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SUMMARY PROCEEDINGS 1977
Title Page
SUMMARY PROCEEDINGS OF THE THIRTY-SECOND ANNUAL MEETING OF THE BOARD OF GOVERNORS
SEPTEMBER 26-30, 1977
WASHINGTON, D. C.
Contents
Introductory Note
Address by the President of the United States of America, Jimmy Carter
Opening Address by the Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Ireland, George Colley
Presentation of the Thirty-Second Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, H. Johannes Witteveen
Discussion of Fund Policy at Second Joint Session
Statements by the Governors for
Belgium—Gaston Geens
Japan—Hideo Boh
Greece—Xenophon Zolotas
Austria—Hannes Androsch
Korea—Yong Hwan Kim
Sweden—Gösta Bohman
Netherlands—W. F. Duisenberg
Discussion of Fund Policy at Third Joint Session
Statements by the Governors for
Indonesia—Ali Wardhana
India—H. M. Patel
United Kingdom—Denis W. Healey
United States—W. Michael Blumenthal
Cameroon—Marcel Yondo
France—Robert Boulin
Brazil—Mario Henrique Simonsen
Germany, Federal Republic of—Hans Apel
New Zealand—R. D. Muldoon
Discussion of Fund Policy at Fourth Joint Session
Statements by the Governors for
South Africa—Owen P. F. Horwood
Western Samoa—Vaovasamanaia R. P. Phillips
Italy—Gaetano Stammati
Malaysia—Richard Ho Ung Hun
Canada—Jean Chrétien
Algeria—Mohamed Seddik Benyahia
Australia—Phillip R. Lynch
Luxembourg—Jacques F. Poos
Malta—Joseph Abela
Discussion of Fund Policy at Fifth Joint Session
Report by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Cesar E. A. Virata
Report by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System, Denis W. Healey
Statements by the Governors for
Spain—José María López de Letona
Yugoslavia—Momčilo Cemović
Egypt—Abdel Moneim El Kaissouni
Norway—Hallvard Bakke
Bangladesh—M. N. Huda
Sri Lanka—Ronnie de Mel
Barbados—J. M. G. M. Adams
Mexico—Julio Rodolfo Moctezuma
Pakistan—A. G. N. Kazi
Mauritius—Sir Veerasamy Ringadoo
Paraguay—Oscar Jacinto Obelar
Discussion of Fund Policy at Sixth Joint Session
Statements by the Governors for
Thailand—Amnuay Viravan
Afghanistan—Abdul Wahed Karim
Trinidad and Tobago—Overand R. Padmore
Romania—Mihai Diamandopol
Lao People’s Democratic Republic—Bousbong Souvannavong
Nepal—Bhekh B. Thapa
China, Republic of—Kuo-Hwa Yu
Fiji—H. J. Tomkins
Jamaica—David H. Coore
Viet Nam—Tran Duong
Concluding Remarks
Statements by
The Alternate Governor of the Bank for Malaysia, Richard Ho Ung Hun
The Governor of the Fund for Yugoslavia, Ksente Bogoev
The Chairman of the Executive Board and Managing Director of the International Monetary Fund, H. Johannes Witteveen
The Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Ireland, George Colley
Schedule of Meetings
Provisions Relating to the Conduct of the Meetings
Agenda
Reports of the Joint Procedures Committee
Report II
Annex I Report of the Development Committee
Annex II Amendments of Rules and Regulations
Annex III Membership for Maldives
Annex IV Membership for São Tomé and Principe
Report III
Annex I 1979 Annual Meetings in Belgrade, Yugoslavia
Resolutions
32-1 Direct Remuneration of Executive Directors and Their Alternates
32-2 Amendment of Section 14(a) of the By-Laws
32-3 Financial Statements, Report on Audit, and Administrative Budget
32-4 Amendments of the Rules and Regulations
32-5 Membership for Maldives
32-6 Membership for São Tomé and Principe
Interim Committee of the Board of Governors on the International Monetary System
Press Communiqué, September 24, 1977
Composition (as of September 24, 1977)
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)
Composition (as of September 25, 1977)
Attendance
Members of Fund Delegations
Observers
Executive Directors, Alternates, and Advisors
Reference List of Principal Topics Discussed
List of Abbreviations Used
Statements by Governors
Listed in Alphabetical Order by Country
Afghanistan—Abdul Wahed Karim
Algeria—Mohamed Seddik Benyahia
Australia—Phillip R. Lynch
Austria—Hannes Androsch
Bangladesh—M. N. Huda
Barbados—J. M. G. M. Adams
Belgium—Gaston Geens
Brazil—Mario Henrique Simonsen
Cameroon—Marcel Yondo
Canada—Jean Chrétien
China, Republic of—Kuo-Hwa Yu
Egypt—Abdel Moneim El Kaissouni
Fiji—H. J. Tomkins
France—Robert Boulin
Germany, Federal Republic of—Hans Apel
Greece—Xenophon Zolotas
India—H. M. Patel
Indonesia—Ali Wardhana
Italy—Gaetano Stammati
Jamaica—David H. Coore
Japan—Hideo Boh
Korea—Yong Hwan Kim
Lao People’s Democratic Republic—Bousbong Souvannavong
Luxembourg—Jacques F. Poos
Malaysia—Richard Ho Ung Hun
Malta—Joseph Abela
Mauritius—Sir Veerasamy Ringadoo
Mexico—Julio Rodolfo Moctezuma
Nepal—Bhekh B. Thapa
Netherlands—W. F. Duisenberg
New Zealand—R. D. Muldoon
Norway—Hallvard Bakke
Pakistan—A. G. N. Kazi
Paraguay—Oscar Jacinto Obelar
Romania—Mihai Diamandopol
South Africa—Owen P. F. Horwood
Spain—José Maria López de Letona
Sri Lanka—Ronnie de Mel
Sweden—Gösta Bohman
Thailand—Amnuay Viravan
Trinidad and Tobago—Overand R. Padmore
United Kingdom—Denis W. Healey
United States—W. Michael Blumenthal
Viet Nam—Tran Duong
Western Samoa—Vaovasamanaia R. P. Phillips
Yugoslavia—Momčilo Cemović
Introductory Note
The Thirty-Second Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C. from September 26 through September 30, 1977, jointly with the Annual Meetings of the Boards of Governors of the International Bank for Reconstruction and Development, the International Finance Corporation, and the International Development Association. The Hon. George Colley, Governor for Ireland, served as Chairman.
These Summary Proceedings include statements, or portions of statements, relating to the work of the Fund presented by Governors during the Meetings, resolutions adopted by the Board of Governors of the Fund over the past year, reports and recommendations of the Joint Procedures Committee, and other documents relating to the Meetings. The statements are arranged in chronological order; the insertion of dots (…) within statements indicates where passages have been omitted.
A reference list of principal topics discussed in the statements will be found on pages 291-94.
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.
Leo Van Houtven
Secretary
International Monetary Fund
Washington, D. C.
December 1, 1977