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Bretton Woods,40 Years Later I 40 Milestonesl World Bank1 Year Fund World Bank1 Year Fund 1944 Robert S

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Bretton Woods,40 Years Later I 40 Milestonesl World Bank1 Year Fund World Bank1 Year Fund 1944 Robert S Bretton Woods,40 years later i 40 Milestonesl World Bank1 Year Fund World Bank1 Year Fund 1944 Robert S. McNamara is reappointed as Pros- 1 973 Johannes Witteveen is appointed Managing Atlantic City meeting; delegates from 16 countries review draft of preliminary proposals for the ident of Bank, IFC, and IDA (April) Director (September 1973-June 1978) Bank and the Fund (June 15); Bretton Woods Conference (July 1-22) Final Act embodying the Central rate concept extended to floating Articles of Agreement of the Bank and the Fund is signed (July 22) rates (November) 1945 1974 Guidelines for the management of floating Articles of Agreement of both institutions are signed by a sufficient majority of members rates are established (June) (December 27) First oil facility is established (June) Extended facility is established (September) 1946 Final Report and Outline of Reform of Com- Inaugural Meeting of Boards of Governors, at Savannah, Georgia (March) mittee of Twenty is transmitted to Board of First Annual Meeting of Boards of Governors, in Washington (September) Governors at Annual Meetings (Sep- Eugene Meyer is appointed first President Camille Gutt is appointed Managing Director tember) (June-December 1946); Bank's initial au- (June 1946-May 1951); Fund s initial quo- Interim Committee of the Board of Governors thorized capital is $1 2 billion tas are $7.4 billion on the International Monetary System (the Interim Committee) is established (Octo- John J. McCloy is appointed President 1947 First drawing is made on Fund's resources, ber) (March 1947-Oune 1949) by France (May) First loan, to Credit National of France (May) Joint Ministerial Committee of the Board of Governors of the World Bank and the International First mission, to Poland (June) Monetary Fund on the Transfer of Real Resources to Developing Countries First bond offer, on U.S. market (July) (Development Committee) is established (October) Fourth Replenishment of IDA becomes effec- 1 975 GAB is renewed for five years (January) 1948 live, providing $4.501 billion (January) Second oil facility is established (April) First portfolio sale (January) 1949 Intermediate Financing Facility— to provide Subsidy account is established to subsidize Technical assistance program begins (June) development assistance on terms inter- purchases under the oil facility to some Eugene R. Black is appointed President mediate between those of the Bank and members (August) (July 1949-December 1962) . IDA — is approved (July) 1950 1976 Sixth General Review of Quotas is com- pleted and approved by the Executive 1951 First Quinquennial Review of Quotas com- Board, increasing total to SDR 39 billion pleted; no general increase (March) (March) Ivar Rooth is appointed Managing Director Four-year gold sales program is announced (August 1951-August 1956) (May) 1952 Procedures for annual consultations on ex- Trust Fund is established (May) change restrictions are approved by the The Bank's authorized capital is increased to 1 977 Principles are approved for the guidance of Executive Board (January) $34 billion (May) members with respect to exchange rate The "Rooth plan" for a policy on drawings Fifth Replenishment of the IDA becomes ef- policies (April) from the Fund is agreed (February) fective, providing $7.686 billion (Novem- Supplementary financing facility is estab- Procedures for stand-by arrangements, ber) lished (August) drawings, and charges are agreed (Octo- ber) IFC Capital Increase is approved, raising capital to $650 million (November) Eugene R. Black is reappointed as President 1 953 1 978 Second Amendment of the Articles of Agree- (September) ment comes into effect (April) First dollar bond issue entirely outside United 1 954 Jacques de Larosiere is appointed Managing States (September) Director (July 1978-present) Seventh General Review of Quotas is com- The Economic Development Institute is es- 1955 pleted and approved by the Executive tablished (March) Board, increasing total to SDR 58.6 billion International Finance Corporation is estab- 1956 Second Quinquennial Review of Quotas (December) lished, with an authorized capital of $100 completed; no general increase (January) 1979 Executive Board reviews guidelines on the million, of which $78 million is initially sub- Per Jacobsson is appointed Managing Direc- use of the Fund's general resources in the scribed (July) tor (December 1956-May 1963) upper credit tranches (March) Robert L. Garner is appointed President of IFC (July 1956-October 1961) Structural adjustment lending is initiated 1980 GAB is renewed (October) ©International Monetary Fund. Not for Redistribution 1957 First gold saies (to the United States) to re- ?????? ?????????? ??????? ?? ????????? ?? Subsidy accon is established to reduce the plenish the Fund's resources (January, billion (January) cost of the supplementary financing facility May) Currency pooling system established (July) to low-income members (December) 1958 First general increase in quotas becomes ef- A.W. Clausen is appointed President of the 1981 Enlarged access policy is adopted (March) fective, increasing the total to $15 billion World Bank, IFC, and IDA (July 1981- Borrowing agreements with Saudi Arabian (September) present) Monetary Agency, the BIS, and four cen- Sixth Replenishment of IDA becomes effec- tral banks are completed (May) Eugene R. Black is reappointed as President 1959 tive, providing $12 billion (August) (July) Bank's authorized capital is increased to Bank capital is increased to $25.3 billion $86.4 billion (October) (September) 1982 International Development Association is es- 1960 Third Quinquennial Review of Quotas com- tablished with an initial subscription of pleted; no general increase (December) 1983 Eighth General Review of Quotas is com- $912.7 million (September) pleted and approved by the Executive Board, increasing total to SDR 90 billion Amendment to IFC Articles is announced, to 1961 Twenty one Fund members, including the (March) allow it to make equity investments (Sep- principal European countries, accept the Jacques de Larosière is reappointed as tember) obligations of currency convertibility and Managing Director (May) Eugene R. Black is appointed President of shift from Article XIV to Article VIII status GAB is revised and expanded (December! (February, April) IFC (October 1961 -December 1962) 'The Bank's capital stock data, normally expressed in terms of 1944 dollars, has been converted into current Executive Board decides the Fund's re- dollars on the basis of one 1944 dollar = 1.20635 current dollars. IDA'S subscriptions through the Third Replen- sources can be used for capital transfers ishment, normally expressed in 1960 dollars, have also been converted at the same current rate. (July) 1962 General Arrangements to Borrow is formed (October) George D. Woods is appointed President of 1963 Compensatory financing facility is approved the Bank, IFC, and IDA (January 1963- (February) March 1968) Pierre-Paul Schweitzer is appointed Man- Bank capital is increased to $26.5 billion (De- aging Director (September 1963-August Bank and Fund membership and operations, 1944-83 cember) 1973) The authorized capital of IFC is increased to $110 million (September) First Replenishment of IDA, of $899.7 million 1964 GAB activated for first time to meet drawings by United Kingdom (November) Articles of Agreement are amended to allow 1965 GAB is renewed for four years (October) Bank to loan IFC up to four times IFC's unimpaired subscribed capital and surplus (December) Bank capital is increased to $28.9 billion 1966 Fourth Quinquennial Review of Quotas com- (August) pleted; the Executive Board approves gen- Convention on the Settlement of Investment eral and special increases that raise the Disputes enters into force (October) total to $21 .2 billion (March) 1967 Robert S. McNamara is appointed President 1968 Pierre-Paul Schweitzer is reappointed as of the Bank, IFC, and IDA (April 1968- Managing Director (September) June 1981) Conditions on the use of Fund resources are reviewed (September) Second Replenishment of IDA comes into 1969 Buffer stock financing facility is established effect, providing $1 .4 billion (July) (June) First Amendment of the Articles of Agree- ment enters into force, creating the Spe- cial Drawing Account, and the SDR (July) Authorized capital of World Bank is in- 1970 Fifth General Review of Quotas is completed creased to $32.6 billion (December) and approved by the Executive Board, in- creasing total to about SDR 28.9 billion (February); GAB renewed (October) Consultative Group on International Agricul- 1971 Dollar convertibility suspended (August) tural Research is founded (May) Smithsonian agreement on exchange rates is concluded (December) Sources: Bank and Fund data. Third Replenishment of IDA comes into ef- 1972 Unit for Fund accounts changed from dollar 1Bank operations (IBRD loans and IDA credits) on fiscal year basis (ending June 30); Fund operations (purchases) by fect, providing $2.9 billion (September) to SDR (March) calendar year. Committee on Reform of the International Monetary System and Related Issues (the Committee of Twenty) is established (July) ©International Monetary Fund. Not for Redistribution.
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