Chapter

DOCUMENTS AND RESOLUTIONS OF THE BOARD OF GOVERNORS

Author(s):
International Monetary Fund
Published Date:
September 2000
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SCHEDULE OF MEETINGS

SCHEDULE OF MEETINGS1
Sunday
September 269:00 a.m.—Joint Meeting of Interim and Development Committees

10:00 a.m.—Interim Committee2

3:00 p.m. —Interim Committee
Monday
September 278:30 a.m.—Joint Development Committee
Tuesday
September 2810:00 a.m.—Opening Ceremonies
Address by the Chairman Annual Address by President, World Bank Group
Annual Address by Managing Director, International Monetary Fund
3:00 p.m.—Annual Discussion
Wednesday
September 299:30 a.m.—Annual Discussion

3:00 p.m.—Annual Discussion

6:15 p.m.—Joint Procedures Committee

6:30 p.m.—MIGA Procedures Committee
Thursday
September 309:30 a.m.—Annual Discussion
Following the

conclusion of the

Annual Discussion
Procedures Committees’ Reports

Comments by Heads of

Organizations

Adjournment

PROVISIONS RELATING TO THE CONDUCT OF THE MEETINGS

Admission

1. Sessions of the Boards of Governors of the World Bank Group and the Fund will be joint and shall be open to accredited press, guests, and staff.

2. Meetings of the Joint Procedures Committee shall be open only to Governors who are members of the Committee and their advisers, Executive Directors, and such staff as may be necessary.

Procedures and Records

3. The Chairman of the Boards of Governors will establish the order of speaking at each session. Governors signifying a desire to speak will generally be recognized in the order in which they ask to speak.

4. With the consent of the Chairman, a Governor may extend his statement in the record following advance submission of the text to the Secretaries.

5. The Secretaries will have verbatim transcripts prepared of the proceedings of the Boards of Governors and the Joint Procedures Committee. The transcripts of proceedings of the Joint Procedures Committee will be confidential and available only to the Chairman, the President of the World Bank Group, the Managing Director of the Fund, and the Secretaries.

6. Reports of the Joint Procedures Committee shall be signed by the Committee Chairman and the Reporting Members.

Public Information

7. The Chairman of the Boards of Governors, the President of the World Bank Group, and the Managing Director of the Fund will communicate to the press such information concerning the proceedings of the Annual Meetings as they may deem suitable.

AGENDA

1. 1999 Annual Report

2. Report of the Chairman of the Interim Committee (Fund Document No. 4)

3. Report of the Joint Development Committee (Fund Document No. 5)

4. Financial Statements and Audit Report (Appendix IX of the 1999 Annual Report and Fund Document Nos. 6 and 7)

5. Administrative and Capital Budgets for Financial Year ending April 30, 2000 (Chapter 11 of the 1999 Annual Report and Fund Document Nos. 7 and 8)

6. Amendment of Section 20(b), (c), (d), (e), and (f) of the By-Laws (Fund Document No. 9)

7. Amendment of the Rules and Regulations (Fund Document No. 10)

8. Place and Date of 2001, 2002, and 2003 Annual Meetings (Fund Document No. 11)

9. Transformation of Interim Committee (Fund Document No. 12)

10. Off-Market Transactions in Gold by the Fund (Fund Document No. 13)

11. Selection of Officers and Joint Procedures Committee for 1999/2000

REPORTS OF THE JOINT PROCEDURES COMMITTEE

Chairman—Nepal Vice Chairmen—Kenya, Philippines Reporting Member—Dominica

Other Members

People’s Republic of China, Dominica, France, Germany, Ghana, Japan, Kenya, Kuwait, Republic of Latvia, Mali, Nepal, New Zealand, Panama, Peru, Saudi Arabia, Spain, Sweden, Turkey, United Kingdom, Republic of Uzbekistan, República Bolivariana de Venezuela, Zimbabwe

Report II1

September 30, 1999

Mr. Chairman:

At the meeting of the Joint Procedures Committee held on September 29, 1999, items of business on the agenda of the Board of Governors of the Fund were considered.

The Committee submits the following report and recommendations:

1. 1999 Annual Report

The Committee noted that provision had been made for the annual discussion of the business of the Fund.

2. Report of the Chairman of the Interim Committee2

The Committee noted the presentation made by the Chairman of the Interim Committee.

The Committee recommends that the Board of Governors of the Fund thank the Interim Committee for its work.

3. Financial Statements, Report on Audit, and Administrative and Capital Budgets

The Committee considered the Report on Audit for the Financial Year ended April 30, 1999, the Financial Statements contained therein (Fund Document No. 6 and Appendix IX of the 1999 Annual Report), and the Administrative Budget for the Financial Year ending April 30, 2000 and the Capital Budget for capital projects beginning in Financial Year 2000 (Fund Document No. 8 and Chapter 11 of the 1999 Annual Report).

The Committee recommends that the Board of Governors of the Fund adopt the draft Resolution set forth in Fund Document No. 7.3

4. By-Laws

The Committee considered the recommendation of the Executive Board concerning amendment of Section 20(b), (c), (d), (e), and (f) of the By-Laws and recommends that the Board of Governors adopt the draft Resolution set forth in Fund Document No. 9.4

5. Amendments of Rules and Regulations

The Committee has reviewed and noted the letter of the Managing Director and Chairman of the Executive Board to the Chairman of the Board of Governors, dated September 30, 1999, reproduced as Fund Document No. 10, regarding amendments of the Rules and Regulations set forth in Annex I to that document.

The Committee recommends that the Board of Governors of the Fund adopt the draft Resolution set forth in Annex II of Fund Document No. 10.5

6. Transformation of Interim Committee

The Committee considered the recommendation of the Executive Board concerning the transformation of the Interim Committee of the Board of Governors on the International Monetary System into the International Monetary and Financial Committee of the Board of Governors and recommends that the Board of Governors adopt the draft Resolution set forth in Fund Document No. 12.6

7. Off-Market Transactions in Gold by Fund

The Committee considered the recommendation of the Executive Board concerning off-market transactions in gold by the Fund and recommends that the Board of Governors adopt the draft Resolution set forth in Fund Document No. 13.7

Approved:

/s/ Mahesh Acharya

Nepal—Chairman

/s/Cary A. Harris

Dominica—Reporting Member

Report III8

September 30, 1999

Mr. Chairman:

The Joint Procedures Committee met on September 29, 1999 and submits the following report and recommendations:

1. Development Committee

The Committee noted that the Report of the Chairman of the Joint Ministerial Committee of the Boards of Governors of the Fund and the Bank on the Transfer of Real Resources to Developing Countries (Development Committee) has been presented to the Boards of Governors of the Bank and the Fund pursuant to paragraph 5 of Resolutions Nos. 294 and 29-9 of the Bank and Fund, respectively (Bank Document No. 3 and Fund Document No. 5).9

The Committee recommends that the Boards of Governors of the Bank and the Fund note the report and thank the Development Committee for its work.

2. Place and Date of 2001, 2002, and 2003 Annual Meetings

The Committee considered the recommendation of the Executive Directors of the Bank and the Fund that the 2001 and 2002 Annual Meetings be convened in Washington, D.C., on October 2 and October 1, respectively, and that the 2003 Annual Meetings be convened in Dubai, United Arab Emirates, on September 23, and recommends adoption by the Boards of Governors of the draft Resolutions set forth in Bank Document No. 4 and Fund Document No. 11.10

3. Officers and Joint Procedures Committee for 1999/2000

The Committee recommends that the Governor for South Africa be Chairman and that the Governors for Estonia and Honduras be Vice Chairmen of the Boards of Governors of the World Bank Group and of the Fund, to hold office until the close of the next Annual Meetings.

It is further recommended that a Joint Procedures Committee be established to be available, after the termination of these meetings and until the close of the next Annual Meetings, for consultation at the discretion of the Chairman, normally by correspondence and, if the occasion requires, by convening; and that this Committee shall consist of the Governors for the following members: Algeria, Angola, Armenia, Australia, Bolivia, Canada, the Dominican Republic, Estonia, France, Germany, Guinea, Honduras, India, Indonesia, Japan, Malta, Nigeria, Saudi Arabia, the Slovak Republic, South Africa, Switzerland, the United Kingdom, and the United States.

It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for South Africa, and the Vice Chairmen shall be the Governors for Estonia and Honduras, and that the Governor for Saudi Arabia shall serve as Reporting Member.

Approved:

/s/ Mahesh Acharya

Nepal—Chairman

/s/Cary A. Harris

Dominica—Reporting Member

RESOLUTIONS

Resolution No. 54–1

Amendment of Section 14(f) of the By-Laws

The Executive Board resolved on April 7, 1999 that action on the amendment should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on April 9, 1999 for a vote without meeting:

Resolved:

That the first sentence of the first paragraph of Section 14(f) of the By-Laws be amended to read as follows:

The Executive Directors and their Alternates are to be reimbursed, in addition, for all reasonable expenses for travel incurred on official Fund business, and for reasonable expenses incurred by them in connection with official Fund business to entertain senior officials of the governments or central banks or relevant persons in the academic, public, or private sectors of the members that appointed, elected or designated them, and relevant members of the media.

The Board of Governors adopted the foregoing Resolution, effective May 10, 1999.

Resolution 54–2

Salary of the Managing Director

The Executive Board resolved on June 16, 1999 to recommend an adjustment in the salary of the Managing Director.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 16, 1999 for a vote without meeting:

Resolved:

That, effective July 16, 1999, the annual salary of the Managing Director of the Fund shall be two hundred forty-seven thousand, seven hundred and ninety dollars ($247,790).

The Board of Governors adopted the foregoing Resolution, effective July 14, 1999.

Resolution No. 54–3

Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1999 Joint Committee on the Remuneration of Executive Directors and Their Alternates on July 23, 1999 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 29, 1999 for a vote without meeting.

Resolved:

That, effective July 1, 1999, the annual rates of remuneration of the Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be as follows:

(i) As salary, $151,630 per year for Executive Directors and $130,940 per year for their Alternates;

(ii)As supplemental allowance (for expenses, including housing and entertainment expenses, except those specified in Section 14(f) of the By-Laws), $9,000 per year for Executive Directors and $7,200 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective September 7, 1999.

Resolution No. 54–4

Maternity Leave for Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1999 Joint Committee on the Remuneration of Executive Directors and Their Alternates on July 23, 1999 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution, for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 29, 1999 for a vote without meeting:

Resolved:

That, effective July 1, 1999, as of the effective date of her term of office, each female Executive Director and Alternate of an Executive Director shall be entitled to twelve calendar weeks of leave in conjunction with her pregnancy and the delivery of her child.

The Board of Governors adopted the foregoing Resolution, effective September 7, 1999.

Resolution No. 54–5

Financial Statements, Report on Audit, and Administrative and Capital Budgets

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Financial Year ended April 30, 1999, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 2000 and the Capital Budget for capital projects beginning in Financial Year 2000 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

The Board of Governors adopted the foregoing Resolution, effective September 30, 1999.

Resolution No. 54–6

Amendment of Section 20(b), (c), (d), (e), and (f) of the By-Laws

WHEREAS, the Executive Board has conducted an outside review of the external audit function of the Fund; and

WHEREAS, the Executive Board has endorsed the changes to the external audit function proposed by the outside review; and

WHEREAS, the Executive Board has approved on May 20, 1999 a report to the Board of Governors on modifications to paragraphs (b), (c), (d), (e), and (f) of Section 20 of the By-Laws to incorporate the proposed changes to the Fund’s external audit function,

NOW, THEREFORE, the Board of Governors hereby RESOLVES:

(A) That paragraphs (b), (c), (d), (e) and (f) of Section 20 of the By-Laws are amended to read as follows:

  • "(b) An external audit of the financial statements of the Fund and of Accounts administered under Article V, Section 2(7), including the financial statements of the Staff Retirement Plan, shall be made annually and such audit shall relate to the period representing the financial year.

  • (c) An external audit committee shall have general oversight of the annual audit. The audit committee shall consist of three persons who shall be selected by the Executive Board and appointed by the Managing Director. The persons serving on the audit committee must be nationals of different members of the Fund at the time of their appointment; at least one of them shall be a national of one of the six members having the largest quotas. The members of the audit committee must possess the qualifications required to carry out the oversight of the annual audit. They shall be appointed for a period of three years and may be reappointed for a further period of three years. A person appointed to replace a member whose term of office has not expired shall hold office for the remainder of the predecessor’s term; any person so appointed may be reappointed for two full three-year terms. In the performance of their functions, the members of the audit committee shall be considered as officers of the Fund for purposes of the Articles of Agreement of the Fund.

  • Each audit committee shall elect one of its members as chairman, shall determine its own procedure, and shall otherwise be independent of the Management of the Fund in overseeing the annual audit. The Executive Board shall approve the terms of reference of the audit committee. The audit committee may recommend changes to the terms of reference for the approval of the Executive Board.

  • An external audit firm shall be selected by the Executive Board in consultation with the audit committee and appointed by the Managing Director to conduct the annual audit and issue an audit report. The members of the audit committee and the audit firm, including its partners and personnel, shall respect the confidential nature of their service and the information made available for the purposes of the audit.

  • (d) The annual audit shall be conducted in accordance with generally accepted auditing standards, and shall include such tests of the accounting records and such auditing procedures as are considered necessary. The audit shall be comprehensive with respect to examination of the financial records of the General Department, the Special Drawing Rights Department, and Accounts administered under Article V, Section 2(b), including the Staff Retirement Plan; shall extend, in so far as practicable, to the ascertainment that the operations and transactions conducted during the period under review are supported by the necessary authority; and shall determine that there is adequate and faithful accounting for the assets and liabilities of the General Department and Accounts administered under Article V, Section 2(b), including the Staff Retirement Plan, and for special drawing rights. On the basis of this audit, the audit firm shall state whether the financial statements as presented give a true and fair view of the financial position at the close of the financial year of the General Department, and of Accounts administered under Article V, Section 2(b), including the Staff Retirement Plan, and, with respect to the Special Drawing Rights Department, of the allocation and holdings of special drawing rights, and of the result of operations and transactions during that year. For these purposes, the audit committee and the audit firm shall have access to the accounting records of the Fund and other supporting evidence of its operations and transactions, and of its administration of Accounts under Article V, Section 2(b), including the Staff Retirement Plan. The Managing Director of the Fund shall furnish the audit committee and the audit firm with such information and representations as may be required in connection with the audit.

  • (e) The Executive Board shall decide all questions of policy raised by requests of the audit committee or the audit firm for particular information or the inspection of particular records or documents. The refusal of any such requests for reasons of policy shall be explained in the comments of the Executive Board forwarded to the Board of Governors with the audit report.

  • Any question the audit committee or the audit firm may have concerning interpretation of the Articles of Agreement, the By-Laws, the Rules and Regulations, or the decisions of the Fund shall be discussed with the Managing Director, or officials designated by him, and if the reply is not completely satisfactory to the audit committee or the audit firm, the matter shall be referred to the Executive Board through the Managing Director.

  • (f) The audit committee shall transmit the report issued by the audit firm to the Board of Governors for consideration by it. Such transmittal shall be made through the Managing Director and the Executive Board which shall forward with the audit report its comments thereon. The audit firm shall afford the Managing Director an opportunity for explanation to it before deciding that any matter seems to require criticism in the report. The audit report shall be transmitted to the Board of Governors within a reasonable time after its completion.

  • The audit firm may formally furnish to the audit committee, the Managing Director, and the Executive Board the firm’s views and suggestions concerning the system of accounting, internal financial control, and documentary and other procedures which may technically strengthen or improve the administration of the Fund’s financial affairs. Such matters need not be dealt with in the audit report unless the audit firm believes they are of such moment as to warrant inclusion.

  • Except for findings that, in the view of the audit firm concurred in by the audit committee, are considered minor and thus only of interest to the Management of the Fund, all the views and suggestions of the audit firm shall be communicated to the Managing Director and the Executive Board at the same time. The Managing Director’s response to the views and suggestions of the audit firm that have been communicated to the Executive Board shall also be communicated to the Executive Board.”

(B) That, of the first three appointments made to the committee under the amended paragraph (c) of Section 20 of the By-Laws, one shall be made for one year, one for two years, and one for three years. Any person appointed for a one-or two-year term under this provision may be reappointed for two full three-year terms.

The Board of Governors adopted the foregoing Resolution, effective September 30, 1999.

Resolution No. 54–7

Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Board that it has reviewed the amendment of Rules O–1 and T–1(c), which have been made since the 1998 Annual Meeting, and has no changes to suggest.

The Board of Governors adopted the foregoing Resolution, effective September 30, 1999.

Resolution No. 54–8

Forthcoming Annual Meetings

Resolved:

That the 2001 and 2002 Annual Meetings shall be convened in Washington, D.C. beginning on October 2, 2001 and October 1, 2002;

That the invitation of the government of the United Arab Emirates to hold the Annual Meetings in Dubai in 2003 be accepted; and

That the 2003 Annual Meetings be convened on Tuesday, September 23, 2003.

The Board of Governors adopted the foregoing Resolution, effective September 30, 1999.

Resolution No. 54–9

International Monetary and Financial Committee of the Board of Governors

WHEREAS, the Board of Governors of the Fund recognizes the need, pending the possible establishment of the Council, to strengthen and transform the Interim Committee of the Board of Governors on the International Monetary System established by Resolution No. 29-8, and

WHEREAS, this strengthening and transformation should be reflected in the name of the Committee and its terms of reference to further its role as an advisory committee of the Board of Governors;

NOW, THEREFORE, the Board of Governors hereby RESOLVES as follows:

1. Composition of the International Monetary and Financial Committee

(a) The Interim Committee shall be transformed into the International Monetary and Financial Committee of the Board of Governors. The members of the Committee shall be governors of the Fund, ministers, or others of comparable rank. Each member of the Fund that appoints an executive director and each member or group of members of the Fund that elected an executive director on or after the date on which the last regular election took place shall appoint:

  • (i) one member of the Committee, and not more than

  • (ii) seven associates

(b) Members of the Committee, associates, and executive directors or in their absence their alternates, shall be entitled to attend meetings of the Committee, unless the Committee decides to hold a more restricted session. Each member of the Fund that appoints an executive director and each group of members of the Fund referred to in (a) above may designate an alternate to participate in the place of the member of the Committee at any meeting when he is not present. Participation in respect of each item on the agenda of a meeting shall be limited to one person, who shall be a member of the Committee, an associate, or an executive director.

(c) The Committee shall select a Chairman, who shall serve for such period as the Committee determines.

(d) The Managing Director shall be entitled to participate in all meetings of the Committee, and may designate a representative to participate in his place at any meeting when he is not present. The Managing Director or his representative may be accompanied normally by not more than two members of the staff, unless the Committee decides to hold a restricted session.

(e) A member of the Fund whose voting rights are suspended pursuant to Article XXVI, Section 2(b) shall not appoint, or participate in the appointment of, a member of the Committee and his associates. When the voting rights of a member are suspended, the rules in Schedule L, paragraph 3(c) on the termination of office and replacement of executive directors shall apply to the member of the Committee and associates appointed by the member or in whose appointment the member has participated.

2. Representation of Members Not Entitled to Appoint a Member of the Committee

A member of the Fund not entitled to appoint a member of the Committee may send a representative to participate in any meeting of the Committee when a request made by, or a matter particularly affecting, that member is under consideration. The Committee shall determine, upon request by the member, whether a matter under consideration particularly affects the member.

3. Terms of Reference

The Committee shall advise and report to the Board of Governors with respect to the functions of the Board of Governors in:

(i) supervising the management and adaptation of the international monetary and financial system, including the continuing operation of the adjustment process, and in this connection reviewing developments in global liquidity and the transfer of real resources to developing countries;

(ii) considering proposals by the Executive Directors to amend the Articles of Agreement; and

(iii) dealing with sudden disturbances that might threaten the system.

In addition, the Committee shall advise and report to the Board of Governors on any other matters on which the Board of Governors may seek the advice of the Committee.

In performing its duties, the Committee shall take account of the work of other bodies having specialized responsibilities in related fields.

4. Procedures

(a) The Committee shall meet ordinarily twice a year. The Chairman may call meetings after consulting the members of the Committee, and shall consult the members of the Committee on calling a meeting if so requested by any member of the Committee. Normally, the Chairman, in consultation with the members of the Committee, will call a preparatory meeting of their representatives (“Deputies”).

(b) A quorum for any meeting of the Committee shall be two thirds of the members of the Committee.

(c) Meetings of the Committee shall be held within the metropolitan area in which the Fund has its principal office, or at such other places as the Committee may provide or, in the absence of such provision, as the Chairman shall determine after consulting the members of the Committee.

(d) Appropriate arrangements shall be made for the effective coordination of the work of the Committee and of the Executive Directors. The Secretary of the Fund shall serve as the Secretary of the Committee.

(e) In reporting any recommendations or views of the Committee, the Chairman shall seek to establish a sense of the meeting. In the event of a failure to reach a unanimous view, all views shall be reported, and the members holding such views shall be identified. Reports of the Committee shall be made available to the Executive Directors.

(f) The Committee may invite observers to attend during the discussion of an item on the agenda of a meeting, and may determine any aspect of its procedure that is not established by this Resolution.

5. Termination of Resolution of 29-8

Resolution No. 29-8 adopted October 2, 1974 is hereby repealed.

The Board of Governors adopted the foregoing Resolution, effective September 30, 1999.

Resolution No. 54–10

Off-Market Transactions in Gold by the Fund

WHEREAS, the Executive Board is considering off-market transactions in gold consisting of sales of up to 14 million ounces of fine gold on the basis of prices in the market to cooperating members with repurchase obligations to the Fund falling due, and acceptance of the same amount of gold from those members in payments of their repurchase obligations falling due to the Fund; and

WHEREAS, these off-market transactions will enable the Fund to place an amount of the sales proceeds equivalent to SDR 35 per ounce of fine gold in the General Resources Account and the balance in the Special Disbursement Account for investments for the benefit of the ESAF-HIPC Trust; and

WHEREAS, the Interim Committee has requested the endorsement by the Board of Governors of this approach as a one-time operation of a highly exceptional nature,

NOW, THEREFORE, the Board of Governors hereby RESOLVES that:

The off-market transactions of up to 14 million ounces of fine gold by the Fund that are envisaged will be a one-time operation of a highly exceptional nature that is a part of a broader financing package to allow the Fund to contribute to the resolution of the debt problems of the HIPCs at the turn of the millennium and to the continuation of concessional operations to support countries’ efforts to achieve sustained growth and poverty reduction.

The Board of Governors adopted the foregoing Resolution, effective September 30, 1999.

Joint Meeting of the Interim and Development Committees Joint Statement by Co-Chairmen

September 26, 1999

Heavily Indebted Poor Countries Initiative (HIPC) and Enhanced Poverty Focus of IDA and IMF Concessional Programs

  • 1. Ministers of the Development and Interim Committees met jointly for the first time this morning to discuss the enhancement of the HIPC Initiative, which will provide faster, broader, and deeper debt relief with the central goal of reducing poverty in the poorest countries in the world. This joint meeting symbolizes the cooperation and high political commitment of all countries and institutions in this effort, and the new closer relationship between the Bank and Fund which will be crucial in achieving this goal.

  • 2. We focused on three main areas: first, the reforms required to deliver deeper, broader, and faster debt relief; second, strengthening the focus on poverty reduction in Bank and Fund programs; and third, an overview of the financing arrangements that will allow the enhanced HIPC Initiative to start after these Annual Meetings.

  • 3. We endorsed the enhancements and reforms to the HIPC Initiative for those countries pursuing sound policies and committed to reform. We support: lowering the debt sustainability thresholds; providing faster debt relief; shifting the focus of the initiative toward a commitment to, and positive achievements in, poverty reduction; and increasing the number of countries expected to be eligible for debt relief.

  • 4. We stressed the need to ensure that debt relief will result in poverty reduction, though we recognize that debt relief alone is insufficient to achieve this goal. We therefore endorse the framework proposed by the Bank and Fund for strengthening the link between debt relief and poverty reduction. In particular, we welcomed the proposed Poverty Reduction Strategies that countries will prepare in close collaboration with the Bank and Fund. We stressed the need to put in place macroeconomic, structural, and social policies that will generate growth and contribute to poverty reduction. We stressed the crucial role good governance must play in HIPC poverty reduction and implementation of debt relief. We also endorsed the proposals to extend the same approach to strengthen the poverty focus of all IDA and IMF concessional programs.

  • 5. We agree that Poverty Reduction Strategies should be country-driven, and be developed transparently with broad participation of civil society, key donors, and regional development banks. These strategies should be clearly linked with the agreed international development goals, with measurable indicators to monitor progress. We called on the Bank and Fund to give all possible assistance to countries in developing their Poverty Reduction Strategies. These strategies will provide the basis for all IDA and Fund lending to low-income countries and will so assure the close integration of the institutions’ work in these areas. We strongly welcomed the commitments of the President and Managing Director to the effective implementation of this approach. We also encouraged regional development banks and donors to use the Poverty Reduction Strategies to guide their support.

  • 6. We reaffirmed the importance of implementing the enhanced HIPC Initiative in accordance with the principles that have guided the Initiative since its inception, including (i) additionality of debt relief, (ii) maintaining the financial integrity of multilateral financial institutions, and (iii) cost sharing on a broad and equitable basis. We agreed financing of debt relief should not compromise the financing made available through concessional windows such as IDA.

  • 7. We expressed appreciation for the many contributions to the HIPC Initiative made thus far, and for the efforts made by multilateral development institutions to provide funding for the Initiative from their own resources. We also welcomed the agreement by the Paris Club to increase its debt relief under the enhanced framework by providing increased debt reduction in net present value (NPV) terms up to 90 percent or more, if needed, on commercial loans as well as additional relief on ODA claims—up to full cancellation—on a bilateral basis.

  • 8. We heard today from Jim Wolfensohn, Michel Camdessus, Omar Kabbaj, and Enrique Iglesias and we have a clear picture of their financing needs. Ministers recognized that there will need to be additional bilateral support in order to meet the financing requirements of the enhanced Initiative. These financing arrangements will need to be considered at the forthcoming Development and Interim Committees. Based on the expressions of goodwill and support that we have heard, we are confident that the political will and commitment is there to allow the Enhanced HIPC Initiative to commence after these meetings so that eligible countries can receive enhanced debt relief within the new poverty reduction framework.

  • 9. We urge the speedy implementation of the enhanced Initiative so that as many countries as possible would qualify for assistance under the Initiative by end–2000.

Interim Committee of the Board of Governors on the International Monetary System

Press CommuniquÉ

September 26, 1999

1. The Interim Committee held its fifty-third meeting in Washington, D.C. on September 26, 1999, under the Chairmanship of Mr. Gordon Brown, Chancellor of the Exchequer of the United Kingdom. The Committee expresses its appreciation to the outgoing Chairman, Mr. Carlo Azeglio Ciampi, formerly Minister of the Treasury of Italy and currently President of Italy, for his invaluable contribution to the Committee’s work.

Global Economic and Financial Conditions

2. The Committee welcomes the improvement in global economic and financial conditions since the beginning of this year. It has reviewed the challenges required to ensure that the recovery is sustained.

In many emerging market economies and developing countries, raising growth rates on a lasting basis will require not only sustained growth in industrial countries, but also key structural reforms. These include banking reform, corporate restructuring, tax reform and tax administration, establishment of effective legal systems, protection of property rights, and improved governance.

  • Recovery is taking hold in crisis-affected countries in Asia, aided by supportive fiscal policies, accommodative monetary policies, and a return of financial market confidence. Financial sector restructuring is generally moving ahead, but further efforts are needed to complete the task. In addition, corporate restructuring and institutional reforms should be accelerated. Indonesia’s recovery has been interrupted by structural and political problems that will need to be resolved speedily in order for economic recovery and reform to resume. China and India have weathered the crisis relatively well and economic performance has been sustained, but significant challenges in some areas remain to be addressed.

  • In Russia, the Committee welcomes the efforts of the Fund to work with the Russian authorities to encourage macroeconomic stabilization, the continuation of reforms, and the further integration of Russia into the global economy. While acknowledging the recent initial measures to restructure the banking system, strengthen the integrity of financial policies and institutions, and improve governance and transparency, the Committee stresses the urgent need for further progress. It calls on the Fund to work with the Russian authorities to strengthen reforms in these and other areas that are important for economic growth.

  • In Brazil, strict implementation of the Fund-supported program has restored confidence, and the outlook for some other countries in Latin America has also improved. In many other countries in this region, adjustment and reform efforts still require further strengthening.

  • In the Middle East and Africa, countries that have benefited from the improvement in commodity prices, particularly for oil, have a renewed opportunity to accelerate progress on fiscal consolidation and diversification of their economies.

  • Heavily indebted sub-Saharan African countries should take full and prompt advantage of the opportunity offered by debt relief under the enhanced HIPC Initiative to intensify and press ahead with reforms, including allocating additional resources for, and improving the efficiency of, spending aimed at poverty reduction. Outward-oriented strategies and peaceful resolution of armed conflicts are critical for sustaining economic development and higher growth.

  • The tragic events that took place in Kosovo this year have had severe negative economic effects on other countries in the region. Coherent stabilization and reform policies supported by the international financial institutions are important for further economic development in the region. Therefore the Committee calls upon the Fund to continue its strengthened support in the form of programs and technical assistance to the countries involved.

A sustained pickup in domestic demand in Europe and Japan, together with medium-term growth in the U.S. in line with potential, will help to achieve a more balanced pattern of growth among the major industrial countries.

  • The Committee welcomes the continued strong performance of the U.S. economy that has been critical in supporting global activity. Policies should continue to be directed to sustaining growth on a long-term basis by maintaining a strong fiscal position and increasing national saving.

  • The Committee welcomes the growth of the Japanese economy in the first two quarters of 1999, which was supported by a rebound in consumer demand. Given that the prospect for continuing recovery in private demand remains uncertain, however, it urges the authorities to maintain a supportive stance of fiscal and monetary policies through a supplementary budget of appropriate size while, in the context of their zero interest rate policy, providing ample liquidity until deflationary concerns are dispelled. It is also critical to continue efforts to strengthen the banking system and foster corporate restructuring in order to achieve sustained growth in Japan, which should facilitate needed medium-term fiscal consolidation.

  • The Committee is also encouraged by the pickup in growth in Europe in the context of price stability. While monetary conditions in the euro area are accommodative and should remain supportive, further efforts toward fiscal consolidation and structural reform, especially regarding the tax system and the labor and product markets, would improve prospects for sustained growth and a further reduction in unemployment.

3. The Committee emphasizes the importance of open and competitive markets as a key component of efforts to sustain growth and stability in the global economy. The proposed launch of new trade negotiations in Seattle later this year is an important opportunity to make further progress in this direction. Further broad-based liberalization in a strengthened rules-based multilateral trading system will help underpin global growth and stability. To ensure that the benefits of liberalized trade and investment are fully realized and shared, the Committee encourages the Fund to work with the Bank and the WTO to strengthen their programs of work to achieve better coherence in global policymaking. It recognizes that coordinated programs of support for developing countries, including targeted technical assistance and policy advice, will support them in meeting WTO commitments and implementing current agreements.

4. The Committee notes that, in fostering economic growth through appropriate macroeconomic policies and structural reforms, the Fund, in close cooperation with the World Bank, and consistent with their mandates, must also take into account the direct social consequences of adjustment and reform efforts as well as the complementarity of macroeconomic and social policies for long-term growth and improved social indicators.

Poverty Reduction Initiatives

5. The Committee endorses the proposed replacement of the Enhanced Structural Adjustment Facility (ESAF) by the new Poverty Reduction and Growth Facility, which aims at making poverty reduction efforts among low-income members a key and more explicit element of a renewed growth-oriented economic strategy. The cornerstones of the new approach, which should continue to be based on sound macroeconomic policies, are as follows:

  • A comprehensive Poverty Reduction Strategy Paper (PRSP) will be prepared by each country, with assistance from the World Bank and the Fund, and with strong country ownership based on public partnership, to guide the design of programs; the PRSP will need the approval of both Bank and Fund Boards.

  • Social and sectoral programs aimed at poverty reduction will be taken fully into account in the design of economic policies for promoting faster sustainable growth.

  • Greater emphasis will be accorded to good governance, in particular in all government activities, through greater transparency, effective monitoring procedures, anticorruption initiatives, accountability, and the involvement of all sectors of society.

  • High priority will be accorded to key reform measures critical to achieving governments’ social goals.

6. The Committee takes note of the crucial role to be played by the World Bank and other relevant international organizations in helping governments develop and monitor the implementation of their poverty reduction strategies. It endorses the proposal that PRSPs, as they are developed, provide the basis for all IDA and Poverty Reduction and Growth Facility lending operations and closer Bank-IMF collaboration.

7. The Committee welcomes the joint meeting of the Interim and Development Committees, held earlier today, on the enhanced HIPC Initiative. The proposals made by the Bank and the Fund to this end, which build upon wide-ranging comments from civil society and the international community, are aimed at providing faster, deeper, and broader debt relief and strengthening the link between debt relief and poverty reduction.

8. The Committee welcomes the agreement on the financing of the Fund’s participation in the HIPC Initiative and continued concessional lending by the Fund for growth and poverty reduction in its low-income member countries. It highly appreciates the financial support provided by a wide cross-section of the Fund’s membership through bilateral contributions and endorses the decision adopted by the Executive Board for the Fund’s participation. The Committee considers that the off-market transactions of up to 14 million ounces of fine gold by the Fund that are envisaged will be a one-time operation of a highly exceptional nature. This is part of a broader financing package to allow the Fund to contribute to the resolution of the debt problems of the HIPCs at the turn of the millennium and to the continuation of concessional operations to support countries’ efforts to achieve sustained growth and poverty reduction. The Committee endorses the Executive Board’s recommendation that the Board of Governors adopt a Resolution to this effect.

Architecture

9. The Committee welcomes the progressive translation of broad principles into concrete actions in developing and monitoring standards of importance to the international monetary and financial system.

  • The Committee encourages the Fund to continue its collaborative efforts with the World Bank and other relevant organizations to complete work on the Financial Stability Forum’s compendium of standards.

  • The Committee urges all 47 Special Data Dissemination Standard (SDDS) subscribers to continue to enhance their statistical practices, and to report data on international reserves and related liabilities according to the agreed reserves template by March 2000. It encourages further work by the Fund on the SDDS, including on strengthening external debt data and developing macroprudential indicators. It looks forward to the launch of the operational phase of the General Data Dissemination System (GDDS) early next year. The Committee also urges the Fund and member countries to press ahead with efforts to improve the timeliness and comprehensiveness of data on capital flows. The Fund should provide technical assistance to enhance the quality and timeliness of data. Country authorities and relevant international organizations should also take urgent action to improve data on social spending and social indicators.

  • The Committee adopts the attached Code of Good Practices on Transparency in Monetary and Financial Policies: Declaration of Principles as a guide for members to increase transparency in the conduct of these policies. The Committee urges all members to implement the new Code as well as the previously agreed Code of Good Practices on Fiscal Transparency.

  • The Committee welcomes the assessments of the implementation of the Basel Core Principles that have been made in the course of IMF surveillance and technical assistance, and urges that these be embedded into regular surveillance activities. It notes the work under way by the Basel Committee on Banking Supervision to review the 1988 Capital Accord and urges the Basel Committee to complete that review. It encourages the Fund to continue to support this process.

10. The Committee encourages the Fund, in cooperation with other standard-setting bodies, to continue to experiment with assessments of members’ observance of international standards and codes of good practice and invites the Executive Board to consider whether to integrate such assessments into the surveillance process.

11. The Committee reiterates the importance of greater transparency in policymaking. With respect to IMF practices and members’ policies, it strongly welcomes the steps taken:

  • The widespread release of Public Information Notices (PINs), for which there is an agreement on presumption of publication; the public release of many IMF policy papers and the associated summaries of Board discussions; and the release of the external evaluators’ reports on IMF surveillance and economic research activities;

  • The decisions of 46 countries that have already volunteered to participate in the pilot program for the release of Article IV reports, with 15 reports already available on the Fund Website;

  • The agreement to establish a presumption in favor of publication of Letters of Intent, Memoranda of Economic and Financial Policies, and Policy Framework Papers, and the widespread release of documents that has occurred since the policy of greater transparency was adopted; and

  • The efforts to ascertain the views of the private sector on the experimental transparency reports.

12. The Committee encourages further actions to make IMF practices and members’ policies more transparent without compromising the Fund’s role as confidential advisor.

13. Experience in a few cases has highlighted the importance of promoting transparency and accountability especially when IMF resources are being used. In this connection, the Committee notes that the implications of corruption and money laundering raise important issues for the credibility and effectiveness of IMF programs, and calls on the Fund to perform an authoritative review of its procedures and controls to identify ways to strengthen safeguards on the use of its funds and to report at its next meeting. The Committee considers that further actions for strengthening governance at the national and international levels are crucial. In the financial area, governments must maintain strong internal financial controls and tighten supervision and regulation of domestic financial institutions and offshore banking centers, including measures to deter money laundering. The Committee urges the Fund to enhance its support for members’ efforts in these areas, building on its guidelines and other international standards for fostering good governance and transparency in all member countries, including through the application of the codes of good practice that the membership has established in the fiscal and monetary areas.

14. The Committee welcomes the progress made in financial sector reform and banking system restructuring in the context of IMF surveillance, technical assistance, and programs. It looks forward to the continued collaborative work of the Fund, the World Bank, and other institutions, including on the pilot Financial Sector Assessment Program that should facilitate early detection of financial system weaknesses and support a better coordinated dialogue with national authorities. The Committee encourages countries that have not done so to participate in the pilot program.

15. The Committee welcomes the recent independent, external evaluations of IMF surveillance and research activities, and encourages the Executive Board to examine the recommendations of the former further in the context of the next internal review in late 1999. The Committee also reaffirms the importance of independent evaluations of the Fund’s operations and policies.

16. The Committee reiterates the importance of ongoing efforts to involve the private sector in forestalling and resolving financial crises, and notes the progress achieved in securing the involvement of the private sector in individual cases. In this connection, the Committee considers that the balance of the various considerations reflected in the report by G–7 Finance Ministers to the Köln Economic Summit provides a helpful framework within which the international community can work to address individual cases that may arise. The Committee asks the Executive Board to build on this framework and to report at the Committee’s next meeting on the ways in which the broad principles have been implemented.

17. The Committee considers that increased mobility of capital has raised the requirements, in terms of both policy adaptability and institutional preparedness, for maintaining a fixed exchange rate regime. That said, members should be able to choose a regime that is appropriate to their particular circumstances and longer-term strategy. The choice of exchange rate regime and the implementation of supporting policies are critical for countries’ economic development and financial stability, and in some cases potentially for the world economy. In all cases, IMF programs and surveillance should further focus on consistency of macroeconomic and other policies and institutional arrangements with the chosen exchange rate regime. The Fund should assist members to adapt to a world of global financial flows. The Committee encourages the Executive Board to continue to consider these matters, and to report to the Committee on its work.

18. Persistent and sizable capital inflows can be highly destabilizing particularly if they are intermediated by poorly regulated and unsupervised financial institutions. In this context, the Committee welcomes the Fund’s recent work on the appropriate pace and sequencing of capital account opening, which has led to a fuller understanding of the conditions for orderly and sustainable liberalization, and has broadly confirmed earlier conclusions that, over the long term, open capital flows accompanied by appropriate prudential measures will benefit the world economy. The Committee encourages the Fund to build on its examination of individual countries’ use and liberalization of controls, paying particular attention to the relationship between capital account liberalization and financial sector stability.

19. The Committee calls on the Fund and World Bank to work together, in cooperation with national debt management experts, to develop a set of best practices in public debt management by the spring to assist countries in their efforts to reduce vulnerability.

20. The Committee encourages all members to continue to work on preventive action and to put in place millennium contingency plans, noting that, although business, financial institutions, and government agencies around the world have made considerable progress in preparing computer systems, a risk remains that Y2K problems will be anticipated or will arise, with potential negative consequences for growth, international trade, and international capital flows. To help forestall, and if necessary resolve, possible balance of payments problems related to the Y2K phenomenon, the Committee endorses the Executive Board’s decision to introduce a temporary new facility for providing outright short-term access to IMF resources to members facing identifiable Y2K-related balance of payments needs.

21. The Committee endorses the Executive Board’s recommendation that the Board of Governors adopt a Resolution transforming the Interim Committee into the International Monetary and Financial Committee and strengthening its role as the advisory committee of the Board of Governors.

22. The next meeting of the Committee will be held in Washington, D.C. on April 16, 2000.

Attachment Code of Good Practices on Transparency in Monetary and Financial Policies: Declaration of Principles

Introduction

1. In the context of strengthening the architecture of the international monetary and financial system, the Interim Committee in its April and October 1998 Communiqués called on the Fund to develop a code of transparency practices for monetary and financial policies, in cooperation with appropriate institutions. The Fund, working together with the Bank for International Settlements, and in consultation with a representative group of central banks, financial agencies, other relevant international and regional organizations,1 and selected academic experts, has developed a Code of Good Practices on Transparency in Monetary and Financial Policies. The Code parallels the Code of Good Practices in Fiscal Transparency developed by the Fund and endorsed by the Interim Committee in April 1998.

2. The Code of Good Practices on Transparency in Monetary and Financial Policies identifies desirable transparency practices for central banks in their conduct of monetary policy and for central banks and other financial agencies in their conduct of financial policies. The definitions of “central bank,” “financial agencies,” “financial policies,” and “government” as used in this Code are given in the attached Annex.

3. For purposes of the Code, transparency refers to an environment in which the objectives of policy, its legal, institutional, and economic framework, policy decisions and their rationale, data and information related to monetary and financial policies, and the terms of agencies’ accountability are provided to the public on an understandable, accessible, and timely basis. Thus, the transparency practices listed in the Code focus on: (1) clarity of roles, responsibilities and objectives of central banks and financial agencies; (2) the processes for formulating and reporting of monetary policy decisions by the central bank and of financial policies by financial agencies; (3) public availability of information on monetary and financial policies; and (4) accountability and assurances of integrity by the central bank and financial agencies.

4. The case for transparency of monetary and financial policies is based on two main premises. First, the effectiveness of monetary and financial policies can be strengthened if the goals and instruments of policy are known to the public and if the authorities can make a credible commitment to meeting them. In making available more information about monetary and financial policies, good transparency practices promote the potential efficiency of markets. Second, good governance calls for central banks and financial agencies to be accountable, particularly where the monetary and financial authorities are granted a high degree of autonomy. In cases when conflicts might arise between or within government units (e.g., if the central bank or a financial agency acts as both owner and financial supervisor of a financial institution or if the responsibilities for monetary and foreign exchange policy are shared), transparency in the mandate and clear rules and procedures in the operations of the agencies can help in their resolution, strengthen governance, and facilitate policy consistency.

5. In making the objectives of monetary policy public, the central bank enhances the public’s understanding of what it is seeking to achieve, and provides a context for articulating its own policy choices, thereby contributing to the effectiveness of monetary policy. Further, by providing the private sector with a clear description of the considerations guiding monetary policy decisions, transparency about the policy process makes the monetary policy transmission mechanism generally more effective, in part by ensuring that market expectations can be formed more efficiently. By providing the public with adequate information about its activities, the central bank can establish a mechanism for strengthening its credibility by matching its actions to its public statements.

6. Transparency by financial agencies, particularly in clarifying their objectives, should also contribute to policy effectiveness by enabling financial market participants to assess better the context of financial policies, thereby reducing uncertainty in the decision-making of market participants. Moreover, by enabling market participants and the general public to understand and evaluate financial policies, transparency is likely to be conducive to good policy-making. This can help to promote financial as well as systemic stability. Transparent descriptions of the policy formulation process provide the public with an understanding of the rules of the game. The release of adequate information to the public on the activities of financial agencies provides an additional mechanism for enhancing the credibility of their actions. There may also be circumstances when public accountability of decisions by financial agencies can reduce the potential for moral hazard.

7. The benefits for countries adopting good transparency practices in monetary and financial policies have to be weighed against the potential costs. In situations where increased transparency in monetary and financial policies could endanger the effectiveness of policies, or be potentially harmful to market stability or the legitimate interests of supervised and other entities, it may be appropriate to limit the extent of such transparency. Limiting transparency in selected areas needs to be seen, however, in the context of a generally transparent environment.

8. In the case of monetary policy, the rationale for limiting some types of disclosure arises because it could adversely affect the decision-making process and the effectiveness of policies. Similarly, exchange rate policy considerations, notably, but not exclusively, in countries with fixed exchange rate regimes, may provide justification for limiting certain disclosure practices. For example, extensive disclosure requirements about internal policy discussion on money and exchange market operations might disrupt markets, constrain the free flow of discussion by policymakers, or prevent the adoption of contingency plans. Thus, it might be inappropriate for central banks to disclose internal deliberations and documentation, and there are circumstances in which it would not be appropriate for central banks to disclose their near-term monetary and exchange rate policy implementation tactics and provide detailed information on foreign exchange operations. Similarly, there may be good reasons for the central bank (and financial agencies) not to make public their contingency plans, including possible emergency lending.

9. Additional concerns could be posed by some aspects of the transparency of financial policies. Moral hazard, market discipline, and financial market stability considerations may justify limiting both the content and timing of the disclosure of some corrective actions and emergency lending decisions, and information pertaining to market and firm-specific conditions. In order to maintain access to sensitive information from market participants, there is also a need to safeguard the confidentiality and privacy of information on individual firms (commonly referred to as “commercial confidentiality”). Similarly, it may be inappropriate for financial authorities to make public their supervisory deliberations and enforcement actions related to individual financial institutions, markets, and individuals.

10. Transparency practices differ not only in substance, but also in form. With regard to informing the public about monetary and financial institutions and their policies, an important issue concerns the modalities that these public disclosures should take. In particular with regard to monetary policy, should transparency practices have a legislative basis in a central bank law, or be based in other legislation or regulation, or be adopted through other means? The Code takes a pragmatic approach to this issue and recognizes that a variety of arrangements can lead to good transparency practices. On matters pertaining to the roles, responsibilities, and objectives of central banks (and for principal financial regulatory agencies), it recommends that key features be specified in the authorizing legislation (e.g., a central bank law). Specifying some of these practices in legislation gives them particular prominence and avoids ad hoc and frequent changes to these important aspects of the operations of central banks and relevant financial agencies. Information about other transparency aspects, such as how policy is formulated and implemented and the provision of information, can be presented in a more flexible manner. However, it is important that such information be readily accessible, so that the public can with reasonable effort obtain and assimilate the information.

11. In the context of good governance and accountability, as well as the promotion of efficient markets, reference to the public in this code should ideally encompass all interested individuals and institutions. In some cases, particularly for financial policies, it may be expedient for the purposes of administering or implementing certain regulations and policies to define the concept of the public more narrowly to refer only to those individuals and institutions that are most directly affected by the regulations and policies in question.

12. The focus of the Code is on transparency. While good transparency practices for the formulation and reporting of monetary and financial policies help to contribute to the adoption of sound policies, the Code is not designed to offer judgments on the appropriateness or desirability of specific monetary or financial policies or frameworks that countries should adopt. Transparency is not an end in itself, nor is transparency a substitute for pursuing sound policies; rather, transparency and sound policies are better seen as complements. In the realm of financial policies, there are complements to this code that go beyond transparency to promote good policies, notably the Core Principles for Effective Banking Supervision formulated by the Basel Committee for Banking Supervision, the Objectives and Principles of Securities Regulation formulated by the International Organization of Securities Commissions (IOSCO), and standards being developed by the Committee on Payment and Settlement Systems (CPSS), the International Association of Insurance Supervisors (IAIS), and the International Accounting Standards Committee (IASC). As these and other financial sector groupings develop and make significant adjustments in their principles and standards as they relate to transparency practices for financial agencies (e.g., in data dissemination requirements for financial agencies), this Code may have to be adjusted accordingly.

13. The Code is directed at the transparency requirements of central banks and financial agencies, not at the transparency procedures relating to firms and individual institutions. However, the benefits of transparency for monetary and financial policies may be fostered by appropriate policies to promote transparency for markets in general, for the institutions that are being supervised, and for self-regulatory organizations.

14. Monetary and financial policies are interrelated and often mutually reinforcing, with the health of the financial system affecting the conduct of monetary policy and vice versa. However, the institutional arrangements for these two types of policies differ considerably, particularly with regard to their roles, responsibilities, and objectives and their policy formulation and implementation processes. To take account of this, the Code is separated into two parts: good transparency practices for monetary policy by central banks; and good transparency practices for financial policies by financial agencies. The basic elements of transparency for both policies are, however, similar. It should be recognized that not all transparency practices are equally applicable to all financial agencies, and the transparency objectives among different financial sectors vary. For some, the emphasis is on market efficiency considerations, for others the focus is on market and systemic stability, while for others the principal consideration is client-asset protection.

15. The operation of a country’s payment system affects the conduct of monetary policies and the functioning of the financial system, and the design of payment systems has implications for systemic stability. The institutional structures of the payment system, however, are often significantly more complex than for monetary and other financial policies, and differ considerably across countries. In many instances, the operation of a country’s payment system is split between the public and private sectors, including self-regulatory bodies. Nevertheless, most of the transparency practices listed in the Code for financial agencies are applicable for the roles and functions of central banks or other relevant public agencies exercising responsibility for overseeing the nation’s payment systems. The coverage of transparency practices for financial policies in the Code includes those for the operation of systemically important components of the nation’s payment system, and, where appropriate, makes allowance for the special nature of the payment system’s operations (e.g., 5.3).

16. The Code is of sufficient breadth to span and be applied to a wide range of monetary and financial frameworks, and thus to the full range of the Fund membership. Elements of the Code are drawn from a review of good transparency practices used in a number of countries and discussed in the professional literature. The Code thus represents a distillation of concepts and practices that are already in use and for which there is a record of experience. The manner in which transparency is applied and achieved, however, may differ, reflecting different institutional arrangements with respect to monetary and financial policies and legal traditions. The good transparency practices contained in the Code will, therefore, have to be implemented flexibly and over time to take account of a country’s particular circumstances. A number of Fund members currently lack sufficient resources and the institutional capacity to implement all of the good transparency practices listed in the Code. These practices are included in the Code in the anticipation that countries would aspire over time to introduce such good practices.

Good Transparency Practices for Monetary Policy by Central Banks

I. Clarity of Roles, Responsibilities, and Objectives of Central Banks for Monetary Policy

1.1 The ultimate objective(s) and institutional framework of monetary policy should be clearly defined in relevant legislation or regulation, including, where appropriate, a central bank law.

1.1.1 The ultimate objective(s) of monetary policy should be specified in legislation and publicly disclosed and explained.

1.1.2 The responsibilities of the central bank should be specified in legislation.

1.1.3 The legislation establishing the central bank should specify that the central bank has the authority to utilize monetary policy instruments to attain the policy objective(s).

1.1.4 Institutional responsibility for foreign exchange policy should be publicly disclosed.

1.1.5 The broad modalities of accountability for the conduct of monetary policy and for any other responsibilities assigned to the central bank should be specified in legislation.

1.1.6 If, in exceptional circumstances, the government has the authority to override central bank policy decisions, the conditions under which this authority may be invoked and the manner in which it is publicly disclosed should be specified in legislation.

1.1.7 The procedures for appointment, terms of office, and any general criteria for removal of the heads and members of the governing body of the central bank should be specified in legislation.

1.2 The institutional relationship between monetary and fiscal operations should be clearly defined.2

1.2.1 If credits, advances, or overdrafts to the government by the central bank are permitted, the conditions when they are permitted, and any limits thereof, should be publicly disclosed.

1.2.2 The amounts and terms of credits, advances, or overdrafts to the government by the central bank and those of deposits of the government with the central bank should be publicly disclosed.

1.2.3 The procedures for direct central bank participation in the primary markets for government securities, where permitted, and in the secondary markets, should be publicly disclosed.

1.2.4 Central bank involvement in the rest of the economy (e.g., through equity ownership, membership on governing boards, procurement, or provision of services for fee) should be conducted in an open and public manner on the basis of clear principles and procedures.

1.2.5 The manner in which central bank profits are allocated and how capital is maintained should be publicly disclosed.

1.3 Agency roles performed by the central bank on behalf of the government should be clearly defined.

1.3.1 Responsibilities, if any, of the central bank in (i) the management of domestic and external public debt and foreign exchange reserves, (ii) as banker to the government, (iii) as fiscal agent of the government, and (iv) as advisor on economic and financial policies and in the field of international cooperation, should be publicly disclosed.

1.3.2 The allocation of responsibilities among the central bank, the ministry of finance, or a separate public agency,3 for the primary debt issues, secondary market arrangements, depository facilities, and clearing and settlement arrangements for trade in government securities, should be publicly disclosed.

II. Open Process for Formulating and Reporting Monetary Policy Decisions

2.1 The framework, instruments, and any targets that are used to pursue the objectives of monetary policy should be publicly disclosed and explained. 2.1.1 The procedures and practices governing monetary policy instruments and operations should be publicly disclosed and explained.

2.1.2 The rules and procedures for the central bank’s relationships and transactions with counter parties in its monetary operations and in the markets where it operates should be publicly disclosed.

2.2 Where a permanent monetary policy-making body meets to assess underlying economic developments, monitor progress toward achieving its monetary policy objective(s), and formulate policy for the period ahead, information on the composition, structure, and functions of that body should be publicly disclosed.

2.2.1 If the policymaking body has regularly scheduled meetings to assess underlying economic developments, monitor progress toward achieving its monetary policy objective(s), and formulate policy for the period ahead, the advance meeting schedule should be publicly disclosed.

2.3 Changes in the setting of monetary policy instruments (other than fine-tuning measures) should be publicly announced and explained in a timely manner.

2.3.1 The central bank should publicly disclose, with a preannounced maximum delay, the main considerations underlying its monetary policy decisions.

2.4 The central bank should issue periodic public statements on progress toward achieving its monetary policy objective(s) as well as prospects for achieving them. The arrangements could differ depending on the monetary policy framework, including the exchange rate regime.

2.4.1 The central bank should periodically present its monetary policy objectives to the public, specifying, inter alia, their rationale, quantitative targets, and instruments where applicable, and the key underlying assumptions.

2.4.2 The central bank should present to the public on a specified schedule a report on the evolving macroeconomic situation, and their implications for its monetary policy objective(s).

2.5 For proposed substantive technical changes to the structure of monetary regulations, there should be a presumption in favor of public consultations, within an appropriate period.

2.6 The regulations on data reporting by financial institutions to the central bank for monetary policy purposes should be publicly disclosed.

III. Public Availability of Information on Monetary Policy

3.1 Presentations and releases of central bank data should meet the standards related to coverage, periodicity, timeliness of data, and access by the public that are consistent with the Fund’s data dissemination standards.

3.2 The central bank should publicly disclose its balance sheet on a preannounced schedule and, after a predetermined interval, publicly disclose selected information on its aggregate market transactions.

3.2.1 Summary central bank balance sheets should be publicly disclosed on a frequent and preannounced schedule. Detailed central bank balance sheets prepared according to appropriate and publicly documented accounting standards should be publicly disclosed at least annually by the central bank.

3.2.2 Information on the central bank’s monetary operations, including aggregate amounts and terms of refinance or other facilities (subject to the maintenance of commercial confidentiality) should be publicly disclosed on a preannounced schedule.

3.2.3 Consistent with confidentiality and privacy of information on individual firms, aggregate information on emergency financial support by the central bank should be publicly disclosed through an appropriate central bank statement when such disclosure will not be disruptive to financial stability.

3.2.4 Information about the country’s foreign exchange reserve assets, liabilities, and commitments by the monetary authorities should be publicly disclosed on a preannounced schedule, consistent with the Fund’s data dissemination standards.

3.3 The central bank should establish and maintain public information services.

3.3.1 The central bank should have a publications program, including an Annual Report.

3.3.2 Senior central bank officials should be ready to explain their institution’s objective(s) and performance to the public, and have a presumption in favor of releasing the text of their statements to the public.

3.4 Texts of regulations issued by the central bank should be readily available to the public.

IV. Accountability and Assurances of Integrity by the Central Bank

4.1 Officials of the central bank should be available to appear before a designated public authority to report on the conduct of monetary policy, explain the policy objective(s) of their institution, describe their performance in achieving their objective(s), and, as appropriate, exchange views on the state of the economy and the financial system.

4.2 The central bank should publicly disclose audited financial statements of its operations on a preannounced schedule.

4.2.1 The financial statements should be audited by an independent auditor. Information on accounting policies and any qualification to the statements should be an integral part of the publicly disclosed financial statements.

4.2.2 Internal governance procedures necessary to ensure the integrity of operations, including internal audit arrangements, should be publicly disclosed.

4.3 Information on the expenses and revenues in operating the central bank should be publicly disclosed annually.

4.4 Standards for the conduct of personal financial affairs of officials and staff of the central bank and rules to prevent exploitation of conflicts of interest, including any general fiduciary obligation, should be publicly disclosed.

4.4.1 Information about legal protections for officials and staff of the central bank in the conduct of their official duties should be publicly disclosed.

Good Transparency Practices for Financial Policies by Financial Agencies

V. Clarity of Roles, Responsibilities, and Objectives of Financial Agencies Responsible for Financial Policies4

5.1 The broad objective(s) and institutional framework of financial agencies should be clearly defined, preferably in relevant legislation or regulation.

5.1.1 The broad objective(s) of financial agencies should be publicly disclosed and explained.

5.1.2 The responsibilities of the financial agencies and the authority to conduct financial policies should be publicly disclosed.

5.1.3 Where applicable, the broad modalities of accountability for financial agencies should be publicly disclosed.

5.1.4 Where applicable, the procedures for appointment, terms of office, and any general criteria for removal of the heads and members of the governing bodies of financial agencies should be publicly disclosed.

5.2 The relationship between financial agencies should be publicly disclosed.

5.3 The role of oversight agencies with regard to payment systems should be publicly disclosed.

5.3.1 The agencies overseeing the payment system should promote the timely public disclosure of general policy principles (including risk management policies) that affect the robustness of systemically important payment systems.

5.4 Where financial agencies have oversight responsibilities for self-regulatory organizations (e.g., payment systems), the relationship between them should be publicly disclosed.

5.5 Where self-regulatory organizations are authorized to perform part of the regulatory and supervisory process, they should be guided by the same good transparency practices specified for financial agencies.

VI. Open Process for Formulating and Reporting of Financial Policies

6.1 The conduct of policies by financial agencies should be transparent, compatible with confidentiality considerations and the need to preserve the effectiveness of actions by regulatory and oversight agencies.

6.1.1 The regulatory framework and operating procedures governing the conduct of financial policies should be publicly disclosed and explained.

6.1.2 The regulations for financial reporting by financial institutions to financial agencies should be publicly disclosed.

6.1.3 The regulations for the operation of organized financial markets (including those for issuers of traded financial instruments) should be publicly disclosed.

6.1.4 Where financial agencies charge fees to financial institutions, the structure of such fees should be publicly disclosed.

6.1.5 Where applicable, formal procedures for information sharing and consultation between financial agencies (including central banks), domestic and international, should be publicly disclosed.

6.2 Significant changes in financial policies should be publicly announced and explained in a timely manner.

6.3 Financial agencies should issue periodic public reports on how their overall policy objectives are being pursued.

6.4 For proposed substantive technical changes to the structure of financial regulations, there should be a presumption in favor of public consultations, within an appropriate period.

VII. Public Availability of Information on Financial Policies

7.1 Financial agencies should issue a periodic public report on the major developments of the sector(s) of the financial system for which they carry designated responsibility.

7.2 Financial agencies should seek to ensure that, consistent with confidentiality requirements, there is public reporting of aggregate data related to their jurisdictional responsibilities on a timely and regular basis.

7.3 Where applicable, financial agencies should publicly disclose their balance sheets on a preannounced schedule and, after a predetermined interval, publicly disclose information on aggregate market transactions.

7.3.1 Consistent with confidentiality and privacy of information on individual firms, aggregate information on emergency financial support by financial agencies should be publicly disclosed through an appropriate statement when such disclosure will not be disruptive to financial stability.

7.4 Financial agencies should establish and maintain public information services.

7.4.1 Financial agencies should have a publications program, including a periodic public report on their principal activities issued at least annually.

7.4.2 Senior financial agency officials should be ready to explain their institution’s objective(s) and performance to the public, and have a presumption in favor of releasing the text of their statements to the public.

7.5 Texts of regulations and any other generally applicable directives and guidelines issued by financial agencies should be readily available to the public.

7.6 Where there are deposit insurance guarantees, policy-holder guarantees, and any other client asset protection schemes, information on the nature and form of such protections, on the operating procedures, on how the guarantee is financed, and on the performance of the arrangement, should be publicly disclosed.

7.7 Where financial agencies oversee consumer protection arrangements (such as dispute settlement processes), information on such arrangements should be publicly disclosed.

VIII. Accountability and Assurances of Integrity by Financial Agencies

8.1 Officials of financial agencies should be available to appear before a designated public authority to report on the conduct of financial policies, explain the policy objective(s) of their institution, describe their performance in pursuing their objective(s), and, as appropriate, exchange views on the state of the financial system.

8.2 Where applicable, financial agencies should publicly disclose audited financial statements of their operations on a preannounced schedule.

8.2.1 Financial statements, if any, should be audited by an independent auditor. Information on accounting policies and any qualification to the statements should be an integral part of the publicly disclosed financial statements.

8.2.2 Internal governance procedures necessary to ensure the integrity of operations, including internal audit arrangements, should be publicly disclosed.

8.3 Where applicable, information on the operating expenses and revenues of financial agencies should be publicly disclosed annually.

8.4 Standards for the conduct of personal financial affairs of officials and staff of financial agencies and rules to prevent exploitation of conflicts of interest, including any general fiduciary obligation, should be publicly disclosed.

8.4.1 Information about legal protections for officials and staff of financial agencies in the conduct of their official duties should be publicly disclosed.

Annex: Definitions of Certain Terms

To facilitate presentation, certain general terms are used to capture different institutional arrangements in a summary fashion. The following descriptive definitions are used in the Code.

Central Bank

The institutional arrangements for assigning responsibility for the conduct of a country’s monetary policy differ among the Fund’s membership. For most Fund members, this responsibility is assigned to the central bank or to a system of constituent national central banks in a multinational central bank arrangement. There are a number of countries, however, where this role is designated to a “monetary authority” or to a “currency board.” To facilitate presentation, the term “central bank” in the Code refers to the institution responsible for conducting monetary policy, which may or may not be a central bank.

Financial Agencies

A wide range of institutional arrangements prevail among Fund members with regard to which unit of government carries exclusive or primary responsibility for the regulation, supervision, and oversight of the financial and payment systems. In a few countries, an agency has been established with responsibility for regulating and supervising an array of financial institutions (banking, insurance, and securities firms) and markets (securities, derivatives, and commodity futures). For most countries, the oversight responsibility for the financial sector is shared among several agencies. Thus, responsibility for the conduct of bank regulation and supervision or for bank deposit insurance policies in some countries is assigned to the central bank, or to an independent bank supervisory or deposit insurance agency, or split among several units of government. Similarly, responsibility for the conduct of policies related to the oversight of certain categories of financial institutions is assigned to the central bank or to a specialized agency. In some cases (e.g., payment systems) a public agency oversees the activities of private sector self-regulatory bodies. To facilitate presentation, the phrase “financial agencies” is used to refer to the institutional arrangements for the regulation, supervision, and oversight of the financial and payment systems, including markets and institutions, with the view to promoting financial stability, market efficiency, and client-asset and consumer protection. (Where the central bank carries responsibility for financial policies, some of the good transparency practices listed for financial agencies in Sections V-VIII of the Code are already specified in the transparency practices listed for central banks in Sections I-IV of the Code.)

Financial Policies

The term “financial policies” in the Code refers to policies related to the regulation, supervision, and oversight of the financial and payment systems, including markets and institutions, with the view to promoting financial stability, market efficiency, and client-asset and consumer protection.

Government

Unless a particular unit of government is specifically identified in the Code, reference to “government” in the Code refers either to the executive branch of government or to a particular ministry or public agency, depending on the issue at hand or the established tradition of government in particular countries.

Interim Committee Composition

as of September 26, 1999

Gordon Brown, Chairman

Ibrahim A. Al-AssafSaudi Arabia
Giuliano AmatoItaly
Gordon Brown1United Kingdom
Antonio Casas GonzálezVenezuela
Peter CostelloAustralia
Dai Xianglong,China
Emile DoumbaGabon
Hans EichelGermany
Roque B. FernandezArgentina
Viktor GerashchenkoRussian Federation
Marianne JelvedDenmark
Abdelouahab KeramaneAlgeria
Mohammed K. Khirbash2United Arab Emirates
Pedro Sampaio MalanBrazil
Trevor A. ManuelSouth Africa
Paul MartinCanada
Kiichi MiyazawaJapan
Didier ReyndersBelgium
Syahril SabirinIndonesia
Yashwant SinhaIndia
Dominique Strauss-KahnFrance
Lawrence H. SummersUnited States
Kaspar VilligerSwitzerland
Gerrit ZalmNetherlands
Alternate attending for member:

Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee)

Press Communiqué

September 27, 1999

1. The sixtieth meeting of the Development Committee was held in Washington, D.C., on September 27, 1999 under the chairmanship of Mr. Tarrin Nirnmanahaeminda, Minister of Finance of Thailand.

2. Heavily Indebted Poor Countries Debt Initiative (HIPC) and Enhanced Poverty Focus of IDA and ESAF Supported Programs. Ministers expressed their appreciation to the Bank and the Fund for the transparent and participatory manner in which they conducted the 1999 HIPC Initiative review. They welcomed the important role played by civil society in the development of proposals designed to make the debt relief under the HIPC Initiative deeper, broader, and faster.

3. Ministers endorsed—subject to the availability of funding—the enhancements to the HIPC Initiative framework for countries pursuing sound policies and committed to reform. In this context, they expressed support for: (i) a lowering of the debt sustainability thresholds to provide a greater safety cushion and increased prospects for a permanent exit from unsustainable debt; (ii) the provision of faster debt relief through interim assistance; (iii) the introduction of floating completion points that would shift the focus of assessment toward positive achievements and outcomes rather than the length of track record; and (iv) the resulting increase in the number of countries expected to be eligible for debt relief.

4. Ministers also endorsed the proposed framework for strengthening the link between debt relief and poverty reduction, while recognizing that debt relief alone would be insufficient to achieve this goal. In this context, they welcomed the proposed Poverty Reduction Strategy Papers, to be prepared by national authorities in close collaboration with Bank and Fund staff. They stressed that the Poverty Paper should be in place by the decision point; they recognized, however, that on a transitional basis the decision point could be reached without agreement on a Poverty Paper, but in all cases demonstrable progress in implementing a poverty reduction strategy would be required by the completion point.

5. Ministers also welcomed and endorsed the proposals developed by the Bank and Fund to extend the same approach to enhance the poverty focus of all IDA and ESAF supported programs, and to strengthen collaboration between the two institutions. The Committee emphasized that the strategies set out in the new Poverty Papers should be country-driven, be developed transparently with broad participation of elected institutions, stakeholders including civil society, key donors, and regional development banks, and have a clear link with the agreed international development goals—principles that are embedded in the Comprehensive Development Framework. They stressed in particular the need to develop macroeconomic, structural, and social policies that will contribute to long-term poverty reduction, and the need to develop measurable intermediate and outcome indicators to monitor progress. Ministers stressed the crucial role good governance plays in HIPC implementation in establishing a framework that discourages corruption and provides more effective monitoring and quality control over fiscal expenditures. Ministers called on the Bank and Fund, in accordance with their respective mandates and expertise, to give all possible assistance to countries in bringing together the necessary social, structural, and macroeconomic policies required in developing poverty reduction strategies, recognizing the countries’ capacity constraints. The Poverty Papers would provide the basis for all IDA and Fund lending to low-income countries. Ministers also encouraged regional development banks and donors to use the Poverty Papers to guide their support.

6. Ministers welcomed the proposed reform of the ESAF aimed at giving greater prominence to the goal of supporting countries’ poverty reduction efforts and the proposed renaming of the facility as the Poverty Reduction and Growth Facility. Recognizing that the new approach will involve substantial changes in Bank and Fund operations to combat poverty, and the need to tailor the approach to individual country circumstances and to learn quickly from experience in early cases, the Committee strongly welcomed the commitments of the President and Managing Director to its effective implementation. Ministers looked forward to receiving reports on progress achieved.

7. Ministers reaffirmed the importance of implementing the enhanced HIPC Initiative framework in accordance with the principles that have guided the Initiative since its inception, including (i) additionality of debt relief, (ii) the maintenance of the financial integrity of multilateral financial institutions, and (iii) the importance of burden sharing on a fair and equitable basis, including of the costs to multilateral institutions.

They agreed financing of debt relief should not compromise the financing made available through concessional windows such as IDA. Ministers expressed appreciation for the many contributions to the HIPC Initiative made thus far, and for the efforts made by multilateral development institutions to provide funding for the Initiative from their own resources. Ministers recognized that most of these institutions will need bilateral support on an urgent basis in order to meet the additional costs resulting from the proposed enhanced framework and to enable them to implement the Initiative rapidly. The Committee welcomes the agreement on the financing of the Fund’s participation in the HIPC Initiative and continued concessional lending by the Fund for growth and poverty reduction in low-income member countries.

8. Ministers also welcomed agreement on the elements of a financing plan for multilateral development banks that respect the above principles. This will permit the Enhanced HIPC Framework to be launched and the delivery of debt relief to begin for those countries requiring retroactive relief and those expected to reach their decision points over the near term. They asked the World Bank to work actively and closely with the whole group of donors and other MDBs to ensure that financing is mobilized to fully fund HIPC debt relief over the longer term.

9. Ministers also welcomed the agreement by the Paris Club to increase its debt relief under the enhanced framework by providing increased debt reduction in NPV terms up to 90 percent or more, if needed, on commercial loans as well as additional relief on ODA claims—up to full cancellation—on a bilateral basis.

10. Ministers welcomed the continuing progress in the implementation of the Initiative, noting that to date 14 countries have been considered under the Initiative—with four brought to their completion points. The Committee urged the speedy implementation of the enhanced Initiative so that as many countries as possible qualify for assistance under the Initiative by end 2000.

11. IBRD Capital Adequacy. Ministers reviewed a report from the World Bank that reflected ongoing discussions by the Bank’s Executive Board and management on options to maintain and support the IBRD’s financial capacity. The Committee agreed with the report’s finding that the Bank’s finances remain sound. Ministers also recognized that the Bank’s financial capacity may limit its ability to respond to future demands, especially when there was a deterioration in the global financial environment. Ministers requested management and the Executive Board to continue their examination of the level of financial capacity needed to preserve the IBRD’s financial integrity while permitting it to help meet, within its mandate, the development needs of borrowing member countries. Ministers requested that the Bank report regularly to the Committee on these issues.

12. Developing and Transition Countries and the International Trade Agenda. The Committee noted that effective development and trade policy have become increasingly intertwined. They emphasized the importance of trade to development, poverty alleviation, and sustained global economic recovery. Ministers also emphasized that the next round of trade negotiations needed to deliver early and substantial benefits for developing and transition countries, in particular for the least developed countries. This would require improved market access and further reducing barriers to trade. They stressed that if developing and transition countries are to use the international trading system effectively to promote growth and reduce poverty they will need to become active partners in the next round of trade negotiations. Ministers welcomed the commitment of the new Director-General of the World Trade Organization, Mr. Mike Moore, to achieve this goal and urged the World Bank, the Fund, WTO, UNCTAD, and other agencies to help developing and transition countries build their capacity to participate in further rounds of negotiations. The Committee called on the World Bank, IMF and WTO to cooperate with other parties in developing effective programs of capacity building for trade, including through the Integrated Framework for Trade Related Technical Assistance for the Least Developed Countries. The Bank, in particular, could provide financial and technical support to improve trade-related infrastructure and institutions, helping to build capacity in domestic institutions involved in trade policy and negotiations, and undertaking research on trade barriers to developing countries’ exports.

13. World Bank Support for Strengthening International Financial Architecture. Ministers welcomed the role the World Bank Group is playing to help strengthen the global financial architecture to reduce the risk and severity of financial crises, and to reduce the vulnerability of developing countries to crises when they occur. The Committee stressed that at the country level the Bank’s primary focus, given the objective of preventing crises, should be on assisting developing countries to strengthen their domestic financial markets and their integration with the global financial system. This should be done through helping countries overcome structural and social sources of vulnerability and build the needed policy and institutional capacity. Given the breadth and complexity of the agenda, Ministers encouraged the Bank and the Fund to focus on their areas of comparative strength while developing partnerships with other international institutions. Ministers welcomed progress in the joint Bank/Fund program of financial sector assessments and the Bank’s program of Social and Structural Reviews. They also welcomed the proposed enhanced collaboration with the Fund in assisting interested countries to assess their progress in implementing a range of international norms and good practices, with due consideration to differing country conditions. The Committee encouraged the Bank to continue to bring developing country experience and perspectives to the international debate. In this context, they noted the establishment of a global forum on corporate governance, launched in collaboration with the OECD, and the Bank’s supportive role for work on insolvency, accounting, and auditing.

14. Ministers welcomed the Bank’s help to developing countries on social issues, as well as its report on managing the social dimensions of crises and good practices in social policies. They encouraged the Bank to continue to develop this work and draw on it in supporting countries’ poverty reduction efforts. The Bank should accumulate and disseminate knowledge of good practices to help guide countries seeking to create institutions and implement policies that will forestall and mitigate the social costs of economic shocks and protect the most vulnerable.

15. Ministers welcomed the steps being taken to strengthen the work of the Development and Interim Committees, both to better reflect the enhanced level of cooperation between the Bank and the Fund and to reduce duplication in the committees’ agendas. They encouraged the Bank and Fund to continue to review experience in this area.

16. Next Meeting. The Committee’s next meeting is scheduled for April 17, 2000 in Washington, D.C.

Development Committee Composition

as of September 27, 1999

Tarrin Nimmanahaeminda, Chairman

Ibrahim A. Al-AssafSaudi Arabia
Giuliano Amato1Italy
Eduardo AninatChile
Peter CostelloAustralia
Pascal CouchepinSwitzerland
Hilde Frafjord JohnsonNorway
Jose Angel Gurria-TreviñoMexico
Victor KhristenkoRussian Federation
Pedro Sampaio MalanBrazil
Kelebone Albert MaopeLesotho
Paul MartinCanada
Kiichi Miyazawa2Japan
N’Goran NiamienCôte d’Ivoire
Fathallah OualalouMorocco
Didier ReyndersBelgium
Abdulla Hassan SailBahrain
Clare ShortUnited Kingdom
Yashwant SinhaIndia
Dominique Strauss-Kahn3,4France
Lawrence H. Summers5,6,7United States
Tarrin Nimmanahaeminda8Thailand
Heidemarie Wieczorek-ZeulGermany
Xiang Huaicheneg9China
Gerrit Zalm10Netherlands
Alternate attending for the member:

ATTENDANCE

MEMBERS OF FUND DELEGATIONS

Albania

  • Governor

    • Shkelqim Cani

  • Alternate Governor

    • H.E. Anastas Angjeli

    • Advisors

    • Milva Dodbiba

    • Marta Muco

    • Leon Shestani

Algeria

  • Governor

    • Abdelouahab Keramane

  • Alternate Governor

    • Mohammed Laksaci

    • Advisors

    • Babaammi Hadji

    • Mourad Belmokhtar

    • Abdelatif Benachenhou

    • Karim Djoudi

    • Tewfik Hadded

    • Ammar Hiouani

    • H.E. Ramtane Lamamra

    • Said Maherzi

    • Abdelhamid Temmar

Angola

  • Governor

    • Aguinaldo Jaime

  • Temporary Alternate Governor

    • Marinela Martins Amaral

    • Ribas

    • Advisors

    • Maria Luisa Abrantes

    • Emanuel Maravilhoso

    • Buchartts

    • Pedro Afonso Cabral

    • Francisco da Cruz

    • Agostinho Fernandes

    • Nazare da Conceicao Ferreira

    • Joao M. Fortes

    • Antonio Franca

    • Antonio da Silva Inacio

    • Luis Lelis

    • Camilo Manuel

    • Laura M.P. de Alcantara

    • Monteiro

    • Marilia de Fatima T. V. Pocas

    • Antonio Rafael

    • Maria Madalena do Rego

    • Ramalho

    • Amilcar Santos Azevedo da

    • Silva

    • Irene Beatriz F. Sobrinho

    • Cristina Van Dunem

Antigua and Barbuda

  • Governor

    • Lennox O. Weston

  • Advisor

    • Lionel Hurst

Argentina

  • Governor

    • Pablo E. Guidotti

  • Alternate Governor

    • Miguel Alberto Kiguel

    • Advisors

    • H.E. Carlos V. Corach

    • Eduardo J. Escasany

    • Edgard Jose Gagliardi

    • H.E. Diego Ramiro Guelar

    • Oscar Lamberto

    • Ana Maria Mosso de

    • Mortarotti

    • Gilberto Oviedo

    • Horacio Pernasetti

    • A. Humberto Petrei

    • Carlos A. Reutemann

    • Juan Carlos Romero

    • Osvaldo Sala

    • Rodolfo Eduardo Vacchiano

    • Pablo Verani

    • Carlos Verna

    • A. Guillermo Zoccali

Armenia

  • Governor

    • H.E. Levon V. Barkhoudarian

  • Alternate Governor

    • Tigran Sargsyan

  • Advisors

    • Stepan Gishyan

    • Ashot Kirakosyan

    • Vahram Nersissiantz

    • H.E. Armen Sarkissian

    • H.E. Gagik Shahbazian

    • Bagrat Yengibaryan

    • Nerses Yeritsyan

Australia

  • Governor

    • Hon. Peter Costello

  • Alternate Governor

    • Ted Evans

  • Temporary Alternate Governors

    • Gary Johnston

    • Ian J. MacFarlane

    • Advisors

    • Mike Callaghan

    • Michael Dillon

    • Gary Hobourn

    • Michael Mugliston

    • Karen Maree Ongley

    • R.W. Rankin

    • Nigel Ray

    • Nikki Savva

    • Gregory F. Taylor

Austria

  • Governor

    • Klaus Liebscher

  • Alternate Governor

    • Gertrude Tumpel-Gugerell

    • Advisors

    • Peter Achleitner

    • Wolfgang Ippisch

    • Johann Prader

    • Robert Reinwald

Azerbaijan

  • Governor

    • H.E. Avaz Alakbarov

  • Temporary Alternate Governor

    • Vakhid D. Akhundov

    • Advisors

    • Heidar Babayev

    • Hafiz Mir Jalal Pashayev

    • Ulvi Fuad Seyidzade

    • Samir R. Sharifov

The Bahamas

  • Governor

    • Hon. William C. Allen

  • Alternate Governor

    • Julian W. Francis

  • Advisors

    • H.E. Sir Arlington Butler

    • Jaunianne Dorsett

    • Paul Feeney

    • Therese Turner-Huggins

Bahrain

  • Governor

    • H.E. Abdulla Hassan Saif

  • Temporary Alternate Governor

    • Naser Mohamed Yusuf Al

    • Belooshi

    • Advisor

    • Isa Abdulrahman Al Thawadi

Bangladesh

  • Governor

    • Akbar Ali Khan

  • Alternate Governor

    • Mohammed Farashuddin

Barbados

  • Governor

    • Rt. Hon. Owen S. Arthur

  • Alternate Governor

    • Marion V. Williams

  • Advisors

    • Myrtle D. Bishop

    • H.E. Sir Courtney N.

    • Blackman

    • Daniel Boamah

    • Kelvin Arthur Dalrymple

    • Cleviston L. Haynes

    • Denise Hinds

    • Grantley Worrell Smith

    • Philip St. Hill

Belarus

  • Governor

    • Petr Petrovich Prokopovich

  • Alternate Governor

    • H.E. Nikolai Y. Petrovich

    • Korbut

    • Advisors

    • Georgy Egorov

    • Vadim Sergeevich Misyukovets

Belgium

  • Governor

    • Guy Quaden

  • Alternate Governor

    • Gregoire Brouhns

  • Temporary Alternate Governor

    • Willy Kiekens

    • Advisors

    • Gino Pierre Alzetta

    • Jean-Pierre Arnoldi

    • Hiliana Coessens

    • Louis de Montpellier

    • Bruno Guiot

    • Pierre-Yves Jeholet

    • Christian Josz

    • Marc Marechal

    • Philippe Peeters

    • Jean-Jacques Rey

    • Dominique Servais

Belize

  • Governors

    • Hon. Ralph Fonseca

  • Alternate Governor

    • Keith A. Arnold

  • Advisors

    • Jaime D. Alpuche

    • Sydney J. Campbell

    • Hugh J.E. McSweaney

    • Nestor Mendez

    • H.E. James Murphy

    • Joseph D. Waight

Benin

  • Governor

    • H.E. Abdoulaye Bio Tchane

  • Alternate Governor

    • Idriss L. Daouda

  • Advisors

    • Emmanuel Assilamehoo

    • Paul Derreumaux

    • Raoul Donge

    • Ng’andu Peter Magande

    • Ibrahim Pedro Boni

    • Libasse Samb

    • Souleymane Tamboura

Bhutan

  • Governor

    • Sonam Wangchuk

  • Temporary Alternate Governor

    • Karma Rangdol

Bolivia

  • Governor

    • Juan Antonio Morales

  • Alternate Governor

    • Ramiro Cavero Uriona

  • Temporary Alternate Governors

    • Enrique Ackermann

    • Jorge Requena

    • Advisors

    • Raul Boada Rodriguez

    • Armando Pinell Siles

Bosnia and Herzegovina

  • Governor

    • H.E. Novak Kondic

  • Alternate Governor

    • H.E. Jadranko Prlic

  • Temporary Alternate Governors

    • Peter William Nicholl

    • Kasim Omicevic

  • Advisors

    • Emir Aganovic

    • Branko Bokan

    • Maruf Burnazovic

    • Damir Fazlic

    • Niko Grubesic

    • Sead Tikvina

Botswana

  • Governor

    • Baledzi Gaolathe

  • Alternate Governor

    • Freddy Modise

  • Advisors

    • Pearl M. Keitumetse

    • S. Kono

    • Ontefetse Kenneth Matambo

    • Linah K. Mohohlo

Brazil

  • Governor

    • H.E. Pedro Sampaio Malan

  • Alternate Governor

    • Daniel Luiz Gleizer

  • Temporary Alternate Governors

    • Fabio de Oliveira Barbosa

    • H.E. Rubens Antonio Barbosa

    • Amaury Guilherme Bier

    • Murilo Portugal

    • Mario Vilalva

    • Sergio Ribeiro da Costa

    • Werlang

  • Advisors

    • Jose Linaldo Gomes de Aguiar

    • Jose Luiz Osorio de

    • Almeida Filho

    • Jose Federico Alvares

    • Paulo Donizeti de Araujo

    • Patricia Goes Bakaj

    • Sergio Bath

    • Carlos Eduardo Dutra

    • Aurora Maria Paiva de Faria

    • Marcio Joao de Andrade

    • Fortes

    • Betty Grosskopf

    • Joao Batista do Nacimento

    • Magalhaes

    • Helio Mori

    • Daniel Andrade Ribeiro de

    • Oliveira

    • Jose Marcelo Lima Pontes

    • Byron Costa de Queiroz

    • Claudia Netto Safatle

    • Elcior Ferreira de Santana

    • Filho

    • Rodrigo de Azeredo Santos

    • Isac Roffe Zagury

Brunei Darussalam

  • Alternate Governor

    • Haji Selamat Haji Munap

  • Temporary Alternate Governor

    • Chua Pheng Siong

  • Advisor

    • Hj Jefri bin Hj Mohd. Salleh

Bulgaria

  • Governor

    • Svetoslav Veleslavov

    • Gavriiski

  • Alternate Governor

    • Dimitar Borisov Radev

  • Advisors

    • Alexander Bozhkov

    • Nikolay K. Gueorguiev

    • Bojidar Lubenov Kabaktchiev

    • Tchavdar Kostov Kantchev

    • Plamen Vassilev Orecharski

    • Svetlana Dimitrova Panova

    • Nikola Tcholakov

    • Ilian Draganov Vassilev

    • Petia Pavlova Vassileva

    • Stilian Petkov Vatev

Burkina Faso

  • Governor

    • H.E. Tertius Zongo

  • Alternate Governor

    • Lucien Marie Noel Bembamba

  • Temporary Alternate Governor

    • Celestin Kouka Zalle

Burundi

  • Governor

    • Gregoire Banyiyezako

  • Alternate Governor

    • Cyprien Sinzobahamvya

  • Advisors

    • H.E. Thomas Ndikumana

    • Henri Simbakwira

Cambodia

  • Governor

    • Chea Chan To

  • Advisors

    • Khay Phousnith

    • Kim Vada

    • Sum Sannisith

    • Mrs. Tal Nay Im

Cameroon

  • Governor

    • H.E. Edouard Akame Mfoumou

  • Alternate Governor

    • Sadou Hayatou

  • Temporary Alternate Governor

    • Urbain Olanguena Awono

  • Advisors

    • Polycarpe Abah Abah

    • Aminou Bassoro

    • Hirceinte Bengono Belinga

    • Bruno Iboklene

    • Pierre Kamdem

    • Rameline Kamga

    • Rene T. Mbappou Edjenguele

    • H.E. Jerome Mendouga

    • Bienvenu Ndzana

    • Francois Ngoubene

    • Jean Philippe Njeck

    • Justin Njomatchoua

    • Anatole Nkodo Ze

    • Ibrahim Taiba Malla Oumate

    • Joseph Tedou

    • Pierre Titti

Canada

  • Governor

    • Hon. Paul Martin

  • Alternate Governor

    • Gordon G. Thiessen

  • Temporary Alternate Governors

    • Ian Bennett

    • Thomas A. Bernes

    • Joy Kane

    • Terrie O’Leary

    • James Peterson

  • Advisors

    • Harry Adams

    • Isabelle Amano

    • Howard Brown

    • Tom Bui

    • Jeffrey Allen Chelsky

    • Dale Eisler

    • Paul R. Fenton

    • Paul Jenkins

    • Jill E. Johnson

    • Karl Littler

    • Stephen Millar

    • Maria Minna

    • Bruce Montador

    • Jeff Nankivell

    • John G. Nelmes

    • Scott Reid

    • Eric Siegel

    • Bill Singleton

    • Donald R. Stephenson

    • Suzanne Szukits

Cape Verde

  • Governor

    • Jose Ulisses Correia e Silva

  • Alternate Governor

    • Olavo Avelino Garcia Correia

  • Advisors

    • Ana Paula Almeida

    • Gilda Almada Dias

    • John D.C. Hall

    • H.E. Amilcar S. Lopes

    • Ceciliade Oliveira Moreno

    • Carlos Manuel de Luz

    • Delgado Rocha

    • Gregorio Semedo

Central African Republic

  • Governor

    • H.E. Theodore Dabanga

  • Alternate Governor

    • Jonas Yologaza

  • Advisors

    • Joseph Agbo

    • Lazare Dokoula

    • H.E. Henry Koba

    • Marcel Nganassem

Chad

  • Governor

    • H.E. Bichara Cherif Daoussa

  • Alternate Governor

    • Mahamad Amine Ben Barka

  • Advisors

    • H.E. Hassaballah Ahmat

    • Soubiane

    • Aboulaye Beri

    • Bidjere Bindjaki

    • Tom Erdimi

    • Ali Naffa Fadlassid

Chile

  • Governor

    • Carlos A. Massad

  • Temporary Alternate Governor

    • Guillermo R. Le Fort Varela

  • Advisors

    • H.E. Mario Artaza

    • W. Andreas Bauer

    • Francisca Castro F.

    • Nicolas Eyzaguirre

    • Felipe Morande

    • Jose Luis Morel

    • Hon. Jaime Ravinet

    • Heinz P. Rudolph

    • Andres Sanfuentes Vergara

    • Marta Tonda Mitri

China

  • Governor

    • Dai Xianglong

  • Alternate Governor

    • Li Ruogu

  • Temporary Alternate Governors

    • Ge Huayong

    • Wei Benhua

    • Fengming Zhang

  • Advisors

    • Chen Jing

    • Chen Yonglong

    • James H. Lau, Jr.

    • Julia Leung Fung-Yee

    • Liu Fushou

    • Zhengming Liu

    • Ang Lu

    • Yang Luo

    • Song Jianqi

    • Jessica Wing Kwan Szeto

    • Xiaolei Wang

    • Wong Alfred Yun Tong

    • Ms. Yang Fang

    • Zhang Jian Ping

Colombia

  • Governor

    • Miguel Urrutia Montoya

  • Temporary Alternate Governors

    • Patricia Correa

    • Roberto Junguito Bonnet

    • Salomon Kahmanovitz Krauter

    • H.E. Luis Alberto Moreno

    • Mejia

    • Hon. Juan Camilo Restrepo

    • Salazar

    • Jaime Eduardo Ruiz Llano

    • Leonardo Villar Gomez

  • Advisors

    • Olver Luis Bernal

    • Martha Isabel Bonilla

    • Jorge Castellanos Rueda

    • Sara Ordonez-Noriega

    • Carolina Renteria

Comoros

  • Governor

    • H.E. Assoumany Aboudou

  • Alternate Governor

    • Said Ahmed Said Ali

  • Advisor

    • Hamada Attoumani

Republic of Congo

  • Governor

    • H.E. Mathias Dzon

  • Alternate Governor

    • Pacifique Issoibeka

    • Advisors

    • Pascal Bobassa-Ebale

    • Roger Gossaki

    • Mbouala Kaba

    • Delphine Birangui Mbouyou

    • Leon Raphael Mokoko

Costa Rica

  • Governor

    • Alberto Dent Zeledon

  • Alternate Governor

    • Jose Rafael Brenes Vega

    • Advisor

    • Jose Carlos Quirce

Côte d’Ivoire

  • Governor

    • H.E. N’Goran Niamien

  • Alternate Governor

    • Lansina Bakary

  • Advisors

    • Assie Amani

    • Beatrice Amoakon

    • Ano Amoa Antoine

    • Alexandre Assemien

    • Adon Amedee Assi

    • Noel Assohoun

    • Jean Roger Boua

    • Adamoh Djelhi Yahot Moliere

    • Namory Karamoko

    • Koffi Paul Koffi

    • Yves-Marie T. Koissy

    • Paul Kouame

    • Catherine Kouassi

    • Kouame Kouassi

    • Honorine Yaoua Kouman

    • Koffi Moise Koumoue

    • John William Morrisson

    • Leon Naka

    • Kouadio N’Da

    • Sylvain Oka Yao

    • Tamimou Ousmane

    • Kouame Espouse Yao Madeleine

Croatia

  • Governor

    • Marko Skreb

  • Alternate Governor

    • Zdravko Rogic

  • Advisors

    • Aleksander Heina

    • Eugen Leko

    • Michael Ante Misetic

    • Tomislav Presecan

    • Ruzica Vuger

Cyprus

  • Alternate Governor

    • H.G. Akhniotis

  • Temporary Alternate Governor

    • Leslie G. Manison

  • Advisor

    • Iacovos C. Ioannou

Czech Republic

  • Governor

    • Josef Tosovsky

  • Alternate Governor

    • Jan Mladek

  • Advisors

    • Zdenek Hruby

    • Jiri Jonas

    • Dimitrij Loula

    • Ludek Niedermeyer

    • Pavol Parizek

    • Petr Prochazka

    • Vaclav Rombald

    • Petr Sedlacek

    • Frantisek Skoda

    • Jiri Vetrovsky

Denmark

  • Governor

    • Marianne Jelved

  • Alternate Governor

    • Bodil Nyboe Andersen

  • Temporary Alternate Governor

    • Niels Bartholdy

    • Michael Dimmer

    • Henrik W. Fugmann

  • Advisors

    • Thomas Elkjaer

    • Niels Peter Hahnemann

    • Kai Aaen Hansen

    • Jens Lundager

    • Mads Toftegaard Madsen

    • Catherine Skak Nielsen

    • Thomas Bo Pedersen

    • Jens Thomsen

    • H.E. Knud-Erik Tygesen

Djibouti

  • Governor

    • Djama Mahamoud Haid

  • Alternate Governor

    • Ahmed Osman Ali

  • Advisors

    • Mohamed Ahmed Awaleh

    • Mohamed Sikieh Kayad

    • H.E. Roble Olhaye

    • Said Absieh Warsama

Dominica

  • Governor

    • Hon. Julius C. Timothy

  • Alternate Governor

    • Rosamund J. Edwards

  • Temporary Alternate Governor

    • Cary A. Harris

  • Advisor

    • E. Eustace Liburd

Dominican Republic

  • Governor

    • Hector Manuel Valdez Albizu

  • Temporary Alternate Governor

    • Clarissa de la Rocha de

    • Torres

  • Advisors

    • Julio C. Estrella

    • Eduardo Rodriguez

Ecuador

  • Governor

    • Hon. Pablo Better

  • Alternate Governor

    • Ivan Ayala

  • Temporary Alternate Governor

    • Mauricio Pareja Canelos

  • Advisors

    • Miguel Babra Lyon

    • Patricio Beltran

    • Carlos Carrera

    • Ramiro Esteban Crespo Fabara

    • Rafael Cuesta Alvarez

    • Maria Del Carmen Morla

    • Jorge Gallardo Zavala

    • Andres Hidalgo C.

    • Gonzalo Hidalgo Teran

    • Pamela Mata

    • Jose Medina Serrano

    • Juan Montufar

    • Eduardo Pozo Caminer

    • Arturo Valentin Quiroz

    • Martin

    • Monica M. Salvador

    • Mauricio Valencia

Egypt

  • Temporary Alternate Governor

    • Mahmoud Ibrahim Abul Eyoun

  • Advisors

    • Adel Abdel-Salam

    • Atef M. Hassaan

    • Hazem H.K. Hassanein

    • Wael S. Shoaeb

El Salvador

  • Governor

    • Rafael Barraza

  • Temporary Alternate Governor

    • H.E. Miguel E. Lacayo

  • Advisors

    • Nicola Ernesto Angelucci

    • Silva

    • Guillermo A. Argumedo

    • Maurico Choussy Rusconi

    • Yolanda de Gavidia

    • Claudio Manuel de Rosa

    • Ferreira

    • Nelly Lacayo Anderson

    • Craig Leon

    • Roberto Rivera Campos

    • Benjamin Vides Deneke

Equatorial Guinea

  • Governor

    • H.E. Miguel Abia Biteo

    • Boriko

  • Alternate Governor

    • Martin Crisantos Ebe Mba

  • Advisors

    • Hermes Ela Mifumu

    • Baltasar Esono Eworo

    • Francisca Eyang Ondo

    • Matias Mba Medja

Eritrea

  • Governor

    • Tekie Beyene

  • Alternate Governor

    • Woldai Futur

  • Advisor

    • Ms. Tsehai Habtemariam

Estonia

  • Governor

    • Vahur Kraft

  • Alternate Governor

    • Aare Jarvan

  • Advisors

    • Agate Dalton

    • Peter Lohmus

    • Helo Meigas

    • Marten Ross

    • Tanel Ross

    • Jaan Salulaid

    • Andres Sutt

Ethiopia

  • Governor

    • Teklewold Atnafu

  • Temporary Alternate Governor

    • Gebreyesus Guntih Hellamo

  • Advisors

    • Fisseha Adugna

    • Girma Negash Damessa

    • H.E. Philippos Wolde Mariam

    • Tadelle Teferra

    • Tilahun Abbay

    • Michael Yirdaw

Fiji

  • Governor

    • Jone Yavala Kubuabola

  • Alternate Governor

    • Semesa Ducivaki

Finland

  • Alternate Governor

    • Esko Ollila

  • Temporary Alternate Governor

    • Kjell Peter Soederlund

  • Advisors

    • Markus Fogelholm

    • Olli-Pekka Lehmussaari

France

  • Governor

    • H.E. Dominique Strauss-Kahn

  • Alternate Governor

    • Jean-Claude Trichet

  • Temporary Alternate Governors

    • Herve Hannoun

    • Jean-Claude Milleron

  • Advisors

    • Patrick Allard

    • Michele Aubert

    • Gilles Bauche

    • H.E. Francois Bujon del’Estang

    • Genevieve Chedeville-Murray

    • Bertrand Couillault

    • Eric Danon

    • Philippe de Fontaine Vive

    • Thierry Dissaux

    • Jean-Christophe Donnellier

    • Claude Fandre

    • Julien Fontaine

    • Thierry Francq

    • Pierre Jacquemot

    • Herve Joly

    • Stephane Keita

    • Gerard Kremer

    • Serge Pascal Le Gal

    • Isabelle Mateos y Lago

    • Nina Mitz

    • Xavier Musca

    • Gilles Noblet

    • Danielle

    • Noirclerc-Schoenberg

    • Dominique Perreau

    • Jean Pisani-Ferry

    • Guy Pontet

    • Luc Remont

    • Marc-Olivier Strauss-Kahn

    • Nicolas Thery

    • Daniel Voizot

Gabon

  • Governor

    • H.E. Emile Doumba

  • Alternate Governor

    • Jean-Paul Leyimangoye

  • Advisors

    • Michael Adande

    • Faustin Boukamba

    • Paul Bunduku-Latha

    • Marie-Louise Enie Kombila

    • Ange Macaire Longho

    • Ludovic Nah

    • Fidele Nguembi-Moussavou

    • Jean-Christian Obame

    • Lambert Ondo Ndong

    • Luc Oyoubi

The Gambia

  • Governor

    • Momodou Clarke Bajo

  • Alternate Governor

    • Momodou A. Ceesay

  • Advisors

    • Valdemar Jensen

    • Abdulrahman Mboob

    • Grahame J. Nathan

    • Sidi Sanneh

Georgia

  • Governor

    • Irakli Managadze

  • Alternate Governor

    • Temur Basilia

  • Advisors

    • H.E. Tedo Japaridze

    • Ioseb Khelashvili

    • Mamuka Murjikneli

    • Alexander Sekhniashvili

Germany

  • Governor

    • Ernst Welteke

  • Alternate Governor

    • H.E. Hans Eichel

  • Temporary Alternate Governors

    • Bernd Esdar

    • Caio K. Koch-Weser

    • Axel R.K. Nawrath

    • Hermann Remsperger

    • Georg Michael Roeskau

    • Stefan Schoenberg

    • Juergen Stark

  • Advisors

    • Torsten Albig

    • Joerg Asmussen

    • Karlheinz Bischofberger

    • H.E. Juergen Chrobog

    • Leo Dautzenberg

    • Wolf-Dieter Donecker

    • Reinhard Felke

    • Gisela Frick

    • Martin Friewald

    • Doris E. Grimm

    • Stephanie Hamacher

    • Dietrich Hartenstein

    • Barbara Hoell

    • Dietmar Huesmann-Menge

    • Elke Kallenbach

    • Dirk Heiner Kranen

    • Nicolette Kressl

    • Frank Merte

    • Wolfgang Merz

    • Ulf Meyer-Rix

    • Claus Moeller

    • Wolfgang Moerke

    • Sabine Mondorf

    • Andrea Neu

    • Gregor Alexander Pieske

    • Juergen Pohnert

    • Adolf Roth

    • Konrad Scharinger

    • Hans Peter Schiff

    • Volker Schlegel

    • Oliver Schmalzriedt

    • Klaus-Peter Schmidt-Deguelle

    • Claus-Peter Scholkneier

    • Katrin Schroeder

    • Gerhard Franz Stratthaus

    • Ruediger Wilhehn von Kleist

    • Detlev von Larcher

    • Hans Georg Wagner

    • Klaus Weise

    • Matthias Weise

    • RolfWenzel

    • Eugene Wollfarth

    • Michaela Zintl

Ghana

  • Governor

    • Kwabena Duffuor

  • Temporary Alternate Governor

    • Kofi Opoku-Manu

  • Advisors

    • Fred Apaloo

    • John Kwabena Kwakye

    • Emmanuel Korley Martey

    • Chris Nartey

    • Kobina Sekyi

    • Kojo Thompson

    • Henry A.K. Wampah

Greece

  • Governor

    • Lucas D. Papademos

  • Alternate Governor

    • Nikolaos C. Garganas

  • Advisors

    • Leonidas Ananiadis

    • Christos Apostolopoulos

    • Anna Constantinidou

    • Anastassios Giannitsis

    • Spyros P. Papanicolaou

    • Panagiotis A. Pliatsikas

    • John Spraos

    • Spyridon Travlos

Grenada

  • Governor

    • Dwight Venner

Guatemala

  • Governor

    • Edin Homero Velasquez

    • Escobedo

  • Alternate Governor

    • Raul Berrios

  • Temporary Alternate Governors

    • A. Del Cid-Bonilla

    • Mario Alberto Garcia Lara

    • Ana Sophia Garzaro de

    • Rodriguez

    • Edwin Haroldo Matul Ruano

    • Lionel Valentin Maza

    • Manuel Estuardo Roldan

  • Advisors

    • Jose Alejandro Arevalo

    • Alburez

    • Jose Alfredo Blanco Valdes

Guinea

  • Governor

    • H.E. Ibrahima Kassory Fofana

  • Alternate Governor

    • Ibrahima Cherif Bah

  • Advisors

    • Ibrahima Ahmed Barry

    • Bintou Conde

    • Mohamed Alkaly Daffe

    • Alpha Diallo

    • Fatima Kassory Toure

    • Sekou Traore

Guinea-Bissau

  • Governor

    • Verissimo Paulino Nancassa

  • Alternate Governor

    • Boaventura Eutequio Silva

  • Advisors

    • Antonio Oscar Barbosa

    • Henrique Adriano Da Silva

    • Wouri Diallo

    • Alfredo Paulo Mendes

    • Dauda Saw

Guyana

  • Governor

    • H.E. Bharrat Jagdeo

  • Alternate Governor

    • Gobind Nauth Ganga

  • Advisors

    • Winston D. Jordan

    • Rajendra Rampersaud

    • Sonya Roopnauth

Haiti

  • Governor

    • Fritz Jean

  • Temporary Alternate Governor

    • Roland Pierre

  • Advisors

    • Georgette J.-L. Carisma

    • Henry Cassion

    • Ketleen Florestal

Honduras

  • Governor

    • Iliana Waleska Pastor

    • Melghem

  • Temporary Alternate Governor

    • H.E. Hugo Noe Pino

  • Advisors

    • Jacobo Nicolas Atala Zablah

    • Guillermo Bueso

    • Marcos Carias

    • Mauricio Diaz Burdett

    • Eduardo Facusse Handal

    • Jorge Alejandro Faraj R.

    • Irvin Jerez

    • Jorge Navarro

    • Mario Rietti

    • Carlos A. Rivera Xatruch

    • Manuel Torres

Hungary

  • Governor

    • Gyorgy Suranyi

  • Alternate Governor

    • Peter Adamecz

  • Advisors

    • Miklos Blaho

    • Akos Cseres

    • Ferenc Szarvas

    • Bea Szombati

    • Szilvia Zador

Iceland

  • Governor

    • Birgir Is1. Gunnarsson

  • Alternate Governor

    • Thordur Fridjonsson

  • Advisors

    • Bjorn Dagbjartsson

    • Ingimundur Fridriksson

    • Olafur Isleifsson

    • Ami Magnusson

    • Axel R. Palmason

India

  • Governor

    • Hon. Yashwant Sinha

  • Alternate Governor

    • Bimal Jalan

  • Temporary Alternate Governor

    • Shankar Nath Acharya

    • Vijay L. Kelkar

  • Advisors

    • Sandip Ghose

    • Narendra Jadhav

    • Subodh Kumar Keshava

    • Madhusudan Prasad

    • Sudhakar Rao

    • Roshan Sahay

    • Asuri Vasudevan

    • Ratan Prakash Watal

Indonesia

  • Governor

    • Syahril Sabirin

  • Alternate Governor

    • Mochammad Rosul

  • Advisors

    • Burhanuddin Abdullah

    • Rizal Anwar Djaafara

    • Cyrillus Harinowo

    • Difi A. Johansyah

    • Jeffrey Kairupan

    • Rachmat Saleh

    • Sugeng

    • Aslim Tadjuddin

    • Bambang S. Wahyudi

    • Prasetijono Widjojo

Islamic Republic of Iran

  • Governor

    • H.E. Mohsen Nourbakhsh

  • Alternate Governor

    • Mohammad Javad Vahaji

  • Temporary Alternate Governor

    • Mohamad Jafar Mojarrad

    • Advisors

    • Ahmad Dadfarnia

    • Abolfazl Gholami

    • Mohammad Reza Hajian

    • Bijan Ila

    • Abbas Mirakhor

    • Gholam-Reza Nadali Ataabadi

    • Abbas Shahyar

    • Mohammad R. Shojaeddini

    • Saeed Tofangchi

    • Bahram F. Zaringhalam

Iraq

  • Governor

    • Faik Ali Abdul Rasool

  • Alternate Governor

    • Abdul Ahad P. Toma

Ireland

  • Governor

    • Hon. Charlie McCreevy, T.D.

  • Alternate Governor

    • Maurice O’Connell

  • Temporary Alternate Governors

    • Peter Charleton

    • Padraig McGowan

    • Pol O’Duibhir

    • H.E. Sean O’Huiginn

    • George Reynolds

    • Michael J. Somers

  • Advisors

    • Mandy Johnson

    • Adrian J. Kearns

    • Aingeal O’Donoghue

    • Hannah O’Riordan

    • Kenneth Thompson

Israel

  • Governor

    • H.E. Avraham B. Shochat

  • Alternate Governor

    • David Klein

  • Advisors

    • Eddy Azoulay

    • Ohad Bar-Efrat

    • Dan Catarivas

    • Erez Gilhar

    • Rachel Hirschler

    • Ohad Marani

    • Sylvia Piterman

    • Joseph Strauss

Italy

  • Governor

    • Hon. Giuliano Amato

  • Alternate Governor

    • Vincenzo Desario

  • Advisors

    • Gastone Alecci

    • Carlo Baldocci

    • Fabrizio Befani

    • Lorenzo Bini-Smaghi

    • Pier Antonio Ciampicali

    • Angelo Cicogna

    • Pierluigi Ciocca

    • Ruggero Corrias

    • Guido De Blasio

    • Raffaella Di Maro

    • Riccardo Faini

    • Giannandrea Falchi

    • Fabio Franceschini

    • Giorgio Gomel

    • Vittorio Grilli

    • Gherardo La Francesca

    • Vincenzo La Via

    • Francesca Manno

    • Giuseppe Maresca

    • Luigi Efisio Marras

    • Domenico Nardelli

    • Enrico Nardi

    • Franco Passacantando

    • Fabrizio Saccomanni

    • Fernando Salleo

    • Carlo Santini

    • Giuseppe Schlitzer

    • Carlo A.E. Sdralevich

    • Vittorio Tedeschi

    • Franco Tempesta

    • Augusto Zodda

Jamaica

  • Governor

    • Hon. Omar Davies

  • Alternate Governor

    • Derick Latibeaudiere

  • Advisors

    • H.E. Richard Bernal

    • Winsome J. Leslie

    • Wayne St. John McCook

    • Locksley S. Smith

Japan

  • Governor

    • H.E. Kiichi Miyazawa

  • Alternate Governor

    • Masaru Hayami

  • Temporary Alternate Governors

    • Kiyoto Ido

    • Takatoshi Ito

    • Tadashi Iwashita

    • Seiji Kojima

    • Haruhiko Kuroda

    • Masayuki Matsushima

    • Satoru Miyamura

    • Zembei Mizoguchi

    • Koji Tanami

    • Ken Yagi

    • Yukio Yoshimura

  • Advisors

    • Masayoshi Amamiya

    • Toshiyuki Furui

    • Mitsuhiro Furusawa

    • Koichi Hasegawa

    • Yasuhisa Hashimoto

    • Tsutomu Himeno

    • Eiji Hirano

    • Toshiaki Hiromitsu

    • Akinari Horii

    • Yoshio Horimoto

    • Mitsutaka Inagaki

    • Hiroaki Isobe

    • Akira Kamitomai

    • Hironori Kawauchi

    • Michio Kitahara

    • Toru Kodaki

    • Kazutomi Kurihara

    • Kiyoto Maeda

    • Ken Matsushita

    • Takehiko Nakao

    • Hideki Nonoguchi

    • Kentaro Ogata

    • Toshio Oya

    • Nobuhisa Sagawa

    • Tomoyuki Saisu

    • Tomohiko Sakamoto

    • Takeo Shikado

    • Chikahisa Sumi

    • Masahiko Takeda

    • Hideki Takezawa

    • Rintaro Tamaki

    • Tadashi Uhira

    • Mamoru Umemoto

    • Takashi Wada

    • Hiroshi Watanabe

    • Katsuki Yamasaki

    • Mamoru Yanase

Jordan

  • Governor

    • Michel Marto

  • Alternate Governor

    • Ziad Moh’d Fariz

  • Temporary Alternate Governor

    • Ahmad Hasan Mustafa

  • Advisors

    • Muhammad M. A. Hamadah

    • Abdallah

    • Ghassan F. Ifram

    • Zuhair Khouri

    • H.E. Marwan Jamil Muasher

Kazakhstan

  • Governor

    • Kadyrzhan K. Damitov

  • Alternate Governor

    • Zhannat Ertlesova

  • Advisor

    • Nadir F. Burnashev

Kenya

  • Governor

    • Micah Kiprono Cheserem

  • Alternate Governor

    • Maurice John Pette Kanga

  • Advisors

    • John Henry Juma

    • Sally J. Kosgei

    • Richard Leaky

    • Mark Letitoiya Lesiit

    • Paul G. Ngatia

    • Peter Claver Joseph Otieno

    • Nyakiamo

    • Anne C.A. Olubendi

Kiribati

  • Governor

    • Hon. Beniamina Tinga

  • Alternate Governor

    • Reina Timau

  • Advisors

    • Haruko Fukuda

    • Rimeta Tinga

Korea

  • Governor

    • Hon. Bong-Kyun Kang

  • Temporary Alternate Governors

    • Yong-Duk Kim

    • Okyu Kwon

    • Jong Nam Oh

  • Advisors

    • Soo-Man Chang

    • Dong-Soo Chin

    • In-Kang Cho

    • Sung Whan Choi

    • Nam-Duk Heo

    • Kwang-Woo Jun

    • Hak-Ryul Kim

    • Sung-Bae Kim

    • Yoon-Kyung Kim

    • Eun Mo Lee

    • Sangkyu Lee

    • Jung-Kyu Oh

    • Chan-Seung Park

    • Yeung Kyun Rhee

    • Dong-Kyu Shin

    • Hyun-Chul Shin

    • Hyung-Goo Shin

Kuwait

  • Governors

    • H.E. Ahmed Abdullah

    • Al-Ahmed Al-Sabah

  • Alternate Governor

    • H.E. Sheikh Salem

    • Abdul-Aziz Al-Sabah

  • Advisors

    • Sami Husain Alanbaee

    • Yousef Al-Awadi

    • Yousef B.Y.H. Al-Roumi

    • Khalid Sulaiman Al-Ruwaih

    • Sheikh Salem Abdullah

    • Al-Ahmed Al-Sabah

    • Nabil Hamoud Al-Saqabi

    • Ahmad Mohammed

    • Abdulrehman Bastaki

Kyrgyz Republic

  • Governor

    • Ulan Sarbanov

  • Alternate Governor

    • Sadriddin Jienbekov

  • Advisors

    • H.E. Baktybek D. Abdrissaev

    • Shamshibek Moldokanov

    • Djoodat Murataliev

    • Kubanychbek Omuraliev

Lao People’s Democratic Republic

  • Governor

    • Soukanh Mahalat

  • Temporary Alternate Governor

    • Khamsouk Sundara

  • Advisor

    • H.E. Vang Rattanavong

Latvia

  • Governor

    • H.E. Edmunds Krastins

  • Alternate Governor

    • Einars Repse

  • Advisors

    • Iveta Bojare

    • Roberts Latvis Grava

    • H.E. Ojars Kalnins

    • Vija Kasakovska

    • Pauls Puke

    • Ilmars Rimsevics

    • Inna Steinbuka

    • Aivars Veiss

    • Peteris Vinkelis

Lebanon

  • Governor

    • Riad Toufic Salameh

  • Alternate Governor

    • Marwan M. Nsouli

  • Temporary Alternate Governor

    • Haroutiun Samulian

Lesotho

  • Governor

    • Churchill Thabang Thamae

  • Alternate Governor

    • Stephen Mustapha Swaray

  • Advisors

    • Kekeletso E. Lekaka

    • Peete Molapo

    • H.E. Lebohang Kenneth

    • Moleko

    • Moeketsi Caiphus Moleko

    • Ben T. Nteso

Liberia

  • Governor

    • Hon. John G. Bestman

  • Temporary Alternate Governor

    • Sumo G. Kupee

  • Advisor

    • Grace B. Yates

Socialist People’s Libyan Arab Jamahiriya

  • Governor

    • Taher E. Jehaimi

  • Alternate Governor

    • Abdallah Ali Khalifa

  • Advisors

    • Saleh Ahmed Keshlaf

    • Bashir Mahmud H. Nahaesi

Lithuania

  • Governor

    • Reinoldijus Sarkinas

  • Alternate Governor

    • Dainius Grikinis

  • Advisor

    • Stasys Kropas

Luxembourg

  • Governor

    • H.E. Jean-Claude Juncker

  • Alternate Governor

    • Yves Mersch

  • Advisors

    • H.E. Arlette Conzemius

    • Michele Eisenbarth

    • Jerome Hamilius

    • Arsene Joseph Jacoby

    • Emile Jung

    • Serge Kolb

    • Carlo Krieger

Former Yugoslav Republic of Macedonia

  • Governor

    • Ljube Trpeski

  • Alternate Governor

    • A.M. Stavreska

  • Advisors

    • H.E. Ljubica Acevska

    • Bogoliub Jankoski

    • Oliver Krliu

    • Igor Popov

Madagascar

  • Governor

    • H.E. Tantely R.G.

    • Andrianarivo

  • Alternate Governor

    • Gaston Edouard Ravelojaona

  • Temporary Alternate Governor

    • H.E. Zina

    • Andrianarivelo-Razafy

  • Advisors

    • Jocelyn Andriambahiny

    • Vonintsalama Andriambololona

    • Biclair H.G.

    • Andrianantoandro

    • Mohamed Houssen

    • Christophe Poulenc

    • Jocelyn Victor Rafidinarivo

    • Renaud Rahagafotsy Rajaonah

    • Faustin Edmond Rajoelison

    • Robert F. Rakotoarimanga

    • Jean Joseph Rakotonirina

    • M. Ramahay-Mandimby

    • Daniel Ramarokoto

    • Florence Ramarokoto

    • Raymond Rasamoelina

    • Christian Guy Dettriga

    • Rasolomanana

    • Lea Ravololondratavy

    • Ferdinand Velomita

Malawi

  • Governor

    • M.A.P. Chikaonda

  • Alternate Governor

    • Randson Phillimon Mwadiwa

  • Advisors

    • Charles S.R. Chuka

    • Paul Willie Mamba

    • Alexander Kisa Mkangama

    • Naphiyo Aloisius Bernard

    • Kassam Okhai

    • Patrick F. Zimpita

Malaysia

  • Governor

    • H.E. Dato’ Mustapa Mohamed

  • Temporary Alternate Governor

    • Dato’ Zeti Akhtar Aziz

  • Advisors

    • Ranjit Ajit Singh

    • Aman Ahmad

    • John Patrick Antonysamy

    • Latifah Merican Cheong

    • Yvonne Chia

    • Siti Hadzar Mohd. Ismail

    • Ms. Halipah Binti Esa

    • Madeline Loh Kooi Choo

    • Baharudin Abdul Majid

    • Siti Mariam Mohd Yusof

    • Ng Chow Soon

    • Ruji bin Ubi

    • Dato’ Ismail Shahudin

    • Ms. Tan Sook Peng

    • Dato’ Tan Teong Hean

Maldives

  • Governor

    • Hon. Arif Hihny

  • Alternate Governor

    • Mohamed Jaleel

Mali

  • Governor

    • H.E. Soumaila Cisse

  • Alternate Governor

    • H.E. Ahmed El Madani Diallo

  • Temporary Alternate Governor

    • Aboubacar Alhousseyni Toure

  • Advisors

    • Abdoulaye Daffe

    • Baba Dagamaissa

    • H.E. Chieck Oumar Diarrah

    • Idrissa Traore

Malta

  • Alternate Governor

    • David A. Pullicino

  • Temporary Alternate Governor

    • Alfred De Marco

  • Advisors

    • Michael Debono

    • Alfred Lupi

Marshall Islands

  • Governor

    • David J. Blake

  • Alternate Governor

    • Casten Nemra

  • Advisor

    • H.E. Banny de Brum

Mauritania

  • Governor

    • Mahfoudh Ould Mohamed Ali

  • Alternate Governor

    • Sidi Ould Mouhamdi

  • Advisors

    • Bass Abal Bass

    • N’Guissaly Fall

    • Aly Kane

    • Haidara Mohamed Cherif

    • Mohamed Salem Ould

    • Abdessalam

    • Abdallah Ould Cheikh-Sidia

    • Mohamed Mahmoud Ould

    • Hamadi

    • H.E. Ahmed Ould Khalifa

    • Ould Jiddou

    • Mohamed Lemine Ould Khlil

    • Abdallahi Ould Sidaty

    • Bekaye Ould Sidi Mohamed

    • Kelly Oumar Sada

Mauritius

  • Governor

    • Hon. Vasant Kumar Bunwaree

  • Alternate Governor

    • Rameswurlall Basant Roi

  • Advisors

    • Peter Craig

    • Krishnanand Guptar

    • Hemraz Oopuddhye Jankee

    • H.E. Chitmansing

    • Jesseramsing

    • K. Saccaram

    • Somduth Soborun

    • Ranapartab Tacouri

    • S. Neysen Udaiyan

    • Maurice Vigier de La Tour

Mexico

  • Governor

    • Guillermo Ortiz Martinez

  • Alternate Governor

    • Martin M. Werner Wainfield

  • Temporary Alternate Governor

    • H.E. Jesus Reyes Heroles

  • Advisor

    • Javier Guzman-Calafell

Federated States of Micronesia

  • Governor

    • Hon. John Ehsa

  • Alternate Governor

    • Lorin S. Robert

  • Advisors

    • Enrico Calderon

    • James Naich

    • Samson Pretrick

Moldova

  • Governor

    • Leonid Talmaci

  • Temporary Alternate Governor

    • Alexandru Muravschi

  • Advisors

    • Stela Axenti

    • H.E. Ceslav Ciobanu

    • Peter Engstrom

    • Vlad Spanu

Mongolia

  • Governor

    • H.E. Amarjargal Rinchinnyam

  • Alternate Governor

    • Jigjid Unenbat

  • Advisors

    • Ragchaa Baasan

    • Bavuusuren Bayasgalan

    • D. Bayasgalan

    • D. Boldbaatar

    • H.E. Jalbuu Choinhor

    • G. Gankhuyag

    • Damdin Gantugs

    • Balbaryn Medree

Morocco

  • Governor

    • Abdelmalek Ouenniche

  • Temporary Alternate Governor

    • AbdeltifLoudyi

  • Advisors

    • Omar Alaoui Benhachem

    • Jamal Chouaibi

    • Mohammed Dairi

    • Lahbib EUdrissi Lalami

    • Abdallah El Maaroufi

    • Mohamed El Merghadi

    • Abdellah El-Ouadrhiri

    • Mustapha Faris

    • Youssef Fehry Fassy

    • H.E. Rachid Filali

    • Mohamed Ghozlani

    • Mustapha Lahboubi

    • Monkid Mestassi

    • Fouad Samir

    • Mostafa Terrab

    • Ali Tricha

Mozambique

  • Governor

    • H.E. Tomaz Augusto Salomao

  • Alternate Governor

    • Antonio Pinto de Abreu

  • Advisors

    • Manuel Chang

    • Piedade Macamo Matavela

    • Gamiliel Munguambe

    • H.E. Marcos G. Namashulua

    • Mussa Osman

Myanmar

  • Governor

    • U Kyaw Kyaw Maung

  • Alternate Governor

    • U Nyo Myint

  • Advisors

    • Daw Hmway Hmway Khyne

    • Daw Ommar Sein

    • U Thaung Tun

Namibia

  • Governor

    • Hon. Nangolo Mbumba

  • Alternate Governor

    • Thomas K. Alweendo

  • Advisors

    • Heinrich Mihe Gaomab

    • Annah Hange

    • Immanuel Iyambo

    • Frans Johan Janson van

    • Rensburg

Nepal

  • Governor

    • Hon. Mahesh Acharya

  • Alternate Governor

    • Satyendra P. Shrestha

  • Temporary Alternate Governor

    • Madhav Prasad Ghimire

  • Advisors

    • Dinesh Bhattarai

    • Yuba Raj Khatiwada

    • Keshab Bahadur Khatry

    • Prithivi Bahadur Pande

    • ThakurNathPant

    • Devendra Pratap Shah

    • Bhabani Devi Sharma

Netherlands

  • Governor

    • A.H.E.M. Wellink

  • Alternate Governor

    • Jan-Willem Oosterwijk

  • Temporary Alternate Governors

    • Age F.P. Bakker

    • Henk J. Brouwer

    • Ron Keller

    • J. Wijnholds

  • Advisors

    • Jerrald M. Hasselmeyer

    • Evert J.P. Houtman

    • Sjefljzermans

    • Arie Jacobus Kapteijn

    • Frits Kemperman

    • Mark A. Roscam Abbing

    • Johan H. du Marchie Sarvaas

    • H.E. Valerie Sluijter

    • Emsley D. Tromp

    • Erik C.H. van Andel

    • Jan Willem van den Wall Bake

    • Alida H. Van Ee

    • Karel Van Kesteren

    • Bram van Ojik

    • H.E. Wilfred Russell Voges

New Zealand

  • Governor

    • Rt. Hon. Sir William F. Birch

  • Temporary Alternate Governor

    • Alexander J. Wilson

  • Advisors

    • H.E. James Bolger

    • Brendon H. Doyle

    • Colin Lynch

    • Richard Ninness

    • Ian Michael Woolford

Nicaragua

  • Governor

    • H.E. Noel J. Sacasa C.

  • Alternate Governor

    • Mario J. Flores

  • Temporary Alternate Governor

    • Edgard A. Guerra

  • Advisors

    • Adolfo Javier Arguello

    • Lacayo

    • Roberto J. Arguello

    • Ricardo Manuel Gomez Diaz

    • Robert J. Zamora Llanes

Niger

  • Governor

    • H.E. Saidou Sidibe

  • Alternate Governor

    • H.E. Mahamadou Mouctar Sako

  • Temporary Alternate Governor

    • Charles Konan Banny

  • Advisors

    • Yacouba Abou

    • Hamidou Boureima

    • Moussa Dabal

    • Alain de Suza

    • H.E. Joseph Diatta

    • Hamani Harouna

    • Aissa Miginyaoua

    • Boubacar Moumouni Saidou

    • Ibrahim Samaila

    • Boubacar Sanda

    • Abdoulaye Soumana

    • Hassane Taher

Nigeria

  • Governor

    • Chief Joseph Sanusi

  • Alternate Governor

    • Akinlose Sylvester Arikawe

  • Temporary Alternate Governors

    • John O. Aderibigbe

    • Michael Olufemi Ojo

  • Advisors

    • AlhajiM.K. Abdullahi

    • Justina Ogugua Ashinze

    • Hon. John Azuta-Mbata

    • Alhaji Attahiru Bafarawa

    • Kassim M. Bichi

    • David Edevbie

    • George Edokpo

    • Solomon Ewuga

    • Kayode Garrick

    • James Ibori

    • Benjamin D. Ibe

    • Ogunyemi Charles Ijaleye

    • Hamilton Isu

    • Christopher Osiomha Itsede

    • Hajia N.A. Jimoh

    • Abduliahi M. Nyako

    • Chigozie E. Obi-Nnadozie

    • Okorie Awa Uchendu

    • Udoma Udo Udoma

    • Mohammed Zailani

Norway

  • Governor

    • Svein Ingvar Gjedrem

  • Alternate Governor

    • Tore Eriksen

  • Temporary Alternate Governors

    • Jarle Bergo

    • Anne Berit Christiansen

  • Advisors

    • Sigurd Klakeg

    • Kristian Odegaard

    • Enok Olsen

    • Lene Sauvik

    • Erik Storm

    • Paul Winje

Oman

  • Governor

    • H.E. Ali Mohamed Moosa

  • Alternate Governor

    • H.E. Hamood Sangour

    • Al-Zadjali

  • Advisor

    • Jawad Mohammed Jawad Talib

Pakistan

  • Governor

    • Muhammad Yaqub

  • Alternate Governor

    • Khalid Jawed

  • Advisors

    • Meekal A. Ahmed

    • Mehrunnisa Bashir

    • H.E. Tariq Fatemi

    • Agha Ghazanfar

    • Tariq Hassan

    • Abdul Ghafoor Mirza

    • Azizali F. Mohammed

    • Farrakh Qayyum

    • M.A. Zuberi

Palau

  • Governor

    • Elbuchel Sadang

  • Alternate Governor

    • Casmir Esang Remengesau

  • Advisor

    • H.E. Hersey Kyota

Panama

  • Governor

    • Ricardo Quijano

  • Alternate Governor

    • Bolivar Pariente

Papua New Guinea

  • Governor

    • Leonard Wilson Kamit

  • Alternate Governor

    • Loi Martin Bakani

  • Advisors

    • Graham Michael

    • Simon Tosali

Paraguay

  • Governor

    • Samuel Washington Ashwell

  • Advisors

    • H.E. Juan Esteban Aguirre

    • Carlos Gustavo Fernandez

    • Valdovinos

    • Orlando Ferreira Caballero

    • Raul Alberto Florentin

    • Antola

    • H.E. Armando Hermosilla

    • Martinez

    • Hernan Mejia J.

    • Ovidio C. Otazu

    • Monica Perez dos Santos

    • Enrique Ramirez

Peru

  • Governor

    • German Suarez

  • Temporary Alternate Governor

    • Guillermo Castaneda-Mungi

  • Advisors

    • Luis Baba Nakao

    • Jorge Francisco Baca

    • Campodonico

    • H.E. Gustavo Caillaux

    • Luis J. Carranza

    • Juan Miguel Cayo

    • Claudio de la Puente

    • Roberto Fernandez

    • Roberto Heimovits

    • Oscar A. Hendrick

    • Carlos Herrera

    • Carlos Adrian Linares Penaloza

    • Martin A. Naranjo Landerer

    • Miguel Risco

    • Alfonso Rivero

    • Roberto Rodriguez

    • Renzo Rossini Minan

    • Carlos Saito Saito

    • Luis Alberto Sanchez

    • Edgar Zamalloa

Philippines

  • Governor

    • Rafael B. Buenaventura

  • Temporary Alternate Governor

    • Benjamin Estoista Diokno

  • Advisors

    • Ramon Z. Abad

    • Carlos A. Arellano

    • Rodrigo P. Castelo

    • Edgardo O. Castro

    • Florido P. Casuela

    • Hon. Joseph H. Durano

    • Nestor A. Espenilla, Jr.

    • Lily Kho Gruba

    • Rolleo Ignacio

    • H.E. Ernesto M. Maceda

    • Wilhelmina Cruz Manalac

    • Federico C. Pascual

    • Gabriel C. Singson

    • Cesar E. A Virata

Poland

  • Governor

    • Krzysztof J. Ners

  • Temporary Alternate Governor

    • Jacek Tomorowicz

  • Advisors

    • Edward Basinski

    • Mieczyslaw Kaminski

    • Jakub Karnowski

    • Alicia Kornasiewicz

    • H.E. Jerzy Kozminski

    • Tomasz Skurzewski

    • Wieslaw Szczuka

    • Krzysztof Wybieralski

Portugal

  • Governor

    • Antonio Jose Fernandes de Sousa

  • Alternate Governor

    • Antonio Manuel Pereira Marta

  • Temporary Alternate Governors

    • Maria Helena Cordeiro

    • Joao Mauricio Fernandes

    • Salgueiro

  • Advisors

    • Helena Maria Franco Bebiano

    • Nuno Maria Mariano de

    • Carvalho Jonet

    • Maria Lucia A. Almeida Leitao

    • Emilio Aquiles de Oliveira

    • Antonio Manuel da Silva

    • Osorio

    • Vitor Manuel da Silva

    • Rodrigues Pessoa

    • Jose Joaquim Berberan e Santos

    • Ramalho

    • Joao Santos

    • Anselmo Teng

    • Maria Jose Vaz Rocha Vidal

Qatar

  • Governor

    • Yousef Hussain Kamal

  • Alternate Governor

    • Hussain Al-Abdulla

  • Advisors

    • Salah Mohamed Ibrahim

    • Al-Jaidah

    • Khalaf Ahmed Al-Mannai

    • Saeed Abdulla Al-Mosnid

    • Izzat Mohammed Al-Rasheed

    • Abdulbasit Al-Shaibei

    • Bashir Issa Al-Shirawi

    • Khalid bin Ahmed Al-Suwaidi

    • Kalid Bin Thani Al-Thani

    • Abdurahman Dashti

    • John P. Finigan

    • Maqbool Habib Khalfan

    • Ahmed Muftah

Romania

  • Governor

    • Mugur Isarescu

  • Alternate Governor

    • Ionut Mircea Costea

  • Advisors

    • Cosmin Dobran

    • Ion Dragulin

    • Mircea Dan Geoana

    • Gabriela Mihailovici

    • Andreea Moraru

    • Gheorghita Oprea

    • Eugen T. Radulescu

    • Mugur Tolici

Russian Federation

  • Governor

    • Viktor Gerashchenko

  • Temporary Alternate Governors

    • Andrei Bugrov

    • Anatoly Chernyshov

    • Ivan Ivanov

    • Mikhail Kasyanov

    • Oleg V. Mozhaiskov

    • Aleksei V. Mozhin

    • Tatiana Paramonova

    • Oleg Vyugin

  • Advisors

    • Dmitri Beskurnikov

    • Dmitri Borisov

    • Oleg Gavrilov

    • Grigori Y. Glazkov

    • Ekaterina O. Kornitch

    • Andrei Kostin

    • Mikhail Lopatin

    • Andrei Lushin

    • Stanislav Naumov

    • Sergei Ovseichik

    • Lev V. Palei

    • Aleksander E. Polonskiy

    • Andrei Reus

    • Sergei Scherbakov

    • Aleksandr Shamrin

    • Vladimir Smenkovski

    • Aleksandr Surikov

    • Svetlana Vtyurina

    • Igor A. Zakharchenkov

Rwanda

  • Governor

    • Donald Kaberuka

  • Alternate Governor

    • Francois Mutemberezi

  • Advisors

    • Alfred G. Kalisa

    • Camille Karamaga

    • Anastase Munyandamutsa

    • Prosper Musafiri

    • Jean-Marie Nyirimihigo

    • Guido Rurangwa

    • Jean M. Rutayisire

    • Richard Sezibera

St. Kitts and Nevis

  • Governor

    • Halva Hendrickson

  • Alternate Governor

    • Wendell E. Lawrence

  • Advisors

    • Kutayba Y. Alghanim

    • Jasmine Huggins

    • Osbert Wordsworth Liburd

St. Lucia

  • Alternate Governor

    • Claire Zenith James

  • Advisors

    • S.C. McHale Andrew

    • Martha Auguste

    • James Fleming

    • Albert Preville

St. Vincent and the Grenadines

  • Governor

    • Arnhim Eustace

  • Alternate Governor

    • Maurice Edwards

  • Advisor

    • Wendell Samuel

Samoa

  • Governor

    • Tuilaepa S. Malielegaoi

  • Alternate Governor

    • Papali’i Tommy Scanlan

  • Temporary Alternate Governor

    • Tauava Lealaitafea Tofa

  • Advisors

    • Robert Lyon

    • Edward Meredith

    • Michelle Meredith

    • Mose Sua

    • Peter Tapsell

San Marino

  • Governor

    • Clelio Galassi

  • Temporary Alternate Governors

    • Pietro Giacomini

    • RafFaele Giardi

  • Advisors

    • Daniele Bernardi

    • Milena Gasperoni

    • Giorgio Lombardi

São Tomé and Príncipe

  • Governor

    • Maria C. Pires de Carvalho

    • Silveira

  • Alternate Governor

    • Eugenio Lourenco Soares

  • Advisors

    • Agapito Mendes Dias

    • Jose Luis Suarez Losada

Saudi Arabia

  • Governor

    • Ibrahim A. Al-Assaf

  • Alternate Governor

    • Hamad Al-Sayari

  • Temporary Alternate Governor

    • Abdulrahman Al-Tuwaijri

  • Advisors

    • Mohammad Abanumay

    • Abdullah Abu Samh

    • Haitham Al-Abdullatif

    • Khaled M. Al-Aboodi

    • Ahmed Al-Balawie

    • Abdulrahman Al-Hamidy

    • Abdullah Al-Hugail

    • Ibrahim M. Al-Issa

    • Medlej Al-Medlej

    • Abdulrahman Mohammed

    • Almofadhi

    • Ibrahim M. Al-Mofleh

    • Mohammed Al-Nafie

    • Suliman Al-Olayan

    • Ahmed S.M. Alosaimi

    • Saeed Al-Qahtani

    • Abdullah Sulaiman Al-Rajhi

    • Abdulaziz Rashed Al-Rashed

    • Abdul Monam Rashed Al-Rashed

    • Rashed Abdulaziz Al-Rashed

    • Abdul Aziz S. Al-Saghyir

    • Saud Al-Saleh

    • Ali Samir Al-Shihabi

    • Abdulaziz Al-Turki

    • Sulaiman M. Al-Turki

    • Abdulaziz Al-Wohayeb

    • Saud Al-Yemeni

    • Sami Al-Yousef

    • Abdullah bin Salem Bahamdan

    • Jitendra G. Borpujari

    • Robert Eichfeld

    • Abdullah I. El-Kuwaiz

    • Marcos G. Ghattas

    • Richard R. Herbert

    • Abdullah Saleh Kamel

    • Melhem F. Melhem

    • Abdulaziz A. O’Hali

    • Nemeh Elias Sabbagh

    • Abdulhadi Ali Shaiyef

Senegal

  • Governor

    • Mouhamed El Moustapha Diagne

  • Alternate Governor

    • Aissatou Niang Ndiaye

  • Advisors

    • Fatou Diagne

    • Ousmane Diene

    • Samcidine Dieng

    • Adama Dieye

    • Abdoulaye Diop

    • Chimere Diop

    • Seynabou Diop Ly

    • Mamadou Faye

    • Moussa Faye

    • Amadou Kane

    • Mamadou Diagna N’Diaye

    • Seyni N’Diaye

    • Mamadou Mansour Seek

    • Cheikh Hadjibou Soumare

    • Oumar Sylla

Seychelles

  • Governor

    • Norman J.D. Weber

  • Temporary Alternate Governor

    • Francis Chang-Leng

Sierra Leone

  • Governor

    • James S. Koroma

  • Alternate Governor

    • Edmund Koroma

  • Advisors

    • Andrina R. Coker

    • Abdulai Kakay

Singapore

  • Governor

    • Lim Hng Kiang

  • Alternate Governor

    • Koh Yong Guan

  • Temporary Alternate Governor

    • Khor Hoe Ee

  • Advisors

    • Chan Heng Chee

    • Chen Zhikai

    • Kok Li Peng

    • Kathy Lai

    • Lee Hwee Hong

    • Thomas Lim Wee Hwe

    • Kian Heng Peh

    • Nor Azlina Sulaiman

    • Teo Swee Lian

    • Benjamin William

Slovak Republic

  • Governor

    • Marian Jusko

  • Advisors

    • Ingrid Brockova

    • Martin Butora

    • Eva Karasova

    • Elena Kohutikova

    • Karol Mrva

    • Vladimir Rigasz

    • Juraj Sipko

Slovenia

  • Governor

    • France Arhar

  • Alternate Governor

    • Samo Nucic

  • Advisors

    • Valter Rescic

    • Ivan Ribnikar

    • Marjeta Sketa

Solomon Islands

  • Governor

    • Rick Nelson Houenipwela

  • Alternate Governor

    • George Kiriau

South Africa

  • Governor

    • Tito Titus Mboweni

  • Alternate Governor

    • Maria Da Conceicao Ramos

  • Advisors

    • G.H. Akharwaray

    • Zingie Dingani

    • Nomthi Dube

    • Marlon Philip Geswint

    • Anthony Frank Julies

    • Elias Lesetja Kganyago

    • Qedani Dorothy Mahlangu

    • Rosalind Colleen Mowatt

    • Timothy T. Thahane

    • Danel van Rensburg

    • Lambertus van Zyl

    • Logan Wort

Spain

  • Alternate Governor

    • Luis Angel Rojo Duque

  • Temporary Alternate Governor

    • Gloria Hernandez Garcia

  • Advisors

    • Ignacio Alberich Sotomayor

    • Luis Calvo-Sotelo Rodriguez-

    • Acosta

    • Ramon Chaves

    • Inigo Fernandez de Mesa

    • Maria Fernandez Garcia

    • Jose Gasset Loring

    • Leon Herrera

    • Jose Ignacio Lagartos

    • Luis Ma. Linde de Castro

    • Luis Lucena

    • Pedro Antonio Merino Garcia

    • Francisco Ochoa Lopez

    • Jose Luis Pascual

    • Miguel Angel Sanchez

Sri Lanka

  • Governor

    • Chandrika Bandaranaika

    • Kumaratunga

  • Alternate Governor

    • A.S. Jayawardena

  • Temporary Alternate Governor

    • G.L. Peiris

  • Advisors

    • Ibrahim Ansar

    • Geetha de Silva

    • Uthuma Lebbe Mohamme

    • Jauhar

    • P.B. Jayasundera

    • Rajapakse A. Jayatissa

    • A.G. Karunasena

    • Faiz Mohideen

    • Janadasa Peiris

    • M.S. Palitha Perera

    • Warnasena Rasaputram

    • W.M. Seneviratne

    • Jayatilleke Silva

Suriname

  • Governor

    • Tjandrikapersad Gobardhan

  • Alternate Governor

    • Glenn H. Gersie

  • Advisors

    • Rudi M.J. Alihusain

    • Winston Ramon Caldeira

    • T. Ainsworth Harewood

    • Rob H. Van den Heuvel

    • Adelien Wijnerman

Swaziland

  • Governor

    • John P. Carmichael

  • Alternate Governor

    • Martin G. Dlamini

  • Advisors

    • Mary M. Kanya

    • Winston Lomahoza

    • Nomalungelo Magagula

    • Vincent Mawandile Mhlanga

    • Christopher Morgan

Sweden

  • Governor

    • Urban Backstrom

  • Alternate Governor

    • Sven Hegelund

  • Temporary Alternate Governor

    • Ake Tornqvist

  • Advisors

    • Magnus Alvesson

    • Ingrid Bonde

    • Erik Martin Carlens

    • David Farelius

    • Frida Forsselius

    • Lars Heikensten

    • Jens Henriksson

    • Christine M. Holm

    • Lars E.R. Mathlein

    • Christina Nordh Berntsson

    • Lars Nyberg

Switzerland

  • Governor

    • Hans Meyer

  • Alternate Governor

    • Kaspar Villiger

  • Temporary Alternate Governors

    • Roberto F. Cippa

    • Ulrich Gygi

    • Jean-Pierre Roth

  • Advisors

    • Giovanni Antonio Colombo

    • Alfred Defago

    • Jacques de Watteville

    • Giorgio Dhima

    • Christian Etter

    • Werner Hermann

    • Alexander Karrer

    • Thomas Moser

    • Peter Puntener

    • Felix Jakob D. Schaad

    • Raju Jan Singh

    • Pascal Strupler

    • Fritz Zurbrugg

Syrian Arab Republic

  • Governor

    • Mohammed Imady

  • Alternate Governor

    • Mohammad Bachar Kabbarah

  • Advisors

    • Georges El-Ouzone

    • Ali Muhra

Tajikistan

  • Governor

    • Gulomzhon Dzhuraevich

    • Babayev

  • Alternate Governor

    • Anvarsho Muzafarov

  • Advisors

    • Sadriddin Akramov

    • Svetlana Sharipova

Tanzania

  • Governor

    • Daniel A.N. Yona

  • Alternate Governor

    • Daudi T.S. Ballali

  • Advisors

    • Amina S. Ali

    • Enos S. Bukuku

    • Jerome J. Buretta

    • Hussein S. Khatib

    • N.N. Kitomari

    • Joseph Stephen Cecil Mhando

    • W.A. Mlaki

    • Anna Muganda

    • Omar Yussuf Mzee

    • Peter Efraim Mayunga Noni

    • Anastase R. Rwegayura

    • C. Samanyi

    • Ali Juna Shamuhuna

Thailand

  • Governor

    • Chatu Mongol Sonakul

  • Temporary Alternate Governors

    • Aroonsri Tivakul

    • Paiboon Kittisrikangwan

  • Advisors

    • Buncha Manoonkunchai

    • Kleo-Thong Hetrakul

    • Namtip Sakornratanakul

    • Orasa Vongthieres

Togo

  • Governor

    • A-H. S.B. Tidjani-Dourodjaye

  • Alternate Governor

    • Mongo Aharh-Kpessou

  • Advisors

    • Kuaku Richard Attipoe

    • Essivi Yona Djokpe

    • Ayewanou Agetoho Gbeasor

    • Frederic Hegbe

    • Djovi Tchedjiton Kenou

    • Lorempo Tchabre Landjergue

    • Mensavi Lulu Mensah

    • Kossi Nambea

    • Nonon Saa

    • Semodji Mawussi Djossou

Tonga

  • Governor

    • Siosiua T.T. ‘Utoikamanu

  • Alternate Governor

    • Marieta Tukuafii

  • Temporary Alternate Governor

    • ‘Aisake V. Eke

  • Advisors

    • ‘Ofa A. Ketu’u

    • Sione Ngongo Kioa

Trinidad and Tobago

  • Governor

    • Morgan Owen Job

  • Alternate Governor

    • Winston C. Dookeran

  • Advisors

    • Penelope Forde

    • Beverly Khan

    • Victoria Mendez-Charles

    • Joaquin P. Pujol

Tunisia

  • Governor

    • Mohamed Daouas

  • Temporary Alternate Governor

    • Hamed Gaddour

  • Advisors

    • Faycal Gouia

    • Nejmeddine Lakhal

    • Noureddine Mejdoub

    • Sadok Rouai

    • Habib Sfar

Turkey

  • Governor

    • Recep Onal

  • Alternate Governor

    • Gazi Ercel

  • Advisors

    • B. Sen Akman

    • Omer Altay

    • Ugur Bayar

    • Hasan Sukru Binay

    • Tekin Cotuk

    • Emin Dedeoglu

    • Ozgur Demirkol

    • Ayse Donmezer

    • Ali Umit Gonulal

    • Akif Hamzacebi

    • Aydin Karaoz

    • Kursat Kunter

    • Vural Kural

    • Melih Nemli

    • Durmus Oztek

    • Sureyya Serdengecti

    • Cihan Terzi

    • Okan Ucanok

    • Zafer Yukseler

Turkmenistan

  • Governor

    • Khudaiberdy Orazov

  • Temporary Alternate Governor

    • Kurban Kurbanov

  • Advisors

    • Chary Annaberdiev

    • Halil Ugur

Uganda

  • Governor

    • Gerald M. Ssendaula

  • Alternate Governor

    • Charles N. Kikonyogo

  • Advisors

    • Richard Kabonero

    • Louis Austin Kasekende

    • Keith Muhakanizi

    • Edith Ssempala

    • Longino Kigambo Tisasirana

Ukraine

  • Governor

    • Victor Youshchenko

  • Alternate Governor

    • Igor Oleksandrovych Mityukov

  • Advisors

    • Valeriy B. Alioshyn

    • Olexii Berezhnyi

    • Anton Buteyko

    • Vladyslav Chemerys

    • Valentyna Demchenko

    • Ihor Hryhorovych Gayduchok

    • Nataliia Hrebenyk

    • Volodymyr Grygorovych

    • Khrebet

    • Tymur Khromayev

    • Vyacheslav Kozak

    • Sergiy Kruhlyk

    • Olena Kucherenko

    • Valeriy Oleksiyovych Lytvytskiy

    • Petro Mikheyev

    • Mykola Pasko

    • Sergiy Piven

    • Oleh Polishchuk

    • Vasyl Rohovyi

    • Olexandr Shapovalov

    • Borys Sobolyev

    • Olexandr Mykolayovych Sorokin

    • Valentin P. Terpilo

    • Ihor Umanskyi

    • Yaroslav Voitko

    • Vadym V’Yun

    • Yuriy G. Yakusha

    • Sergey A. Yaremenko

    • Yuriy I. Yekhanurov

    • Sergiy Yermilov

United Arab Emirates

  • Governor

    • Sultan Bin Nasser Al-Suwaidi

  • Alternate Governor

    • Mohamed Obaid Al-Mazrooei

  • Advisors

    • Fadhel Saeed Al Darmaki

    • Humaid Darwish Al-Katbi

    • Saleh Al-Khatib

    • Aajlan Ahmad Al-Qubaisi

    • Sultan Rashed Ebrahim Saif

    • Al-Sakeb

    • R. Douglas Dowie

    • Elfatih Eldkihairiyi

    • Khalifa Mohammed Hassan

    • Joyshil Mitter

    • Charles Neil

    • Abdulla Mohamed Saleh

United Kingdom

  • Governor

    • Gordon Brown

  • Alternate Governor

    • Edward A.J. George

  • Temporary Alternate Governors

    • Stephen P. Collins

    • Stephen John Pickford

    • Nigel Wicks

  • Advisors

    • Ed Balls

    • Robert Mark Burgess

    • Creon Butler

    • David Clementi

    • Jon Cunliffe

    • Howard Davies

    • John Drage

    • Alex Gibbs

    • Fiona Hamilton

    • Pam Keenan

    • Ben Kelmanson

    • Mervyn King

    • John Kingman

    • Ed Milliband

    • Gus O’Donnell

    • Oliver Page

    • Clare Roberts

    • Peter D. Rodgers

    • Tom Scholar

    • Shriti Vadera

    • Mark Walsh

    • Nicholas Westcott

United States

  • Governor Designate

    • Lawrence H. Summers

  • Alternate Governor

    • Alan Greenspan

  • Temporary Alternate Governors

    • Caroline Atkinson

    • Timothy F. Geithner

    • Alan P. Larson

    • Karin Lissakers

    • Michael Marek

    • Barry S. Newman

    • Jan Piercy

    • William Schuerch

    • Edwin M. Truman

  • Advisors

    • John M. Abbott

    • Andrea Adelman

    • Spencer T. Bachus

    • Andrew Baukol

    • Alan Steele Bowser

    • Colin I. Bradford

    • Terrence J. Checki

    • Michael J. Copps

    • Alice Marie Dear

    • Vivian Lowery Derryck

    • Cinnamon Dornsife

    • Joseph B. Eichenberger

    • James H. Fall, III

    • Roger W. Ferguson

    • Nathaniel Fields

    • Stephanie Flanders

    • William R. Ford

    • Michele S. Godfrey

    • Maureen Grewe

    • Milton Gwirtzman

    • Robert L. Harlow

    • James A. Harmon

    • Mark Jaskowiak

    • Karen H. Johnson

    • Melinda Kimble

    • James M. Lister

    • Ken Ludden

    • Meg Lundsager

    • William J. McDonough

    • Mark C. Medish

    • G. William Miller

    • Holly Toye Moore

    • Norman K. Nicholson

    • Daniel A. O’Brien

    • Clyde Robinson

    • Nouriel Roubini

    • Karen Shepherd

    • Todd Stern

    • Linda Tsao Yang

    • Theresa A. Wagoner

    • Maxine Waters

    • Mary A. Wileden

Uruguay

  • Governor

    • Humberto Capote Lopez

  • Alternate Governor

    • Aureliano Berro

  • Advisors

    • Javier Bonilla Saus

    • Walter Calcagno

    • Ariel Fernandez Cova

    • Carlos Mora

Uzbekistan

  • Governor

    • Mullajonov Faizulla

    • Makhsudjanovich

  • Temporary Alternate Governor

    • Zainutdin Mirkhodjaev

  • Advisors

    • Rashid Adilov

    • Murod Askarov

    • Sherzod A. Guzairov

    • Shavkat Inamov

    • Muzaffar Madrakhimov

    • Sadiq S. Safaev

    • Murat Yakubjanov

Vanuatu

  • Governor

    • Sela Molisa

  • Alternate Governor

    • Andrew Kausiama

  • Advisor

    • Michael S. Hililan

República Bolivariana de

Venezuela

  • Governor

    • Antonio Casas Gonzalez

  • Temporary Alternate Governors

    • Manuel Lago Rodriguez

    • Angel Ruocco S.

    • German Utreras

  • Advisors

    • Pilar Alvarez

    • Beatriz Grando de Araujo

    • Jesus Rodolfo Bermudez Acosta

    • Jesus Centeno

    • Indira Rosalba Garrido Perez

    • William Larralde Paez

    • Angelo Lucenti

    • Hernan Oyarzabal

    • Oscar Rodriguez

    • Jose Sifontes

    • Alfredo Toro Hardy

Vietnam

  • Governor

    • Le Duc Thuy

  • Alternate Governor

    • Phan Manh Hung

  • Advisors

    • Nguyen Quang Thep

    • Nguyen Van Binh

    • Nguyen Van Du

Republic of Yemen

  • Governor

    • Alawi Saleh Al-Salami

  • Alternate Governor

    • Ahmed Abdul Rahman

    • Al-Samawi

  • Advisors

    • Faisal Amin Abo-Rass

    • Abdulwahab Al-Hajjri

    • Mutahar Al-Saidi

    • Ali Lutf Al Thor

    • Omar Salim Bazara

    • Ahmed A Ghaleb Saeed

Zambia

  • Governor

    • Katele Kalumba

  • Alternate Governor

    • Jacob Mumbi Mwanza

  • Advisors

    • Donald Chanda

    • Nathan Chishimba

    • Denny H. Kalyalya

    • Dunstan W. Kamana

    • Deepak Malik

    • Norman Mbazima

    • Nawa Musiwa Muyatwa

    • Benjamin Mweene

    • Boniface Nonde

    • Collins Shamutete

Zimbabwe

  • Governor

    • Leonard Ladislas Tsumba

  • Temporary Alternate Governor

    • Edward Mashiringwani

  • Advisors

    • Sign Chabvonga

    • Olindah Chawora

    • Fortune Chidavaenzi

    • Fredrick Ephraim Moffat

    • Chihwai

    • Mutasa Dzinotizei

    • Rudo Mavis Faranisi

    • Remi G. Mushambi Kahari

    • E.C. Kaunga

    • Anthony Mothae Maruping

    • Obert Matshalaga

    • Anna Mathias Msutze

    • Simbi Mubako

    • Henry Mukonoweshuro

OBSERVERS, REPRESENTATIVES OF INTERNATIONAL ORGANIZATIONS, AND SPECIAL INVITEES

Abu Dhabi Fund for Development

  • Ahmed Hussein Baqer

  • Mohammed Saif Al-Suwaidi

  • Bam Yas

African Development Bank

  • Omar Kabbaj

  • Ahmed M.F. Bahgat

  • Thierry De Longuemar

  • Theodore Nkodo

  • Dorte Kabell

  • Selamawit Yemaneberhan N’diaye

African Export-Import Bank

  • Christopher Chuka Edordu

  • Benedict Okechukwu Oramah

Andean Development Corporation

  • L. Enrique Garcia Rodriguez

  • Hugo Sarmiento K.

  • Ana Mercedes Botero

  • Fidel Jaramillo B.

  • Carolina Espana

Arab Bank for Economic Development in Africa

  • Medhat Sami Lotfy

  • Kamal Mahmoud Abdellatif

  • Ebe Ould Ebe

Arab Fund for Economic and Social Development

  • Abdulatif Yousef Al-Hamad

  • Ismail Tawfiq El-Zabri

  • Mervat Wahba Badawi

  • Husam Omar Khalil

Arab Monetary Fund

  • Jassim Al-Mannai

  • Samir Abiad

Asian Development Bank

  • Tadao Chino

  • John Lintjer

  • B.N. Lohani

  • Shinji Ichishima

  • Christine I. Wallich

  • Louis Wong

  • Peter Mccawley

  • Yoshihiro Iwasaki

  • Masaru Yoshitomi

  • Shamshad Akhtar

  • Hisashi Ono

  • Wong Ching Hoe

  • Patricia Moser

  • Eva L. Relova

  • Arvind Mathur

  • Richard A. Claudet

Association of African Development Finance

Institutions

  • Magatte Wade

Bank for International Settlements

  • Andrew D. Crockett

  • Andre Icard

  • William R. White

  • John G. Heimann

  • Svein Andresen

  • T.R.G. Bingham

  • Pierre Cardon De Lichtbuer

  • Daniele Nouy

  • Josef Van’t Dack

Bank of Central African States

  • Jean-Felix Mamalepot

  • Antoine Nkodia

  • Serge-Blaise Zoniaba

  • Joseph Nyonuchi Maison

  • Adam Madji

  • Aime D. Bida-Kolika

Caribbean Community

  • Maurice Odle

  • Evelyn Wayne

Caribbean Development Bank

  • Neville L. Grainger

  • Dorla Humes

Center for Latin American Monetary Studies

  • Juan Manuel Rodriguez Sierra

Central African States Development Bank

  • Emmanuel Dokouna

  • Paul-Gilles Nanda

Central American Bank for Economic Integration

  • Pedro Specia Garcia

  • Jorge Rodriguez Mancera

  • Luis Ernesto Santamaria Agudelo

  • Alejandro Jose Rodriguez Zamora

  • Maria del Pilar Escobar Pacas

  • Eduardo Membreno

Central American Monetary Council

  • Edgard Martinez

  • Miguel Antonio Chorro Serpas

  • Roberto Incer

Central Bank of West African States

  • Michel Komlanvi Klousseh

  • Emmanuel-Marie Nana

  • Mamadou Diop

  • Pascal-Irenee Koupaki

  • Alain G. Komaclo

  • Bolo Sanou

  • Sogue Diarisso

  • Ismaila Dem

Common Fund for Commodities

  • Rolf W. Boehnke

Common Market for Eastern and Southern Africa

  • Nicholas K.N.K. Biwott, Egh, Mp

  • Erastus J.O. Mwencha

  • Martin Ogang

  • Issa Lukwago

  • M. Serunjogi

  • Mark Pearson

  • Hardwork N. Pemhiwa

  • Azhari Gasim Ahmed

Commonwealth Secretariat

  • Chief Emeka Anyaoku

  • Sir Humphrey Maud, Kcmg

  • Dame Veronica Sutherland

  • Stuart Mole

  • Kaye Whiteman

  • Rumman Ahmad Faruqi

  • Indrajit Coomaraswamy

Cooperation Council for the Arab States of the Gulf

  • Ajlan A. Al-Kuwari

  • Nasser I. Al-Kaud

Council of Europe Social Development Fund

  • Raphael Alomar

  • Kari Nars

  • Ignacio Garrido Sanchez

  • Martin M. Murtfeld

  • Rainer B. Steckhan

East African Development Bank

  • Fabian R. Tibeita

  • Protase T. Tehingisa

  • Joram Kariisa-Kasa

  • Mahesh K. Kotecha

Economic Community of West African States

  • Lansana Kouyate

  • D. Barthelemy Drabo

  • Thierno Bocar Tall

  • Yaya Sow

  • Rebily David Asante

European Bank for Reconstruction and Development

  • Horst Koehler

  • Charles R. Frank, Jr.

  • Steven D.F. Kaempfer

  • Nicholas H. Stem

  • Noreen Doyle

  • Marcus J. Fedder

  • Barbara Ann Clay

  • Ullrich H. Kiermayr

  • Ricardo Lago

  • Olivier Descamps

  • Ayesha Shah

  • Kurt Geiger

  • Axel Bertuch-Samuels

  • Thomas Moser

  • Jill Williams

  • Teresa De Barcenas

European Central Bank

  • Willem F. Duisenberg

  • Otmar Issing

  • Tommaso Padoa-Schioppa

  • Pierre Van Der Haegen

  • Manfred J. Koerber

  • Michele Kirstetter

European Free Trade Association

  • Kjartan Johannsson

European Investment Bank

  • Sir Brian Unwin

  • Wolfgang Roth

  • Ariane Obolensky

  • Rudolf De Korte

  • Ewald Nowotny

  • Friedolin Weber-Krebs

  • Jean-Louis Biancarelli

  • Walter Cernoia

  • Claudio Cortese

  • Martin Curwen

  • Rene Karsenti

  • Jean-Claude Bresson

  • Jean-Jacques Schul

  • Christopher Bearne

  • Fiona Turner

European Investment Fund

  • Gerbrand G. Hop

  • Michel Berthezene

  • Elena Rotondi

European Union

  • Poul Nielson

  • Pedro Solbes Mira

  • Luis Planas

  • Giovanni Ravasio

  • Herve Carre

  • Joly Dixon

  • Guenter Grosche

  • Paul N. Goldschmidt

  • Philippe Petit-Laurent

  • Vassili Lelakis

  • Michael Green

  • Peter Bekx

  • Christian Ghymers

  • Barbara Kauffinann

  • Hugo Paemen

  • Werner Schuele

  • Willy Helin

  • Anne Vorce

  • Vlassia Vassikeri

Food and Agriculture Organization of the United Nations

  • Charles H. Riemenschneider

Inter-American Development Bank

  • Enrique V. Iglesias

  • K. Burke Dillon

  • Charles O. Sethness

  • Carlos Ferdinand

  • Ricardo Hausmann

  • Euric Allan Bobb

  • Carlos Santistevan

  • Gabriela Sotela

Inter-American Investment Corporation

  • John C. Rahming

  • Raul R. Herrera

  • Jacques Rogozinski

  • Roldan Trujillo

International Fund for Agricultural Development

  • Fawzi Hamad Al-Sultan

  • Vera P. Weill-Halle

  • Nikolaus Schultze

  • Fawzi H. Rihane

  • Robert Cassani

  • Jessica Simmons

International Labor Organization

  • Juan Somavia

  • Maria Angelica Ducci de Santa Cruz

  • Eddy Lee

  • Stanley G. Taylor

  • Guy Ryder

  • Anthony G. Freeman

  • Mary W. Covington

International Telecommunications Union

  • Walter Richter

Islamic Development Bank

  • Ahmad Mohamed Ali

  • Tarik Kivanc

  • Bader-Eddine Nouioua

  • Suleiman Ahmad Salem

  • Amadou Moustapha Diouf

  • Aftab A. Cheema

  • Mohameden Mohamed Sidiya

Kuwait Fund for Arab Economic Development

  • Waleed Al-Bahar

Latin American Economic System

  • Eduardo Mayobre

Latin American Reserve Fund

  • Roberto Guarnieri Cammilli

  • Andres Gamarra

  • Silvio Javier Comboni Salinas

Nordic Development Fund

  • Jens Lund Sorensen

  • Jesper Andersen

  • Stella Eckert

Nordic Investment Bank

  • Jon Sigurdsson

  • Erkki A.O. Karmila

  • Bo Heide-Ottosen

  • Eivind Dingstad

  • Oddvar Sten Ronsen

  • Heidi Syrjanen

OPEC Fund for International Development

  • Y. Seyyid Abdulai

  • Saleh Al-Omair

  • Said Aissi

  • Jumana A.W. Dejany

  • Anajulia Tarter

  • Nelly Ruiz

Organization for Economic Cooperation and Development

  • Donald J. Johnston

  • Ignazio Visco

  • Richard Carey

  • Fritz Meijndert

  • Paul Mylonas

Development Assistance Committee

  • Jean-Claude H. Faure

Organization of African Unity

  • Frederick Yao Alipui

  • Omotayo Olaniyan

Organization of American States

  • John Christopher Wood

  • P. L. O.

  • Mohammad Zuhdi Nashashibi

  • Fouad H. Sh. Beseiso

  • Amin M. A. Haddad

  • Samih Abed

  • Abla M.Z. Nashashibi

  • Aziz M. Abu-Dagga

  • Khalid S.K. Kayed

Saudi Fund for Development

  • Abdulaziz A. Al-Sehail

United Nations

  • Kofi Annan

  • Shashi Tharoor

  • Ian Kinniburgh

  • Oscar De Rojas

UN Children’s Fund

  • Natalie Hahn

UN Conference on Trade and Development

  • John Toye

  • Yilmaz Akyuz

  • Karl P. Sauvant

  • Philip Straatman

UN Development Programme

  • Mark Malloch Brown

  • Roy D. Morey

  • Mounir Tabet

UN Economic Commission for Africa

  • Kingsley Y. Amoako

  • Elene Makonnen

UN Economic Commission for Europe

  • Dieter Hesse

  • Virginia Cram-Martos

UN Economic Commission for Latin America and the Caribbean

  • Ines Bustillo

  • Helvia Velloso

  • Rex Garcia

UN Educational, Scientific, and Cultural Organization

  • Frank Method

UN Industrial Development Organization

  • Judith Evans

  • George B. Assaf

  • Jette Jensen

Universal Postal Union

  • Juan B. Ianni

  • Heli Heikkila

West African Development Bank

  • Boni Yayi

  • Yao Agbo N’de Hounouvi

  • M’baye Thiam

West African Economic and Monetary Union

  • Moussa Toure

  • Younoussi Toure

  • Kalou Doua Bi

  • Frederic Assomption Korsaga

  • Adele Congo-Kabore

World Health Organization

  • Bernard P. Kean

World Trade Organization

  • Michael Moore

  • Richard Eglin

  • John Hancock

  • Keith M. Rockwell

  • Patrick Low

EXECUTIVE DIRECTORS, ALTERNATES, AND ADVISORS

Executive DirectorsAlternate Executive DirectorsAdvisors to Executive Directors
Abdulrahman Al-TuwaijriSulaiman M. Al-TurkiMelhem F. Melhem
Alex Barro ChambrierDamian Ondo ManeAbdel Rehman Ismael

Bernard Konan

Joseph Ntamatungiro

Samba Thiam
Thomas A. BemesPeter CharletonJeffrey Allen Chelsky

Paul R. Fenton

Therese Turner-Huggins
Agustin CarstensHeman OyarzabalA. Del Cid-Bonilla

Jose Luis Pascual
Roberto F. CippaWieslaw SzczukaFritz Zurbrugg
Bernd EsdarWolf-Dieter DoneckerWolfgang Merz
Nicolas EyzaguirreA. Guillermo ZoccaliJose Antonio Costa

Oscar A. Hendrick
Riccardo FainiJohn SpraosJoao Santos

Giuseppe Schlitzer
Kai Aaen HansenOlli-Pekka LehmussaariAxel R. Palmason

Inna Steinbuka
Kleo -Thong HetrakulCyril tus HarinowoNguyen Quang Thep
Vijay L. KelkarA.G. KarunasenaNarendra Jadhav
Willy KiekensJohann PraderJiri Jonas

Szilvia Zador
Karin LissakersBarry S. NewmanMark Sobel
Jean-Claude MiileronGilles BaucheBertrand Couillault
Abbas MirakhorMohammed DairiMeekal A. Ahmed

Mohammad R. Shojaeddini
Jose Pedro de Morais, Jr.Cyrus D.R. RustomjeePatrick A. Akatu

Lodewyk J.F. Erasmus

J. Mills Jones

Yasmin Patel
Aleksei V. MozhinAndrei LushinLev V. Palei
Stephen John PickfordStephen P. Collins
Murilo PortugalOlver Luis BernalJulio C. Estrelia

Helio Mori
A, Shakour ShaalanAbdelrazaq F. Al-FarisSamia S. Farid

Oussama A. Himani

Magda Elsayed Kandil
Gregory F. TaylorJong Nam OhIan Michael Woolford
Wei BenhuaFengming ZhangYang Luo
J. WijnholdsYuriy G. YakushaIon Dragulin

Evert J.P. Houtman
Yukio YoshimuraMasahiko TakedaMamoru Yanase

LIST OF ABBREVIATIONS

ACP

African, Caribbean, and Pacific Group

AFTA

ASEAN Free Trade Area

APEC

Asia-Pacific Economic Cooperation

ASEAN

Association of South East Asian Nations

BIS

Bank for International Settlements

CCFF

Compensatory and Contingency Financing Facility

CCL

Contingent Credit Line

CDF

Comprehensive Development Framework

CDRC

Corporate Debt Restructuring Committee

CEFTA

Central European Free Trade Agreement

CIS

Commonwealth of Independent States

CPSS

Committee on Payment and Settlement Systems

DAC

Development Assistance Committee

ECOSOC

United Nations Economic and Social Council

EDC

Export Development Corporation

ESAF

Enhanced Structural Adjustment Facility

EU

European Union

FDI

foreign direct investment

FSF

Financial Stability Forum

G-7

Group of Seven

G-20

Group of Twenty

G-24

Group of Twenty-Four

GDDS

General Data Dissemination System

GDP

gross domestic product

GNP

gross national product

GSP

Generalized System of Preferences

HIPC

heavily indebted poor country

HLI

highly leveraged institution

IAIS

International Association of Insurance Supervisors

IASC

International Accounting Standards Committee

IBRD

International Bank for Reconstruction and Development

IDA

International Development Association

IDA-12

twelfth replenishment of IDA

IFC

International Finance Corportation

IMF

International Monetary Fund

IOSCO

International Organization of Securities Commissiond

MDB

multilateral development bank

MIGA

Multilateral Investment Guarantee Agency

NPL

nonperforming loan

NPV

net present value

ODA

official development assistance

OECD

Organization for Economic Cooperation and Development

PACT

Partnership for Capacity Building in Africa

PIN

Public Information Notice

PKSF

Palli Karma Shahayak Foundation

PRSP

Poverty Reduction Strategy Papers

SAARC

South Asian Association for Regional Cooperation SAC Structural Adjustment Credit

SCA-2

Second Special Contingent Account

SDDS

Special Data Dissemination Standard

SDR

special drawing right

SRF

Supplemental Reserve Facility

UN

United Nations

UNCTAD

United Nations Conference on Trade and Development

UNDP

United Nations Development Program

WTO

World Trade Organization

Y2K

Year 2000

Report I dealt with the business of the Boards of Governors of the Bank, IFC, and IDA Report II and the recommendations contained therein were adopted by the Board of Governors of the Fund in Joint Session with the Boards of Governors of the Bank, IFC, and IDA on September 30, 1999.

See pages 34–39.

Resolution No. 54–5, page 256.

Resolution No. 54–6, pages 256–9.

Resolution No. 54–7, page 259.

Resolution No. 54–9, pages 260–3.

Resolution No. 54–10, page 263.

Report III and recommendations contained therin were approved by the Board of Governors of the Fund, in joint session with the Boards of Governors of the Bank, IFC, and IDA, on September 30,1999.

See pages 289–93.

See Resolution No. 54–8, page 260.

In addition to the Bank for International Settlements, the following international and regional organizations and international financial sector groupings were consulted: Basel Committee on Bank Supervision (BCBS), Center for Latin American Monetary Studies (CEMLA), Committee on Payment and Settlement Systems (CPSS), European Central Bank, International Association of Insurance Supervisors (IRIS), International Finance Corporation. International Organization of Securities Commissions (IOSCO), Organization for Economic Cooperation and Development (OECD), and the World Bank.

The practices in this area should be consistent with the principles of the International Monetary Fund’s Code of Good Practices on Fiscal Transparency.

The principles for transparency procedures listed in this Code, where applicable and adjusted as necessary, apply where a separate public agency has been designated to manage the country’s public debt.

Refer to the Annex for definitions of financial agencies and financial policies.

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