Bolivia - Social Investment Fund Project

Document of The World Bank FOR OFMCL USE ONLY C}Z X o;2 2- 7 - SD< RePot No. P-5212-BO MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT OF SDR 15.1 MILLION TO THE REPUBLIC OF BOLIVIA FOR A SOCIAL INVESTMENT FUND PROJECT MARCH 26, 1990 U This dcument baS a retrited distibuto and may be used by recipients only In tIe performne of du* offia dudeL Its contents may not otdrwise be dicsed witou Worl Bank autCriation.  CUBRENCY EQIUVALENCY UNITS Currency Unit - Boliviano Bse) Du 1.0 - US$0.35 US$1.0 - Ds 2.86 FISCAL YEAR January 1 - December 31 ABBREVIATIONS CONAPSO National Council for Social Policy EMSO . Economic Management Strengthen4ng Operation ESy Eiergency Social Fund IDA International Development Association IHDP Integrated Health Development Project NGO Non-Governmental Organization RA Requesting Agency SIF Social Investment Fund  FOR OFFICIL USE ONLY 'OLIVIA SOCIAL INVESTMENT U=D PROJECT Credit and Project Summary 'Borrowers Republic of Bolivia Beneficiaries: Social Investment Fund; Emergency Social Fund Amount: SDR 15.1 million (US$20 million equivalent) Terms: Standard TDA terms, with 40 years maturity Onlending Termst Grant Financing Plant (US$ Million) IDA 20.0 IDA/Health a/ 5.3 Requesting Agencies 6.9 Beneficiary Communities 10.2 Government 9.6 Cofinancing 43.6 Total 95.6 I/ Amount to be channeled through SIF for health investments under the Integrated Health Development Project. Economic Rate of Returns Not applicable Staff Appraisal Report: 8248-BO Map: IBRD No. 20516 This docufcnt has a tesuicted distsibution and nty be w. by redpems any in ff Peformsse of fthit oflicia duties Its contents may not odrise be dsclsesd without World Bankc auftbdzlon.  M4 AWOPANDU AND RECOMMfENDTION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT TO THE REPUBLIC OF BOLIVIA FOR A SOCIAL INVESTMENT FUND PROJECT 1. * The following memorandum and recosmendation on a proposed development credit to the Republic of Bolivia for SDR 15.1 million (US$20.0 million equivalent) is submitted for approval. The proposed credit would be on standard IDA terms with 40 years maturity and would help finance a Social Investment Fund Project. Cofinancing from various lenders and donors vould complement IDA's financing. 2. Background. Poverty in Bolivia is deep-rooted, posing major challenges to the country's economic and social development. With per capita GNP of US$570 in 1987. large segments of the population of 7.1 million survive on subsistence income. Life expectancy averages only 51 years for men and 55 for women. Infant mortality, estimated at 110 per 1,000 live births for the years 1980-85. is twice the average for the region, and reaches 277 per 1,000 live births in some communities. The maternal mortality rate, at 48 per 10,000 b'Lrths, is the highest recorded in the region, and is associated with high fertility, poor health conditions of mothers, and an extremely high incidence of induced abortion. Malnutrition is widespread, with daily nutrient intake in depressed urban and rural areas averaging only 60-65 percent of minimum requirements. Unsanitary living conditions exacerbate the poor health status of the population; less than 60 percent of households have access to piped (mainly unpotable) water and 42 percent have access to hygienic excreta disposal. In spite of improvements in the last 30 years, the coverage and quality of education remains a primary constraint to the development of the country's human resources, and the-refore economic devel'pment. About 37 percent of the adult population is illiterate; 70 percent of the illiterate population is rural, and 68 percent is female. 3. rhese conditions are a consequence not only of long-standing historical factors, but also of poor economic management during more than a decade, which resulted in a decline in production (real GNP fell by 10 percent from 1980 to 1985) and culminated in economic collapse in 1985. The Government that took office in 1985 launched a comprehensive reform program, which succeeded in stabilizing the economy. To cushion the worst effects of poverty, the Government undertook a major initiative, creating the Emergency Social Fund (ESF) (restructured with IDA's help in 1986), with the mandate to provide temporary employment to those displaced by the economic crisis, and to bolster basic social services, which had been cut sharply since 1980. IDA supported the restructuring and operation of ESP with two credits: 1829-BO for SDR 7.8 million, approved in June 1987, and 1882-BO for SDR 19 million, approved in March 1988. Surpassing expectations, by October 31, 1989, over 1,990 subprojects were approved by ESP, of Wiich 1,243 had been completed, generating over 500,000 man-months of employment. The Project Performance Audit Report for the first ESF credit (1829-BO) (March 20, 1990) confirms the expected benefits and considerable achievements of the ESF operations. One of the lessons learned from the ESP experience is that, while a demand-driven emergency program can help to lessen hardships from unemployment during adjustment, alleviation of structural poverty requires greater direction and  -2- care in targeting investments and services to ensure that the neediest groups benefit and that their most urgent needs are addressed in a sustainable manner. A second lesson concerns the value of cooperative relationships with non-governmental organizations (NGOs) and other private groups working at the local level; ESF achieved notable success in this regard, establishing an encouraging precedent for future efforts. 4. As employment rebounds in the more stsble economic and investment climate, the new Government has placed poverty alleviation at the center of its development program. Its strategy is to channel more resources to basic health care and primary education, with particular attention to the needs of rural areas, low-ineme urban districts, women, and other vulnerable groups. IDA is supporting this approach with a recently approved Integrated Health Development Project and through a primary education project, which is being prepared. At present, the Ministries of Public Health and Education manage high-priority programs for the delivery of basic services to a large portion of the poor population and have allocated increased shares of their budgets for this purpose, but they are still ill equipped for the role of targeting multisectoral investments and services to the poorest segments of the population. Thus, while ESF operations will be closed by March 31, 1991, a Social Investment Fund (SIF) has been created to channel financing to such investments. Over the long term, as the sectoral ministries acquire the necessary project planning, execution and evaluation capability, as well as the ability to target benefits to the poorest segments of the population, SIP itself would be phased out. SIF will adopt ESF's successful systems for efficient financial management and supervision of subprojects, while improving poverty targeting, and integrating its programming within the sector strategies and investment plan: for health and education. SIF will also strengthen subproject design based on impact evaluation of compl. ad ESF subprojects. SIF has been established under the direct oversight of the President of the Republic. To facilitate its coordination with the normative ministries, the Under Secretary of Planning for Social Policy will sit on its administrative council, and SIP's Executive Director will be a member of the interministerial National Council for Social Policy (CONAPSO), which is responsible for approving all social policies. Coordination agreements to he signed by SIF and the Ministries of Health and Education, provide for periodic review of SIP's program and targets, to ensure consistency with sector strategies. Where applicable, standards established by the corresponding ministries have been incorporated into SIF's subproject selection criteria. As ESF is phased out, it will conduct a training program to disseminate its system of information management for subproject appraisal and supervision to other public agencies. 5. Rationale for IDA Involvement. IDA country assistance strategy for Bolivia is to support the Government's program in macroeconomic adjustment, encouragement of private sector activity, and human resources development. IDA's human resources strategy emphasizes: (a) long-term institutional strengthening, with particular emphasis on efficiency of resource use and on appropriate sector policies and strategies; (b) extension and strengthening of primary health and education systems and related social services; and (c) assistance to the Government in securing the external financing needed for its development program. IDA's support for ESF, combined with its central role in mobilizing more than US$100 million in cofinancing from both multilateral lenders and bilateral donors, was critical in helping the Government address the social costs of its stabilization and adjustment program. The proposed project is an integral part of the package of actions  -3- developed by the Government in coordination with donors to achieve the above objectives and to make the transition from the emergency perspective of ESP to a medium-term strategy. The Government's plan is consistent with IDA*s macroeconomic and sector policy recommendations and complements a number of ongoing. and proposed-projects, ineludings the Economic Man&gement Strengthening Operation (EMSO), which supports improved coordination of public irvestments; the Integrated Health Development Project (IHDP), which supports improvement of the coverage, quality, and efficiency of basic health services in four principal urban centers, and under which about US$5.3 mlllion would be channeled through SIF; and a proposed primary education project, which would support improved services in tandem with inititutional development. 6. Proiect Obiectives. The project would support the initial phase (1990-93) of the SIF program to assist in alleviating the worst aspects of poverty through improvement of the coverage and effectiveness of services in health and education by: (a) devolving increased responsibility to the local level and encouraging private sector participation through increased cooperation with NGOs; (b) shifting priorities towards basic and preventive health care and towards primary education, (c) improving the targeting of social programs to the poor, and (d) facilitating coordination among institutions active in the social sectors. It would also support improvement of selected public sector institutions' project executing ipacity by training them in the use of ESF's management information system. 7. Project Description. The proposed project would include: (a) a SIF subproiect component (US$87.3 million), consisting of financing for subprojects to be approved by SIF during its first two years of operation; (b) a SIP institutional development component (US$8.1 million), consisting of support for (i) the operation of SIF during its first four years, including salaries and training of fixed-term staff, (ii) purclase of office equipment, and vehicles needed for SIP's operations; and (iii) technical assistance to strengthen SIP's financial management and operational capacity; and (c) an ESF training component (US$0.2 million), consisting of a program to familiarize staff of other public sector institutions with ESP's information management system used in appraisal and supervision of projects. SIP subprojects are expected to have an average cost of about US$70,000 and would include investment and operational support in: (a) education (reconstruction or rehabilitation of primary schools or small libraries, provision of equipment and supplies, training in health and hygiene, and short-term training programs aimed at adults with less than secondary education, particularly in rural areas); (b) health, focused on basic care (construction and equipping of health posts, support for the initiation of their operation, nutritional development programs, and small water and s&nitation projects in support of ongoing or new health or health education projects); and (c) institutional support of Requesting Agencies (RAs) (defined as public or private agencies that propose subprojects for SIF financing), to permit expansion of these services to underserved areas. Subproject selection would include, inter alia, (a) consistency with sectoral strategies and standards; (b) poverty targeting criteria; (c) assessment of community needs; and (d) presentation by the RA of a feasible financial plan for operation of the subproject beyond the period of SIP's financing. 8. The project, to be carried out over four years, provides funds for civil works; vehicles, furniture, equipment, medicines, and textbooks; training; technical assistance; and incremental operating costs. Total project cost is estimated at US$95.6 million, with an estimated foreign  -4- exchange component of US$11.2 million (12 percent). The proceeds of the credit would be lent to the Republic of Bolivia, which would pass them on in grant form to SIF and ESP; SIU's financing for subprojects would be provided on grant terms. Credit proceeds would finance on a declining scale a portion (30 percent) of incremental operating costs, mainly salaries of key fixed-term SIF staff who are paid salaries above the civil-service scale, to permit retention of personnel with appropriate qualifications and experience. At present, this can be achieved only through hiring fix,4-d-term staff outside the civil service system and financing them from non-Governmental sources. A long-term goal is for the Government to assume full responsibility for the cost of all public sector personnel (this issue is being addressed under the EHSO project (Cr. 1977-B0)), but this is not expected to occur during the lifetime of the project. A breakdown of costs and the financing plan are shown In Schedule A. Amounts and methods of procurement and of disbursements, and the disbursement schedule are shown in Schedule B. A timetable of key project processing events and the status of Bank Group operations in Bolivia are given in Schedules C and D, respectively. A map is also attached. The Staff Appraisal Report (No. 8248 dated March 26, 1990) is also attached. 9. SIF would have overall responsibility for the project, except for the ESF training component. Subprojects would be proposed by RAs, which may be local Governments, NGOs, the Ministries of Health or Education themselves, or community organizations. In order to assure effective targeting of benefits, SIF v ilds agree periodically with the corresponding ministries on SIF's role in carrying out sector strategies, on the funding targets and budget for SIF's program, and on the methodologies to be applied in identifying beneficiary communities; provide guidance to RAs in developing proposals; and appraise all subprojects and RAs using methodologies, guidelines and standards satisfactory to the corresponding mintstries and to IDA. Infrastructure subprojects would be carried out by privatt contractors under agreements with RAs; assistance projects (e.g. traininp rograms) would generally be carried out by the RIA itself. SIF would eel independent supervisors for all subprojects, and would have overall sups. sory responsibility. Both RAs and beneficiary communities would provide a contribution to cover subproject costs (beneficiaries' contribution would generally be made in kind). 10. The size of SL'"s program of financing for subprojects is contingent on final commitments by cofinanciers for the aggregate amount shown in Schedule A. By effectiveness, commitments will have been obtained for external financing totalling at least US$25 million (bringing total financing to over 80 percent of total project costs and over 100 percent of SIF's planned commitments for subprojects during its first year); commitments for the remaining external financing (about US$18.6 million) are expected to be obtained during the first year of project execution. To assure that the proportions of financing participation remain as shown in Schedule A, provision has been made for joint review by SIF and IDA, on a yearly basis, of SIF's programming of commitments under subprojects and for adjustment of the programming as necessary to reflect availability of financing. 11. Agreed Actions. Agreements were reached at negotiations that: (a) SIF would be maintained with the mandate to provide financing to mall- scale subprojects designed to satisfy basic needs in health and education and with key staff whose qualifications, experience and terms of reference would be satisfactory to IDA; (b) ESF's operations would be terminated by March 31, 1991; (c) project activities would be carried out according to an agreed implementation program and under agreed procedures; (d) the Government would  provide counterpart funds as required in the project financing plan and, where applicable, would budget resources as necessary to cover operating costs of investments financed by SIF. provided its prior &pproval was duly obtained by SIF; (a) SIF vould implement a project accounting system that would permit separation of ESF and SIF expenditures, earmarking of funds for subprojects once coummtteo, and clear identification of the specific source of funding for each subproject in the SIF program; (f) SI7 would submit for prior IRA approval full documentatton on: the first ten subprojects for health and education, respectively, regardless of size; *11 subprojects over US$250,000; the first two subprojecto for institutional support for Rks; &ad the first four contracts to be let under local shopping procedures; (g) SIF would submit to IDA, (i) monthly reports on subprojects approved for SIF financing, regardless of source of fundss (ii) quarterly reports on the results of a procurement review; and (iii) quarterly reports on its activities, Including agreed monitoring indicatorst and (h) SIF would conduct, jointly with IDA, annual reviews oft (i) SIP's performance in carrying out the project; (ii) social sector strategy, policy, and expenditures; (iii) SI,'s role in implementing sector strategies and consistency of its program with such strategies; and (iv) SIY's annual budget as agreed with the Ministries of Health and Education and incorporated into the public expenditure program. Frior to effectiveness, SIP would submit to IDA satisfactory evidence thats (a) the R-gulatory Decree containing SIF's by-aws, specifying its proposed organizational structure and functions, as agreed with ID, had been issued, and the Promotion and Evaluation Manuals, as agreed with IDA, had been approved by SIF?' Administrative Council; (b) subsidiary agreements had been signed by the Government and SIP; (c) agreements regarding procedures and mechanisms for coordination had been duly signed by SIF and the respective corresponding mLnistries; and (d) the Government and SIP had entered into agreements for external financing for SIF's program in amounts of at least US$10 million and had received additional commitments for at least US$15 million. The failure of financing agreements In an aggregate amount of not less than US$10 million to become effective by September 30, 1990 and of financing agreements in an aggregate amount of not less than US$25 mlllion to become effective by March 31, 1991. would constitute an event of default, unless the Government and SIT had made alternative arrangements, satisfactory to IDA, to secure adequate financing for SIP's programed commitments for subprojects. 12. Proiect Benefits. The project's main benefit would be to assure the establishment of an institution designed to provide health and education infrastructure and services to underserved populations, while fully integrating its investments Into the public expenditures program, assuring consistency with medium-term adjustment and sector policies, and retaining the operational efficiencies achieved by ESF. Additional benefits would include: (a) strengthened capacity of entities providing health and education services to target assistance to the neediest groups and to design subprojects responsive to the groups' priority needs; (b) improved coordination among entities working in the social sectors. including the government ministries. SIF itself, NGOs, local governments, and community groups; (c) improved access to urgently needed health and education facilities and services, thereby enhancing the population's potential for improved health and productivity; and (d) a focal point for mobilization of external rei-ources for the acial sectors, building on the successful experience of previous Ins credits.  -6- 13. Prolect Risks. Tha risks affecting the project are mainly institutional, since achievement of project objectives will require thats (a) SIF be provided with sufficient autonomy and key staff to carry out its mandate; and (b) close coordination among key institutions (e.g., between SIF and the ministries) be established. There is also a risk that financial constraints may prevent continued operation of subprojects beyond the period of SIP financing. These risks are being managed throughs (a) the Government's comitment to maintain SIP with the mandate to satisfy basic needs in health and education, with key staff whos, qualifications and experience are satisfactory to IDA; (b) coordination agreements, satisfactory to IDA, between SIP and the corresponding ministries specifying, inter alia, that SIP's annual program would be reviewed and incorporated into the public expenditure program, and that, where operating costs of a subproject would be covered by the corresponding ministry, the ministry's prior approval of the subproject would be sought; and (c) approval of all subprojects would be subject to presentation of a satisfactory plan for continuation of operations beyond the investment period and, demonstration that the costs have been included in the budget of the responsible entity. Coordination with sector strategies would be enhanced through participation of the Under Secretary of Planning for Social Policies in SIF's Administrative Council and participation of SIF's Executive Director in the National Council for Social Policy. Improved coordination would also be pursued under the IHDP and the EMSO projects, as well as through the proposed project. 14. Recommendation. I am satisfied that the proposed credit would comply with the Articles of Agreement of the Association and recommend that the Executive Directors approve the proposed cred't. Barber B. Conable President Attachments Washington, D.C. March 26, 1990  Schedule A BOLIVIA SOCIAL NESTNM FD PftO3ECT ESTIMATED COSTS AND PIMACING PLAN Estimated Costs: a/ Local Foreign Total -------USS Million-------- SIP SubEroiects Health 51.2 6.7 57.9 Education 26.8 -2.0 28.8 institutional Support to RAs 0 0 0.6 Suibtotal 78.6 8.7 87.3 SIF Institutional Development Fixed-term SIF staff salaries, travel, training 4.8 0.2 5.0 Equipment, vehicles, maintenance 0.6 1.8 2.4 Technical Assistance 0.4 0.3 0.7 Subtotal 5.8 2.3 8.1 ESF Training Program 0.0 0.2 0.2 Total Costs 84.4 11.2 95.6 a/ Exclusive of taxes and duties, which are not applicable. Financing Plan: US$ Million IDA 20.0 IDAlHealth a/ 5-3 RAs 6.9 Beneficiary Commnities 10.2 Government 9.6 Cofinancing 43.6 Total 95.6 at Amount to be channeled through SIF for health investments under the Integrated Hev.lth Development Project.  Schedule B Page 1 BOLIVIA SOCIAL IWJESTMENT FUMD PROJECT METHODS OF PROCUREMENT (US$ Million) Procurement Procedures total Category of Expenditure ICB -Cb Other NA Costs a/ Civil Works - 15.7 24.4 8.1 48.2 (3.6) (5.8) (9.4) Furniture, Equipment 0.2 9.8 2.7 - 12.7 C (-) (2.2) (0.7) (2.9) Computer Equipment - - 0.3 - 0.3 (0.3) (0.3) Vehicles - 0.3 - - 0.3 (0 2) - (0.2) Books 1.8 0.4 - 2.2 (0.5) (0.1) (0.6) Pharmaceuticals 0.6 4.3 0.6 - 5.5 (0.2) (1.1) (0.2) (1.5) Consultant's ServLces - - 0.7 - 0.7 (0.7) (0.7) Salaries and Contracts (SIF) - - 5.0 5.0 (1.5) (1.5) Personnel, operating costs - - - 14.6 14.6 (under subprojects) (2.2) (2.2) Other - - - 6.1 6.1 (0.7) (0.7) Total Project Costs 0.8 31.9 29.1 33.8 95.6 (0.2) (7.6) (7.8) (4.4) (20.0) Notes Numbers in parenthesis reflect IDA financing. a/ Total represents total estimated costs per category including price and physical contingencies.  Schedule 3 Page 2 SOILIVEISITV P*lD PROJCTq (US$ mUlIII") 1. Subproj.cts for Health go of dimbureemest,e by SIP for (a) Primary Care ,4000eligible subprojects aPProve (b) Nutr-ition 2,900,000 by Deember Us, 1901. Cc) 8ai.Stsitation 2,900,000 2. SubproJoo for EducatTon 90 of disbureetsse by SIF for (a) Constructlon of classrooms *ligible subptrjocts aPProved bY an libraries 6,440,000 DcemWbr U, 1991. (b) Equipmet sld text distri but on 660,000 (c) Training progrss 670,000 8. Subproject for 170,000 a0X ot disburmnt b SI for - natubional Support for eligbic eubprojece PIPProved by RAs beceber al, 1901. 4. SIF Institutional 9ove1o1m.t (a) Salories, travel, 1,80,000 lOO1 of eligible expeniture. training for SIF s*ta until Decembe $S, 18. (6) Equipmnt1, Suppl ee720.000 100 of expeniture for iq.rtod velicles. goods; 10 Of xPediturSe for locall 1rde goods. (e) Technical Assistance. 680000 100 of expeiture for cosultant.' service, travel expenwe, r Em. S. Travel, equipment and 160,00) 1ow of foreign xpenditures. other approved oxpenen related to ESF transfer program. 6. Un lloated 2.000.000 TOTAL 20,000,000 Estimated IDA Dlsbursement.: IDA Fiscal Year 1991 192 1998 1994 -- ll--- ll Million - Annual 8.7 6.0 6.5 1.6 Cumulative 8.7 11.7 16.2 20.0  -10- Schedule C BOLIVIA SOCIAL INVESTMKNT FUND PROECT TIMETABLE OF KEY PROJECTS PROCESSING EVENTS (a) Time taken to prepares 8 months (b) Prepared bys Emergency Social Fund, vith assistance of consultants and IDA (c) First IDA mission: February 1989 (d) Appraisal mission departures November 1989 (e) Negotiations: February 1990 (f) Planned date of effectiveness: June 1990 (g) List of relevant PCRs and PPARss PCRs Emergency Social Fund Project (Credit 1829-BO), July 3, 1989. PPARs Emergency Social Fund Project (Credit 1829-BO), March 20, 1990.  - 11 .. SCHEDULE D 1. ,atment of W orld bak Lean DA Credits (as of _ptmor 0, 19n) Loaner - Aaest (1ose eensol leto).) trweIt PloosI tl_ tluro Nhuber Lose Sor Book =A1 idiobes Tote -(K. million. .t us dl orev)--- 1l Loans and 15 credits fully disbursed 274.9 110.7 - $91.6 1708 19w Bolitvi Reconstruction Import credt - 49.2 18.0 62.2 y 1719 19Ws Bolivia Vuelta Grnd. - 16.3 0.8 16.6 y 1809 1987 Botlvia Public Financlol UgJt. - 6.3 8.4 11.6 y 1818 1987 solivia Power Sector RhabtilI- tatlon - 2.5 4.B 6.8 / 1628 1987 Bolivia R eonotructioa Imp. Cr.11 - 19.8 26.9 46.2 ^/ 1829 1987 Bolivia Emorgoney Social Fund I - 10.5 0.01 10.5 j 1842 106S Bolivia La Paz Municipal ot t. - 9.0 6.8 15.8 3 i862 198 Bolivia Emergency SociTl Fund It - 21.8 2.9 24.7 1, 1925 198 Bolivia Financial Secor Adjust. - 00.7 0 1 6e.8 / 1977 19w Bolivia Econ. MUgt. Stronth. OP. - 1.9 7.4 9.2 / 2012 198 Bolivia Export Corridors - 0 86.1 86.1 2015 198 Bolivia mining Sector - 0 U6 888.8J Total, 274.9 822.1 13J45 IRA1 Of which has bon repald 120.6 6.8 - 128.9 Total now outstandins 1U.8 ,818.9 134.5 02.L Amount sold 0.05 0.06 Of which has boo repid (0.05) (0.05) Total now hold bi Bank and IDA 16.S 3138. 1i4.6 02.6 Total undisbursed 184.5 184.5 J Boe... of variations In SDII o*shango rate, presnt aount IT different fro" original mount. 2. Statmt of IFC lnvesm_ (s of Spotobr 80, 190) Loa Eqity Totl (In millons of U.S. dollars) Total prose couitmente 19.6 0.9 20.5 Lose cancellotions, terminations, roepyment., and sales 6.8 0.8 9.0 Total comitments now hold bi IFC 10.8 0.1 10.9 Total undisbursed 8. 8.8  B R A Z I L B OLIVIA ROAMS To Ri &W_ _ _ _ _ -Tracks tCpHano ILO__ Xpt A Nk- P E R U ~ ~ ~ / mba~ I A~~~~~~~~~~~~~~~~~~AuX