International Monetary Fund 1251

Chapter IX International Monetary Fund (IMF)

The world economy in 1987 was characterized by velopments and policies in the member countries continued expansion in output and trade. Real concerned and particularly on how those policies economic growth in industrial countries was more affected the exchange rate and external accounts. than 3 per cent—somewhat faster than in 1986. In July, the IMF Executive Board adopted two At the same time, inflation remained low and ex- modifications to the 1983 guidelines on the fre- ternal imbalances among the major industrial quency of consultations as provided for in article countries began to diminish. In developing coun- IV, section 3 (b).a This reconsideration was aimed tries, economic developments were more mixed: at economizing the resources devoted to the con- while many benefited from vigorous export expan- sultation process without compromising IMF’s sion and higher primary commodity prices, others responsibility for effective surveillance. The first continued to suffer from low or declining growth, modification called for the implementation of a bi- high inflation, and high debt-service burdens. The cyclic procedure, involving a full consultation every average growth rate in developing countries fell second year and a simplified interim procedure in from 4.2 per cent in 1986 to 3.4 per cent in 1987. the intervening year. The second reduced the The economic and financial difficulties of most number of countries for which a strict annual con- heavily indebted middle-income countries, low- sultation was required by virtue of their substan- income countries of sub-Saharan Africa and some tial impact on the international monetary system. fuel-exporting countries were particularly severe. The number of consultations concluded in 1987 Despite some positive aspects in the world eco- declined to 115 (75 per cent of membership) from nomic situation among major industrial countries, a peak of 131 (85 per cent of membership) in 1985. their external imbalances remained large. On 22 February 1987, six major industrial countries Access to IMF resources (Canada, France, Federal Republic of Germany, Japan, United Kingdom, United States), meeting The Fund’s policy of enlarged access to its at the Palais du Louvre, Paris, agreed to intensify resources enabled it to provide supplementary fi- efforts at economic policy co-ordination to pro- nancing to members whose balance-of-payments mote more balanced economic growth and to re- deficits were large in relation to their quotas and duce existing imbalances. In their communique, which needed resources in larger amounts and for known as the Louvre Accord, the six, while not- longer periods than were available under regular ing the progress that had been made in achieving credit tranche policies. On 4 December 1987, the sustainable, non-inflationary expansion, agreed to IMF Executive Board decided to extend the en- co-operate to foster stability of exchange rates larged access policy through 1988 with access limits around current levels. kept unchanged at 1987 levels. Access would be Under its Articles of Agreement, the Interna- subject to annual limits of 90 or 110 per cent of quota, three-year limits of 270 or 330 per cent of tional Monetary Fund (IMF) was charged with overseeing the international monetary system. quota, and cumulative limits of 400 or 440 per cent of quota. Access in individual cases—which in ex- During the year, the Fund continued working actively to strengthen surveillance over the ex- ceptional circumstances could exceed those change rate policies of its members. It pursued the limits—were determined primarily on the basis of development of indicators as an analytical frame- the seriousness of the member’s balance-of- work for promoting policy co-operation, while pre- payments need, the strength of its adjustment ef- serving the flexibility of the floating exchange rate forts and its ability to repay the Fund. system. The use of indicators—including exchange rates—was endorsed by the seven major industrial Other IMF facilities countries (Canada, France, Federal Republic of In 1987, the structural adjustment facility (SAF), Germany, Italy, Japan, United Kingdom, United set up in 1986,b continued to provide loans on States), meeting at their thirteenth economic sum- concessional terms to low-income countries facing mit (Venice, Italy, 8-10 June). protracted balance-of-payments problems. During Article IV of the Fund Agreement calls for regu- lar consultations between IMF and each member aYUN 1983, p. 1278. country. Consultations focused on economic de- bYUN 1986, p. 1159. 1252 Intergovernmental organizations

the year, total IMF commitments under SAF to a the Fund’s General Resources Account-a decline number of such countries, measured in special of SDR 0.5 billion relative to 1986—and SDR 0.4 drawing rights (SDRs)—the Fund’s unit of billion was disbursed to eligible low-income coun- account—amounted to SDR 0.9 billion, compared tries under SAF (see above). with SDR 0.5 billion committed in 1986. At the Within the General Resources Account, upper end of 1987, arrangements were in effect with 22 credit tranche purchases (those above 25 per cent countries—13 more than the previous year. The of a member’s quota), which required substantial increase in commitments and disbursements justification and were made available in instal- under SAF during 1987—as well as in the num- ments, subject to the observance of performance ber of countries using SAF—reflected: an increase criteria, amounted to SDR 0.7 billion. Purchases in the access limit under three-year SAF arrange- under stand-by arrangements totalled SDR 1.8 bil- ments from 47 per cent of quota to 63.5 per cent lion, compared with SDR 2.7 billion in 1986, while as of July 1987; the more concessional nature of those under extended arrangements amounted to SAF relative to other IMF facilities; and the fact SDR 0.2 billion, as against SDR 0.3 billion in 1986. that SAF programmes emphasized growth-oriented At the end of 1987, there were 22 stand-by ar- structural adjustment, which made them appropri- rangements and two extended arrangements in ef- ate for the needs of low-income countries. fect between the Fund and its members, with a In response to widespread support for an in- total of SDR 5.6 billion in committed resources. By crease in resources for lending on concessional comparison, 30 stand-by arrangements and one terms to low-income countries facing protracted extended arrangement were in effect at the end of balance-of-payments difficulties, the IMF Execu- 1986, with a total approved value of SDR 5.1 bil- tive Board established on 18 December 1987 the lion. The decline in purchases under stand-by ar- enhanced structural adjustment facility (ESAF), rangements and in the number of countries using which was to become operational in April 1988. the facility reflected, in part, the progress towards ESAF was expected to provide new resources to- balance-of-payments viability by some members tailing about SDR 6 billion, drawn from special that had used Fund resources under earlier adjust- loans and contributions from several countries. Its ment programmes, and a shift by a number of low- objectives, general procedures, financial conditions income countries facing difficulties of a structural and eligibility requirements were similar to those nature to the use of the more concessional SAF. of SAF; differences between SAF and ESAF related mainly to access, monitoring, the strength and The decline in credit tranche purchases in 1987 timing of structural reforms and the degree of as- relative to 1986 was partly offset by a doubling of surances to be sought regarding the timely im- purchases under the compensatory financing fa- plementation of programme measures. Access cility to SDR 1.2 billion. The compensatory financ- under ESAF varied according to the strength of the ing facility was designed to compensate members programme and the member’s balance-of- for temporary shortfalls in export receipts or for payments financing needs, whereas access under sharp increases in cereal import costs that were be- SAF was uniform. Access under ESAF was expected yond their control. Its increased use in 1987 partly to be 150 per cent of quota, on average, over a reflected purchases by some members with rela- three-year period (with maximum access at 250 tively large quotas—notably Argentina and In- per cent of quota and a provision for access of up donesia. to 350 per cent in exceptional circumstances). Dis- In 1987, emergency purchases from the Fund, bursements under ESAF were to take place semi- which helped members to meet foreign exchange annually, on approval of an annual arrangement needs arising from natural disasters, totalled SDR and after the observance of performance criteria 40 million. and, in most cases, the completion of a mid-year As in 1986, repurchases, or repayments, to the review. Fund (excluding SAF and Trust Fund repayments) exceeded purchases in 1987. Repurchases Financial assistance amounted to SDR 7.9 billion, compared with SDR During the year IMF intensified its collabora- 5.7 billion in 1986. Fund credit outstanding thus tion with members in balance-of-payments declined by SDR 4.6 billion, to SDR 28.8 billion at difficulties and the number with IMF financial ar- the end of the year. Almost all of the decline rangements rose to 36 at the end of 198.7, com- reflected repayments during the year by 10 pared with 33 in 1986. As members with arrange- countries—Brazil, Hungary, India, Pakistan, Por- ments in 1987 had smaller quotas, on average, tugal, Republic of Korea, Romania, South Africa, than those with arrangements in 1986, IMF finan- Turkey, Yugoslavia—some of which had borrowed cial assistance in 1987 totalled SDR 3.7 billion, substantially between 1981 and 1984. The decline about the same as the previous year. Of that total, in Fund credit outstanding in 1986 and 1987, SDR 3.3 billion was disbursed in purchases from which reflected the revolving nature of Fund International Monetary Fund 1253

resources and the short- and medium-term nature Fund provided SDR 1.7 billion to members mak- of its financing, closely paralleled a similar decline ing purchases in support of their economic adjust- in 1978 and 1979, following a sizeable expansion ment programmes and paid SDR 2.9 billion to its of Fund credit during 1974-1976. creditor members in remuneration, loan repay- Reserve tranche drawings, representing mem- ments and interest payments. It sold SDR 0.6 bil- bers’ use of reserves held by the Fund, declined lion to members that needed SDRS to pay charges in 1987 to SDR 0.1 billion, compared with SDR 0.4 to the Fund. It received SDR 2.3 billion in repur- billion in 1986. Such drawings did not constitute chases, SDR 2.1 billion in charges and SDR 0.1 bil- a use of Fund credit and were not subject to repur- lion in interest on its SDR holdings. chase requirements. Policy on arrears Liquidity In 1987, IMF continued to experience delays in The Fund’s holdings of usable ordinary the payment of financial obligations by its mem- resources rose to SDR 40.7 billion at the end of the bers. The number of those in arrears by six months year, from SDR 38.4 billion at the end of 1986, or more rose, by one, to eight at the end of the reflecting in part the increase in the number of year, and the amounts overdue by these members members having sufficiently strong balance-of- reached SDR 1.7 billion—almost double the figure payments and reserve positions to warrant the use a year earlier. During 1987, one member was of their currencies in financing purchases from the declared ineligible to use the general resources of Fund. Borrowed resources available to finance the the Fund in view of its overdue obligations to the enlarged access policy totalled SDR 5.4 billion at General Department. Earlier declarations of in- the end of 1987, compared with SDR 6.7 billion eligibility with respect to five members remained in 1986. in effect. Those six members in ineligible status During 1987, the Fund borrowed SDR 1.3 bil- accounted for 93.6 per cent of the total overdue lion and repaid SDR 4.4 billion, resulting in a net obligations to the Fund at the end of 1987. Fol- decrease of SDR 3.1 billion in total outstanding lowing the emergence of significant arrears in borrowing to SDR 10.4 billion. All new borrowing 1983, the Fund adopted a number of measures was undertaken to finance the enlarged access aimed at improving assessments of members’ ca- policy, whereas repayments were in respect of bor- pacity to repay the Fund; strengthening adjust- rowings under both enlarged access and the sup- ment programmes in cases where debt-servicing plementary financing facility difficulties might arise; and collaborating with in- In November 1987, the Fund renewed its deci- dividual debtor countries, other creditors, donors sion on the General Arrangements to Borrow and multilateral development institutions in re- (GAB) for the five-year period starting 26 Decem- sponse to the efforts of individual members to be- ber 1988. Established in 1962 and renewed several come current on their Fund obligations. As a re- times, the Arrangements provided the Fund with sult of these efforts, several members eliminated additional liquidity to meet requests for financing sizeable arrears and thus regained access to Fund the exceptional balance-of-payments situations of credit. members that might threaten the stability of the In view of the problem of overdue obligations, international monetary system. GAB resources to- the Executive Board took steps to strengthen the talled SDR 18.5 billion and were provided by 10 Fund’s financial position. In the financial year major industrial countries and one associated ending 30 April 1987, it raised the target addition lender. to the Fund’s reserves to be generated out of net income from 5 per cent of reserves to 7.5 per cent. SDR activity In addition, net income was to be protected by Total transfers of SDRS rose to SDR 17.8 billion placing to deferred income the overdue obligations in 1987, from SDR 15.7 billion in 1986, mainly of members that were six months or more over- reflecting increased activities among members and due in settling their charges, and recovering the official institutions authorized to hold SDRS. These loss equally from creditors and other debtors. The transactions and operations increased to SDR 8.1 increase in net income and the recovery of deferred billion in 1987, from SDR 5.7 billion in 1986; they income was to be financed jointly by a higher rate comprised SDR 5.6 billion in transactions entered of charge on the use of the Fund’s ordinary into voluntarily (compared with SDR 3.4 billion in resources and a lower rate of remuneration on re- the previous year), SDR 1.1 billion in transactions serve tranche positions in the Fund. On 17 June with designation and SDR 1.3 billion in other oper- 1987, the Executive Board established a Special ations. In 1987, the Fund transferred a total of Contingent Account, in which income for 1986/87 SDR 5.2 billion to members and received SDR 4.5 in excess of the target amount was placed. Explicit billion from members; thus, its SDR holdings provision was made when furing the rates of charge declined by SDR 0.7 billion over the year. The and remuneration in subsequent years for addi- 1254 Intergovernmental organizations

tions to the Account. Partly as a result of those meas- Periodicals included the quarterlies Staff Papers ures, the Fund recorded a net income in the financial and Finance and Development (published jointly with year ending 30 April 1988 of SDR 49 million, after the World Bank), the IMF Survey (published 23 times placement of SDR 60.4 million (5 per cent of reserves a year) and the monthly IMF Memorandum. Also pub- at the beginning of the year) to the Special Con- lished were explanatory pamphlets on the work- tingent Account. This amount of net income was ings of IMF and papers on subjects of interest to added to the Fund’s reserves, which thus rose to the international financial community. SDR 1.26 billion for 1987/88, 4.1 per cent higher than in 1986/87. Membership At the end of 1987, the membership of IMF re- Technical assistance and training mained unchanged at 151. Technical assistance continued to be an impor- tant part of IMF services during 1987. Such as- Secretariat sistance, provided either at IMF headquarters As of 31 December 1987, the total full-time staff (Washington, D.C.) or through staff missions to of IMF—including permanent, fixed-term and tem- the member country concerned, related to a wide porary employees—was 1,990, drawn from 105 na- range of subjects, including general economic tionalities. policy, balance-of-payments adjustment programmes, legal matters, debt management, PURCHASES AND REPURCHASES IN 1987 (in millions of SDRs) inflation-related problems, exchange and trade systems, public finance issues, financial sector is- Purchases Repurchases sues, accounting, statistics and data processing. World 3,434.9 7,881.8 Industrial countries In addition, the IMF Institute continued to offer 132.0 10.8 Denmark 132.0 — specialized training in economic analysis and Iceland — 10.8 policy for officials of member countries through Developing countries 3,302.9 7,871.0 courses and seminars in Washington and abroad. Africa 482.8 1,432.1 Central African Republic 1.0 2.1 Côte d’lvoire — 102.7 IMF-World Bank collaboration Ethiopia — 10.1 Collaboration between IMF and the World Bank Gabon 15.1 — Gambia 4.1 5.3 intensified in 1987, especially with respect to the Ghana 71.6 134.1 increase in the structural policy content of IMF- Guinea 6.0 5.8 Guinea-Bissau — 0.2 supported programmes, making it necessary to en- Kenya — 83.9 sure consistent views on the strategies and poli- Madagascar 20.0 26.5 Malawi — 23.6 cies of borrowing countries and avoid cross- Mali — 16.5 conditionality, Apart from missions related to SAF Mauritania 8.7 5.0 programmes, which routinely involved the parti- Mauritius — 23.4 Morocco 160.0 243.9 cipation of staff from IMF and the World Bank, Niger 8.1 16.1 IMF staff participated in 21 Bank missions during Senegal 30.9 44.4 Somalia 5.5 16.0 1987 and Bank staff took part in 7 IMF missions. South Africa — 397.5 IMF and the World Bank also collaborated Swaziland — 3.4 Togo — 10.8 closely in efforts to encourage the flow of resources Tunisia 41.0 — from donor Governments to member countries Uganda 28.5 51.1 United Republic of Tanzania 12.5 4.1 and in assisting countries to obtain concerted lend- Zaire 69.8 125.0 ing packages from commercial banks. Zimbabwe 80.8 The two institutions also collaborated in a wide Asia 729.7 2,422.9 range of other areas, including administrative mat- Bangladesh 136.9 104.1 ters, statistics, training, seminars, computer serv- Burma — 27.4 Fiji — 1.7 ices, development committee issues and joint India — 637.5 secretariat matters. Indonesia 462.9 — Kiribati 0.6 — Nepal 6.3 — Pakistan — 280.3 Publications Philippines 123.0 240.2 Publications issued by IMF in 1987 included the Republic of Korea — 896.5 Samoa — 2.1 Annual Report of the Executive Board, the Annual Report Solomon Islands — 1.3 on Exchange Arrangements and Exchange Restrictions, Bal- Sri Lanka — 69.4 ance of Payments Statistics (monthly and Yearbook), Thailand — 162.5 Government Finance Statistics Yearbook, International Finan- Europe — 1,427.7 Hungary — 272.9 cial Statistics (monthly, Yearbook and two supple- Portugal — 198.8 ments) and the World Economic Outlook. Romania — 226.0 International Monetary fund 1255

Purchases Repurchases Repurchases Currencies by currency Europe (cont.) drawn of repurchase Turkey 344.2 Yugoslavia 385.8 Asia 14.3 23.3 Middle East 116.0 23.2 Malaysian ringgit 8.0 14.5 Papua New Guinea kina 1.5 Democratic Yemen 5.8 Singapore dollars 4.8 8.9 Egypt 116.0 12.5 Yemen 4.9 Europa 2.8 4.0 Western hemisphere 1,974.4 2,565,2 Maltese liri 2.8 4.0 Argentina 969.8 494.4 Middle East 440.2 533.9 Barbados 16.8 Kuwaiti dinars 10.5 63.3 Belize 1.5 Qatar riyals 1.8 4.7 Bolivia 19.2 Saudi Arabian riyals 417.9 449.8 Brazil 877.0 United Arab Emirates dirhams 10.0 16.1 Chile 225.0 280.9 Costa Rica 47.7 Western hemisphere 14.2 156.7 Dominica 1.6 Bahamian dollars 0.2 Dominican Republic 49.0 Paraguayan guaraníes 5.3 Ecuador 37.7 90.2 Trinidad and Tobago dollars 27.1 El Salvador 31.2 Venezuelan bolívares 14.2 124.1 Grenada 0.3 Guatemala 15.5 SDRs 1,658.0 2,340.1 Haiti 18.1 Honduras 32.4 Jamaica 95.9 172.1 NOTE: Components may not add to total due to rounding. Mexico 600.0 280.1 SOURCE: International Financial Statistics Yearbook, 1989. Panama 11.0 55.7 Peru 0.1 Uruguay 35.1 81.5 STAND-BY AND EXTENDED ARRANGEMENTS NOTE: Components may not add to total due to rounding. (as at 31 December 1987; in thousands of SDRs) SOURCE: International Financial Statistics Yearbook, 1989. Amount Undrawn CURRENCIES DRAWN AND REPURCHASES BY Member agreed balance CURRENCY OF REPURCHASE IN 1987 (in millions of SDRs) Stand-by arrangements 4,623,000 2,356,485 Repurchases Argentina 1,113,000 662,000 Currencies by currency Burundi 21,000 21,000 drawn of repurchase Central African Republic 8,000 7,000 World 3,434.9 7,881.7 Congo 22,400 12,900 Costa Rica 50,000 50,600 Industrial countries 1,303.3 4,781.7 Côte d’lvoire 100,000 76,000 Austrian schillings 52.6 Egypt 250,000 134,000 Belgian francs 96.1 Gabon 98,685 56,185 Canadian dollars 82.5 Guinea 11,600 11,600 Danish kroner 7.5 Jamaica 85,000 30,000 Deutsche mark 132.0 650.5 Madagascar 30,000 5,000 Finnish markkaa 10.5 Mauritania 10,000 4,000 French francs 123.7 154.8 Mexico 1,400,000 350,000 Irish pounds 20.1 Morocco 230,000 40,000 Italian lire 146.3 Nigeria 650,000 650,000 Japanese yen 219.9 244.1 Philippines 198,000 70,000 Netherlands guilders 99.5 Senegal 21,275 12,900 Norwegian kroner 45.3 Somalia 33,150 27,620 Pounds sterling 6.4 461.7 Togo 23,040 14,400 Spanish pesetas 58.9 Tunisia 103,650 27,650 Swedish kronor 29.6 United Republic of United States dollars 821.4 2,621.9 Tanzania 64,200 18,730 Developing countries 473.5 759.9 Zaire 100,000 75,500 Africa 2.0 42.0 Extended arrangements 995,400 372,850 Algerian dinars 40.1 Chile 750,000 150,000 Botswana pula 2.0 1.9 Ghana 245,400 222,850 Annex 1. MEMBERSHIP OF THE INTERNATIONAL MONETARY FUND, QUOTAS AND VOTING POWER (As at 31 December 1987)

QUOTA VOTING POWER QUOTA VOTING POWER General General General General Amount and SDR and SDR Amount and SDR and SDR (in Departments Number Departments (in Departments Number Departments millions percentage of percentage millions percentage of percentage MEMBER of SDRs) of total* votes† of total MEMBER of SDRs) of total* votes† of total

Afghanistan 86.70 0.10 1,117 0.12 Austria 775.60 0.86 8,006 0.85 Algeria 623.10 0.69 6,481 0.69 Bahamas 66.40 0.07 914 0.10 Antigua and Barbuda 5.00 0.01 300 0.03 Bahrain 48.90 0.05 739 0.08 Argentina 1,113.00 1.24 11,380 1.21 Bangladesh 287.50 0.32 3,125 0.33 Australia 1,619.20 1.80 16,442 1.75 Barbados 34.10 0.04 591 0.06 1256 Intergovernmental organizations

QUOTA VOTING POWER QUOTA VOTING POWER

General General General General Amount and SDR and SDR Amount and SDR and SDR (in Departments Number Departments (in Departments Number Departments millions percentage of percentage millions percentage of percentage MEMBER of SDRs) of total* votes† of total MEMBER of SDRs) of total* votes† of total Belgium 2,080.40 2.31 21,054 2.25 Malaysia 550.60 0.61 5,756 0.61 Belize 9.50 0.01 345 0.04 Maldives 2.00 0.002 270 0.03 Benin 31.30 0.03 563 0.06 Mali 50.80 0.06 758 0.08 Bhutan 2.50 0.002 275 0.03 Malta 45.10 0.05 701 0.07 Bolivia 90.70 0.10 1,157 0.12 Mauritania 33.90 0.04 589 0.06 Botswana 22.10 0.02 471 0.05 Mauritius 53.60 0.06 786 0.08 Brazil 1,461.30 1.62 14,863 1.59 Mexico 1,165.50 1.30 11,905 1.27 Burkina Faso 31.60 0.04 566 0.06 Morocco 306.60 0.34 3,316 0.35 Burma 137.00 0.15 1,620 0.17 Mozambique 61.00 0.07 860 0.09 Burundi 42.70 0.05 677 0.07 Nepal 37.30 0.04 623 0.07 Cameroon 92.70 0.10 1,177 0.13 Netherlands 2,264.80 2.52 22,898 2.44 Canada 2,941.00 3.27 29,660 3.16 New Zealand 461.60 0.51 4,866 0.52 Cape Verde 4.50 0.01 295 0.03 Nicaragua 68.20 0.08 932 0.10 Central African Republic 30.40 0.03 554 0.06 Niger 33.70 0.04 587 0.06 Chad 30.60 0.03 556 0.06 Nigeria 849.50 0.94 8,745 0.93 Chile 440.50 0.49 4,655 0.50 Norway 699.00 0.78 7,240 0.77 China 2,390.90 2.66 24,159 2.58 Oman 63.10 0.07 881 0.09 Colombia 394.20 0.44 4,192 0.45 Pakistan 546.30 0.61 5,713 0.61 Comoros 4.50 0.01 295 0.03 Panama 102.20 0.11 1,272 0.14 Congo 37.30 0.04 623 0.07 Papua New Guinea 65.90 0.07 909 0.10 Costa Rica 84.10 0.09 1,091 0.12 Paraguay 48.40 0.05 734 0.08 Côte d’lvoire 165.50 0.18 1,905 0.20 Peru 330.90 0.37 3,559 0.38 Cyprus 69.70 0.08 947 0.10 Philippines 440.40 0.49 4,654 0.50 Democratic Kampuchea 25.00 0.03 500 0.05 Poland 680.00 0.76 7,050 0.75 Democratic Yemen 77.20 0.09 1,022 0.11 Portugal 376.60 0.42 4,016 0.43 Denmark 711.00 0.79 7,360 0.78 Qatar 114.90 0.13 1,399 0.15 Djibouti 8.00 0.01 330 0.04 Republic of Korea 462.80 0.51 4,878 0.52 Dominica 4.00 0.004 290 0.03 Romania 523.40 0.58 5,484 0.58 Dominican Republic 112.10 0.12 1,371 0.15 Rwanda 43.80 0.05 688 0.07 Ecuador 150.70 0.17 1,757 0.19 Saint Kitts and Nevis 4.50 0.01 295 0.03 Egypt 463.40 0.51 4,884 0.52 El Salvador 89.00 0.10 1,140 0.12 Saint Lucia 7.50 0.01 325 0.03 Equatorial Guinea 18.40 0.02 434 0.05 Saint Vincent and Ethiopia 70.60 0.08 956 0.10 the Grenadines 4.00 0.004 290 0.03 Fiji 36.50 0.04 615 0.07 Sao Tome and Principe 4.00 0.004 290 0.03 Finland 574.90 0.64 5,999 0.64 Samoa 6.0 0.01 310 0.03 France 4,482.80 4.98 45,078 4.81 Saudi Arabia 3,202.40 3.56 32,274 3.44 Gabon 73.10 0.08 981 0.10 Senegal 85.10 0.09 1,101 0.12 Gambia 17.10 0.02 421 0.04 Seychelles 3.00 0.003 280 0.03 Germany, Federal Sierra Leone 57.90 0.06 829 0.09 Republic of 5,403.70 6.00 54,287 5.79 Singapore 92.40 0.10 1,174 0.13 Ghana 204.50 0.23 2,295 0.24 Solomon Islands 5.00 0.01 300 0.03 Greece 399.90 0.44 4,249 0.45 Somalia 44.20 0.05 692 0.07 Grenada 6.00 0.01 310 0.03 South Africa 915.70 1.02 9,407 1.00 Guatemala 108.00 0.12 1,330 0.14 Spain 1,286.00 1.43 13,110 1.40 Guinea 57.90 0.06 829 0.09 Sri Lanka 223.10 0.25 2,481 0.26 Guinea-Bissau 7.50 0.01 325 0.03 Sudan 169.70 0.19 1,947 0.21 Guyana 49.20 0.05 742 0.08 Suriname 49.30 0.05 743 0.08 Haiti 44.10 0.05 691 0.07 Swaziland 24.70 0.03 497 0.05 Honduras 67.80 0.08 928 0.10 Sweden 1,064.30 1.18 10,893 1.16 Hungary 530.70 0.59 5,557 0.59 Syrian Arab Republic 139.10 0.15 1,641 0.18 Iceland 59.60 0.07 846 0.09 Thailand 386.60 0.43 4,116 0.44 India 2,207.70 2.45 22,327 2.38 Togo 38.40 0.04 634 0.07 Indonesia 1,009.70 1.12 10,347 1.10 Tonga 3.25 0.003 282 0.03 Iran 660.00 0.73 6,850 0.73 Trinidad and Tobago 170.10 0.19 1,951 0.21 Iraq 504.00 0.56 5,290 0.56 Tunisia 138.20 0.15 1,632 0.17 Ireland 343.40 0.38 3,684 0.39 Turkey 429.10 0.48 4,541 0.48 Israel 446.60 0.50 4,716 0.50 Uganda 99.60 0.11 1,246 0.13 Italy 2,909.10 3.23 29,341 3.13 United Arab Emirates 202.60 0.23 2,276 0.24 Jamaica 145.50 0.16 1,705 0.18 United Kingdom 6,194.00 6.88 62,190 6.63 Japan 4,223.30 4.69 42,483 4.53 United Republic Jordan 73.90 0.08 989 0.11 of Tanzania 107.00 0.12 1,320 0.14 Kenya 142.00 0.16 1,670 0.18 United States 17,918.30 19.91 179,433 19.14 Kiribati 2.5 0.002 275 0.03 Uruguay 163.80 0.18 1,888 0.20 Kuwait 635.30 0.71 6,603 0.70 Vanuatu 9.00 0.01 340 0.04 Lao People’s Venezuela 1,371.50 1.52 13,965 1.49 Democratic Republic 29.30 0.03 543 0.06 Viet Nam 176.80 0.20 2,018 0.22 Lebanon 78.70 0.09 1,037 0.11 Yemen 43.30 0.05 683 0.07 Lesotho 15.10 0.02 401 0.04 Yugoslavia 613.00 0.68 6,380 0.68 Liberia 71.30 0.08 963 0.10 Zaire 291.00 0.32 3,160 0.34 Libyan Arab Jamahiriya 515.70 0.57 5,407 0.58 Zambia 270.30 0.30 2,953 0.31 Luxembourg 77.00 0.09 1,020 0.11 Zimbabwe 191.00 0.21 2,160 0.23 Madagascar 66.40 0.07 914 0.10 Malawi 37.20 0.04 622 0.07 Total 89,987.55 100.00‡ 937,625 100.00‡

*All members were participants in the SDR Department. †Voting power varies on certain matters pertaining to the General Department with use of the Fund’s resources in that Department. ‡May differ from the sum of individual percentages because of rounding. International Monetary Fund 1257

Annex II. EXECUTIVE DIRECTORS AND ALTERNATES OF THE INTERNATIONAL MONETARY FUND (As at 31 December 1987)

Appointed Director Appointed Alternate Casting the vote of

Charles H. Dallara Vacant United States T. P. Lankester Charles Enoch United Kingdom Guenter Grosche Bernd Goos Federal Republic of Germany Hélène Ploix Dominique Marcel France Koji Yamataki Shinichi Yoshikuni Japan Yusuf A. Nimatallah lbrahim Al-Assaf Saudi Arabia

Elected Director Elected Alternate Casting the votes of Guillermo Ortiz (Mexico) Leonor Filardo (Venezuela) Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Spain, Venezuela G. A. Posthumus (Netherlands) G. P. J Hogeweg (Netherlands) Cyprus, Israel, Netherlands, Romania, Yugoslavia Jacques de Groote (Belgium) Johann Prader (Austria) Austria, Belgium, Hungary, Luxembourg, Turkey Mohamed Finaish (Libyan Arab Jamahiriya) Abdul Moneim Othman (Iraq) Bahrain, Democratic Yemen, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libyan Arab Jamahiriya, Mal- dives, Oman, Pakistan, Qatar, Somalia, Syrian Arab Republic, United Arab Emirates, Yemen Marcel Massé (Canada) Dara McCormack (Ireland) Antigua and Barbuda, Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Ireland, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines Salvatore Zecchini (Italy) Nikos Kyriazidis (Greece) Greece, Italy, Malta, Portugal C. R. Rye (Australia) Chang-Yuel Lim (Korea) Australia, Kiribati, New Zealand, Papua New Guinea, Philippines, Republic of Korea, Samoa, Seychelles, Solomon Islands, Vanuatu Jorgen Ovi (Denmark) Markus Fogelholm (Finland) Denmark, Finland, Iceland, Norway, Sweden Arjun K. Sengupta (India) L. Eustace N. Fernando (Sri Lanka) Bangladesh, Bhutan, India, Sri Lanka Alexandre Kafka (Brazil) Jerry Hospedales (Trinidad and Tobago) Brazil, Colombia, Dominican Republic, Ecuador, Guyana, Haiti, Panama, Suriname, Trinidad and Tobago J. E. Ismael (Indonesia) Janardana Reddy (Fiji) Burma, Fiji, Indonesia, Lao People’s Democratic Republic, Malaysia, Nepal, Singapore, Thailand, Tonga, Viet Nam Ahmed Abdallah (Kenya) El Tayeb El Kogali (Sudan) Botswana, Burundi, Ethiopia, Gambia, Kenya, Leso- tho, Liberia, Malawi, Mozambique, Nigeria, Sierra Leone, Sudan, Swaziland, Uganda, United Republic of Tanzania, Zambia, Zimbabwe Dai Qianding (China) Jiang Hai (China) China Alvaro Donoso (Chile) Ernesto V. Feldman (Argentina) Argentina, Bolivia, Chile, Paraguay, Peru, Uruguay Ghassem Salehkhou (Iran) Omar Kabbaj (Morocco) Afghanistan, Algeria, Ghana, Iran, Morocco, Tunisia Mawakani Sambia (Zaire) Corentino V. Santos (Cape Verde) Benin, Burkina Faso, Cameroon, Cape Verde, Cen- tral African Republic, Chad, Comoros, Congo, Côte d’lvoire, Djibouti, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Madagascar, Mali, Mauritania, Mauritius, Niger, Rwanda, Sao Tome and Principe, Senegal, Togo, Zaire

NOTE: Democratic Kampuchea, Poland and South Africa did not participate in the 1986 regular election of Executive Directors.

Annex Ill. PRINCIPAL OFFICERS AND OFFICES OF THE INTERNATIONAL MONETARY FUND (As at 31 December 1987)

PRINCIPAL OFFICERS

Managing Director: Michel Camdessus. Director, IMF Institute: Gérard M. Teyssier. Deputy Managing Director: Richard D. Erb. General Counsel, Legal Department: François P. Gianviti. Economic Counsellor: Jacob A. Frenkel.* Director, Middle Eastern Department: A. Shakour Shaalan. Counsellor: Alassane D. Ouattara.* Director, Research Department: Jacob A. Frenkel. Counsellor: Leo Van Houtven.* Secretary, Secretary’s Department; Leo Van Houtven. Counsellor: L. A. Whittome.* Treasurer, Treasurer’s Department: F. Gerhard Laske. Director, Administration Department: Graeme F. Rea. Director, Western Hemisphere Department: Sterie T. Beza. Director, African Department: Alassane D. Ouattara. Special Trade Representative: Eduardo Wiesner. Director, Asian Department: P. R. Narvekar. Director, Bureau of Computing Services: Warren N. Minami. Director, Central Banking Department: J. B. Zulu. Director, Bureau of Language Services: Alan Wright. Director, European Department: Massimo Russo. Director, Bureau of Statistics: Werner Dannemann. Director, Exchange and Trade Relations Department: L. A. Whittome. Director, Office in Europe (Paris): Andrew J. Beith. Director, External Relations Department: Azizali F. Mohammed. Director, Office in Geneva: Eduardo Wiesner. Director, Fiscal Affairs Department: Vito Tanzi. Internal Auditor: Robert Noë.

*Alphabetical listing. 1258 Intergovernmental organizations

HEADQUARTERS AND OTHER OFFICES

HEADQUARTERS

International Monetary Fund 700 19th Street N.W. Washington, D.C. 20431, United States Cable address: INTERFUND WASHINGTONDC Telephone; (1) (202) 623-7000 Telex: (RCA) 248331 IMF UR, (MCI) 64111 IMF UW, (TRT) 197677 FUND UT Facismile: (1) (202) 623-4661

OTHER OFFICES

International Monetary Fund International Monetary Fund International Monetary Fund Off ice Office in Europe Office in Geneva United Nations Headquarters, Room DC1-1145-46 64-66 Avenue d’léna 58 Rue de Moillebeau New York, N.Y. 10017, United States 75116 Paris, France 1209 Geneva, Switzerland Telephone: (1) (212) 963-6009 Cable address: INTERFUND PARIS Cable address; INTERFUND GENEVA Telephone: (33) (1) 40-69-30-79 Telephone: (41) (22) 734-30-00 Telex: 610712 INTERFUND PARIS Telex: 23503 IMF CH