VII Fund Administration in 1959-60
- International Monetary Fund
- Published Date:
- September 1960
The Fund’s Training Program during the past year has continued with the increased number of participants and the broadened program which were noted in last year’s Annual Report. The main emphasis in the program has been divided among the work and policies of the Fund, the basic problems that arise in the promotion of economic development, and the potentialities and limitations of financial policies. A specialized course in the revised techniques for compiling balance of payments estimates, which continues to be made available to the staff of member governments who are actively engaged in this work, is closely related to the technical work of the Fund. Provision is also made in the program for statistical studies relating to national income accounting, flow of funds, and practical research methods for the analysis of economic statistics. All these studies are intended to help participants to prepare themselves for a broad range of research and advisory functions in central banks or finance ministries. The program has also proved helpful in making possible cooperative interchanges between the Fund and its members at both the technical and the policy level.
The total number of participants in the Fund’s Training Program since its inception in 1951 is 191 from 61 member countries.
The Fund’s regular program of publications was maintained in 1959-60. The list includes the Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1959 (Fourteenth Annual Report); the Tenth Annual Report on Exchange Restrictions; the Balance of Payments Yearbook, Volume 11, 1957-58; Staff Papers, Volume VII, Numbers 2 and 3; the monthly International Financial Statistics; and the weekly International Financial News Survey. The monthly Direction of International Trade is published jointly with the International Bank for Reconstruction and Development and the Statistical Office of the United Nations.
As of April 30, 1960 the Fund staff numbered 451, including 10 temporary employees and 2 on extended leave. The net increase during the year was 14. In accordance with the management’s policy of recruiting staff members on a broad geographical basis, the 59 staff members appointed during the year came from 24 countries. The total number of nationalities on the staff was 51, an increase of 2 from last year.
During the year, a number of member countries requested technical assistance from the Fund. Experts from the staff were made available to them for a variety of assignments, mainly in connection with stabilization programs. Assignments for more than a year were arranged for 7 countries, and in several other countries staff members served for shorter periods.
In April 1960, the Fund’s European Office in Paris was moved to new quarters in a building purchased by the International Bank for Reconstruction and Development.
At the end of the fiscal year, the Fund’s income of US$21,002,335 exceeded its total expenditure by $14,123,958. This amount was provisionally transferred to the General Reserve pending action by the Board of Governors. In addition, $15,359,726 was received from the Fund’s investment program during the year and was transferred to the Special Reserve.
The administrative budget approved by the Executive Directors for the period May 1, 1960-April 30, 1961 is presented in Appendix VIII. A tabulation comparing the budget with the actual expenditures for the fiscal years 1959 and 1960 and a comparative statement of income are also presented there.
The Executive Board requested the Governments of Germany, Japan, and Peru to nominate members of the Audit Committee. The following nominations were made and confirmed: Mr. Horst Peckolt, Member of the Board of Directors of the Deutsche Revisions- und Treuhand-Aktiengesellschaft; Mr. Takeo Yumoto, Auditor of the Bank of Japan; and Mr. Rodolfo León, Executive Officer of the Central Reserve Bank of Peru. The report of the Committee is submitted separately. Appendix IX gives the Auditors’ Certificate, together with the audited Balance Sheet as of April 30, 1960, the audited Statement of Income and Expenditure with supporting schedules, and audited financial statements of the Staff Retirement Fund.