Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1989
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Purposes of the Fund

  • (i) To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.
  • (ii) To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.
  • (iii) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
  • (iv) To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.
  • (v) To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.
  • (vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members.

The Fund shall be guided in all its policies and decisions by the purposes set forth in this Article.

Article I of the Fund’s Articles of Agreement

Annual Report, 1989

International Monetary Fund

Annual Report

of the Executive Board for the Financial Year Ended April 30, 1989

Washington, D.C.

International Standard Serial Number: ISSN 0250-7498


The following symbols have been used in 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., 1988–89 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (e.g., 1988/89) 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
(Vacant)Charles S. Warner
Frank CassellCharles Enoch
Guenter GroscheBernd Goos
Hélène PloixDominique Marcel
Koji YamazakiShinichi Yoshikuni
Yusuf A. NimatallahIbrahim A. Al-Assaf
Renato FilosaNikos Kyriazidis
Leonor FilardoMiguel A. Fernández Ordóñez
G.A. PosthumusG.P.J. Hogeweg
Jacques de GrooteJohann Prader
Mohamed FlnaishAbdul Moneim Othman
Marcel MasséDara McCormack
E.A. EvansSeung-Woo Kwon
Markus FogelholmMagnús Pétursson
Bimal JalanL. Eustace N. Fernando
Alexandre KafkaLuis Manuel Piantini
J.E. IsmaelEkamol Kiriwat
El Tayeb El KogaliL.B. Monyake
DAI QiandingZHANG Zhixiang
Ernesto V. FeldmanRlcardo J. Lombardo
Mohammad Reza GhasimiOmar Kabbaj
MAWAKANI SambaCorentino V. Santos

Senior Officers

Sterie T. Beza*


Jacob A. Frenkel*

Economic Counsellor

Mamoudou Touré*


Leo Van Houtven*


L.A. Whittome*


Graeme F. Rea


Administration Department

Mamoudou Touré


African Department

P.R. Narvekar


Asian Department

J.B. Zulu


Central Banking Department

Massimo Russo


European Department

L.A. Whittome


Exchange and Trade Relations Department

Azizali F. Mohammed


External Relations Department

Vito Tanzi


Fiscal Affairs Department

Gérard M. Teyssier


IMF Institute

François P. Gianviti

General Counsel

Legal Department

A. Shakour Shaalan


Middle Eastern Department

Jacob A. Frenkel


Research Department

Leo Van Houtven


Secretary’s Department

F. Gerhard Laske


Treasurer’s Department

Sterie T. Beza


Western Hemisphere Department

Warren N. Minami


Bureau of Computing Services

Alan Wright


Bureau of Language Services

John B. McLenaghan


Bureau of Statistics

Andrew J. Beith


Office in Europe (Paris)

Helen B. Junz

Director and Special Trade Representative

Office in Geneva

Bahram Nowzad

Chief Editor

* Alphabetical listing

July 27, 1989

Letter of Transmittal to the Board of Governors

July 27, 1989

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, 1989, 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, 1990 are presented in Appendix VIII. The audited financial statements for the year ended April 30, 1989 of the General Department, the SDR Department, Accounts administered by the Fund, the Staff Retirement Plan, and the Supplemental Retirement Benefit Plan, together with the reports of the External Audit Committee thereon, are presented in Appendix IX.

Yours sincerely,

Michel Camdessus

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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