International Monetary Fund 1277

Chapter IX International Monetary Fund (IMF)

Financial assistance by the International Monetary Drawings under the compensatory financing fa- Fund (IMF) to its member countries rose sharply cility, designed to compensate for temporary short- in 1983 in response to the continuing deterioration falls in export earnings of member countries or for in world trade and payments positions and to the excessive increases in cereal import costs and en- increasing difficulties experienced by developing tailing less restrictive conditionality, rose by 8 per countries in servicing their external debt. Total cent in 1983 to SDR 2.8 billion. Purchases under purchases-measured in special drawing rights the buffer stock financing facility, which assists (SDRS), the unit of account of IMF—amounted to members in making contributions to Fund- a record SDR 12.6 billion in 1983, or 69.4 per cent approved international buffer stocks, rose to above the 1982 peak of SDR 7.4 billion, with all around SDR 352 million in 1983. drawings representing financial assistance by IMF In contrast to the rise in total drawings, repur- to its developing member countries. The total did chases (repayments by IMF members) grew only not include reserve tranche drawings, which were slightly in 1983 to SDR 2 billion, from SDR 1.8 bil- not regarded as uses of IMF credit but rather as lion in 1982. This small increase resulted in an in- drawings by members on reserve assets deposited crease in net purchases of more than 82 per cent by them with IMF. Reserve tranche drawings, which to a record SDR 10.6 billion, compared with the are subject neither to conditionality nor to repur- previous record of SDR 5.9 billion in 1982. chase requirements, rose moderately in 1983 and Use of SDRs also increased substantially in amounted to SDR 1.5 billion, compared with SDR 1983, largely because of payments in SDRs by par- 1.3 billion in 1982. ticipants of all or part of the reserve asset portion New loan commitments under stand-by and ex- of their quota increases under the Eighth General tended arrangements, which had amounted to Review of Quotas (see below). These payments, only SDR 2.4 billion in 1982, rose fourfold in 1983 made in December 1983 by 120 member countries to SDR 10.5 billion. At the end of 1983, there were and amounting to SDR 6 billion, helped to in- 33 stand-by arrangements and 10 extended ar- crease total SDR transfers to SDR 20.7 billion, from rangements in effect with an approved value of SDR 12.2 billion in 1982. Transactions “by agree- SDR 22.9 billion and an undrawn balance of SDR ment”, voluntary transfers in exchange for curren- 12.4 billion. cies, grew to a record SDR 2.7 billion in 1983, Purchases made available in support of eco- compared with the previous record of SDR 1.8 bil- nomic adjustment programmes and subject to lion in 1978. This was the first time since 1978 that relatively strong conditionality requirements ac- the level of transactions “by agreement” exceeded counted for about 75 per cent of the drawings of that of transactions “with designation”, which SDR 12.6 billion in 1983, up about 13 per cent on totalled SDR 2.1 billion. Under transactions “with 1982. This reflected almost a doubling of draw- designation”, participants whose international ings under stand-by arrangements (typically made financial position was sufficiently strong were over a one-year period) to SDR 4.6 billion and designated by IMF to exchange their usable cur- more than a doubling of drawings under extended rencies for the SDRS of participants requiring arrangements (usually made over three years) also balance-of-payments assistance. to SDR 4.6 billion; first credit tranche purchases that were made under stand-by arrangements amounted to SDR 259.1 million. IMF liquidity Conditionality requirements, linking financial Several important decisions were reached in assistance by IMF to the adoption of economic ad- 1983 with the purpose of effectively doubling the justment policies by members, were less rigorous usable resources of IMF so that it could continue for drawings under the first credit tranche, which to provide adequate financial assistance to its may be made outright or through a stand-by ar- members. These decisions included an increase of rangement. Purchases in the upper credit tranches, about 50 per cent in the level of IMF quotas, an almost always made under a stand-by or extended almost threefold enlargement in the total amount arrangement, required substantial justification and of commitments under the General Arrangements were subject to phased disbursements and to ful- to Borrow (GAB) and the extension of this facility filment of specific performance criteria. to finance purchases by any member, as well as 1278 Intergovernmental organizations the establishment of a separate credit facility by Saudi under taken in 1983. At a meeting in Washington, Arabia to provide financial assistance to IMF under ID. C., on 25 September, the Interim Committee the same conditions as GAB. recommended that the enlarged access policy The increase in Fund quotas from the current should continue for 1984. level of about SDR 61 billion to SDR 90 billion under Access to the Fund’s resources under the policy the Eighth General Review of Quotas was agreed during the extension was to be subject to annual by the Interim Committee of the IMF Board of limits of 102 or 125 per cent of quota, three-year Governors, meeting at Washington, D. C., in Febru- limits of 306 or 375 per cent of quota, and cumula- ary. The Committee agreed that 40 per cent of the tive limits of 408 or 500 per cent of quota, depend- overall increase was to be distributed to all mem- ing on the seriousness of the balance,-of-payments bers in proportion to their existing individual quotas needs and the strength of the adjustment effort. and that the balance should be distributed in the These limits were to be examined periodically in form of selective adjustments reflecting members’ conjunction with reviews of the enlarged access relative positions in the world economy. policy itself. A resolution authorizing the increase in quotas was adopted by the Board of Governors on 31 Debt renegotiation March. The new quotas were to become effective In 1983, a number of developing countries con- when members having at least 70 per cent of total tinued to face major debt-servicing difficulties quotas had consented to their individual increases owing to high interest payments and to a further and paid them in full. IMF said that this provision contraction of their export markets that reflected had been met on 30 November. As at 2 Decem- the recession in the industrial countries and their ber, 132 member countries (of a total membership recourse to protectionist measures. With Govern- of 146, unchanged in 1983), representing 96.55 per ments, central and commercial banks, and the cent of total Fund quotas, had notified IMF of their Bank for International Settlements, IMF helped to consent to the increases. put together financing arrangements for the major Another measure to improve the liquidity of debtor countries. An important aspect of the IMF was adopted on 18 January by the Group of Fund’s role was to explain the thrust of Fund- 10—the original industrial member countries par- supported adjustment policies, to identify the im- ticipating in GAB-when it agreed to increase the mediate financing requirements of the debtor aggregate commitments available under GAB from countries, and to encourage commercial banks to SDR 6.4 billion to SDR 17 billion and to make the reschedule payments due on their loans to these resources available for drawings by any member countries and to make new loans. of IMF if needed to forestall or cope with an im- pairment of the international monetary system. Exchange rate policies Previously, use of GAB had been limited to financ- Under its Articles of Agreement, the Fund was ing drawings by participants in GAB. The revision, charged with overseeing the international mone- which was approved by the Fund’s Executive tary system. Article IV, Section 3 (b), provided that Board on 24 February and entered into force on “the Fund shall exercise firm surveillance over the 26 December, also authorized the participation of exchange rate policies of members, and shall adopt in GAB and permitted IMF to enter specific principles for the guidance of all members into GAB-associated borrowing arrangements with with respect to those policies”. The timing and lenders other than GAB participants. One such timeliness of Article IV consultations were of con- borrowing arrangement with Saudi Arabia for up siderable importance. In principle, consultations to SDR 1.5 billion was approved by the Executive were to take place annually, but in practice even Board on 20 May. the operational guideline that had been adopted-covering three fourths of the member- Access to IMF resources ship annually-had not been met in the early In addition to augmenting the resources of IMF, 1980s. This slippage led the Executive Board in the increase in quotas was to raise the levels of 1983 to implement a stricter adherence to an an- members’ access to these resources. The enlarged nual consultation cycle for most members, partic- access policy, which was to replace the supplemen- ularly those whose policies had a significant im- tary financing facility, would enable IMF to pro- pact on other economies, those that had vide supplementary financing to all members fac- Fund-supported programmes, and those for which ing payments imbalances that were large in there were substantial doubts about the medium- relation to their quotas. No funds were to be dis- term viability of the balance-of-payments sit- bursed by the supplementary financing facility uation.. after 22 February 1984. IMF also strengthened its surveillance activities Because of the continuing high demand for IMF in 1983 to encompass in-depth analyses of debt financial assistance, a review of access limits was policies of individual countries, including debt de- International Monetary Fund 1279 velopments and debt-servicing prospects. The analyses porary employees, was 1,734, drawn from 101 na- were to cover all members engaged in significant tionalities. On 12 May, the Managing Director of external borrowing operations. IMF, Jacques de Larosière, was appointed to a second Another decision in 1983 initiated a system whereby five-year term. the Executive Board would be notified regularly of all sizeable changes in real effective exchange rates. DRAWINGS AND REPURCHASES IN 1983 (in millions of SDRs) A large change in a country’s exchange rate would result in the issuance of an information notice to Drawings Repurchases the Board. The notice would include a discussion World 14,132.5 2,032.8 of developments in the member’s exchange rate and Industrial countries 87.2 106.9* its costs and prices, together with a statement of Australia 32.5 Finland - 14.4 how they were related to changes in the balance Iceland - 0.9 of payments and other developments in the economy. Luxembourg 7.6 - Netherlands 79.6 - New Zealand - 2.9 Other developments Spain 4.8 United Kingdom The Executive Board adopted a decision on the 51.6 - SDR interest rate, effective 1 August 1983. The general Developing countries 832.8 purpose of the decision was to enhance further the Oil exporting countries 643.5* Iran 111.9 - role of the SDR as an international reserve asset by Iraq 77.4 - bringing its yield closer in line with yields on other Non-oil developing countries 13,212.6* 1,925.9* reserve assets included in the SDR interest basket. Africa 1,862.6* 425.6 The SDR interest rate and charges and the rate of Benin 1.8 remuneration that IMF pays on members’ credi- Burundi - 4.8 Central African Republic 5.7 0.3 tor positions were to be calculated weekly instead Chad 3.3 of quarterly; payments of SDR interest and charges, Congo 3.3 - as well as those of remuneration, were to be made Equatorial Guinea 1.4 - Ethiopia 18.0 quarterly rather than annually. Gabon - 7.5 IMF made the final payments from its oil facil- Gambia 0.9 2.6 Ghana 275.0 15.4 ity subsidy account on 23 August. Disbursements Guinea 4.7 - to 25 members amounting to SDR 11.7 million Guinea-Bissau 0.4 0.4 brought the amount of total payments under the Ivory coast 167.8 Kenya 132.6 43.0 subsidy account to SDR 186.8 million. The account Liberia 62.0 10.3 had been established in 1975 to assist Fund mem- Madagascar 15.2 3.7 Malawi 34.2 10.3 bers most seriously affected by oil price increases Mali 17.6 1.8 to meet part of the cost of using the IMF oil facil- Mauritania 2.1 4.4 ity, which was in operation from June 1975 until Mauritius 31.6 14.5 Morocco 134.8 23.3 May 1976. Niger 30.8 - Senegal 37.0 10.5 Seychelles 0.7 - Publications Sierra Leone 23.6 2.0 Somalia 47.4 Publications issued by IMF in 1983 included the South Africa - 50.0 Annual Report, Summary Proceedings of the annual meeting Sudan 193.0 41.6 Swaziland 10.0 - of the Board of Governors, the Annual Report on Exchange Togo 21.9 - Arrangements and Exchange Restrictions, World Economic Uganda 112.7 11.9 Outlook, International Financial Statistics (including sup- United Republic of Cameroon 13.0 0.5 United Republic of Tanzania 6.1 25.1 plements on international reserves and on money,), Zaire 130.3 10.4 Direction of Trade Statistics, Balance of Payments Statis- Zambia 188.4 113.6 tics, and Government Finance Statistics Yearbook. Peri- Zimbabwe 153.6 - odicals included the quarterlies Staff Papers and Finance Asia 2,855.7* 867.0* Afghanistan 15.1 - and Development (published jointly with the World Bangladesh 68.4 21.1 Bank), the IMF Survey, published 23 times a year, Burma 44.2 18.2 and the monthly IMF Memorandum. Also published China 450.0 India 1,500.0 33.3 were explanatory pamphlets on the workings of the Malaysia 113.0 46.2 Fund and papers on wide-ranging subjects of in- Nepal 2.2 4.9 Pakistan 285.0 24.3 terest to the international financial community. Philippines 319.9 144.6 Republic of Korea 192.0 40.9 Samoa 3.2 0.9 Secretariat Solomon Islands 1.0 - As at 31 December 1983, the total full-time staff Sri Lanka 35.8 46.2 Thailand 265.5 35.2 of IMF, including permanent, fixed-term and tem- Viet Nam 10.5 1.3 1280 Intergovernmental organizations

Drawings Repurchases Repurchases Europe 1,859.2 414.9 Currencies by currency Cyprus - 6.8 drawn of repurchase Hungary 332.5 - Non-oil developing countries 105.5 18.4 Portugal 403.5 9.8 Romania 222.9 60.9 Asia 22.5 1.7 Turkey 346.3 168.3 Chinese yuan 20.0 - Yugoslavia 554.0 169.1 Singapore dollars 2.5 1.7

Middle East 26.3* 30.8 Europe 0.7 Democratic Yemen 0.9 Maltese pounds 0.7 Egypt 2.7 Middle East - Israel - 27.2 3.0 Jordan 16.6 - Bahrain dinars 3.0 - Yemen 9.8 - Western hemisphere 80.0 16.0* Western hemisphere 6,608.9* 187.6* Colombian pesos 70.1 9.4 Antigua end Barbuda 0.4 - Paraguayan guarantes 2.1 1.0 Argentina 1,289.3 - Trinidad and Tobago dollars 7.8 5.7 Barbados 14.5 0.9 SDRs 2,977.0 405.4 Belize 3.6 - Bolivia 23.7 10.8 Brazil 2,402.7 - *Diflers from sum of individual figures because of rounding. Chile 678.3 5.7 Costa Rica 116.5 11.7 Dominica 2.7 0.7 Dominican Republic 179.1 8.1 Ecuador 203.5 - El Salvador 21.6 - STAND-BY AND EXTENDED FACILITY ARRANGEMENTS Grenada 1.5 - (as at 31 December 1983, in thousands of SDRs) Guatemala 38.3 Guyana 2.9 4.1 Amount Undrawn Haiti 31.9 0.3 Member agreed balance Honduras 45.9 - Jamaica 116.0 41.5 Stand-by arrangements 8,180,500 4,470,460 Mexico 1,003.1 - Argentina 1,500,000 839,490 Nicaragua 4.3 Barbados 31,875 7,800 Panama 108.9 0.9 Central African Republic 18,000 13,500 Peru 165.0 87.5 Chile 500,000 216,000 Saint Lucia 0.5 - Ecuador 157,500 39,375 Suriname 7.9 Ghana 238,500 95,400 Uruguay 151.2 11.2 Guatemala 114,750 76,500 Haiti 60,000 53,000 - ‘Differs from sum of individual figures because of rounding. Hungary 475,000 Kenya 175,950 46,150 Liberia 55,000 27,000 Mali 40,500 30,500 Mauritius 49,500 24,750 Morocco 300,000 270,000 Niger 18,000 11,200 CURRENCIES DRAWN AND REPURCHASES BY 100,000 CURRENCY OF REPURCHASE IN 1983 Panama 150,000 215,000 (in millions of SDRs) Philippines 315,000 Portugal 445,000 348,250 Repurchases Republic of Korea 575,775 303,775 Currencies by currency Romania 1,102,500 468,600 drawn of repurchase Samoa 3,375 1,685 Senegal 63,000 31,500 World 14,132.5 2,032.8 Solomon, Islands 2,400 1,440 Industrial countries 8,887.3* 1,445.7 Somalia 60,000 - Austrian schillings 130.6 20.9 Sri Lanka 100,000 70,000 Canadian dollars 25.8 21.9 Sudan 170,000 25,500 Danish kroner 45.7 1.9 Togo 21,375 1,995 Deutsche mark 1,182.8 260.7 Turkey 225,000 168,750 French francs 21.1 - Uganda 95,000 51,000 Irish pounds 12.8 Uruguay 378,000 226,800 Italian Iire 70.5 18.1 Zaire 228,000 228,000 Japanese yen 603.7 167.2 Zambia 211,500 135,000 Netherlands Builders 239.4 51.5 Zimbabwe 300,000 202,500 Norwegian kroner 142.6 34.1 Extended arrangements 14,755,500 7,948,731 Pounds sterling 344.6 107.0 Brazil 4,239,375 2,992,500 United States dollars 6,067.8 762.4 Dominica 8,550 476 Developing countries Dominican Republic 371,250 247,500 Oil-exporting countries 2,162.7* 163.3* Grenade 13,500 12,375 India 5,000,000 1,700,000 Algerian dinars - 2.1 Ivory Coast 484,500 38,475 Kuwaiti dinars 211.3 15.1 Jamaica 477,700 74,900 Omani rials 1.8 0.3 Malawi 100,000 90,000 - Qatar riyals 5.6 Mexico 3,410,625 2,407,505 Saudi Arabian riyals 1,808.7 127.3 Peru 650,000 385,000 United Arab Emirates dirhams 5.8 Venezuelan bolivares 129.4 16.4 22,936,000 12,419,191 International Monetary Fund 1281

Annex I. MEMBERSHIP OF THE INTERNATIONAL MONETARY FUND, QUOTAS AND VOTING POWER (As at 1 February 1984)

QUOTA VOTING POWER QUOTA VOTING POWER

General General General General Amount end SDR end SDR Amount and SDR end SDR (in Departments Number Departments (in Departments Number Departments millions percentage of percentage millions percentage of percentage MEMBER of SDRs) of total* votes† Of total MEMBER of SDRs) of total* votes† of total Afghanistan 86.70 0.10 1,117 0.12 Lao People’s Democratic Algeria 623.10 0.70 6,481 0.70 Republic 24.00 0.03 490 0.05 Antigua and Barbuda 5.00 0.01 300 0.03 Lebanon 78.70 0.09 1,037 0.11 Argentine 1,113.00 1.26 11,380 1.23 Lesotho 15.10 0.02 401 0.04 Australia 1,619.20 1.83 16,442 1.78 Liberia 71.30 0.08 963 0.10 Austria 775,60 0.88 8,006 0.87 Libyan Arab Jamahiriya 298.40 0.34 3,234 0.35 Bahamas 66.40 0.08 914 0.10 Luxembourg 77.00 0.09 1,020 0.11 Bahrain 48.90 0.06 739 0.08 Madagascar 66.40 0.08 914 0.10 Bangladesh 287.50 0.32 3,125 0.34 Malawi 37.20 0.04 622 0.07 Barbados 34.10 0.04 591 0.06 Malaysia 550.60 0.62 5,756 0.62 2,080.40 2.35 21,054 2.28 Maldives 2.00 0.002 270 0.03 Belize 9.50 0.01 346 0.04 Mali 50.80 0.06 758 0.08 Benin 31.30 0.04 563 0.06 Malta 45.10 0.05 701 0.08 Bhutan 2.50 0.002 275 0.03 Mauritania 33.90 0.04 589 0.06 Bolivia 90.70 0.10 1,157 0.13 Mauritius 53.60 0.06 786 0.09 Botswana 22.10 0.02 471 0.05 Mexico 1,165.50 1.32 11,905 1.29 Brazil 1,461.30 1.65 14,863 1.61 Morocco 306.60 0.35 3,316 0.36 Burma 137.00 0.15 1,620 0.18 Nepal 37.30 0.04 623 0.07 Burundi 42.70 0.05 677 0.07 Netherlands 2,264.80 2.56 22,898 2.48 Canada 2,941.00 3.32 29,660 3.22 New Zealand 461.60 0.52 4,866 0.53 Cape Verde 4.50 0.01 295 0.03 Nicaragua 51.00 0.06 760 0.08 Central African Republic 30.40 0.03 554 0.06 Niger 33.70 0.04 587 0.06 Chad 30.60 0.03 556 0.06 Nigeria 849.50 0.96 8,745 0.95 Chile 440.50 0.50 4,655 0.51 Norway 699.00 0.79 7,240 0.79 China 2,390.90 2.70 24,159 2.62 Oman 63.10 0.07 881 0.10 Colombia 394.20 0.45 4,192 0.45 Pakistan 546.30 0.62 5,713 0.62 Comoros 3.50 0.003 285 0.03 Panama 102.20 0.12 1,272 0.14 Congo 37.30 0.04 623 0.07 Papua New Guinea 65.90 0.07 909 0.10 Costa Rice 84.10 0.10 1,091 0.12 Paraguay 48.40 0.05 734 0.08 Cyprus 69.70 0.08 947 0.10 Peru 246.00 0.28 2,710 0.29 Democratic Kampuchea 25.00 0.03 500 0.05 Philippines 440.40 0.50 4,654 0.50 Democratic Yemen 77.20 0.09 1,022 0.11 Portugal 376.60 0.43 4,016 0.44 Denmark 711.00 0.80 7,360 0.80 Qatar 114.90 0.13 1,399 0.15 Djibouti 5.70 0.01 307 0.03 Republic of Korea 462.80 0.52 4,878 0.53 Dominica 4.00 0,004 290 0.03 Romania 523.40 0.59 5,484 0.60 Dominican Republic 112,10 0.13 1,371 0.15 43.80 0.05 688 0.07 Ecuador 150,70 0.17 1,757 0.19 Saint Lucia 7.50 0.01 325 0.04 Egypt 463,40 0.52 4,884 0.53 Saint Vincent and the El Salvador 89,00 0.10 1,140 0.12 Grenadines 4.00 0.004 290 0.03 Equatorial Guinea 18,40 0.02 434 0.05 Samoa 6.00 0.01 310 0.03 Ethiopia 70,60 0.08 956 0.10 Sao Tome and Principe 3.00 0.003 280 0.03 Fiji 36.50 0.04 615 0.07 Saudi Arabia 3,202,40 3.62 32,274 3.50 Finland 574,90 0.65 5,999 0.65 Senegal 85.10 0.10 1,101 0.12 France 4,482.80 5.06 45,078 4.89 Seychelles 3.00 0.003 280 0.03 Gabon 73.10 0.08 981 0.11 Sierra Leone 57.90 0.07 829 0.09 Gambia 17.10 0.02 421 0.05 Singapore 92.40 0.10 1,174 0.13 Germany. Federal Solomon Islands 5.00 0.01 300 0.03 Republic of 5,403.70 6.10 54,287 5.89 Somalia 44.20 0.05 692 0.08 Ghana 204.50 0.23 2,295 0.25 South Africa 915.70 1.03 9,407 1.02 Greece 399.90 0.45 4,249 0.46 Spain 1,286.00 1.45 13,110 1.42 Grenade 6.00 0.01 310 0.03 Sri Lanka 223.10 0.25 2,481 0.27 Guatemala 108.00 0.12 1,330 0.14 Sudan 169.70 0.19 1,947 0.21 Guinea 57.90 0.07 829 0.09 Suriname 49.30 0.06 743 0.08 Guinea-Bissau 7.50 0.01 325 0.04 Swaziland 24.70 0.03 497 0.05 Guyana 49.20 0.06 742 0.08 Sweden 1,064,30 1.20 10,893 1.18 Haiti 44.10 0.05 691 0.07 Syrian Arab Republic 94,50 0.11 1,195 0.13 Honduras 67.80 0.08 928 0.10 Thailand 386.60 0.44 4,116 0.45 Hungary 530.70 0.60 5,557 0.60 Togo 38.40 0.04 634 0.07 Iceland 59.60 0.07 846 0.09 Trinidad and Tobago 170.10 0.19 1,951 0.21 India 2,207.70 2.49 22,327 2.42 Tunisia 138.20 0.16 1,632 0.18 Indonesia 1,009.70 1.14 10,347 1.12 Turkey 429.10 0.48 4,541 0.49 Iran 660.00 0.75 6,850 0.74 Uganda 99.60 0.11 1,246 0.14 Iraq 234.10 0.26 2,591 0.28 United Arab Emirates 202.60 0.23 2,276 0.25 Ireland 343.40 0.39 3,684 0.40 United Kingdom 6,194.00 7.00 62,190 6.75 Israel 446.60 0.50 4,716 0.51 United Republic of Italy 2,909.10 3.29 29,341 3.18 Cameroon 92.70 0.10 1,177 0.13 Ivory Coast 165.50 0.19 1,905 0.21 United Republic of Jamaica 111.00 0.13 1,360 0.15 Tanzania 107.00 0.12 1,320 0.14 Japan 4,223.30 4.77 42,483 4.61 United States 17,918.30 20.24 179,433 19.47 Jordan 73.90 0.08 989 0.11 Upper Volta 31.60 0.04 566 0.06 Kenya 142.00 0.16 1,670 0.18 Uruguay 163.80 0.19 1,888 0.20 Kuwait 635.30 0.72 6,603 0.72 Vanuatu 9.00 0.01 340 0.04 1282 Intergovernmental organizations

QUOTA VOTING POWER QUOTA VOTING POWER

General General General General Amount and SDR and SDR Amount and SDR and SDR (in Departments Number Departments (in Departments Number Departments millions percentage of percentage millions percentage o f percentage MEMBER of SDRs) of total* votes† of total MEMBER of SDRs) of total* votes† of total Venezuela 1,371.50 1.55 13,965 1.52 Zaire 291.00 0.33 3,160 0.34 Viet Nam 176.80 0.20 2.018 0.22 Zambia 270.30 0.31 2,953 0.32 Yemen 43.30 0.05 683 0.07 Zimbabwe 150.00 0.17 1,750 0.19 Yugoslavia 613.00 0.69 6,380 0.69 Total 88,517.30 100.00‡ 921,673 100.00‡

*All members were participants in the SDR Department. †Voting power varies on certain matters pertaining to the General Department with use of the Fund’s resources in that Department, which comprised four accounts: the General Resources Account, the Borrowed Resources Suspense Account, the Special Disbursement Account and the Investment Account. ‡May differ from the sum of the individual percentages because of rounding.

Annex II. EXECUTIVE DIRECTORS AND ALTERNATES OF THE INTERNATIONAL MONETARY FUND (As at 31 December 1983)

Appointed Director Appointed Alternate Casting the vote of Richard D. Erb Mary K. Bush United States Nigel L. Wicks T. A. Clark United Kingdom Gerhard Laske Guenter Grosche Federal Republic of Germany Bruno de Maulde Xavier Blandin France Teruo Hirao Tadaie Yamashita Japan Yusuf A. Nimatallah Jobarah E. Suraisry Saudi Arabia

Elected Director Elected Alternate Casting the votes of Miguel A. Senior (Venezuela) José L. Feito (Spain) Costa Rica, El Salvador, Guetemala, Honduras, Mexico, Nicaragua, Spain, Venezuela J. J. Polak (Netherlands) Tom de Vries (Netherlands) Cyprus. Israel, Netherlands, Romania, Yugoslavia Jacques de Groote (Belgium) Heinrich G. Schneider (Austria) Austria, Belgium, Hungary, Luxembourg. Turkey Giovanni Lovato (Italy) Costa P. Caranicas (Greece) Greece, Italy, Malta, Portugal Robert K. Joyce (Canada) Luke Leonard (Ireland) Antigua and Barbuda. Bahamas, Barbados, Belize. Canada, Dominica, Grenada, Ireland. Jamaica. Saint Lucia, Saint Vincent end the Grenadines A. R. G. Prowse (Australia) Kerry G. Morrell (New Zealand) Australia, New Zealand, Papua New Guinea, Philippines, Republic of Korea, Samoa, Seychelles, Solomon Islands. Vanuatu John Tvedt (Norway) Arne Linda (Sweden) Denmark, Finland, Iceland. Norway. Sweden Mohamed Finaish (Libyan Arab Jamahiriya) Tariq Alhaimus (Iraq) Bahrain, Democratic Yemen, Iraq, Jordan, Kuwait, Lebanon, Libyan Arab Jamahiriya, Maldives, Oman, Pakistan, Qatar, Somalia, Syrian Arab Republic, United Arab Emirates, Yemen R. N. Malhotra (India) A. S. Jayawardena (Sri Lanka) Bangladesh, Bhutan, India, Sri Lanka Alexandre Kafka (Brazil) César Robalino (Ecuador) Brazil. Colombia, Dominican Republic, Ecuador, Guyana, Haiti, Panama, Suriname, Trinidad and Tobago J. E. Ismael (lndonesia) Jaafar Ahmad (Malaysia) Burma, Fiji, Indonesia, Lao People’s Democratic Republic, Malaysia. Nepal, Singapore, Thailand, Viet Nam N’Faly Sangare (Guinea) E. I. M. Mtei (United Republic of Tanzania) Botswana, Burundi, Ethiopia, Gambia, Guinea, Kenya, Lesotho, Liberia, Malawi, Nigeria, Sierra Leone, Sudan, Swaziland, Uganda. United Republic of Tanzania. Zambia, Zimbabwe Zhang Zicun (China) Wang Enshao (China) China Alvaro Donoso (Chile) Mario Teijeiro (Argentina) Argentina, Bolivia, Chile. Paraguay, Peru, Uruguay Ghassem Salehkhou (Iran) Omar Kabbaj (Morocco) Afghanistan, Algeria, Ghana, Iran, Morocco, Tunisia Abderrahmane Alfidja (Niger) wa Bilenga Tshishimbi (Zaire) Benin, Cape Verde, Central African Republic, Chad, Comoros, Congo, Djibouti, Equatorial Guinea, Gabon, Guinea-Bissau, Ivory Coast. Madagascar, Mali, Mauritania, Mauritius, Niger, Rwanda, Sao Tome and Principe, Senegal, Togo, United Republic of Cameroon, Upper Volta, Zaire

NOTE: Democratic Kampuchea, Egypt and South Africa did not participate in the 1982 regular election of Executive Directors International Monetary Fund 1283

Annex III. PRINCIPAL OFFICERS AND OFFICES OF THE INTERNATIONAL MONETARY FUND (As at 31 December 1983)

PRINCIPAL OFFICERS

Managing Director; Jacques de Larosière. Director, IMF institute: Gérard M. Teyssier. Deputy Managing Director: William B. Dale. Director, Legal Department: George Nicoletopoulos. Counsellor: Walter O. Habermeier.* Director, Middle Eastern Department: A. Shakour Shaalan. Economic Counsellor: William C. Hood.* Director, Research Department: William C. Hood. Counsellor: l. A. Whittome.* Secretary, Secretary’s Department: Leo Van Houtven. Director, Administration Department: Roland Tenconi. Treasurer, Treasurer’s Department: Walter O. Habermeier. Director, Western Hemisphere Department: Eduardo Wiesner. Director, African Department: J. B. Zulu. Director, Bureau of Computing Services: Warren N. Minami. Director, Asian Department: Tun Thin. Director, Bureau of Language Services: Andrew J. Beith. Director, Central Banking Department: P. N. Kaul. Director, Bureau of Statistics: Werner Dannemann. Director, European Department: L. A. Whittome. Director, Office in Europe (Paris): Aldo Guetta. Director, Exchange and Trade Relations Department: C. David Finch Director, Office in Geneva: Carlos A. Sansón. Director, External Relations Department: Azizali F. Mohammed. Internal Auditor: Peter A. Whipple. Director, Fiscal Affairs Department: Vito Tanzi. Special Representative to the United Nations: Jan-Maarten Zegers.

*Alphabetical listing

HEADQUARTERS AND OTHER OFFICES

HEADQUARTERS

International Monetary Fund 700 19th Street N. W. Washington, D. C. 20431, United States Cable address: INTERFUND WASHINGTONDC Telephone: (202) 477-7000 Telex: (RCA) 248331 IMF UR, (ITT) 440040 UI, (TRT) 197677 FUND UT, (WU) 89524 INTERFUND WSH, (WU) 64111 INTERFUND WSH

OTHER OFFICES

International Monetary Fund International Monetary Fund International Monetary Fund Office European Office 58, Rue de Moillebeau United Nations Headquarters, Room DC1-1146 64-66 Avenue d’léna 1209 Geneva, Switzerland New York, N. Y. 10017, United States 75116 Paris. France Cable address: INTERFUND GENEVA Telephone: (212) 754-6009 Cable address: INTERFUND PARIS Telephone: 34-30-00 Telephone: 723-54-21 Telex: 23503 IMF CH Telex: 610712 INTERFUND