I am most pleased and honored to be able to address these Fiftieth Annual Meetings of the Boards of Governors of the Bank and the Fund on behalf of Pacific constituency members: the Federated States of Micronesia; Kiribati; the Marshall Islands; the Solomon Islands; Vanuatu; and Western Samoa. First of all, on behalf of our constituency, I would like to welcome Brunei Darussalam as the newest member of the Bank and the Fund. I also would like to congratulate Mr. James Wolfensohn on his appointment as the new President of the World Bank Group and wish him well in his challenging task.