CONCLUDING REMARKS
STATEMENT BY THE GOVERNOR OF THE FUND FOR AUSTRIA
Klaus Liebscher
Fellow Governors, Mr. Chairman, Mr. Camdessus, Mr. Wolfensohn,ladies and gentlemen, it is a great honor to accept on behalf of Austria theChairmanship of the Joint Annual Meetings of the Boards of Governors ofthe International Monetary Fund and the World Bank Group for the com-ing year. This demanding task has been fulfilled in an able and efficientmanner by our current chairman, Mr. Mohammed K. Khirbash, the Gov-ernor for the United Arab Emirates. I would like to express our gratitudeand our appreciation for his excellent management of our meetings.
For Austria, 1998 will indeed be notable: the 1998 Annual Meeting inWashington, D.C., will coincide with Austria’s presidency of the Euro-pean Union when we will also face the challenges of completing the Eco-nomic and Monetary Union and of enlarging the European Union.
The world economy has seen a year of low inflation, progress in bud-get consolidation and fairly high growth. Economic growth is especiallywell established in some industrial economies, while the transition coun-tries seem—at last—on the way to an economic upturn. The developingcountries are also showing encouraging progress. Some economies, par-ticularly in Asia, are suffering short-term reverses but their medium-termoutlook still seems bright.
Both from their sustained efforts over the past half-century and theirquick response whenever crises arise, we know what the InternationalMonetary Fund and the World Bank can achieve. The achievements of thepast year and the success of the Hong Kong meetings have again demon-strated the problem-solving capacity of the Bretton Woods institutions.The two institutions, now truly global, are a perfect team to keep the worldeconomy on a path of sound macroeconomic policies leading to a robustinternational monetary system and sustainable development. The initia-tives on our agenda for the coming year show that the Fund and the Bankare serious about ensuring that their past successes are carried forwardinto the future.
Mr. Camdessus, Mr. Wolfensohn, and the staffs of the InternationalMonetary Fund and the World Bank Group deserve our appreciation oftheir past efforts as well as our continued willingness to stand by them and
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support their future work. The challenges of an unfolding global economy,and particularly those enunciated here—attaining high-quality growth andensuring inclusion—will be an important part of the agenda of the two in-stitutions, not just for the coming year but also for the coming decade.
In closing, I would like to thank the government of the People’s Re-public of China and the authorities of Hong Kong who have made thisyear’s Annual Meeting an event to be remembered for warm hospitality andperfect organization. I look forward to seeing you next year in Washington.
STATEMENT BY THE PRESIDENT OF THE WORLD BANK GROUP
James D. Wolfensohn
Thank you very much, Mr. Chairman. May I start by thanking you foryour exemplary leadership during these meetings. As head of the WorldBank, I very much appreciate it. But I would also like to express my per-sonal thanks and my great gratitude to you.
I also want to express my thanks to the government of China and theauthorities here in Hong Kong. I think that all of us would agree that thesehave been a quite remarkable series of meetings. We have all been deeplyimpressed by the environment here and by the warmth and the generosityof the reception that we have received. I certainly go away with a sense ofgreat energy and excitement.
For us at the Bank it has been an excellent meeting. We were able toput to you the message of the Bank. It is a message that relates to poverty.It is a message that relates to inclusion. And most important, I think, it is amessage that says, “Let us not wait. Let us focus on the issues now, be-cause every day we wait makes the task more difficult.” I hope that wehave been able to demonstrate that the Bank has a real sense of urgency onthe question of poverty and that the issue of poverty is not something thatis confined to poor countries. It is something that is meaningful to all of us.As leaders of all sections of the world, we have to move now. I believe thatwith its reorganization, the Bank is gearing itself to improve on what wehave done in the past and to give all our work precisely this focus.
We are looking not just at projects, but at national and regional strate-gies. We are trying to focus on the fundamental issues of education andhealth, and social development, built on top of the important investmentsthat are necessary in infrastructure. We are trying to engage in this fighton the basis of a medium-term commitment, not as something that can bedone in one year or two, but on the basis of a strategy that we really stickwith. That strategy is economic, social, and environmental. All I can say
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is that the reactions to that statement have been really terrific. I have dis-covered that many, many people feel the same way, and that our commu-nity is united in this sense of moving forward. I am thrilled about that.
I think we have had some marvelous moments here. In Premier LiPeng’s opening speech, he said, “Seeing it once is better than hearingabout it a hundred times.” That is a Chinese proverb with which I think wecan all agree. Seeing this region and seeing Hong Kong, the “one country,two systems,” is certainly something that we can now believe, and I thinkit served as a very reassuring message to all of us that Hong Kong willcontinue as it has before.
At the Development Committee, under the admirable chairmanshipof Driss Jettou, I think we had very good results. First, we focused on theHIPC Initiative, and I think that all of you here and the members of theDevelopment Committee were approving of the work that we and theFund have done during this past year. I am very grateful that the Indone-sian government came in with a contribution of $10 million to the TrustFund—the first such contribution from a developing country. Belgium,Portugal, and Sweden have also made pledges, and it would be my hopethat other countries will follow suit. I would urge you all to take this up.The issue is not just one of joining the club. For ourselves and the Fund itis essential. We must try to get rid of the debt overhang, and for that weneed bilateral donors to assist us with the Trust Fund. I really hope thatmany of you will give this favorable consideration in the period ahead.
On the Multilateral Investment Guarantee Agency (MIGA), as I thinkyou all know, we have had a pretty tough year in trying to reach a conclu-sion. The very success of MIGA has meant that we need more capital; thatcapital requirement was set at $1 billion, and we have had a lot of argu-ment this year as to how to do it. Fortunately, at the Development Com-mittee we were able to agree that it will be in two parts: $150 million com-ing from a grant from the Bank, and then, most significantly, that weshould move forward in the coming months to approve a $150 millioncontribution from shareholders, in addition to $700 million in uncalledcapital. I hope we can move forward on this, and I would urge Governorsto give it support so that we can bring it to closure at our spring meetings.
The other very important development was on the private sector. Ithink everybody in this room agrees that the private sector is now central tothe economic base of development, and central to the base of technology,skill, and know-how, and we gave a lot of attention to this. The most im-portant thing for us is that we are bringing together the Bank, the Interna-tional Finance Corporation, and MIGA with a single “window,” so that youcan come to the institution and make a request for help or advice or support,and you do not have to find your way around all the buildings. You can findsomebody with whom you can deal. We are trying to make the place cus-tomer friendly. I think this is a development that we are all pleased aboutand we are going to try and make it work during this coming year.
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I was thrilled with the debate on corruption. I think it is astonishingthat in one year we should have come from being scared to mention theword to having it as the central item on the Development Committeeagenda. I do not think anyone underestimates the difficulty of eradicatingcorruption completely. But what is significant is that we are focusing onthe corruptors and the corruptees; trying to make corruption illegal, infact, criminal. In this past year, we have seen that with the activities of theGroup of Seven, the Organization for Economic Cooperation and Devel-opment, and the International Chamber of Commerce. There is absolutelyno doubt that governments that have problems with corruption feel verymuch strengthened by the fact that there is pressure on this subject. Thisis not the Bank coming in as a policeman; this is the Bank trying to re-spond to the needs of countries that want to do something about corrup-tion. I think that the support that Governors gave to our efforts and the ef-forts of the Fund can only strengthen the hand of the people in countriesthat are concerned about this scourge and want to take action. I must saythat I appreciated the support that Governors have given.
I had a series of meetings with regional Governors, which were veryproductive. With the Latin American and Caribbean Governors I talkedabout the current economic situation in Latin America, but we have alsoput on the Bank’s agenda the problem of the El Niño issue. This is an en-vironmental problem that could be enormous, and we are talking to thegovernments in Peru, Ecuador, and Bolivia. It is a real issue that we facenot only in the region, but throughout the world. If we want yet anotherdemonstration that we live in one world, El Niño surely provides one, andwe are trying to prepare in advance.
We had good meetings with the African Governors. With the AfricanGovernors our focus was on the issue of capacity building. This is an ini-tiative taken by the African Governors to build capacity in their govern-ments and in their private sector, and it is an African-led issue. I think it isextraordinarily promising, and I have told the Governors that we are readyto support them in any way possible to bring about the results they want.The responsibility is the responsibility of the African Governors. I have putit squarely on their plate. They are very happy to grasp it, and my guess isthat we will have a significant advance on this and that the subject will, Ihope, be taken up by the African heads of government early next year.
Against the backdrop of recent regional financial problems, it is notsurprising that we focused extensively at our meetings on strengtheningour work in the financial sector. I think there was virtually unanimousagreement on the part of Governors that the Bank should improve andstrengthen its capacity in terms of financial sector support. Everybodyagrees that crisis gives a focus to a financial problem, but it is in the yearsthat come after and the years that precede crises that you can make themost difference: improving supervision, improving regulation, andstrengthening the financial system, the legal system, and the regulatory
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system. That involves a lot of hard work. We were encouraged to proceedwith our plans to supplement our existing team and, most important, towork wholly and completely in conjunction with the excellent efforts thatthe Fund is taking in terms of its own supervisory role. We will be work-ing closely with the Fund and trying to supplement their efforts in thoseareas where we think we can make a contribution.
As to the change program at the Bank, I am delighted to say that it washardly on the agenda. Last year we were subjected to quite a lot of heatabout our renewal and the so-called Compact. I think most of you as Gov-ernors are now giving us a chance to try to get it done. I do not think every-one is convinced that we are there yet, but there was very strong evidenceof support for what we are doing. I am very grateful to Governors for thatsupport, because we are doing something that is making a huge differencein our institution. I need your support. We are not there yet, but I do believethat there is a big change in our institution, and that the most importantthing about it is that it is designed to serve your needs. This is not just aconsultant-led internal reorganization. This is driven by the needs of theclients, and what we are trying to have is an organizational system that re-ally responds. As I have said to many of you, we provide the cheapestmoney in the market. There is no cheaper source of funding. There shouldbe a queue around our building. If there is not, it is because we are doingsomething wrong. So what we are trying to do is to make it so attractivethat you will be beating down our doors, not only for money, but also forhelp, and we look forward to that in the months and years ahead.
We are, of course, delighted, Dr. Liebscher, at your nomination andacceptance of the Chairmanship this year. We look forward very much toworking with you and your colleagues in preparation for next year’s An-nual Meetings in Washington.
May I close simply by saying, as always, a word of thanks to my col-league, Michel Camdessus, for our partnership, and may I say to all of youhow much we look forward to working with you this year and to seeingyou in Washington next year.
STATEMENT BY THE CHAIRMAN OF THE EXECUTIVE BOARD
AND MANAGING DIRECTOR OF THE
INTERNATIONAL MONETARY FUND
Michel Camdessus
Mr. Chairman, Governors, ladies and gentlemen: This has been quitea fruitful Annual Meeting—not least because of the excellent facilities our
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hosts have provided us and the way in which they have organized every-thing so splendidly. During the past few days, we have had extensive,thought-provoking discussions about the challenges of global markets.And we have made substantial headway in equipping the IMF to help itsmembers meet these challenges. Recent developments in several South-east Asian markets have, of course, been ever present in our minds. Yetthis beautiful, dynamic city of Hong Kong has been a constant reminderof what can be achieved in a free and open economy. Against this back-drop, four major themes have emerged.
First, you have expressed your conviction that global opening and in-tegration offer the only path to greater global prosperity. Many have cau-tioned against allowing market turbulence to divert us from the criticaltask of fostering closer financial integration. Indeed, many of you havepointed to the role that the free movement of capital can play in acceler-ating investment and growth. Notwithstanding the problems of recentmonths, this region testifies to the benefits that can spring from the pro-ductive use of capital inflows over the longer term. These recent eventsshould not cloud that reality.
Second, in full recognition of these long-term benefits, you have re-confirmed that the time has come to give the Fund a mandate to promotethe orderly liberalization of capital movements, and thereby add a newchapter to the Bretton Woods agreement. In so doing, you have echoed thebold vision contained in the Interim Committee’s Hong Kong statement—a vision of orderly, lasting liberalization backed by sound national policiesand a solid multilateral system for surveillance and financial support. Thatbold vision—as the Interim Committee has said—will be implementedcautiously.
You have also given considerable attention to what this liberalizationmust entail. Many of you have emphasized the need for adequate flexibil-ity to take account of countries’ differing stages of economic and financialdevelopment; I can assure you we have this requirement clearly in mind.Many have also pointed to the need to strengthen domestic banking sys-tems and the important role that IMF technical assistance can play in thisregard. Here, too, I can confirm that the Fund and the Bank will workclosely with members to help strengthen financial systems and dissemi-nate best practices on the basis of the new framework for financial sectorsoundness.
And all of you have recognized the vital importance of sound eco-nomic policies and the continuing need for strong Fund surveillance.Again, we will continue to do all that we can to ensure that our policy ad-vice is timely and on the mark. And we will stand ready to give financialsupport to countries’ adjustment efforts, when warranted.
I know that a number of you still have concerns about contagion andspeculative pressures and are asking yourselves what more could be done
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to limit their effects. Having had these meetings here in Asia, we now un-derstand those concerns better. Several of you have also come with ideasabout how the interactions between governments, markets, and the inter-national institutions could be made to work more smoothly. We will be re-flecting on these ideas over the coming months. But, as you may recall,the Governor from the Philippines has offered a good starting point for ourreflection. He said, “Volatile capital flows will continue to be a challenge.But the answers are not in a return to controls, but in managing these flowsbetter. The answers are not in restricting capital markets, but in makingthem work better. And the key to this is a higher level of disclosure andtransparency so that players act based on timely and accurateinformation.”
Governor Brown of the United Kingdom made the same point in aslightly different way. He said, “The turbulence in the Southeast Asianeconomy has brought to our attention a truth that applies to us all—that,in addition to pursuing prudent policies, there is nothing more importantfor maintaining stability than effective decision making based on open-ness, transparency, and accountability.” Many others of you have alsostressed this point.
This brings me to the third conclusion that emerged from your dis-cussions: the vital importance you attach to good governance in all its di-mensions. Not so long ago, this subject was virtually taboo in the multi-lateral institutions; today, it is on everyone’s lips and, I hope, at the top ofeveryone’s agenda. There can be no doubt but that good governance, in-cluding the rule of law, is absolutely essential—both in order to realize thebenefits of this new global economy and to manage its risks. As I haveheard so many of you say, good governance is not only a moral necessity,it is an economic one, as well. For this reason, you can count on the IMFto play its part in promoting good governance in all member countries inaccordance with the mandate you have recently given us.
Fourth and finally, you have emphasized that when problems doemerge, as surely they will continue to do, the Fund must be ready to re-spond with its financial support. We were able to do this in Thailand. Youragreement to increase IMF quotas by 45 percent will substantially en-hance our ability to continue meeting our systemic responsibilities. Thedecision on a one-time equity allocation of SDRs, through an amendmentof the Articles, is also an important breakthrough, allowing all members toparticipate in the SDR system on an equal footing. Meanwhile, duringthese past few days, the number of countries adhering to the New Arrange-ments to Borrow (NAB) has increased to 15, with credit arrangements ofover SDR 15 billion. I do hope that participants that have not yet taken thesteps needed to adhere to the NAB decision will do so, so that these sup-plementary credit lines can enter into force as soon as possible.
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Governors, all of you have expressed strong support for the poorestcountries struggling to be included in the global economy. Yet, there is amajor piece of our financial architecture that is still incomplete—the fi-nancing needed to ensure a continuous role for the Enhanced StructuralAdjustment Facility (ESAF), and the Fund’s contribution, via ESAF, tothe joint Initiative for Heavily Indebted Poor Countries. We must rectifythis. I am deeply gratified by the contributions that have been made to theinterim ESAF, a number of which come from low-income countries andvery small economies that want to express their solidarity with the poor-est. But I am also troubled that we are still far from our goal, with impor-tant deadlines facing us in the next few months. I urge all those who havenot yet done so to give their full, unconditional support to ESAF. I alsourge everyone to join a consensus that will permit us to bring this effort toa successful conclusion. The Fund must have the means to support the ad-justment efforts of those most in need.
Here let me add one additional point. I would not like to leave the im-pression that progress in Africa has been overshadowed by turmoil inAsia. I would not want the African governors to leave Hong Kong feelingthat their concerns had been left on the back burners in our kitchens. Solet me refer back to what I said about Africa in my opening address:growth on the order of 4!/2 to 5 percent is progress, but we must do moreand better.
In closing, let me once again thank the government of China and theHong Kong Monetary Authority for the professional way in which thesemeetings have been organized and conducted. Let me also thank our ableChairman, Governor Khirbash from the United Arab Emirates, and con-gratulate the Governor from Austria, who will succeed him. Finally, I wishall of you well until we convene again next year in Washington.
CONCLUDING REMARKS BY THE CHAIRMAN OF THE BOARDS OF
GOVERNORS AND GOVERNOR OF THE BANK AND THE FUND FOR THE
UNITED ARAB EMIRATES
Mohammed K. Khirbash
As Chairman of the Boards of Governors, it is now my duty to bringthese deliberations to a close. It has been a great privilege to have servedas the Chairman of the Boards of Governors of the Bank and the Fund. Iwould like to take this opportunity to thank everyone for the support andkindness extended to me during my tenure. On behalf of all of us, I would
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also like to thank Premier Li Peng for his words of encouragement and thegovernment of China and the people of Hong Kong for their warm andgenerous hospitality.
As these 1997 Annual Meetings draw to a close, I would like to re-view briefly some of the major themes that have emerged from our dis-cussions and their implications for our two partner institutions. We haveall recognized, I think, that the increasing globalization of the world econ-omy has brought great benefits in terms of economic growth and povertyreduction. But we have also recognized what Mr. Wolfensohn said at thebeginning of our discussions, that too many people in too many countrieshave yet to enjoy the fruits of success. It is also clear that the increasinginterdependence of national economies and financial markets requireswhat Mr. Camdessus has described as an even more far-reaching sense ofnational responsibility and international solidarity. In this context the needfor strong partnerships both between our two Bretton Woods institutionsand more broadly with national governments, other multilateral and bilat-eral institutions, nongovernmental organizations, and the private sectorhas never been greater.
In my opening remarks I highlighted three areas where a strengthenedcommon effort between the Bank and the Fund is of great importance—financial sector cooperation, governance, and the Initiative for Heavily In-debted Poor Countries. During our deliberations, Governors have notedwith satisfaction the strengthened ability of the IMF to help countries meetthe challenges of a global financial market and the increased collaborationbetween the Fund and the Bank in strengthening the financial sectors ofmember countries. You have agreed that the Bretton Woods institutionsshould pay more attention to issues of governance and corruption and youhave welcomed the strategies and guidelines recently issued by both insti-tutions. Finally Governors have commended the Bank and the Fund forthe progress made on the HIPC Initiative and have emphasized the im-portance of an equitable sharing of the financial costs of the initiativeamong all creditors.
Turning specifically to the Bank, Governors have indicated theirstrong support for the objectives of the Strategic Compact. You have ap-plauded Mr. Wolfensohn for this initiative and have noted that the firstprogress report confirms that real change is taking place. You now lookforward to seeing the tangible results of the Compact in terms of improvedresults on the ground. Governors have welcomed the Bank Group’s in-creased focus on private sector development and the development of anexpanded range of guarantee and other lending and nonlending services insupport of private sector development. You have also welcomed the actionprogram for infrastructure development presented to the DevelopmentCommittee and the increased focus of the Bank on capacity building, par-ticularly in Africa. Governors have indicated their satisfaction with the
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consensus that has been reached on addressing the Multilateral InvestmentGuarantee Agency’s resource constraints and have urged all relevant par-ties to come to closure on the details of the capital increase before the nextDevelopment Committee meeting in April 1998.
In respect of the Fund, Governors have adopted a resolution on anamendment of the Articles. The amendment will provide a special one-time allocation of SDRs. All members will then have an equitable share ofSDRs, including those countries that have never received allocations ofSDRs since they joined the Fund. You have welcomed the agreement thathas been reached by the Fund’s Executive Board on the Eleventh GeneralReview of Quotas and look forward to speedy completion. Governorshave also agreed that the Fund should play a central role in promoting theorderly liberalization of capital movements and you have indicated thatthe Fund should give high priority to the work on an amendment of the Ar-ticles. In this context you have emphasized the importance of adequatelydesigned approval policies and transitional arrangements.
Before adjourning, I would like to express my appreciation toMr. Wolfensohn and Mr. Camdessus, to the staff of the Joint Secretariat,and to their counterparts in the Hong Kong Monetary Authority for theirhard work and dedication, which have helped make our gathering here inHong Kong such a success. I would also like to extend my best wishes tothe Governor for Austria, who succeeds me as Chairman of the Boards ofGovernors.
I would conclude by once again thanking everyone and wishing all asafe journey home. The 1997 Annual Meetings of the World Bank Groupand the International Monetary Fund are hereby adjourned.
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DOCUMENTS AND RESOLUTIONSOF THE
BOARD OF GOVERNORS
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SCHEDULE OF MEETINGS1
SundaySeptember 21 9:30 a.m.— Interim Committee2
2:30 p.m.— Interim Committee
MondaySeptember 22 9:00 a.m.— Joint Development Committee
3:00 p.m.— Joint Development Committee
TuesdaySeptember 23 10:00 a.m.— Opening Ceremonies
Address from the ChairAnnual Address by President,
World Bank GroupAnnual Address by Managing
Director, International Monetary Fund
3:00 p.m.— Annual Discussion
WednesdaySeptember 24 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
ThursdaySeptember 25 9:30 a.m.—Annual Discussion
Following the Procedures Committees’ Reportsconclusion of the Comments by Heads of Annual Discussion Organizations
Adjournment
269
1Meetings of the Joint Development Committee were held jointly with the Board ofGovernors of the Bank. The sessions of the Annual Meetings were held jointly with theBoards of Governors of the World Bank Group.
2Fund only.
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PROVISIONS RELATING TO THE CONDUCTOF THE MEETINGS
Admission
1. Sessions of the Boards of Governors of the World Bank Group Orga-nizations and the International Monetary Fund will be joint and shallbe open to accredited press, guests, and staff.
2. Meetings of the Joint Procedures Committee shall be open only toGovernors who are members of the Committee and their advisers, Ex-ecutive Directors, and such staff as may be necessary.
Procedure and Records
3. The Chairman of the Boards of Governors will establish the order ofspeaking at each session. Governors signifying a desire to speak willgenerally be recognized in the order in which they ask to speak.
4. With the consent of the Chairman, a Governor may extend his state-ment in the record following advance submission of the text to theSecretaries.
5. The Secretaries will have verbatim transcripts prepared of the pro-ceedings of the Boards of Governors and the Joint Procedures Com-mittee. The transcripts of proceedings of the Joint Procedures Com-mittee will be confidential and available only to the Chairman, thePresident of the World Bank Group, the Managing Director of the In-ternational Monetary Fund, and the Secretaries.
6. Reports of the Joint Procedures Committee shall be signed by theCommittee Chairman and the Reporting Member.
Public Information
7. The Chairman of the Boards of Governors, the President of the WorldBank Group, and the Managing Director of the International MonetaryFund will communicate to the press such information concerning theproceedings of the Annual Meetings as they may deem suitable.
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AGENDA
1. 1997 Annual Report
2. Report of the Chairman of the Interim Committee(Fund Document No. 4)
3. Report of the Chairman of the Joint Development Committee(Fund Document No. 5)
4. Financial Statements and Audit Report (Appendix X of 1997 Annual Report and Fund Documents Nos. 6 and 7)
5. Administrative and Capital Budgets for Financial Yearending April 30, 1998 (Appendix IX of 1997 AnnualReport and Fund Documents Nos. 7 and 8)
6. Special One-Time Allocation of SDRs—Proposed Fourth Amendment of the Articles
7. Selection of Officers and Joint Procedures Committeefor 1997/98
271
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REPORTS OF THEJOINT PROCEDURES COMMITTEE
Chairman—United Arab EmiratesVice Chairmen—Czech Republic, Malaysia
Reporting Member—Uganda
Other Members
Argentina, Burkina Faso, People’s Republic of China, Colombia,Costa Rica, France, Germany, Japan, Kyrgyz Republic, Madagascar,Netherlands, Norway, Russian Federation, St. Lucia, Samoa, SaudiArabia, Senegal, United Kingdom, United States
Report II1
September 25, 1997
Mr. Chairman:
At the meeting of the Joint Procedures Committee held on Sep-tember 24, 1997, items of business on the agenda of the Board of Gover-nors of the International Monetary Fund were considered.
The Committee submits the following report and recommendations:
1. 1997 Annual Report
The Committee noted that provision had been made for the annualdiscussion 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 theInterim Committee.
The Committee recommends that the Board of Governors of the Fundthank the Interim Committee for its work.
272
1 Report I dealt 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 Boardof Governors of the Fund in Joint Session with the Boards of Governors of the Bank, IFC,and IDA on September 25, 1997.
2 See pages 34–37.
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3. Financial Statements, Report on Audit, and Administrative andCapital Budgets
The Committee considered the Report on Audit for the Financial Yearended April 30, 1997, the Financial Statements contained therein (FundDocument No. 6 and Appendix X of the 1997 Annual Report), and the Ad-ministrative Budget for the Financial Year ending April 30, 1998 and theCapital Budget for capital projects beginning in Financial Year 1998 (FundDocument No. 8 and Appendix IX of the 1997 Annual Report).
The Committee recommends that the Board of Governors of the Fundadopt the draft Resolution set forth in Fund Document No. 7.3
Approved:
/s/ Mohammed K. Khirbash /s/ Jehoash S. Mayanja-NkangiUnited Arab Emirates—Chairman Uganda—Reporting Member
Report III4
September 25, 1997
Mr. Chairman:
The Joint Procedures Committee met on September 24, 1997 and sub-mits the following report and recommendations:
1. Development Committee
The Committee noted that the Report of the Chairman of the JointMinisterial Committee of the Boards of Governors of the Fund and theBank on the Transfer of Real Resources to Developing Countries (Devel-opment Committee) has been presented to the Boards of Governors of theBank and Fund pursuant to paragraph 5 of Resolutions Nos. 29-9 and 294of the Fund and Bank, respectively (Bank Document No. 3 and Fund Doc-ument No. 5).5
COMMITTEE REPORTS 273
3Resolution No. 52-5; see page 280.4Report III and recommendations contained therein were approved by the Board of
Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC, andIDA, on September 25, 1997.
5See pages 37–39.
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The Committee recommends that the Boards of Governors of theBank and the Fund note the report and thank the Development Committeefor its work.
2. Officers and Joint Procedures Committee for 1997/98
The Committee recommends that the Governor for Austria be Chair-man and that the Governors for India and Nicaragua be Vice Chairmen ofthe Boards of Governors of the World Bank Group and of the Fund, to holdoffice until the close of the next Annual Meetings.
It is further recommended that a Joint Procedures Committee be es-tablished to be available, after the termination of these meetings and untilthe close of the next Annual Meetings, for consultation at the discretion ofthe Chairman, normally by correspondence and, if the occasion requires,by convening; and that this Committee shall consist of the Governors forthe following members: Austria, Azerbaijan, Brazil, Cameroon, Canada,Côte d’Ivoire, France, Georgia, Germany, Greece, Guatemala, India,Japan, Lebanon, Micronesia, Mozambique, Nicaragua, Philippines,Poland, Saudi Arabia, the United Kingdom, the United States, and Zambia.
It is recommended that the Chairman of the Joint Procedures Com-mittee shall be the Governor for Austria, and the Vice Chairmen shall bethe Governors for India and Nicaragua, and that the Governor for Zambiashall serve as Reporting Member.
Approved:
/s/ Mohammed K. Khirbash /s/ Jehoash S. Mayanja-NkangiUnited Arab Emirates—Chairman Uganda—Reporting Member
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RESOLUTIONS
Resolution No. 52-1
Amendment of Section 5 of the By-Laws of the Fund
The Executive Board resolved on November 25, 1996 that action onthe amendment should not be postponed until the next regular meeting ofthe Board of Governors.
In accordance with Section 13 of the By-Laws, the following Reso-lution was submitted to the Governors on November 27, 1996 for a votewithout meeting:
RESOLVED:
That Section 5 of the By-Laws shall be amended by adding the fol-lowing paragraph:
“(e) the World Trade Organization shall be entitled to send
a member of the Secretariat as an observer to meetings of
the Board of Governors.”
The Board of Governors adopted the foregoing Resolution, effectiveJanuary 8, 1997.
Resolution No. 52-2
Salary of the Managing Director
The Executive Board resolved on December 11, 1996 to recommendan adjustment in the salary of the Managing Director.
In accordance with Section 13 of the By-Laws, the following Reso-lution was submitted to the Governors on December 12, 1996 for a votewithout meeting:
RESOLVED:
That, effective January 16, 1997, the annual salary of the ManagingDirector of the Fund shall be two hundred twenty-four thousand, sixhundred and fifty dollars ($224,650).
The Board of Governors adopted the foregoing Resolution, effectiveJanuary 13, 1997.
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Resolution No. 52-3
Direct Remuneration of Executive Directors and Their Alternates
Pursuant to Section 14(e) of the By-Laws, the 1997 Joint Committeeon the Remuneration of Executive Directors and Their Alternates onJune 27, 1997 directed the Secretary of the Fund to transmit its report andrecommendations to the Board of Governors of the Fund. The Committee’sreport contained the following proposed Resolution for adoption by theBoard of Governors.
In accordance with Section 13 of the By-Laws, the following Resolu-tion was submitted to the Governors on July 7, 1997 for a vote withoutmeeting:
RESOLVED:
That, effective July 1, 1997, the annual rates of remuneration of theExecutive Directors of the Fund and their Alternates pursuant to Sec-tion 14(e) of the By-Laws shall be as follows:
(i) As salary, $140,950 per year for Executive Directors and $120,260per year for their Alternates;
(ii) As supplemental allowance (for expenses, including housing andentertainment expenses, except those specified in Section 14(f) of theBy-Laws), $9,000 per year for Executive Directors and $7,200 peryear for their Alternates.
The Board of Governors adopted the foregoing Resolution, effectiveAugust 18, 1997.
Resolution No. 52-4
Special One-Time Allocation of SDRsProposed Fourth Amendment of the Articles of Agreement
WHEREAS the Interim Committee of the Board of Governors has in-vited the Executive Board to propose an amendment of the Articles ofAgreement of the International Monetary Fund providing for a specialone-time allocation of SDRs to allow all participants in the Special Draw-ing Rights Department to receive an equitable share of cumulative SDR al-locations; and
WHEREAS the Executive Board has proposed such an amendmentand prepared a report on the same;
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NOW, THEREFORE, The Board of Governors, noting the said Re-port of the Executive Board, hereby RESOLVES that:
1. The proposals for modifications (Proposed Fourth Amendment)that are attached to this Resolution and are to be incorporated in the Arti-cles of Agreement of the International Monetary Fund are approved.
2. The Secretary of the Fund is directed to ask, by circular letter,telegram, or other rapid means of communications, all members of theFund whether they accept, in accordance with the provisions of ArticleXXVIII of the Articles, the Proposed Fourth Amendment.
3. The circular letter, telegram, or other communication to be sent toall members in accordance with 2 above shall specify that the ProposedFourth Amendment shall enter into force for all members as of the date onwhich the Fund certifies, by formal communication addressed to all mem-bers, that three-fifths of the members, having eighty-five percent of thetotal voting power, have accepted the modifications.
Attachment to Resolution No. 52-4
Proposed Fourth Amendmentof the Articles of Agreement
of the International Monetary Fund
The Governments on whose behalf the present Agreement is signedagree as follows:
1. The text of Article XV, Section 1 shall be amended to read as follows:(a) To meet the need, as and when it arises, for a supplement to ex-isting reserve assets, the Fund is authorized to allocate special draw-ing rights in accordance with the provisions of Article XVIII to mem-bers that are participants in the Special Drawing Rights Department.
(b) In addition, the Fund shall allocate special drawing rights tomembers that are participants in the Special Drawing Rights Depart-ment in accordance with the provisions of Schedule M.
2. A new Schedule M shall be added to the Articles, to read as follows:
SCHEDULE M
Special One-Time Allocation of Special Drawing Rights
1. Subject to 4 below, each member that, as of September 19, 1997, is aparticipant in the Special Drawing Rights Department shall, on the 30thday following the effective date of the fourth amendment of this Agree-
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ment, receive an allocation of special drawing rights in an amount that willresult in its net cumulative allocation of special drawing rights being equalto 29.315788813 percent of its quota as of September 19, 1997, providedthat, for participants whose quotas have not been adjusted as proposed inResolution No. 45-2 of the Board of Governors, calculations shall be madeon the basis of the quotas proposed in that resolution.
2. (a) Subject to 4 below, each country that becomes a participant in theSpecial Drawing Rights Department after September 19, 1997 butwithin three months of the date of its membership in the Fund shall re-ceive an allocation of special drawing rights in an amount calculatedin accordance with (b) and (c) below on the 30th day following thelater of: (i) the date on which the new member becomes a participantin the Special Drawing Rights Department, or (ii) the effective date ofthe fourth amendment of this Agreement.
(b) For the purposes of (a) above, each participant shall receive anamount of special drawing rights that will result in such participant’snet cumulative allocation being equal to 29.315788813 percent of itsquota as of the date on which the member becomes a participant in theSpecial Drawing Rights Department, as adjusted:
(i) first, by multiplying 29.315788813 percent by the ratio of thetotal of quotas, as calculated under 1 above, of the participants de-scribed in (c) below to the total of quotas of such participants as ofthe date on which the member became a participant in the SpecialDrawing Rights Department, and
(ii) second, by multiplying the product of (i) above by the ratio of thetotal of the sum of the net cumulative allocations of special drawingrights received under Article XVIII of the participants described in(c) below as of the date on which the member became a participantin the Special Drawing Rights Department and the allocations re-ceived by such participants under 1 above to the total of the sum ofthe net cumulative allocations of special drawing rights receivedunder Article XVIII of such participants as of September 19, 1997and the allocations received by such participants under 1 above.
(c) For the purposes of the adjustments to be made under (b) above,the participants in the Special Drawing Rights Department shall bemembers that are participants as of September 19, 1997 and (i) con-tinue to be participants in the Special Drawing Rights Department asof the date on which the member became a participant in the SpecialDrawing Rights Department, and (ii) have received all allocationsmade by the Fund after September 19, 1997.
3. (a) Subject to 4 below, if the Federal Republic of Yugoslavia(Serbia/Montenegro) succeeds to the membership in the Fund and the
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participation in the Special Drawing Rights Department of the formerSocialist Federal Republic of Yugoslavia in accordance with the termsand conditions of Executive Board Decision No. 10237-(92/150),adopted December 14, 1992, it shall receive an allocation of specialdrawing rights in an amount calculated in accordance with (b) belowon the 30th day following the later of: (i) the date on which the Fed-eral Republic of Yugoslavia (Serbia/Montenegro) succeeds to mem-bership in the Fund and participation in the Special Drawing RightsDepartment in accordance with the terms and conditions of ExecutiveBoard Decision No. 10237-(92/150), or (ii) the effective date of thefourth amendment of this Agreement.
(b) For the purposes of (a) above, the Federal Republic of Yugoslavia(Serbia/Montenegro) shall receive an amount of special drawingrights that will result in its net cumulative allocation being equal to29.315788813 percent of the quota proposed to it under para-graph 3(c) of Executive Board Decision No. 10237-(92/150), as ad-justed in accordance with 2(b)(ii) and (c) above as of the date onwhich the Federal Republic of Yugoslavia (Serbia/Montenegro) qual-ifies for an allocation under (a) above.
4. The Fund shall not allocate special drawing rights under this Scheduleto those participants that have notified the Fund in writing prior to the dateof the allocation of their desire not to receive the allocation.
5. (a) If, at the time an allocation is made to a participant under 1, 2, or3 above, the participant has overdue obligations to the Fund, the spe-cial drawing rights so allocated shall be deposited and held in an es-crow account within the Special Drawing Rights Department and shallbe released to the participant upon discharge of all its overdue obliga-tions to the Fund.
(b) Special drawing rights being held in an escrow account shall not beavailable for any use and shall not be included in any calculations of al-locations or holdings of special drawing rights for the purposes of theArticles, except for calculations under this Schedule. If special drawingrights allocated to a participant are held in an escrow account when theparticipant terminates its participation in the Special Drawing RightsDepartment or when it is decided to liquidate the Special DrawingRights Department, such special drawing rights shall be canceled.
(c) For purposes of this paragraph, overdue obligations to the Fundconsist of overdue repurchases and charges in the General ResourcesAccount, overdue principal and interest on loans in the Special Dis-bursement Account, overdue charges and assessments in the SpecialDrawing Rights Department, and overdue liabilities to the Fund astrustee.
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(d) Except for the provisions of this paragraph, the principle of sepa-ration between the General Department and the Special DrawingRights Department and the unconditional character of special drawingrights as reserve assets shall be maintained.”
The Board of Governors adopted the foregoing Resolution, effectiveSeptember 23, 1997.
Resolution No. 52-5
Financial Statements, Report on Audit,and Administrative and Capital Budgets
RESOLVED:
That the Board of Governors of the International Monetary Fund con-siders the Report on Audit for the Financial Year ended April 30,1997, the Financial Statements contained therein, and the Administra-tive Budget for the Financial Year ending April 30, 1998 and the Cap-ital Budget for capital projects beginning in Financial Year 1998 asfulfilling the requirements of Article XII, Section 7 of the Articles ofAgreement and Section 20 of the By-Laws.
The Board of Governors adopted the foregoing Resolution, effectiveSeptember 25, 1997.
Resolution No. 52-6
Appreciation
RESOLVED:
That the Boards of Governors of the World Bank Group and of the In-ternational Monetary Fund express their sincere appreciation to theGovernment and people of the People’s Republic of China and to theHong Kong Special Administrative Region for their gracious and warmhospitality;
That they express their gratitude for the outstanding facilities at theHong Kong Convention and Exhibition Centre which were madeavailable for the meeting in Hong Kong; and
That they express particular appreciation to the Governors and Alter-nate Governors for China and to their associates for the many contri-butions which they have made toward ensuring the success of the1997 Annual Meetings.
The Board of Governors adopted the foregoing Resolution, effectiveSeptember 25, 1997.
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Interim Committee of the Board of Governorson the International Monetary System
PRESS COMMUNIQUÉ
September 21, 1997
1. The Interim Committee held its forty-ninth meeting in HongKong, China, on September 21, 1997 under the Chairmanship ofMr. Philippe Maystadt, Deputy Prime Minister and Minister of Financeand Foreign Trade of Belgium.
2. The Committee welcomed the generally favorable prospects forthe continued expansion of world output and trade. There are, neverthe-less, risks that confront individual countries and that could also affect theworld economy, if not decisively addressed.
• In the advanced economies as a group, growth with low inflation isprojected to continue. However, sustained fiscal consolidation re-mains a challenge for many countries, requiring resolute policiesover the near and medium term. Exchange rates among the majorcurrencies should reflect economic fundamentals bearing in mindthe importance of avoiding large external imbalances. In countriesthat have reached high levels of resource use, including the UnitedStates, monetary policy will need to guard against the reemergenceof inflation. In continental Europe, monetary policy should remainconsistent with sustained expansion of domestic demand. The chal-lenge for Japan is to achieve the objective of domestic demand-ledgrowth with a supportive stance of monetary policy while proceed-ing vigorously with its structural reform program and further con-solidating its fiscal position over the medium term. High levels ofstructural unemployment in several European countries point to thepressing need for more determined efforts to increase efficiencyand adaptability in labor and product markets and to reform tax, so-cial benefits, and other entitlement systems.
• The growth performance and prospects of developing countries asa group have strengthened in recent years. However, further im-provements are needed in many cases to achieve significant reduc-tions in poverty. This highlights the need to maintain macroeco-nomic discipline and accelerate structural reforms, including“second-generation” reforms aimed at strengthening public admin-istration and financial sector management, developing human
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capital, promoting basic infrastructure, and fostering a conduciveand transparent environment for private investment.
• In some emerging market economies, large external imbalances andfragile banking systems have adversely affected investor confi-dence and exacerbated the risks emanating from volatile capitalmovements.
• In the transition countries, growth has resumed following goodprogress, in most cases, with macroeconomic stabilization andstructural reforms. Strengthening growth performance depends onspeeding up legal, institutional, and other reforms that encourageprivate economic activity and investment. To safeguard and buildupon the achievements thus far, inflation will in most cases need tobe lowered further through disciplined macroeconomic policies.
3. The Committee welcomed progress made toward a successful Eu-ropean Economic and Monetary Union (EMU) that contributes to stabilityin the international monetary system. The economic convergence achievedin Europe and the strong commitment to start EMU on schedule constitutea sound basis for securing a smooth transition to the euro on January 1,1999. The best way to ensure a solid and stable EMU will be for its par-ticipants to demonstrate not only their commitment to the fiscal require-ments of the Stability and Growth Pact, but also their resolve to attack theroot causes of Europe’s high unemployment.
4. The Committee reaffirmed the vital contribution of globalizationto economic growth worldwide. Adherence by all members to the policyguidelines set out in the Committee’s “Declaration on Partnership for Sus-tainable Global Growth” is essential to ensuring that all share in the bene-fits of globalization. The Committee welcomed the recent adoption by theFund of guidelines on governance issues as well as the ongoing efforts toenhance the soundness of financial systems, notably the establishment ofthe “Core Principles of Effective Banking Supervision” developed by theBasle Committee in conjunction with the supervisory authorities in a num-ber of emerging market economies.
5. The Committee noted that recent disturbances in Asian financialmarkets have again underscored the importance for policymakers in allcountries to ensure the internal consistency of macroeconomic policies,strengthen financial systems, and avoid excessive external deficits and re-liance on short-term foreign borrowing. Although the impact of recent fi-nancial market turmoil on some of the countries affected is expected to re-sult in a slowdown of growth in the near term, the countries’ economicfundamentals remain solid and their longer-term outlook is favorable, pro-vided the required adjustment policies are sustained. The Committee also
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noted that the recent Asian experience has illustrated that rising capitalflows may require some adaptation of exchange rate arrangements tochanging circumstances. Regardless of a country’s exchange rate arrange-ment, the maintenance of appropriate macroeconomic and structural poli-cies consistent with the arrangement remains crucial.
6. The Committee commended the Fund for its prompt and effectiveresponse to the events in Asia, welcomed the support provided by the re-gion, and invited the Executive Board to examine what further lessonscould be drawn for the Fund’s work and to report its findings to the nextmeeting of the Committee. In this context, the Committee recognized thatthe recent developments raised a number of analytical issues, including onthe prevention of crises and contagion effects. The Committee stressed theimportance of openness and accountability of economic policymaking,and of transparency, to achieving policy credibility and confidence build-ing in a globalized environment. It would be useful for the Fund to workin this area, including the possibility of developing a code of good prac-tices. Timely and accurate economic information are also needed to im-prove the functioning of markets. The Committee welcomed the Fund’sSpecial Data Dissemination Standard and the recent voluntary release ofPress Information Notices on the conclusions of Fund surveillance in indi-vidual members, making an important contribution to transparency. TheCommittee looked forward to the strengthening of the Fund’s Special DataDissemination Standard.
7. The Committee reiterated its view that an open and liberal systemof capital movements, supported by sound macroeconomic policies andstrong financial systems, enhances economic welfare and prosperity in theworld economy. The Committee adopted the Statement on “The Liberal-ization of Capital Movements Under an Amendment of the Fund’s Arti-cles,” and considered that an amendment of the Fund’s Articles will pro-vide the most effective means of promoting an orderly liberalization ofcapital movements consistent with the Fund’s role in the internationalmonetary system. The Committee requested the Executive Board to accordhigh priority to completing its work and submitting a report and a proposeddraft amendment to the Board of Governors.
8. The Committee welcomed the agreement reached by the ExecutiveBoard on both the size of the increase in quotas under the Eleventh Gen-eral Review and on the method to be used to distribute the overall increasein quotas. The Committee agreed that:
• the present total of Fund quotas would be increased by 45 percent;
• 75 percent of the overall increase would be distributed in proportionto present quotas;
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• 15 percent of the overall increase would be distributed in proportionto members’ shares in calculated quotas (based on 1994 data), so asto better reflect the relative economic positions of members; and
• the remaining 10 percent of the overall increase would be distrib-uted among those members whose present quotas are out of linewith their positions in the world economy (as measured by the ex-cess of their share in calculated quotas over their share in actualquotas), of which 1 percent of the overall increase would be dis-tributed among five members whose current quotas are far out ofline with their relative economic positions, and which are in a posi-tion to contribute to the Fund’s liquidity over the medium term.
The Committee requested the Executive Board to submit before theend of this year a proposed resolution for the approval of the Board ofGovernors to effect the agreed increases in quotas. The Committee reiter-ated its view that the formulas used to calculate quotas should be reviewedby the Board promptly after the completion of the Eleventh GeneralReview.
9. The Committee welcomed the agreement reached by the ExecutiveBoard on an amendment of the Articles to provide all members with an eq-uitable share of cumulative SDR allocations through a special one-timeSDR allocation amounting to SDR 21.4 billion, which will double theamount of SDRs already allocated. Accordingly, it recommends the adop-tion by the Board of Governors of the proposed Resolution.
10. The Committee welcomed the recent progress made in the im-plementation of the HIPC Initiative, including the decisions, in principle,of the Executive Boards of the Fund and Bank to provide assistance toUganda, Bolivia, and Burkina Faso, and the preliminary discussions onCôte d’Ivoire, Guyana, and Mozambique. The Committee encouragedcountries that could qualify under the initiative to expeditiously take thenecessary adjustment measures to benefit from this special assistance.
11. The Committee welcomed the continuing efforts to help securethe resources needed to complete the financing of the ESAF and HIPC Ini-tiatives. It noted that, in light of the bilateral pledges received or inprospect, and the need to continue making commitments under the HIPCInitiative, further steps to secure the timely funding of these initiativeswould have to be considered soon.
The Committee will meet again in Washington, D.C., on April 16,1998.
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STATEMENT OF THE INTERIM COMMITTEE ON THE LIBERALIZATION
OF CAPTIAL MOVEMENTS UNDER AN AMENDMENT OF THE ARTICLES
1. It is time to add a new chapter to the Bretton Woods agreement.Private capital flows have become much more important to the interna-tional monetary system, and an increasingly open and liberal system hasproved to be highly beneficial to the world economy. By facilitating theflow of savings to their most productive uses, capital movements increaseinvestment, growth, and prosperity. Provided it is introduced in an orderlymanner, and backed both by adequate national policies and a solid multi-lateral system for surveillance and financial support, the liberalization ofcapital flows is an essential element of an efficient international monetarysystem in this age of globalization. The IMF’s central role in the interna-tional monetary system, and its near universal membership, make ituniquely placed to help this process. The Committee sees the Fund’s pro-posed new mandate as bold in its vision, but cautious in implementation.
2. International capital flows are highly sensitive, inter alia, to thestability of the international monetary system, the quality of macroeco-nomic policies, and the soundness of domestic financial systems. The re-cent turmoil in financial markets has demonstrated again the importance ofunderpinning liberalization with a broad range of structural measures, es-pecially in the monetary and financial sector, and within the framework ofa solid mix of macroeconomic and exchange rate policies. Particular im-portance will need to be attached to establishing an environment con-ducive to the efficient utilization of capital and to building sound financialsystems solid enough to cope with fluctuations in capital flows. Thisphased but comprehensive approach will tailor capital account liberaliza-tion to the circumstances of individual countries, thereby maximizing thechances of success, not only for each country but also for the internationalmonetary system.
3. These efforts should lead to the establishment of a multilateral andnondiscriminatory system to promote the liberalization of capital move-ments. The Fund will have the task of assisting in the establishment of sucha system and stands ready to support members’ efforts in this regard. Itsrole is also key to the adoption of policies that would facilitate properly se-quenced liberalization and reduce the likelihood of financial and balanceof payments crises.
4. In light of the foregoing, the Committee invites the ExecutiveBoard to complete its work on a proposed amendment of the Fund’s Arti-cles that would make the liberalization of capital movements one of thepurposes of the Fund, and extend, as needed, the Fund’s jurisdictionthrough the establishment of carefully defined and uniformly applied
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obligations regarding the liberalization of such movements. Safeguardsand transitional arrangements are necessary for the success of this majorendeavor. Flexible approval policies will have to be adopted. In both thepreparation of an amendment to its Articles and in its implementation, themembers’ obligations under other international agreements will be re-spected. In pursuing this work, the Committee expects the IMF and otherinstitutions to cooperate closely.
5. Sound liberalization and expanded access to capital marketsshould reduce the frequency of recourse to Fund resources and other ex-ceptional financing. Nevertheless, the Committee recognizes that, in somecircumstances, there could be a large need for financing from the Fundand other sources. The Fund will continue to play a critical role in helpingto mobilize financial support for members’ adjustment programs. In suchendeavors, the Fund will continue its central catalytic role while minimiz-ing moral hazard.
6. In view of the importance of moving decisively towards this newworldwide regime of liberalized capital movements, and welcoming thevery broad consensus of the membership on these basic guidelines, theCommittee invites the Executive Board to give a high priority to the com-pletion of the required amendment of the Fund’s Articles of Agreement.
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INTERIM COMMITTEE
COMPOSITION
as of September 21, 1997
Philippe Maystadt, Chairman
Ahmad Mohd Don MalaysiaIbrahim A. Al-Assaf Saudi ArabiaErik Åsbrink SwedenGordon Brown United KingdomP. Chidambaram IndiaCarlo Azeglio Ciampi ItalyPeter Costello AustraliaDai Xianglong People’s Republic of ChinaRodrigo de Rato Figaredo SpainMarcel Doupamby Matoka GabonSergei Dubinin Russian FederationRoque B. Fernández ArgentinaAbdelouahab Keramane AlgeriaMohammed K. Khirbash1 United Arab EmiratesPedro Sampaio Malan BrazilJustin C. Malewezi MalawiPaul Martin2 CanadaPhilippe Maystadt3,4 BelgiumHiroshi Mitsuzuka JapanRobert E. Rubin United StatesDominique Strauss-Kahn FranceKaspar Villiger SwitzerlandTheo Waigel GermanyGerrit Zalm Netherlands
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Alternate attending for the member:1Sultan Bin Nasser Al-Suwaidi2Gordon Thiessen3Jean-Claude Juncker4Wolfgang Ruttenstorfer
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Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transferof Real Resources to Developing Countries
(Development Committee)
PRESS COMMUNIQUÉ
September 22, 1997
1. The fifty-sixth meeting of the Development Committee was heldin Hong Kong, China, on September 22, 1997 under the chairmanship ofMr. Driss Jettou, Minister of Finance, Commerce, Industry and Handi-crafts of Morocco.1
2. Helping Countries Combat Corruption and Improve Governance.Ministers agreed that corruption and weak governance undermine macro-economic stability, private sector activity, and sustainable developmentobjectives, and may erode international support for development cooper-ation. They emphasized that corruption is a global problem that requirescomplementary actions by all countries. While stressing that member gov-ernments have the primary responsibility for combating corruption andstrengthening governance, they welcomed the more active involvement ofthe Bank and the Fund, each within their respective mandate, in respond-ing to member governments’ requests to strengthen their institutions andperformance in these areas, including the introduction of greater trans-parency in the public sector. They welcomed the relevant strategies andguidelines recently issued by the Bank and the Fund. The Committeestressed the importance of a consistent and evenhanded approach, as wellas the need to take governance issues and corruption explicitly into ac-count in lending and other decision making when they significantly affectproject or macroeconomic and country performance. The Committeeasked that the Bank and Fund report to the Committee in a year’s time onthe implementation of their respective strategies and guidelines.
3. Ministers invited other multilateral development banks (MDBs) todevelop similar strategies and guidelines. The MDBs were encouraged, as
288
1Mr. Zhu Rongji, Vice Premier of the People’s Republic of China; Mr. James D. Wolfen-sohn, President of the World Bank; Mr. Michel Camdessus, Managing Director of the Inter-national Monetary Fund; and Mr. Antonio Casas González, Governor of the Central Bank ofVenezuela and Chairman of the Group of Twenty-Four, addressed the plenary session. Ob-servers from a number of international and regional organizations also attended.
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a matter of urgency, to establish procurement procedures and oversightmechanisms of the highest standard and as uniform as possible, includingantibribery provisions. Ministers noted the ultimate responsibility of bor-rowers for ensuring fair and effective procurement, and stressed the im-portance of MDBs increasing their assistance to help build borrower ca-pacity and accountability.
4. Ministers welcomed the efforts under way in other internationaland regional bodies to coordinate efforts to combat corruption. In particu-lar, the Committee encouraged governments to criminalize internationalbribery, in an effective and coordinated way.
5. Multilateral Investment Guarantee Agency (MIGA). Ministers re-iterated their support for MIGA’s continued growth in response to the ex-panding demand for its services. They welcomed the consensus on ad-dressing MIGA’s resource constraints by means of a three-part fundingpackage comprising an IBRD grant of $150 million, paid-in capital of$150 million, plus $700 million of callable capital. Ministers urged theIBRD management and Board of Executive Directors to move swiftly toimplement the $150 million grant. Ministers urged MIGA’s Board to reachagreement on implementation of the remainder of the package. They alsourged the MIGA Board to reach clear understandings on core policy issuesas soon as possible. These measures would relieve MIGA’s short-term fi-nancial constraints and provide it with a sustainable capital structure forthe medium to long term. Ministers urged the MIGA Board and other rel-evant parties to come to closure on the capital increase by the time of theCommittee’s next meeting in April 1998.
6. Private Involvement in Infrastructure. Ministers welcomed theWorld Bank Group Action Program designed to strengthen the Group’sability to increase private participation in infrastructure in the context of itsoverall objectives to support poverty reduction and sustainable develop-ment. While ministers recognized that governments continue to play a sig-nificant role in infrastructure investment, they emphasized the importantand increasing opportunities for more active private sector involvement.Ministers encouraged the Bank Group to strengthen its catalytic rolethrough early and effective implementation of the Action Program’s com-prehensive range of assistance in the areas of finance, advisory services,risk mitigation, and knowledge and information. The Committee stressedthe importance of coordination among the Bank Group based on agreedcountry frameworks and strategies.
7. Implementation of the Debt Initiative for Heavily Indebted PoorCountries (HIPC). The Committee welcomed the further progress that hadbeen made in implementing the initiative to support governments thatshow strong commitment to reform. The Committee also encouraged
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eligible countries to undertake the policy actions necessary to put them onthe path to securing debt relief. Decisions to provide assistance of about$0.9 billion (in present value terms), which will generate debt service re-duction of about $1.5 billion, have been made for Bolivia, Burkina Faso,and Uganda; decisions on Côte d’Ivoire, Guyana, and Mozambique are ex-pected in the near future. Ministers stressed the importance of adequate in-terim financing by all creditors. The Committee expressed appreciation forthe continuing close collaboration among creditors in implementing theinitiative, including understandings among them on the approach to bur-den sharing. Ministers also appreciated that bilateral contributions of about$100 million had already been made or pledged to the HIPC Trust Fund(administered by the World Bank), and urged other governments to con-tribute as well. They also encouraged international financial institutionswhich have not yet finalized mechanisms for participation in the initiativeto do so as soon as possible. Ministers noted that additional resources willbe needed to help finance the African Development Bank’s full participa-tion in the initiative. They also noted the need for additional resources tofinance the Fund’s contribution to the HIPC Initiative for countries beyondthose noted above and, more generally, the need to complete the fundingof the Enhanced Structural Adjustment Facility.
8. Strategic Compact. The Committee welcomed the progress madein beginning to meet the Compact’s ambitious objectives to strengthen theBank’s effectiveness, as reflected in Management’s first semiannualprogress report to the Executive Directors.
9. Bank/Fund Collaboration on Strengthening Financial Sectors.Ministers noted the importance for macroeconomic stability and growth ofstrengthening the financial systems of developing countries, as recentevents have shown. They welcomed an increased emphasis on this area inBank and Fund operations. Ministers viewed enhanced cooperation be-tween the Bank and the Fund as an urgent priority and welcomed the re-cent agreement guiding increased collaboration to help member countriesstrengthen their financial systems.
10. Note of Appreciation. Ministers expressed their deep appreciationfor the warm hospitality provided by the Chinese authorities and the HongKong Monetary Authority.
11. Next Meeting. The Committee’s next meeting will be held onApril 17, 1998 in Washington, D.C.
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DEVELOPMENT COMMITTEE
COMPOSITION
as of September 22, 1997
Driss Jettou, Chairman
Ibrahim Abdul Karim BahrainIbrahim Al-Assaf Saudi ArabiaAnthony A. Ani NigeriaEduardo Aninat ChileHalldor Asgrimsson IcelandFranz Blankart SwitzerlandGordon Brown United KingdomP. Chidambaram1 IndiaAnatoly Chubais Russian FederationCarlo Azeglio Ciampi ItalyPeter Costello AustraliaDriss Jettou2 MoroccoLiu Zhongli People’s Republic of ChinaPedro Sampaio Malan BrazilPaul Martin3 CanadaRaul Matos Azocar VenezuelaPhilippe Maystadt BelgiumHiroshi Mitsuzuka JapanMar’ie Muhammad IndonesiaN’Goran Niamien Côte d’IvoireRobert E. Rubin United StatesCarl-Dieter Spranger GermanyDominique Strauss-Kahn FranceGerrit Zalm4 Netherlands
DEVELOPMENT COMMITTEE 291
Alternate attending for the member:1Montek Singh Ahluwalia2Abdeltif Loudyi3Huguette Labelle4Jan P. Pronk
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Albania
GovernorH.E. Fatos Nano
Alternate GovernorArben Ahmetaj
AdvisorsShkelqim CaniFatos IbrahimiGramoz PashkoVladimir Prela
Algeria
GovernorAbdelouahab Keramane
Alternate GovernorMohammed Laksaci
AdvisorsHadji BabaammiMohamed BelfodilMohamed C. BenarbiaMohamed BenhalimaYacine BenslamaOmar BougaraKhaled BougerraMohamed Ali HammoudiAmmar HiouaniSaid MaherziEl-Hachemi MeghaouiRachid Bruno SekakAhmed Tas
Angola
GovernorEduardo Leopoldo Severia de
MoraisTemporary Alternate Governor
Francisca de Jesus MonteiroFortes
AdvisorsEmanuel Maravilhoso Buchartts
Antonio da Silva InacioAdriano Rafael PascoalAmilcar Santos Azevedo da Silva
Antigua and Barbuda
GovernorD. Keith L. Hurst
Alternate GovernorDwight Venner
Argentina
GovernorRoque Benjamin Fernandez
Alternate GovernorPablo E. Guidotti
Temporary Alternate GovernorMiguel Alberto Kiguel
AdvisorsJuan M. AnchorenaMiguel Alberto BalestriniJose CandiotiGuillermo HarteneckCarlos LeybaJames Peter ScrivenVirgilio Tedin UriburuA. Guillermo Zoccali
Armenia
GovernorH.E. Armen R. Darbinian
Alternate GovernorBagrat Asatrian
AdvisorsNazikyan AramArman Vardanyan
Australia
GovernorHon. Peter Costello
Alternate GovernorE.A. Evans
292
ATTENDANCE
MEMBERS OF FUND DELEGATIONS
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Australia (continued)
Temporary Alternate GovernorIan MacFarlane
AdvisorsGarry R. BowditchPhil GaetjensGodwin GrechStephen JoskeLes J. PhelpsMiranda RawlinsonGlenda SmithGregory F. TaylorKenneth WallerGeoff WalshMichael Wood
Austria
GovernorKlaus Liebscher
Alternate GovernorThomas Lachs
AdvisorsWolfgang IppischMichael KochwalterIsabella LindnerJohann PraderGertrude Tumpel-GugerellAdolf WalaPeter F. Zoellner
Azerbaijan Republic
GovernorSafar Gousseinov
The Bahamas
GovernorHon. William C. Allen
Alternate GovernorJulian W. Francis
AdvisorsPaul FeeneyCamille F. JohnsonTherese Turner-Huggins
Bahrain
GovernorH.E. Ibrahim Abdul Karim
Alternate GovernorAbdulla Hassan Saif
Bangladesh
GovernorAkbar Ali Khan
Alternate GovernorLutfar Rahman Sarker
AdvisorsMohammad Parvez ImdadSardar Md. Aminul Islam
Barbados
GovernorHon. Owen S. Arthur
Alternate GovernorWinston A. Cox
AdvisorsCleviston L. HaynesGrantley Worrell SmithRupert Delisle Worrell
Belarus
GovernorGennadiy S. Aleynikov
Alternate GovernorH.E. Nikolay Filippovich Rumas
AdvisorsGennady E. BrusnikovSergei M. DidenkoPetr G. LyutkoVadim Misyukavets
Belgium
GovernorAlfons Verplaetse
Alternate GovernorGregoire Brouhns
AdvisorsGino Pierre AlzettaHiliana CoessensDaniel A.A. DacoAnne de GangBernard DelbecqueKurt DelodderLouis de MontpellierMarcia de WachterBruno Guiot
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 293
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Belgium (continued)
Luc HubloueChristian JoszWilly KiekensJean-Jacques ReyG. Van den Bergh
Belize
Alternate GovernorKeith A. Arnold
Temporary Alternate GovernorJaime D. Alpuche
AdvisorAlan David Slusher
Benin
Governor H.E. Moise Mensah
Alternate GovernorPaulin Laurent Cossi
AdvisorsMoussibaou AdjibiPaul DerreumauxJean-Louis Gankpe-HouenoussiSouleymane Tamboura
Bhutan
GovernorH.E. Dorji Tshering
Alternate GovernorSonam Wangchuk
Bolivia
GovernorJuan Antonio Morales Anaya
Alternate GovernorJavier Comboni Salinas
Bosnia and Herzegovina
GovernorManojlo Coric
Alternate GovernorKasim Omicevic
AdvisorsH.E. Sven AlkalajMaruf BurnazovicRadomir Salic
Botswana
GovernorBaledzi Gaolathe
Alternate GovernorFreddy Modise
AdvisorsH.E. A.M. DubePearl M. KeitumetseOakantse ModisaMichael Otsile Molefane
Brazil
GovernorH.E. Pedro Sampaio Malan
Alternate GovernorGustavo Henrique de Barroso
FrancoTemporary Alternate Governor
Marcos Caramuru de PaivaH.E. Sergio de Queiroz DuarteRoberto Jaguaribe Gomes de
MattosDemosthenes Madureira de
Pinho NetoMurilo Portugal Filho
AdvisorsJose Linaldo Gomes de AguiarFabio de Oliveira BarbosaAmaury Guilherme BierLuis Antonio Balduino CarneiroMaria do Socorro Costa de
CarvalhoRonaldo Malagoni de A.
CavalcantePaulo de Tarso Lustosa da CostaPedro Luiz Pinheiro da CostaCarlos Eduardo DutraLuiz Carlos de Oliveira FeldmanJose Roberto L.F. FiorencioJose Carlos da Fonseca, Jr.Fernando Antonio GomesEduardo Augusto de Almeida
GuimaraesVilson Pedro KleinubingLourenco Alonso MartinsHervelter de MattosHelio MoriJoao Arnolfo Carvalho de
Oliveira
294 SUMMARY PROCEEDINGS, 1997
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Brazil (continued)
Byron Costa de QueirozTatiana RositoSergio Ruffoni GuedesRodrigo de Azeredo SantosAntonio Claudio SochaczewskiIsac Roffe Zagury
Brunei Darussalam
Alternate GovernorDato Haji Selamat Haji Munap
Temporary Alternate GovernorHaji Abdul Rahman bin Haji
IbrahimAdvisor
Jefri Haji Mohd Salleh
Bulgaria
Governor Svetoslav Veleslavov Gavriiski
Alternate GovernorDimitar Borisov Radev
AdvisorsPlamen Vasilev OresharskyValentin Tsvetanov
Burkina Faso
GovernorH.E. Tertius Zongo
Alternate GovernorLucien Marie Noel Bembamba
Temporary Alternate GovernorMoussa Kone
Burundi
GovernorMathias Sinamenye
Alternate GovernorEmmanuel Ndayiragije
AdvisorGuillaume Nzeye
Cambodia
GovernorH.E. Thor Peng Leath
Alternate GovernorSum Nipha
AdvisorsChea PisithChhuon ChhatLao SenatAndre LimSarin Neak
Cameroon
GovernorH.E. Jean-Marie Gankou
Alternate GovernorSadou Hayatou
AdvisorsAminou BassoroJoseph EdouCamille EkindiFrancois-Xavier EloundouEnandjoun BwangaRene Mbappou EjenguelleJean Philippe Njeck
Canada
GovernorHon. Paul Martin
Alternate GovernorGordon Thiessen
Temporary Alternate GovernorsThomas A. BernesBruce Montador
AdvisorsMostafa Askari-RankouhiIan GillespieJill E. JohnsonKaren MartinRoger PruneauBruce RayfuseDavid C. SevignyDonald StephensonSean Sunderland
Cape Verde
GovernorOswaldo Miguel Sequeira
Alternate GovernorOlavo Avelino Garcia Correia
AdvisorJohn D.C. Hall
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 295
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Central African Republic
GovernorH.E. Anicet-Georges Dologuele
Alternate GovernorAuguste Tene-Koyzoa
AdvisorsT. DabangaO. DiakiteLazare Dokoula
Chad
GovernorH.E. Bichara Cherif Daoussa
Alternate GovernorTahir Souleyman Haggar
Chile
GovernorCarlos A. Massad
Temporary Alternate GovernorGuillermo R. Le Fort Varela
AdvisorsHernan I. BrantesFernando Bustamante HuertaH.E. Octavio ErrazurizNicolas EyzaguirreCarmen MarticorenaFelipe MorandeJose Luis MorelFelipe PerucciAndres Sanfuentes Vergara
China, People’s Republic of
GovernorDai Xianglong
Alternate GovernorChen Yuan
Temporary Alternate GovernorsHan MingzhiJin QiLi FuxiangWei BenhuaXia LipingJoseph C.K.YamZhang FengmingZhang XiaohuiZhang Zhixiang
AdvisorsGu WenjunGuan XiuzhenHe JianxiongHuang XinghaiJames H. Lau, Jr.Liang HuijiangLiu FushouZhengming LiuPang WeiyaWang LuWang XiaoleiWang ZhenyunWang ZhongXu GuopingZhu Zhongqun
Colombia
GovernorMiguel Urrutia Montoya
Alternate GovernorMonica Aparicio Smith
Temporary Alternate GovernorsAntonia Hernandez GamarraRoberto Junguito Bonnet
AdvisorsJulio Cesar Angel MejiaOlver Luis BernalVicente Echandia Roldan
Comoros
GovernorH.E. Mohamed Ali Soilihi
Alternate GovernorSaid Ahmed Said Ali
AdvisorAbal Anrabe Abdou Chacourou
Republic of Congo
GovernorH.E. Nguila Moungounga-
NkomboAlternate Governor
Ange-Edouard PounguiAdvisors
H.E. Dieudonne Antoine-GangaFidele Emile Kaya
296 SUMMARY PROCEEDINGS, 1997
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Republic of Congo (continued)
Pierre MabialaHilaire MavoungouEmmanuel NgonoMarcel Nguimbi
Costa Rica
GovernorRodrigo Alberto Bolaños
ZamoraAlternate Governor
H.E. Rodrigo Oreamuno B.Advisors
Eddy RodriguezJose Alfredo Sanchez
Côte d’Ivoire
GovernorH.E. N’Goran Niamien
Alternate GovernorTiemoko Meyliet Kone
AdvisorsAlexandre AssemienRoger BouaEba Julien BouadouSiaka CoulibalySeri DjedjeAdamoh Djelhi Yahot MoliereSekou DoumbiaKouao Ephrem EnohNamory KaramokoYves-Marie T. KoissyH.E. Kramo KonanN’da KouadioPaul KouameKouame KouassiHonorine Yaoua KoumanH.E. Koffi Moise KoumoueN’Guessan Martin M’BouaJohn William MorrissonYao Sylvain OkaFrançois YaoJoseph Yao Yao
CroatiaGovernor
Marko Skreb
Alternate GovernorZdravko Rogic
AdvisorsJadranka GranicAna IvancicMarija KolaricDubravko Radosevic
Cyprus
GovernorA.C. Afxentiou
Alternate GovernorH.G. Akhniotis
AdvisorsLeslie G. ManisonH.E. Michael Spanos
Czech Republic
GovernorJosef Tosovsky
Alternate GovernorPavel Stepanek
AdvisorsMiroslav HrncirJiri JonasMiroslav KrenekIva LandovaDimitrij LoulaViktor MichalikJiri SpickaRadek UrbanJiri Vetrovsky
Denmark
GovernorH.E. Marianne Jelved
Alternate GovernorBodil Nyboe Andersen
Temporary Alternate GovernorsMichael DithmerAnders EldrupHenrik W. FugmannKai Aaen HansenH.H. Mogens LykketoftJens Thomsen
AdvisorsBenny AndersenLisbeth Graenge Hansen
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 297
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Denmark (continued)
Tina Mariann Wahl HalgreenOle HollensenHans Jorgen IplandEtta OhlsenPeter Rosting
Djibouti
GovernorDjama Mohamoud Haid
Alternate GovernorHoumed Abdou Daoud
AdvisorsMohamed Hassan AbdillahiH.E. Rachad FarahMohamed GoumanehSaid Absieh Warsama
Dominica
GovernorHon. Julius C. Timothy
Alternate GovernorMichael A. Baptiste
Dominican Republic
GovernorHector Manuel Valdez Albizu
Temporary Alternate GovernorRamon Cáceres Troncoso
AdvisorsTeonilde Casado de CheungClarissa de la Rocha de TorresJulio C. Estrella
Ecuador
GovernorDanilo E. Carrera
Alternate GovernorFidel Jaramillo
AdvisorsAna Lucia CoronelJoseph GarzoziGuillermo Lasso MendozaVicente Muñoz ScaldafferryRaymond Raad DiboJose Samaniego
Egypt
GovernorH.E. Mohieddin El-Gharib
Alternate GovernorIsmail Hassan Mohamed
AdvisorAhmed Abdel-Haie Elewa
El Salvador
Temporary Alternate GovernorGino Bettaglio
Equatorial Guinea
GovernorH.E. Marcelino Oyono Ntutumu
Alternate GovernorMartin-Crisantos Ebe Mba
AdvisorHermes Ela Mifuma
Eritrea
GovernorTekie Beyene
Alternate GovernorGhebriel Fassil
Estonia
GovernorVahur Kraft
Alternate GovernorPeter Lohmus
AdvisorsAare JarvanEve KlementTanel Ross
Ethiopia
GovernorH.E. Ato Dubale Jale
Temporary Alternate GovernorAto Ibrahim Abdullahi Zeidy
AdvisorAto Taddele Teffera
Fiji
GovernorJ.Y. Kubuabola
298 SUMMARY PROCEEDINGS, 1997
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Fiji (continued)
Alternate GovernorJaoji Koroi
Finland
Governor Sirkka Hamalainen
Alternate GovernorEsko Juhani Ollila
Temporary Alternate GovernorKjell Peter Soederlund
AdvisorsMarkus FogelholmKerstin M. HeinonenAhti Huomo
France
GovernorH.E. Dominique Strauss-Kahn
Alternate GovernorJean-Claude Trichet
Temporary Alternate GovernorsMarc-Antoine AuthemanHerve Hannoun
AdvisorsElisabeth Ardaillon-PoirierJean-Christophe DonnellierRamon FernandezThierry FrancqPierre-Michel FremannAlain GuillouetStephane KeitaNina MitzH.E. Pierre MorelXavier MuscaDanielle Noirclerc-SchoenbergDenise Osmont d’AmillyJean-Pierre PatatDominique PerreauGuy PontetMarc-Olivier Strauss-KahnNicolas Thery
Gabon
GovernorH.E. Marcel Doupamby Matoka
Alternate GovernorJean-Paul Leyimangoye
AdvisorsMichel AdandeAnnick Martiale Simmy
AntowambeFelix BongoMarie-Louise Enie KombilaRegis ImmongaultBeatrice KantsouMartine Koumba MabialaLudovic LoussouAugustin N’Dong M’BaM. Meye-BekourouJean Bruno ModokoHyacinthe Mounguengui-
MouckagaJean de Dieu MounguenouAndre MoussavouLeopold Nguema-EdzangLuc Oyoubi
The Gambia
GovernorDominic Mendy
Alternate GovernorMomodou Clarke Bajo
AdvisorGrahame J. Nathan
Georgia
GovernorNodar Javakhishvili
Alternate GovernorH.E. Temur Basilia
Germany
GovernorHans Tietmeyer
Alternate GovernorH.E. Theo Waigel
Temporary Alternate GovernorsBernd EsdarKlaus P. ReglingG. Michael RoeskauHelmut Schieber
AdvisorsBrigitte Adler
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 299
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Germany (continued)
Bernd AmmanIda Maria AschenbrennerGerlinde Behr-JohansenManfred BubnerBirgit DenningerWolf-Dieter DoneckerBarbara EckrichGisela FrickWolfgang GoettelmannSabine HaderDietrich HartensteinGerda HasselfeldtMaria HeiderRobert Josef HeinbuecherHelmut HerresKarsten HinrichsChristian HoltersRalf HorlemannOtmar IssingPeter JacobySteffen KampeterTheophile KidessSiegrun KlemmerBoris KnappManfred J. KoerberChrista LuftHelga Marhofer-FerlanEdgar MeisterHolger MichaelHans MichelbachGeorg MilbradtAlbert PetersJoachim PossMichaela RammeltWolfgang SchaeferChristine ScheelChristian ScheibeHans Peter SchiffSabrina SchmidtStefan SchoenbergIrmgard SchwaetzerH.E. Konrad SeitzGerhard SennlaubMartin ThuemmelRuediger Wilhelm von KleistRolf WenzelRalf Zeppernick
Ghana
GovernorKwabena D. Duffuor
Alternate GovernorKofi Opoku-Manu
AdvisorsJean AkaPercival Alfred KuranchieArchibald A. TannorP.K. ThompsonHenry A. Kofi Wampah
Greece
GovernorLucas D. Papademos
Alternate GovernorPanayotis-Aristidis
ThomopoulosAdvisors
Nikolaos CoumbisGeorgios KintisSpyros P. PapanicolaouDimitrios PavlakisVassilios RapanosDimitris Santixis
Grenada
GovernorLinus Spencer Thomas
Alternate GovernorMichael Creft
Guatemala
GovernorEdin Homero Velasquez
EscobedoTemporary Alternate Governor
Mario Alberto Garcia-Lara
Guinea
GovernorH.E. Ibrahima Kassory Fofana
Alternate GovernorH.E. Cellou Dalein Diallo
AdvisorsBoubacar BahIbrahima Cherif Bah
300 SUMMARY PROCEEDINGS, 1997
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Guinea (continued)
Mamadou BahAlassane BarryIbrahima Ahmed BarryCheick Ahmadou CamaraKerfalla CamaraH.E. Mamadi CondeAlkaly M. DaffeAlpha Ousmane DialloMamoudou DialloMamadi MaraYoussouf SyllaFatima K. Toure
Guinea-Bissau
GovernorH.E. Issufo Sanha
Alternate GovernorRui Duarte Barros
AdvisorLuis Candido Lopes Ribeiro
Guyana
GovernorWinston D. Jordan
Alternate GovernorArchibald Livingston Meredith
Haiti
GovernorLeslie Delatour
Temporary Alternate GovernorFritz Jean
AdvisorsMumose Marie CadetHenry CassionCarmelle Jean-MarieEric PierreHancy Pierre-Louis
Honduras
GovernorHugo Noe Pino
Alternate GovernorJesus Ernesto Anariba Alvarenga
AdvisorCraig Leon
Hungary
GovernorGyorgy Suranyi
Temporary Alternate GovernorsCsaba LaszloGyorgy Szapary
AdvisorsEva BarthaAkos CseresJulia FeherBea SzombatiBela TeremiSzilvia Zador
Iceland
GovernorBirgir Isl. Gunnarsson
Alternate GovernorHalldor J. Kristjansson
AdvisorsIngimundur FridrikssonH.E. Hjalmar W. HannessonHermann IngolfssonOlafur IsleifssonJon Sigurgeirsson
India
Alternate GovernorChakravarthy Rangarajan
Temporary Alternate GovernorsShankar N. AcharyaM.R. Sivaraman
AdvisorsSandip GhoseRamalinga KannanD.K. MallikJairam RameshA.G. SarmaVeena SikriAsuri Vasudevan
Indonesia
GovernorJ. Soedradjad Djiwandono
Alternate GovernorDono Iskandar Djojosubroto
AdvisorsSjamsul Arifin
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 301
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Indonesia (continued)
Ignatius HardijantoAchjar IljasSubarjo JoyosumartoDewa Made SastrawanLili SobariSugengSoekarno Wirokartono
Iran, Islamic Republic of
GovernorH.E. Mohsen Nourbakhsh
Alternate GovernorMohammad Javad Vahaji
AdvisorsAziz FarrashiMohammad-Nabi Hassani-PourMohammad-Hadi MahdavianAbbas MirakhorSeyed Morteza MirzohrehMohamad Jafar MojarradMohammed R. ShojaeddiniMaryam TazimiBahram F. Zaringhalam
Iraq
GovernorHashim Ali Obaid
Alternate GovernorAssim Mohamed Saleh
Ireland
GovernorHon. Charlie McCreevy
Alternate GovernorMaurice O’Connell
Temporary Alternate GovernorsPadraig McGowanPol O’DuibhirCharles X. O’LoghlinGeorge ReynoldsMichael J. Somers
AdvisorsH.E. Joseph HayesMandy JohnstonAdrian J. KearnsDesmond Murray
Hannah O’RiordanKyle O’Sullivan
Israel
GovernorH.E. Yaakov Neeman
Alternate GovernorDavid Klein
AdvisorsDan CatarivasAzriel LevyGal Manor PelegShulamit PessachSylvia PitermanZohar RazGideon SchurrEli Yoseph
Italy
GovernorHon. Carlo Azeglio Ciampi
Alternate GovernorVincenzo Desario
AdvisorsFrancesco AlfonsoPaola AnsuiniSandro AppetitiAntonio BandiniFabrizio BefaniDaniela BraccoAlberto BradaniniPier Antonio CiampicaliPierluigi CioccaAlfredo ConteRaffaella Di MaroMassimo GiulimondiAlessandro GiustinianiGiorgio GomelEnzo R. GrilliVittorio GrilliRenata IesueVincenzo La ViaFrancesca MannoGiuseppe MarescaPaolo PeluffoH.E. Alessandro QuaroniFabrizio SaccomanniCarlo SantiniRoberto Spinelli
302 SUMMARY PROCEEDINGS, 1997
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Jamaica
GovernorHon. Omar Lloyd Davies
Alternate GovernorDerick Latibeaudiere
Japan
GovernorH.E. Hiroshi Mitsuzuka
Alternate GovernorYasuo Matsushita
Temporary Alternate GovernorsHideichiro HamanakaTadashi IwashitaTakatoshi KatoHaruhiko KurodaAkira NagashimaTsuneo NishidaAtsuo NishiharaEisuke SakakibaraSakura ShigaTatsuo WatanabeYukio Yoshimura
AdvisorsNobiru AdachiShigeru AriizumiMasahide ChibaNaoki EnomotoToshihiko FukuyamaMitsuhiro FurusawaHiroyuki FuruyamaTakeshi HatsugaiNobuhito HoboKiwamu InoueShunsuke KagawaAkira KamitomaiTakaaki KanreiTakahiro KawaseToshio KobayashiKazutomi KuriharaHidemi MarutaTakashi MurakamiTakashi NagaokaShuzo NakamuraTakeshi NakamuraTakehiko NakaoYasuro Narita
Akihiro NishimuraHiroshi OgushiMasaki OmuraYoshihisa OnishiHideaki OnoSatoshi OuchiTakayuki SakaiYukio SaruhashiOsamu ShimizuNaoyuki ShinoharaTakashi ShinozukaHiromichi ShirakawaShunsuke ShirakawaMasahiro SugitaRintaro TamakiKazuhito TatebeMinoru TeradaHideaki UedaMasao UnoKenjiro Yamashita
Jordan
GovernorH.E. Sulieman Hafez
Alternate GovernorZiad Moh’d Fariz
Temporary Alternate GovernorMichel I. Marto
AdvisorsMuhammad M.A. Hamadah
AbdallahMohammad S.A. Al-ZoubiZuhair KhouriAhmad Hasan MustafaMohammed Said Shahin
Kazakhstan
GovernorOraz A. Jandosov
Alternate GovernorKadyrjan K. Damitov
AdvisorsZhanat AkhmetovaDaniyar Baidil’din
Kenya
GovernorMicah Cheserem
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Kenya (continued)
Alternate GovernorMaurice John Pette Kanga
AdvisorsNora CheseremMark Letitoiya LesiitPeter Kimilu MathekaEdwin Luke OgolaChiboli Induli Shakaba
Kiribati
GovernorTaneti Maamau
Alternate GovernorTeriba Tabe
AdvisorsHaruko FukudaDeborah O’Hara
Korea
GovernorH.E. Kyong Shik Kang
Alternate GovernorKyung Shik Lee
Temporary Alternate GovernorsKihwan KimWoo-Suk KimKang Nam LeeRak Yong Uhm
AdvisorsJoong-Kyung ChoiEui Dong ChungYoun-Ki HongGi Jea JungDavid J. KimDongsoo KimJong Hyuk KimSeong Kook KimYoung-Mo KimOkyu KwonEui Sung LeeSung Il LeeYong Keun LeeChang-Young MoonYang-Chun ParkYeong-Chun ParkHoo Kyu Rhu
Il-Seob SohMin-Ho SonKyu Sung SongByunk-Ik Woo
Kuwait
GovernorH.E. Sheikh Salem Abdul-Aziz
Al-SabahTemporary Alternate Governor
Ali Abdulrehman Rashaid Al Bader
AdvisorsSadeq J.I. Abdelrahim AbulYousef Al-AwadiAbdulrahman H.S. Al-HashemNabeel Ahmad E.A. Al-MannaeMohammad H.H. Al MutairiAbdulkarim Abdulla Al-MuttawaNabil Hamoud Al-SaqabiSaleh Al-SaqabiThekrayat M. Th. S. Al-TheyabHesham Ibrahim Al-WaqayanAhmad Mohammed
Abdulrehman Bastaki
Kyrgyz Republic
GovernorMarat Sultanov
Alternate GovernorDavlesov Batyrbek
Lao People’s Democratic Republic
GovernorPany Yathotou
Temporary Alternate GovernorsKhemvieng PholsenaKhamsouk Sundara
AdvisorsBodhisane VayakoueChanthao PathammavongPuongpun Sananikone
Latvia
GovernorH.E. Roberts Zile
Temporary Alternate GovernorInguna Sudraba
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Latvia (continued)
AdvisorInese Vaidere
Lebanon
GovernorRiad Toufic Salameh
Alternate GovernorNasser Saidi
AdvisorsKhaled KassarSami Sfeir
Lesotho
GovernorC.T. Thamae
Alternate GovernorAnthony Mothae Maruping
AdvisorsTabo FouloKekeletso E. LekakaMakase MarumoReatile Thabo Mochebelele
Liberia
GovernorHon. Elie E. Saleeby
Alternate GovernorTsorporlor S. Ben
AdvisorsJ. Morenje MlawaNathaniel R. Patray, IIIS. Henrik Wolo
Libyan Arab Jamahiriya
GovernorTaher E. Jehaimi
Alternate GovernorAbdullah Ali Khalifa
AdvisorsNuri Abdussalam BaryunBashir Mahmud H. Nahaesi
Lithuania
GovernorReinoldijus Sarkinas
Alternate GovernorVioleta Latviene
AdvisorStasys Kropas
Luxembourg
GovernorH.E. Jean-Claude Juncker
Temporary Alternate GovernorSerge Kolb
AdvisorsNorbert GoffinetJerome HamiliusMartine Schommer
Macedonia, former YugoslavRepublic of
GovernorLjube Trpeski
Alternate GovernorAntoneta Dionis Manova
Madagascar
GovernorH.E. Tantely R.G. Andrianarivo
Alternate GovernorGaston Edouard Ravelojaona
AdvisorsVonintsalama AndriambololonaClotilde Rabenja Razana-
RamiandrisoaJocelyn RafidinarivoSamimiadana A. Daniel
RamarokotoGaston Ramenason
Malawi
GovernorM.A.P. Chikaonda
Alternate GovernorE.E. Ngalande
AdvisorsP. ChiunguzeniCharles S.R. ChukaSadwick Limbikani MtonakuthaB. NampunthaBarnet Lexi NamuluTed T. SitimawinaMiriam Chimkono Wemba
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 305
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Malaysia
GovernorHon.Tan Sri Dato Ahmad Mohd
DonAlternate Governor
Datuk Aris OthmanTemporary Alternate Governor
Datuk Hadenan Abdul JalilAdvisors
Latifah Merican CheongMohamed bin AhmadNg Chow SoonDato’ Samsudin bin HitamAdlin Murtadza ZabriH.E. T.Y.T. Zakaria SulongZamani Abdul GhaniZeti Akhtar AzizZull Azman bin Haron
Maldives
GovernorHon. Arif Hilmy
Alternate GovernorMohamed Jaleel
Mali
GovernorH.E. Soumaila Cisse
Alternate GovernorAboubacar Alhousseyni Toure
Temporary Alternate GovernorIdrissa Traore
AdvisorsToure Fanta Sidibe
Malta
GovernorEmanuel Ellul
Alternate GovernorEdward J. Scicluna
Temporary Alternate GovernorAlfred De Marco
Marshall Islands
GovernorMichael Konelios
Alternate GovernorAmon Tibon
Mauritania
GovernorMohamedou Ould Michel
Alternate GovernorMohamed Y. Ould Mohamed el
MokhtarAdvisor
H.E. Cheikh Sid Ahmed OuldBabamine
Mauritius
GovernorHon. Vasant Kumar Bunwaree
Alternate GovernorMitrajeet Dhaneshwar Maraye
AdvisorAbdo A. Osman
Mexico
GovernorMiguel Mancera Aguayo
Alternate GovernorMartin M. Werner Wainfield
AdvisorsJuan AmievaArmando BaqueiroJavier Guzman-Calafell
Micronesia, Federated States of
GovernorHon. John Ehsa
Alternate GovernorLorin Robert
Moldova
GovernorLeonid Talmaci
Alternate GovernorVictor Cibotaru
AdvisorsStela AxentiVictor PaliiLapicus TatianaNatalia Vrabii
Mongolia
GovernorH.E. Puntsag Tsagaan
306 SUMMARY PROCEEDINGS, 1997
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Mongolia (continued)
Temporary Alternate GovernorGansukh Gombosurenglin
AdvisorDalrain Davaasambuu
Morocco
GovernorAbdelmalek Ouenniche
Temporary Alternate GovernorFouad Samir
AdvisorsOmar Alaoui BenhachemOthman BenjellounAbdelhaq BennaniMohammed DairiFarid DelleroLahbib Lalami El IdrissiKarim El MansouriMustapha FarisGerald GodfreyMoulay Abdellah Jamal AlaouiMonkid Mestassi
Mozambique
GovernorH.E. Tomaz Augusto Salomao
Temporary Alternate GovernorManuel Chang
AdvisorYolanda Maria Ornelas Fortes
Myanmar
GovernorU Kyaw Kyaw Maung
Alternate GovernorU Than Lwin
AdvisorsU Khin Maung AyeOmmar SeinU Khin Maung Thein
Namibia
GovernorHon. Nangolo Mbumba
Alternate GovernorT.K. Alweendo
AdvisorHenry H.K. Chan
Nepal
GovernorSatyendra P. Shrestha
Alternate GovernorMadhab Prasad Ghimire
AdvisorMukunda Prasad Sharma
Netherlands
GovernorA.H.E.M. Wellink
Alternate GovernorJan-Willem Oosterwijk
Temporary Alternate GovernorsHenk J. BrouwerRonald Keller
AdvisorsAge F.P. BakkerTom de SwaanJan de VriesG.A. FrankenaJochum HaakmaP. HasekampRobert J.M. ReijnaertArmelle S.G. RouyereRaymond SaletJohan H. du Marchie SarvaasOlaf C.H.M. SleijpenEmsley D. TrompClaire van Nispen tot SevenaerJ. de Beaufort WijnholdsPaul WindFrits Zaat
New Zealand
GovernorHon. Winston Peters
Temporary Alternate GovernorMurray A. Sherwin
AdvisorsPhillip AndersonSarah CraigRoger FoleyPatrick MaloneyCarl Worker
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 307
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Nicaragua
GovernorLuis H. Duran-Downing
Alternate GovernorMario J. Flores
AdvisorsRoberto J. ArguelloRoger TeranRoberto J. Zamora Llanes
Niger
GovernorH.E. Ahmadou Mayaki
Alternate GovernorDjibrill Bare
AdvisorsH.E. Seydou BozariIde IssoufouBoubacar SandaAbdoulaye Soumana
Nigeria
GovernorPaul P.A. Ogwuma
Alternate GovernorRamsay Oubromoro Mowoe
Temporary Alternate GovernorsLawson E. EgwareBenjamin D. IbeMichael Olufemi OjoJ.L. Umaru
AdvisorsBernard Barau AdiFabian Uzukwu AlanemeJustina O. AshinzeO.O. AzoguEyo Emah EfiokAsikpo Essien-IbokA.O. LabiranHerbert O. NkwochaOkwu Joseph NnannaMatthew C.E. OnughaR. ShehuA.M. Umar
Norway
GovernorKjell Storvik
Alternate GovernorSvein Ingvar Gjedrem
Temporary Alternate GovernorsAudun GroennEnok Olsen
AdvisorsHarald BohnSigurd Klakeg
Oman
GovernorH.E. Hamood Sangour
Al-ZadjaliAlternate Governor
Ayisha Zaher Nasser Al-MawaliAdvisors
Suleiman bin Mohamed Al-Yahyai
Abdul-Razak bin Ali bin IssaJawad Mohammed Jawad Talib
Pakistan
GovernorMuhammad Yaqub
Alternate GovernorMueen Afzal
AdvisorsMuhammad Ashraf JanjuaAzizali F. MohammedTariq Iqbal PuriM.A. Zuberi
Panama
GovernorH.E. Miguel Heras Castro
Alternate GovernorRene Luciani
AdvisorRogelio Novey
Papua New Guinea
GovernorHon. Roy Yaki
Alternate GovernorKoiari Tarata
AdvisorsKila AiLoi Bakani
308 SUMMARY PROCEEDINGS, 1997
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Papua New Guinea (continued)
Clement KoteAndrew KumbakorMichael MelH.E. Barney RongapHon. Tom Erelene Tomiape
Paraguay
GovernorHermes Anibal Gomez Ginard
Alternate GovernorJorge Francisco Gulino Ferrari
AdvisorOvidio C. Otazu
Peru
GovernorGerman Suarez Chavez
Temporary Alternate GovernorRaul Otero Bossano
AdvisorsJorge Abarca del CarpioRoberto Abusada SalahGianfranco CastagnolaGuillermo Castaneda MungiLuis ChangElena Maria Lau KoItalo MunozRenzo Rossini Minan
Philippines
GovernorGabriel C. Singson
Temporary Alternate GovernorAmando M. Tetangco, Jr.
AdvisorsEstrella A. BerenguelMa. Elaine G. BigayRenato DiazNestor A. Espenilla, Jr.Carlos GavinoCelia M. GonzalezJesli A. LapusErnest C. LeungJose P. LevisteLuis C. Liwanag, II
Jeremias N. Paul, Jr.Henry Sy, Sr.Angelito M. VillanuevaHon. Manuel B. Villar, Jr.
Poland
GovernorH.E. Marek Belka
Alternate GovernorPawel Samecki
AdvisorsWladyslaw CzulnoDanuta Gotz-KozierkiewiczRyszard LawniczakAgnieszka LobaczAndrezej MusialowskiJacek PodobaAgnieszka Barbara RudniakJanusz SarnowskiTomasz SkurzewskiMagdalena Strzelecka
Portugal
GovernorAntonio Jose Fernandes de
SousaAlternate Governor
Antonio Manuel Pereira MartaTemporary Alternate Governors
Helena CordeiroJoao Mauricio Fernandes
SalgueiroAdvisors
Isabel Correia BarataVitor BentoJose Agostinho Martins de
MatosHenrique Antunes FerreiraNuno Maria Mariano C. JonetRodolfo Vasco LavradorFilomena R. da Rocha P. de
OliveiraVitor Rodrigues PessoaJose Joaquim Santos RamalhoJose Inacio ToscanoMaria Jose Rocha Vidal
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 309
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Qatar
GovernorHon. Abdullah Khalid
Al-AttiyahAlternate Governor
Sheikh Fahad Bin Faisal Al-Thani
AdvisorsAmeel BaroodMaqbool Habib J. Khalfan
Romania
GovernorMugur Isarescu
Temporary Alternate GovernorValentina Ispas
AdvisorsGabriela CaluseruH.E. Daniel DaianuAdriana Daniela MarinescuAdriana MironGeorge MucibabiciMarian Laurentiu MustareataAlexandra StamanichiMugur Tolici
Russian Federation
GovernorSergei Dubinin
Alternate GovernorAleksei Kudrin
AdvisorsSergei AleksashenkoYury GololobovAnatoli I. GorshkovKirill K. IvanovNadezhda IvanovaMikhail I. JernovMikhail KasianovAleksander KorshunovAndrei KostinNikolai LetnikovMikhail LopatinViatcheslav F. LukyanchukSergei ManezhevAleksei MozhinElvira Nabiullina
Andrei NikolaevAndrei ParamonovAleksander PotemkinOleg PreksinH.E. Igor RogatchevAlexander RusakovMikhail SarafanovSergei SementsovElena ShirokovaAleksei SimanovskyPavel SmirnovAndrei TrapeznikovGalina TrubetskayaA. TsybenkoAndrei VernikovOleg ViuginSergei VolzhinIrina YasinaAlexander Zhukov
Rwanda
GovernorDonald Kaberuka
Alternate GovernorFrançois Mutemberezi
AdvisorsOlivier MunyanezaViateur Niyonizeye
St. Kitts and Nevis
GovernorHalva Hendrickson
Alternate GovernorWendell Lawrence
St. Lucia
GovernorHon. Kenny D. Anthony
Alternate GovernorClaire Zenith James
AdvisorGuy Mayers
St. Vincent and the Grenadines
GovernorRt. Hon. Sir James F. Mitchell
Alternate GovernorMaurice Edwards
310 SUMMARY PROCEEDINGS, 1997
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St. Vincent and the Grenadines (continued)
AdvisorWendell Samuel
Samoa
GovernorHon. Tuilaepa S. Malielegaoi
Alternate GovernorPapali’i Tommy Scanlan
Temporary Alternate GovernorsGaina TinoMataualiitia Afa Lesa
AdvisorsAmaramo SialaoaSir Peter Tapsell
San Marino
Alternate GovernorHon. Fiorenzo Stolfi
Temporary Alternate GovernorRaffaele Giardi
AdvisorsBruna GiacobbiRoberta MularoniMaurizio MurariPaolo Ugolini
São Tomé and Príncipe
GovernorCarlos Quaresma Batista de
SousaAlternate Governor
Jose dos Ramos Lucena Ribeiro e Silva
AdvisorPaulo Jorje do Espirito Santo
Saudi Arabia
GovernorH.E. Ibrahim A. Al-Assaf
Alternate GovernorH.E. Sheikh Hamad Al-Sayari
Temporary Alternate GovernorAbdulrahman A. Al-Tuwaijri
AdvisorsKhaled M. Al-Aboodi
Maher Kassem Al-AujanAbdulrahman Al-HamidyAbdullah I. Al-HudaithiAbdullah Al-HugailIbrahim M. Al-IssaMohammed Al-MazyadKhalifa Abdullatif Al-MelhemMohammed Al-NafieSaeed Al-QahtaniAbdullah Sulaiman Al-RajhiRashed Abdulaziz Al-RashedSaud Al-SalehAli Samir Al-ShihabiAbdulaziz Saleh Al-SughayerAbdulaziz Al-TurkiSulaiman M. Al-TurkiSaud Al-YemeniSami Al-YousefFuad Abdulwahab BahrawieJitendra G. BorpujariElie El-HadjAbdullah El-KuwaizRichard R. HerbertJamal KibbiMelhem F. MelhemAbdulaziz A. O’HaliAbdulhadi Ali ShaiyefSultan bin Mohammad bin
Sultan
Senegal
Alternate GovernorMamadou Lamine Loum
AdvisorsChimere DiopMamadou FayeMoussa FayeSeyne N’Diaya
Seychelles
GovernorH.E. James Michel
Alternate GovernorNorman J.D. Weber
AdvisorsFrancis Chang-LengAbdul Gafoor Yakub
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 311
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Singapore
GovernorHon. Richard Hu Tsu Tau
Alternate GovernorTeh Kok Peng
Temporary Alternate GovernorChan Heng Wing
AdvisorsAdrian Chan Gek ChongChin Siew FeiPeh Kian HengCatherine WongZubir bin Abdullah
Slovak Republic
GovernorVladimir Masar
Alternate GovernorSergej Kozlik
AdvisorsMarian JuskoEva KarasovaEva KohutovaIveta LukacikovaKarol MrvaJaroslav NahlikTatiana SilhankovaJuraj Sipko
Slovenia
GovernorFrance Arhar
Alternate GovernorSamo Nucic
AdvisorsMarjeta SketaIrena Sodin
Solomon Islands
GovernorRick Nelson Houenipwela
Temporary Alternate GovernorHon. Stephen Tonafalea
AdvisorJanardana Reddy
South Africa
GovernorChristian Lodewyk Stals
Alternate GovernorMaria Ramos
AdvisorsAnthony Frank JuliesE.L. KganyagoM.J. KuscusFrançois le RouxD.J. SteenkampBen TurokDanel van Rensburg
Spain
GovernorH.E. Rodrigo de Rato Figaredo
Alternate GovernorLuis Angel Rojo Duque
AdvisorsMarta BlancoMario F. BuisanL. Calvo-Sotelo Rodriguez-AcostaJaime CaruanaFernando CorralFederico FerrerJose Gasset LoringIgnacio LagartosLuis Ma. Linde de CastroJaime LorenzoRicardo L. Martinez RicoFrancisco OchoaElena PisoneroAlvaro Rengifo AbbadIsabel RianoErnesto Tejedor ChillidaJuan Jose Toribio
Sri Lanka
GovernorHon. G.L. Peiris
Alternate GovernorAmarananda S. Jayawardena
Temporary Alternate GovernorsH.B. DisanayakaLal Jayawardena
312 SUMMARY PROCEEDINGS, 1997
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Sri Lanka (continued)
AdvisorRajapakse A. Jayatissa
Suriname
GovernorRudie Wilfred Braam
Swaziland
GovernorHon. Themba N. Masuku
Alternate GovernorMartin G. Dlamini
AdvisorsElias K. MasilelaDerrick Mtaki Masuku
Sweden
GovernorUrban Baeckstroem
Temporary Alternate GovernorsStefan IngvesAke Tornqvist
AdvisorsDavid FareliusThomas J.H. FranzenMaria GotherstromMaja NilssonChristina Nordh BerntssonNinna RosioEva SrejberStig Svensson
Switzerland
GovernorHans Meyer
Alternate GovernorH.E. Kaspar Villiger
Temporary Alternate GovernorsUlrich GygiJean-Pierre Roth
AdvisorsRolf BodenmullerRoberto F. CippaGiovanni Antonio ColomboJacques de WattevilleMonique Dubois
Peter EisenhutWerner HermannDaniel KaeserAlexander KarrerJean-Jacques MayorH.E. Uli SiggFritz Zurbruegg
Syrian Arab Republic
GovernorH.E. Mohammed Imady
Alternate GovernorMohammad Bachar Kabbarah
Tajikistan
GovernorGulomzhon Dzhuraevich
BabayevAlternate Governor
Anvarsho MuzaffarovAdvisors
Bakhrom Ali-ZadeVali MussaevSharif Maksumovich RakhimovSafar G. Safarov
Tanzania
GovernorHon. Daniel A.N. Yona
Alternate GovernorIdris M. Rashidi
Temporary Alternate GovernorHon. Amina S. Ali
AdvisorsW.A. MlakiPeter Efraim Mayunga NoniMkwale Adma Taib
Thailand
GovernorChaiyawat Wibulswasdi
Temporary Alternate GovernorsKleo-Thong HetrakulSiri GanjarerndeeTanya Sirivedhin
AdvisorsChakkrit ParapuntakulChanunporn Phisitvanch
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 313
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Thailand (continued)
Intranee SumawongPariyes PiriyamaskulPongpanu SvetarundraSomchai SujjapongseSoravis KrairikshStaporn KavitanonSumate ChulajataSunee EksomtramateUbolwan ChanVachira Arromdee
Togo
GovernorH.E. Barry Moussa Barque
Alternate GovernorMongo Aharh-Kpessou
Temporary Alternate GovernorAyewovi Demba Tignokpa
AdvisorsSamuel K. ApeaKuaku Richard AttipoeH.E. Boukpessi PayadowaEssivi Yona DjokpeBarthelemy DraboAyewanou A. GbeasorGnassingbe KpatchaDavid LeeMensavi MensahH.E. Nolana Ta-AmaLinda L. Zhou
Tonga
GovernorSiosiua T.T. ’Utoikamanu
Alternate GovernorMarieta Tukuafu
Trinidad and Tobago
GovernorHon. Brian Kuei Tung
Alternate GovernorWinston C. Dookeran
AdvisorsMonica ClementLouis Andre MonteilHamid O’Brien
Roma PierreRichard Yapp
Tunisia
GovernorMohamed El Beji Hamda
Temporary Alternate GovernorHamed Gaddour
AdvisorsFerid ben TanfousSaid M’RabetSadok Rouai
Turkey
GovernorH.E. Gunes Taner
Alternate GovernorGazi Ercel
AdvisorsCetin AkbayOmer AltayBekir BoraAhmet Selcuk DemiralpAdnan EkenAli Umit GonulalAydin KaraozHakan KorkmazMelih NemliOzlem OktayErdogan OnerSureyya Serdengecti
Turkmenistan
GovernorYolly A. Gurbanmuradov
Temporary Alternate GovernorToyli Kurbanov
Uganda
GovernorHon. Jehoash S. Mayanja-
NkangiAlternate Governor
Charles N. KikonyogoAdvisors
Charles Victor ByaruhangaLouis Austins KasekendeRosemary Mugasha
314 SUMMARY PROCEEDINGS, 1997
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Uganda (continued)
Keith MuhakaniziAnnette Mill’Carol MulondoEmmanuel Tumusiime-Mutebile
Ukraine
GovernorVictor Yushchenko
Alternate GovernorH.E. Ihor Mityukov
AdvisorsOlexandr DerkachMykhailo DoroshenkoNatalia GrebenikVadym P. HetmanVyacheslav KozakViktor M. KravetsSerhiy V. KruhlykVolodymyr KuznetsovDmytro Yu. LisyeyenkoValeriy LytvytskySvyatoslav OmelchukH.E. Anatoly D. PlyushkoOleg RybachoukOleksander SavchenkoIgor ShumiloOlexandr SorokinLyudmila SuprunValentyn V. VelychkoYuriy G. YakushaO.G. Yurov
United Arab Emirates
GovernorH.E. Mohammed K. Khirbash
Alternate GovernorH.E. Sultan Bin Nasser Al-
SuwaidiTemporary Alternate Governor
Hamid Nasr MohmadAdvisors
Humaid Al AmeriFadhel Saeed Al DarmakiAl Fatih Al DekhairiSaeed Abdulla Saeed Al HamizAbdul Ghaffar Al-HashimiAnis Al-Jallaf
Mohamad Jamil Al JundiMohamed Al-MazrouiRashid M.K. Al Fandi Al ShamsiMohamed Saeed AhmedAbdulla Al-ShareefMohamed El Bagir Awad HassanKhalifa Mohd. HassanD.F. McKenzieAbdulla Mohamed SalehAbdulshakoor Tahlak
United Kingdom
GovernorRt. Hon. Gordon Brown
Alternate GovernorEdward A.J. George
Temporary Alternate GovernorsSir Alan P. BuddJohn DrageGus O’DonnellDavid PeretzJon ShieldsSir Nigel Wicks
AdvisorsChristopher AustinEd BallsSarah Kate BrownleeRichard CalvertRochelle CohenPeter CurwenPaddy FeenyMichael FootDaniel HarrisMervyn KingGabs MakhloufJames A. RoafPeter RodgersNicholas WestcottCharles Whelan
United States
GovernorHon. Robert E. Rubin
Alternate GovernorAlan Greenspan
Temporary Alternate GovernorsTimothy F. GeithnerDavid A. Lipton
ATTENDANCE—MEMBERS OF FUND DELEGATIONS 315
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316 SUMMARY PROCEEDINGS, 1997
United States (continued)
Karin LissakersMichael MarekBarry S. NewmanJan PiercyAlice M. RivlinLawrence H. Summers
AdvisorsCaroline AtkinsonRobert O. BoorstinRichard BoucherTerrence J. CheckiKelly A. CrawfordJoseph B. EichenbergerStephanie FlandersMichael B.G. FromanLawrence A. GarberBrian L. GoldbeckBarbara GriffithsMarne LevineGerard E. MarandinoWilliam J. McDonoughMark C. MedishSteven S. SaegerSheryl K. SandbergStephen A. SchlaikjerHoward M. SchlossDouglas G. SpelmanEdwin M. TrumanMarsha Ann ValenticEsther WatkinsLinda Tsao YangDaniel Zelikow
Uruguay
GovernorHumberto Capote Lopez
Temporary Alternate GovernorAureliano Berro
AdvisorJulian Moreno
Uzbekistan
GovernorH.E. Mulladzhanov Faizulla M.
Temporary Alternate GovernorRustam S. Azimov
AdvisorsUlugbek RozukulovShukurat Urinbaev
Vanuatu
GovernorHon. Vincent Boulekone
Alternate GovernorSampson Ngwele
AdvisorsIan AbbilJeffery Wilfred
Venezuela
GovernorAntonio Casas Gonzalez
Temporary Alternate GovernorCarlos Hernandez Delfino
AdvisorsBeatriz AraujoTabeila BrizuelaHenry K.S. ChingJulian FleszczynskiWilliam Larralde PaezHernan OyarzabalClara PasqualiAngel RuoccoAngel German Utreras Medina
Vietnam
GovernorLe Duc Thuy
Temporary Alternate GovernorNguyen Quang Huy
AdvisorsLe Thi Bang TamNguyen Dinh Bang
Yemen, Republic of
GovernorHon. Alawi Saleh Al-Salami
Alternate GovernorAhmed Abdul Rahman
Al-SamawiAdvisors
Ali Lutf Al ThorOmar Salim BazaraAhmed A. Ghaleb Saeed
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ATTENDANCE—MEMBERS OF FUND DELEGATIONS 317
Zambia
GovernorHon. Ronald Damson SiamePenza
Alternate GovernorJacob Mumbi Mwanza
AdvisorsBenerdict M. ChikotiMathew Kasonde ChisunkaMargaret GomaGershom Moses MumbaSamuel Musonda
Zimbabwe
GovernorHon. Herbert M. Murerwa
Alternate GovernorLeonard Ladislas Tsumba
AdvisorsJosephine ChisokoRudo M. FaranisiObert MatshalagaKombo James MoyanaJoseph Mubika
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318 SUMMARY PROCEEDINGS, 1997
African Development Bank
Omar KabbajKoikou Felix AssamoiPeace Ayisi-OkyereAhmed Mahrous El-DarshLaure Olga GondjoutKoji NaritaSamuel Frobisher OworiAbdalla M. Alassaid TrainaBeita A. YusufDorte Kabell
African Export-Import Bank
Christopher C. EdorduBenedict Okechukwu Oramah
Andean Development Corporation
Enrique Garcia RodriguezHugo Sarmiento K.Eduardo Ramirez del VillarIsabella Barrios
Arab Bank for Economic Development in Africa
Medhat Sami LotfyKamal Mahmoud AbdellatifZbitou Seghir
Arab Fund for Economicand Social Development
Abdulatif Yousef Al-HamadIsmail Tawfiq El-ZabriMervat W. El Badawi
Arab Monetary Fund
Jassim Al-MannaiFaris Bin Garadi
Asian Development Bank
Mitsuo SatoRamamurthi SwaminathanTakeo OtsuboBasudev Dahal
Paul M. DickieShoji NishimotoPradumna B. RanaPeter BalonFarrokh E. KapadiaArvind MathurHisashi OnoElisabetta MarmoloLourdes de BelenEva L. Relova
Bank for International Settlements
Andrew D. CrockettAndre IcardWilliam R. WhiteRenato FilosaGerd-Peter DittusJean-Francois Rigaudy
Bank of Central African States
Jean-Edouard SathoudJean-Baptiste Assiga-AhandaGilbert NtangIsidore Ngoy
Caribbean Development Bank
Sir Neville NichollsMarius St. Rose
Central African States Development Bank
Jean-Marie MbiokaJean-Marie Omog-SamnickAdoum Malloum
Central American Bankfor Economic Integration
Jose Manuel Pacas CastroRicardo Flores AsturiasFelix Garrid Safie ParadaNick Rischbeith GloeJimmy Gerardo Hernandez AlvarezJuan Jose Tome
OBSERVERS, REPRESENTATIVES OF INTERNATIONAL
ORGANIZATIONS, AND SPECIAL INVITEES
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ATTENDANCE—OBSERVERS 319
Central Bank of West African States
Michel Komlanvi KloussehMarcel KodjoAbdoulaye Bio TchaneNestor WadagniIsmaila Dem
Common Fund for CommodÏities
My Huynh-Cong
Common Market for Easternand Southern Africa
Ali MansoorLloyd EdgecombeMartin Ogang
Commonwealth Secretariat
Chief Emeka AnyaokuHon. Sir Humphrey MaudIndrajit CoomaraswamyMichael FathersRumman FaruqiPindra Kaur
Council of Europe Social Development Fund
Raphael AlomarGiorgio RattiKari NarsMartin MurtfeldThierry PoirelRainer B. Steckhan
East African Development Bank
Fabian R. TibeitaJoram Kariisa-Kasa
Eastern Caribbean Central Bank
S.C. McHale Andrew
European Bank forReconstructionand Development
Jacques de LarosiereNicholas H. SternMarcus J. Fedder
Charles Frank, Jr.Bart Le BlancNoreen DoyleUllrich H. KiermayrGeraldine JacobFrançois Lecavalier
European Free Trade Association
Kjartan Johannsson
European Investment Bank
Sir Brian UnwinWolfgang RothAriane ObolenskyRudolf de KorteClaes de NeergaardJean-Louis BiancarelliFriedolin Weber-KrebsWalter CernoiaPatrick ThomasRene KarsentiUlrich DammChristopher BearneFiona Turner
European Investment Fund
Gerbrand G. HopDavid McGlueDoerthe Ohm
European Monetary Institute
Wim F. DuisenbergRobert RaymondGert Jan HogewegLex H. Hoogduin
European Union
Yves-Thibault de SilguyPatrick ChildHerve CarreJoly DixonPaul N. GoldschmidtGuenter GroscheJohn F. MoggMatthew KingGerard de GraafMichael Green
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320 SUMMARY PROCEEDINGS, 1997
Inter-American Development Bank
Enrique V. IglesiasNancy M. BirdsallCharles O. SethnessCarlos FerdinandCarlos Abel Santistevan de NoriegaGabriela SotelaHolda Vidic
Inter-American Investment Corporation
John C. Rahming
Inter-Arab InvestmentGuarantee Corporation
Mamoun Ibrahim HassanAbdel Maksoud Eissa
International Fund for Agricultural Development
Fawzi Hamad Al-SultanKlemens Van de SandMarie Caroline Upham
International Labor Organization
Katherine Ann HagenStanley G. Taylor
Islamic Development Bank
H.E. Ahmad Mohamed AliTarik KivancBader-Eddine NouiouaAbdurrahman Nur HersiMukhtar A. HamourFarouk Yousif MustafaFarouk Uz-ZamanAmadou Moustapha DioufEl Mansour M. Veten
Latin American Reserve Fund
Miguel Velasco BosshardManuel Martinez R.
League of Arab States
Mutassem R. Sulieman
Nordic Development Fund
Jens Lund SoerensenEngilbert GudmundssonStella Eckert
Nordic Investment Bank
Jon SigurdssonErkki KarmilaBo Heide-OttosenEivind DingstadJuha KotajokiOddvar Sten RonsenJorgen Dwinge IlsoeHeidi Syrjanen
OPEC Fund for International Development
Y. Seyyid AbdulaiSaid AissiSaleh Al-OmairJumana A.W. DejanyNelly Ruiz
Organization for EconomicCooperation and Development
Donald J. JohnstonKumiharu ShigeharaCharles Allen PigottIgnazio ViscoRichard Carey
Development Assistance Committee
James H. Michel
Organization of African Unity
Ngardoumlao Mbondjim Sahndol
Palau
Hon. Tommy Remengesau, Jr.Lawrence Alan GoddardRamon Rechebei
P.L.O.
Mohd. Zuhdi NashashibiH.E. Fouad H. Sh. BeseisoAmin M.A. Haddad
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P.L.O. (continued)
Khalid S.K. KayedMohammad ShtayyehSamih El-Abed
Saudi Fund for Development
Abdulaziz A. Al-Sehail
Southern African Development Community
Lengolo B. MonyakeFudzai Pamacheche
United Nations
Rubens Ricupero
UN Children’s Fund
David Parker
UN Conference on Trade and Development
Andrew WhitleyYilmaz Akyuz
UN Development Program
Inge KaulAbdoulaye Mar Dieye
UN Economic and Social Commission for Asia and the Pacific
Adrianus Mooy
UN Educational, Scientific, and Cultural Organization
Paul Falzon
Universal Postal Union
Thomas E. Leavey
West African Development Bank
Boni YayiYao Agbo N’de HounouviBonou Justin Koutimi Hountomey
West African Economic and Monetary Union
Moussa ToureYounoussi ToureYaovi AdodoKalou Doua BiFrederic Assomption KorsagaAdele Congo-KaboreOumar Keita
World Health Organization
Yuji KawaguchiThan Sein
World Trade Organization
Renato RuggieroJesus SeadeKeith M. RockwellDavid Hartridge
ATTENDANCE—OBSERVERS 321
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322
EXECUTIVE DIRECTORS, ALTERNATES,AND ADVISORS
Alternate Executive Advisors to ExecutiveExecutive Directors Directors Directors
Abdulrahman A. Al-Tuwaijri Sulaiman M. Al-Turki Melhem F. Melhem
Marc-Antoine Autheman Ramon Fernandez Pierre-Michel Fremann
Thomas A. Bernes Charles X. O’Loghlin Mostafa Askari-RankouhiTherese Turner-Huggins
Bernd Esdar Wolf-Dieter Donecker Robert Josef Heinbuecher
Enzo R. Grilli Nikolaos Coumbis Alessandro Giustiniani
Dinah Z. Guti Jose Pedro de Morais, Jr. Patrick A. AkatuLodewyk J.F. ErasmusJ. Mills JonesYasmin Patel
Daniel Kaeser Danuta Gotz-Kozierkiewicz Roberto F. Cippa
Alexandre Kafka Hamid O’Brien Helio Mori
Olver Luis Bernal
Willy Kiekens Johann Prader Szilvia ZádorJiri Jonas
Karin Lissakers Barry S. Newman Mark Sobel
Abbas Mirakhor Mohammed Daïri Mohammad-Hadi Mahdavian
Meekal A. Ahmed
Aleksei Mozhin Andrei Vernikov
Gus O’Donnell Jon Shields
A. Shakour Shaalan Yacoob Yousef Mohammed Garbis M. IradianMohamad Hassan ElhageSamia S. Farid
M.R. Sivaraman H.B. Disanayaka Ramalinga Kannan
Eva Srejber Benny Andersen Kerstin M. Heinonen
Gregory F. Taylor Okyu Kwon Celia M. Gonzalez
Juan José Toribio Javier Guzmán-Calafell Eddy RodríguezTabeila Brizuela
J. de Beaufort Wijnholds Yuriy G. Yakusha Azriel LevyLaura van Geest
Koffi Yao Alexandre Barro Chambrier Simon N’guiambaBernard KonanJean-Christian ObameAbdel Rehman Ismael
Yukio Yoshimura Hideaki Ono Hiroshi Ogushi
Zamani Abdul Ghani Subarjo Joyosumarto Ommar Sein
Zhang Zhixiang Han Mingzhi Zhang Fengming
A. Guillermo Zoccali Nicolas Eyzaguirre Ovidio C. OtazúJose Antonio Costa
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LIST OF ABBREVIATIONS
ADB Asian Development Bank ASEAN Association of Southeast Asian NationsBIS Bank for International SettlementsCARICOM Caribbean Community and Common MarketCGCED Caribbean Group for Cooperation in Economic
DevelopmentCIDA Canadian International Development AgencyCIS Commonwealth of Independent StatesCMA Common Monetary AreaECB European Central BankEMU Economic and Monetary UnionERM exchange rate mechanismESAF Enhanced Structural Adjustment FacilityESRA Economic and Social Reform AgendaEU European UnionGATT General Agreement on Tariffs and TradeGDDS General Data Dissemination SystemGDP gross domestic productGNP gross national productHIPC Initiative Initiative for Heavily Indebted Poor CountriesIBRD International Bank for Reconstruction and
DevelopmentIDA International Development AssociationIDB Inter-American Development BankIFC International Finance CorporationIMF International Monetary FundMDB multilateral development bankMIGA Multilateral Investment Guarantee AgencyNAB New Arrangements to BorrowNDS national development strategyNGO nongovernmental organizationODA official development assistanceOECD Organization for Economic Cooperation and
DevelopmentPIN Press Information NoticeSACU Southern African Customs UnionSADC South African Development CommunitySAP Social Action ProgramSAR Special Administrative Region (Hong Kong, China)SCA-2 Second Special Contingency AccountSDDS Special Data Dissemination StandardSDR special drawing rightSOE state-owned enterpriseUN United NationsWTO World Trade Organization
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