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Abstract

Voting power varies on certain matters with use by members of the Fund’s resources.

APPENDICES

Appendix I. Membership, Quotas, Governors, and Voting Power as of April 30, 1959

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Voting power varies on certain matters with use by members of the Fund’s resources.

Soleiman Fteita, Temporary Alternate Governor.

This total is not equal to the sum of the items because of rounding.

Appendix II. Changes in Membership of Board of Governors

Changes in the membership of the Board of Governors between May 1, 1958 and April 30, 1959 have been as follows:

Chia-Kan Yen succeeded Peh-Yuan Hsu as Governor for China, May 2, 1958.

Abderrahim Bouabid was appointed Governor for Morocco, May 9, 1958.

Abdallah Chefchaouni was appointed Alternate Governor for Morocco, May 9, 1958.

Ahmed Zaki Saad succeeded Rasem Al-Khalidi as Governor for Saudi Arabia, effective May 19, 1958.

Hedi Nouira was appointed Governor for Tunisia, June 12, 1958.

Eisaku Sato succeeded Hisato Ichimada as Governor for Japan, June 17, 1958.

Guillermo Sevilla Sacasa was reappointed Governor for Nicaragua, effective June 24, 1958.

Léon DeBayle was reappointed Alternate Governor for Nicaragua, effective June 24, 1958.

The term of Carlos Sanguinetti as Alternate Governor for Uruguay expired, July 2, 1958.

César Barros Hurtado succeeded Mauricio L. Yadarola as Alternate Governor for Argentina, July 4, 1958.

Loekman Hakim was appointed Governor for Indonesia, July 30, 1958, with effect from February 1, 1958.

Nikola Mincev succeeded Nenad Popovic as Governor for Yugoslavia, August 1, 1958.

Emilio Donato del Carril succeeded Adalberto Krieger Vasena as Governor for Argentina, August 4, 1958.

Lucas Lopes succeeded José Maria Alkmim as Governor for Brazil, August 12, 1958.

Gustavo Mirón succeeded Gabriel Orellana as Governor for Guatemala, August 21, 1958.

Francisco Fernández succeeded Gustavo Mirón as Alternate Governor for Guatemala, August 21, 1958.

B. B. Callaghan succeeded Sir Percy Claude Spender as Alternate Governor for Australia, August 25, 1958.

Bernardo Figueredo Antúnez succeeded Joaquín Martínez Sáenz as Governor for Cuba, August 27, 1958.

René Monserrat succeeded Bernardo Figueredo Antunez as Alternate Governor for Cuba, August 27, 1958.

Ahmed Zaki Saad was appointed Governor for the United Arab Republic, September 3, 1958.

Albert Mansour was appointed Alternate Governor for the United Arab Republic, September 3, 1958.

J. J. González Gorrondona was reappointed Governor for Venezuela, September 3, 1958.

Hernán Avendaño succeeded Francisco Alfonso Ravard as Alternate Governor for Venezuela, September 3, 1958.

Hernando Agudelo Villa succeeded Antonio Alvarez Restrepo as Governor for Colombia, September 8, 1958.

Jaime Tobón Villegas succeeded Emilio Toro as Alternate Governor for Colombia, September 8, 1958.

Juan A. Morales succeeded Arturo Despradel as Governor for the Dominican Republic, September 12, 1958.

Franz Stoeger-Marenpach was reappointed Alternate Governor for Austria, effective September 14, 1958.

Tadesse Yacob succeeded Makonnen Habte Wolde as Governor for Ethiopia, September 17, 1958.

Jote Guna-Kasem succeeded Puey Ungphakorn as Alternate Governor for Thailand, effective September 17, 1958.

Alberto Ullastres was appointed Governor for Spain, September 19, 1958.

Manuel Varela was appointed Alternate Governor for Spain, September 19, 1958.

José Garrido Torres succeeded Octavio Paranaguá as Alternate Governor for Brazil, September 25, 1958.

Virgilio Díaz Grullón succeeded Oscar Guaroa Ginebra Henríquez as Alternate Governor for the Dominican Republic, September 29, 1958.

Soe Nyun succeeded Kyaw Nyein as Governor for Burma, October 1, 1958.

Tse Kai Chang succeeded Chia-Kan Yen as Governor for China, October 4, 1958.

Jaime Tobón Villegas succeeded Hernando Agudelo Villa as Governor for Colombia, October 4, 1958.

Wilfrid Baumgartner succeeded Pierre Mendès-France as Governor for France, October 4, 1958.

Antonio André succeeded Maurice Télémaque as Governor for Haiti, October 4, 1958.

Juan Angel Nunez Aguilar succeeded Fernando Villar as Governor for Honduras, October 4, 1958.

Vilhjalmur Thor succeeded Gylfi Gislason as Governor for Iceland, October 4, 1958.

Husein Jamil succeeded Abdulilah Hafidh as Governor for Iraq, October 4, 1958.

Levi Eshkol succeeded David Horowitz as Governor for Israel, October 4, 1958.

D. Kochav succeeded Martin Rosenbluth as Alternate Governor for Israel, October 4, 1958.

P. Wignaraja was appointed Governor for Libya, effective October 4, 1958.

Fernando Saguier Caballero succeeded Gustavo F. A. Storm as Governor for Paraguay, October 4, 1958.

Taieb Slim was appointed Alternate Governor for Tunisia, October 4, 1958.

Ernesto Peltzer succeeded J. J. González Gorrondona as Governor for Venezuela, October 4, 1958.

Luis Hernandez Alarcon succeeded Hernán Avendaño as Alternate Governor for Venezuela, October 4, 1958.

Chia-Kan Yen succeeded Tse Kai Chang as Governor for China, October 11, 1958.

Hernando Agudelo Villa succeeded Jaime Tobón Villegas as Governor for Colombia, October 11, 1958.

Pierre Mendès-France succeeded Wilfrid Baumgartner as Governor for France, October 11, 1958.

Maurice Télémaque succeeded Antonio Andre as Governor for Haiti, October 11, 1958.

Fernando Villar succeeded Juan Angel Nunez Aguilar as Governor for Honduras, October 11, 1958.

Gylfi Gislason succeeded Vilhjalmur Thor as Governor for Iceland, October 11, 1958.

Abdulilah Hafidh succeeded Husein Jamil as Governor for Iraq, October 11, 1958.

David Horowitz succeeded Levi Eshkol as Governor for Israel, October 11, 1958.

Martin Rosenbluth succeeded D. Kochav as Alternate Governor for Israel, October 11, 1958.

The term of P. Wignaraja as Governor for Libya ended October 11, 1958.

Gustavo F. A. Storm succeeded Fernando Saguier Caballero as Governor for Paraguay, October 11, 1958.

The term of Taieb Slim as Alternate Governor for Tunisia ended October 11, 1958.

J. J. González Gorrondona succeeded Ernesto Peltzer as Governor for Venezuela, October 11, 1958.

Hernán Avendafño succeeded Luis Hernandez Alarcon as Alternate Governor for Venezuela, October 11, 1958.

Kyaw Nyein succeeded Soe Nyun as Governor for Burma, October 21, 1958.

Virgilio Alvarez Sanchez succeeded Juan A. Morales as Governor for the Dominican Republic, October 22, 1958.

Oscar Guaroa Ginebra Henriquez succeeded Virgilio Díaz Grullón as Alternate Governor for the Dominican Republic, October 22, 1958.

Manuel Meléndez-Valle, Alternate Governor for El Salvador, died October 25, 1958.

Soe Nyun succeeded Kyaw Nyein as Governor for Burma, November 20, 1958.

Pierre Guill succeeded Hugues Le Gallais as Alternate Governor for Luxembourg, effective December 1, 1958.

Young Hui Kim succeeded Yong Chan Kim as Alternate Governor for Korea, December 11, 1958.

Abdel Magid Ahmed succeeded Ibrahim Ahmed as Governor for the Sudan, December 15, 1958.

S. F. Joge succeeded T. L. Hammarskiöld as Alternate Governor for Sweden, December 19, 1958.

Abdallah Chefchaouni, Alternate Governor for Morocco, died December 23, 1958.

John S. Pesmazoglu was reappointed Alternate Governor for Greece, effective January 1, 1959.

Bernardo Figueredo Antúnez resigned as Governor for Cuba, January 2, 1959.

Harold E. Holt succeeded Sir Arthur Fadden as Governor for Australia, January 8, 1959.

Antonio Ortiz Mena succeeded Antonio Carrillo Flores as Governor for Mexico, January 13, 1959.

Wilfrid Baumgartner succeeded Pierre Mendès-France as Governor for France, effective January 19, 1959.

Jean Sadrin succeeded Wilfrid Baumgartner as Alternate Governor for France, effective January 19, 1959.

W. H. Wilcock succeeded Ismail bin Dato’ Abdul Rahman as Alternate Governor for Malaya, effective January 26, 1959.

T. E.Dönges succeeded Jozua Francois Naude as Governor for the Union of South Africa, effective January 26, 1959.

Roberto M. Heurtematte resigned as Governor for Panama, February 16, 1959.

Mohamed Tahri was appointed Alternate Governor for Morocco, February 21, 1959.

Yawand-Wossen Mangasha succeeded Stanislaw Kirkor as Alternate Governor for Ethiopia, effective March 25, 1959.

Pierre Werner was reappointed Governor for Luxembourg, effective April 11, 1959.

J. A. Turull Ricart succeeded Virgilio Alvarez Sanchez as Governor for the Dominican Republic, April 13, 1959.

In Sang Song succeeded Hyun Chul Kim as Governor for Korea, effective April 22, 1959.

Jouko J. Voutilainen succeeded Eero Asp as Alternate Governor for Finland, April 23, 1959.

Appendix III. Executive Directors and Voting Power

as of April 30, 1959

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Voting power varies on certain matters with use by members of the Fund’s resources.

This total does not include the votes of Ireland, which did not participate in theSeventh Regular Election of Executive Directors.

This total is not equal to the sum of the items because of rounding.

Appendix IV. Changes in Membership of Executive Board

Changes in the membership of the Executive Board between May 1, 1958 and April 30, 1959 have been as follows:

A. E. Ritchie (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), May 21, 1958.

Janko Smole (Yugoslavia) served as Temporary Alternate Executive Director to Pieter Lieftinck (Netherlands), June 11, June 25 to 27, and July 2, 1958.

Soemarno (Indonesia) served as Temporary Alternate Executive Director to Carlo Gragnani (Italy), June 30 to July 2, 1958.

Jorge A. Montealegre (Nicaragua) served as Temporary Alternate Executive Director to Jorge Sol (El Salvador), July 2 (morning session) and July 28, 1958.

Gengo Suzuki (Japan) served as Temporary Alternate Executive Director to Takeshi Watanabe (Japan), July 2, 1958 (afternoon session).

Otto Donner (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), July 9 to 16 and December 15, 1958, and December 27, 1958 to January 14, 1959.

Ricardo Pillado Salas (Argentina) served as Temporary Alternate Executive Director to Rodolfo Corominas-Segura (Argentina), September 12, 1958.

G. J. MacGillivray (United Kingdom) served as Temporary Alternate Executive Director to G. F. Thorold (United Kingdom), September 17, 1958.

R. E. Heasman (United Kingdom) resigned as Alternate Executive Director to G. F. Thorold (United Kingdom), September 26, 1958.

G. J. MacGillivray (United Kingdom) was appointed Alternate Executive Director to G. F. Thorold (United Kingdom), effective September 27, 1958.

P. J. J. Pinto (India) resigned as Alternate Executive Director to B. N. Adarkar (India), October 20, 1958.

Rodolfo Corominas-Segura (Argentina) completed his term of service as Executive Director for Argentina, Bolivia, Chile, Ecuador, Paraguay, and Uruguay, October 31, 1958.

Carlos Luzzetti (Argentina) completed his term of service as Alternate Executive Director to Rodolfo Corominas-Segura (Argentina), October 31, 1958.

Torben Friis (Denmark) completed his term of service as Executive Director for Denmark, Finland, Iceland, Norway, and Sweden, October 31, 1958.

Jouko J. Voutilainen (Finland) completed his term of service as Alternate Executive Director to Torben Friis (Denmark), October 31, 1958.

Jorge Sol (El Salvador) completed his term of service as Executive Director for Costa Rica, Cuba, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, October 31, 1958.

Eero Asp (Finland) was elected Executive Director by Denmark, Finland, Iceland, Norway, and Sweden, effective November 1, 1958.

Thorhallur Asgeirsson (Iceland) was appointed Alternate Executive Director to Eero Asp (Finland), effective November 1, 1958.

B. B. Callaghan (Australia) was re-elected Executive Director by Australia, the Union of South Africa, and Viet-Nam, effective November 1, 1958.

Brian Emmott Fleming (Australia) was reappointed Alternate Executive Director to B. B. Callaghan (Australia), effective November 1, 1958.

Otmar Emminger (Federal Republic of Germany) was reelected Executive Director by the Federal Republic of Germany, effective November 1, 1958.

Wilhelm Hanemann (Federal Republic of Germany) was reappointed Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), effective November 1, 1958.

Rodrigo Gómez (Mexico) was elected Executive Director by Costa Rica, Cuba, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, effective November 1, 1958.

Jorge Hazera (Costa Rica), formerly Alternate Executive Director to Jorge Sol (El Salvador), was appointed Alternate Executive Director to Rodrigo Gómez (Mexico), effective November 1, 1958.

Carlo Gragnani (Italy) completed his term of service as Executive Director for Greece, Indonesia, and Italy, October 31, 1958, and was elected Executive Director by Greece, Italy, and Spain, effective November 1, 1958.

Costa P. Caranicas (Greece) was reappointed Alternate Executive Director to Carlo Gragnani (Italy), effective November 1, 1958.

Felipe Herrera (Chile) was elected Executive Director by Argentina, Bolivia, Chile, Ecuador, Paraguay, and Uruguay, effective November 1, 1958.

Jorge Marshall (Chile) was appointed Alternate Executive Director to Felipe Herrera (Chile), effective November 1, 1958.

Pieter Lieftinck (Netherlands) was re-elected Executive Director by Israel, the Netherlands, and Yugoslavia, effective November 1, 1958.

H. M. H. A. van der Valk (Netherlands) was reappointed Alternate Executive Director to Pieter Lieftinck (Netherlands), effective November 1, 1958.

Octavio Paranaguá (Brazil) was re-elected Executive Director by Brazil, Colombia, the Dominican Republic, Haiti, Panama, and Peru, effective November 1, 1958.

Louis Rasminsky (Canada) was appointed Executive Director for Canada, effective November 1, 1958.

Ahmed Zaki Saad (United Arab Republic) completed his term of service as Executive Director for Afghanistan, Ethiopia, Iran, Iraq, Jordan, Lebanon, Pakistan, the Philippines, and the United Arab Republic, October 31, 1958, and was elected Executive Director by Afghanistan, Ethiopia, Iran, Iraq, Jordan, Lebanon, Pakistan, the Philippines, Saudi Arabia, the Sudan, and the United Arab Republic, effective November 1, 1958.

Soemarno (Indonesia) was elected Executive Director by Ghana, Indonesia, Libya, Malaya, Morocco, and Tunisia, effective November 1, 1958.

André van Campenhout (Belgium) was re-elected Executive Director by Austria, Belgium, Korea, Luxembourg, and Turkey, effective November 1, 1958.

Takeshi Watanabe (Japan) was re-elected Executive Director by Burma, Ceylon, Japan, and Thailand, effective November 1, 1958.

I. G. Patel (India) was appointed Alternate Executive Director to B. N. Adarkar (India), effective December 8, 1958.

P. G. Nair (India) served as Temporary Alternate Executive Director to B. N. Adarkar (India), December 3 to 5, December 10 (morning session), December 12 (morning session), and December 19, 1958.

K. N. Nair (India) served as Temporary Alternate Executive Director to B. N. Adarkar (India), December 8, December 10 (afternoon session), December 12 (afternoon session), and December 15 to 18, 1958.

Jorge Burr (Chile) served as Temporary Alternate Executive Director to Felipe Herrera (Chile), December 27, 1958.

Michel P. Dupuy (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), January 14 and February 11, 1959.

Otmar Emminger (Federal Republic of Germany) resigned as Executive Director for the Federal Republic of Germany, effective January 15, 1959.

Wilfried Guth (Federal Republic of Germany) was elected Executive Director by the Federal Republic of Germany, effective January 16, 1959.

Wilhelm Hanemann (Federal Republic of Germany), formerly Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), was appointed Alternate Executive Director to Wilfried Guth (Federal Republic of Germany), effective January 16, 1959.

August Frans Ompi (Indonesia) served as Temporary Alternate Executive Director to Soemarno (Indonesia), January 28 to February 11, 1959.

G. F. Thorold (United Kingdom) resigned as Executive Director for the United Kingdom, January 31, 1959.

G. J. MacGillivray (United Kingdom), formerly Alternate Executive Director to G. F. Thorold (United Kingdom), was appointed Alternate Executive Director to The Earl of Cromer (United Kingdom), effective February 1, 1959.

The Earl of Cromer (United Kingdom) was appointed Executive Director for the United Kingdom, effective February 2, 1959.

Manuel S. Valladares (Mexico) served as Temporary Alternate Executive Director to Rodrigo Gomez (Mexico), March 25, 1959.

Marcel Théron (France) resigned as Alternate Executive Director to Jean de Largentaye (France), March 27, 1959.

Helvecio Xavier Lopes (Brazil) resigned as Alternate Executive Director to Octavio Paranaguá (Brazil), April 10, 1959.

André Feuché (France) was appointed Alternate Executive Director to Jean de Largentaye (France), effective April 15, 1959.

Lempira Bonilla (Honduras) served as Temporary Alternate Executive Director to Rodrigo Gómez (Mexico), April 29, 1959.

Alan B. Hockin (Canada) resigned as Alternate Executive Director to Louis Rasminsky (Canada), April 30, 1959.

Appendix V. Enlargement of Fund Resources Through Increases in Quotas

Whereas the Executive Directors have considered the question referred to them by the Resolution of the Board of Governors of the International Monetary Fund at their Thirteenth Annual Meeting:

That the Executive Directors promptly consider the question of enlarging the resources of the Fund through increases in quotas and that, if, having regard to views expressed by Governors and considering all other aspects of the matter, they find that action to carry out such increases would be desirable, they submit an appropriate proposal to the Board of Governors for action either at a meeting of the Board or by vote without a meeting, as the Executive Directors may determine;

And having found that action to carry out increases in quotas would be desirable, have set out their conclusions in a report, entitled Enlargement of Fund Resources Through Increases in Quotas, in which it is proposed that the present quota of each member of the Fund shall be increased by 50 percent, with additional increases for certain members;

And having noted that there are various legal requirements in member countries for giving effect to this proposal, have submitted to the Board of Governors the following Resolutions for a vote without meeting pursuant to Section 13 of the By-Laws of the Fund, which Resolutions propose increases of quotas for all members of the Fund, make provision for consents by members, and establish the conditions upon which the increases consented to shall take effect;

Now Therefore the Board of Governors hereby resolves that

First Resolution

1. The International Monetary Fund proposes that, subject to the provisions of this Resolution, the quotas of members of the International Monetary Fund as of January 31, 1959 shall be increased by 50 percent for each member.

2. None of the increases in quotas proposed in paragraph 1 of this Resolution shall become effective unless:

  • (i) The member concerned has notified the Fund in writing that it consents to the increase in its quota; and

  • (ii) The Fund determines that members having not less than 75 percent of the total of quotas on January 31, 1959 have consented to increases in their quotas; and

  • (iii) The requirement is satisfied of a minimum aggregate increase in subscriptions, contained in the Resolution of the Board of Governors of the International Bank for Reconstruction and Development entitled Increase of $10,000,000,000 in Authorized Capital Stock and Subscriptions Thereto, recommended by the Executive Directors of the International Bank for Reconstruction and Development; and

  • (iv) The member concerned has paid the full increase in its quota.

Subject to paragraph 7(c) of this Resolution, each increase in quota shall become effective upon the date of the latest of these four events.

3. The written notices prescribed in paragraph 2(i) shall be signed by a competent official whose authority and signature are duly authenticated.

4. Notices in accordance with paragraph 2(i) shall be received in the Fund not later than September 15, 1959, provided that the Executive Directors may extend this period as they may determine.

5. At any time after the percentage of participation prescribed in paragraph 2(ii) of this Resolution has been reached, the Board of Governors may, by a four-fifths majority of the total voting power, eliminate the requirements in paragraph 2(iii) of this Resolution, and may make such modifications as to the date of the effectiveness of increases in quotas as may then be determined.

6. Subject to paragraph 7(b) of this Resolution, each member shall pay to the Fund within thirty days after the latest of the three events in paragraph 2(i), (ii), and (iii) of this Resolution, 25 percent of the increase in gold and the balance in its own currency.

7(a). In giving notice in accordance with paragraph 2(i) of this Resolution, a member may represent that, for reasons which it shall submit to the Fund, its reserves should not be reduced by an immediate full gold payment in accordance with paragraph 6 of this Resolution, and that it therefore consents to the increase in its quota proposed in paragraph 1 of this Resolution, as an increase by installments.

(b). Notwithstanding paragraph 2(iv) of this Resolution, a member increasing its quota by installments shall pay not less than one fifth of the gold and currency prescribed in paragraph 6 within thirty days after the latest of the three events in paragraph 2(i), (ii), and (iii), and shall pay further installments of gold and currency of not less than one fifth of the increase in each twelve months after the first payment until the full amount prescribed in paragraph 6 has been paid.

(c). Subject to paragraph 2 of this Resolution, on the completion of the payment of each installment of the increase, the member’s quota shall be increased by an amount equal to the installment.

8. Since it is in the interests of the Fund and its members that the contemplated increase in its resources be expedited, members are invited to comply as soon as possible with the procedures for notice and payments to the Fund under this Resolution. Any payment made by a member before the effective date of increase in its quota will be kept in separate accounts of the Fund. If it should be established that such increase cannot become effective under this Resolution, the payment will be returned to the member.

Second Resolution

1. The International Monetary Fund proposes that, subject to the provisions of this Second Resolution, if any member to which the small quota policy of the Second Quinquennial Review applies so elects, its quota shall be increased beyond the amount specified in the First Resolution to such an amount, not exceeding a 50 percent increase in the maximum quota available under the said policy, as such member shall communicate to the Fund at the time that it consents to the increase in its quota.

2. Paragraphs 2(i) and (iv), 3, 4, 6, 7, and 8 of the First Resolution shall apply to this Second Resolution.

Third Resolution

1. The International Monetary Fund proposes that, subject to the provisions of this Third Resolution, if increases in quotas take effect under the First Resolution, the quotas of Canada, the Federal Republic of Germany, and Japan shall be increased to the amounts shown below:

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2. Paragraphs 2(i) and (iv), 3, 4, 6, and 8 of the First Resolution shall apply to this Third Resolution.

December 19, 1958

The three resolutions were adopted by the Board of Governors, effective February 2, 1959.

Appendix VI. Special Increases in Quotas

Whereas on February 2, 1959 the Board of Governors adopted three Resolutions, the Third of which proposed certain special increases in quotas; and

Whereas the Executive Directors, having declared in the Section headed “Further Adjustment of Quotas” in their report entitled Enlargement of Fund Resources Through Increases in Quotas that they would as expeditiously as possible reach decisions on requests by other members for special increases in quotas, have now submitted to the Board of Governors a further report entitled Enlargement of Fund Resources Through Increases in Quotas—Special Increases and the following Fourth Resolution for a vote without meeting pursuant to Section 13 of the By-Laws of the Fund, which Resolution is similar to the Third Resolution and is subject to the decisions with respect to that Resolution contained in the report entitled Enlargement of Fund Resources Through Increases in Quotas;

Now Therefore the Board of Governors hereby Resolves that

Fourth Resolution

1. The International Monetary Fund proposes that, subject to the provisions of this Fourth Resolution, if increases in quotas take effect under the First Resolution adopted by the Board of Governors on February 2, 1959, the quotas of the following members shall be increased to the amounts shown against their names:

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2. Paragraphs 2(i) and (iv), 3, 4, 6, and 8 of the said First Resolution shall apply to this Fourth Resolution.

February 24, 1959

The resolution was adopted by the Board of Governors, effective April 6, 1959.

Appendix VII. Summary of Fund Transactions from the beginning of operations to April 30, 19591

(In millions of U.S. dollars)

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Totals May not equal sums of items because of rounding.

The settlement with Czechoslovakia involved an offset of $2.04 million in respect of Czechoslovakia’s drawing of $6 million. The installments paid by Czechoslovakia under the settlement increased the offset to $4.3 million.

After adjustment for effect of administrative items.

$3,279.7 million sold for currency and $6.2 million for gold.

$1,310.6 million repurchased with convertible currency and $346.4 million with gold.

Appendix VIII. Decision on Charges for Transactions and Stand-By Arrangements

I. The following is substituted for the last sentence of Rule 1-4 (g):

Thereafter, the charges shall rise in accordance with (e) and (f) above, provided that the rate shall not increase beyond 5 percent per annum when agreement is reached under this Rule for repurchase within three to five years after a drawing in accordance with Executive Board Decision No. 102-(52/ll).1 In the case of agreements on means to reduce the Fund’s holdings beyond five years, the Fund may adopt higher maximum rates. In the absence of agreement on means to reduce the Fund’s holdings, the Fund may impose such charges as it deems appropriate after the rate of 5 percent per annum is reached.

II. A stand-by arrangement shall provide for a fixed amount that can be purchased under it augmented by amounts equivalent to repurchases in respect of drawings made under the stand-by arrangement or made at the time when the stand-by arrangement is entered into, unless when any such repurchase is made the member informs the Fund that it does not wish the stand-by arrangement to be augmented by the amount of that repurchase. In exceptional circumstances, however, a stand-by arrangement may provide for purchases that increase the Fund’s holdings of the currency of the member having the stand-by arrangement up to a specified level, provided that the amounts the member may purchase shall in no case be increased by other members’ purchases of its currency.

III. 1. Paragraph 11.5(a) and (c) of Executive Board Decision No. 270-(53/95)2 shall be amended to read as follows:

(a) When a stand-by arrangement is entered into or renewed, a charge of ¼ of 1 percent per annum will be payable to the Fund in advance for the period of the stand-by arrangement or renewal. For any additional drawing rights that arise in the course of a stand-by arrangement, a further charge will be payable to the Fund in advance at the rate of ¼ of 1 percent per annum calculated on the basis of the amount of the additional drawing rights and the unexpired period of the stand-by arrangement.

(c) There will be credited against the service charge for a transaction under a stand-by arrangement the charges actually paid in respect of that amount under the stand-by arrangement and any stand-by arrangement which preceded it without interval at the rate of ¼ of 1 percent per annum and up to a maximum of ¼ of 1 percent on that amount, due allowance being made for any refunds under paragraph II.6 of this decision. For the purpose of calculating such credits and for the purpose of calculating refunds under (e) below, it shall be assumed that drawings are made in respect of drawing rights in the order in which such drawing rights arose.

2. The first sentence of Paragraph II.5(a) of Executive Board Decision No. 270-(53/95)3 as amended above shall be deemed to have applied to all stand-by arrangements entered into by the Fund since the adoption of Executive Board Decision No. 270-(53/95).3 Accordingly, the following amounts shall be refunded:

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IV. Paragraph II.5(e) of Executive Board Decision No. 270- (53/95)3 is amended to read:

If a member notifies the Fund that it wishes to cancel a stand-by arrangement, the Fund will repay to the member a portion of the charge. The portion repaid will represent the charge for the period remaining unexpired at the date of cancellation for the amount that could still be drawn under the standby arrangement at the date of cancellation for which the member has paid a charge.

V. The following shall be added to Paragraph II.6 of Executive Board Decision No. 270-(53/95):4

To the extent that a charge has been levied on a part of the stand-by arrangement which falls into the gold tranche in the course of the stand-by arrangement, the Fund will refund the charge on that part for the unexpired period of the stand-by arrangement.

VI. Sections II, III.1, IV, and V above shall apply to stand-by arrangements entered into or renewed after the date of the adoption of this decision.

April 27, 1959

Appendix IX (i). Administrative Budget Letter of Transmittal

July 9, 1959

My dear Mr. Chairman:

The administrative budget of the Fund approved by the Executive Board for the Fiscal Year ending April 30, 1960 is presented herewith, in · accordance with Section 20 of the By-Laws. The presentation also shows actual expenditures for the past two fiscal years.

I should like to reiterate that it is of course impossible to predict whether the amounts budgeted will, in fact, meet the requirements of the Fund’s program. The amounts shown are estimates of requirements on the basis of the expected level of activities. Should contingencies arise or present plans change materially, the management would recommend appropriate amendments to the Executive Board.

Yours sincerely,

/s/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Appendix IX (ii). Administrative Budget

As Approved by the Executive Board for the Fiscal Year Ending April 30, 1960, Compared with Actual Expenditures for the Fiscal Years 1957-58 and 1958-59

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Includes $520,000 supplementary appropriations approved by the Executive Board on July 23, 1958 and April 17,1959.

Appendix IX (iii). Comparative Statement of Income

(Values expressed in U.S. dollars on the basis of established parities)

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Excludes income from November 1, 1957 amounting to $2,830,560.24, transferred to Special Reserve.

Excludes income amounting to $4,108,526.63, transferred to Special Reserve.

Appendix X. Balance Sheet, Statement of Income and Expenditure, Statement of Reserves, and Supporting Schedules

Letter of Transmittal

July 9, 1959

My dear Mr. Chairman:

In accordance with Section 20(b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors the audited financial statements of the International Monetary Fund, and the Staff Retirement Fund, for the year ended April 30, 1959, together with two memoranda from the Audit Committee, which include the audit certificates.

In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, Canada, the Federal Republic of Germany, and Guatemala nominated auditors to serve on this Committee. They respectively nominated Mr. Ian Stevenson, Assistant Auditor General of Canada, Ottawa; Mr. Horst Peckolt, Member of the Board of Directors of the Deutsche Revisions- und Treuhand Aktiengesellschaft; and Mr. Gabriel Orellana, Dean of the Faculty of Economic Sciences of the University of San Carlos de Guatemala. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, ordinary income amounted to $27,173,212.23 and expenditure amounted to $6,678,904.15, and that the resultant net income of $20,494,308.08 has been transferred provisionally to General Reserve pending Board of Governors’ action. In addition, income of $4,108,526.63 from the Fund’s gold investment program has been transferred to Special Reserve.

The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

Yours sincerely,

/s/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Memorandum by the Audit Committee

June 19, 1959

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 19, 1959, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the Fund for the fiscal year ended April 30, 1959, includes the following paragraphs relating to the scope of the audit conducted, the financial statements examined and the audit certificate given:

Scope of The Audit

The Audit Committee has taken note of the directives contained in Section 20 (b) of the By-Laws: that the audit be conducted according to generally accepted auditing standards; that it be comprehensive with respect to the examination of the financial records; that it extend, so far as practicable, to the ascertainment that financial transactions consummated during the period under review were supported by the necessary authority; and that it determine that there was adequate and faithful accounting for the assets of the Fund. In considering the authority for financial transactions, reference was made to the Articles of Agreement, By-Laws and Rules and Regulations, and to the Minutes of Executive Board meetings. The system of accounting and internal financial control was reviewed and the work performed by the Internal Auditor, as reported upon by him to the Committee, was taken into account in the audit.

Financial Statements

Appended to this report are the following audited financial statements:

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The following supporting Balance Sheet schedules as at April 30, 1959 are also appended:

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Audit Certificate

We have examined the Balance Sheet of the International Monetary Fund as at April 30, 1959 and the related Statements of Income and Expenditure and of Reserves for the fiscal year then ended. As a result of our examination we report that, in our opinion, the Balance Sheet and the Statement of Income and Expenditure, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1959, and the results of its operations for the fiscal year then ended, and that they were prepared in conformity with generally accepted accounting principles, applied to the operations of the Fund on a basis consistent with that of the preceding fiscal year.

Audit Committee:

/s/ Ian Stevenson, Chairman (Canada)

/s/ Horst Peckolt (Federal Republic of Germany)

/s/ Gabriel Orellana (Guatemala)

Balance Sheet

as at 30, 1959

Value Expressed in U.S. dollars on the basis of established parities (see Note 1)

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Notes:

With the exception of Bolivian bolivianos, Canadian dollars, Indonesian rupiah, paraguaraníes, and Peruvian soles, which, for bookkeeping purposes, are computed at pro rates of 11,500.0 bolivianos, 0.962344 dollar, 11.4000 rupiah, 110.000 guaraníes, and soles, per U.S. dollar.

Excludes 3,353.751 fine ounces earmarked for members.

Made with the proceeds of the sale of 5,714,044.252 fine ounces of gold. Upon tern of the investment, the same quantity of gold can be reacquired.

Held in accordance with Paragraph 8 of the First Resolution on the Enlargement Resources Through Increases in Quotas.

The assets and liabilities of the Staff Retirement Fund are not included, but are reflec separate Balance Sheet for that fund (Exhibit I).

A stand-by charge has, under certain circumstances, to be credited against the service for a drawing under the stand-by arrangement; the maximum amount on April 30,$2,124,487.48. A portion of the stand-by charge is refundable to a member if the arrar is canceled; the maximum amount on April 30, 1959 is $372,577.73

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/s/ Per Jacobsson

Managing Director

/s/ Y. C. Koo

Treasurer

/s/ C. M. Powell

Comptroller and Assistant Treasurer

Exhibit B

Statement of Income and Expenditure for the year ended April 30, 1959

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Notes:

Excludes income from investments amounting to $4,108,526.63, transferredto Special Reserve (Exhibit C).

After deduction of $22,262.05 for sales of Fund’s publications.

Exhibit C

Statement of Reserves for the year ended April 30, 1959

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Note: Represents income from investment in U.S. Treasury bills from November 1, 1957.
Schedule 1

Gold Account as at April 30, 1959

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Excludes 3,353.751 fine ounces held under earmark by the Fund for the following members:

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Schedule 2

Currencies and Securities as at April 30, 1959

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In accordance with Article IV, Section 8.

Parity rates, except for those marked *, which are provisional rates for bookkeeping purposes. Rates marked † represent U.S. cents per currency unit; all other rates represent currency units per U.S. dollar.

Checking accounts are maintained with The Riggs National Bank in Washington, D.C., for the purpose of making local payments for administrative expenditure.

Schedule 3

Status of Subscriptions to Capital as at April 30, 1959

(Expressed in U.S. dollars)

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As per Article XX, Section 2(d), of the Articles of Agreement.

In addition, Ecuador has paid gold and currency equivalent to US$5 million representing its subscription payment in anticipation of an authorized increase in quota. This payment is shown under a separate caption on the Balance Sheet.

Accepted provisionally at the rate of 11.4000 rupiah per U.S. dollar, subject to such adjustment as may be necessary when a par value for the rupiah is agreed upon.

Schedule 4

Other Assetsas at April 30, 1959

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Schedule 5

Other Liabilitiesas at April 30, 1959

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Staff Retirement Fund

Memorandum by the Audit Committee

June 19, 1959

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 19, 1959, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the International Monetary Fund for the fiscal year ended April 30, 1959, includes the following paragraphs relating to the scope of the audit conducted, the financial statements examined, the investments held and the audit certificate given with respect to the Staff Retirement Fund:

Scope of the Audit

The Audit Committee made an examination of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1959. In the course of the examination, the Committee referred to the Articles of the Staff Retirement Plan and to the decisions of the Pension, Administration and Investment Committees created under the Plan. The Audit Committee made a test check of the various classes of transactions, and took into account the work done by the Internal Auditor, as reported upon by him to the Committee. This report showed that a detailed examination had been made of the participants’ accounts.

Financial Statements

Section 9.1 of the Articles of the Staff Retirement Plan provides that “all the contributions made by the Employer and by participants … and all other assets, funds and income of the Plan, shall … become the property of the Employer, and shall be held and administered by the Employer, separately from its other property and assets.” Appended to this report, as a separate series of exhibits and a supporting schedule, are the following audited financial statements summarizing the Staff Retirement Fund transactions:

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Investments

The Audit Committee received confirmation directly from the depository regarding the investments held as at April 30, 1959, and ascertained that the holdings of the various classes of investments were within the limiting percentages prescribed by the Pension Committee, as follows:

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It was observed that decisions regarding the buying and selling of investments had been made by the Investment Committee after giving due consideration to advice by the Investment Consultant.

Audit Certificate

As a result of our examination of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1959, we report that, in our opinion, the Balance Sheet and the related Statements of Participants’ Account, Accumulation Account and Retirement Reserve Account, present fairly the financial position of the Staff Retirement Fund as at April 30, 1959, and the results of its operations for the fiscal year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding fiscal year.

Audit Committee:

/s/ Ian Stevenson, Chairman (Canada)

/s/ Horst Peckolt (Federal Republic of Germany)

/s/ Gabriel Orellana (Guatemala)

Exhibit I

Staff Retirement Fund Balance Sheetas at April 30, 1959

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/s / Per Jacobsson

Managing Director

/s / Y. C. Koo

Treasurer

/s / Charles M. Powell

Comptroller and Assistant Treasurer

Exhibit II

Staff Retirement Fund Statement of Participants’ Account for the year ended April 30, 1959

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Exhibit III

Staff Retirement Fund Statement of Accumulation Account for the year ended April 30, 1959

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Exhibit IV

Staff Retirement Fund Statement of Retirement Reserve Account for the year ended April 30, 1959

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Exhibit V

Staff Retirement Fund Statement of Reserve Against Investments for the year ended April 30, 1959

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Schedule to Exhibit I

Staff Retirement Fund Schedule of Investments April 30, 1959

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Appendix XI (i). Schedule of Par Values—as of June 30, 1959 Currencies of Metropolitan Areas

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The par value of the boliviano agreed by the Government of Bolivia and the Fund as of May 14, 1953 was 0.00467722 gram of fine gold per boliviano or 0.526316 U.S. cent per boliviano. Computations by the Fund involving bolivianos are made at the rate of 11,500 bolivianos per U.S. dollar.

The par value agreed by the Government of Canada and the Fund as of September 19, 1949 was 0.807883 gram of fine gold per dollar or 90.9091 U.S. cents per dollar. On September 30, 1950, Canada introduced a new exchange system under which the exchange value of the dollar is allowed to fluctuate, so that for the time being Canada will not ensure that exchange transactions within its territories will be based on the par value established on September 19, 1949. No new par value has been proposed to the Fund. Computations by the Fund involving Canadian dollars are made in accordance with the rules on transactions and computations for fluctuating currencies published on pages 125-27 of the 1955 Annual Report.

The par value of the Chilean peso agreed by the Government of Chile and the Fund as of October 5, 1953 was 0.00807883 gram of fine gold per peso or 0.909091 U.S. cent per peso. Computations by the Fund involving Chilean pesos are made at the rate of 1,049 Chilean pesos per U.S. dollar.

Computations by the Fund are made on the basis of the rate of 11.40 Indonesian rupiah per U.S. dollar.

The par value of the guaraní agreed by the Government of Paraguay and the Fund as of March 1, 1956 was 0.0148112 gram of fine gold per guaraní or 1.66667 U.S. cents per guaraní. Computations by the Fund involving guaraníes are made at the rate of 110 guaraníes per U.S. dollar.

The initial par value of the sol, established on December 18, 1946, was 0.136719 gram of fine gold per sol or 15.3846 U.S. cents per sol. In November 1949, Peru introduced a new exchange system, but no agreement on a new par value has been reached. Computations by the Fund involving Peruvian soles are made in accordance with the rules on transactions and computations for fluctuating currencies published on pages 125-27 of the 1955 Annual Report.

Appendix XI (ii). SCHEDULE OF PAR VALUES—as of June 30,1959 Separate Currencies in Nonmetropolitan Areas of Members

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Colonies Françaises d’A frique.

Colonies Françaises du Pacifique.

Parity with sterling.

Index

Administrative Budget, Fund—164, 194, 195

Advance Deposits for Imports—70, 112, 132, 143, 145

Afghanistan—exchange system,58

Agricultural Surpluses—11, 80

Argentina—bank credit, 70, 107; bank reserve requirements, 107; domestic developments, 10607; exchange system, 58, 107, 132, 136-37; exports, 107; gold reserves, 153; payments arrangements with Paraguay, 140; stabilization program, 20, 107; stand-by arrangement with Fund, 20

Assets, Fund—investment of, 163

Audit Committee, Fund—164

Australia—balance of payments, 51,104-06; bank credit, 64, 105; bank reserve requirements, 63; fiscal policy, 104; gold and foreign exchange reserves, 51, 105, 154; gold production, 148; gold subsidy program, 149; measures to deal with payments disequilibrium, 57, 104-06; money supply, 66, 105; terms of trade, 104

Austria—discount rate, 60; fiscal policy, 67; gold reserves, 154; industrial production, 33; monetary policy, 62

Balance of Payments—developments in recent years, 46-52; measures to deal with payments disequilibrium, 56-58; see also entries under various countries

Balance Sheets—Fund, 200; Staff Retirement Fund, 215

Bank Credit—see Credit Policy

BelgiumLuxembourg—balance of payments, 48, 96-97; bank credit, 64; currency repurchase from Fund, 19; domestic developments, 96-97; EPU position, 129; fiscal policy, 67; gold and foreign exchange reserves, 54, 154; gold and gold coins, prices in Brussels, 159, 160; industrial production, 33, 96; interest rates, 60,97; monetary policy, 62

Bilateral Payments Arrangements—30, 127, 131

Bolivia—balance of payments, 110-11; domestic developments, 110-11; exchange system, 58, 111, 138; money supply, 70; stabilization program, 110

Brazil—balance of payments, 51, 99-101; coffee stockpiling, 44, 99; currency purchase from Fund, 100; discount rate, 70; domestic developments, 99-102; exchange system, 58,100, 127, 140; loans from abroad, 100

Budget, Fund—164, 194, 195

“Built-In Stabilizers”—2,66

Burma—balance of payments, 51; cost of living, 70; exports, 45, 51; foreign exchange reserves, 51

Canada—balance of payments, 118-21; bank credit, 64; domestic developments, 118-21; exchange rate, 118, 135; fiscal policy, 67, 119; Fund quota, recommended increase, 15, 188; gold and foreign exchange reserves, 135, 136, 153; gold price, 150; gold production, 148; gold purchases by private citizens, facilities for, 156; gold subsidy program, 149, 150; industrial production, 33, 118; monetary policy, 64, 119; money supply, 66, 119; securities transactions, 119, 120

Capital Transfers—control over, 132

Central American Countries—economic cooperation, 133

Ceylon—cost of living, 70

Charges, Fund—28, 191-93

Chile—advance deposits for imports, 70, 112; balance of payments, 111-13; domestic developments, 111-13; exchange system, 58, 112, 138; stabilization program, 20, 21, 112; stand-by arrangement with Fund, 21

China (Taiwan)—exchange system, 141-42; export earnings, 102

Cocoa Prices—44

Coffee—exports, 44, 99; prices, 44, 99; stockpiling, 44, 99, 102

Coffee Exporting Countries—agreement among Latin American producers, 44; terms of trade, 99; trade and payments balances, 99-102

Colombia—balance of payments, 102; coffee stockpiling, 44, 102; cost of living, 102; exchange system, 58, 102, 139; gold and foreign exchange reserves, 51, 154; gold subsidy program, 149

Competitiveness of Industrial

Countries—7, 39

Consultations on Exchange Restrictions—29-30

Convertibility of Currencies—see Exchange Convertibility

Copper—exports and prices, 45

Cost of Living—percentage changes by countries, 34 (table), 71 (table)

Costa Rica—coffee exports, 102

Cotton—prices, 44

Credit Policy—3-4, 63-66, 74; see also entries under various countries

Credit Tranche Drawings—22

Cuba—balance of payments, 103; credit expansion, 103; gold reserves, 153

Currency Holdings, Fund—with depositories, 205

Currency Purchases and Repurchases—see Fund’s Resources

Cyclical Fluctuations—“built-in stabilizers,” 2, 66; developments and policies in recession and recovery, 2-3, 6

Denmark—balance of payments, 49, 97; currency repurchase from Fund, 19, 97; exchange restrictions, relaxation of, 142; exports, 41, 49, 97; gold and foreign exchange reserves, 97; industrial production, 33, 97; interest rates, 60, 97; money supply, 66

Discount Rates—see Interest Rates

Discriminatory Exchange Practices—5, 128

Dominican Republic—export earnings, 102

Economic Communities, Regional—132-33

Ecuador—bank credit, 70, 103; cost of living, 70; foreign exchange reserves, 103; money supply, 70

Egyptian Region, U.A.R—balance of payments, 108-09; domestic developments, 108; export duties on cotton, 58; exports, 44, 108; gold reserves, 153; money supply, 70, 109

Employment—in recession and recovery, 36-37; manufacturing, percentage changes by countries, 34 (table)

Ethiopia—payments deficit, 102

Europe, Western—balance of payments, 7, 56-57; bank liquidity, 60; business fluctuations, effects on primary producing countries, 7; economic developments, 3-7, 33-37; exchange rates for “transferable” currencies, 4; external convertibility, adoption of, 1, 3-6, 8, 19, 30, 57, 125-28; gold and foreign exchange reserves, 1, 4, 151, 153; import tariffs, EEC measures, 133; imports from less developed countries, 7; measures to deal with payments disequilibrium, 56-57; money and capital markets, attractiveness to foreign borrowers, 7; sterling holdings, 50; strengthening of economies, 4; terms of trade, 43

European Economic Community—8, 132-33

European Free Trade Area—133

European Monetary Agreement and European Fund—5, 127, 128-31

European Payments Union—gold and dollar assets, 129; members’creditor and debtor positions, 129; role of, 130; termination of, 5, 128-31

Exchange Convertibility—adoption of external convertibility by Western European countries, 1, 3-6, 8,19, 30,57, 125-28; effect of external convertibility on world trade, 5, 8, 128

Exchange Practices—developments in 1958,125-46; discriminatory practices, 5, 128; multiple currency practices, 5, 30, 58; progress toward achievement of Fund’s objectives, 3, 5, 30, 125-28

Exchange Rates—changes in 1958, 134-46; par values, 131, 134-35, 223; “transferable” Western European currencies, 4; see also entries under various countries

Exchange Reserves—see Reserves

Exchange Restrictions—adjustment to conditions established by European external convertibility, 1, 5; Fund consultations, 29-30

Exchange Systems—and stabilization programs, 72

Executive Board—decision on charges, 191-93; membership and voting power, 178-84; report on enlargement of Fund’s resources, 13-18; resolutions on increase in Fund’s resources, 185-88, 189

Expenditure, Fund—164, 194-96

Fiji—gold subsidy program, 149, 150

Financial Statements, Fund—194-222

Finland—balance of payments, 121; discount rate, 60; domestic developments, 121; exchange restrictions, relaxation of, 141

First Credit Tranche Drawings—22

Fiscal Policy—3, 4, 66-68; see alsoentries under various countries

Foreign Exchange Reserves—see Reserves

Franc Area—balance of payments,49, 90-91

France—anti-inflationary measures,57, 88-89, 92; balance of payments, 47, 48, 89-92; credit policy, 64-65,89; currency unit, “new,” 134; devaluation of exchange rate, 57, 91; domestic developments, 88-92; EPU position, 129; exports, 42, 91; fiscal policy, 89; foreign investment, relaxation of regulations, 57; gold, acquisition of, 156; gold and gold coins, prices in Paris, 158, 160; gold dishoarding, 49, 89, 157; government loan, 156; import liberalization, 57, 91; imports, 91; industrial production, 33, 89; monetary policy, 61, 89, 92; money supply, 66, 89; par value, establishment of, 57, 131, 154; repatriation of foreign assets, encouragement of, 156; stabilization measures, 49, 57

Fund Members—list and quotas, 169-72; quotas, aggregate, 13; quotas, formula for increases, 15-16; quotas, recommended increases in, 13-18, 185-88, 189; reports on monetary reserves, 29; use of Fund’s resources, 18-28

Fund Staff—164

Fund Technical Assistance To Members—164

Fund’s Liquidity Position—23

Fund’s Objectives—progress toward, 3, 5, 30, 125-28

Fund’s Resources—agreements on expansion, 1; availability of, 5, 14; charges on use of, 28, 191-93; currencies purchased, 24, 25; currency purchases, 11, 18, 19, 21, 24, 26, 27, 100, 109, 123, 190; currency purchases outstanding, 26; currency purchases, use of waiver, 24; currency purchases within gold tranche, first credit tranche, and beyond, 22; currency repurchases, 11, 18, 19, 23,26, 27, 88, 97, 190; factor in strengthening European economies, 4; gold and U.S. dollar holdings, 11, 14, 15, 23; proposal to increase quotas, 1, 4, 11, 13-18; resolutions of Executive Board, 185-88, 189; revolving character, 23; stand-by arrangements, 11, 19, 20-22, 24, 25; support to stabilization programs, 20; use of, 18-28; use of, by less developed countries, 10, 11, 50, 52, 72

GATT—Fund cooperation, 31-32

Germany, Federal Republic of—balance of payments, 47, 50, 93-95; bank liquidity, 3, 60, 94; bank reserve requirements, 63; capital transfers, removal of limitations, 132; credit policy, 63, 64, 94; domestic developments, 93-94; EPU position, 129; exchange convertibility, 127; exports, 42, 93; fiscal policy, 67; Fund quota, recommended increase, 15, 188; gold reserves, 154; gold trade, freeing of, 157; imports, 93; industrial production, 33, 93; interest rates, 3, 50, 60, 94; monetary policy, 61, 94

Ghana—export earnings, 103; gold production, 148; par value, 131, 134

Gold—coins, prices of, 160; demandand supply, 52, 54 (table), 151-54; earmarked, 154; holdings, redistribution of, 151-54; markets and prices, 154-60; production, 147-51; production costs, 148; purchases by private citizens, facilities for, 156; reserves, 52, 151-54; sales, 55, 151; sales, relaxation of restrictions on, 156, 157; stocks of EPU, 153; subsidy programs, 149-51; transactions service, Fund’s, 160

Gold Holdings, Fund—52, 154

“Gold Tranche” Drawings—22

Governors, Board of—membership and voting power, 169-77

Greece—credit from European Fund, 130; exchange rate, 135; measures to deal with payments disequilibrium, 58

Guatemala—balance of payments, 51

“Hague Club”—127

Haiti—coffee exports, 102; credit policy, 70; stand-by arrangement with Fund, 22

Honduras—credit policy, 70; stand by arrangement with Fund, 22

Hong Kong—gold price, 159

Iceland—exchange system, 142

Income, Fund—64, 196, 202

India—balance of payments, 51, 116-18; credit policy, 70, 116; domestic developments, 116-17; gold price in Bombay, 159; gold production, 148; loans from abroad, 117; measures to deal with payments disequilibrium, 58, 116-18; money supply, 70, 116; rupee banknotes, circulation in Persian Gulf area, 160; Second Five Year Plan, 118

Indonesia—advance deposits for imports, 70, 143; balance of payments, 113-14; domestic developments, 113-14; exchange system, 113, 143; import restrictions, 57, 113, 143

Industrial Countries—balance of payments, 7; competitiveness, 7, 39; developments and policies in recession and recovery, 2, 35-37; economic developments, effect on tropical foods exporting countries, 43; exports, 40 (table); financial developments and external payments, 75-99; financial developments and policies, 59-68; fiscal policies, 65-68; imports, 40 (table); industrial production, 1; inflation, measures to check, 6; inventory investment, 49; measures to deal with payments disequilibrium, 56-57; monetary policies, 60-66; money supply, 66; price movements, 6, 37; productive capacity, 7; reserve positions, 11; role in assisting less developed countries, 7, 10; terms of trade, 40 (table)

Industrial Countries Other than United States—balance of payments, 47-50, 90 (table); economic activity, 2; effects of economic developments in United States, 35; employment, 37; gold and foreign exchange reserves, 2, 53, 90 (table); imports, 39; industrial production, 33, 36, 47; ratio of reserves to imports, 56

Industrial Production—percentage changes by countries, 34 (table); world output, 33; see also entries under various countries

Inflation—1, 6, 10, 68, 70, 73

Interest Rates—3,60-66; see alsoentries under various countries

International Banking System—effectiveness of, 5

International Organizations—Fund cooperation, 31-32

International Sugar Agreement—44

International Tin Agreement—45,110

Investment Demand—decline in, 35

Iran—balance of payments, 115; domestic developments, 115

Iraq—gold reserves, 154; petroleum exports, 115

Ireland—discount rate, 60; par value, 131, 134

Israel—bank credit, 70; cost of living, 70; currency repurchase from Fund, 19; exchange system, 143

Italy—balance of payments, 49, 95-96; credit policy, 64; domestic developments, 95-96; EPU position, 129; exchange rate, 135; exports, 42, 95; fiscal policy, 67; gold and gold coins, prices in Milan, 159, 160; gold reserves, 55, 153; imports, 49, 95; industrial production, 33, 95; interest rates, 60, 96; inventory investment, 49

Japan—balance of payments, 7, 49, 98-99; bank credit, 64; currency repurchase from Fund, 19; domestic developments, 98-99; economic expansion, 36; exports, 42, 98; Fund quota, recommended increase, 15, 188; gold reserves, 154; imports, 49, 98; industrial production, 33, 98; interest rates, 60, 98; monetary policy, 98; shipbuilding industry, loans to, 99

Kuwait—exports, 115

Latin America—gold holdings,153; measures to deal with payments disequilibrium, 58; regional market, consideration of, 133

Lead—prices, 65

Lebanon—exchange rate, 136; gold and gold coins, prices in Beirut, 159, 160

Less Developed Countries—aid from abroad, 9, 51-52, 72; aid from Fund, 10, 11, 50, 52, 72; balance of payments, 1, 50; cooperation with Fund, 10; cost of living, 68; earning capacity, 1; economic policies, 9, 68-74; exchange rates, depreciation of, 50; exports, 39, 43, 50; financial developments and policies, 68-74; financing of payments deficit, 52; foreign exchange reserves, 39, 50, 54; government resources, 69; import restrictions, 50; imports, 39, 48, 50; inflation, 1, 10, 68, 70, 73; inflow of capital and grants, 51; loans from International Bank for Reconstruction and Development, 52; measures to deal with payments disequilibrium, 57-58; monetary policy, 70; money supply, 68; prices, 1, 9, 42, 69; ratio of reserves to imports, 56; stabilization programs, 1-2, 20, 70-74; terms of trade, 9, 43, 48, 69

Liberalization Measures—6, 133

Libya—Fund membership, 13

Liquidity, Fund—23

Livestock Products—prices, 44

Livestock Products, Exporting Countries—domestic developments and external payments, 104-08

London Gold Market—155, 157

Luxembourg—see Belgium Luxembourg

Malaya, Federation of—balance of payments, 113; development program, 113; foreign exchange reserves, 113; loans from abroad, 113

Manufacturing Countries—see Industrial Countries

Members, Fund—see Fund Members

Metals Exporting Countries—balance of payments, 51; domestic developments and external payments, 110-14

Mexico—balance of payments, 122-23; credit policy, 70, 122; domestic developments, 122-23; fiscal policy, 123; gold production, 148; gold reserves, 153; money supply, 122; stabilization program, 20, 21; stand by arrangement with Fund, 21

Monetary Policy—3, 4, 36, 60-66; see also entries under various countries

Monetary Reserve Reports—submission by Fund members, 29

Monetary Stability—importance of, 74

Money Supply—changes in 1958, 66; percentage changes by countries, 65 (table), 71 (table); see also entries under various countries

Multilateral Payments System—progress toward, 3, 125-28

Multiple Currency Practices—5, 30, 58

Netherlands—balance of payments, 49; bank liquidity, 60; bank reserve requirements, 60; credit policy, 64; currency repurchase from Fund, 19; discount rate, 60; EPU position, 129; exports, 41, 49; fiscal policy, 67; gold and foreign exchange reserves, 54, 154; imports, 49; industrial production, 33; monetary policy, 60, 61; money supply, 66

New Zealand—balance of payments, 51, 107-08; bank credit, 64; bank reserve requirements, 64, 108; borrowing from abroad, 108; measures to deal with payments disequilibrium, 57, 108; money supply, 66, 108

Nicaragua—currency repurchase from Fund, 19; exchange system, 58, 144; money supply, 70; stand-by arrangement with Fund, 22

Norway—balance of payments, 97; credit policy, 64, 65; fiscal policy, 67; gold and foreign exchange reserves, 97; industrial production, 33

Oil Producing Countries—balance of payments, 114-15

OEEC—fund cooperation, 31

OEEC Countries—see Europe, Western

Pakistan—balance of payments, 110; cost of living, 70; exchange control, 110; foreign exchange reserves, 110; interest rates, 70, 110; monetary and fiscal policies, 110; money supply, 70

Par Values—131, 134-35, 223

Paraguay—advance deposits for imports, 70; cost of living, 70; exchange system, 139; payments arrangement with Argentina, 140

“Paris Club”—132

Payments Disequilibrium—measures to deal with, 56-58

Peru—balance of payments, 51; exchange system, 58, 137-38; export duties on cotton, 58; gold and foreign exchange reserves, 51, 153; measures to deal with payments disequilibrium, 58

Petroleum—exports and prices, 46, 114-16

Philippines—balance of payments, 104; discount rate, 70, 104; Fund quota, increase in, 13; gold production, 148; monetary and fiscal policies, 70, 104

Portugal—gold reserves, 154

Prices—prices and wage negotiations, 36; primary products, 1, 9, 42, 69; relationship between prices and demand, 36

Primary Producing Countries—see Less Developed Countries

Production, Industrial—see Industrial Production

Publications, Fund—163

Purchases of Currency—see Fund’s Resources

Quotas of Fund Members—see Fund Members

Recession and Recovery—1-12, 33-37

Reflationary Policy—effects of, 59

Regional Economic Communities—132-33

Repurchases of Currency—see Fund’s Resources

Reserves, Gold—52, 151-54

Reserves, Gold and Foreign Exchange—changes in recent years, 52-56; ratio of reserves to imports, 56; see also entries under various countries

Rhodesia, Southern—gold production, 148

Rice—prices, 45

Rubber—exports and prices, 45

Rubber Exporting Countries—balance of payments, 51, 113-14

Saudi Arabia—balance of payments, 115; economic program, 115-16

Scandinavian Countries—monetary policy, 61

Spain—Fund membership, 13; gold reserves, 153

Stabilization Programs—and exchange systems, 72; of less developed countries, 1-2, 70-74; support from Fund and other sources, 20, 72

Staff, Fund—164

Stand-By Arrangements—see Fund’s Resources

Sterling Area, Overseas—balance of payments, 87-88; capital inflow from United Kingdom, 51

Sudan—balance of payments, 109; currency purchase from Fund, 109; domestic developments, 109; export duties on cotton, 58; exports, 44, 109; foreign exchange reserves, 109; par value, 131, 134

Sugar—prices, 44, 103

Sugar Exporting Countries—export earnings, 102

Surplus Commodities—11, 80

Sweden—bank credit, 64, 66; discount rate, 60; exports, 42; fiscal policy, 68; gold reserves, 153; industrial production, 33; money supply, 66

Switzerland—balance of payments, 49; bank credit, 64; bank reserve requirements, 63; discount rate, 60; exports, 42; gold and foreign exchange reserves, 54, 154; gold price in Zürich, 158; imports, 49; monetary policy, 61

Syrian Region, U.A.R.—exchange rate, 136

Technical Assistance, Fund—164

Terms of Trade—percentage changes by countries, 40 (table)

Thailand—exchange rate, 135; exports, 45; foreign exchange reserves, 51

Tin—exports and prices, 45

Tobacco—exports and prices, 45

Trade, World—see World Trade

Training Program, Fund—162

Tropical Foods Exporting Countries—domestic developments and external payments, 99-104; effect of economic developments in industrial countries, 43

Turkey—advance deposits for imports, 145; balance of payments, 51; credit from European Fund, 130; credit policy, 70; currency purchase from Fund, 21; domestic developments, 109; exchange system, 58, 144; money supply, 70; stabilizationprogram, 20, 21, 109

Underdeveloped Countries—see Less Developed Countries

Union of South Africa—balance of payments, 123; bank credit, 64, 123; bank reserve requirements, 63, 123, 124; currency purchase from Fund, 123; domestic developments, 123-24; gold bars, sale of, 157; gold mining costs and profits, 148; gold production, 124, 147; interest rates, 60, 123, 124; measures to deal with payments disequilibrium, 58, 123; money supply, 66, 124; uranium production and profits, 149

U.S.S.R.—gold sales, 151; purchases of rubber and tin, 45

United Arab Republic—Fund membership, 13; see also Egyptian Region; Syrian Region

United Kingdom—balance of payments, 48, 49, 85-88; capital outflow to sterling area, 51; credit policy, 64, 65; currency repurchase from Fund, 19, 88; disinflationary policies, 83; domestic developments, 83-84; EPU position, 129; exports, 42, 49, 85; fiscal policy, 67, 84; gold and foreign exchange reserves, 54, 55, 56, 153; gold sales, relaxation of restrictions on, 156; imports, 49, 85; industrial production, 33, 83; interest rates, 50, 60, 61, 84; London gold market, 155, 157; monetary policy, 60, 61, 84; money supply, 84; terms of trade, 49

United Nations—Fund cooperation, 32

United States—agricultural surpluses, 80; balance of payments, 2, 7, 46, 47, 55, 78-83; bank credit, 64, 66,73; bank reserve requirements, 63, 77; capital movements, 47, 81, 82; competitive position, 7, 39; domestic developments, 75-78; economic developments, effect on other countries, 2, 8, 35; economic developments in recession and recovery, 23, 33-37, 75-83; employment, 37, 75; exports, 35, 38, 47, 81; fiscal policy, 67, 77; gold and dollar transfers, 46, 78, 154; gold price, 155; gold reserves, 3, 56, 152, 153, 154; government payments abroad, 6; imports, 7, 35, 39, 46, 80; industrial production, 33, 36, 75; interest rates, 3, 7, 60, 62, 63, 77, 78; investment abroad, 41; lead import quotas, 45; liquidity, increase in, 3; loans and grants abroad, 80; monetary policy, 3, 60, 62, 77-78; money supply, 62, 77; petroleum imports, 46; price changes, 76; ratio of reserves to imports, 56; zinc import quotas, 45

Uranium Production—149

Uruguay—balance of payments, 51; exchange system, 58, 145

Velocity of Money—65, 66 (table)

Venezuela—balance of payments, 114-15; capital movements, 51, 114; domestic developments, 114-15; exports, 46, 114; gold reserves, 153

Wages—wage negotiations and prices, 36

Wheat—exports and prices, 45

Wool—prices, 44

World Payments Situation—see Balance of Payments

World Trade—competitiveness of industrial countries, 7, 39; effect of external convertibility, 5, 8, 128; main trends, 37-42

Yugoslavia—exchange system, 146

Zinc—prices, 45

1

Annual Report, 1952, pages 87-90.

1

Interest on the NOtrth American loans, payment of which was postponed in 1957, is included here as a debit item both for that year and for 1958.

2

This total includes a stand-by credit of $13.1 million from the International Monetary Fund, additional credits of $250 million from the European payments Union, and financial facilities from the United States (mainly debt deferment) totaling $274 million.

3

Imports estimated f.o.b.

4

Imports c.i.f.

1

Austria, Belgium, Denmark, Finland, France, the Federal Republic of Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Sweden, and the United Kingdom. Greece established external convertibility for its currency on May 25, 1959.

2

Australia, Burma, Ceylon, Ghana, India, Iraq, Jordan, Libya, Malaya, Morocco, New Zealand, Pakistan, the Sudan, Tunisia, and the Union of South Africa.

3

Canada, Cuba, the Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Mexico, Panama, the United States, and Venezuela.

1

Annual Report, 1952, pages 87-90.

2

Annual Report, 1954, pages 131-35.

3

Annual Report, 1954, pages 131-35.

4

Annual Report, 1954, pages 131-35.

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Cover International Monetary Fund Annual Report 1959
International Monetary Fund Annual Report 1959
Author:
International Monetary Fund
ISBN:
9781616351717
ISSN:
2227-8915
Publication Date:
01 Sep 1959
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781616351717.011
Pages:
250