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p. 27 of 39 BACK | NEXT Introduction Bankwide Project Implementation Performance Country Implementation Highlights Bangladesh Bhutan Cambodia China, People's Republic of India Indonesia Kazakhstan Korea, Republic of Kyrgyz Republic Lao, People's Democratic Republic Malaysia Maldives Mongolia Myanmar Nepal Pakistan Philippines Pacific Developing Member Countries Cook Islands Fiji Islands Kiribati Marshall Islands Micronesia, Federated States of Nauru Papua New Guinea Samoa Solomon Islands Tonga Tuvalu Vanuatu Sri Lanka Tajikistan Thailand Uzbekistan Viet Nam Appendix

Seminannual Report on Project Administration and Technical Assistance Implementation for the Period Ending 30 June 1999 : Country Implementation Highlights : Pacific Developing Member Countries

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Nauru

The Bank's first loan to Nauru for the Fiscal and Financial Reform Program was approved in December 1998. The Bank also approved an advisory TA to help implement the program. The program loan was declared effective during the period and the first tranche was released. First tranche conditions were met ahead of schedule and adequate progress was made in meeting the second tranche conditions as well as other policy reforms. The loan was classified as satisfactory in terms of both implementation progress and achievement of development objectives. The anticorruption policy of the Bank and its implications for implementation were disseminated to all EAs.

Contract awards/commitments and disbursements of $2.3 million reached the semiannual and annual projections as a result of the first tranche release from the program loan. The disbursement ratio was 46 percent compared with the Bankwide average of 11.9 percent. The net resource transfer of $2.3 million was attributable to the tranche release from the program loan.

Submission of audited project accounts and financial statements for the only ongoing loan was not required. Environmental covenants also were not applicable to the loan. Compliance with the social covenants was under implementation. Tables 61 and 62 summarize the data for Nauru.

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