Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1995
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Purposes of the Fund

The purposes of the International Monetary Fund are:

  • (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


Board of Governors, Executive Board, Interim Committee, and Development Committee

The Board of Governors, the highest decision-making organ in the Fund, consists of one governor and one alternate governor appointed by each member country. The governor is chosen by the member and is usually the minister of finance or the governor of the central bank. All powers of the Fund are vested in the Board of Governors. The Board of Governors may delegate to the Executive Board all except certain reserved powers. The Board of Governors normally meets once a year.

The Executive Board (the Board) is the Fund’s permanent decision–making organ, currently composed of 24 Directors appointed or elected by member countries or by groups of countries. Chaired by the Managing Director, the Board usually meets several days a week to conduct the day-to-day business of the Fund. Decisions by the Executive Board are based on papers prepared by Fund management and staff. In 1994/95, the Board spent more than half of its time on member country matters (Article IV consultations and reviews and approvals of arrangements) and most of its remaining time on policy issues (such as the world economic outlook, developments in international capital markets, issues related to Fund facilities and program design, and international liquidity and the SDR mechanism).

The Interim Committee of the Board of Governors on the International Monetary System is an advisory body made up of 24 Fund governors, ministers, or other officials of comparable rank, representing the same constituencies as in the Fund’s Executive Board. The Interim Committee normally meets twice a year, in April or May, and at the time of the Annual Meeting of the Board of Governors in September or October. It advises and reports to the Board of Governors on issues regarding the management and adaptation of the international monetary system, including sudden disturbances that might threaten the international monetary system, and on proposals to amend the Articles of Agreement.

The Development Committee (the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries) comprises 24 members—finance ministers or other officials of comparable rank—and generally meets at the same time as the Interim Committee. It advises and reports to the Boards of Governors of the World Bank and the Fund on all aspects of the transfer of real resources to developing countries.

Annual Report of the Executive Board for the Financial Tear Ended April 30, 1995

Washington, D.C.

The following conventions 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 (for example, 1993–94 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years or months (for example, 1993/94) to indicate a fiscal or financial year.

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

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

All references to dollars are to U.S. dollars unless otherwise noted; as of April 30, 1995, the U.S. dollar/SDR exchange rate was US$1 = SDR 0.635715, and the SDR/U.S. dollar exchange rate was SDR 1 = US$ 1.57303.

As used in this Report, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

Reprinted May 1996

International Standard Serial Number: ISSN 0250-7498

International Standard Book Number: ISBN 9781451944990

International Monetary Fund

700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

Tel.: (202) 623-7430 Telefax: (202) 623-7201


executive board and senior officers

International Monetary Fund

Managing Director and Chairman of the Executive Board
Michel Camdessus
First Deputy Managing Director
Stanley Fischer
Deputy Managing Directors
Alassane D. OuattaraPrabhakar R. Narvekar
Executive DirectorsAlternate

Executive Directors
Executive DirectorsAlternate

Executive Directors
Karin LissakersBarry S. NewmanEwen L. WatermanJung-Ho Kang
Stefan SchoenbergErika WagenhoeferA. Shakour ShaalanYacoob Yousef Mohammed
Flachiro McsakiToshihiko FukuyamaDmitri V. TulinAleksei V. Mozhin
Marc-Antoine AuthemanMichel SiratJ.E. IsmaelLatifah Merican Cheong
Huw EvansJon ShieldsDaniel KacserKrzysztof Link
Willy KickensJohann PraderAbbas MirakhorMohammed Daïri
J. de Beaufort WijnholdsOkh HavrylyshynAlexandre KafkaAlberto Calderón
Luis E. BcrrizbeitiaVicente J. FernandezK.P. GeerhakrishnanW. Hertiarachchi
Gitilio LanciottiNikolaos CoumbisBarnabas S. DlaminiDtnah Z. Guti
Ian D. CllarkGarrett F. MurphyZHANG MingWEI Benhua
Jarle BergoEva SrejberCarlos SaitoA. Guillermo Zoccali
Muhammad Al-JasserAbdnlrahman A. Al-TuwaijriYves-Marie T. KoissyAlexandre Barro Chambriei
Senior Officers
Michael Mussa*
  • Economic Counsellor
Leo Van Hourven*
  • Counsellor
K. Burke Dillon
  • Director, Administration Department
Evangelos A. Calamitsis
  • Director, African Department
Hubert Neiss
  • Director, Central Asia Department
Massimo Russo
  • Director, European I Department
John Odling-Smee
  • Director, European 11 Department
Shailendra J. Anjaria
  • Director, External Relations Department
Vito Tanzi
  • Director, Fiscal Affairs Department
Patrick B. de Fontenay
  • Director, IME Institute
François P. Gianvitt
  • General Counsel, Legal Department
Paul Chabricr
  • Director, Middle Eastern Department
Manuel Guirián
  • Director, Monetary and Exchange Affairs Department
Jack Boorman
  • Director, Policy Development and Review Department
Michael Mussa
  • Director, Research Department
Leo Van Houtven
  • Secretary, Secretary’s Department
Kunio Saito
  • Director, Southeast Asia and Pacific Department
John B. McLenaghan
  • Director, Statistics Department
David Williams
  • Treasurer, Treasurer’s Department
Claudio M. Loser
  • Director, Western Hemisphere Department
Shigemitsti Sugisaki
  • Special Advisor to the Managing Director
Warren N. Minami
  • Director, Bureau of Computing Services
Patrick Delannoy
  • Director, linreati of Language Services
J.B. Zulu
  • Director and Special Representative to the UN, Office at the United Nations
Joaquin Ferran
  • Director, Office in Europe (Paris)
Alan A. Tait
  • Director and Special Trade Represeutative. Office in Geneva
Lindsay A. Wolfe
  • Director, Office of Budget and Planning
Marcello Gaiola
  • Director, Office of Internal Audit and Review
Jan S. McDonald

Chief Editor
April 30, 1995

Alphabetical listing.

Alphabetical listing.

Letter of Transmittal to the Board of Governors

July 21, 1995

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, 1995, 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, 1996 are presented in Appendix IX. The audited financial statements for the year ended April 30, 1995 of the General Department, the SDR Department, accounts administered by the Fund, and the Staff Retirement Plan and the Supplemental Retirement Benefit Plan, together with reports of the External Audit Committee thereon, are presented in Appendix X.

Yours sincerely,

Michel Camdessus

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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