INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION 1983 ANNUAL MEETINGS Public Disclosure Authorized OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized WASHINGTON, D.C. SEPTEMBER 27-30, 1983 Public Disclosure Authorized INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION 1983 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS WASHINGTON, D.C. SEPTEMBER 27-30,1983 INTRODUCTORY NOTE The 1983 Annual Meeting of the Board of Governors of the International Bank for Reconstruction and Development, held jointly with that of the International Monetary Fund, took place in Washington, D.C., September 27-30 (inclusive). The Honorable Miguel Boyer, Governor of the Bank and Fund for Spain, served as Chairman. The Annual Meetings of the Bank's affiliates, the International Finance Corporation (IFC) and the Interna­ tional Development Association (IDA), were held in conjunction with the Annual Meeting of the Bank. The Summary Proceedings record, in alphabetical order of member coun­ tries, the texts of statements by Governors relating to the activities of the Bank, IFC and IDA. The texts of statements concerning the IMF are published separately by the Fund. T. T. THAHANE Vice President and Secretary THE WORLD BANK - Washington, D.C. December, 1983 III CONTENTS Page Opening Remarks by Ronald Reagan President of the United States ......................... 1 Opening Address by the Chairman Miguel Boyer Governor of the Bank and Fund for Spain .............. 7 Annual Address by A.W. Clausen President of the World Bank ......................... 16 Report by Ghulam Ishaq Khan Chairman of the Development Committee ............. 32 Statements by Governors and Alternate Governors ........... 35 Page Page Afghanistan ............ 35 Lao People's Democratic Australia ............... 39 Republic ............ 128 Austria ................. 41 Luxembourg ............ 131 *Bahrain ................ 44 Malaysia ............... 133 Bangladesh ............. 46 Malta .................. 136 Belgium ................ 51 *Mexico ................. 138 Bhutan ................. 55 Nepal .................. 143 Canada ................ 56 Netherlands ............ 147 China .................. 60 New Zealand ........... 152 *Denmark ............... 64 Pakistan ................ 155 * Dominica .............. 66 Papua New Guinea ...... 158 Egypt .................. 71 Paraguay ............... 159 Fiji .................... 74 Solomon Islands ......... 165 *Finland ................ 76 South Africa ............ 166 France ................. 78 Sri Lanka .............. 169 Germany ............... 83 Thailand ............... 174 *Greece ................. 87 *Trinidad and Tobago .... 176 Hungary ............... 90 United Kingdom ........ 179 India .................. 94 United States ........... 185 Indonesia .............. 101 Vanuatu ............... 190 Iran, I.R. of ............ 103 *Venezuela .............. 192 Ireland ................. 109 Viet Nam .............. 198 Israel .................. 113 Western Samoa ......... 199 Italy ................... 114 Yugoslavia ............. 201 Japan .................. 119 *Zambia ................ 204 Korea .................. 126 * Speaking on behalf of a group of countries v Page Concluding Remarks by Mr. Clausen ............................ 211 Concluding Remarks by the Chairman, Miguel Boyer ............. 213 Remarks by Haruo Mayekawa, Alternate Governor of the Bank and Governor of the Fund for Japan ...................... 215 Documents of the Boards of Governors ......................... 216 Schedule of Meetings ....................................... 216 Provisions Relating to the Conduct of the Meetings ............. 217 Agendas .................................................. 218 • Joint Procedures Committee ................................... 219 Report I .................................................. 220 Report III ................................................. 222 Resolutions Adopted by the Board of Governors of the Bank Between the 1982 and 1983 Annual Meetings ................ 223 No. 388 ... Direct Remuneration of Executive Directors and Their Alternates ............................ 223 No. 389 .,. Home Leave Allowance for Executive Directors and Their Alternates ............................ 223 No. 390 ... Salary of the President ........................... 223 No. 391 ... Membership of the Republic of Malta ............. 224 Resolutions Adopted by the Board of Governors of the Bank At the 1983 Annual Meeting .............................. 227 No. 392 ... Financial Statements, Accountants' Report and Administrative Budget ....................... 227 No. 393 ... Allocation of Net Income ........................ 227 Resolutions Adopted by the Board of Governors of IFC Between the 1982 and 1983 Annual Meetings ................ 228 No. 130 ... Increase of Subscriptions by Cameroon and Upper Volta to the Capital of the Corporation ...... 228 No. 131 ... Increase of Subscription by Ivory Coast to the Capital of the Corporation ................. 229 No. 132 ... Increase of Subscription by Morocco to the Capital of the Corporation ................. 230 No. 133 ... Increase of Subscription by France to the Capital of the Corporation ................. 232 No. 134 ... Increase of Subscription by Tunisia to the Capital of the Corporation ................. 233 VI ....... _.. _-----_.. _-------- Page No. 135 ... Membership of The Bahamas ..................... 234 No. 136 ... Increase of Subscription by Venezuela to the Capital of the Corporation ................. 236 No. 137 ... Membership of the Central African Republic ....... 237 No. 138 ... Membership of Cape Verde ...................... 238 No. 139 ... Increase of Subscription by Bolivia to the Capital of the Corporation ................. 240 Resolution Adopted by the Board of Governors of IFC At the 1983 Annual Meeting .............................. 242 No. 140 .,. Financial Statements, Accountants' Report and Administrative Budget ....................... 242 Resolution Adopted by the Board of Governors of IDA Between the 1982 and 1983 Annual Meetings ................ 243 No. 130 ... Membership of Portugal ......................... 243 Resolution Adopted by the Board of Governors of IDA At the 1983 Annual Meeting .............................. 245 No. 131 ... Financial Statements, Accountants' Report and Administrative Budget ....................... 245 Report of the Executive Directors of the Bank ................... 246 Allocation of FY83 Net Income ............................ 246 Report of the Chairman of the Development Committee .......... 247 Annual Report of the Development Committee .................. 248 Accredited Members of Delegations at 1983 Annual Meetings ..... 263 Observer at 1983 Annual Meetings ............................. 285 Representatives of International Organizations ................... 286 Executive Directors, Alternates and Advisors .................... 287 Officers of the Board of Governors and Joint Procedures Committee for 1983-84 ................................... 288 Reference List of Principal Topics Discussed ..................... 289 vii OPENING REMARKS BY THE HON. RONALD REAGAN PRESIDENT OF THE UNITED STATES On behalf of my fellow Americans, I am delighted to welcome you to the United States and to our nation's capital, and I am honored to have this opportunity to speak again to your distinguished members. I say honored because I believe your institutions, the World Bank and affiliates, and the International Monetary Fund, serve noble purposes. There can be no higher mission than to improve the human condition and to offer opportunities for fulfillment in our individual lives and the life of our national and world communities. You are the leaders of the world commu­ nity in bringing a better life to the diverse and often tragically poor people of our planet. You have worked tirelessly to preserve the framework for international economic cooperation and to generate confidence and compe­ tition in the world economy. The unending quest for economic, social and human improvement is the basic drive that inspires and unites all of us. In 1945, when your great institutions were established, the civilized world had been brought to its knees by a wave of totalitarian violence that inflicted suffering, sacrifice, and the suppression of human rights on millions of innocent people. Security, freedom and prosperity were very much on the minds of the citizens of the world in 1945. They should be on our minds today. The institutions you represent could not have been born, could not have flourished-and may I add, will not survive-in a world dominated by a system of cruelty that disregards individual rights and the value of human life in its ruthless drive for power. No state can be regarded as pre-eminent over the rights of individuals. Individual rights are supreme. In this civilization we have labored so faithfully to resurrect, preserve, and enhance, let us be ever mindful: it is not just development and prosperity, but ultimately our peace and freedom that are always at stake. Too often, the demands of prosperity and security are viewed as competitors when, in fact, they are complementary, natural, and necessary allies. We cannot prosper unless we are secure, and we cannot be secure unless we are free. The goals of the great international,