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

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