THE WORLDBANK GROUP Public Disclosure Authorized 1993ANNUAL MEETINGS OF THE BOARDSOF GOVERNORS SUMMARYPROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized WASHINGTON,D.C. SEPTEMBER28-30, 1993 Public Disclosure Authorized THEWORLD BANK GkOUP 1993 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS WASHINGTON, D.C. SEPTEMBER 28-30, 1993 INTRODUCTORYNOTE The 1993 Annual Meetings ot tne Boards of Gcvernors of the WorldBank Group, which consists of the InternationalBank for Reconstructionand Deve- lopment (IBRD), International Finance Corporation (IFC), International DevelopmentAssociation (IDA), Multilateral Investment Guarantee Agency (MIGA) and InternationalCentre for the Settlement of Investment Disputes (ICSID), held jointly with that of the InternationalMonetary Fund, took place in Washington,D.C., September28-30, 1q93 (inclusive).The Honorable IvAn Szab6, Governorfor the Bank and the Fund for Hungary,served as Chairman. The SummaryProceedings record in alphabeticalorder by membercountry, the texts of statements by Governors during the meetings, resolutionsadopted by the Boards of Governors of the World Bank Grout over the past year, reports and other documents relating to the meetings. T. T. THAHANE Vice Prcsident and Secretary THE WORLD BANK GROUP Washington,D.C. December 1993 ... CONTENTS Page Opening Greetings by Lloyd M. Bentsen Govemor of the Bank and the Fund for the United States ........ I Opening Address by the Chairman IvAnSzab6 Governor of the B. -k and the Fund for Hungary ...... .......... 2 AnnualAddress by Lewis T. Preston President of the WorldBank Group ........... .................. 8 Report by Rudolf Hommes Chairman of the DevelopmentCommittee ....................... 13 Statements by Governors and Alternate Governors....... .......... 15 Page Page Armenia................. 15 Ireland................. 87 Australia................ 16 Israel................. 91 Austria................. 20 Italy................. 93 Bangladesh.............. 22 Japan ................. 96 Belgium................. 25 *Kiribati ................. 101 *Belgium ................. 28 Korea.................. 103 * Bolivia ................. 33 Lao People's Democratic Bulgaria................ 36 Republic...... fi.105 Cambodia............... 39 Latvia................. 107 Canada................ 41 Lebanon................. 111 China, People's Libya, Socialist People's Republic of ........... 44 Arab Jamahiriya....... 113 Croatia,Republic of ..... 47 Malaysia................ 117 *Dominica. 51 Micronesia,Federated El Salvador.............. 53 States of .............. 119 Fiji................. 56 Nepal................. 121 *Finland................. 58 Netherlands............. 123 France... 62 New Zealand.126 Germany................ 64 Nicaragua............... 129 Greece ................. 69 Pakistan................ 133 *Guinea ................. 71 Papua New Guinea ...... 135 India ................. 77 Paraguay................ 138 Indonesia................ 81 Philippines.............. 142 Iran, Islamic Poland, Republic of . 146 Republic of ........... 85 Portugal................ 148 * Speakingon behalf of a group of countries. v Page Page *Qatar .................... 149 Tonga................. 172 Russian Federation....... 154 Ukraine................. 173 Slovenia, Republic of .... 157 *United Arab Emirates .... 175 South.Africa ............. 161 United Kingdom......... 178 Spain ................ 163 United States............ 183 Switzerland.............. 166 Uzbekistan,Republic of.. 187 lbailand................ 169 VietNam ................ 190 ConcludingRemarks by Lewis T. Preston .......... ....... 192 -oncluding Remarksby the ChairmanIvan Szab6 ................. 194 Remarks by M. Saifur Rahman,Govemor of the Bank for Bangladesh ........ ................... 197 Documnentsof the Boards of Governors.... 198 Scheduleof Meetings .... 199 Provisions Relating to the Conduct of the Meetings.... 199 Agendas... 200 Joint Procedures Committee .................... .................. 201 Report I ........................ ...................... 202 Report m .......... ..........................204 MIGA Procedures Committee..................................... 206 Report I ........................ ...................... 207 Resolutions Adopted by the Board of Governorsof the Bank Between the 1992 and 1993 Annual Meetings.209 No. 479 ... Amendment of Bcard of Governors ResolutionNo. 294 .209 No. 480 ... Direct Remuneration of Executive Directors and their Alternates.................. 210 ResolutionsAdopted by the board of Governors of the Bank at the 1993 Annual Meetings.211 No. 481 ... Financial Statements, Accountants' Report and AdministrativeBudget .211 No. 482 ... Allocation of FY93 Net Income and Transfer of Surplus.211 Speakingon behalfof a groupof countries. vi ResolutionsAdopted by the Board of Governors of the Bank at the 1993 Annual Meetings ............ .................. 211 No. 481 ... Financial Statements,Accountants' Report and Administrative Budget.............. ............ 211 No. 482 ... Allocation of FY93 Net Income and Transfer of Surplus.......................................... 211 Resolutions Adepted by the Board of Governors of the IFC Between the 1992 and 1993 Annual Meetings ...... ........ 213 No. 194 ... Membershipof the Republic of Estonia.213 N6. 195 ... Membershipof the Republic of Tadjikistan.215 No. 196 ... 1992 Special Capital Increase.217 No. 197 ... Amendmentsto the Articles of Ageernent of the Corporat;on.................................. 218 ResolutionAdopted by the Board of Governors of the IFC at the 1993Annual Meetings ................. ............. 219 No. 198 ... FinancialStatements, Accountants' Report and AdministrativeBudget .......................... 219 Resolutions Adopted by the Board of Govetnors of IDA Between the 1992 and 1993 Annual Mieetings....... ....... 220 No. 173 ... Membershipof the Republic of MarshallIsiands. 220 No. 174 ... Additions to Resources: Tenth Replenishment 222 ResolutionAdopted by the Board of Governors of IDA at the 1993 Ar- iual Meetings ............... ............... 241 No. 175 ... Financial Statement,Accountants' Report and AdministrativeBudget ........... .............. 241 Resolutions Adopted by the Council of Gevernors of MIGA Between the 1992 and 1993 Annual Meetings ....... ....... 242 No. 41 ... Membershipof Georgia.242 No. 42 ... Reclassificationof Portugal.243 No. 43 ... Review of Allocationof Shares....................... 243 No. 44 ... Membershipof Tajikistan ............................ 245 No. 45 ... Membershipof the Federated States of Micronesia .... 245 Reports of the Executive Directors of the Bank ........ ............ 247 Amendmentof Board of Governors Resolution No. 294 ......... 247 Allocation of FY93 Net Income and Transfer of Surplus ......... 248 vii Report of the Board of Directors of IFC Applicationsof the Former Soviet Republics for Membership in IFC, Special Increase in the Authorized Capital of IFC and Amendmentsto the Articles of Agreement of IFC ....... ........ 250 Report of the Executive Directors of IDA Additions to Resources:Tenth Replenishment................... 264 Reports of the Board of Directors of MIGA Reclassificationof Portugal from a CategoryTwo Country to a Category One Country..................................... 292 Review of Allocation of Shares............... .................. 293 Accredited Membersof Delegationsat the 1993 Annual Meetings .. 296 Representativesof InternationalInstitutions ......... .............. 332 Executive Directors, Alternatesand Ad' isers EBRD,IFC, IDA.............................................. 333 Directors and Alternates MIGA............... , 335 Officersof the Board of Governorsand Joint Procedures Committee for 1993-94........................................ 336 Officersof the MIGA Council of Governors and Procedures Committee for 1993-94........................................ 337 viii OPENING GREETINGS BY LLOYD M. BENTSEN GOVERNOR OF THE BANKAND THE FUND FOR THE UNITED STATES On behalf of President Clinton and the people of the United States, it is my honor and pleasure to welcome you to Washingtonfor the 48th Annual Meet- ings of the World Bank and the InternationalMonetary Fund. I am looking forward to my ouportunity to address you tomorrow because v-eface a time of profoundchange in the world's politicaland economic land- scape. This is a critical time, and our response to change must be a positive one. We have already begun creating the environmentin which we can achieve our economic goals. First and foremost, we must rekindle world growth and reduce unaccept- ably high unemployment.The name of the game is jobs. It is our primary responsibility.We are moving in the right direction,but there is more we can do. Second,we must continue to work for a woreopen trading system.Success- ful completionof the Uruguay Roundthis year is essential, but regionalefforts such as NAFTAand our bilateral efforts to open markets in surplus countries can make an important contribution to expanding world trade. Third, we must encourageemerging economiesto maintain the momentum toward growth and lower inflation that many have achieved in recent years. It will be necessary for us to pay special attention to the poorest, most heavily indebted countries. Fourth, we must assist the newly freed countries as they embark on ttuepath of prosperity.Russia is the chief example, but there are new challenges in the Middle East, Southem Africa, and Southeast Asia. These are important goals, and