Reports of the Joint Procedures Committee
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International Monetary Fund. Secretary's Department
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AS; mills jones; fund documents no; J. mills jones; IMF election; audit report; IBRD election; Capital flows; International monetary system; Multilateral development institutions; Global; East Asia; Asia and Pacific; Southeast Asia; West Africa; board of governors of the fund; board of governors of the International Monetary Fund; chairman of the Interim Committee; ballot form; eligible vote; Budget planning and preparation; External audit; Auditing; Audit standards and procedures; Africa
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Abstract

This annual publication is a record of the IMF's Annual Meeting and contains the opening and closing addresses of the chairman of teh Board of Governors presentation of the Annual Report by the Managing Director, statements of Governors, committee reports, resolutions, and a list of delegates. Usually published in March.

Chairman—Austria

Vice Chairmen—India, Nicaragua

Reporting Member—Zambia

Other Members

Azerbaijan Republic, Brazil, Cameroon, Canada, Côte d’Ivoire, France, Georgia, Germany, Greece, Guatemala, Japan, Lebanon, Federated States of Micronesia, Republic of Mozambique, Philippines, Poland, Saudi Arabia, United Kingdom, and United States

Report I1

October 8, 1998

Mr. Chairman:

At the meeting of the Joint Procedures Committee held on October 7, 1998, items of business on the agenda of the Board of Governors of the International Monetary Fund were considered.

The Committee submits the following report and recommendations:

1. 1998 Annual Report

The Committee noted that provision had been made for the annual discussion of the business of the Fund.

2. Report of the Chairman of the Interim Committee

The Committee noted the presentation made by the Chairman of the Interim Committee.2

The Committee recommends that the Board of Governors of the Fund thank the Interim Committee for its work.

3. 1998 Regular Election of Executive Directors

The Committee noted that the 1998 Regular Election of Executive Directors of the Fund (Annex I) had taken place and that the next Regular Election of Executive Directors will take place at the Annual Meeting of the Board of Governors in 2000.

4. Financial Statements, Report on Audit, and Administrative and Capital Budgets

The Committee considered the Report on Audit for the Financial Year ended April 30, 1998, the Financial Statements contained therein (Fund Document No. 7 and Appendix IX of the 1998 Annual Report), and the Administrative Budget for the Financial Year ending April 30, 1999 and the Capital Budget for capital projects beginning in Financial Year 1999 (Fund Document No. 9 and Chapter 13 of the 1998 Annual Report).

The Committee recommends that the Board of Governors of the Fund adopt the draft Resolution set forth in Fund Document No. 8.3

5. Amendments of Rules and Regulations

The Committee has reviewed and noted the letter of the Managing Director and Chairman of the Executive Board to the Chairman of the Board of Governors, dated October 6, 1998, reproduced as Fund Document No. 10, regarding amendments of the Rules and Regulations set forth in Annex I to that document (Annex II).

The Committee recommends that the Board of Governors of the Fund adopt the draft Resolution set forth in Annex II of Fund Document No. 10.4

Approved:

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Statement of Results of Election, October 7, 1998

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Annex I to Report I. Regulations for the Conduct of the 1998 Regular Election of Executive Directors

As approved by Board of Governors Resolution No. 53–4, August 31, 1998

Annex II to Report I

October 6, 1998

Dear Mr. Chairman:

In accordance with Section 16 of the By-Laws, the attached amendment of the Rules and Regulations adopted since the 1997 regular meeting (Attachment I) is submitted for review by the Board of Governors. A draft resolution for approval by Governors appears in Attachment II.

Part of the recent review of the Fund’s audit functions included a review of the external audit process. Section 20 of the By-Laws, which governs this process, provides in subsection (f) that “[T]he audit committee may formally furnish to the Managing Director and the Executive Board the committee’s views and suggestions concerning the system of accounting, internal financial control, and documentary or other procedure which may technically strengthen or improve the administration of the Fund’s financial affairs.” In this regard, the Executive Board has determined that when the external audit committee communicates such views and suggestions, they shall be communicated to the Managing Director and the Executive Board at the same time. To reflect this, the Executive Board decided on May 22, 1998 to add a new Rule J-7 to the Rules and Regulations. In addition, the decision also adopted a new Rule J-8, to provide that “[A]ny review of the external audit process initiated by the Fund shall be conducted under the direction of the Executive Board and the Managing Director and any report shall be communicated upon completion, at the same time, to the Executive Board and the Managing Director.” The former Rule J-7 has been redesignated as Rule J-9.

The Executive Board has made no other changes in the Rules and Regulations since the last Annual Meeting.

Very truly yours,

/s/

Michel Camdessus

Managing Director and

Chairman of the Executive Board

Chairman of the Board of Governors

1998 Annual Meeting

International Monetary Fund

Attachment I. Rules and Regulations Amended Since the 1997 Annual Meeting

Rules J-7 and J-8. Text as amended May 22, 1998.

J-7. When the external audit committee communicates views and suggestions pursuant to Section 20(f) of the By-Laws, those views and suggestions shall be communicated at the same time to the Managing Director and the Executive Board.

J-8. Any review of the external audit process initiated by the Fund shall be conducted under the direction of the Executive Board and the Managing Director and any report shall be communicated upon completion, at the same time, to the Executive Board and the Managing Director.

2. The former Rule J-7 is redesignated as Rule J-9.

Report III1

October 8, 1998

Mr. Chairman:

The Joint Procedures Committee met on October 7, 1998 and submits the following report and recommendations:

1. Development Committee

The Committee noted that the Report of the Chairman of the Joint Ministerial Committee of the Boards of Governors of the Fund and the Bank on the Transfer of Real Resources to Developing Countries (Development Committee) has been presented to the Boards of Governors of the Fund and Bank pursuant to paragraph 5 of Resolutions Nos. 29-9 and 294 of the Fund and Bank, respectively (Fund Document No. 5 and Bank Document No. 3).2

The Committee recommends that the Boards of Governors of the Fund and the Bank note the report and thank the Development Committee for its work.

2. Officers and Joint Procedures Committee for 1998/99

The Committee recommends that the Governor for Nepal be Chairman and that the Governors for Kenya and the Philippines be Vice Chairmen of the Boards of Governors of the Fund and of the World Bank Group, to hold office until the close of the next Annual Meetings.

It is further recommended that a Joint Procedures Committee be established to be available, after the termination of these meetings and until the close of the next Annual Meetings, for consultation at the discretion of the Chairman, normally by correspondence and, if the occasion requires, by convening; and that this Committee shall consist of the Governors for the following members: China, Dominica, France, Germany, Ghana, Japan, Kenya, Kuwait, Latvia, Mali, Nepal, New Zealand, Panama, Peru, the Philippines, Saudi Arabia, Spain, Sweden, Turkey, the United Kingdom, the United States, Uzbekistan, Venezuela, and Zimbabwe.

It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for Nepal, and the Vice Chairmen shall be the Governors for Kenya and the Philippines, and that the Governor for Dominica shall serve as Reporting Member.

Approved:

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1

Report I and the Resolutions contained therein were adopted by the Board of Governors of the Fund in Joint Session with the Boards of Governors of the Bank, IFC, and IDA, on October 8, 1998.

2

See pages 41–42.

3

Resolution No. 53–5; see page 286.

4

Resolution No. 53–6; see page 286.

5

The Islamic State of Afghanistan and Somalia did not participate in this election. The Democratic Republic of the Congo and Sudan did not participate owing to the suspension of the voting rights of these members under Article XXVI, Section 2(b).

6

Mr. Satya Pal Talwar attended part of the ballot tallying. Mr. Narendra Jadhav from the Indian delegation replaced him at 5:15 p.m.

1

Report II dealt with the business of the Boards of Governors of the Bank, IFC, and IDA. Report III and the recommendations contained therein were adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA in Joint Session on October 8, 1998.

2

seepages 296–301.

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Cover Summary Proceedings of the Fifty Third Annual Meeting of the Board of Governors, October 6 - 8, 1998
Summary Proceedings of the Fifty Third Annual Meeting of the Board of Governors, October 6 - 8, 1998
Author:
International Monetary Fund. Secretary's Department
ISBN:
9781557757944
ISSN:
0074-7025
Publication Date:
02 Nov 1998
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557757944.015
Pages:
352