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Transcript of a Press Conference on the 1999 Annual Report of the IMF.

List of
Annual Reports to the Executive Board available in full text.



Annual Report
of the Executive Board for the
Financial Year Ended April 30, 1999
WASHINGTON, D.C.

CONTENTS

File 1
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Letter of Transmittal
Executive Board and Senior Officers
Board of Governors, Executive Board, Interim Committee, and Development Committee
Prefatory Notes

File 2
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I.  Overview
Financial Crises Prompt Consideration of Proposals to Strengthen the Global Financial System
II.  The Global Economy
  1. Main Developments in the World Economy in 1998/99
    Emerging Market Economies
    Advanced Economies
  1. World Economic Outlook
    United States, Japan, and Europe
    Crisis-Afflicted Economies
    Other Emerging Economies
    Preventing Contagion
  1. International Capital Markets
    Annual Review
       Asian Crisis and Other Emerging Market
          Developments

       Mature Market Countries
    Interim Review
       Factors Behind Markets' Response
       Role of Public Policy

File 3
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III.  The IMF in 1998/99
  1. Evolution of the Economic Crisis in Emerging Market Economies
    IMF-Supported Programs in Asian Crisis Countries
       The Board's Assessment
    Russia and Brazil
  1. Strengthening the Architecture of the International
    Financial System

    Transparency, Standards, and Surveillance
       Improving Transparency and Accountability
          of the IMF and Member Countries

       Developing Standards for Use by Members
       Role of Standards in IMF Surveillance
    Strengthening Financial Systems
    Capital Account Issues
    Involving the Private Sector in Forestalling
       and Resolving Crises
       Intensifying Efforts at Preventing Crises
       Measures to Facilitate Private Sector
          Involvement

    Systemic Issues
       Implications of Capital Mobility and Exchange
          Rate Volatility

       Developing IMF Facilities
       Strengthening IMF Resources
    Institutional Reform and Strengthening or Transforming
        the Interim Committee
  1. Surveillance
    Bilateral Surveillance
    Global and Regional Surveillance
       European Economic and Monetary Union
       West African Economic and Monetary Union
    Experience of Transition Economies

File 4
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  1. Support for Member Countries' Adjustment
    Supplemental Reserve Facility and Contingent
       Credit Lines
    Assistance to Postconflict Countries
       Postconflict Countries with Arrears to
          International Institutions

    Access Policy and Limits
    Staff-Monitored Programs
    Social Issues
    Economic Impact of the Kosovo Crisis
    Member Countries' Use of IMF Facilities
       Albania
       Armenia
       Azerbaijan
       Bangladesh
       Benin
       Bolivia
       Bosnia and Herzegovina
       Brazil
       Bulgaria
       Burkina Faso
       Cameroon
       Central African Republic
       Republic of Congo
       Djibouti
       Dominican Republic
       El Salvador
       Ethiopia
       The Gambia
       Georgia
       Guyana
       Haiti
       Honduras
       Jordan
       Kyrgyz Republic
       Former Yugoslav Republic of Macedonia
       Malawi
       Mali
       Mozambique
       Niger
       Pakistan
       Russia
       Rwanda
       St. Kitts and Nevis
       Sierra Leone
       Tajikistan
       Tanzania
       Uganda
       Ukraine
       Uruguay
       Republic of Yemen
       Zambia
       Zimbabwe
  1. The ESAF and the HIPC Initiative
    HIPC Initiative
       Progress in Implementation
       Options for Enhancing the HIPC Initiative
    Distilling Lessons from ESAF Evaluations
       Design of ESAF-Supported Programs
       Implementation of ESAF-Supported Programs
       Social Policies in ESAF-Supported Programs
       IMF ­World Bank Collaboration
       Monitoring ESAF-Supported Programs
    Financing the ESAF and the HIPC Initiative
  1. Technical Assistance and Training

File 5
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  1. Financial Operations and Policies
    Membership and Quotas
    IMF Liquidity and Borrowing
       General Resources
       Borrowing
       Access Policy and Limits on Use of IMF
          Resources

    Members' Use of IMF Resources and Credit
       Outstanding
       Stand-By and Extended Arrangements
       Special Facilities
       SAF and ESAF
       ESAF-HIPC Trust
    IMF Income, Charges, and Burden Sharing
    Overdue Financial Obligations
       Progress Under the Strengthened Cooperative
          Strategy

    SDR Department
       SDR Valuation and Interest Rate Basket
       SDR Operations and Transactions
       Pattern of SDR Holdings
IV.  IMF Organization, Staffing, and Budget
  1. Organization, Staffing, and Budget
    Executive Board
    Departments
       Area Departments
       Functional and Special Services Departments
       Information and Liaison
       Support Services
    Staff
       Recruitment and Retention
       Salary Structure
       Diversity
    Administrative and Capital Budgets
       Budget Outlook
       Budgets and Expenditure in 1998/99
       Budgets and Expenditure in 1999/2000

File 6
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Appendices
  1. International Reserves
  2. Financial Operations and Transactions
  3. Principal Policy Decisions of the Executive Board
  4. IMF Relations with Other International Organizations
  5. External Relations

File 7
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  1. Press Communiqués of the Interim Committee and the Development Committee
  2. Excutive Directors and Voting Power on April 30, 1999
  3. Changes in Membership of the Executive Board
  4. Financial Statements