Presentation of the Twelfth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund1, Per Jacobsson


In presenting the Annual Report of the Executive Directors to the Board of Governors, it has become customary for the Managing Director to open his statement by welcoming the new members to the Fund. I am glad to extend today a friendly greeting to the Governors for Ghana, Ireland, Saudi Arabia and the Sudan, who are participating for the first time in an Annual Meeting of our institution. Of the 64 countries which are at present members of the Fund, 23 have joined since 1946. The increase in the membership reflects, I think, a recognition of the role which the Fund is able to play as a center for monetary cooperation on an international basis.