Title Page

Summary Proceedings

of the Fifty-Second Annual Meeting of the Board of Governors

September 23-25, 1997

International Monetary Fund

Washington, D.C

Contents

• Introductory Note

• Address by the Premier of the State Council of the People’s Republic of China, Li Peng

• Address by the Chief Executive of the Hong Kong Special Administrative Region of the People’s Republic of China, Tung Chee-Hwa

• Opening Address by the Chairman of the Boards of Governors, and Governor of the Bank and the Fund for the United Arab Emirates, Mohammed K. Khirbash

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

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

• 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), Driss Jettou

• Statements by the Governors for

  • Albania

  • Armenia

  • Australia

  • Austria

  • Bahamas, The^*

  • Bangladesh

  • Belgium

  • Bosnia and Herzegovina

  • Bosnia and Herzegovina

  • Cambodia

  • Canada

  • Chile^*

  • China, People’s Republic of

  • Colombia^*

  • Cyprus

  • Egypt^*

  • Ethiopia^*

  • Fiji

  • Finland^*

  • France

  • Germany

  • Greece

  • Iceland^*

  • India

  • Indonesia

  • Iran, Islamic Republic of

  • Iraq

  • Ireland

  • Israel

  • Italy

  • Japan

  • Korea

  • Lao People’s Democratic Republic

  • Libyan Arab Jamahiriya

  • Lithuania^*

  • Luxembourg^*

  • Malaysia

  • Malta

  • Mongolia

  • Myanmar

  • Nepal

  • Netherlands

  • New Zealand

  • Pakistan

  • Papua New Guinea

  • Paraguay

  • Philippines

  • Poland

  • Portugal

  • Russian Federation

  • Samoa^*

  • Spain

  • Sri Lanka

  • Swaziland

  • Switzerland

  • Tajikistan

  • Thailand

  • Tonga

  • Turkey

  • Ukraine

  • United Kingdom

  • United States

  • Vietnam

• Concluding Remarks

  • Statements by

    • The Governor of the Fund for Austria, Klaus Liebscher

    • 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 the United Arab Emirates, Mohammed K. Khirbash

• 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 II

  • Report III

• Resolutions

  • 52-1 Amendment of Section 5 of the By-Laws of the Fund

  • 52-2 Salary of the Managing Director

  • 52-3 Direct Remuneration of Executive Directors and Their Alternates

  • 52-4 Special One-Time Allocation of SDRs—Proposed Fourth Amendment of the Articles of Agreement

  • 52-5 Financial Statements, Report on Audit, and Administrative and Capital Budgets

  • 52-6 Appreciation

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

  • Press Communiqué (September 21, 1997)

  • Statement of the Interim Committee on the Liberalization of Capital Movements Under an Amendment of the Articles

  • Composition (as of September 21, 1997)

• 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 (September 22, 1997)

  • Composition (as of September 22, 1997)

• Attendance

  • Members of Fund Delegations

  • Observers, Representatives of International Organizations, and Special Invitees

• Executive Directors, Alternates, and Advisors

• List of Abbreviations

Introductory Note

The Fifty-Second Annual Meeting of the Board of Governors of the International Monetary Fund was held in Hong Kong, Special Administrative Region, from September 23 through September 25, 1997, jointly with the Annual Meetings of the Board of Governors of the World Bank Group. The Honorable Mohammed K. Khirbash, Governor of the Bank and the Fund for the United Arab Emirates, 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 iii-v, and a list of abbreviations used in the statements and documents is given on page 323.

Reinhard Munzberg

Secretary

International Monetary Fund

Washington, D.C.

November 3, 1997