The opening session of the conference was designed to introduce the issues for discussion from the perspective of the institutions and major policymakers. The conference was convened by M. Saifur Rahman, the Minister of Finance of Bangladesh and the 1994 Chairman of the Boards of Governors of the Fund and the World Bank. His statement was followed by those of the heads of the two Bretton Woods institutions: Michel Camdessus, Managing Director of the IMF, and Lewis T. Preston, President of the World Bank Group. The conference was then officially opened by the Prime Minister of Spain, Felipe González.