- International Monetary Fund
- Published Date:
- January 1992
Annual Report, 1992
International Standard Serial Number: ISSN 0250-7498
INTERNATIONAL MONETARY FUND
Annual Report of the Executive Board for the Financial Year Ended April 30, 1992
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., 1991-92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1991/92) 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
Deputy Managing Director
Richard D. Erb
|Executive Directors||Executive Directors|
|Thomas C.Dawson II||Quincy M.Krosby|
|David Peretz||Paul Wright|
|Bernd Goos||Bernd Esdar|
|Jean-Pierre Landau||Isabelle Martel|
|Hiroo Fukui||Naoki Tabata|
|Muhammad Al-Jasser||Abdulrahman Al-Tuwauri|
|Jacques de Groote||Johann Prader|
|Renato Filosa||Ioannis papadakis|
|Angel Torres||Roberto Marino|
|Mohamed Finaish||Azizali F.Mohammed|
|C.Scott Clark||Gabriel C.Noonan|
|Ingimundur Fridriksson||Jon A.Solheim|
|G.k. Arora||L.Eustace N.Fernando|
|Alexandre Kafka||Juan Carlos Jaramillo|
|CHE Peiqin||WEI Benhua|
|Alejandro Végh||A.Guillermo Zoccali|
|Abbas Mirakhor||Omar Kabbaj|
|Corentino V.Santos||Yves-Marie T.Koissy|
Leo Van Houtven*
Graeme F. Rea
Central Asian Department
European I Department
European II Department
External Relations Department
Fiscal Affairs Department
Patrick B.de Fontenay
Middle Eastern Department
Monetary and Exchange
Policy Development and Review Department
Leo Van Houtven
Southeast Asia and Pacific Department
Western Hemisphere Department
Bureau of Computing Services
Bureau of Language Services
Office in Europe (Paris)
Director and Special Trade
Office in Geneva
Office of Internal Audit and Review
Letter of Transmittal to the Board of Governors
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 30,1992, 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 30,1993 are presented in Appendix VIII. The audited financial statements for the year ended April 30,1992 of the General Department, the SDR Department, accounts administered by the Fund, the Staff Retirement Plan, and the Supplemental Retirement Plan, together with reports of the External Audit Committee thereon, are presented in Appendix IX.
Chairman of the Executive Board
Chairman of the Board of Governors
International Monetary Fund
Toward a Global Monetary System
The global economic environment changed dramatically during 1991/92, creating challenges and opportunities for the world’s policymakers. Many countries around the world, including those of Eastern Europe and the states of the former U.S.S.R., launched, or were following, policies to build market-based economies and to integrate them into the global economic system. This transformation is vital for the economic well-being of the countries themselves and for the rest of the world, since in an interdependent world, all countries gain if these countries become positive contributors to world economic growth.
Many industrial countries had to grapple with the effects of recession and sought to promote recovery in ways compatible with medium-term noninflationary growth. At the same time, many developing countries pursued, with Fund support, macro-economic and structural policies aimed at restoring balance of payments viability and noninflationary growth.
The Fund was at the center of many of these changes during the financial year. In particular, it was deeply involved in international efforts to support the transformation of the previously centrally planned economies of the former U.S.S.R. and in Eastern Europe. A major part of the Fund’s work was devoted to helping the formerly centrally planned economies put in place their own strategies—suited to their special circumstances—to develop market-based systems. The Fund’s support of these efforts required a major redeployment of staff—as well as the hiring of additional staff and the creation of a new department to work with the states of the former U.S.S.R. It also required a temporary modification to the normal scheduling of Article IV consultations with member countries and the postponement of analysis, and Executive Board discussion, of some other broad policy issues.
The Fund established relations with the former U.S.S.R. in October 1991, with the signing of a Special Association agreement between the Fund and the then-Soviet Union. The agreement opened the way for Fund policy advice and technical assistance to be made available immediately; following the dissolution of the Soviet Union, such advice and assistance was provided to the individual states. This was followed by pre-membership reviews of each of the states of the former U.S.S.R. and the determination of quotas for these states.
By May 4,1992, the Board of Governors of the Fund had adopted membership resolutions for all 15 states of the former U.S.S.R.; as of June 1, seven former Soviet states—Armenia, Estonia, Georgia, Kyrghyzstan, Latvia, Lithuania, and Russia—had joined the Fund. Upon membership, they were entitled to Fund policy advice on a regular basis, technical assistance, and balance of payments financing in support of macroeconomic and structural reform programs.
Albania joined the Fund in October 1991 and Lithuania in April 1992. During May 1992, the Republic of the Marshall Islands and Switzerland became members of the Fund. With the prospective membership of the remaining states of the former U.S.S.R., together with the prospective membership of the Republics of Croatia, Slovenia, and Bosnia-Hercegovina, the Federated States of Micronesia, and San Marino, the Fund is moving toward universal membership.