Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1988
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    International Standard Serial Number: ISSN 0250-7498


    The following symbols have been used throughout 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., 1987–88 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
    • / between years (e.g., 1987/88) 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
    Charles H. DallaraCharles S. Warner
    Frank CassellCharles Enoch
    Guenter GroscheBernd Goos
    Hélène PloixDominique Marcel
    Koji YamazakiShinichi Yoshikuni
    Yusuf A. NimatallahIbrahim A. Al-Assaf
    Guillermo OrtizLeonor Filardo
    G. A. PosthumusG. P. J. Hogeweg
    Jacques de GrooteJohann Prader
    Mohamed FinaishAbdul Moneim Othman
    Marcel MasséDara McCormack
    Salvatore ZecchiniNikos Kyriazidis
    C. R. RyeChang-Yuel Lim
    Jorgen OviMarkus Fogelholm
    Arjun K. SenguptaL. Eustace N. Fernando
    Alexandre KafkaJerry Hospedales
    J. E. IsmaelJanardana Reddy
    Ahmed AbdallahEl Tayeb El Kogali
    DAI QiandingJIANG Hai
    Alvaro DonosoErnesto V. Feldman
    Ghassem SalehkhouOmar Kabbaj
    MAWAKANI SambaCorentino V. Santos
    Senior Officers
    Economic CounsellorJacob A. Frenkel*
    CounsellorAlassane D. Ouattara*
    CounsellorLeo Van Houtven*
    CounsellorL. A. Whittome*
    Administration DepartmentGraeme F. Rea, Director
    African DepartmentAlassane D. Ouattara, Director
    Asian DepartmentP. R. Narvekar, Director
    Central Banking DepartmentJ. B. Zulu, Director
    European DepartmentMassimo Russo, Director
    Exchange and Trade Relations DepartmentL. A. Whittome, Director
    External Relations DepartmentAzizali F. Mohammed, Director
    Fiscal Affairs DepartmentVito Tanzi, Director
    IMF InstituteGérard M. Teyssier, Director
    Legal DepartmentFrançois P. Gianviti, General Counsel
    Middle Eastern DepartmentA. Shakour Shaalan, Director
    Research DepartmentJacob A. Frenkel, Director
    Secretary’s DepartmentLeo Van Houtven, Secretary
    Treasurer’s DepartmentF. Gerhard Laske, Treasurer
    Western Hemisphere DepartmentSterie T. Beza, Director
    Special Trade RepresentativeEduardo Wiesner
    Bureau of Computing ServicesWarren N. Minami, Director
    Bureau of Language ServicesAlan Wright, Director
    Bureau of StatisticsWerner Dannemann, Director
    Office in Europe (Paris)Andrew J. Beith, Director
    Office in GenevaEduardo Wiesner, Director
    Chief EditorBahram Nowzad

    Alphabetical listing

    Alphabetical listing

    August 4, 1988

    Letter of Transmittal to the Board of Governors

    August 4, 1988

    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, 1988, 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, 1989 are presented in Appendix VII. The audited financial statements for the year ended April 30, 1988 of the General Department; the SDR Department; accounts administered by the Fund, consisting of the Supplementary Financing Facility Subsidy Account, the Trust Fund, the Enhanced Structural Adjustment Facility Trust (for the period March 24, 1988 to April 30, 1988) and the Voluntary Contribution Accounts (for the period December 24, 1987 to April 30, 1988); and the Staff Retirement Plan; together with the reports of the External Audit Committee thereon, are presented in Appendix VIII.

    Yours sincerely,


    Michel Camdessus

    Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund

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