Dear Axel, Pleasantly surprised to see that you have now started on a blogging career. I wish you well. Trust your meetings in New York are going well. Reading your blog, I wanted to share how at the GEF we are beginning to come to grips with actually implementing the directions of our replenishment agreements, particularly on the issue of programming towards achieving discernable impacts. We just went through the exercise of constituting our first work program for GEF-5, and really had a tough time identifying those interventions that are geared towards impacts. We still see a whole lot of proposals that are piloting; this after 20 years of the GEF! Talking about aid flows, I was at a meeting of global funds in Cape Town last week. Among other items, the issue of proliferation of vertical funds is emerging as a critical issue, particularly among developing countries that are bewildered by the plethora of funds and the conditions that accompany each fund. Given that the World Bank is the host/Trustee of an ever-growing family of vertical funds, you may want to be abreast of this discussion. Looking forward to seeing more of your posts. With best regards, Ramesh.