International Monetary Fund Annual Report 1998

Front Matter

Front Matter

International Monetary Fund
Published Date:
September 1998
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    Purposes of the Fund

    The purposes of the International Monetary Fund are:

    • To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.
    • To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.
    • To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
    • To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.
    • To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.
    • In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members.

    The Fund shall be guided in all its policies and decisions by the purposes set forth in this Article.

    —Article I of the Fund’s Articles of Agreement

    ISSN 0250-7498

    ISBN 9781557757654

    International Monetary Fund

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    Washington, D.C. 20431, U.S.A.

    Telephone: (202) 623-7430

    Telefax: (202) 623-7201



    Letter of Transmittal

    July 30, 1998

    Dear Mr. Chairman:

    I have the honor to present to the Board of Governors the Annual Report of the Executive Board for the financial year ended April 30, 1998, in accordance with Article XII, Section 7(a) of the Articles of Agreement of the International Monetary Fund and Section 10 of the IMF’s By-Laws. In accordance with Section 20 of the By-Laws, the administrative and capital budgets of the IMF approved by the Executive Board for the financial year ending April 30, 1999 are presented in Chapter XIII. The audited financial statements for the year ended April 30, 1998 of the General Department, the SDR Department, accounts administered by the IMF, and the Staff Retirement Plan and the Supplemental Retirement Benefit Plan, together with reports of the External Audit Committee thereon, are presented in Appendix IX.

    Yours sincerely,

    Michel Camdessus

    Chairman of the Executive Board


    Managing Director and Chairman of the Executive Board

    Michel Camdessus

    First Deputy Managing Director

    Stanley Fischer

    Deputy Managing Directors

    Alassane D. Ouattara Shigemitsu Sugisakl

    Senior Officers

    Michael Mussa

    Economic Counsellor

    K. Burke Dillon

    Director, Administration Department

    Evangelos A. Calamitsis

    Director, African Department

    Hubert Neiss

    Director, Asia and Pacific Department

    Michael C. Deppler

    Director, European I Department

    John Odllng-Smee

    Director, European II Department

    Shailendra J. Anjaria

    Director, External Relations Department

    Vito Tanzi

    Director, Fiscal Affairs Department

    Mohsin S. Khan

    Director, IMF Institute

    François P. Glanvitl

    General Counsel, Legal Department

    Paul Chabrier

    Director, Middle Eastern Department

    Manuel Guitián

    Director, Monetary and Exchange Affairs Department

    Jack Boorman

    Director, Policy Development and Review Department

    Michael Mussa

    Director, Research Department

    Reinhard Munzberg

    Secretary, Secretary’s Department

    Carol S. Carson

    Director, Statistics Department

    David Williams

    Treasurer, Treasurer’s Department

    Claudio M. Loser

    Director, Western Hemisphere Department

    Massimo Russo

    Special Advisor to the Managing Director

    Warren N. Minami

    Director, Bureau of Computing Services

    Patrice Guilmard

    Acting Director, Bureau of Language Services

    Lindsay A. Wolfe

    Director, Office of Budget and Planning

    Eduard Brau

    Director, Office of Internal Audit and Inspection

    Kunio Saito

    Director, Regional Office for Asia and the Pacific

    Christian Brachet

    Director, Office in Europe (Paris)

    Alan A. Talt

    Director and Special Trade Representative, Office in Geneva

    J.B. Zulu

    Director and Special Representative to the UN, Office at the United Nations

    David M. Cheney

    Chief, Editorial Division

    Board of Governors, Executive Board, Interim Committee, and Development Committee

    The Board of Governors, the highest decision-making body of the IMF, consists of one governor and one alternate governor for each member country. The governor is appointed by the member country and is usually the minister of finance or the governor of the central bank. All powers of the IMF are vested in the Board of Governors. The Board of Governors may delegate to the Executive Board all except certain reserved powers. The Board of Governors normally meets once a year.

    The Executive Board (the Board) is responsible for conducting the day-to-day business of the IMF. It is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries, and the Managing Director, who serves as its Chairman. The Board usually meets several times each week. The Executive Board carries out its work largely on the basis of papers prepared by IMF management and staff. In 1997/98, the Board spent more than half of its time on member country matters (Article IV consultations and reviews and approvals of arrangements) and most of its remaining time on policy issues (such as the world economic outlook exercise, developments in international capital markets, the IMF’s financial resources, surveillance, data issues, the debt situation, and issues related to IMF facilities and program design).

    The Interim Committee of the Board of Governors on the International Monetary System is an advisory body made up of 24 IMF governors, ministers, or other officials of comparable rank, representing the same constituencies as in the IMF’s Executive Board. The Interim Committee normally meets twice a year, in April or May, and at the time of the Annual Meeting of the Board of Governors in September or October. Among its responsibilities are to advise and report to the Board of Governors on issues regarding the management and adaptation of the international monetary system, including sudden disturbances that might threaten the international monetary system, and on proposals to amend the Articles of Agreement.

    The Development Committee (the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries) is composed of 24 members—finance ministers or other officials of comparable rank—and generally meets at the same time as the Interim Committee. It advises and reports to the Boards of Governors of the World Bank and the IMF on all aspects of the transfer of real resources to developing countries.


    The following conventions have been used in this Report:

    n.a. to indicate not applicable;

    … to indicate that data are not available;

    — to indicate that the figure is zero or less than half the final digit shown or that the item does not exist;

    – between years or months (for example, 1997-98 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years or months (for example, 1997/98) to indicate a fiscal or financial year.

    “Billion” means a thousand million; “trillion” means a thousand billion.

    “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    Minor discrepancies between constituent figures and totals are due to rounding.

    The 1997/98 financial year began May 1, 1997, and ended April 30, 1998.

    All references to dollars are to U.S. dollars unless otherwise noted; as of April 30, 1998, the SDR/U.S. dollar exchange rate was US$1 = SDR 0.742580, and the U.S. dollar/SDR exchange rate was SDR 1 = US$1.34666.

    As used in this Report, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

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