SUMMARY PROCEEDINGS 1970

INTERNATIONAL MONETARY FUND

SUMMARY PROCEEDINGS

OF THE TWENTY-FIFTH ANNUAL MEETING OF THE BOARD OF GOVERNORS

SEPTEMBER 1970

WASHINGTON, D. C.

Contents

• Introductory Note

• Address by the Prime Minister of Denmark, Hilmar Baunsgaard

• Opening Address by the Chairman of the Boards of Governors, the Governor for Tunisia, Hédi Nouira

• Presentation of the Twenty-Fifth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Pierre-Paul Schweitzer

• Discussion of Fund Policy at Second Joint Session

  • Statements by the Governors for

    • Chad—Abdoulaye Lamana

    • Spain—Alberto Monreal Luque

    • Malawi—Aleke K. Banda

    • Germany—Karl Schiller

    • Korea—Duck Woo Nam

    • India—Y.B. Chavan

    • Guyana—P.A. Reid

    • Cambodia—Hing Kunthel

    • Ireland—George Colley

    • Equatorial Guinea—Andres Nko Ivasa

    • New Zealand—R.D. Muldoon

    • Philippines—Gregorio S. Licaros

    • Nepal—Yadav Prasad Pant

• Discussion of Fund Policy at Third Joint Session

  • Statements by the Governors for

    • Zambia—E.H.K. Mudenda

    • Malaysia—Tun Tan Siew Sin

    • United Kingdom—Anthony Barber

    • Japan—Takeo Fukuda

    • Indonesia—Ali Wardhana

    • France—Valéry Giscard d’Estaing

    • United States—David M. Kennedy

    • Netherlands—H.J. Witteveen

    • Dominican Republic—Diógenes H. Fernández

    • Peru—Francisco Morales Bermúdez

    • Canada—Edgar J. Benson

    • Italy—Mario Ferrari-Aggradi

    • Mexico—Hugo B. Margáin

    • Syrian Arab Republic—Abdul Halim Khaddam

• Discussion of Fund Policy at Fourth Joint Session

  • Statements by the Governors for

    • China—Kuo-Hwa Yu

    • Kenya—Mwai Kibaki

    • Trinidad and Tobago—F.C. Prevatt

    • Tanzania—P. Bomani

    • Belgium—Baron Snoy et d’Oppuers

    • Congo, Democratic Republic of—Albert Ndele

    • Australia—L.H.E. Bury

    • Israel—David Horowitz

    • Yugoslavia—Janko Smole

    • Upper Volta—Tiémoko Marc Garango

    • Afghanistan—Mohammed Aman

    • Sudan—Mohammed Ali El Mahasi

    • Ceylon—N.M. Perera

    • Uganda—L. Kalule-Settala

    • Burundi—Joseph Hicuburundi

    • Somalia—Ibrahim Megag Samater

• Discussion of Fund Policy at Fifth Joint Session

  • Austria—Wolfgang Schmitz

  • South Africa—Nicolaas Diederichs

  • Nigeria—C.N. Isong

  • Pakistan—Nawab Mozaffar Ali Khan Qizilbash

  • United Arab Republic—Hassan Abbas Zaki

  • Norway—Erik Brofoss

  • Turkey—Mesut Erez

  • Israel—Pinchas Sapir

  • Lebanon—Elias Sarkis

  • The Gambia—S.M. Dibba

  • Lesotho—P.N. Peete

  • Mauritius—Veerasamy Ringadoo

  • Jamaica—G.A. Brown

  • Libyan Arab Republic—Omar Abdulla Meheshi

  • Paraguay—Carlos Chaves Bareiro

• Concluding Remarks

  • Statements by

    • The Governor of the Fund for Germany, Karl Klasen

    • The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Pierre-Paul Schweitzer

    • The Chairman of the Boards of Governors, the Governor for Tunisia, Hédi Nouira

• Schedule of Meetings

• Provisions Relating to the Conduct of the Meetings

• Agenda

• Reports of the Joint Procedures Committee

  • Report I

    • Annex I General Reserve and Distribution of Net Income

    • Annex II Mechanism of Exchange Rate Adjustment

    • Annex III Changes in Rules and Regulations

    • Annex IV Rules for the Conduct of the 1970 Regular Election of Executive Directors

    • Statement of Results of Elections, September 23, 1970

  • Report III

• Resolutions

  • 25-1 Increase in the Quota of Democratic Republic of Congo

  • 25-2 Increase in the Quota of Laos

  • 25-3 Increases in Quotas of Members—Fifth General Review

  • 25-4 Fifth General Review of Quotas—Cambodia

  • 25-5 1970 Regular Election of Executive Directors

  • 25-6 Financial Statements, Report on Audit, and Administrative Budget

  • 25-7 General Reserve and Distribution of Net Income

  • 25-8 Amendments of the Rules and Regulations

  • 25-9 Appreciation

• Attendance

  • Members of Fund Delegations

  • Observers

• Executive Directors and Alternates

• Guide to Statements by Governors

  • Alphabetical List, by Country, of Governors’ Statements

  • List of Principal Topics Discussed

Introductory Note

The Twenty-Fifth Annual Meeting of the Board of Governors of the International Monetary Fund was held in Copenhagen, Denmark, from September 21 through September 25, 1970, under the Chairmanship of the Honorable Hédi Nouira, Governor for Tunisia. The Meeting was held in conjunction with the Annual Meetings of the Boards of Governors of the International Bank for Reconstruction and Development and its affiliates.

These Summary Proceedings include statements, or portions of statements, relating to the work of the Fund which were made by the Governors during the Meetings; omitted passages are indicated by dots(. . .). The statements are presented in chronological order. Resolutions adopted by the Board of Governors of the Fund, reports and recommendations of the Joint Procedures Committee, and other documents relating to the conduct of the Meetings and the election of Executive Directors are also included. A list of statements arranged alphabetically by country and a list of the principal topics discussed will be found on pages 291-94.

Statements relating to the work of the Bank are reproduced in the Summary Proceedings of the Annual Meetings of the Bank and its affiliates, issued by the Bank.

W. Lawrence Hebbard

Secretary

International Monetary Fund

Washington, D.C.

November 27, 1970