06574-9781475582635.Pdf
Total Page:16
File Type:pdf, Size:1020Kb
Summary Proceedings of the Fifty-Third Annual Meeting of the Board of Governors October 6-8, 1998 International Monetary Fund Washington, D.C ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution CONTENTS Page Speakers by Session , , , vii Introductory Note , . xi Address by the President of the United States, William Clinton . 1 Address by the President of Argentina, Carlos Saul Menem .... 9 Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for Austria, Wolfgang Ruttenstorfer ...13 Presentation of the Fifty-Third Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus . .20 Opening Address by the President of the World Bank Group, James D. Wolfensohn . 31 Report to the Board of Governors of the International Monetary Fund by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System, Carlo Azeglio Ciampi . .41 Report to the Boards of Governors of the Fund and the Bank by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Tarrin Nimmanahaeminda . .43 Statements by the Governors for Armenia—Armen R. Darbinian ...45 Australia—Rod Kemp ...48 Austria—Wolfgang Ruttenstorfer* ...51 Bangladesh—Shah A.M.S. Kibria . .57 Barbados—Owen S. Arthur* ...60 Belgium—Jean-Jacques Viseur ...63 Bosnia and Herzegovina—Mirsad Kurtovic ...70 Bosnia and Herzegovina—Novak Kondic . .73 Cambodia—Keat Chhon ...76 Cambodia—Chea Chan To ...81 Canada—James Peterson ...82 *Speaking on behalf of a group of countries. iii ©International Monetary Fund. Not for Redistribution iv SUMMARY PROCEEDINGS, 1998 China—Dai Xianglong . 87 Croatia—Borislav Skegro . 90 Cyprus—Christodoulos Christodoulou . 94 Estonia—Mart Opmann* . 95 Ethiopia—Sufian Ahmed* . 97 Fiji—James Ah Koy . 101 Finland—Matti Vanhala* . 104 France—Jean-Claude Trichet . 107 Georgia—Vladimer Papava . 113 Germany—Hans Tietmeyer . 115 Greece—Yannos Papantoniou . 118 Iceland—Halldór Ásgrimsson* . 121 India—Yashwant Sinha . 124 Indonesia—Bambang Subianto . 128 Iran, Islamic Republic of—Hossein Namazi . 130 Iraq—Hikmat M. Ibraheem Al-Azzawi . 132 Ireland—Charlie McCreevy . 134 Israel—Jacob A. Frenkel . 137 Italy—Carlo Azeglio Ciampi . 141 Japan—Kiichi Miyazawa . 144 Korea—Kyu Sung Lee . 152 Lao People's Democratic Republic—Cheuang Sombounkhanh . 154 Libyan Arab Jamahiriya—Mohamed A. Bait Elmal . 156 Malaysia—Dato Mustapa Mohamed . 158 Malta—John Dalli . 164 Marshall Islands—Tony Debrum . 168 Mongolia—Bat-Erdene Batbayar . 170 Morocco—Fathallah Oualalou* . 173 Myanmar—U Khin Maung Thein . 179 Nepal—Ram Sharon Mahat . 181 Netherlands—Gerrit Zalm . 185 New Zealand—W.F. Birch . 188 Pakistan—Hafiz A. Pasha . 190 Papua New Guinea—lairo Lasaro . 192 Paraguay—Heinz Gerhard Doll . 196 Philippines—Edgardo B. Espiritu . 198 Poland—Leszek Balcerowicz ,.202 Portugal—Antonio de Sousa Franco . .204 Russian Federation—Mikhail Mikhailovich Zadornov ...... ..206 Solomon Islands—Bartholomew Aba' au Ulufa'alu* . .210 Spain—Rodrigo De Rato Figaredo ..212 Sri Lanka—G.L. Peiris 216 *Speaking on behalf of a group of countries. ©International Monetary Fund. Not for Redistribution CONTENTS v Switzerland—Kaspar Villiger 220 Thailand—Tarrin Nimmanahaeminda 222 Tonga—Kinikinilau Tutoatasi Fakafanua 228 Turkey—Gunes Taner 230 Turkmenistan—Yolly A. Gurbanmuradov 233 Ukraine—Valeriy Pavlovych Pustovoitenko 234 United Kingdom—Gordon Brown 237 Uzbekistan—Bakhtiar Sultanovich Khamidov 244 Vietnam—Nguyen Tan Dung 247 Concluding Remarks Statements by The Governor of the Bank for Nepal, Ram Sharan Mahat . 250 The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus 251 The President of the World Bank Group, James D. Wolfensohn 254 The Chairman of the Boards of Governors and Governor of the Fund and the Bank for Austria, Wolfgang Ruttenstorfer 256 DOCUMENTS AND RESOLUTIONS OF THE BOARD OF GOVERNORS Schedule of Meetings 261 Provisions Relating to the Conduct of the Meetings 262 Agenda 263 Reports of the Joint Procedures Committee 264 Report I 264 Statement of Results of Election, October 7, 1998 266 Annex I to Report I. Regulations for the Conduct of the 1998 Regular Election of Executive Directors 270 Annex II to Report I 274 Attachment I. Rules and Regulations Amended Since the 1997 Annual Meeting 275 Report III 275 Resolutions 53-1 Membership for the Republic of Palau 277 53-2 Increase in Quotas of Fund Members—Eleventh General Review 279 Annex to Resolution 53-2 282 53-3 Direct Remuneration of Executive Directors and Their Alternates 285 ©International Monetary Fund. Not for Redistribution vi SUMMARY PROCEEDINGS, 1998 53-4 1998 Regular Election of Executive Directors . .285 53-5 Financial Statements, Report on Audit, and Administrative and Capital Budgets . .286 53-6 Amendments of the Rules and Regulations ..286 Interim Committee of the Board of Governors on the International Monetary System . .287 Press Communique (October 4, 1998) ..287 Interim Committee Composition (as of October 4, 1998) .... 295 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) ..296 Press Communique (October 5, 1998) . .296 Development Committee Composition (as of October 5, 1998) 301 Attendance . 302 Members of Fund Delegations . 302 Observers, Representatives of International Organizations, and Special Invitees 334 Executive Directors, Alternates, and Advisors . .339 List of Abbreviations ..340 ©International Monetary Fund. Not for Redistribution SPEAKERS BY SESSION Opening Joint Session Address by the President of the United States, William Clinton . 1 Address by the President of Argentina Carlos Saúl Menem .... 9 Opening Address by the Chairman of the Boards of Governors and Governor of the Fund and the Bank for Austria, Wolfgang Ruttenstorfer 13 Presentation of the Fifty-Third Annual Report by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Michel Camdessus 20 Opening Address by the President of the World Bank Group, James D. Wolfensohn 31 Report to the Board of Governors of the International Monetary Fund by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System, Carlo Azeglio Ciampi 41 Report to the Boards of Governors of the Fund and the Bank by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Tarrin Nimmanahaeminda 43 Second Joint Session Statements by the Governors for Austria — Wolfgang Ruttenstorfer* 51 United Kingdom — Gordon Brown 237 Japan — Kiichi Miyazawa 144 Finland — Matti Vanhala* 104 Italy — Carlo Azeglio Ciampi 141 China — Dai Xianglong 87 France — Jean-Claude Trichet 107 Nepal — Ram Sharon Mahat 181 Poland — Leszek Balcerowicz 202 Ethiopia — Sufian Ahmed* 97 Germany — Hans Tietmeyer 115 Indonesia — Bambang Subianto 128 *Speaking on behalf of a group of countries. vii ©International Monetary Fund. Not for Redistribution viii SUMMARY PROCEEDINGS, 1998 Canada — James Peterson 82 Portugal — Antonio de Sousa Franco 204 Vietnam — Nguyen Tan Dung 247 Third Joint Session Statements by the Governors for Netherlands — Gerrit Zalm 185 Bangladesh — Shah A.M.S. Kibria 57 Ukraine — Valeriy Pavlovych Pustovoitenko 234 Korea — Kyu Sung Lee . ... 152 India — Yashwant Sinha 124 Spain — Rodrigo De Roto Figaredo 212 Malaysia — Dato Mustapa Mohamed 158 Barbados — Owen S. Arthur* .... 60 Cyprus — Christodoulos Christodoulou 94 Australia — Rod Kemp .... 48 Switzerland — Kaspar Villiger 220 Iran, Islamic Republic of — Hossein Namazi . ... 130 Philippines — Edgardo B. Espiritu . ... 198 Greece — Yannos Papantoniou 118 Solomon Islands — Bartholomew Aba 'au Ulufa'alu* . 210 Iceland — Halldor Asgrimsson* . ... 121 Paraguay — Heinz Gerhard Doll 196 Thailand — Tarrin Nimmanahaeminda 222 Fourth Joint Session Statements by the Governors for New Zealand — W.F. Birch 188 Estonia — Mart Opmann* .... 95 Israel — Jacob A. Frenkel . ... 137 Ireland — Charlie McCreevy 134 Myanmar — U Khin Maung Thein . ... 179 Sri Lanka — G.L. Peiris ....216 Bosnia and Herzegovina — Novak Kondic .... 73 Georgia — Vladimer Papava 113 Morocco — Fathallah Oualalou* . ... 173 Armenia — Armen R. Darbinian 45 Libyan Arab Jamahiriya — Mohamed A. Bait Elmal . ... 156 Mongolia — Bat-Erdene Batbayar . ... 170 Papua New Guinea — lairo Lasaro 192 Pakistan — Hafiz A. Pasha . ... 190 Croatia — Borislav Skegro 90 *Speaking on behalf of a group of countries. ©International Monetary Fund. Not for Redistribution CONTENTS ix Fifth Joint Session Statements by the Governors for Belgium — Jean-Jacques Viseur 61 Bosnia and Herzegovina — Mirsad Kurtovic 70 Cambodia — Keat Chhon 76 Cambodia — Chea Chan To 81 Fiji — James Ah Koy . 101 Iraq — Hikmat M. Ibraheem Al-Azzawi n? Lao People's Democratic Republic — Cheuang Sombounkhanh . 154 Malta — John Dalli 164 Marshall Islands — Tony Debrutn 168 Russian Federation — Mikhail Mikhailovich Zadornov 206 Tonga — Kinikinilau Tutoatasi Fakafanua . 228 Turkey — Gunes Taner 730 Turkmenistan — Yolly A. Gurbanmuradov 711 Uzbekistan — Bakhtiar Sultanovich Khamidov 244 Concluding Remarks Statements by The Governor of the Bank for Nepal, Ram Sharon Mahat . 250 The Chairman of the