imf summary proceedings 1997--part 4 of 4

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.

CONCLUDING REMARKS 259


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



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



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



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.



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



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



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.



DOCUMENTS AND RESOLUTIONSOF THE

BOARD OF GOVERNORS


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.


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.

270


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


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.


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.


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



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.

275


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;



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-

RESOLUTIONS 277


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



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.

RESOLUTIONS 279


(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.


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.




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

281


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



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;

INTERIM COMMITTEE 283


• 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.



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.


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


Alternate attending for the member:1Sultan Bin Nasser Al-Suwaidi2Gordon Thiessen3Jean-Claude Juncker4Wolfgang Ruttenstorfer


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.


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

DEVELOPMENT COMMITTEE 289


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.



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


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


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


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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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




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



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



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


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



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


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


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


323

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
