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.

©2007 International Monetary Fund

ISSN 0074-7025

ISBN 978-1-58906-648-9

Contents

  • List of Abbreviations

  • Introductory Note

  • Address by the Prime Minster of Singapore, Lee Hsien Loong

  • Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for Guyana, Bharrat Jagdeo

  • Opening Address by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Rodrigo de Rato y Figaredo

  • Opening Address by the President of the World Bank Group, Paul Wolfowitz

  • Report to the Board of Governors of the International Monetary Fund by the Chairman of the International Monetary and Financial Committee of the Board of Governors, Gordon Brown

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

  • Statements by the Governors for Algeria, Mourad Medelci

  • Australia, Peter Costello

  • Bangladesh, M. Saifur Rahman

  • Belarus, Andrei V. Kobyakov

  • Belgium, Guy Quaden

  • Brunei Darussalam, Pehin Dato Abdul Rahman Ibrahim

  • Cambodia, Chea Chanto and Aun Porn Moniroth

  • Canada, James M. Flaherty

  • China, Zhou Xiaochuan

  • Croatia, Boris Vujcic

  • Cyprus, Michael Sarris

  • Fiji, Savenaca Narube

  • Finland, Eero Heinäluoma

  • France, Christian Noyer

  • Germany, Peer Steinbrück

  • Greece, George Alogoskoufis

  • India, P. Chidambaram

  • Indonesia, Ms. Sri Mulyani Indrawati

  • Iran, Islamic Republic of, Davoud Danesh Ja’fari

  • Ireland, John Hurley

  • Israel, Abraham Hirchson

  • Italy, Tommaso Padoa-Schioppa

  • Japan, Kazuyoshi Akaba

  • Korea, Okyu Kwon

  • Lao People’s Democratic Republic, Chansy Phosikham

  • Latvia, Irena Krumane

  • Malaysia, Tan Sri Nor Mohamed Yakcop

  • Malta, Michael C. Bonello

  • Myanmar, Hla Tun

  • Nepal, Ram Sharan Mahat

  • Netherlands, Nout Wellink

  • New Zealand, Michael Cullen

  • Pakistan, Salman Shah

  • Papua New Guinea, Rabbie Namaliu

  • Philippines, Margarito B. Teves

  • Poland, Leszek Balcerowicz

  • Portugal, Carlos Costa Pina

  • Russian Federation, Aleksei Kudrin

  • Serbia, Radovan Jelasic

  • Slovenia, Božo Jašovič

  • Solomon Islands, Gordon Darcy Lilo

  • Spain, David Vegara Figueras

  • Sri Lanka, Sarath Leelananda Bandara Amunugama

  • Sweden, Stefan Ingves

  • Switzerland, Jean Pierre Roth

  • Thailand, Thanong Bidaya

  • Tonga, Siosiua T. T. ‘Utoikamanu

  • Trinidad and Tobago, Conrad Enill

  • Turkey, Ali Babacan

  • Ukraine, V. Makukha

  • United States, Clay Lowery

  • Vietnam, Le Duc Thuy

  • Concluding Remarks

    • Statements by The Governor of the Bank for Algeria, Mourad Medelci

    • The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Rodrigo de Rato y Figaredo

    • The Chairman of the Boards of Governors and the Governor of the Fund and the Bank for Guyana, Bharrat Jagdeo

  • 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 I

      • Report III

    • Resolutions

      • 61-1 Forthcoming Annual Meetings of the Boards of Governors—Proposed Dates for the 2007 and 2008 Annual Meetings in Washington D.C.

      • 61-2 Direct Remuneration of Executive Directors and their Alternates

      • 61-3 2006 Regular Election of Executive Directors

      • 61-4 2009 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund

      • 61-5 Quota and Voice Reform in the International Monetary Fund

      • 61-6 Financial Statements, Report on Audit, and Administrative and Capital Budgets

      • 61-7 Amendment of Rules and Regulations

      • 61-9 Resolution of Appreciation

    • International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund Press Communiqué (September 17, 2006)

    • International Monetary and Financial Committee Composition (as of September 17, 2006)

    • 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 18, 2006)

    • Development Committee Composition (as of September 18, 2006)

    • Attendance

      • Members of Fund Delegations

      • Observers, Representatives of International Organizations, and Special Invitees

      • Executive Directors, Alternates, and Advisors

List of Abbreviations

AML

anti-money laundering

AsDB

Asian Development Bank

ASEAN

Association of South East Asian Nations

BT

business technology

BWI

Bretton Woods institutions

CARICOM

Caribbean Community

CCL

Contingent Credit Line

CFT

combating the financing of terrorism

CIS

Commonwealth of Independent States

CPI

consumer price index

DAC

Development Assistance Committee

ESF

Exogenous Shock Facility

EU

European Union

FATF

Financial Action Task Force

FDI

foreign direct investment

FSAP

Financial Sector Assessment Program

G-8

Group of Eight Finance Ministers

GDP

gross domestic product

GNI

gross national income

HIPC

heavily indebted poor country (Initiative for Heavily Indebted Poor Countries)

IBRD

International Bank for Reconstruction and Development

IDA

International Development Association

IDA-15

fifteenth replenishment of IDA

IFC

International Finance Corporation

IFI

international financial institution

IMF

International Monetary Fund

IMFC

International Monetary and Financial Committee

LIC

low-income countries

MDBs

multilateral development banks

MDGs

Millennium Development Goals

MDRI

Multilateral Debt Relief Initiative

MIC

middle-income countries

MIGA

Multilateral Investment Guarantee Agency

MTS

Medium-Term Strategy

NGO

nongovernmental organization

ODA

official development assistance

OECD

Organization for European Cooperation and Development

PAL

Programmatic Adjustment Loan

PRGF

Poverty Reduction and Growth Facility

PRSC

Poverty Reduction Support Credit

PRSP

Poverty Reduction Strategy Paper

PSI

private sector involvement

ROSC

Report on Observance of Standards and Codes

SMEs

small and medium-sized enterprises

UN

United Nations

UNCTAD

United Nations Conference on Trade and Development

UNDP

United Nations Development Program

WTO

World Trade Organization

INTRODUCTORY NOTE

The Sixtieth Annual Meeting of the Board of Governors of the International Monetary Fund was held in Singapore on September 19–20, 2006, jointly with the Annual Meetings of the Board of Governors of the World Bank Group. The Honorable Bharrat Jagdeo, Governor of the Fund and the Bank for Guyana, served as Chairman. These Proceedings include statements presented by Governors during the meetings; resolutions adopted by the Board of Governors of the Fund since the last Annual Meeting in September 2005; 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.

Shailendra J. Anjaria

Secretary

International Monetary Fund

Washington, D. C.

November 1, 2006