Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1988
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International Standard Serial Number: ISSN 0250-7498


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., 1987–88 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (e.g., 1987/88) 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

Michel Camdessus, Managing Director and Chairman of the Executive Board

Richard D. Erb, Deputy Managing Director

Executive DirectorsAlternate

Executive Directors
Charles H. DallaraCharles S. Warner
Frank CassellCharles Enoch
Guenter GroscheBernd Goos
Hélène PloixDominique Marcel
Koji YamazakiShinichi Yoshikuni
Yusuf A. NimatallahIbrahim A. Al-Assaf
Guillermo OrtizLeonor Filardo
G. A. PosthumusG. P. J. Hogeweg
Jacques de GrooteJohann Prader
Mohamed FinaishAbdul Moneim Othman
Marcel MasséDara McCormack
Salvatore ZecchiniNikos Kyriazidis
C. R. RyeChang-Yuel Lim
Jorgen OviMarkus Fogelholm
Arjun K. SenguptaL. Eustace N. Fernando
Alexandre KafkaJerry Hospedales
J. E. IsmaelJanardana Reddy
Ahmed AbdallahEl Tayeb El Kogali
DAI QiandingJIANG Hai
Alvaro DonosoErnesto V. Feldman
Ghassem SalehkhouOmar Kabbaj
MAWAKANI SambaCorentino V. Santos
Senior Officers
Economic CounsellorJacob A. Frenkel*
CounsellorAlassane D. Ouattara*
CounsellorLeo Van Houtven*
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 DepartmentMassimo Russo, Director
Exchange and Trade Relations DepartmentL. A. Whittome, Director
External Relations DepartmentAzizali F. Mohammed, Director
Fiscal Affairs DepartmentVito Tanzi, Director
IMF InstituteGérard M. Teyssier, Director
Legal DepartmentFrançois P. Gianviti, General Counsel
Middle Eastern DepartmentA. Shakour Shaalan, Director
Research DepartmentJacob A. Frenkel, Director
Secretary’s DepartmentLeo Van Houtven, Secretary
Treasurer’s DepartmentF. Gerhard Laske, Treasurer
Western Hemisphere DepartmentSterie T. Beza, Director
Special Trade RepresentativeEduardo Wiesner
Bureau of Computing ServicesWarren N. Minami, Director
Bureau of Language ServicesAlan Wright, Director
Bureau of StatisticsWerner Dannemann, Director
Office in Europe (Paris)Andrew J. Beith, Director
Office in GenevaEduardo Wiesner, Director
Chief EditorBahram Nowzad

Alphabetical listing

Alphabetical listing

August 4, 1988

Letter of Transmittal to the Board of Governors

August 4, 1988

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, 1988, 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 and capital budgets of the Fund approved by the Executive Board for the financial year ending April 30, 1989 are presented in Appendix VII. The audited financial statements for the year ended April 30, 1988 of the General Department; the SDR Department; accounts administered by the Fund, consisting of the Supplementary Financing Facility Subsidy Account, the Trust Fund, the Enhanced Structural Adjustment Facility Trust (for the period March 24, 1988 to April 30, 1988) and the Voluntary Contribution Accounts (for the period December 24, 1987 to April 30, 1988); and the Staff Retirement Plan; together with the reports of the External Audit Committee thereon, are presented in Appendix VIII.

Yours sincerely,


Michel Camdessus

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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