Title Page

Summary Proceedings

of the Fiftieth Annual Meeting of the Board of Governors

October 10–12, 1995

International Monetary Fund

Washington, D.C.

Contents

• Introductory Note

• Address by the President of the United States, Bill Clinton

• Opening Address by the Chairman of the Boards of Governors, and Governor of the Bank and the Fund for Benin, Paul Dossou

• Opening Address by the President of the World Bank Group, James D. Wolfensohn

  • Presentation of the Fiftieth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus

• First Joint Session

  • Report to the Board of Governors of the International Monetary Fund by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System, Philippe Maystadt

  • Report to the Boards of Governors of the Bank and the Fund by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Mohamed Kabbaj

• Second Joint Session

  • Statements by the Governors for

    • Spain—Pedro Solbes*

    • United States—Robert E. Rubin

    • Germany—Theo Waigel

    • Italy—Lamberto Dini

    • Indonesia—Mar’ie Muhammad

    • United Kingdom—Edward A.J. George

    • China—Liu Zhongli

    • France—Jean Arthuis

    • Sweden—Goran Persson*

    • Japan—Yasuo Matsushita

    • Switzerland—Otto Stick

    • Australia—Ralph Willis

    • Korea—Jae-hyong Hong

    • Ireland—Ruairi Quinn

    • Netherlands—GerritZalm

• Third Joint Session

  • Statements by the Governors for

    • Philippines—Roberto F De Ocampo

    • Iran, Islamic Republic of—Morteza Mohammad-Khan

    • Brazil—Pedro Sampaio Malan*

    • India—Manmohan Singh

    • Poland—Hanna Gronkiewicz-Waltz

    • Barbados—Owen S. Arthur*

    • Portugal—Eduardo de Almeida Catroga

    • Gabon—Marcel Doupamby Matoka*

    • Denmark—Marianne Jelved*

    • Argentina—Domingo Felipe Cavallo*

    • South Africa—Christo Ferro Liebenberg

    • Canada—Douglas Peters

• Fourth Joint Session

  • Statements by the Governors for

    • Thailand—Surakiart Sathirathai

    • Nepal—Ram S. Mahat

    • Greece—Yannos Papantoniou

    • Malaysia—Dato’ Seri Anwar bin Ibrahim

    • New Zealand—W.F. Birch

    • Bangladesh—M. Saifur Rahman

    • Belgium—Philippe Maystadt

    • Lebanon—Fuad A.B. Siniora*

    • Pakistan—V.A. Jafarey

    • Ukraine—Ihor Mitiukov

    • Estonia—Mart Opmann*

    • Kazakstan—Viktor Vasilyevich Sobolev

    • Vietnam—Cao Sy Kiem

    • El Salvador—Manuel Enrique Hinds

    • Libyan Arab Jamahiriya—Mohamed A. Bait Elmal

    • Myanmar—Win Tin

    • Israel—Avraham B. Shochat

• Fifth Joint Session

  • Statements by the Governors for

    • Marshall Islands—Ruben R. Zackhras*

    • Afghanistan, Islamic State of—Abdul Qader Fitrat

    • Armenia—Hrant A. Bagratian

    • Croatia—Bozo Prka

    • Brunei Darussalam—Dato Ahmad Wally Skinner

    • Austria—Andreas Staribacher

    • Tonga—Kinikinilau Tutoatasi Fakafanua

    • Papua New Guinea—Christopher Haiveta

    • Malta—John Dalli

    • Sri Lanka—Gamini Lakshman Peiris

    • Russian Federation—Anatoli Chubais

    • Cambodia—Keat Chhon

    • Turkey—Ayfer Yilmaz

    • Lao People’s Democratic Republic—Xaysomphone Phomvihane

    • Fiji—Berenado Vunibobo

• Concluding Remarks

  • Statements by

    • Chile—Eduardo Aninat

    • The President of the World Bank Group, James D. Wolfensohn

    • The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus

    • The Chairman of the Boards of Governors and Governor of the Bank and the Fund for Benin, Paul Dossou

• Documents and Resolutions of the Board of Governors

  • Schedule of Meetings

  • Provisions Relating to the Conduct of the Meetings

  • Agenda

  • Reports of the Joint Procedures Committee

    • Report I

    • Report IV

    • Report V

  • Resolutions

    • 50-1 Tenth General Review of Quotas—Completion of Review Under Article HI, Section 2

    • 50-2 Direct Remuneration of Executive Directors and Their Alternates

    • 50-3 Membership for Brunei Darussalam

    • 50-4 Financial Statements, Report on Audit, and Administrative and Capital Budgets

  • Interim Committee of the Board of Governors on the International Monetary System

    • Press Communiqué (October 8, 1995)

    • Composition (as of October 8, 1995)

  • 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)

    • Press Communiqué (October 9, 1995)

    • Composition (as of October 9, 1995)

  • Attendance

    • Members of Fund Delegations

    • Observers, Representatives of International Organizations, and Special Invitees

  • Executive Directors, Alternates, and Advisors

  • List of Abbreviations Used

Statements by Governors Listed in Alphabetical Order by Country

• Afghanistan, Islamic State of—Abdul Qader Fitrat

• Argentina—Domingo Felipe Cavallo

• Armenia—Hrant A. Bagratian

• Australia—Ralph Willis

• Austria—Andreas Staribacher

• Bangladesh—M. Saifur Rahman

• Barbados—Owen S. Arthur

• Belgium—Philippe Maystadt

• Benin—Paul Dossou

• Brazil—Pedro Sampaio Malan

• Brunei Darussalam—Dato Ahmad Wally Skinner

• Cambodia—Keat Chhon

• Canada—Douglas Peters

• Chile—Eduardo Aninat

• China—Liu Zhongli

• Croatia—Bozo Prka

• Denmark—Marianne Jelved

• El Salvador—Manuel Enrique Hinds

• Estonia—Mart Opmann

• Fiji—Berenado Vunibobo

• France—Jean Arthuis

• Gabon—Marcel Doupamby Matoka

• Germany—Theo Waigel

• Greece—Yannos Papantoniou

• India—Manmohan Singh

• Indonesia—Mar’ie Muhammad

• Iran, Islamic Republic of—Morteza Mohammad-Khan

• Ireland—Ruairi Quinn

• Israel—Avraham B. Shochat

• Italy—Lamberto Dini

• Japan—Yasuo Matsushita

• Kazakstan—Viktor Vasilyevich Sobolev

• Korea—Jae-hyong Hong

• Lao People’s Democratic RepublicXaysomphone Phomvihane

• Lebanon—Fuad A.B. Siniora

• Libyan Arab Jamahiriya—Mohamed A. Bait Elmal

• Malaysia—Dato’ Seri Anwar bin Ibrahim

• Malta—John Dalli

• Marshall Islands—Ruben R. Zackhras

• Myanmar—Win Tin

• Nepal—Ram S. Mahat

• Netherlands—Gerrit Zalm

• New Zealand—W.F. Birch

• Pakistan—V.A. Jafarey

• Papua New Guinea—Christopher Haiveta

• Philippines—Roberto F. De Ocampo

• Poland—Hanna Gronkiewicz-Waltz

• Portugal—Eduardo de Almeida Catroga

• Russian Federation—Anatoli Chubais

• South Africa—Christo Ferro Liebenberg

• Spain—Pedro Solbes

• Sri Lanka—Gamini Lakshman Peiris

• Sweden—Göran Persson

• Switzerland—Otto Stich

• Thailand—Surakiart Sathirathai

• Tonga—Kinikinilau Tutoatasi Fakafanua

• Turkey—Ayfer Yilmaz

• Ukraine—Ihor Mitiukov

• United Kingdom—Edward A.J. George

• United States—Robert E. Rubin

• Vietnam—Cao Sy Kiem

Introductory Note

The Fiftieth Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C. from October 10 through October 12, 1995, jointly with the Annual Meetings of the Boards of Governors of the World Bank Group. The Honorable Paul Dossou, Governor of the Bank and the Fund for Benin, served as Chairman.

These Proceedings include statements presented by Governors during the meetings, resolutions adopted by the Board of Governors of the Fund over the past year, reports, recommendations, or communiqués issued by the Committees of the Board of Governors at the time of the meetings, and other documents relating to the meetings.

Statements by the Governors are listed in alphabetical order by country on pages vii and viii, and a list of abbreviations used in the statements and documents is given on page 306.

Leo Van Houtven

Secretary

International Monetary Fund

Washington, D.C.

November 1, 1995