Front Matter

Front Matter

International Monetary Fund
Published Date:
September 1986
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    The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials, ANSI Z39.48-1984.

    International Standard Serial Number: ISSN 0250-7498


    ANNUAL REPORT of the Executive Board for the Financial Year Ended April 30, 1986



    The following symbols have been used throughout this Report:

    • … to indicate that data are not available;

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

    • – between years or months (e.g., 1979–81 or January–June) to indicate the years or months covered, including the beginning and ending years or months:

    • / between years (e.g., 1980/81) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

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

    International Monetary Fund

    J. de Larosière, Managing Director and Chairman of the Executive Board Richard D. Erb, Deputy Managing Director

    Executive DirectorsAlternate

    Executive Directors
    Charles H. DallaraMary K. Bush
    T. P. LankesterMichael Foot
    Guenter GroscheBernd Goos
    Hélène PloixSylvain de Forges
    Hirotake Fuji noMasahiro Sugita
    Yusuf A. NimatallahJobarah E. Suraisry
    Pedro PérezGuillermo Ortiz
    J. J. PolakJ. de Beaufort Wijnholds
    Jacques de GrooteHeinrich G. Schneider
    Marcel MasséLuke Leonard
    Salvatore ZecchiniNikos Kyriazidis
    Mohamed FinaishTariq Alhaimus
    C. R. RyeAntonio V. Romualdez
    Hans LundströmHenrik Fugmann
    Arjun K. SenguptaA. S. Jayawardena
    Alexandre KafkaHernando Arias
    E. I. M. MteiAhmed Abdallah
    J. E. IsmaelJAAFAR Ahmad
    HUANG FanzhangJIANG Hai
    Fernando L. NebbiaJaysuno Abramovich
    Ghassem SalehkhouOmar Kabbaj
    Abderrahmane AlfidjaMAWAKANI Samba
    Senior Officers
    CounsellorC. David Finch*
    CounsellorWalter O. Habermeier*
    Economic CounsellorWilliam C. Hood*
    CounsellorL. A. Whittome*
    Administration DepartmentGraeme F. Rea, Director
    African DepartmentAlassane D. Ouattara, Director
    Asian DepartmentP. R. Narvekar, Director
    Central Banking DepartmentJ. B. Zulu, Director
    European DepartmentL. A. Whittome, Director
    Exchange and Trade Relations DepartmentC. David Finch, Director
    External Relations DepartmentAzizali F. Mohammed, Director
    Fiscal Affairs DepartmentVito Tanzi, Director
    IMF Institute DepartmentGérard M. Teyssier, Director
    Legal DepartmentFrançois P. Gianviti, Director
    Middle Eastern DepartmentA. Shakour Shaalan, Director
    Research DepartmentWilliam C. Hood, Director
    Secretary’s DepartmentLeo Van Houtven, Secretary
    Treasurer’s DepartmentWalter O. Habermeier, Treasurer
    Western Hemisphere DepartmentEduardo Wiesner, Director
    Bureau of Computing ServicesWarren N. Minami, Director
    Bureau of Language ServicesAndrew J. Beith, Director
    Bureau of StatisticsWerner Dannemann, Director
    Office in Europe (Paris)Aldo Guetta, Director
    Office in GenevaCarlos E. Sansón, Director

    August 5, 1986

    Letter of Transmittal to the Board of Governors

    August 15, 1986

    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, 1986, 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, 1987 is presented in Appendix VII and the audited financial statements of the General Department, the SDR Department, the Supplementary Financing Facility Subsidy Account, the Trust Fund, and the Staff Retirement Plan for the year ended April 30, 1986, 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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