Front Matter

Front Matter

International Monetary Fund
Published Date:
September 1978
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Annual Report



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., 1970-78 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

(/) is used between years (e.g., 1977/78) 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 4 and 11.

International Monetary Fund

J. de Larosière

Managing Director and Chairman of the Executive Board

William B. Dale

Deputy Managing Director

Alternate Executive
Executive DirectorsDirectors
Sam Y. CrossThomas Leddy
William S. RyriePendarell Kent
Eckard PieskeGerhard Laske
Jacques Henri WahlDenis Samuel-Lajeunesse
Masanao MatsunagaRei Masunaga
Muhammad Al-AtrashKadhim A. Al-Eyd
Lamberto DiniEduardo O. de Toledo
H. O. RudingTom de Vries
Bernard J. DrabbleDonal Lynch
Jahangir AmuzegarCosta P. Caranicas
Byanti KharmawanKiat Chong Ng
Eduardo MayobreNéstor O. Caldera
Jacques de GrooteHeinrich G. Schneider
S. D. DeshmukhWarnasena Rasaputram
Frede HollensenMatti Vanhala
Alexandre KafkaT. Ainsworth Harewood
Wila D. Mung’ombaFestus G. Mogae
R. J. WhitelawErnest Leung
Dante SimoneFrancisco Garcés
Samuel Nana-SinkamAbderrahmane Alfidja
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 ServiceRoland Tenconi, 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, Director
Bureau of StatisticsWerner Dannemann, Director
Office in Europe (Paris)Aldo Guetta, Director
Office in GenevaFernando A. Vera, Director
Information OfficeJay H. Reid, Director
Chief EditorNorman K. Humphreys


August 7, 1978

Dear Mr. Chairman:

I have the honor to present to the Board of Governors the Annual Report of the Executive Board for the financial year ended April 30, 1978, in accordance with Article XII, Section 7(a) of the Articles of Agreement of the International Monetary Fund and Section 10 of the Fund’s By-Laws. In accordance with Section 20 of the By-Laws, the administrative budget of the Fund approved by the Executive Board for the financial year ending April 30, 1979 is presented in Appendix VI and the audited financial statements of the General Resources Account, the Special Drawing Rights Department, the Subsidy Account, the Trust Fund, and the Staff Retirement Fund for the year ended April 30, 1978, together with the reports of the External Audit Committee thereon, are presented in Appendix VIII.

Yours sincerely,


J. de Larosière

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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