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It outlines executive summary themes, the financial business model, basis of reporting, and results including net income and allocation. The report details lending activities, guarantees, grant-making facilities, and externally funded activities, along with investment, borrowing, and capital activities. It also covers risk governance, risk oversight, capital adequacy, credit, market, operational risk, contractual obligations, pension and post-retirement benefits, ESG policies, critical accounting estimates, fair value methods, and governance and controls, ending with appendices and a glossary of terms.","Public Disclosure Authorized Public Disclosure Authorized  \nAnnual Report 2023  \nThe International Bank for Reconstruction and Development (IBRD) and The International Development Association (IDA)  \nManagement's Discussion & Analysis and Financial Statements (Fiscal 2023)  \nJune 30, 2023  \nInternational Bank for Reconstruction and  \nDevelopment  \nManagement’s Discussion & Analysis  \nand Financial Statements June 30, 2023  \nContents  \nSection I: Executive Summary Summary Financial Results 4  \nSection II: Overview Introduction 6  \nFinancial Business Model 6  \nBasis of Reporting 7  \nSection III: Financial Results Financial Results and Portfolio Performance 9  \nNet Income 10  \nNet Income Allocation 16  \nSection IV: Lending Activities Net Lending Commitments and Gross Disbursements 19  \nLending Categories 20  \nCurrently Available Lending Products 21  \nDiscontinued Lending Products 23  \nWaivers 23  \nSection V: Other Development Activities Guarantees 25  \nGrant Making Facilities 27  \nExternally-Funded Activities 27  \nSection VI: Investment Activities Liquid Asset Portfolio 30  \nOther Investments 31  \nSection VII: Borrowing Activities Borrowings Portfolio 32  \nShort-Term Borrowings 33  \nMedium-and Long-Term Borrowings 34  \nSection VIII: Capital Activities Capital Structure 35  \nUsable Equity 37  \nSection IX: Risk Management Risk Governance 38  \nRisk Oversight and Coverage 38  \nManagement of IBRD’s Risks 40  \nGeopolitical Events and Global Outlook 41  \nCapital Adequacy 41  \nCredit Risk 43  \nMarket Risk 50  \nOperational Risk 55  \nSection X: Contractual Obligations Contractual Obligations 56  \nSection XI: Pension and Other Post-Retirement Benefits Governance 57  \nFunding and Investment Policies 57  \nEnvironmental, Social and Governance (ESG) Policies 58  \nProjected Benefit Obligation 58  \nSection XII: Critical Accounting Policies and the Use of Fair Value of Financial Instruments 59  \nEstimates Provision for Losses on Loans and Other Exposures 60  \nPension and Other Post-Retirement Benefits 60  \nSection XIII: Governance and Controls Business Conduct 61  \nGeneral Governance 61  \nExecutive Directors 61  \nAudit Committee 62  \nAuditor Independence 63  \nExternal Auditors 63  \nSenior Management Changes 63  \nInternal Control 64  \nAppendix Glossary of Terms 65  \nAbbreviations and Acronyms 66  \nEligible Borrowing Member Countries by Region as of July 1, 2023 67  \nList of Tables, Figures and Boxes 67  \nIBRD Management's Discussion and Analysis: June 30, 2023 1  \nThis 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, 2023 (FY23) . IBRD undertakes no obligation to update any forward-looking statements. Certain reclassifications of prior years’ information have been made to conform with the current year’s presentation. For discussion of IBRD’s financial results for the year ended June 30, 2022 as compared to the year ended June 30, 2021, see Section III – Financial Results in IBRD’s MD&A and Financial Statements for the fiscal year ended June 30, 2022.  \nBox 1: Selected Financial Data  \nIn millions of U. S. dollars, except ratios which are in percentages  \n As ofand for the fiscal years ended June 30  2023 2022 2021  \nLending Highlights (Section IV) Net commitments a Gross disbursements Net disbursements  \nIncome Statement (Section III)  \nBoard of Governors-approved and other transfers Net income  \nBalance Sheet (Section III) Total assets Net investment portfolio b  \nNet loans outstanding  \nBorrowing portfolio c  \nTotal equity  \nNon-GAAP Measures:  \nAllocable Income (Section III)  \nAllocable income  \nAllocated as follows:  \nGeneral Reserve d  \nInternational Development Association Surplus  \nUsable Equity e f (Section VIII)  \n$  \n$  \n$  \n$  \n$  \n38,572 25,504 12,736  \n(221) 1,144  \n332,641  \n79,195 241,041 266,828  \n60,382  \n1,312  \n921  \n291  \n100  \n53,105  \n$  \n$  \n$  \n$  \n$  \n33,072 28,168 14,876  \n(354) 3,990  \n317,542 ","cbCaigYaZ6tClYlR","https://ap.wps.com/l/cbCaigYaZ6tClYlR","pdf",4638545,2,1,259,"English","en",105,"# Section I: Executive Summary\n## Summary Financial Results\n# Section II: Overview\n## Introduction\n## Financial Business Model\n## Basis of Reporting\n# Section III: Financial Results\n## Financial Results and Portfolio Performance\n## Net Income\n## Net Income Allocation\n# Section IV: Lending Activities\n## Net Lending Commitments and Gross Disbursements\n## Lending Categories\n## Currently Available Lending Products\n## Discontinued Lending Products\n## Waivers\n# Section V: Other Development Activities\n## Guarantees\n## Grant Making Facilities\n## Externally-Funded Activities\n# Section VI: Investment Activities\n## Liquid Asset Portfolio\n## Other Investments\n# Section VII: Borrowing Activities\n## Borrowings Portfolio\n## Short-Term Borrowings\n## Medium-and Long-Term Borrowings\n# Section VIII: Capital Activities\n## Capital Structure\n## Usable Equity\n# Section IX: Risk Management\n## Risk Governance\n## Risk Oversight and Coverage\n## Management of IBRD’s Risks\n## Geopolitical Events and Global Outlook\n## Capital Adequacy\n## Credit Risk\n## Market Risk\n## Operational Risk\n# Section X: Contractual Obligations\n# Section XI: Pension and Other Post-Retirement Benefits\n## Governance\n## Funding and Investment Policies\n## Environmental, Social and Governance (ESG) Policies\n## Projected Benefit Obligation\n# Section XII: Critical Accounting Policies and the Use of Fair Value of Financial Instruments\n## Estimates Provision for Losses on Loans and Other Exposures\n# Section XIII: Governance and Controls\n## Business Conduct\n## General Governance\n## Executive Directors\n## Audit Committee\n## Auditor Independence\n## External Auditors\n## Senior Management Changes\n## Internal Control\n# Appendix\n## Glossary of Terms\n## Abbreviations and Acronyms","[{\"question\":\"What fiscal period do the Management’s Discussion \\u0026 Analysis and financial statements cover?\",\"answer\":\"They cover the fiscal year ended June 30, 2023 (FY23).\"},{\"question\":\"What major 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