September 28–30, 1999

International Monetary Fund
Washington, D.C.

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1999 Annual Meetings



Summary Proceedings
of the Fifty-Fourth Annual Meeting
of the Board of Governors
September 28-30, 1999

Contents

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Speakers by Session

Introductory Note

Address by the President of the United States,
   William J. Clinton

Opening Address by the Chairman of the Boards of Governors
   and Governor of the Bank and the Fund for Nepal,
   Mahesh Acharya

Opening Address by the President of the World Bank Group,
   James D. Wolfensohn

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Presentation of the Fifty-Fourth Annual Report by the Chairman
   of the Executive Board and Managing Director
   of the International Monetary Fund, Michel Camdessus

Report to the Board of Governors of the International Monetary Fund by
   the Chairman of the Interim Committee of the Board of Governors on
   the International Monetary System, Gordon Brown

Report to the Boards of Governors of the Bank and the Fund by the
   Chairman of the Joint Ministerial Committee of the Boards of Governors
   on the Transfer of Real Resources to Developing Countries
   (Development Committee), Tarrin Nimmanahaeminda

Statements by the Governors for
   Armenia—Levon V. Barkhoudarian
   Australia—Peter Costello
   Austria—Wolfgang Ruttenstorfer
   Bangladesh—Shah A.M.S. Kibria
   Belarus—Gennady V. Novitsky
   Belgium—Didier Reynders
   Belize—Ralph Fonseca*
   Bosnia and Herzegovina—Mirsad Kurtovic
   Cambodia—Keat Chhon and Chea Chan To
   Canada—James Peterson
   China—Xiang Huaicheng
   Croatia—Marko Skreb
   Cyprus—Takis Klerides
   Fiji—Jone Yavala Kubuabola
   France—Jean-Claude Trichet
   Germany—Ernst Welteke
   Greece—Yannos Papantoniou
   India—Yashwant Sinha
   Indonesia—Boediono
   Iran, Islamic Republic of—Hossein Namazi
   Iraq—Issam Rashid Hwaish
   Ireland—Charlie McCreevey

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   Israel—Avraham B. Shochat
   Italy—Giuliano Amato
   Japan—Masaru Hayami
   Korea—Bong-Kyun Kang
   Lao People's Democratic Republic—Boungnang Vorachith
   Latvia—Roberts Zile*
   Lebanon—Georges Corm
   Libyan Arab Jamahiriya—Mohamed A. Bait Elmal
   Madagascar—Tantely R.G. Andrianarivo*
   Malaysia—Dato' Mustapa Mohamed
   Malta—John Dalli
   Mauritania—Mahfoudh Ould Mohamed Ali*
   Mongolia—Yansanjav Ochirsukh
   Myanmar—U Khin Maung Thein
   Nepal—Ram Binod Bhattarai
   Netherlands—Gerrit Zalm
   New Zealand—Sir William F. Birch
   Norway—Svein Ingvar Gjedrem*
   Norway—Hilde Frafjord Johnson*
   Pakistan—M. Ishaq Dar
   Papua New Guinea—John R. Kaputin
   Paraguay—Federico Antonio Zayas Chirife
   Peru—Victor Joy Way
   Poland—Hanna Gronkiewicz-Waltz
   Portugal—Antonio de Sousa Franco
   Russian Federation—Viktor Khristenko
   Sri Lanka—G.L. Peiris
   Switzerland—Kaspar Villige
   Thailand—Chatu Mongol Sonakul
   Turkey—Selcuk Demiralp
   Turkmenistan—Khudaiberdy Orazov
   United Arab Emirates—Mohammed Khalfan bin Khirbash
   United Kingdom—Gordon Brown
   Vanuatu—Sela Molisa*
   Vietnam—Le Duc Thuy

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Concluding Remarks
Statements by
   The Governor of the Bank for South Africa,
      Trevor Andrew Manuel
   The Chairman of the Boards of Governors and the Governor of the
       Bank and the Fund for Nepal, Mahesh Acharya
   The President of the World Bank Group, James D. Wolfensohn
   The Chairman of the Executive Board and Managing Director of the
      International Monetary Fund, Michel Camdessus

Documents and Resolutions of the Board of Governors

Schedule of Meetings
Provisions Relating to the Conduct of the Meetings
Agenda
Reports of the Joint Procedures Committee
   Report II
   Report III
Resolutions

   54-1  Amendment of Section 14(f) of the By-Laws
   54-2  Salary of the Managing Director
   54-3  Direct Remuneration of Executive Directors and their Alternates
   54-4  Maternity Leave for Executive Directors and their Alternates
   54-5  Financial Statements, Report on Audit, and Administrative and Capital Budgets
   54-6  Amendment of Section 20(b), (c), (d), (e), and (f) of the By-Laws
   54-7  Amendments of the Rules and Regulations
   54-8  Forthcoming Annual Meetings
   54-9  International Monetary and Financial Committee of the Board of Governors
   54-10  Off-Market Transactions in Gold by the Fund
 
Joint Meeting of the Interim and Development Committees,
       Joint Statement by Co-Chairmen

Interim Committee of the Board of Governors on the International
       Monetary System
   Press Communiqué (September 26, 1999)
   Interim Committee Composition (as of September 26, 1999)

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 (September 27, 1999)
   Development Committee Composition (as of September 27, 1999)

Attendance
   Members of Fund Delegations
   Observers, Representatives of International Organizations, and
      Special Invitees

Executive Directors, Alternates, and Advisors

List of Abbreviations

 

*Speaking on behalf of a group of countries.