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International Monetary Fund

Abstract

As the central institution in the international monetary and payments system, the IMF must be in a position to assist any of its member countries having balance of payments difficulties. It must also be prepared, at all times, to guard against unexpected events that might threaten the stability of the system. The IMF needs adequate financial resources to carry out these responsibilities. This is particularly important now, given the fundamental political and economic changes that are taking place in the former Soviet Union, Eastern Europe, and in many other parts of the world. This pamphlet takes a brief look at the functions of the IMF, why it needs more resources, and how these resources will be used.

International Monetary Fund

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.

Vaclav Havel

Abstract

Let me welcome all of you to the Czech Republic and to Prague. My welcome extends to the official participants in the Annual Meeting of the International Monetary Fund and the World Bank Group, to all business people, bankers, economists, political scientists, environmentalists, thinkers, journalists, and, indeed, to all people of good will who have come here because this is an occasion to discuss and possibly also to help determine our common future. This country and its capital city are greatly honored to be the venue of this major assembly, which brings together thousands of people from all countries and continents—including persons wielding a far-reaching influence—in the very year that the commonly used chronology views as a turn of ages. For us it means an honor, a joy, as well as a great challenge, and a major commitment. I trust that Prague—hosting such a gathering of a truly global significance for the first time in more than a thousand years of its history—will offer a good environment for the deliberations and will be reflected favorably both in the memory of its participants and in the history of global cooperation. Surely this city possesses certain historical prerequisites. Over the course of centuries—among other things because of its geographical position in the center of Europe—it has witnessed not only confrontations and conflicts but also creative encounters, mutual respect, reciprocal influence, and cooperation among various cultures; various peoples and ethnic groups; and various spiritual currents and social movements. This pluralism has helped to shape its visage. It would be good if, after decades of oppression, of life without freedom, of bent backs, and of imposed isolation, we succeeded in rediscovering this ancient tradition and offered this city as a congenial setting for the world’s open debate about itself.

William J. Clinton

Abstract

Thank you very much, Secretary Summers, President Wolfensohn, Chairman Acharya, Director Camdessus, Vice President Fall, Secretary Anjaria. Let me begin by saying how very grateful I am to be here with all of you. I appreciate the generous introduction. Some of you may have heard me say this before, but the introduction that Secretary Summers just gave me is an illustration of one of my unbending laws of political life: whenever possible, be introduced by someone you have appointed to high office. It is much easier, because he has done such a superb job, and I thank him.

International Monetary Fund

Abstract

Quota resources are the basic source of the financing the IMF provides, although it can borrow temporarily to supplement them. Each member of the IMF has a quota, which is determined in a manner that broadly reflects the member’s economic position relative to other members. A member’s quota is the most important element in its financial and organizational relationship with the IMF. The subscription payment by a member, its voting power, its maximum access to financing from the IMF, and its share in allocations of SDRs—all depend on its quota.

International Monetary Fund

Abstract

On June 28, 1990, the IMF’s Board of Governors adopted a resolution calling for a 50 percent increase in IMF quotas, from SDR 90,132.55 million to SDR 135,214.7 million (from about $125 billion to about $185 billion). (Since then, a number of countries have joined the IMF, and quotas of current members as of June 1, 1992 amount to SDR 96,053.05 million. Proposed quotas of current members under the Ninth Review would amount to SDR 143,969.1 million.) The agreed increase in the size of the IMF reflects the Interim Committee’s restatement at its September 1989 meeting of the central role of the IMF in the international monetary system, the need for the IMF to be adequately endowed so as to maintain an effective presence at the center of the system, and to preserve its basic monetary character. The IMF’s Executive Board agreed that this character must be preserved by ensuring that the IMF would continue to provide balance of payments assistance on a temporary basis, that its resources revolve, and that it would continue to hold a level of usable assets sufficient to protect the liquidity and immediate usability of members’ claims, thereby maintaining members’ confidence in and support of the institution. The accompanying table indicates the amounts of Eighth Review quotas and those proposed under the Ninth Review for current members and prospective members with approved membership resolutions as of June 1, 1992.