SUMMARY PROCEEDINGS 1984 ©International Monetary Fund. Not for Redistribution International Standard Serial Number: ISSN 0074-7025 ©International Monetary Fund. Not for Redistribution INTERNATIONAL MONETARY FUND SUMMARY PROCEEDINGS OF THE THIRTY-NINTH ANNUAL MEETING OF THE BOARD OF GOVERNORS SEPTEMBER 24-27, 1984 WASHINGTON, D.C. ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution CONTENTS PAGE Introductory Note xi Address by the President of the United States of America, Ronald Reagan 1 Opening Address by the Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Japan, Noboru Takeshita 8 Presentation of the Thirty-Ninth Annual Report by the Chair- man of the Executive Board and Managing Director of the International Monetary Fund, J. de Larosiere 19 Discussion of Fund Policy at Second Joint Session Report by the Chairman of the Interim Committee of the Board of Governors on the International Monetary Sys- tem, Willy De Clercq 30 Statements by the Governors for Ireland—Alan M. Dukes* 35 United States—Donald T. Regan 39 France—Pierre Beregovoy 44 Dominican Republic—Jose Santos Taveras* 48 Korea—Mahn-Je Kim 53 Indonesia—Radius Prawiro 56 Canada—Michael H. Wilson 60 Discussion of Fund Policy at Third Joint Session Statements by the Governors for Italy—Giovanni Goria 67 India—Pranab Kumar Mukherjee 75 United Kingdom—Nigel Lawson 80 Zambia—L.J. Mwananshiku* 90 Germany, Federal Republic of—Gerhard Stoltenberg ... 97 Tunisia—Ismail Khelil* 101 Netherlands—H.O. Ruding 104 Australia—Paul J. Keating 108 Israel—Moshe Y. Mandelbaum Ill Speaking on behalf of a group of countries. v ©International Monetary Fund. Not for Redistribution VI CONTENTS PAGE Discussion of Fund Policy at Fourth Joint Session Statements by the Governors for South Africa—B.J. du Plessis 114 Luxembourg—Jacques Santer 117 China—Wang Bingqian 119 Argentina—Bernardo Grinspun* 122 Belgium—Willy De Clercq 133 Pakistan—Ghulam Ishaq Khan 137 Norway—Knut Getz Wold* 143 Sri Lanka—Ronnie de Mel 147 Discussion of Fund Policy at Fifth Joint Session Report by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Com- mittee), Ghulam Ishaq Khan 152 Statements by the Governors for St. Lucia—John G.M. Compton* 155 Thailand—Sommai Hoontrakool 158 Egypt—Mahmoud Salah el din Hamed 160 Austria—Franz Vranitzky 162 Bangladesh—M. Syeduz-Zaman 164 Nepal—Prakash Chandra Lohani 170 Greece—Gerasimos Arsenis 173 Romania—Petre Gigea 176 Western Samoa—Tofilau Eti Alesana* 179 Spain—Mariano Rubio Jimenez 182 Iran, Islamic Republic of—Mohammad J. Vahaji 186 Discussion of Fund Policy at Sixth Joint Session Statements by the Governors for Bolivia—Oscar Bonifaz Gutierrez 191 Afghanistan—Mehrabuddin Paktiawal 193 Yugoslavia—Vlado Klemencic 196 St. Christopher and Nevis—Kennedy Simmonds 200 Mozambique, People's Republic of—Rui Baltazar dos Santos Alves 202 Fiji—Mosese Qionibaravi 203 Lao People's Democratic Republic—Kikham Vongsay .. 206 Malaysia—Abdul Daim bin Haji Zainuddin 209 Malta—Wistin Abela 212 New Zealand—R.O. Douglas 216 Speaking on behalf of a group of countries. ©International Monetary Fund. Not for Redistribution CONTENTS Vll PAGE Papua New Guinea—Phillip Bouraga 219 Paraguay—Oscar Jacinto Obelar 221 Viet Nam—Nguyen Duy Gia 224 Concluding Remarks Statements by The Governor of the Fund for Senegal, Mamoudou Toure 227 The Chairman of the Executive Board and Managing Director of the International Monetary Fund, J. de Larosiere 227 The Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Japan, Noboru Takeshita 231 DOCUMENTS AND RESOLUTIONS OF THE BOARD OF GOVERNORS Schedule of Meetings 237 Provisions Relating to the Conduct of the Meetings 238 Agenda 239 Reports of the Joint Procedures Committee 240 Report I 240 Reportll 242 Annex I Regulations for the Conduct of the 1984 Regular Election of Executive Directors 244 Annex II 251 Attachment 1. Rules and Regulations Amended Since the 1983 Annual Meeting 253 ReportIV 257 Annex 258 Attachment. Report of the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries 259 Annex A. Members of the Committee 268 Annex B. Organizational and Administrative Aspects 270 Annex C. IBRD and IMF Resolutions Establishing the Development Committee 273 Annex D. Agendas and Press Communiques of Meetings Held in September 1983 and April 1984 273 ©International Monetary Fund. Not for Redistribution V11I CONTENTS PAGE Resolutions 39-1 Membership for St. Christopher and Nevis 278 39-2 1984 Regular Election of Executive Directors 280 39-3 Forthcoming Annual Meetings 280 39-4 Membership for the People's Republic of Mozambique 281 39-5 Financial Statements, Report on Audit, and Ad- ministrative Budget 283 39-6 Amendments of the Rules and Regulations 284 Interim Committee of the Board of Governors on the Inter- national Monetary System Press Communique (September 22, 1984) 285 Composition (as of September 22, 1984) 289 Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries Press Communique (September 23, 1984) 290 Composition (as of September 23, 1984) 292 Press Announcement (September 26, 1984) 293 Composition (as of September 26, 1984) 293 Attendance Members of Fund Delegations 294 Executive Directors, Alternates, and Advisors 318 Reference List of Principal Topics Discussed 321 List of Abbreviations Used 326 ©International Monetary Fund. Not for Redistribution STATEMENTS BY GOVERNORS Listed in Alphabetical Order by Country PAGE Afghanistan—Mehrabuddin Paktiawal 193 Argentina—Bernardo Grinspun 122 Australia—Paul J. Keating 108 Austria—Franz Vranitzky 162 Bangladesh—M. Syeduz-Zaman 164 Belgium—Willy De Clercq 133 Bolivia—Oscar Bonifaz Gutierrez 191 Canada—Michael H. Wilson 60 China—Wang Bingqian 119 Dominican Republic—Jose Santos Taveras 48 Egypt—Mahmoud Salah el din Hamed 160 Fiji—Mosese Qionibaravi 203 France—Pierre Beregovoy 44 Germany, Federal Republic of—Gerhard Stoltenberg 97 Greece—Gerasimos Arsenis 173 India—Pranab Kumar Mukherjee 75 Indonesia—Radius Prawiro 56 Iran, Islamic Republic of—Mohammad J. Vahaji 186 Ireland—Alan M. Dukes 35 Israel—Moshe Y. Mandelbaum Ill Italy—Giovanni Goria 67 Korea—Mahn-Je Kim 53 Lao People's Democratic Republic—Kikham Vongsay 206 Luxembourg—Jacques Santer 117 Malaysia—Abdul Daim bin Haji Zainuddin 209 Malta—Wistin Abela 212 Mozambique, People's Rep. of—Rui Baltazar dos Santos Alves 202 Nepal—Prakash Chandra Lohani 170 Netherlands—H.O. Ruding 104 New Zealand—R.O. Douglas 216 Norway—Knut Getz Wold 143 Pakistan—Ghulam Ishaq Khan 137 Papua New Guinea—Phillip Bouraga 219 Paraguay—Oscar Jacinto Obelar 221 Romania—Petre Gigea 176 St. Christopher and Nevis—Kennedy Simmonds 200 IX ©International Monetary Fund. Not for Redistribution X STATEMENTS BY GOVERNORS PAGE St. Lucia—John G.M. Compton 155 South Africa—B.J. du Plessis 114 Spain—Mariano Rubio Jimenez 182 Sri Lanka—Ronnie de Mel 147 Thailand—Sommai Hoontrakool 158 Tunisia—Ismail Khelil 101 United Kingdom—Nigel Lawson 80 United States—Donald T. Regan 39 Viet Nam—Nguyen Duy Gia 224 Western Samoa—Tofilau Eti Alesana 179 Yugoslavia—Vlado Klemencic 196 Zambia—L.J. Mwananshiku 90 ©International Monetary Fund. Not for Redistribution INTRODUCTORY NOTE The Thirty-Ninth Annual Meeting of the Board of Governors of the International Monetary Fund was held in Washington, D.C. from September 24 through September 27, 1984, jointly with the Annual Meetings of the Boards of Governors of the International Bank for Reconstruction and Development, the International Finance Corpo- ration, and the International Development Association. His Excellency, Noboru Takeshita, Governor for Japan, served as Chairman. These Summary Proceedings include statements, or portions of statements, relating to the work of the Fund presented by Governors during the Meetings, resolutions adopted by the Board of Governors of the Fund over the past year, reports, recommendations, or com- muniques issued by the Committees of the Board of Governors at the time of the Meetings, and other documents relating to the Meetings. Statements, or portions thereof, relating to the work of the World Bank are omitted from these Summary Proceedings; the insertion of dots (. .) within statements indicates where passages have been omitted. Statements not reproduced in these Summary Proceedings may be found in the Summary Proceedings of the Annual Meetings of the Bank and its affiliates, issued separately by the Bank. Statements by the Governors are listed in alphabetical order by country on pages ix and x. A reference list of principal topics discussed in the statements is given on pages 321-25, and a list of abbreviations used in the statements and documents is given on page 326. LEO VAN HOUTVEN Secretary International Monetary Fund Washington, D.C. November 28, 1984 XI ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution ADDRESS BY THE PRESIDENT OF THE UNITED STATES1 Ronald Reagan Mr. Chairman, Mr. de Larosiere, Mr. Clausen, Governors of the International Monetary Fund and the World Bank, and distinguished guests. On behalf of the American people, we are delighted to welcome you to the United States for your Thirty-Ninth Annual Meeting. I am honored, once again, to address the leaders of your institu- tions. Your quest to improve the condition of humankind, to offer opportunities for fulfillment in our individual lives and the life of our national and world communities, places you in a position of respon- sibility and leadership second to none. You are true missionaries for a more prosperous world and a more peaceful world. We who are public servants in this international economic community know well the daily problems and pitfalls that obstruct our path to progress. Sometimes the immensity of these challenges, and the attention they receive, seem all but overwhelming to us.