Summary Proceedings

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

September 26–28, 2000

International Monetary Fund

Prague, Czech Republic

ISSN 0074-7025 • ISBN 9781589060777

Contents

• Speakers by Session

• Introductory Note

• Address by the President of the Czech Republic, Vaclav Havel

• Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for South Africa, Trevor Andrew Manuel

• Presentation of the Fifty-Fifth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Horst Köhler

• 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 International Monetary and Financial Committee of the Board of Governors, Gordon Brown

• 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), Yashwant Sinha

• Albania, Anastas Angjeli

• Armenia, Levon Barkhudaryan

• Australia, Rod Kemp

• Austria, Karl-Heinz Grasser

• Bangladesh, Shah A.M.S. Kibria

• Belarus, Gennady V. Novitsky

• Belgium, Didier Reynders

• Brunei Darussalam, Dato Haji Selamat Haji Munap

• Cambodia, Chea Chan To and Keat Chhon

• Canada, Leonard M. Good

• China, Dai Xianglong

• Croatia, Mato Crkvenac

• Cyprus, Takis Klerides

• Czech Republic, Pavel Mertlik

• Dominica, Ambrose George

• Fiji, J. Y. Kubuabola

• France, Jean-Claude Trichet

• Germany, Ernst Welteke

• Greece, Yannos Papantoniou

• India, Yashwant Sinha

• Indonesia, Prijadi Praptosuhardjo

• Iran, Islamic Republic of, Mohsen Nourbakhsh

• Iraq, Issam Rashid Hwaish

• Ireland, Charlie McCreevy

• Israel, David Klein

• Italy, Vincenzo Visco

• Japan, Masaru Hayami

• Kiribati, Beniamina Tinga*

• Korea, Nyum Jin

• Lao People’s Democratic Republic, Boungnang Vorachith

• Lebanon, Georges Corm

• Lithuania, Vytautas Dudenas

• Macedonia, former Yugoslav Republic of, Ljube Trpeska

• Macedonia, former Yugoslav Republic of, Nikola Gruevski

• Madagascar, Tantely R.G. Andrianarivo

• Malaysia, Dato’ Shafie Mohd. Salleh

• Malta, John Dalli

• Myanmar, U Khin Maung Thein

• Nepal, Mahesh Acharya

• Netherlands, Gerrit Zalm

• New Zealand, Michael Cullen

• Pakistan, Shaukat Aziz

• Papua New Guinea, John R. Kaputin

• Paraguay, Federico Zayas Chirife

• Philippines, Jose Pardo

• Poland, Jaroslaw Bauc

• Portugal, Joaquim Pina Moura

• Russian Federation, Aleksei Kudrin

• San Marino, Clelio Galassi

• Spain, Rodrigo de Rato y Figaredo

• Sri Lanka, Faiz Mohideen

• Sweden, Bosse Ringholm*

• Switzerland, Kaspar Villiger

• Thailand, Pisit Leeahtam

• Tonga, Kinikinilau Tutoatasi Fakafanua

• Turkey, Recep Onal

• Turkmenistan, Seyitbay Kandymov

• Ukraine, Igor Mityukov

• United Kingdom, Gordon Brown

• United States, Lawrence H. Summers

• Vietnam, Le Duc Thuy

• Yemen, Ahmed Mohamed Sofan*

• Concluding Remarks

  • Statements by

    • The Governor of the Fund for Costa Rica Eduardo Lizano Fait

    • The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Horst Köhler

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

    • The Chairman of the Boards of Governors and the Governor of the Fund and the Bank for South Africa, Trevor Andrew Manuel

• 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 III

• Resolutions

  • • 55-1 Salary of the Managing Director

    • 55-2 Direct Remuneration of Executive Directors and their Alternates

    • 55-3 2000 Regular Election of Executive Directors

    • 55-4 Financial Statements, Report on Audit, and Administrative and Capital Budgets

    • 55-5 Amendment of Section 20(b), (c), (d), (e), and (f) of the By-Laws

    • 55-6 Appreciation

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

  • • Press Communiqué (September 24, 2000)

    • Interim Committee Composition (as of September 24, 2000)

• 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 25, 2000)

    • Development Committee Composition (as of September 25, 2000)

• Joint Meeting of the Interim and Development Committees, Joint Statement by Co-Chairmen

• 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 Czech Republic Vaclav Havel

    • Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for South Africa, Trevor Andrew Manuel

    • Presentation of the Fifty-Fifth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Horst Köhler

    • 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, Gordon Brown

    • 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), Yashwant Sinha

• Second Joint Session

  • Statements by the Governors for

  • Czech Republic, Pavel Mertlik

  • United States, Lawrence H. Summers

  • Madagascar, Tantely R.G. Andrianarivo

  • United Kingdom, Gordon Brown

  • China, Dai Xianglong

  • France, Jean-Claude Trichet

  • Sweden, Bosse Ringholm*

  • Japan, Masaru Hayami

  • Belgium, Didier Reynders

  • Paraguay, Federico Zayas Chirife

  • Germany, Ernst Welteke

  • Russian Federation, Aleksei Kudrin

  • Italy, Vincenzo Visco

  • Thailand, Pisit Leeahtam

  • Greece, Yannos Papantoniou

  • Indonesia, Prijadi Praptosuhardjo

  • Canada, Leonard M. Good

  • Spain, Rodrigo de Rato y Figaredo

  • Vietnam, Le Due Thuy

• Second Joint Session

  • Statements by the Governors for

  • Bangladesh, Shah A.M.S. Kibria

  • Dominica, Ambrose George

  • Croatia, Mato Crkvenac

  • Lithuania, Vytautas Dudenas

  • Korea, Nyum Jin

  • India, Yashwant Sinha

  • Philippines, Jose Pardo

  • Iran, Islamic Republic of, Mohsen Nourbakhsh

  • Ireland, Charlie McCreevy

  • New Zealand, Michael Cullen

  • Malaysia, Dato’ Shafie Mohd. Salleh

  • Myanmar, U Khin Maung Thein

  • Pakistan, Shaukat Aziz

  • Netherlands, Gerrit Zalm

  • Portugal, Joaquim Pina Moura

  • Switzerland, Kaspar Villiger

• Third Joint Session

  • Statements by the Governors for

  • Israel, David Klein

  • San Marino, Clelio Galassi

  • Iraq, Issam Rashid Hwaish

  • Papua New Guinea, John R. Kaputin

  • Poland, Jaroslaw Bauc

  • Kiribati, Beniamina Tinga*

  • Nepal, Mahesh Acharya

  • Australia, Rod Kemp

  • Turkmenistan, Seyitbay Kandymov

  • Macedonia, former Yugoslav Republic of, Ljube Trpeska

  • Macedonia, former Yugoslav Republic of, Nikola Gruevski

  • Ukraine, Igor Mityukov

  • Belarus, Gennady V. Novitsky

  • Albania, Anastas Angjeli

  • Austria, Karl-Heinz Grasser

  • Cyprus, Takis Klerides

  • Lao People’s Democratic Republic, Boungnang Vorachith

  • Sri Lanka, Faiz Mohideen

  • Malta, John Dalli

  • Cambodia, Chea Chan To and Keat Chhon

  • Turkey, Recep Onal

  • Tonga, Kinikinilau Tutoatasi Fakafanua

  • Fiji, J. Y. Kubuabola

  • Lebanon, Georges Corm

  • Brunei Darussalam, Dato Haji Selamat Haji Munap

  • Armenia, Levon Barkhudaryan

• Concluding Remarks

  • Statements by

    • The Governor of the Fund for Costa Rica Eduardo Lizano Fait

    • The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Horst Köhler

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

    • The Chairman of the Boards of Governors and the Governor of the Fund and the Bank for South Africa, Trevor Andrew Manuel

INTRODUCTORY NOTE

The Fifty-Fifth Annual Meeting of the Board of Governors of the International Monetary Fund was held in Prague, Czech Republic, from September 26 through September 27, 2000, jointly with the Annual Meetings of the Board of Governors of the World Bank Group. The Honorable Trevor Andrew Manuel, Governor of the Fund and the Bank for South Africa, 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, speakers are listed by session on pages vii–ix, and a list of abbreviations used in the statements and documents is given on pages XXX.

Shailendra J. Anjaria

Secretary International Monetary Fund

Prague, Czech Republic

November 1, 2000