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.

Summary Proceedings

Annual Meeting 2008

International Monetary Fund

Summary Proceedings

of the Sixty-Second Annual Meeting of the Board of Governors October 13, 2008

International Monetary Fund

Washington, D.C.

©2012 International Monetary Fund

ISSN 0074-7025

ISBN 978-1-58906-905-3

Contents

  • List of Abbreviations

  • Introductory Note

  • Opening Address by the Chairman of the Boards of Governors of the Fund and the Bank, at the Joint Annual Discussion

  • Zoran Stavreski

  • Opening Address by the Chairman of the Executive Board and Managing Director of the International Monetary Fund,

  • Dominique Strauss-Kahn

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

  • Robert B. Zoellick

  • 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,

  • Youssef Boutros-Ghali

  • 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),

  • Agustín Carstens

  • Statements by the Governors for

  • Afghanistan, Anwar Ul-Haq Ahady

  • Australia, Wayne Swan, M.P

  • Bahamas, The, Hubert A. Ingraham

  • Bangladesh, A.B. Mirza Md. Azizul Islam

  • Belgium, Jean-Pierre Arnoldi

  • Bolivia, Luis Alberto Arce Catacora

  • Cambodia, Chea Chanto and Aun Porn Moniroth

  • Canada, James M. Flaherty

  • China, Yi Gang

  • Croatia, Republic of, Boris Vujĉić

  • Estonia, Republic of, Ivari Padar*

  • Fiji, Peceli Vocea

  • France, Christine Lagarde

  • Germany, Hermann Remsperger

  • Greece, George Alogoskoufis

  • Haiti, Daniel Dorsainvil

  • Iceland, Arni M. Mathiesen*

  • India, Ashok Chawla*

  • Indonesia, Boediono and Sri Mulyani Indrawati

  • Iran, Islamic Republic of, Seyyed Shams Al-din Hosseini

  • Ireland, Martin Mansergh

  • Israel, Zvi Ekstein

  • Japan, Masaaki Shirakawa

  • Kiribati, Natan Teewe*

  • Korea, Republic of, Man-Soo Kang

  • Lao People’s Democratic Republic, Viengthong Siphandone

  • Malaysia, Wan Abdul Aziz Wan Abdullah

  • Malta, Michael C. Bonello

  • Moldova, Republic of, Mariana Durleaşteanu

  • Myanmar, U Than Nyein

  • Nepal, Baburam Bhattarai

  • Netherlands, Ruud Treffers

  • New Zealand, John Whitehead

  • Pakistan, Shaukat Tarin

  • Philippines, Margarito B. Teves

  • Poland, Republic of, Pawel Samecki

  • Russian Federation, Aleksei L. Kudrin

  • Sierra Leone, David O. Carew*

  • Spain, Pedro Solbes Mira

  • Sri Lanka, Sarath Amunugama

  • Sudan, Awad Ahmed Elgaz*

  • Switzerland, Jean-Pierre Roth

  • Thailand, Suchart Thada-Thamrongvech

  • Timor-Leste, Democratic Republic of, Emilia Pires

  • Tonga, ‘Otenifi Afu‘alo Matoto

  • Turkey, Mehmet Şimşek

  • United States, Clay Lowery

  • Vietnam, Nguyen Van Giau

  • * Speaking on behalf of a group of countries.

  • Concluding Remarks

    • Statements by

    • The Governor of the Fund for Vietnam, Nguyen van Giau 179

    • The Chairman of the Executive Board and Managing Director of the International Monetary Fund,Dominique Strauss-Kahn

    • The Chairman of the Boards of Governors and the Governor of the Fund and the Bank, Zoran Stavreski

  • 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

    • 63–1 Thirteenth General Review of Quotas

    • 63–2 Reform of Quota and Voice in the International Monetary Fund

    • 63–3 Proposed Amendment of the Articles of Agreement of the International Monetary Fund to Expand the Investment Authority of the International Monetary Fund

    • 63–4 Direct Remuneration of Executive Directors and their Alternates

    • 63–5 2008 Regular Election of Executive Directors

    • 63–6 Reimbursement for Reasonable Expenses Incurred by Governors and Alternates in Attending Meetings of the Board of Governors—Amendment of Section 14(a) of the By-Laws

    • 63–7 Financial Statements, Report on Audit, and Administrative and Capital Budgets

  • International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund Press Communiqué (October 11, 2008)

  • International Monetary and Financial Committee Composition (as of October 11, 2008)

  • 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 (October 12, 2008)

  • Development Committee Composition (as of October 12, 2008)

  • 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

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

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 GuaranteeAgency

MTS

Medium-Term Strategy

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

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 Sixty-Second Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C. on October 13, 2008, jointly with the Annual Meetings of the Boards of Governors of the World Bank Group. The Honorable Zoran Stavreski, Governor of the Bank and the Fund for the Former Yugoslav Republic of Macedonia, 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 October 2007; 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, 2008