October 10–12, 1995

International Monetary Fund
Washington, D.C.

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Summary Proceedings
of the Fiftieth Annual Meeting
of the Board of Governors

Contents

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Introductory Note

Address by the President of the United States, Bill Clinton

Opening Address by the Chairman of the Boards of Governors,
  and Governor of the Bank and the Fund for Benin,
  Paul Dossou

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

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

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First Joint Session

  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, Philippe Maystadt

  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), Mohamed Kabbaj

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Second Joint Session

  Statements by the Governors for
    Spain—Pedro Solbes*
    United States—Robert E. Rubin
    Germany—Theo Waigel
    Italy—Lamberto Dini
    Indonesia—Mar'ie Muhammad
    United Kingdom—Edward A.J. George
    China—Liu Zhongli
    France—Jean Arthuis
    Sweden—Göran Persson*
    Japan—Yasuo Matsushita
    Switzerland—Otto Stich
    Australia—Ralph Willis
    Korea—Jae-hyong Hong
    Ireland—Ruairi Quinn
    Netherlands—Gerrit Zalm

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Third Joint Session

  Statements by the Governors for
    Philippines—Roberto F. De Ocampo
    Iran, Islamic Republic of—Morteza Mohammad-Khan
    Brazil—Pedro Sampaio Malan*
    India—Manmohan Singh
    Poland—Hanna Gronkiewicz-Waltz
    Barbados—Owen S. Arthur*
    Portugal—Eduardo de Almeida Catroga
    Gabon—Marcel Doupamby Matoka*
    Denmark—Marianne Jelved*
    Argentina—Domingo Felipe Cavallo*
    South Africa—Christo Ferro Liebenberg
    Canada—Douglas Peters

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Fourth Joint Session

  Statements by the Governors for
    Thailand—Surakiart Sathirathai
    Nepal—Ram S. Mahat
    Greece—Yannos Papantoniou
    Malaysia—Dato'Seri Anwar bin Ibrahim
    New Zealand—W.F. Birch
    Bangladesh—M. Saifur Rahman
    Belgium—Philippe Maystadt
    Lebanon—Fuad A.B. Siniora*
    Pakistan—V.A. Jafarey
    Ukraine—Ihor Mitiukov
    Estonia—Mart Opmann*
    Kazakstan—Viktor Vasilyevich Sobolev
    Vietnam—Cao Sy Kiem
    El Salvador—Manuel Enrique Hinds
    Libyan Arab Jamahiriya—Mohamed A. Bait Elmal
    Myanmar—Win Tin
    Israel—Avraham B. Shochat

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Fifth Joint Session

  Statements by the Governors for
    Marshall Islands—Ruben R. Zackhras*
    Afghanistan, Islamic State of—Abdul Qader Fitrat
    Armenia—Hrant A. Bagratian
    Croatia—Bozo Prka
    Brunei Darussalam—Dato Ahmad Wally Skinner
    Austria—Andreas Staribacher
    Tonga—Kinikinilau Tutoatasi Fakafanua
    Papua New Guinea—Christopher Haiveta
    Malta—John Dalli
    Sri Lanka—Gamini Lakshman Peiris
    Russian Federation—Anatoli Chubais
    Cambodia—Keat Chhon
    Turkey—Ayfer Yilmaz
    Lao People's Democratic Republic—Xaysomphone Phomvihane
    Fiji—Berenado Vunibobo

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Concluding Remarks
  Statements by
    Chile—Eduardo Aninat
    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
    The Chairman of the Boards of Governors and
      Governor of the Bank and the Fund for Benin,
       Paul Dossou

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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 I
  Report IV
  Report V

Resolutions
  50-1 Tenth General Review of Quotas—Completion of
              Review Under Article III, Section 2
  50-2 Direct Remuneration of Executive Directors and
              Their Alternates
  50-3 Membership for Brunei Darussalam
  50-4 Financial Statements, Report on Audit, and
              Administrative and Capital Budgets

Interim Committee of the Board of Governors on the
    International Monetary System
  Press communiqué (October 8, 1995)
  Composition (as of October 8, 1995)

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 9, 1995)
  Composition (as of October 9, 1995)

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

Executive Directors, Alternates, and Advisors

List of Abbreviations Used

*Speaking on behalf of a group of countries.