Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1992
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Annual Report, 1992

International Standard Serial Number: ISSN 0250-7498


Annual Report of the Executive Board for the Financial Year Ended April 30, 1992

Washington, D.C.

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., 1991-92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
  • “Billion” means a thousand million.
  • Minor discrepancies between constituent figures and totals are due to rounding.
  • All references to dollars are to U.S. dollars unless noted otherwise.

International Monetary Fund

Managing Director and Chairman of the Executive Board

Michel Camdessus

Deputy Managing Director

Richard D. Erb

Executive DirectorsExecutive Directors
Thomas C.Dawson IIQuincy M.Krosby
David PeretzPaul Wright
Bernd GoosBernd Esdar
Jean-Pierre LandauIsabelle Martel
Hiroo FukuiNaoki Tabata
Muhammad Al-JasserAbdulrahman Al-Tuwauri
Jacques de GrooteJohann Prader
Renato FilosaIoannis papadakis
Angel TorresRoberto Marino
G.A.PosthumusZarko Trbojevic
Mohamed FinaishAzizali F.Mohammed
C.Scott ClarkGabriel C.Noonan
E.A.EvansR.Lindsay Knight
Ingimundur FridrikssonJon A.Solheim
G.k. AroraL.Eustace N.Fernando
Alexandre KafkaJuan Carlos Jaramillo
J.E.IsmaelTanya Sirivedhin
CHE PeiqinWEI Benhua
Alejandro VéghA.Guillermo Zoccali
Abbas MirakhorOmar Kabbaj
Corentino V.SantosYves-Marie T.Koissy

Senior Officers

Sterie T.Beza*


Michael Mussa*

Economic Counsellor

Mamoudou Tbure*


Leo Van Houtven*


Graeme F. Rea


Administration Department

Mamoudou TourÉ


African Department

Hubert Neiss


Central Asian Department

Massimo Russo


European I Department

John Odling-Smee


European II Department

Shailendra J.Anjaria


External Relations Department

Vito Tanzi


Fiscal Affairs Department

Patrick Fontenay


IMF Institute

Francois P.Gianviti

General Counsel

Legal Department

A.Shakour Shaalan


Middle Eastern Department



Monetary and Exchange

Affairs Department

John T.Boorman


Policy Development and Review Department

Michael Mussa


Research Department

Leo Van Houtven


Secretary’s Department

kunio saito

Southeast Asia and Pacific Department

John B.Mclenaghan


Statistics Department

David Williams


Treasurer’s Department

Sterie T.Beza


Western Hemisphere Department

Warren N.Minami


Bureau of Computing Services

Patrick Delannoy

In Charge

Bureau of Language Services

Andrew J.Beith


Office in Europe (Paris)

Helen B.Junz

Director and Special Trade


Office in Geneva

Alain Coune

Acting Director

Office of Internal Audit and Review

Ian S.McDonald

Chief Editor

*Alphabetical Listing

August 7,1992

Letter of Transmittal to the Board of Governors

August 5,1992

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 30,1992, 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 30,1993 are presented in Appendix VIII. The audited financial statements for the year ended April 30,1992 of the General Department, the SDR Department, accounts administered by the Fund, the Staff Retirement Plan, and the Supplemental Retirement Plan, together with 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

Toward a Global Monetary System

The global economic environment changed dramatically during 1991/92, creating challenges and opportunities for the world’s policymakers. Many countries around the world, including those of Eastern Europe and the states of the former U.S.S.R., launched, or were following, policies to build market-based economies and to integrate them into the global economic system. This transformation is vital for the economic well-being of the countries themselves and for the rest of the world, since in an interdependent world, all countries gain if these countries become positive contributors to world economic growth.

Many industrial countries had to grapple with the effects of recession and sought to promote recovery in ways compatible with medium-term noninflationary growth. At the same time, many developing countries pursued, with Fund support, macro-economic and structural policies aimed at restoring balance of payments viability and noninflationary growth.

The Fund was at the center of many of these changes during the financial year. In particular, it was deeply involved in international efforts to support the transformation of the previously centrally planned economies of the former U.S.S.R. and in Eastern Europe. A major part of the Fund’s work was devoted to helping the formerly centrally planned economies put in place their own strategies—suited to their special circumstances—to develop market-based systems. The Fund’s support of these efforts required a major redeployment of staff—as well as the hiring of additional staff and the creation of a new department to work with the states of the former U.S.S.R. It also required a temporary modification to the normal scheduling of Article IV consultations with member countries and the postponement of analysis, and Executive Board discussion, of some other broad policy issues.

The Fund established relations with the former U.S.S.R. in October 1991, with the signing of a Special Association agreement between the Fund and the then-Soviet Union. The agreement opened the way for Fund policy advice and technical assistance to be made available immediately; following the dissolution of the Soviet Union, such advice and assistance was provided to the individual states. This was followed by pre-membership reviews of each of the states of the former U.S.S.R. and the determination of quotas for these states.

By May 4,1992, the Board of Governors of the Fund had adopted membership resolutions for all 15 states of the former U.S.S.R.; as of June 1, seven former Soviet states—Armenia, Estonia, Georgia, Kyrghyzstan, Latvia, Lithuania, and Russia—had joined the Fund. Upon membership, they were entitled to Fund policy advice on a regular basis, technical assistance, and balance of payments financing in support of macroeconomic and structural reform programs.

Albania joined the Fund in October 1991 and Lithuania in April 1992. During May 1992, the Republic of the Marshall Islands and Switzerland became members of the Fund. With the prospective membership of the remaining states of the former U.S.S.R., together with the prospective membership of the Republics of Croatia, Slovenia, and Bosnia-Hercegovina, the Federated States of Micronesia, and San Marino, the Fund is moving toward universal membership.

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