Abstract

Tuesday

SCHEDULE OF MEETINGS

Tuesday

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Wednesday

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Notes:

1. The Meetings will be held at Sunctec Singapore, and all sessions will be joint.

2. The International Monetary and Financial Committee and the Development Committee will meet on Sunday, September 17, and Monday, September 18, respectively.

3. The World Bank Group consists of the following:

  • International Bank for Reconstruction and Development (IBRD)

  • International Finance Corporation (IFC)

  • International Development Association (IDA)

  • International Centre for Settlement of Investment Disputes (ICSID)

  • Multilateral Investment Guarantee Agency (MIGA)

PROVISIONS RELATING TO THE CONDUCT OF THE MEETINGS

Admission

1. Sessions of the Boards of Governors of the International Monetary Fund and the World Bank Group 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 Managing Director of the International Monetary Fund, the President of the World Bank Group, and the Secretaries.

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

Public Information

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

AGENDA

  1. 2006 Annual Report

  2. Report of the Chairman of the International Monetary and Financial Committee (Fund Document No. 4)

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

  4. 2006 Regular Election of Executive Directors (Fund Document No. 6)

  5. Financial Statements and Audit Report (Appendix VII of the 2006 Annual Report and Fund Document No. 7)

  6. Administrative and Capital Budgets for Financial Year ending April 30, 2007 (Chapter 8 of the 2006 Annual Report and Fund Document No. 8)

  7. Amendment of the Rules and Regulations

  8. Selection of Officers and Joint Procedures Committee for 2006/2007

REPORTS OF THE JOINT PROCEDURES COMMITTEE

Chairman—Guyana

Vice Chairmen—Luxembourg, Mozambique Reporting Member—Mongolia

Other Members

Burundi, Cameroon, Chile, France, Germany, Guyana, Honduras, India, Indonesia, Islamic Republic of Iran, Japan, Malta, Netherlands, Rwanda, Saudi Arabia, Republic of Serbia, Suriname, Sweden, United Kingdom, United States

Report I1

September 18, 2006

Mr. Chairman:

At the meeting of the Joint Procedures Committee held on September 18, 2006, items of business on the agenda of the Board of Governors of the International Monetary Fund were considered.

The Committee submits the following report and recommendations:

1. 2006 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 International Monetary and Financial Committee

The Committee noted that a presentation would be made by the Chairman of the International Monetary and Financial Committee on September 19, 2006.2

The Committee recommends that the Board of Governors of the Fund thank the International Monetary and Financial Committee for its work.

3. 2006 Regular Election of Executive Directors

The Committee noted that the 2006 Regular Election of Executive Directors of the Fund would be completed on September 19, 2006 and that the next Regular Election of Executive Directors would take place in 2008.

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

The Committee considered the Report on Audit for the Financial Year ended April 30, 2006, the Financial Statements contained therein (Fund Document No. 7 and Appendix VII of th e 2006 Annual Report), and the Administrative Budget for the Financial Year ending April 30, 2007 and the Capital Budget for capital projects beginning in Financial Year 2007 (Chapter 9 of the 2006 Annual Report).

The Committee recommends that the Board of Governors of the Fund adopt the draft Resolution set forth in Fund Document No. 8.

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 19, 2006, reproduced as Fund Document No. 9 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 Fund Document No. 9.1

Approved:

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Annex I to Report I

Regulations for the Conduct of the 2006 Regular Election of Executive Directors

1. Definitions: In these Regulations, unless the context otherwise requires:

(a) “Articles” means the Articles of Agreement of the Fund.

(b) “Board” means the Board of Governors of the Fund.

(c) “Chairman” means the Chairman or Vice-Chairman acting as Chairman of the Board.

(d) “Governor” includes the Alternate Governor or any temporary alternate Governor when acting for the Governor.

(e) “Secretary” means the Secretary or any Acting Secretary of the Fund.

(f) “Election” means the 2006 Regular Election of Executive Directors.

(g) “Eligible votes” means the total number of votes that can be cast in an election.

(h)“Rapid means of communications” includes conventional mail, fax, special courier or through the secure online Board of Governors Extranet Voting System (BOGeVS).

2. Eligibility: The Governors eligible to vote in the election shall be all of the Governors except those of the members that:

(a) are entitled to appoint an Executive Director pursuant to Article XII, Section 3(b)(i);

(b) have notified the Managing Director, in accordance with the procedure established by the Executive Board, of their intention to appoint an Executive Director pursuant to Article XII, Section 3(c); or

(c) have had their voting rights suspended under Article XXVI, Section 2(b).

3. Supervision of the Election: The Chairman shall appoint such tellers and other assistants and take such other actions as he deems necessary for the conduct of the election.

4. Schedule E: Subject to the supplementary Regulations set forth herein, the provisions of Schedule E of the Articles shall apply to the conduct of the election.

5. Number of Executive Directors to be Elected: Nineteen Executive Directors shall be elected. In applying Schedule E of the Articles to the election, “Nineteen persons” shall be substituted for “fifteen persons” in paragraphs 2, 3, and 6, and “eighteen persons” shall be substituted for “fourteen persons” and “nineteenth” shall be substituted for “fifteenth” in paragraph 6.

6. Proportion of Votes Required to Elect: In paragraphs 2 and 5 of Schedule E “four percent” and in paragraphs 3, 4, and 5, “nine percent” shall not be changed, subject to paragraph 11 below.

7. Nominations:

(a) Each Governor eligible to vote in the election shall be entitled to nominate one erson for election as Executive Director. Any person nominated by one or more Governors shall be eligible for election as an Executive Director.

(b) Nominations may be made from August 4, 2006 through August 18, 2006. Each nomination shall be made on a Nomination Form furnished by the Secretary, signed by the Governor or Governors making the nomination and deposited with the Secretary by rapid means of communication.

(c) Upon the closing of nominations, the Secretary shall, by rapid means of communication, send to all Governors eligible to vote in the election the list of candidates for the election, together with an invitation to Governors to vote in the first ballot.

(d) If a nominee withdraws from the ballot after the closing date of the nomination period, but before the closing date of the ballot, the Secretary shall inform all Governors eligible to vote of such withdrawal and invite them to submit nominations of a candidate by rapid means of communication, and the timing for such nomination, which shall be no less than ten business days of the Fund. At the end of the prescribed period of time for this nomination, the Secretary shall compile a new list of candidates with all individuals who were nominated by at least one Governor in either nomination period, and circulate that list by rapid means of communication to all Governors eligible to vote with an invitation to vote through similar channels (or in person) before the end of the balloting period.

8. Ballots and Balloting:

(a) One ballot form shall be furnished, before a ballot is taken, to each Governor eligible to vote.

(b) Each ballot shall be conducted by the deposit of ballot forms, signed by Governors eligible to vote, with the Secretary either by rapid means of communication or in person. When a ballot has been completed, the Secretary shall cause the ballot forms to be counted and the names of the persons elected to be announced and communicated to Governors by rapid means of communication.

(c) If the tellers should be of the opinion that any particular ballot form is not properly executed, they shall, if possible, afford the Governor concerned an opportunity to correct it before tallying the results, and such ballot form, if so corrected, shall be deemed valid.

(d) If a member does not have a duly appointed Governor during a ballot, such member shall be taken not to have voted on that ballot.

(e) Voting for the first ballot shall take place from August 21, 2006 through the scheduled first day of the Fund’s 2006 Annual Meeting. If a second or subsequent ballot is necessary, the Secretary shall announce and communicate the names of the candidates to be voted on, the members whose Governors are entitled to vote, and the timing for the second or subsequent ballot.

(f) If a Governor does not vote for any candidate when entitled to do so, he shall not be entitled to vote on any subsequent ballot and his votes shall not be counted under Article XII, Section 3(i)(iii) toward the election of any Executive Director.

(g) If a second or subsequent ballot is required under Schedule E, but the number of remaining candidates is equal to the number of vacancies to be filled, those candidates shall be deemed to have been elected in the preceding ballot, provided that paragraph 13 of these Regulations shall apply.

9. If in any ballot there are more candidates than the number of Executive Directors to be elected and two or more candidates tie with the lowest number of votes, no candidate shall be ineligible for election in the next succeeding ballot, but if the same situation is repeated on such succeeding ballot, the Chairman shall eliminate by lot one of the candidates from the following ballot.

10. If any two or more Governors having an equal number of votes shall have voted for the same candidate and the votes of one or more, but not all, of such Governors could be deemed under paragraph 4 of Schedule E to have raised the total votes received by the candidate above nine percent of the eligible votes, the Chairman shall determine by lot the Governor or Governors, as the case may be, who shall be entitled to vote in the next ballot.

11. When in any ballot the number of candidates is the same as the number of Executive Directors to be elected, and no candidate is deemed to have received more than nine percent of the eligible votes, each candidate shall be considered elected by the number of votes received even though a candidate may have received less than four percent of eligible votes.

12. If the votes cast by a Governor raise the total votes received by a candidate from below to above nine percent of the eligible votes, the votes cast by that Governor shall be deemed, for the purposes of paragraph 4 of Schedule E, not to have raised the total votes received by that candidate above nine percent.

13. Any member whose Governor has voted in the last ballot and whose vote has not contributed to the election of an Executive Director may, before the effective date of the election as set forth in paragraph 15 below and subject to the limits specified above on the total number of votes that may be cast toward the election of an Executive Director, designate an Executive Director who was elected, and that member’s votes shall be deemed to have counted toward the election of the Executive Director so designated.

14. Announcement and Review of Result:

(a) After the last ballot, the Secretary shall cause to be distributed a statement setting forth the result of the election.

(b) The Board of Governors, at the request of any Governor, will review the result of the election in order to determine whether, in light of the objectives set forth in Chapter O, Section 2 of the Report by the Executive Directors to the Board of Governors on the Proposed Second Amendment to the Articles of Agreement, an additional Executive Director should be elected to serve for the term of office commencing November 1, 2006.

15. Effective Date of Election of Executive Directors: The effective date of election shall be November 1, 2006, and the term of office of the elected Executive Directors, and of any Executive Director appointed under Article XII, Section 3(c), shall commence on that date. Incumbent elected Executive Directors shall serve through October 31, 2006.

16. General: Any question arising in connection with the conduct of the election shall be resolved by the tellers, subject to appeal, at the request of any Governor, to the Chairman and from him to the Board of Governors. Whenever possible, any such question shall be put without identifying the members or Governors concerned.

As approved by Board of Governors

Resolution No. 61-3, August 19, 2006

Statement of Results of Election, September 19, 2006

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Report III1

September 18, 2006

Mr. Chairman:

The Joint Procedures Committee met on September 18, 2006 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) would be presented to the Boards of Governors of the Fund and Bank on September 19, 2006 pursuant to paragraph 5 of Resolutions Nos. 29-9 and 294 of the Fund and Bank, respectively (Fund Document No. 5).2

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

2. Officers and Joint Procedures Committee for 2006/07

The Committee recommends that the Governor for Algeria be Chairman and that the Governors for Fiji and Portugal be Vice Chairmen of the Boards of Governors of the Fund and of the World Bank Group, 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, Austria, Bolivia, Botswana, Canada, the Central African Republic, China, Fiji, Finland, France, Germany, Japan, Panama, Portugal, Romania, Saudi Arabia, Senegal, Sri Lanka, Tajikistan, the United Kingdom, the United States, and Venezuela.

It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for Algeria, and the Vice Chairmen shall be the Governors for Fiji and Portugal, and that the Governor for Panama shall serve as Reporting Member.

Approved:

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1

Report I and the Resolutions contained therein were adopted by the Board of Governors of the Fund in Joint Session with the Board of Governors of the Bank, IFC, and IDA on September 18, 2006.

2

See pages 26-28.

1

Resolution No. 61-7; see page 237.

1

Report II dealt with the business of the Boards of Governors of the Bank, IFC, and IDA. Report III and the recommendations contained therein were adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA in Joint Session on September 18, 2006.

2

See pages 29-33.