Front Matter

Front Matter

International Monetary Fund
Published Date:
September 1977
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Annual Report 1977


The following symbols have been used throughout this Report:

  • (…) indicate that data are not available;

  • (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;

  • (–) is used between years or months (e.g., 1970–77 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

  • (/) is used between years (e.g., 1976/77) to indicate a fiscal year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The classification of countries employed in the Report is indicated in Tables 1 and 2 on pages 3 and 7.

International Monetary Fund

H. Johannes Witteveen

Managing Director and Chairman of the Executive Board

William B. Dale

Deputy Managing Director

Executive DirectorsAlternate Executive

Sam Y. CrossThomas Leddy
William S. RyriePendarell Kent
Eckard PieskeGerhard Laske
Jacques Henri WahlJean Foglizzo
Masanao MatsunagaRei Masunaga
Lamberto DiniEduardo O. de Toledo
Bernard J. DrabbleDonal Lynch
H. O. RudingTom de Vries
Muhammad Al-AtrashKadhim A. Al-Eyd
S. D. DeshmukhWarnasena Rasaputram
Jacques de GrooteHeinrich G. Schneider
R. J. WhitelawErnest Leung
Frede HollensenMatti Vanhala
Byanti KharmawanKiat Chong Ng
Alexandre KafkaWinston Temple-Seminario
Roberto GuarnieriNéstor O. Caldera
Jahangir AmuzegarCosta P. Caranicas
Wila D. Mung’ombaFestus G. Mogae
Dante SimoneAlfredo Crespo
Samuel Nana-SinkamVictor Alipui
Senior Officers
The General CounselJoseph Gold
The Economic CounsellorJ. J. Polak
Administration DepartmentK. N. Clark, Director
African DepartmentJ. B. Zulu, Director
Asian DepartmentTun Thin, Director
Central Banking ServiceSan Lin, Acting Director
European DepartmentL. A. Whittome, Director
Exchange and Trade Relations DepartmentErnest Sturc, Director
Fiscal Affairs DepartmentRichard Goode, Director
IMF InstituteGérard M. Teyssier, Director
Legal DepartmentJoseph Gold, Director
Middle Eastern DepartmentA. Shakour Shaalan, Director
Research DepartmentJ. J. Polak, Director
Secretary’s DepartmentLeo Van Houtven, Secretary
Treasurer’s DepartmentWalter O. Habermeier, Treasurer
Western Hemisphere DepartmentE. Walter Robichek, Director
Bureau of Language ServicesBernardo T. Rutgers, Acting Director
Bureau of StatisticsEarl Hicks, Director
Office in Europe (Paris)Aldo Guetta, Director
Office in GenevaFernando A. Vera, Director
Information OfficeJay H. Reid, Director
Chief EditorNorman K. Humphreys


August 2, 1977

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, 1977.

Yours sincerely,


H. Johannes Witteveen

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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