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33581 THE WORLD BANK GROUP 2004 A THE WORLDBANKGROUP Headquarters 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. NNUAL Public Disclosure AuthorizedPublic Disclosure Authorized Telephone: (202) 473-1000 Facsimile: (202) 477-6391 Website: www.worldbank.org M EETINGS Cable Address World Bank: INTBAFRAD IFC: CORINTFIN THE WORLD BANK GROUP IDA: INDEVAS OF MIGA: MIGAVEST THE B SUMMARY PROCEEDINGS OARDS Public Disclosure AuthorizedPublic Disclosure Authorized OF 2004 ANNUAL MEETINGS G OVERNORS OF THE OARDS OF OVERNORS B G Public Disclosure AuthorizedPublic Disclosure Authorized Summary Proceedings Washington D.C. October 3, 2004 Public Disclosure AuthorizedPublic Disclosure Authorized 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page i THE WORLD BANK GROUP 2004 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS WASHINGTON D.C. OCTOBER 3, 2004 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page ii 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page iii INTRODUCTORY NOTE The 2004 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruc- tion and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA) and International Centre for the Settlement of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund, took place on October 3, 2004 in Washington D.C. The Honorable Lim Hng Kiang, Governor of the Bank and the Fund for Singapore, served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors, the reports and resolu- tions adopted by the Boards of Governors of the World Bank Group. The texts of statements concerning the IMF are published separately by the Fund. W. Paatii Ofosu-Amaah Vice President and Corporate Secretary THE WORLD BANK GROUP Washington, D.C. June, 2004 iii 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page iv 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page v CONTENTS Page Opening Address by the Chairman Lim Hng Kiang Governor of the Bank and the Fund for Singapore . 1 Annual Address by James D. Wolfensohn President of the World Bank Group . 5 Report by Trevor Manuel Chairman of the Development Committee . 14 Statements by Governors and Alternate Governors . 17 Afghanistan . 17 Israel . 87 *Bahrain . 19 Italy . 89 Bangladesh . 23 *Jamaica . 92 Belarus . 25 Japan . 95 Belgium . 28 Korea . 102 Bulgaria . 33 Lao, PDR . 103 Burkina Faso . 35 *Lithuania . 105 Cambodia . 41 Macedonia, FYR . 107 Canada . 48 Malaysia . 109 China . 53 *Micronesia . 113 Croatia . 56 Myanmar . 118 Denmark . 60 Nepal . 121 Fiji . 62 Netherlands . 124 *Finland . 65 New Zealand . 126 France . 69 Pakistan . 131 Georgia . 70 Papua New Guinea . 135 Germany . 73 Philippines . 138 Ghana . 74 Poland . 140 Greece . 76 Portugal . 142 India . 77 Russian Federation . 145 Indonesia . 80 Spain . 150 Iran, Islamic Republic of . 82 Sri Lanka . 153 Ireland . 84 Switzerland . 155 * Speaking on behalf of a group of countries. v 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page vi Page Thailand . 158 Ukraine . 163 Tonga . 160 United States . 166 Turkey . 162 Vietnam . 168 Concluding Remarks by James D. Wolfensohn . 171 Concluding Remarks by the Chairman Lim Hng Kiang . 174 Remarks by Andre-Philippe Futa, Governor of the Bank for Democratic Republic of the Congo . 176 Documents of the Boards of Governors . 178 Schedule of Meetings . 178 Provisions Relating to the Conduct of the Meetings . 179 Agendas . 180 Joint Procedures Committee . 181 Report II . 182 Report III . 184 MIGA Procedures Committee . 186 Report I . 187 Resolutions Adopted by the Board of Governors of the Bank between the 2003 and 2004 Annual Meetings . 189 No. 556 Transfer from Surplus to Replenish Trust Fund for Gaza and West Bank . 189 No. 557 Transfer from Surplus to Low-Income Countries under Stress Implementation Trust Fund . 189 No. 558 Direct Remuneration of Executive Directors and their Alternates . 189 No. 559 2004 Regular Election of Executive Directors . 190 No. 560 Framework for Remuneration of the President . 190 No. 561 Remuneration of the President . 191 Resolutions Adopted by the Board of Governors of the Bank at the 2004 Annual Meetings . 192 No. 562 Financial Statements, Accountants’ Report and Administrative Budget . 192 No. 563 Allocation of FY04 Net Income . 192 vi 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page vii Page Resolution Adopted by the Board of Governors of IFC at the 2004 Annual Meeting . 194 No. 240 Financial Statements, Accountants’ Report and Administrative Budget . 194 Resolution Adopted by the Board of Governors of IDA between the 2003 and 2004 Annual Meeting . 195 No. 207 Slovenia—Change in Membership Status . 195 Resolution Adopted by the Board of Governors of IDA at the 2004 Annual Meeting . 197 No. 208 Financial Statements, Accountants’ Report and Administrative Budget . 197 Resolution Adopted by the Council of Governors of MIGA between the 2003 and 2004 Annual Meetings . 198 No. 68 Election of Directors . 198 Resolutions Adopted by the Council of Governors of MIGA at the 2004 Annual Meetings . 199 No. 69 Financial Statements and Accountants’ Report . 199 No. 70 Parity of Voting Power in MIGA . 199 Reports of the Executive Directors of the Bank . 201 Transfer from Surplus to Replenish Trust Fund for Gaza And West Bank . 201 Transfer from Surplus to Low-Income Countries under Stress Implementation Trust Fund . 202 Report of the Boards of Governors of the IMF and the World Bank by the Joint Committee on the Remuneration of Executive Directors and their Alternates . 203 2004 Regular Election of Executive Directors . 213 Rules for the 2004 Regular Election of Executive Directors . 215 Statement of Results of 2004 Election of the Executive Directors . 219 Remuneration of the President . 225 Allocation of FY04 Net Income . 228 vii 3645_p00i-viii_FrontMatter.pdf 8/24/05 9:30 AM Page viii Page Report of the Board of Directors of IDA Slovenia—Change in Membership Status . 229 Reports of the Board of Directors of MIGA 2004 Regular Election of Directors . 230 Rules for the 2004 Regular Election of Directors . 233 Statement of Results of 2004 Election of the Board of Directors . 236 Accredited Members of the Delegations at the 2004 Annual Meetings . 242 Accredited Members of the Delegations (MIGA) at the 2004 Annual Meetings . 271 Observers at the 2004 Annual Meetings . 283 Executive Directors and Alternates, IBRD, IFC, IDA . 288 Directors and Alternates, MIGA . 290 Officers of the Boards of Governors and Joint Procedures Committee for 2004–05 . 292 Officers of the MIGA Council of Governors and Procedures Committee for 2004–05 . 293 viii 3645-p001-016_OpenAddress.pdf 8/24/05 9:32 AM Page 1 OPENING ADDRESS BY THE CHAIRMAN THE HONORABLE LIM HNG KIANG GOVERNOR OF THE BANK AND THE FUND FOR SINGAPORE Introduction Welcome to the 2004 Annual Meetings of the International Monetary Fund and the World Bank Group. It is indeed a great honor for Singapore and for me personally to be chairing these meetings. On behalf of all the Governors, I would like to extend a warm wel- come to the new Managing Director of the IMF, Mr. Rodrigo de Rato. We look forward to his leadership of the IMF. Together with Mr. Wolfensohn of the World Bank, we believe that the two of them will play a critical role in leading the IMF and the World Bank during this critical juncture in the global economy. I would also like to express our deepest appreciation to the former Managing Director Horst Köhler for the energy and focus he brought to the IMF. I am sure all of you join me in congratulating him on his assumption of the Presidency of the German Federal Republic. 60 Years of the Bretton Woods Institutions Fellow Governors, this year’s meetings coincide with the 60th anniver- sary of the founding of the Bretton Woods Institutions. The past six decades have been a period of general stability and rising prosperity. Economic growth and development have improved the quality of life for millions of ordinary people. However, given the ever increasing pace of globalization, important challenges remain: poverty still plagues much of the world’s population; not enough people have benefited from the positive scale of globalization; and the voices of the poor have some- times been drowned out. It is vital that we learn the right lessons from the past sixty years, so that we can all work together to secure greater prosperity and equity going forward. Let me highlight three key lessons. First, a stable macroeconomic framework and sound economic policies are prerequisites for sustain- able growth. For developing countries, we need rapid economic growth to raise living standards and reduce poverty. Through its surveillance work, the IMF has encouraged and assisted member countries to imple- ment policies that will reduce the risk of crisis and make their economies more resilient. The IMF also emphasizes the soundness of economic policies, including a greater focus on debt sustainability, financial sector health, and sound institutions and governance. 1 3645-p001-016_OpenAddress.pdf 8/24/05 9:32 AM Page 2 Second, structural and macroeconomic reforms are necessary to strengthen prospects for growth and poverty reduction. The develop- ment record of the past sixty years has shown that the main drivers of economic growth—entrepreneurship, investment, and innovation by the private sector—depend strongly on the right environment. And the right environment includes sound macroeconomic policies, openness to trade, good governance and institutions, strong financial markets, and the availability of key physical infrastructure. Third promoting free and open trade. We have also witnessed how important international trade has been for economic development and poverty reduction. In this regard, we are optimistic about the agreement reached in July on a negotiating framework for the next stages of the Doha round of international trade talks.