Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1989
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    Purposes of the Fund

    • (i) To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.

    • (ii) To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.

    • (iii) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.

    • (iv) To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.

    • (v) To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.

    • (vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members.

    The Fund shall be guided in all its policies and decisions by the purposes set forth in this Article.

    Article I of the Fund’s Articles of Agreement

    Annual Report, 1989

    International Monetary Fund

    Annual Report

    of the Executive Board for the Financial Year Ended April 30, 1989

    Washington, D.C.

    International Standard Serial Number: ISSN 0250-7498


    The following symbols have been used in this Report:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1988–89 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1988/89) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    International Monetary Fund

    Michel Camdessus

    Managing Director and Chairman of the Executive Board

    Richard D. Erb

    Deputy Managing Director

    Executive DirectorsAlternate

    Executive Directors
    (Vacant)Charles S. Warner
    Frank CassellCharles Enoch
    Guenter GroscheBernd Goos
    Hélène PloixDominique Marcel
    Koji YamazakiShinichi Yoshikuni
    Yusuf A. NimatallahIbrahim A. Al-Assaf
    Renato FilosaNikos Kyriazidis
    Leonor FilardoMiguel A. Fernández Ordóñez
    G.A. PosthumusG.P.J. Hogeweg
    Jacques de GrooteJohann Prader
    Mohamed FlnaishAbdul Moneim Othman
    Marcel MasséDara McCormack
    E.A. EvansSeung-Woo Kwon
    Markus FogelholmMagnús Pétursson
    Bimal JalanL. Eustace N. Fernando
    Alexandre KafkaLuis Manuel Piantini
    J.E. IsmaelEkamol Kiriwat
    El Tayeb El KogaliL.B. Monyake
    DAI QiandingZHANG Zhixiang
    Ernesto V. FeldmanRlcardo J. Lombardo
    Mohammad Reza GhasimiOmar Kabbaj
    MAWAKANI SambaCorentino V. Santos

    Senior Officers

    Sterie T. Beza*


    Jacob A. Frenkel*

    Economic Counsellor

    Mamoudou Touré*


    Leo Van Houtven*


    L.A. Whittome*


    Graeme F. Rea


    Administration Department

    Mamoudou Touré


    African Department

    P.R. Narvekar


    Asian Department

    J.B. Zulu


    Central Banking Department

    Massimo Russo


    European Department

    L.A. Whittome


    Exchange and Trade Relations Department

    Azizali F. Mohammed


    External Relations Department

    Vito Tanzi


    Fiscal Affairs Department

    Gérard M. Teyssier


    IMF Institute

    François P. Gianviti

    General Counsel

    Legal Department

    A. Shakour Shaalan


    Middle Eastern Department

    Jacob A. Frenkel


    Research Department

    Leo Van Houtven


    Secretary’s Department

    F. Gerhard Laske


    Treasurer’s Department

    Sterie T. Beza


    Western Hemisphere Department

    Warren N. Minami


    Bureau of Computing Services

    Alan Wright


    Bureau of Language Services

    John B. McLenaghan


    Bureau of Statistics

    Andrew J. Beith


    Office in Europe (Paris)

    Helen B. Junz

    Director and Special Trade Representative

    Office in Geneva

    Bahram Nowzad

    Chief Editor

    * Alphabetical listing

    July 27, 1989

    Letter of Transmittal to the Board of Governors

    July 27, 1989

    Dear Mr. Chairman:

    I have the honor to present to the Board of Governors the Annual Report of the Executive Board for the financial year ended April 30, 1989, in accordance with Article XII, Section 7(a) of the Articles of Agreement of the International Monetary Fund and Section 10 of the Fund’s By-Laws. In accordance with Section 20 of the By-Laws, the administrative and capital budgets of the Fund approved by the Executive Board for the financial year ending April 30, 1990 are presented in Appendix VIII. The audited financial statements for the year ended April 30, 1989 of the General Department, the SDR Department, Accounts administered by the Fund, the Staff Retirement Plan, and the Supplemental Retirement Benefit Plan, together with the reports of the External Audit Committee thereon, are presented in Appendix IX.

    Yours sincerely,

    Michel Camdessus

    Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund

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