Abstract
This paper highlights that the fight against worldwide inflation was the main theme of the Finance Ministers and central bank Governors from 138 member countries that participated in the 1979 Annual Meeting of the IMF’s Board of Governors in Belgrade in October 1979. Unlike the agenda for the 1978 Meeting, which contained a number of single issues, such as quota increases and special drawing rights allocations, requiring specific decisions and action, the 1979 Meeting was devoted principally to a wide-ranging discussion of the world’s economic problems.
Summary of Fund operations in the General Resources Account, January 1, 1976-September 30, 1979
(In millions of SDRs)
Includes Swiss National Bank.
Summary of Fund operations in the General Resources Account, January 1, 1976-September 30, 1979
(In millions of SDRs)
| January 1-September 30 | ||||||
|---|---|---|---|---|---|---|
| Transactions | 1976 | 1977 | 1978 | 1978 | 1979 | |
| Total purchases | 7,009.9 | 3,424.6 | 3,744.3 | 1,140.6 | 1,365.7 | |
| Reserve tranche purchases | 990.8 | 80.0 | 2,535.5 | 108.2 | 87.4 | |
| Credit tranche purchases | 1,517.2 | 2,895.3 | 421.0 | 361.4 | 652.4 | |
| Compensatory financing purchases | 2,268.5 | 240.5 | 577.7 | 551.0 | 457.0 | |
| Extended facility purchases | 90.0 | 208.8 | 174.0 | 120.0 | 155.0 | |
| Buffer stock purchases | — | — | 36.1 | — | 13.9 | |
| Oil facility purchases | 2,143.4 | — | — | — | — | |
| Total repurchases | 1,272.0 | 2,939.5 | 4,845.2 | 3,443.9 | 3,638.8 | |
| Fund borrowing | ||||||
| General Arrangements to Borrow1 | — | 1,730.0 | 777.3 | — | — | |
| Oil facility | 2,143.4 | — | — | — | — | |
| Supplementary financing facility | — | — | — | — | 248.1 | |
| Repayment of loans | ||||||
| General Arrangements to Borrow1 | — | — | 1,142.1 | 90.0 | 587.9 | |
| Oil facility | 200.0 | 261.8 | 1,422.6 | 930.9 | 1,969.0 | |
| Supplementary financing facility | — | — | — | — | — | |
| Gold sales | 136.5 | 628.0 | 468.6 | 210.0 | 161.2 | |
| In connection with auctions | 136.5 | 211.1 | 207.1 | 157.7 | 144.4 | |
| (i) Replenishment up to May 31,1978 | (136.6) | (211.1) | (91.9) | (91.9) | (—) | |
| (ii) Competitive bids | (—) | (—) | (115.2) | (65.8) | (144.4) | |
| Noncompetitive bids | — | — | 48.5 | 40.3 | 3.3 | |
| In distributions | — | 416.9 | 213.0 | 12.1 | 13.5 | |
Includes Swiss National Bank.
Summary of Fund operations in the General Resources Account, January 1, 1976-September 30, 1979
(In millions of SDRs)
| January 1-September 30 | ||||||
|---|---|---|---|---|---|---|
| Transactions | 1976 | 1977 | 1978 | 1978 | 1979 | |
| Total purchases | 7,009.9 | 3,424.6 | 3,744.3 | 1,140.6 | 1,365.7 | |
| Reserve tranche purchases | 990.8 | 80.0 | 2,535.5 | 108.2 | 87.4 | |
| Credit tranche purchases | 1,517.2 | 2,895.3 | 421.0 | 361.4 | 652.4 | |
| Compensatory financing purchases | 2,268.5 | 240.5 | 577.7 | 551.0 | 457.0 | |
| Extended facility purchases | 90.0 | 208.8 | 174.0 | 120.0 | 155.0 | |
| Buffer stock purchases | — | — | 36.1 | — | 13.9 | |
| Oil facility purchases | 2,143.4 | — | — | — | — | |
| Total repurchases | 1,272.0 | 2,939.5 | 4,845.2 | 3,443.9 | 3,638.8 | |
| Fund borrowing | ||||||
| General Arrangements to Borrow1 | — | 1,730.0 | 777.3 | — | — | |
| Oil facility | 2,143.4 | — | — | — | — | |
| Supplementary financing facility | — | — | — | — | 248.1 | |
| Repayment of loans | ||||||
| General Arrangements to Borrow1 | — | — | 1,142.1 | 90.0 | 587.9 | |
| Oil facility | 200.0 | 261.8 | 1,422.6 | 930.9 | 1,969.0 | |
| Supplementary financing facility | — | — | — | — | — | |
| Gold sales | 136.5 | 628.0 | 468.6 | 210.0 | 161.2 | |
| In connection with auctions | 136.5 | 211.1 | 207.1 | 157.7 | 144.4 | |
| (i) Replenishment up to May 31,1978 | (136.6) | (211.1) | (91.9) | (91.9) | (—) | |
| (ii) Competitive bids | (—) | (—) | (115.2) | (65.8) | (144.4) | |
| Noncompetitive bids | — | — | 48.5 | 40.3 | 3.3 | |
| In distributions | — | 416.9 | 213.0 | 12.1 | 13.5 | |
Includes Swiss National Bank.
IDA credits approved during first quarter of fiscal year 1980
(Ended September 30, 1979)
Figures in parentheses are the number of credits approved for the respective country.
IDA credits approved during first quarter of fiscal year 1980
(Ended September 30, 1979)
| Countrya | Purpose | Amount (In millions of U.S. dollars) | |
|---|---|---|---|
| Bolivia | Water supply | 9.0 | |
| Burma | Forestry | 35.0 | |
| Guinea (2) | Rice development, highway | 23.4 | |
| India | Development banking | 250.0 | |
| Indonesia | Rural development | 12.0 | |
| Western Samoa | Agriculture | 8.0 | |
| Yemen Arab Republic | Water supply | 12.0 | |
| Total | 349.4 | ||
Figures in parentheses are the number of credits approved for the respective country.
IDA credits approved during first quarter of fiscal year 1980
(Ended September 30, 1979)
| Countrya | Purpose | Amount (In millions of U.S. dollars) | |
|---|---|---|---|
| Bolivia | Water supply | 9.0 | |
| Burma | Forestry | 35.0 | |
| Guinea (2) | Rice development, highway | 23.4 | |
| India | Development banking | 250.0 | |
| Indonesia | Rural development | 12.0 | |
| Western Samoa | Agriculture | 8.0 | |
| Yemen Arab Republic | Water supply | 12.0 | |
| Total | 349.4 | ||
Figures in parentheses are the number of credits approved for the respective country.
World Bank loans approved during first quarter of fiscal year 1980
(Ended September 30, 1979)
Figures in parentheses are the number of loans approved for the respective country.
World Bank loans approved during first quarter of fiscal year 1980
(Ended September 30, 1979)
| Countrya | Purpose | Amount (In millions of U.S. dollars) | |
|---|---|---|---|
| Cameroon | Water supply | 21.0 | |
| Dominican Republic | Sugar rehabilitation | 35.0 | |
| Indonesia | Agriculture and rural development | 99.0 | |
| Korea (2) | Urban development, development banking | 125.0 | |
| Mauritania | Industry | 60.0 | |
| Morocco | Vegetable production | 58.0 | |
| Tanzania | Development banking | 25.0 | |
| Thailand | Agriculture extension | 40.0 | |
| Turkey (2) | Development banking | 140.0 | |
| Yugoslavia (2) | Highway, drainage | 72.0 | |
| Total | 675.0 | ||
Figures in parentheses are the number of loans approved for the respective country.
World Bank loans approved during first quarter of fiscal year 1980
(Ended September 30, 1979)
| Countrya | Purpose | Amount (In millions of U.S. dollars) | |
|---|---|---|---|
| Cameroon | Water supply | 21.0 | |
| Dominican Republic | Sugar rehabilitation | 35.0 | |
| Indonesia | Agriculture and rural development | 99.0 | |
| Korea (2) | Urban development, development banking | 125.0 | |
| Mauritania | Industry | 60.0 | |
| Morocco | Vegetable production | 58.0 | |
| Tanzania | Development banking | 25.0 | |
| Thailand | Agriculture extension | 40.0 | |
| Turkey (2) | Development banking | 140.0 | |
| Yugoslavia (2) | Highway, drainage | 72.0 | |
| Total | 675.0 | ||
Figures in parentheses are the number of loans approved for the respective country.