Abstract

Other Members: China, Ecuador, Finland, France, India, Syria, the Union of South Africa, the United Kingdom and the United States.

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Other Members: China, Ecuador, Finland, France, India, Syria, the Union of South Africa, the United Kingdom and the United States.

Report No. I

September 21, 1957

Sir:

The Joint Procedures Committee,1 at its first meeting at 3:30 p.m. on September 21, 1957 considered the matters of business which had been proposed for the Twelfth Annual Meeting of the Boards of Governors of the Bank and the Fund.

I have the honor to submit the following recommendations of the Committee:

1. Schedule of Meeting

The Committee recommends that the provisional schedule in Annex I be adopted, and that the Secretaries of the Bank and the Fund, in consultation with the Chairman, may modify it as necessary.

2. Conduct of Meeting

The Committee recommends that the provisions relating to the conduct of the Meeting, as contained in Annex II, be approved.

3. Fund Agenda

The Committee recommends that the agenda attached as Annex III be adopted by the Board of Governors of the Fund and that any proposed additions to the agenda be submitted in writing to the Joint Procedures Committee, through the Chairman, for its recommendations.

4. Later Reports of the Committee

The Committee also considered the individual items of business on the proposed agendas of the Bank and the Fund and will make recommendations as to their disposition in separate Committee reports to the two Boards. The report on the Fund items of business will be presented at the meeting of the Fund Governors Tuesday at 11:00 a.m.1 The report on the Bank items will be given at the meeting of the Bank Board Wednesday morning at 10:00 a.m. In addition, the Committee will make a later report2 to the Joint Boards of Governors on:

  • a. Place and Date of Thirteenth Annual Meeting. 3

  • b. Election of Officers 4 and Joint Procedures Committee for 1957–58. 5

Approved:

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The Report was approved at Joint Session No. 1, September 23,1957.

Annex I—Schedule

(As Revised)

SATURDAY, September 21

3:30 p.m.—Joint Procedures Committee

MONDAY, September 23

9:15 a.m.—Address by the President of the United States

10:00 a.m.—Joint Boards—Opening Session

  • —Opening Address by Chairman

  • —Joint Procedures Committee Report I

12:00 noon—Bank Board—Annual Address—President of Bank

TUESDAY, September 24

10:00 a.m.—Fund Board—Annual Address—Managing Director of Fund

11:00 a.m.—Fund Board—Joint Procedures Committee Report II—Annual Report Discussion

3:20 p.m.—Fund Board—Annual Report Discussion (Continued)

WEDNESDAY, September 25

10:00 a.m.—Bank Board—Joint Procedures Committee Report III—Annual Report Discussion

3:30 p.m.—Joint Informal Discussion—Current Problems of Credit and Fiscal Policy1

THURSDAY, September 26

9:30 a.m.—Joint Procedures Committee

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

  • —Comments of President of Bank

  • —Comments of Managing Director of Fund

  • —Closing Session

FRIDAY, September 27

10:00 a.m.—International Finance Corporation—Annual Meeting

Address by President of Corporation

Annual Report Discussion

Annex II—Provisions Relating to the Conduct of the Meeting

Attendance

  • 1. All Sessions of the Boards of Governors of the Bank and the Fund, including Joint Sessions and the informal discussion, shall be open to the press and invited guests, unless otherwise decided. Committee meetings shall be closed.

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

  • 3. Committee meetings, if any, with the exception of Joint Procedures Committee meetings, shall be open to Delegations who are not Committee members.

  • 4. Accredited observers may attend all Sessions of the Boards of Governors and their Committees, other than the Joint Procedures Committee, unless decided otherwise. Observers wishing to speak at a meeting are requested to consult the Secretaries in advance.

  • 5. Sessions of the Boards of Governors and Committee meetings shall be open to such members of the Joint Secretariat and the technical staffs as may be necessary.

Public Information

  • 6. The Chairman of the Boards of Governors, the Managing Director of the Fund and the President of the Bank are authorized to communicate to the press such information concerning the proceedings of the Twelfth Annual Meeting as they deem suitable. Copies of such communications shall be available to any Governor on his request.

Records

  • 7. The Secretaries of the Bank and the Fund are authorized to prepare verbatim transcripts of the proceedings of Sessions of the Boards of Governors and their Committees, and of the informal discussion. The transcripts of Committee proceedings, and any summary records thereof, will be confidential and available only to the Chairman, the Managing Director of the Fund and the President of the Bank, unless otherwise decided.

  • 8. Reports of Committees shall be signed by the Committee Chairman and the Reporting Member.

Annex III—Agenda

(As Revised)

  • 1. Twelfth Annual Report

  • 2. Financial Statements and Report on Audit

    • (Appendix IX of Twelfth Annual Report and Fund Documents Nos. 2 and 3)

  • 3. Administrative Budget

    • (Appendix VIII of Twelfth Annual Report and Fund Documents Nos. 3 and 4)

  • 4. Changes in Rules and Regulations

    • (Fund Document No. 5)

  • 5. Applications for Membership

    • a. United Kingdom of Libya

      • (Fund Document No. 6)

    • b. Federation of Malaya

      • (Fund Document No. 7)

    • c. Tunisia

      • (Fund Document No. 8)

    • d. Morocco

      • (Fund Document No. 12)

    • 6. Application for Increase in Quota—El Salvador

      • (Fund Document No. 9)

    • 7. Application for Increase in Quota—Honduras

      • (Fund Document No. 10)

    • 8. Place and Date of Thirteenth Annual Meeting

    • 9. Election of Officers and Procedures Committee for 1957–58

Report No. II

September 23, 1957

Sir:

The Joint Procedures Committee, at its first meeting at 3:30 p.m., on September 21, 1957, considered the matters of business on the agenda of the Board of Governors of the Fund.

I have the honor to submit the following report and recommendations of the Committee:

1. Twelfth Annual Report

The Committee noted that provision has been made for discussion of the Annual Report at the meeting of the Fund Board of Governors scheduled for 11:00 a.m., Tuesday, September 24, 1957.1

2. Financial Statements, Report on Audit and Administrative Budget

The Committee considered the Report on Audit for the Fiscal Year ended April 30, 1957, the Financial Statements contained therein (Fund Document No. 2 and Appendix IX of the Annual Report), and the Administrative Budget for the Fiscal Year ending April 30, 1958 (Appendix VIII of the Annual Report).

The Committee recommends to the Board of Governors the adoption of the draft resolution attached as Annex I1 of this Report.

3. Rules and Regulations

The Committee reviewed the amendments to Rules E-l, I-2, and I-4(f) of the Rules and Regulations as submitted by the Executive Directors (Fund Document No. 5).2

The Committee recommends adoption by the Board of Governors of the draft resolution attached hereto as Annex II3 notifying the Executive Directors that it has reviewed the amendments and has no changes to suggest.

4. Applications for Membership

a) United Kingdom of Libya

The Committee considered the recommendations of the Executive Directors regarding the application of the United Kingdom of Libya for membership in the Fund (Fund Document No. 6).4

The Committee recommends the draft resolution set forth in Annex III5 of this Report for adoption by the Board of Governors.

b) Federation of Malaya

The Committee also considered the recommendations of the Executive Directors with respect to the application of the Federation of Malaya for membership in the Fund (Fund Document No. 7).6

The Committee recommends that the Board of Governors adopt the draft resolution attached as Annex IV1 of this Report.

c) Tunisia

The Committee reviewed the recommendations of the Executive Directors on the application of Tunisia for membership in the Fund (Fund Document No. 8).2

The Committee recommends the adoption by the Board of Governors of the draft resolution as shown in Annex V3 of this Report.

d) Morocco

At the suggestion of the Governor for France, the Committee recommends that, if a report concerning the application of Morocco for membership in the Fund should be received from the Executive Directors in time for consideration by the Board of Governors at this Annual Meeting, the report should be given such consideration.4

5. Application for Increase in Quota—El Salvador

The Committee then took up the recommendations of the Executive Directors with respect to the application of El Salvador for an increase in quota (Fund Document No. 9).5

The Committee recommends for adoption by the Board of Governors the draft resolution set forth in Annex VI6 of this Report.

6. Application for Increase in Quota—Honduras

Finally, the Committee considered the recommendations of the Executive Directors on the application of Honduras for an increase in quota (Fund Document No. 10).7

The Committee recommends that the Board of Governors adopt the draft resolution set forth in Annex VII of this Report.1

Approved:

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The Report was approved and the Resolutions adopted by the Board of Governors at Fund Session No. 1, September 24, 1957.

Report No. IV2

September 26, 1957

Sir:

I have the honor to submit the Report of the Joint Procedures Committee on its second meeting which was held this morning.

1. Place and Date of Thirteenth Annual Meeting

The Committee recommends that the Thirteenth Annual Meeting be convened in New Delhi, India, preferably late in September or early in October 1958.3

2. Officers

The Committee recommends that the Governor for Belgium be elected Chairman and the Governors for the United States, the United Kingdom, China, France and India be elected Vice-Chairmen of the respective Boards, to hold office until the election of officers at the close of the next Annual Meeting.4

3. Joint Procedures Committee

The Committee recommends that a Joint Procedures Committee be established to be available after the termination of this Meeting, and until the selection of a new Joint Procedures Committee at the next Annual Meeting, for consultation at the discretion of the Chairman, normally by correspondence, and also if occasion requires by convening immediately before the Annual Meeting of the Boards. The Committee further recommends that the Joint Procedures Committee shall consist of the Governors for Belgium, Chairman; Honduras, Vice-Chairman; Thailand, Reporting Member; and Afghanistan, Argentina, China, France, Greece, Haiti, Iceland, India, Indonesia, Iran, Israel, the United Kingdom and the United States.1

Approved:

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The Report was approved and the Resolutions adopted by the Board of Governors at Joint Session No. 2, September 26, 1957.

1

The Joint Procedures Committee reported also on the business proposed by the Bank, all references to which, however, have been omitted here. The numbering of the Annexes in this Report has been adjusted to take account of this fact.

1

Report No. II, page 107.

2

Report No. IV, page 110.

3

Resolution No. 12-15, page 136.

4

Resolution No. 12-16, page 136.

5

Resolution No. 12-17, page 136.

1

Published separately as a pamphlet under this title. The members of the panel were William McChesney Martin, Jr. (U.S.), H. V. R. Iengar (India), Juan Pardo (Peru) and Sir Dennis Robertson (U.K.). The President of the Bank acted as moderator and the Managing Director of the Fund concluded the discussion.

1

Fund Session No. 1. See also Fund Session No. 2, September 24, 1957.

1

Resolution No. 12-7, page 123.

2

Page 93.

3

Resolution No. 12-8, page 123.

4

Page 96.

5

Resolution No. 12-9, page 124.

6

Page 97.

1

Resolution No. 12-10, page 126.

2

Page 98.

3

Resolution No. 12-11, page 129.

4

Page 99 and Resolution No. 12-12, page 132.

5

Page 100.

6

Resolution No. 12-13, page 134.

7

Page 101.

1

Resolution No. 12-14, page 135.

2

Report No. III reported on the business of the Bank.

3

Resolution No. 12-15, page 136.

4

Resolution No. 12-16, page 136.

1

Resolution No. 12-17, page 136.