1998 ANNUAL MEETINGS Public Disclosure Authorized of the BOARDS of GOVERNORS
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THE WORLD BANK GROUP 1998 ANNUAL MEETINGS Public Disclosure Authorized OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized WASHINGTON, D.C. OCTOBER 6-8, 1998 Public Disclosure Authorized THE WORLD BANK GROUP 1998 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS WASHINGTON, D.C. OCTOBER 6-8, 1998 - _._----- INTRODUCTORY NOTE The 1998 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruction and De velopment (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 in Washington, D. C., on October 6-8, 1998 (inclusive). The Honorable Wolf gang Ruttenstorfer, Governor for the Bank and the Fund for Austria, served as the Chairman. The Summary Proceedings record, in alphabetical order by member coun tries, the texts of statements by Governors, and resolutions adopted by the Boards of Governors of the World Bank Group. The texts of statements con cerning the IMP are published separately by the Fund. Shengman Zhang Managing Director and Corporate Secretary THE WORLD BANK GROUP Washington, D.C. February 1999 iii CONTENTS Page Remarks by Bill Clinton President of the United States..... ...... ........... .................. 1 Remarks by Carlos Saul Menem President of Argentina................................................ 8 Opening Address by the Chairman Wolfgang Ruttenstorfer Governor of the Bank and the Fund for Austria. .. .. ... ... .. 13 Annual Address by James D. Wolfensohn President Of The World Bank Group. ... .. .. ... .. ... .. .. 20 Report by Tarin Nimmahaeminda Chairman of the Development Committee. .. .. .. ... .. 30 Statements by Governors and Alternate Governors..................... 32 Page Armenia ................... 32 *Iceland .... ... ....... ........ 98 Australia ................... 34 India..... ..... ... .... ........ 101 * Austria ..................... 37 Indonesia. 105 Bangladesh ................ 43 Iran, Islamic Republic of . 107 *Barbados ................... 45 Iraq...... ......... ...... ..... 109 Belgium .................... 48 Ireland. 110 Bosnia and Herzegovina . 55 Israel......................... 113 Cambodia.................. 58 Italy.......................... 116 Canada ..................... 62 Japan ........................ 120 China ....................... 66 Korea........................ 128 Croatia ..................... 69 Lao, People's Democratic Cyprus ..................... 73 Republic .............. ..... 129 *Estonia ..................... 74 Libya ........................ 132 *Ethiopia .................... 76 Malaysia .................... 133 Fiji .......................... 79 Malta ........................ 139 *Finland ..................... 83 Marshall Islands... ........ 143 France ...................... 85 Mongolia.................... 145 Georgia .................... 91 *Morocco .................... 147 Germany ................... 92 Myanmar. ................... 152 Greece ..................... 95 Nepal........................ 155 * Speaking on behalf of a group of countries. v Page Netherlands .... ............. 158 Sri Lanka..... .. ... ... ... ... 187 New Zealand ............... 161 Switzerland................. 191 Pakistan.. ...... ...... .. .. ... 163 Thailand .. 193 Papua New Guinea........ 165 Tonga ....................... 198 Paraguay.... .... .... ........ 168 Turkey...................... 200 Philippines.. .. ... ... .. ... 170 Turkmenistan .............. 202 Poland....................... 174 Ukraine...... ... .. ..... ... 204 Portugal ..................... 177 United Kingdom........ ... 206 Russian Federation... .. .. 178 Uzebekistan................ 213 *Solomon Islands.. .. ..... 182 Vietnam .................... 216 Spain......................... 184 Page Concluding Remarks by James D. Wolfensohn. ..... ........... ......... 219 Concluding Remarks by the Chairman Wolfgang Ruttenstorfer. .. .. .. 222 Remarks by Ram Sharan Mahat, Governor of the Bank for Nepal.. .. 224 Documents of the Boards of Governors .................... ' ... ......... .. 225 Schedule of Meetings.. .... ... ... .. ..... .. ... ... .. ..... ..... .. .... .. .. .. 225 Provisions Relating to the Conduct of the Meetings ................. 226 Agendas ...................................................... ,. .. .. ......... 227 Joint Procedures Committee................................................ 228 Report II . .... .. .... .... ..... .... .. ............. .. .. ... ... ..... .. .. .. .. ..... 229 Report III . .... ... .. .... ... .. ... .. .. ..... ..... ..... .... ..... .. .... .. 231 MIGA Procedures Committee.... .. ........ .... ..... .. ... ... .. ... ... ... 233 Report I ....... ..... .. ... ... ... ..... .. ... .. ... .. ... .. ... ..... .. .... .. 234 Resolutions Adopted by the Board of Governors of the Bank Between the 1997 and 1998 Annual Meetings ..................... 236 No. 516 ... Membership ofthe Republic of Palau............. ......... 236 No. 517 ... Transfer to MIGA ............................................. 238 No. 518 .. .Increase in Authorized Capital and Subscription by Certain Members .............................................. 238 No. 519 ... Transfer from Surplus to Replenish Trust Fund for Gaza and West Bank .......................................... 240 No. 520... Direct Remuneration of Executive Directors and their Alternates. .... ... ... .... .. ..... ..... .... .. .. ... .. .. 240 * Speaking on behalf of a group of countries. vi Page No. 521...Benefits of the Executive Directors and their Alternates ...................................................... 241 No. 522 ... 1998 Regular Election of Executive Directors............ 242 Resolutions Adopted by the Board of Governors of the Bank at the 1998 Annual Meetings ........................................ 243 No. 523 ... Financial Statements, Accountants'Report and Administrative Budget. .... ..... .. ... .. .. .... .. .. .. .... ... 243 No. 524... Allocation of FY98 Net Income and Transfer from Surplus... ... .. ... .. .. .. .. ... ....... ...... .. ... .. .. .. 243 Resolutions Adopted by the Board of Governors of the IFC Between the 1997 and 1998 Annual Meetings .................... 244 No. 227 ... Membership of the Republic of Palau..................... 244 No. 228 ... Amendment of Resolution No. 179 ....................... 245 Resolution Adopted by the Board of Governors of IFC at the 1998 Annual Meetings ........................................ 247 No. 229 ... Financial Statements, Accountants' Report and Administrative Budget....................................... 247 Resolution Adopted by the Board of Governors of IDA Between the 1997 and 1998 Annual Meetings .................... 248 No. 192 ... Membership of the Republic of Palau..................... 248 Resolution Adopted by the Board of Governors of IDA at the 1998 Annual Meetings ........................................ 251 No. 193 ... Financial Statements, Accountants' Report and Administrative Budget ....................................... 251 Resolutions Adopted by the Council of Governors of MIGA Between the 1997 and 1998 Annual Meetings.. ..... .. ... .. ..... 252 No. 54 ... Membership ofthe Republic of Palau...................... 252 No. 55 ... Review of Allocation of Shares of the Agency............ 252 No. 56 ... Election of Directors .......................................... 254 Reports of the Executive Directors of the Bank.. .. .... .. ....... ....... 255 Membership of the Republic of Palau....... ... .. .... .. .... ... .... .. 255 Transfer to MIGA ........................................................ 255 Increase in Authorized Capital and SUbscription of Certain Members to Capital Stock. .. .... .. .. .. .... ... .. ... ..... .. .. ... 256 Transfer from Surplus to Replenish Trust Fund for Gaza and West Bank.. .. .. .. ... .. .. ... .. .... .. .. .. ..... ........ ......... 257 vii Page 1998 Regular Election of Executive Directors........................ 258 Rules for the 1998 Regular Election of Executive Directors ....... 259 Executive Directors Elected at the 1998 Regular Election.... ... ... 264 Allocation of FY98 Net Income and Transfers from Surplus...... 269 Reports of the Board of Directors of IFC ................................ 270 Membership of the Republic of Palau. ......... ... .. ... .. ..... ... .. 270 Amendment of Resolution No. 179.................................... 270 Report of the Executive Directors of IDA................................ 272 Membership of the Republic of Palau .............. , ... .. ... .. .. 272 Reports of the Board of Directors of MIGA ..................... ,. .. .... 273 Membership of the Republic of Palau .............. , .......... , ., .... 273 Review of the Allocation of Shares of the Agency .................. 273 1998 Regular Election of Directors.................................... 275 Rules for the 1998 Regular Election of Directors.. ... ...... .. .. 278 Directors Elected at the 1998 Regular Election... ..... .. .. .... ... .. 282 Accredited Members of Delegations at the 1998 Annual Meetings ........................................ 287 Accredited Members of Delegations (MIGA) at the 1998 Annual Meetings ........................................ 316 Observers at the 1998 Annual Meetings....... .. .. .... ......... ...... ...