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1982 Annual Meetings of the Boards of Governors

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1982 Annual Meetings of the Boards of Governors INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Public Disclosure Authorized 1982 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized Toronto, Ontario, CANADA SEPTEMBER 6-9, 1982 Public Disclosure Authorized INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION 1982 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Toronto, Ontario, CANADA SEPTEMBER 6-9, 1982 INTRODUCTORY NOTE The 1982 Annual Meeting of the Board of Governors of the International Bank for Reconstruction and Development, held jointly with that of the In­ ternational Monetary Fund, took place in Toronto, Ontario, Canada, September 6-9 (inclusive). The Honorable Abdlatif Y. AI-Hamad, Gover­ nor of the Bank and Fund for Kuwait, served as Chairman. The Annual Meetings of the Bank's affiliates, the International Finance Corporation (IFC) and the International Development Association (IDA), were held in conjunction with the Annual Meeting of the Bank. The Summary Proceedings record, in alphabetical order of member countries, the texts of statements by Governors relating to the activities of the Bank, IFC and IDA. The texts of statements concerning the IMF are published separately by the Fund. T.T.THAHANE Vice President and Secretary THE WORLD BANK Washington, D.C. January, 1983 iii CONTENTS Page Opening Remarks by Pierre Elliott Trudeau Prime Minister of Canada .............................. Opening Address by the Chairman Abdlatif Y. AI-Hamad Governor of the Bank and Fund for Kuwait . 6 Annual Address by A. W. Clausen President of the World Bank. .. .. ... ... 12 Report by Manuel Ulloa Elias Chairman of the Development Committee . 28 Statements by Governors and Alternate Governors. 32 Page Page Afghanistan ............ 32 Luxembourg ............ 121 Algeria. .. 37 Malaysia ............... 123 Australia ............... 40 Nepal .................. 126 Austria. .. 43 Netherlands . .. 130 Bangladesh ............. 46 New Zealand ............ 133 * Barbados ............... 51 * Nicaragua .............. 134 Belgium. .. .. 57 * Norway ................ 142 Belize. .. .. 60 Pakistan ................ 147 Canada ................ 61 Papua New Guinea ....... 151 China .................. 64 Paraguay ............... 152 *Denmark ............... 68 Portugal ................ 158 Egypt .................. 70 St. Vincent and Fiji .................... 72 the Grenadines ........ 161 France ................. 73 * Senegal . .. 163 Germany ............... 77 Solomon Islands . .. 169 Greece ................. 81 South Africa . .. 170 India. .. 83 Spain .................. 173 Indonesia . .. 88 Sri Lanka ............... 174 Iran ................... 90 Thailand ............... 177 Iraq ................... 94 Turkey ................. 180 Ireland. .. 97 *United Arab Emirates .... 183 Israel .................. 100 United Kingdom ......... 187 Italy ................... 102 United States ............ 198 Jamaica ................ 106 Vanuatu ................ 204 Japan .................. 110 Viet Nam ............... 207 Korea .................. 115 Western Samoa . 208 Lao People's Democratic Yugoslavia .............. 210 Republic ............. 119 'Speaking on behalf of a group of countries v Page Concluding Remarks by Mr. Clausen ........................... 212 Concluding Remarks by the Chairman, Abdlatif Y. AI-Hamad ....... 214 Remarks by Juan Antonio Garcia Diez, Governor of the Fund for Spain ...................................... 216 Documents of the Boards of Governors ........................... 217 Schedule of Meetings ........................................ 217 Provisions Relating to the Conduct of the Meetings . 218 Agendas ................................................... 219 Joint Procedures Committee .................................... 220 Report II .................................................. 221 Report III ................................................. 223 Resolutions Adopted by the Board of Governors of the Bank Between the 1981 and 1982 Annual Meetings .................. 224 No. 377 ... Membership of Antigua and Barbuda ............... 224 No. 378 ... Membership of Belize ............................ 226 No. 379 ... Places of Forthcoming Annual Meetings ............. 229 No. 380 ... Subscriptions by Certain Members Under Article II, Section 3(c) of the Articles of Agreement of the Bank . 229 No. 381 ... Membership of the Hungarian People's Republic ..... 230 No. 382 ... Direct Remuneration of Executive Directors and Their Alternates ............................. 233 No. 383 ... Increases in Certain Subscriptions to the Capital Stock and Reallocation of Authorized Shares ............................... 233 No. 384 ... 1982 Regular Election of Executive Directors ......... 236 Resolutions Adopted by the Board of Governors of the Bank At the 1982 Annual Meeting ................................ 237 No. 385 ... Financial Statements, Accountants' Report and Administrative Budget ........................ 237 No. 386 ... Allocation of Net Income ......................... 237 No. 387 ... Resolution of Appreciation ........................ 237 Resolutions Adopted by the Board of Governors of IFC Between the 1981 and 1982 Annual Meetings .................. 239 No. 125 ... Membership of St. Lucia .......................... 239 No. 126 ... Membership of Belize ............................ 240 No. 127 ... Membership of the Republic of The Gambia ......... 241 vi Page Resolutions Adopted by the Board of Governors of IFC At the 1982 Annual Meeting ................................ 243 No. 128 ... Financial Statements, Accountants' Report and Administrative Budget . 243 No. 129 ... Resolution of Appreciation ........................ 243 Resolutions Adopted by the Board of Governors of IDA Between the 1981 and 1982 Annual Meetings .................. 244 No. 124 ... Membership of St. Lucia ......................... 244 No. 125 ... Membership of Belize ............................ 246 No. 126 ... Sixth Replenishment: Adjustment of Voting Rights of Colombia, Luxembourg and Saudi Arabia ... 248 No. 127 ... Membership of St. Vincent and the Grenadines ....... 249 Resolutions Adopted by the Board of Governors of IDA At the 1982 Annual Meeting ................................ 252 No. 128 ... Financial Statements, Accountants' Report and Administrative Budget .................... 252 No. 129 ... Resolution of Appreciation ........................ 252 Reports of the Executive Directors of the Bank .................... 253 Subscriptions by Certain Members Under Article II, Section 3(c) of the Articles of Agreement of the Bank .. 253 Increases in Certain Subscriptions to the Capital Stock and Reallocation of Authorized Shares ......... 254 1982 Regular Election of Executive Directors .................... 255 Allocation of Net Income .................................... 256 Rules for the 1982 Regular Election of Executive Directors .......... 258 Executive Directors Elected at 1982 Regular Election ............... 262 Report of the Executive Directors of IDA ......................... 267 Sixth Replenishment: Adjustment of Voting Rights of Colombia, Luxembourg and Saudi Arabia .................... 267 Report of the Chairman of the Development Committee ............ 269 Annual Report of the Development Committee .................... 270 Accredited Members of Delegations at 1982 Annual Meetings ........ 287 Observer at 1982 Annual Meetings ............................... 308 Representatives of International Organizations .................... 309 Executive Directors, Alternates and Advisors ...................... 310 VB Page Officers of the Board of Governors and Joint Procedures Committee for 1982-1983 .................................. 311 Reference List of Principal Topics Discussed ...................... 312 viii OPENING REMARKS BY THE RT. HON. PIERRE ELLIOTT TRUDEAU PRIME MINISTER OF CANADA Speaking for all Canadians, I say: Welcome to Canada. We have waited long for you to come-38 years. We have waited since Canada was with you at Bretton Woods in 1944. At that time a few farseeing Canadians were working there with other like-minded delegates, on ideas and proposals for an International Monetary Fund and a World Bank. They were attempting to create economic order out of a world of economic and political chaos. So our feeling toward you is not just one of membership. It is one of historic kinship. All here, I have no doubt, wish that we were meeting in better economic times. The conditions we face today are worse than any since our beginnings at Bretton Woods. The word "crisis" now emerges frequently in discussion of international economic, trade, finance, and energy developments. These hard times, and these perceptions of looming crises, are generating fear in the minds of some of our people. In many others, frustration and confusion. Also worrisome are the questions current problems encourage concerning the Bretton Woods institutions. Are they effective? Have they failed us? We see widespread unemployment, inflation, reduced trade, unsettled international financial markets, exchange rate instability, high interest rates, and reduced access of developing countries to international funds. When a community faces a crisis it meets and pulls together. It looks anew at its fundamental objectives and purposes, it examines its strengths, its difficulties, and its opportunities
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