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International Monetary Fund. Secretary's Department

Abstract

It is a great personal privilege to welcome to our country and to our capital city the Governors of the International Bank, the International Monetary Fund, and the International Finance Corporation. We are honored by the presence of such distinguished company in our midst. I think that in these days and times it would not be amiss for me to say that the welcome I assure you is not perfunctory. We are delighted you are here. We are more than pleased that you have again assembled to tackle problems through your daily meetings that are important to the whole world. So I assure you that the welcome, both officially and personally, is a very warm and sincere one.

International Monetary Fund. Secretary's Department

Abstract

May I first of all thank the many Governors who have spoken appreciatively of the Fund’s activities during the last year, and also acknowledge the kind words that have been directed to me personally.

International Monetary Fund. Secretary's Department

Abstract

May I offer my congratulations to the Managing Director for the excellent report he placed before us of the operation of monetary policies in the member countries. I would also like to take this opportunity to extend my welcome to these four countries which are becoming members in the Fund.

International Monetary Fund. Secretary's Department

Abstract

Other Members: China, Ecuador, Finland, France, India, Syria, the Union of South Africa, the United Kingdom and the United States.

International Monetary Fund. Secretary's Department

Abstract

At the opening of this Annual Meeting, I wish, first of all, to express on your behalf the deep appreciation we all feel for the generous hospitality of the Government of the United States of America and for the heart-warming greeting of President Eisenhower. And I wish, also, to express our thanks for the friendly welcome that has been extended to all of us, the Governors, our Alternates and advisers, and to our distinguished observers and guests. In turn, speaking for you, I welcome with great pleasure Mr. Per Jacobsson, the new Managing Director of the Fund, and the representatives of our new members, Ghana, Ireland, Saudi Arabia, and the Sudan.

International Monetary Fund
The medium-term income projections have been updated since the last estimate provided to the Executive Board in April 2014. The main changes to the outlook stem from a lower path for credit outstanding and expectations for a more gradual rise in interest rates. The revised projections show lower levels of net operational income over the coming years. Lending income is lower compared with earlier estimates as a result of lower credit levels, including the advance repurchases by Ireland and Portugal. Non-lending income is also projected to be lower reflecting a further downward shift in SDR interest rates and, thus, returns on investments and interest-free resources. The updated expenditure path assumes the net administrative budget remains constant in real terms at the FY 2012 level. The long-run projections indicate a broad balance between income and expenditures, assuming that interest rates rise to 3.5 percent and with lending returning to pre-crisis levels. The pace of reserve accumulation is expected to slow, reflecting the decline in Fund credit, and precautionary balances are now projected to remain slightly below the projected target of SDR 20 billion over the medium term compared with the earlier estimates.
International Monetary Fund. Secretary's Department

Abstract

In presenting the Annual Report of the Executive Directors to the Board of Governors, it has become customary for the Managing Director to open his statement by welcoming the new members to the Fund. I am glad to extend today a friendly greeting to the Governors for Ghana, Ireland, Saudi Arabia and the Sudan, who are participating for the first time in an Annual Meeting of our institution. Of the 64 countries which are at present members of the Fund, 23 have joined since 1946. The increase in the membership reflects, I think, a recognition of the role which the Fund is able to play as a center for monetary cooperation on an international basis.

International Monetary Fund. Secretary's Department

Abstract

On October 18, 1956, the Fund received from the Government of Israel a request for an increase in its quota in the Fund from $4.5 million to $18 million. The Executive Board resolved on January 9, 1957, that action on the request should not be postponed until the next regular meeting of the Board of Governors.

International Monetary Fund. Secretary's Department

Abstract

Mr. Chairman, I should like first of all to convey to you as well as to Mr. Black and Mr. Jacobsson the apologies of the Finance Minister, Mr. Gaillard,3 who is detained in Paris by his official duties. He was looking forward with much pleasure to his Washington visit and would have been extremely interested to attend your Meetings. He would certainly have been most anxious to add his own wishes to those that have been paid our two organizations, as well as the International Finance Corporation, for their efforts during the past year and for the reports they made of their activities.