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Reports of the Executive Directors of the Bank

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Reports of the Executive Directors of the Bank THE WORD BANKGROUP .. ov' - -15519 F46.19 76 - Public Disclosure Authorized 1995ANNUAL MEETINGS OF THE BOARDSOF GOVERNORS SUMMARY Public Disclosure Authorized PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized -WASHNGTON,D.C. OCrOBER 1-12, 1995 4~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~F' .. C X tE 't 0 t; e ' ' ','i TIE WORLD BANKGROUP 1995 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS WASHINGTON,D.C. OCTOBER 10-12, 1995 INTRODUCTORY NOTE The 1995Annual Meetingsof the Boardsof Governorsof the World Bank Group, which consists of the InternationalBank for Reconstructionand De- velopment (IBRD), International Finance Corporation (IFC), International DeveloFpmentAssociation (IDA), MultilateralInvestment Guarantee Agency (MIGA) and InternationalCentre for the Settlement of InvestmentDisputes (ICSID), Seld jointly with that of the International Monetary Fund, took place in M'ashington,D.C., October 10-12, 1995 (inclusive).The Honorable Paul Dossou, Governor for the Bank and the Fund for Benin, served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors,and resolutionsadopted by the Boards of Govemors of the World Bank Group. The texts of statements concemintgthe IMF are published separately by the Fund. ShengmanZhang Vice Presidentand Secretary THE WORLDBANK GROUP Washington,D.C. February 1996 .i.i CONTENTS Page Remarks by Bill Clinton President of the United States ............ .................... I Opening Address by the ChairmnanPaul Dossou Govermorof the Bank And Fund For Benin ....... ............8 Annual Address by James D. Wolfensohn President of the World Bank Group........................... 16 Report by Mohamed Kabbaj Chairman of the Development Committee ....... ............. 28 Statements by Governors and Altemate Governors ....... .......... 3 1 Page Page Afghanistan ......... 31 Ireland ..... 108 *Argentina .34 Israel.1 l 10 Armenia.40 TlaI.........1..... 113 Australia .4 1.. 41 Japan .116 Austria .44 Kazakstan .1 120 Bangladesh ...... 47 Korea .122 * Barbados .50 Lao People's Democratic Belgium .52 Republic .............. 125 *Brazil................... 55 *Lebanon ............ 127 Brunei Darussalan . 61 Libya .133 Cambodia63............ Malaysia .137 Canada ........... 65 Malta .141 China .......... 68 *Marshall Islands .145 Croatia .72..... .72 Myanmar .147 *Denmark .......... 76 Nepal.149 El Salvador ........... 80 Netherlands .152 *Estonia .82 New Zealand ........ 153 Fiji............ ..... 83 Pakistan .... 156 France ............ 87 Papua New Guinea .159 *Gabon ............ 89 Philippines .164 Germany ............ 94 Poland.167 Greece .97.......... 97 Portugal .168 India .99.......... 99 Russian Federation .172 Indonesia .102 South Africa............. 176 ihan. Islamic Republic of. 105 *Spain .178 * Speaking on behalf of a gmoupof countries. v Page Page SriLanka .186 Turkey ...... .... 200 *Sweden .189 Ukraine .......... 203 Switzerland .191 United Kingdom ......... 205 Thailand.195 United States .......... 208 Tonga ..................198 Vietnam .......... 213 Concluding Remarks by James D. Wolfensohn.216 Concluding Remarks by the Chainnan Paul Dossou .219 Remarks by Eduardo Aninat, Governor of the Bank for Chile .221 Documents of the Boards of Goverors .222 Schedule of Meetings ..........................................222 Provisions Relating to the Conduct of the Meetings .223 Agendas .224 Joint Procedures Committee .... 225 Report II .. 226 Report III .. 227 Report V .. 229 MIGA Procedures Committee ..... 231 Report I .................................................. 232 Resolutions Adopted by the Board of Governors of the Bank Between the 1994 and 1995 Annual Meetings................. 234 No. 495 ... Transfer from Surplus to Fund Special Emergency Assistance Grants for Rwanda ....................... 234 No. 496 ... Direct Remuneration of Executive Directors and their Alternates ................................. 234 No. 497 ... Worker'Compensation Benefits for Executive Directors and their Alternates .......... ............. 235 Resolutions Adopted by the Board of Governors of the Bank at the 1995 Annual Meetings ................................. 236 No. 498 ... Membership of Brunei Darussalam .236 No. 499 ... Finanical Statements, Accountants' Report and Administrative Budget .......................... 239 No. 500 ... Allocation of FY95 Net Income .239 Resolutions Adopted by the Board of Governors of IFC Between the 1994 and 1995 Annual Meetings................. 240 * Speakingon behalf of a group of countries. vi No. 212 . Increase of Subscription by Chile to the Capital of the Corporation ..................................240 No. 213 . Increase of Subscription by China to the Capital ofthe Corporation ..................................241 No. 214 ... Increase of Subscriptionby Pakistan to the Capital of the Corporation.................................. 242 No. 215 ... Membership of St. Kitts and Ncvis. 243 No.216... Membership of Eritrea .............................. 244 No. 217 ... Membership of Bahrain.246 No. 218 ... Membership of AzerbaijanRepublic .247 ResolutionAdopted by the Board of Governorsof IFC at the 1995Annual Meetings............. .................... 250 No. 219 ... Financial Statements, Accountants' Report and AdministrativeBudget .......................... 250 ResolutionAdopted by the Board of Governorsof IDA Between the 1994 and 199SAnnual Meetings....... .......... 251 No. 181 ... Membership of the Azerbaijan Republic ............. 251 ResolutionAdopted by the Board of Governorsof IDA at the 1995Annual Meetings.. ............................... 253 No. 182 ... Financial Statements, Accountants' Report and AdministrativeBudget .......................... 2 53 ResolutionAdopted by the Board of Governorsof MIGA Between the 1994 and 1995Annual Meetings................. 254 No. 51 ... Membership of Eritrea............................... 254 Reports of the Executive Directorsof the Bank ................ .... 255 Transferfrom Surplus to Fund Special EmergencyAssistance Grants for Rwanda................................. 255 Allocationof FY95 Net Income ................................ 256 Reports of the Board of Directorsof IFC .......................... 257 Increaseof Subscriptionsby Chile and China to the Capital of the Corporation ........................... 257 Increaseof Subscriptionby Pakistan to the Capital of the Corporation ...... 272 AccreditedMembers of Delegations at the 1995Annual Meetings............. .................... 284 AccreditedMembers of Delegations(MIGA) at the 1995Annual Metings.............. .................... 315 vii Obscrversat the 1995Annual Meetings .......... ................. 325 ExecutiveDirectors, Altemates and Advisers IBRD, IFC, IDA ............................................ 329 Directorsand Alternates MIGA................................................. 331 Officersof the Boardof Governorsand Joint Procedures Committeefor 1995-96 .................... ................. 333 Officersof the MIGACouncil of Governorsand Procedures Committeefor 1995-96 .................... ................. 334 viii REMARKS BY HONORABLE BILL CLINTON PRESIDENT OF THE UNITED STATES On behalf'of the UnitedStates, it's an honor to welcomeyou to Washing- ton for your 50th annual meeting.And I am especiallypleased to have the opportunityto speak to this group at a momentwhen you cun see the fruitsof your labors. Ordinarily,accomplishments of great institutionslike these come slowly. Yettoday, the visitof PresidentZedillo of Mexicoreminds us that in only nine months,with the helpof the internationalcommunity, Mexico has pulledback from the brink of financial disaster.After one of the most severe financial emergenciesin the postwarera, Mexicoagain is on the road to stabilityand growth.The Mexicanstock exchangehas recovered.Inflation is stable,inter- est rates are down, internationalmarkets have been reassured.And most impressively,in only seven months,Mexico was able to returnto private cap- ital markets. As you have heard, President Zedillo has announcedthat Mexico will beginrepaying its short-termdebt with a $700-millioninstallnient this month, well ahead of schedule. Mexico's success is a tribute first to PresidentZedillo's leadership,his courage,and his government'ssteadfast commitment to carry throughtough economicreforns, though they have requiredgreat sacrificesfrom the Mexi- can people. They have borne these sacrifices-the austerity,the increased unemploymentin the short run-with the hope that they will pay off in long- term growthand to better lives that ordinaryMexican citizens deserve. That, of course,is the hope of peoplethroughout the world-the hope we must address;the hopeto whichwe mustgive reality as we moveinto the next century. The internationalfinancial institutions-the World Bank, the IMF, the Inter-AmericanDevelopment Bank-all yow-swift and decisive supportfor the stabilizationpackage played a vital role in bringingthis hopeful moment to pass. I particularly war, to thank Mr. Camdessus for his leadership. The United States also acted decisively.We acted decisivelyfor Mexico and for America.For helpingMexico help to protectone of our biggestexport marketsand 700,000jobs that dependupon our trade with Mexico.It helped to prevent an economiccollapse that could have caused serious dislocation along our 2,000-mileborder, and had a grave impacton our corr non efforts to limnitimmigration to legal immigration.But more importantly1 it was the right thing to
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