Summary Proceedings of the Fifty-Third Annual Meeting of the Board of Governors
October 6–8, 1998
International Monetary Fund
Washington, D.C
Contents
Speakers by Session
Introductory Note
Address by the President of the United States, William Clinton
Address by the President of Argentina, Carlos Saúl Menem
Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for Austria, Wolfgang Ruttenstorfer
Presentation of the Fifty-Third Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus
Opening Address by the President of the World Bank Group, James D. Wolfensohn
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, Carlo Azeglio Ciampi
Report to the Boards of Governors of the Fund and the Bank by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Tarrin Nimmanahaeminda
Statements by the Governors for
Armenia—Armen R. Darbinian
Australia—Rod Kemp
Austria—Wolfgang Ruttenstorfer*
Bangladesh—Shah A.M.S. Kibria
Barbados—Owen S. Arthur*
Belgium—Jean-Jacques Viseur
Bosnia and Herzegovina—Mirsad Kurtovic
Bosnia and Herzegovina—Novak Kondic
Cambodia—Keat Chhon
Cambodia—Chea Chan To
Canada—James Peterson
China—Dai Xianglong
Croatia—Borislav Skegro
Cyprus—Christodoulos Christodoulou
Estonia—Mart Opmann*
Ethiopia—Sufian Ahmed*
Fiji—James Ah Koy
Finland—Matti Vanhala*
France—Jean-Claude Trichet
Georgia—Vladimer Papava
Germany—Hans Tietmeyer
Greece—Yannos Papantoniou
Iceland—Halldór Ásgrímsson*
India—Yashwant Sinha
Indonesia—Bambang Subianto
Iran, Islamic Republic of—Hossein Namazi
Iraq—Hikmat M. Ibraheem Al-Azzawi
Ireland—Charlie McCreevy
Israel—Jacob A. Frenkel
Italy—Carlo Azeglio Ciampi
Japan—Kiichi Miyazawa
Korea—Kyu Sung Lee
Lao People’s Democratic Republic—Cheuang Sombounkhanh
Libyan Arab Jamahiriya—Mohamed A. Bait Elmal
Malaysia—Dato Mustapa Mohamed
Malta—John Dalli
Marshall Islands—Tony Debrum
Mongolia—Bat-Erdene Batbayar
Morocco—Fathallah Oualalou*
Myanmar—U Khin Maung Thein
Nepal—Ram Sharon Mahat
Netherlands—Gerrit Zalm
New Zealand—W.E Birch
Pakistan—Hafiz A. Pasha
Papua New Guinea—Iairo Lasaro
Paraguay—Heinz Gerhard Doll
Philippines—Edgardo B. Espiritu
Poland—Leszek Balcerowicz
Portugal—Antonio de Sousa Franco
Russian Federation—Mikhail Mikhailovich Zadornov
Solomon Islands—Bartholomew Aba’au Ulufa’alu*
Spain—Rodrigo De Rato Figaredo
Sri Lanka—GL. Peiris
Switzerland—Kaspar Villiger
Thailand—Tarrin Nimmanahaeminda
Tonga—Kinikinilau Tutoatasi Fakafanua
Turkey—Gunes Taner
Turkmenistan—Yolly A. Gurbanmuradov
Ukraine—Valeriy Pavlovych Pustovoitenko
United Kingdom—Gordon Brown
Uzbekistan—Bakhtiar Sultanovich Khamidov
Vietnam—Nguyen Tan Dung
Concluding Remarks
Statements by
The Governor of the Bank for Nepal, Ram Sharan Mahat
The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus
The President of the World Bank Group, James D. Wolfensohn
The Chairman of the Boards of Governors and Governor of the Fund and the Bank for Austria, Wolfgang Ruttenstorfer
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
Statement of Results of Election, October 7, 1998
Annex I to Report I. Regulations for the Conduct of the Regular Election of Executive Directors
Annex II to Report I
Attachment I. Rules and Regulations Amended Since the 1997 Annual Meeting
Report III
Resolutions
53-1 Membership for the Republic of Palau
53-2 Increase in Quotas of Fund Members—Eleventh General Review
Annex to Resolution 53-2
53-3 Direct Remuneration of Executive Directors and Their Alternates
53-4 1998 Regular Election of Executive Directors
53-5 Financial Statements, Report on Audit, and Administrative and Capital Budgets
53-6 Amendments of the Rules and Regulations
Interim Committee of the Board of Governors on the International Monetary System
Press Communiqué (October 4, 1998)
Interim Committee Composition (as of October 4, 1998)
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 5, 1998)
Development Committee Composition (as of October 5, 1998)
Attendance
Members of Fund Delegations
Observers, Representatives of International Organizations, and Special Invitees
Executive Directors, Alternates, and Advisors
List of Abbreviations
Speakers by Session
Opening Joint Session
Address by the President of the United States, William Clinton
Address by the President of Argentina, Carlos Saúl Menem
Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for Austria, Wolfgang Ruttenstorfer
Presentation of the Fifty-Third Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus
Opening Address by the President of the World Bank Group, James D. Wolfensohn
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, Carlo Azeglio Ciampi
Report to the Boards of Governors of the Fund and the Bank by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Tarrin Nimmanahaeminda
Second Joint Session
Statements by the Governors for
Austria—Wolfgang Ruttenstorfer*
United Kingdom—Gordon Brown
Japan—Kiichi Miyazawa
Finland—Matti Vanhala*
Italy—Carlo Azeglio Ciampi
China—Dai Xianglong
France—Jean-Claude Trichet
Nepal—Ram Sharon Mahat
Poland—Leszek Balcerowicz
Ethiopia—Sufian Ahmed*
Germany—Hans Tietmeyer
Indonesia—Bambang Subianto
Canada—James Peterson
Portugal—Antonio de Sousa Franco
Vietnam—Nguyen Tan Dung
Third Joint Session
Statements by the Governors for
Netherlands—Gerrit Zalm
Bangladesh—Shah A.M.S. Kibria
Ukraine—Valeriy Pavlovych Pustovoitenko
Korea—Kyu Sung Lee
India—Yashwant Sinha
Spain—Rodrigo De Rato Figaredo
Malaysia—Dato Mustapa Mohamed
Barbados—Owen S. Arthur*
Cyprus—Christodoulos Christodoulou
Australia—Rod Kemp
Switzerland—Kaspar Villiger
Iran, Islamic Republic of—Hossein Namazi
Philippines—Edgardo B. Espiritu
Greece—Yannos Papantoniou
Solomon Islands—Bartholomew Aba’au Ulufa’alu*
Iceland—Halldór Ásgrímsson*
Paraguay—Heinz Gerhard Doll
Thailand—Tarrin Nimmanahaeminda
Fourth Joint Session
Statements by the Governors for
New Zealand—W.F Birch
Estonia—Mart Opmann*
Israel—Jacob A. Frenkel
Ireland—Charlie McCreevy
Myanmar—U Khin Maung Thein
Sri Lanka—G.L. Peiris
Bosnia and Herzegovina—Novak Kondic
Georgia—Vladimer Papava
Morocco—Fathallah Oualalou*
Armenia—Armen R. Darbinian
Libyan Arab Jamahiriya—Mohamed A. Bait Elmal
Mongolia—Bat-Erdene Batbayar
Papua New Guinea—Iairo Lasaro
Pakistan—Hafiz A. Pasha
Croatia—Borislav Skegro
Fifth Joint Session
Statements by the Governors for
Belgium—Jean-Jacques Viseur
Bosnia and Herzegovina—Mirsad Kurtovic
Cambodia—Keat Chhon
Cambodia—Chea Chan To
Fiji—James Ah Koy
Iraq—Hikmat M. Ibraheem Al-Azzawi
Lao People’s Democratic Republic—Cheuang Sombounkhanh
Malta—John Dalli
Marshall Islands—Tony Debrum
Russian Federation—Mikhail Mikhailovich Zadornov
Tonga—Kinikinilau Tutoatasi Fakafanua
Turkey—Gunes Toner
Turkmenistan—Yolly A. Gurbanmuradov
Uzbekistan—Bakhtiar Sultanovich Khamidov
Concluding Remarks
Statements by
The Governor of the Bank for Nepal, Ram Sharan Mahat
The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus
The President of the World Bank Group, James D. Wolfensohn
The Chairman of the Boards of Governors and Governor of the Fund and the Bank for Austria, Wolfgang Ruttenstorfer
Introductory Note
The Fifty-Third Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C., from October 6 through October 8, 1998, jointly with the Annual Meetings of the Board of Governors of the World Bank Group. The Honorable Wolfgang Ruttenstorfer, Governor of the Fund and the Bank for Austria, 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 and 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, speakers are listed by session on pages vii-ix, and a list of abbreviations used in the statements and documents is given on page 340.
Reinhard Munzberg
Secretary
International Monetary Fund
Washington, D.C.
November 2, 1998