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SUMMARY PROCEEDINGS 1967

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SUMMARY PROCEEDINGS OF THE TWENTY-SECOND ANNUAL MEETING OF THE BOARD OF GOVERNORS

SEPTEMBER 1967

WASHINGTON, D. C.

Contents

• Introductory Note

• Address by the President of Brazil, Arthur da Costa e Silva

• Opening Address by the Chairman of the Boards of Governors of the Bank, IFC, and IDA, the Governor of the Bank, IFC, and IDA for Norway, Kåre Willoch

• Presentation of the Twenty-Second 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 Second Joint Session

  • Statements by the Governors for

    • Ghana—A. A. Afrifa

    • Korea—Bong Kyun Suh

    • Australia—William McMahon

    • Malaysia—Tan Siew Sin

    • Germany—Karl Schiller

    • Japan—Mikio Mizuta

    • United Kingdom—James Callaghan

    • India—Morarji R. Desai

    • France—Michel Debré

    • Yugoslavia—Janko Smole

    • United States—Henry H. Fowler

    • Iraq—Abdul Rahman Al Habeeb

    • Trinidad and Tobago—Francis C. Prevatt

    • Ceylon—U. B. Wanninayake

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

  • Statements by the Governors for

    • United Arab Republic—Hassan Abbas Zaki

    • Central African Republic—Alexandre Banza

    • Israel—David Horowitz

    • Canada—Mitchell Sharp

    • China—Ching-Yu Chen

    • Honduras—Manuel Acosta Bonilla

    • Netherlands—H. J. Witteveen

    • Tanzania—Paul Bomani

    • Nepal—Kirti Nidhi Bista

    • Paraguay—César Romeo Acosta

    • Somalia—Hagi Farah Ali Omar

• Discussion of Fund Policy by Governors at Fund Session

  • Statements by the Governors for

    • The Gambia—S. S. Sisay

    • Turkey—Cihat Bilgehan

    • South Africa—Nicolaas Diederichs

    • Belgium—Hubert Ansiaux

    • Philippines—Andres V. Castillo

    • Ethiopia—Menasse Lemma

    • Niger—Courmo Barcourgné

    • Netherlands—J. Zijlstra

    • Greece—Demetrius Galanis

    • Tanzania—A. H. Jamal

    • Ireland—Charles J. Haughey

    • Sweden—Per V. Åsbrink

    • Israel—Pinhas Sapir

    • New Zealand—R. D. Muldoon

    • Brazil—Antônio Delfim Netto

    • Italy—Emilio Colombo

    • Congo, Democratic Republic of—Albert Ndele

    • Denmark—Erik Hoffmeyer

    • Indonesia—Radius Prawiro

    • Spain—Faustino García Moncó

    • Paraguay—César Barrientos

    • Syrian Arab Republic—Mouaffaq Shourbaji

• Discussion of Fund Policy at Closing Joint Session

  • Statements by the Governors for

    • Nigeria—A. A. Atta

    • Liberia—J. Milton Weeks

    • Pakistan—N. M. Uquaili

    • Sudan—Abdalla Siddig Ghandour

    • Jamaica—Edward Seaga

    • Uganda—L. Kalule-Settala

    • Indonesia—Frans Seda

    • Kenya—J. S. Gichuru

    • Sierra Leone—B. I. Kai-Samba

    • Haiti—Clovis Desinor

    • Algeria—Seghir Mostefai

    • Burundi—Eric Manirakiza

    • Burma—U Kyaw Nyein

    • Malawi—J. Z. U. Tembo

    • Austria—Hugo Rottky

• Concluding Remarks

  • Statements by

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

    • Closing Remarks by the Chairman of the Board of Governors of the Fund, the Governor of the Fund for Norway, Erik Brofoss

• Schedule of Meetings

• Provisions Relating to the Conduct of the Meetings

• Reports of the Joint Procedures Committee

  • Report I

    • Attachment: Draft Resolution

  • Report III

    • Annex I Agenda

    • Annex II General Reserve

    • Annex III Membership for Botswana

    • Annex IV Special Drawing Rights

  • Report IV

• Resolutions

  • 22-1 Increase in the Quota of Peru

  • 22-2 Increase in the Quota of Korea

  • 22-3 Increase in the Quota of Viet-Nam

  • 22-4 Membership for The Gambia

  • 22-5 Financial Statements, Report on Audit, and Administrative Budget

  • 22-6 General Reserve

  • 22-7 Membership for Botswana

  • 22-8 Establishment of a Facility Based on Special Drawing Rights in the Fund and Modifications in the Rules and Practices of the Fund

    • Attachment: Outline of a Facility Based on Special Drawing Rights in the Fund

  • 22-9 Stabilization of Prices of Primary Products

  • 22-10 Appreciation

• Attendance

  • Members of Fund Delegations

  • Observers

• Executive Directors and Alternates

• Guide to Statements by Governors

  • Alphabetical List, by Country, of Governors’ Statements

  • List of Principal Topics Discussed

Introductory Note

The Twenty-Second Annual Meeting of the Board of Governors of the International Monetary Fund was held in Rio de Janeiro, Brazil, from September 25 through September 29, 1967, under the Chairmanship of the Honorable Erik Brofoss, Governor for Norway. 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. Mr. Brofoss and the Honorable Kåre Willoch, Governor of the Bank, IFC, and IDA for Norway, acted as Chairmen of the Meetings.

These Summary Proceedings include statements, or portions of statements, relating to the work of the Fund which were made by the Governors during the Meetings; omitted passages are indicated by dots (…). The statements are presented in chronological order. Resolutions adopted by the Board of Governors of the Fund, reports and recommendations of the Joint Procedures Committee, and other documents relating to the conduct of the Meetings are also included. A list of statements arranged alphabetically by country and a list of the principal topics discussed will be found on pages 303-307.

Statements 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.

W. Lawrence Hebbard

Secretary

International Monetary Fund

Washington, D.C.

November 28, 1967