, " THE WORLD BANK GROUP Public Disclosure Authorized 1991 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized BANGKOK, THAILAND OCTOBER 15-17, 1991 Public Disclosure Authorized THE WORLD BANK GROUP 1991 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS BANGKOK, THAILAND OCTOBER 15-17, 1991 INTRODUCTORY NOTE The 1991 Annual Meetings of the Boards of Governors of The World Bank Group, which consists of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC) , In­ ternational Development Association (IDA), Multilateral Investment Guar­ antee Agency (MIGA) and International Centre for the Settlement of In­ vestment Disputes (ICSID), held jointly with that of the International Monetary Fund, took place in Bangkok, Thailand, October 15-17, 1991 (inclusive). The Honorable Pablo Better, Governor of the Bank and the Fund for Ecuador, served as Chairman. The Summary Proceedings record in alphabetical order of member coun­ tries, the texts of statements by Governors relating to the activities of The World Bank Group. The texts of statements concerning the IMF are pub­ lished separately by the Fund. T. T. THAHANE Vice President and Secretary THE WORLD BANK GROUP Washington, D.C. January 1992 1lI CONTENTS Page Remarks by Anand Panyarachun Prime Minister of the Kingdom of Thailand 1 Opening Address by the Chairman Pablo Better Governor of the Bank and the Fund for Ecuador. 5 Annual Address by Lewis T. Preston President of The World Bank Group ........................... 15 Report by Alejandro Foxley Chairman of the Development Committee ..................... 22 Statements by Governors and Alternate Governors 25 Page Page Afghanistan .............. 25 Lao People's Albania................... 28 Democratic Republic .. 112 * Antigua and Barbuda .... 30 Malaysia ................. 113 Australia ................. 34 Mali ..................... 115 Bangladesh ............... 36 Malta .................... 118 Belgium.................. 40 Mongolia ................ 123 Bulgaria .................. 46 Nepal .................... 125 Canada................... 48 * Netherlands ............. 128 *Chile ...................... 51 New Zealand ............ 133 China..................... 56 *Norway .................. 135 Czechoslovakia ........... 60 Pakistan ................. 138 EI Salvador ............... 65 Papua New Guinea ...... 141 Federal Republic of Paraguay ................. 145 Germany .............. 68 Peru ...................... 148 Fiji ....................... 71 Philippines .............. 151 France ................... 75 Poland ................... 153 Greece ................... 77 Portugal ................. 155 Hungary ................. 81 South Africa ............ 158 India ..................... 84 Spain .................... 160 Indonesia ................ 87 *Tanzania ................. 163 Iran, Islamic Thailand ................. 168 Republic of ........... 89 Tonga .................... 174 Ireland ................... 93 United Kingdom ........ 176 Israel .................... 96 United States ............ 183 Italy ...................... 99 *Vanuatu ................. 187 Japan .................... 101 * Venezuela ............... 188 Korea .................... 106 Viet Nam ................ 193 Kuwait ................... 109 Yugoslavia ............... 195 • Speaking on behalf of a group of countries. v Page Statement by Alexeyevich Yavlinsly, Head of the Delegation of the U.S.S.R........................ 197 Concluding Remarks by Mr. Preston .................................. 202 Concluding Remarks by the Chairman, Pablo Better 204 Remarks by Abdelatif Loudyi, Temporary Alternate Governor of the Bank for Morocco ..... 206 Documents of the Boards of Governors ............................... 207 Schedule of Meetings ................................................ 207 Provisions Relating to the Conduct of the Meetings ................ 208 Agendas .............................................................. 209 Joint Procedures Committee ........................................... 210 Report II ............................................................. 211 Report III ............................................................ 212 Report V ............................................................. 214 MIGA Procedures Committee......................................... 216 Report I .............................................................. 217 Report II ............................................................. 218 Resolutions Adopted by the Board of Governors of the Bank Between the 1990 and 1991 Annual Meetings.................. 219 No. 446 .... Membership of the Mongolian People's Republic..... 219 No. 447 .... Allocation of FY90 Net Income Retained as Surplus ............................................... 221 No. 448 .... 1991 Increase in Authorized Capital ................... 222 No. 449 .... Membership of Switzerland ............................ 223 No. 450 .... Direct Remuneration of Executive Directors and their Alternates ............................................... 226 No. 451 .... Salary of the President ................................. 227 No. 452 .... Technical Assistance to U.S.S.R. ...................... 227 Resolutions Adopted by the Board of Governors of the Bank at the 1991 Annual Meetings .......................................... 228 No. 453 .... Membership of the Republic of Albania............... 228 No. 454 .... Financial Statements, Accountants' Report and Administrative Budget ................................. 231 No. 455 .... Allocation of FY91 Net Income........................ 231 No. 456 .... Resolution of Appreciation ............................ 232 VI Page Resolutions Adopted by the Board of Governors of the IFC Between the 1990 and 1991 Annual Meetings .................. 233 No. 170 .... Membership of the Mongolian People's Republic ..... 233 No. 171 .... Membership of the Republic of Bulgaria.............. 235 No. 172 .... Increase of Subscription by Colombia and Czechoslovakia to the Capital of the Corporation .... 238 No. 173 .... Membership of Switzerland ............................ 239 No. 174 .... Membership of the Lao People's Democratic Republic ................................................ 241 Resolutions Adopted by the Board of Governors of the IFC at the 1991 Annual Meetings .......................................... 243 No. 175 .... Membership of the Republic of Albania............... 243 No. 176 .... Financial Statements, Accountants' Report and Administrative Budget ................................. 244 No. 177 .... Resolution of Appreciation ............................ 245 Resolutions Adopted by the Board of Governors of IDA Between the 1990 and 1991 Annual Meetings ............................ 246 No. 154 .... Membership of the Mongolian People's Republic..... 246 No. 155 .... Membership of Switzerland ............................ 248 Resolutions Adopted by the Board of Governors of IDA at the 1991 Annual Meetings ................................................ 252 No. 156 .... Membership of the Republic of Albania............... 252 No. 157 .... Financial Statements, Accountants' Report and Administrative Budget ................................. 254 No. 158 .... Resolution of Appreciation ............................ 254 Resolutions Adopted by the Council of Governors of MIGA Between the 1990 and 1991 Annual Meetings .................. 255 No. 19 ..... Membership of the Republic of Bulgaria.............. 255 No. 20 ..... Review of Allocation of Shares ........................ 255 No. 21 ..... Amendment to the MIGA Convention................ 256 Resolutions Adopted by the Council of Governors of MIGA at the 1991 Annual Meetings .......................................... 258 No. 22 ..... Membership of the Republic of Albania............... 258 No. 23 ..... Resolution of Appreciation ............................ 258 vii Page Reports of the Executive Directors of the Bank ...................... 260 Allocation of FY90 Net Income Retained as Surplus ............... 260 Membership of Switzerland and Increase in Authorized Capital Stock of the Bank ................................................. 260 Transfer from Surplus to Fund Technical Assistance for the Union of Soviet Socialist Republics ...................................... 264 Allocation of FY91 Net Income ..................................... 264 Report of the Board of Directors of IFC .............................. 266 Increase of Subscription by Colombia and Czechoslovakia to the Capital of the Corporation ........................................ 266 Reports of the Board of Directors of MIGA .......................... 273 Review of Allocation of Shares ...................................... 273 Amendment of Schedule A to the MIGA Convention-Republic of yemen........................................................... 274 Report of the Chairman of the Development Committee ............. 275 Annual Report of the Development Committee ...................... 276 Accredited Members of Delegations at 1991 Annual Meetings ....... 296 Observer at 1991 Annual Meetings .................................... 320 Representatives of International Institutions .......................... 320 Special Invitees ......................................................... 321 Executive Directors, Alternates and Advisors IBRD, IFC, IDA ................................................ 322 Directors and Alternates