Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
January 1991
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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

    International Monetary Fund

    Annual Report of the Executive Board for the Financial Year Ended April 30, 1991 Washington, D.C.

    International Standard Serial Number: ISSN 0250-7498

    Contents

    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.

    All references to dollars are to U.S. dollars unless noted otherwise.

    International Monetary Fund

    Managing Director and Chairman of the Executive Board

    Michel Camdessus

    Deputy Managing Director

    Richard D. Erb

    Executive DirectorsAlternate
    Executive Directors
    Thomas C. Dawson IIQuincy M. Krosby
    David PeretzPaul Wright
    Bernd GoosBernd Esdar
    Jean-Pierre LandauJean-François Clrelli
    Koji YamazakiNaoki Tabata
    Muhammad Al-JasserAbdulrahman Al-Tuwauri
    Jacques de GrooteJohann Prader
    Renato FilosaNikos Kyriazidis
    Angel TorresRoberto Marino
    G.A. PosthumusZarko Trbojevic
    Mohamed FinaishAzizali F. Mohammed
    C. Scott ClarkGabriel C. Noonan
    E.A. EvansGrant H. Spencer
    Markus FogelholmIngimundur Fridriksson
    L.B. MonyakeL.J. Mwananshiku
    G.K. AroraL. Eustace N. Fernando
    Alexandre KafkaJuan Carlos Jaramillo
    J.E. IsmaelTanya Sirivedhin
    DAI QiandingZHANG Zhixiang
    Alejandro VéghA. GuillermoZoccali
    Abbas MirakhorOmar Kabbaj
    Corentino V. SantosYves-Marie T. Koissy

    Senior Officers

    SterieT. Beza*

    Counsellor

    Jacob A. Frenkel*

    Economic Counsellor

    Mamoudou Touré

    Counsellor

    Leo Van Houtven*

    Counsellor

    Graeme F. Rea

    Director

    Administration Department

    Mamoudou Touré

    Director

    African Department

    P.R. Narvekar

    Director

    Asian Department

    J.B. Zulu

    Director

    Central Banking Department

    Massimo Russo

    Director

    European Department

    John T. Boorman

    Director

    Exchange and Trade Relations

    Department

    Bahram Nowzad

    Acting Director

    External Relations Department

    Vito Tanzi

    Director

    Fiscal Affairs Department

    Anthony Lanyi

    Acting Director

    IMF Institute

    François P. Gianviti

    General Counsel

    Legal Department

    A. Shakour Shaalan

    Director

    Middle Eastern Department

    Jacob A. Frenkel

    Director

    Research Department

    Leo Van Houtven

    Secretary

    Secretary’s Department

    JohnB. McLenaghan

    Director

    Statistics Department

    David Williams

    Acting Treasurer

    Treasurer’s Department

    Sterie T. Beza

    Director

    Western Hemisphere Department

    Warren N. Minami

    Director

    Bureau of Computing Services

    Alan Wright

    Director

    Bureau of Language Services

    Andrew J. Beith

    Director

    Office in Europe (Paris)

    Helen B. Junz

    Director and Special Trade Representative

    Office in Geneva

    W.A. Beveridge

    Director

    Office of Internal Audit and Review

    Bahram Nowzad

    Chief Editor

    Letter of Transmittal to the Board of Governors

    August 6, 1991

    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, 1991, 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, 1992 are presented in Appendix VIII. The audited financial statements for the year ended April 30, 1991 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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