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Chief Executive Officer

January 17, 2018

Hon. Nicolas Eyzaguirre Guzman

Minister of Finance
Government of Chile

Dear Mr. Eyzaguirre,

Subject: Chile and Doing Business

I hope you will have seen the Board statement which praised your constructive engagement
with the Bank on this issue. I too would like to second that and extend to you my personal thanks.

In its statement the Board highlighted Paul Romer's retraction "that he saw no evidence of
bias or political manipulation in the country rankings", while nevertheless expressing regret and
concern about the impact on Chile of his remarks. I attach the full statement to this letter.

In spite of Mr. Romer's retraction, I would like to confirm that we will still go ahead with
the independent external audit that I mentioned in my previous letter to you. In addition, as agreed in
our conversation, I am confirming here that the Bank will:

1. Engage in deeper consultations with all relevant stakeholders, in particular country

governments, prior to making changes in any new measurements;
11. Provide more time between the piloting of new measurements and their actual introduction into
the rankings.

Let me reassure you that the Bank continues to have full confidence in its research and the
Doing Business report. I am grateful to you for your close cooperation and I am looking forward to
working with you as we bring this matter to closure.

foCful y. . . .,_ . .

Cc: Maximo Torero, Executive Director for Chile, WBG

Rodrigo Rojo, Advisor to the Executive Director for Chile, WBG
Sheila Redzepi, VP ECR, WBG
Jorge Familiar, VP LAC, WB
Alberto Rodriguez, Country Director for Andean countries, WBG

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