SUMMARY PROCEEDINGS 1965

SUMMARY PROCEEDINGS OF THE TWENTIETH ANNUAL MEETING OF THE BOARD OF GOVERNORS

SEPTEMBER 27-OCTOBER 1, 1965

WASHINGTON, D. C.

Contents

• Alphabetical List, by Country, of Governors’ Statements

• Introductory Note

• Address by the President of the United States of America, Lyndon B. Johnson

• Opening Address by the Chairman of the Boards of Governors, the Governor for Ethiopia, Yilma Deressa

• Presentation of the Twentieth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Pierre-Paul Schweitzer

• Discussion of Fund Policy at Opening Joint Session

  • Statements by the Governors for

    • Trinidad and Tobago—A. N. R. Robinson

    • Nigeria—Chief Festus Sam Okotie-Eboh

    • Italy—Emilio Colombo

    • Malaysia—Tan Siew Sin

• Discussion of Fund Policy by Governors at Bank, IFC, and IDA Session

  • Statements by the Governors for

    • Canada—Walter L. Gordon

    • Cameroon—Victor Kanga

    • Iran—Jamshid Amuzegar

    • Viet-Nam—Truong Thai Ton

    • Ghana—K. Amoako-Atta

    • Central African Republic—Albert Payao

• Discussion of Fund Policy by Governors at Fund Session

  • Statements by the Governors for

    • Iraq—Khair El-Din Haseeb

    • Australia—Harold Holt

    • Yugoslavia—Nikola Miljanić

    • United Kingdom—James Callaghan

    • China—Kan Lee

    • Japan—Takeo Fukuda

    • Ireland—John Lynch

    • United States—Henry W. Fowler

    • United Arab Republic—Nazih A. Deif

    • Germany, Federal Republic of—Karl Blessing

    • Somalia—Scek Abdi Hagi Abicar

    • France—Valéry Giscard d’Estaing

    • Belgium—Hubert Ansiaux

    • Greece—Xenophon Zolotas

    • Spain—Faustino García Moncó

    • South Africa—G. W. G. Browne

    • Philippines—Andres V. Castillo

    • Netherlands—M. W. Holtrop

    • Argentina—Juan Carlos Pugliese

    • New Zealand—H. R. Lake

    • India—S. Bhoothalingam

    • Burundi—Donatien Bihute

    • Sweden—Per Åsbrink

    • Denmark—Erik Hoffmeyer

    • Israel—Jacob Arnon

    • Austria—Reinhard Kamitz

    • Congo, Democratic Republic of—Albert Ndele

    • Afghanistan—Habibullah Mali Achaczai

    • Korea—Seung Hi Hong

    • Liberia—Charles Dunbar Sherman

    • Guinea—Moussa Diakite

    • Uganda—L. Kalule-Settala

    • Nepal—Pradumna Lal Rajbhandary

    • Tanzania—A. Z. N. Swai

    • Kenya—J. S. Gichuru

    • Turkey—Ihsan Gursan

    • Paraguay—Edgar F. Taboada

• Discussion of Fund Policy by Governors at Bank, IFC, and IDA Session

  • Statements by the Governors for

    • Zambia—A. N. L. Wina

    • Congo (Brazzaville)—Edouard Ebouka-Babackas

    • United Arab Republic—A. M. El Kaissouni

    • Sudan—Hussain El Shareef Yousif El Hindi

    • Paraguay—César Romeo Acosta

    • Ceylon—U. B. Wanninayake

    • Dahomey—François Aplogan

    • Malawi—J. Z. U. Tembo

    • Jamaica—D. B. Sangster

    • Ethiopia—Menasse Lemma

• Discussion of Fund Policy at Second Joint Session

  • Statements by the Governors for

    • Bolivia—Carlos Alcoreza Melgarejo

    • Algeria—Ahmed Kaïd

    • Pakistan—Mohammad Shoaib

• Concluding Remarks by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Pierre-Paul Schweitzer

• Reports of the Joint Procedures Committee

  • Report I

    • Annex I Schedule of Meetings

    • Annex II Provisions Relating to the Conduct of the Meetings

    • Annex III Agenda

  • Report III

    • Annex I

    • Annex II

  • Report IV

• Resolutions

  • 20-1 Increase in the Quota of Ceylon

  • 20-2 Increase in the Quota of Guatemala

  • 20-3 Increase in the Quota of Saudi Arabia

  • 20-4 Increase in the Quota of the Syrian Arab Republic

  • 20-5 Increase in the Quota of Thailand

  • 20-6 Increases in Quotas of Members—Fourth Quinquennial Review: First Resolution

  • 20-7 Increases in Quotas of Members—Fourth Quinquennial Review: Second Resolution

  • 20-8 Membership for Zambia

  • 20-9 Increase in the Quota of Jordan

  • 20-10 Increase in the Quota of Iraq

  • 20-11 Increase in the Quota of Jamaica

  • 20-12 Increase in the Quota of Liberia

  • 20-13 Increase in the Quota of Morocco

  • 20-14 Allowances for Governors Attending the 1965 Annual Meeting

  • 20-15 Financial Statements, Report on Audit, and Administrative Budget

  • 20-16 General Reserve

  • 20-17 Amendments of the Rules and Regulations

• Attendance

  • Members of Delegations

  • Observers

• Executive Directors and Alternates

• Appendices

  • Communiqué of the Ministers and Governors of the “Group of Ten” Issued on September 28, 1965

  • Reference List of Principal Topics

Statements by Governors

Listed in Alphabetical Order by Country

• Afghanistan—Habibullah Mali Achaczai

• Algeria—Ahmed Kaïd

• Argentina—Juan Carlos Pugliese

• Australia—Harold Holt

• Austria—Reinhard Kamitz

• Belgium—Hubert Ansiaux

• Bolivia—Carlos Alcoreza Melgarejo

• Burundi—Donatien Bihute

• Cameroon—Victor Kanga

• Canada—Walter L. Gordon

• Central African Republic—Albert Payao

• Ceylon—U. B. Wanninayake

• China—Kan Lee

• Congo (Brazzaville)—Edouard Ebouka-Babackas

• Congo, Democratic Republic of—Albert Ndele

• Dahomey—François Aplogan

• Denmark—Erik Hoffmeyer

• Ethiopia—Menasse Lemma

• France—Valéry Giscard d’Estaing

• Germany, Federal Republic of—Karl Blessing

• Ghana—K. Amoako-Atta

• Greece—Xenophon Zolotas

• Guinea—Moussa Diakite

• India—S. Bhoothalingam

• Iran—Jamshid Amuzegar

• Iraq—Khair El-Din Haseeb

• Ireland—John Lynch

• Israel—Jacob Arnon

• Italy—Emilio Colombo

• Jamaica—D. B. Sangster

• Japan—Takeo Fukuda

• Kenya—J. S. Gichuru

• Korea—Seung Hi Hong

• Liberia—Charles Dunbar Sherman

• Malawi—J. Z. U. Tembo

• Malaysia—Tan Siew Sin

• Nepal—Pradumna Lal Rajbhandary

• Netherlands—M. W. Holtrop

• New Zealand—H. R. Lake

• Nigeria—Chief Festus Sam Okotie-Eboh

• Pakistan—Mohammad Shoaib

• Paraguay—César Romeo Acosta

• Edgar F. Taboada

• Philippines—Andres V. Castillo

• Somalia—Scek Abdi Hagi Abicar

• South Africa—G. W. G. Browne

• Spain—Faustino García Moncó

• Sudan—Hussain El Shareef Yousif El Hindi

• Sweden—Per Åsbrink

• Tanzania—A. Z. N. Swai

• Trinidad and Tobago—A. N. R. Robinson

• Turkey—Ihsan Gursan

• Uganda—L. Kalule-Settala

• United Arab Republic—Nazih A. Deif

• A. M. El Kaissouni

• United Kingdom—James Callaghan

• United States—Henry W. Fowler

• Viet-Nam—Truong Thai Ton

• Yugoslavia—Nikola Miljanić

• Zambia—A. N. L. Wina

Introductory Note

The Twentieth Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C., from September 27 through October 1, 1965, under the Chairmanship of the Honorable Yilma Deressa, Governor for Ethiopia. The Meeting was held in conjunction with the Annual Meetings of the Boards of Governors of the International Bank for Reconstruction and Development and its affiliates.

These Summary Proceedings include addresses, or portions of addresses, relating to the work of the Fund which were made by the Governors during the Meetings; omitted passages are indicated by dots (…). The addresses are presented in chronological order. Resolutions adopted by the Board of Governors of the Fund and the reports and recommendations of the Joint Procedures Committee are also included here. A reference list of the principal topics discussed in the addresses will be found on pages 282-83.

Addresses relating to the work of the Bank are reproduced in the Summary Proceedings of the Annual Meetings of the Bank and its affiliates, issued by the Bank.

Roman L. Horne

Secretary

International Monetary Fund

Washington, D.C.

November 1, 1965