns about the adequacy of the country's poverty reduction strategy, the social impacts of the macroeconomic policies supported by the PRGF, or the country's performance in meeting structural and social conditions in the areas of competence of the Bank.14 Bank staff aim to communicate this assessment to the Fund in time to be reflected in Fund reporting to its Board.
The Bank-Fund Joint Implementation Committee provides a mechanism to coordinate Bank and Fund efforts in assisting countries with PRSPs, preparing JSAs, and coordinating/reconciling differences on PRSCs and PRGFs, as needed.
9. Management and Board Review. Proposed PRSCs are reviewed by the Bank-wide Operations Committee before appraisal.15 The Operations Committee reviews the social, environmental, and fiduciary aspects of a proposed PRSC and provides guidance to the task team on their treatment. For all proposed PRSCs scheduled before a first management review and Board discussion on the experience with PRSCs, a Technical Briefing will be held to inform the Board early on about the planned PRSC. The responsible Managing Director signs off on the final documentation prior to presentation to the Bank's Board of Executive Directors. Each individual credit in a PRSC series, like all other adjustment credits, is presented to the Board for its review under regular procedures.16
Annex 3 IMF and World Bank Outreach Events, April 2001-September 2001
Over the last six months, Fund and Bank staffs have participated in a number of outreach events in connection with the PRSP program. The main ones are listed below.
Joint Bank-Fund NGO Briefing on PRSPs and social impact assessment, Spring Meetings, Washington, DC, April 2001.
OECD Informal Group of Multilateral Secretariats on partnership initiatives that can contribute to the success of poverty reduction strategies, Paris, April 2001.
DAC High Level Meeting, Paris, April 2001.
Drop the Debt Seminar, Washington, DC, April 2001.
World Bank conference, Voices and Choices at the Macro Level, April 2001.
PRSP Seminar organized by UK Department for International Development (DFID) and the World Bank, Cartagena, Colombia, April 2002. Participants included representatives from government and civil society groups from Bolivia, Guyana, Honduras, and Nicaragua as well as bilateral donors and representatives from the IDB.
UNDP and IMF/World Bank meetings on improving coordination on poverty assessment work, Washington, DC, April 2001.
IMF consultations with senior delegations in the Nordic-Baltic countries, the Netherlands, Germany, and the United Kingdom, May 2001.
Third United Nations Conference on the Least Developed Countries (LDC-III) Conference, Brussels, May 2001.
Strategic Partnership with Africa, Technical Group Meetings, Washington, DC, May 2001.
ILO workshop on Social Dimensions of Economic Policy Reform in Developing Countries: The Role of IFIs, Turin, Italy, May 2001.
PRSP Regional Learning Event organized by the IMF’s Joint Africa Institute in Abidjan, Cote d’Ivoire, Africa. Delegates were drawn from civil service, NGOs, and academia from 15 African Countries, May 2001.
IMF Meeting with Washington-based NGO on PRSPs, Washington, DC, June 2001.
Steering Committee Meeting on Debt Relief and Poverty Reduction, organized by Debt Relief International, London, UK, June 2001.
World Development Movement Annual Conference on Debt and Poverty Reduction, Manchester, UK, June 2001.
World Vision Consultations with the Fund and World Bank on PRSPs, Washington, DC, June 2001.
World Bank workshop on Civic Engagement and Participation in Poverty Reduction Strategies, Tblisi, Georgia, June 2001. Participants included government officials and civil society representatives (including labor unions) from Armenia, Azerbaijan, Georgia, and Moldova.
Follow up meetings between European Commission, IMF, and World Bank staff to operationalize collaboration in the PRSP approach, Washington, DC, June 2001.
Development Debates on Poverty Reduction, World Bank Institute Video Conference, Washington, DC, June 2001. These debates aim to link development specialists from government, academic institutions, and NGOs in a range of countries with experts elsewhere to stimulate learning and explore different policy options.
Consultation between IMF and staff from the World Labour Congress and the International Confederation of Free Trade Unions (ICFTU) on the PRSP approach, Brussels, June 2001.
Meeting with Swiss Parliamentarians on low-income country issues, June 2001.
Consultation between delegation from the International Confederation of Free Trade Unions (ICFTU) and IMF and World Bank staff on the PRSP approach and the HIPC Initiative, Washington, DC, July 2001.
Workshop sponsored by the African Development Bank, the UNECA, and the World Bank on Civic Engagement and Participation in the PRSPs, Addis Ababa, Ethiopia, July 2001. Participants included government officials, civil society, local donors, and IFI staff from Angola, Ethiopia, The Gambia, Ghana, Lesotho, Malawi, Nigeria, and Zambia.
WIDER Development Conference on Debt Relief, Helsinki, Finland, August 2001.
PRSP Learning Event (IMF Institute and World Bank Institute), Dakar, Senegal, September 2001.
Comprehensive Development Framework, Meeting the Promise? Early Experience and Emerging Issues, August 2001.
Estrategia Boliviana de Reduccion de la Pobreza, Government of Bolivia, March 2001.
Poverty Reduction Strategy Paper—Progress in Implementation, SecM 2000-487 (8/15/00) and EBS/00/167 (8/14/00).
These reports were previously termed “I-PRSP progress reports.”
The Sourcebook continues to be available on the Bank website (http://www.worldbank.org/poverty/strategies/sourctoc.htm), in CD format, and by request (firstname.lastname@example.org). A published version should be available in October 2001.
A similar event in Cote d’Ivoire (June 2000) focused on the preparation of poverty reduction strategies.
Sometimes termed “Social Impact Analysis (SIA).”
Albania, Burkina Faso, Cameroon, Georgia, Guinea, Mauritania, Mongolia, Mozambique, Pakistan, Vietnam, Uganda, and Zambia.
Micro-Macro Linkages: Tools, Surveys and Models for Monitoring and Designing Poverty Reduction Strategies, July 3, 2001.
Benin, Burkina Faso, The Gambia, Honduras, Mozambique, Nicaragua, and Zambia.
Streamlining Structural Conditionality—Review of Initial Experience, SM/01/219 and SecM 2001-0461 (7/12/01).
There will be a gradual roll out of PRSCs. As a result, there will likely be several countries with PRGFs already in place that may not be ready for a PRSC. For these countries, conditionality in the Bank’s areas of responsibility will be applied through other instruments, typically medium-term adjustment lending, as well as analytical/advisory support and technical assistance.
The criteria on which individual PRSC operations are to be based are set out in Annex 2.
Uganda Poverty Reduction Support Credit—IDA/P2 442—UG; and Vietnam Poverty Reduction Support—IDA/R200/0060.
It is proposed that these aligned goals be termed the Millennium Development Goals (MDGs).
Germany, Netherlands, Norway, and UK.
See Review of the PRSP and the PRGF, EBS/01/112 (7/6/01) and IDA/SecM2001-0465 (7/9/01) for more details on the approach for carrying out the joint review of the PRSP by Bank and Fund staff and the review of the PRGF by Fund staff.
Separately, the Fund Board called for a review of the Poverty Reduction and Growth Facility (PRGF). This will be done in conjunction with the PRSP review, also with external input, and will focus on the degree to which the “key features” or main principles underlying the facility have been reflected in new three-year arrangements and new annual programs under ongoing arrangements (see Key Features of PRGF-Supported Programs, SM/00/193 (8/17/00)).
Heavily Indebted Poor Countries Initiative and Poverty Reduction Strategy Papers—Progress Reports, EBS/00/183 (8/30/00) and SEC/M2000-487 (8/15/00). Ordinarily, IDA adjustment lending would not take place in the absence of a PRGF, nor is an IDA country likely to move to a high case lending scenario without a PRSP in place.
See 2000, A Better World for All: Progress towards the International Development Goals, jointly issued by the IMF, Organization for Economic Co-operation and Development, the United Nations, and the World Bank Group (Washington, D.C.: International Monetary Fund, 2000), available at http://www.paris21.org.
It is expected that, after July 1, 2002, IDA CASs presented to the Bank's Board would normally be based on a PRSP, which would provide the context for all IDA lending and non-lending activities. See Poverty Reduction Strategy Papers (PRSPs)Progress in Implementation, (SecM2000-0487), August 14, 2000, and Poverty Reduction Strategy Papers (PRSPs)Progress in Implementation, (DC/2000-18), September 7, 2000. After a transition period of initial build-up in the pipeline of PRSPs and PRSCs, it is expected that PRSCs would normally be finalized and presented to the Board together with or shortly after the consideration of the PRSP, JSA, and CAS.
Throughout these Interim Guidelines, references to PRSP indicate that normally a full PRSP considered adequate in the Joint Staff Assessment will provide the basis for the Medium-Term Program supported by a PRSC series. However, during the transition period of initial build-up in the pipeline of PRSPs and PRSCs, an Interim Poverty Reduction Strategy Paper (I-PRSP) may provide the basis for a PRSC program in exceptional cases—if the I-PRSP describes an adequately developed and broadly framed country-owned poverty reduction strategy and this is set out in the Joint Staff Assessment. In this case, the Medium-Term Program may be updated or revised in the full PRSP, and the design of the series of PRSCs will also be reviewed and adjusted as appropriate.
Depending on the coverage and specificity of the PRSP, it may serve as the primary vehicle for setting out the substance of the country's Medium-Term Program for poverty reduction to be supported by the PRSC, and the government's LDP can become a short cover letter referring to the attached PRSP.
Floating tranches may be considered.
A satisfactory macroeconomic framework includes domestic and external debt sustainability.
For HIPC countries, the triggers for subsequent PRSCs would be consistent with both the CAS triggers and the triggers for the HIPC completion point, which is expected to follow one annual progress report on the implementation of the PRSP. (For the few retroactive HIPC countries, the completion point could be reached with the preparation of a full PRSP and thus could roughly coincide with a first PRSC.)
See Operational Directive (OD) 8.60, Adjustment Lending, December 1992. See also the Operational Memorandum Clarification of Current Bank Policy on Adjustment Lending, June 5, 2000, and the Operational Memorandum Guidelines for Programmatic Adjustment Loans/Credits, February 11, 2000, which are available at http://wbln0011.worldbank.org/Institutional/Manuals/OpManual.nsf.
See OD 8.60, Adjustment Lending Policy, op. cit., and the Operational Memorandum Clarification of Current Bank Policy on Adjustment Lending, June 5, 2000.
See OP 4.01, Environmental Assessment, January 1999. See also the Operational Memorandum Clarification of Current Bank Policy on Adjustment Lending, op. cit.
For a more detailed possible list of indicative public expenditure management and financial accountability issues and benchmarks that could be the subject of fiduciary diagnostic work preceding a PRSC, see Tracking of Poverty-Reducing Public Spending in Heavily Indebted Poor Countries (IDA/SecM2001-0052/1), March 28, 2001, Table 1.
General procedures governing adjustment lending are covered in OD 8.60 Adjustment Lending Policy, op. cit., and in the Operational Memorandum Simplifying Disbursement Procedures, February 8, 1996. Given the fungibility of resources, these procedures focus on the borrower's overall use of foreign exchange and budget resources, more than on the specific use of Bank funds. Disbursements are delinked from specific imports, and are made against a negative list of ineligible expenditures, based on satisfactory implementation of the adjustment program, including compliance with tranche release conditions and the achievement of a satisfactory macroeconomic framework. The Bank also reserves the right to audit a borrower's deposit accounts in its central bank into which the proceeds of the loan or credit are disbursed.
Reflecting the often short-term nature of macroeconomic reforms and often long-term nature of social and structural reforms, it is expected that in a number of countries there will be a transition period in which a PRGF supporting an initial predominantly macroeconomic program will be in place, while a full structural and social program to be supported by a PRSC is still being developed. Similarly, it is expected that for some countries, after a PRGF has supported effective macroeconomic stabilization, future PRSCs may support continuing structural and social reforms without a parallel PRGF, but with continued IMF monitoring and technical assistance.
See IMF, The Poverty Reduction and Growth Facility (PRGF)—Operational Issues (SM/99/293), December 13, 1999. That paper states: “For social policies, most poverty-reducing measures, and other structural policies within the Bank's primary mandate, the Fund staff should ascertain whether the Bank staff has any major outstanding concerns about the adequacy of implementation before the Fund staff and management make their own assessment of whether to recommend Board approval of a PRGF arrangement or completion of a review. It is expected that the views of the Bank staff would be given heavy weight in the assessment of progress in these areas. Furthermore, the views of the Bank staff regarding the implementation of the elements of the PRSP within their mandate would be included in each PRGF staff report.”
Information on Board document processing can be found on the website of the Bank's Corporate Secretariat: http://lnts022/html/corpsec.nsf/boardnav?opennavigator&Subject=BoardOperations-Advice.