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Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1949. The report highlights that the unbalanced conditions that have characterized the world economic situation since the end of the war still prevail. In many countries, there remains a striking discrepancy between demand and productive capacity, and an even greater discrepancy between the need for imports and capacity to pay for them. Until effective measures are taken to meet these closely related problems, there can be little hope of achieving the expansion of world trade on a multilateral basis.

ANNUAL REPORT

1949

INTERNATIONAL

MONETARY FUND

ANNUAL REPORT

of the executive directors

for the fiscal year ended

APRIL 30, 1949

washington, u.s.a.

Contents

  • Letter of Transmittal

    • I. The International Payments Problem

    • II. Exchange Policy and Par Values

    • III. Exchange Restrictions

    • IV. Gold Policy

    • V. Monetary Reserves and Fund Resources

    • VI. Membership, Organization, and Administration

  • APPENDICES

    • I. Statement on Change in the Par Value of the Colombian Peso

    • II. Statement on Change in the Par Value of the Currency of French Somaliland

    • III. Statement on Revisions in the Exchange System of Colombia

    • IV. Statement on Changes in the Exchange System of France

    • V. Statement on Revisions in the Exchange System of Peru

    • VI. Statement by the Managing Director on Consultations with the Union of South Africa

    • VII. Membership, Quotas, Governors, and Voting Power

    • VIII. Changes in Membership of the Board of Governors

    • IX. Executive Directors and Voting Power

    • X. Changes in Membership of the Executive Board

    • XI. Exchange of Letters between the Fund and the Contracting Parties to the General Agreement on Tariffs and Trade

    • XII. Statement on Technical Assistance for Economic Development of Under-Developed Countries

    • XIII. Repurchase Obligations

    • XIV. Letter to Members on Unenforceability of Exchange Contracts

    • XV. Administrative Budget

    • XVI. Balance Sheet, Statement of Income and Expense and Supporting Schedules

    • XVII. Schedule of Par Values

  • Index

LETTER OF TRANSMITTAL TO THE BOARD OF GOVERNORS

July 15, 1949

My dear Mr. Chairman:

In accordance with Section 10 of the By-Laws of the International Monetary Fund, I have the honor to present to the Board of Governors the Annual Report of the Executive Directors for the fiscal year ended April 30, 1949.

Yours sincerely,

/s/

Gutt

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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