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THE WORLD BANK GROUP 2005 A THE WORLDBANKGROUP Headquarters 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. NNUAL Public Disclosure AuthorizedPublic Disclosure Authorized Telephone: (202) 473-1000 Facsimile: (202) 477-6391 Website: www.worldbank.org M EETINGS THE WORLD BANK GROUP OF THE B SUMMARY PROCEEDINGS OARDS Public Disclosure AuthorizedPublic Disclosure Authorized OF 2005 ANNUAL MEETINGS G OVERNORS OF THE OARDS OF OVERNORS B G Public Disclosure AuthorizedPublic Disclosure Authorized Summary Proceedings Washington D.C. September 24–25, 2005 Public Disclosure AuthorizedPublic Disclosure Authorized 3807-CH00_FM_pi-viii.pdf 3/24/06 7:22 AM Page i THE WORLD BANK GROUP 2005 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS WASHINGTON D.C. SEPTEMBER 24–25, 2005 3807-CH00_FM_pi-viii.pdf 3/24/06 7:22 AM Page ii 3807-CH00_FM_pi-viii.pdf 3/24/06 7:22 AM Page iii INTRODUCTORY NOTE The 2005 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruc- tion and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA) and International Centre for the Settlement of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund, took place on September 24–25, 2005 in Washington, D.C. The Honorable Andre-Philippe Futa, Gover- nor of the Bank and the Fund for the Democratic Republic of the Congo, served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors, the resolutions and reports adopted by the Boards of Governors of the World Bank Group. The texts of statements concerning the IMF are published separately by the Fund. W. Paatii Ofosu-Amaah Vice President and Corporate Secretary THE WORLD BANK GROUP Washington, D.C. February, 2006 iii 3807-CH00_FM_pi-viii.pdf 3/24/06 7:22 AM Page iv 3807-CH00_FM_pi-viii.pdf 3/24/06 7:22 AM Page v CONTENTS Page Opening Address by the Chairman Andre-Philippe Futa Governor of the Bank and the Fund for the Democratic Republic of the Congo . 1 Opening Address by Paul Wolfowitz President of the World Bank Group . 5 Report by Trevor Manuel Chairman of the Development Committee . 14 Statements by Governors and Alternate Governors . 19 Australia . 19 *Mozambique . 82 Bangladesh . 22 Myanmar . 86 Belarus . 24 Nepal . 89 Belgium . 27 Netherlands . 93 Canada . 30 New Zealand . 95 China . 35 *Norway . 100 Cyprus . 38 Pakistan . 104 *Estonia . 40 Papua New Guinea . 107 Fiji . 42 Philippines . 110 France . 46 Russian Federation . 111 Germany . 48 Slovenia . 117 Greece . 50 Spain . 119 Indonesia . 52 Sri Lanka . 120 Iran, Islamic Republic of 54 *St. Kitts and Nevis . 122 Ireland . 58 Switzerland . 126 Israel . 60 Thailand . 130 Japan . 63 Tonga . 132 Lao PDR . 70 *Tunisia . 133 Malaysia . 72 Turkey . 137 Malta . 75 United States . 140 *Marshall Islands . 78 Vietnam . 142 * Speaking on behalf of a group of countries. v 3807-CH00_FM_pi-viii.pdf 3/24/06 7:22 AM Page vi Page Concluding Remarks by Paul Wolfowitz . 146 Concluding Remarks by the Chairman Andre-Phillipe Futa . 148 Remarks by Saisnarine Kowlessar, Alternate Governor of the Bank for Guyana . 150 Documents of the Boards of Governors . 151 Schedule of Meetings . 151 Provisions Relating to the Conduct of the Meetings . 152 Agendas . 153 Joint Procedures Committee . 154 Report I . 155 Report III . 157 MIGA Procedures Committee . 159 Report I . 160 Resolutions Adopted by the Board of Governors of the Bank between the 2004 and 2005 Annual Meetings . 162 No. 564 Transfer from Surplus to Fund the Trust Fund for Liberia . 162 No. 565 Transfer from Surplus to Fund Trust Funds for Tsunami Recovery in India and Indonesia . 162 No. 566 Forthcoming Annual Meetings of the Boards of Governors . 163 No. 567 Remuneration of the President . 163 No. 568 Direct Remuneration of Executive Directors and Their Alternates . 164 Resolutions Adopted by the Board of Governors of the Bank at the 2005 Annual Meeting . 165 No. 569 Financial Statements, Accountants’ Report and Administrative Budget . 165 No. 570 Allocation of FY05 Net Income . 165 Resolution Adopted by the Board of Governors of IFC between the 2004 and 2005 Annual Meetings . 167 No. 241 Membership of Malta . 167 vi 3807-CH00_FM_pi-viii.pdf 3/24/06 7:22 AM Page vii Page Resolution Adopted by the Board of Governors of IFC at the 2005 Annual Meeting . 169 No. 242 Financial Statements, Accountants’ Report, Administrative Budget and Designations of Retained Earnings . 169 Resolution Adopted by the Board of Governors of IDA between the 2004 and 2005 Annual Meetings . 170 No. 209 Additions to Resources: Fourteenth Replenishment . 170 Resolution Adopted by the Board of Governors of IDA at the 2005 Annual Meeting . 185 No. 210 Financial Statements, Accountants’ Report and Administrative Budget . 185 Resolutions Adopted by the Council of Governors of MIGA between the 2004 and 2005 Annual Meetings No. 71 Reclassification of Slovenia . 186 No. 72 MIGA 2005 Review for FY00–04 . 186 Resolution Adopted by the Council of Governors of MIGA at the 2005 Annual Meeting . 188 No. 73 Financial Statements and Accountants’ Report . 188 Reports of the Executive Directors of the Bank . 189 Transfer from Surplus to Fund the Trust Fund for Liberia . 189 Transfer from Surplus to Fund Trust Funds for Tsunami Recovery in India and Indonesia . 189 Forthcoming Annual Meetings of the Boards of Governors: Change of 2005 Annual Meetings Date 190 Remuneration of the President . 191 Report to the Boards of Governors of the Bank and the Fund by the Joint Committee on the Remuneration of Executive Directors and Their Alternates . 194 Allocation of FY05 Net Income . 199 Report of the Board of Directors of IDA Additions to Resources: Fourteenth Replenishment . 201 vii 3807-CH00_FM_pi-viii.pdf 3/24/06 7:22 AM Page viii Page Report of the Board of Directors of IFC Membership of Malta . 259 Reports of the Board of Directors of MIGA Reclassification of Slovenia from a Category Two Member Country to a Category One Member Country . 260 MIGA 2005 Review for FY00–04 . 262 Accredited Members of Delegations at the 2005 Annual Meetings . 289 Accredited Members of Delegations (MIGA) at the 2005 Annual Meetings . 320 Observers at the 2005 Annual Meetings . 332 Executive Directors and Alternates, IBRD, IFC, IDA . 337 Directors and Alternates, MIGA . 339 Officers of the Boards of Governors and Joint Procedures Committee for 2005–06 . 341 Officers of the MIGA Council of Governors and Procedures Committee for 2005–06 . 342 viii 3807-CH01_Futa_p001-004.pdf 3/24/06 7:21 AM Page 1 OPENING ADDRESS BY THE CHAIRMAN THE HONORABLE ANDRE-PHILIPPE FUTA GOVERNOR OF THE BANK AND THE FUND FOR THE DEMOCRATIC REPUBLIC OF THE CONGO I would like to welcome you all to the 2005 Annual Meetings of the World Bank Group and the International Monetary Fund. It is a great honor for my country and me personally to be chairing these meetings. From the outset, please allow me to extend our deepest condolences to those who have suffered as a consequence of latest natural disasters— famine in Niger, hurricane Katrina in the US and Tsunami in the East Asia region. In memory of those who lost their lives during these tragic disas- ters let us observe one minute of silence. In the present complex interna- tional environment, often characterized by uncertainty, wars and acts of terrorism, natural calamities of that magnitude once again confirm the urgent need for better international cooperation at all levels. Poverty and desperation often are breeding grounds for disaffection and violence. We live in an interdependent world, and what happens in one region will affect all of us. I would like to extend a warm welcome to the new President of the World Bank, Mr. Paul Wolfowitz. We look forward to his leadership of the Bank. We also welcome the continued strong leadership of the IMF by Mr. Rodrigo de Rato. Let me also express our profound appreciation to former President James Wolfensohn, for the energy and focus which he had brought to the work of the World Bank Group throughout the ten years of his exceptional stewardship. Global Macroeconomic Issues I am pleased to note that the global economy has continued to expand strongly, with inflationary tendencies remaining subdued. Nonetheless, despite the favorable economic conditions, growth diver- gences remain, and global imbalances continue to increase. At the same time, oil prices have continued to rise, and while the increases appear to have had a limited impact thus far on the global economy, the situation needs to be continuously monitored. More than ever, the roles of the Bank and the Fund in enhancing the coherence and consistency of the international monetary, financial, and trading systems are crucial. Bank assistance and IMF surveillance pro- vide the foundation for international cooperation to address economic risks and threats. 1 3807-CH01_Futa_p001-004.pdf 3/24/06 7:21 AM Page 2 Assistance to LICs and the Millennium Development Goals Earlier this month, at the UN Summit in New York, world leaders and development partners took stock of progress toward achieving their vision for development. They reaffirmed their commitment to the goals set by a UN Millennium Summit in 2000 to half poverty by 2015. At the same time, they have voiced concerns that without bold actions the MDGs will not be reached. I am pleased to note that the World Bank and the IMF remain fully engaged in efforts to help countries foster growth and reduce poverty through the attainment of the Millennium Development Goals (MDGs). The two institutions need to continue their efforts in assisting low-income member countries to maintain macroeconomic and finan- cial stability, build institutions, and provide important policy advice.