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SUMMARY PROCEEDINGS 1977

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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

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