International Bank for Reconstruction and
Development
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Management’s Discussion & Analysis
and
Financial Statements
June 30, 2026
IBRD Management's Discussion and Analysis: June 30, 2026
1
Management’s Discussion and Analysis
Contents
Section I: Overview
Introduction
Financial Business Model
Basis of Reporting
Section II: Executive Summary
Summary Financial Results
Section III: Financial Results
Portfolio Performance and Financial Results
Net Income
Income Allocation
Section IV: Lending Activities
Net Lending Commitments and Gross Disbursements
Lending Categories
Currently Available Lending Products
Loans Outstanding
Section V: Other Development Activities
Guarantees
Grant Making Facilities
Externally-Funded Activities
Section VI: Investment Activities
Liquid Asset Portfolio
Other Investments
Section VII: Borrowing Activities
Borrowings
Short-Term Borrowings
Medium- and Long-Term Borrowings
Section VIII: Capital Activities
Capital Structure
Usable Equity
Section IX: Risk Management
Risk Governance
Risk Oversight and Coverage
Management of IBRD’s Risks
Capital Adequacy
Credit Risk
Market Risk
Operational Risk
Section X: Contractual Obligations
Contractual Obligations
Section XI: Pension and Other Post-Retirement
Governance
Benefits
Funding and Investment Policies
Projected Benefit Obligations
Section XII: Critical Accounting Policies and the
Fair Value of Financial Instruments
Use of Estimates
Provision for Losses on Loans and Other Exposures
Pension and Other Post-Retirement Benefits
Section XIII: Governance and Controls
Business Conduct
General Governance
Executive Directors
Audit Committee
Auditor Independence
External Auditors
Senior Management Changes
Internal Control
Section XIV: Reconciliations of Components of
Allocable Income
Statements of Income
Appendix
Glossary of Terms
Abbreviations and Acronyms
Eligible Borrowing Member Countries by Region as of June 30, 2026
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
List of Tables, Figures and Boxes
Tables
Table 1: Selected Financial Data
Table 2: Condensed Balance Sheets
Table 3: Condensed Statements of Income
Table 4: Rate and Volume Analysis of Changes in Interest Revenue and Borrowing Expenses
Table 5: Statement of Allocable Income (non-GAAP Measures)
Table 6: Net Non-Interest Expenses
Table 7: Budget Anchor Ratio
Table 8: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net
Table 9: Allocable Income and Recommended Allocations
Table 10: Board of Governors-approved Transfers and Allocations
Table 11: Retained Earnings Composition
Table 12: Net Commitments by Region
Table 13: Gross Disbursements by Region
Table 14: Net Commitments by Maturity
Table 15: Country Pricing Group and Maturity Premium (in Basis Points)
Table 16: Loan Terms Available During Financial Year Ended June 30, 2026
Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives
Table 18: Undisbursed Balances by Loan Terms
Table 19: Exposure Exchange Agreements
Table 20: Guarantees Exposure
Table 21: Credit Enhancements Received
Table 22: RAMP - Assets and Revenues
Table 23: Funds Held in Trust by IBRD
Table 24: Liquid Asset Portfolio by Asset Class
Table 25: Net Carrying Value of Other Investments
Table 26: Effect of Derivatives on Currency Composition of the Borrowing Portfolio – June 30, 2026
Table 27: Short-Term Borrowings
Table 28: Funding Operations Indicators
Table 29: Maturity Profile of Medium Long-Term Debt
Table 30: Medium and Long-Term Borrowings Raised by Currency during the year, Excluding Derivatives
Table 31: Breakdown of IBRD Subscribed Capital
Table 32: Usable Paid-in Capital
Table 33: Equity-to-Loans Ratio
Table 34: Usable Equity
Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating
Table 36: Non-Commercial Counterparty Credit Risk
Table 37: Effect of Credit on IBRD Portfolios
Table 38: Effect of Interest Rates on IBRD's Portfolios
Table 39: Liquidity Levels
Table 40: Contractual Obligations
Table 41: Funded Status of the Plans
Table 42: Fair Value Level 3 Summary
Table 43: Interest Revenue, Net of Borrowings Expenses
Table 44: Total Revenue on Interest Earning Assets, Net
IBRD Management's Discussion and Analysis: June 30, 2026
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Management’s Discussion and Analysis
Figures
Figure 1: Sources and Uses of Revenue
Figure 2: Loan Interest Revenue and Borrowing Expenses (Including Related Derivatives)
Figure 3: Loan Interest Revenue, Net of Borrowing Expenses
Figure 4: Change in Net Loans Outstanding
Figure 5: Net Loans Outstanding
Figure 6: Investment Revenue, Net
Figure 7: Investments - Trading
Figure 8: Borrowings (Original Maturities)
Figure 9: Net Non-Interest Expenses (Reported Basis)
Figure 10: Percentage Share of Lending Categories for Annual Net Commitments
Figure 11: Voting Power of Top Six Members as of June 30, 2026
Figure 12: Management Risk Committee Structure
Figure 13: Equity-to-Loans Ratio
Figure 14: Country Exposures as of June 30, 2026
Figure 15: Sensitivity to Interest Rates
Figure 16: Use of Derivatives for Loans and Borrowings
Figure 17: Use of Derivatives for Investments
Figure 18: Use of Derivatives for Other ALM
Figure 19: Governance Structure
Boxes
Box 1: Components of Loan spread
Box 2: Loans with Other Financial Terms as of June 30, 2026
Box 3: Types of Guarantees Provided by IBRD
Box 4: Financing Instruments
Box 5: Summary of IBRD's Specific Risk Categories
Box 6: Treatment of Overdue Payments
Box 7: Eligibility Criteria for IBRD's Investments
1 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.
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section I: Overview
Section I: Overview
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 (WBG1). 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.
As one of the WBG entities, IBRD's mission is to end extreme poverty and boost shared prosperity on a
livable planet. Central to this mission is job creation, recognized as a key driver of sustainable
development. The WBG's approach to job creation is anchored in three pillars in five high-impact sectors.
The three pillars are: establishing critical infrastructure as a foundation for employment, fostering a
business-enabling regulatory environment that sets clear, predictable and consistent policies and
regulations, and mobilizing private capital to supplement public finance and catalyze investment at scale.
The five sectors are: infrastructure and energy, smallholder agriculture and agribusiness, health, tourism,
and value-added manufacturing. To achieve these ambitions, IBRD is tailoring approaches to country-
specific contexts, strengthening investor engagement, upskilling in key areas, and enhancing its capacity
to manage both financial and non-financial risks. IBRD is also deepening collaboration across the WBG
through the Knowledge Bank, which unifies the expertise of the WBG across five verticals (People,
Prosperity, Planet, Infrastructure, and Digital) to empower clients with integrated public and private sector
solutions, accelerate thought leadership and innovation, and equip frontline staff with timely and
actionable knowledge.
IBRD remains committed to delivering impact at scale by proactively adapting to the evolving global
landscape while leveraging its unique strengths within the WBG to create opportunities and improve living
standards for millions worldwide. Ongoing geopolitical conflicts, including those in the Middle East,
continue to create a challenging environment for growth and development across emerging markets and
developing economies. In response, the WBG is actively engaging with governments, the private sector,
development partners, and other stakeholders to address these challenges, including through targeted
crisis response and emergency financing instruments where warranted.
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.
2 Other exposures include deferred drawdown options (DDO), irrevocable commitments, exposures to member countries’
derivatives and guarantees.
IBRD Management's Discussion and Analysis: June 30, 2026
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Management’s Discussion and Analysis
Section I: Overview
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.
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 borrowing expenses
(Figure 1). These revenues cover administrative expenses, provisions for losses on loans and other
exposures 2 (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.
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section I: Overview
Figure 1: Sources and Uses of Revenue
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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 portfolios as 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.
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 that is 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-
trading portfolios, as well as Board of Governors-approved transfers, which primarily relate to the
allocation of the prior year’s net income.
IBRD Management's Discussion and Analysis: June 30, 2026
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Management’s Discussion and Analysis
Section I: Overview
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 trading securities, 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.
Usable Equity
IBRD's Usable Equity represents the amount of equity that is available to support IBRD's lending
operations.
See Section IX: Risk Management and Table 34 for the components of Usable Equity.
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.
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section II: Executive Summary
Section II: Executive Summary
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, 2026 (FY26). 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, 2025, as compared to the year ended June 30, 2024,
see Section III: Financial Results in IBRD’s MD&A and Financial Statements for the fiscal year ended
June 30, 2025 (FY25).
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
2026
2025
2024
Lending Highlights (Section IV)
Loans and Guarantees
Net commitments a
$50,177
$40,885
$37,568
Gross disbursements
26,955
30,779
33,450
Net disbursements
9,487
14,794
20,115
Income Statement (Section III)
Board of Governors-approved transfers
$(1,101)
$(815)
$(371)
Net income
2,060
2,100
2,142
Balance Sheet (Section III)
Total assets
$403,512
$399,511
$356,612
Investments-Trading b
96,951
102,674
82,728
Net loans outstanding
287,659
280,043
260,236
Borrowings b
309,245
306,161
261,790
Total equity
74,353
72,012
63,484
Non-GAAP Measures:
Allocable Income (Section III) c
Allocable income
$2,314
$2,384
$1,849
Allocated as follows:
General Reserve
1,064
1,182
834
International Development Association
750
782
515
Surplus
500
420
500
Usable Equity d e (Section VIII)
$59,733
$57,878
$54,655
Equity-to-Loans ratio f (Section IX)
21.6%
21.6%
21.5%
a.Commitments that have been approved by the Executive Directors (referred to as “the Board” in this document), and are net of
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.
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
    translation adjustments.
e.Usable Equity includes the impact of the transfer to the General Reserve from FY26 net income, which was approved by the
Board on August 6, 2026. See Usable Equity components in Table 33: Equity-to-Loans Ratio and reconciliation of IBRD's Total
equity to Usable equity in Table 34: Usable Equity.
f. See components in Table 33: Equity-to-Loans Ratio.
IBRD Management's Discussion and Analysis: June 30, 2026
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Management’s Discussion and Analysis
Section II: Executive Summary
Summary Financial Results
Net Income
IBRD recorded net income of $2,060 million for the fiscal year ended June 30, 2026, a decrease of $40
million, compared with net income of $2,100 million for the fiscal year ended June 30, 2025. The
decrease in FY26 was primarily due to higher Board of Governors-approved transfers of $286 million and
higher provision for losses on loans and other exposures of $269 million. This was partially offset by an
increase in net mark-to-market gains on trading securities of $393 million and higher currency
remeasurement gains of $118 million.
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, 2026, allocable income was $2,314 million, compared with $2,384
million for the fiscal year ended June 30, 2025 (Table 5). The decrease was primarily due to the higher
provision for losses on loans and other exposures of $269 million, lower other non-interest revenue of $67
million, and higher net non-interest expenses of $54 million. This was partially offset by the increase in net
revenue on interest earning assets of $356 million in FY26, compared to FY25 (Section III).
Lending Operations
IBRD’s lending operations during the fiscal year ended June 30, 2026 provided $50.2 billion of net
commitments (Table 12) and $27.0 billion of gross loan disbursements (Table 13). Net disbursements of
$9.5 billion were the key driver of the increase in net loans outstanding from $280.0 billion as of June 30,
2025 to $287.7 billion as of June 30, 2026.
In billions of U.S. dollars
 
chart-785eb1a1f7e645dab18.gif
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Net commitments were $9.3 billion higher compared with FY25 (Table 12). The regions with the largest
share of commitments during FY26 were Europe and Central Asia with 30%, and Latin America and the
Caribbean with 26%. Gross disbursements were $3.8 billion lower compared to FY25 (Table 13). The
regions with the largest share of gross disbursements were Latin America and the Caribbean with 25%,
and Europe and Central Asia with 23%.
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section II: Executive Summary
Other Development Activities - Private Capital Mobilization (PCM)
PCM commitments reflect the assessed amount of private financial resources committed alongside
IBRD’s commitments, whether through financing, guarantees or technical assistance.
PCM is included in the WBG's scorecard and is in accordance with the methodology harmonized across
Multilateral Development Banks and European Development Financial Institutions. Amounts mobilized are
generally not recorded as IBRD’s financial transactions. PCM was $19,555 million in FY26 compared to
$7,689 million in FY25.
IBRD Management's Discussion and Analysis: June 30, 2026
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Management’s Discussion and Analysis
Section II: Executive Summary
Investments - Trading
IBRD’s Investments - Trading decreased by $5.7
billion, from $102.7 billion as of June 30, 2025 to
$97.0 billion as of June 30, 2026. The decrease
was consistent with net loan disbursements and
liquidity needs. (Section III and Section VI).
In billions of U.S. dollars
Investments - Trading
chart-da16d8dbb05b45b2aa3.gif
Borrowings
Borrowings reported at fair value: As of June 30,
2026, the borrowings reported at fair value were
$308.6 billion, $2.9 billion higher than June 30,
2025. 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, 2026, the borrowings reported at
amortized cost were $683 million, compared to
$482 million as of June 30, 2025, all related to
IBRD's issuances of hybrid capital (Section III
and Section IX).
In billions of U.S. dollars
Borrowings
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Equity-to-Loans Ratio
The Equity-to-Loans ratio remained unchanged
at 21.6% as of June 30, 2026 and June 30,
2025, 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).
The subscription periods for the 2018 General
and Selective Capital Increases (GCI and SCI)
ended on October 1, 2025. On January 8, 2026,
the Board of Governors approved the
reallocation of unsubscribed shares from the
capital increases to member countries that did
not complete their subscription, providing an
option to subscribe by April 16, 2026. Of the
$7.5 billion expected from members as part of
the paid-in portion of subscribed capital,
cumulative subscription payments received
totaled $7.2 billion as of April 16, 2026.
Ratio in percentages
Equity-to-Loans Ratio
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section III: Financial Results
Section III: Financial Results
Portfolio Performance and Financial Results
The following table shows IBRD’s Condensed Balance Sheets for FY26 and FY25 and the key factors
driving these financial results.
Table 2: Condensed Balance Sheets
In millions of U.S. dollars
As of June 30,
2026
2025
Decrease
Increase
Investments and due from banks
$97,300
$103,173
Net loans outstanding a
287,659
280,043
Derivative assets, net
464
666
Other assets
18,089
15,629
Total Assets
$403,512
$399,511
Borrowings
309,245
306,161
Derivative liabilities, net
10,424
12,454
Other liabilities
9,490
8,884
Total equity
74,353
72,012
Total Liabilities and Equity
$403,512
$399,511
 
 
 
 
a. The fair value of IBRD’s loans was $286,527 million as of June 30, 2026 ($278,883  million – June 30, 2025).
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The main drivers of the change in the Balance Sheet items are below:
•Decrease in investments and due from banks consistent with net loan disbursements and liquidity
needs;
•Increase in net loans outstanding primarily from net loan disbursements of $9.5 billion;
•Increase in other assets mainly from the increase in the funded 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 primarily due to the translation adjustment gains on
investment-related derivatives; and
•Increase in total equity, primarily due to net income and paid-in capital subscriptions received
during the period, partially offset by the decrease in accumulated other comprehensive income
(AOCI) driven by the lower Debit Valuation Adjustment (DVA) on Fair Value Option elected
liabilities due to changes in IBRD's own credit during the year.
IBRD Management's Discussion and Analysis: June 30, 2026
13
Management’s Discussion and Analysis
Section III: Financial Results
Net Income
IBRD’s net income was $2,060 million in FY26, compared with net income of $2,100 million in FY25. The
decrease was primarily due to higher Board of Governors-approved transfers of $286 million and higher
provision for losses on loans and other exposures of $269 million. This was partially offset by an increase
in net mark-to-market gains on trading securities of $393 million and higher currency remeasurement
gains of $118 million.
Table 3: Condensed Statements of Income
In millions of U.S. dollars
Impact on income
For the fiscal year ended June 30,
2026
2025
Decrease
Increase
Interest revenue
Loans, net (Table 43)
$13,796
$15,301
Other asset / liability management derivatives, net
(807)
(1,293)
Investments-Trading, net (Table 43)
3,748
4,444
Other, net
1
2
Borrowing expenses, net (Table 43)
(13,201)
(14,920)
Interest revenue, net of borrowing expenses (Table 44)
$3,537
$3,534
Provision for losses on loans and other exposures, release (charge)
(194)
75
Non-interest revenue
Revenue from externally funded activities (Table 6)
974
947
Commitment charges (Table 5)
126
152
Other, net (Table 5)
103
170
Non-interest expenses
Administrative a (Table 6)
(2,547)
(2,522)
Contributions to special programs (Table 6)
(18)
(17)
Other, net b
240
150
Board of Governors-approved transfers
(1,101)
(815)
Currency remeasurement (losses) gains, net
74
(44)
Mark-to-market gains on trading securities, net
607
214
Unrealized mark-to-market gains on non-trading portfolios, net
259
256
Net Income
$2,060
$2,100
 
 
 
a. Includes pension service cost of $247 million for the year ended June 30, 2026 ($287 million – June 30, 2025). See Table 6.
b. Includes income from net pension cost, other than service cost of $275 million for the year ended June 30, 2026 ($175 million –
June 30, 2025) (Table 6).
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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 FY25 and FY26.
Table 4: Rate and Volume Analysis of Changes in Interest Revenue and Borrowing Expenses
In millions of U.S. dollars
FY 2026 versus FY 2025
Variance due to changes in
Total Variance
Volume
Rate
Increase (decrease) in Interest revenue related to:
Loans
$(1,505)
$849
$(2,354)
Investments-Trading
(696)
379
(1,075)
(Increase) decrease in Interest expense related to:
Borrowings
$1,719
$(937)
$2,656
14
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section III: Financial Results
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 borrowing expenses 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)
In millions of U.S. dollars
Impact on income
For the fiscal year ended June 30,
2026
2025
Decrease
Increase
Revenue on interest earning assets
Loan interest margin a
$2,516
$2,327
Loan interest revenue from loans funded by equity
2,172
2,494
Loan interest revenue, net of borrowing expenses (Table 43)
$4,688
$4,821
Other asset / liability management (ALM) derivatives, net (Table 3)
(807)
(1,293)
Investment revenue, net of borrowing expenses (Table 43)
68
65
Total revenue on interest earning assets, net (Table 44)
$3,949
$3,593
Provision for losses on loans and other exposures, release (charge) (Table 3)
(194)
75
Net non-interest expenses (Table 6)
(1,636)
(1,582)
Commitment charges (Table 3)
126
152
Non-interest revenue - other, net (Table 3)
103
170
Non-interest expenses - other
(34)
(24)
Allocable Income
$2,314
$2,384
 
 
 
a. Represents the margin between loan returns and associated debt cost.
chart-2578ebebfd3f4e04802.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
Borrowing Expenses (Including Related
Derivatives)
In millions of U.S. dollars
chart-f09ed819e05548279a0.gif
Figure 3: Loan Interest Revenue, Net of
Borrowing Expenses a
In millions of U.S. dollars
chart-7f7594e3a533489d896.gif
a.Includes related derivatives.
IBRD Management's Discussion and Analysis: June 30, 2026
15
Management’s Discussion and Analysis
Section III: Financial Results
IBRD’s FY26 loan interest revenue, net of borrowing expenses was $4,688 million, a decrease of $133
million compared with $4,821 million in FY25 (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 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 borrowing expenses of $133 million and the decrease in interest expense from Other ALM
derivatives, net of $486 million from FY25 to FY26, resulted in a total increase in net loan interest revenue
of $353 million.
Provision for losses on loans and other exposures
During FY26, IBRD recorded a provision for losses on loans and other exposures of $194 million
compared to a release of provision of $75 million in FY25. In FY26, the provision was primarily driven by
an increase in loan exposure during the year. In FY25, the provision release was primarily driven by a
lower loss given default (severity) due to the decrease in relevant implied forward interest rates in FY25.
As the majority of IBRD’s loans carry a variable interest rate, 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. 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-6bba728062564322836.gif
Figure 5: Net Loans Outstanding
In billions of U.S. dollars
chart-9ba2da938ade4bf2966.gif
As of June 30, 2026, IBRD’s net loans outstanding totaled $287.7 billion, $7.7 billion or 3% higher than
June 30, 2025 (Figure 5). The increase was mainly attributable to $9.5 billion of net loan disbursements in
FY26.
Gross loan disbursements were $27.0 billion, a decrease of $3.8 billion compared to FY25 (Table 13),
primarily due to the lower disbursements in the Middle East, North Africa, Afghanistan and Pakistan
region and the Europe and Central Asia region.
16
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section III: Financial Results
Results from Investing activities
Net Investment Revenue
During FY26, IBRD’s net investment revenue increased by $3 million, compared to FY25 (Table 5). The
increase was primarily driven by higher mark-to-market gains on the investments-trading portfolio, net in
FY26, compared to FY25. This was largely offset by the lower investment interest revenue that exceeded
the decrease in borrowing expenses in FY26. See Table 43.
Investments - Trading
IBRD’s Investments - Trading was $97.0 billion as of June 30, 2026 ($102.7 billion as of June 30, 2025).
See Figure 7 below and Note C: Investments in the Notes to the Financial Statements. The decrease in
the Investments - Trading was consistent with net loan disbursements and liquidity needs (see Section VI:
Investment Activities).
Figure 6: Investment Revenue, Net
In millions of U.S. dollars
chart-7b89d8ebb10a43eaadc.gif
Figure 7: Investments - Trading
In billions of U.S. dollars
chart-98942b675b714d12b67.gif
Results from Borrowing activities
As of June 30, 2026, IBRD's borrowings were $309.2 billion, $3.1 billion higher than June 30, 2025 (Note
E: Borrowings in the Notes to the Financial Statements). The increase was primarily due to net new debt
issuances of $4.1 billion during the year. The $48.7 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 6.3 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-29e944a0e67142a5803.gif
IBRD Management's Discussion and Analysis: June 30, 2026
17
Management’s Discussion and Analysis
Section III: Financial Results
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 that 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-d68c74654ffc4ab0848.gif
The decrease in net non-interest expenses from FY25 to FY26, on a reported basis, was primarily due to
the decrease in the net pension and other post-retirement benefit costs due to the higher amortization of
unrecognized actuarial gains during FY26 compared to FY25. This is attributable to changes in the
actuarial assumptions and the higher-than-expected returns on plan assets in FY25. On a non-GAAP
basis, the increase in net non-interest expenses was primarily driven by higher staff costs (Table 6).
18
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section III: Financial Results
Table 6: Net Non-Interest Expenses
In millions of U.S. dollars
For the fiscal year ended June 30,
2026
2025
Variance
Administrative expenses
 
 
 
Staff costs
$1,326
$1,261
$65
Travel
157
164
(7)
Consultant fees and contractual services
514
551
(37)
Pension service cost a
247
287
(40)
Communications and technology
86
105
(19)
Premises and equipment
177
133
44
Other expenses
40
21
19
    Total administrative expenses b (Table 3)
$2,547
$2,522
$25
Contributions to special programs (Section V) (Table 3)
18
17
1
Revenue from externally funded activities: (Section V)
 
 
 
Reimbursable revenue – Bank-executed activities for trust funds
(629)
(604)
(25)
Reimbursable advisory services
(45)
(49)
4
Revenue - Trust funds administration
(93)
(91)
(2)
Restricted revenue (primarily externally financed outputs)
(4)
(5)
1
Revenue - Asset management services
(19)
(18)
(1)
Other revenue c
(184)
(180)
(4)
    Total Revenue from externally funded activities (Table 3)
$(974)
$(947)
$(27)
Net non-interest expenses
1,591
1,592
(1)
Add: Inclusion of Net pension cost, other than service cost d (Table 3)
(275)
(175)
(100)
Net non-interest expenses - Reported Basis (Table 7)
$1,316
$1,417
$(101)
Adjustments to arrive at net non-interest expenses - non-GAAP measure
Less: Exclusion of Pension, Externally Financed Outputs (EFO) and Reserve
Advisory and Management Partnership (RAMP) adjustments e
320
165
155
Net non-interest expenses - non-GAAP measure (Table 5)
$1,636
$1,582
$54
 
 
 
 
a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the
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 $629 million for FY26 and $604 million for FY25.
c. Includes fee revenue associated with services provided to affiliated organizations of $120 million in FY26 ($116 million in FY25).
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).
e. Components of this adjustment are included in Table 9.
IBRD’s goal is to have its net administrative expenses (total expenses for Budget Anchor) 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 FY26, IBRD’s Budget Anchor was 61.4%, an improvement of 2.0%
compared with 63.4% in FY25. The improvement was due to an increase in budget anchor revenue
outpacing the increase in budget anchor expenses (see Table 7 for details of the Budget Anchor
components).
Table 7: Budget Anchor Ratio
In millions of U.S. dollars
 
 
 
For the fiscal year ended June 30,
2026
2025
Variance
Net non-interest expenses (Table 6)
$1,316
$1,417
$(101)
Pension, RAMP, EFO and other adjustments a
321
167
154
Total expenses for Budget Anchor
$1,637
$1,584
$53
 
 
 
 
Loan interest margin (Table 5)
2,516
2,327
189
Loan commitment fees (Table 3)
126
152
(26)
Guarantee fees
24
18
6
Total revenue for Budget Anchor
$2,666
$2,497
$169
Budget Anchor
61.4%
63.4%
(2.0)%
a.These adjustments are made to arrive at total expenses for Budget Anchor purposes. For more details, see Section III: Financial
Results - Income Allocation. 
IBRD Management's Discussion and Analysis: June 30, 2026
19
Management’s Discussion and Analysis
Section III: Financial Results
Unrealized mark-to-market gains (losses) on non-trading portfolios, net
During FY26, the non-trading portfolios had $259 million of net unrealized mark-to-market gains ($256
million net unrealized mark-to-market gains in FY25).
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,
2026
2025
Variance
Loan related derivatives
$593
$(1,372)
$1,965
Other ALM derivatives, net
(307)
1,839
(2,146)
Borrowings, including related derivatives
(33)
(234)
201
Client operations and other derivatives, net
6
23
(17)
Unrealized mark-to-market gains (losses) on non-trading portfolios -
Reported basis (Table 3)
$259
$256
$3
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 gains on loan related derivatives in FY26, as compared to unrealized mark-to-market losses in
FY25, were mainly due to the increase in relevant interest rates in FY26 compared to a decrease in
relevant interest rates in FY25. See Section IX: Risk Management for additional details on how IBRD
uses derivatives in the loan portfolio.
Other asset / liability management (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 FY26, IBRD recorded unrealized
mark-to-market losses of $307 million, compared to gains of $1,839 million in FY25 on this portfolio. The
unrealized mark-to-market losses were due to the increase in relevant interest rates in FY26, compared to
the decrease in relevant interest rates in FY25. The duration of this portfolio was 4.4 years as of June 30,
2026, within the Board established limit of 5 years.
20
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section III: Financial Results
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 $33 million of net unrealized mark-to-
market losses on IBRD’s borrowings at fair value and associated derivatives, due to an increase in
relevant interest rates as of June 30, 2026 compared to June 30, 2025. The unrealized mark-to-market
gains of $2,175 million on borrowings at fair value were offset by the unrealized mark-to-market losses of
$2,208 million on the bond-related derivatives.The net unrealized mark-to-market gains 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 FY26, the DVA was $1,820 million of
unrealized mark-to-market losses, resulting mainly from the tightening of IBRD’s credit spreads relative to
the applicable reference rate during the year. This was primarily driven by the tightening of spreads
across sovereign, supranational, and agency markets. As of June 30, 2026, IBRD’s Balance Sheets
included a cumulative DVA of $156 million of mark-to-market losses 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.
   
Table 9: Allocable Income and Recommended Allocations
In millions of U.S. dollars
 
For the fiscal years ended June 30,
2026
2025
Net Income (Table 3)
$2,060
$2,100
Adjustments to Reconcile Net Income to Allocable Income:
 
 
Board of Governors-approved transfers (Table 3)
1,101
815
Currency remeasurement losses (gains), net a (Table 3)
(74)
44
Unrealized mark-to-market losses (gains) on non-trading portfolios, net b
(258)
(252)
Pension adjustment
(322)
(169)
Income from PEBP and PCRF investment holdings
(175)
(134)
EFO, RAMP, LPF1, GFPP c
(18)
(20)
Allocable Income (Table 5)
$2,314
$2,384
 
 
 
Recommended Allocations
 
 
General Reserve (Table 11)
1,064
1,182
Surplus (Table 11)
500
420
IDA
750
782
Total Allocations
$2,314
$2,384
 
 
 
a. Currency remeasurements relating to assets and liabilities denominated in non-functional currencies.
b. Adjusted to exclude $1 million gains in FY26 ($4 million gains in FY25) reclassified to realized gains/losses.
c.Includes EFO income subject to contractual donor restrictions and transferred to Restricted Retained Earnings; RAMP-related
revenue and expenses excluded under a Board-approved framework to ensure use solely for program delivery; and unrealized
mark-to-market gains on IBRD Surplus-Funded Livable Planet Fund (LPF1) and Grant Facility for Project Preparation (GFPP)
investments, representing funds restricted for the specified uses; and unrealized mark-to-market gains/losses on certain
positions in the investments-trading portfolio, if any.
IBRD Management's Discussion and Analysis: June 30, 2026
21
Management’s Discussion and Analysis
Section III: Financial Results
All of the adjustments between reported net income and allocable income are recommended by
management and approved by the Board.
Adjustments to Net Income to arrive at Allocable Income:
Board of Governors-approved Transfers and Allocations
Board of Governors-approved transfers refer to the allocations recommended by the Board and approved
by the Governors, as part of the prior year’s net income allocation process and subsequent decisions on
uses of surplus, as well as on payments from restricted retained earnings. Since these amounts primarily
relate to allocations out of IBRD’s FY25 allocable income or Surplus, they are excluded from FY26
reported net income in calculating FY26 allocable income.
During FY26, the Board of Governors approved the following transfers and allocations as shown in Table
10 below:
Table 10: Board of Governors-approved Transfers and Allocations
In millions of U.S. dollars
Date of approval
Amount
($ in million)
Retained Earnings
Source
Beneficiary
Board of Governors-approved Transfers Reported in the Statements of Income:
September 8, 2025
$
300
a
Surplus
Trust Fund for Gaza and West Bank
September 8, 2025
782
a
FY25 allocable income
IDA
Various
19
b
Other Reserves
IBRD Surplus-Funded Livable Planet Fund
(LPF1) and Grant Facility for Project
Preparation (GFPP) c
Total
$
1,101 
Board of Governors-approved Allocations Reported as Transfers Within Retained Earnings:
September 8, 2025
$
20
Surplus
LPF1
September 8, 2025
100
Surplus
GFPP
Total
$
120
a. These transfers are unconditional and expensed upon approval.
b. These amounts were previously approved by the Board of Governors and are expensed when the conditions are met. For the
fiscal year ended June 30, 2026, grants expensed by the LPF1 were $15 million, and grants expensed by the GFPP were $4
million.
c. The GFPP provides grants to support preparation of World Bank financed lending operations. The GFPP is currently financed by
IBRD's surplus and is established for an initial period of 7 years.
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).
Pension, Post-Employment Benefit Plan (PEBP) and Post-Retirement Contribution
Reserve Fund (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
22
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section III: Financial Results
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 net inflows or outflows arising from these
arrangements from allocable income because IBRD has no discretion over the use of the related funds. In
line with this, in FY26, income of $2 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.
Reserve Advisory and Management Partnership (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 FY26 was adjusted for the less than $1 million excess
of RAMP expenses over the fee revenue from RAMP (Table 9) and is reflected in Other Reserves within
Retained Earnings.
IBRD Surplus funded Livable Planet Fund (LPF1) and Grant Facility for Project
Preparation (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 FY26 was adjusted for $20 million unrealized
mark-to-market gains on investments related to LPF1 and GFPP and is reflected in Other Reserves within
Retained Earnings.
IBRD Management's Discussion and Analysis: June 30, 2026
23
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
$18.1 billion.
Allocable income in FY26 was $2,314 million ($2,384 million - FY25), and out of this, the Board approved
the allocation of $1,064 million ($1,182 million - FY25) to the General Reserve on August 6, 2026
(August 7, 2025 - FY25), and the Board recommended to IBRD’s Board of Governors an allocation of
$750 million ($782 million - FY25) to IDA and $500 million ($420 million - FY25) 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, $100 million to GFPP and $100 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 FY26 net
income by the Board are summarized below:
Table 11: Retained Earnings Composition
In millions of U.S. dollars
Special
Reserve
General
Reserve
Pension
Reserve
Surplus
Cumulative
Fair value
Adjustments
Unallocated
Net Income
(Loss)
Restricted
Retained
Earnings
Other
Reserves a
Total
As of June 30, 2026
$293
$35,465
$1,066
$—
$1,643
$3,161
$7
$808
$42,443
Recommended:
Net income allocation
—
1,064
497
500
258
(2,411)
(2)
94
—
Board of Governors-
approved transfers
funded from Surplus and
other transfers c
—
—
—
(500)
—
300
—
200
—
Total after
recommended
allocations
$293
$36,529
b
$1,563
$—
$1,901
$1,050
$5
$1,102
$42,443
a. Comprised mainly of currency remeasurement gains/losses, unutilized portion of the IBRD Fund for Innovative Global Public
Goods Solutions (subsequently renamed the IBRD Surplus-Funded Livable Planet Fund or LPF1) and the unutilized portion of
the GFPP.
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
transfers reported in the Statements of Income and authorized to be funded from Surplus.
24
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section IV: Lending Activities
Section IV: Lending Activities
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 FY27, countries with 2025 per capita Gross
National Income (GNI) of more than $1,365 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 $50.2 billion of new net loan commitments in FY26, through 147 operations, an increase of
$9.3 billion (23%) compared to FY25.
Table 12: Net Commitments by Region
In millions of U.S. dollars
For the fiscal year ended June 30,
2026
% of total
2025
% of total
Variance
Eastern and Southern Africa
$3,578
7%
$2,920
7%
$658
Western and Central Africa
1,647
3
912
2
735
East Asia and Pacific
5,418
11
6,430
16
(1,012)
Europe and Central Asia
14,842
30
10,478
26
4,364
Latin America and the Caribbean
13,127
26
12,389
30
738
Middle East, North Africa, Afghanistan and
Pakistan a
5,366
11
5,406
13
(40)
South Asia a
6,199
12
2,350
6
3,849
Total
$50,177
100%
$40,885
100%
$9,292
 
 
 
 
 
a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,
Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.
IBRD Management's Discussion and Analysis: June 30, 2026
25
Management’s Discussion and Analysis
Section IV: Lending Activities
Table 13: Gross Disbursements by Region
In millions of U.S. dollars
For the fiscal year ended June 30,
2026
% of total
2025
% of total
Variance
Eastern and Southern Africa
$3,098
11%
$1,228
4%
$1,870
Western and Central Africa
412
2
1,263
4
(851)
East Asia and Pacific
5,472
20
4,064
13
1,408
Europe and Central Asia
6,262
23
8,056
26
(1,794)
Latin America and the Caribbean
6,651
25
7,828
26
(1,177)
Middle East, North Africa, Afghanistan and
Pakistan a
2,843
11
4,765
15
(1,922)
South Asia a
2,217
8
3,575
12
(1,358)
Total
$26,955
100%
$30,779
100%
$(3,824)
 
 
 
 
 
a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,
Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.
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. FY26 net IPF commitments were $22.1 billion, compared with $17.5 billion in FY25.
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. FY26 net
DPF commitments were $17.9 billion, compared with $16.6 billion in FY25.
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. FY26
net PforR commitments were $10.2 billion, compared with $6.8 billion in FY25.
Figure 10: Percentage Share of Lending Categories for Annual Net Commitments
In billions of U.S. dollars, except rates in percentages
chart-48b810aa8b1b4234bd3.gif
26
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section IV: Lending Activities
Currently Available Lending Products
As of June 30, 2026, 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). In December 2025, the Board
approved the Step-up Loan (SuL) for eligible clients and loans. The SuL offers lower pricing during an
incentive period, followed by a subsequent pricing step-up designed to ensure equivalency to a regular
20-year Average Repayment Maturity (ARM) IFL pricing over the life of the loan. Projects aiming to use
the SuL should demonstrate a clear potential exit pathway for refinancing. As of June 30, 2026, 80% of
IBRD’s loans outstanding carried variable-spread terms and 20% 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
$64.7 billion as of June 30, 2026 and $58.2 billion as of June 30, 2025. 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 $8.2 billion as of June 30, 2026 and $2.9
billion as of June 30, 2025, 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
componentsloanspread.jpg
*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, 2026
27
Management’s Discussion and Analysis
Section IV: Lending Activities
Table 14: Net Commitments by Maturity
In millions of U.S. dollars
For the fiscal year ended
Maturity
June 30, 2026
June 30, 2025
< 8 years
$2,085
$826
8-10 years
7,924
7,929
10-12 years
5,886
5,250
12-15 years
8,633
7,901
15-18 years
8,904
3,269
>18 years
12,491
14,754
Guarantee Commitments
4,254
956
Total Net Commitments
$50,177
$40,885
 
 
 
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, 2026
Loans with Other
Financial Terms
Description
Loans with a Deferred
Drawdown Option
The DPF with a Deferred Drawdown Option (DPF DDO) gives borrowers the flexibility to rapidly obtain
the financing they require.  For example, such funds could be needed owing to a shortfall in resources
caused by unfavorable economic events, such as declines in growth or unfavorable shifts in commodity
prices or terms of trade. The Catastrophe Risk DDO (CAT DDO) enables borrowers to access
immediate funding to respond rapidly in the wake of a natural disaster and/or public health emergency
caused by a biological event. The Investment Project Financing DDO (IPF DDO) provides clients with
contingent financing for specific investment project expenditures to increase financial preparedness for
certain crisis response needs. Under the DPF DDO, borrowers may defer disbursement for up to three
years, renewable for an additional three years. Under the IPF DDO, borrowers may defer disbursement
for up to five years, renewable for an additional three years. The CAT DDO has a revolving feature and
the three-year drawdown period may be renewed up to four times, for a total maximum drawdown
period of 15 years (Table 16). As of June 30, 2026, the amount of DDOs disbursed and outstanding was
$9.1 billion (compared to $9.5 billion as of June 30, 2025). The undisbursed amount of effective DDOs
was $2.1 billion (compared to $1.1 billion a year earlier), and the undisbursed amount of disbursing
DDOs was $0.6 billion (compared to $1.0 billion as of June 30, 2025).
Special Development
Policy Loans (SDPLs)
SDPLs support structural and social reforms by creditworthy borrowers that face a possible financial
crisis or are already in a crisis and have extraordinary and urgent external financing needs. There were
no amounts outstanding as of June 30, 2026 and June 30, 2025. IBRD made no new SDPL
commitments in either FY26 or FY25.
Loan-Related
Derivatives
IBRD assists its borrowers with access to risk management tools by offering derivative instruments,
including currency and interest rate swaps and interest rate caps and collars, associated with their
loans. These instruments may be executed either under a master derivatives agreement, which
substantially conforms to industry standards, or under individually negotiated agreements. Under these
arrangements, IBRD passes through the market cost of these instruments to its borrowers. The balance
of loans outstanding for which borrowers had entered into currency or interest rate derivative
transactions under a master derivatives agreement with IBRD was $7.0 billion as of June 30, 2026 and
$7.0 billion as of June 30, 2025.
Loans with IFC
IBRD provides loans to IFC in connection with the release of a member's National Currency Paid-In
Capital (NCPIC) to IBRD (See Section VIII: Capital Activities for explanation of NCPIC). There were no
loans outstanding as of June 30, 2026 and June 30, 2025.
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).
28
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section IV: Lending Activities
Table 15: Country Pricing Group and Maturity Premium (in Basis Points)
Country pricing group
Description
Maturity
Premium a d
A
Blends b, small states, countries in fragile and conflict-affected situations (FCS), recent
IDA graduates, and CRDC-eligible countries. These countries are exempt from the
maturity premium increase regardless of their income levels.
0-50 c
B
Countries below or equal to GDI (Graduation Discussion Income) which do not qualify for
an exemption listed in Group A.
0-70
C
Countries above-GDI, but below high-income status and which do not qualify for an
exemption listed in Group A.
0-90
D
Countries with high income status and which do not qualify for an exemption listed in
Group A.
5-115
a. Based on the weighted average maturity of the loan, borrower’s income, and other factors, approved by the Board and reviewed
annually.
b. Countries eligible for IDA and IBRD loans.
c. Member countries in group A are exempt from the maturity premium increase applicable from July 1, 2018.
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
the overall lending spread.
Table 16: Loan Terms Available During Financial Year Ended June 30, 2026
Basis points, unless otherwise noted
IBRD Flexible Loan (IFL) a b
Special Development Policy Loans
(SDPL)
Variable-spread Terms
Final maturity f
35 years c
10 years
Maximum weighted average maturity
20 years c
7.5 years
Reference market rate
Market-based variable rate index
Market-based variable rate index
Spread
Contractual lending spread f
50
min. 200
Maturity premium f
0-115 d
—
Funding cost margin
Actual average funding cost
incurred during the preceding six-
month period
—
Charges
Front-end fee
25
100
Late service charge on principal payments received
after 30 days of due date e
50
—
Commitment fee g
25
25
Other financial terms for DDOs h
DPF DDO
IPF DDO i
CAT DDO i, j
Front-end fee
25
25
25
Renewal fee
—
—
—
Stand-by fee
50
25
—
Commitment fee
—
—
—
a.There is an implicit floor of zero on the overall interest rate in IBRD’s loans.
b. Effective April 1, 2021, IBRD suspended offering loans with fixed spread terms.
c. For some projects addressing global challenges with cross border externalities, the maximum loan maturity is extended to up to
50 years and the maximum weighted average maturity is extended to up to 25 years.
d. Based on the weighted average maturity of the loan and on country pricing group.
e. See Box 6 in Section IX: Risk Management for a discussion of overdue payments.
f. IBRD offers a 7-year final maturity loan with a 20bps maturity discount.
g. Effective October 15, 2024, the Board approved a grace period of 4 years for IPF and PforR commitment fees.
h. The financial terms not listed separately for DDOs are the same as those presented above for IFLs.
i. Effective April 23, 2026, for new IPF DDO approvals, the stand-by fee is reduced from 50 bps to 25 bps, with 25 bps of the
current stand-by fee waived for existing IPF DDOs prospectively. For new DPF CAT DDO approvals, the front-end fee is
reduced from 50 bps to 25 bps, the renewal fee is eliminated, and 25 bps of future renewal fees are waived for existing DPF
CAT DDOs.
j. Effective April 23, 2026, for CRDC-eligible countries the front-end fee for new DPF CAT DDOs is charged upon disbursement,
rather than at commitment which is the current practice for other countries.
3 Eligible borrowers are IBRD Small State Economies, members of the Small States Forum, and Small Island Developing States as defined by the
United Nations.
IBRD Management's Discussion and Analysis: June 30, 2026
29
Management’s Discussion and Analysis
Section IV: Lending Activities
Climate Resilient Debt Clause (CRDC)
IBRD offers CRDCs for eligible new and existing loans (with minimum remaining maturity of five years),
for certain borrowers3. CRDCs allow eligible borrowing countries to defer payments of principal and/or
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. IBRD's
loans outstanding as of June 30, 2026, for the 24 countries (including Blend countries) that are eligible for
CRDCs was $6.2 billion, representing 2% of the total loans outstanding.
Loans Outstanding
As of June 30, 2026, 75% of loans outstanding were denominated in U.S. dollars, 21% were denominated
in euros and 4% 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 17 illustrates a breakdown of IBRD's loans outstanding by interest rate structure.
Table 17: Loans Outstanding by Interest Rate Structure, Excluding Derivatives
In millions of U.S. dollars, except for ratios
June 30, 2026
June 30, 2025
Product
terms
Total
% of
Total
Of which
reference
rate is
Total
% of
Total
Product
terms
Total
% of
Total
Of which
reference
rate is
Total
% of
Total
Fixed
Spread
Loans
$59,197
20%
Fixed
$28,349
10%
Fixed
Spread
Loans
$63,118
22%
Fixed
$30,799
11%
Variable
30,848
10
Variable
32,319
11
Variable
Spread
Loans
231,612
80
Fixed
35,073
12
Variable
Spread
Loans
219,972
78
Fixed
26,078
9
Variable
196,539
68
Variable
193,894
69
Total
$290,809
100%
$290,809
100%
$283,090
100%
$283,090
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,
2026
%
2025
%
Variable Spread terms
$101,172
97%
$86,643
94%
Fixed Spread terms
3,574
3
5,702
6
Total
$104,746
100%
$92,345
100%
30
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section V: Other Development Activities
Section V: Other Development Activities
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).
Box 3: Types of Guarantees Provided by IBRD
Guarantee
Description
Project-based
guarantees
Two types of project-based guarantees are offered:
1.Loan guarantees: these cover loan-related debt service defaults caused by the government’s
failure to meet specific payment and/or performance obligations arising from contract, law or
regulation, in relation to a project. Loan guarantees include coverage for debt service defaults
on: (i) commercial debt, normally for a private sector project where the cause of debt service
default is specifically covered by IBRD’s guarantee; and, (ii) a specific portion of commercial
debt irrespective of the cause of such default, normally for a public-sector project.
2.Payment guarantees: These cover payment default on non-loan related government payment
obligations to private entities and foreign public entities arising from contract, law or regulation.
Policy-based
guarantees
These cover debt service default, irrespective of the cause of such default, on a specific portion of
commercial debt owed by national or sub national government and associated with the supported
government’s program of policy and institutional actions.
Guarantees for
enclave operations
IBRD extends guarantees for projects in IDA-only member countries that (i) are expected to generate
large economic benefits with significant developmental impact in the member country; and (ii) cannot be
fully financed out of the country’s own resources, IDA resources, or other concessional financing. The
provision of IBRD support to enclave operations is subject to credit enhancement features that
adequately mitigate IBRD’s credit risk.
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), Inter-American Development Bank (IADB), and the Asian Development Bank
(ADB). Under these EEAs, 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 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
IBRD Management's Discussion and Analysis: June 30, 2026
31
Management’s Discussion and Analysis
Section V: Other Development Activities
financial guarantee, respectively (see Notes to the Financial Statements, Note D: Loans and Other
Exposures).
Table 19: Exposure Exchange Agreements
In millions of U.S. dollars
As of June 30,
2026
 
2025
 
Guarantee
Received
Guarantee
Provided
Guarantee
Received
Guarantee
Provided
 
Exposure Exchange Agreement
 
 
 
 
IADB
1,819
1,819
2,021
2,021
AfDB
1,429
1,429
1,588
1,588
ADB
3,000
3,000
—
—
Total notional
$6,248
$6,248
$3,609
$3,609
 
 
 
 
 
IBRD’s exposure on its guarantees was $11.6 billion as of June 30, 2026 compared to $7.4 billion as of
June 30, 2025 (Table 20). Exposure is measured by discounting each guaranteed amount from its next
call date.
Table 20: Guarantees Exposure
In million U.S. dollars
As of June 30,
2026
2025
Guarantees (project, policy and enclave)
$5,340
$3,818
Exposure Exchange Agreements
6,248
3,609
Total
$11,588
$11,588
$7,427
 
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, 2026, IBRD had $12.6 billion of outstanding loans
under which bilateral guarantees were received from member countries or other Multilateral Development
Banks ($11.3 billion as of June 30, 2025). 
In addition, as of June 30, 2026, IBRD received total notional value of $1.1 billion portfolio guarantees
from 2 member countries, under its new Portfolio Guarantee Platform (PGP) ($1.1 billion from 2 member
countries as of June 30, 2025).
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 $2.7 billion as
of June 30, 2026 ($2.5 billion as of June 30, 2025), 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.
32
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section V: Other Development Activities
Table 21: Credit Enhancements Received
In millions of U.S. dollars
As of June 30,
2026
2025
Bi-lateral Guarantees Received
Borrowing Country With Loan Guarantees
 
 
Brazil
157
185
Egypt, Arab Republic of
132
138
Indonesia
317
350
Iraq
290
324
Jordan
315
333
Morocco
104
123
Philippines
167
200
Ukraine
11,140
9,685
Total Outstanding
$12,622
$11,338
 
 
 
Portfolio Guarantees Received
1,070
1,070
Other Credit Enhancements Received
Borrowing Country With Other Credit Enhancements
India
907
1,000
Ukraine
1,800
1,500
Total Outstanding
$2,707
$2,500
Total Guarantees and Credit Enhancements Received
$16,399
$14,908
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 $18 million under this program in FY26 ($17 million in
FY25). 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 $629 million in FY26 ($604 million in FY25) 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, 2026
33
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 FY26, IBRD’s share of fees from trust fund administration was $93 million ($91 million in FY25),
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 increase in fees was mainly
driven by higher 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 FY26, IBRD earned revenue of $45 million ($49 million in FY25) 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 FY26, IBRD had $4 million of restricted revenue, compared with $5 million in FY25, 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 FY26, there
was a release of $6 million ($8 million in FY25).
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.
34
IBRD Management's Discussion and Analysis: June 30, 2026
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
financialinstruments.jpg
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, 2026.
•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 FY26, 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, supranational organizations, and other public entities
whose goals align with the World Bank Group's development mission. 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. When no assets are under management, clients pay fees for tailored advisory services that
address their specific development needs (Table 22). The fees earned are used to provide training and
capacity-building services. 
Table 22: RAMP - Assets and Revenues
In millions of U.S. dollars
As of June 30,
2026
2025
Assets managed under RAMP
$33,893
$27,772
Revenue from RAMP
$17
$15
In addition to RAMP, IBRD manages investments on behalf of IDA, MIGA, trust funds and other official
sector institutions; those investments are not included in IBRD’s assets.
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
undisbursed balances from third-party contributions made to trust funds executed by IBRD, individually or
with other affiliated organizations as well as GFPP and LPF1, which are recognized on the Balance
Sheets. (Table 23).
IBRD Management's Discussion and Analysis: June 30, 2026
35
Management’s Discussion and Analysis
Section V: Other Development Activities
Table 23: Funds Held in Trust by IBRD
In millions of U.S dollars
As of June 30,
2026
2025
Bank-executed activities
$220
$243
Jointly executed with affiliated organizations
1,028
1,059
Recipient-executed activities
3,845
6,035
Financial intermediary funds
37,972
48,478
Execution not yet assigned a
8,690
8,468
Total fiduciary assets
$51,755
$64,283
 
 
 
a.These represent assets held in trust for which the determination as to the type of execution is yet to be finalized.   
36
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section VI: Investment Activities
Section VI: Investment Activities
Investments held by IBRD are designated as trading and used mostly for liquidity purposes. As of
June 30, 2026, Investments - Trading totaled $97.0 billion ($102.7 billion as of June 30, 2025). 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,
2026
%
2025
%
Liquid asset portfolio
Time Deposits
$49,319
54%
$52,279
55%
Government, agency and corporate obligations
37,785
41
41,626
43
Asset-backed Securities & Others
5,064
5
2,138
2
Total
$92,168
100%
$96,043
100%
In FY26 and FY25, IBRD maintained liquidity volumes above a Prudential Minimum defined as 80% of the
twelve-month Target Liquidity Level. The twelve-month Target Liquidity Level was 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
became the target for the upcoming fiscal year and the Prudential Minimum was 80% of this target (see
Section IX: Risk Management, for details of how IBRD manages liquidity risk).
On July 7th, 2026, the Board approved a new approach to simplify the existing liquidity framework by
setting IBRD’s Prudential Minimum level of liquidity at 100% of Management's estimates of twelve months
of net projected disbursements and debt service for the upcoming fiscal year. The FY27 Prudential
Minimum is $78.5 billion. The Target Liquidity level is no longer in use under the new approach.
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, 2026,
$73.2 billion (approximately 79% of total volume) was due to mature within six months, of which $24.1
billion was expected to mature within one month.
IBRD Management's Discussion and Analysis: June 30, 2026
37
Management’s Discussion and Analysis
Section VI: Investment Activities
During FY26, IBRD’s total return on the liquid asset portfolio was 4.38%, a marginal decrease compared
to FY25 total return of 5.19%, 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 borrowing expenses. In FY26, IBRD had $68 million of revenue, net
of borrowing expenses on the investment portfolio as discussed in Section III: Financial Results.
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,
2026
2025
PEBP
$3,714
$3,252
PCRF and others
1,840
1,803
Total
$5,554
$5,055
38
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section VII: Borrowing Activities
Section VII: Borrowing Activities
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 FY26, IBRD raised a total of $48.7 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, 2026, the borrowings totaled $309.2 billion, $3.1 billion higher than June 30, 2025 (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 26 illustrates 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, 2026
In millions of U.S. dollars, except ratios which are in percentages
As of June 30, 2026
Borrowings excluding
derivatives
Borrowings including
derivatives
US Dollar
60%
85%
Euro
17
14
Others
23
1
Total
100%
100%
As of June 30, 2026, IBRD’s total borrowings, after the effects of derivatives, carried variable rates with a
weighted average cost of 3.8% (4.4% as of June 30, 2025). 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 borrowing
expenses. 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, 2026
39
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 158 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
As of June 30,
2026
2025
Discount notes a
 
 
Average daily balance during the fiscal year
$14,264
$13,166
Weighted-average rate during the fiscal year
4.03%
4.72%
 
 
 
Securities lent or sold under repurchase agreements b
 
 
Average monthly balance during the fiscal year
$145
$449
Weighted-average rate during the fiscal year
4.15%
4.88%
 
 
 
Other short-term borrowings a
 
 
Average daily balance during the fiscal year
$141
$105
Weighted-average rate during the fiscal year
3.99%
4.69%
 
 
 
a. At amortized cost which approximates fair value 
b. Excludes securities related to PEBP and PCRF.
40
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section VII: Borrowing Activities
Medium- and Long-Term Borrowings
In FY26, medium- and long-term debt raised directly by IBRD in the capital markets amounted to $48.5
billion (Table 28) with an average maturity to first call of 6.3 years. The decrease in medium- and long-
term debt raised in FY26 is primarily due to lower debt servicing and refinancing requirements.
In FY25, IBRD started issuing debt in the form of perpetual hybrid capital. As of June 30, 2026, the
amount raised was $0.7 billion, of which $0.2 billion (Table 28) was raised in FY26.
Table 28: Funding Operations Indicators
In millions of U.S. dollars, except maturities which are in years
For the fiscal year ended June 30,
2026
2025
Issuances a
 
 
Medium- and long-term funding raised
$48,741
$64,545
Average maturity to first call date
6.3
5.5
Average maturity to contractual final maturity b
8.3
8.0
 
 
 
Maturities
 
 
Medium- and long-term funding matured
$34,801
$33,879
Average maturity of debt matured b
5.5
6.4
 
 
 
Called/Repurchased
 
 
Medium- and long-term funding called/repurchased
$7,654
$4,676
 
 
 
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
In millions of U.S. dollars
 
As of June 30, 2026
 
Less than 1
year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
Due After 5
years
Total
Medium and Long-Term Debt
$37,709
$38,302
$34,579
$38,533
$38,887
$111,072
$299,082
As shown below, 61% 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,
2026
2025
US Dollar
61%
74%
Euro
9
10
Others
30
16
Total
100%
100%
IBRD Management's Discussion and Analysis: June 30, 2026
41
Management’s Discussion and Analysis
Section VIII: Capital Activities
Section VIII: Capital Activities
Capital Structure
Principal Shareholders and Voting Power
As of June 30, 2026, 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 15.98% of total voting
power. Accordingly, it also has the largest share of IBRD’s uncalled capital, $52,048 million, or 17% of
total uncalled capital.
As of June 30, 2026, member countries holding a credit rating of AA and above accounted for 38% 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, 2026
chart-86415e9bf8894cfd8f4.gif
Table 31: Breakdown of IBRD Subscribed Capital
In millions of U.S. dollars, except ratios which are in percentages
As of June 30,
% 
2026
2025
Variance
Subscribed capital
 
 
 
 
Paid-in capital
7%
$23,644
$22,911
$733
Uncalled Subscribed capital
93%
308,853
303,924
4,929
Total subscribed capital
100%
$332,497
$326,835
$5,662
 
 
 
 
 
Uncalled Subscribed Capital
As of June 30, 2026, the total uncalled portion of subscriptions was $308,853 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, $42,855 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
42
IBRD Management's Discussion and Analysis: June 30, 2026
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, $44,385 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 were expected to 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 periods for the GCI and SCI ended on
October 1, 2025.
On January 8, 2026, the Board of Governors approved the reallocation of unsubscribed shares from the
capital increases to member countries that did not complete their subscription, providing an option to
subscribe by April 16, 2026. Of the $7.5 billion expected from members as part of the paid-in portion of
subscribed capital, cumulative subscription payments received totaled $7.2 billion as of April 16, 2026.
19,578 of unsubscribed shares will be returned to IBRD's unallocated pool of shares.
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 $583 million increase in usable paid-in capital during FY26 was primarily due to the receipt of $562
million for GCI and $171 million for SCI.
IBRD Management's Discussion and Analysis: June 30, 2026
43
Management’s Discussion and Analysis
Section VIII: Capital Activities
Table 32: Usable Paid-in Capital
In millions of U.S dollars
As of June 30,
2026
2025
Variance
Paid-in Capital
$23,644
$22,911
$733
Deferred amounts to maintain value of currency holdings a
(466)
(298)
(168)
Adjustments for unreleased NCPIC:
Restricted cash
(49)
(61)
12
Nonnegotiable, noninterest-bearing demand obligations on
account of subscribed capital
(231)
(313)
82
Receivable amounts to maintain value of currency holdings
(402)
(325)
(77)
MOV payable
6
5
1
Total Adjustments for unreleased NCPIC
(676)
(694)
18
Usable paid-in capital
$22,502
$21,919
$583
 
 
 
 
a. The MOV (Maintenance-Of-Value) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.
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.
44
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section IX: Risk Management
Section IX: Risk Management
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:
•1st Line: Business units, with support from specialized functions, are responsible for directly
managing risks in their respective functional areas;
•2nd Line: The Vice President and WBG Chief Risk Officer (CRO) provides direction, challenge,
and oversight over risk management practices; and
•3rd Line: Internal Audit provides independent assurance and advice on the effectiveness of risk
management.
IBRD’s risk management process consists 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
The Vice President and World Bank Group Chief Risk Officer (CRO) oversees financial, operational,
model, and Environmental and Social (E&S) risks. These include: (i) Country credit risks associated with
the WBG’s sovereign-lending activities; (ii) Market and counterparty risks, including liquidity, market and
model risks; (iii) Operational risks, related to people, process, and systems, or from external events; (iv)
Model risk management framework and its governance, and (v) E&S risks associated with projects across
WBG operations, including grievance management. The new integrated WBG E&S operating model
became effective in January 2026, and the CRO now oversees an independent global E&S risk
department as a second line of defense. The Vice President and World Bank group Chief Risk Officer
(CRO) is leading the implementation of a more integrated risk management structure across the World
Bank Group institutions, in order to strengthen group-wide risk oversight, enhance risk governance, and
align risk management with strategic priorities across the WBG institutions. As part of this initiative, IBRD
staff are being integrated into the World Bank Group’s financial, operational, model and E&S risk
functions under newly appointed leadership and revised organizational structure. Implementation of this
initiative will continue throughout FY27.
The following units report directly to the CRO:
Credit Risk Department
•Identifies, measures, monitors, and manages country credit risk faced by IBRD, including
monitoring borrowers that are vulnerable to crises in the near term. 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 whether provisions are sufficient for losses on loans and
other exposures, and assesses overall capital adequacy. These risk assessments are taken into
account when determining the overall country programs and lending operations.
•Reviews proposed new financial products or initiatives for any impact on portfolio credit risk and
capital adequacy.
IBRD Management's Discussion and Analysis: June 30, 2026
45
Management’s Discussion and Analysis
Section IX: Risk Management
Market and Counterparty Risk Department
•Responsible for strengthening the financial risk governance by ensuring that market, liquidity and
counterparty credit risks are identified, measured, monitored, and managed consistently and
effectively, so funding, hedging ALM and investment activities are consistent with IBRD's risk
appetite, capital adequacy framework, and long-term financial sustainability.
•Ensures effective oversight, including: (i) maintaining sound credit assessments, (ii) addressing
transaction and product risk issues, (iii) providing an independent second line of defense
oversight, and (iv) monitoring market and counterparty risk in the investment, borrowing and client
operation portfolios. 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.
•Oversees the operational risk, business continuity, operational resilience, corporate insurance,
data privacy, and enterprise risk functions.
•Key operational risk management responsibilities include: (i) implementing the operational risk
management framework which provides direction to business unit partners to ensure consistent
application, (ii) 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), (iii) helping identify emerging risks and trends through monitoring of internal and
external risk events, (iv) managing the Operational Risk Council (ORC) that oversees and
monitors operational risks, and (v) supporting risk response and mitigating actions, and preparing
a corporate Operational Risk Report for review and discussion by the ORC.
Environmental and Social (E&S) Risk Department
•Provides independent second-line oversight of Environmental & Social (E&S) risks across WBG
operations to help ensure that risks are appropriately identified, assessed, monitored, and
mitigated.
•Works closely with E&S operational teams to validate risks, monitor corrective actions, support
cross-regional learning, and promote timely, consistent, and actionable escalation of key E&S risk
issues.
•Leads E&S risk oversight activities through early identification of emerging risks, structured
portfolio reviews, watch list management, heightened monitoring, and targeted interventions.
•Oversees grievance management across the full lifecycle, from intake to closure, including
tracking, assessment, escalation where needed, and analysis of grievance trends to inform risk
mitigation, operational learning, and more consistent E&S risk management across the portfolio.
Model Risk Analytics and Governance Unit
•Responsible for developing and maintaining the model risk management framework and
coordinating with the WBG institutions on its implementation.
•Supports effective model risk governance by establishing clear roles, responsibilities, ownership,
communication, knowledge sharing, remediation processes, and authority to escalate issues,
while ensuring that each institution retains decision-making authority and accountability for
managing its own model risk.
•Coordinates with model owners and model validators and provides recommendations, where
applicable, to support consistent model risk management practices.
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IBRD Management's Discussion and Analysis: June 30, 2026
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Section IX: Risk Management
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
a1picture1.jpg
During FY26, as part of the World Bank Group’s strategic efforts to scale impact, enhance operational
efficiency, and deliver greater value to our clients, a WBG Enterprise Risk Committee and a WBG
Administrative and Risk Committee were established, and the WBG Finance and Risk Committee and
WBG Asset and Liability Management Committee are being granted an expanded purview across the
WBG institutions under a unified governance framework.
Enterprise Risk Committee (ERC), a WBG committee chaired by the WBG Chief Risk Officer, aims to
strengthen enterprise-wide risk oversight and better manage reputation and franchise risks among
stakeholders across the World Bank Group. ERC provides a senior-level forum to elevate critical and
cross-cutting risks, supports more integrated risk-informed decision-making, and reinforces institutional
resilience and trust. The ERC helps to streamline risk-related processes and reporting, with a focus on
applying institutional expertise more effectively while reducing unnecessary burden on operational teams.
The Finance and Risk Committee (FRC), a Vice President-level WBG committee, chaired by the 
Managing Director and WBG Chief Financial Officer (MDCFO), is in the process of being expanded as the
principal financial policy-setting committee for IBRD, IDA, IFC, and MIGA, as well as for World Bank
Group Trust Funds. The FRC will be responsible for decisions relating to financial sustainability, capital
resources, and financial risk appetites across the WBG institutions. It endorses, clears or approves new
or changes to existing policies, products, structures, and frameworks that have material financial or risk
implications for any of the WBG institutions and World Bank Group Trust Funds.
Asset and Liability Management Committee (ALCO), a Vice President-level WBG committee chaired
by the MDCFO, is responsible for continuous monitoring of balance sheet and ALM positions of the WBG
institutions, and decision-making on ALM matters. ALCO establishes and reviews ALM frameworks of the
WBG institutions under the ALM policies established by their respective Boards; monitors financial
positions, outlooks and ALM activities; and ensures prudent balance sheet management and compliance
with applicable policies and risk limits.
Administrative and Risk Committee (ARC), a WBG committee chaired by the Managing Director and
Chief Administrative Officer (MDCAO), functions as the principal forum for administrative risk matters. It
provides oversight to ensure a group-wide view of how these risks are interconnected and of emerging
threats, using risk management mechanisms.
IBRD Management's Discussion and Analysis: June 30, 2026
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Management’s Discussion and Analysis
Section IX: Risk Management
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.
Box 5: Summary of IBRD's Specific Risk Categories
Types of Risk
How the Risk is Managed
Credit Risk
  Country Credit Risk
  Counterparty Credit Risk
IBRD’s credit-risk-bearing capacity and individual country exposure limits
Counterparty credit limits and collateral
Market Risk
  Interest Rate Risk
  Exchange Rate Risk
  Liquidity Risk               
Interest rate derivatives to match the sensitivity of assets and liabilities
Currency derivatives to align the currency composition of assets and liabilities
Prudential minimum liquidity level
Operational Risk
Risk assessment and monitoring of key risk indicators and internal and external
operational risk events
E&S
Early identification of emerging risks, structured portfolio reviews, watch list
management, and targeted interventions
Model Risk
Perform or assist in independent model validation on a sample basis
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 remained unchanged at 21.6% as of June 30, 2026
and as of June 30, 2025, and remained above the policy minimum of 18%.The higher usable equity
reflects the proposed transfer to general reserve out of the FY26 allocable income, increase in usable
paid-in capital and the release of PCRF assets. In February 2026, IBRD's Board approved a release of
PCRF assets to be used for general purposes. As a result, $225 million was transferred from the Pension
Reserve to the General Reserve. For IDA's share of the PCRF investments, IBRD's payable to IDA was
reduced. 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 approved 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 can be called earlier when IBRD faces an imminent threat
of a rating downgrade, but not yet at a point where it is 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. In January 2026, IBRD signed an
agreement with one member country converting $50 million of the member country's existing callable
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Section IX: Risk Management
capital to ECC terms. This agreement became effective in January 2026. The ECC has no impact on the
total equity until the call is made, but is part of the usable equity that is available to support IBRD's lending
operations.
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. As of June 30, 2026, IBRD has signed bi-lateral
agreements for hybrid capital with 11 member countries for a total notional value of $987 million out of
which, $683 million has been settled and reported in the balance sheet.
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, 2026, portfolio guarantee
agreements with 2 member countries totaling $1.1 billion notional were effective. During the fiscal year
ended June 30, 2026, $17 million of portfolio guarantees were called. For capital adequacy measures,
effective portfolio guarantees are treated as 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-d9ada3a1b4634627b56.gif
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49
Management’s Discussion and Analysis
Section IX: Risk Management
Table 33: Equity-to-Loans Ratio
In millions of U.S. dollars
 
 
 
 
 
 
Variance
As of June 30,
2026
2025
Total
Due to
Activities
Due to
Translation
Adjustment
Usable paid-in capital
$22,502
$21,919
$583
$746
$(163)
Special reserve
293
293
—
—
—
General reserve a
36,529
35,240
1,289
1,289
—
Cumulative translation adjustment b
(542)
(224)
(318)
—
(318)
Hybrid capital
683
482
201
205
(4)
Other adjustments c
268
168
100
38
62
Equity (usable equity) (Table 34)
$59,733
$57,878
$1,855
$2,278
$(423)
 
 
 
 
 
 
Loan exposures
$290,809
$283,090
$7,719
$9,502
$(1,783)
Adjustments to reflect third-party guarantees
received
(15,109)
(13,620)
(1,489)
(1,508)
19
Adjustment for portfolio guarantees received d
(4,210)
(4,280)
70
70
—
Present value of guarantees provided
5,340
3,818
1,522
1,587
(65)
Effective but undisbursed DDOs
2,691
2,105
586
604
(18)
Relevant accumulated provisions
(2,939)
(2,813)
(126)
(152)
26
Deferred loan income
(715)
(681)
(34)
(40)
6
Other exposures and adjustments, net
254
366
(112)
(112)
—
Loans (total exposure)
$276,121
$267,985
$8,136
$9,951
$(1,815)
 
 
 
 
 
 
Equity-to-Loans Ratio
21.6%
21.6%
 
 
 
a. Includes transfer to the General Reserve, which for FY26 (FY25) was approved by the Board on August 6, 2026 (August 7,
2025).
b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,
net.
c. Includes cumulative remeasurement gains on non-functional currencies of $277 million for FY26 ($216 million gains for FY25),
and an adjustment of $38 million related to ECC (Nil - as of June 30, 2025).
d. The adjustment for portfolio guarantees received is management’s estimate of the benefit of the PGP which covers losses on
the entire portfolio (first loss), and also the counterparty credit risk.
The subscription periods for the 2018 General and Selective Capital Increases (GCI and SCI) ended on
October 1, 2025. On January 8, 2026, the Board of Governors approved the reallocation of unsubscribed
shares from the capital increases to member countries that did not complete their subscription, providing
an option to subscribe by April 16, 2026. Of the $7.5 billion expected from members as part of the paid-in
portion of subscribed capital, cumulative subscription payments received totaled $7.2 billion as of April 16,
2026.
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 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, 2026.
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Section IX: Risk Management
Table 34: Usable Equity
In millions of U.S. dollars
 
For the fiscal years ended June 30,
2026
2025
Total Equity (Table 2)
$74,353
$72,012
Proposed transfer to general reserve (Table 11)
1,064
1,182
Less - adjustments to retained earnings (Table 11):
Unallocated Net Income (Loss)
(3,161)
(2,915)
  Pension Reserve
(1,066)
(987)
  Surplus
—
—
  Cumulative fair value adjustments
(1,643)
(1,390)
  Other reserves
(808)
(729)
  Restricted retained earnings
(7)
(11)
Total adjustments to retained earnings
(6,685)
(6,032)
Less - adjustments to accumulated other comprehensive income:
  Accumulated other comprehensive income
(9,365)
(9,654)
  Cumulative translation adjustment (Table 33)
(542)
(224)
Total adjustments to accumulated other comprehensive income
(9,907)
(9,878)
Other adjustments:
Hybrid capital
683
482
ECC
38
—
  Cumulative remeasurement gains on non-functional currencies
277
216
  Cumulative PEBP income adjustment a
(48)
(48)
  Adjustments for unreleased National Currency Paid-In Capital (NCPIC)
(42)
(56)
Total other adjustments
908
594
Usable Equity (Table 33)
59,733
57,878
a. Reflects a legacy treatment to exclude income earned on PEBP assets, as this income is intended to support PEBP liabilities only.
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
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
IBRD Management's Discussion and Analysis: June 30, 2026
51
Management’s Discussion and Analysis
Section IX: Risk Management
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 the economic situation of the country and concentration in the portfolio. 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, 2026, the SLL totaled
$370.1 billion. The outstanding loans and callable guarantees totaled $296.2 billion, or 80% of the SLL.
The EAL was $37.0 billion, as of June 30, 2026. The SLL was established at inception 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. The amendment process remains underway,
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 $7,855 as of July 1, 2025. Under
the dual-SBL system, the SBL for FY26 was $31.7 billion for highly creditworthy countries below the GDI
and $22.6 billion for highly creditworthy countries above the GDI. On July 7, 2026, the Board approved
the FY27 SBL of $32.8 billion and $22.6 billion for countries below and above GDI, respectively.
As of June 30, 2026, 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 $22.3 billion on
June 30, 2026.
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Management’s Discussion and Analysis
Section IX: Risk Management
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, 2026, the Board had approved a crisis buffer of $10.0 billion
and a SALL-Adj of $42.0 billion. On June 29, 2026, the Board approved a crisis buffer of $10.0 billion for
FY27. The corresponding SALL-Adj, which will be the core lending ceiling for FY27, 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, 2026
In billions of U.S. dollars
chart-f688a3e3599a4ff4b87.gif
a
a. Exposure includes loans outstanding and guarantees provided and are net of guarantees received.
As of June 30, 2026, IBRD's loans outstanding to Ukraine were $18.1 billion, and guarantees provided to
Ukraine were $0.3 billion. Guarantees and other credit enhancements received from third parties for the
benefit of Ukraine were $12.9 billion, bringing IBRD's net exposure to Ukraine to $5.5 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).
IBRD Management's Discussion and Analysis: June 30, 2026
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Management’s Discussion and Analysis
Section IX: Risk Management
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, 2026, there were no principal or interest
amounts on loans in accrual status, that were overdue by more than three months.
Effective June 16, 2026, all loans made to Iran were placed in nonaccrual status. As of June 30, 2026,
IBRD had $290.8 billion of loans outstanding, of which 0.5% were in nonaccrual status, all related to
Zimbabwe, Belarus and Iran. The exposure to Zimbabwe was $424 million as of June 30, 2026,
compared with $425 million as of June 30, 2025. The exposure to Belarus was $1,003 million as of
June 30, 2026, compared with $1,012 million as of June 30, 2025. The exposure to Iran was $126 million
as of June 30, 2026 compared with $139 million as of June 30, 2025. IBRD’s accumulated provision for
losses on loans and other exposures was $3.1 billion, which represents a provisioning rate of less than
1% of the underlying exposures ($3.0 billion as of June 30, 2025, less than 1% of the underlying
exposures).
During the year, IBRD received $1 million ($2 million in FY25) from borrowers in nonaccrual status
towards overdue principal. IBRD did not receive any payments towards overdue interest (nil in FY25). No
interest income was recognized in the Statements of Income for FY26 or FY25.
During the year, no loans to any borrowing country were restored to accrual status.
Box 6: Treatment of Overdue Payments
Overdue by
30 days
Where the borrower is the member country, no new loans to the member country, or to any other borrower in the
country, will be presented to the Board for approval, nor will any previously approved loan be signed, until payments
for all amounts 30 days overdue or longer have been received. Where the borrower is not the member country, no
new loans to that borrower will be signed or approved. In either case, the borrower will lose its eligibility for any
waiver of interest charges in effect at that time for loans signed before May 16, 2007, and those loans signed
between May 16, 2007, and September 27, 2007, if the borrowers elected not to convert the terms of their loans to
the pricing terms effective September 27, 2007. For loans with the pricing terms applicable from May 16, 2007, an
overdue interest penalty will be charged at a rate of 50 basis points on the overdue principal. That is, if an overdue
amount remains unpaid for a period of 30 days, then the borrower will pay a higher interest rate (Reference rate +
spread) plus 50 basis points on the overdue principal amount until the overdue amount is fully paid.
Overdue by
45 days
In addition to the provisions cited above for payments overdue by 30 days, to avoid proceeding further on the
notification process leading to suspension of disbursements, the country as borrower or guarantor and all borrowers
in the country must pay not only all payments overdue by 30 days or more, but also all payments due regardless of
the number of days since they have fallen due. Where the borrower is not the member country, no new loans to, or
guaranteed by, the member country, will be signed or approved. Additionally, all borrowers in the country will lose
eligibility for any waivers of interest in effect at the time.
Overdue by
60 days
In addition to the suspension of approval for new loans and signing of previously approved loans, disbursements on
all loans to, or guaranteed by, the member country are suspended until all overdue amounts are paid. This policy
applies even when the borrower is not the member country. Under exceptional circumstances, disbursements can be
made to a member country upon the Board’s approval.
Overdue by
more than
six months
In addition to the suspension of disbursements on all loans to, or guaranteed by, the member country, all loans made
to or guaranteed by a member of IBRD are placed in nonaccrual status, unless IBRD's management determines that
the overdue amount will be collected in the immediate future. Unpaid interest and other charges accrued but not yet
paid on loans outstanding are deducted from the revenue for 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. 
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Management’s Discussion and Analysis
Section IX: Risk Management
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, 2026, IBRD had received collateral of cash and
securities totaling $0.4 billion ($0.5 billion - June 30, 2025). 
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
IBRD Management's Discussion and Analysis: June 30, 2026
55
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 a
Instrument Securities
Description
Sovereigns
IBRD may only invest in obligations issued or unconditionally guaranteed by governments of
member countries with a minimum credit rating of AA-. However, no rating is required if
government obligations are denominated in the national currency of the issuer.
Agencies
IBRD may invest only in obligations issued by an agency or instrumentality of a government of a
member country, a multilateral organization, or any other official entity (other than the
government of a member country), with a minimum credit rating of AA-.
Corporates and asset-backed
securities
IBRD may only invest in securities with a triple-A credit rating.
Time deposits b
IBRD may only invest in time deposits issued or guaranteed by financial institutions, whose
senior debt securities are rated at least A-.
Commercial Paper
IBRD may only invest in short-term borrowings (less than 190 days) from commercial banks,
corporates, and financial institutions with at least two Prime-1 ratings.
Securities lending, and
borrowing, repurchases,
resales, and reverse
repurchases
IBRD may engage in securities lending against adequate collateral, repurchases and reverse
repurchases, against adequate margin protection, of the securities described under the
sovereigns, agencies, and corporates and asset-backed security categories.
Collateral Assets
IBRD may engage in collateralized forward transactions, such as swap, repurchase, resale,
securities lending, or equivalent transactions that involve certain underlying assets not
independently eligible for investment. In each case, adequate margin protection needs to be
received.
a.All investments are subject to approval by the Market and Counterparty Risk Department and must appear on the “Approved
List” created by the department.
b.Time deposits include certificates of deposit, bankers’ acceptances, and other obligations issued or unconditionally
guaranteed by banks or other financial institutions.
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). 
56
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section IX: Risk Management
Table 35: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating
In millions of U.S. dollars
 
June 30, 2026
 
Investments
 
 
 
Counterparty Rating a
Sovereigns
Non-Sovereigns
Net Swap
Exposure
Total
Exposure
% of
Total
AAA
$9,222
$13,996
$—
$23,218
25%
AA
8,553
45,400
163
54,116
58
A
4,274
12,032
102
16,408
17
BBB or lower/unrated
5
44
4
53
*
Total
$22,054
$71,472
$269
$93,795
100%
 
June 30, 2025
 
Investments
 
 
 
Counterparty Rating a
Sovereigns
Non-Sovereigns
Net Swap
Exposure
Total
Exposure
% of
Total
AAA
$8,334
$12,252
$—
$20,586
21%
AA
6,499
49,688
114
56,301
56
A
7,524
15,541
146
23,211
23
BBB or lower/unrated
3
42
—
45
*
Total
$22,360
$77,523
$260
$100,143
100%
 
 
 
 
 
a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available
from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a
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%.
IBRD’s overall commercial counterparty credit exposure, net of collateral held, was $93.8 billion as of
June 30, 2026. As shown on Table 35, the credit quality of IBRD’s portfolio remains concentrated in the
upper end of the credit spectrum, with 83% 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, 2026
Non-Commercial
Counterparty
Instrument used
Purpose of derivative transaction
Notional
Net Exposure
Borrowing Member
Countries
Derivatives
Assist borrowing member countries with
managing risks
$5,085
$—
Non-Affiliated Organization
Derivatives
Assist IFFIm with managing risks
504
—
$5,589
$—
•Borrowing Member Countries: Currency and interest rate swap transactions are executed
between IBRD and its borrowers under master derivative agreements. As of June 30, 2026, the
notional amounts were $5.1 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.
•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,
2026, IBRD did not have any exposure to IDA under these agreements.
IBRD Management's Discussion and Analysis: June 30, 2026
57
Management’s Discussion and Analysis
Section IX: Risk Management
•Non-Affiliated Organizations: IBRD has a master derivatives agreement with IFFIm, under which
several transactions have been executed. As of June 30, 2026, the notional amounts were $0.5
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, 2026, 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, 2026, IBRD recorded a
CVA on its Balance Sheet of $39 million, and a DVA of $327 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.
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section IX: Risk Management
Table 37: Effect of Credit on IBRD Portfolios
In millions of U.S. dollars
 
As of June 30, 2026
Credit Effect on Portfolio
Value a
Borrowings
$
127
Loans b
(10)
Investments c
(3)
Total gains
$
114
 
 
a. Excludes CVA and DVA on derivatives.
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 10% of the loans had fixed interest rates as of June 30, 2026.
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, 2026.
Table 38: Effect of Interest Rates on IBRD's Portfolios
In millions of U.S. dollars
 
As of June 30, 2026
Net Interest Rates Effect on
Portfolio Value a
Borrowing portfolio
$
(1)
Loan portfolio b
1
Other ALM
(24)
Investment portfolio c
(1)
Total losses
$
(25)
 
 
a. After the effects of derivatives
b. If loans were measured at fair value.
c. Excludes PEBP and PCRF holdings and investments related to LPF1 and GFPP.
IBRD Management's Discussion and Analysis: June 30, 2026
59
Management’s Discussion and Analysis
Section IX: Risk Management
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 $119 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, 2026
Borrowing PortfolioLoan PortfolioOther ALMInvestment Portfolio
Swaps  Bonds
Loans  Swaps
Swaps 
Investments  Swaps
chart-67800d789a69427b8e4.gif
chart-8f572158f1d34976962.gif
chart-c9d498f21c044b16871.gif
chart-965ef169cc674dd1813.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
useofderivativesloans.jpg
60
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section IX: Risk Management
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
useofderivativesinvestments.jpg
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
useofderivatives.jpg
When interest rates are low and negative, they 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 FY26, IBRD’s liquid asset
portfolio incurred unrealized mark-to-market losses due to the sharp increase in interest rates.
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
IBRD Management's Discussion and Analysis: June 30, 2026
61
Management’s Discussion and Analysis
Section IX: Risk Management
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,
2026 mainly consists of 78% U.S. Dollars and 21% euros.
The currency composition of the Borrowing portfolio (after the effect of associated derivatives) funding
loans as of June 30, 2026 mainly consists of 78% U.S. Dollars and 21% 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
150% of the Target Liquidity Level continues to function as a guideline rather than a hard ceiling (Table
39).
62
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section IX: Risk Management
Table 39: Liquidity Levels
 Effective for FY26
In billions of
U.S. dollars
% of Target
Liquidity Level
Target Liquidity Level
$79.0
Guideline Maximum Liquidity Level
118.5
150%
Prudential Minimum Liquidity Level
63.2
80%
Liquid Asset Portfolio as of June 30, 2026
$92.2
117%
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.
IBRD Management's Discussion and Analysis: June 30, 2026
63
Management’s Discussion and Analysis
Section X: Contractual Obligations
Section X: Contractual Obligations
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 40 shows 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.
•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
In millions of U.S. dollars
As of June 30, 2026
 
Due in 1 year
or Less
Due after 1
Year up to 3
Years
Due after 3
Years up to 5
Years
Due After 5
years
Total
Borrowings
$47,872
$72,881
$77,420
$111,072
$309,245
Operating leases
58
76
39
20
193
Contractual purchases
380
58
4
6
448
Other long-term liabilities
780
186
121
237
1,324
Total
$49,090
$73,201
$77,584
$111,335
$311,210
 
 
 
 
 
 
64
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section XI: Pension and Other Post-Retirement Benefits
Section XI: Pension and Other Post-Retirement
Benefits
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 the 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 post-retirement benefit obligations. As of June 30, 2026, IBRD
and IDA’s share of the assets amounted to $38.5 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 FY26, the WBG’s rate for contributions to the Plans was 12.39% 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 intended 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 Plans 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%
IBRD Management's Discussion and Analysis: June 30, 2026
65
Management’s Discussion and Analysis
Section XI: Pension and Other Post-Retirement Benefits
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.
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 reasonableness 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 potentially material 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
In millions of U.S. dollars
 
As of June 30, 2026
 
SRP
RSBP
PEBP
Total
PBO
$(22,283)
$(3,100)
$(2,218)
$(27,601)
Plan assets
30,297
5,507
2,690
38,494
Net position
$8,014
$2,407
$472
$10,893
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2025
 
SRP
RSBP
PEBP
Total
PBO
$(21,555)
$(2,725)
$(2,070)
$(26,350)
Plan assets
27,400
4,921
2,359
34,680
Net position
$5,845
$2,196
$289
$8,330
 
 
 
 
 
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 Plan assets are prudently managed and
139% of the PBO as of June 30, 2026, including PEBP assets, and primarily reflects 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.
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section XII: Critical Accounting Policies and the Use of Estimates
Section XII: Critical Accounting Policies and the Use
of Estimates
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, 2026.
All of IBRD’s loans were reported at amortized cost as of June 30, 2026.
Table 42: Fair Value Level 3 Summary
In millions U.S. dollars
For the fiscal year ended June 30,
2026
2025
Level 3
Total
Balance
 
Level 3
Total Balance
Total Assets at fair value
$803
$109,726
$356
$115,364
As a percentage of total assets
0.73%
0.31%
Total Liabilities at fair value
$5,227
$331,428
$5,121
$330,706
As a percentage of total liabilities
1.58%
1.55%
 
 
 
 
 
 
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.
IBRD Management's Discussion and Analysis: June 30, 2026
67
Management’s Discussion and Analysis
Section XII: Critical Accounting Policies and the Use of Estimates
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, 2026.
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).
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IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section XIII: Governance and Controls
Section XIII: Governance and Controls
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
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.
IBRD Management's Discussion and Analysis: June 30, 2026
69
Management’s Discussion and Analysis
Section XIII: Governance and Controls
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.
•Oversight of the performance of the Group Internal Audit function.
•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.
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IBRD Management's Discussion and Analysis: June 30, 2026
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
Pamela O'Connell, Vice President and WBG Controller retired in September 2025.
As part of the ongoing efforts to scale impact, boost efficiency, and deliver greater value to our clients
across the World Bank Group, IBRD is implementing organizational changes to integrate certain functions
within WBG Vice Presidencies. IBRD will continue to operate as a separate legal entity, with its external
obligations unchanged. In line with these integration changes:
•Effective October 1, 2025, IBRD's Controllership function has been integrated into the WBG
Controllership Vice Presidency, with Zinga Venner appointed as Vice President and WBG
Controller.
IBRD Management's Discussion and Analysis: June 30, 2026
71
Management’s Discussion and Analysis
Section XIII: Governance and Controls
•Effective January 1, 2026, IBRD's Treasury function has been integrated into the WBG Treasury
Vice Presidency, with Jorge Familiar Calderon appointed as Vice President and WBG Treasurer.
In parallel with these changes, and as part of the WBG’s broader transformation, the Knowledge Bank
has been established to unify expertise of each WBG institution in a single structure and strengthen the
value proposition for both sovereign and private sector clients. To lead this effort, Paschal Donohoe was
appointed as Managing Director and WBG Chief Knowledge Officer effective November 24, 2025.
Axel van Trotsenburg, Senior Managing Director for Development & Policy retired in November 2025.
Anshula Kant, Managing Director and WBG Chief Financial Officer, will be retiring at the end of November
2026.
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
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, 2026, management
maintained effective internal control over financial reporting. See “Management’s report regarding
effectiveness of Internal Control over Financial Reporting” on page 78..
IBRD’s internal control over financial reporting as of June 30, 2026, 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, 2026.
72
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Section XIV: Reconciliations of Components of Allocable Income
Section XIV: Reconciliations of Components of Allocable Income
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,
2026
2025
Interest revenue — Loans, net  (Table 3 – Reported Basis)
$13,796
$15,301
Less: Borrowing expenses funding loans
(9,108)
(10,484)
Add: Others
—
4
Loan interest revenue, net of borrowing expenses (Table 5)
$4,688
$4,821
Interest revenue—Investments-Trading, net  (Table 3 – Reported Basis)
$3,748
$4,444
Add:  Reclassification of unrealized mark-to-market gains (losses) on trading securities,
net (Table 3)
607
214
Less: Mark-to-market (gains) losses attributable to PEBP, PCRF, LPF1 and GFPP
investment holdings and other adjustments (Table 44)
(196)
(158)
Less: Borrowing expenses funding investment-trading
(4,091)
(4,435)
Investment revenue, net of borrowing expenses (Table 5)
$68
$65
Borrowing Expenses
Borrowing expenses funding loans
9,108
10,484
Borrowing expenses funding investment-trading
4,091
4,435
Others
2
1
Borrowing expense, net  (Table 3 – Reported Basis)
$13,201
$14,920
Table 44: Total Revenue on Interest Earning Assets, Net
In millions of U.S. dollars
 
For the fiscal years ended June 30,
2026
2025
Interest revenue, net of borrowings expenses (Table 3 – Reported Basis)
$3,537
$3,534
Add:  Reclassification of mark-to-market gains (losses) on trading securities, net (Table 3)
607
214
Less: Mark-to-market (gains) losses attributable to PEBP, PCRF, LPF1 and GFPP
investment holdings and other adjustments (Table 43)
(196)
(158)
Add: Others
1
3
Total revenue on interest earning assets, net (Table 5)
$3,949
$3,593
   
IBRD Management's Discussion and Analysis: June 30, 2026
73
Management’s Discussion and Analysis
Appendix
Appendix
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 FY26, income groups are classified according to the 2024 gross national
income (GNI) per capita. For lower-middle-income countries, the GNI range was $1,136 - $4,495.
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. On July 7th, 2026, the Board approved a new approach to set the Prudential Minimum level of
liquidity at 100% of Management's estimates of twelve months of net projected disbursements and debt service for
the upcoming fiscal year. The Target Liquidity level is no longer in use under the new approach. 
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 was 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. As indicated above, the Target Liquidity level is no longer in use under the new approach for the
Prudential Minimum level of liquidity.
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.
74
IBRD Management's Discussion and Analysis: June 30, 2026
Management’s Discussion and Analysis
Appendix
Abbreviations and Acronyms
ADB: Asian Development Bank
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 Policy Financing 
DVA: Debit Valuation Adjustment 
EAL: Equitable Access Limit
ECC: Enhanced Callable Capital
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 Flexible Loans
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 Council
PBAC: Pension Benefits Administration Committee
PBO: Projected 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
IBRD Management's Discussion and Analysis: June 30, 2026
75
Management’s Discussion and Analysis
Appendix
Eligible Borrowing Member Countries by Region as of June 30, 2026
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*,
Cote d'Ivoire*
East Asia and Pacific
China, Fiji*, Indonesia, Malaysia, Mongolia, Naoeroa, Palau, Papua New Guinea*, Philippines,
Thailand, Timor-Leste*, Viet Nam
Europe and Central Asia
Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia,
Kazakhstan, North Macedonia, Moldova, Montenegro, Poland, Romania, Russian Federation,
Serbia, Türkiye, Turkmenistan, Ukraine, Uzbekistan*
Latin America and Caribbean
Argentina, Antigua and Barbuda, Barbados, Belize*, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Dominica*, Dominican Republic, Ecuador, El Salvador, Grenada*, Guatemala, Jamaica, Mexico,
Panama, Paraguay, Peru, St. Kitts and Nevis, St. Lucia*, St. Vincent and the Grenadines*,
Suriname*, Trinidad and Tobago, Uruguay, Venezuela
Middle East, North Africa,
Afghanistan and Pakistan
Algeria, Arab Republic of Egypt, Islamic Republic of Iran, Iraq, Jordan, Lebanon, Libya, Morocco,
Tunisia, Pakistan*
South Asia
India
* Blend countries eligible for IDA and IBRD loans.
a.The WBG received a notification from the Government of the member on July 1, 2026 that the official name changed from
Republic of Nauru to Republic of Naoero.
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IBRD FINANCIAL STATEMENTS: June 30, 2026
77
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
FINANCIAL STATEMENTS AND INTERNAL CONTROL REPORTS
June 30, 2026
78
IBRD FINANCIAL STATEMENTS: June 30, 2026
Management's Report Regarding Effectiveness of Internal Control Over
Financial Reporting
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IBRD FINANCIAL STATEMENTS: June 30, 2026
79
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80
IBRD FINANCIAL STATEMENTS: June 30, 2026
Independent Auditor's Report on Effectiveness of Internal Control Over
Financial Reporting
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IBRD FINANCIAL STATEMENTS: June 30, 2026
81
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82
IBRD FINANCIAL STATEMENTS: June 30, 2026
Independent Auditor's Report
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IBRD FINANCIAL STATEMENTS: June 30, 2026
83
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IBRD FINANCIAL STATEMENTS: June 30, 2026
Independent Auditor's Report
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IBRD FINANCIAL STATEMENTS: June 30, 2026
85
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
FINANCIAL STATEMENTS
June 30, 2026
86
IBRD FINANCIAL STATEMENTS: June 30, 2026
BALANCE SHEETS
June 30, 2026 and June 30, 2025
Expressed in millions of U.S. dollars
2026
2025
Assets
Due from banks—Note J
Unrestricted cash
$288
$412
Restricted cash
57
73
345
485
Investments-Trading (including securities transferred under repurchase or
securities lending agreements of Nil—June 30, 2026 and $312 million—June 30,
2025)—Notes C and J
96,951
102,674
Securities purchased under resale agreements—Notes C and J
4
14
Derivative assets, net—Notes F and J
464
666
Receivables
Receivable from investment securities traded
78
84
Accrued income on loans and guarantee fees receivable—Note D
3,431
3,562
3,509
3,646
Loans outstanding—Notes D and J
Total loans
395,555
375,435
Less: Undisbursed balance (including signed loan commitments of
$86,757 million—June 30, 2026 and $76,870 million—June 30, 2025)
(104,746)
(92,345)
Loans outstanding
290,809
283,090
Less:
Accumulated provision for loan losses
(2,435)
(2,366)
Deferred loan income
(715)
(681)
Net loans outstanding
287,659
280,043
Other assets
Assets under retirement benefits plans—Notes I and K
10,421
8,041
Premises and equipment, net
2,104
1,866
Miscellaneous—Notes D, H, J and L
2,055
2,076
14,580
11,983
Total assets
$403,512
$399,511
IBRD FINANCIAL STATEMENTS: June 30, 2026
87
2026
2025
Liabilities
Borrowings—Notes E and J
Borrowings, at fair value
$308,562
$305,679
Borrowings, at amortized cost
683
482
309,245
306,161
Securities sold under repurchase agreements, securities lent under
securities lending agreements, and payable for cash collateral received—
Notes C and J
—
312
Derivative liabilities, net—Notes F and J
10,424
12,454
Other liabilities
Payable for investment securities purchased
155
199
Liabilities under retirement benefits plans—Notes I and K
2,218
2,070
Accounts payable and miscellaneous liabilities—Notes D, H, J and L
7,117
6,303
9,490
8,572
Total liabilities
329,159
327,499
Equity
Capital stock—Note B
Authorized capital (2,783,873 shares—June 30, 2026 and
June 30, 2025)
Subscribed capital (2,756,229 shares—June 30, 2026, and
2,709,291 shares—June 30, 2025)
332,497
326,835
Less uncalled portion of subscriptions
(308,853)
(303,924)
Paid-in capital
23,644
22,911
Nonnegotiable, noninterest-bearing demand obligations on account of
subscribed capital
(231)
(313)
Receivable and deferred amounts to maintain value of currency holdings—
Note B
(868)
(623)
Retained earnings—Note G
42,443
40,383
Accumulated other comprehensive income—Note I
9,365
9,654
Total equity
74,353
72,012
Total liabilities and equity
$403,512
$399,511
The Notes to Financial Statements are an integral part of these Statements.
88
IBRD FINANCIAL STATEMENTS: June 30, 2026
STATEMENTS OF INCOME
For the fiscal years ended June 30, 2026, June 30, 2025 and June 30, 2024
Expressed in millions of U.S. dollars
2026
2025
2024
Interest revenue
Loans, net—Notes D and M
$13,796
$15,301
$15,831
Other asset / liability management derivatives, net—Notes F and J
(807)
(1,293)
(1,726)
Investments-Trading, net
3,748
4,444
4,337
Other, net
1
2
2
Borrowing expenses, net—Note E
(13,201)
(14,920)
(15,215)
Interest revenue, net of borrowing expenses
3,537
3,534
3,229
Provision for losses on loans and other exposures, (charge)
release—Note D
(194)
75
(94)
Noninterest revenue
Revenue from externally funded activities—Notes H, L and M
974
947
960
Commitment charges—Note D
126
152
149
Other
103
170
42
Total
1,203
1,269
1,151
Noninterest expenses
Administrative—Notes H, K and L
(2,547)
(2,522)
(2,379)
Contributions to special programs
(18)
(17)
(17)
Other, net—Note K
240
150
170
Total
(2,325)
(2,389)
(2,226)
Board of Governors-approved transfers—Note G
(1,101)
(815)
(371)
Currency remeasurement gains (losses), net
74
(44)
73
Mark-to-market gains on trading securities, net—Notes C and F
607
214
91
Unrealized mark-to-market gains on non-trading
  portfolios, net
Loan-related derivatives—Notes D and F
593
(1,372)
(458)
Other asset/liability management derivatives, net—Note F
(307)
1,839
708
Borrowings, including derivatives—Notes E and F
(33)
(234)
9
Other, net
6
23
30
Total
259
256
289
Net income
$2,060
$2,100
$2,142
The Notes to Financial Statements are an integral part of these Statements.
IBRD FINANCIAL STATEMENTS: June 30, 2026
89
STATEMENTS OF COMPREHENSIVE INCOME
For the fiscal years ended June 30, 2026, June 30, 2025 and June 30, 2024
Expressed in millions of U.S. dollars
2026
2025
2024
Net income
$2,060
$2,100
$2,142
Other comprehensive income—Note I
Currency translation adjustments on functional currency 
(losses) gains
(403)
1,281
(150)
Net change in Debit Valuation Adjustment (DVA) on Fair
  Value Option elected liabilities—Note  J
(1,820)
991
322
Net actuarial gains on benefit plans—Note K
1,932
3,420
251
Prior service credit on benefit plans, net—Note K
2
8
8
Total other comprehensive (loss) income
(289)
5,700
431
Total comprehensive income
$1,771
$7,800
$2,573
90
IBRD FINANCIAL STATEMENTS: June 30, 2026
STATEMENTS OF CHANGES IN EQUITY
For the fiscal years ended June 30, 2026, June 30, 2025 and June 30, 2024
Expressed in millions of U.S. dollars
Paid-in
Capital
Nonnegotiable,
noninterest-
bearing
demand
obligations on
account of
subscribed
capital
Receivable 
and
deferred 
amounts to
maintain
value of
currency
holdings
Retained
earnings
Accumulated
other
comprehensive
income     
Total
equity
As of June 30, 2023
$21,819
$(320)
$(781)
$36,141
$3,523
$60,382
Net income
—
—
—
2,142
—
2,142
Other comprehensive
income
—
—
—
431
431
Subscriptions received
633
—
—
—
—
633
Demand obligations
(received) encashed, net
—
—
—
—
—
—
Currency remeasurement
changes, net
—
10
(132)
—
—
(122)
Receipts of MOV
—
—
18
—
—
18
As of June 30, 2024
22,452
(310)
(895)
38,283
3,954
63,484
Net income
—
—
—
2,100
—
2,100
Other comprehensive
income
—
—
—
—
5,700
5,700
Subscriptions received
459
—
—
—
—
459
Demand obligations
(received) encashed, net
—
(2)
—
—
—
(2)
Currency remeasurement
changes, net
—
(1)
258
—
—
257
Receipts of MOV
—
—
14
—
—
14
As of June 30, 2025
22,911
(313)
(623)
40,383
9,654
72,012
Net income
—
—
—
2,060
—
2,060
Other comprehensive
(loss)
—
—
—
—
(289)
(289)
Subscriptions received
733
—
—
—
—
733
Demand obligations
(received) encashed, net
—
(37)
—
—
—
(37)
Currency remeasurement
changes, net
—
119
(285)
—
—
(166)
Receipts of MOV
—
—
40
—
—
40
As of June 30, 2026
$23,644
$(231)
$(868)
$42,443
$9,365
$74,353
The Notes to Financial Statements are an integral part of these Statements.
IBRD FINANCIAL STATEMENTS: June 30, 2026
91
STATEMENTS OF CASH FLOWS
For the fiscal years ended June 30, 2026, June 30, 2025 and June 30, 2024
Expressed in millions of U.S. dollars
2026
2025
2024
Cash flows from investing activities
Loans
Disbursements
$(26,702)
$(30,471)
$(33,375)
Principal repayments
15,541
15,456
12,991
Principal prepayments
1,927
529
344
Loan origination fees received
44
34
37
Net derivatives-loans
75
84
76
Other investing activities, net
(296)
(246)
(154)
Net cash used in investing activities
(9,411)
(14,614)
(20,081)
Cash flows from financing activities
Medium and long-term borrowings
New issues
48,647
64,300
52,152
Retirements
(41,705)
(37,220)
(30,888)
Short-term borrowings (original maturities greater than 90 days)
New issues
23,919
26,573
20,483
Retirements
(25,201)
(23,076)
(22,270)
Net short-term borrowings (original maturities less than 90 days)
(1,556)
419
807
Net derivatives-borrowings
(349)
88
10
Capital subscriptions
733
459
633
Other financing activities, net
(156)
(6)
—
Net cash provided by financing activities
4,332
31,537
20,927
Cash flows from operating activities
Net income
2,060
2,100
2,142
Adjustments to reconcile net income to net cash (used in) provided by
operating activities:
Unrealized mark-to-market gains on non-trading portfolios, net
(259)
(256)
(289)
Currency remeasurement (gains) losses, net
(74)
44
(73)
Depreciation and amortization and capitalized interest on loans, net
423
419
614
Provision for losses on loans and other exposures, charge
(release)
194
(75)
94
Changes in:
Investments-Trading
4,675
(17,200)
(4,288)
Net investment securities purchased/traded
(47)
24
(410)
Net derivatives-investments
(1,160)
(1,200)
1,063
Net securities purchased/sold under resale/repurchase
agreements and payable for cash collateral received
(247)
132
128
        Accrued income on loans and guarantee fees receivable
66
549
(676)
Miscellaneous assets
90
(373)
232
Accrued interest on borrowings
(1,187)
(1,704)
393
Accounts payable and miscellaneous liabilities
710
593
232
Pension and other post-retirement benefits
(298)
15
(59)
Net cash provided by (used in) operating activities
4,946
(16,932)
(897)
Effect of exchange rate changes on unrestricted and restricted cash
(7)
4
(6)
Net decrease in unrestricted and restricted cash
(140)
(5)
(57)
Unrestricted and restricted cash at the beginning of the fiscal year
485
490
547
Unrestricted and restricted cash at the end of the fiscal year
$345
$485
$490
92
IBRD FINANCIAL STATEMENTS: June 30, 2026
2026
2025
2024
Supplemental disclosure
(Decrease) increase in ending balances resulting from exchange rate
fluctuations
Loans outstanding
$(1,784)
$5,105
$(822)
Investment portfolio
(68)
231
17
Borrowing portfolio
(1,576)
4,148
(577)
Capitalized interest and loan origination fees in total loans
253
308
155
Interest paid on borrowing portfolio
13,863
16,046
14,265
The Notes to Financial Statements are an integral part of these Statements.
IBRD FINANCIAL STATEMENTS: June 30, 2026
93
SUMMARY STATEMENT OF LOANS
June 30, 2026
Expressed in millions of U.S. dollars
Undisbursed balance
Borrower
Total loans a,b
Loans
approved but
not yet signed
Signed loan
commitments c
Loans
outstanding
Percentage of
total loans
outstanding d
Albania b
$1,596
$33
$381
$1,182
0.41
%
Angola a, b
8,970
—
3,025
5,945
2.04
Antigua and Barbuda
4
—
—
4
*
Argentina
14,663
—
1,940
12,723
4.38
Armenia b
1,878
—
803
1,075
0.37
Azerbaijan
1,131
—
285
846
0.29
Bahamas, The
96
—
—
96
0.03
Barbados
401
50
119
232
0.08
Belarus
1,003
—
—
1,003
0.34
Belize
108
—
61
47
0.02
Bhutan
215
—
215
—
—
Bolivia, Plurinational State of a
1,759
—
745
1,014
0.35
Bosnia and Herzegovina b
1,589
—
699
890
0.31
Botswana a
763
—
123
640
0.22
Brazil b
24,557
6,074
2,608
15,875
5.46
Bulgaria
35
—
—
35
0.01
Cabo Verde, Republic of
37
—
1
36
0.01
Cameroon
1,493
396
235
862
0.30
Chile a
755
—
549
206
0.07
China b
17,929
—
4,112
13,817
4.75
Colombia a, b
17,830
100
1,106
16,624
5.72
Congo, Republic of
626
—
318
308
0.11
Costa Rica a
3,361
—
1,439
1,922
0.66
Côte d'Ivoire 
269
—
99
170
0.06
Croatia
1,555
—
433
1,122
0.39
Dominican Republic a
3,597
—
1,181
2,416
0.83
Ecuador a
8,027
—
740
7,287
2.51
Egypt, Arab Republic of b
14,901
1,000
1,522
12,379
4.26
El Salvador
3,097
—
1,602
1,495
0.51
Eswatini
441
45
80
316
0.11
Fiji
300
—
25
275
0.09
Gabon a
1,052
148
262
642
0.22
Georgia b
2,674
—
798
1,876
0.65
Grenada
12
—
—
12
*
Guatemala
2,840
430
462
1,948
0.67
India b
35,932
1,500
10,772
23,660
8.14
Indonesia b
28,282
—
6,476
21,806
7.50
Iran, Islamic Republic of
126
—
—
126
0.04
Iraq b
4,579
1,830
325
2,424
0.83
Jamaica
1,226
—
75
1,151
0.40
Jordan b
8,971
1,049
1,801
6,121
2.10
Kazakhstan
4,662
—
1,242
3,420
1.18
Kenya
2,478
—
128
2,350
0.81
Kosovo
71
—
—
71
0.02
Lebanon
2,543
150
1,200
1,193
0.41
Mauritius
251
—
182
69
0.02
Mexico
13,373
—
—
13,373
4.60
Moldova
1,079
—
697
382
0.13
Mongolia
356
—
283
73
0.03
Montenegro b
461
—
168
293
0.10
Morocco b
16,763
—
4,463
12,300
4.23
94
IBRD FINANCIAL STATEMENTS: June 30, 2026
SUMMARY STATEMENT OF LOANS (CONTINUED)
June 30, 2026
Expressed in millions of U.S. dollars
Borrower
Undisbursed balance
Total loans a,b
Loans
approved but
not yet signed
Signed loan
commitments c
Loans
outstanding
Percentage of
total loans
outstanding d
Namibia a
$100
$—
$100
$—
—
%
Nigeria a
3,389
900
882
1,607
0.55
North Macedonia b
854
—
179
675
0.23
Pakistan a, b
5,415
—
2,264
3,151
1.08
Panama
2,489
—
174
2,315
0.80
Papua New Guinea
71
—
66
5
*
Paraguay
1,644
250
261
1,133
0.39
Peru
7,312
700
1,661
4,951
1.70
Philippines a, b
23,011
1,000
4,886
17,125
5.89
Poland
5,179
—
63
5,116
1.76
Romania b
8,448
—
1,700
6,748
2.32
Serbia b
3,175
—
619
2,556
0.88
Seychelles
245
—
35
210
0.07
South Africa a
6,600
339
1,361
4,900
1.68
Sri Lanka
1,189
—
96
1,093
0.38
St. Lucia
2
—
—
2
*
Suriname
56
—
20
36
0.01
Thailand
515
140
—
375
0.13
Timor-Leste
12
—
—
12
*
Trinidad and Tobago a
20
—
—
20
0.01
Tunisia b
6,776
451
1,589
4,736
1.63
Türkiye b
28,234
960
13,189
14,085
4.84
Turkmenistan
20
—
—
20
0.01
Ukraine b
21,022
444
2,449
18,129
6.23
Uruguay
1,325
—
50
1,275
0.44
Uzbekistan a
4,730
—
740
3,990
1.37
Viet Nam a
2,581
—
593
1,988
0.68
Zimbabwe
424
—
—
424
0.15
Total-June 30, 2026
$395,555
$17,989
$86,757
$290,809
100
%
Total-June 30, 2025
$375,435
$15,475
$76,870
$283,090
 
 
 
Notes
a. Indicates a country for which a guarantee is provided under an Exposure Exchange Agreement (EEA) with a multilateral
development organization (see Note D—Loans and Other Exposures). The amount of the guarantees is not included in the
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
from another guarantee provider (see Note D—Loans and Other Exposures). The effect of the guarantee is not included in the
figures in the Statement above.
c. Loan agreements totaling $14,629 million ($6,656 million—June 30, 2025) have been signed, but the loans are not effective
and disbursements will 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.
* 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, 2026
95
STATEMENT OF SUBSCRIPTIONS TO
CAPITAL STOCK AND VOTING POWER
June 30, 2026
Expressed in millions of U.S. dollars
Subscriptions
 
Voting Power
Member
Number of
shares
Percentage
of total a
Total
amounts a
Amounts
paid in a,b
Amounts
subject to
call a, b
 
Number of
votes
Percentage
of total a
Afghanistan
506
0.02
%
$61.0
$5.1
$55.9
1,363
0.05
%
Albania
1,355
0.05
163.5
8.5
154.9
2,212
0.08
Algeria
13,689
0.50
1,651.4
118.4
1,533.0
14,546
0.50
Angola
4,429
0.16
534.3
34.6
499.7
5,286
0.18
Antigua and Barbuda
724
0.03
87.3
3.8
83.6
1,581
0.05
Argentina
30,571
1.11
3,687.9
264.8
3,423.1
31,428
1.08
Armenia
2,006
0.07
242.0
13.8
228.2
2,863
0.10
Australia c
39,054
1.42
4,711.3
342.1
4,369.1
39,911
1.37
Austria c
18,143
0.66
2,188.7
157.4
2,031.3
19,000
0.65
Azerbaijan
2,876
0.10
346.9
21.1
325.9
3,733
0.13
Bahamas, The
1,529
0.06
184.5
10.9
173.6
2,386
0.08
Bahrain
1,648
0.06
198.8
11.9
186.9
2,505
0.09
Bangladesh
7,884
0.29
951.1
65.1
886.0
8,741
0.30
Barbados
1,055
0.04
127.3
6.8
120.5
1,912
0.07
Belarus
4,547
0.17
548.5
34.6
513.9
5,404
0.19
Belgium c
43,281
1.57
5,221.2
380.0
4,841.2
44,138
1.51
Belize
646
0.02
77.9
3.1
74.8
1,503
0.05
Benin
1,536
0.06
185.3
10.0
175.3
2,393
0.08
Bhutan
829
0.03
100.0
4.2
95.8
1,686
0.06
Bolivia, Plurinational State of
3,127
0.11
377.2
23.2
354.0
3,984
0.14
Bosnia and Herzegovina
980
0.04
118.2
10.3
107.9
1,837
0.06
Botswana
916
0.03
110.5
5.4
105.1
1,773
0.06
Brazil
63,305
2.30
7,636.8
518.3
7,118.5
64,162
2.20
Brunei Darussalam
2,373
0.09
286.3
15.2
271.1
3,230
0.11
Bulgaria
7,609
0.28
917.9
64.5
853.5
8,466
0.29
Burkina Faso
1,536
0.06
185.3
10.0
175.3
2,393
0.08
Burundi
1,219
0.05
147.1
6.7
140.3
2,076
0.07
Cabo Verde, Republic of
833
0.03
100.5
3.3
97.1
1,690
0.06
Cambodia
619
0.02
74.7
6.4
68.3
1,476
0.05
Cameroon
2,685
0.10
323.9
19.6
304.3
3,542
0.12
Canada c
70,455
2.56
8,499.3
619.5
7,879.8
71,312
2.44
Central African Republic
1,189
0.04
143.4
7.1
136.5
2,046
0.07
Chad
975
0.04
117.6
3.9
113.8
1,832
0.06
Chile
11,787
0.43
1,421.9
101.3
1,320.7
12,644
0.43
China
166,859
6.05
20,129.0
1,445.1
18,683.9
167,716
5.75
Colombia
11,806
0.43
1,424.2
101.2
1,323.0
12,663
0.43
Comoros
369
0.01
44.5
1.0
43.5
1,226
0.04
Congo, Democratic Republic of
3,416
0.12
412.1
31.0
381.1
4,273
0.15
Congo, Republic of
1,051
0.04
126.8
4.3
122.4
1,908
0.07
Costa Rica
1,392
0.05
167.9
12.3
155.6
2,249
0.08
Côte d'Ivoire
4,273
0.16
515.5
33.3
482.1
5,130
0.18
Croatia
3,376
0.12
407.3
29.9
377.4
4,233
0.14
Cyprus
2,111
0.08
254.7
16.0
238.6
2,968
0.10
Czechia c
9,451
0.34
1,140.1
82.0
1,058.2
10,308
0.35
Denmark c
21,061
0.77
2,540.7
182.4
2,358.3
21,918
0.75
Djibouti
896
0.03
108.1
3.5
104.6
1,753
0.06
Dominica
699
0.03
84.3
3.5
80.8
1,556
0.05
Dominican Republic
3,142
0.11
379.0
25.1
353.9
3,999
0.14
Ecuador
4,523
0.16
545.6
35.4
510.2
5,380
0.18
Egypt, Arab Republic of
12,999
0.47
1,568.1
111.8
1,456.4
13,856
0.47
96
IBRD FINANCIAL STATEMENTS: June 30, 2026
STATEMENT OF SUBSCRIPTIONS TO
CAPITAL STOCK AND VOTING POWER (CONTINUED)
June 30, 2026
Expressed in millions of U.S. dollars
Subscriptions
Voting Power
Member
Number of
shares
Percentage
of total a
Total
amounts a
Amounts
paid in a,b
Amounts
subject to
call a, b
Number of
votes
Percentage
of total a
El Salvador
552
0.02
%
$66.6
$5.5
$61.1
1,409
0.05
%
Equatorial Guinea
860
0.03
103.7
5.0
98.8
1,717
0.06
Eritrea
593
0.02
71.5
1.8
69.7
1,450
0.05
Estonia c
1,372
0.05
165.5
9.5
156.1
2,229
0.08
Eswatini
609
0.02
73.5
3.7
69.8
1,466
0.05
Ethiopia
1,829
0.07
220.6
13.4
207.2
2,686
0.09
Fiji
1,407
0.05
169.7
9.8
159.9
2,264
0.08
Finland c
13,726
0.50
1,655.8
118.5
1,537.3
14,583
0.50
France c
108,611
3.94
13,102.3
956.6
12,145.7
109,468
3.75
Gabon
1,145
0.04
138.1
7.9
130.3
2,002
0.07
Gambia, The
777
0.03
93.7
2.7
91.0
1,634
0.06
Georgia
2,590
0.09
312.4
18.6
293.8
3,447
0.12
Germany c
118,578
4.30
14,304.7
1,043.5
13,261.1
119,435
4.09
Ghana
2,685
0.10
323.9
23.4
300.5
3,542
0.12
Greece c
4,460
0.16
538.0
40.4
497.6
5,317
0.18
Grenada
739
0.03
89.1
3.9
85.2
1,596
0.05
Guatemala
2,001
0.07
241.4
12.4
229.0
2,858
0.10
Guinea
2,273
0.08
274.2
16.1
258.1
3,130
0.11
Guinea-Bissau
613
0.02
73.9
1.4
72.5
1,470
0.05
Guyana
1,724
0.06
208.0
11.5
196.5
2,581
0.09
Haiti
1,890
0.07
228.0
12.9
215.1
2,747
0.09
Honduras
782
0.03
94.3
4.5
89.9
1,639
0.06
Hungary c
12,456
0.45
1,502.6
107.4
1,395.2
13,313
0.46
Iceland c
1,975
0.07
238.3
14.8
223.5
2,832
0.10
India
85,175
3.09
10,275.1
738.0
9,537.1
86,032
2.95
Indonesia
28,863
1.05
3,481.9
249.9
3,232.0
29,720
1.02
Iran, Islamic Republic of
38,300
1.39
4,620.3
334.8
4,285.5
39,157
1.34
Iraq
5,085
0.18
613.4
48.9
564.5
5,942
0.20
Ireland c
9,415
0.34
1,135.8
80.3
1,055.5
10,272
0.35
Israel
7,386
0.27
891.0
62.6
828.4
8,243
0.28
Italy c
76,144
2.76
9,185.6
668.6
8,517.1
77,001
2.64
Jamaica
3,741
0.14
451.3
30.5
420.8
4,598
0.16
Japan c
199,885
7.25
24,113.1
1,751.9
22,361.2
200,742
6.88
Jordan
2,337
0.09
281.9
16.5
265.4
3,194
0.11
Kazakhstan
4,573
0.17
551.7
31.3
520.4
5,430
0.19
Kenya
4,187
0.15
505.1
32.5
472.6
5,044
0.17
Kiribati
829
0.03
100.0
4.1
95.9
1,686
0.06
Korea, Republic of c
45,285
1.64
5,463.0
389.9
5,073.1
46,142
1.58
Kosovo, Republic of
1,538
0.06
185.5
11.5
174.1
2,395
0.08
Kuwait
22,458
0.82
2,709.2
194.4
2,514.8
23,315
0.80
Kyrgyz Republic
1,351
0.05
163.0
9.3
153.6
2,208
0.08
Lao People's Democratic Republic
355
0.01
42.8
3.3
39.5
1,212
0.04
Latvia c
2,027
0.07
244.5
15.3
229.3
2,884
0.10
Lebanon
1,062
0.04
128.1
6.3
121.8
1,919
0.07
Lesotho
1,154
0.04
139.2
6.9
132.3
2,011
0.07
Liberia
740
0.03
89.3
5.6
83.6
1,597
0.05
Libya
11,462
0.42
1,382.7
99.3
1,283.5
12,319
0.42
Lithuania c
2,258
0.08
272.4
17.3
255.1
3,115
0.11
Luxembourg c
2,806
0.10
338.5
22.1
316.4
3,663
0.13
Madagascar
2,506
0.09
302.3
18.0
284.4
3,363
0.12
IBRD FINANCIAL STATEMENTS: June 30, 2026
97
STATEMENT OF SUBSCRIPTIONS TO
CAPITAL STOCK AND VOTING POWER (CONTINUED)
June 30, 2026
Expressed in millions of U.S. dollars
Subscriptions
Voting Power
Member
Number of
shares
Percentage
of total a
Total
amounts a
Amounts
paid in a,b
Amounts
subject to
call a, b
Number of
votes
Percentage
of total a
Malawi
1,722
0.06
%
$207.7
$10.2
$197.5
2,579
0.09
%
Malaysia
10,447
0.38
1,260.3
75.4
1,184.8
11,304
0.39
Maldives
525
0.02
63.3
2.0
61.3
1,382
0.05
Mali
2,035
0.07
245.5
14.1
231.4
2,892
0.10
Malta
1,533
0.06
184.9
10.9
174.0
2,390
0.08
Marshall Islands
469
0.02
56.6
0.9
55.7
1,326
0.05
Mauritania
1,593
0.06
192.2
10.4
181.8
2,450
0.08
Mauritius
1,780
0.07
214.7
13.1
201.6
2,637
0.09
Mexico
47,720
1.73
5,756.7
413.1
5,343.6
48,577
1.66
Micronesia, Federated States of
479
0.02
57.8
1.0
56.8
1,336
0.05
Moldova
2,419
0.09
291.8
17.2
274.6
3,276
0.11
Mongolia
829
0.03
100.0
5.6
94.4
1,686
0.06
Montenegro
971
0.04
117.1
6.6
110.5
1,828
0.06
Morocco
8,069
0.29
973.4
66.8
906.6
8,926
0.31
Mozambique
1,332
0.05
160.7
6.8
153.9
2,189
0.07
Myanmar
3,465
0.13
418.0
21.4
396.6
4,322
0.15
Namibia
1,930
0.07
232.8
11.7
221.1
2,787
0.10
Naoero d
586
0.02
70.7
2.4
68.3
1,443
0.05
Nepal
1,714
0.06
206.8
11.4
195.3
2,571
0.09
Netherlands c
54,111
1.96
6,527.7
475.4
6,052.3
54,968
1.88
New Zealand c
11,261
0.41
1,358.5
96.8
1,261.6
12,118
0.42
Nicaragua
1,064
0.04
128.4
6.3
122.1
1,921
0.07
Niger
1,348
0.05
162.6
6.5
156.1
2,205
0.08
Nigeria
19,417
0.70
2,342.4
168.0
2,174.3
20,274
0.69
North Macedonia
641
0.02
77.3
5.7
71.7
1,498
0.05
Norway c
16,746
0.61
2,020.2
145.0
1,875.1
17,603
0.60
Oman
2,461
0.09
296.9
19.1
277.8
3,318
0.11
Pakistan
14,148
0.51
1,706.7
122.4
1,584.3
15,005
0.51
Palau
16
*
1.9
0.2
1.8
873
0.03
Panama
1,138
0.04
137.3
10.3
127.0
1,995
0.07
Papua New Guinea
2,273
0.08
274.2
16.1
258.1
3,130
0.11
Paraguay
2,037
0.07
245.7
14.1
231.6
2,894
0.10
Peru
9,092
0.33
1,096.8
77.5
1,019.3
9,949
0.34
Philippines
11,887
0.43
1,434.0
102.1
1,331.9
12,744
0.44
Poland c
20,474
0.74
2,469.9
177.1
2,292.8
21,331
0.73
Portugal c
8,937
0.32
1,078.1
76.2
1,001.9
9,794
0.34
Qatar
2,781
0.10
335.5
25.1
310.4
3,638
0.12
Romania
8,210
0.30
990.4
72.4
918.0
9,067
0.31
Russian Federation
79,121
2.87
9,544.8
685.8
8,859.0
79,978
2.74
Rwanda
1,831
0.07
220.9
12.5
208.4
2,688
0.09
St. Kitts and Nevis
275
0.01
33.2
0.3
32.9
1,132
0.04
St. Lucia
699
0.03
84.3
2.6
81.7
1,556
0.05
St. Vincent and the Grenadines
387
0.01
46.7
1.6
45.1
1,244
0.04
Samoa
947
0.03
114.2
5.1
109.2
1,804
0.06
San Marino
595
0.02
71.8
2.5
69.3
1,452
0.05
Sao Tome and Principe
705
0.03
85.0
2.2
82.9
1,562
0.05
Saudi Arabia
76,967
2.79
9,284.9
668.3
8,616.6
77,824
2.67
Senegal
3,585
0.13
432.5
27.1
405.3
4,442
0.15
Serbia
4,133
0.15
498.6
36.6
462.0
4,990
0.17
Seychelles
294
0.01
35.5
0.8
34.7
1,151
0.04
98
IBRD FINANCIAL STATEMENTS: June 30, 2026
STATEMENT OF SUBSCRIPTIONS TO
CAPITAL STOCK AND VOTING POWER (CONTINUED)
June 30, 2026
Expressed in millions of U.S. dollars
Subscriptions
Voting Power
Member
Number of
shares
Percentage
of total a
Total
amounts a
Amounts
paid in a,b
Amounts
subject to
call a, b
Number of
votes
Percentage
of total a
Sierra Leone
1,043
0.04
%
$125.8
$4.6
$121.2
1,900
0.06
%
Singapore
7,109
0.26
857.6
63.0
794.6
7,966
0.27
Slovak Republic c
4,785
0.17
577.2
41.0
536.2
5,642
0.19
Slovenia c
2,037
0.07
245.7
18.0
227.8
2,894
0.10
Solomon Islands
828
0.03
99.9
3.3
96.6
1,685
0.06
Somalia, Federal Republic of
632
0.02
76.2
3.3
72.9
1,489
0.05
South Africa
20,793
0.75
2,508.4
180.0
2,328.4
21,650
0.74
South Sudan
1,437
0.05
173.4
8.6
164.8
2,294
0.08
Spain c
52,895
1.92
6,381.0
461.2
5,919.8
53,752
1.84
Sri Lanka
6,282
0.23
757.8
51.0
706.9
7,139
0.24
Sudan
1,989
0.07
239.9
15.5
224.5
2,846
0.10
Suriname
412
0.01
49.7
2.0
47.7
1,269
0.04
Sweden c
25,148
0.91
3,033.7
219.1
2,814.6
26,005
0.89
Switzerland c
40,889
1.48
4,932.6
357.9
4,574.7
41,746
1.43
Syrian Arab Republic
2,452
0.09
295.8
14.0
281.8
3,309
0.11
Tajikistan
1,468
0.05
177.1
9.3
167.8
2,325
0.08
Tanzania
1,615
0.06
194.8
14.6
180.2
2,472
0.08
Thailand
13,752
0.50
1,659.0
118.1
1,540.9
14,609
0.50
Timor-Leste
918
0.03
110.7
5.6
105.2
1,775
0.06
Togo
1,947
0.07
234.9
13.4
221.5
2,804
0.10
Tonga
859
0.03
103.6
4.5
99.2
1,716
0.06
Trinidad and Tobago
3,376
0.12
407.3
22.8
384.5
4,233
0.14
Tunisia
2,064
0.08
249.0
18.3
230.7
2,921
0.10
Türkiye
30,668
1.11
3,699.6
264.5
3,435.1
31,525
1.08
Turkmenistan
627
0.02
75.6
3.6
72.0
1,484
0.05
Tuvalu
502
0.02
60.6
2.5
58.0
1,359
0.05
Uganda
1,133
0.04
136.7
9.7
127.0
1,990
0.07
Ukraine
16,065
0.58
1,938.0
138.7
1,799.3
16,922
0.58
United Arab Emirates
7,043
0.26
849.6
66.2
783.4
7,900
0.27
United Kingdom c
108,611
3.94
13,102.3
975.7
12,126.6
109,468
3.75
United States c
465,462
16.89
56,151.0
4,102.5
52,048.5
466,319
15.98
Uruguay
3,902
0.14
470.7
32.2
438.6
4,759
0.16
Uzbekistan
4,238
0.15
511.3
32.9
478.4
5,095
0.17
Vanuatu
933
0.03
112.6
5.6
107.0
1,790
0.06
Venezuela, Republica
Bolivariana de
20,361
0.74
2,456.2
150.8
2,305.5
21,218
0.73
Viet Nam
5,311
0.19
640.7
47.0
593.7
6,168
0.21
Yemen, Republic of
2,212
0.08
266.8
14.0
252.8
3,069
0.11
Zambia
4,727
0.17
570.2
38.7
531.5
5,584
0.19
Zimbabwe
3,996
0.15
482.1
25.5
456.6
4,853
0.17
Total - June 30, 2026
2,756,229
100
%
332,497
23,644
308,853
2,918,202
100
%
Total - June 30, 2025
2,709,291
326,835
22,911
303,924
2,868,429
Notes
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.
c. A member of the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).
d. The WBG received a notification from the government of the member on July 1, 2026 that the official name changed from
Republic of Nauru to Republic of Naoero.
*  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, 2026
99
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.
Capital Stock
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
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IBRD FINANCIAL STATEMENTS: June 30, 2026
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”).
Callable Capital
Under the Articles of Agreement, the subscription of each member shall be divided into two parts: (i)
twenty percent shall be paid in or subject to call as needed by IBRD for its operations;  and (ii) the
remaining eighty percent shall be subject to call by IBRD only to meet its borrowing obligations (excluding
hybrid capital) and guarantee obligations. Starting in the fiscal year ended June 30, 2025, shareholders
can convert a portion of their existing callable capital under (i) above—subscriptions subject to call as
needed by IBRD for its operations—into Enhanced Callable Capital (ECC). ECC can be called earlier
when IBRD faces an imminent threat of a rating downgrade, but not yet at a point where it is at risk of
defaulting to its bondholders. The ECC conversion is on a voluntary basis and upon bilateral agreement
between the shareholder and IBRD. The ECC has no impact on the total equity until the call is paid but is
considered part of usable equity that is available to support IBRD's lending operations. If and when the
ECC call is triggered and the participating shareholders make the payments on the ECC, the paid-in ECC
amount will be reflected as paid-in capital of the contributing shareholders. There are no changes in
shareholding or voting rights at the time of ECC payment, similar to payments that would be received on
existing callable capital. ECC if paid could count towards an individual shareholder’s paid-in capital
requirement in a subsequent capital increase and voting rights would be allocated at that time. ECC is
accounted for as a separate class within the uncalled portion of subscriptions.
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, which approximates fair 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
IBRD FINANCIAL STATEMENTS: June 30, 2026
101
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 Board of Governors-approved
transfers 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.
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 for use 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.
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IBRD FINANCIAL STATEMENTS: June 30, 2026
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. 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
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 for activation 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.
IBRD FINANCIAL STATEMENTS: June 30, 2026
103
Guarantees
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 Receivables - Accrued income on
loans and guarantee fees receivable 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
guarantees that are contractually linked to specific loans (non-freestanding), reduce the exposure at risk
considered in computing the loan loss provisions.
Guarantees that are not contractually linked to specific loans (freestanding guarantees), 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 Noninterest 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.
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 issuance 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 a recoverable asset and corresponding income, in
recognition of the risk coverage received. The change in value of the recoverable asset is recorded as
Noninterest 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.
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IBRD FINANCIAL STATEMENTS: June 30, 2026
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 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.
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.
IBRD FINANCIAL STATEMENTS: June 30, 2026
105
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.
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 Due from banks 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, 2026, 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, which approximate fair value or net asset value (NAV).
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 standard discounted cash flow method using
observable market inputs such as yield curves and credit spreads. 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 Interest revenue from Investments-Trading, net in the Statements of
Income. Unrealized gains and losses for investment securities and related financial instruments held in
the trading portfolio are included in Mark-to-market gains on trading securities, net, in the Statements of
Income. Realized gains and losses on trading securities are recognized in Mark-to-market gains on
trading securities, net 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.
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IBRD FINANCIAL STATEMENTS: June 30, 2026
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 Borrowing expenses, net 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
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.
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.
IBRD FINANCIAL STATEMENTS: June 30, 2026
107
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
Borrowing expenses, net in the Statements of Income.
Borrowings at Fair Value
IBRD has elected the fair value 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, 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.
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.
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 - Investments-Trading, net, while unrealized mark-to-market gains and losses on
108
IBRD FINANCIAL STATEMENTS: June 30, 2026
these derivatives are reflected as part of Mark-to-market gains (losses) on trading securities, net 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 and are adjustments
to net income under operating activities in the Statements of Cash Flows.
IBRD presents the cash flows associated with derivative instruments, and their related gains and losses,
consistently with the cash flows of the economically hedged item. Principal related cash flows on
derivatives economically hedging loans are reported under investing activities as Net derivatives-loans,
while those hedging borrowings are reported under financing activities in Net derivatives-borrowings.
Principal-related cash flows and realized gains and losses on derivatives economically hedging
investments are reported under operating activities in Changes in Net derivatives-investments. Interest-
related cash flows and realized gains and losses on derivatives hedging loans, investments and
borrowings are reported as operating activities.
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.
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.
IBRD FINANCIAL STATEMENTS: June 30, 2026
109
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.
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
Recently Adopted Accounting Standards:
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic: 815) and Revenue
from Contracts with Customers (Topic: 606) Derivatives Scope Refinements and Scope Clarification for
Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU adds a scope
exception that excludes from derivative accounting certain non-exchange-traded contracts with underlying
110
IBRD FINANCIAL STATEMENTS: June 30, 2026
settlement variables that are based on operations or activities specific to one of the parties to the contract.
The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption
permitted. IBRD early adopted the ASU on a modified retrospective basis on October 1, 2025, as of July
1, 2025. The adoption did not have a material impact on IBRD's 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. IBRD
early adopted the ASU prospectively on June 30,2026. The adoption did not have a material impact on
IBRD's financial statements.
Accounting Standards Under Evaluation:
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic: 270): Narrow-Scope
Improvements, to improve the navigability of interim reporting requirements by clarifying what disclosures
are required for interim periods and specifying the form and content of interim financial statements. For
IBRD, the ASU will be effective for the quarter ending September 30, 2028. Early adoption is permitted.
IBRD is currently evaluating the impact of the ASU on its financial statements.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic: 832): Accounting for
Government Grants Received by Business Entities, to establish authoritative guidance on the recognition,
measurement, and presentation guidance for government grants received by business entities. For IBRD,
the ASU will be effective for the quarter ending September 30, 2029. Early adoption is permitted. IBRD is
currently evaluating the impact of the ASU on its financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use
Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which
modernizes the accounting model for internal use software by eliminating consideration of software
development stages. Instead, capitalization of software costs would begin when (i) management has
authorized and committed to funding the project and (ii) it is probable the project will be completed, and
the software will be used to perform its intended function. For IBRD, the ASU will be effective for the
quarter ending September 30, 2028. Early adoption is permitted. IBRD is currently evaluating the impact
of the ASU on its financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive
Income—Expense Disaggregation Disclosures (Subtopic: 220-40): Disaggregation of Income Statement
Expenses, which requires public business entities to disclose disaggregated information about certain
applicable specified expense categories (i.e., employee compensation, depreciation, intangible asset
amortization). For IBRD, the ASU will be effective for the annual period ending June 30, 2028, and for
interim periods thereafter. Early adoption is permitted. IBRD is currently evaluating the impact of the ASU
on its financial statements.
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, 2024
2,783,873
2,678,098
General Capital Increase/Selective Capital Increase (GCI/SCI)
–
31,193
As of June 30, 2025
2,783,873
2,709,291
GCI/SCI
–
46,938
As of June 30, 2026
2,783,873
2,756,229
 
 
 
IBRD FINANCIAL STATEMENTS: June 30, 2026
111
The following table provides a summary of the changes in subscribed capital, uncalled portion of
subscriptions (callable capital including Enhanced Callable Capital), and paid-in capital:
Table B2: IBRD's Capital
In millions of U.S. dollars
Subscribed capital
Uncalled portion of
subscriptions a
Paid-in capital
As of June 30, 2024
$323,072
$(300,620)
$22,452
GCI/SCI
3,763
(3,304)
459
As of June 30, 2025
326,835
(303,924)
22,911
GCI/SCI
5,662
(4,929)
733
As of June 30, 2026
$332,497
$(308,853)
$23,644
 
 
 
 
a.The June 30, 2026 amount includes enhanced callable capital of $50 million which became effective in January 2026.
The uncalled portion of subscriptions is subject to call when required to meet the obligations incurred by
IBRD arising from borrowings (excluding hybrid capital) or guaranteeing loans (see Note A - Callable
Capital). Shareholders can convert a portion of their existing callable capital to enhanced terms so that it
can be called earlier when IBRD faces an imminent threat of a rating downgrade, but not yet at a point
where it is at risk of defaulting to its bondholders, which is when a call on the current form of callable
capital will be made. In January 2026, IBRD signed the first agreement with one member country
converting $50 million of the member country’s existing callable capital to ECC terms. This agreement
became effective on January 23, 2026.
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. On May 23, 2023, the Executive Directors (the
Board) approved the extension of the subscription period for GCI and SCI from October 1, 2023 to
October 1, 2025. On January 8, 2026, the Board of Governors approved the reallocation of unsubscribed
shares from the 2018 Capital Increase to member countries that did not complete their subscription,
providing an option to subscribe by April 16, 2026. Of the $7.5 billion expected from members as part of
the paid-in portion of subscribed capital, cumulative subscription payments received totaled $7.2 billion as
of April 16, 2026.
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, 2026
June 30, 2025
MOV receivable
$(402)
$(325)
Net Deferred MOV receivable
(336)
(168)
Deferred demand obligations
(130)
(130)
Deferred MOV receivable
$(466)
$(298)
112
IBRD FINANCIAL STATEMENTS: June 30, 2026
NOTE C—INVESTMENTS
Investments held by IBRD are designated as trading and reported at fair value. Some investments are
either reported at face value, which approximates fair value or net asset value (NAV). As of June 30,
2026, Investments were primarily comprised of time deposits (51%) and government, agency and
corporate obligations (41%), 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, 2026
June 30, 2025
Time deposits
$49,322
$52,283
Government, agency and corporate obligations
40,124
44,151
Asset-backed Securities (ABS)
3,989
3,210
Other fund investments a
3,188
2,775
Equity securities b
328
255
Total c
$96,951
$102,674
a. Includes $2,674 million of PEBP holdings as of June 30, 2026, as investments in hedge funds, private equity funds, commingled
funds, credit strategy funds and real asset funds, at net asset value (NAV) ($2,359 million—June 30, 2025) and $514 million as
of June 30, 2026, of investments held by the IBRD Surplus-Funded Livable Planet fund (LPF1) and the Grant Facility for Project
Preparation (GFPP) at fair value ($416 million—June 30, 2025).
b. Relates to PEBP holdings.
c. Includes $1,326 million of PCRF investments as of June 30, 2026 ($1,387 million—June 30, 2025).
As of June 30, 2026, the largest holdings of Investments - Trading from a single counterparty was the
U.S. Treasury (10%).
Table C2: Mark-to-market gains (losses) on trading securities, net
In millions of U.S. dollars
June 30, 2026
June 30, 2025
June 30, 2024
Net gains recognized during the period on trading securities a
$607
$214
$91
Less: Net gains (losses) recognized on trading securities sold /
matured during the period
388
121 
(7) 
Net gains recognized on trading securities still held at the reporting
date
$219
$93
$98
a.Includes amounts related to investments-trading derivatives.
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, 2026
113
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 which 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 C3: Collateral received
In millions of U.S. dollars
 
 
June 30, 2026
June 30, 2025
Collateral received
Cash
$86
$32
Securities
276
488
Total collateral received
$362
$520
Collateral permitted to be repledged
$362
$520
Amount of collateral repledged
–
– 
Amount of cash collateral invested
86
32
 
 
 
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, 2026 and June 30, 2025, there were no amounts that could
potentially be offset as a result of legally enforceable master netting arrangements.
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, 2026, securities purchased under resale agreements were $4 million ($14 million—
June 30, 2025) and securities sold under repurchase agreements, securities lent under securities lending
agreements, and payable for cash collateral received were $86 million ($344 million—June 30, 2025).
As of June 30, 2026, liabilities relating to securities transferred under repurchase or securities lending
agreements, including accrued interest were nil ($312 million—June 30, 2025), and there were no
unsettled trades relating to repurchase or securities lending agreements (Nil—June 30, 2025). There
114
IBRD FINANCIAL STATEMENTS: June 30, 2026
were no replacement trades entered into in anticipation of maturing trades of a similar amount (Nil—
June 30, 2025). As of June 30, 2025, the remaining contractual maturity of these agreements was up to
30 days. The securities transferred were mainly comprised of government and agency obligations
The weighted average interest rate on securities sold under repurchase agreements and securities lent
under securities lending agreements was 4.15% and 4.88% as of June 30, 2026 and June 30, 2025,
respectively.
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, 2026 and June 30, 2025, there were no unsettled
trades pertaining to securities purchased under resale agreements. For resale agreements, IBRD
received securities with a fair value of $4 million as of June 30, 2026 ($15 million—June 30, 2025). As of
June 30, 2026 and June 30, 2025, 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 (consisting of signed undisbursed loans, Deferred Drawdown Options (DDOs) and
irrevocable commitments), and guarantees. As of June 30, 2026, 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 (75%) and euro (21%).
IBRD excludes the interest receivable balance from the amortized cost basis and from the related
disclosures. Accrued interest receivable on loans of $2,993 million June 30, 2026 ($3,297 million—
June 30, 2025) is included in Receivables- Accrued income on loans and guarantee fees receivable in the
Balance Sheets.
As of June 30, 2026, 0.5% of IBRD’s loans were 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, 2026
115
A summary of IBRD’s loans outstanding by currency and by interest rate characteristics (fixed or variable)
is as follows:
Table D1: Loans outstanding by currency and interest rate structure
In millions of U.S. dollars, except as otherwise noted
June 30, 2026
U.S. dollars
Euro
Japanese Yen
Others
Loans Outstanding
 
Fixed
Variable
Fixed
Variable
Fixed
Variable
Fixed
Variable
Fixed
Variable
Total
Multicurrency terms a
$12
$403
$—
$7
$—
$3
$—
$—
$12
$413
$425
Weighted average rate (%) b
11.33
6.82
—
6.95
—
6.95
—
—
11.33
6.83
6.95
Average Maturity (years) c
—
—
—
—
—
—
—
—
—
—
—
Variable-spread terms
$—
$180,297
$—
$40,132
$—
$3,355
$—
$7,415
$—
$231,199
$231,199
Weighted average rate (%) b
—
4.87
—
3.26
—
1.58
—
3.75
—
4.51
4.51
Average Maturity (years)
—
8.68
—
8.27
—
9.62
—
8.34
—
8.61
8.61
Fixed-spread terms
$15,409
$22,076
$12,496
$7,859
$—
$531
$432
$382
$28,337
$30,848
$59,185
Weighted average rate (%) b
3.22
5.21
2.13
3.29
—
1.40
9.69
6.01
2.84
4.67
3.79
Average Maturity (years)
6.90
7.98
8.41
6.26
—
3.29
8.59
6.17
7.59
7.44
7.51
Loans Outstanding
$15,421
$202,776
$12,496
$47,998
$—
$3,889
$432
$7,797
$28,349
$262,460
$290,809
Weighted average rate (%) b
3.22
4.91
2.13
3.27
—
1.56
9.69
3.86
2.84
4.53
4.36
Average Maturity (years)
6.89
8.59
8.41
7.94
—
8.75
8.59
8.24
7.59
8.46
8.37
Loans Outstanding
$290,809
Less accumulated provision for loan losses and deferred loan income
3,150
Net loans outstanding
$287,659
 
 
 
 
 
 
 
 
 
 
Table D1.1
In millions of U.S. dollars, except as otherwise noted
June 30, 2025
U.S. dollars
Euro
Japanese Yen
Others
Loans Outstanding
 
Fixed
Variable
Fixed
Variable
Fixed
Variable
Fixed
Variable
Fixed
Variable
Total
Multicurrency terms a
$15
$402
$3
$7
$4
$4
$—
$—
$22
$413
$435
Weighted average rate (%) b
9.89
7.25
2.78
7.36
2.78
7.36
—
—
7.41
7.26
7.26
Average Maturity (years) c
0.11
—
0.62
—
0.62
—
—
—
0.29
—
0.01
Variable-spread terms
$—
$178,794
$—
$36,763
$—
$1,869
$—
$2,133
$—
$219,559
$219,559
Weighted average rate (%) b
—
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
$17,250
$23,172
$13,147
$8,074
$—
$690
$380
$383
$30,777
$32,319
$63,096
Weighted average rate (%) b
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
$17,265
$202,368
$13,150
$44,844
$4
$2,563
$380
$2,516
$30,799
$252,291
$283,090
Weighted average rate (%) b
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
$283,090
Less accumulated provision for loan losses and deferred loan income
3,047
Net loans outstanding
$280,043
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
c. For loans past their repayment maturity, average maturity is not computed.
116
IBRD FINANCIAL STATEMENTS: June 30, 2026
The maturity structure of IBRD’s loans is as follows:
Table D2: Loans maturity structure
In millions of U.S. dollars
June 30, 2026
Terms/Rate Type
Up to 1 year
2 to 5 years
6 to 15 years
Greater than 15
years
Total
Multicurrency terms
Fixed
$12
$—
$—
$—
$12
Variable
413
—
—
—
413
Variable-spread terms
Fixed
—
—
—
—
—
Variable
14,562
67,452
113,299
35,886
231,199
Fixed-spread terms
Fixed
1,644
7,848
16,644
2,201
28,337
Variable
2,726
11,121
13,293
3,708
30,848
All Loans
Fixed
1,656
7,848
16,644
2,201
28,349
Variable
17,701
78,573
126,592
39,594
262,460
Total loans outstanding
$19,357
$86,421
$143,236
$41,795
$290,809
 
 
 
 
 
 
Table D2.1
In millions of U.S. dollars
June 30, 2025
Terms/Rate Type
Up to 1 year
2 to 5 years
6 to 15 years
Greater than 15
years
Total
Multicurrency terms
Fixed
$22
$—
$—
$—
$22
Variable
413
—
—
—
413
Variable-spread terms
Fixed
—
—
—
—
—
Variable
11,329
63,813
111,412
33,005
219,559
Fixed-spread terms
Fixed
2,418
7,034
18,620
2,705
30,777
Variable
2,527
10,729
15,004
4,059
32,319
All Loans
Fixed
2,440
7,034
18,620
2,705
30,799
Variable
14,269
74,542
126,416
37,064
252,291
Total loans outstanding
$16,709
$81,576
$145,036
$39,769
$283,090
 
 
 
 
 
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,
IBRD FINANCIAL STATEMENTS: June 30, 2026
117
consistent and stable cash flows, and a history of timely debt service. The likelihood of non-timely debt
service is considered low.
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.
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, 2026 and June 30, 2025, no principal or interest were 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, 2026
Days past due
Up to 45
46-60
61-90
91-180
Over 180
Total Past
Due
Current a
Total
Risk Class
 
 
Low
$–
$–
$–
$–
$–
$–
$206
$206
Medium
–
–
–
–
–
–
134,481
134,481
High
10
10
–
–
–
20
154,549
154,569
Loans in accrual status
10
10
–
–
–
20
289,236
289,256
Loans in nonaccrual status
8
1
38
11
922
980
573
1,553
Total
$18
$11
$38
$11
$922
$1,000
$289,809
$290,809
b
 
 
 
 
 
 
 
 
 
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 $1,951 million.
118
IBRD FINANCIAL STATEMENTS: June 30, 2026
Table D3.1
In millions of U.S. dollars
June 30, 2025
Days past due
Up to 45
46-60
61-90
91-180
Over 180
Total Past
Due
Current a
Total
Risk Class
Low
$–
$–
$–
$–
$–
$–
$5,903
$5,903
Medium
–
–
–
–
–
–
130,396
130,396
High
14
–
–
–
–
14
145,340
145,354
Loans in accrual status
14
–
–
–
–
14
281,639
281,653
Loans in nonaccrual status
–
1
42
22
794
859
578
1,437
Total
$14
$1
$42
$22
$794
$873
$282,217
$283,090
b
 
 
 
 
 
 
 
 
 
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.
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
June 30, 2026
June 30, 2025
Borrower
Nonaccrual since
Loans
outstanding
Accumulated
Provision for
loan losses a
Loans
outstanding
Accumulated
Provision for
loan losses a
Iran
June 2026
$126
$13
$—
$—
Belarus
October 2022
1,003
103
1,012
99
Zimbabwe
October 2000
424
212
425
213
Total
$1,553
$328
$1,437
$312
a. There were no loans in nonaccrual status without an individual accumulated loan loss provision as of June 30, 2026 and
June 30, 2025.
Effective June 16, 2026, all loans made to Iran were placed in nonaccrual status. Loan interest revenue,
net for the fiscal year ended June 30, 2026 was reduced by $3 million representing the reversal of
previously recognized interest and other charges accrued on Iran's loans outstanding. The impact of the
non-accrual event has been included in evaluating the loan loss provisioning requirements associated
with IBRD's exposure as of June 30, 2026.
No loans to any borrowing country were restored to accrual status during the fiscal years ended June 30,
2026 or June 30, 2025.
During the fiscal year ended June 30, 2026, interest and other revenue not recognized as a result of loans
being in nonaccrual status was $78 million ($79 million– June 30, 2025 and $80 million – June 30, 2024).
In addition, during the fiscal year ended June 30, 2026, no interest income was recognized on loans in
nonaccrual status upon receipt of payment (Nil—June 30, 2025 and $4 million—June 30, 2024).
IBRD FINANCIAL STATEMENTS: June 30, 2026
119
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 show 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
June 30, 2026
Fiscal Year of Origination
 
2026
2025
2024
2023
2022
Prior
Years
CAT
DDOs
Disbursed
and
Revolving
CAT
DDOs
Converted
to Term
Loans
Loans
outstanding
as of
June 30,
2026
Risk Class
 
 
Low
$–
$18
$38
$–
$–
$150
$–
$–
$206
Medium
4,241
7,777
9,610
9,995
7,984
91,533
936
2,405
134,481
High
6,641
14,579
17,121
9,086
13,496
92,738
45
863
154,569
Loans in accrual status
10,882
22,374
26,769
19,081
21,480
184,421
981
3,268
289,256
Loans in nonaccrual
status
–
–
–
–
86
1,467
–
–
1,553
Total
$10,882
$22,374
$26,769
$19,081
$21,566
$185,888
$981
$3,268
$290,809
 
 
 
 
 
 
 
 
 
 
Table D5.1
In millions of U.S. dollars
June 30, 2025
Fiscal Year of Origination
 
2025
2024
2023
2022
2021
Prior
Years
CAT
DDOs
Disbursed
and
Revolving
CAT
DDOs
Converted
to Term
Loans
Loans
outstanding
as of
June 30,
2025
Risk Class
 
 
Low
$15
$148
$–
$–
$–
$5,740
$–
$–
$5,903
Medium
7,159
8,626
9,501
7,702
10,850
83,477
449
2,632
130,396
High
11,095
14,781
8,294
13,031
11,124
86,124
1
904
145,354
Loans in accrual status
18,269
23,555
17,795
20,733
21,974
175,341
450
3,536
281,653
Loans in nonaccrual
status
–
–
–
–
–
1,437
–
–
1,437
Total
$18,269
$23,555
$17,795
$20,733
$21,974
$176,778
$450
$3,536
$283,090
 
 
 
 
 
 
 
 
 
 
The Catastrophe Deferred Draw-Down Option (CAT-DDO) is a contingent credit line that promotes
countries' resilience to disasters by providing immediate liquidity to countries in the aftermath of a
catastrophe. No Catastrophe Deferred Drawdown Option (CAT DDOs) were converted to term loans
during the fiscal year ended June 30, 2026 ($300 million—fiscal year ended June 30, 2025).
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
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
120
IBRD FINANCIAL STATEMENTS: June 30, 2026
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. An assessment is also performed to determine whether a qualitative adjustment of
the loan loss provision is needed, including consideration of global and macroeconomic events.
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, 2026
Loans outstanding
Loan commitments
Other a
Total
Accumulated provision, beginning of the fiscal year
$2,366
$510
$88
$2,964
Provision
86
58
50
194
Translation adjustment
(17)
(8) 
(2) 
(27) 
Accumulated provision, end of the fiscal year
$2,435
$560
$136
$3,131
Composed of accumulated provision for losses on:
Loans in accrual status
$2,107
Loans in nonaccrual status
328
Total
$2,435
Loans, end of the fiscal year:
Loans in accrual status
$289,256
Loans in nonaccrual status
1,553
Total loans outstanding
$290,809
 
 
 
 
 
Table D6.1:
In millions of U.S. dollars
 
June 30, 2025
Loans outstanding
Loan commitments
Other a
Total
Accumulated provision, beginning of the fiscal year
$2,360
$514
$92
$2,966
Provision (release)
(44)
(23)
(8)
(75) 
Translation adjustment
50
19
4
73
Accumulated provision, end of the fiscal year
$2,366
$510
$88
$2,964
Composed of accumulated provision for losses on:
Loans in accrual status
$2,054
Loans in nonaccrual status
312
Total
$2,366
Loans, end of the fiscal year:
Loans in accrual status
$281,653
Loans in nonaccrual status
1,437
Total loans outstanding
$283,090
 
 
 
 
 
a. Primarily relates to guarantees provided. For more details, see Guarantees section.
 
Reported as:
Balance Sheets
Statements of Income
Accumulated Provision for Losses
on:
Loans outstanding
Accumulated provision for loan losses
Provision for losses on loans and other exposures
Loan commitments and other
  exposures
Other liabilities
Provision for losses on loans and other exposures
 
 
 
IBRD FINANCIAL STATEMENTS: June 30, 2026
121
The accumulated provision for losses on loan and other exposures as of June 30, 2026 was $3,131
million, compared to $2,964 million as of June 30, 2025. The increase of $167 million is primarily due to
higher exposure.
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
IBRD issues guarantees to, and receives guarantees from third parties. These guarantees include
bilateral guarantees from third parties, exposure exchange agreements (EEAs) with other multilateral
development banks and portfolio guarantees from its shareholders. All these guarantees are accounted
for as financial guarantees.
Guarantees provided
As of June 30, 2026, the notional amount of guarantees provided was $11,624 million ($7,465 million—
June 30, 2025), 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, 2026, liabilities related to IBRD's obligations under guarantees included the obligation to
stand ready of $574 million ($288 million—June 30, 2025), and the accumulated provision for guarantee
losses of $112 million ($63 million—June 30, 2025). These are included in Other liabilities - Accounts
payable and miscellaneous liabilities on the Balance Sheets.
During the fiscal year ended June 30, 2026 and June 30, 2025, no guarantees provided by IBRD were
called.
Guarantees received
As of June 30, 2026, IBRD had received third-party financial guarantees, including guarantees received
under the EEAs and portfolio guarantees from its shareholders of $19,940 million ($16,017 million as of
June 30, 2025).
The original maturities range between 8 and 36 years and expire in decreasing amounts through 2057.
Financial guarantees received protect IBRD against the risk of loss related to loans in IBRD's portfolio and
increase IBRD's lending capacity.
The accumulated provision for loan losses was reduced by $252 million as of June 30, 2026 ($226 million
as of June 30, 2025) due to credit enhancements from guarantees that are not freestanding (those that
are contractually attached to the loans). The noncontingent and contingent recovery assets recognized on
freestanding contracts (guarantees that are not contractually attached to the loans) were $333 million and
$192 million, respectively, as of June 30, 2026 ($120 million and $151 million, respectively, as of June 30,
2025), both of which are presented as Other assets on the Balance Sheets.
Waivers of Loan Charges
The Executive Directors have approved waivers of certain charges on eligible loans. These include a
portion of interest on existing loans, a portion of the commitment charge on undisbursed balances, a
portion of the front-end fee and prepayment premiums on existing loans, and a portion of future renewal
fees and stand-by fees on existing DDOs, as applicable. The forgone income resulting from these waivers
was $29 million for year ended June 30, 2026 ($11 million—June 30, 2025 and $9 million—June 30,
2024).
122
IBRD FINANCIAL STATEMENTS: June 30, 2026
Concentration risk
Loan revenue comprises interest, commitment fees, loan origination fees and prepayment premiums, net
of waivers. For the fiscal year ended June 30, 2026, there was no country 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 D7: Loan revenue and associated outstanding loan balances by geographic region
In millions of U.S. dollars
For the fiscal year ended and as of
June 30, 2026
June 30, 2025
Region
Loan Revenue a
Loans
Outstanding
Loan Revenue a
Loans
Outstanding
Latin America and the Caribbean
$4,042
$86,157
$4,481
$83,935
East Asia and Pacific
2,694
55,475
2,953
54,000
Europe and Central Asia
2,544
63,513
2,790
62,017
Middle East, North Africa, Afghanistan and
Pakistan b
1,852
42,431
1,977
42,000
South Asia b
1,281
24,753
1,497
25,645
Eastern and Southern Africa
685
14,854
623
12,124
Western and Central Africa
138
3,626
110
3,369
Total
$13,236
$290,809
$14,431
$283,090
 
 
 
 
 
a. Excludes $686 million interest income from loan related derivatives for the fiscal year ended June 30, 2026 ($1,022 million—
fiscal year ended June 30, 2025). Includes commitment charges of $126 million for the fiscal year ended June 30, 2026 ($152
million—fiscal year ended June 30, 2025).
b. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,
Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.
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. In addition, 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, 2026, 98% of the borrowings at fair value were classified as Level 2 within the fair value
hierarchy. In addition, most of these instruments were denominated in U.S. dollars (60%) and euro (17%)
(See Table E3).
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 3.83% as of June 30, 2026 (4.40% as of June 30, 2025).
IBRD FINANCIAL STATEMENTS: June 30, 2026
123
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, 2026
June 30, 2025
Borrowings
$308,562
$305,679
Currency swaps, net
1,189
1,788
Interest rate swaps, net
13,180
12,277
Total
$322,931
$319,744
 
 
 
As of June 30, 2026, borrowings reported at amortized cost were $683 million ($482 million—June 30,
2025) 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, 2026 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, 2026, Borrowing expenses, net in the Statements of Income was
$13,201 million ($14,920 million—June 30, 2025 and $15,215 million—June 30, 2024). This includes
$2,402 million of interest expense, net related to derivatives associated with the borrowings (interest
expense, net of $6,470 million—June 30, 2025 and interest expense, net of $7,781 million—June 30,
2024).
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, 2026
WAC a (%)
June 30, 2025
WAC a (%)
Fixed
$289,488
  3.07%
$288,323
  2.81%
Variable
34,911
5.64
32,843
6.61
Borrowings b
$324,399
  3.34%
$321,166
  3.20%
Fair Value Adjustment
(15,154)
(15,005) 
Total Borrowings
$309,245
$306,161
 
 
 
 
 
a. WAC refers to weighted average borrowings cost as of the reporting date.
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, 2026
June 30, 2025
U.S. Dollar
59.7
%
62.1
%
Euro
17.0
16.3
Others
23.3
21.6
100.0
%
100.0
%
 
 
 
124
IBRD FINANCIAL STATEMENTS: June 30, 2026
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, 2026
June 30, 2025
Less than 1 year
$47,872
$47,162
Between
1-2 years
38,302
37,482
2-3 years
34,579
36,816
3-4 years
38,533
32,710
4-5 years
38,887
39,117
Thereafter a
111,072
112,874
$309,245
$306,161
 
 
 
a Includes hybrid capital.
IBRD’s borrowings at fair value have original maturities ranging from 6 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:
Table F1: Use of derivatives in various financial portfolios
Portfolio
Derivative instruments used
Purpose / Risk being managed
Risk management purposes:
Investments
Currency swaps, currency forward contracts,
interest rate swaps, options, swaptions and
futures contracts, to-be-announced (TBA)
securities
Manage currency and interest rate risk
Loans
Currency swaps and interest rate swaps
Manage currency risk and interest rate risk
between loans and borrowings
Borrowings
Currency swaps and interest rate swaps
Manage currency risk and interest rate risk
between loans and borrowings
Other asset / liability
management derivatives
Currency swaps and interest rate swaps
Manage currency risk and the duration of IBRD’s
equity
Other purposes:
Client operations
Currency swaps, currency forward contracts,
and interest rate swaps
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 F2.
IBRD FINANCIAL STATEMENTS: June 30, 2026
125
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 F2: Derivative assets and liabilities before and after netting adjustments
In millions of U.S. dollars
 
 
June 30, 2026
June 30, 2025
 
Derivative
Assets
Derivative
Liabilities
Derivative
Assets
Derivative
Liabilities
Interest rate swaps
$6,566
$17,025
$7,559
$17,523
Currency swaps a
6,138
5,840
5,115
7,192
Other b
–
1
2
–
Gross Total
$12,704
$22,866
$12,676
$24,715
Less:
Amounts subject to legally enforceable master netting
agreements
12,154
ᵈ
12,442
ᵉ
11,978
ᵈ
12,261
ᵉ
Cash collateral received c
86
—
32
—
Net derivative position on the Balance Sheet
$464
$10,424
$666
$12,454
Less:
Securities collateral received c
234
442
Net derivative exposure after collateral
$230
$224
 
 
 
a. Includes forward contracts.
b. Relate to swaptions, options and futures contracts.
c. Does not include excess collateral received.
d. Includes $39 million Credit Valuation Adjustment (CVA) ($36 million—June 30, 2025).
e. Includes $327 million Debit Valuation Adjustment (DVA) ($319 million—June 30, 2025).
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 F3: Credit risk exposure of the derivative instruments a
In millions of U.S. dollars
 
June 30, 2026
Portfolio
Interest rate swaps
Currency swaps (including 
forward contracts)
Total
Investments
$186
$1,199
$1,385
Loans
5,120
892
6,012
Client operations
68
143
211
Borrowings
1,092
3,904
4,996
Other asset / liability management derivatives
100
–
100
Total Exposure
$6,566
$6,138
$12,704
126
IBRD FINANCIAL STATEMENTS: June 30, 2026
Table F3.1
In millions of U.S. dollars
 
June 30, 2025
Portfolio
Interest rate swaps
Currency swaps (including
forward contracts)
Total
Investments
$88
$173
$261
Loans
4,986
1,054
6,040
Client operations
107
352
459
Borrowings
1,985
3,536
5,521
Other asset / liability management derivatives
393
–
393
Total Exposure
$7,559
$5,115
$12,674
a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no
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, 2026, the notional amounts of IBRD’s derivative
contracts outstanding were as follows: interest rate swaps $406,589 million ($445,827 million—June 30,
2025), currency swaps $142,085 million ($129,923 million—June 30, 2025), long positions of other
derivatives $449 million ($304 million—June 30, 2025), and short positions of other derivatives $256
million ($115 million—June 30, 2025).
Collateral
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, 2026 was $10,671 million ($12,627 million—
June 30, 2025). 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, 2026, the amount of collateral that would need to
be posted would be $7,282 million ($9,241 million—June 30, 2025). Subsequent triggers of contingent
features would require posting of additional collateral, up to a maximum of $10,671 million ($12,627
million—June 30, 2025). IBRD received collateral totaling $362 million as of June 30, 2026 ($520 million
—June 30, 2025), in relation to derivative transactions.
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 F4: Unrealized mark-to-market gains or losses on non-trading derivatives
In millions of U.S. dollars
Fiscal Year Ended June 30,
Type of instrument a
Reported as:
2026
2025
2024
Interest rate swaps
Unrealized mark-to-market
gains on non-trading
portfolios, net
$(1,585)
$6,283
$3,324
Currency swaps (including forward
contracts)
(488)
1,897
1,145
Total
$(2,073)
$8,180
$4,469
 
 
a. For disclosures related to derivatives in trading portfolio, see Table F5.
All of the instruments in IBRD’s investment portfolio are held for trading purposes. Within the investment
portfolio, IBRD holds 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, 2026
127
The following table provides information on mark-to-market gains and losses on the trading securities, net
and their location on the Statements of Income:
Table F5: Mark-to-market gains or losses on Trading securities, net
In millions of U.S. dollars
Fiscal Year Ended June 30,
Type of instrument a
Reported as:
2026
2025
2024
Fixed income
Mark-to-market gains on
trading securities, net
$283
$9
$(1)
Equity and other fund investments b
168
122
84
Other forward contracts
156
83
8
Total
$607
$214
$91
 
 
a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment
securities.
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, 2026
June 30, 2025
Special reserve
$293
$293
General reserve
35,465
34,058
Pension reserve
1,066
987
Surplus
—
—
Cumulative fair value adjustments a
1,643
1,390
Unallocated net income
3,161
2,915
Restricted retained earnings
7
11
Other reserves b
808
729
Total
$42,443
$40,383
 
 
 
a. Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.
b. Primarily comprised of $280 million of currency remeasurement gains/losses, net ($324 million - June 30, 2025), $327 million
($301 million - June 30, 2025) and $198 million ($100 million - June 30, 2025) balances available for LPF1 and the GFPP,
respectively.
In February 2026, IBRD’s Board approved a release of PCRF assets and as a result, $225 million was
transferred from the Pension Reserve to the General Reserve.
128
IBRD FINANCIAL STATEMENTS: June 30, 2026
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 to:
2026
2025
2024
IDA
$782
$515
$291
Trust fund for Gaza and West Bank
300
300
80
LPF1
15
*
—
GFPP
4
—
$—
Total
$1,101
$815
$371
 
 
 
 
 
 
 
* Indicates amount less than $0.5 million.
On September 8, 2025, IBRD’s Board of Governors approved a transfer of $782 million to the
International Development Association (IDA) out of the net income earned in the fiscal year ended
June 30, 2025 and was recorded in Board of Governors-approved transfers on the Statements of Income.
The transfer to IDA was made on September 23, 2025.
On September 8, 2025, IBRD’s Board of Governors approved contributions from Surplus of $300 million
to the Trust Fund for Gaza and the West Bank. Contributions to the Trust Fund for Gaza and West Bank
are recorded in Board of Governors-approved transfers on the Statements of Income. This amount was
paid on September 22, 2025.
There were no amounts payable for the transfers approved by the Board of Governors as of June 30,
2026, or June 30, 2025.
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
June 30, 2026
June 30, 2025
IDA
IFC
MIGA
Total
IDA
IFC
MIGA
Total
    Receivable (payable) for
administrative services, net
$679
a
$(19)
$17
$677
$631
$(64)
$17
$584
    Payable for PCRF investments
(682)
(474)
—
(1,156)
(721)
(502)
—
(1,223)
Pension and other postretirement
benefits
(1,484)
(984)
(41)
(2,509)
(1,086)
(859)
(34)
(1,979)
Total
$(1,487)
$(1,477)
$(24)
$(2,988)
$(1,176)
$(1,425)
$(17)
$(2,618)
a. Includes less than $1 million of payables of certain loan related fees.
IBRD FINANCIAL STATEMENTS: June 30, 2026
129
The receivables from (payables to) these affiliated organizations are reported on the Balance Sheets as
follows:
Table H2: Presentation of IBRD receivables and payables to affiliated organizations in the balance
sheet
Receivables / Payables related to:
Reported as:
Administrative services
Other assets / Other liabilities
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, 2026, IBRD’s administrative
expenses exclude the share of expenses allocated to IDA of $1,912 million ($1,989 million—fiscal year
ended June 30, 2025 and $1,750 million fiscal year ended June 30, 2024).
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, 2026, IBRD’s Non‐interest revenue
excludes revenue allocated to IDA of $356 million ($330 million—fiscal year ended June 30, 2025 and
$326 million fiscal year ended June 30, 2024). 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:
Table H3: Revenue from contracts with clients
In millions of U.S. dollars
2026
2025
2024
Trust fund fees
$190
$179
$192
Reimbursable advisory services
91
96
91
Asset management services
39
35
33
Total
$320
$310
$316
Of which:
IBRD’s share
$157
$157
$163
IDA’s share
163
153
153
 
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.
130
IBRD FINANCIAL STATEMENTS: June 30, 2026
The following table shows IBRD’s receivables and contract liabilities related to revenue from contracts
with clients:
Table H4: Receivables and contract liabilities related to revenue from contracts with clients
In millions of U.S. dollars
 
 
June 30, 2026
June 30, 2025
Receivables
$123
$137
Contract liabilities
152
158
 
 
 
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 H5: Fee revenue from affiliated organizations
In millions of U.S. dollars
2026
2025
2024
Fees charged to IFC
$113
$109
$105
Fees charged to MIGA
7
7
7
 
Post-Retirement Contribution Reserve Fund 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 investment income from 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.
IBRD FINANCIAL STATEMENTS: June 30, 2026
131
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 changes
In millions of U.S. dollars
2026
Balance,
beginning of
the fiscal year
Changes 
in AOCI
Amounts
reclassified
into net
income
Net Changes
during the
period
Balance, end
of the fiscal
year
Cumulative Translation Adjustments
$836
$(403)
$—
$(403)
$433
DVA on Fair Value Option elected liabilities
1,664
(1,802)
(18) 
(1,820)
(156)
Unrecognized Net Actuarial Gains (Losses) on
Benefit Plans
7,161
2,183
(251)ᵃ
1,932 
9,093
Unrecognized Prior Service (Costs) Credits on
Benefit Plans
(7)
–
2 ᵃ
2 
(5)
Total AOCI
$9,654
$(22)
$(267) 
$(289)
$9,365
 
 
 
 
 
 
Table I1.1:
In millions of U.S. dollars
2025
Balance,
beginning of
the fiscal year
Changes 
in AOCI
Amounts
reclassified
into net
income
Net Changes
during the
period
Balance, end
of the fiscal
year
Cumulative Translation Adjustments
$(445)
$1,281 
$—
$1,281
$836
DVA on Fair Value Option elected liabilities
673
1,009
(18) 
              991
1,664
Unrecognized Net Actuarial Gains (Losses) on
Benefit Plans
3,741
3,484
(64)ᵃ
3,420
7,161
Unrecognized Prior Service (Costs) Credits on
Benefit Plans
(15)
–
8 ᵃ
8
(7)
Total AOCI
$3,954
$5,774
$(74) 
$5,700
$9,654
 
 
 
 
 
 
132
IBRD FINANCIAL STATEMENTS: June 30, 2026
Table I1.2:
In millions of U.S. dollars
2024
Balance,
beginning of
the fiscal year
Changes 
in AOCI
Amounts
reclassified
into net
income
Net Changes
during the
period
Balance, end
of the fiscal
year
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
Benefit Plans
3,490
318
(67)ᵃ
251
3,741
Unrecognized Prior Service (Costs) Credits on
Benefit Plans
(23) 
–
8ᵃ
8
(15)
Total AOCI
$3,523
$489
$(58)
$431
$3,954
 
 
 
 
 
 
a. See Note K—Pension and Other Post Retirement Benefits.
NOTE J—FAIR VALUE DISCLOSURES
Valuation Methods and Assumptions
As of June 30, 2026 and June 30, 2025, 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, 2026 or June 30, 2025. 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, 2026, 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, which approximates fair value or NAV. 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 and credit spreads.
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.
IBRD FINANCIAL STATEMENTS: June 30, 2026
133
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.
134
IBRD FINANCIAL STATEMENTS: June 30, 2026
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, 2026
June 30, 2025
Carrying Value
Fair Value
Carrying Value
Fair Value
Assets
Due from banks
$345
$345
$485
$485
Investments-Trading (including Securities
purchased under resale agreements)
96,955
96,955
102,688
102,688
Net loans outstanding
287,659
286,527
280,043
278,883
Derivative assets, net
464
464
666
666
Miscellaneous assets
67
67
115
115
Liabilities
Borrowings, at fair value
$308,562
$308,562
$305,679
$305,679
Borrowings, at amortized cost
683
772
482
489
Securities sold/lent under repurchase 
agreements/securities lending agreements
and payable for cash collateral received
—
—
312
312
Derivative liabilities, net
10,424
10,424
12,454
12,454
 
 
 
 
 
As of June 30, 2026, IBRD’s signed loan commitments were $87 billion ($77 billion—June 30, 2025) and
had a fair value of $0.26 billion ($(0.01) billion—June 30, 2025).
IBRD FINANCIAL STATEMENTS: June 30, 2026
135
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
 
Fair Value Measurements on a Recurring Basis
June 30, 2026
Level 1
Level 2
Level 3
Total
Assets:
Investments–Trading
Government, agency and corporate obligations
$12,931
$27,193
$—
$40,124
Time deposits
3,674
45,648
—
49,322
ABS
—
3,989
—
3,989
Other fund investments a
—
514
—
3,188
Equity securities
328
—
—
328
Total Investments–Trading
$16,933
$77,344
$—
$96,951
Securities purchased under resale agreements
$4
$—
$—
$4
Derivative assets
Currency swaps and forward contracts
$—
$5,447
$691
$6,138
Interest rate swaps
—
6,454
112
6,566
Other b
—
—
—
—
Gross Total
$—
$11,901
$803
$12,704
Miscellaneous assets
$—
$67
$—
$67
Liabilities:
Borrowings, at fair value
$—
$303,444
$5,118
$308,562
Securities sold under repurchase agreements and  securities lent under
securities lending agreements c
$—
$—
$—
$—
Derivative liabilities
Currency swaps and forward contracts
$—
$5,787
$53
$5,840
Interest rate swaps
—
16,969
56
17,025
Other b
1
—
—
1
Gross Total
$1
$22,756
$109
$22,866
Accounts payable and miscellaneous liabilities
$—
$—
$—
$—
a. Includes Investments held by LPF1 and GFPP of $514 million, which are carried at fair value and investments in PEBP
    holdings of $2,674 million, which are carried at NAV and excluded from the fair value hierarchy.
b. Includes swaptions, options, and futures contracts.
c. Excludes payable for cash collateral received of $86 million.
136
IBRD FINANCIAL STATEMENTS: June 30, 2026
Table J2.1:
In millions of U.S. dollars
 
Fair Value Measurements on a Recurring Basis
June 30, 2025
Level 1
Level 2
Level 3
Total
Assets:
Investments–Trading
Government agency and corporate obligations
$15,957
$28,194
$—
$44,151
Time deposits
2,750
49,533
—
52,283
ABS
—
3,210
—
3,210
Other fund investments a
—
416
—
2,775
Equity securities
255
—
—
255
Total Investments–Trading
$18,962
$81,353
$—
$102,674
Securities purchased under resale agreements
$14
$—
$—
$14
Derivative assets
Currency swaps and forward contracts
$—
$4,926
$189
$5,115
Interest rate swaps
—
7,392
$167
7,559
Other b
2
—
—
2
Gross Total
$2
$12,318
$356
$12,676
Miscellaneous assets
$—
$115
$—
$115
Liabilities:
Borrowings, at fair value
$—
$300,845
$4,834
$305,679
Securities sold under repurchase agreements and securities lent
under securities lending agreements c
$—
$312
$—
$312
Derivative liabilities
Currency swaps and forward contracts
$—
$7,097
$95
$7,192
Interest rate swaps
—
17,331
192
17,523
Other c
—
—
$—
$—
Gross Total
$—
$24,428
$287
$24,715
Accounts payable and miscellaneous liabilities
$—
$5
$—
$5
a. Includes investments held by LPF1 and GFPP of $416 million, carried at fair value, and investments in PEBP holdings of $2,359
million carried at NAV, which are excluded from the fair value hierarchy.
b. Includes swaptions, options, and futures contracts.
c. Excludes payable for cash collateral received of $32 million.
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.
IBRD FINANCIAL STATEMENTS: June 30, 2026
137
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, 2026 and the fiscal year ended June 30, 2025, 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
Portfolio
Fair Value as
of June 30,
2026
Fair Value as
of June 30,
2025
Valuation
Technique
Unobservable
input
Range (average),
June 30, 2026
Range (average),
June 30, 2025
Borrowings
$5,118
$4,834
Discounted
Cash Flow
Correlations
-11% to 84% (10%)
-14% to 80% (10%)
Interest rate
volatilities
45% to 60% (56%)
66% to 72% (70%)
Equity index
volatilities
5% to 15% (10%)
5% to 15% (10%)
Derivative
assets/(liabilities),
net
$694
$69
Discounted
Cash Flow
Correlations
-11% to 84% (10%)
-14% to 80% (10%)
Interest rate
volatilities
45% to 60% (56%)
66% to 72% (70%)
Equity index
volatilities
5% to 15% (10%)
5% to 15% (10%)
138
IBRD FINANCIAL STATEMENTS: June 30, 2026
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
2026
2025
Level 2
Level 3
Level 2
Level 3
Borrowings
Transfer into (out of)
$209
$(209)
$91
$(91)
Transfer (out of) into
—
$—
(103)
$103
$209
$(209)
$(12) 
$12
Derivative assets, net
Transfer into (out of)
$8
$(8)
$10
$(10)
Transfer (out of) into
–
$—
(3)
$3
8
$(8)
7
$(7)
Derivative liabilities, net
Transfer (into) out of
$(18)
$18
$(1)
$1
Transfer out of (into)
$—
–
$21
(21)
(18)
$18
20
$(20) 
Total Derivative Transfers, net
$(10)
$10   
$27
$(27)
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, 2026
June 30, 2025
Beginning of the fiscal year
$4,834
$4,055 
Issuances
758
796 
Settlements
(862)
(430) 
Total realized/unrealized mark-to-market losses in:
Net income
511
335 
Other comprehensive income
86   
66 
Transfers (from) to Level 3, net
(209) 
12 
End of the fiscal year
$5,118
$4,834 
 
IBRD FINANCIAL STATEMENTS: June 30, 2026
139
Table J6: Derivatives Level 3 changes
In millions of U.S. dollars
 
2026
2025
Derivatives, Assets/(Liabilities)
Derivatives, Assets/(Liabilities)
Currency
Swaps
Interest
Rate Swaps
Total
Currency
Swaps
Interest
Rate Swaps
Total
Beginning of the fiscal year
$93
$(24)
$69
$31
$(62)
$(31)
Issuances
—
7
7
—
—
—
Settlements
(27)
190
163
44
(53)
(9)
Total realized/unrealized mark-to-
market gains (losses) in:
Net income
541
(133)
408
27
96
123
Other comprehensive income
37
—
37
18
(5)
13
Transfers (from) to Level 3, net
(6) 
16
10 
(27)
—
(27)
End of the fiscal year
$638
$56
$694
$93
$(24)
$69
 
 
 
 
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
2026
2025
2024
Reported as:
Borrowings
Net income (loss)a
$215
  (302)   
$210
Other Comprehensive (loss) income b
(89)
(66)
83
Derivatives
Net (loss) income a
$(160) 
$316       
$(107)
Other Comprehensive income (loss) c
47   
11     
(91)
 
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
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.
Table J8: Borrowings fair value and contractual principal balance
In millions of U.S. dollars
Fair Value
Principal Amount Due
Upon Maturity
Difference
June 30, 2026
$308,562
$331,000
$(22,438)
June 30, 2025
$305,679
$325,327
$(19,648)
 
 
 
 
140
IBRD FINANCIAL STATEMENTS: June 30, 2026
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
elected liabilities
2026
2025
DVA on Fair Value Option Elected Liabilities
$(1,802)
$1,009
Amounts reclassified to net income upon derecognition of a liability
(18) 
(18) 
Net change in DVA on Fair Value Option Elected Liabilities
$(1,820)
$991
 
As of June 30, 2026, IBRD’s Balance Sheets included a DVA of $156 million cumulative losses ($1,664
million cumulative gains—June 30, 2025) in Accumulated other comprehensive income, associated with
the changes in IBRD’s own credit for financial liabilities measured under the fair value option.
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 30th 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, 2026
141
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
SRP
RSBP
 
PEBP
2026
2025
2024
2026
2025
2024
2026
2025
2024
Service cost
$384
$424
$401
$75
$111
$112
$72
$77
$82
Interest cost
1,147
1,152
1,011
149
180
162
113
110
99
Expected return on plan
assets
(1,483)
(1,492)
(1,377) 
(269)
(266) 
(243) 
—
—
—
Amortization of
unrecognized net
actuarial (gains)  a
(119)
—
—
(128)
      (64)
(67)
(4)
—
—
Amortization of
unrecognized prior
service costs a
—
3
3
      2
      2
2
—
3
3
Net periodic pension
cost
$(71)
$87
$38
$(171)
$(37)
$(34)
$181
$190
$184
of which:
IBRD’s share
$(33)
$41
$18
$(79)
$(18)
$(16)
$84
$89
$88
IDA’s share
(38)
46
20
(92)
(19)
(18)
97
101
96
 
 
 
 
 
 
 
 
 
 
 
 
2026
2025
2024
Net periodic pension cost (all three plans combined)
IBRD’s share
$(28) 
$112
$90
IDA’s share
(33)
128
98
 
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 
Noninterest expenses – Other item in the Statements of Income. The service cost component is included
in Noninterest expenses – Administrative expenses.
142
IBRD FINANCIAL STATEMENTS: June 30, 2026
The following table provides details of the Pension service cost:
Table K2: Pension service cost
In millions of U.S. dollars
2026
SRP
RSBP
PEBP
 Total
Service cost
$384
$75
$72
$531
Of which:
IBRD’s share
$178
$35
$34
$247
IDA’s share
206
40
38
284
 
 
 
 
 
In millions of U.S. dollars
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
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
 
 
 
 
 
IBRD FINANCIAL STATEMENTS: June 30, 2026
143
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
SRP
RSBP
PEBP
2026
2025
2026
2025
2026
2025
Projected Benefit Obligations
Beginning of year
$21,555
$22,166
$2,725
$3,408
$2,070
$2,097
Service cost
384
424
75
111
72
77
Interest cost
1,147
1,152
149
180
113
110
Participant contributions
202
193
36
34
6
5
Benefits paid
(1,096)
(1,073)
(125)
(126)
(71)
(58)
Actuarial loss (gain)
91 
(1,307)
240
(882)
28
(161)
End of year
      22,283
21,555
      3,100
      2,725
        2,218
        2,070
Fair value of plan assets
Beginning of year
27,400
25,689
4,921
4,540
Participant contributions
202
193
36
34
Actual return on assets
3,646
2,454
648
438
Employer contributions
145
137
27
35
Benefits paid
(1,096) 
(1,073) 
(125) 
(126) 
End of year
30,297
27,400
5,507
4,921
Funded Status-Over (Under) a
$8,014
$5,845
$2,407
$2,196
$(2,218)
$(2,070) 
Accumulated Benefit
Obligations
$21,238
$20,506
$3,100
$2,725
$2,076
$1,925
 
 
 
 
 
 
 
a. Over-Funded status is included in Other Assets – Assets under retirement benefits plans on the Balance Sheets and Under -
Funded status Other liabilities – Liabilities under retirement benefits plans on the Balance Sheets.
As of June 30, 2026, the SRP and RSBP were overfunded by $8,014 million and $2,407 million,
respectively. The PEBP, after reflecting IBRD and IDA’s share of assets which totals $2,690 million, within
IBRD’s investment portfolio, was overfunded by $472 million.
During the fiscal years ended June 30, 2026 and June 30, 2025, 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, 2026
In millions of U.S. dollars
SRP
RSBP
PEBP
Total
Net actuarial (gains)
$(6,443)
$(2,436)
$(214)
$(9,093)
Prior service cost
—
5
—
5
Net amount recognized in Accumulated Other Comprehensive
Income
$(6,443)
$(2,431)
$(214)
$(9,088)
 
 
 
 
 
144
IBRD FINANCIAL STATEMENTS: June 30, 2026
Table K4.1: 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)
$(4,491)
$(2,424)
$(246)
$(7,161)
Prior service cost
—
7
— 
7
Net amount recognized in Accumulated Other Comprehensive
Income
$(4,491)
$(2,417)
$(246)
$(7,154)
 
 
 
 
 
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
SRP
RSBP
 
PEBP
2026
2025
2026
2025
2026
2025
Discount rate
5.60
5.50
5.70
5.60
5.70
5.50
Rate of compensation increase
4.70
4.80
4.70
4.80
Health care growth rates
–at end of fiscal year
8.00
6.00
Ultimate health care growth rate
4.00
4.00
Year in which ultimate rate is reached
2033
2033
Interest crediting rate
5.00
5.00
 
n.a
n.a
5.00
5.00
IBRD FINANCIAL STATEMENTS: June 30, 2026
145
Table K6: Weighted average assumptions used to determine net periodic pension cost
In percent, except years
SRP
RSBP
 
PEBP
2026
2025
2024
2026
2025
2024
2026
2025
2024
Discount rate
5.50
5.30
4.90
5.60
5.40
4.90
5.50
5.30
4.90
Expected return on plan assets
5.50
5.90
5.70
5.50
5.90
5.70
Rate of compensation increase
4.80
5.20
5.10
4.80
5.20
5.10
Health care growth rates
–at end of fiscal year
6.00
5.40
5.40
Ultimate health care growth rate
4.00
4.40
4.20
Year in which ultimate rate is reached
2033
2031
2031
Interest crediting rate
5.00
5.40
5.20
 
n.a
n.a
n.a
 
5.00
5.40
5.20
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, 2026, the net actuarial gains
were primarily driven by an increase in the value of the plan assets in excess of expected asset returns
and by the increase in the discount rate, offset by changes in demographic experience for all plans and
updated medical cost trend rates 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.
Investment Strategy
The investment policies establish the framework for investment of 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 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 most recent
comprehensive review of the SAA was completed by the Pension Finance Committee (PFC) in April 2024,
resulting in modest shifts across equity and alternative asset allocations, reflecting a disciplined and
deliberate approach to portfolio positioning. The updated SAA became effective on July 1, 2024.
146
IBRD FINANCIAL STATEMENTS: June 30, 2026
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
RSBP
 
Policy allocation
2026 (%)
Actual Allocation (%)
Policy allocation
2026 (%)
Actual Allocation (%)
Asset class
2026
2025
2026
2025
Fixed income and Cash
20
21
19
20
21
20
Credit Strategies
  7   
  6
  8
  7
  6
  7
Public equity
29
27
25
29
28
25
Private equity
20
22
24
20
21
23
Absolute return strategies
  9
  9
  9
  9
  9
  9
Real assets a
15
14
14
15
14
15
Other b
—
  1
  1
—
  1
  1
Total
100 
  100   
  100   
100
  100   
  100   
 
 
 
 
 
 
 
 
 
a. Includes public and private real estate, infrastructure and timber.
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. Despite such diversification, equity market risk remains the
primary source of the overall return volatility of the Plans. As of June 30, 2026, the largest exposure to a
single counterparty was 13% and 14% of the plan assets in SRP and RSBP, respectively (12% and 13%,
respectively—June 30, 2025).
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 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. Multi-factor
risk analysis is also used to assess total portfolio risk at the absolute level and enhance understanding of
market and economic risk drivers.
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 provide 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 the maximum allocation to illiquid investment vehicles.
The Plans introduced additional measures to strengthen the oversight of key risks, including
concentration risk, cross-holding risk, thematic exposures, and other relevant risks. These risks are now
IBRD FINANCIAL STATEMENTS: June 30, 2026
147
monitored regularly at the total plan level. Through this enhanced monitoring, the Plans seek to ensure
that the portfolio remains well diversified and is not unduly exposed to any single factor.
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
June 30, 2026
SRP
 
RSBP
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Debt securities
Short-term investments
$6
$25
$—
$31
$4
$8
$—
$12
Securities purchased under resale
agreements
7
—
—
7
—
—
—
—
Government and agency securities
4,023
396
—
4,419
770
76
—
846
Corporate and convertible bonds
—
529
—
529
—
99
—
99
ABS
—
262
—
262
—
48
—
48
MBS
—
739
—
739
—
133
—
133
Total debt securities
4,036
1,951
—
5,987
774
364
—
1,138
Equity securities
Stocks
2,849
—
—
2,849
592
—
—
592
Mutual funds
113
—
—
113
21
—
—
21
Real estate investment trusts (REITs)
189
—
—
189
29
—
—
29
Total equity securities
3,151
—
—
3,151
642
—
—
642
Other funds at NAV a
Commingled funds
—
—
—
5,528
—
—
—
946
Private equity funds
—
—
—
6,826
—
—
—
1,169
Private credit funds
—
—
—
1,905
—
—
—
330
Real asset funds (including infrastructure
and timber)
—
—
—
3,911
—
—
—
754
Hedge funds
—
—
—
2,864
—
—
—
511
Total other funds
—
—
—
21,034
—
—
—
3,710
Derivative assets/liabilities
        —
        2
—
2 
—
— 
—
— 
Other assets/liabilities, net b
—
—
—
123
—
—
—
17
Total assets
$7,187
$1,953
$—
$30,297
$1,416
$364
$—
$5,507
 
 
 
 
 
 
 
 
 
 
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.
148
IBRD FINANCIAL STATEMENTS: June 30, 2026
K8.1
In millions of U.S. dollars
June 30, 2025
SRP
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
agreements
150
—
—
150
35
—
—
35
Government and agency securities
3,434
461
—
3,895
666
94
—
760
Corporate and convertible bonds
—
385
—
385
—
73
—
73
ABS
—
199
—
199
—
37
—
37
MBS
—
618
—
618
—
106
—
106
Total debt securities
3,593
1,671
—
5,264
705
314
—
1,019
Equity securities
Stocks
2,607
—
—
2,607
485
—
—
485
Mutual funds
—
—
—
—
—
—
—
—
Real estate investment trusts (REITs)
184
—
—
184
27
—
—
27
Total equity securities
2,791
—
—
2,791
512
—
—
512
Other funds at NAV a
Commingled funds
—
—
—
4,365
—
—
—
746
Private equity funds
—
—
—
6,459
—
—
—
1,126
Private credit funds
—
—
—
2,072
—
—
—
352
Real asset funds (including infrastructure
and timber)
—
—
—
3,680
—
—
—
703
Hedge funds
—
—
—
2,590
—
—
—
444
Total other funds
—
—
—
19,166
—
—
—
3,371
Derivative assets/liabilities
          8 
          (1) 
          — 
          7 
          3 
          — 
          — 
          3 
Other assets/liabilities, net b
—
—
—
172
—
—
—
16
Total assets
$6,392
$1,670
$—
$27,400
$1,220
$314
$—
$4,921
 
 
 
 
 
 
 
 
 
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.
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. Debt securities are not listed on an exchange and are valued by independent pricing vendors
either using direct quoted prices in active markets or valuation techniques incorporating observable
market inputs such as comparable trades, dealer quotes, interest rates, prepayment speeds, spreads and
other market data. 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 face value
which approximates fair value.
IBRD FINANCIAL STATEMENTS: June 30, 2026
149
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 funds include 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 investments primarily in corporate and asset-based private lending funds. 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 several funds which invest in core real assets, non-core real assets and
infrastructure investments such as debt, value add, and opportunistic equity investments. It also includes
investments in timber funds. 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.
Absolute Returns strategies
Absolute Return strategies represent a portfolio comprising hedge funds. These 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. Exchange-traded derivatives are valued based on either quoted market prices
or the most recent sales price available from recognized exchanges.
150
IBRD FINANCIAL STATEMENTS: June 30, 2026
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, 2026 - June 30, 2027
$1,239
$100
$98
July 1, 2027 - June 30, 2028
1,272
109
102
July 1, 2028 - June 30, 2029
1,319
119
109
July 1, 2029 - June 30, 2030
1,369
129
116
July 1, 2030 - June 30, 2031
1,415
139
123
July 1, 2031 - June 30, 2036
7,774
835
725
 
 
 
 
Expected Contributions
IBRD’s contribution to the SRP and RSBP varies from year to year, as determined by the 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, 2026 is $182 million and $31 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.
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
 
 
 
2026
2025
2024
Expenses for Bank-executed activities for trust funds
$629
$604
$612
 
 
 
 
IBRD FINANCIAL STATEMENTS: June 30, 2026
151
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
 
 
2026
2025
Bank-executed activities for trust funds
$557
$575
 
 
 
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
 
 
 
2026
2025
2024
Revenues
$93
$91
$99
 
 
 
 
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 $77 million as of June 30, 2026 ($87 million—June 30, 2025) 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, 2026, IBRD's fee revenue from investment management activities
totaled $19 million ($18 million—June 30, 2025 and $17 million—June 30, 2024) and is included in
Revenue from externally funded activities in the Statements of Income.
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 a 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 income (loss). The measure
of segment assets is reported on the Balance Sheets as Total assets.
152
IBRD FINANCIAL STATEMENTS: June 30, 2026
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,
Revenue
2026
2025
2024
Loan Revenue a
$13,236
$14,431
$14,712
Revenue from externally funded activities
974
947
960
Guarantee fees b
59
41
42
Total
$14,269
$15,419 
$15,714
 
a. For the fiscal year ended June 30, 2026 excludes interest income from loan related derivatives of $686 million ($1,022 million—
June 30, 2025 and $1,268 million—June 30, 2024) and includes commitment charges of $126 million ($152 million—June 30,
2025 and $149 million—June 30, 2024)
b. Included in Non‐interest revenue-Other,net on the Statements of Income and excludes recoverable asset related to guarantees
received and other miscellaneous income of $44 million for the fiscal year ended June 30, 2026 ($129 million—June 30, 2025
and Nil—June 30, 2024)
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, 2026, is not expected to
have a material adverse effect on IBRD's financial position, results of operations or cash flows.
Page 1 of 10
International Bank for Reconstruction and Development
               
SEC Report - Changes in Borrowings
    Medium & Long Term
  April 01 2026  through  June 30 2026
Borrowing Type
Description
Trade ID
Currency
Currency Amount
US$ Equivalent
Trade Date
Settlement Date
Maturity Date
New Borrowings
Australian Dollars
BOND/SELL AUD/IBRD/Callable MTN Non-Core (Non-
Ret/0636AUDSTR
1652430
AUD
50,000,000.00
35,880,000.00
22-May-26
1-Jun-26
1-Jun-36
BOND/SELL AUD/IBRD/PV BM/1131AUD05.000
1640688
AUD
2,000,000,000.00
1,448,600,000.00
7-May-26
14-May-26
14-Nov-31
Sub-total New
Borrowings
2,050,000,000.00
1,484,480,000.00
Brazilian Real
BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-Retail)/1138BRL00.00
1610648
BRL
250,000,000.00
49,934,087.01
2-Apr-26
13-Apr-26
10-Nov-38
BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-Retail)/1029BRL10.00
1657772
BRL
75,000,000.00
14,502,281.69
2-Jun-26
10-Jun-26
17-Oct-29
Sub-total New
Borrowings
325,000,000.00
64,436,368.70
Euro
BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0429EURFRN
1625819
EUR
100,000,000.00
117,040,000.00
17-Apr-26
24-Apr-26
24-Apr-29
BOND/SELL EUR/IBRD/Callable MTN Core (Non-Retail)/0456EURSTR
1608508
EUR
172,336,358.50
201,142,380.82
31-Mar-26
9-Apr-26
9-Apr-56
BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0446EUR02.005
1610644
EUR
100,000,000.00
117,460,000.00
27-Mar-26
27-Apr-26
27-Apr-46
BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0546EUR02.04
1617194
EUR
100,000,000.00
117,690,000.00
9-Apr-26
11-May-26
11-May-46
BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0546EUR02.04A
1617196
EUR
20,000,000.00
23,538,000.00
9-Apr-26
11-May-26
11-May-46
BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0446EUR02.005A
1610646
EUR
20,000,000.00
23,492,000.00
27-Mar-26
27-Apr-26
27-Apr-46
BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0439EUR02.052B
1593142
EUR
10,000,000.00
11,713,000.00
11-Mar-26
10-Apr-26
10-Apr-39
Sub-total New
Borrowings
522,336,358.50
612,075,380.82
Page 2 of 10
Hong Kong Dollars
BOND/SELL HKD/IBRD/PV BM/0431HKD02.8755
1623205
HKD
8,000,000,000.00
1,021,365,693.60
13-Apr-26
23-Apr-26
23-Apr-31
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-Retail)/0528HKD03.03
1645515
HKD
200,000,000.00
25,524,366.20
18-May-26
26-May-26
26-May-28
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non
Retail)/0428HKD02.780A
1605769
HKD
250,000,000.00
31,898,537.13
25-Mar-26
2-Apr-26
2-Apr-28
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non
Retail)/0428HKD02.750
1606320
HKD
200,000,000.00
25,518,829.71
26-Mar-26
2-Apr-26
2-Apr-28
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non
Retail)/0428HKD02.815
1606324
HKD
500,000,000.00
63,797,074.27
26-Mar-26
2-Apr-26
2-Apr-28
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non
Retail)/0428HKD02.780
1605767
HKD
250,000,000.00
31,896,095.28
25-Mar-26
1-Apr-26
1-Apr-28
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-
Retail)/0429HKD02.7175
1604564
HKD
400,000,000.00
51,033,752.45
24-Mar-26
1-Apr-26
3-Apr-29
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non
Retail)/0428HKD02.695
1605764
HKD
200,000,000.00
25,516,876.22
25-Mar-26
1-Apr-26
1-Apr-28
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-
Retail)/0429HKD02.635
1604562
HKD
300,000,000.00
38,290,703.02
24-Mar-26
9-Apr-26
9-Apr-29
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non
Retail)/0528HKD02.760
1639008
HKD
400,000,000.00
51,077,088.10
6-May-26
13-May-26
13-May-28
Sub-total New
Borrowings
10,700,000,000.00
1,365,919,015.98
Kazakhstan Tenge
BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/1227KZT16.50
1656347
KZT
12,500,000,000.00
25,685,547.26
1-Jun-26
8-Jun-26
8-Dec-27
BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0128KZT14.50
1668080
KZT
16,500,000,000.00
33,921,651.26
16-Jun-26
24-Jun-26
14-Jan-28
Sub-total New
Borrowings
29,000,000,000.00
59,607,198.52
Mexican Peso
BOND/SELL MXN/IBRD/PV MTN Non-Core (Non-
Retail)/0536MXN09.35
1651992
MXN
520,000,000.00
29,993,395.68
21-May-26
29-May-26
29-May-36
Sub-total New
Borrowings
520,000,000.00
29,993,395.68
New Zealand Dollars
BOND/SELL NZD/IBRD/PV BM/0433NZD04.50
1617211
NZD
1,300,000,000.00
768,560,000.00
10-Apr-26
22-Apr-26
22-Apr-33
Sub-total New
Borrowings
1,300,000,000.00
768,560,000.00
Page 3 of 10
Norwegian Kroner
BOND/SELL NOK/IBRD/PV BM/0731NOKFRN
1617198
NOK
2,000,000,000.00
212,865,596.66
9-Apr-26
16-Apr-26
16-Jul-31
BOND/SELL NOK/IBRD/PV BM/0546NOK04.409
1640686
NOK
3,000,000,000.00
322,868,796.88
7-May-26
18-May-26
18-May-46
Sub-total New
Borrowings
5,000,000,000.00
535,734,393.54
Peso Uruguayo
BOND/SELL UYU/IBRD/PV MTN Non-Core (Non-Retail)/0528UYU06.00
1651367
UYU
400,000,000.00
9,972,575.42
20-May-26
29-May-26
29-May-28
Sub-total New
Borrowings
400,000,000.00
9,972,575.42
Pounds Sterling
BOND/SELL GBP/IBRD/PV BM/0931GBPFRN
1606340
GBP
1,000,000,000.00
1,318,650,000.00
26-Mar-26
2-Apr-26
30-Sep-31
Sub-total New
Borrowings
1,000,000,000.00
1,318,650,000.00
Swiss Francs
BOND/SELL CHF/IBRD/PV BM/0432CHF0.5925
1593713
CHF
300,000,000.00
384,073,742.16
12-Mar-26
20-Apr-26
20-Apr-32
Sub-total New
Borrowings
300,000,000.00
384,073,742.16
United States Dollars
BOND/SELL USD/IBRD/Other (CAT)/0530USDCAR137
1645520
USD
200,000,000.00
200,000,000.00
18-May-26
26-May-26
23-May-30
BOND/SELL USD/IBRD/Other Structures (Non-Retail)/PRPUSDHCSG
1594322
USD
20,000,000.00
20,000,000.00
13-Mar-26
1-Apr-26
1-Apr-76
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR05
1641978
USD
120,000,000.00
120,000,000.00
11-May-26
26-May-26
26-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR06
1641980
USD
120,000,000.00
120,000,000.00
11-May-26
26-May-26
26-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR03
1636560
USD
120,000,000.00
120,000,000.00
30-Apr-26
11-May-26
11-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR01
1631772
USD
110,000,000.00
110,000,000.00
22-Apr-26
7-May-26
7-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR04
1641110
USD
120,000,000.00
120,000,000.00
8-May-26
20-May-26
20-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0441USDSTR03
1606332
USD
120,000,000.00
120,000,000.00
26-Mar-26
14-Apr-26
14-Apr-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR07
1643732
USD
110,000,000.00
110,000,000.00
13-May-26
22-May-26
22-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0441USDSTR02
1604577
USD
120,000,000.00
120,000,000.00
24-Mar-26
8-Apr-26
8-Apr-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0441USDSTR07
1625816
USD
110,000,000.00
110,000,000.00
17-Apr-26
24-Apr-26
24-Apr-41
Page 4 of 10
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR11
1643741
USD
110,000,000.00
110,000,000.00
13-May-26
22-May-26
22-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0441USDSTR01
1604569
USD
120,000,000.00
120,000,000.00
24-Mar-26
8-Apr-26
8-Apr-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0441USDSTR05
1606331
USD
120,000,000.00
120,000,000.00
26-Mar-26
14-Apr-26
14-Apr-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0441USDSTR06
1623202
USD
110,000,000.00
110,000,000.00
13-Apr-26
20-Apr-26
20-Apr-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR02
1634566
USD
120,000,000.00
120,000,000.00
28-Apr-26
8-May-26
8-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0536USDSTR08
1650358
USD
15,650,000.00
15,650,000.00
19-May-26
27-May-26
27-May-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0441USDSTR04
1606327
USD
120,000,000.00
120,000,000.00
26-Mar-26
15-Apr-26
15-Apr-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR08
1650366
USD
40,000,000.00
40,000,000.00
19-May-26
27-May-26
27-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0536USDSTR09
1650361
USD
100,000,000.00
100,000,000.00
19-May-26
27-May-26
27-May-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR09
1651352
USD
20,000,000.00
20,000,000.00
20-May-26
28-May-26
28-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0541USDSTR10
1651354
USD
10,000,000.00
10,000,000.00
20-May-26
28-May-26
28-May-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0436USDSTR03
1617192
USD
50,000,000.00
50,000,000.00
9-Apr-26
16-Apr-26
16-Apr-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0436USDSTR02
1607048
USD
50,000,000.00
50,000,000.00
27-Mar-26
7-Apr-26
7-Apr-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0636USDSTR04
1652428
USD
15,000,000.00
15,000,000.00
22-May-26
1-Jun-26
1-Jun-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0641USDSTR10
1656335
USD
30,000,000.00
30,000,000.00
1-Jun-26
8-Jun-26
8-Jun-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0636USDSTR05
1657764
USD
40,000,000.00
40,000,000.00
2-Jun-26
9-Jun-26
9-Jun-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0536USDSTR04
1635780
USD
50,000,000.00
50,000,000.00
29-Apr-26
7-May-26
7-May-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0641USDSTR13
1658727
USD
20,000,000.00
20,000,000.00
4-Jun-26
11-Jun-26
11-Jun-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0436USDSTR04
1624020
USD
100,000,000.00
100,000,000.00
14-Apr-26
21-Apr-26
21-Apr-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0636USDSTR07
1664351
USD
70,000,000.00
70,000,000.00
9-Jun-26
16-Jun-26
16-Jun-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0536USDSTR10
1651999
USD
50,000,000.00
50,000,000.00
21-May-26
29-May-26
29-May-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0536USDSTR11
1652004
USD
50,000,000.00
50,000,000.00
21-May-26
29-May-26
29-May-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0641USDSTR11
1657770
USD
20,000,000.00
20,000,000.00
2-Jun-26
9-Jun-26
9-Jun-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0641USDSTR14
1665034
USD
10,000,000.00
10,000,000.00
10-Jun-26
17-Jun-26
17-Jun-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0636USDSTR08
1665696
USD
100,000,000.00
100,000,000.00
11-Jun-26
18-Jun-26
18-Jun-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0641USDSTR09
1654673
USD
30,000,000.00
30,000,000.00
27-May-26
3-Jun-26
3-Jun-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0641USDSTR12
1658311
USD
30,000,000.00
30,000,000.00
3-Jun-26
10-Jun-26
10-Jun-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0641USDSTR15
1668078
USD
50,000,000.00
50,000,000.00
16-Jun-26
24-Jun-26
24-Jun-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0536USDSTR05
1636562
USD
30,000,000.00
30,000,000.00
30-Apr-26
11-May-26
11-May-36
Page 5 of 10
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0641USDSTR08
1652439
USD
30,000,000.00
30,000,000.00
22-May-26
1-Jun-26
1-Jun-41
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0636USDSTR02
1653952
USD
15,000,000.00
15,000,000.00
22-May-26
1-Jun-26
1-Jun-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0536USDSTR06
1645019
USD
20,000,000.00
20,000,000.00
15-May-26
22-May-26
22-May-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0536USDSTR07
1645021
USD
10,000,000.00
10,000,000.00
15-May-26
22-May-26
22-May-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-Retail)/0431USDSTR
1624810
USD
100,000,000.00
100,000,000.00
15-Apr-26
28-Apr-26
28-Apr-31
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0636USDSTR06
1663692
USD
30,000,000.00
30,000,000.00
8-Jun-26
15-Jun-26
15-Jun-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0436USDSTR05
1631144
USD
50,000,000.00
50,000,000.00
21-Apr-26
28-Apr-26
28-Apr-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0636USDSTR01
1645512
USD
39,000,000.00
39,000,000.00
18-May-26
2-Jun-26
2-Jun-36
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0636USDSTR03
1653956
USD
40,000,000.00
40,000,000.00
26-May-26
2-Jun-26
2-Jun-36
BOND/SELL USD/IBRD/Other Structures (Non-Retail)/1140USDSTRC
1632527
USD
120,000,000.00
120,000,000.00
23-Apr-26
30-Apr-26
2-Nov-40
BOND/SELL USD/IBRD/PV BM/0536USD04.50
1643740
USD
6,000,000,000.00
6,000,000,000.00
13-May-26
20-May-26
20-May-36
Sub-total New
Borrowings
9,404,650,000.00
9,404,650,000.00
Total New
Borrowings
60,521,986,358.50
16,038,152,070.82
Maturing Borrowings
Australian Dollars
BOND/SELL AUD/IBRD/Japanese Retail (Uridashi)/0426AUD00.65
103167
AUD
(4,000,000.00)
(2,855,200.00)
23-Mar-21
14-Apr-21
15-Apr-26
BOND/SELL AUD/IBRD/PV BM/0526AUD00.50
6038
AUD
(1,100,000,000.00)
(786,390,000.00)
10-Nov-20
18-Nov-20
18-May-26
Sub-total Maturing
Borrowings
(1,104,000,000.00)
(789,245,200.00)
Brazilian Real
BOND/SELL BRL/IBRD/Japanese Retail (Uridashi)/0426BRL00.00
91553
BRL
(80,000,000.00)
(15,563,293.97)
9-Mar-21
7-Apr-21
7-Apr-26
Sub-total Maturing
Borrowings
(80,000,000.00)
(15,563,293.97)
Chilean Pesos
BOND/SELL CLP/IBRD/PV MTN Non-Core (Non-Retail)/0426CLP06.25
377452
CLP
(8,369,000,000.00)
(9,348,435.60)
14-Apr-22
27-Apr-22
27-Apr-26
Sub-total Maturing
Borrowings
(8,369,000,000.00)
(9,348,435.60)
Page 6 of 10
Chinese Yuan
BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-
Retail)/0626CNH02.415
1067391
CNY
(400,000,000.00)
(58,729,389.65)
14-Jun-24
24-Jun-24
24-Jun-26
Sub-total Maturing
Borrowings
(400,000,000.00)
(58,729,389.65)
Euro
BOND/SELL EUR/IBRD/Callable MTN Core (Non-
Retail)/0626EURSTR02
424308
EUR
(20,300,000.00)
(23,020,200.00)
10-Jun-22
24-Jun-22
24-Jun-26
BOND/SELL EUR/IBRD/Callable MTN Core (Non-Retail)/0626EURSTR
414067
EUR
(20,000,000.00)
(23,104,000.00)
27-May-22
10-Jun-22
10-Jun-26
Sub-total Maturing
Borrowings
(40,300,000.00)
(46,124,200.00)
Hong Kong Dollars
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-
Retail)/0626HKD04.225
1054732
HKD
(400,000,000.00)
(51,044,172.35)
24-May-24
3-Jun-24
3-Jun-26
BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-
Retail)/0426HKD04.185
1021743
HKD
(300,000,000.00)
(38,313,442.27)
11-Apr-24
18-Apr-24
20-Apr-26
Sub-total Maturing
Borrowings
(700,000,000.00)
(89,357,614.62)
Indian Rupees
BOND/SELL INR/IBRD/PV MTN Non-Core (Non-Retail)/0426INR00.00
4821
INR
(300,000,000.00)
(3,232,079.47)
1-Apr-16
11-Apr-16
10-Apr-26
Sub-total Maturing
Borrowings
(300,000,000.00)
(3,232,079.47)
Indonesian Rupiah
BOND/SELL IDR/IBRD/PV MTN Non-Core (Non-Retail)/0226IDR04.50
69758
IDR
(550,000,000,000.00)
(32,098,044.94)
4-Feb-21
16-Feb-21
15-Apr-26
Sub-total Maturing
Borrowings
(550,000,000,000.00)
(32,098,044.94)
Kazakhstan Tenge
BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0626KZT13.75
1282653
KZT
(8,000,000,000.00)
(16,378,171.99)
3-Mar-25
11-Mar-25
11-Jun-26
BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0626KZT13.75
1305280
KZT
(21,000,000,000.00)
(42,992,701.48)
31-Mar-25
7-Apr-25
11-Jun-26
BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0626KZT13.75
1331830
KZT
(11,000,000,000.00)
(22,519,986.49)
30-Apr-25
13-May-25
11-Jun-26
BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0626KZT13.00
1282655
KZT
(22,500,000,000.00)
(46,063,608.73)
3-Mar-25
11-Mar-25
11-Jun-26
BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0626KZT15.00
1332829
KZT
(20,000,000,000.00)
(41,053,009.70)
2-May-25
12-May-25
22-Jun-26
BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0526KZT12.50
1050735
KZT
(18,000,000,000.00)
(37,364,165.69)
17-May-24
24-May-24
26-May-26
Page 7 of 10
Sub-total Maturing
Borrowings
(100,500,000,000.00)
(206,371,644.08)
Mexican Peso
BOND/SELL MXN/IBRD/PV MTN Non-Core (Non-
Retail)/0426MXN08.50
368290
MXN
(500,000,000.00)
(28,103,307.76)
30-Mar-22
6-Apr-22
6-Apr-26
BOND/SELL MXN/IBRD/PV MTN Non-Core (Non-
Retail)/0426MXN08.50
1011322
MXN
(450,000,000.00)
(25,292,976.98)
28-Mar-24
8-Apr-24
6-Apr-26
Sub-total Maturing
Borrowings
(950,000,000.00)
(53,396,284.74)
New Turkish Lira
BOND/SELL TRY/IBRD/PV MTN Non-Core (Non-Retail)/0526TRY00.00
5318
TRY
(32,000,000.00)
(702,341.21)
27-Mar-18
17-May-18
18-May-26
Sub-total Maturing
Borrowings
(32,000,000.00)
(702,341.21)
New Zealand Dollars
BOND/SELL NZD/IBRD/Japanese Retail (Uridashi)/0426NZD00.91
103165
NZD
(4,000,000.00)
(2,360,200.00)
23-Mar-21
14-Apr-21
15-Apr-26
BOND/SELL NZD/IBRD/PV BM/0626NZD05.00
760503
NZD
(950,000,000.00)
(544,065,000.00)
13-Jun-23
22-Jun-23
22-Jun-26
BOND/SELL NZD/IBRD/PV BM/0626NZD00.75
6051
NZD
(1,000,000,000.00)
(581,350,000.00)
26-Nov-20
10-Dec-20
10-Jun-26
Sub-total Maturing
Borrowings
(1,954,000,000.00)
(1,127,775,200.00)
Norwegian Kroner
BOND/SELL NOK/IBRD/PV BM/0626NOKFRN
314236
NOK
(3,500,000,000.00)
(361,488,091.55)
12-Jan-22
20-Jan-22
18-Jun-26
Sub-total Maturing
Borrowings
(3,500,000,000.00)
(361,488,091.55)
United States Dollars
BOND/SELL USD/IBRD/Callable MTN Core (Non-
Retail)/0626USDSTR02
154682
USD
(25,000,000.00)
(25,000,000.00)
9-Jun-21
30-Jun-21
30-Jun-26
BOND/SELL USD/IBRD/Japanese Retail (Uridashi)/0426USD03.22
716819
USD
(7,070,000.00)
(7,070,000.00)
19-Apr-23
27-Apr-23
28-Apr-26
BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0626USD03.83
762349
USD
(2,000,000.00)
(2,000,000.00)
15-Jun-23
27-Jun-23
29-Jun-26
BOND/SELL USD/IBRD/Japanese Retail (Uridashi)/0526USD03.16
744212
USD
(3,661,000.00)
(3,661,000.00)
22-May-23
30-May-23
29-May-26
BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0626USD04.20
1224989
USD
(90,000,000.00)
(90,000,000.00)
13-Dec-24
20-Dec-24
11-Jun-26
BOND/SELL USD/IBRD/PV BM/0426USD04.75
1014772
USD
(3,000,000,000.00)
(3,000,000,000.00)
3-Apr-24
10-Apr-24
10-Apr-26
BOND/SELL USD/IBRD/Japanese Retail (Uridashi)/0626USD03.50
770389
USD
(7,972,000.00)
(7,972,000.00)
21-Jun-23
27-Jun-23
30-Jun-26
Page 8 of 10
BOND/SELL USD/IBRD/Other Structures (Non-Retail)/0626USDSTR04
757384
USD
(20,406,000.00)
(20,406,000.00)
7-Jun-23
15-Jun-23
29-Jun-26
BOND/SELL USD/IBRD/PV BM/0626USDFRNA
314230
USD
(1,000,000,000.00)
(1,000,000,000.00)
12-Jan-22
20-Jan-22
15-Jun-26
BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0626USD01.709
4865
USD
(100,000,000.00)
(100,000,000.00)
13-Jun-16
29-Jun-16
29-Jun-26
BOND/SELL USD/IBRD/Other Structures (Non-Retail)/0526USDSTR04
757381
USD
(113,818,000.00)
(113,818,000.00)
7-Jun-23
15-Jun-23
1-Jun-26
BOND/SELL USD/IBRD/Other Structures (Non-Retail)/0526USDSTR01
4843
USD
(143,694,000.00)
(143,694,000.00)
11-May-16
31-May-16
1-Jun-26
BOND/SELL USD/IBRD/Other Structures (Non-Retail)/0626USDSTR
4857
USD
(75,594,000.00)
(75,594,000.00)
31-May-16
28-Jun-16
29-Jun-26
Sub-total Maturing
Borrowings
(4,589,215,000.00)
(4,589,215,000.00)
Total Maturing
Borrowings
(672,518,515,000.00)
(7,382,646,819.83)
Early Retirements
Euro
BOND/BUY EUR/IBRD/European Retail (Structure)/0629EURSTR
1659161
EUR
(23,030,000.00)
(26,265,715.00)
5-Jun-26
29-Jun-26
27-Jun-29
BOND/BUY EUR/IBRD/Callable MTN Core (Non-Retail)/0633EURSTR
1655866
EUR
(20,000,000.00)
(22,912,000.00)
29-May-26
22-Jun-26
22-Jun-33
BOND/BUY EUR/IBRD/Callable MTN Core (Non-Retail)/0634EURSTR
1656349
EUR
(20,000,000.00)
(22,912,000.00)
1-Jun-26
22-Jun-26
20-Jun-34
BOND/BUY EUR/IBRD/Callable MTN Core (Non-Retail)/0534EURSTR
1635772
EUR
(100,000,000.00)
(115,975,000.00)
29-Apr-26
22-May-26
22-May-34
BOND/BUY EUR/IBRD/Callable MTN Core (Non-Retail)/0639EURSTR
1643130
EUR
(150,000,000.00)
(174,240,000.00)
12-May-26
3-Jun-26
3-Jun-39
Sub-total Early
Retirements
(313,030,000.00)
(362,304,715.00)
United States Dollars
BOND/BUY USD/IBRD/European Retail (Structure)/0629USDSTR05
1659162
USD
(36,075,000.00)
(36,075,000.00)
5-Jun-26
29-Jun-26
27-Jun-29
BOND/BUY USD/IBRD/PV MTN Core (Non-Retail)/0729USD00.00A
1666458
USD
(2,600,000.00)
(2,600,000.00)
12-Jun-26
22-Jun-26
24-Jul-29
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0229USDSTR02
1653960
USD
(50,000,000.00)
(50,000,000.00)
26-May-26
16-Jun-26
16-Feb-29
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0628USDSTR02
1657774
USD
(500,000,000.00)
(500,000,000.00)
2-Jun-26
26-Jun-26
26-Jun-28
BOND/BUY USD/IBRD/Japanese Retail (Structure)/0531USDSTR01
1635773
USD
(13,000,000.00)
(13,000,000.00)
29-Apr-26
1-Jun-26
30-May-31
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0435USDSTR11
1607523
USD
(10,000,000.00)
(10,000,000.00)
30-Mar-26
22-Apr-26
22-Apr-35
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0435USDSTR09
1608488
USD
(100,000,000.00)
(100,000,000.00)
31-Mar-26
22-Apr-26
22-Apr-35
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0545USDSTR03
1632528
USD
(50,000,000.00)
(50,000,000.00)
23-Apr-26
15-May-26
15-May-45
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0545USDSTR05
1632529
USD
(100,000,000.00)
(100,000,000.00)
23-Apr-26
15-May-26
15-May-45
Page 9 of 10
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0435USDSTR02
1593706
USD
(30,000,000.00)
(30,000,000.00)
12-Mar-26
2-Apr-26
2-Apr-35
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0455USDSTR07
1617203
USD
(50,000,000.00)
(50,000,000.00)
9-Apr-26
30-Apr-26
30-Apr-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0455USDSTR08
1617204
USD
(100,000,000.00)
(100,000,000.00)
9-Apr-26
30-Apr-26
30-Apr-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0455USDSTR05
1617205
USD
(50,000,000.00)
(50,000,000.00)
9-Apr-26
30-Apr-26
30-Apr-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-Retail)/0532USDSTR
1632530
USD
(50,000,000.00)
(50,000,000.00)
23-Apr-26
15-May-26
14-May-32
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0532USDSTR01
1632531
USD
(50,000,000.00)
(50,000,000.00)
23-Apr-26
15-May-26
14-May-32
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0533USDSTR02
1632532
USD
(20,000,000.00)
(20,000,000.00)
23-Apr-26
15-May-26
15-May-33
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0545USDSTR04
1632533
USD
(100,000,000.00)
(100,000,000.00)
23-Apr-26
15-May-26
15-May-45
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0532USDSTR02
1633133
USD
(50,000,000.00)
(50,000,000.00)
24-Apr-26
18-May-26
17-May-32
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0534USDSTR04
1633134
USD
(20,000,000.00)
(20,000,000.00)
24-Apr-26
18-May-26
16-May-34
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0533USDSTR04
1633138
USD
(20,000,000.00)
(20,000,000.00)
24-Apr-26
18-May-26
16-May-33
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0533USDSTR05
1633141
USD
(20,000,000.00)
(20,000,000.00)
24-Apr-26
18-May-26
17-May-33
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0435USDSTR10
1605763
USD
(50,000,000.00)
(50,000,000.00)
25-Mar-26
17-Apr-26
17-Apr-35
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0534USDSTR08
1639005
USD
(10,000,000.00)
(10,000,000.00)
6-May-26
28-May-26
28-May-34
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0435USDSTR07
1601464
USD
(100,000,000.00)
(100,000,000.00)
17-Mar-26
9-Apr-26
9-Apr-35
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0455USDSTR04
1612256
USD
(50,000,000.00)
(50,000,000.00)
7-Apr-26
28-Apr-26
28-Apr-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0534USDSTR02
1624024
USD
(300,000,000.00)
(300,000,000.00)
14-Apr-26
5-May-26
2-May-34
BOND/BUY USD/IBRD/Callable MTN Core (Non-Retail)/0429USDSTR
1604583
USD
(5,000,000.00)
(5,000,000.00)
24-Mar-26
16-Apr-26
16-Apr-29
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0545USDSTR01
1625385
USD
(50,000,000.00)
(50,000,000.00)
16-Apr-26
8-May-26
8-May-45
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0532USDSTR03
1634135
USD
(70,000,000.00)
(70,000,000.00)
27-Apr-26
19-May-26
19-May-32
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0535USDSTR02
1639007
USD
(30,000,000.00)
(30,000,000.00)
6-May-26
29-May-26
29-May-35
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0535USDSTR01
1640685
USD
(50,000,000.00)
(50,000,000.00)
7-May-26
29-May-26
29-May-35
BOND/BUY USD/IBRD/Callable MTN Core (Non-Retail)/0555USDSTR
1624026
USD
(50,000,000.00)
(50,000,000.00)
14-Apr-26
6-May-26
6-May-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0555USDSTR01
1624027
USD
(50,000,000.00)
(50,000,000.00)
14-Apr-26
6-May-26
6-May-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0534USDSTR05
1635776
USD
(20,000,000.00)
(20,000,000.00)
29-Apr-26
21-May-26
21-May-34
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0455USDSTR02
1596641
USD
(70,000,000.00)
(70,000,000.00)
16-Mar-26
8-Apr-26
8-Apr-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0455USDSTR01
1596645
USD
(50,000,000.00)
(50,000,000.00)
16-Mar-26
8-Apr-26
8-Apr-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-Retail)/0455USDSTR
1596646
USD
(50,000,000.00)
(50,000,000.00)
16-Mar-26
8-Apr-26
8-Apr-55
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0434USDSTR07
1610643
USD
(60,000,000.00)
(60,000,000.00)
2-Apr-26
27-Apr-26
26-Apr-34
Page 10 of 10
BOND/BUY USD/IBRD/Callable MTN Core (Non-
Retail)/0533USDSTR07
1633142
USD
(20,000,000.00)
(20,000,000.00)
24-Apr-26
26-May-26
24-May-33
Sub-total Early
Retirements
(2,506,675,000.00)
(2,506,675,000.00)
Total Early
Retirements
(2,819,705,000.00)
(2,868,979,715.00)
Page 1 of 10
        International Bank for Reconstruction and Development
               
        SEC Report - Changes in Borrowings
Short Term
      April 01 2026  through  June 30 2026
Borrowing Type
Description
Trade ID
Currency
Currency Amount
US$ Equivalent
Trade Date
Settlement Date
Maturity Date
New Borrowings
United States Dollars
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261223 WB
1654677
USD
75,000,000.00
75,000,000.00
27-May-26
27-May-26
23-Dec-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261228 WB
1654678
USD
75,000,000.00
75,000,000.00
27-May-26
28-May-26
28-Dec-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261211 WB
1659153
USD
50,000,000.00
50,000,000.00
5-Jun-26
8-Jun-26
11-Dec-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261209 WB
1632517
USD
50,000,000.00
50,000,000.00
23-Apr-26
24-Apr-26
9-Dec-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260709 WB
1632518
USD
50,000,000.00
50,000,000.00
23-Apr-26
24-Apr-26
9-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260714 WB
1616600
USD
25,000,000.00
25,000,000.00
8-Apr-26
9-Apr-26
14-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260811 WB
1666453
USD
20,000,000.00
20,000,000.00
12-Jun-26
12-Jun-26
11-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260713 WB
1666455
USD
20,000,000.00
20,000,000.00
12-Jun-26
12-Jun-26
13-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261216 WB
1653964
USD
75,000,000.00
75,000,000.00
26-May-26
26-May-26
16-Dec-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20270510 WB
1643131
USD
50,000,000.00
50,000,000.00
12-May-26
12-May-26
10-May-27
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261120 WB
1609987
USD
45,000,000.00
45,000,000.00
1-Apr-26
2-Apr-26
20-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261127 WB
1659156
USD
38,000,000.00
38,000,000.00
5-Jun-26
9-Jun-26
27-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261110 WB
1656339
USD
60,000,000.00
60,000,000.00
1-Jun-26
1-Jun-26
10-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261117 WB
1656340
USD
65,000,000.00
65,000,000.00
1-Jun-26
1-Jun-26
17-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261125 WB
1626298
USD
55,000,000.00
55,000,000.00
20-Apr-26
20-Apr-26
25-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261130 WB
1626299
USD
55,000,000.00
55,000,000.00
20-Apr-26
20-Apr-26
30-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261202 WB
1626300
USD
60,000,000.00
60,000,000.00
20-Apr-26
20-Apr-26
2-Dec-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260827 WB
1658730
USD
5,000,000.00
5,000,000.00
4-Jun-26
8-Jun-26
27-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260817 WB
1617201
USD
200,000,000.00
200,000,000.00
9-Apr-26
9-Apr-26
17-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261030 WB
1610623
USD
50,000,000.00
50,000,000.00
2-Apr-26
2-Apr-26
30-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261030 WB
1610624
USD
50,000,000.00
50,000,000.00
2-Apr-26
2-Apr-26
30-Oct-26
Page 2 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261014 WB
1610625
USD
25,000,000.00
25,000,000.00
2-Apr-26
2-Apr-26
14-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261007 WB
1653963
USD
200,000,000.00
200,000,000.00
26-May-26
26-May-26
7-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261014 WB
1610628
USD
25,000,000.00
25,000,000.00
2-Apr-26
2-Apr-26
14-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261014 WB
1610631
USD
25,000,000.00
25,000,000.00
2-Apr-26
2-Apr-26
14-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261030 WB
1610632
USD
25,000,000.00
25,000,000.00
2-Apr-26
2-Apr-26
30-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260828 WB
1611842
USD
50,000,000.00
50,000,000.00
6-Apr-26
6-Apr-26
28-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260702 WB
1612255
USD
4,000,000.00
4,000,000.00
7-Apr-26
10-Apr-26
2-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260720 WB
1616598
USD
30,000,000.00
30,000,000.00
8-Apr-26
8-Apr-26
20-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260710 WB
1616603
USD
10,000,000.00
10,000,000.00
8-Apr-26
10-Apr-26
10-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260716 WB
1657769
USD
25,000,000.00
25,000,000.00
2-Jun-26
2-Jun-26
16-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260904 WB
1658313
USD
20,000,000.00
20,000,000.00
3-Jun-26
5-Jun-26
4-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260819 WB
1658729
USD
20,000,000.00
20,000,000.00
4-Jun-26
10-Jun-26
19-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260901 WB
1658732
USD
5,000,000.00
5,000,000.00
4-Jun-26
8-Jun-26
1-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261030 WB
1659154
USD
39,000,000.00
39,000,000.00
5-Jun-26
9-Jun-26
30-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261113 WB
1659155
USD
39,000,000.00
39,000,000.00
5-Jun-26
9-Jun-26
13-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261009 WB
1659157
USD
39,000,000.00
39,000,000.00
5-Jun-26
9-Jun-26
9-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260925 WB
1659158
USD
39,000,000.00
39,000,000.00
5-Jun-26
9-Jun-26
25-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB
1626294
USD
57,767,000.00
57,767,000.00
20-Apr-26
22-Apr-26
1-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260716 WB
1632519
USD
14,000,000.00
14,000,000.00
23-Apr-26
24-Apr-26
16-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260904 WB
1664355
USD
5,000,000.00
5,000,000.00
9-Jun-26
12-Jun-26
4-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260803 WB
1664360
USD
35,000,000.00
35,000,000.00
9-Jun-26
9-Jun-26
3-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260803 WB
1637888
USD
15,000,000.00
15,000,000.00
4-May-26
4-May-26
3-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260803 WB
1637890
USD
15,000,000.00
15,000,000.00
4-May-26
4-May-26
3-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260916 WB
1678119
USD
50,000,000.00
50,000,000.00
25-Jun-26
25-Jun-26
16-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20270129 WB
1678120
USD
50,000,000.00
50,000,000.00
25-Jun-26
25-Jun-26
29-Jan-27
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20270129 WB
1678121
USD
50,000,000.00
50,000,000.00
25-Jun-26
25-Jun-26
29-Jan-27
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260930 WB
1678122
USD
15,000,000.00
15,000,000.00
25-Jun-26
25-Jun-26
30-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260814 WB
1641987
USD
15,000,000.00
15,000,000.00
11-May-26
11-May-26
14-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260814 WB
1641988
USD
15,000,000.00
15,000,000.00
11-May-26
11-May-26
14-Aug-26
Page 3 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260814 WB
1641989
USD
15,000,000.00
15,000,000.00
11-May-26
11-May-26
14-Aug-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB
1641990
USD
78,989,000.00
78,989,000.00
11-May-26
13-May-26
1-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260930 WB
1678123
USD
15,000,000.00
15,000,000.00
25-Jun-26
25-Jun-26
30-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260930 WB
1678125
USD
15,000,000.00
15,000,000.00
25-Jun-26
25-Jun-26
30-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB
1678126
USD
300,000,000.00
300,000,000.00
25-Jun-26
25-Jun-26
1-Jul-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261113 WB
1609986
USD
45,000,000.00
45,000,000.00
1-Apr-26
2-Apr-26
13-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261026 WB
1637894
USD
100,000,000.00
100,000,000.00
4-May-26
4-May-26
26-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261023 WB
1626296
USD
100,000,000.00
100,000,000.00
20-Apr-26
20-Apr-26
23-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261113 WB
1653962
USD
100,000,000.00
100,000,000.00
26-May-26
26-May-26
13-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261030 WB
1653965
USD
100,000,000.00
100,000,000.00
26-May-26
26-May-26
30-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20270326 WB
1654681
USD
100,000,000.00
100,000,000.00
27-May-26
27-May-26
26-Mar-27
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20270326 WB
1654682
USD
100,000,000.00
100,000,000.00
27-May-26
27-May-26
26-Mar-27
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260909 WB
1612250
USD
100,000,000.00
100,000,000.00
7-Apr-26
8-Apr-26
9-Sep-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20270326 WB
1656341
USD
100,000,000.00
100,000,000.00
1-Jun-26
1-Jun-26
26-Mar-27
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261214 WB
1656342
USD
100,000,000.00
100,000,000.00
1-Jun-26
1-Jun-26
14-Dec-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261030 WB
1617202
USD
100,000,000.00
100,000,000.00
9-Apr-26
9-Apr-26
30-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261009 WB
1626297
USD
100,000,000.00
100,000,000.00
20-Apr-26
20-Apr-26
9-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261028 WB
1632522
USD
100,000,000.00
100,000,000.00
23-Apr-26
23-Apr-26
28-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261009 WB
1664354
USD
100,000,000.00
100,000,000.00
9-Jun-26
9-Jun-26
9-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261214 WB
1664357
USD
100,000,000.00
100,000,000.00
9-Jun-26
9-Jun-26
14-Dec-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261113 WB
1637254
USD
100,000,000.00
100,000,000.00
1-May-26
5-May-26
13-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261113 WB
1637893
USD
100,000,000.00
100,000,000.00
4-May-26
4-May-26
13-Nov-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261009 WB
1609984
USD
100,000,000.00
100,000,000.00
1-Apr-26
1-Apr-26
9-Oct-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB
1611838
USD
15,000,000.00
15,000,000.00
6-Apr-26
6-Apr-26
30-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB
1611840
USD
15,000,000.00
15,000,000.00
6-Apr-26
6-Apr-26
30-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB
1611841
USD
15,000,000.00
15,000,000.00
6-Apr-26
6-Apr-26
30-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1654679
USD
30,000,000.00
30,000,000.00
27-May-26
27-May-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1654680
USD
45,000,000.00
45,000,000.00
27-May-26
29-May-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260415 WB
1610626
USD
50,000,000.00
50,000,000.00
2-Apr-26
2-Apr-26
15-Apr-26
Page 4 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260515 WB
1612251
USD
200,000,000.00
200,000,000.00
7-Apr-26
8-Apr-26
15-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260515 WB
1616597
USD
90,500,000.00
90,500,000.00
8-Apr-26
8-Apr-26
15-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260624 WB
1658734
USD
150,000,000.00
150,000,000.00
4-Jun-26
4-Jun-26
24-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260624 WB
1658735
USD
100,000,000.00
100,000,000.00
4-Jun-26
5-Jun-26
24-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260518 WB
1612253
USD
200,000,000.00
200,000,000.00
7-Apr-26
9-Apr-26
18-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260518 WB
1617200
USD
200,000,000.00
200,000,000.00
9-Apr-26
9-Apr-26
18-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260610 WB
1637892
USD
20,000,000.00
20,000,000.00
4-May-26
4-May-26
10-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260610 WB
1638411
USD
30,000,000.00
30,000,000.00
5-May-26
5-May-26
10-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260622 WB
1637889
USD
15,000,000.00
15,000,000.00
4-May-26
4-May-26
22-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260520 WB
1610629
USD
40,000,000.00
40,000,000.00
2-Apr-26
8-Apr-26
20-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260608 WB
1638412
USD
300,000.00
300,000.00
5-May-26
5-May-26
8-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260626 WB
1626295
USD
75,000,000.00
75,000,000.00
20-Apr-26
20-Apr-26
26-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB
1610630
USD
250,000,000.00
250,000,000.00
2-Apr-26
2-Apr-26
1-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB
1638409
USD
15,000,000.00
15,000,000.00
5-May-26
5-May-26
29-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB
1638410
USD
30,000,000.00
30,000,000.00
5-May-26
5-May-26
29-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1626301
USD
75,000,000.00
75,000,000.00
20-Apr-26
20-Apr-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB
1626302
USD
101,746,000.00
101,746,000.00
20-Apr-26
20-Apr-26
11-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB
1631148
USD
50,000,000.00
50,000,000.00
21-Apr-26
21-Apr-26
11-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1631149
USD
50,000,000.00
50,000,000.00
21-Apr-26
21-Apr-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1638408
USD
75,000,000.00
75,000,000.00
5-May-26
5-May-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260612 WB
1609985
USD
5,000,000.00
5,000,000.00
1-Apr-26
7-Apr-26
12-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260414 WB
1611839
USD
175,000,000.00
175,000,000.00
6-Apr-26
6-Apr-26
14-Apr-26
Sub-total New
Borrowings
6,416,302,000.00
6,416,302,000.00
Total New
Borrowings
6,416,302,000.00
Maturing Borrowings
United States Dollars
Page 5 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB
1611838
USD
(15,000,000.00)
(15,000,000.00)
6-Apr-26
6-Apr-26
30-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB
1611840
USD
(15,000,000.00)
(15,000,000.00)
6-Apr-26
6-Apr-26
30-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB
1611841
USD
(15,000,000.00)
(15,000,000.00)
6-Apr-26
6-Apr-26
30-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260615 WB
1469654
USD
(200,000,000.00)
(200,000,000.00)
16-Oct-25
17-Oct-25
15-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260615 WB
1480460
USD
(200,000,000.00)
(200,000,000.00)
29-Oct-25
30-Oct-25
15-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1654679
USD
(30,000,000.00)
(30,000,000.00)
27-May-26
27-May-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1654680
USD
(45,000,000.00)
(45,000,000.00)
27-May-26
29-May-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260415 WB
1610626
USD
(50,000,000.00)
(50,000,000.00)
2-Apr-26
2-Apr-26
15-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260422 WB
1604133
USD
(25,000,000.00)
(25,000,000.00)
23-Mar-26
23-Mar-26
22-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260422 WB
1604573
USD
(214,000,000.00)
(214,000,000.00)
24-Mar-26
24-Mar-26
22-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260430 WB
1575270
USD
(64,000,000.00)
(64,000,000.00)
10-Feb-26
10-Feb-26
30-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260515 WB
1612251
USD
(200,000,000.00)
(200,000,000.00)
7-Apr-26
8-Apr-26
15-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260515 WB
1616597
USD
(90,500,000.00)
(90,500,000.00)
8-Apr-26
8-Apr-26
15-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260610 WB
1523696
USD
(25,000,000.00)
(25,000,000.00)
3-Dec-25
3-Dec-25
10-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260615 WB
1522039
USD
(250,000,000.00)
(250,000,000.00)
1-Dec-25
2-Dec-25
15-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260624 WB
1554549
USD
(50,000,000.00)
(50,000,000.00)
14-Jan-26
16-Jan-26
24-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260402 WB
1555728
USD
(37,023,000.00)
(37,023,000.00)
16-Jan-26
16-Jan-26
2-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260402 WB
1561347
USD
(25,000,000.00)
(25,000,000.00)
21-Jan-26
26-Jan-26
2-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260507 WB
1589689
USD
(95,403,000.00)
(95,403,000.00)
4-Mar-26
6-Mar-26
7-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260511 WB
1575984
USD
(2,700,000.00)
(2,700,000.00)
11-Feb-26
13-Feb-26
11-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260511 WB
1604600
USD
(60,000,000.00)
(60,000,000.00)
24-Mar-26
30-Mar-26
11-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260604 WB
1604605
USD
(17,000,000.00)
(17,000,000.00)
24-Mar-26
30-Mar-26
4-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260624 WB
1658734
USD
(150,000,000.00)
(150,000,000.00)
4-Jun-26
4-Jun-26
24-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260624 WB
1658735
USD
(100,000,000.00)
(100,000,000.00)
4-Jun-26
5-Jun-26
24-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260518 WB
1612253
USD
(200,000,000.00)
(200,000,000.00)
7-Apr-26
9-Apr-26
18-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260518 WB
1617200
USD
(200,000,000.00)
(200,000,000.00)
9-Apr-26
9-Apr-26
18-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB
1446194
USD
(10,000,000.00)
(10,000,000.00)
19-Sep-25
19-Sep-25
22-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB
1586206
USD
(150,000,000.00)
(150,000,000.00)
26-Feb-26
26-Feb-26
22-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260610 WB
1637892
USD
(20,000,000.00)
(20,000,000.00)
4-May-26
4-May-26
10-Jun-26
Page 6 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260610 WB
1638411
USD
(30,000,000.00)
(30,000,000.00)
5-May-26
5-May-26
10-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260615 WB
1601456
USD
(100,000,000.00)
(100,000,000.00)
17-Mar-26
17-Mar-26
15-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260615 WB
1602177
USD
(200,000,000.00)
(200,000,000.00)
18-Mar-26
19-Mar-26
15-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260622 WB
1637889
USD
(15,000,000.00)
(15,000,000.00)
4-May-26
4-May-26
22-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260407 WB
1569162
USD
(18,252,000.00)
(18,252,000.00)
4-Feb-26
5-Feb-26
7-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260417 WB
1493425
USD
(50,000,000.00)
(50,000,000.00)
17-Nov-25
19-Nov-25
17-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260520 WB
1554545
USD
(65,000,000.00)
(65,000,000.00)
14-Jan-26
15-Jan-26
20-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260520 WB
1610629
USD
(40,000,000.00)
(40,000,000.00)
2-Apr-26
8-Apr-26
20-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB
1604126
USD
(15,000,000.00)
(15,000,000.00)
23-Mar-26
23-Mar-26
22-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB
1604129
USD
(15,000,000.00)
(15,000,000.00)
23-Mar-26
23-Mar-26
22-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB
1604130
USD
(15,000,000.00)
(15,000,000.00)
23-Mar-26
23-Mar-26
22-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB
1604604
USD
(25,000,000.00)
(25,000,000.00)
24-Mar-26
27-Mar-26
22-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260528 WB
1586208
USD
(200,000,000.00)
(200,000,000.00)
26-Feb-26
26-Feb-26
28-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260528 WB
1602803
USD
(45,000,000.00)
(45,000,000.00)
19-Mar-26
25-Mar-26
28-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260608 WB
1604602
USD
(500,000.00)
(500,000.00)
24-Mar-26
26-Mar-26
8-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260608 WB
1607072
USD
(5,000,000.00)
(5,000,000.00)
27-Mar-26
30-Mar-26
8-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260608 WB
1638412
USD
(300,000.00)
(300,000.00)
5-May-26
5-May-26
8-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260417 WB
1561348
USD
(25,000,000.00)
(25,000,000.00)
21-Jan-26
26-Jan-26
17-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260417 WB
1582482
USD
(25,000,000.00)
(25,000,000.00)
18-Feb-26
18-Feb-26
17-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260417 WB
1583718
USD
(30,500,000.00)
(30,500,000.00)
20-Feb-26
20-Feb-26
17-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB
1493424
USD
(60,000,000.00)
(60,000,000.00)
17-Nov-25
18-Nov-25
24-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260505 WB
1531325
USD
(34,000,000.00)
(34,000,000.00)
11-Dec-25
12-Dec-25
5-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260616 WB
1584987
USD
(25,000,000.00)
(25,000,000.00)
24-Feb-26
24-Feb-26
16-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260617 WB
1554548
USD
(50,000,000.00)
(50,000,000.00)
14-Jan-26
16-Jan-26
17-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260409 WB
1524144
USD
(50,000,000.00)
(50,000,000.00)
4-Dec-25
4-Dec-25
9-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260413 WB
1566617
USD
(50,000,000.00)
(50,000,000.00)
30-Jan-26
30-Jan-26
13-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260413 WB
1583717
USD
(25,000,000.00)
(25,000,000.00)
20-Feb-26
20-Feb-26
13-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260421 WB
1533025
USD
(50,000,000.00)
(50,000,000.00)
15-Dec-25
15-Dec-25
21-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB
1561349
USD
(24,000,000.00)
(24,000,000.00)
21-Jan-26
26-Jan-26
24-Apr-26
Page 7 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB
1564087
USD
(40,000,000.00)
(40,000,000.00)
27-Jan-26
27-Jan-26
24-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB
1575268
USD
(15,000,000.00)
(15,000,000.00)
10-Feb-26
10-Feb-26
24-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB
1576594
USD
(8,000,000.00)
(8,000,000.00)
12-Feb-26
12-Feb-26
24-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260428 WB
1562582
USD
(20,000,000.00)
(20,000,000.00)
23-Jan-26
28-Jan-26
28-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB
1491227
USD
(100,000,000.00)
(100,000,000.00)
12-Nov-25
13-Nov-25
1-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB
1533021
USD
(100,000,000.00)
(100,000,000.00)
15-Dec-25
15-Dec-25
1-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB
1583710
USD
(25,000,000.00)
(25,000,000.00)
20-Feb-26
20-Feb-26
1-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB
1528992
USD
(50,000,000.00)
(50,000,000.00)
8-Dec-25
8-Dec-25
5-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260626 WB
1561345
USD
(50,000,000.00)
(50,000,000.00)
21-Jan-26
23-Jan-26
26-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260626 WB
1626295
USD
(75,000,000.00)
(75,000,000.00)
20-Apr-26
20-Apr-26
26-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB
1319547
USD
(150,000,000.00)
(150,000,000.00)
16-Apr-25
17-Apr-25
1-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260416 WB
1448433
USD
(50,000,000.00)
(50,000,000.00)
24-Sep-25
25-Sep-25
16-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB
1583713
USD
(25,000,000.00)
(25,000,000.00)
20-Feb-26
20-Feb-26
1-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB
1604601
USD
(12,500,000.00)
(12,500,000.00)
24-Mar-26
26-Mar-26
1-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB
1610630
USD
(250,000,000.00)
(250,000,000.00)
2-Apr-26
2-Apr-26
1-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB
1554546
USD
(50,000,000.00)
(50,000,000.00)
14-Jan-26
15-Jan-26
5-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB
1575982
USD
(50,000,000.00)
(50,000,000.00)
11-Feb-26
13-Feb-26
5-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB
1393491
USD
(100,000,000.00)
(100,000,000.00)
15-Jul-25
15-Jul-25
1-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB
1393498
USD
(100,000,000.00)
(100,000,000.00)
15-Jul-25
16-Jul-25
1-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB
1480461
USD
(100,000,000.00)
(100,000,000.00)
29-Oct-25
29-Oct-25
29-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB
1575273
USD
(64,000,000.00)
(64,000,000.00)
10-Feb-26
10-Feb-26
29-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB
1590894
USD
(10,000,000.00)
(10,000,000.00)
6-Mar-26
6-Mar-26
5-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB
1590895
USD
(10,000,000.00)
(10,000,000.00)
6-Mar-26
6-Mar-26
5-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB
1590896
USD
(10,000,000.00)
(10,000,000.00)
6-Mar-26
6-Mar-26
5-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB
1402878
USD
(100,000,000.00)
(100,000,000.00)
24-Jul-25
28-Jul-25
1-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB
1406218
USD
(100,000,000.00)
(100,000,000.00)
30-Jul-25
30-Jul-25
1-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260423 WB
1569165
USD
(34,898,000.00)
(34,898,000.00)
4-Feb-26
4-Feb-26
23-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260429 WB
1575981
USD
(113,714,000.00)
(113,714,000.00)
11-Feb-26
11-Feb-26
29-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260508 WB
1499929
USD
(100,000,000.00)
(100,000,000.00)
20-Nov-25
20-Nov-25
8-May-26
Page 8 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB
1584212
USD
(36,000,000.00)
(36,000,000.00)
23-Feb-26
24-Feb-26
29-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB
1589688
USD
(25,000,000.00)
(25,000,000.00)
4-Mar-26
4-Mar-26
29-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB
1449042
USD
(100,000,000.00)
(100,000,000.00)
25-Sep-25
25-Sep-25
1-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB
1519125
USD
(53,000,000.00)
(53,000,000.00)
25-Nov-25
25-Nov-25
1-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260504 WB
1458805
USD
(25,000,000.00)
(25,000,000.00)
8-Oct-25
9-Oct-25
4-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260504 WB
1518418
USD
(100,000,000.00)
(100,000,000.00)
24-Nov-25
24-Nov-25
4-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260506 WB
1604132
USD
(25,000,000.00)
(25,000,000.00)
23-Mar-26
27-Mar-26
6-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260506 WB
1608489
USD
(25,000,000.00)
(25,000,000.00)
31-Mar-26
31-Mar-26
6-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260508 WB
1585554
USD
(50,000,000.00)
(50,000,000.00)
25-Feb-26
2-Mar-26
8-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260508 WB
1586209
USD
(100,000,000.00)
(100,000,000.00)
26-Feb-26
27-Feb-26
8-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260508 WB
1602176
USD
(100,000,000.00)
(100,000,000.00)
18-Mar-26
19-Mar-26
8-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260513 WB
1569161
USD
(200,000,000.00)
(200,000,000.00)
4-Feb-26
4-Feb-26
13-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260519 WB
1605758
USD
(48,000,000.00)
(48,000,000.00)
25-Mar-26
25-Mar-26
19-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB
1638409
USD
(15,000,000.00)
(15,000,000.00)
5-May-26
5-May-26
29-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB
1638410
USD
(30,000,000.00)
(30,000,000.00)
5-May-26
5-May-26
29-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1584210
USD
(200,000,000.00)
(200,000,000.00)
23-Feb-26
23-Feb-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB
1561934
USD
(35,969,000.00)
(35,969,000.00)
22-Jan-26
22-Jan-26
1-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260406 WB
1564092
USD
(6,000,000.00)
(6,000,000.00)
27-Jan-26
28-Jan-26
6-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260408 WB
1566619
USD
(40,000,000.00)
(40,000,000.00)
30-Jan-26
4-Feb-26
8-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260408 WB
1566626
USD
(15,000,000.00)
(15,000,000.00)
30-Jan-26
30-Jan-26
8-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260408 WB
1567310
USD
(64,000,000.00)
(64,000,000.00)
2-Feb-26
2-Feb-26
8-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260504 WB
1607526
USD
(25,000,000.00)
(25,000,000.00)
30-Mar-26
30-Mar-26
4-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260504 WB
1607530
USD
(20,000,000.00)
(20,000,000.00)
30-Mar-26
30-Mar-26
4-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260504 WB
1608490
USD
(50,000,000.00)
(50,000,000.00)
31-Mar-26
31-Mar-26
4-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260420 WB
1533026
USD
(50,000,000.00)
(50,000,000.00)
15-Dec-25
15-Dec-25
20-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260427 WB
1493422
USD
(50,000,000.00)
(50,000,000.00)
17-Nov-25
17-Nov-25
27-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260527 WB
1484191
USD
(100,000,000.00)
(100,000,000.00)
4-Nov-25
4-Nov-25
27-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260527 WB
1522999
USD
(100,000,000.00)
(100,000,000.00)
2-Dec-25
3-Dec-25
27-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1575998
USD
(50,000,000.00)
(50,000,000.00)
11-Feb-26
12-Feb-26
1-Jun-26
Page 9 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1588471
USD
(20,000,000.00)
(20,000,000.00)
2-Mar-26
2-Mar-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1588472
USD
(20,000,000.00)
(20,000,000.00)
2-Mar-26
2-Mar-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1588473
USD
(20,000,000.00)
(20,000,000.00)
2-Mar-26
2-Mar-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB
1596642
USD
(426,000.00)
(426,000.00)
16-Mar-26
16-Mar-26
11-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260612 WB
1554547
USD
(50,000,000.00)
(50,000,000.00)
14-Jan-26
16-Jan-26
12-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260410 WB
1560498
USD
(4,000,000.00)
(4,000,000.00)
20-Jan-26
21-Jan-26
10-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260410 WB
1566618
USD
(50,000,000.00)
(50,000,000.00)
30-Jan-26
30-Jan-26
10-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260420 WB
1533923
USD
(50,000,000.00)
(50,000,000.00)
16-Dec-25
16-Dec-25
20-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260420 WB
1564090
USD
(35,921,000.00)
(35,921,000.00)
27-Jan-26
28-Jan-26
20-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260420 WB
1564844
USD
(5,000,000.00)
(5,000,000.00)
28-Jan-26
2-Feb-26
20-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260427 WB
1607064
USD
(42,000,000.00)
(42,000,000.00)
27-Mar-26
30-Mar-26
27-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260526 WB
1529001
USD
(39,000,000.00)
(39,000,000.00)
8-Dec-25
10-Dec-25
26-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260527 WB
1539630
USD
(100,000,000.00)
(100,000,000.00)
18-Dec-25
18-Dec-25
27-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1588474
USD
(20,000,000.00)
(20,000,000.00)
2-Mar-26
2-Mar-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1588475
USD
(20,000,000.00)
(20,000,000.00)
2-Mar-26
2-Mar-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1604574
USD
(20,000,000.00)
(20,000,000.00)
24-Mar-26
24-Mar-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1604579
USD
(20,000,000.00)
(20,000,000.00)
24-Mar-26
24-Mar-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1604580
USD
(20,000,000.00)
(20,000,000.00)
24-Mar-26
24-Mar-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB
1626301
USD
(75,000,000.00)
(75,000,000.00)
20-Apr-26
20-Apr-26
1-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB
1604606
USD
(17,000,000.00)
(17,000,000.00)
24-Mar-26
30-Mar-26
11-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB
1605762
USD
(200,000,000.00)
(200,000,000.00)
25-Mar-26
25-Mar-26
11-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB
1626302
USD
(101,746,000.00)
(101,746,000.00)
20-Apr-26
20-Apr-26
11-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB
1631148
USD
(50,000,000.00)
(50,000,000.00)
21-Apr-26
21-Apr-26
11-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1608506
USD
(25,000,000.00)
(25,000,000.00)
31-Mar-26
31-Mar-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1631149
USD
(50,000,000.00)
(50,000,000.00)
21-Apr-26
21-Apr-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB
1638408
USD
(75,000,000.00)
(75,000,000.00)
5-May-26
5-May-26
29-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260612 WB
1601462
USD
(1,000,000.00)
(1,000,000.00)
17-Mar-26
17-Mar-26
12-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260612 WB
1609985
USD
(5,000,000.00)
(5,000,000.00)
1-Apr-26
7-Apr-26
12-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260415 WB
1518417
USD
(50,000,000.00)
(50,000,000.00)
24-Nov-25
24-Nov-25
15-Apr-26
Page 10 of 10
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260420 WB
1604131
USD
(200,000,000.00)
(200,000,000.00)
23-Mar-26
23-Mar-26
20-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260514 WB
1608492
USD
(116,000,000.00)
(116,000,000.00)
31-Mar-26
31-Mar-26
14-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260515 WB
1483337
USD
(200,000,000.00)
(200,000,000.00)
3-Nov-25
4-Nov-25
15-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260526 WB
1589097
USD
(8,938,000.00)
(8,938,000.00)
3-Mar-26
4-Mar-26
26-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260527 WB
1606337
USD
(108,738,000.00)
(108,738,000.00)
26-Mar-26
26-Mar-26
27-May-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260414 WB
1611839
USD
(175,000,000.00)
(175,000,000.00)
6-Apr-26
6-Apr-26
14-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260415 WB
1563404
USD
(85,917,000.00)
(85,917,000.00)
26-Jan-26
26-Jan-26
15-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260415 WB
1564084
USD
(50,000,000.00)
(50,000,000.00)
27-Jan-26
27-Jan-26
15-Apr-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB
1604122
USD
(250,000,000.00)
(250,000,000.00)
23-Mar-26
24-Mar-26
30-Jun-26
DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB
1608505
USD
(290,000.00)
(290,000.00)
31-Mar-26
31-Mar-26
30-Jun-26
Sub-total Maturing
Borrowings
(9,875,235,000.00)
(9,875,235,000.00)
Total Maturing
Borrowings
(9,875,235,000.00)