Summary Proceedings of the Sixty-Second Annual Meeting of the Board of Governors October 13, 2008 International Monetary Fund Washington, D.C. ©2012 International Monetary Fund ISSN 0074-7025 ISBN 978-1-58906-905-3 CONTENTS Page List of Abbreviations ............................................................................ vii Introductory Note .................................................................................... ix Opening Address by the Chairman of the Boards of Governors of the Fund and the Bank, at the Joint Annual Discussion Zoran Stavreski ...................................................................................... 1 Opening Address by the Chairman of the Executive Board and Managing Director of the International Monetary Fund, Dominique Strauss-Kahn ....................................................................... 7 Opening Address by the President of the World Bank Group, Robert B. Zoellick ................................................................................ 12 Report to the Board of Governors of the International Monetary Fund by the Chairman of the International Monetary and Financial Committee of the Board of Governors, Youssef Boutros-Ghali ......................................................................... 23 Report to the Boards of Governors of the Fund and the Bank by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Agustín Carstens ..................... 26 Statements by the Governors for Afghanistan, Anwar Ul-Haq Ahady ....................................................... 29 Australia, Wayne Swan, M.P.................................................................. 31 Bahamas, The, Hubert A. Ingraham ...................................................... 37 Bangladesh, A.B. Mirza Md. Azizul Islam.............................................. 41 Belgium, Jean-Pierre Arnoldi ............................................................... 43 Bolivia, Luis Alberto Arce Catacora ..................................................... 45 Cambodia, Chea Chanto and Aun Porn Moniroth ................................ 46 iii iv SUMMARY PROCEEDINGS, 2008 Canada, James M. Flaherty ................................................................... 52 China, Yi Gang ...................................................................................... 57 Croatia, Republic of, Boris Vujĉić ......................................................... 59 Estonia, Republic of, Ivari Padar* ........................................................ 63 Fiji, Peceli Vocea ................................................................................... 65 France, Christine Lagarde ..................................................................... 70 Germany, Hermann Remsperger ........................................................... 74 Greece, George Alogoskoufis ................................................................ 76 Haiti, Daniel Dorsainvil ........................................................................ 77 Iceland, Arni M. Mathiesen* ................................................................. 79 India, Ashok Chawla* ............................................................................ 82 Indonesia, Boediono and Sri Mulyani Indrawati ................................... 84 Iran, Islamic Republic of, Seyyed Shams Al-din Hosseini ..................... 88 Ireland, Martin Mansergh ...................................................................... 90 Israel, Zvi Ekstein .................................................................................. 93 Japan, Masaaki Shirakawa .................................................................... 96 Kiribati, Natan Teewe* ........................................................................ 100 Korea, Republic of, Man-Soo Kang .................................................... 103 Lao People’s Democratic Republic, Viengthong Siphandone..............105 Malaysia, Wan Abdul Aziz Wan Abdullah ........................................... 108 Malta, Michael C. Bonello ................................................................... 112 Moldova, Republic of, Mariana Durleaşteanu ................................... 116 Myanmar, U Than Nyein ..................................................................... 119 Nepal, Baburam Bhattarai .................................................................. 122 Netherlands, Ruud Treffers .................................................................. 124 New Zealand, John Whitehead ............................................................ 129 Pakistan, Shaukat Tarin ....................................................................... 133 Philippines, Margarito B. Teves .......................................................... 135 Poland, Republic of, Pawel Samecki ................................................... 137 Russian Federation, Aleksei L. Kudrin ................................................ 139 Sierra Leone, David O. Carew* .......................................................... 142 Spain, Pedro Solbes Mira .................................................................... 146 Sri Lanka, Sarath Amunugama ............................................................ 149 Sudan, Awad Ahmed Elgaz* ................................................................ 150 Switzerland, Jean-Pierre Roth ............................................................ 155 Thailand, Suchart Thada-Thamrongvech ............................................ 159 Timor-Leste, Democratic Republic of, Emilia Pires ........................... 164 Tonga, ’Otenifi Afu’alo Matoto ........................................................... 165 Turkey, Mehmet Şimşek ....................................................................... 169 United States, Clay Lowery ................................................................. 171 Vietnam, Nguyen Van Giau ................................................................. 173 * Speaking on behalf of a group of countries. CONTENTS v Concluding Remarks Statements by The Governor of the Fund for Vietnam, Nguyen van Giau .................................................................... 179 The Chairman of the Executive Board and Managing Director of the International Monetary Fund, Dominique Strauss-Kahn ....................................................... 180 The Chairman of the Boards of Governors and the Governor of the Fund and the Bank, Zoran Stavreski ............................ 182 DOCUMENTS AND RESOLUTIONS OF THE BOARD OF GOVERNORS Schedule of Meetings ......................................................................... 184 Provisions Relating to the Conduct of the Meetings .......................... 185 Agenda ............................................................................................... 186 Reports of the Joint Procedures Committee Report I ............................................................................................ 187 Report III ......................................................................................... 200 Resolutions 63-1 Thirteenth General Review of Quotas .............................. 202 63-2 Reform of Quota and Voice in the International Monetary Fund .................................................................................. 202 63-3 Proposed Amendment of the Articles of Agreement of the International Monetary Fund to Expand the Investment Authority of the International Monetary Fund .................. 208 63-4 Direct Remuneration of Executive Directors and their Alternates .......................................................................... 211 63-5 2008 Regular Election of Executive Directors ................. 212 63-6 Reimbursement for Reasonable Expenses Incurred by Governors and Alternates in Attending Meetings of the Board of Governors—Amendment of Section 14(a) of the By-Laws ................................................................. 212 63-7 Financial Statements, Report on Audit, and Administrative and Capital Budgets ................................. 213 vi SUMMARY PROCEEDINGS, 2008 International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund Press Communiqué (October 11, 2008) ........................................ 215 International Monetary and Financial Committee Composition (as of October 11, 2008) .............................................................. 223 Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee) Press Communiqué (October 12, 2008) ........................................ 224 Development Committee Composition (as of October 12, 2008) ............................................................. 230 Attendance Members of Fund Delegations ....................................................... 231 Observers, Representatives of International Organizations, and Special Invitees ............................................................................ 259 Executive Directors, Alternates, and Advisors .............................. 266 LIST OF ABBREVIATIONS AML anti-money laundering AsDB Asian Development Bank ASEAN Association of South East Asian Nations BWI Bretton Woods institutions CARICOM Caribbean Community CCL Contingent Credit Line CFT combating the financing of terrorism CIS Commonwealth of Independent