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Download PDF (14.7 SUMMARY PROCEEDINGS 1977 ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution INTERNATIONAL MONETARY FUND SUMMARY PROCEEDINGS OF THE THIRTY-SECOND ANNUAL MEETING OF THE BOARD OF GOVERNORS SEPTEMBER 26-30, 1977 WASHINGTON, D. C. ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution CONTENTS PAGE Introductory Note xi Address by the President of the United States of America, Jimmy Carter 1 Opening Address by the Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Ireland, George Colley 4 Presentation of the Thirty-Second Annual Report by the Chairman of the Executive Board and Managing Director of the Inter- national Monetary Fund, H. Johannes Witteveen 11 Discussion of Fund Policy at Second Joint Session Statements by the Governors for Belgium—Gaston Geens 21 Japan—Hideo Boh 25 Greece—Xenophon Zolotas 31 Austria—Hannes Androsch 35 Korea—Yong Hwan Kim 38 Sweden—Gosta Bohman 41 Netherlands—W. F. Duisenberg 44 Discussion of Fund Policy at Third Joint Session Statements by the Governors for Indonesia—Ali Wardhana 48 India—H. M. Patel 52 United Kingdom—Denis W. Healey 57 United States—W. Michael Blumenthal 63 Cameroon—Marcel Yondo 69 France—Robert Boulin 78 Brazil—Mario Henrique Simonsen 87 Germany, Federal Republic of—Hans Apel 92 New Zealand—R. D. Muldoon 95 Discussion of Fund Policy at Fourth Joint Session Statements by the Governors for South Africa—Owen P. F. Horwood 100 V ©International Monetary Fund. Not for Redistribution vi CONTENTS PAGE Western Samoa—Vaovasamanaia R. P. Phillips 103 Italy—Gaetano Stammati 106 Malaysia—Richard Ho Ung Hun 112 Canada—Jean Chretien 115 Algeria—Mohamed Seddik Benyahia 117 Australia—Phillip R. Lynch 122 Luxembourg—Jacques F. Poos 126 Malta—Joseph Abela 132 Discussion of Fund Policy at Fifth 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), Cesar E. A. Virata 136 Report by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System, Denis W. Healey 138 Statements by the Governors for Spain—Jose Maria Lopez de Letona 142 Yugoslavia—Momcilo Cemovic 144 Egypt—Abdel Moneim El Kaissouni 146 Norway—Hallvard Bakke 151 Bangladesh—M. N. Huda 153 Sri Lanka—Ronnie de Mel 157 Barbados—J. M. G. M. Adams 163 Mexico—Julio Rodolfo Moctezuma 166 Pakistan—A. G. N. Kazi 170 Mauritius—Sir Veerasamy Ringadoo 174 Paraguay—Oscar Jacinto Obelar 179 Discussion of Fund Policy at Sixth Joint Session Statements by the Governors for Thailand—Amnuay Viravan 183 Afghanistan—Abdul Wahed Karim 185 Trinidad and Tobago—Overand R. Padmore 188 Romania—Mihai Diamandopol 193 Lao People's Democratic Republic—Bousbong Souvan- navong 196 Nepal—Bhekh B. Thapa 199 China, Republic of—Kuo-Hwa Yu 202 Fiji—H. J. Tomkins 205 Jamaica—David H. Coore 207 Viet Nam—Tran Duong 210 ©International Monetary Fund. Not for Redistribution CONTENTS vii PAGE Concluding Remarks Statements by The Alternate Governor of the Bank for Malaysia, Richard Ho Ung Hun 213 The Governor of the Fund for Yugoslavia, Ksente Bogoev 213 The Chairman of the Executive Board and Managing Director of the International Monetary Fund, H. Johannes Wit- teveen 214 The Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Ireland, George Colley 217 Schedule of Meetings 223 Provisions Relating to the Conduct of the Meetings 224 Agenda 225 Reports of the Joint Procedures Committee Report II 226 Annex I Report of the Development Committee 228 Annex II Amendments of Rules and Regulations 244 Annex III Membership for Maldives 247 Annex IV Membership for Sao Tome and Principe 247 Report III 248 Annex I 1979 Annual Meetings in Belgrade, Yugoslavia 249 Resolutions 32-1 Direct Remuneration of Executive Directors and Their Alternates 251 32-2 Amendment of Section 14(a) of the By-Laws 251 32-3 Financial Statements, Report on Audit, and Administra- tive Budget 252 32-4 Amendments of the Rules and Regulations 252 32-5 Membership for Maldives 253 32-6 Membership for Sao Tome and Principe 255 Interim Committee of the Board of Governors on the International Monetary System Press Communique, September 24, 1977 258 Composition (as of September 24, 1977) 261 Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to De- veloping Countries (Development Committee) Composition (as of September 25, 1977) 262 ©International Monetary Fund. Not for Redistribution viii CONTENTS PAGE Attendance Members of Fund Delegations 263 Observers 284 Executive Directors, Alternates, and Advisors 287 Reference List of Principal Topics Discussed 291 List of Abbreviations Used 295 ©International Monetary Fund. Not for Redistribution STATEMENTS BY GOVERNORS Listed in Alphabetical Order by Country PAGE Afghanistan—Abdul Wahed Karim 185 Algeria—Mohamed Seddik Benyahia 117 Australia—Phillip R. Lynch 122 Austria—Hannes Androsch 35 Bangladesh—M. N. Huda 153 Barbados—J. M. G. M. Adams 163 Belgium—Gaston Geens 21 Brazil—Mario Henrique Simonsen 87 Cameroon—Marcel Yondo 69 Canada—Jean Chretien 115 China, Republic of—Kuo-Hwa Yu 202 Egypt—Abdel Moneim El Kaissouni 146 Fiji—H. J. Tomkins 205 France—Robert Boulin 78 Germany, Federal Republic of—Hans Apel 92 Greece—Xenophon Zolotas 31 India—H. M. Patel 52 Indonesia—Ali Wardhana 48 Italy—Gaetano Stammati 106 Jamaica—David H. Coore 207 Japan—Hideo Boh 25 Korea—Yong Hwan Kim 38 Lao People's Democratic Republic—Bousbong Souvannavong 196 Luxembourg—Jacques F. Poos 126 Malaysia—Richard Ho Ung Hun 112 Malta—Joseph Abela 132 Mauritius—Sir Veerasamy Ringadoo 174 Mexico—Julio Rodolfo Moctezuma 166 Nepal—Bhekh B. Thapa 199 Netherlands—W. F. Duisenberg 44 New Zealand—R. D. Muldoon 95 Norway—Hallvard Bakke 151 Pakistan—A. G. N. Kazi 170 Paraguay—Oscar Jacinto Obelar 179 IX ©International Monetary Fund. Not for Redistribution x STATEMENTS BY GOVERNORS PAGE Romania—Mihai Diamandopol 193 South Africa—Owen P. F. Horwood 100 Spain—Jose Maria Lopez de Letona 142 Sri Lanka—Ronnie de Mel 157 Sweden—Gosta Bohman 41 Thailand—Amnuay Viravan 183 Trinidad and Tobago—Overand R. Padmore 188 United Kingdom—Denis W. Healey 57 United States—W. Michael Blumenthal 63 Viet Nam—Tran Duong 210 Western Samoa—Vaovasamanaia R. P. Phillips 103 Yugoslavia—Momcilo Cemovic 144 ©International Monetary Fund. Not for Redistribution INTRODUCTORY NOTE The Thirty-Second Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C. from Sep- tember 26 through September 30, 1977, jointly with the Annual Meetings of the Boards of Governors of the International Bank for Reconstruction and Development, the International Finance Corporation, and the Inter- national Development Association. The Hon. George Colley, Governor for Ireland, served as Chairman. These Summary Proceedings include statements, or portions of state- ments, 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 and recommendations of the Joint Procedures Committee, and other documents relating to the Meetings. The statements are arranged in chronological order; the insertion of dots (...) within statements indicates where passages have been omitted. A reference list of principal topics discussed in the statements will be found on pages 291-94. Statements relating to the work of the Bank are reproduced in the Summary Proceedings of the Annual Meetings of the Bank and its affiliates, issued by the Bank. LEO VAN HOUTVEN Secretary International Monetary Fund Washington, D. C. December 1, 1977 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 OF AMERICA1 Jimmy Carter Mr. Colley, Mr. Witteveen, Mr. McNamara, and my own Secretary of the Treasury, Mr. Blumenthal, distinguished visitors to our country from all over the world, I am very glad to welcome you to Washington, as you begin your Annual Meeting. After being President for a few months, after dealing with the Congress, after facing many difficult questions, it is a great pleasure to meet with a group where there is an absence of disagreement, where complete harmony prevails, and where you have discovered the answers to all the difficult questions. This meeting is important to all of us because the partnership that exists among nations and among people is so evident in this room. These meetings provide an opportunity for the leaders of the world's financial institutions, both public and private, to consider the economic problems and also the economic opportunities that our nations share. And through the Bank and the Fund, we are able to meet the challenges to our shared well-being. The two greatest challenges we face are to restore and to maintain steady, noninflationary expansion of the world economy and to increase the pace of growth in the developing nations of the world, with the bene- fits of the growth among us all more widely and equitably shared. The health of the international economic system depends upon the health of our individual domestic economies. Just as none of us can pros- per without a stable system, so the system will not be sound unless we act responsibly at home. I am pleased that the U.S. economy is healthy and growing. Our rate of inflation, while still too high for our liking, about 6 per cent, is mod- erating and is below that, of course, in most other countries. We will meet our economic growth targets for this year, about 6 per 1 Delivered at the Second Joint Session, September 26, 1977.
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