SCHEDULE OF MEETINGS
SCHEDULE OF MEETINGS1
Meetings of the Joint Development Committee were held jointly with the Board of Governors of the Bank. The sessions of the Annual Meetings were held jointly with the Boards of Governors of the World Bank Group.
Fund only.
SCHEDULE OF MEETINGS1
| Sunday | |||
| September 26 | 9:00 a.m.—Joint Meeting of Interim and Development Committees 10:00 a.m.—Interim Committee2 3:00 p.m. —Interim Committee | ||
| Monday | |||
| September 27 | 8:30 a.m.—Joint Development Committee | ||
| Tuesday | |||
| September 28 | 10:00 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 29 | 9:30 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 30 | 9:30 a.m.—Annual Discussion | ||
| Following the conclusion of the Annual Discussion | Procedures Committees’ Reports Comments by Heads of Organizations Adjournment | ||
Meetings of the Joint Development Committee were held jointly with the Board of Governors of the Bank. The sessions of the Annual Meetings were held jointly with the Boards of Governors of the World Bank Group.
Fund only.
SCHEDULE OF MEETINGS1
| Sunday | |||
| September 26 | 9:00 a.m.—Joint Meeting of Interim and Development Committees 10:00 a.m.—Interim Committee2 3:00 p.m. —Interim Committee | ||
| Monday | |||
| September 27 | 8:30 a.m.—Joint Development Committee | ||
| Tuesday | |||
| September 28 | 10:00 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 29 | 9:30 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 30 | 9:30 a.m.—Annual Discussion | ||
| Following the conclusion of the Annual Discussion | Procedures Committees’ Reports Comments by Heads of Organizations Adjournment | ||
Meetings of the Joint Development Committee were held jointly with the Board of Governors of the Bank. The sessions of the Annual Meetings were held jointly with the Boards of Governors of the World Bank Group.
Fund only.
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
Eddie George
Sultan Bin Nasser Al-Suwaidi
| Ibrahim A. Al-Assaf | Saudi Arabia |
| Giuliano Amato | Italy |
| Gordon Brown1 | United Kingdom |
| Antonio Casas González | Venezuela |
| Peter Costello | Australia |
| Dai Xianglong, | China |
| Emile Doumba | Gabon |
| Hans Eichel | Germany |
| Roque B. Fernandez | Argentina |
| Viktor Gerashchenko | Russian Federation |
| Marianne Jelved | Denmark |
| Abdelouahab Keramane | Algeria |
| Mohammed K. Khirbash2 | United Arab Emirates |
| Pedro Sampaio Malan | Brazil |
| Trevor A. Manuel | South Africa |
| Paul Martin | Canada |
| Kiichi Miyazawa | Japan |
| Didier Reynders | Belgium |
| Syahril Sabirin | Indonesia |
| Yashwant Sinha | India |
| Dominique Strauss-Kahn | France |
| Lawrence H. Summers | United States |
| Kaspar Villiger | Switzerland |
| Gerrit Zalm | Netherlands |
Eddie George
Sultan Bin Nasser Al-Suwaidi
| Ibrahim A. Al-Assaf | Saudi Arabia |
| Giuliano Amato | Italy |
| Gordon Brown1 | United Kingdom |
| Antonio Casas González | Venezuela |
| Peter Costello | Australia |
| Dai Xianglong, | China |
| Emile Doumba | Gabon |
| Hans Eichel | Germany |
| Roque B. Fernandez | Argentina |
| Viktor Gerashchenko | Russian Federation |
| Marianne Jelved | Denmark |
| Abdelouahab Keramane | Algeria |
| Mohammed K. Khirbash2 | United Arab Emirates |
| Pedro Sampaio Malan | Brazil |
| Trevor A. Manuel | South Africa |
| Paul Martin | Canada |
| Kiichi Miyazawa | Japan |
| Didier Reynders | Belgium |
| Syahril Sabirin | Indonesia |
| Yashwant Sinha | India |
| Dominique Strauss-Kahn | France |
| Lawrence H. Summers | United States |
| Kaspar Villiger | Switzerland |
| Gerrit Zalm | Netherlands |
Eddie George
Sultan Bin Nasser Al-Suwaidi
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
Antonio Fazio
Haruhiko Kuroda
Charles Josselin
Jean Lemierre
Timothy F. Geithner
Edwin M. Truman
William Schuerch
Suphachai Phisitvanich
Jin Liqun
Eveline Herfkens
| Ibrahim A. Al-Assaf | Saudi Arabia |
| Giuliano Amato1 | Italy |
| Eduardo Aninat | Chile |
| Peter Costello | Australia |
| Pascal Couchepin | Switzerland |
| Hilde Frafjord Johnson | Norway |
| Jose Angel Gurria-Treviño | Mexico |
| Victor Khristenko | Russian Federation |
| Pedro Sampaio Malan | Brazil |
| Kelebone Albert Maope | Lesotho |
| Paul Martin | Canada |
| Kiichi Miyazawa2 | Japan |
| N’Goran Niamien | Côte d’Ivoire |
| Fathallah Oualalou | Morocco |
| Didier Reynders | Belgium |
| Abdulla Hassan Sail | Bahrain |
| Clare Short | United Kingdom |
| Yashwant Sinha | India |
| Dominique Strauss-Kahn3,4 | France |
| Lawrence H. Summers5,6,7 | United States |
| Tarrin Nimmanahaeminda8 | Thailand |
| Heidemarie Wieczorek-Zeul | Germany |
| Xiang Huaicheneg9 | China |
| Gerrit Zalm10 | Netherlands |
Antonio Fazio
Haruhiko Kuroda
Charles Josselin
Jean Lemierre
Timothy F. Geithner
Edwin M. Truman
William Schuerch
Suphachai Phisitvanich
Jin Liqun
Eveline Herfkens
| Ibrahim A. Al-Assaf | Saudi Arabia |
| Giuliano Amato1 | Italy |
| Eduardo Aninat | Chile |
| Peter Costello | Australia |
| Pascal Couchepin | Switzerland |
| Hilde Frafjord Johnson | Norway |
| Jose Angel Gurria-Treviño | Mexico |
| Victor Khristenko | Russian Federation |
| Pedro Sampaio Malan | Brazil |
| Kelebone Albert Maope | Lesotho |
| Paul Martin | Canada |
| Kiichi Miyazawa2 | Japan |
| N’Goran Niamien | Côte d’Ivoire |
| Fathallah Oualalou | Morocco |
| Didier Reynders | Belgium |
| Abdulla Hassan Sail | Bahrain |
| Clare Short | United Kingdom |
| Yashwant Sinha | India |
| Dominique Strauss-Kahn3,4 | France |
| Lawrence H. Summers5,6,7 | United States |
| Tarrin Nimmanahaeminda8 | Thailand |
| Heidemarie Wieczorek-Zeul | Germany |
| Xiang Huaicheneg9 | China |
| Gerrit Zalm10 | Netherlands |
Antonio Fazio
Haruhiko Kuroda
Charles Josselin
Jean Lemierre
Timothy F. Geithner
Edwin M. Truman
William Schuerch
Suphachai Phisitvanich
Jin Liqun
Eveline Herfkens
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 Directors | Alternate Executive Directors | Advisors to Executive Directors |
|---|---|---|
| Abdulrahman Al-Tuwaijri | Sulaiman M. Al-Turki | Melhem F. Melhem |
| Alex Barro Chambrier | Damian Ondo Mane | Abdel Rehman Ismael Bernard Konan Joseph Ntamatungiro Samba Thiam |
| Thomas A. Bemes | Peter Charleton | Jeffrey Allen Chelsky Paul R. Fenton Therese Turner-Huggins |
| Agustin Carstens | Heman Oyarzabal | A. Del Cid-Bonilla Jose Luis Pascual |
| Roberto F. Cippa | Wieslaw Szczuka | Fritz Zurbrugg |
| Bernd Esdar | Wolf-Dieter Donecker | Wolfgang Merz |
| Nicolas Eyzaguirre | A. Guillermo Zoccali | Jose Antonio Costa Oscar A. Hendrick |
| Riccardo Faini | John Spraos | Joao Santos Giuseppe Schlitzer |
| Kai Aaen Hansen | Olli-Pekka Lehmussaari | Axel R. Palmason Inna Steinbuka |
| Kleo -Thong Hetrakul | Cyril tus Harinowo | Nguyen Quang Thep |
| Vijay L. Kelkar | A.G. Karunasena | Narendra Jadhav |
| Willy Kiekens | Johann Prader | Jiri Jonas Szilvia Zador |
| Karin Lissakers | Barry S. Newman | Mark Sobel |
| Jean-Claude Miileron | Gilles Bauche | Bertrand Couillault |
| Abbas Mirakhor | Mohammed Dairi | Meekal A. Ahmed Mohammad R. Shojaeddini |
| Jose Pedro de Morais, Jr. | Cyrus D.R. Rustomjee | Patrick A. Akatu Lodewyk J.F. Erasmus J. Mills Jones Yasmin Patel |
| Aleksei V. Mozhin | Andrei Lushin | Lev V. Palei |
| Stephen John Pickford | Stephen P. Collins | |
| Murilo Portugal | Olver Luis Bernal | Julio C. Estrelia Helio Mori |
| A, Shakour Shaalan | Abdelrazaq F. Al-Faris | Samia S. Farid Oussama A. Himani Magda Elsayed Kandil |
| Gregory F. Taylor | Jong Nam Oh | Ian Michael Woolford |
| Wei Benhua | Fengming Zhang | Yang Luo |
| J. Wijnholds | Yuriy G. Yakusha | Ion Dragulin Evert J.P. Houtman |
| Yukio Yoshimura | Masahiko Takeda | Mamoru Yanase |
| Executive Directors | Alternate Executive Directors | Advisors to Executive Directors |
|---|---|---|
| Abdulrahman Al-Tuwaijri | Sulaiman M. Al-Turki | Melhem F. Melhem |
| Alex Barro Chambrier | Damian Ondo Mane | Abdel Rehman Ismael Bernard Konan Joseph Ntamatungiro Samba Thiam |
| Thomas A. Bemes | Peter Charleton | Jeffrey Allen Chelsky Paul R. Fenton Therese Turner-Huggins |
| Agustin Carstens | Heman Oyarzabal | A. Del Cid-Bonilla Jose Luis Pascual |
| Roberto F. Cippa | Wieslaw Szczuka | Fritz Zurbrugg |
| Bernd Esdar | Wolf-Dieter Donecker | Wolfgang Merz |
| Nicolas Eyzaguirre | A. Guillermo Zoccali | Jose Antonio Costa Oscar A. Hendrick |
| Riccardo Faini | John Spraos | Joao Santos Giuseppe Schlitzer |
| Kai Aaen Hansen | Olli-Pekka Lehmussaari | Axel R. Palmason Inna Steinbuka |
| Kleo -Thong Hetrakul | Cyril tus Harinowo | Nguyen Quang Thep |
| Vijay L. Kelkar | A.G. Karunasena | Narendra Jadhav |
| Willy Kiekens | Johann Prader | Jiri Jonas Szilvia Zador |
| Karin Lissakers | Barry S. Newman | Mark Sobel |
| Jean-Claude Miileron | Gilles Bauche | Bertrand Couillault |
| Abbas Mirakhor | Mohammed Dairi | Meekal A. Ahmed Mohammad R. Shojaeddini |
| Jose Pedro de Morais, Jr. | Cyrus D.R. Rustomjee | Patrick A. Akatu Lodewyk J.F. Erasmus J. Mills Jones Yasmin Patel |
| Aleksei V. Mozhin | Andrei Lushin | Lev V. Palei |
| Stephen John Pickford | Stephen P. Collins | |
| Murilo Portugal | Olver Luis Bernal | Julio C. Estrelia Helio Mori |
| A, Shakour Shaalan | Abdelrazaq F. Al-Faris | Samia S. Farid Oussama A. Himani Magda Elsayed Kandil |
| Gregory F. Taylor | Jong Nam Oh | Ian Michael Woolford |
| Wei Benhua | Fengming Zhang | Yang Luo |
| J. Wijnholds | Yuriy G. Yakusha | Ion Dragulin Evert J.P. Houtman |
| Yukio Yoshimura | Masahiko Takeda | Mamoru 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.