Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

IF archives: SUMMARY PROCEEDINGS 1968

INTERNATIONAL MONETARY FUND

SUMMARY PROCEEDINGS

OF THE TWENTY-THIRD ANNUAL MEETING OF THE BOARD OF GOVERNORS

SEPTEMBER 30-OCTOBER 4, 1968 WASHINGTON, D. C.

Contents

  • Introductory Note

  • Address by the President of the United States of America, Lyndon B. Johnson

  • Opening Address by the Chairman of the Boards of Governors, the Governor for Ceylon, U. B. Wanninayake

  • Presentation of the Twenty-Third Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Pierre-Paul Schweitzer

  • Discussion of Fund Policy at Second Joint Session

    • Statements by the Governors for

      • Indonesia—Ali Wardhana

      • Korea—Jong Ryul Whang

      • Malaysia—Ismail bin Mohamed Ali

      • Canada—Edgar J. Benson

      • India—Morarji R. Desai

      • United States—Henry H. Fowler

      • Germany—Karl Schiller

      • France—Frangois-Xavier Ortoli

      • Zambia—E. H. K. Mudenda

      • Italy—Emilio Colombo

      • Japan—Makoto Usami

      • Algeria—Cherif Belkacem

  • Discussion of Fund Policy at Fund Session

    • Statements by the Governors for

      • Spain—Faustino García Moneó

      • Venezuela—Benito Raúl Losada

      • Austria—Wolfgang Schmitz

      • Ceylon—William Tennekoon

      • Malta—Giovanni Felice

      • Australia—William McMahon

      • United Kingdom—Roy Jenkins

      • Congo, Democratic Republic of—Albert Ndele

      • Netherlands—J. Zijlstra

      • Ethiopia—Menasse Lemma

      • Nepal—Yadav Prasad Pant

      • Libya—Khalil Bennani

      • New Zealand—R. D. Muldoon

      • Ghana—A. A. Afrifa

      • Philippines—Alfonso Calalang

      • Kenya—D. N. Ndegwa

      • Somalia—Abdullahi Jirreh Dualeh

      • Burundi—Joseph Hicuburundi

      • Paraguay—Carlos Chaves Bareiro

  • Discussion of Fund Policy at Bank, IFC, and IDA Session

    • Statements by the Governors for

      • Philippines—Eduardo Z. Romualdez

      • Sweden—Gunnar Strang

      • Trinidad and Tobago—F. C. Prevatt

      • Turkey—Cihat Bilgehan

      • Israel—David Horowitz

      • Congo, Democratic Republic of—Victor Nendaka

      • Pakistan—N. M. Uquaili

      • Jamaica—Edward Seaga

      • Argentina—Adalbert Krieger Vasena

      • Belgium—Baron Snoy et d’Oppuers

      • United Arab Republic—Hassan Abbas Zaki

      • Netherlands—H. J. Witteveen

      • Liberia—J. Milton Weeks

      • Spain—Juan José Espinosa

      • Kenya—J. N. Michuki

  • Discussion of Fund Policy at Third Joint Session

    • Statements by the Governors for

      • South Africa—Nicolaas Diederichs

      • Yugoslavia—Kiro Gligorov

      • The Gambia—S. M. Dibba

      • Afghanistan—M. E. Ziyaie

      • Congo (Brazzaville)—Edouard Ebouka-Babackas

      • Israel—Jacob Arnon

      • China—Kuo-Hwa Yu

      • Nigeria—C. N. Isong

      • Uganda—L. Kalule-Settala

      • Syrian Arab Republic—Adnan Farra

  • Discussion of Fund Policy at Closing Joint Session

    • Statements by the Governors for

      • Lebanon—Joseph Oughourlian

      • Sierra Leone—M. S. Forna

      • Mauritius—Veerasamy Ringadoo

      • Sudan—Hussein El Sherif El Hindi

      • Niger—Courmo Barcourgné

      • Tanzania—Paul Bomani

      • Central African Republic—Antoine Guimali

      • Guyana—P. A. Reid

      • Malawi—J. Z. U. Tembo

  • Concluding Remarks

    • Statements by

      • The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Pierre-Paul Schweitzer

      • The Governor of the Fund and Temporary Alternate Governor of the Bank for Argentina, Adalbert Krieger Vasena

      • The Chairman of the Boards of Governors, the Governor for Ceylon, U. B. Wanninayake

  • Schedule of Meetings

  • Provisions Relating to the Conduct of the Meetings

  • Reports of the Joint Procedures Committee

    • Report I

      • Annex I Agenda

      • Annexes II and III General Reserve and Distribution of Net Income

      • Annexes IV and V Stabilization of Prices of Primary Products

      • Annex VI 1968 Regular Election of Executive Directors

      • Statement of Results of Elections, October 2, 1968

    • Report III

  • Resolutions

    • 23-1 Membership for Lesotho

    • 23-2 Increase in the Quota of Nigeria

    • 23-3 Increase in the Quota of Uruguay

    • 23-4 Increase in the Quota of Trinidad and Tobago

    • 23-5 Proposed Amendment of Articles of Agreement: New Facility Based on Special Drawing Rights; Changes in Fund Rules and Practices

    • 23-6 Increase in the Quota of Cyprus

    • 23-7 Increase in the Quota of Burma

    • 23-8 Membership for Malta

    • 23-9 Membership for Mauritius

    • 23-10 1968 Regular Election of Executive Directors

    • 23-11 Financial Statements, Report on Audit, and Administrative Budget

    • 23-12 General Reserve and Distribution of Net Income

    • 23-13 Stabilization of Prices of Primary Products

  • Attendance

    • Members of Fund Delegations

    • Observers

  • Executive Directors and Alternates

  • Guide to Statements by Governors

    • Alphabetical List, by Country, of Governors’ Statements

    • List of Principal Topics Discussed

Introductory Note

The Twenty-Third Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D. C., from September 30 through October 4, 1968, under the Chairmanship of the Honorable U. B. Wanninayake, Governor for Ceylon. The Meeting was held in conjunction with the Annual Meetings of the Boards of Governors of the International Bank for Reconstruction and Development and its affiliates.

These Summary Proceedings include statements, or portions of statements, relating to the work of the Fund which were made by the Governors during the Meetings; omitted passages are indicated by dots (…). The statements are presented in chronological order. Resolutions adopted by the Board of Governors of the Fund, reports and recommendations of the Joint Procedures Committee, and other documents relating to the conduct of the Meetings and the election of Executive Directors are also included. A list of statements arranged alphabetically by country and a list of the principal topics discussed will be found on pages 327-31.

Statements relating to the work of the Bank are reproduced in the Summary Proceedings of the Annual Meetings of the Bank and its affiliates, issued by the Bank.

W. Lawrence Hebbard

Secretary

International Monetary Fund

Washington, D. C.

November 15, 1968