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PRESS RELEASE March 26, 1991

World Bank Plans to Allocate its Surplus to IDA

The World Bank today recommended that its Board of Governors grant $275 million equivalent, as of March 20, 1991, to the International Development Association (IDA) and, on a one-time basis, about $33 million to the recently established Global Environment Trust Fund. The grant to IDA would help meet incremental lending requirements resulting from the Gulf crisis.

The sums would come from the balance of FY90 net income –about $308 million equivalent at March 20, 1991 exchange rates - which the Bank, formally known as the International Bank for Reconstruction and Development, retained as surplus pending further consideration of possible uses. The remaining $750 million of net income was allocated to reserves on June 30, 1990, the end of FY90.