Chapter

Committee Reports and Resolutions of the Board of Governors

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1965
Share
  • ShareShare
Show Summary Details

Reports of the Joint Procedures Committee

ChairmanEthiopia
Vice ChairmenBrazil
Norway
Reporting MemberKorea
Other Members:France, Federal Republic of Germany, India, Ivory Coast, Kuwait, Liberia, Libya, Mauritania, Mexico, Morocco, New Zealand, Panama, Thailand, United Kingdom, United States, Yugoslavia

Report I1

September 26, 1965

Mr. Chairman:

The Joint Procedures Committee of the Bank, IFC, IDA, and of the Fund met on Sunday, September 26, 1965 and considered the matters of business which had been proposed for the 1965 Annual Meetings of the Boards of Governors.

The Committee submits the following report and recommendations:

1. Schedule of Meetings

It is recommended that the provisional schedule set forth in Joint Document No. 1 [Annex I] be adopted, and that the Secretaries, in consultation with the Chairman, be authorized to change it as necessary.

2. Conduct of Meetings

It is recommended that the Provisions Relating to the Conduct of the Meetings, as contained in Joint Document No. 2 [Annex II], be approved.

3. Agendas

It is recommended that the agendas set forth in Bank Document No. 1, IFC Document No. 1, IDA Document No. 1, and Fund Document No. 1 [Annex III] be adopted by the respective Boards of Governors and that proposed additions to any agenda be submitted in writing through the Secretaries to the Joint Procedures Committee for its recommendations.

4. Other Reports of the Joint Procedures Committee

The Committee also considered the other items of business on the proposed agendas of the Bank, IFC, IDA, and the Fund, and will make recommendations as to their disposition to the respective Boards of Governors at the end of their discussion, as shown in the Schedule of Meetings.

The Committee will report later on:

  • Election of Officers and Joint Procedures Committee for 1965-66; and

  • 1967 Annual Meetings.

Approved:

/s/Yilma Deressa/s/ Seung Hi Hong
Chairman—EthiopiaReporting Member—Korea

Annex I to Report I

Schedule of Meetings

Monday

September 27
9:30 a.m.—Joint Boards
  • Opening Ceremonies

  • Address from the Chair

  • Joint Procedures Committee Report I

  • Annual Address of President, IBRD, IFC, and IDA

  • Annual Address of Managing Director, IMF

Tuesday

September 28
9:30 a.m.—IBRD, IFC, and IDA Boards
  • Annual Discussion

Wednesday

September 29
9:30 a.m.—IMF Board
  • Annual Discussion



3:00 p.m.—Annual Discussion (continued)
Thursday

September 30
9:30 a.m.—IBRD, IFC, and IDA Boards
  • Annual Discussion (continued)



3:00 p.m.—Joint Boards
  • Annual Discussions (concluded)

  • Joint Procedures Committee Report II

  • Joint Procedures Committee Report III



5:00 p.m.—Joint Procedures Committee
Friday

October 1
11:00 a.m.—Joint Boards
  • Joint Procedures Committee Report IV

  • Comments by Heads of Organizations

  • Concluding Remarks

  • Adjournment

Annex II to Report I

Provisions Relating to the Conduct of the Meetings

Admission

  • 1. Sessions of the Boards of Governors of the Bank, IFC, IDA, and the Fund, including joint sessions, shall be open to accredited observers, the press, and guests.

  • 2. Meetings of the Joint Procedures Committee shall be open only to Governors who are members of the Committee and their advisers.

  • 3. Sessions of the Boards of Governors and meetings of the Joint Procedures Committee shall be open to the Secretariat and technical staff as may be necessary.

Procedure and Records

  • 4. 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 asked to speak.

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

  • 6. 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 Bank and its Affiliates, the Managing Director of the Fund, and the Secretaries.

  • 7. Reports of the Joint Procedures Committee shall be signed by the Committee Chairman and the Reporting Member.

Public Information

  • 8. The Chairman of the Boards of Governors, the President of the Bank and its Affiliates, and the Managing Director of the Fund are authorized to communicate to the press such information concerning the proceedings of the Annual Meetings as they may deem suitable.

Annex III to Report I

Agenda

  • 1965 Annual Report

  • Financial Statements and Audit Report

    (Appendix VI of 1965 Annual Report and Fund Documents Nos. 2 and 3)

  • Administrative Budget for Fiscal Year Ending April 30, 1966

    (Appendix IV of 1965 Annual Report and Fund Documents Nos. 3 and 4)

  • General Reserve

    (Fund Document No. 5)

  • Changes in the Rules and Regulations

    (Fund Document No. 6)

  • 1967 Annual Meeting

  • Election of Officers and Joint Procedures Committee for 1965-66

Report III1

September 26, 1965

Mr. Chairman:

At the meeting of the Joint Procedures Committee held on September 26, 1965, the items of business on the agenda of the Board of Governors of the International Monetary Fund were considered.

The Committee submits the following report and recommendations.

1. Annual Report

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

2. Financial Statements, Report on Audit, and Administrative Budget

The Committee considered the Report on Audit for the Fiscal Year ended April 30, 1965, the Financial Statements contained therein (Fund Document No. 2 and Appendix VI of the 1965 Annual Report), and the Administrative Budget for the Fiscal Year ending April 30, 1966 (Appendix IV of the Annual Report and Fund Document No. 4).

The Committee recommends to the Board of Governors the adoption of the draft resolution set forth in Fund Document No. 3.2

3. General Reserve

The Committee also considered the recommendation of the Executive Directors with respect to the allocation to the General Reserve of the Fund’s net income for the Fiscal Year ended April 30, 1965.

The Committee recommends that the Board of Governors adopt the draft resolution contained in Fund Document No. 5.3

4. Rules and Regulations

The Committee reviewed the amendments of Rules 1-2 and I-4(f) (2) of the Rules and Regulations as submitted by the Executive Directors and recommends adoption by the Board of Governors of the draft resolution set forth in Fund Document No. 6.4

Approved:

/s/ Yilma Deressa/s/ Seung Hi Hong
Chairman—EthiopiaReporting Member—Korea

Annex I to Report III

September 26, 1965

Dear Mr. Chairman:

For the fiscal year ended April 30, 1965, the Fund had net income of $25,544,770.29. Under the Articles of Agreement it must be determined annually what part of the Fund’s income shall be placed to reserve and what part, if any, shall be distributed.

At the Nineteenth Annual Meeting, the Board of Governors approved the allocation to the General Reserve of the net income for the fiscal year ended April 30, 1964 (Resolution No. 19-12).

Pursuant to the decision taken by the Executive Board on April 14, 1958, the net income of the Fund subsequent to April 30, 1964 has been transferred provisionally at the end of each month to the General Reserve. The total amount thus transferred for the fiscal year ended April 30,1965 is $25,544,770.29.

The Executive Directors recommend that the Board of Governors adopt the attached draft resolution5 approving this allocation to the General Reserve.

Very truly yours,

/s/

Pierre-Paul Schweitzer

Managing Director

and

Chairman of the Executive Board

Chairman of the Board of Governors

1965 Annual Meeting

International Monetary Fund

Annex II to Report III

September 26, 1965

Dear Mr. Chairman:

In accordance with Section 16 of the By-Laws, the attached amendments of the Rules and Regulations are submitted for review by the Board of Governors.

On April 28, 1965, Rules 1-2 and I-4(f)(2) were amended to extend until April 30, 1966 the then prevailing service charge on transactions and charges on the Fund’s holdings of members’ currencies in excess of quotas.

These Rules as last amended are set forth in Attachment 1. A proposed Resolution for consideration by the Board of Governors is attached.6

The Executive Directors have made no other changes in the Rules and Regulations since the last Annual Meeting.

Very truly yours,

/s/

Pierre-Paul Schweitzer

Managing Director

and

Chairman of the Executive Board

Chairman of the Board of Governors

1965 Annual Meeting

International Monetary Fund

Attachment 1. Amendments of the Rules and Regulations Since the 1964 Annual Meeting

Rule I-2. Text as amended on April 28,1965:

  • The service charge payable by a member buying the currency of another member in exchange for its own currency shall be paid at the time the transaction is consummated. The service charge payable for such transactions taking place from December 1, 1951 through April 30, 1966, shall be ½ of 1 per cent.

Rule I-4 (f) (2). Text as amended on April 28,1965:

  • (2) With respect to each segment of the holdings of a member’s currency to the extent that it represents the acquisition of that currency by the Fund from May 1, 1963 through April 30, 1966:

    • (i) The charge to be levied on each segment to the extent that it is within the first bracket of 50 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next fifteen months, and an additional ½ per cent per annum for each subsequent six months.

    • (ii) The charge to be levied on each segment to the extent that it is within the second bracket of more than 50 per cent and not more than 100 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next nine months, and an additional ½ per cent per annum for each subsequent six months.

    • (iii) The charge to be levied on each segment to the extent that it is within the third bracket of more than 100 per cent in excess of the quota shall be nil for the first three months, 2 per cent per annum for the next three months, and an additional ½ per cent per annum for each subsequent six months.

Report IV1

September 30, 1965

Mr. Chairman:

The Joint Procedures Committee met on September 30 and submits the following report:

1. Officers and Joint Procedures Committee

The Committee recommends that the Governor for Iran be elected Chairman, and that the Governors for Argentina and Denmark be elected Vice Chairmen, of the Boards of Governors to hold office until the close of the next Annual Meetings.

It is further recommended that a Joint Procedures Committee of the Fund, the Bank, IFC and IDA 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 occasion requires, by convening; and that this Committee shall consist of the Governors for the following members: Argentina, Brazil, Denmark, Federal Republic of Germany, France, India, Iran, Ireland, Israel, Jamaica, Japan, Mali, Netherlands, Nigeria, Portugal, Somalia, Togo, Tunisia, United Kingdom, United States and Uruguay.

It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for Iran and the Vice Chairmen shall be the Governors for Argentina and Denmark and that the Governor for Tunisia shall serve as Reporting Member.

2. 1967 Annual Meetings

The Committee recommends that the invitation extended by the Government of Brazil be accepted, and that the 1967 Annual Meetings of the Boards of Governors be convened in Rio de Janeiro.

3. Other Business

The Committee recommends that the Executive Directors of the Fund and the Bank review the procedures and arrangements for the Annual Meetings of the Boards of Governors with a view to recommending any desirable improvements.

Approved:

/s/ Yilma Deressa/s/ Seung Hi Hong
Chairman—EthiopiaReporting Member—Korea

The Report was adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA, in Joint Session, on September 27, 1965.

Report II dealt with the business of the Boards of Governors of the Bank, IFC, and IDA. Report III and the Resolutions recommended 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, 1965.

Resolution No. 20-15; see page 258.

Resolution No. 20-16; see page 258.

Resolution No. 20-17; see page 259.

Resolution No. 20-16; see page 258.

Resolution No. 20-17; see page 259.

The Report and the recommendations therein were adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA, in Joint Session, on October 1, 1965.

    Other Resources Citing This Publication