| Chairmen | Norway |
| Vice Chairmen | Malaysia |
| Sierra Leone | |
| Reporting Members | Honduras |
| Chairmen | Norway |
| Vice Chairmen | Malaysia |
| Sierra Leone | |
| Reporting Members | Honduras |
Other Members: Algeria, Austria, Brazil, Cameroon, Canada, Chile, China, France, Germany, India, Kenya, Lebanon, Luxembourg, United Kingdom, United States
Report I1
September 25, 1967
At its meeting held on September 25, 1967, the Committee considered a request submitted by Governors of the Bank and the Fund for Cameroon, Central African Republic, Congo (Brazzaville), Ivory Coast, Dahomey, France, Gabon, Upper Volta, Madagascar, Mali, Mauritania, Niger, Senegal, Chad and Togo to add to the Agendas for this Annual Meeting of the Boards of Governors of the Bank and of the Fund an item on Stabilization of Prices of Primary Products (Attachment).
The Committee recommends that an item on Stabilization of Prices of Primary Products be added to the Agendas of the Boards of Governors of the Bank and the Fund for this Annual Meeting.
| Approved: | |
| /s/ Kåre Willoch | /s/ M. Acosta B. |
| Chairman—Norway | Reporting Member—Honduras |
| (Bank, IFC, and IDA) | (Bank, IFC, and IDA) |
| /s/ Erik Brofoss | /s/ Roberto Ramírez |
| Chairman—Norway (Fund) | Reporting Member—Honduras (Fund) |
| Approved: | |
| /s/ Kåre Willoch | /s/ M. Acosta B. |
| Chairman—Norway | Reporting Member—Honduras |
| (Bank, IFC, and IDA) | (Bank, IFC, and IDA) |
| /s/ Erik Brofoss | /s/ Roberto Ramírez |
| Chairman—Norway (Fund) | Reporting Member—Honduras (Fund) |
Attachment to Report I
Original: French
Dakar, September 22, 1967
Translation
Draft Resolution
For inclusion in the Agenda of the Annual Meeting of Governors of the IMF and the IBRD in Rio de Janeiro, Brazil
Considering the decisive importance of the stabilization of prices for primary products at a remunerative level for the economic advancement of the developing countries and the improvement of the standard of living of their populations, the Governors meeting in Dakar request that in Rio study be made of the conditions in which IMF, IBRD and IDA could participate in the elaboration of suitable mechanisms involving balanced commitments on the part both of the producing and of the consuming countries, and devote the necessary resources thereto.
Signed:
Nko’o Etoungou, Cameroon
Alexandre Banza and Bernard Ayandho, Central African Republic
Edouard Ebouka-Babackas, Congo (Brazzaville)
Konan Bedie, Ivory Coast
Bertin Borna and Stanislas Kpognon, Dahomey
Michel Debre, France
Pierre Mebaley and Pierre Fanguinoveny, Gabon
Tiemoko Garango and Pierre Claver Damiba, Upper Volta
Victor Miadana and Rakotovao Ralison, Madagascar
Louis Negre, Mali
M. S. M’Khaitirat and B. M. Wane, Mauritania
Courmo Barcourgne and Alidou Barkire, Niger
Jean Collin and Habib Thiam, Senegal
Abakar Sanga Traore and Georges Diguimbaye, Chad
Boukari Djobo and Paulin Eklou, Togo
Report III1
September 28, 1967
At the meeting of the Joint Procedures Committee held on September 28, 1967, the items of business on the agenda [Annex I] of the Board of Governors of the International Monetary Fund were considered.
The Committee submits the following report and recommendations.
1. 1967 Annual Report
The Committee noted that provision had been made for the annual discussion of the business of the Fund.
2. Financial Statements, Report on Audit, and Administrative Budget
The Committee considered the Report on Audit for the Fiscal Year ended April 30, 1967 and the Financial Statements contained therein (Fund Document No. 4 and Appendix VI of the 1967 Annual Report), and the Administrative Budget for the Fiscal Year ending April 30, 1968 (Fund Document No. 6 and Appendix IV of the 1967 Annual Report).
The Committee recommends to the Board of Governors the adoption of the draft Resolution set forth in Fund Document No. 5.2
3. General Reserve
The Committee considered the recommendation of the Executive Directors and the considerations relating thereto set forth in the letter of transmittal of September 11, 1967 from the Managing Director and Chairman of the Executive Board to the Chairman of the Board of Governors with respect to the allocation to the General Reserve of the Fund’s net income for the Fiscal Year ended April 30, 1967 [Annex II].
The Committee recommends that the Board of Governors adopt the draft Resolution contained in Fund Document No. 7.3
4. Membership—Botswana
The Committee considered the recommendation of the Executive Directors regarding the admission of Botswana to membership in the Fund [Annex III].
The Committee recommends that the Board of Governors adopt the draft Resolution set forth in Fund Document No. 8.4
5. Establishment of Facility Based on Special Drawing Rights in the Fund and Modifications in the Rules and Practices of the Fund
The Committee considered the draft Resolution concerning the Establishment of a Facility Based on Special Drawing Rights in the Fund and Modifications in the Rules and Practices of the Fund (Fund Document No. 9) [Annex IV].
The Committee recommends that the Board of Governors adopt the draft Resolution set forth in Fund Document No. 9.5
6. Stabilization of Prices of Primary Products
The Committee considered the request6 of Governors of Cameroon, Central African Republic, Congo, Ivory Coast, Dahomey, France, Gabon, Upper Volta, Madagascar, Mali, Mauritania, Niger, Senegal, Chad and Togo relating to Stabilization of Prices of Primary Products (Fund Document No. 10) and prepared the text of a draft resolution on that subject.
The Committee recommends that the Board of Governors adopt the attached Resolution entitled Stabilization of Prices of Primary Products.7
| Approved: | |
| /s/ Erik Brofoss | /s/ Roberto Ramírez |
| Chairman—Norway | Reporting Member—Honduras |
| Approved: | |
| /s/ Erik Brofoss | /s/ Roberto Ramírez |
| Chairman—Norway | Reporting Member—Honduras |
Annex I to Report III. Agenda
| 1. | 1967 Annual Report | |
| 2. | Financial Statements and Audit Report | |
| (Appendix VI of 1967 Annual Report and Fund Documents Nos. 4 and 5) | ||
| 3. | Administrative Budget for Fiscal Year ending April 30, 1968 | |
| (Appendix IV of 1967 Annual Report and Fund Documents Nos. 5 and 6) | ||
| 4. | General Reserve | |
| (Fund Document No. 7) | ||
| 5. | Membership—Botswana | |
| (Fund Document No. 8) | ||
| 6. | Establishment of Facility Based on Special Drawing Rights in the Fund and Modifications in Rules and Practices of the Fund | |
| (Fund Document No. 9) | ||
| 7. | Place and Date of 1969 Annual Meeting | |
| 8. | Election of Officers and Joint Procedures Committee for 1967-68 | |
| 9. | Stabilization of Prices of Primary Products 8 | |
| 1. | 1967 Annual Report | |
| 2. | Financial Statements and Audit Report | |
| (Appendix VI of 1967 Annual Report and Fund Documents Nos. 4 and 5) | ||
| 3. | Administrative Budget for Fiscal Year ending April 30, 1968 | |
| (Appendix IV of 1967 Annual Report and Fund Documents Nos. 5 and 6) | ||
| 4. | General Reserve | |
| (Fund Document No. 7) | ||
| 5. | Membership—Botswana | |
| (Fund Document No. 8) | ||
| 6. | Establishment of Facility Based on Special Drawing Rights in the Fund and Modifications in Rules and Practices of the Fund | |
| (Fund Document No. 9) | ||
| 7. | Place and Date of 1969 Annual Meeting | |
| 8. | Election of Officers and Joint Procedures Committee for 1967-68 | |
| 9. | Stabilization of Prices of Primary Products 8 | |
Annex II to Report III
September 11, 1967
Dear Mr. Chairman:
For the fiscal year ended April 30, 1967, the Fund had net income of $50,426,541.55. In accordance with Article XII of the Articles of Agreement, the Governors must determine annually what part of the Fund’s income shall be placed to reserve and what part, if any, shall be distributed.
At the Twenty-First Annual Meeting, the Board of Governors approved the allocation to the General Reserve of the net income for the fiscal year ended April 30, 1966 (Resolution No. 21-10).
Pursuant to the decision taken by the Executive Board on April 14, 1958, the net income of the Fund subsequent to April 30, 1966 has been transferred provisionally at the end of each month to the General Reserve. The total amount thus transferred for the fiscal year ended April 30, 1967 is $50,426,541.55.
The Executive Directors recommend that the Board of Governors adopt the attached draft Resolution9 approving this allocation to the General Reserve. However, the Executive Directors believe that the Fund’s reserves have reached a level which would justify the future distribution of some part of net income if no unforeseen developments occur in the financial position of the Fund. They would expect to take these considerations into account in making their recommendation for the fiscal year ending April 30, 1968. The recommendation would also take into account current discussions, which are likely to continue during the coming months, on the establishment in the Fund of a facility based on special drawing rights and on modifications in the rules and practices of the Fund. Discussions on the latter include the possibility of modifying the provisions of Article XII, Section 6(b) with respect to the distribution of net income.
Very truly yours,
/s/
Pierre-Paul Schweitzer
Managing Director
and
Chairman of the Executive Board
Chairman of the Board of Governors
1967 Annual Meeting
International Monetary Fund
Annex III to Report III
September 25, 1967
Dear Mr. Chairman:
I am transmitting herewith on behalf of the Executive Board a proposed Resolution,10 which is recommended for adoption by the Board of Governors, on the admission of Botswana to membership in the Fund.
Very truly yours,
/s/
Pierre-Paul Schweitzer
Managing Director
and
Chairman of the Executive Board
Chairman of the Board of Governors
1967 Annual Meeting
International Monetary Fund
Annex IV to Report III
September 25, 1967
Dear Mr. Chairman:
I am transmitting herewith on behalf of the Executive Board a proposed Resolution,11 which is recommended for adoption by the Board of Governors, on the establishment of a facility based on special drawing rights in the Fund and on modifications in the Rules and Practices of the Fund.
Very truly yours,
/s/
Pierre-Paul Schweitzer
Managing Director
and
Chairman of the Executive Board
Chairman of the Board of Governors
1967 Annual Meeting
International Monetary Fund
Report IV 1
September 28, 1967
The Joint Procedures Committee met on September 28, 1967, and submits the following report:
1. 1969 Annual Meetings
The Committee recommends that the 1969 Annual Meetings of the Boards of Governors be convened in Washington, D.C.
2. Officers and Joint Procedures Committee
The Committee recommends that the Governor for Ceylon be elected Chairman, and that the Governors for Dahomey and Turkey be elected Vice Chairmen, of the Boards of Governors of the Fund and of the Bank and its Affiliates to hold office until the close of the next Annual Meetings.
It is further recommended that a Joint Procedures Committee be established to be available after the termination of these Meetings, and until the close of the next Annual Meetings, for consultation at the discretion of the Chairman normally by correspondence and, if occasion requires, by convening; and that this Committee shall consist of the Governors for the following members: Afghanistan, Australia, Ceylon, Democratic Republic of the Congo, Dahomey, Ecuador, Finland, France, Germany, India, Jordan, Laos, Nicaragua, Spain, Sudan, Tanzania, Turkey, United Kingdom, United States and Venezuela.
It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for Ceylon and the Vice Chairmen shall be the Governors for Dahomey and Turkey and that the Governor for Australia shall serve as Reporting Member.
| Approved: | |
| /s/ Kåre Willoch | /s/ M. Acosta B. |
| Chairman—Norway | Reporting Member—Honduras |
| (Bank, IFC, and IDA) | (Bank, IFC, and IDA) |
| /s/ Erik Brofoss | /s/ Roberto Ramírez |
| Chairman—Norway (Fund) | Reporting Member—Honduras (Fund) |
| Approved: | |
| /s/ Kåre Willoch | /s/ M. Acosta B. |
| Chairman—Norway | Reporting Member—Honduras |
| (Bank, IFC, and IDA) | (Bank, IFC, and IDA) |
| /s/ Erik Brofoss | /s/ Roberto Ramírez |
| Chairman—Norway (Fund) | Reporting Member—Honduras (Fund) |
Report I and the recommendations therein were adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA, in Joint Session, on September 26, 1967.
Report II dealt with the business of the Boards of Governors of Bank, IFC, and IDA. Report III and the Resolutions recommended therein were adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC, and IDA, on September 29, 1967.
Resolution No. 22-5; see page 268.
Resolution No. 22-6; see page 268.
Resolution No. 22-7; see page 269.
Resolution No. 22-8; see page 271.
Attachment to Joint Procedures Committee Report I; see page 254.
Resolution No. 22-9; see page 280.
Item 9 was added to the Agenda on September 26, 1967; see page 253.
Resolution No. 22-6; see page 268.
Resolution No. 22-7; see page 269.
Resolution No. 22-8; see page 271.
Report IV and the recommendations therein were adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA, in Joint Session, on September 29, 1967.