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International Monetary Fund. Secretary's Department

Abstract

It gives me great satisfaction to be able to welcome you most warmly to Spain on the occasion of the Annual Meetings of the International Monetary Fund and the World Bank. In this year in which we are celebrating the fiftieth anniversary of the Bretton Woods Agreements, the fact that you should have chosen Madrid as the venue for this all-important occasion is an honor and a privilege for us. We wish to show you our gratitude with our finest tradition of hospitality.

International Monetary Fund. Secretary's Department

Abstract

On behalf of the Government and people of Benin, I wish to thank you for bestowing on Benin the honor of chairing the Boards of Governors of the International Monetary Fund and the World Bank Group for the coming year. The task will be all the more demanding since we shall be following your chairmanship. I would like to express our appreciation to you for the able and efficient manner in which you have conducted these meetings.

International Monetary Fund. Secretary's Department

Abstract

It is my great pleasure and true privilege to be able to address the joint Annual Meetings of the International Monetary Fund and the World Bank Group in such a beautiful city as Madrid. First of all, I would like to congratulate you on the fiftieth anniversary of the successful work of the Bretton Woods institutions. It is a respectable time span in the work of any international organization.

International Monetary Fund. Secretary's Department

Abstract

I stand here today as a very proud South African. Although South Africa was a founding member of the Bretton Woods institutions, it is significant that, in the golden anniversary year of these institutions, my country for the first time represents all its people at the Annual Meetings. We would like to thank the Fund and the Bank and the broader international community for the support and understanding provided to South Africa during the period of political transition. In particular, we express our deep appreciation for the financial assistance provided under the compensatory and contingency financing facility. Policy advice and technical assistance on matters pertaining to taxation, exchange arrangements, and customs administration have also been most useful.

International Monetary Fund. Secretary's Department

Abstract

I am pleased to have this opportunity to report to the Governors, in my capacity as Chairman of the Interim Committee, on the work of the Committee over the past twelve months. At its spring meeting on April 25, the Committee encouraged industrial countries to adjust macroeconomic policy to sustain the recovery with low inflation, while addressing decisively fiscal imbalances and proceeding with labor market reforms. The Committee also encouraged developing countries and countries in transition to pursue strong adjustment programs supported by adequate financial assistance. Finally, the Committee requested the Executive Board to continue to work on an SDR allocation and on strengthening Fund surveillance with a view to reporting back on these issues at its meeting in Madrid.

International Monetary Fund. Secretary's Department

Abstract

This annual report deals with the work of the Development Committee for the year ended June 30, 1994. During this period, the Committee had two meetings chaired by my predecessor, Minister Rudolf Hommes of Colombia. I would like to pay tribute to his distinguished work.

International Monetary Fund. Secretary's Department

Abstract

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.

International Monetary Fund. Secretary's Department

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.