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Summary Proceedings of the Forty-Fourth Annual Meeting of the Board of Governors September 26-28, 1989 International Monetary Fund Washington, D.C. ©International Monetary Fund. Not for Redistribution International Standard Serial Number ISSN 0074-7025 ©International Monetary Fund. Not for Redistribution CONTENTS Page Introductory Note xi Address by the President of the United States, George Bush 1 Opening Address by the Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Korea, Kyu Sung Lee ... 6 Presentation of the Forty-Fourth Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, M. Camdessus 11 Discussion of Fund Policy at Second Joint Session Report by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System, H.O. Ruding 21 Statements by the Governors for Japan—Ryutaro Hashimoto 24 France—Pierre Beregovoy* 30 Indonesia—J. B. Sumarlin 35 United States—Nicholas F. Brady 39 Italy—Guido Carli 43 Cote d'lvoire—Abdoulaye Kone* 48 Philippines—Jose B. Fernandez 52 Canada—JohnMcDermid 55 Brazil—Mailson Ferreira da Nobrega* 58 Spain—Carlos Solcha^a 65 Greece—Dimitrios Chalikias 68 Discussion of Fund Policy at Third Joint Session Report by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), B.T.G. Chidzero 72 Statements by the Governors for India—S.B. Chavan 74 Federal Republic of Germany—Theo Waigel 77 Syrian Arab Republic—Muhammad Imady* 81 Bangladesh—A.K. Khandker 85 * Speaking on behalf of a group of countries. V ©International Monetary Fund. Not for Redistribution vi CONTENTS Page United Kingdom—Nigel Lawson 88 Norway—Gunnar Berge* 92 Belgium—Philippe Maystadt 96 Sri Lanka—D .B. Wijetunga 101 Australia—J.S. Dawkins 105 Pakistan—EhasanulHaq Piracha 108 Netherlands—H.O. Ruding 110 Thailand—Panas Simasathien 115 Austria—Ferdinand Lacina 117 Discussion of Fund Policy at Fourth Joint Session Statements by the Governors for South Africa—B.J. du Plessis 120 Nicaragua—Joaquin Cuadra Chamorro 122 Hungary—Ferenc Bartha 128 Ireland—Albert Reynolds 132 Poland—Leszek Balcerowicz 135 Islamic Republic of Iran—Mohsen Nourbakhsh 137 Argentina—Nestor Rapanelli* 140 St. Lucia—John G.M. Compton* 144 China—Li Guixian 148 Lao People's Democratic Republic—Sisavath Sisane 151 Nepal—Bharat Bahadur Pradhan 153 Romania—Ion Zipis 157 Discussion of Fund Policy at Fifth Joint Session Statements by the Governors for Peru—Cesar Vasquez Bazan 162 Papua New Guinea—Paul Pora 165 Panama—Gustavo R. Gonzalez J 167 Afghanistan—Hamidullah Tarzi 174 Western Samoa—Tuilaepa S. Malielegaoi* 178 Angola—Augusto Teixeira de Matos 179 Fiji—J.N. Kamikamica 182 Israel—Shimon Peres 184 Malaysia—Daim Zainuddin 186 Malta—George Bonello du Puis 188 New Zealand—David F. Caygill 191 Tonga—James Cecil Cocker 193 Viet Nam—Cao Si Kiem 195 Yugoslavia—Branimir Zekan 197 *Speaking on behalf of a group of countries. ©International Monetary Fund. Not for Redistribution CONTENTS vii Page Concluding Remarks Statements by The Governor of the Fund and the Bank for Kenya, George Saitoti 200 The Chairman of the Executive Board and Managing Director of the International Monetary Fund, M. Camdessus 201 The Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Korea, Kyu Sung Lee 203 DOCUMENTS AND RESOLUTIONS OF THE BOARD OF GOVERNORS Schedule of Meetings 209 Provisions Relating to the Conduct of the Meetings 210 Agenda 211 Reports of the Joint Procedures Committee 212 Report II 212 Report III 214 Annex 215 Attachment. Report of the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries .... 216 Annex A. Members of the Committee 223 Annex B. Agendas and Press Communiques of Meetings Held in September 1988 and April 1989 226 Resolutions 44-1 Increases in Quotas of Members—Ninth General Review 233 44-2 Membership for the People's Republic of Angola 233 44-3 Direct Remuneration of Executive Directors and Their Alternates 236 44-4 Financial Statements, Report on Audit, and Administrative Budget 236 Interim Committee of the Board of Governors on the International Monetary System Press Communique (September 25, 1989) 238 Composition (as of September 24-25, 1989) 242 ©International Monetary Fund. Not for Redistribution viii CONTENTS Page Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee) Press Communique (September 25, 1989) 243 Composition (as of September 25, 1989) 248 Attendance Members of Fund Delegations 249 Observers and Representatives of International Organizations 271 Executive Directors, Alternates, and Advisors 272 List of Abbreviations Used 273 ©International Monetary Fund. Not for Redistribution STATEMENTS BY GOVERNORS Listed in Alphabetical Order by Country Page Afghanistan—Hamidullah Tarzi 174 Angola—Augusto Teixeira de Matos 179 Argentina—Nestor Rapanelli 140 Australia—J.S. Dawkins 105 Austria—Ferdinand Lacina 117 Bangladesh—A.K. Khandker 85 Belgium—Philippe Maystadt 96 Brazil—Mailson Ferreira da Nobrega 58 Canada—John McDermid 55 China—Li Guixian 148 Cote d'lvoire—Abdoulaye Kone 48 Fiji—J.N. Kamikamica 182 France—Pierre Beregovoy 30 Germany, Federal Republic of—Theo Wai gel 77 Greece—Dimitrios Chalikias 68 Hungary—Ferenc Bartha 128 India—S.B. Chavan 74 Indonesia—J.B. Sumarlin 35 Iran, Islamic Republic of—MohsenNourbakhsh 137 Ireland—Albert Reynolds 132 Israel—Shimon Peres 184 Italy—Guido Carli 43 Japan—Ryutaro Hashimoto 24 Lao People's Democratic Republic—Sisavath Sisane 151 Malaysia—Daim Zainuddin 186 Malta—George Bonello du Puts 188 Nepal—Bharat Bahadur Pradhan 153 Netherlands—H.O. Ruding 110 New Zealand—David F. Caygill 191 Nicaragua—Joaquin Cuadra Chamorro 122 Norway—GunnarBerge 92 Pakistan—EhasanulHaq Piracha 108 Panama—Gustavo R. Gonzalez J 167 Papua New Guinea—Paul Pora 165 Peru—Cesar Vasquez Bazan 162 Philippines—Jose B. Fernandez 52 Poland—Leszek Balcerowicz 135 Romania—Ion Zipis 157 ix ©International Monetary Fund. Not for Redistribution x STATEMENTS BY GOVERNORS Page St. Lucia—John G.M. Compton 144 South Africa—B J. du Plessis 120 Spain—Carlos Solchaga 65 Sri Lanka—D.B. Wijetunga 101 Syrian Arab Republic—Muhammad Imady 81 Thailand—Panas Simasathien 115 Tonga—James Cecil Cocker 193 United Kingdom—Nigel Lawson 88 United States—Nicholas F. Brady 39 Viet Nam—Cao Si Kiem 195 Western Samoa—Tuilaepa S. Malielegaoi 178 Yugoslavia—Branimir Zekan 197 ©International Monetary Fund. Not for Redistribution INTRODUCTORY NOTE The Forty-Fourth Annual Meeting of the Board of Governors of the Interna- tional Monetary Fund was held in Washington, D.C., from September 26 through September 28, 1989, jointly with the Annual Meetings of the Boards of Governors of the World Bank Group. The Honorable Kyu Sung Lee, Governor of the Fund and the Bank for Korea, served as Chairman. These Summary Proceedings include statements, or portions of statements, relating to the work of the Fund presented by Governors during the Meetings, resolutions adopted by the Board of Governors of the Fund over the past year, reports, recommendations, or communiques issued by the Committees of the Board of Governors at the time of the Meetings, and other documents relating to the Meetings. Statements, or portions thereof, relating to the work of the World Bank Group are omitted from these Summary Proceedings; the inser- tion of dots (...) within statements indicates where passages have been omitted. Statements not reproduced in these Summary Proceedings may be found in the Summary Proceedings of the Annual Meetings of the World Bank Group, issued separately by the Bank. Statements by the Governors are listed in alphabetical order by country on pages ix and x, and a list of abbreviations used in the statements and documents is given on page 273. LEO VAN HOUTVEN Secretary International Monetary Fund Washington, D.C. November 30, 1989 XI ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution ADDRESS BY THE PRESIDENT OF THE UNITED STATES l George Bush We in the United States are keenly aware of the importance of these annual gatherings, which drive the work of all of us in maintaining a strong interna- tional economic and financial system. This is my first opportunity to speak to you as President. But I have followed the activities of the International Monetary Fund and the World Bank throughout my years of public service. I have visited many of your home- lands, and seen firsthand the problems created by inadequate growth and development—problems that your two distinguished institutions are working to solve. We have witnessed a dramatic shift over the past few years in the debate over how to achieve sustained growth and development. All across the world, there has been an almost simultaneous rediscovery of the power created when individuals are given the freedom to act in their own best interests. True, we're here today mainly to discuss economic freedom. But make no mistake. In the end, both economic freedom—and political freedom—are essential and inseparable companions on the road to national prosperity. The jury is no longer out. Look at the two economic systems and see who has prospered and who has struggled. Let's put an end to this economic experiment. Because history has decided. It is not climate, natural resources, or cultural traditions that make the difference. I said it in my inaugural address: "We know what works: freedom works. We know how to secure a more just and prosperous life for man on earth: through free markets, free speech, free elections, and the exercise of free will unhampered by the state." In Latin America, Africa, and Mexico, courageous leaders are turning away from state control of their economies.