Summary Proceedings

of the Fifty-Sixth Annual Meeting

of the Board of Governors

September 29, 2002

International Monetary Fund

Washington, D.C.

ISSN 0074-7025 • ISBN 1-58906-288-4

CONTENTS

• Speakers by Session

• List of Abbreviations

• Introductory Note

• Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for the Sultanate of Oman, Ahmed Bin Abdulnabi Macki

• Opening Address 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), Trevor Manuel

• Afghanistan, Anwar Ul-Haq Ahady

• Australia, Peter Costello

• Bangladesh, M. Saifur Rahman

• Belarus, Andrei V. Kobyakov

• Belgium, Didier Reynders

• Bosnia and Herzegovina, Anto Domazet

• Bulgaria, Milen Veltchev

• Cambodia, Chea Chanto and Keat Chhon

• Canada, John Manley

• China, Dai Xianglong

• Croatia, Boris Vujcic

• Cyprus, Takis Klerides

• Denmark, Thor Pedersen¹

• Denmark, Bodil Nyboe Andersen²

• Estonia, Madis Uurike³

• Fiji, Jone Yavala Kubuabola

• Finland, Sauli Niinisto⁴

• France, Jean-Claude Trichet

• Germany, Ernst Welteke

• Greece, Nikolaos Christodoulakis

• Grenada, Anthony Boatswain⁵

• India, Jaswant Singh

• Indonesia, Syahril Sabirin

• Iran, Islamic Republic of, Tahmaseb Mazaheri-Khorzani

• Iraq, Issam Rashid Hwaish

• Ireland, Charlie McCreevy

• Israel, Silvan Shalom

• Italy, Giulio Tremonti

• Japan, Masaru Hayami

• Jordan, Michel Marto⁶

• Korea, Yun-Churl Jeon

• Lao People’s Democratic Republic, Soukanh Mahalath

• Luxembourg, Luc Frieden

• Malaysia, Dato’ Shafie Mohd. Salleh

• Malta, John Dalli

• Myanmar, U Khin Maung Thein

• Nepal, Bharat Kumar Shah

• Netherlands, Hans Hoogervorst

• New Zealand, Michael Cullen

• Pakistan, Shaukat Aziz

• Papua New Guinea, Bart Philemon

• Philippines, Jose Isidro N. Camacho

• Poland, Leszek Balcerowicz

• Portugal, Vitor Constâncio

• Russian Federation, Aleksei Kudrin

• Samoa, Misa Telefoni Retzlaff¹

• Singapore, Hng Kiang Lim

• Spain, Rodrigo de Rato Figaredo

• Sri Lanka, Kairshasp Nariman Choksy

• Switzerland, Kaspar Villiger

• Thailand, Suchart Jaovisidha

• Timor-Leste, Mari Bin Amude Alkatiri

• Tonga, Siosiua T.T. ‘Utoikamanu

• Uganda, Gerald M. Ssendaula²

• Ukraine, Vasyl Rohovyi

• United Kingdom, Gordon Brown

• United States, Paul H. O’Neill

• Venezuela, Felipe Perez Marti

• Concluding Remarks

  • Statements by

  • The Governor of the Fund for Switzerland, Jean-Pierre Roth

  • 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 the Sultanate of Oman, Ahmed Bin Abdulnabi Macki

• 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

  • 56-1 Increase in the Quota of the People’s Republic of China

  • 56-2 Direct Remuneration of Executive Directors and their Alternates

  • 56-3 2001 Annual Meeting Cancellation

  • 56-4 Reports on Audit, Financial Statements, and Administrative and Capital Budgets

  • 57-1 Membership for East Timor

  • 57-2 Direct Remuneration of Executive Directors and their Alternates

  • 57-3 Forthcoming Annual Meetings

  • 57-4 2002 Regular Election of Executive Directors

  • 57-5 Financial Statements, Report on Audit, and Administrative and Capital Budgets

• International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund

  • Press Communiqué (September 28, 2002)

  • International Monetary and Financial Committee Composition (as of September 28, 2002)

• 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 28, 2002)

  • Development Committee Composition (as of September 28, 2002)

• Attendance

  • Members of Fund Delegations

  • Observers, Representatives of International Organizations, and Special Invitees

• Executive Directors, Alternates, and Advisors

SPEAKERS BY SESSION

• Opening Joint Session

  • Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for the Sultanate of Oman, Ahmed Bin Abdulnabi Macki

  • Opening Address 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), Trevor Manuel

  • Statements by the Governors for

  • United States, Paul H. O’Neill

  • Finland, Sauli Niinisto¹

  • China, Dai Xianglong

  • Switzerland, Kaspar Villiger

  • India, Jaswant Singh

  • Bulgaria, Milen Veltchev

  • Japan, Masaru Hayami

  • Grenada, Anthony Boatswain²

  • Australia, Peter Costello

  • France, Jean-Claude Trichet

  • Uganda, Gerald M. Ssendaula¹

  • Belgium, Didier Reynders

  • Jordan, Michel Marto²

  • Korea, Yun-Churl Jeon

  • Germany, Ernst Welteke

  • Myanmar, U Khin Maung Thein

  • Greece, Nikolaos Christodoulakis

  • Netherlands, Hans Hoogervorst

  • Denmark, Thor Pedersen³

  • Indonesia, Syahril Sabirin

  • Denmark, Bodil Nyboe Andersen⁴

  • Malaysia, Dato’ Shafie Mohd. Salleh

  • Ireland, Charlie McCreevy

  • Iran, Islamic Republic of, Tahmaseb Mazaheri-Khorzani

  • Portugal, Vitor Constâncio

  • Poland, Leszek Balcerowicz

• Second Joint Session

  • Statements by the Governors for

  • Israel, Silvan Shalom

  • Bangladesh, M. Saifur Rahman

  • Timor-Leste, Mari Bin Amude Alkatiri

  • Bosnia and Herzegovina, Anto Domazet

  • Pakistan, Shaukat Aziz

  • Philippines, Jose Isidro N. Camacho

  • Estonia, Madis Uurike⁵

  • Spain, Rodrigo de Rato Figaredo

  • Afghanistan, Anwar Ul-Haq Ahady

  • Samoa, Misa Telefoni Retzlaff⁶

  • Nepal, Bharat Kumar Shah

  • Sri Lanka, Kairshasp Nariman Choksy

  • Iraq, Issam Rashid Hwaish

  • Venezuela, Felipe Perez Marti

  • Cambodia, Chea Chanto and Keat Chhon

  • Canada, John Manley

  • Cyprus, Takis Klerides

  • Fiji, Jone Yavala Kubuabola

  • Italy, Giulio Tremonti

  • Lao People’s Democratic Republic, Soukanh Mahalath

  • Luxembourg, Luc Frieden

  • Malta, John Dalli

  • New Zealand, Michael Cullen

  • Papua New Guinea, Bart Philemon

  • Belarus, Andrei V. Kobyakov

  • Croatia, Boris Vujcic

  • Russian Federation, Aleksei Kudrin

  • Singapore, Hng Kiang Lim

  • Thailand, Suchart Jaovisidha

  • Tonga, Siosiua T.T. ‘Utoikamanu

  • Ukraine, Vasyl Rohovyi

  • United Kingdom, Gordon Brown

• Concluding Remarks

  • Statements by

  • The Governor of the Fund for Switzerland, Jean-Pierre Roth

  • 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 the Sultanate of Oman, Ahmed Bin Abdulnabi Macki

LIST OF ABBREVIATIONS

INTRODUCTORY NOTE

The Fifty-Sixth Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C. on September 29, 2002, jointly with the Annual Meetings of the Board of Governors of the World Bank Group. The Honorable Ahmed Bin Abdulnabi Macki, Governor of the Fund and the Bank for the Sultanate of Oman, served as Chairman.

These Proceedings include statements presented by Governors during the meetings; resolutions adopted by the Board of Governors of the Fund since the last Annual Meeting in September 2000; 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 x-xii.

Shailendra J. Anjaria

Secretary

International Monetary Fund

Washington, D. C.

November 1, 2002