Summary Proceedings

of the Fifty-Fourth Annual Meeting of the Board of Governors

September 28–30, 1999

International Monetary Fund

Washington, D.C.

ISSN 0074–7025 • ISBN 1–55775–879–4

Contents

• Speakers by Session

• Introductory Note

• Address by the President of the United States, William J. Clinton

• Opening Address by the Chairman of the Boards of Governors and Governor of the Bank and the Fund for Nepal, Mahesh Acharya

• Opening Address by the President of the World Bank Group, James D. Wolfensohn

• Presentation of the Fifty-Fourth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus

• Report to the Board of Governors of the International Monetary Fund by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System, Gordon Brown

• Report to the Boards of Governors of the Bank and the Fund by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Tarrin Nimmanahaeminda

• Statements by the Governors for

  • Armenia—Levon V. Barkhoudarian

  • Australia—Peter Costello

  • Austria—Wolfgang Ruttenstorfer

  • Bangladesh—Shah A.M.S. Kibria

  • Belarus—Gennady V. Novitsky

  • Belgium—Didier Reynders

  • Belize—Ralph Fonseca*

  • Bosnia and Herzegovina—Mirsad Kurtovic

  • Cambodia—Keat Chhon and Chea Chan To

  • Canada—James Peterson

  • China—Xiang Huaicheng

  • Croatia—Marko Skreb

  • Cyprus—Takis Klerides

  • Fiji—Jone Yavala Kubuabola

  • France—Jean-Claude Trichet

  • Germany—Ernst Welteke

  • Greece—Yannos Papantoniou

  • India—Yashwant Sinha

  • Indonesia—Boediono

  • Iran, Islamic Republic of—Hossein Namazi

  • Iraq—Issam Rashid Hwaish

  • Ireland—Charlie McCreevey

  • Israel—Avraham B. Shochat

  • Italy—Giuliano Amato

  • Japan—Masaru Hayami

  • Korea—Bong-Kyun Kang

  • Lao People’s Democratic Republic—Boungnang Vorachith

  • Latvia—Roberts Zile*

  • Lebanon—Georges Corm

  • Libyan Arab Jamahiriya—Mohamed A. Bait Elmal

  • Madagascar—Tantely R.G. Andrianarivo*

  • Malaysia—Dato’ Mustapa Mohamed

  • Malta—John Dalli

  • Mauritania—Mahfoudh Ould Mohamed Ali*

  • Mongolia—Yansanjav Ochirsukh

  • Myanmar—U Khin Maung Thein

  • Nepal—Ram Binod Bhattarai

  • Netherlands—Gerrit Zalm

  • New Zealand—Sir William F. Birch

  • Norway—Svein Ingvar Gjedrem*

  • Norway—Hilde Frafjord Johnson*

  • Pakistan—M. Ishaq Dar

  • Papua New Guinea—John R. Kaputin

  • Paraguay—Federico Antonio Zayas Chirife

  • Peru— Victor Joy Way

  • Poland—Hanna Gronkiewicz-Waltz

  • Portugal—Antonio de Sousa Franco

  • Russian Federation— Viktor Khristenko

  • Sri Lanka—G.L. Peiris

  • Switzerland—Kaspar Villiger

  • Thailand—Chatu Mongol Sonakul

  • Turkey—Selcuk Demiralp

  • Turkmenistan—Khudaiberdy Orazov

  • United Arab Emirates—Mohammed Khalfan bin Khirbash

  • United Kingdom—Gordon Brown

  • Vanuatu—Sela Molisa*

  • Vietnam—Le Duc Thuy

• Concluding Remarks

  • Statements by The Governor of the Bank for South Africa, Trevor Andrew Manuel

  • The Chairman of the Boards of Governors and the Governor of the Bank and the Fund for Nepal, Mahesh Acharya

  • The President of the World Bank Group, James D. Wolfensohn

  • The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus

    • Documents and Resolutions of the Board of Governors

• Schedule of Meetings

• Provisions Relating to the Conduct of the Meetings

• Agenda

• Reports of the Joint Procedures Committee

  • Report II

  • Report III

• Resolutions

  • 54-1 Amendment of Section 14(f) of the By-Laws

  • 54-2 Salary of the Managing Director

  • 54-3 Direct Remuneration of Executive Directors and their Alternates

  • 54-4 Maternity Leave for Executive Directors and their Alternates

  • 54-5 Financial Statements, Report on Audit, and Administrative and Capital Budgets

  • 54-6 Amendment of Section 20(b), (c), (d), (e), and (f) of the By-Laws

  • 54-7 Amendments of the Rules and Regulations

  • 54-8 Forthcoming Annual Meetings

  • 54-9 International Monetary and Financial Committee of the Board of Governors

  • 54-10 Off-Market Transactions in Gold by the Fund

• Joint Meeting of the Interim and Development Committees, Joint Statement by Co-Chairmen

• Interim Committee of the Board of Governors on the International Monetary System

  • Press Communiqué (September 26, 1999)

  • Interim Committee Composition (as of September 26, 1999)

• Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee)

  • Press Communiqué (September 27, 1999)

  • Development Committee Composition (as of September 27, 1999)

• Attendance

  • Members of Fund Delegations

  • Observers, Representatives of International Organizations, and Special Invitees

• Executive Directors, Alternates, and Advisors

• List of Abbreviations

SPEAKERS BY SESSION

• Opening Joint Session

  • Opening Address by the Chairman of the Boards of Governors and Governor of the Bank and the Fund for Nepal, Mahesh Acharya

  • Opening Address by the President of the World Bank Group,James D. Wolfensohn

  • Presentation of the Fifty–Fourth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus

  • Report to the Board of Governors of the International Monetary Fund by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System,Gordon Brown

  • Report to the Boards of Governors of the Bank and the Fund by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Tarrin Nimmanahaeminda

  • Statements by the Governors for

    • Italy—Giuliano Amato

    • Turkey—Selcuk Demiralp

    • France—Jean-Claude Trichet

• Second Joint Session

  • Statements by the Governors for

    • Indonesia—Boediono

    • United Kingdom—Gordon Brown

    • Paraguay—Federico Antonio Zayas Chirife

    • Sri Lanka—G.L. Peiris

    • Japan—Masaru Hayami

    • Germany—Ernst Welteke

    • China—Xiang Huaicheng

    • Switzerland—Kaspar Villiger

    • Portugal—Antonio de Sousa Franco

    • Australia—Peter Costello

    • Mauritania—Mahfoudh Ould Mohamed Ali*

    • Netherlands—Gerrit Zalm

    • Malaysia—Dato’ Mustapha Mohamed

    • Israel—Avraham B. Shochat

• Third Joint Session

  • Statements by the Governors for

    • Pakistan—M. Ishaq Dar

    • Norway—Hilde Frafjord Johnson*

    • New Zealand—Sir William F. Birch

    • Bangladesh—Shah A.M.S. Kibria

    • Peru—Victor Joy Way

    • Belgium—Didier Reynders

    • Belize—Ralph Fonseca*

    • Korea—Bong-Kyun Kang

    • Ireland—Charlie McCreevey

    • Canada—James Peterson

    • Greece—Yannos Papantoniou

    • India—Yashwant Sinha

    • Bosnia and Herzegovina—Mirsad Kurtovic

• Fourth Joint Session

  • Address by the President of the United States, William J. Clinton

  • Statements by the Governors for

    • Madagascar—Tantely R.G. Andrianarivo*

    • Vanuatu—Sela Molisa*

    • Norway—Svein Ingvar Gjedrem*

    • Thailand—Chatu Mongol Sonakul

    • Lebanon—Georges Corm

    • Nepal—Ram Binod Bhattarai

    • Iran, Islamic Republic of—Hossein Namazi

    • Vietnam—Le Duc Thuy

    • Poland—Hanna Gronkiewicz-Waltz

    • Myanmar—U Khin Maung Thein

    • Armenia—Levon V. Barkhoudarian

    • Latvia—Roberts Zile*

    • Croatia—Marko Skreb

    • Libyan Arab Jamahiriya—Mohamed A. Bait Elmal

    • Mongolia—Yansanjav Ochirsukh

• Fifth Joint Session

  • Statements by

    • Austria—Wolfgang Ruttenstorfer

    • Cambodia—Keat Chhon and Chea Chan To

    • Cyprus—Takis Klerides

    • Fiji—Jone Yavala Kubuabola

    • Iraq—Issam Rashid Hwaish

    • Lao People’s Democratic Republic—Boungnang Vorachith

    • Malta—John Dalli

    • Papua New Guinea—John R. Kaputin

    • Russian Federation—Viktor Khristenko

    • Turkmenistan—Khudaiberdy Orazov

    • Belarus—Gennady V. Novitsky

    • United Arab Emirates—Mohammed Khalfan bin Khirbash

• Concluding Remarks

  • Statements by

    • The Governor of the Bank for South Africa, Trevor Andrew Manuel

    • The Chairman of the Boards of Governors and the Governor of the Bank and the Fund for Nepal, Mahesh Acharya

    • The President of the World Bank Group, James D. Wolfensohn

    • The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus

INTRODUCTORY NOTE

The Fifty-Fourth Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C., from September 28 through September 30, 1999, jointly with the Annual Meetings of the Board of Governors of the World Bank Group. The Honorable Mahesh Acharya, Governor of the Bank and the Fund for Nepal, served as Chairman.

These Proceedings include statements presented by Governors during the meetings; resolutions adopted by the Board of Governors of the Fund over the past year; reports, recommendations, or communiqués issued by the Committees of the Board of Governors at the time of the meetings; and other documents relating to the meetings.

Statements by the Governors are listed in alphabetical order by country on pages iii–iv, speakers are listed by session on pages vii–ix, and a list of abbreviations used in the statements and documents is given on pages 335–6.

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SHAILENDRA J. ANJARIA

Secretary

International Monetary Fund

Washington, D.C. November 1, 1999