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Mr. Chairman, Governors, honored guests, it is a pleasure to welcome you to these Annual Meetings. I would like to join Chairman Macki in extending special greetings to our newest member country, Timor-Leste, and to wish the Timor-Leste authorities every success in their task of building a new nation.

Mr. Jeremy Clift

This paper highlights that the Washington Consensus helped fill the need for an economic policy framework following the discrediting of central planning and import-substitution trade strategies. Latin American governments championed the Consensus in the early 1990s, and the policy agenda delivered some of the things it was supposed to—healthier budgets, lower inflation, lower external debt ratios, and economic growth. But unemployment rose in many countries and poverty remained widespread, while the emphasis on market openness made states vulnerable to the side effects of globalization.

International Monetary Fund


Meetings of the Joint Development Committee were held jointly with the Board of Governors of the Bank. The sessions of the Annual Meetings were held jointly with the Boards of Governors of the World Bank Group.

Mr. Steven A. Symansky, Mr. Abdelrahmi Bessaha, Mr. Edouard Martin, Abhisek Banerjee (all MCD), and Theo Thomas (FAD)

This Selected Issues paper provides a preliminary view on Afghanistan’s external competitiveness through a review of some macroeconomic, microeconomic, and institutional indicators. It discusses the rebuilding of domestic revenue, and analyzes the macroeconomic impact of the drug economy and the counternarcotics efforts. The paper provides, whenever available, statistical information on the real, fiscal, monetary, and external sectors. It also contains a list of state-owned enterprises and an updated summary of the tax system as of end-December 2005.


Managing Director Köhler, President Wolfensohn, my fellow Governors, Excellencies, ladies, and gentlemen, it is my great privilege to welcome you to the 2002 Annual Meetings of the International Monetary Fund and the World Bank Group. On behalf of the Boards of Governors, I would like to express our sincere appreciation to the President and the people of the United States of America for their hospitality. I would also like to extend our deep gratitude to the authorities and the people of Washington, D.C. for hosting these meetings. Let me also extend a special welcome to the newest member of the Fund and the World Bank Group, the newly independent nation of Timor-Leste.


It is my pleasure to welcome you to these Annual Meetings. I would like to extend my appreciation to the U.S. authorities for making our meeting in Washington possible and to the D.C. government, the D.C. Police Department, and to all the security personnel for all their support throughout the meetings.


Representing 183 economies across the world, the International Monetary and Financial Committee met here in Washington this weekend—knowing that we are being tested by the risks in the world economy, but resolved to build on our shared sense of common purpose.