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Department of the TREASURY t WASHINGTON, D.C. 20220 TELEPHONE 566-2041 FOR RELEASE AT 11:00 A.M. EDT October 1, 1980 Statement of the Honorable G. William Miller Secretary of the Treasury before the Joint Meeting of the International Monetary Fund and the International Bank for Reconstruction and Development October 1, 1980 Mr. Chairman, Mr. De Larosiere, Mr. McNamara, Fellow Governors, Distinguished Guests: The Bretton Woods institutions continue to grow in stature and in membership. The People’s Republic of China, representing nearly one-fourth of the world’s population, now participates with us as a fully active partner. Our newest member, which joined yesterday, is Zimbabwe, a nation whose struggle to gain independence and freedom has engaged our high admiration and support. To all those who sit in this assembly for the first time, I offer a special welcome. At the same time that we are welcoming new associates, we will soon be losing the services of Robert McNamara, whose vision, energy and strength of purpose have fashioned the World Bank into a powerful and effective instrument for economic and human development. His performance, through more than a decade of wrenching change and multiplying difficulties for the develop ing world, has been magnificent. He deserves, and he has, the enduring gratitude of all mankind for his accomplishments. And he has our heartfelt best wishes for his future endeavors. Bob McNamara has led the World Bank to giant accomplishments, but he is the first to point out the towering challenges ahead. He and Jacques de Larosiere have detailed for us a sobering outlook for the world’s economy and people. Their perspective is not seriously contested by any of us. Together our nations face a formidable collection of problems. — First and foremost, persistent inflationary pressures. — Weak economic growth. — Low productivity improvement, and capital stocks threatened with obsolescence by world energy developments. M-584 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -2- — High, in many cases rising, unemployment. — Sharply higher oil import bills, which siphon funds from investment, development and growth to pay for essential energy imports. — Massive payments imbalances and financing needs. The difficult global energy situation is a factor in all these problems. And it will not cure itself. After the oil price increases in 1973/74, the world failed to adjust sufficiently to the new situation. Instead, oil demand was temporarily reduced by a global recession. Thereafter, the oil-importing world to a large extent succeeded in financing a continuing high level of consumption, but it did not put in place the new investment needed to reduce dependence on imported oil. In many cases, the hope seemed to be that the oil and financing problems were temporary and could be resolved without fundamental changes. Indeed, there appeared to be some success, as for a brief time world inflation receded, economic activity recovered, and payments imbalances narrowed. But a second round of massive oil price increases beginning early last year brought a renewal of the earlier difficulties. The new shock compounds the problems for a world economy already beset by strong underlying inflationary pressures and laboring under heavy external debt burdens accumulated during the 1970’s. There is no prospect of avoiding repeated oil shocks unless the oil-importing world recognized and adjusts deliberately to a radically altered global economic and energy balance. The required adjustments involve both energy conservation and development of new energy sources. But they must also encompass measures to stimulate investment and productivity in circum stances of greatly increased energy costs. And they must be carried out in an environment of financial stability within individual national economies, to facilitate movement of resources to more productive sectors and to ensure continued flows of external financing. We look to the oil-exporting nations to follow responsible price and production policies. And each nation represented here must face and act upon the need for internal adjustment. Many have done so. Most have at least started the process. None, including the United States, has yet done enough to assure its satisfactory completion. The United States is taking strong steps to reduce oil imports, to control inflation and to improve productivity. A broad array of policies — most importantly, decontrol of domestic oil and natural gas prices — has been marshalled to encourage energy conservation and stimulate domestic energy production. Principally as a result of these efforts, U. S. oil https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -3- imports are about 25 percent below the average of 1977, the peak year. This reduction is primarily the result of improved efficiency in energy use, not reduced economic activity. The amount of energy needed to produce a unit of national output has been lowered by about 10 percent since 1973. The United States continues to pursue fiscal and monetary policies designed to limit and then reduce inflation. In addition, the President has recently proposed measures to increase the share of national output devoted to investment. Our efforts to reduce oil imports and strengthen the U. S. economy have supported a welcome improvement in our external accounts. They have also provided a firm basis for stability and strength of the dollar on the exchange markets. We must all recognize that our individual efforts form part of a collective international response that ultimately can succeed only if it is coordinated and cooperative. The Bretton Woods institutions originated as just such a cooperative effort. Their task was to guide the world economy from the devastation of World War II, and their success was remarkable. In subsequent decades they have adapted flexibly and imaginatively to changing needs and circumstances. But a major test lies ahead. As we enter a new decade, we must again call upon these institutions for guidance through a difficult and dangerous period. A world accustomed to strong growth and rising living standards now faces the prospect of a decade in which performance may fall short of expectations and aspirations. Large persistent imbalances in international payments are likely. And the associated financing requirements are huge. In 1980 alone, the aggregate of current account deficits that need to be financed could reach $150 billion. In light of these prospects the Fund and Bank face a complementary task: the Fund to assure a judicious blend of financing and adjustment? and the Bank to assist in restructuring economies to permit development to continue as rapidly as possible. Let me outline the United States' view of the roles of each of these institutions. The International Monetary Fund Looking ahead, the Fund faces truly awesome tasks. It must oversee the operation of the international monetary system at a time when pressures on that system are severe. It must encourage each member toward policies for orderly growth and price stability, in a period when the attainment of those goals is more difficult than ever before. It must see that nations follow exchange rate policies compatible with their international obligations, under conditions of enormous global payments imbalances and great uncertainty. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -4- No one expects the Fund to fulfill these responsibilities to perfection. Our knowledge and foresight are imperfect. The Fund's authority over sovereign members is circumscribed. Its tools are limited. But we must make sure that the Fund — the international community operating collectively — is in a position to make a maximum effort. Its approach must be right, its advice sound, its resources adequate. And we must keep in mind the longer-term objective of international cooperation: in designing our approach to immediate and pressing problems, we must not lose sight of the broad goals we have set for the evolution of the international monetary system. Let me state my message plainly: the Fund's main job will be to encourage the appropriate blend of adjustment and financing by member nations; to facilitate forms of adjustment and financing that are most supportive of a strong world economy; and to continue progress toward the kind of international monetary system we need for a secure and prosperous future. That means improving the Fund's ability to provide financing to those countries undertaking difficult adjustment efforts. It means a greater role for the SDR and progress toward an SDRcentered international monetary system. And it means improving IMF surveillance over members' policies. In the past several months, discussion has focused on the role of the Fund in meeting prospective financing needs and in supporting the efforts of individual nations to come to grips with adjustment problems. In Hamburg last spring, the Interim Committee endorsed in broad terms the view that the Fund should be prepared to play a much larger role in adjustment and financing. The Executive Board has worked hard to define that role in the design of adjustment programs and the expansion of members' access to Fund resources. Clearly, present circum stances call for adjustment programs with a longer-term orientation than in the past. Larger amounts of Fund resources will need to be committed to countries adopting such programs over a longer period of time. The United States strongly endorses the results of the Board's work and urges its early implementation. The Fund is presently in a satisfactory position to meet expanded calls on its resources. I am particularly pleased that the Congress has just completed final action on authorizing U. S. participation in the seventh quota increase. We will work with the Congress to complete the appropriation process, so that the general quota increase — which totals about $25 billion — can take effect at a very early date. This will be a welcome and needed addition to the Fund's resources. We are all agreed that quotas must remain the basic source of IMF financing. But potential demands on the IMF are substantial. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -5As a precaution, the Managing Director has already begun to explore the possibility of IMF borrowing from surplus countries to supplement the Fund's resources in case of need. We should also consider other prospects. The time has come for a careful examination by the Fund of the possibility of borrowing from private sources. A number of technical and legal questions must be reviewed, and there are factors that may limit the IMF's recourse to the private markets, at least over the short run. But Fund borrowing from the capital markets on a moderate scale may prove to be desirable, and I urge that the necessary preparatory work to be initiated promptly. IMF borrowing from the private markets would be fully in line with the effort to enhance the role of the SDR in the interna tional monetary system. We welcome the recent decision by the Executive Board to adopt a five-currency basket as the uniform basis for both valuation of the SDR and calculation of the SDR interest rate. This will provide an SDR that is more compact and understandable, easier to trade and work with in foreign exchange and capital markets, but still a reserve asset that is interna tionally backed and representative of a large segment of the world economy. We should go farther, and consider other steps to promote the role of the SDR in the system. The Executive Board has been examining the question of SDR allocations for next year and the fourth basic period, beginning in 1982. Clearly, there have been major developments in the world economy since the decision was taken in 1978 on allocations for the three years ending in 1981. But in my view, the most effective approach to expanding the SDR's role is a relatively steady expansion of allocations, from basic period to basic period as the world economy grows. We are not persuaded that an effort to "fine tune" a single year's allocation would be appropriate or consistent with our view of the longer-term evolution of the SDR’s role. It is of paramount importance that we develop the credibility and reliability of the SDR as a reserve asset. We should not give the impression of tinkering with it. We will look toward a careful analysis by the Managing Director and the Executive Board of the question of allocations in the next basic period, and will consider positively a proposal by the Managing Director next spring. The yield on the SDR has an important bearing on attitudes toward acceptance of the asset and decisions on allocations. The rate of interest on the SDR has been increased by a substantial amount over the years. I believe that it would be useful to raise further the rate of interest on the SDR, to the full market level, in order to enhance the attractiveness and therefore the usability of the asset. At the same time, we should raise the rate of remuneration to 80 percent of the full market SDR rate and eliminate the remaining residual SDR "reconstitution" https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -6- obligation. Market-oriented characteristics and elimination of encumbrances can only enhance the usability and attractiveness of the SDR. The prospect of IMF borrowing from the private markets raises in concrete terms the possibility of greater private use of SDR-denorainated assets. From a longer-term perspective, we urge the Executive Board to initiate a study of other measures that might be taken to expand the use of SDR-denominated instruments by the private sector. As the private market in SDR's develops and takes hold, we propose that the World Bank give consideration to borrowing in the form of SDR-denominated securities and lending correspondingly in SDR terms, both as a means of giving further impetus to the instrument and as a technique of moderating exchange risk for the Bank's borrowers. As another step toward expanding the role of the SDR, we urge the Executive Board to continue its work on the concept of a substitution account, which I believe would be better named a "Monetary Reserve Account." We should not be surprised that the development of this idea takes considerable time. The SDR itself took years to define and introduce. The steps I have mentioned today can, together make a useful contribution to strengthening the SDR and promoting its use as a respected and effective international monetary instrument. The United States has also given attention to the renewed suggestions that a link be established between the creation of Special Drawing Rights and the provision of development assistance — a so-called SDR-aid link. Our view remains that the establishment of the proposed link would be harmful to what we regard as the fundamental objective — to develop the SDR's role as an important monetary instrument and promote orderly evolution of the international monetary system. As the Fund carries out its expanded responsibilities in the current situation, we believe it important that it give renewed attention to strengthening its role in surveillance over the international monetary system and the policies of member countries. The United States has suggested a number of steps that could be taken toward this end. For example: — It seems to us natural that, in seeking to promote greater symmetry of adjustment responsibilities, the Fund should seek adjustment policy statements and analyses from any country experiencing large imbalance, whether surplus or deficit. — We have suggested that the policies and performance of individual countries be assessed against a broadly agreed global economic framework. — We believe the Managing Director should be invited to take the initiative in consulting members where he has concerns about the appropriateness of their policies. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -7The Executive Board has made some progress in developing its surveillance procedures over the past year. But that progress has been disappointingly modest. We all seem to agree that effective surveillance is the essence of a smoothly functioning international monetary system. Yet, I have noticed that many who are critical of the system are the most resistant to the develop ment of surveillance which is at the heart of its effectiveness. The world faces extraordinary economic and financial problems and challenges. The Fund is at the center of our response. Its ability is proven. Its resources are expanding. Its policies are being adapted to changing needs. Its objectives and purposes have been endorsed by every country represented here. We have endorsed a global strategy based on the IMF's financing and adjustment policies. Now we must make it work. I urge all member nations to help the Fund give substance to its agreed role in overseeing the operations of a sound international monetary system. The World Bank The Welfare of the developing countries and the immense problems which they confront are of paramount concern to the United States. We recognize fully the urgency of today's development needs. The Commission chaired by Chancellor Brandt has properly stressed the common interest of both industrialized and developing nations in meeting global economic problems, including the need for equitable growth in developing countries. Progress in the developing nations is essential to the health of the.global economy as a whole. It is for these reasons that the United States is so strongly committed to the work of the World Bank. Over the past 35 years, the Bank has made great strides as a project financer, financial catalyst, and institution builder. The Bank has pioneered efforts to speed human capital formation and has been in the forefront of efforts directly to reduce poverty. Bank operations have contributed enormously to development, and the Bank is now clearly established as the leader of the international community's efforts to address development concerns. The record for developing countries since the Eank was established shows clear progress. Quality of life standards have shown significant improvement. Average per capita income has approximately doubled in real terms since 1960. Yet formidable development challenges remain. Absolute poverty is pervasive. Serious, widespread deficiencies remain in health and nutrition, literacy and education, life expectancy, and in the overall physical and social environment. Population growth continues to add to the already immense problems of unemployment and underemployment. Rural to urban migration has fueled a rapid increase in the numbers of urban poor. In addition, there is the continuing https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -8- critical need of low income countries — with large numbers of rural poor and heavy reliance on agriculture — to improve the productivity of the small farmer. These serious development problems have been compounded by world economic conditions. Surging oil prices, worldwide inflation, slower growth in the industrial countries, and constraints on access to external capital have combined to cast a long shadow over development prospects for the 1980’s. In the difficult decade ahead, it is of vital importance that the Bank remain at the forefront of global efforts to deal imaginatively with the changed economic situation. For its part, the United States will continue to support and encourage those adaptations in the Bank lending which effectively meet the evolving needs of the developing countries and strengthen their capacity for further growth and development. We attach great importance to the Bank's existing plans to lend approximately $14 billion for energy development projects in oil-importing developing countries through 1985. We strongly support the Bank's search for additional ways to further expand energy development in its borrowing countries, including the possibility of an energy facility or affiliate which would consolidate and enhance the Bank's activities in this field. The United States strongly applauds the Bank's new program to support "structural adjustment." It is a necessary response to altered global economic conditions and a radically changed world energy balance. The bank's structural adjustment loans, coordinated closely with the IMF, will serve as a catalyst for growth and help strengthen the recycling process. It is particularly appropriate for the World Bank to undertake this critical program because of its sound reputation, expertise, and long experience with the sectoral issues that are fundamental to any restructuring. We appreciate the 1980 World Development Report's analysis of the relationship between population and other aspects of human resource development and economic growth. We look forward to increased Bank lending in the population area in coming years. The Bank's record of solid achievement in maximizing project benefits for the poor should be maintained and the share of its lending allocated to the poorer borrowing countries should be increased. This is vitally important given the unacceptably high level of absolute poverty and the value — so impressively highlighted in the 1980 World Development Report — of human development as a tool of growth. Bank Financing The United States and other Bank members have a vital interest in encouraging effective responses by the Bank to critical world needs. It is thus of great common concern to note that the needs of the developing countries are — for the reasons highlighted in Bob McNamara's address — growing more rapidly https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -9- than anticipated. Fortunately, we have already negotiated both a General Capital Increase for the World Bank and a Sixth Replen ishment of IDA'S resources. The United States fully supports both the GCI and IDA VI. We hope to have legislative approval for U. S. participation in IDA VI before the end of this session of Congress. U. S. partici pation in the GCI will be the principal element of next year's funding request to Congress. The agreed General Capital Increase of $40 billion — increasing World Bank capital from $45 billion — and the $12 billion IDV VI Replenishment should meet developing countrv needs for Bank financing over the next few years. We therefore will have time to assess carefully how best to finance the needs of the developing countries beyond these replenishments. The United States is prepared to join other members to look at alternative ways to help support bank operations. Any reassessment of Bank financing must, of course, be done thoughtfully and deliberately, with due regard for the needs of developing countries, the need to maintain the high quality of lending standards, and the impact of future financing on the capital structure of the Bank. We are also willing to join with others in a serious effort to improve the efficiency and effectiveness of both bilateral and multilateral concessional assistance, including channelling an increasing share to the poorest developing countries. We will also work to find practical ways ourselves to increase both the quality and quantity of such assistance. Bank/Fund Collaboration There is one additional area where I think there is a need for innovation: that is in the collaboration between the Fund and the World Bank. When we established these twin institutions in 1946, the world was different, and the functions of the Fund and Bank were clearly separated and defined. Now the problems of short-term adjustment and the problems of development have become more intertwined, and the activities of the Fund and the Bank'are focusing more on common problems. Both developing and industrial countries have learned that an effective program of adjustment to achieve the multiple and sometimes conflicting objectives of economic policy requires attention to both demand management and the supply side of the equation. Over the years since Bretton Woods, the Fund has worked with its members in the design of demand management policies to achieve economic stabilization. The Bank has focused on the supply side in its effort to promote growth through development of sound investment strategies. In the years ahead, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -10it is essential that the unique capabilities of these two institutions be brought to bear in a complementary and positive manner to assist countries in their adjustment efforts. The Bank and Fund should be prepared to collaborate with one another to assist member countries in assessing their economic prospects, developing effective economic programs and providing appropriate financing. At the same time, it is also essential that the Fund and the Bank remain as autonomous institutions with distinct functions and purposes. I know that the staffs of these two institutions have made significant strides in collaborating on adjustment programs in specific countries. At this stage, I think it would be useful to review what has been accomplished, with a view to improving the form and substance of this collaboration in the future. This review might best be undertaken under the auspices of a joint committee of the Executive Boards, supported by the staffs of both institutions. Effective collaboration between these two institutions will help ensure their continued responsiveness to the changing needs of the world economy. We also urge consideration of steps to assure proper coordination of the borrowing policies of the two institutions. The prospect that both could be borrowing in world capital markets in the same time frame suggests the need for specific steps to assure a smooth coordination of those activities. Conclusion The record clearly shows that the Fund and the Bank have demonstrated repeatedly their capacity to evolve, adapt and respond flexibly during periods of major economic and financial strian. The institutions work efficiently and well. They deal in realities, and give practical content to the high objectives set forth in their Articles. But their ability to continue to perform their indispensable tasks depends on the commitment of their members to maintaining their integrity and competence and to avoiding injection of political issues into their work. Difficult problems and challenges confront us. The Bretton Woods institutions are the central focus of our collective effort to meet those challenges successfully and cooperatively. The United States pledges its vigorous support to the Fund and Bank as they address the tasks before them. With the support of other nations represented here today, I am confident that lasting success will be achieved. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0OO0 , DeparlmentoftheTREASURY ■ WASHINGTON, D.C. 20220 TELEPHONE 566-2041 FOR RELEASE AT 11:00 A.M. EDT October 1, 1980 Statement of the Honorable G. William Miller Secretary of the Treasury before the Joint Meeting of the International Monetary Fund and the International Bank for Reconstruction and Development October 1, 1980 Mr. Chairman, Mr. De Larosiere, Mr. McNamara, Fellow Governors, Distinguished Guests: The Bretton Woods institutions continue to grow in stature and in membership. The People’s Republic of China, representing nearly one-fourth of the world’s population, now participates with us as a fully active partner. Our newest member, which joined yesterday, is Zimbabwe, a nation whose struggle to gain independence and freedom has engaged our high admiration and support. To all those who sit in this assembly for the first time, I offer a special welcome. At the same time that we are welcoming new associates, we will soon be losing the services of Robert McNamara, whose vision, energy and strength of purpose have fashioned the World Bank into a powerful and effective instrument for economic and human development. His performance, through more than a decade of wrenching change and multiplying difficulties for the develop ing world, has been magnificent. He deserves, and he has, the enduring gratitude of all mankind for his accomplishments. And he has our heartfelt best wishes for his future endeavors. Bob McNamara has led the World Bank to giant accomplishments, but he is the first to point out the towering challenges ahead. He and Jacques de Larosiere have detailed for us a sobering outlook for the world's economy and people. Their perspective is not seriously contested by any of us. Together our nations face a formidable collection of problems. — First and foremost, persistent inflationary pressures. — Weak economic growth. — Low productivity improvement, and capital stocks threatened with obsolescence by world energy developments. M-684 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -2- — High, in many cases rising, unemployment. — Sharply higher oil import bills, which siphon funds from investment, development and growth to pay for essential energy imports. Massive payments imbalances and financing needs. The difficult global energy situation is a factor in all these problems. And it will not cure itself. After the oil price increases in 1973/74, the world failed to adjust sufficiently to the new situation. Instead, oil demand was temporarily reduced by a global recession. Thereafter, the oil-importing world to a large extent succeeded in financing a continuing high level of consumption, but it did not put in place the new investment needed to reduce dependence on imported oil. In many cases, the hope seemed to be that the oil and financing problems were temporary and could be resolved without fundamental changes. Indeed, there appeared to be some success, as for a brief time world inflation receded, economic activity recovered, and payments imbalances narrowed. But a second round of massive oil price increases beginning early last year brought a renewal of the earlier difficulties. The new shock compounds the problems for a world economy already beset by strong underlying inflationary pressures and laboring under heavy external debt burdens accumulated during the 1970’s. There is no prospect of avoiding repeated oil shocks unless the oil-importing world recognized and adjusts deliberately to a radically altered global economic and energy balance. The required adjustments involve both energy conservation and development of new energy sources. But they must also encompass measures to stimulate investment and productivity in circum stances of greatly increased energy costs. And they must be carried out in an environment of financial stability within individual national economies, to facilitate movement of resources to more productive sectors and to ensure continued flows of external financing. We look to the oil-exporting nations to follow responsible price and production policies. And each nation represented here must face and act upon the need for internal adjustment. Many have done so. Most have at least started the process. None, including the United States, has yet done enough to assure its satisfactory completion. The United States is taking strong steps to reduce oil imports, to control inflation and to improve productivity. A broad array of policies — most importantly, decontrol of domestic oil and natural gas prices — has been marshalled to encourage energy conservation and stimulate domestic energy production. Principally as a result of these efforts, U. S. oil https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -3- imports are about 25 percent below the average of 1977, the peak year. This reduction is primarily the result of improved efficiency in energy use, not reduced economic activity. The amount of energy needed to produce a unit of national output has been lowered by about 10 percent since 1973. The United States continues to pursue fiscal and monetary policies designed to limit and then reduce inflation. In addition, the President has recently proposed measures to increase the share of national output devoted to investment. Our efforts to reduce oil imports and strengthen the U. S. economy have supported a welcome improvement in our external accounts. They have also provided a firm basis for stability and strength of the dollar on the exchange markets. We must all recognize that our individual efforts form part of a collective international response that ultimately can succeed only if it is coordinated and cooperative. The Sretton Woods institutions originated as just such a cooperative effort. Their task was to guide the world economy from the devastation of World War II, and their success was remarkable. In subsequent decades they have adapted flexibly and imaginatively to changing needs and circumstances. But a major test lies ahead. As we enter a new decade, we must again call upon these institutions for guidance through a difficult and dangerous period. A world accustomed to strong growth and rising living standards now faces the prospect of a decade in which performance may fall short of expectations and aspirations. Large persistent imbalances in international payments are likely. And the associated financing requirements are huge. In 1980 alone, the aggregate of current account deficits that need to be financed could reach $150 billion. In light of these prospects the Fund and Bank face a complementary task: the Fund to assure a judicious blend of financing and adjustment; and the Bank to assist in restructuring economies to permit development to continue as rapidly as possible. Let me outline the United States' view of the roles of each of these institutions. The International Monetary Fund Looking ahead, the Fund faces truly awesome tasks. It must oversee the operation of the international monetary system at a time when pressures on that system are severe. It must encourage each member toward policies for orderly growth and price stability, in a period when the attainment of those goals is more difficult than ever before. It must see that nations follow exchange rate policies compatible with their international obligations, under conditions of enormous global payments imbalances and great uncertainty. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -4- No one expects the Fund to fulfill these responsibilities to perfection. Our knowledge and foresight are imperfect. The Fund's authority over sovereign members is circumscribed. Its tools are limited. But we must make sure that the Fund — the international community operating collectively — is in a position to make a maximum effort. Its approach must be right, its advice sound, its resources adequate. And we must keep in mind the longer-term objective of international cooperation: in designing our approach to immediate and pressing problems, we must not lose sight of the broad goals we have set for the evolution of the international monetary system. Let me state my message plainly: the Fund's main job will be to encourage the appropriate blend of adjustment and financing by member nations; to facilitate forms of adjustment and financing that are most supportive of a strong world economy; and to continue progress toward the kind of international monetary system we need for a secure and prosperous future. That means improving the Fund's ability to provide financing to those countries undertaking difficult adjustment efforts. It means a greater role for the SDR and progress toward an SDRcentered international monetary system. And it means improving IMF surveillance over members' policies. In the past several months, discussion has focused on the role of the Fund in meeting prospective financing needs and in supporting the efforts of individual nations to come to grips with adjustment problems. In Hamburg last spring, the Interim Committee endorsed in broad terms the view that the Fund should be prepared to play a much larger role in adjustment and financing. The Executive Board has worked hard to define that role in the design of adjustment programs and the expansion of members' access to Fund resources. Clearly, present circum stances call for adjustment programs with a longer-term orientation than in the past. Larger amounts of Fund resources will need to be committed to countries adopting such programs over a longer period of time. The United States strongly endorses the results of the Board's work and urges its early implementation. The Fund is presently in a satisfactory position to meet expanded calls on its resources. I am particularly pleased that the Congress has just completed final action on authorizing U. S. participation in the seventh quota increase. We will work with the Congress to complete the appropriation process, so that the general quota increase — which totals about $25 billion — can take effect at a very early date. This will be a welcome and needed addition to the Fund's resources. We are all agreed that quotas must remain the basic source of IMF financing. But potential demands on the IMF are substantial. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -5- As a precaution, the Managing Director has already begun to explore the possibility of IMF borrowing from surplus countries to supplement the Fund's resources in case of need. We should also consider other prospects. The time has come for a careful examination by the Fund of the possibility of borrowing from private sources. A number of technical and legal questions must be reviewed, and there are factors that may limit the IMF's recourse to the private markets, at least over the short run. But Fund borrowing from the capital markets on a moderate scale may prove to be desirable, and I urge that the necessary preparatory work to be initiated promptly. IMF borrowing from the private markets would be fully in line with the effort to enhance the role of the SDR in the interna tional monetary system. We welcome the recent decision by the Executive Board to adopt a five-currency basket as the uniform basis for both valuation of the SDR and calculation of the SDR interest rate. This will provide an SDR that is more compact and understandable, easier to trade and work with in foreign exchange and capital markets, but still a reserve asset that is interna tionally backed and representative of a large segment of the world economy. We should go farther, and consider other steps to promote the role of the SDR in the system. The Executive Board has been examining the question of SDR allocations for next year and the fourth basic period, beginning in 1982. Clearly, there have been major developments in the world economy since the decision was taken in 1978 on allocations for the three years ending in 1981. But in my view, the most effective approach to expanding the SDR's role is a relatively steady expansion of allocations, from basic period to basic period as the world economy grows. We are not persuaded that an effort to "fine tune" a single year’s allocation would be appropriate or consistent with our view of the longer-term evolution of the SDR’s role. It is of paramount importance that we develop the credibility and reliability of the SDR as a reserve asset. We should not give the impression of tinkering with it. We will look toward a careful analysis by the Managing Director and the Executive Board of the question of allocations in the next basic period, and will consider positively a proposal by the Managing Director next spring. The yield on the SDR has an important bearing on attitudes toward acceptance of the asset and decisions on allocations. The rate of interest on the SDR has been increased by a substantial amount over the years. I believe that it would be useful to raise further the rate of interest on the SDR, to the full market level, in order to enhance the attractiveness and therefore the usability of the asset. At the same time, we should raise the rate of remuneration to 80 percent of the full market SDR rate and eliminate the remaining residual SDR "reconstitution" https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -6obligation. Market-oriented characteristics and elimination of encumbrances can only enhance the usability and attractiveness of the SDR. The prospect of IMF borrowing from the private markets raises in concrete terms the possibility of greater private use of SDR-denominated assets. From a longer-term perspective, we urge the Executive Board to initiate a study of other measures that might be taken to expand the use of SDR-denominated instruments by the private sector. As the private market in SDR's develops and takes hold, we propose that the World Bank give consideration to borrowing in the form of SDR-denominated securities and lending correspondingly in SDR terms, both as a means of giving further impetus to the instrument and as a technique of moderating exchange risk for the Bank's borrowers. As another step toward expanding the role of the SDR, we urge the Executive Board to continue its work on the concept of a substitution account, which I believe would be better named a "Monetary Reserve Account." We should not be surprised that the development of this idea takes considerable time. The SDR itself took years to define and introduce. The steps I have mentioned today can, together make a useful contribution to strengthening the SDR and promoting its use as a respected and effective international monetary instrument. The United States has also given attention to the renewed suggestions that a link be established between the creation of Special Drawing Rights and the provision of development assistance — a so-called SDR-aid link. Our view remains that the establishment of the proposed link would be harmful to what we regard as the fundamental objective — to develop the SDR's role as an important monetary instrument and promote orderly evolution of the international monetary system. As the Fund carries out its expanded responsibilities in the current situation, we believe it important that it give renewed attention to strengthening its role in surveillance over the international monetary system and the policies of member countries. The United States has suggested a number of steps that could be taken toward this end. For example: — It seems to us natural that, in seeking to promote greater symmetry of adjustment responsibilities, the Fund should seek adjustment policy statements and analyses from any country experiencing large imbalance, whether surplus or deficit. — We have suggested that the policies and performance of individual countries be assessed against a broadly agreed global economic framework. — We believe the Managing Director should be invited to take the initiative in consulting members where he has concerns about the appropriateness of their policies. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -7- » The Executive Board has made some progress in developing its surveillance procedures over the past year. But that progress has been disappointingly modest. We all seem to agree that effective surveillance is the essence of a smoothly functioning international monetary system. Yet, I have noticed that many who are critical of the system are the most resistant to the develop ment of surveillance which is at the heart of its effectiveness. The world faces extraordinary economic and financial problems and challenges. The Fund is at the center of our response. Its ability is proven. Its resources are expanding. Its policies are being adapted to changing needs. Its objectives and purposes have been endorsed by every country represented here. We have endorsed a global strategy based on the IMF's financing and adjustment policies. Now we must make it work. I urge all member nations to help the Fund give substance to its agreed role in overseeing the operations of a sound international monetary system. The World Bank The Welfare of the developing countries and the immense problems which they confront are of paramount concern to the United States. We recognize fully the urgency of today's development needs. The Commission chaired by Chancellor Brandt has properly stressed the common interest of both industrialized and developing nations in meeting global economic problems, including the need for equitable growth in developing countries. Progress in the developing nations is essential to the health of the.global economy as a whole. It is for these reasons that the United States is so strongly committed to the work of the World Bank. Over the past 35 years, the Bank has made great strides as a project financer, financial catalyst, and institution builder. The Bank has pioneered efforts to speed human capital formation and has been in the forefront of efforts directly to reduce poverty. Bank operations have contributed enormously to development, and the Bank is now clearly established as the leader of the international community's efforts to address development concerns. The record for developing countries since the Bank was established shows clear progress. Quality of life standards have shown significant improvement. Average per capita income has approximately doubled in real terms since 1960. Yet formidable development challenges remain. Absolute poverty is pervasive. Serious, widespread deficiencies remain in health and nutrition, literacy and education, life expectancy, and in the overall physical and social environment. Population growth continues to add to the already immense problems of unemployment and underemployment. Rural to urban migration has fueled a rapid increase in the numbers of urban poor. In addition, there is the continuing https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -8- critical need of low income countries — with large numbers of rural poor and heavy reliance on agriculture — to improve the productivity of the small farmer. These serious development problems have been compounded by world economic conditions. Surging oil prices, worldwide inflation, slower growth in the industrial countries, and constraints on access to external capital have combined to cast a long shadow over development prospects for the 1980's. In the difficult decade ahead, it is of vital importance that the Bank remain at the forefront of global efforts to deal imaginatively with the changed economic situation. For its part, the United States will continue to support and encourage those adaptations in the Bank lending which effectively meet the evolving needs of the developing countries and strengthen their capacity for further growth and development. We attach great importance to the Bank’s existing plans to lend approximately $14 billion for energy development projects in oil-importing developing countries through 1985. We strongly support the Bank’s search for additional ways to further expand energy development in its borrowing countries, including the possibility of an energy facility or affiliate which would consolidate and enhance the Bank's activities in this field. The United States strongly applauds the Bank's new program to support "structural adjustment." It is a necessary response to altered global economic conditions and a radically changed world energy balance. The bank's structural adjustment loans, coordinated closely with the IMF, will serve as a catalyst for growth and help strengthen the recycling process. It is particularly appropriate for the World Bank to undertake this critical program because of its sound reputation, expertise, and long experience with the sectoral issues that are fundamental to any restructuring. We appreciate the 1980 World Development Report's analysis of the relationship between population and other aspects of human resource development and economic growth. We look forward to increased Bank lending in the population area in coming years. The Bank's record of solid achievement in maximizing project benefits for the poor should be maintained and the share of its lending allocated to the poorer borrowing countries should be increased. This is vitally important given the unacceptably high level of absolute poverty and the value — so impressively highlighted in the 1980 World Development Report — of human development as a tool of growth. Bank Financing The United States and other Bank members have a vital interest in encouraging effective responses by the Bank to critical world needs. It is thus of great common concern to note that the needs of the developing countries are — for the reasons highlighted in Bob McNamara's address — growing more rapidly https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -9- than anticipated. Fortunately, we have already negotiated both a General Capital Increase for the World Bank and a Sixth Replen ishment of IDA'S resources. The United States fully supports both the GCI and IDA VI. We hope to have legislative approval for U. S. participation in IDA VI before the end of this session of Congress. U. S. partici pation in the GCI will be the principal element of next year's funding request to Congress. The agreed General Capital Increase of $40 billion — increasing World Bank capital from $45 billion — and the $12 billion IDV VI Replenishment should meet developing country needs for Bank financing over the next few years. We therefore will have time to assess carefully how best to finance the needs of the developing countries beyond these replenishments. The United States is prepared to join other members to look at alternative ways to help support bank operations. Any reassessment of Bank financing must, of course, be done thoughtfully and deliberately, with due regard for the needs of developing countries, the need to maintain the high quality of lending standards, and the impact of future financing on the capital structure of the Bank. We are also willing to join with others in a serious effort to improve the efficiency and effectiveness of both bilateral and multilateral concessional assistance, including channelling an increasing share to the poorest developing countries. We will also work to find practical ways ourselves to increase both the quality and quantity of such assistance. Bank/Fund Collaboration There is one additional area where I think there is a need for innovation: that is in the collaboration between the Fund and the World Bank. When we established these twin institutions in 1946, the world was different, and the functions of the Fund and Bank were clearly separated and defined. Now the problems of short-term adjustment and the problems of development have become more intertwined, and the activities of the Fund and the Bank‘are focusing more on common problems. Both developing and industrial countries have learned that an effective program of adjustment to achieve the multiple and sometimes conflicting objectives of economic policy requires attention to both demand management and the supply side of the equation. Over the years since Bretton Woods, the Fund has worked with its members in the design of demand management policies to achieve economic stabilization. The Bank has focused on the supply side in its effort to promote growth through development of sound investment strategies. In the years ahead, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -10it is essential that the unique capabilities of these two institutions be brought to bear in a complementary and positive manner to assist countries in their adjustment efforts. The Bank and Fund should be prepared to collaborate with one another to assist member countries in assessing their economic prospects, developing effective economic programs and providing appropriate financing. At the same time, it is also essential that the Fund and the Bank remain as autonomous institutions with distinct functions and purposes. I know that the staffs of these two institutions have made significant strides in collaborating on adjustment programs in specific countries. At this stage, I think it would be useful to review what has been accomplished, with a view to improving the form and substance of this collaboration in the future. This review might best be undertaken under the auspices of a joint committee of the Executive Boards, supported by the staffs of both institutions. Effective collaboration between these two institutions will help ensure their continued responsiveness to the changing needs of the world economy. We also urge consideration of steDS to assure proper coordination of the borrowing policies of the two institutions. The prospect that both could be borrowing in world capital markets in the same time frame suggests the need for specific steps to assure a smooth coordination of those activities. Conclusion The record clearly shows that the Fund and the Bank have demonstrated repeatedly their capacity to evolve, adapt and respond flexibly during periods of major economic and financial strian. The institutions work efficiently and well. They deal in realities, and give practical content to the high objectives set forth in their Articles. But their ability to continue to perform their indispensable tasks depends on the commitment of their members to maintaining their integrity and competence and to avoiding injection of political issues into their work. Difficult problems and challenges confront us. The Bretton Woods institutions are the central focus of our collective effort to meet those challenges successfully and cooperatively. The United States pledges its vigorous support to the Fund and Bank as they address the tasks before them. With the support of other nations represented here today, I am confident that lasting success will be achieved. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0OO0 I? LIMITED OFFICIAL USE 1980 IMF/IBRD As of Fn. Sept. 20 lat. Sopt. 27 / 1?' /W feJ, u Sun. Sept. 28 Annual Meetings Mon. Sopt. 29 1 Consolidated Schodula for Socrelary Muller Wed. Oct. 1 Tuos. Sopt. 30 Fri. Oct. 3 Thurs. Oct 2 MORNING g. 50 d-^7 10:30 a.in. Fowler Committee Treasury Rm. 4121 10:00 a.in Pandolfi VL 11:00 a.m. . Japan (Treasury) 0:00 a 8:00 a.m. ■a .nr. . rk f n t. I .. Mexico, brkfst. U.S. Press Brief. U.S. Delegation (Treasury) Sheraton Mtg. Rm. 4 Briefing by Secretary 10:00 a.m. 9:30 a . in. Sheraton 9:30 a.m. Annual Discussion: Interim Committee Development Comm. . Mtg. Rm. 2 (SJteraton, Meeting Igheraton, Meeting Room 3 11:00 a.m. 1 a.m. Room 3) Statement by Opening Ceremonie: Secretary Sheraton (Sheraton) //.* 00 '8:00 a.m. Kuwait, brfst. (Treasury) 10:00 a.m. Brazil, (Sheraton, 11:00 a.m. New Zealand, '.Sheraton 11: 30 p.m. Peru, (Sheraton) (Embassy) • 12:15 p.m. ~J LUNCH Turkey, Fow1 or Commi t tee Luncheon {Treasury) 1:00 p.m. 1:00 p.m. 1:00 P.m. Interim Committee Develop. Commit. Amb. Henderson Luncheon Luncheon honors Howe (Calvert i Woodley (Calvert & Woodley. and Richardson Rra, Sheraton) Km. fhcralonl Resume Fowler Committec 2:30 p.m. Zaire (Hotel) AFTERNOON {Ends about 2:30) 3:15 p.m. Van Lcnnep (Hotel) 3:45 p.m. Yugoslavia '•’'-easury, 3:00 p.m. Resume Interim Committee Ends about 6 p.m. 4:00 p.m. C-10 Ministers Sheraton Mtg. Rm. 1 4:30 p.m. A, Korea (Sheraton) RECEPTION DINNER 7:00 p.m. Reception by Chairman Jamal Shoreham Hotel Private Dinner https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3:00-5:00 p.m.. Bankers (Sheraton Taft Room) 5:00 p.m.7 Yoshida » (Sheraton) 5:30 p.m.^ Israel (Sheraton) 5:00 p.m. Canada (Treasury) 7:00 p.m. Hosting 3:00 p.m. Resume Develop. Committee (Ends about 4 p.m 7:00 p.m. Hosting Private Dinner 2:45 p.m. Sri-Lanka Walk-in ' (Sheraton) */( 3:00-5:00 p.m. Bankers (Sheraton " •. „Calvert. Roomb 5:30 p.m. Indonesia (Sheraton! 6:00/0:00 p.m. Secretary1s Reception National Gallery (East Wing) 8:00 p.m. 8:00 p.m. Amb. Panso-Cedronib Reception and honors MOP Dinner for Pandnlfi Governors and wl Italian Embassy Do Larotjiere I (stag) Me Kamara Fund Atrium LIMITED OFFICIAL USE 6:00-0:00 p.m Federal Reserve g 8:00 p.m. Hosting Private Dinner r? (Sheratod AM 9/26 A ’ Removal Notice The item(s) identified below have been removed in accordance with FRASER's policy on handling sensitive information in digitization projects due to copyright protections. Citation Information Document Type: Journal article Citations: Number of Pages Removed: 6 Miller, G. M. (1980). "Address to the World Bank and the International Monetary Fund, Belgrade, Yugoslavia, October 3, 1979." Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org I , ACTION Date: MEMORANDUM FOR: From: September 25, 1980 Secretary Miller Steve Skancke Subject: Meetings With Private Bankers The list of bankers to whom we have extended invitations to participate in your meetings with private bankers on Tuesday, September 30 and Wednesday, October 1, is attached. The asterisk to the left of an individual’s name indicates that he or she will attend. The individuals attending represent the major/clearing house institutions in the US, UK, Germany, Japan, France, Switzerland, and Canada. In addition, we have included two Italian financiers whose participation was requested by Governor Garrahy and Mr. Allan Alperen. The participants have been divided up so that we have a complete representation of all countries at each of the two sessions. When I canvassed earlier this week for additional names recommended by Treasury staff, Roger Altman suggested several additional smaller German banks who had been helpful with our Carter bond sales. After totalling up the attendance for each day, counting only major insitutions, these additional German banks resulted in a heavy German attendance and pushed overall invited guests over 16 per day. Instead of including them in the private sessions, I have extended on your behalf invitations to your reception. If you w"buld prefer to invite them to the private meetings as well, however, please let me know and I will extend an invitation. Overall the response to the invitations has been enthusiastic, particularly among the foreign bankers. (Tom Clausen had instructed his staff to clear his calendar to accommodate this meeting. He will be attending on Wednesday afternoon.) Reviewer Initiator Surname Initials/Date Form OS 3129 Department of Treasury https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / L Reviewer Reviewer / ~r~ Reviewer /• ( Ex. Sec. 2 USG participation: Chz^i r m a n Volcker has been invited to attend, and Fred Bergsten is available for the Wednesday meeting (but not on Tuesday). Others have expressed an interest if additional space is available. I indicated that I would check with you and let them know. When you have a minute I would like to discuss thia with you. Agenda and Scenerio: We will be preparing talking points on US and World Economic Outlook, and on International Monetary and Development issues. These talkings points should permit you to begin the session as you did in Belgrade with a half hour presentation followed up by general discussion. Please let me know if you have any further thoughts, or guidance on these two meetings, or if you can think of any other individuals you would like to include. V https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ft < Sept. 30, 1980 . 12:30 p.m. MEETINGS WITH PRIVATE BANKERS' DURING THE BANK/FUND MEETINGS September 30 and October 1, 1980 < < < < < SEPTEMBER 30, 1980 Vermont Room Sheraton Washington Hotel 2660 Woodley Road, N. W. UNITED STATES ACCEPTANCES Mr. Richard Bliss Chairman and C.E.O. American Express International Banking Corp. American Express Company American Express Plaza New York, New York 10004 212/323-2457 Yes--Mayflower Hotel 1127 Conn. Ave. NW 347-3000 Yes--9/30 Reception Mr. Robert V. Roosa Brown Brothers, Harriman & Co. 59 Wall Street New York, New York 10005 212/483-5318 Yes--Madison Hotel 15th & M St., N.W. 862-1600 Send 9/30 Recep. Invitation to hotel Mr. G. A. Costanzo Vice Chairman Citibank 399 Park Avenue New York, New York 212/559-4883 Yes--Shoreham Hotel 2500 Calvert St. NW Room C-630 234-0700 Send 9/30 Recep. Invitation to hotel Mr. George W. Ball Senior Managing Director Lehman Bros. Kuhn Loeb, Inc. 1 South William Street New York, New York 10004 212/558-1860 or 609/921-3301 (Helen Vahey) Yes--Hay Adams Hotel 800 16th Street, NW 638-2260 No— 9/30 Reception Mr. Al Gordon Kidder, Peabody & Co., Inc 10 Hanover Square New York, New York 10005 212/747-2000 Unable to attend Mr. Alfred Miossi Executive Vice President Continental Illinois National Burk & Trust Co. of Chicago Yes--Madison Hotel 9/26 15th & M St., NW 862-1600 Send 9/30 Recep. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis < 10043 2 f I 231 South La Salle Street Chicago, Illinois 60693 312/828-2345 Invitation to hotel f UNITED KINGDOM * . ' ' . ' f ■ z ( ( < c I Sir Anthony Tuke Chairman Barclays Bank Ltd. 54 Lombard Street London, EC3P 3AH England Yes--Madison Hotel 9/28 15th & M St., NW 862-1600 Send 9/30 Recep. Invitation to hotel Mr. Jeffrey Benson Chief Executive Officer National Westminister 41 Lothbury London, EC2P 2BP England Yes--Hay Adams Hotel 9/26 800 16th St., N.W. 638-2260 Send 9/30 Recep. Invitation to hotel The Honorable J.F.H. Baring Chairman Baring Brothers & Co., Ltd. 88 LeadenhallStreet London, EC3A 3DT England Yes--Georgetown Inn 9/28 1310 Wisconsin Ave. 333-8900 Send 9/30 Recep. Invitation to hotel FEDERAL REPUBLIC OF GERMANY Mr. Jurgen Reimnitz Member of the Managing Board Commerzbank, AG Neue Mainzer Str. 32-36 6000 Frankfurt/Main, Federal Republic of Germany Yes--Shoreham Hotel 2500 Calvert St. NW Room 3308 234-0700 Yes--9/30 Reception Mr. Hans-Joachim Schreiber Member of the Managing Board Dresdner Bank, AG Gallusanlage 7-8 6000 Frankfurt/Main, Federal Republic of Germany Yes--Madison Hotel 15th & M St., NW 862-1600 Send 9/30 Recep. Invitation to hotel c JAPAN t t Mr. Yusuke Kashiwagi President The Bank of Tokyo, Ltd. 6-3, 1-Chome, Nihonbashi Hongokucho, Chuo-ku ( https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yes--Washington Hilton 1919 Conn. Ave., NW 483-3000 Send 9/30 Recep. Invitation to hotel f < < < < < < ( < < < < c ( ( ( < « < < t - 3 - Tokyo, Japan Mr. Toshio Nakamura Chairman The Mitsubishi Bank, Ltd. 2-7-1 Marunouchi, Chiyoda-ku Tokyo 100, Japan FRANCE Mr. Pierre Moussa President Directeur General Compagnie Financiere de Paris et des Pays-Bas 3 rue d'Antin 75083 Paris CEDEX 02 France Yes—Hay Adams Hotel 800 16th St., NW 638-2260 Send 9/30 Recep. Invitation to hotel SWITZERLAND Mr. Ernst Schneider Member of the Executive Board Credit Suisse P.O. Box 590 8021 Zurick, Switzerland Yes--Madison Hotel 9/27 15th & M St., NW 862-1600 Yes--9/30 Reception CANADA Mr. Rowland C. Frazee President and C.E.O. The Royal Bank of Canada 1 Place Ville Marie Montreal, Que., H3C 3A9 Canada Yes--Mayflower Hotel 1127 Conn. Ave., NW 347-3000 Send 9/30 Recep. Invitation to hotel Mr. William D. Mulholland President and C.E.O. Bank of Montreal 129 St. James Street West Montreal, Quebec, H2Y 1L6 Canada Yes--Madison Hotel 15th & M St., NW 862-1600 No-- 9/30 Reception ITALY The Honorable Emanuela Savio Managing Director Cassa di Risparmio di Torino https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis < Yes--Hay Adams Hotel 800 16th St., NW 638-2260 Travelling with Kalumi Sawya. Send 9/30 Recep. Invitation to hotel Yes--Sheraton-Carlton 16th & K Sts. NW 638-2626 Send 9/30 Recep. c 4 ( ( f (Requested by Governor Garrahy) --Mr. Alberto Galletto Managing Director (Recep, only) --Mr. Alberto Salles Interpreter (Recep, only) (Lucy Clagman 212/421-6010) Invitation to hotel ( < OCTOBER 1, 1980 Calvert Room Sheraton Washington Hotel 2660 Woodley Road, N.W. ( UNITED STATES ( f ( € < Mr. A. W. Clausen President and C.E.O. Bank of America National Trust and Savings Association P.O. Box 37000 San Francisco, California 94137 415/622-2473 Yes--Madison Hotel 15th & M St., NW 862-1600 Send 9/30 Recep. Invitation to hotel Mr. David Rockefeller Chairman of the Board The Chase Manhattan Bank, N.A. 1 Chase Manhattan Plaza New York, New York 10081 212/552-2222 Madison Hotel 15th & M St., NW 862-1600 Will attend 9/30 Reception. WILL CALL ON MON. 9/29 RE: 10/1 MTG. Mr. George L. Shinn Chairman The First Boston Corporation 20 Exchange Place New York, New York 10005 212/825-7641 Yes--Shoreham Hotel 2500 Calvert St. NW 234-0700 Yes--9/30 Reception Mr. Henry H. Fowler Goldman, Sachs & Co. 55 Broad Street New York, New York 10004 212/676-8322 Yes--Virginia residence 836-4638 NO--9/30 Reception Mr. Donald T. Regen Chairman Merrill Lynch & Co., Inc. One Liberty Plaza 165 Broadway New York, New York 10080 212/766-1212 Yes--9600 Ferry Harbour Court, Alex, Va. D.C. Ofc: 659-7444 No—9/30 Reception Mr. Richard A. Debs Yes--Madison Hotel ( ( < < ( « C < ( https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 f 15th & M st., NW 862-1600 Yes—9/30 Reception < President Morgan Stanley International Inc. 1251 Avenue of the Americas New York, New York 10020 212/974-4082 t UNITED KINGDOM 4 Sir Jeremy Morse Chairman Lloyds Bank Ltd. 71 Lombard Street London, EC3P 3BS England Yes--Madison Hotel 9/27 15th & M St., NW 862-1600 Send 9/30 Recep. Invitation to hotel The Rt. Hon. Lord (Eric) Roll of Ipsden Chairman S.G. Warburg & Co., Ltd. 30 Gresham Street London, EC2P 2EB England Yes--Shoreham Hotel 2500 Calvert St. NW 234-0700 Rm. G408 Yes--9/30 Reception Mr. M. G. Wilcox Director and Chief General Manager Midland Bank Ltd. 27-32 Poultry London, EC2P 2BX England Yes--Madison Hotel 9/28 15th M St., NW 862-1600 Send 9/30 Recep. Invitation to hotel Mr. Rupert Hambro Chairman Hambros Bank Ltd. 41 Bishopsgate London, EC2P 2AA England Yes--Fairfax Hotel 2100 Mass. Ave. NW 293-2100 Rm. 626 Yes—9/30 Reception Linda Phillips Rm. 826 Contact ( < I ( < < 4 < 4 1 ( 4 4* FEDERAL REPUBLIC OF GERMANY ( ( < < Dr. Wilfried Guth Member of Managing Board of Managing Directors Deutsche Bank, AG Grosse Gallusstr. 10-14 6000 Frankfurt/Main Federal Republic of Germany Yes--Washington Hilton 1919 Conn. Ave., NW 483-3000 Send 9/30 Recep. Invitation to hotel Dr. Walter Seipp Vice Chairman of the Managing Board Westdeutsche Landesbank Girozent ale Yes--Madison Hotel 15 & M St., NW 862-1600 Send 9/30 Recep. < https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis < 6 6 < , " Friedrichstrasse 56 4000 Duesseldorf Federal Republic of Germany Invitation to hotel f JAPAN ' I ' , ' Mr. Kisaburo Ikeura President The Industrial Bank of Japan 1-3-3 Marunouchi, Chiyoda-ku Tokyo 100, Japan Unable to attend mtg. and reception Mr. Kyonosuke Ibe Chairman The Sumitomo Bank Ltd. 1-3-2 Marunouchi, Chiyoda-ku Tokyo, Japan Yes--Washington Hilton 1919 Conn. Ave., NW 483-3000 Rm. 0201 Mr. Hazumi, Chief Economist, Interna tional Division, will also attend as interpreter Send 9/30 Recep. Invitation to hotel < ( FRANCE Mr. Jacques Calvet President Banque Nationale de Paris 16 blvd. des Italiens 75450 Paris CEDEX 09 France (NY--212/943-8809) Yes--Mayflower Hotel 9/28 1127 Conn. Ave., NW 347-3000 Send 9/30 Recep. Invitation to hotel SWITZERLAND Mr. Hans Strasser Chairman Swiss Bank Corporation 1, Aeschenvorstadt 4002 Basle, Switzerland ( < t < Yes--Washington Hilton 1919 Conn. Ave., NW 483-3000 Send 9/30 Recep. Invitation to hotel CANADA Mr. Russell E. Harrison Chairman and C.E.O. Canadian Imperial Bank of Commerce Commerce Court West Toronto, Ontario M5L 1A2 Canada https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yes--Shoreham Hotel 2500 Calvert St., NW 234-0700 Yes—9/30 Reception c ' - 7 - f ( ( f ITALY Mr. Roberto Calvi Ambrosiano Group Via G. Frua, 9 20146 Milan, Italy (Requested by Alan Alpern) (212-558-0460) Yes--Madison Hotel 15th & M St. NW 862-1600 Yes—9/30 Reception Bringing Former Ambassador Piero Vinci to recep. < 9/30 RECEPTION HOSTED BY SECRETARY MILLER 6:00 — 8: 00 P.M. The National Gallery of Art, East Wing C 4 < 4 ( ( 4 < ( < Dr. Dietrich Hauslage Member, Board of Management Bank fuer Gemeinwirtschaft, AG Postafch 2244 6 Frankfurt/Main Federal Republic of Germany (NY Ofc: 212-826-8682) The Watergate Hotel 9/27 2650 Va. Ave., NW 965-2300 Will call w/acceptance Dr. Felix Veihoff Chairman of the Board of Managing Directors Deutsche Genossenschaftsbank Wiesenhuettenstr. 10 6000 Frankfurt/Main Federal Republic of Germany (NY Ofc: 212/246-6000) Washington Hilton 9/28 1919 Conn. Ave., NW 483-3000 SEND 9/30 RECEPTION INVITATION TO HOTEL Dr. Ernst-Otto Sandvoss Chairman of Managing Board Deutsche Girozentrale -Deutsche Kommunalbank Taunusanlage 10 600 Frankfurt/Main Federal Republic of Germany Yes—Mayflower Hotel 1127 Conn. Ave., NW 347-3000 < < 4 < < https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 Suggested Points for Secretary Miller's Meeting with Private Bankers September 30, 1980 Introduction 1. Welcome. Always enjoy my discussions with banking community. Believe exchange of views helpful. Your actions/decisions over next few years will be major determinate of economic outlook. 2. would like to take a few minutes to provide the U.S. perspective on the economic situation and then open the meeting for discussion. Will of course be happy to respond to any questions. U.S. Economy 3. Let me bring you up to date on the U.S. economy. Latest indicators provide mounting evidence that our economy is turning around. May turn out that July was low point for economy. Unemployment rate fell in August, payroll employment rose, and range of other labor market indicators strengthened. Housing and autos suffered the sharpest declines earlier in year and both have rebounded. Housing starts in August were 33 percent above the second quarter average. Domestic auto sales have been running about 25 percent above the second quarter. Inventories have been closely aligned with sales and threat of cumulative downturn new lies behind us. 4. Number of problem areas persist and we are likely to see a more moderate recovery than has historically been our experience. — Foremost among these problems is the continuing high underlying rate of inflation. Recent price signals have been mixed. Consumer prices have risen at only a 4 percent annual rate in the last two months because of the heavy influence of mortgage interest rates in the index. Food prices recently have been a dominating adverse factor in the wholesale price area, but those pressures are new receding. Abstracting from these temporary influences, the underlying rate of inflation probably remains near 10 percent. Growth in wage rates has not shown much effect from the slowdown, although there are lags in the process. Productivity gains should pick up somewhat as growth resumes, but a serious inflation problem remains. 5. We recognize that we must maintain moderate fiscal and monetary policies in face of the continuing high underlying inflation rate. And more generally, we must shift resources toward business capital formation. The major thrust of the Administration's revitalization program is to increase capital invest ment and to raise productivity. 6. Our outlook is that the U.S. current account will record balance or a small surplus this year, and a modest surplus next year. 7. A U.S. current account surplus should be viewed against the deficits and downward pressures on dollar of only a fav years ago. Think most would https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 2 agree that, given the dollar's continuing large role in international financ ing, a relatively strong U.S. current account position is a broadly stabilizing factor in the system and will contribute to continued smooth operation of inter national markets. World Econcmy 8. Turning to world econcmy, picture is not very encouraging. problems. We face serious — World econcmy is recovering very tentatively from the oil price shocks of 1979-80. But the recovery is tenuous. . only modest real growth prospects for industrial countries and a slowing of growth in larger LDCs . high rates of inflation only slower modestly . disturbingly large imbalances in global current accounts, with less developed countries facing substantial financ ing needs. Growth 9. Outlook for this year and next is for weak world economic growth. — During second and third quarters of this year, no growth took place in industrial world. U.S. in particular experienced very sharp downturn. — We expect only one percent growth in the OECD area for year as whole. The major countries are projected to experience negative growth over course of year (4th/4th). — Next year real GNP should expand 1-1/2 to 2 percent. 10. have Have have Recent growth experience for non-oil LDC has been relatively good. LDCs maintained real growth rates only 1 percent below historic average. maintained solid growth throughout 1970s while the industrial countries suffered periods of deep recession. Inflation 11. The recorded experience on inflation rates suggests we may have passed the peak last spring when OECD wide inflation averaged almost 14 percent. — It appears that the earlier oil price increases were embodied in domestic price increases fairly rapidly. — In addition, the exceptionally non-acccnmodative monetary and fiscal policies followed in OECD countries are apparently holding down price increases in non-oil sectors. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 - 12. With half the year behind us, we new must assume that double digit inflation will be recorded for 1980 as a whole. — Major industrial countries are projected to experience nearly 12 percent inflation this year and the total OECD area will see rates almost as high. — Next year we expect sane easing in average inflation, but rates will still remain unacceptably high. 13. Widespread agreement that focus of policy must remain on anti-inflation. Interim Committee ccmmunique already acknowledged need to continue firm policy stance. Energy Consumption 14. Since petroleum price developments have played a role in grewth of infla tion performance, would like to focus for a moment on industrial country oil imports. We always hear that oil importers aren't doing enough to reduce energy consumption. But facts are different. — The volume of industrial country oil imports was lower in the first half of 1980 than at any other time since 1973. In fact, imports were 2.9 mb/d less than in 1973 — a reduction of 11 percent. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 15. Am particularly proud of U.S. performance. Our cost has jumped from $8 billion to $84 billion. But the value of oil imports has been falling for the past two years. Through August, oil imports were 18 percent below last year’s pace. Latest three months (June-August) imports were about 30 percent below the average for 1977, the peak year. U.S. domestic consumption so far this year is eight percent below a year earlier. These numbers represent a continuation of strong conservation trends since 1978. Last year oil consumption was down two percent from peak 1977 levels. Balance of Payments 16. Dramatic changes in world economy best illustrated by global current account developments. In 1978, the world had returned to historically normal pattern of current account balances. Surplus in industrial world, deficits in LDC area. Last year oil price increases altered picture abruptly as OPEC surplus returned; OECD area swung into deficit; and LDC deficits grew larger. Extent of imbalances is worsening this years as OPEC surplus likely to hit something like $110 billion 17. OPEC surplus will recede only modestly next year. Industrial country aggregate position should improve as OPEC’s surplus moderates. But unlike experience of 1974/75 when OECD swung into surplus, the deficit seems unlikely to be eliminated for several years. Non-oil LDCs’ deficits may widen further. 18. Distribution of net financing requirements will be stabilizing influence on capital and exchange markets this year and next. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 Major industrial countries will likely account for about 60 percent of total OECD deficits in 1980. Acceptance of large -- $50 billion -- deficit by stronger countries provides time for other oil importers to begin adjusting to new energy environment. In 1981 more than half of projected industrial country deficits will be borne by these stronger countries. Also expect stabilizing effect from the distribution of imbalance among major countries. U.S. will likely see small surplus next year, while others remain in deficit. Should result in strong dollar, quiet exchange market conditions. 19. Distribution of deficits among non-oil LDCs is less encouraging. Major share (more than 62 percent) of total deficits in 1971 was carried by larger, privately financed LDCs Their re course to private financial markets enabled continued strong real growth to be recorded. Projections indicate that the share carried by these major LDCs will fall modestly in 198TT 20. Result is larger burden -- both percentage and absolute dollars -- will be carried by weaker LDCs -- those which historically have relied on official sources of finance to cover deficits, Points to need for increase in official financing. Need to increase direct bilateral assistance IBRD/IMF lending aid. 21. We continue to believe that the global financing situation is manageable in the near-term though there will be specific problem cases. But current evidence on private market borrowings suggests that a shift toward shorter-term credits is taking place, which will adversely affect debt maturity profiles. The IMF and the World Bank are moving to expand their roles in the recycling process, and this can be a critical supportive step. But the overall effort will still depend very much on the private sector, and a reading of private sector attitudes will be extremely useful in shaping our approach in the institutions. Role of the IFIs 22. The international financial institutions -- the IMF and the World Bank -- are in the forefront of efforts to deal with current economic problems. The tasks of the institutions are complementary. The Fund to provide a blend of balance of payments financing and adjustment. The World Bank to assist developing countries to restructure their economies to permit development to proceed as rapidly as possible. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 23. The IMF is positioning itself to play a potentially major role in the financing and adjustment of payments imbalances. At its recent meeting, the Interim Committee endorsed a broad range of proposals by the Executive Board including: Increased access to IMF resources, which will enable members to obtain up to 600 percent of quota in Fund financing over a three year period; six times the amount available only a few years ago. Lengthening adjustment periods to three years or more in some cases, which would contribute to a more gradual, less disruptive and more politically acceptable pace of adjustment. Increased emphasis on supply side considerations in order to promote the savings, i nvestment, import replacement and exports needed for adjustment to the new energy realities. 24. These measures represent an impressive response to a difficult situation and is the most important contribution which the Fund can make to maintaining a sound world economy 25. The IMF is presently in a strong position to meet expanded calls on its resources and will receive a further injection of funds from the quota increase. The Congress is in its final stages of consideration of legislation increasing the U.S. quota in the Fund and we are hopeful that final action can be completed shortly. 26. There is general agreement that quotas must remain the basic source of IMF financing. But potential demands on IMF resources are substantial. As a precaution, the Managing Director has been exploring the possibility of IMF borrowing from major surplus countries to supplement the Fund’s resources in case of need. The Interim Committee has also suggested that consideration be given to the possibility of the IMF’s borrowing from private markets. 27. The possibility of IMF borrowing from private markets raises the prospect of greater private use of SDR-denominated assets. In this context, the decision to adopt a five currency basket for SDR valuation should greatly simplify the SDR and facilitate its use. The IMF Executive Board will be studying further steps to promote the role of the SDR including raising the SDR interest rate to the full market value, eliminating the residual reconstitution https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 7 - requirement, and resuming discussions on the international monetary reserve account (i.e., the so-called substitution account.) 28. Finally, consideration is being given to further allocations of SDR's. A decision of the amount of SDR to be allocated in the next basic period (beginning in 1982) will be required by next summer. The IMF Executive Board will be preparing an analysis of the economic considerations relevant to a decision on allocations. We would expect that the analysis will indicate the need for an expansion of allocations and we look forward to a proposal by the Managing Director. World Bank 29. The World Bank is moving on a number of fronts to ease the economic plight of the third world and effect the necessary adjustments in their economies in light of increased energy costs. The Bank currently plans to ccrrmit about $14 billion for energy development between FY 81-85, which represents an increase of about 13 percent over its previously planned program. In addition, the Bank is studying means of increasing further its support for this most critical sector possibly through creation of seme form of energy affiliate. 30. The Bank has also undertaken a program of lending for structural adjust ment which entails a series of sequential non-project loans to assist countries in making necessary structural reforms to alter trade patterns and output. This program which will reach about $600-800 million this fiscal year will involve close collaboration between the Bank and Fund. 31. Additional funding exercises are currently under way for both the IBRD and IDA. These increases are necessary to continue lending programs. The General Capital Increase of the Bank will add about $40 billion to the capital and the 6th replenishment of IDA will provide an additional $12 billion for concessionary loans to the poorest countries. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis — T Detailed scenario coming from Bob Callis Rm. 1045 W.H. Advance - John Gordon BACKGROUND FOR OPENING CEREMONY Jamal will introduce the Secretary who will make a few welcoming remarks and announce that the President will appear later. Then Jamal, de Larosiere and McNamara will give speeches. After that Jamal will call a recess at 10:55. Secretary to assemble with the above group in the Concourse, near the Delaware Suite. President arrives. Secretary introduces the group, followed by a photo taking session. President and Secretary and entire group go into Session. President will be seated, Secretary in seat near him. Jamal will call on Secretary, who will go to the front and introduce the President. President proceeds to Podium, Secretary moves back to seat where President sat. President speaks. Afterwards, President departs, Secretary escorts him out. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Suggested Points for Secretary Miller’s Briefing for the U.S. Delegation to the 1980 IMF/IBRD Annual Meetings 1. Welcome members of the U.S. delegation, especially Congressional representatives and former Secretaries of the Treasury. Take special note of a few items on the schedule September 30: President will give welcoming statement at about 11:00 a.m. October 1: U.S. Governor's statement also at about 11:00a.m. hostcLng a reception in honor of the IMF and World Bank Governors’ this evening at 6:00 p.m. at the East, Wing of the National Gallery^to which members of the delegationfhave been invited. 2. Before responding to questions, would like to take a few minutes to report on the Interim and Development Committee meetings and review some of the principal issues likely to come up this week. Setting 3. This year's annual meetings will be critical in determining the fufcjjrejof the Fund and_ Bank during the 1980's. The meetings take place against a complex background: — Maj°rexpansion^of_ demands on tl\e—ins^tttu'tfidns to play an increasingly important role in recycling and adjustment? — Effort by^PLO-and supporters to introduce heavily political element ihto ^institution^' affairs. — Renewed LDC effort to change the basic nature of the IMF to an "aid" institution. 4. The ability of the institutions to promote a sound world economy and stable international financial system will depend importantly on how they respond to these challenges. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 PLO "" 5. As you know, the Boards of Governors approvedResolutions providing for a standstill on observers pending completion of a study of the rules and procedures regarding the participation of observers. 6. In view of this action, the Chairman of the Annual meeting has decided not to invite any observers. to- the 198 0 Annual Meeting. Nonetheless, the supporters of the PLO have placed the issue on the agenda for the meetings, although we still do not know their intentions. 7. The U.S. has sought to avoid a confrontation over this matter and has made every effort to find a mutually acceptable solution. We believe the decision by the Board of Governors was a correct one and that the important work of the annual meetings should now proceed without disruption. The U.S. is not prepared, however, to agree to PLO observer status this year and cannot make any commitments regarding next year. believe that most LDCs and DCs wish to avoid a conltation on this issue at the annual meetings. The PLO issue_Xs_ *likely to be discussed in the Joint Procedures Committee later this week :ary Issues te main focus of discussions at Sunday’s meeting of the Interim Committee was the role ofthA tmf in the financing and adjustment of payments imbalances. The Fund has been positioning itself td play a potentially major role in recycling and the Interim Committee endorsed a number of proposals, including several advocated by the LDCs in the G-24^action program, to further strengthen the Fund. — Access to I ME resources is beingC^xpaMe^ and ti ad j us tment period for Fund programs"-is ^being V^ngthenec con — Increased emphasis is being placed on siderations, particular ly_ measures to promote "cEcli us tment to current energy realities by increasing §.avings7 invest ment, import substitution and exports. Establishment of an interest (jubsi^ for low income developing countries on loans from the Supplementary'Tina'ncing Facility. ifprivate'markere Consideration of possible IMF borrowing from, pH as a supplementary, more diversified source%"? resources should the need arise. 10. In considering the IMF's role in dealing with immediate financing problems, the Committee was also mindful of the Fund's responsibilities in the area of international liquidity, particularly the objective of making the SDR a major monetary instrument. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 11. The Committee therefore discussed several steps, including a number of U.S. suggestions, to promote the role of the SDR: < w 7 2^-A SDR allocations": The developed countries were unwilling to agree to LDC proposals for an increase in the allocation scheduled in January 1981 because of concerns about contributing to inflationary expectations and undermining confidence in the SDR by attempting to "fine tune" the amount of SDRs to reflect changing economic conditions. There was more receptiveness however toward further SDR allocations in the next basic period beginning in 1982 and the Managing Director will provide an analysis and recommendations to the May,-meet-in ci of the Committee. — SDR characteristic The decision to adopt a five-currency basket for SDR valuation was welcomed as a means of simplifying the SDR and facilitating its use. There was also support for U.S. r^t rate to the full market level >osa,Ls to increa?e the SDR(finterj indJeXimi'i the resi ' in order o improve the attractiveness and usability of the SDR. 1 "1 X“« . -C A. _ *___ _ • 12. The actions taken to improve—ageG9&—tmf rpsonrcps and to adapt the terms and condition on Fund lpnd-ing to a changing economic situation represents the most important contribu tion' Which the 'Fund”can niaKe"to resolving current balance of payments difficulties. We believe that it demonstrates forcefully that the IMF and Interim Committee are the appropriate forums for negotiation and decision on major monetary issues. i3 At the Development Committee meeting yesterday, there was much discussion about the less favorable developmental em/ironmpnt Jor the dexe.lop.ing countries. The Committee noted inrLrrtlCt ar concern that the growth prospects for the low income countries are bleak. In this context, it was felt an increase in. the amount and proportion pf^bi i i assistance 0 0 r ^stcountrieswould be consistent with the objec t i ve s ofvaripul dpnUTT—TT-also u^=JhTworld Bank BoardTS explore •promptly appropriate ways of expanding the Jendina ranaritv of to consid^r^S^Tr^ra iscal years could be expanded above presently planned levels. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Committee also welcomed the extensive work that has been undertaken by its Tank Forces Flows ana Qn Pri vara Fnreig.n,-Investment. Their reports (m the case.of the latter, its final report) provide a useful basis for further consideration of specific proposals to strengthen the functioning of international capital markets and the flow of resources to developing countries. F 6 on Nnn-fonrp^ j nn□ i -4 The Committee paid sjxcTasJ attention to the important role the is playing in facilitating LDC adjustment to the^f energy ^realities of today, especially with regard to i/tk innovative structural adjustment program and its nevMy^expanded energy program. It welcomed the Bank’s initiative in examining the possiblity of a new energy affiliate or £aci and urged that the Bank’s consultations on this be brought to a speedy conclusion. Wo-rl'd“'Ban^c 1 i ty. With regard to the UN Global Negotiat ions, the Committee expressed its desire^to play an active role on matters pertaining to the Fund and Bank, once the negotiations ’ -ve—star' ’ Structural Adjustment/ Structairal adjustment lending (SAL) entai 1 s sequential non-project loans which assist a country in making the necessary structural reforms" to adjust for the increased cost of energy. The United States has been a strong supporter of the SAL program from the outset. This program, which will reach about $600-$800 million this fiscal year, will involve close collaboration between the Bank and the Fund. he Venice Summit participants asked the World Bank Energy, to examine the adequacy of resources and mechanisms for energy development and to consider means of improving and increasing the Bank programs, such as an energy affiliate. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Bank currently plans to commit about $14 billion for energy development between FY 81-85, an increase of about 13% over their previously planned program. However’, a recent Bank report indicates that total needed energy investment in the oi1 - importing developing countries over the uTd- run ~betweenSjHW--~ 500,hill ion and indicates an increase in IBRD financing to $25 hi 1 would be desirable if resources could be found". -------next decade, wn 1i nn To date, there has been no formal discussion of various alternatives, including the key issues of institutional arrangement, possible size of a financing package and sources of financing. The Rank in this area early next year^____ _ i to i.sfuie a prngiass pxpprt^d report The United States supports the increased attention to this sectQ*^-anthAoQks forward to discussing the report findings in the near future. vital___ 5 McNamara Successor/ V - An important consideration with respect to the World Bank is the question of a successor to Bob McNamara, who has announced his intention to resign as President of the Bank on June 30, 1981 when he will have reached the traditional retire ment age of 65. We will miss his strong and creative leadership as we enter a most difficult period in which we will rely increasingly upon the Bank to ease the economic plight of the developing world. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis With regard to a successor, we think that the next President of the Bank, as in the past, should be a qualified American of recognized stature. This would be consistent selection of presidents in other major financial institutions. (The IMF Managing Director is traditionally European; the Inter-American Bank President, Latin American; and the Asian Development Bank, Japanese. From our per spective, we also consider an American President an important element in maintaining Congressional support for the Bank Group where the United States remains by far the largest participant. with similar traditions for The United States will, therefore, nominate an American candidate, probably after the November elections. It is important that the candidate enjoy a wide degree of bipartisan support domestically, be of the highest professional and personal caliber, have proven ability to run a large organization, and be of sufficient inter national stature to maintain the confidence of the capital markets. G. WILLIAM MILLER WEDNESDAY, OCTOBER 1, 1980 8:00 -- U.S. Press Briefing - Mtg. Rm. #4 1® :00 -- Statement by Secretary Miller @ Bank/Fund Meeting Plenary Hall 3:00 -“ 5:00 Meeting w/Bankers, Calvert Room (Pool Level), Hotel 5:30 -- Meeting w/Indonesian Officials Ali Wardhana, Minister of Finance, Rachmat Salen, Governor of Bank of Indonesia, Fred Bergsten, Dick Cooper, Bill McFadden 6:00 — Reception @ Federal Reserve Bank w/Mrs. Miller (Terrace Floor) Dinner in honor of Min. Abalkhail Attending: Ma-&houn Ja-laL,-—Eyec. D-irs to-IMF, Shiek Hamad Sayyari, Vice Governor, Saudi Arabia Monetary Agency (SAMA), Robert Carswell, Fred Bergsten @ residence □ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis □[ □ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis G. WILLIAM MILLER TUESDAY, SEPTEMBER 30, 1980 8:30 -- Brief U.S. Delegation - Mtg. Rm #2 9:00 — Opening Ceremonies - IMF/World Bank Annual Meeting - Plenary Hall 11:15 -- President Carter's Greetings to Delegates 2:30 — Meeting w/Zaire Officials @ Hotel 3:00 -- Meeting w/Bankers - Vermont Room - 5:00 (Lobby Level) 6:00 -- Host Reception - National Gallery - 8:00 of Art - East Wing w/Mrs. Miller 8:00 — Reception - Hosted by Messrs. DeLarosiere and McNamara - Fund Atrium - Black Tie Optional w/Mrs. Miller 8:30 -- Dinner " □ G. WILLIAM MILLER ADVANCE SCHEDULE AS OF 9/29/80 WEDNESDAY, OCTOBER 1, 1980 8:00 11:00 2:45 3:00 5:30 6:00 8:00 U.S. Press Briefing - Mtg. Rm. #4 Statement by Secretary Miller Stop-by Mtg. w/Sri-Lanka officials @ Hotel Meeting vz/Bankers, Calvert Room (Pool Level) @ Hotel Mtg. w/Indonesian Officials 0 Hotel Federal Reserve Reception Dinner @ residence for Saudi Fin. Min. Abalkhail w/Carswell & Bergste THURSDAY, OCTOBER 2, 1980 8:00 10:00 11:00 11:30 12:30 7:00 8:00 --— — — Host Mtg. w/Brazilian Officials 0 Hotel Mtg. w/New Zealand Officials £ Hotel Mtg. w/Peruvian Officials @ Hotel Mtg. w/Turkish Officials 0 Hotel Reception @ Chinese Embassy w/Mrs. Miller Dinner w/Yugoslav Amb. Loncar w/Mrs. Miller (Informal)2221 R St.N.W. FRIDAY, OCTOBER 3, 1980 9:30 — 10:30 12:00 2:15 7:00 -— --- US/Saudi Businessmen* Dialogue - Opening Statement by Secretary Miller & Min. Abalkhail @ Treasury Working Session Luncheon Working Session Dinner for participants 0 Tayloe House SATURDAY, OCTOBER 4, 1980 9:45 -12:00 -2:15 -- 2nd Session of US/Saudi Businessmen’ Luncheon Closing Remarks Dialogue MONDAY, OCTOBER 6, 1980 10:30 -12:30 — EPG Meeting TENT Lunch with State Department Correspondents @ State TUESDAY, OCTOBER 7, 1980 3:30 -- Luncheon speech - National Association of Bank Women Economic briefing - Projection Room WEDNESDAY, OCTOBER 8j, 198 0 10:00 Remarks - U.S. Savings Bond Advertising Presentation - Rm. 2049 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis G. WILLIAM MILLER MONDAY, SEPTEMBER 29, 1980 8:00 a.m. Breakfast w/Mexican Fin. Min. David Ibarra Munoz 0 Treasury Attending: Gustavo Romero Kolbeck, Bernardo Sepulveda, Alfredo Phillips, Fred Bergsten, Arnie Nachmanoff, Paul Volcker,Jeff Rosen & Pascoe 10:00 a.m. Development Committee Meeting @ Sheraton - Mtg. Rm. #3 □ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1:00 p.m. Development Committee Luncheon @ Sheraton - 3:00 p.m. Development Committee Meeting Continues - Secretary's attendance optional 4:30 p.m. Meeting w/Korean Minister of Fin. LEE Seung-yun, KIM Joon-sung, Gov., Bank of Korea; CHUNG In-yong, Asst. Fin. Min, Int'l.; KIM Yong-shik, Amb. to U.S.; Fred Bergsten, Arnie Nachmanoff, Wm. McFadden @ Hotel 5:00 p.m. Courtesy visit by Mr. Yoshida/ Asian Development Bank 5:30 p.m. Meeting w/Israeli Fin. Min. Yigeal Hurwitz; Y. Neeman, E. Davrath, D. Halperin; F. Bergsten, Ted Rosen, Paul Volcker, Tom Ehrlich @ Hotel BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Press Release September 30, 1980 HOLD FOR RELEASE UNTIL DELIVERY 10:00 a.m., Tuesday, September 30, 1980 Opening Address by the Chairman, the Hon. AMIR H. JAMAL, Minister for Finance and Governor of the Fund and Bank for TANZANIA, at the 1980 Annual Meetings I am deeply privileged to be Chairman of these Thirty-Fifth Annual Meetings of the International Monetary Fund and the World Bank Group and to welcome you all to Washington. I would like to extend a hearty welcome to the distinguished representatives of St. Vincent and the Grenadines, who have joined the Fund, and of St. Lucia and of Zimbabwe, who have joined both the Fund and the Bank, in the course of the year. Their presence in our midst is a demonstration of the continuing process of decolonization and a continuing reminder that international institutions need to change in response to the evolving political realities. If I extend a special welcome today to the Governors for the Fund and the World Bank of the People’s Republic of China, it is because it gives me particular pleasure to recall what I said at the 1971 Annual Meeting of Governors. I then said, "All the progressive forces in the world are looking forward to the entry of the People's Republic of China as the only authentic voice representing the Chinese people. I would like to express a sincere hope that, in such an event and in those circum stances, it will be possible to see the People’s Republic of China becoming a full member of the IMF and the IBRD." At the outset, I would like to express my sincere appreciation that the question of observer status for the PLO and the legal issues sur rounding it are being dealt with in the Joint Procedures Committee. I very much hope that these will be dealt with in a manner that will safe guard the fundamental interests of the two institutions and of the participating member states. I shall say no more about it until the Joint Procedures Committee has reported on the matter, and I hope I shall have the understanding of all Governors in this regard. I am conscious of the fact that the world is saturated with words, words and yet more words about the global economic situation. There is now a real danger that talking back and forth instead of doing something https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J 2 Press Release No. 1 is breeding insensitivity toward the distress and despair afflicting a large part of humanity, thus threatening the destruction of many universal values which need a chance to become firmly rooted. However, first of all let us look at one or two developments which, hopefully, may be potentially redeeming. The 1980 World Development Report, published by the World Bank, unequivocally places man at the center of economic purpose instead of the things which he consumes and which may or may not be relevant to his well-being. This is not just a milestone. It is a coming of age, and not a day too soon. The whole development process from the next quarter century will have to reflect the fundamental objectives of food, education, health and shelter in actual programming. Production of goods and services will have to be channeled toward achieving these objectives. Schools, hospitals, water and pre ventive health care will only be available and food will only be secured on a lasting basis if research and development will be geared to industrial production, which meets these basic needs primarily instead of being expended on industrialization for its own sake. The latter course leads to mindless mass consumption of products which pollute, which are not central to man’s needs, and which mean diversion of resources to the few causing deprivation for the many. While the developing societies take this central purpose to heart and begin to lay foundations for achieving it, the industrialized and capital-surplus countries may want to take a serious look at the Brandt Commission Report. It is not that the Report contains any startlingly new information or wisdom. There are other more specialized efforts equally deserving attention. The Commonwealth Experts’ Report on the World Economic Crisis is one such serious endeavor. The central point about the Brandt Report is that a group of persons drawn from very different backgrounds and representing a spectrum of experiences found it worthwhile to spend time and effort on producing an agreed report which covers some of the burning issues of the day and which argues for an agenda for immediate as well as for longer-term action. If it is not heeded, particularly by those who have wealth and power, the scenario for the next quarter century and more is one of inward-looking, narrow nationalism, intensification of mutual distrust and mutual disrespect, and building up a legacy for which future generations will have neither pride nor practical value. The Report’s subtitle—a Program for Survival—is not, I submit, a flight of rhetorical fancy but a candid statement about present reality. What tasks await us, we who are the Governors of these two presti gious global institutions—the IMF and the World Bank? How do we help in resolving the global dilemma, illustrated time and again in failure after failure at formal international encounters between the North and the South? We represent the political will of our respective governments. Why are the Ministries of the North dealing with finance and economic affairs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i - 3 - Press Release No. 1 giving the appearance of being the last bastion of an existing system unwilling to change, except most grudgingly, slowly and marginally? Why is it being assumed that a reconstructed IMF will be so iconoclastic as to deprive the already industrialized countries of security and well being? Why assume that the poorest of the world have no interest in world stability? Should not the North ask the South to draft a charter for a new IMF which would receive its constructive scrutiny and which could lead to the beginning of a deliberate process of change? Why not accept that the world is a vastly different place from the time of Bretton Woods, and that the most needed structural change today is in the Bretton Woods institutions themselves? Together with the badly needed monetary reform is the urgent need to restructure international trading arrangements. The industrialized countries, foremost in singing the praise of free trade, of course never allowed agriculture to be anything but protected in their own national interests. Wherever they have been able to manipulate markets for industrial goods, they have continued to pay lip service to free trade. But even here as soon as a limit is reached—if for no better reason than that the poor make unreliable trade partners or produce too cheaply and too well—protectionism suddenly becomes a wholly defensible policy. There is great advocacy for structural adjustment in recent times. Only the other day we were all rather excited by the objective of meeting basic needs. Ever since developing countries began to take the first conscious steps toward building up their own economic and social capacity in the course of the past quarter of a century, they have been doing nothing if not doing structural adjustment. They inherited structures which were functions of trade and communications developed to cater for the needs of metropolitan powers. Unless and until these were adjusted structurally, they remained economic dependencies despite their political independence. That process of all-too-slow and painful adjustment has now been seriously affected because of the unprecedented inflation in the industrialized world, the recurrent global food shortages and the impossibly high price of energy. I would like to refer to what the Commonwealth Experts’ Group has to say in its study, "The World Economic Crisis,” about—and I quote, "the inability of the world economic structure—with its inequalities and asymmetries—to come into equilibrium with the changed political structure arising from the emergence of the colonial peoples into politically independent nations." In other words, right from the very first day of achieving political independence, the burden of adjustment to the world structure has fallen on the poor developing countries. So what does structural adjustment now imply for developing countries, particularly the least-developed ones? Should they abandon the pursuit of basic needs? Are food and shelter, health and education, any less vital for their well-being? How do they achieve an equilibrium in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 4 - Press Release No. 1 external trade without accepting a feudal relationship with the capitalsurplus countries? How does it meet their basic needs if they accept such a relationship? And have the wealthy and powerful the capacity to supervise such a relationship without investing their capital in enforcing domination, which in the final event means still greater expenditure on armaments and military personnel? If capital is available for this purpose, is it not infinitely more befitting to use it for development? The IMF is engaged in meeting the immediate needs of economies of countries such as my own and has begun to show a little flexibility. As a sign of a beginning of a change that must be welcome, I do welcome it. My own country has just concluded a two-year stand-by arrangement which will, hopefully, enable us to import some critically needed inputs. But we are supposed to pay back in three to five years' time, as well as repurchasing the earlier facilities falling due now, leaving relatively little for financing immediately needed critical imports. We have decided to make an effort to conclude an agreement, though quite candidly, as Finance Minister my fingers will remain crossed all the way, for the duration of the program or for the duration of my own job, whichever ends earlier! Let us look at a typical developing country. I do not believe Tanzania's plight is by any means unique, though each of us developing countries has our particular circumstances. As a country slowly begins to develop its economy, it becomes clear that industrialization is the only way toward achieving a measure of self“reliance and capability for a degree of self-sustained development in pursuit of its social objectives in this increasingly interdependent world. At the best of times, this has been a costly and sometimes frustrating journey. But now, with the equilibrium between our import costs and export values having received such a body-blow, what are the economic consequences, let alone the human implications? Even the most wisely chosen priority industries and services which are managed reasonably well need sustained inputs costing foreign exchange. If they are deprived of these, the unit cost of goods and services goes up, output falls and, in extreme cases, ceases. Economists call it cost-push inflation. Reduced production aggravates excess demand which at the best of times cannot be met, especially if the economic policy is aimed at meeting basic needs. So, again in economic parlance, we have demand-pull inflation. These two become a formidable combination in fueling infla tion internally, even if there were a moratorium on external inflation. But there is no such moratorium, and no prospect of one is in sight. So, the overall strain is now unbearable. Taking 1973 as the base year, the index of terms of trade for Tanzania now stands at less than 70, a situation which I do not believe is peculiar to my country alone. At the same time there are countries whose index has gone considerably above 100. Such is the outcome of the existing inequitable international trading arrangements and the punishment for the crime of being poor. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 5 - Press Release No. 1 How does an IMF program, with its rigid emphasis on demand reduction and an incredibly short period for repurchasing, answer to the needs of an economy such as the one I have endeavored to describe, and which I reiterate is not uniquely Tanzanian? While we strive for longer-term basic reforms, the IMF and the World Bank remain the two world institutions upon which falls a heavy responsibility for devising ways and means of responding to the immediate pressing needs of the developing countries. And of responding promptly. Even a week’s delay in critically needed resource flows leads to the aggravation of the formidably explosive mixture of cost-push and demandpull inflation in societies where real standards of living, already low, have begun to decline still further. To ask these developing countries to set their house in order, before any significant help can be given, makes a kind of abstract sense, of course, but what kind of sense is it when the thatched roof of that house is catching fire and the floods or blizzards are deluging in at the same time? The IMF has historically been geared to dealing with short-term deficits which are basically cyclical. And as representatives of developing countries, including myself, have been saying for years until our voices have become hoarse, the whole concept is rooted in the operation of economic structures of industrial societies which developed while others remained feudal or were colonized. The IMF was never geared to taking care of the slow, painful start of developing countries on the road to economic development through a process of structural adjustment which has been continuing at a different pace in differing circumstances and which suddenly lost its equilibrium. This was some thing that the United States, Canada, Australia, and New Zealand did not have to face in the nineteenth century and which the IMF, designed initially to guard against a recurrence of the European financial crisis of the 1930s, has never really faced up to. The IMF has not been endowed with either the philosophy or the resources to deal with major external shocks such as drought, food grain prices, costs of energy and rampant inflation in the industrial countries combined with worsening terms of trade for the peripheral economies. The IMF procedures obviously reflect the concepts around which it has been built. An adversary position is almost instinctively assumed, and a cut in demand is an automatic first concern, no matter if the patient is subject to a combination of onslaughts which no preventive care within its limited competence would have been able to keep at bay and no matter whether increased output might be a more plausible way to adjust supply and demand. Indeed, concern for preventive care may well have left the patient hungry, and steps toward greater output may have contributed to his immediate malady. No one disputes the imperative of conditionality. But is it right to expect an underdeveloped economy to provide commitment for a multitude https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 6 - Press Release No. 1 of indicators which cannot be organically interrelated in a way that makes sense in such an economy as it can make sense in an industrialized economy? If in an industrial economy a boiler explodes the results are of a purely micro nature, and anyhow, it can probably be replaced in 48 hours. With us it can be very different. If the boiler of a large, remote coffee-curing works explodes, it may take 48 weeks to obtain a replacement. And in the meantime, the effects on overall exports, government revenue and bank borrowing, as well as storage capacity, are significant at a macro as well as a micro level. I very much doubt that indicators and targets related to cyclical demand management within industrial economies are the best yardsticks for measuring these realities, which are by no means unique to Tanzania. Added to this is a wholly unrealistic time-frame quite unrelated to time for recovery from external battering or achievement of real adjustments in the production. These factors, plus the imponderables which make any single figure projections arbitrary, make of "conditionality" either a procrustean bed or a carte blanche for further Fund policy prescriptions. A plea needs to be made for changes in procedures, including pro vision for a referee in cases of serious disagreement between the Fund and a member, for mobilization of significant additional low-conditionality facilities, for adjustment of the time-frame to deal realistically with the character and magnitude of member needs, and for defining the scope of compensatory financing in terms of what the primary commodities produced can buy to meet development needs such as energy, transport equipment, education, medical and agricultural inputs and intermediate products needed for steady industrialization, not simply in nominal terms whose true value sinks monthly. In this connection, the concern expressed in the Interim Committee discussions about a link between injecting critically needed inputs into the economies of developing countries and inflation wholly misses the crucial point I have endeavored to make. It is that the low income levels of $300 per capita or so, the only outcome of starving these economies of necessary inputs is the accentuation of internal inflation. The World Bank's initiative in devising structural adjustment financing is timely and welcome. At the same time the needs of developing countries are so enormous that it does not seem at all possible to meet them if a maximum of 10 per cent of all Bank lending is to be allocated to this program. Further, it is not at all clear whether the World Bank is in substance proposing to cover the same ground as that covered by the IMF and, if so, to what purpose? Or does it propose to build up a specialized capability to deal with the complex issues underlying the process of structural adjustment in developing countries, issues made even more acute by the increasingly hostile international economic environment? Do the Fund and the Bank have an identical assessment of the critical quantum of import support needed for a given economy at a given time to be able to optimize its productive capacity? Have these https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 7 - Press Release No. 1 two institutions an adequate appreciation of the vital significance of the level of production for fiscal stability, without which no government can deal effectively with the task of restoring the equilibrium in its external accounts? As for the recent proposal to establish a new financing institution to deal with the needs of developing countries to build up energy resources, I, for one, welcome this initiative on the part of the World Bank. Energy is, after all and above all, resource plus capital plus technology. All groups of countries have an interest in the successful operation of such an institution. The oil surplus countries want to slow down production for the sake of their posterity. The industrialized countries need time to make technological adjustment, a critical period that may stretch over decades. For the oil importing developing countries the issue is survival itself. They face collapse if their minimal needs are not met urgently. Of these needs the cost of energy is now of decisive significance. The hour is rather late. But better late than never. If there is a question to be asked, it is this. Will this new institution remain at the mercy of political comings and goings within the body politic of a ”donor country? Will the less-endowed and the little-endowed of the world continue to be buffeted by the winds from the North, the South, the East and the West? Or is the international community now going to see the wisdom of making a new beginning founded on joint participation of all societies and an equitable sharing of deci sion-making power? These are initial steps which are needed today and tomorrow. For many Third World economies they are very literally a Program for Sur vival. They must be begun now within the existing institutional frame work. But we all know that the Bretton Woods arrangements have been overtaken by events. More basic changes are needed. These cannot be within the existing institutional framework because the decision-making processes, basic institutional attitudes and distribution of power within the Fund and the Bank are among the structures which need to be changed, in particular by entrenching effective participation and pro tection of the weaker economies while they are enabled to develop. I firmly believe that it is not beyond man’s ingenuity to reconcile the political fact of 141 sovereign states with the attainment of the techni cally sound foundation on which a major reform of the world structures must be built to be of practical value. If I have taken the valuable time of distinguished Governors by raising so many questions, it is because I represent one of the leastdeveloped countries in the world, Tanzania, which shares both the sense of despair and the fleeting gleams of hope characterizing most developing countries today. Time is not our ally; we can only make it work for us instead of against us, if we succeed in persuading the rich and the powerful that they cannot have a future if we perish, and that they are ready to use in the immediate time-frame the international institutions, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 8 - Press Release No. 1 such as the IMF and the World Bank, imaginatively and with courage to bring about a reversal of the present process of the destabilization of our only world. Before concluding, I want to express my deep satisfaction at the insight and understanding with which Mr. de Larosiere has been addressing himself to the stormy financial seas at the helm of the IMF during these trying times. His timely guidance of the Fund and his recent statements indicating his appreciation of the task facing the IMF are of positive significance. It is very much in the interest of the international community at a time of deepening crisis that continuity is maintained in the sphere of the management of financial resources in the enlightened and imaginative person of Mr. de Larosiere, particularly when we are forced to accept, with sadness, the impending retirement of Mr. McNamara from the seat of World Bank leadership. This is the last annual meeting of Governors to be attended by Mr. McNamara as World Bank President. I take this opportunity of paying a very special tribute to him on behalf of all colleagues. Without intending any reflection whatsoever on his worthy predecessors, and without in any way prejudging his successor-to-be, I believe it is true to say that the World Bank and its affiliates have been all the richer on account of his determined, sympathetic and enlightened leadership ever since he arrived on the scene, 13 years ago. It is not just that the magnitude of the Bank Group’s lending increased impressively during his term of office. This is gratifying enough, even though the need for development resources continues to outpace their availability. It is the legacy of lending programs whose quality and character have become increasingly responsive to the fundamental needs of developing societies that he leaves behind him. Above all Robert McNamara has been a voice of compassion, of conscience and of competence. He has persevered with tenacity in the struggle to persuade both rich and poor to make sustained efforts to mobilize resources for development and to utilize them efficiently. Even at the best of times, it would be difficult to achieve more. But these have been very far from the best of times and the institutions over which he presided are the offspring of industrialized societies, reflecting their political, economic and social values and interests. A man of Mr. McNamara’s understanding and competence was needed to give an orientation in favor of the less franchised societies. I hope I am expressing the sentiments of all Governors in wishing Mr. and Mrs. McNamara sound health and many more creative years in service of humanity. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Press Release https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis September 30, 1980 Remarks by the Hon. JIMMY CARTER, PRESIDENT OF THE UNITED STATES, at the 1980 Annual Meetings of the Boards of Governors of the Fund and the Bank, IFC and IDA It is a pleasure to welcome you to Washington for the Thirty-Fifth Annual Meetings of these two great institutions. It is a special pleasure to welcome all new members. Your presence here symbolizes the commitment of more than 140 coun tries to a dynamic system of international economic cooperation and to its central institutions, the International Monetary Fund and the World Bank. Your commitment strengthens the prospects for lasting world peace, because peace cannot be assured if hundreds of millions of people are offered no hope of escape from poverty and economic instability. The Bank and the Fund provide that hope. You are rapidly adapting to new challenges. We support this pro cess of change. The response to a changing world can best be charted within these institutions, acting in your own fields of competence and experience. Your work should not be diverted by extraneous political disputes. And as you mold and adapt, you must be confident that your decisions will not be determined or renegotiated in some other setting. Any political pressure or unwarranted influence from any international forum which might undermine your integrity would be neither necessary nor desirable. The Fund is the world’s principal official source of balance of payments financing. So far this year, Fund programs of more than $5 1/2 billion have been arranged. Even more is needed, and action is under way to expand these resources. The IMF is also adopting important changes in policy, making it more responsive to the changing needs and concerns of its members. During the last 12 months, the World Bank Group has lent more than $12 billion to developing member countries. Nearly $4 billion of that was provided on concessional terms to the poorest countries. Press Release No. 3 3 Press Release No. 3 2 The Bank is mounting initiatives tc. enable “^XXp^tant to find and produce more energy while also carry Z^X^d add tional bil g more efficiently in our homes, our mdustnes, ou Bank programs. An enlarged World Bank program for energy exploration and develop- transportation. nil stocks are at an all-time high, and these reserves The world s oil stocks are reductions in supply, such ment would benefit us all. The World Bank has also launched a program of lending and advisory aervices to help developing countries make the structural ad3ustments required by higher energy prices. I cannot discuss the role of the World Bank without paying tribute to the leadership and dedication of Robert McNamara over the years. Under Bob McNamara's leadership, the Bank has become world cooperation to improve the human condrtion and of how such cooperation can be effective. Bob, you will successor a high standard and a firm foundation for the fut your . United States support of the Fund and Bank -flects^both.ou^funda mental humanitarian principles and oui X'srvrxs"ss „e have started Z^^^au^r^th^r^^^^hc? between Iran and Iraq. ........». ......... ened by even a temporary interruption. conflict as quickly as possible. Thus, r „ for-rppphin2 effort to which we Our energy program is part of a fa 8 common goal V 1-v.o Upn-irp Economic Summit. me tuuiuwu & pledged ourselves at t produce the equivalent in "*■»“* ™ “™v " .<1 ... W «” •«' alternative «“els ease pressure on world oil markets, ease ZllanZZ oFpayments problems, and let developing countries obtain a larger share of the world oil supply. passed the House ■ -»«■ the legislation as soon as it reaches my desk. - One that minimizes the threat of abrupt changes in the price of oil; Moreover, I will urge the Congress to give high priority to the Sixth IDA Replenishment later this year. - One that will assure the consuming countries of a reasonably predictable level of supply, Next year we will submit legislation for our subscription to the Next year of the World Bank. Both the Fund and the World Ban^Group must have all the resources they need for their work. — And one that will avoid compounding inflation. The oil importing -untries^nd the oil ^^^""c^e. Let me also mention several other steps the United States has taken that will help stabilize the world economy. all contribute to this effort. They ail nave This meeting comes at a critical time for us all. We have adopted a strong anti-inflation program of fiscal and monetary restraint. We have begun a nationwide program to revitalize our industrial base and to accelerate productivity growth. This new increase the portion of our GNP devoted to investment, will reduce inflation, and will restore innovation and vigor to our ec y. We have also put in place a comprehensive program to rebuild our energy base. This new is already bearing fruit In the la t much of the world's needs for coal. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ™, ...»....... xs.“ ”3 future. .......... j...*-*- >. IMF/IBRD 1980 ANNUAL MEETINGS AGENDA ITEM ... THE APPLICATION OF THE PALESTINE LIBERATION ORGANIZATION FOR OBSERVER STATUS DRAFT RESOLUTION The Board of Governors of the International Monetary Fund and The Board of Governors of the World Bank Whereas the Executive Board of the World Bank approved a decision on July 25, 1980 recommending to the Board of Governors a draft resolution on observers for a vote without meeting, Whereas the Executive Board of the International Monetary Fund approved the same decision on July 30, 1980, Whereas the Executive Boards of the International Monetary Fund and of the World Bank took a decision on September 9, 1980 extending the deadline for voting on the draft resolution on observers from September 9, 1980 to September 19, 1980, Whereas the Executive Boards of the International Monetary Fund and of the World Bank took a decision on September 17, and September 18, 1980 denying member countries the right to withdraw their votes under the procedure of voting without meeting, Whereas the above mentioned decisions taken by the Executive Boards of the World Bank and International Monetary Fund on July 25, July 30, September 9, September 17 and September 18, 1980 involve inter pretation of Section 5(b) and Section 13 of the By-Laws of the two ins titutions, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -2Whereas the Board of Governors of the International Monetary Fund and the Board of Governors of the World Bank adopted a resolution on observers on September 19, 1980, Whereas Article IX(b) of the World Bank’s Articles of Agreement and Article XXIX(b) of the Fund’s Articles of Agreement give any member country the right to seek interpretation from the Board of Governors, Whereas the Arab Governors of the World Bank and IMF require that the questions of interpretation involved in and raised by the above mentioned decisions of the Executive Boards and the Resolution of the Boards of Governors of September 19, 1980 be referred to the Boards of Governors pursuant to Article XXIX(b) of the Fund’s Articles of Agreement and Article IX(b) of the Bank’s Articles of Agreement. Resolve To establish a Committee on Interpretation pursuant to Article XXIX(b) of the Articles of Agreement of the International Monetary Fund and Article IX(b) of the Articles of Agreement of the World Bank in order to give a proper interpretation of Section 5(b) and Section 13 of the By-Laws of the two institutions and other related provisions and to determine the effect such interpretation might have on the validity of the decisions taken by the Executive Boards on July 25, July 30, September 9, September 17 and September 18, 1980, as well as the effect it might have on the validity of the resolution adopted by the Boards of Governors on September 19, 1980. 2. To defer action on the draft resolution adopted by the Boards of Governors on September 19, 1980 pending the report of the Committee on Interpretation. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis September 28, 1980 BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Press Release ' October 1, 1980 HOLD FOR RELEASE UNTIL DELIVERY Statement by the Hon. SHEIKH MOHAMMAD ABAL-KHAIL, Minister of Finance and National Economy and Governor of the Fund and Bank for SAUDI ARABIA, at the Joint Annual Discussion The rate of expansion in world trade has declined substantially, largely as a result of reduced growth of output in industrial countries, but reinforced by sluggish demand in most developing countries, uncer tainties in exchange markets, and due to increasing protectionist ten dencies. And the world economy continues to be characterized by high rates of inflation, a slowdown in output, uncertainties in the interna tional oil market, and persistently large external imbalances. The state of the world economy and its near-term outlook are the consequence of a number of different factors. I shall comment on these factors, and on the role of the major country groups, and on what the IMF and the World Bank can do to reverse present trends. In the industrial countries, the continued fight against inflation, a necessary step to revive domestic growth and to achieve international equilibrium, although aggravating unemployment, is beginning to show results. Restrictive monetary policy in a number of countries has not only squeezed domestic credit, but has also contributed to a slowdown in global economic activity, and to the widening of interest rate differ entials, with important repercussions on exchange rate movements and capital flows. While restrictive demand management policies in industrial countries are in the right direction, there is a clear need for both changing the emphasis on these policies and complementing them with other measures to stimulate the supply side of the economy. In particular, the need to reverse the recent deceleration in productivity growth requires a variety of measures over the medium term, including investment incentives, in creased research and development, and measures to increase competition and eliminate market imperfections. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 2 - Press Release No. 39 Sustained growth of productivity needs to be viewed in relation to investments associated with global structural adjustment programs. In many industrial countries, resistance to such unavoidable adjustment remains strong, allowing uncompetitive industries to continue operating through subsidies, tariffs, and other protectionist measures. Increased efficiency of resource allocation in the present circumstances can be greatly facilitated through the immediate recognition and gradual adoption of necessary structural changes. I need hardly emphasize that in these efforts to increase productivity and to restructure various sectors, energy conservation should be given particular attention. Energy prices should be appropriately adjusted to induce the development of energyefficient machines and efficient industrial processes. The reorientation of industrial countries' policies in this direction, while beneficial to themselves, would also be globally constructive and helpful to developing countries. The continued state of sluggish economic activity and disruptive inflationary expectations have had particularly serious consequences for developing countries. The primary objective of maintaining satisfactory growth in developing countries has been made all the more difficult because of persistent deterioration in the terms of trade, stagnation in aid flows, reduced import capacity, rising protectionist tendencies, and an unfavor able foreign debt profile. High rates of inflation in these countries have not only acted as a deterrent to domestic savings, but the resultant restrictive measures have led to severe constraints on investment, pro duction, and consumption. Both the actual and the prospects for growth of the low-income coun tries remain disheartening. GNP per capita grew at an average annual rate of 2.9 per cent during the decade of the 1970s for all developing countries. The performance of economies of low- and middle-income coun tries in Africa, Asia and the Middle East was even more unsatisfactory. The total external public debt of developing countries grew fourfold during 1972-78, with a greater percentage of earnings from their exports going toward debt service payments. The latest World Development Report projects a per capita growth rate of 2.5 per cent growth after 1980 in industrial countries, as com pared with 1 per cent per annum in low-income countries. It should be realized, however, that in 1980 the industrial countries have a per capita income of $9,684, while the average income of low-income countries is $216. Therefore, the per capita income of the first group would in crease by $242 per year, while that of the other would increase by a mere $2. The expected annual incremental increase of per capita income in the industrial countries is by itself larger than the basic level of per capita increase of the poor countries. These are only statistical aggregations and averages which hide the shocking fact of 800 million people living in absolute poverty in Asia, Sub-Saharan Africa, Latin America and in the Middle East. This condition of life is characterized by malnutrition, illiteracy, disease, high infant https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 - Press Release No. 39 mortality and a short life expectancy so as to be beneath any rational definition of human decency. We consider the existence of a large number of human beings in this state of poverty as a stigma on the conscience of the international community. Yet, unfortunately, the response of the international community to the challenge has been far from satisfactory. There is clearly a need for adjustment in most of these countries to achieve a viable external position. However, because of the magnitude of the task, a meaningful and effective adjustment, without sacrificing development goals and lowering consumption even further, would be only possible with a substantial increase both in financing and in the transfer of resources. In this context, it is estimated that countries with per capita incomes below $520 will need annually about $40-50 billion (in 1980 U.S. dollars) in the 1980s to achieve the United Nations’ Second Devel opment Decade's target of 3.5 to 4 per cent growth in per capita income. These required financial flows are far in excess of expectations. Official development assistance is one of the most effective in struments for transferring resources on concessional terms to support the development programs of low-income countries. The performance of the developed countries in this area continues to be dismal. Official development assistance from OECD countries has declined from 0.49 per cent of GNP in 1965 to 0.34 per cent in 1979 and is projected to stagnate at about this level through the 1980s. There are also qualitative limita tions in OECD aid. Most of the aid is tied to procurement from OECD countries. Only 40 per cent of OECD aid goes to the poor countries. Such aid performance is unfortunate given the fact that each dollar of tied aid from major industrial countries results in a $2-3 increase in the GNP of OECD countries. In contrast to this, the development assistance from Arab countries is untied and far exceeds the UN target of 0.7 per cent of GNP. As proportion of GNP, the OECD estimates that aid from Arab oil exporters accounted for 2.55 per cent in 1978. For some individual donor countries, the proportion was substantially higher. Most of this aid goes to the poorer countries, which in turn is largely directed to accommodate pur chases from industrial countries. These contributions by Arab countries became even more impressive when it is noted that their per capita income is approximately one-third that of the OECD countries. Moreover, in assessing our aid contributions, the nature of our economies should be kept in mind. On the one hand, for most Arab oil producers, oil and associated gas are the only significant natural resources. Agricultural potential is limited by geographic, climatic, and human factors. We are confronted with the uncertain out come of transforming oil wealth into productive assets with which to sustain our economies, while satisfying world energy requirements. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 4 - Press Release No. 39 In the short and medium terms, depletion of oil wealth will, in terms of traditional accounting methods, result in oil revenues and thus in high levels of current GNP, and depreciating foreign exchange reserves However, if the depletion of oil does not result in the development of a productive non-oil sector, then current GNP will be derived from a depletion of oil wealth: a process which is unsustainable in the long run. In other words, exports, GNP, and the external position of oil exporters are not comparable to that of economies where output is a flow derived from a sustainable productive base with exports and external position being by-products. In the case of oil exporters, exports and external surplus are not a flow but are instead derived from an exchange, or transformation, of a nonrenewable asset. Thus potential GNP is maintained if oil is not extracted, or if extracted oil is transformed into other capital. A satisfactory transformation requires the condition that the present dis counted value of the transformed capital (net of depreciation) is equal to the discounted value of the oil had it not been transformed. On the other hand, the industrial countries have diversified economic bases, with the ability to produce output on a sustainable basis. Yet, these countries which face a more certain and prosperous economic future, provided in aid a much lower proportion of their GNP. The Arab countries are faced with the same difficulties as other developing countries. The Arab oil producers have made a sacrifice by exporting more oil than is needed to satisfy domestic financial require ments. Although we have done so in a cooperative response to the chal lenge of international energy requirements, we have become an easy target for blame. Inflation in the world is blamed on oil exporters. This is a mis leading simplification. Inflation is by definition the change in the price level as opposed to the price level itself. Thus an increase in the price of oil could only affect inflation over a limited time period. Undoubtedly, inflation in the industrial countries was at a substantial rate before the oil price increases of 1978-80. It is noted in the 1980 Annual Report of the IMF, that inflation in industrial countries was at 7 to 8 per cent per annum from 1976 to 1978, a period during which oil prices were declining in real terms. Although the 1978-80 increases in oil prices have had an effect on inflation, it has been a small one. However, political rhetoric has exaggerated the effect. The IMF, in its 1980 Annual Report, estimates that the 1978-80 oil price increases will add roughly 2 1/4 per cent to inflation in 1979 and in 1980. This estimated 2 1/4 per cent contri bution to inflation is due to price increases of oil from all sources, OPEC and non-OPEC, whether domestic or imported. In fact, on this basis, the inflationary contribution of OPEC oil would be around 1 per cent in 1979 and 1980. It should be noted that this is a one-time effect; namely, inflation in 1981 cannot be attributed to oil price increases during the preceding years. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 5 - Press Release No. 39 This limited impact of around 1 per cent is to be compared to an annual rate of inflation of about 14 per cent in the industrial countries in the first half of 1980. The high rate of inflation is in large part due to a fall in the growth of productivity below its historical trend. This development is unrelated to oil prices but is due, among other factors, to a general decline in the ratio of investment to GNP, changes in the composition of the labor force, and changes in work practices. Oil price adjustments have also been isolated by the industrial countries as the source of the increase in the deficit of the developing countries. Developing countries have historically experienced a shortage of foreign exchange due in part to their own limited capacity to produce exportables, to their low level of income, to protectionist measures and due to the ever-increasing cost of imported machinery and manufactured goods. At the same time, exports of developing countries have suffered as a result of economic conditions and policies of the industrial coun tries. Since 1974, although the current account of developing countries has deteriorated, its causes should be seen in a multilateral trade setting; isolation of one item on the import account is of little economic significance. Oil imports, even in 1980, are a fraction of the total im ports of developing countries. The IMF staff in their 1980 World Economic Survey, estimated that oil imports, even after the recent increases of oil prices, represent on average roughly 20 per cent of all imports for developing countries in 1980. For the vast majority of developing countries, this ratio is in fact under 10 per cent. Nonetheless, oil price increases clearly add a burden to oil importing developing countries; but as mentioned earlier, oil price increases can be moderated by market forces if the industrial countries, the largest consumers of oil, reduce their demand. Moreover, over the period 1978-80, the IMF estimates that the price change compo nent of non-oil imports of developing countries is expected to be around $50 billion—a figure substantially in excess of the impact of oil price increases on these countries. This proves that oil imports have had a limited impact. In fact, export price increases from industrial countries are the major contributing factors to the deterioration of the external position of these developing countries. The burden of financing and servicing the deficits of developing countries has been further aggravated by inflation and by increasing rates of interest in the western world, with the six-month LIBOR dollar rate, which accounts for the bulk of the funds in the international capital market, rising from 5.5 per cent at the end of 1976 to over 20 per cent in April 1980. The negative effect of higher debt service payments in 1979, resulting from higher interest rates, was on the order of 8 per cent of export earnings of a large majority of developing countries. This figure is in the same order of magnitude as that of the effect of oil price increases on these countries. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 6 - Press Release No. 39 Current economic difficulties call for cooperation. The IMF and World Bank can and should, in this regard, play a decisive role. On the one hand, the Fund should support adjustment programs of members on a larger scale within a medium-term context, while coordinating its recom mendations, where appropriate, with the Bank. On the other hand, the Bank should step up its support for structural adjustment lending and for the long-term development of its members. The IMF has shown more awareness of the need for policy changes and a readiness to assume a greater role as warranted by changing conditions. The proposed enlarged access to Fund resources, with the introduction of more flexible conditionality, is an important step to supplement the efforts of national authorities in tackling the problem of payments im balances, through an appropriate mix of financing and adjustment. The emphasis, in coordination with the Fund, on supply-oriented structural adjustment programs with larger resources, a longer time framework and gradual implementation of such programs, together with a degree of relax ation in pre-conditions, are welcomed. In this process, developing coun tries should share a part of the burden of adjustment. But, while financing and adjustment have to go hand in hand, particular consideration should be given to the special circumstances of individual members. Enlarged access will become more meaningful when the resources of the Fund are enhanced. In this regard, the Seventh General Review of Quotas will hopefully become effective immediately. Moreover, advancing the date and the expeditious completion of the Eighth General Review of Quotas, with realistic selective adjustment in quotas, should also make a positive contribution to the overall liquidity of the Fund. We welcome the proposed Subsidy Account and hope that the sources of financing will soon make the Subsidy Account operational. There is broad agreement that a part of the proceeds from Trust Fund repayments would be a major source of financing for the Subsidy Account. It would have been our preference to continue the operation of the Trust Fund for the benefit of low-income developing countries and to finance the subsidy from widespread donations. However, in view of the unsatisfactory re sponse from the industrial countries, we would like to emphasize that the balance of Trust resources, as a second-best solution, should be used for the exclusive benefit of the low-income countries on the same criteria as those governing the Trust Fund. The developing countries have stressed the need for Fund assistance to members adversely affected by higher food import costs. It is encou raging to note that this request is receiving sympathetic consideration. This proposal should be supported by the entire membership of the Fund. An early finalization of arrangements to meet such a request would be most helpful. In our view, an appropriate solution must incorporate a significant element of additionality, without conditionality. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 Press Release No. 39 The Program of Immediate Action signifies the concerns of the Group of Twenty-Four for a fundamental reform of the international monetary system, particularly those features which are of basic interest to devel oping countries: (1) to effectively control the creation of international liquidity; (2) to ensure symmetrical adjustment; (3) to promote more stable exchange rates; (4) to enhance the transfer of real resources; and (5) to give developing countries an effective voice in decision making at the Fund and at the Bank. Since Bretton Woods, there has not been any sustained and compre hensive effort to reform the international monetary system to cope with new situations and emerging problems. Instead, the process of reform has been replaced by ad hoc measures. It is time to resume the unfinished task of fundamental international monetary reform. As the G-24 Program of Immediate Action is a serious attempt in this direction, we strongly support its implementation. While all the action areas contained in the Program are important, I shall limit my remarks to a few. At the time of the initial allocation of SDRs, it was hoped that continuous efforts would be made on the international level to make the SDR the centerpiece of the international monetary system. Unfortunately, these hopes have not materialized. In our view, regular allocations of SDRs and improvements in its characteristics are necessary for progress in this direction. The need for increased allocation of SDRs is clearly indicated by the declining ratio of SDR holdings to total reserves, by the general increases in price, by the expansion of world trade, and by the magnitude and distribution of existing and potential payment imbalances The question of the link has been with us for a number of years. The case for an SDR link is predicated, among other things, on: (1) supplementing the process of resource transfer to developing countries; (2) improving the quality of aid; (3) promoting trade and development; (4) contributing to the adjustment process; and (5) on grounds of fair ness and equity, arriving at a better distribution of SDRs than that based on unrealistic quotas. Because of the trends and prospects of aid flows, the present and likely size of payments deficits of many developing countries and the poverty facing a large number of countries, the case for an SDR link has never been stronger. The fears that an SDR link would undermine confidence in the SDR and erode its monetary character have been exaggerated, especially after improving the quality and the yield of the SDR. To enhance the role of the SDR, improvements in its characteristics are needed. Foremost is an increase in the SDR rate of interest and the elimination of the remaining reconstitution requirements. If the SDR rate of interest is increased toward the market level, a modified system for distributing SDRs should be acceptable to industrial countries as they would no longer be subsidizing net users of SDRs. However, from the viewpoint of developing countries, even with an increase in the SDR rate of interest, they would still benefit through a larger allocation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 8 - Press Release No. 39 of SDRs. Many developing countries have little or no access to interna tional capital markets. Thus, they are unable to borrow to supplement their reserves. For other more fortunate developing countries, who have access, the cost of borrowing may be substantially higher than that of the full weighted basket rate of the SDR. Thus, an increased allocation of SDRs to developing countries would implicitly permit these countries to have access to borrowed reserves on a basis approaching that available on international capital markets to developed countries. An increase in the SDR rate of interest should be coupled with measures to enhance the Fund’s income position in order to hold down the level of charges, an inducement for members to approach the Fund at an early stage. The International Monetary Fund has not evolved to reflect the changing economic and political circumstances of members. Improvements in the overall size of quotas and their distribution deserve priority attention. It is regrettable that, over the years, the increase in the overall size of quotas has not kept pace with relevant economic indicators Changes in the quotas of member countries do not reflect corresponding changes in the world economic situation. Over the years, the basic for mulas to determine a member’s quota have essentially remained unchanged. Furthermore, the resistance to any downward adjustment of quotas, even when indicated by the application of such formulas, has made the present quotas increasingly unrepresentative of members' relative positions. It is, therefore, imperative that at the time of the Eighth General Review of Quotas, which should be advanced, the relevant formula and the basis for determining the quotas should be revised to reflect the changes in the world economy. In particular, selective adjustment should be made to reflect the economic position of individual countries. In considering the appropriate level of quotas for developing coun tries, it should be kept in mind that most of these countries do not have easy access to commercial credit. Therefore, higher quotas and concommitant larger drawings on Fund resources would encourage these countries to approach the Fund at an earlier stage and to adopt necessary adjust ment policies. For many members, particularly for the Arab oil exporters, quotas are seriously out of line with their economic position. The ratio of their actual to calculated quota is significantly less than that of all other countries. Several countries within this group have expressed their dissatisfaction with this state of affairs. Raising the quota share of major oil exporting countries will: (1) promote a desired and necessary balance; (2) increase the overall quota share of developing countries; and (3) add significantly to Fund resources, thus enhancing its ability to provide balance of payments assistance. Let me now turn to the policy role of the Bank. We believe that the World Bank, because of its broad commitment to fostering the devel opment process, has an increasingly important role to play. The Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 Press Release No. 39 should be in a position to mobilize additional resources to respond to new needs, such as acceleration of financial flows for structural adjust ments, and investments in energy development. Most bilateral and multinational aid financing is available for only project loans. But project loans are disbursed slowly and are, therefore, inefficient in facilitating an adequate transfer of resources. What is needed are flexible funds which are not tied to specific projects, that is, program lending. The Bank has responded to demands for increas ing program lending by introducing lending for structural adjustment. In principle, this is a step in the right direction. The current amounts earmarked, that is $600-800 million during the present fiscal year and rising to a limit of $1,500 million in fiscal 1982, are inadequate for the structural adjustment needs of developing countries. However, this facility should be based on additionality of resources. Moreover, we hope that the conditionality of this kind of loans would accommodate social aspirations and political realities of the recipient countries. The establishment of an ’’energy affiliate” to assist the developing countries in the development of their energy resources is widely supported. The exact modality of such an institution has not yet been spelled out. It is clear, however, that the proposed affiliate should reflect the economic realities of the present world in its capital and voting structure We are fully prepared to participate with others in a discussion to look into all aspects of the proposal. We also support the modification of the gearing ratio of the World Bank. Because an expansion of the gearing ratio would not impose any immediate burden on the budgets of member countries, the proposal should be evaluated on its impact for the credit standing of the World Bank. We are confident that the excellent credit rating of the World Bank in the world financial markets would not be impaired by an increase in the gearing ratio. The Arab countries stand ready to participate in any concrete program of action designed to eradicate poverty, develop energy resources and accelerate development. Such contributions can be effective only if in dustrialized countries bear a fair share of the burden. To effectively implement these policies in a cooperative approach, a greater role for developing countries in the decision-making at the Fund and the Bank is necessary, and must be viewed in the wider context of the desired reform of the international monetary system. Although representing 85 per cent of the membership, the developing countries have no effective say in policies and, in fact, continue to be on the receiving end, and at times victimized by the outdated structure of economic and financial relationship In this regard, I would like to highlight some areas that deserve immediate attention from the Boards of the Fund and the Bank: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 - Press Release No. 39 (1) In the view of many, including ourselves, it is neither neces sary nor desirable—as a matter of principle—that a single country should have veto power on the important decisions of the IMF or the World Bank. Therefore, special majorities need to be reformulated so that no single member can exercise a veto power. While at present the special majority requirements can enable the developing countries to exert some influence, it does not enable them to translate their initia tives to programs or policies that they consider to be in their interest, as well as in the interest of the international community. (2) The importance of basic votes has greatly diminished over time. More importantly, the provision for basic votes was adopted as a compro mise, but basic issues were not resolved. The diminution of the basic votes, in relation to total votes, has in fact worked to the advantage of those favoring a voting system based on shareholding. Indeed, when ever a reduction in the voting power of major shareholders occurred, the level of special majority requirement was raised so as to preserve the special privileges enjoyed by those major shareholders. It is necessary to increase substantially the number of basic votes. (3) Regarding the representation of developing countries on the staff, we endorse the two principles embodied in the Articles of Agreement with respect to the allegiance of the staff to their institution, and the recruitment of personnel on as wide a geographic base as possible. The strict adherence to law and the impartiality of the management and the staff are the major guarantees for the rights of the small and weak members. While the number of staff from developing countries has increased over time, the association and participation of individuals from developing countries in the process of policy formulation has not been sufficiently promoted. It would be imperative to increase the number of appointments from devel oping countries at middle and upper levels, to bring staff with several years of work experience in developing countries, and to widen represen tation of differing educational backgrounds. Before I end my statement, I would like to refer to the subject of inviting the PLO to attend the Annual Meetings as an observer. The Arab countries have asked to include this item on the agenda. It is important to point out that this issue would have been included on the agenda by other members in case the PLO was allowed to attend. The regular procedures that were followed previously to invite ob servers should have been adhered to but this was not the case. These two institutions were, unfortunately, used as a political tool which transformed ordinary procedures of inviting observers into a series of political pressures. This was done in order to reach the minimum number required. This practice leads to the weakening of the legal structure of the overall relationships among members, which have been created in the framework of these institutions. Our concern for the legal foundation and well-being of these two institutions leads us to draw the attention to the dangers of these practices. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 - Press Release No. 39 The Arab Governors take this opportunity to express their sincere appreciation and gratitude to the more than 65 countries who have not participated in the adoption of this politically inspired resolution. Those countries have confirmed their intentions to protect the legal foundations of the IMF and the IBRD. In conclusion, the prevailing economic conditions demonstrate one undeniable fact on which we can all agree. We live in an interdependent world where our destinies are inextricably linked. These generally dismal conditions and prospects in our fragile world require cooperation on an unprecedented scale. A special responsibility rests with the industrial countries who, by controlling inflation, countering trends, reducing protectionist barriers, and by increasing the outflow of direct invest ment, as well as official assistance, can contribute to a reduction of the hardships of developing countries. The spirit of cooperation demon strated by the Arab countries reflects their conviction that the overall deterioration in the world economic situation and the grim prospects for the near future call for a joint effort from the various country groups, with mutual reinforcement of policies as well as an underscoring of the need for effective cooperation at the international level. I have tried to paint a broad picture of our interdependent problems and to present appropriate policies for members and our two institutions in order to reverse prevailing and projected dismal economic conditions. Instead of political rhetoric, international understanding and cooperation are called for on an unprecedented scale if we are to improve economic conditions for all. These meetings provide us with one avenue. Other channels also exist. Unfortunately, it is not the lack of appropriate fora for such deliberations that limits the international progress. It is, instead, an absence of political will, and of statesman-like approach toward the long-term survival of our planet. Today, we urge the entire membership to commit themselves to a cooperative endeavor to achieve sustained progress for all. For our part, we are willing to pursue any and all available channels to achieve this illusive goal. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SUGGESTED POINTS FOR SECRETARY MILLER’S PRESS BRIEFING OCTOBER 1, 1980 INTRODUCTION 1. Welcome. Would like to take a few minutes to provide a preview of my statement later this morning. Then will be pleased to respond to questions. 2. Meetings take place at a time of extraordinary difficulty for the world economy. -- Unsatisfactory growth. -- Unacceptably high inflation. -- Low productivity and capital stocks threatened with obsolescence by world energy developments. -- Massive payments imbalances and financing needs. 3. The international financial institutions -- the IMF and the World Bank -- are in the forefront of efforts to deal with current economic problems. My statement will focus on the complementary tasks faced by the institutions. -- The Fund to provide a blend of balance of payments financing and adjustment. -- The World Bank to assist developing countries to restructure their economies. INTERNATIONAL MONETARY FUND 4. The IMF faces three closely related tasks: -- To improve the Fund’s ability to provide financing to countries undertaking difficult adjustment efforts. -- To provide a greater role for the SDR and progress toward an SDR-centered international monetary system. policies. --To strengthen Fund surveillance over members’ 5. The IMF is positioning itself to play a potentially major role in recycling by: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 -- Providing more money. -- Permitting more gradual, less disruptive and thus more politically acceptable adjustment. -- Establishing an interest subsidy for the poorest countries on the IMF's highest cost financing. -- Focusing on measures to promote savings, investment, import replacement, and exports. 6. The Fund is presently in a satisfactory position to meet expanded calls on its resources and will receive a further injection of resources from the pending quota increase. The Congress is in the final stages of consideration of legislation increasing the U.S. quota in the IMF and we are hopeful that final action will be completed shortly. 7. But potential demands on the IMF are enormous. As a precaution, the U.S. supports the efforts by the Managing Director to explore the possibility of IMF borrowing from surplus countries and from the private markets. 8. IMF borrowing from private markets raises the prospect of greater private use of SDR denominated assets The decision to adopt a currency basket for SDR valuation should greatly simplify the SDR and facilitate its use. The U.S. supports further steps to promote the role of the SDR including raising the SDR interest rate to the full market value, eliminating the residual reconstitution requirement, and resuming discussions on the "International Monetary Reserve Account" (i.e., the so-called substitution account). 9. Finally, the IMF will be preparing an analysis of the need for SDR allocations in the 1982-84 basic period, and we expect to have a proposal from the IMF Managing Director for consideration at the next Interim Committee, May 21, in Gabon. WORLD BANK 10. The World Bank is also moving on a number of fronts to deal with the plight of developing countries. The U.S. strongly supports the expansion of World Bank lending and the new directions it is taking. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 -- The Bank currently plans to commit about $14 billion for energy development between FY 1981-85, which represents a 13 percent increase over previously planned programs. We support the Bank's search for additional ways to further expand energy development in its borrowing countries, -- A new program of lending from structural adjustment is being implemented, which will amount to $600-800 million this fiscal year. 11. Additional funding efforts are underway for both the IBRD and IDA. These increases are necessary to continue lending programs. The General Capital Increase will add about $40 billion to the Bank’s capital and the 6th replenishment of IDA will provide an additional $12 billion for concessionary loans to the poorest countries. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INTERIM COMMITTEE COUNTRY PERSON Saudi Arabia Jalal (for Abalkhail) Iraq Najafi Italy ? Argentina Diz Ni geria Essang Belgi um Hatrey New Zealand Muldoon (for Australia) UK Howe Mexico Ibarra Germany Matthofer US Miller France Monory A1geria Mostefai Denmark Norgaard Malasia Razalei gh-Hamzah Za i re Sambwa Netherlands Vandesteg India Venkataraman Japan Watanabe Canada MacEachen Brazil Galveas https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Baffi FOR IMMEDIATE RELEASE DEVELOPMENT COMMITTEE JOINT MINISTERIAL COMMITTEE OF THE BOARDS OF GOVERNORS OF THE BANK AND THE FUND ON THE TRANSFER OF REAL RESOURCES TO DEVELOPING COUNTRIES 1818 H Street, N.W., Washington, D.C. 20433 Telephone: (202) 477-1234 September 29, 1980 PRESS COMMUNIQUE 1. The Development Committee held its fourteenth meeting in Washington, D.C. on September 29, 1980 under the Chairmanship of Mr. Cesar E.A. Virata, Minister of Finance of the Philippines, and with the participation of Mr. R.S. McNamara, President of the World Bank, and Mr. J. de Larosiere, Managing Director of the International Monetary Fund. Mr. M.M. Ahmad, Interim Executive Secretary, took part in the meeting, which was also attended by representatives from a number of international and regional organizations and Switzerland as observers. 2. The Committee discussed development policy issues and financing require ments in the light of the current and projected international economic situation. It considered medium-term prospects for the world economy and particularly their impact on the oil-importing developing countries. The Committee also reviewed relevant issues with respect to the Group of Twenty-Four Program of Immediate Action and the recommendations of the Brandt Commission. 3. The Committee noted with concern that the medium-term prospects for the world economy are now Judged to be more unfavorable than they were a year ago. Because of sustained higher real costs of energy and other factors, the expected slow growth in industrial countries threatening the expansion of world trade, combined with persistent high rates of inflation, and possible constraints on capital flows, particularly on concessionary assistance, oil-importing developing countries as a group are expected to face serious and prolonged pay ments imbalances. According to the Fund’s latest projections, the current account deficits of these countries are expected to rise from $56 billion in 1979 to $72 billion in 1980 and around $80 billion in 1981. U. The Committee recognized that successful adjustment by the oil-importing developing countries to the new international environment should contribute to achieving significantly better growth rates in these countries; on this basis, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 2 - a growth rate in excess of 3 per cent could well be attainable in the second half of the decade. The Committee stressed, however, that such an adjust ment effort would require strong resource support from industrialized countries and from oil exporters. The Committee encouraged efforts by industrial nations to ensure that, in formulating their own adjustment policies, they take effective measures to conserve energy and do not adopt measures restrict ing trade or capital flows which might worsen the position of developing coun tries. The Committee recognized that developing countries would have to take measures to stimulate exports, expand production of new energy sources and economize the use of energy in relation to their industrial growth, and improve the efficient use of capital, human resources and imports, in order to achieve maximum rates of growth in the context of the changed international economic situation. The Committee stressed that it was of the utmost impor tance to ensure that increased external capital flows be made available to the oil-importing developing and especially to the least developed and other low-income countries, in support of these efforts. 5. The Committee noted with particular concern that the growth prospects of the low-income countries, especially Sub-Saharan Africa, are bleak. It also viewed with deep concern the particularly difficult situation of the least developed and other low-income countries which face large financing needs to meet investments required in agriculture and infrastructure, includ ing longer-term adjustments in investment programs to higher energy costs and changes in comparative advantage. These countries have limited capacity to generate domestic savings, and large borrowing on non-concessional terms, even if possible, could further jeopardize their future development because of too rapid build-up of debt service payments. Increased concessional assistance is therefore required both from capital surplus and industrial countries to avoid declines in already unsatisfactory growth rates in these poor countries. 6. The Committee felt that it would be consistent with the objectives of the various donors to increase the amount and proportion of bilateral assis tance going to the least developed and other low-income countries. The Committee suggested also that donor countries might examinp the budgetary implications of setting aside the equivalent of a modest proportion of future GNP increases to facilitate more rapid progress toward the 0.7 per cent GNP target for ODA by countries that have not yet attained this level in their official development assistance. The Committee also recognized the impor tance of mobilizing public opinion in favor of official development assis tance. In considering these and other suggestions in the Bank paper on the volume and quality of concessionary assistance, the Committee requested that a continuing study be undertaken. 7. The Committee welcomed the active consideration that is being given by both the Bank and the Fund to specific recommendations of both the Group of Twenty-four Program of Immediate Action and the Brandt Commission with respect https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 - to measures to enhance the flow of resources to developing countries. It stressed that the Brandt Commission proposals on reduction of poverty receive special attention. The Committee also endorsed the action of the Interim Committee as reflected in their communique. 8. The Committee, noting the urgent need to expand investment in energy development in oil-importing developing countries, welcomed the Bank’s initiative to examine the possibility of establishing an energy affiliate or facility to promote expansion of its lending operations in the energy sector. It urged the continuing process of consultations be brought speedily to a successful con clusion. 9. The Committee welcomed the progress which has been made by the Fund in adapting the compensatory financing facility to meet more adequately the needs of countries with export shortfalls and decided to pursue the matter of the export earnings stabilization programs based on the comprehensive study being prepared by UNCTAD. 10. The Cnnim-itt.ee emphasized the importance of early action by governments to make the agreed Sixth Replenishment of IDA effective. In addition, con tributors to IDA were urged to participate in the bridging arrangements to provide IDA interim commitment authority pending the effectiveness of IDA VI. 11. The Committee noted the change in the representation of China, and the concomitant increase in demand for the Bank’s financial assistance to support China's development efforts. In addition the Bank faces new requirements for structural adjustment and energy lending. The Committee also observed that previous planning assumptions had been based on lower rates of world inflation than those now prevailing and anticipated for the near future. In view of these factors, the Committee urged the Board of the Bank to explore promptly appropriate ways of expanding the lending capacity of the institution and also to consider ways in which lending in the next fiscal years could be expanded above presently planned levels. 12. The Committee welcomed the extensive work that had been undertaken by the Task Forces on Non-concessional Flows and on Private Foreign Investment; the reports of the Task Forces provided a useful basis for further considera tion of specific proposals to strengthen the functioning of international capital markets and the flow of resources to developing countries. It wel comed the Fund’s active response to the current recycling problems and viewed the Fund’s role as complementary to the role of international capital markets. 13. The Committee reaffirmed the importance of proper supervision in main taining confidence in the international banking system, thereby enabling it to continue as an important channel of funds over the longer term. The Committee endorsed the conclusion of the Task Force on Non-concessional Flows https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - U - that such supervisory activity should avoid abrupt and severe changes which could unduly restrict bank lending to developing countries, and that debt servicing capacity of the borrower should be adequately taken into account in assessing bank portfolio concentration. The Committ.pp also supported the request of the Task Force on Non-concessional Flows to the World Bank for a full study of the various proposals under its consideration. 1^. The Committee noted that further analysis of private foreign invest ment might lead to a better understanding of important factors in both investor and host countries that determine volume and nature of such invest ments. It suggested that the Board of the Bank consider the recommendation of the Task Force on Private Foreign Investment for a study of incentives and performance requirements. 15. The Committee took note of the efforts at the United Nations Special Session to organize global negotiations on the North-South issues and expressed its desire to play a very active role in regard to matters per taining to the IMF and the World Bank within the framework of the UN global negotiations once these negotiations have started. 16. The Members placed on record their special appreciation for the Chair man's long and distinguished service to the Committee. 17. The next meeting of the Committee will be held in Libreville (Gabon) on May 22. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS • 1980 ANNUAL MEETING • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND Fund Document No. 11 September 30, 1980 1980 REGULAR ELECTION OF EXECUTIVE DIRECTORS LIST OF PERSONS NOMINATED FOR ELECTION AS EXECUTIVE DIRECTORS OF THE FUND Name Country Morteza Abdolahi Iran Ariel Buira Mexico Jacques de Groote Belgium Bernard J. Drabble Canada Mohamed Finaish Libyan Arab Jamahiriya Juan Carlos Iarezza Argentina Alexandre Kafka Brazil Byanti Kharmawan Indonesia Semyano Kiingi Uganda Giovanni Lovato Italy Samuel C. Nana-Sinkam Cameroon M. Narasimham India H. 0. Ruding Netherlands Jon Sigurdsson Iceland Robert J. Whitelaw Australia Zhang Zicun China In accordance with the Rules of Election adopted by the Board of Governors, the nominations were closed at twelve o’clock noon, September 30, 1980. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /s/ Leo Van Houtven Secretary BOARD OF GOVERNORS • 1980 ANNUAL MEETING • WASHINGTON, D.C. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Bank Document No. 5 _ _ _ _ _ - . - —... .. ... _ _ _ _ _ _ _ _ _ _ Corrected . _ September 30, 1980 1980 REGULAR ELECTION OF EXECUTIVE DIRECTORS LIST OF PERSONS NOMINATED FOR ELECTION AS EXECUTIVE DIRECTORS OF THE BANK Name Country Y. S. M. Abdulai Nigeria Zain Azraai Malaysia David Blanco Bolivia Guillermo Alberto Constain Colombia Jacques de Groote Belgium Earl G. Drake Canada Said El-Naggar Egypt, Arab Rep. of Ismail Khelil Tunisia Wang Liansheng China Anthony I j. A. Looijen Netherlands Hans Lundstrom Sweden Stanley A. McLeod New Zealand Joaquin Muns Spain Giorgio Ragazzi Italy H. N. Ray India Armand Razafindrabe Madagascar In accordance with the Rules of Election adopted by the Board of Governors, the nominations were closed at twelve o’clock noon, September 30, 1980. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /s/ T. T. Thahane Vice President and Secretary Press Communique of the Interim Committee of the Board of Governors on the International Monetary System 1. The Interim Committee of the Board of Governors of the International Monetary Fund held its fifteenth meeting in Washington, D.C. on September 28, 1980. Mr. Hannes Androsch, Vice Chancellor and Minister of Finance of Austria presided over the meeting in the absence of the Chairman of the Committee, Mr. Filippo Maria Pandolfi, Minister of the Treasury of Italy. Mr. Jacques de Larosiere, Managing Director of the International Monetary Fund, participated in the meeting. The meeting was also attended by: Mr. G. D. Arsenis, Director of Money, Finance and Development Division, UNCTAD; Mr. Alexandre Lamfalussy, Economic Adviser and Head of the Monetary and Economic Department, BIS; Mr. Emile van Lennep, Secretary-General, OECD; Mr. F. Leutwiler, President, Swiss National Bank; Mr. M. G. Mathur, Deputy Director-General, GATT; Mr. Robert S. McNamara, President, IBRD; Mr. Cyrus Sassanpour, Head, International Money and Finance Unit, OPEC; Mr. Francois-Xavier Ortoli, Vice-President, CEC; Mr. Jean Ripert, Under-Secretary-General for International, Economic and Social Affairs, UN and Mr. Cesar E. A. Virata, Chairman, Development Committee. Mr. Wang Weicai, Vice-President, Bank of China, also attended. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 2. The Committee discussed the world economic outlook and the policies appropriate in the current situation. Noting that the key features of the world economic situation had not changed much since its April meeting in Hamburg, the Committee was again concerned particularly with two problems: worldwide inflation and the external payments imbalances of non-oil developing countries. The Committee remained convinced that the top priority being given in many countries to the fight against inflation must not be relaxed. Reduction of inflation and inflationary expectations was considered neces sary for the restoration of conditions for better investment performance and sustained economic growth. Although recognizing that slow growth of output is a key feature of the current situation, the Committee cautioned against any premature shift to expansionary monetary and fiscal policies. It stressed that the broad objective must be to establish the basis for sustained growth and improved employment prospects, with relative price stability over the longer run. The Committee noted the dramatic increases in the deficits of the non-oil developing countries and expressed concern about the problems of financing such deficits, especially in the case of the low-income countries. The Committee foresaw a great and urgent need for more official development assistance to the latter countries from the industrial and oil exporting countries. This need reflects the inadequacy of the current flow of imports to low-income countries, the erosion of their external financial positions in obtaining even this flow, their limited access to international financial markets, and their requirements for sustained rates of growth. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 For developing countries, the Committee attached importance to ade quate access to markets for their exports. Industrial countries were urged to avoid protectionist measures and to maintain or expand the great advantages — for themselves, as well as for many developing countries—provided by an open trading environment. Noting that many developing countries will continue to need large amounts of external credit on market terms, the Committee also urged industrial countries to avoid measures that might restrict the access of developing countries to their capital markets. It was observed that a number of developing countries themselves could contribute to maintenance or expansion of the necessary capital inflows by following policies designed to bolster confidence regarding their economic prospects. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 3. The Committee discussed the developments in the Fund’s policies on the use of its resources and the prospects for the Fund’s liquidity. (a) The Committee welcomed the work done by the Executive Board following the agreement reached by the Committee at its Hamburg meeting that the Fund should play a larger role in the adjustment and financing of payments imbalances in prospect for many members of the Fund. Under this policy, various aspects of which will still need to be elaborated by the Executive Board, members of the Fund making strong efforts to correct their balance of payments problems over a reasonable period through the pursuit of sound demand and supply policies would be able to obtain, on appropriate terms of conditionality, considerably larger amounts of assistance from the Fund than were available in the The Committee endorsed the Executive Board’s conclusion that past. amounts up to an annual limit of 200 per cent of quota (excluding uses under the Compensatory and Buffer Stock Financing Facilities) i.e., for a total of 600 per cent of quota over a three-year period, would be a reasonable guideline in the present circumstances. The members of the Committee noted with satisfaction that, on the basis of this policy, the Fund has already agreed to provide large amounts of resources to several members in support of programs that envisage adjustment over longer periods than have been the normal practice hitherto. (b) The Committee agreed that, in order for the Fund to be able to meet requests for assistance under this new policy on the use of its resources, it wil be necessary that the Fund supplement its resources by further borrowing and, in this connection, it welcomed the steps already taken by the Managing Director https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 In view of the magnitude of the expected need, the Committee agreed that the Executive Board and the Managing Director should make, as soon as possible, the necessary arrangements to enable the Fund to borrow from various potential sources of financing, not excluding a possible recourse to the private markets, if this were indispensable. (c) While agreeing that, during the next few years, it will be neces sary for the Fund to resort to further borrowing, the Committee wished to stress its view that the Fund should continue to place primary reliance on subscriptions under members’ quotas as a source of financing of the Fund’s operations. In this connection, the Committee expressed regret at the long delay in the implementation of the quota increases provided for in the Resolution of the Board of Governors on the Seventh General Review. The Committee, noting that 84 members having 58 per cent of the total quotas have already consented to the increases in their quotas under that Resolution and that other members are expected to consent shortly, urged those members that have not yet consented to increases in their quotas, to make every effort to do so as soon as possible. Moreover, it endorsed the intention of the Executive Board to begin preparatory work on the Eighth General Review of Quotas. The Committee noted that this review will be the occasion to reflect in the quotas the developments in members’ positions in the world economy, including a review of the criteria by which quotas are calculated. (d) The Committee welcomed the agreement reached in the Executive Board on the establishment of a Subsidy Account designed to reduce the cost to low income member countries of the use of the Fund’s resources under the Supplementary Financing Facility and the intention of the Board to complete the arrangements for putting such an Account into effect. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In this connection, 6 the Committee noted the view of the Executive Board that a part of the proceeds from repayments of loans by the Trust Fund should be used to provide resources to the Subsidy Account. At the same time, the Committee endorsed the efforts of the Managing Director to obtain voluntary contribu tions to the Subsidy Account, expressed its appreciation to those countries that had announced their intention to make such contributions, and urged all countries that were in a position to contribute but had not yet decided to do so to take such steps as would enable them to make an appropriate contribution to the funding of that Account. (e) The Committee noted that, in response to a suggestion by the Food and Agriculture Organization and the World Food Council, the Executive Board had begun consideration of the question whether the Fund could extend temporary financial assistance to low-income member countries when such countries are adversely affected by a crop failure or a sharp increase in the world price of food items, especially cereals. The Committee further noted that, in the view of the Managing Director, it would be possible to establish, consistently with the Fund's authority and objectives, an arrange ment for such assistance that would have only a limited effect on the liquidity of the Fund. Recognizing the seriousness of the problem faced by these member countries, the Committee urged the Executive Board to give prompt consideration to the matter. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 4. The Committee had a discussion on the recommendations of the Program of Immediate Action of the Group of 24 relating to monetary issues on the basis of a report by the Executive Board, and, in this connection, noted the developments in the policies on the use of the Fund’s resources described in paragraph 3(a) above. It also noted that the Executive Board had initiated an in—depth examination of the issues involved in these recommendations, such as those relating to the SDR allocations, the link between SDR allocations and development finance, and the participation of developing countries in the decision-making in the Fund. The Committee endorsed the view that the important economic develop ments that have taken place should be taken into account in the consideration of further SDR allocations. In this connection, the Committee asked the Executive Board to give active consideration, in the months before the next meeting of the Interim Committee, to the question of the appropriate level of SDR allocations. The Committee noted that due regard would need to be paid to the developments in international liquidity, payments imbalances, and the need for reserves as well as to the importance of strengthening the role of the SDR and its credibility as a reserve asset. The Committee agreed that the Executive Board should carry out a more comprehensive study of a possible link between SDR allocations and development finance. This would need to be considered in the context of the proper role of the SDR in the system and the liquidity needs of the world. On the subject of the participation of developing countries in the decision-making in the Fund, the Committee felt that the matter needed further https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 8 - consideration and noted the intention of the Executive Board to return to this important topic at an early date in connection with the Eighth Quota Review. The Committee urged the Executive Board to pursue its consideration of the remaining issues raised by the recommendations of the Group of 24 with a view to arriving at widely acceptable solutions. The Board should report on these matters at the next meeting of the Committee. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 9 - 5. The Committee welcomed the recent decisions of the Executive Board to simplify the SDR. the currency basket Under these decisions, beginning on January 1, 1981, for the valuation of the SDR will become identical with the one already applied for interest rate purposes. The SDR will, therefore, consist of five currencies, i.e., the U.S. dollar, the Deutsche mark, the French franc, the Japanese yen, and the pound sterling. In view of the Committee, this important action, which gives practical effect to the Committee’s recommendation at its meeting in Hamburg, will further enhance the attractiveness of the SDR and promote its use by private as well as public holders. The Committee also welcomed the increase in the past few months in the number of official institutions that can hold and deal in SDRs. The Committee asked the Executive Board to give early attention to the question of adjusting the SDR interest rate to the full market rate and that of eliminating the remaining reconstitution requirement. The Committee reiterated its intention to continue the study of the subject of the Substitution Account. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 6. 10 - The Comm4tt.ee agreed to hold its next meeting in Libreville, Gabon, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis on May 21, 1981. WARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION Press Release INTERNATIONAL DEVELOPMENT ASSOCIATION Corrected No. 2 September 30, 1980 FOR RELEASE, 11:00 a.m., Washington Time Tuesday, September 30, 1980 Statement by J, DE LAROSIERE, Chairman of the Executive Board and Managing Director of the International Monetary Fund in Presenting the Thirty-Fifth Annual Report of the Executive Directors to the Board of Governors of the Fund Let me begin by joining you in greeting all those assembled here for the Thirty-Fifth Annual Meetings. I should like to welcome the Governors for St. Lucia, St. Vincent and the Grenadines, and Zimbabwe, which have become members since the Annual Meetings last year. I should also like to extend a special welcome to the Governors for the People's Republic of China. The Fund is looking forward to the important contribution which this great country will be able to make to our work. The increase in the quota of the People’s Republic and its representation on the Executive Board by the addition of an Executive Director signal the importance that the International Monetary Fund attaches to its participation. This marks a significant date in the history of our institution. ***** I shall now review briefly the salient features of the present economic situation. I will then outline the main policy measures which need to be undertaken. In the last part of my speech, I will describe how the Fund is adapting its policies to help its member countries meet the difficult economic challenges they face. 1. Major Problems in the World Economic Situation Three problems dominate the state of the world economy: energy, and the plight of the non-oil developing countries. inflation The present level of inflation is intolerable, not because of some theoretical preference, but because it undermines the prospect for medium-term economic growth. In the industrial countries, the average https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 2 - Press Release No. 2 rate of increase in consumer prices from 1979 to 1980 is estimated at 12 per cent. This is greater than the 1979 figure (9 per cent), and is close to the highest in recent history (13 per cent in 1974). The inflation record of the developing countries has been far worse—on average, consumer prices in those countries are expected to rise by 35 per cent from 1979 to 1980. In time inflation destroys the roots of savings and productive investment. Indexing mechanisms engendered by inflation become widespread and elaborate; they accelerate the phenomenon, anesthetize the body politic and the whole society, and postpone the essential policy actions. The primary aim of economic policy must be to bring about and maintain a reduction of inflation and inflationary expectations. It must be recognized that many countries have noticeably tightened their economic policies since we met in Belgrade last year. These coun tries have given top priority to the fight against inflation, and elimination of negative real interest rates in most industrial countries is a sign of this awareness. But the member countries that have taken this firm stance against inflation now face a crucial test. Activity is weakening and unemployment is rising in most of the industrial countries; there is a danger that great pressure may now be exerted on national authorities to relax demand management policies. I come now to the energy situation. If we do not address this problem, directly and comprehensively, we will be encouraging economic instability. No anti-inflation effort, no sustained policy of growth, no plan to organize the world’s monetary system could succeed if the present energy situation were to persist. The problem of energy has become all-pervasive; measures to deal with it must embrace the whole process of formulating and conducting policies at both the national and international levels. The energy problem stems primarily from one fact: the present level of oil consumption greatly exceeds rates of production that appear sustainable in the long run. The implications of this for national policies are of great importance. Most of our countries must speed up the process of adjustment to an age of high-cost energy. They must recognize that oil has become an expensive product and is bound to remain so. This message is underscored by the impact which the steep rise in oil prices during 1979 and 1980 has had on countries’ international payments. The combined current account surplus of the oil exporting countries has gone up from $5 billion in 1978 to about $110 billion in 1980; and, as we look ahead to the next few years, it seems likely that this surplus will prove to be longer lasting than in the 1974-78 period. Unfortunately, it is certain—and I come now to the third problem— that many of the non-oil developing countries, in particular, will continue to be sharply affected by international economic developments. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 - Press Release No. 2 The rise in oil prices has reduced, in some cases massively, the foreign exchange available for their imports of other goods. The growth in their exports has been slowed by anti-inflation policies—albeit justified policies—in the industrial countries and by the depressive effects of higher prices of energy in those countries. We are projecting a current account deficit of $80 billion for the non-oil LDCs in 1981—higher than this year and more than twice as large as their combined deficit in 1978. For developing countries where levels of per capita income are already close to the margin of human subsistence, these depressive forces could prove disastrous. Our estimates and projections for the non-oil developing countries distinguish a low-income subgroup whose current situation is already very serious. This subgroup comprises 39 countries YJ whose per capita GDP in 1977 did not exceed the equivalent of US$300; 38 per cent of the population of the Fund membership live in those countries, but they account for only 3 per cent of its aggregate gross product. In the six years from 1974 to 1980, these countries suffered a decline of about 10 per cent in their "real” export earnings; the volume of their imports increased over this period by a mere 3 per cent. On a per capita basis, the real GDP of the low-income developing countries rose at an average annual rate of only 1 1/2 per cent from 1974 to 1980; that of the ’’richer” countries increased during the same period by well over 2 per cent—and, of course, from a much higher base. Thus, the relative position of the low-income countries has worsened considerably during the last few years. How can one be surprised that calls for international solidarity and for reform of the system continually arise? 2. The Policies Needed to Reduce Inflation and to Encourage Sustainable Growth a. Demand management Having outlined the three major economic problems we face, I shall endeavor now to show how national economic policies can be adapted to deal with them and to encourage sustainable economic growth over the new decade. We recently prepared a study in the Fund which set out a few broad ’’scenarios” for the world economy over the next five or six years. These scenarios reflected different general assumptions about the conduct of demand management policies in the industrial countries. Let me indicate, very briefly, the main points which emerged from this analysis. —Assume first that industrial countries persist in their fight against inflation. Given the present very high rates of inflation in quite a few of these countries, this implies that they accept for some Y f Not including the People’s Republic of China, which is not yet covered in Fund statistics. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 4 - Press Release No. 2 time a reduction in the growth of their nominal demand. It may be expected, on this hypothesis, that inflation in the industrial world gradually decreases, that the average rate of growth of real GNP advances from a low level, and that the recycling problem proves manageable. This scenario is certainly not ideal, as it would entail an increase in economic slack. It would, however, restore by the mid-1980s an environ ment conducive to sustained long-run growth. To achieve this result, it would be essential for industrial and developing countries alike to take advantage of the next several years to adopt supply-side measures that would gradually relax the energy constraint and, more generally, remove the factors tending to hinder productive investment and labor mobility. This, in essence, was our first scenario. —Our second scenario supposed that demand management policies make an early shift toward expansion. Growth rates might improve markedly for a year or two, but inflation would flare up again and upward pressures on the price of oil would intensify. A new shift toward severe restraint of demand would probably then occur, bringing about a fall in rates of economic growth. Those countries with weak external positions would see them deteriorate even further and, toward the middle of the decade, recycling problems would become very serious. Several years would have been lost in the fight against inflation, and inflationary expectations would become even more deeply entrenched. Moreover, if national authori ties made a premature shift to an expansionary stance but did not quickly reverse course when inflation turned up again, the period 1985-86 would bring severe inflation and recession, together with the risk of unmanage able strains on the international financial system. I see no course of policy that could make the economic situation truly satisfactory over the next several years. However, the tackling of inflation—provided it is coupled with effective policies on the supply side—holds out the promise of bringing substantial improvement to the international economic environment by 1985 or so. It will assist in resolving the energy problem and, in this and other ways, it will strengthen the position of the non-oil LDCs over the coming years. On the other hand, failure to give priority to the control and reduction of inflation would entail grave risks and waste precious time in achieving a sustainable growth pattern. Because of their heavy weight in the world economy, the major indus trial countries have a special role in combating inflation. But corre sponding efforts are no less urgent in most other countries. Among these are many developing countries, where the prevalence of high rates of inflation has been a serious deterrent to domestic saving since the early 1970s, and where economic policies are in need of adjustment from the standpoint of both domestic and external considerations. Successful handling of the inflation problem will require maintenance of firm restraint in the conduct of monetary policy. Fiscal policy should https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 5 - Press Release No. 2 be pursued in harmony with that objective. In some countries this will call for renewed efforts toward greater fiscal discipline, involving primarily better control over government spending. b. Complementary policies Policies on the side of demand management, however, will not generally be sufficient in themselves. Complementary measures should be adopted to help contain the growth of nominal incomes within the limits set by anti inflation objectives. Direct measures to influence the growth of incomes will vary from country to country according to their traditions, economic circumstances, and the political setting. But let me make two observations First, the present situation of "stagflation” and increased cost pressures of external origin seem to make some form of incomes policy particularly justifiable. Second, even if used only in an informal way, incomes policies could make a contribution in present circumstances by impressing upon the general public the limitations on real income gains that are implied by the weak growth of productivity in many countries over recent years and by the rapid escalation of energy prices. Demand management policies and supplementary measures to restrain the growth in incomes need to be accompanied by measures to improve productivity and efficiency. In many countries, growth has been affected by structural problems, including poor productivity records and rigidi ties arising from the widespread quasi-automatic adjustment of wages and social benefits to rising prices. In some countries, the adjustment of relative prices to changes in the world economy has been restrained or prevented. Subsidies have been directed to the maintenance of outdated production methods and of industries in decline. The legitimate demands of social policy have not been reconciled with the need for dynamic indus trial growth. The problem is to devise policies which improve economic efficiency and raise the level of investment. Through adjustments of tax structures and government spending programs, it is important to shift resources from consumption to investment without sacrificing overall fiscal restraint. One aspect of economic policy—the energy problem—demands special attention. Other policies cannot have their full impact unless, at the same time, conditions to improve the supply of energy are created by moderating consumption, by finding additional supplies of mineral fuel, and by exploring alternative sources of energy. All countries will need to work toward these objectives, but for them to be reached one crucial condition must be satisfied. The increased prices for oil imports must be passed on in their totality to the domestic consumer, thus motivating both the oil producer and the consumer. This necessary adjustment of oil prices will induce structural change, however, only if the authorities prevent increased energy prices from triggering a proportional rise in the general level of prices and wages. The fight against inflation is thus the cornerstone of any effective energy policy. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 6 - Press Release No. 2 While every country has a responsibility in respect of energy policy, the remarks I have just made apply particularly to the industrial countries, which possess abundant financial and technological resources and which absorb almost three fifths of the energy consumed in the world. Here, interdependence is clearly fundamental. Any delay in adopting energy saving policies—particularly on the part of the major oil consuming countries—affects the situation of the international oil market and tends to cancel out the results achieved by countries more conscientious about their responsibilities or more aware of the constraints upon them. I said earlier that we face the prospect of continuing payments imbalances on current account over the next few years. These imbalances must be progressively reduced through a reorientation of energy production and consumption. It would be unrealistic to expect the payments imbal ances to be eliminated in the short run through a rapid rise in imports by the oil exporting countries as a group. Such a rise in imports is highly improbable because of the desire of the oil exporting countries to avoid, and rightly so, an inflationary expansion of domestic demand, and also because of their need to pay regard to achieving development at a pace that does not cause the excessive strains that may result from too rapid social change. Thus, both developed and developing countries need to ensure that the current account deficits they incur not only are financed but also are accompanied by adjustment of their economies in a way that improves their energy position and favors growth. More generally, where they are com pelled to borrow, this borrowing should be accompanied by mobilization of a greater volume of domestic savings and by investment to enhance the productive base of their economies. Only if such adjustments are under taken will the borrowing prove feasible and sustainable. While imple menting judicious financial programs, deficit countries should, therefore, apply realistic pricing policies both in the domestic economy and in the foreign trade sector, so that their resources can be allocated in the most fitting way and the funds available for investment can be channeled into the most profitable sectors of activity. c. Policies to assist the developing countries It is true that all countries need to make adjustments in their economies, but the low-income developing countries are facing difficulties that demand international action in their favor. These countries, with their low capacity to save and to pay external debts, are heavily dependent on foreign official transfers and on aid dispensed to them on concessional terms by a number of international organizations. Their present plight signals a great and urgent need for more official develop ment assistance from the industrial and oil exporting countries. An increase of only a few billion dollars in the level of annual assistance could play a decisive role in the survival of the lowest-income developing countries. Such assistance, of course, must be truly additional to that already being provided. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 7 - Press Release No. 2 Greatly increased financial flows will be necessary for many of the developing countries over the coming years. But the level of external debt is already high in a number of these countries; to the extent possible, they should be enabled to pay for their imports through their own earnings of foreign exchange. Expansion of exports also provides the major vehicle for economic growth in many developing countries. The industrial countries, therefore, must resist the temptation to maintain or raise trade barriers, notwithstanding current account deficits, economic slack, and the decline of some of their industries. Moreover, the industrial countries have a self-interest in avoiding protectionism. There is a real need for structural adjustment in these countries. This is required not only to augment the production of energy and conserve its use, but also to allow the absorption of low-cost manu factured imports from the developing countries while providing new employ ment opportunities and income for their own peoples—especially in the manufacture of the most sophisticated products. Only in this way can a rational approach to a viable world economy be maintained. This global approach, based on a more efficient use of economic resources and on intensified competition, can underpin the fight against inflation in the industrial countries. Protectionist pressures must be resisted for the sake of maintaining the great gains we have come to enjoy from the liberalization of world trade, as well as for the sake of controlling inflation, promoting increased productivity, and contributing to the sustained growth of the developing countries. While this process of adjustment is being carried out, the major industrial countries should be prepared to accept weaker external current account positions so that the developing countries—whose position is very much the weaker—should not have to bear an excessive burden of current account disequilibria as a counterpart of the oil surpluses. 3. Role of the Fund in Financing and Adjustment I now come to the role that the Fund can play in assisting its members. At its meeting in April of this year, the Interim Committee endorsed three important guidelines for the life of our institution: —It considered that the Fund should stand ready to play a growing role in the adjustment and financing of payments imbalances. —It reaffirmed that the assistance provided by the Fund should be accompanied by the adoption of adjustment programs appropriate to the needs and problems of members in the present economic situation. —It encouraged me to start discussions with potential lenders on the terms and conditions under which the Fund could borrow funds to increase its resources. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 8 - Press Release No. 2 In compliance with these guidelines, a considerable amount of work has been accomplished by this institution, although the Executive Board will still have to work further on some aspects of their implementation. I will outline the results of this work, the decisions adopted, and the future prospects. (a) With respect to the financing of deficits, the Fund must not engage in financing if there is not a strong effort to adjust on the part of the member or if there is no scope for correcting the balance of payments over a reasonable period. The persistence and nature of the present imbalances make this adjustment effort more imperative than ever. But it is also necessary that the amounts of assistance provided by the Fund be adequate to the situation, so that they encourage members to solve their problems and, where possible, exert a catalytic effect on other sources of financing. In this spirit, the Fund has decided to enlarge its assistance significantly. Countries that are able to adopt adequate adjustment programs can now count on access to the Fund’s resources that may, in certain cases, be several times as large as the traditional amounts. This policy has already been translated into fact. This is reflected in the overall rise in the Fund’s new lending commitments; these amounted to SDR 4.3 billion during the calendar year 1979, while in the first nine months of 1980 they already came to SDR 5.9 billion. (b) As regards the nature of the adjustment to be undertaken, I would like to describe the new thrust of our policy. First of all, because of the structural aspects of most of the problems, it must be recognized that correction of disequilibria will often need to be extended over a longer period than that considered normal in the past. Second, our programs need to address the structural aspects. This approach must endeavor to create conditions conducive to the improvement of supply. This will require, of course, supportive measures on the demand side so as to keep the claims on resources in a sustainable relationship with their availability. It is only through the pursuit of such a compre hensive macroeconomic approach that inflation can be reduced, the external situation strengthened, and domestic saving promoted in the context of a sensible plan of investment. The adjustment programs we support will thus be an integral part of a longer-term strategy for fostering investment and economic growth. To this end, we have made the necessary arrangements to collaborate closely with the World Bank and other agencies specializing in long-term investment assistance. Thus, with flexibility and realism the Fund is endeavoring to make its assistance to members increasingly effective. I am fully aware of the claims by some critics that our policy advice has been too harsh. But this criticism, I believe, is largely misplaced. It is the condition of a country’s balance of payments—sometimes in conjunction with the low level of official assistance from abroad—that is the true cause of the harsh adjustment measures that sometimes must be adopted in the attempt to restore its payments equilibrium and to open up prospects of improved future growth. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 9 - Press Release No. 2 We have learned from experience how difficult it is to reconcile conflicting claims when countries are forced to cut back on their use of resources. The Fund helps with finance and thereby moderates the severity of the adjustment. But it cannot determine the manner in which the pain of adjustment is distributed within the society. For this extends to the heart of the political process, and there we are vigilant to pay due regard to the domestic social and political objectives, to the economic priorities, and to the individual circumstances of members. There is little that the Fund—or, for that matter, any external agency—can do to help with decisions in this area. The difficulties associated with many adjustment programs could be eased, or even avoided, if members came to the Fund earlier, before the external situation had become so severe as to require drastic action. It is my hope that the various changes now being introduced into our policies on the use of the Fund's resources will induce members to come to the Fund for assistance whenever needed, and without delay. (c) As to the means of financing this new assistance policy, let me first stress that quotas must remain the fundamental source of the financing provided by the Fund to its members. They are a manifes tation of the cooperation among governments that constitutes the very essence of the Fund. At this point, implementation of the 50 per cent increase provided for by the Seventh General Review of Quotas is urgent. But even with this increase, the size of the deficits and the concentra tion of surpluses among a few members mean that the Fund’s liquidity would not enable us to implement the policy of enlarged access which I described a moment ago. By about the end of this year, the supplementary financing facility will be totally committed, and it will be necessary to have recourse to further borrowing as an interim method of financing. Pre paratory work on the Eighth General Review of Quotas is to begin soon in the Executive Board, but completion of the whole process will take time. I have, therefore, begun examining the possibilities of direct borrowing by the Fund from members that are in a strong external position. The reaction I have had to date shows that these countries have a positive attitude to collaboration with the Fund. The discussion continues. Furthermore, with the strong encouragement of the Executive Board, I am proceeding to explore other sources of financing, including market financing. In the coming months it will be necessary to take decisions on these matters in order to assure the necessary continuity in the financing of our institution to meet the needs of its members. I am conscious that the Fund’s borrowed resources are expensive for its members to use, and this affects particularly members with low per capita incomes. Therefore, the Fund has also undertaken to institute an interest subsidy account designed to decrease the cost of using the supplementary financing facility. Part of the resources of this account will be derived from the expected repayments of loans granted by the Trust Fund. I hope that another portion will come from voluntary contri butions or loans, preferably on concessional terms, from countries which https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 10 - Press Release No. 2 are in a position to participate in such operations. We have already initiated inquiries with a number of countries regarding their possible contributions. Some replies have been negative or are pending. We are, therefore, the more grateful to those countries which have given a positive reply, and I trust that decisive progress can be made in this matter before the next Interim Committee meeting. In concluding these remarks on the Fund’s policies, I should like to draw attention to one proposal under study in the Executive Board that I believe deserves particular support. This is the suggestion that the Fund should establish a food import facility which could alleviate the problems of countries——especially low—income countries suffering from crop failures or sharp rises in food import costs. The scheme that has been studied appears workable and fully compatible with the revolving character of the Fund’s assistance and its demand on our resources can be limited. Because of the present serious situation of the developing countries, I consider that an early and positive decision on this matter would be an important manifestation of our concern for human issues. ***** My remarks so far have been directed to the most urgent problems faced by our member countries in the present economic situation. I have traced a consistent set of policies aimed at securing sustainable growth during this decade. I have explained how the Fund, while retaining its special role, is adapting its policies to the new realities. My con cluding remarks concern, more broadly, the future of the international monetary system. This is a fundamental question from which even the most urgent day-to-day concerns must not distract us. We live in a system that is under strain. There are, nevertheless, important and growing areas of stability and consensus in this system, and I will begin by speaking of these. First, the surge of inflation in the 1970s provoked, or hastened, an increasing awareness of the importance of monetary discipline. By this, I do not mean a naive and mechanistic faith but a growing recognition that continuous monitoring and restraint of monetary expansion is a necessary, though not sufficient, condition for sustainable growth. Monetary targets and the monitoring of monetary aggregates are widespread in the industrial countries, and increasingly so in the developing world. Second, in close relation to this, there has been, over the last two years, a greater degree of stability in the foreign exchange market than most people would have dared to predict. This market has coped remarkably well with large shifts in deficits and surpluses and with other serious international tensions. The European Monetary System is one example of this stability; and, more generally, the principal world currencies have only in rare cases fluctuated beyond a range conducive to appropriate balance of payments adjustment. Third, despite the regrettable failure to decide on the establishment of a substitution account, the Fund’s members have reaffirmed their conviction https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 11 Press Release No. 2 that a strong SDR should be the centerpiece of the international monetary system. The recent decision to simplify the SDR to a five-currency basket will increase its use both by the private sector and by official holders. Furthermore, the Interim Committee has just requested the Executive Board to give early attention to the question of adjusting the SDR interest rate to the full market rate and of eliminating the remaining reconstitution requirement. Also, the importance of the SDR as a stable and attractive international reserve asset will continue to be enhanced through the Fund’s borrowing activities. I will turn now, Mr. Chairman, to those aspects of the system on which a consensus among our members still needs to be built. The recent special session of the UN General Assembly heard inter ventions on a wide range of subjects of direct concern to the Fund, including the creation and distribution of international liquidity and the decision-making process in international financial institutions. Indeed, over the past decade the Fund has been engaged in a process of self-examination. This has continued intensively in recent months during the preparation of reports for the Interim Committee on the Group of Twenty-Four’s Program of Immediate Action and for the Development Committee on the Brandt Commission’s recommendations. One of the most important areas of study has been the creation and distribution of inter national liquidity. The allocation of SDRs was resumed in 1979 after a hiatus of seven years. We will soon be actively discussing the question of new allocations in order to achieve a level of SDR holdings commensu rate with the growth of world trade, the need for global liquidity, and the objective of reversing the falling share of SDRs in members'reserves. Discussion of the ’’link” between SDR allocations and development assis tance has been resumed in the Fund, and new approaches have been put forward which we are going to study again in greater detail after these Meetings. The issue of decision-making will be an important element underlying the impending Eighth General Review of Quotas. The elements of the formula used in the calculation of Fund quotas will be reviewed, and we shall have to work for selective increases in quotas that reflect the changing importance of countries and groups of countries in the world economy. In all our discussions, and throughout the range of activities we pursue in the Fund, we must ensure that all our members have a sense of real participation in the Fund’s affairs. These issues are not easy to resolve. The interrelated problems of inflation, slow growth, and energy confront the world economy with pro found challenges. They call for a quality of creativity and an intensity of cooperation on the part of the international community that is almost unprecedented. Solutions will need to be worked out in a spirit of patience and day-to-day cooperation. I would emphasize, Mr. Chairman, that we are determined to address these issues directly, and to arrive at solutions, within the framework of the Fund’s basic objectives. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 12 Press Release No. 2 The Fund is a financial institution which, to survive, must serve its members in a practical and businesslike way. Its operational response must be swift and its financial policies sound. But the Fund is also a collaborative institution, founded to promote cooperation between its member countries. If it is to play its full role at the center of the international monetary system, it must be capable of change; it must adapt itself to new realities; it must respond to the needs and aspira tions of its membership. It is only in bringing together and blending these two strands in the Fund’s nature that we can successfully respond to the economic challenges of the difficult decade that we now face. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ADDRESS TO THE BOARD OF GOVERNORS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis by ROBERT S. McNAMARA PRESIDENT, WORLD BANK Washington, D.C. September 30, 1980 I. INTRODUCTION address to the board of governors Page I. Introduction -J The occasion, I believe, places on me a special responsibility, and hence what I have to say this morning will be particularly frank and candid, especially as it relates to the future role of the 5 World Bank. II. Economic Prospects for the Developing Countries III. A Program of Structural Adjustment IV. The Drive Against Poverty 17 V. The Role of the World Bank in the 1980s VI. Summary and Conclusions 42 Annex |_Flow of Official Development Assistance 46 Annex II—Distribution of Official Development Assistance from OECD Countries in 1978 by Developing Country Income Group 47 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This is the thirteenth, and final, address that I will have the privilege of making in this forum. During the past 18 months the external environment affecting economic growth in the oil-importing developing countries and thus their rate of social advance—has become substantially more difficult. The new surge in oil prices, and the downturn in trade with the developed nations, have imposed on these countries huge and potentially unsustainable current account deficits. The re sult is that their critical development tasks, never easy in the past, are now seriously threatened. Meanwhile, the industrialized nations continue to grapple with problems of inflation, unemployment, and recession. Gov ernments are searching for politically feasible ways to reduce public expenditures. And though Official Development Assis tance remains a miniscule and insignificant fraction ot gross na tional product—and is, in fact, wholly inadequate to the urgent needs at hand—there is little legislative initiative to increase it. Further, the global financial system as a whole, still trying to cope with past imbalances, must now find a way to recycle to appropriate recipients over $100 billion a year of additional surpluses being earned by the capital-surplus oil-exporting countries. The cumulative effect of all of this is a climate of apprehen sion in which the temptation will be strong for both the devel oped and developing nations to react unwisely. The developing countries will be tempted to postpone the internal policy changes required to adjust to the new external 1 conditions. And the developed nations will be tempted to turn to shortsighted protectionist and restrictive measures that in the end can only delay economic recovery for the rich and poor nations alike. These temptations are very real. And they are very dangerous. They lead precisely in the wrong direction. What we need are measures that lead in the right direction. They are available, but like almost everything else worthwhile in life they are going to demand courage and effort and vision. I want to explore those measures with you this morning. Specifically, I want to examine: • The prospects for economic growth and social advance in the oil-importing developing countries throughout the 1980s; • The actions the developing societies themselves, as well as the industrialized nations and the OPEC countries, can take to maximize that growth; • The need to accelerate the attack on absolute poverty; and finally • The role the World Bank itself ought to play in all of this in the decade ahead. Let me begin with the current economic outlook. II. ECONOMIC PROSPECTS FOR THE DEVELOPING COUNTRIES 2 Global economic prospects have seriously deteriorated since we met last year in Belgrade. The outlook now is that the oil importing developing countries in the years immediately ahead are going to have a very difficult time. The Bank is currently pro jecting, for the decade of the 1980s, lower levels of economic growth in those countries than it did twelve months ago. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TABLE I—GROWTH OF GNP PER CAPITA, 1960-85 Average Annual Percentage Growth Rates 1980 Population (millions) GNP Per Capita 1980 dollars8 1960-70 1970-80 1980 85 OIL-IMPORTING DEVELOPING COUNTRIES Low-Income: Sub-Saharan Africa Asia Sub-Total 141 992 1,133 239 212 216 1.6 1.6 1.6 0.2 1.1 0.9 -0.3 1.1 1.0 Middle-Income Total 701 1,834 1,638 751 3.6 3.1 3.1 2.7 2.0 1.8 456 968 2.8 3.5 3.0 2.5 3.3 OIL-EXPORTING DEVELOPING COUNTRIES Industrialized Countries Centrally Planned Economies6 671 9,684 3.9 2.4 1,386 1,720 — 3.8 The most probable outcome for at least the next five years is that the annual average per capita growth of the oil-importing developing countries—which was 3.1% in the 1960s, and 2.7% in the 1970s—will drop in 1980-85 to 1.8%. More depressing still is the outlook for the 1.1 billion people who live in the poorest countries. Their already desperately low per capita income, less than $220 per annum, is likely to grow by no more than 1 % a year—an average of only two or three dollars per individual. There would even be negative growth for the 141 million people in the low-income countries of sub-Saharan Africa. There are two principal causes. The new surge in oil prices has more than doubled the cost of imported energy for the oil importing developing countries. And the continuing recession in the industrialized nations, which comprise their most impor tant markets, is severely limiting demand for their exports. In 1973 the oil-import bill of these developing countries (in aPreliminary estimates. blncluding China. 3 current dollars) was $7 billion. In 1980 it is likely to be $67 bil lion. The price of oil is not going to come down—on the con trary it is likely to continue to rise in real terms by perhaps 3% a year. The projection for 1985, therefore, is $124 billion, and by 1990_ even assuming these countries more than double their own domestic energy production, and make a considerable ef fort at conservation—the bill is projected to be nearly $230 bil lion (see Table II). 1980 1985 1990 Cost of Petroleum Imports Low-Income Middle-Income Total 1 6 7 2 30 32 6 61 67 13 111 124 23 206 229 1973 1975 1978 1980 2.3 4.4 6.7 5.4 34.2 39.6 5.7 21.4 27.1 10.0 51.0 61.0 2.2 0.9 3.8 5.3 2.7 2.2 3.6 4.0 1.1 5.1 2.3 3.9 Current Account Deficits4 Current Account Deficits as a Percentage of GNP Low-Income Middle-Income Total III. A PROGRAM OF STRUCTURAL ADJUSTMENT MEMO ITEMS: Price per Barrel (c.i.f., U.S.$) 4.20 8.88 13.70 17.13 29.80 29.80 50.30 35.10 78.30 40.85 Volume of Net Imports (million barrels per day) 4.6 6.4 6.2 6.8 8.0 Volume of Domestic Production4 5.7 7.3 8.5 12.7 18.5 Current Dollars 1980 Dollars (Billions of current US dollars) Total (Billions of current US dollars) 1978 TABLE III—CURRENT ACCOUNT DEFICITS OF OIL-IMPORTING DEVELOPING COUNTRIES Low-Income Middle-Income TABLE II—PETROLEUM IMPORTS OF THE OIL-IMPORTING DEVELOPING COUNTRIES 1973 In 1980 they are expected to constitute nearly 4% of their GNP (see Table III). Meanwhile, as I indicated, the continuing sluggishness in the growth rate of the industrialized nations will pose additional problems for these developing countries. The expansion of their principal export markets will decline, and an already unfavor able situation could be seriously compounded by additional deflationary policies and a resort to greater protectionism in the developed world. Reflecting the effect of these two factors, the current account deficits of the oil-importing countries have increased sharply. Persistent deficits of the magnitude reflected in Table III can not be sustained indefinitely. In the short run the deficits can be, and are being, financed by additional external borrowing. But in the longer run this will not suffice since at the levels involved the mounting burden of debt service would soon become unsupportable. The countries will, therefore, have to make those structural changes in their economies that can enable them to pay from their own resources for increasingly more expensive, but neces sary, oil. This can only be done by expanding their exports, or by reducing their non-oil imports, or by some combination of the two. Now, since there is no other way to do this, these internal adjustments will in fact take place sooner or later. And they will take place whether or not there is external financial assis tance available to help get it done. But the point is that it will make a very great deal of difference 4 aAII forms of energy production translated into the equivalent of million barrels of oil per day. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis aExcludes official transfers. 5 to these countries' economic and social advance—that is, to their development progress—whether these adjustments are made sooner rather than later, and with external financial as sistance rather than without it. For if the action in a given country is delayed, or it the ex ternal financial assistance available to it is inadequate, then the adjustment process will have to take place in an internal en vironment of low or negative growth, of little or no social ad vance, and of almost certain political disorder—a very heavy and unnecessary penalty for that society to have to pay. But if, on the other hand, the required structural changes are initiated before a crisis situation develops, and scheduled over a reasonable period of time—say, five to eight years and if during that adjustment period the country is assisted in main taining a reasonable level of imports by an expansion of the external financial resources available to it, then the negative impact of the adjustment process on the country's economic growth and social advance will be substantially less. This would permit growth rates in the developing countries to recover to more satisfactory levels in 1985-90, possibly ex ceeding even the rates achieved in the 1960s and early 1970s. But such a reversal in fortunes will not be easy to achieve. To begin with, there are significant differences between the present adjustment situation, and that of the 1974-78 period: • The real cost of oil actually declined from 1974 to 1978 by about 23%. Since 1978 it has risen sharply, and is now expected to continue to rise during the 1980s. 6 • The commercial banks rapidly expanded their claims on oil-importing developing countries in the previous pe riod: from $33 billion in 1974 to an estimated $133 billion in 1978. But now their capital to risk-asset ratios have worsened, and some feel overexposed in certain of these countries. • Some of the middle-income developing countries, which borrowed extensively in the past, are regarded by the com- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis mercial banks as being less creditworthy today than they were then. Increased spreads on new lending and a slower rate of growth in such lending are both likely. • Considerable financing became available to cushion the impact of higher energy costs during the 1974-1978 period from bilateral aid programs and from international finan cial institutions. Neither source now seems likely to expand as rapidly in the future as it did in the past. • The debt-servicing burden was considerably reduced in the 1970s by negative real interest rates, whereas the develop ing countries have recently been borrowing large amounts at positive real interest rates. • Many developing countries have already carried out a ma jor pruning of their import, investment, and consumption levels so that the scope for further retrenchment is now considerably less. • The oil-exporting nations that are currently accumulating surpluses are likely to have them longer this time—thus prolonging the recycling task—since their imports are not expected to expand as quickly as they did in the previous period, nor are the workers' remittances from these coun tries likely to accelerate as fast. • And finally, the possibility of a prolonged recession in the industrialized nations, particularly if it is accompanied by restrictive measures applied to trade or capital flows, will make the adjustment task of the developing countries that much harder this time. It is well to remind ourselves of this comparison between the present and past. The sense of relief over the relatively success ful adjustment in the earlier period should not be allowed to lead to a feeling of complacency now. The truth is that even in the earlier period there was a con siderable erosion of economic growth. Both new jobs and new income were simply lost in most of the developing countries. Their political and economic systems are already under serious 7 strain. And there are limits to how much more they can restrict their domestic consumption levels. Further, this new adjustment problem is caused by a perma nent change in the world economy, not by some temporary phenomenon which will later automatically reverse itself. Hence the longer the developing countries postpone adjustment poli cies, the more intractable their problems will become. Many governments failed to recognize this in the 1970s. They looked instead to short-term finance as the answer to what they regarded as essentially a passing problem. But such finance merely borrowed time; it could not, and did not, substitute for basic adjustment policies. Countries that recognized the long-term nature of the prob lem expanded their exports, reduced their imports through efficient domestic production, used borrowing to support in vestment and structural adjustment, and restored their growth momentum alter a relatively brief decline. Those countries, on the other hand, that perceived it as a short-term problem did not use their external borrowing to carry out fundamental struc tural adjustments, and as a consequence merely accumulated more debt and a much greater problem for the future. The point I want to stress here is the necessity of using ex ternal finance in support of structural adjustments, and not as a substitute for them. In the developing countries' interests, and in the interests of the world community as a whole, there is no other viable alternative. Obviously it is desirable that these adjustment policies be im plemented in a framework of vigorous development activity, rather than at depressed levels of investment and effort. What is needed is not just a new balance-of-payments equilibrium, but that this equilibrium be reached at the highest feasible level of economic growth. Indeed a key lesson of the 1970s is that success in adjustment should be measured not just by the re duction of current account deficits to present levels, but by the growth achieved during and following the adjustment period. 8 That is vital to these countries' future, and it is all the more https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis necessary if they are not to lose ground in the most fundamental struggle of all. the attack on absolute poverty in their societies. Now let me turn to certain of the specific actions required if the prospective balance-of-payments deficits are to be reduced to a manageable level within a reasonable period of time, say during the next five or six years, while preserving as much growth momentum in the developing countries as is possible. There will have to be major adjustments in both national and international policies, and a sustained, collective effort on the part of the world community, including: • A sharp increase in the savings rate of the oil-importing lowincome countries, and the reinvestment of over 25% of the increment in their GNP during the 1980-90 period; • A significant rise in net resource flows to these countries, from $9 billion in 1980 to $19 billion in 1985, and $33 bil lion in 1990; • A substantial increase in private capital flows to middleincome countries; • A faster rate of growth in the exports of oil-importing de veloping countries during the Eighties than in the Seventies; • A more than doubling of domestic energy production in these countries between 1980 and 1990, implying import substitution in the energy sector of over $280 billion a year by 1990;and • Much greater efficiency in the domestic use of capital. These are clearly a demanding set of actions and policy changes. What is essential is that the early years of this decade be used to establish the necessary framework of adjustment so that a vigorous economic recovery can take place in the later years. Each country will, of course, have to design its own specific plan of action for this purpose. If exports are the dynamic sector in a given economy, the promising strategy would obviously be to stress further export expansion. If good possibilities exist for 9 import substitution—as they clearly do in domestic energy pro duction—these ought to be pursued. Let me comment briefly on this issue of domestic energy pro duction in oil-importing developing countries. Domestic Energy Production It can make a very substantial contribution to the entire ad justment process. To understand that, one need only reflect that even if their domestic energy production expands in the future at the rate of recent years (6.7% per annum), their oil-import bill in 1990 will be over $280 billion—a level that would be difficult to finance by any conceivable expansion of exports, or increase in external borrowing. Although the sharp rise in the world price of oil has put con siderable strain on the balance of payments of the developing countries, it has also changed the economies of domestic energy production dramatically. At current and prospective oil prices, many oil-importing de veloping countries can now turn what were previously regarded as marginal energy reserves of oil, gas, coal, hydroelectric, and forest resources into commercial propositions. If they maximize energy production between now and the end of the decade, and pursue a vigorous program of energy conservation, we estimate that these countries could by then cut their annual oil-import bill by more than $50 billion. But if they are to achieve this substantial saving they will have to adjust their domestic prices, incentives, and investment prior ities so as to give much greater emphasis than at present to internal energy production. In all too many countries, govern ments have kept domestic prices of petroleum products arti ficially low compared to world prices, with the result that there has been little incentive for consumers to conserve, or for producers to invest. 10 What we propose is this: the oil-importing developing coun tries should establish efficient import substitution in energy as https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis one of their principal tasks for the 1980s. They should draw up concrete national energy plans, and formulate specific domestic investment programs. These, in turn, should be backed by newly mobilized domestic resources and by additional external assis tance, including assistance from the World Bank which I will discuss in a moment. External Financial Requirements of Low-Income Countries As I indicated earlier, there is an urgent need for more ex ternal funds if the developing countries are to manage the ad justment process, including the expansion of domestic energy production, without avoidable and hence unnecessary penalties to their economic growth and social progress. Let me turn to that subject now, dealing first with the requirements of the lowincome countries. A major expansion in concessional flows to these countries is required in the 1980s to support their adjustment programs. What we have to remember is that they will benefit only margin ally from world trade expansion, and will have limited access to international capital markets. Their financial requirements are likely to increase by $5 to $8 billion in 1980 over 1978 due chiefly to their declining terms of trade, to the sluggish growth in the OECD nations, and to the investments now required to adjust their economies to the changed international en vironment. These are also the very countries that can least afford to cut back on their programs directed at reducing poverty. And yet they find themselves suddenly caught in a new and painful squeeze on their resources. They are clearly the priority case for a significant increase in concessional assistance. But what are the prospects for this? Total Official Development Assistance flows, including those from OPEC countries, did not increase in the 1977-79 period. In real terms they declined, and the outlook for the future is not bright. Recent actions give cause for concern. The aid cuts an il countries face in the 1980s, the OECD nations should in crease the share that these countries will receive in their individual ODA allocations. As Annex II indicates, in 1978 these countries received less than one-half of the total ODA that DAC provided: in the case of Austria and New Zealand it was less than one-fifth; and for Australia, France, and the U.S. no more than one-third. nounced by the British Government will cause their ODA to fall to .38% of GNP by 1985, from the .49% average for 1977-79. Aid bills continue to face difficulties in the U.S. Congress, sug gesting that support from the largest donor is likely to remain the lowest, relative to GNP, of all major industrial nations. Ger many and Japan have indicated their intention to continue to improve their aid flows, but most donors have not committed themselves to increasing the share of GNP allocated to conces sional assistance. • The OECD nations in 1978 supported a retroactive adjust ment of terms in respect to the past debt of poor and leastdeveloped countries. However, only about $5 billion of past debts have so far been cancelled or rescheduled—out of a potential total of about $26 billion—and it is far from certain that this debt relief constituted additional assistance. Full cancellation or rescheduling would be equivalent to a substantial increase in concessional flows, particularly if it were extended to include all low-income countries. What is even more disappointing, the portion of these ODA flows that were allocated to the low-income countries—which, of course, needed them most—was shockingly small in both absolute and relative terms. It amounted to less than one-half of the total (see Annex II). On a per capita basis, the low-income countries receive less concessional assistance than the middleand high-income nations. In view of the penalties the new global economic situation imposes on these poorest countries—a situation they them selves neither caused nor can do much to influence—the donors, both OECD and OPEC, ought to indicate clearly how much, if at all, they are prepared to help. The needs of the poor est countries are well known. It is not a time to temporize with the problem. It is a time to act. The OECD nations should consider the following course of action: • At the very minimum, each country should maintain its Official Development Assistance at the same percentage of its GNP as it did in 1978, and thus should increase the real level of its ODA as quickly as its GNP increases. • Those countries which are well below the present OECD average of .34%—in particular, the United States and Japan —should consider increasing their real ODA flows faster than their GNP growth. The former Secretary of State of the United States called the U.S. performance "disgraceful"— and I agree with him. 12 • In view of the particularly difficult prospects the poorest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A major responsibility rests as well on the capital-surplus oil exporting nations. Since 1973 the level of the ODA contributions of these coun tries—Saudi Arabia, Kuwait, Iraq, the United Arab Emirates, Libya, and Qatar—has been remarkable: they contributed 4.0% of their combined GNP during the 1974-79 period (see Table IV). TABLE IV—ODA FLOWS FROM CAPITAL-SURPLUS OIL EXPORTERS TO DEVELOPING COUNTRIES54 1973 Saudi Arabia Kuwait Iraq U.A.E. Libya Qatar Total Memo Item: Current a/c Surplus—in billion USS 305 4.0 345 5.7 .2 11 289 16.0 215 3.3 94 15.6 1,259 4.5 7 1975 1974 % of GNP 1,029 622 423 511 147 185 2,917 % of GNP % of $m. GNP 4.5 5.7 4.0 7.6 1.2 9.3 4.5 1,997 5.4 976 8.1 218 1.7 1,046 14.1 261 2.3 339 15.6 4,837 5.8 43 aData for 1978 and 1979 are provisional. 31 1976 $m. % of GNP 2,407 5.7 615 4.4 232 1.4 1,060 11.0 94 .6 195 8.0 4,603 4.6 .36 1977 $m. % of GNP 2,410 4.3 1,518 10.6 61 .3 1,177 10.2 .7 115 197 7.9 5,478 4.5 34 1978 1979 $m. % of GNP 1,470 1,268 172 690 169 106 3,875 2.8 6.4 .8 5.6 .9 3.7 3.0 20 % of GNP 1,970 1,099 861 207 146 251 4,534 3.1 5.1 2.9 1.6 .6 5.6 2.9 56 13 The issue now is over future trends in their ODA. If the OPEC capital-surplus countries begin increasing their concessional assistance flows after the recent and hopefully temporary de cline, this can make a major contribution to easing the adjust ment problem of the poorest nations. Though they have a number of plans under active consideration, what the situation needs now are some firm decisions in order to meet the most urgent requirements of these low-income countries. • In 1980 the current account surplus of the capital-surplus oil-exporting countries is expected to increase by about $100 billion over the levels of 1978. As already noted, they have provided 4.0% of their GNP in the form of ODA dur ing 1974-79. The question is: can they continue to do so in the future, and can it be provided in the form ol quick-dis bursing assistance to a large number of the low-income countries in order to meet their immediate needs? • Iraq, Venezuela, and Mexico have proposed that they com pensate the poorest countries importing their oil for the recent oil-price increases by granting them long-term, lowinterest loans. If this initiative is adopted by other oil ex porters, it will have the immediate and beneficial impact of easing the balance-of-payments deficits of the poorest countries. • The Long-Term Strategy Committee of OPEC has recently endorsed the proposal of Algeria and Venezuela to convert the OPEC Fund into a development agency with an author ized capital of $20 billion. If implemented soon, this initia tive, too, could be of substantial help to the low-income developing countries. The contribution of the Soviet Union, and the other industrial ized countries with centrally planned economies, to Official Development Assistance is so small as to be scarcely measurable —only .04% of their GNP. Surely they, too, ought to do more. External Financial Requirements of Middle-Income Countries 14 I want to turn now to the external financial requirements of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the middle-income oil-importing countries. As Table III indi cates, between 1978 and 1980 these requirements will have more than doubled in absolute terms (from $21.4 billion to $51.0 billion) and nearly doubled relative to GNP (from 2.2% to 4.0%). Commercial banks, of course, constituted by far the most dynamic element of capital flows to middle-income developing countries in the 1970s (see Table V). TABLE V—BORROWINGS OF THE MIDDLE-INCOME DEVELOPING COUNTRIES FROM THE WORLD'S PRIVATE BANKING SYSTEM' (USS billions) 1970 1971 1972 1973 1974 30 37 44 53 72 92 110 151 204 251 7 7 9 19 20 1975 1976 1977 1978 1979 Claims of the Private Banks on LDCs— End Yr? Increase in Banks' Claims on LDCs” 18 41 53 47 The chief anxiety today is that the commercial banks may not be able to play a similar role in the 1980s. There are several reasons for this: • As noted earlier, there is likely to be tough competition for funds between the developing countries on the one hand and the industrialized nations and centrally planned econo mies on the other; • Two-thirds of the commercial banks' credits were concen trated in only 10 middle-income developing countries. These have now acquired sizable commercial debts, and some of the banks are concerned over their own portfolio limits; and • There is an increasing tendency on the part of national regu latory agencies to restrict the activities of the commercial banks in developing countries. “Includes small amounts loaned to Low-Income countries which could not be separated out of total. b1970-75 and 1979 World Bank estimates. For other years, BIS data. This does not mean that the commercial flows to developing countries will not expand in the 1980s. They will. But the key question is this: will they expand enough to permit the adjust ment process in these countries to take place at relatively high —rather than at unacceptably low—growth rates? In all prob ability they will in 1980, and perhaps even in 1981. But beyond 1981 they well may not. Already leading commercial bankers in both Western Europe and North America have expressed t eir doubts. It is not too early, therefore, to discuss actions to supplement and facilitate the role of the commercial banks if these doubts materialize. This should be a major focus of the work ot the Development Committee and of the Boards of the International Monetary Fund and the World Bank in the year to come. If the task of recycling to the developing countries a portion of the surplus of the capital-surplus oil exporters is to be tackled efficiently and equitably in the 1980s, there is not the slightes doubt that the financial intermediation by the Bretton Woods institutions, as well as by other international institutions, should increase substantially above previously planned levels in order to supplement the role of the commercial banks. Financial intermediation was, in fact, one of the main reasons for setting up these institutions: to stand ready to step in as last-resort intermediaries to help recycle funds from those coun tries that are in surplus to those countries that need them most, whether for short-term balance-of-payments support, or longer-term development needs. The 1980s, then, call for a major reexamination of the func tion of the Bretton Woods institutions in the recycling of finan cial flows. And I will comment in a moment on a possible role for the World Bank in all of this. Before turning to that, however, I want to reemphasize an underlying issue, which is in danger today of being obscured by the anxiety over the global adjustment problem. And that is the most fundamental development issue of all: the drive agains 16 absolute poverty. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IV. THE DRIVE AGAINST POVERTY Over the past decade I have drawn attention repeatedly in this forum—sometimes at the risk of tedium—to the principal goals of development. They are: to accelerate economic growth, and to eradicate what I have termed absolute poverty. Economic growth, of course, is obvious enough. And once one has been in contact with developing societies, so is absolute poverty: it is a condition of life so limited by malnutrition, il literacy, disease, high infant mortality, and low life expectancy as to be beneath any rational definition of human decency. The two goals are intrinsically related, though governments are often tempted to pursue one without adequate attention to the other. But from a development point of view that approach always fails in the end. The pursuit of growth without a reason able concern for equity is ultimately socially destabilizing, and often violently so. And the pursuit of equity without a reason able concern for growth merely tends to redistribute economic stagnation. Neither pursuit, taken by itself, can lead to sustained, suc cessful development. When we met together here in 1972, I began a discussion of these issues with you. I pointed out that all too little of the benefits of economic growth was reaching the bottom 40% of the population in the developing world. For 800 million indi viduals, their countries were moving ahead in gross economic terms, but their own individual lives were standing still in hu man terms, locked in poverty. As our analysis of growth and equity continued in these meet ings in subsequent years, we outlined a number of specific ac tions designed to deal directly with that problem in the context of overall development planning. It was clear that any success ful effort to combat poverty would have to do two basic things: • Assist the poor to increase their productivity; and • Assure their access to essential public services. In our meeting in Nairobi in 1973, I proposed a major pro- 17 gram for the rural areas,where the vast majority of the absolute poor are concentrated. The strategy focuses on a target group o roughly 100 million subsistence farmers and their families mos of whom farm two hectares or less. It is directed towards raising their agricultural productivity, and thus their as providing them with more equitable access they need. , . Two vears later at our meeting in 1975, I outlined a com parable program for the urban areas. Though the circul^stan^ of the some 200 million absolute poor in the cities: i err those in the countryside, the strategy is fundamentally the same, remove the barriers to their greater earning oppor unities^ broaden their access to basic public services, and help them more fully achieve their productive potential. In each of the following years our discussion has pursued these issues further. But now as I have pointed out this morning, most of the de veloping countries are facing a new, an unanticipated, what certain to be-for at least the next several years-a very difficult situation. Their rates of growth are going to be low. Their capital re quirements are going to be high. And there are^ng ok severe pressures on their governments to adopt austere Buoge allocations for every activity that is not considered of immediate priority. In these circumstances the temptation will be strong to pus aside and postpone anti-poverty programs, argument will be that poverty is a long-term problem, and that the c account deficits are a short-term emergency: that poverty can wait, but that deficits can't. It is a very specious argument. Mounting deficits cannot be indefinitely sustained and, as we have seen, the necessary solution lies in structural ad] ment. Efforts to get that basic adjustment in place must not, 18 indeed, be delayed. But absolute poverty in a society cannot be indefinitely sus- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tained either. To ignore it, to temporize with it, to downgrade its urgency under the convenient excuse that its solution is "long-term"—and that there are other immediate problems that preempt its priority—is dangerous self-deception. To reduce and eliminate massive absolute poverty lies at the very core of development itself. It is critical to the survival of any decent society. Development is clearly not simply economic progress mea sured in terms of gross national product. It is something much more basic. It is essentially human development; that is, the individual's realization of his or her own inherent potential. Absolute poverty, on the other hand, is a set of penalizing circumstances that severely impair the individual's pursuit of that very potential. It is the direct denial of the benefits of development. But it is more than just that. It is an open insult to the human dignity of us all: to the poor themselves, because simply as hu man beings they have deserved better; and to all of us in this room, for we have collectively had it in our power to do more to fight poverty, and we have failed to do so. Now that both the developing countries and the developed nations are under the sting of hard times, are we going to do still less? Let us be clear about one point. Sustaining the attack on poverty is not an economic luxury—something affordable when times are easy, and superfluous when times become troublesome. It is precisely the opposite. It is a continuing social and moral responsibility, and an economic imperative—its need now is greater than ever. It is true that sluggish economic growth in both the developing and developed nations in the early years of the 1980s may mean that the privileged and affluent in most societies will have to accept slower rates of advance or even some selective reduction in their already favored standard of living. If they have to, they can absorb such inconveniences. 19 But for the 800 million absolute poor such a downward ad justment is a very different matter. For them downward does not mean inconvenience, but appalling deprivation. They have little margin for austerity. They lie at the very edge of survival already. What we must remember is that absolute poverty is not a sim pie function of inadequate personal income. Though the poor have too little income, and desperately need more, their plight is not exclusively related to that. Their deprivations go beyond income. And in many cases, even if their income were higher-which it must becomethey could not by that fact alone free themselves from their difficulties. The reason is that absolute poverty is a complicated web of circumstances, all of them punitive, that reinforce and strengthen one another. And lest we become insensitive to the magnitude of those cir cumstances in the developing countries, it is worth reminding ourselves of their scope: . 600 million of their adults-100 million more than in 1950 —can neither read nor write, and only 4 out of every 10 of their children complete more than 3 years of primary school. • Of every 10 children born into poverty, 2 die within a year; another dies before the age of 5; only 5 survive to the age 20 ducing their energy and motivation, undermining their performance in school and at work, reducing their resis tance to illness, and often penalizing their physical and mental development. • In the low-income developing countries, average life ex pectancy for their 1.3 billion people is 50 years. It is nearly 75 in the industrialized nations. • In short, compared to those fortunate enough to live in the developed nations, individuals in the poorest countries have an infant mortality rate eight times higher; a life ex pectancy one-third lower; an adult literacy rate 60% less, a nutritional level, for one out of every two in the popula tion, below minimum acceptable standards; and for mil lions of infants, less protein than is sufficient to permit optimum development of the brain. Now, these impersonal rounded numbers are not simply sta tistics on some economist's computer. They represent individual human beings. Most tragic of all, so many of them are children. Of the total of two and a quarter billion people in the over 100 developing countries that the Bank has served, some 900 million are under the age of 15. They are the chief hope of their society's future. And yet almost half of them suffer from debilitating disease likely to have long-lasting effects. Well over a third of them are under nourished. A third of primary school-age children are not in of 40. . Common childhood diseases—measles, diphtheria,whoop ing cough, and polio—which have either been eliminated or reduced to minor nuisances in the developed nations, are frequently fatal in the developing world A case ot measles is 200 times more likely to kill a child there than school. here. . Though all four of those diseases can be prevented by a simple vaccination, fewer than 10% of the children born each year in the developing world are now being protecte . them that. . Malnutrition afflicts hundreds of millions of individuals, re- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis All of this illustrates the tragic waste of poverty. If millions of a country's citizens are uneducated, malnourished, and ill, how can they possibly make a reasonable contribution to their na tion's economic growth and social advance? The poverty t ey are immersed in, through no fault of their own, simply denies As I have pointed out before, it is the poverty itself that is the liability. Not the individuals who happen to be poor. They rep resent immense human potential. 21 It used to be said that lack of capital was the chief obstacle to economic growth. But we now know that capital formation ex plains less than one-third of the variation in growth rates among developing countries. Human resource development ex plains a great deal more. Investment in the human potential of the poor, then, is not only morally right; it is very sound economics. Certainly what is very unsound economics is to permit a cul ture of poverty to so develop within a nation that it begins to infect and erode the entire social and political fabric. No government wants to perpetuate poverty. But not all gov ernments, at a time of depressed economic growth, are per suaded that there is much that they can really do against so vast a problem. But there is. A number of avenues of attack deserve attention. Today I want to emphasize two that reflect our research of the past year. Both of these are concerned with human resource develop ment. They are: the redesign of social programs to reduce their per capita cost while expanding their coverage; and the restruc turing of the total set of social sector programs to establish prior ities that take advantage of the linkages and complementarities between them, thereby reducing their overall cost. Unless es sential services are both redesigned and reorganized to comple ment each other, governments will not be able to afford them on the scale required, particularly in periods of austerity. Our studies confirm the synergistic effects on productivity of actions designed to meet basic needs in each of the five core areas: education, health care, clean water, nutrition, and shelter. Each has linkages to the others. Advance in one contributes to advance in the others, and all contribute to higher output. 22 Reducing, for example, the incidence of gastrointestinal dis ease and parasitic infection—through education, cleaner water, and health and sanitation programs—considerably increases the nutritional value to be gained from any given quantity of food. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This improvement in nutrition, in turn, can expand students' learning capacity, and hence the benefits that they will receive from education, including enhanced productivity and incomes. Studies in many countries have demonstrated that small farm ers with a primary education are more productive than those without it. They are quicker to adopt innovations, and are more receptive to the advice of extension agents. Research has also confirmed the beneficial linkage between primary education and the reduction of infant mortality. Studies in Bangladesh, Kenya, and Colombia have shown that children are less likely to die the more educated their mothers are, even allowing for differences in income among families. In Sri Lanka, widespread basic education has to a degree compensated for the poor quality of water because villagers have been taught to boil it in order to eliminate contamination. And health and nutrition everywhere in the developing world affects how well children do in school, how long they remain, or indeed whether they enroll at all. Urban employment, particularly in the modern sector, is not only often dependent on the degree of education, but on health and nutrition as well. Workers who are easily fatigued and have low resistance to chronic illness are inefficient, and add substan tially to the accident rate, absenteeism, and unnecessary medical expenditure. More serious still, to the extent that their mental capacity has been impaired by malnutrition in childhood, their ability to perform technical tasks is reduced. Dexterity, alertness, and initiative have been drained away. And yet not only are essential public services often out of reach of the poor, but such facilities as are in place may be so inappropriately designed as to be virtually irrelevant to their needs: impressive four-lane highways, but too few market roads; elaborate curative-care urban hospitals, but too few pre ventive-care rural clinics; prestigious institutions of higher learning, but too few primary schools and village literacy programs. Public services that are not designed modestly and at low 23 cost per unit will almost certainly end by serving the privileged few rather than the deprived many. To reverse this trend, governments must be prepared to make tough and politically sensitive decisions, and to reallocate scarce resources into less elaborate—but more broadly based—de livery systems that can get the services to the poor, and the poor to the services. The developing countries do not, of course, have the financial and administrative resources at hand today to eliminate rapidly all the inadequacies in education, health, and other public services that penalize the poor. They must—out of very real necessity—be selective in determining where to concentrate their efforts. All the more reason, then, that they should analyze the most important linkages and complementarities between the various public services since utilizing them in combination can lead to substantial reduction in the cost of individual services, and hence in the total cost of the ongoing poverty program. It has been estimated, for example, that in Egypt the full use of such complementarities among sectors, together with rede signed programs within sectors, would decrease by more than a third the resources required to reduce, and ultimately to elimi nate, absolute poverty. If choices have to be made—and they do—what are the most promising ones? That will differ, of course, in various societies, but in the case of most developing countries two deserve particular attention. One is primary education, and most particularly for girls. And the other is primary health care. Primary Education 24 School enrollments throughout the developing world still fall far below the objective of universal primary education for both boys and girls, and this picture is made even worse by dropout rates which are often over 50%. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Research makes it clear that economic returns on primary education for boys are high. This is not always recognized. But I want to emphasize today something much less recognized and understood. And that is the immensely beneficial impact on reducing poverty that results from educating girls. In most developing societies women simply do not have equitable access to education. The number of illiterate females is growing faster than illiterate males. Nearly two-thirds of the world s illiterates are women, and virtually everywhere males are given preference both for general education and vocational training. One reason for this is that the prevailing image of women distorts their full contribution to society. Women are esteemed —and are encouraged to esteem themselves—predominantly in their roles as mothers. Their economic contribution, though it is substantial in a number of developing societies, is almost always understated. The fact is that in subsistence societies women generally do at least 50% of the work connected with agricultural production and processing, as well as take care of the children and the housekeeping. Schooling clearly enhances a girl's prospects of finding em ployment outside the home. In a comparative study of 49 coun tries, the level of female education in each nation demonstrated a significant impact on the proportion of women earning wages or salaries. Greater educational opportunity for women will also substan tially reduce fertility. In Latin America, for example, studies in dicate that in districts as diverse as Rio de Janeiro, rural Chile, and Buenos Aires, women who have completed primary school average about two children fewer than those who have not. Of all the aspects of social development, the educational level appears most consistently associated with lower fertility. And it is significant that an increase in the education of women tends to lower fertility to a greater extent than a similar increase in the education of men. In societies in which rapid population growth 25 talitv rate of 118 per 1,000, life expectancy of 61 years, and a is draining away resources, expenditure on education and train ing for boys that is not matched by comparable expenditure girls will very likely be diminished in the end by the girls c tinued high fertility. Women represent a seriously undervalued potential in the development process. And to prolong inequitable practices tha relegate them exclusively to narrow traditional roles not only denies both them and society the benefits of that potential, u very seriously compounds the problem of reducing poverty. Primary Health Care In the health sector, as well, carefully designed and sharply focused efforts can contribute immensely to an overall an poverty program. In most developing countries health expenditures. have been heavily concentrated on supplying a small urban elite with ex pensive curative-care sys.ems-highly skilled doctors and elab orate hospitals-that fail to reach 90% of the people. What are required are less sophisticated, less costly but more effect preventive-care delivery systems that reach the mass of the population. Even quite poor countries can succeed in this, provided sound policies are pursued. Some 25 years ago, for examp , Sri Lanka decided to improve rural health facilities. As a result of its efforts in health care, along with those in«education.and m nutrition, there has been over the past two decades . decline in infant mortality to 47 per 1,000, an increase ,n life expectancy to 69 years, and an associated decline in the crude birth rate to 26. But many other countries—countries with a much higher per capita national income than Sri Lanka-have spent as much o more on health, and by failing to stress simple, 'nexpe"S've effective primary care systems, have reaped much poorer resu . 26 Turkey, for example, had a GNP per capita of $1,200 in 1978 compared to Sri Lanka's $190, but has concentrated on urban health with conventional facilities, and today has an infant mor- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis crude birth rate of 32—all far short of Sri Lanka's accomp is ments. As part of their preventive-care programs, governments shouldPmake a special effort to reduce sharplycurrent m ant and child mortality rates. Average rates °f ' f "hotn Afdca deaths per 1,000 in the first year—are well above 140 n Afnc , and roughly 120 in Asia and 60 in Latin America. In t e ev oped countries they average only about 13. Why are they so high in the developing world? Largely be cause ^of low nutritional standards, and poor hygiene, hea orachces and services. But infant and child mortality rates can be brought down relatively quickly with a combination of rede signed and reoriented health, education, and nutrition policies. And the return in lowered fertility, healthier Mildren and in creased productivity is clearly worth the effort and costs. The truth is that a basic learning package for both males and female -and particularly for females-and a carefully designed nrogram of pdmary health care for both the countryside and the cities are investments that no developing country can afford to neglect. The economic return will be huge. And the same is true of other investments in the immense untapped human potenhal of the absolute poor. Even in a period of austerity-indeed especially in a period of austerity-those investments must accelerated. I want to turn now to the role the World Bank itself can play in the 1980s. And to establish the background against which this must be viewed, let me briefly summarize the prmcipa points that emerged earlier in our discussion. V. THE ROLE OF THE WORLD BANK IN THE 1980s The current account deficits of the oil-importing developing countries have risen dramatically. The increase in, thesetdebcit is the mirror image of a portion of the rise in the surpluses ot 27 the oil-exporting nations. A major objective of the world's in termediation effort to deal with these surpluses must be to assure that appropriate portions of them flow, directly or indi rectly, back to these developing countries. The assistance the developing societies will need in the 1980s —both to alleviate their burden of absolute poverty, and to facilitate the structural changes in their economies required by the changes in the external environment—is much larger than was projected before the events of the past 18 months. The developing countries, already financing 90% of their own development efforts, will now have to mobilize substantial ad ditional resources. But they cannot succeed in this enormous task by their own efforts alone. That is why all previously planned programs of international assistance, including that of the Bank, must be reexamined in order to determine how the most urgent needs of the developing world can be met. It is in this perspective that the future level of World Bank lending, and the nature of its operating policies, should be re viewed. The Bank clearly cannot do everything. Nor should it try to. But neither can it be allowed to fail in its basic responsi bility toward its developing member countries. Let us examine for a moment the role the Bank has under taken over the last decade. During the past twelve years, the World Bank Croup has ex panded dramatically its level of financial assistance to the de veloping world (see Table VI). TABLE VI—WORLD BANK GROUP: NEW FINANCIAL COMMITMENTS AND NET DISBURSEMENTS (US$ billions) Annual Average Per Period FY64 68 Working Plan* FY69 •73 FY74 -78 FY79 FY80 FY81 FY82 FY83 FY84 FY85 New Loans IBRD IDA IFC Total—Current $ .9 .3 — 1.2 1.8 .8 .1 2.7 4.9 1.6 .2 6.7 7.0 3.0 .4 10.4 7.6 3.8 .7 12.1 8.6 3.6 .6 12.8 9.6 4.1 .7 14.4 10.7 4.7 .8 16.2 11.9 5.0 .9 17.8 13.2 5.3 1.1 19.6 —Constant FY80 $ 5.0 6.8 9.5 11.2 12.1 11.9 12.6 13.3 13.8 14.3 Disbursements IBRD IDA IFC Total—Current $ .5 .3 — .8 .9 .3 .1 1.3 2.2 1.1 .2 3.5 3.6 1.2 .2 5.0 4.4 1.4 .3 6.1 5.2 1.8 .3 7.3 6.3 2.2 .5 9.0 7.4 2.7 .7 10.8 8.3 3.5 .8 12.6 9.2 4.1 .9 14.2 —Constant FY80 $ 3.1 3.5 5.3 5.5 6.1 6.7 7.6 8.6 9.4 9.9 But our objective during these years was not principally the size of the Bank's operations. We did not simply want to do more. Rather, we wanted to do more of what would contribute most to our member countries' evolving development needs. Thus, over the past decade there has been a major qualitative change in the Bank's lending, and in its development policies. That change arose out of the understanding that if the absolute poor had to wait for the benefits of overall economic growth to trickle down to them, their incomes and welfare would inch forward at an intolerably slow pace. It became clear that developing countries needed to devise policies and investment programs to assist the poor in their societies to become more productive, and to assure an equitable distribution of basic services to them. 28 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “The Working Plan is subject to annual review by the Executive Directors and is based on the assumption that necessary legislative action on the General Capital Increase and IDA VI replenishment will be completed according to schedule. 29 Throughout the 1970s the Bank made a determined effort to help its member countries to devise such policies, and to finance and implement such projects. It has devoted to this objective a high proportion of its intellectual resources, and a growing share of its expanded lending. In the FY64-68 period such loans, on average, amounted to only $60 million per year, and accounted for less than 5% of total lending. In FY80 they had grown to $3,565 million, and accounted for over 30% of total lending. In that year alone the Bank approved agricultural and rural development projects to raise the productivity, and thereby the incomes, of 29 million people, including 18 million of the world's poorest—and to increase food production by 6 million tons per annum. Highways, electric power, and other traditional infrastructure and production investments remain, of course, vital to develop ment. They are basic to strengthening the foundations of growth, and to expanding employment opportunities and enhancing the incomes of all members of society. While the Bank reduced the share of its lending to these sectors, it substantially increased its absolute volume. Bank lending for traditional infrastructure projects grew from an annual average of $700 million in 1964-68 to $4.4 billion in 1980; and for traditional production projects, from $350 million to $3.5 billion. Only by raising its overall level of lending was the Bank able to meet its member countries' new development needs without neglecting their traditional requirements. This clearly remains the path for the future. The Bank must be in a position to respond to new needs which have already ap peared. And it will certainly be called upon again and again to help meet needs which we cannot yet foresee. It must be able to do so without disrupting other programs for which developing countries are counting upon its assistance. Is the Bank in such a position now? 30 Last year I reported to you that we were making progress in laying a foundation for further expansion of the Bank Group s lending program in the 1980s. Let me summarize the steps https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis that have been taken over the past twelve months, and where we stand today. The General Capital Increase in the Bank's authorized capital, from $45 billion to $85 billion, was approved by the Board of Governors in January 1980. Some countries, including the United States, will need legislative approval before they can subscribe to the additional shares. Negotiations for a sixth replenishment of the International Development Association (IDA) were successfully concluded last December, and the basis for the replenishment was ap proved by the Governors in March 1980. The replenishment itself, however, is still not effective because a few countries, and in particular the United States, have not been able yet to com plete the necessary legislation. Other donor countries have agreed to make voluntary con tributions to prevent an extended hiatus in IDA'S lending pro gram. But I want to emphasize the importance of early action by all governments to make the sixth replenishment effective, and the severe penalties for the poorest nations of the world that will result from prolonged delay and uncertainty. Let us assume, however, that all the necessary legislative ac tions for the General Capital Increase and for the IDA VI replenishment will be completed soon. Will the lending program summarized in Table VI, which the General Capital Increase and IDA VI are intended to support, be adequate for the role the Bank Group must play in the 1980s to assist its developing country members? Will it allow the Bank to meet these countries' needs in even the limited way that we hoped it would when the program was prepared? The answer is clearly no. The lending program for FY81-85 reflects the Bank's assess ment of the future financial requirements of the developing countries as they appeared early in 1977, when the plan was prepared. In the light of that assessment we believed the planned level of lending would permit the Bank to increase its 31 ■ new commitments each year by 5% in real terms, and that this projected growth would allow the Bank to make an adequate contribution to its member countries' priority development needs. That assessment is no longer tenable. Four events have inter vened in the meantime that invalidate its underlying as sumptions. A rampant and unexpected rate of inflation has reduced the real value of the commitments permitted by the General Capital Increase and the IDA VI agreements. In planning the program in 1977, the Bank had assumed a world inflation rate of 7.5% for FY79. It turned out to be 13.3%. And we now project inflation in future years will taper off more slowly than we had previously expected. As a result, the real value of the lending program planned for 1981-85 will fall 10.5% below what was projected. In today's dollars this represents a loss of over $5.6 billion. Quite apart from this, our developing member countries' needs for Bank assistance have increased for three other reasons: • First, as I have emphasized, the sharp rise in the oil price has raised the cost of their imports, while recession in the industrial countries has depressed their export prospects. They must react to these events by carrying out the farreaching structural adjustments in their economies, dis cussed earlier, and yet do so without reducing their growth to totally unacceptable levels during the transition period. • Second, as part of that process, in their own interest as well as that of the world community, they should step up sub stantially their investment in energy development. • And third, the change in the representation of China has increased by 45% the number of people who now need, who now desire, and who are now entitled to have World Bank Group lending. Let me briefly discuss the effect on the Bank of each of these three points in turn. 32 First the financing required for the much larger than antici pated current account deficit: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Let me sum up the key points of the argument put forward earlier. As compared to 1978, the oil-import bills of developing coun tries have increased by $35 billion. And even if the industrialized nations resist domestic protectionist pressures, as they must, their continuing problems of recession and slow growth have already reduced the export prospects of the developing world. The problem is not that developing countries will be left with deficits they cannot finance. If deficits cannot be financed, they will disappear. But if they disappear because adequate financing cannot be found, this will seriously cripple their development programs. If that were to happen, the rest of the world could not be cushioned from the deflationary pressures generated by such a collapse. Even the narrowest self-interest of the industrialized nations requires that these essential financing needs should be met. Adequate financing of imports is not a substitute for struc tural adjustment to the new external circumstances. Rather, it is a prerequisite for such adjustment: it permits the developing countries to adapt sensibly their production, trade, investment, and savings patterns to new needs. Without adequate financing of their imports they will be forced to adopt "quick-fix reme dies—such as blanket controls on imports or arbitrary cutbacks in public investment programs—which are in no one's long term interest. Nor is the financing of structural adjustment a substitute for the financing of other development needs. The magnitude of the other investments required to make at least a minimally ac ceptable impact on absolute poverty has not diminished. The cost and urgency of raising the productivity of the world's poor and of providing them with equitable access to the essential public services they desperately need remain high. Should not the Bank, then, shoulder part of the burden of financing its developing member countries' structural adjust- 33 ment? In doing so it would clearly not be substituting for the private-market mechanisms to recycle surpluses. On the con trary, it would be helping to underpin private flows, and by closely supporting the adjustment process it would improve the creditworthiness of the recipients. Nor would the Bank be substituting for appropriate action by the IMF. Rather, it would be complementing such action by bringing its resources and its expertise to bear on the longerterm development aspects of structural adjustment. To help meet these requirements, the Bank introduced struc tural adjustment lending several months ago, and is tentatively planning to commit $600-800 million for that purpose in the current fiscal year. In FY82 or 83, such lending might amount to $1,500 million, and in subsequent years to more. At present, however, such structural adjustment loans have to be fitted into the previously planned lending program. But these new and unanticipated needs are clearly additional to the re quirements identified in 1977, which the current lending pro gram was designed to meet. The Bank needs, therefore, to expand the current program to respond to them. If it fails to do so, it simply will not be contributing to the solution of the world's intermediation problem. Let me move now to the second point: the financing required for energy development. Beyond their immediate impact on import costs, the higher energy prices present both long-term challenges and opportuni ties for the oil-importing developing countries. 34 Our studies indicate that at the new price levels there are highly profitable investment opportunities in these countries which are additional to current plans and which, taken together with vigorous conservation measures, would reduce oil imports by 3 million barrels of oil per day—150 million tons per year by 1990. This would have obvious benefits for all producing and consuming nations. But the exploitation of these opportunities will require substantial investment over the next five years. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Total investment needs for energy development in oil-import ing developing countries, in the period 1981-1985, will amount to about $185 billion in constant 1980 prices, as against $80 billion devoted to energy investment in these countries over the past five years. Most of these needs will be financed by their own savings, and by external sources other than the Bank. The Bank, however, should help by expanding its previously planned energy development program, both in order to serve as a catalyst for other funds, particularly from private sources, and in order to finance those needs for which such funds are not likely to be available. To assist in this vital role, we now estimate that the Bank should lend an additional $12 billion above the $13 billion planned for energy development in the 1981-85 period. Finally, let me turn to the matter of China. The change in the representation of China in the Bank has increased by nearly a billion the number of people who now have a claim on the Bank's resources. That claim is no less com pelling, and their needs are no less urgent than those of the Bank's other members. It will take time to translate these needs into specific Bank projects, but when that has been done it is clear that they will amount to several billion dollars per year. If we had to accommodate these needs within the lending program planned earlier, we would have to reduce sharply our lending to other member countries. This would seriously dis rupt their development programs, and this we must not do. An addition to the lending program is clearly required. The inescapable conclusion of all these considerations is this: the Bank Group must mobilize substantial additional resources if it is effectively to assist its developing member countries through the critical years of the 1980s. But it must do this in a manner that takes full account of the current budgetary con straints faced by the governments of the developed nations. What we need to do now is to reach broad agreement on the following objective. 35 The Bank should: • Increase its lending program in order to offset fully the higher-than-anticipated inflation levels; • Finance structural adjustment, but not at the cost of reduc ing the development finance already planned for the oil importing developing countries; • Assist in financing an expanded energy development pro gram, but not at the cost of cutting its assistance to other equally vital programs; and • Respond to the development needs of China, but not at the cost of its other borrowers. If we agree on this objective—and I believe we can—then our task is to find the means for financing the expansion in lending without imposing undue burdens on the budgets of our member governments. Several approaches to that seemingly impossible task are worthy of consideration. Let me refer to them briefly. It is through payments for capital subscriptions that the Inter national Bank for Reconstruction and Development (IBRD) places demands on the budgets of our member governments. Those budgets are tight, and the equity capital that they finance is, therefore, a scarce resource. Loan funds, on the other hand, are available, and even abundant on the world's financial markets. The issue facing the Bank today is whether we are making the best possible use of that very scarce resource, our equity capital, in order to mobilize those other more abundant funds. The question is: could we increase our borrowings in the private financial markets without imposing additional claims on scarce funds from governments? Throughout its history, the World Bank has gradually im proved the use it has made of its equity base. 36 Twenty years ago, for example, the Bank concluded that it had only barely begun to utilize the full financial power of that https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis base in support of its borrowing. At that time, in I960, the Bank's callablecapital of $17.3 billion—essentially member government guarantees of its borrowings—plus its paid-in capital and re serves of $2.5 billion, a total capital base of $19.8 billion, sup ported borrowing of only $2.1 billion and loans of $2.8 billion. To increase the efficiency with which its paid-in capital was being used, in 1960 the Bank doubled its subscribed capital without any increase in the amount of capital paid in. And yet even in 1970, when paid-in capital and reserves had risen to $3.9 billion, and callable capital amounted to $20.8 billion, bor rowings totalled only $4.6 billion and loans $6.0 billion. We were an under-leveraged institution. During the 1970s the Bank began to use its equity base to mobilize much larger amounts of borrowed funds for invest ment in its developing member countries. Borrowings and out standing loans had increased to $30 billion and $27 billion respectively by the end of FY1980. Meanwhile, the Bank's paidin capital and reserves rose to $7 billion—of which over half came from retained earnings—and callable capital rose to $36 billion. Moreover, the Governors, having reduced the amount of the paid-in portion of the 1960 capital subscription from 20% to 10%, have now reduced the paid-in portion of the new General Capital Increase from 10% to 7.5%. When the General Capital Increase is completed, the Bank will have total subscribed capital of $85 billion. About $7.5 bil lion will then have been paid in. This will be augmented by reserves and retained earnings that amount to about $3.4 bil lion today, and are growing fast. This means that if it fully uses the authority provided by the General Capital Increase, the Bank's own paid-in equity and reserves will finance about 15% of outstanding loans. When callable capital is included, every single dollar of outstanding loans will be backed by a dollar of capital or reserves. These ratios contrast with the standard practice of large com mercial banks, whose capital to risk-asset ratios run to less than 6%. And yet none of these banks has the IBRD's repayment rec ord; none of them relies on such long-term sources of funds; and none has such a strong liquidity position. 37 The World Bank, then, should continue to improve the effi ciency with which it uses its immensely broad and uniquely guaranteed financial base. It must begin to use the demonstrated strength of its loan portfolio that reflects the prudent lending policies that it has followed for over thirty years. This is essential if it is to meet more fully the needs of the developing countries without imposing additional burdens on the budgets of other governments in a period when the domestic demands of many are particularly pressing. The question is how can this best be done, while at the same time fully safeguarding the strength and integrity of the Bank's financial structure? There are at least three actions that should be considered. The relationship between the Bank's loans—and hence its outstanding debt—and its equity base could be changed. The Articles of Agreement, drafted over 35 years ago in im mensely different financial circumstances, provide that the Bank's total disbursed and outstanding loans cannot exceed its total subscribed capital and reserves. The question the Brandt Commission, investment bankers, and other financial experts have been asking us in the Bank is this: in the circumstances of today, as contrasted with those of 1944, does it still make financial sense to limit any increase what ever in the Bank's lending authority to an equal increase in its capital? The tentative answer appears to be that the 1 to 1 ratio, estab lished at Bretton Woods in the closing months of World War II, is no longer really relevant to the Bank's financial condition or to the economic situation of its principal shareholders, and that the result now is an unnecessary underutilization of the Bank's capital base. 38 It is obvious that any action to change the ratio should not be construed as a substitute for the completion of the General Capital Increase. On the contrary, it should be viewed as a necessary additional step. The General Capital Increase was agreed to prior to the more recent events that have now sub https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis stantially enlarged the financial requirements of our developing member countries. The change in the ratio would make it pos sible for the Bank to respond to these new requirements through a more effective use of the increase in its capital base which has already been authorized. A second possibility would be the organization of a separately capitalized energy affiliate. As I remarked earlier, the need and the potential for develop ing new energy resources present a major challenge, as well as a major opportunity, to the developing countries, and to the world community at large. To meet that challenge, and to exploit that opportunity, there is now an international consensus, re flected most notably in the decisions of the Venice Economic Summit and the meetings of the OPEC ministers, that measures must be taken to assist the developing countries in the develop ment of their energy resources. More specifically, the World Bank has been asked to examine the possibility of setting up an energy affiliate to assist in this effort. Such an affiliate would serve both as a direct source of finance itself, and as a catalyst for other public and private funds. The equity capital of such an institution could come from IBRD profits, and from contributions by member governments: not necessarily by all member governments, and not in the same proportion as their contribution to the Bank's capital. Such an equity base would be utilized to underpin borrowing and lend ing that could ultimately amount to a multiple of the scarce equity funds. A third approach would be to raise the Bank's lending and borrowing authority again, as was done in 1960, by increasing subscribed stock, but without the necessity of additional paidin capital. Any one of these three actions, or a combination of them, would make it possible for the Bank to be more responsive to the urgent needs of its developing member countries which were not anticipated when the General Capital Increase was put forward. The variety of means available to equip the Bank to be more responsive should encourage those who, like myself, 39 believe that the current climate of budgetary constraint in the developed nations need not stand in the way of necessary action. While these measures are being studied, because of the ur gent need to expand the Bank's lending program for FY82-86, we should consider drawing forward a portion of the lending presently planned for later years to the nearer term. In this way we could increase IBRD loans over the next five critical years by a total of $10 billion. Implementing these various proposals would allow the IBRD to expand its lending program. Yet that would not by itself help the Bank's poorest member countries, which require highly con cessional financing of very long maturity. As I have indicated, the needs of these low-income countries have also greatly in creased. And the IDA VI replenishment, while it is generous, will fall far short of meeting them. Just as we need to find a way to exploit more fully IBRD's equity base, so we must also increase the leverage of scarce IDA resources. The creditworthiness of a number of countries which have in the past received IDA credits has now markedly im proved. This is most notably the case for oil exporters such as Indonesia and Egypt. But others too have increased their ability to service debt on intermediate terms. Some of these countries could shift in the future to IBRD loans only, or to a blend of IBRD and IDA loans less concessional than had been necessary earlier. This would permit an increase in IDA lending to those countries whose financial requirements have expanded but which are not yet creditworthy for IBRD loans. 40 It should go without saying that making additional IDA funds available to the poorest countries by shifting some countries from IDA to IBRD borrowing will be possible only if IBRD itself is enabled to meet these additional claims on its resources. And it should be unnecessary to add that a truly adequate response to the poorest countries' needs would require additional resources, raised perhaps by such new means as those suggested by the Brandt Commission. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In this discussion of the role of the Bank in the 1980s, I have focused on only one aspect of its work: its loans to developing countries, and the means of financing them. In the short run, this must have first claim on our attention. But in the longer run, as both Executive Directors and Ministers from developing coun tries have emphasized so often in recent months, it is the nonfinancial assistance of the Bank that is of even greater value than its financial support, indispensable as that is. In the 1970s the Bank's policy advice and technical assistance were directed toward the twin goals of accelerating economic growth and reducing absolute poverty. These must continue to be our objectives in the 1980s. But the environment in which those goals will be pursued will be so different, and so difficult, as to require a major shift of emphasis within the Bank: • Population growth, although decelerating, will place in creasingly heavy burdens on the resources of most develop ing countries; • Labor forces growing at explosive rates, reflecting past levels of population growth, will place a premium on job creation; • Migration from the countryside will burden metropolitan areas grown larger than most in the developed world; • Widespread malnutrition, if it is to be overcome, will re quire substantial increases in food production per hectare because opportunities for putting land under cultivation in the developing countries are sharply reduced; and • External payments imbalances will require acceleration of industrialization and expansion of exports in the face of slower growth in world trade and rising tides of protec tionism. It is shocking to reflect that in spite of the progress of the past quarter century and the advances that are likely in the next two decades, it is probable that at the end of this century 600 million human beings in the developing countries will continue to live in absolute poverty. 41 Clearly there will be an immense intellectual and technical effort required from the Bank in the 1980s—in addition to its financial contribution—if it is effectively to assist the developing countries to address their fundamental social and economic problems. The current adjustment process is likely to be more difficult than the earlier one in the 1974-1978 period. One of the most important actions the oil-importing developing countries can take to moderate its damaging effects is to adopt efficient import substitution policies in energy. Let me now summarize and conclude the central points I have made this morning. At present and prospective oil prices, many of these countries can turn what were previously regarded as marginal energy re serves of oil, gas, coal, hydroelectric, and forest resources into profitable investments. This will require their mobilizing addi tional domestic and external finance, but would permit them by the end of the decade to reduce their annual oil-import bill— projected by then to amount to some $230 billion—by more than $50 billion. VI. SUMMARY AND CONCLUSIONS Global economic conditions over the past 18 months have become substantially more difficult, and the prospects for growth in the oil-importing developing countries during the decade of the 1980s now appear less promising. The sharp new rise in oil prices has more than doubled these countries' cost of imported energy, and the continuing recession in the industrialized nations will seriously limit demand for their exports. As a result, their current account deficits have increased ra pidly, and now constitute on average 4% of their gross national product—and for many countries substantially more. Though they can continue to finance these deficits in the short term by additional external borrowing, in the longer term their mounting debt service would become unsupportable. The deficits must be reduced. What is needed are fundamental structural adjust ments in their economies. If these difficult changes are undertaken soon, and can be completed over the next five to eight years, growth rates in the oil-importing developing countries should recover to more satisfactory levels during the second half of the decade. 42 This, however, will require financial assistance in the interim, beyond what is now in prospect, if severe reductions in the level of their development activity are to be avoided. If this financial assistance is not available, or if the developing countries delay initiating the necessary structural changes, their development progress will be seriously compromised throughout the decade. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The current global economic situation has imposed partic ularly severe penalties on the poorest developing countries. They desperately need additional Official Development Assis tance to get through the adjustment period. But total ODA flows declined in real terms from 1977 through 1979, and that portion of the flows allocated to the poorest countries was shockingly small in both relative and absolute amounts. Both the OECD nations, and the capital-surplus members of OPEC, should now consider what measures they can take to increase concessional assistance to the poorest nations who con tinue to be damaged by a global economic situation they neither caused, nor can do much to influence. The middle-income developing countries will continue to depend on external capital flows from commercial banks throughout the decade, though it is questionable whether the volume will be sufficient from these sources to meet the addi tional requirements imposed by the new adjustment difficulties. If the task of recycling to the developing countries a portion of the more than $100 billion a year of additional surpluses now being earned by the oil-exporting countries is to be tackled in the 1980s efficiently and equitably, there is no doubt that the financial intermediation of the World Bank, and other interna tional institutions, should increase substantially above previously planned levels. 43 Personal Note —Prepared After the Text Was Printed And now —if I may —let me add a purely personal note. These past 13 years have been the most stimulating ot my life. I wouldn't have traded them for anything. And I want to say to all ot you how deeply grateful I am for the privilege of having served with you throughout these years. This World Bank —born out of the ruins of World War II —has grown into one of the most constructive instruments of human aspiration and progress. And yet, it has only barely begun to develop its full potential tor service and assistance. There is so much more it < an do, so much more it ought to do lo assist those who need its help. Each one of us here can help make that happen. And how can we begin'’ We must begin —as the founders of this great institution began —with vision. With clear, strong, bold vision. George Bernard Shaw put it perfectly: "You see things, and say why? But I dream things that never were, and I say why not?" Thank you, and good morning. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis During the 1980s the Bank should: • Increase its lending program in order to offset fully the higher-than-anticipated inflation levels; • Finance structural adjustment, but not at the cost of reduc ing the development finance already planned for the oil importing developing countries; • Assist in financing the expanded energy development pro gram called for at the Venice Economic Summit meeting, hut not at the cost of cutting its assistance to other vital programs; and • Respond to the development needs of China, but not at the cost of its other borrowers. All of this can be done—and in a manner that takes full account of the current budgetary constraints faced by the gov ernments of the developed nations—provided we make full use of the potential of the Bank's capital base, and facilitate the use of the large private resources available for sound investment opportunities. The 1980s are likely to be a turbulent decade, preoccupied with a whole new range of financial difficulties. But underlying the immediate financial concern, more funda mental problems persist. The most fundamental of all is the persistence of widespread absolute poverty. Development itself comprises a twofold task: to accelerate economic growth, and to eradicate absolute poverty. These two goals are related, though governments are some times tempted to pursue one without adequate attention to the other. In the end, that approach fails from a development point of view. The pursuit of growth without a reasonable concern for equity is ultimately socially destabilizing. And the pursuit of equity without a reasonable concern for growth merely tends to redistribute the deprivation of economic stagnation. 44 various requirements of these two goals. This morning I have stressed both the critical need and the economic good sense of developing those human resources who have been inequita bly passed over by the modernization process. None of us, of course, can pretend that our understanding of the complexities of the poverty problem is complete. We are all still learning. But I believe we can take a measure of satisfaction that many governments and institutions throughout the inter national development community, including this Bank, are be ginning to think about poverty in a more thoughtful way than they did a decade ago. And they are beginning to ask them selves how they can reshape their own efforts to deal with it more effectively. That should be encouraging to everyone in this room. Due to your support, and that of the governments you repre sent, the World Bank over the past ten years has become by far the world's largest and most influential development institution. That is important. But what is far more important is what has transpired through out the developing world in the millions of individual lives that this institution has touched. What these countless millions of the poor need and want is what each of us needs and wants: the well-being of those they love, a better future for their children; an end to injustice; and a beginning of hope. We do not see their faces, we do not know their names, we cannot count their number. But they are there. And their lives have been touched by us. And ours by them. In our meetings throughout the 1970s we have examined the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 45 ANNEX II ANNEX I DISTRIBUTION OF ODA FROM OECD COUNTRIES IN 1978 BY DEVELOPING COUNTRY INCOME GROUP FLOW OF OFFICIAL DEVELOPMENT ASSISTANCE FROM DEVELOPMENT ASSISTANCE COMMITTEE MEMBERS TO DEVELOPING COUNTRIES AND MULTILATERAL INSTITUTIONS3 (Amounts in millions of dollars) (Percent of Gross National Product) 1965 Australia Austria Belgium Canada Denmark Finland13 France Germany Italy Japan Netherlands New Zealand0 Norway Sweden Switzerland United Kingdom United States'1 .53 .11 .60 .19 .13 .02 .76 .40 .10 .27 .36 .16 .19 .09 .47 .58 1970 .59 .07 .46 .41 .38 .06 .66 .32 .16 .23 .61 .23 .32 .38 .15 .41 .32 1975 .59 .17 .59 .52 .58 .18 .62 .40 .11 .23 .75 .52 .66 .82 .19 .39 .27 1976 .41 .12 .51 .39 .56 .17 .62 .36 .13 .20 .83 .41 .70 .82 .19 .40 .26 1977 .42 .24 .46 .48 .60 .16 .60 .33 .10 .21 .86 .39 .83 .99 .19 .46 .25 1978 .54 .29 .55 .52 .75 .17 .57 .37 .14 .23 .82 .34 .90 .90 .20 .48 .27 1979 .52 .19 .56 .47 .75 .22 .59 .44 .09 .26 .93 .30 .93 .94 .21 .52 .19 1980 .51 .23 .59 .46 .67 .22 .59 .44 .09 .27 .94 .30 .95 .95 .22 .52 .18 1981 .50 .25 .60 .45 .70 .23 .59 .44 .10 .27 .94 .30 .96 .95 .25 .49 .22 1982 .50 .27 .61 .45 .70 .24 .59 .44 .10 .28 .96 .30 .97 .95 .26 .45 .22 1983 .50 .28 .63 .45 .70 .26 .60 .45 .11 .28 .97 .30 .98 .95 .26 .42 .22 1984 .51 .51 .29 .30 .65 .67 .44 .44 .70 .70 .27 .28 .60 .60 .46 .46 .11 .11 .29 .30 .98 .99 .30 .30 .99 1.00 .95 .95 .27 .28 .40 .38 .22 .22 GRAND TOTAL ODA ($b-Nominal Prices) ODA ($b-Constant 1980 Prices) GNP ($t-Nominal Prices) ODA as % of GNP Price Deflator® To Low-Income Countriesa 1985 Australia Austria Belgium Canada Denmark Finland France Germany Italy Japan Netherlands New Zealand Norway Sweden Switzerland United Kingdom United States Total 6.5 .49 .32 Percent of GNP 198 31 384 564 254 30 768 1,171 247 1,136 606 7 237 508 91 897 2,078 9,207 34 19 72 53 66 56 28 50 66 51 56 13 67 65 53 62 37 46 .18 .06 .40 .28 .50 .10 .16 .19 .09 .12 .46 .04 .60 .59 .11 .29 .10 .16 Amt. 390 135 152 496 129 24 1,937 1,176 128 1,079 468 48 118 275 82 559 3,586 10,783 Percent of Total ODA Percent of GNP 66 81 28 47 34 44 72 50 34 49 44 87 33 35 47 38 63 54 .36 .23 .15 .24 .25 .07 .41 .19 .05 .11 .36 .30 .30 .31 .09 .19 .15 .18 Total ODA Amt. 588 166 536 1,060 383 54 2,705 2,347 375 2,215 1,074 55 355 783 173 1,456 5,664 19,990 Percent of GNP .54 .29 .55 .52 .75 .17 .57 .37 .14 .23 .82 .34 .90 .90 .20 .48 .27 .34 7.0 13.8 13.8 15.7 20.0 22.3 24.6 28.7 32.1 35.7 39.7 44.1 20.3 18.0 21.9 20.9 22.1 24.4 24.5 24.6 26.3 27.2 28.3 29.4 30.8 1.3 Amt. Percent of Total ODA To Middle- and HighIncome Countriesa 2.0 3.8 4.2 .34 .36 .33 .39 .63 .66 4.7 .33 .71 5.6 .35i .82: 6.5 7.2 8.0 9.0 9.9 11.0 12.1 .34 .34 .36 .36 .36, .36 .36 .91 1.00 1.09 1.18 1.26 1.35 1.43 “1978 is the latest year for which available information permits distribution of ODA as between ''Low-Income” and "Middle- and High-Income" countries. Low-Income countries have a total population of 1.3 billion with per capita incomes averaging $200 per year. The populations of Middle- and High-Income countries total 900 million with per capita incomes averaging $1,250 per year. The distribution includes bilateral ODA contributions and allocable shares of con tributions to multilateral development assistance institutions. “Historical figures through 1979 are on note deposit basis as reported from OECD/DAC. Those for 1980-85 are based on OECD and World Bank estimates of growth of GNP, on information on budget appropriations for aid, and on aid policy statements by governments. They are projections, not predictions, of what will occur unless action not now planned takes place. bFinland became a member of DAC in January 1975. cNew Zealand became a member of DAC in 1973. ODA figures for New Zealand are not avail able for 1965. dln 1949, at the beginning of the Marshall Plan, U.S. Official Development Assistance amounted to 2.79% of GNP. ®The deflator is the US$ GNP deflator which excludes the effects of changes in exchange rates. 46 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 47 WORLD BANK 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. Telephone number: (202) 477-1234 Cable address: INTBAFRAD WASHINGTON D.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis European Office: 66, Avenue d'l6na, 75116 Paris, France Telephone number: 723-54-21 Cable address: INTBAFRAD PARIS Tokyo Office: Kokusai Building 1-1 Marunouchi 3-chome Chiyoda-ku, Tokyo 100, Japan Telephone number: (03) 214-5001 Cable address: INTBAFRAD TOKYO BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION September 30, 1980 HOLD FOR RELEASE UNTIL DELIVERY Statement by the Hono MICHIO WATANABE, Minister of Finance and Governor of the Fund and Bank for JAPAN, at the Joint Annual Discussion It is my great pleasure to have the opportunity to state my views for the first time as Governor for Japan. I should like, first of all, to extend my hearty welcome to our neighboring friend in Asia, the People’s Republic of China, which has sent its first delegation headed by Governors Li Baohua and Wang Bingqian. I have no doubt that China will make constructive contributions to the Fund and the Bank0 Let me also extend my warmest congratulations to St. Lucia, St. Vincent and the Grenadines, and Zimbabwe, our newest members. At this, the first Annual Meeting of the 1980s, I should like both to review the experiences during the last decade and to surmise the challenges of this decade. The 1970s was in many respects a decade of trial and tribulation for the world economy. First and most significant was the emergence of energy resources, particularly oil, as a grave constraint on economic growth in both availability and price. No sooner had we adapted to the first oil crisis, which had begun in the fall of 1973, than we were forced to face another sharp rise in oil prices at the end of the 1970s. In the 1980s, we must make utmost and immediate efforts to emanci pate economic growth from the constraint of oil supply through reducing oil consumption and developing alternative energy sources. At the same time, we need to reconsider habitually expansionistic attitudes toward economic growth. In the 1980s, we must seek ways to enhance welfare of our nations’ citizens, maintaining an appropriate pace of economic growth, while attending to preservation of natural resources and pro tection of the environmento The second challenge we faced in the last decade was worldwide inflation,, The first oil crisis aggravated the worldwide inflation which had already been taking place and the world prices kept rising thereafter at high rates, though less than at first. Last year we wit nessed a resurgence of price hikes and many countries are still suffering from double-digit inflation rates. Such prolonged inflation has dis couraged private investment and slowed down productivity growth. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 Press Release No. 9 To regain price stability, persistent and wide-ranging policy efforts dealing both with demand and supply are indispensable,. The key must be to maintain disciplined fiscal and monetary policies to control aggregate demand at an appropriate level. On the supply side, the importance of which has become widely recognized in recent years, we must establish and pursue feasible and effective measures within the specific circumstances of each nation’s economy,, In spite of the gradual spread of recession over the world economy, we must pursue with unswerving determination and endurance the difficult fight against inflation. By stabilizing prices, we ought to regain the confidence of businesses and households in the economic future, thereby revitalizing the economy and eventually achieving sustained economic growth. In particular, I sincerely hope that the countries with great influence over the world economy will carry out their international responsibilities by exercising economic discipline and implementing appropriate oil policies. The third test in the 1970s was the appearance of large payments imbalances between oil exporting and oil importing countries. Throughout the last ten years, oil exporting countries accumulated a huge current account surplus, whereas oil importing developing countries experienced an almost equal deficit. Since the outbreak of the second oil crisis, deficits of oil importing developing countries have still been increasing while those of developed countries increased rapidly. These imbalances may persist for a considerable time into the 1980s and the potential adverse effects on the world economy are cause for concern. We cannot dispel the fear of a stagnant world trade and even disorder in the international financial mechanism which could occur if current account deficits should amount to such a magnitude as to impede sound management of the economies of the deficit countries, or if recycling of funds from surplus countries should cease to work smoothly. In order to prevent these portentous possibilities from materializing, it is essential, in the first place, that each country endeavor through appropriate policy efforts to reduce its payments imbalances as far as possible. The adequate energy policies and anti-inflation measures referred to earlier must be implemented steadfastly for the purpose of adjusting external imbalances as well. Second, we need to improve the mechanism for channeling funds from surplus to deficit countries. Various reform measures have been taken recently to facilitate recycling. Namely, the role of international financial markets has been strengthened and international cooperative efforts are under way toward the sound functioning of these markets. Furthermore, now in many international financial institutions, the resources have been reinforced, financing facilities improved and more flexible lending policies adopted. The issue for the future is how appropriately each country will make the best use of these financing mechanisms. In this connection, I hope, in particular, that the surplus countries will make positive efforts to promote a stable flow of funds to oil importing developing countries. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 - Press Release No. 9 Now I should like to turn to international monetary problems, reflecting on the 1970s and looking ahead to the 1980s. In the turbulent decade of the 1970s, the international monetary system groped for new institutional devices to ensure development of the world economy. One major achievement was realized in the management of the exchange rate system. The floating exchange rates among major currencies started as emergency measures, went through many trials in the course of the 1970s, and have now been accorded an established role in international trans actions. Though various flaws have been pointed out with regard to floating rates, I believe that no other system could have successfully coped with the volatile world economy caused by, inter alia, successive increases in oil prices. In recent years, through cooperation among monetary authorities, we have been strengthening measures to counter disruptive fluctuations in exchange rates. In the decade that lies ahead, we should further improve the management of floating exchange rates, by maintaining and augmenting the ties of cooperation among monetary authorities. Another major achievement in the international monetary system in the 1970s is the creation of the SDR. We all know that the Articles of Agreement, amended in response to the turbulent international monetary experiences of the early 1970s, clearly state the ideal of making the SDR the principal reserve asset of the international monetary system. In reality, however, the role and status of the SDR in international transactions and as a reserve asset fall far short of this ideal. In the 1980s, we need to improve institutional and environmental conditions and hence increase the attractiveness and establish the credibility of the SDR in order to make it in reality the principal reserve asset and an international currency0 I welcome the recent agree ment of the Executive Board of the Fund to simplify greatly the SDR valuation basket so as to make it identical with the interest rate basket, which, I believe, is an important step toward increasing confidence in the SDR. In the years to come, we should consider the active use of the SDR in order to attain greater stability in international currencieso To this end, a proposal aimed at replacing parts of official reserve holdings by SDR-denominated assets is now under considerationo Japan will continue to cooperate actively in discussions on the realization of schemes for the stable international monetary system, including further consideration of this proposalo Next, I should like to take up the issue of the developing countries0 Despite the harsh world economic environment of the 1970s, developing countries as a whole have maintained a higher rate of growth than the industrial countries. In particular, remarkable progress has been achieved in those countries which made extraordinary efforts for economic development, and I would like to pay my highest tribute to the untiring efforts of these countries. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 4 - Press Release No. 9 It is admitted, however, that many problems still remain unsolved for the developing countries. Many countries are confronted with substantial current account imbalances and enormously accumulated foreign debts, primarily due to the sharp increase in energy costs. And a large number of people are living in absolute poverty, left behind by economic progress. On the other hand, the industrial countries are now faced with the "trilemma" of inflation, recession, and payments imbalances, all of which could weaken their capacity to extend aid to developing countries I believe that, in order to solve these problems, under these circum stances, it is imperative that each country not take recourse in trade protectionism, but make further efforts for international cooperation,. It is also strongly hoped to review the present aid policies in order to make development assistance more effective, while expanding it steadily. Let me present my view on the expected roles of the Fund and the Bank in the 1980s to tackle such problems of the world economy, international monetary affairs, and development assistance as I have outlined. First, I should like to emphasize the importance of the role of the Fund as the core of the international monetary system. The Fund has established its unique status in serving as a machinery for consultation and collaboration on international monetary problems. In view of its role in creating, allocating, and administering the SDR, the Fund is entrusted to become the managing nucleus of the international monetary system. I strongly wish that the Fund, recognizing its unique status, will continue to keep close vigilance on, and conduct studies of, major international monetary and financial problems. Second, with a view to supporting the balanced growth of the world economy, the Fund should promote cooperation in economic policies of member countries primarily through its surveillance. I endorse the Fund’s view, expressed since the last annual meeting, which gives the highest priority to the containment of inflation. Let me repeat the point made by the Japanese representative at the last meeting that the Fund should reaffirm its authority by promoting international cooperation, emphasizing stability in the value of currencies and reducing the rate of inflation. The third role of the Fund consists of providing necessary funds for member countries with balance of payments difficulties. In view of serious payments imbalances suffered by most oil importing developing countries, I fundamentally agree to the Fund’s realistic approach to pursue flexible lending policies, taking account of the size and the nature of the deficits, and to enlarge its financing resources through borrowing especially from countries with persistent surpluses« However, enlarged access to the Fund facilities should not lead to such lendings as may be provided for by development assistance institutions, losing sight of the essential and fundamental role of the Fund0 The Fund should maintain its basic characteristic of providing necessary financing on the condition that the borrowing country exert efforts itself for the adjustment of its payments imbalances. The expansion of the Fund’s https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 5 - Press Release No„ 9 resources should be realized primarily through increase in quotas and borrowing allowed only as a temporary measure» In this connection, I might add that, on the occasion of future general increases in quotas, appropriate adjustments need to be made so that the member’s quota share reflects its economic reality. I am convinced that the Fund must fulfill its unique role which cannot be substituted for by any other international institution to contribute to the stability and development of the world economy. Now I would like to refer to the activities of the World Bank Group. First of all, I hope that the financing resources of the Bank will be strengthened by the agreed general capital increase so that individual efforts of developing countries can be readily supported under severe world economic conditions in the 1980s. Japan is ready to participate positively in the agreed general capital increase and, at the same time, intends to give favorable consideration, as ever, to the Bank’s funding in the Tokyo capital market0 We subscribed, from the same point of view, to a substantial share in the Sixth Replenishment of the International Development Association. We have completed the necessary domestic procedures and have notified the Association of our subscription. Member countries are strongly urged to do their best to make the Replen ishment effective as soon as possible in order to avoid disrupting the activities of the Association. Second, I would like to stress the importance of the accumulated knowledge and experience of the World Bank Group. Based on its wide experience over the past three decades, the Bank has made a great contri bution in various spheres of development, such as food production, social development, energy exploitation, and, more recently, in the promotion of human development. I expect that this wide-ranging expertise will play an ever more important role in the 1980s„ In addition, let me assure you that we will continue to cooperate positively with regional development institutions which, along with the World Bank Group, are operating to meet the particular needs of the respective regionso Let me briefly explain the recent developments in the Japanese economy and in policy management. The nearly threefold increase in the oil import price since December 1978 has exerted a severe and profound impact on the Japanese economy. The external payments due directly to this increase in the oil price amounted to more than $30 billion. Since the third quarter of 1979, the current account has been recording large deficits caused mainly by this additional payment,. Although signs of improvement have been seen recently in the current account, on account of the increase in exports and stability in import prices, rapid reduction of the deficit seems unlikely,, The sharp increase in import prices, including the oil price, has also considerably affected our domestic prices. Mainly because of external factors, the rate of increase in wholesale prices accelerated since the second half of 1979 to reach a year-to-year rate of 24 per cent last April. The wholesale price rise has progressively become moderate and is now considered to have passed its peak, but consumer prices are still rising at a high rate and therefore require close scrutiny„ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 6 - Press Release Non 9 Overall business conditions had kept a steady growth until the beginning of this year, largely owing to increases in private fixed investment, but the pace has been slowing down since then, because of a backlash from front-loaded spending and stagnation in private consumption. Under these circumstances, the official discount rate was lowered in August and a Comprehensive Package of Economic Measures was announced by the Government early this month. Thus, we are ready to take adequate measures flexibly, while paying close attention to developments in the economy, seeking stability in prices, and maintaining aggregate demand at an appropriate level. The Japanese economy has thus far adjusted successfully to the changing world economic environment, achieving relatively good performance in economic growth and price stability. In the meanwhile, however, the adaptability of the Japanese economy to the changing circumstances has been undeniably undermined by a significant deficit in the government budget as well as in the external balance. In particular, the restoration of fiscal soundness is indispensable for fulfilling our international duties as well as for ensuring stability in the lives of the Japanese people and the steady and balanced growth of the economy□ Therefore, the most important and urgent task before us is to adjust our economy to a long-term path of steady growth, through appropriate policies, pursuing at the same time the restoration of fiscal soundness. Now I should like to touch briefly upon our development assistance policies„ First, you are assured that the target will be achieved after great efforts to double the annual amount of our official development assistance within the three-year period ending this yearo While we are determined to continue to take a positive stance toward official develop ment assistance in spite of a severe budgetary situation, we intend to pay closer attention to the needs of individual developing countries to maximize the effect of our aid efforts. Second, even with our domestic social and economic problems, we have been striving to expand both the imports from and the flow of funds to developing countries. Third, we will continue to play an active role for the establishment of the Common Fund in order to help stabilize primary product prices and contribute to the economic advancement of the developing countries. Fourth, I would like to stress the importance of human social and economic development in developing countries, as in this year's World Development Report. Japan has, in the efforts to cooperate in this field and we intend further to efforts in the future. resources for pointed out past, made amplify our The last decade was a period of trial for the world economyo The upcoming decade also appears to be a hard one, full of challenging taskso The sound development of the world economy hinges on each member country https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 7 - Press Release No. 9 making the utmost effort toward overcoming difficulties in its own economy in the spirit of international cooperation. One of my favorite maxims says that, "the path of duty lies in what is near." By analogy, however high a mountain may be, a path to the top can always be found. In other words, whatever we aim to do, we must carry out step by step what we can. Only when each country makes steady progress will inter national cooperation and collaboration become fruitful. With this basic belief, Japan is dedicated to contributing to international society through the sustained development of its domestic economy in harmony with the world economy. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION s e‘ September 30, 1980 HOLD FOR RELEASE UNTIL DELIVERY Statement by the Hon. HANS MATTHOEFER, Minister of Finance and Governor of the Bank for GERMANY, at the Joint Annual Discussion As we enter the 1980s the world economy is caught up in far-reaching structural changes. This process takes place under adverse conditions: we are worried about unsatisfactory growth, rampant inflation, and the hardship suffered by people in the poorer countries. In this situation, the world is looking toward the IMF and the World Bank. It rightly expects them to help restore stable economic growth and to ease the burden of adjustment during the transitional period. President McNamara, to whom we owe deep gratitude, is about to depart from his office. He has worked untiringly for a humane development pro cess; under his leadership the World Bank has made a major contribution to this cause. We trust or at least we hope that his successor will continue in the same great tradition. I should also like to thank the Managing Director of the IMF, Mr, de Larosiere. His initiative and dedication have shaped IMF policy over the past two years and have helped the IMF to play an increasingly bene ficial role in the world economy. Today, many expectations are held with regard to the IMF and the World Bank; this is hardly surprising in view of the enormous dimensions of the current economic and social problems. We must explore with an open mind solutions for these problems. In doing so we must be careful not to intervene too hastily in well-tried and well-functioning systems. We must check each proposal carefully to see whether It can be integrated in the aims and objectives of these institutions, what positive effects it may have, or what side effects or risks it may entail. The IMF is at the very center of the international monetary system, a system which is, of course, not static but one that is constantly evolving in response to the changing economic and political environment. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 - Press Release No. 10 We must try to form a clear view of the direction in which the inter national monetary system should evolve. Only on this basis can we determine the role which the IMF is to play. To restore, to secure, and to maintain peace in all parts of the world is the most important condition for social and economic progress. The grow ing conflict in the Gulf area makes this doubly clear, after so many cruel conflicts all over the world; suffice it to mention Indochina, which has been shaken by violence for 30 years. I call upon all leaders in politics, in the media, in public life to condemn war and violence as the worst enemy of social progress. The wide spread squandering of resources on armament and military destruction is contrary to all international efforts to achieve social progress. We must work increasingly for a peaceful solution of such conflicts, first of all through appropriate and economic development policies, which should be designed to allow all men to live their lives productively and in selfdetermination. The Independent Commission of International Development Issues under the chairmanship of Willy Brandt has rightly stated: "History has taught us that wars produce hunger, but we are less aware that mass poverty can lead to war or chaos. While hunger rules, peace cannot prevail." Both in industrial and in developing countries a distressingly large part of GNP is absorbed by armament expenditures—almost 6 per cent in 1977, according to one estimate. If only part of these funds were tapped for peaceful pur poses, this could be the breakthrough to more tolerable living conditions for a countless number of people. Let me once again quote from the report of the Brandt Commission, in which this is vividly demonstrated: "The mili tary expenditure of only half a day would suffice to finance the whole malaria eradication programme of the World Health Organisation, and less would be needed to conquer river-blindness which is still the scourge of millions." Therefore, efforts at disarmament must go beyond the aim of merely maintaining the strategic balance between the major power blocks. It is deeply alarming to see that in the last ten years military expenditure in developing countries increased by 7 to 8 per cent annually. My Government therefore advocates practical confidence-building measures not only for Europe, but for all other parts of the world as well. Only such measures can pave the way for arms limitation and disarmament. We also advocate greater transparency of military aid and weapons expenditure by establishing appropriate registers at the United Nations. The development and growth prospects not only of the LDCs but of the world economy as a whole depend on the availability of resources to finance the large payments imbalances. These imbalances have been greatly intensi fied by the recent oil price increases and they may become an almost intolerable burden for many developing countries. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 - Press Release No. 10 Our experience with more than 30 years of development policy demon strates that money alone will achieve relatively little. Sustained devel opment also depends on the adaptation of social and economic structures, the preservation of cultural traditions and values, and on providing adequate opportunities to individuals to make full use of their potential. Each country’s economic and social progress depends above all on its own efforts. In this context, the Brandt Commission has rightly insisted on the need for economic and social reform. My Government therefore will continue to assist those Governments in the Third World that are willing to carry out needed structural changes. The developing countries are sovereign states, and they must determine their own course for development. In providing development assistance in all its different forms—by transferring capital and know-how or by tech nical assistance—our aim is not to gain influence on the recipient countries However, to ensure that aid resources are put to optimum use, industrial countries must see to it that a serious endeavor is made to pursue viable economic and social policies. The Federal Republic of Germany—in cooperation with other countries and the international financial institutions—has made a special effort to help Turkey overcome its social and economic difficulties. I wish to express my gratitude to the IMF and the World Bank for their most valuable contribu tion to these joint efforts. I very much hope that Turkey—like many other countries of the Third World—will find a way to combine economic progress with a peaceful and democratic social development. Coming to grips with the energy problem will be of decisive importance for the economic future of the entire world. Repeated oil price increases have put severe strains on industrial countries since 1973. Low rates of growth and increasing unemployment have often created serious social and economic problems. The sharp rise in the current account deficits of industrial countries forces these countries to go through a difficult period of adjustment. Even more serious is the situation for the oil importing developing countries, many of which have to use the bulk of their foreign exchange earnings just to purchase the bare minimum of oil. It is tragic indeed that all the development assistance provided by donor countries is insufficient to cover the increase in the oil bill of developing countries from 1979 to 1980. It would be illusory to believe that balance of payments deficits of this magnitude could be eliminated solely by additional development aid. It will be difficult enough to finance these deficits even for a transi tional period and to prevent losses of output and economic collapse. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 4 - Press Release No. 10 Temporary balance of payments financing of this magnitude must be accompanied by determined efforts of all countries, and particularly of the developing countries themselves, to reduce their dependence on oil imports. Their own energy resources must be developed, and energy must be used more economically and more efficiently. All groups of countries should join in one common effort. This can be achieved if we all bear in mind our common interest in a functioning system of world trade, in a growing world economy, in lower rates of inflation, and in high levels of employment. The world does not suffer from a lack of capital, or from a lack of ideas and technical capability, or from a lack of labor. There is, of course, no lack of the need to produce more to satisfy pressing human needs. What is required now is to bring together all these elements. The industrial countries wish to export higher technology and capital goods and they desire to utilize their productive potential. Oil exporting countries are interested in a secure and profitable investment of their financial surpluses. The developing countries want to activate their unused labor resources and to make fuller use of their countries’ economic potential. I appeal to the governments of industrial countries, OPEC countries, and non-oil developing countries to join in our mutual interest in a pact for economic growth and social progress. My Government has more than once stated its readiness and desire to have an energy dialogue with a view to make oil supplies more secure and to protect the world economy from abrupt price shocks, although future price increases might be unavoidable. Increasing strains on the environment and disregard for ecological necessities all over the world are jeopardizing the opportunities of present and future generations. This means that our growth objectives must take into account ecological considerations. If these were disre garded, the destruction of our economic resources would follow. The transformation of once fertile land into barren land, the "death" of lakes and rivers, the over-exploitation of valuable forests as a result of a lack of proper reforestation: these are examples which we are all aware of and yet we permit such misuse to continue, day in, day out. Healthy growth must not destroy its basis. Environmental protection therefore promotes rather than impedes sound economic development, and it must be given due regard in industrial and developing countries alike. My Government welcomes and supports the intention to enter into global negotiations next year on all major economic issues. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 - Press Release No. 10 We should, however, avoid duplication of work and fragmentation of responsibilities. The representatives of my Government have therefore advocated—and we shall continue to do so—an efficient and decentralized approach. The United Nations family comprises well-established and effi cient institutions with proven competence, experience, and initiative. The IMF and the World Bank, in particular, have demonstrated that they are able to adapt their policies to changing economic circumstances. No international organization has mobilized such large sums for the benefit of its members as the IMF and the World Bank Group have succeeded in doing. We earnestly desire to avoid impairing the efficiency of these institu tions . Today’s large payments imbalances, although they are likely to persist for a number of years, are basically of a temporary nature. They can and they must be overcome by adjustment. If the efforts to reduce these imbalances are to succeed, they must eliminate the root cause, namely, excessive oil consumption. Oil consump tion must be drastically reduced and oil bills must be cut. The seven major industrial countries agreed at the Venice Summit Meeting to continue and intensify their efforts in this direction. We have already made good progress in this. Germany, while achieving impressive real growth since 1973, has consumed less oil in 1980 than in that year. In volume terms we have reduced our oil consumption in 1980 by 8 per cent. But we have to pay more for this smaller quantity with the result that the burden on our current account has increased heavily. We are doing all we can to become less dependent on oil by making more use of other traditional sources of energy and by utilizing alterna tive sources of energy. In reducing the dependence on imported energy different countries will have different choices. I am convinced that the possibilities are greater than is realized. The potential of hydropower, solar and wind energy, for instance, has not yet been systematically analyzed or ex ploited in any developing country. Instead, there continues to a widespread and alarming overexploitation of wood for fuel. But industrial countries should not be too quick to criticize in this respect. Their own energy policies have not been very successful so far, and that does not give them a very strong moral position versus countries whose people often have literally no other choice than to use wood for fuel. Oil producing and industrial countries should provide capital, knowledge, capability, and experience in order to formulate and implement adequate technological solutions to close this energy gap in cooperation with the countries concerned. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 6 - Press Release No. 10 At the International Energy Congress in Munich, the Chancellor of the Federal Republic, Helmut Schmidt, stressed the advantages of agreements between oil exporting and developing countries, which grant the latter special advantages in respect of quantities and prices. We regard the agreements which countries such as Mexico and Venezuela have concluded with some of their neighboring countries as a demonstration of solidarity between countries on opposite sides of the energy table. This is one side of the problem. The other one is the need to in crease exports to obtain foreign exchange to pay for oil imports. This calls for less, not more, protectionism. Industrial countries should open their markets for the products of developing countries and they should assist them in building new production plants, marketing their export goods, and stabilizing their commodity earnings. My Government supports all efforts directed toward this objective. We are confident that we can suceed, as there is basically no other way of maintaining a viable world economy. The question is not whether, but how adjustment will occur: either without delay and in an orderly process or under disruption and confusion if it is put off too long. We all, industrial and developing countries alike, are responsible for putting our own house in order. I recognize the need for greater emphasis on improving supply-side conditions. In many cases, however, excess demand is still a major factor in countries’ external imbalances, the IMF there fore, should continue to give due attention to prudent demand management. The IMF is well-equipped to play an important part in overcoming the formidable economic problems with which the world is faced. In doing so, the IMF can draw on the confidence that it has built up over more than three decades. The IMF is in a unique position and it bears a special responsibility to provide for the right balance between financing and adjustment. It is reassuring that Fund members seem to be increasingly ready to use its resources: so far this year new loan commitments by the Fund exceeded already substantially the commitments made during the whole of last year. Lending by the IMF may appear moderate if set against the financing requirements of deficit countries. By inducing capital flows from other sources, however, the Fund plays a role that is larger than its lending figures may indicate. I hope that member countries will con tinue to come to the IMF at an early stage. This would make needed adjust ment easier and less painful and it would increase confidence in the stability of the financial system. I welcome the IMF’s readiness to flexibly adjust to the changing needs of its members. But it should be made clear that its monetary character must be preserved. The IMF was created as the guardian of internal and external monetary stability. It should resist all attempts that might call this mandate in question. The conditionality of its lending must be maintained. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 7 - Press Release No. 10 It should be cautious and prudent in its decisions to create inter national liquidity through allocating SDRs. In evolving the IMF’s lending practices we should bear in mind the temporary nature of the prevailing payments imbalances. We must remain free to readjust these policies as the imbalances decline. The IMF should continue to implement its condi tionality flexibly, taking due account of the economic, social, and political circumstances of each deficit country and with a realistic assessment of the time needed for structural adjustments. The IMF must remain in a position to assist its members with sub stantial amounts to meet their increased financial needs. The sharply rising deficits call for great efforts. A properly designed conditionality is indeed an essential prerequisite for success. For these reasons we have to insist that the mechanisms of the world monetary system will not be impaired and not be burdened with functions that would adversely affect their proper role. We are doing so not for formal but for important economic reasons, which in the final analysis are also connected with the development prospects of the Third World. The inflationary creation of money is of no use to anyone. Inflation impairs confidence and it undermines the readiness and the mechanisms for capital formation and investment. The impending quota increase by 50 per cent will substantially broaden the financing scope of the IMF and its members. The Federal Republic con sented to the increase in its quota a few days ago. I also support the efforts of the IMF to raise needed funds by borrowing. The IMF should turn to countries with large surpluses first. I hope that potential lenders will be just as forthcoming in their lending terms to the IMF as former surplus countries have been over the past two decades. In this connection it is also true to say that what are seemingly conflicting interests can be reconciled in the longer run. To the extent that there is a global need to supplement existing currency reserves I support continuing the allocation of SDRs in the fourth basic period. As to the amounts of allocation the time has not yet come for firm conclusions. The immediate recycling problems have, for a while, pushed into the background the idea of a dollar substitution account. I do not feel, however, that this plan should be discarded. We should include it in our deliberations on the further development of the monetary system and work on the substitution account should be resumed at a suitable time. Recycling is effected through many channels, in particular through commercial banks. But the rapid growth of banking business, strained balance sheets, and growing concentration of risk on a small number of developing countries call for the increased attention of supervisory authorities. Monitoring the activities of international banking groups on a consolidated basis would be desirable also in countries where such monitoring systems are not yet in place. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 8 - Press Release No. 10 Calling for better supervision of banks does not mean to put private capital markets on a leash and cut back their legitimate scope for expansion Rather, the aim is to reduce risks and to ensure that these markets remain efficient and able to fulfill their very important function. In the long run, I do not see any contradiction between banking supervision and recyc ling: on the contrary, a sound banking system will produce a stable and steady supply of credit. There is no doubt that we are entering a very difficult period charged with great uncertainties. We have no choice but to take up this challenge. We should not permit growth pessimism or resignation to gain the upper hand, rather we should fully use the growth potential that still exists despite increasing problems; we should bear in mind that qualitative growth is the only way of overcoming both economic and social problems and that we must do all we can to activate the forces that such growth requires. The world economic situation is not without elements of strength. Technological progress will continue to give substantial impulses to invest ment and growth. The need to save energy and to substitute oil is creating powerful new investment motives. If any uncertainty about the profitability of investment in energy should have persisted after the first oil shock, such doubts have not been dispelled once and for all. The long-term nature of the energy problem and the need to invest and to adjust have become very clear to all of us. This necessity to adjust stimulates investment which should make economic activity less susceptible to fluctuations in private sector demand. On the other hand, inflationary forces in most countries are still dangerously active. I welcome, therefore, that the Interim Committee has once again underscored that priority must be given to the fight against inflation. A stability-oriented policy and a monetary policy aimed at curbing inflationary expectations is the key to economic growth. To pursue such a policy means a fiscal policy that encourages rather than discourages private investment. It means to pave the way to sustained growth and secure employment. To some degree, the present balance of payments pattern among major industrial countries is another source of reassurance. It has already brought benefits to the foreign exchange markets. For a long time we have not seen exchange rates keep such a steady course as they did this year, thanks also—we believe—to the influence of the European Monetary System. It is particularly gratifying to see that the dollar appears to have overcome its period of weakness. A strong dollar is still a precondition for a sound world economy. But the expected further strengthening of the current account of the United States will present new challenge to America’s economic policymakers. This should enable the United States to resist the call for import restrictions and to take once again a proper place in the provision of development aid that is worthy of such a great nation. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 9 - Press Release No. 10 My Government takes a dispassionate view of the Federal Republic's current account deficit. We can live with this deficit for a while, but in the medium term the Federal Republic should regain equilibrium in external trade. With this in mind, my Government relies on a policy aimed at eliminating the underlying causes of the deficit, by making the German economy less dependent on oil and more competitive by means of structural adjustments, increased productivity, research, and innovation. I can assure you that there is absolutely no intention of manipulating our current balance by competitive devaluation, export subsidies, import restrictions, or other barriers to trade, which would be totally incom patible with our concept of economic policy. Let me now turn to World Bank matters: in the past year the three institutions of the World Bank Group have again succeeded in achieving a substantial increase in their commitments. Bearing this in mind, I consider it a matter of urgency to put into effect the doubling of the Bank’s capital as rapidly as possible. We are prepared to make our contribution at the agreed time. I must, however, point out, as I did in Belgrade, that we cannot see how the new capital subscriptions can be implemented before the valuation of the Bank’s capital and the maintenance of value issue has been finally settled. We assume that by the beginning of the subscription exercise on October 1, 1981, the difficulties which have arisen in this connection will have been eliminated. This is not easy, I know, but nor is it impossible if it is the genuine desire of all members. Other suggested methods of raising the lending capacity of the Bank can only be a complement to, not a substitute for, the general capital increase. In this connection, President McNamara has mentioned a new general capital increase relating only to the callable capital as well as a change in the gearing ratio. Both possibilities seem tempting at first glance, since this would avoid additional payment obligations. One should not overlook, however, that the Bank can borrow on the inter national capital markets only as long as it maintains its sound financial structure and remains a "blue chip" issuer. This is, in my view, a most important consideration, since the confidence of the international capital markets in the World Bank determines ultimately whether or not higher lending targets can be attained. In view of the need of the poorest developing countries for conces sional aid, the Federal Republic of Germany attaches special importance to the activities of IDA. Accordingly, we played an active part in bringing about IDA VI. In order to enable IDA to continue making commitments until IDA VI enters into force, my Government has decided to participate in the bridging measures in connection with IDA VI. I should like to announce here that the Federal Republic of Germany is ready, under this bridging operation, to make an advance contribution equivalent to its entire first installment. For us, the bridging arrangement is a visible token of our solidarity with the poorest developing countries. I hope that this will serve as an additional incentive for other donors to participate quickly and to an appropriate extent in this action. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 - Press Release No. 10 We appeal to all members who have not yet given notification of their contribution to accelerate their parliamentary procedures in order to enable the carefully negotiated agreement to enter into force. In the spring of this year the Bank reacted with speed and flexi bility to the new financing requirements of the developing countries by adding structural adjustment loans to its range of lending facilities. This new type of loan can help the developing countries to make the inevitable, though necessary long-term adjustments to the world economic situation. We assume that, in the case of loans of this type in partic ular, there will be even closer consultation and collaboration between the Bank and the Fund. In July we received from the Bank the study entitled ’’Energy in the Developing Countries.” It shows that it is possible to invest in devel oping countries with good prospects of success in this sector and it describes the role the World Bank Group could play here. The Bank esti mates that about US$12 billion in additional funds will be required for the period until 1985. We all should search for ways of jointly resolving this key financial problem in the next few years. I consider this to be the most urgent task for the World Bank Group in the very near future. Consequently, we are looking forward with great interest to the proposals under preparation at the Bank for a concept on the formation of an energy affiliate or facility such as that suggested at the World Economic Summit in Venice. We shall examine these proposals very carefully and we are prepared to take an active part in consultations on how to realize the Bank’s new energy concept, including an equitable participation of all members of the World Bank Group. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION Press Release No. 19 INTERNATIONAL DEVELOPMENT ASSOCIATION September 30, 1980 Statement by the Hon. ALI WARDHANA, Minister of Finance and Governor of the Fund for INDONESIA, at the Joint Annual Discussion The measures introduced by Governments with a view to improving the economy of their countries have apparently borne some fruit, as indicated in this year's Fund's Annual Report and the World Economic Outlook. Their paramount target was to reduce inflation, and while it remains unaccept ably high at present, rates of price increases in industrial countries measured by GNP deflators turned out to be lower than evidenced by con sumer price indices. Also there appears to be a better balance among industrial countries as far as current account surpluses and deficits are concerned, while exchange markets have been relatively calm. Whether the recession itself, particularly in the largest economy, the United States, has bottomed out as implied by some indicators, is perhaps too early to determine. On the whole, however, the situation of the world economy whether examined for the short run or for the longer run, remains bleak. Growth, inflation and balance of payments developments continue to be precarious, and policies to combat inflation are becoming somewhat uncertain which may tempt Governments to relax their fiscal and monetary stance. Most disturb ing of all is the widening gap between the countries of the North and South to which in particular the Brandt Commission drew our attention. Recently also the special session of the United Nations has tried to agree0" sec tions within a global framework. The dialogue as we know has failed. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The increasing resource gap faced by developing countries especially the poorer among them, not only dooms them to live at often su uman ev but it also threatens to become a serious impediment as far as the world economy is concerned. One of the lasting features of the Brandt Commission Report is its convincing analysis of the interdependence of all economies. Neither the North nor the South can go it alone. The North needs expand ing markets to sustain its growth and welfare; those markets cannot come into being without the South’s increasing its purchasing power which could only be enhanced by growth, trade, and a degree of resource trans er . 9 Press Release No. 19 Protectionism in the industrial North and the withholding of resource transfers for whatever reason are self-defeating. They reduce the revenues of the South and therefore imports from the North, and in the end both sides would be the losers. Both the Fund and the Bank drew attention to the increasing deficits of a great number of countries, and of oil importing LDCs in particular. Their current account deficits are staggering: in 1978 $36 billion, in 1979 $53 billion and in 1980 approaching $70 billion. The industrial countries also have shifted from a surplus of $33 billion in 1978 to a deficit of $10 billion in 1979, and the figure may reach $50 billion in 1980. How ever, industrial countries on the whole are in a better position to cope with those deficits in view of the strength of their economies, their reserves and their access to external resources. The problem is that of the non-oil developing countries for which resources have to be found for the short run as well as for the longer run as the World Development Report and the Brandt Commission convincingly argue. It is understandable that both in the North and the South ideas and proposals have been developed to remedy the situation. They all have one thing in common: more resources are needed and a variety of sug gestions have been made ranging from increasing official development assistance to better access to capital markets, facilitating and increasing investments, reforming existing institutions and the setting up of new financial entities. At that, there is a need to involve developing countries more in the decision-making process because their interests are at stake. The possibilities and practicability of the various proposals have to be carefully examined and discussed in the appropriate fora. But meanwhile the need for financing in the period 1980-81 has to be met immediately. It seems to me that we cannot wait until perhaps more lasting and comprehensive solutions for the resource gap identified by the Bank and Fund, the United Nations and the Brandt Commission would' be agreed upon by the relevant countries. We cannot allow a great number of developing countries to collapse in the meantime. Under these circumstances the one practical and pragmatic approach for the immediate period ahead is to turn to and examine the possibili ties of existing and already operating institutions. In our case those institutions are the International Monetary Fund and the World Bank. President McNamara has over the years succeeded in increasing the resources and consequently the lending capacity of the Woild Bank. An innovative decision taken recently is to extend loans for structural adjustments which are aimed at relieving balance of payments pressures https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 Press Release No. 19 while at the same time introducing structural changes so that current deficits could be reduced to sustainable levels. We believe that resources for this purpose should be increased without impairing the other activities of the Bank, which implies that the Bank needs more resources itself. The Bank, with its excellent standing in the capital market, could tap more from it but it is hampered by its present socalled gearing ratio. It seems to me that this ratio could be changed without endangering the Bank’s solvency. I do not wish to exhaust the list of possibilities; they have been discussed by the Development Committee. I would now like to turn to the Fund. The Fund is not a development institution; it extends financial assistance for the purpose of restoring balance of payments disequilibirum. Equilibrium is an important condi tion for the smooth functioning of the monetary system of which the Fund is the international guardian. A number of critical observations have been made with regard to the international monetary system, and desires for a reform have been expressed. The present system is not perfect and the Fund would be the first to recognize its shortcomings. In fact, the introduction of the present system includes a provision for continu ing scrutiny and the possibility for changes. I happen to be closely associated with the reform of the Bretton Woods system during which I believe we have considered a great number of possible schemes. The one which is in place now is a compromise between what is desirable and what is possible. It can and must be improved but the road is long and rough and great caution has to be exercised. Under the present circum stances I would like to strongly advocate the greater exercise of the surveillance authority of the Fund. In fact, the present system would function much better if all countries, the larger industrial countries in particular, would follow policies aimed at strengthening their under lying conditions. It is in this respect in particular that the Fund should exercise its surveillance in a forceful manner. The present system with its lack of built-in stabilizers needs, like an orchestra, a conducter without whom its performance would not produce the desired results. The conductor is the Fund which, however, has to act more through persistent persuasion rather than through coercion or prescrip tions. The Fund, based on Article IV consultations and the examination of the world economy, should unwaveringly continue to remind, particu larly the larger countries, to follow appropriate policies aimed at putting sound underlying conditions in place. Meanwhile, possibilities to improve the system itself have to be explored, including enhancing the role of the SDR which would make the system less dependent on a single currency. It is as the guardian of the monetary system that the Fund extends resources to countries in need to improve their balance of payments because their underlying conditions are imbalanced. Lately disequilibria have become more numerous and pronounced. - A - Press Release No. 19 To its credit the Fund has been aware of its role. The oil facility and subsequently the supplementary financing facility were initiatives to ease the financial needs of countries related to their widening current account deficits. The Fund faces new challenges in the period 1980-81. Changes have taken place, not only in the magnitude of deficits, but also in their nature. Deficits are not only related to cyclical or other temporary, and therefore relatively easily reversible causes, but also to more con tinuing factors which require structural adjustments in order to make deficits sustainable. More resources and longer time are required to correct imbalances. Recognizing the new problems, the Fund has now enlarged the access of countries to its resources, lengthened the period for adjustment and adapted the conditions for adjustment to a situation which differs from that of the past. We should support the Managing Director in his efforts to acquire new resources and to instigate and submit new policies. In this connec tion it is essential that the Fund’s Seventh Quota Increase be completed as soon as possible; it is also important that a new allocation of SDRs be considered promptly. Efforts to improve the quality of SDRs should also be actively continued. As far as potential lenders are concerned, we hope that industrial countries would cooperate and not isolate themselves under the pretext of balance of payments problems which, in their case, are sustainable. It is the strength of their economy which is the basis for financial cooperation and again the resources transferred to the developing coun tries through the Fund will flow back, to them in the form of purchases. All in all, the situation for the poorer developing countries is grave. We have to try to make use of existing institutions to meet their immediate needs. I would like to use this opportunity to extend our sincere thanks to President McNamara for his services to the less developed countries. We in Indonesia have certainly benefited from his development policies. We regret his departure and this is the last Annual Meeting to express our appreciation to him. Finally, on behalf of my delegation I would like to thank the United States Government and people for the efficient arrangements in connection with our Meetings and for the hospitality which we are enjoying in this great country. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Press Release September 30, 1980 HOLD FOR RELEASE UNTIL DELIVERY Statement by the Hon. JOSE A. MARTINEZ DE HOZ, Minister of Economy and Governor of the Fund and Bank for ARGENTINA, at the Joint Annual Discussion I have been assigned the high honor of addressing you at this Annual Meeting of Governors of the International Monetary Fund, as spokesman for Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, Uruguay, Venezuela, Spain and my own country, the Argentine Republic. In the first place I wish to thank our host country, the American people and Government, for the hospitality extended to us both on this occasion and permanently as the seat of the International Monetary Fund. I also wish to extend a warm welcome to the representatives of the People’s Republic of China, and to St. Lucia, St. Vincent and the Grenadines, and Zimbabwe, on the accession of those countries in the past year to the community of nations that are members of the International Monetary Fund. The international economic system is facing a difficult situation which threatens its present stability and the prospects for its future functioning. To the changes that have occurred during the 1970s were added last year a drop in levels of economic activity—basically in the industrialized nations but with effects extending to the remaining coun tries in the international community—accompanied by a general rise in levels of inflation, a reduction in the rate of growth of world trade flows, and an intensification in current external disequilibria, together with an increased tendency toward protectionist practices. These factors distinguish the present situation from similar experiences in the recent past and make it more difficult to find solutions. Inflation has certainly been one of the dominant factors in the past decade. Already beginning to intensify at the start of the period, it gained momentum at the end of 1973 and underwent a further acceleration in 1979 and the early months of 1980. At the same time, the variability in rates of inflation increased considerably. The rise in the rate of inflation in the industrialized nations is a problem not only for the economies of those nations but also, given their importance for world https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis u 2 Press Release No. 12 trade flows, for the entire international community. Despite this, it should be noted that in some developing countries the high level of inflation stems in large measure from the rising cost of imports, while in others inflation is due basically to efforts to maintain a satisfactory rate of growth through the use of monetary and fiscal policies. In this context, mention should be made of the significant efforts that countless nations are undertaking to reduce these inflation rates, a struggle that has already produced encouraging results. The general experience of most of these countries shows clearly how difficult it is to reverse an inflationary situation when this has prevailed for a pro longed period of time. Above and beyond advances achieved in this field, it is obvious that it will be possible to proceed resolutely in this direction only through coordination of policies at the international level, since isolated measures may in fact aggravate balance of payments adjustment problems, particularly in the current context of asymmetry in current account balances. This inflationary process has been accompanied by a slowdown in economic growth, affecting the developed and developing countries alike. In addition, we note at this juncture that some industrialized economies which in the past acted as agents for expansion of the world economy— because of their relatively low inflation rates and the surpluses generated in their balance of payments on current account—are now facing unfavorable situations on both fronts. In view of this, it is unwarranted to expect those countries to make any major contribution to raising the level of activity of the world economy. Another negative aspect in the current international situation is the tendency to resort to or to add to protectionist measures in a sizable number of countries. Restrictions of this type, which in some countries also extend to the financial markets, are all the more preju dicial in light of the slowdown in international trade to which we have already alluded. It will be difficult to maintain acceptable levels of growth when faced with the prospect of a decline in the rate of expansion of the volume of international trade. We are also concerned at the disequilibria shown in the balance of payments on current account between major groups of countries. We feel that the solution to this problem will be both slow and complex and will require both adjustment measures and the provision of adequate amounts of financing on more favorable terms and at longer maturities. In this regard, the situation of the non-oil developing countries is progres sively worsening as a result of the factors mentioned earlier. On the one hand, we see a rise in the aggregate—albeit not general—surplus of the oil-exporting nations, which is expected this year to reach the record level of $110 billion, while the industrialized countries are expected to incur a deficit of $56 billion and the non-oil developing countries a deficit of $72 billion. These figures provide a clear indication of the problems facing most countries in the worlds The https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 - Press Release No. 12 prospects for 1981 are not very encouraging, and the non-oil developing countries are expected to incur a deficit of $80 billion. I call atten tion to this fact since it is pregnant with implications for the stability of the international economic system. During the past decade, the developing countries turned increasingly to international capital markets to supplement domestic savings for the financing of investment plans and to increase their levels of reserves. However, we note some factors that may hinder this process of financial intermediation. Of particular importance in this regard is the fact that national authorities and banks sometimes become excessively restrictive in assessing risks with regard to the allocation of international credit; in addition, some countries with developed financial centers have shown a tendency to implement controls. These attitudes, coupled with the fact that the developing countries must increasingly compete with industrialized countries for loans, may make it difficult for many developing countries to gain access to capital markets, thereby adding to the problems they currently face. One aspect of inflation that has not received much attention is its impact on the maturity profile of the external debt of those countries that have sought financing from the international capital markets. Worldwide inflation introduces a series of distortions that affect risk evaluation and the operation of capital markets. The main dis tortion arises from its impact on interest rates. Nominal interest rates include a maintenance of value component and a real interest rate com ponent. Inclusion of all nominal interest payments under the services heading on the current account distorts the true magnitude of this item by including as a disequilibrium what amounts in reality to early repay ment of the debt, thereby exaggerating both the deficits of the debtor countries and the surpluses of the creditor countries. This distortion affects the risk evaluation and thereby worsens the financial terms on which new operations are concluded. The proposals contained in the Program for Immediate Action put forward by the Group of 24 are to be viewed against this background. Their purpose has been to propose possible solutions to the urgent problems facing the international monetary system, as well as means of advancing the establishment of a new, more just, and more equitable international economic order. Among other items, the Program points to the need to establish a direct link between the creation of international liquidity and the transfer of real resources for development, together with the desirability of increasing the quotas of the developing countries in the International Monetary Fund from 33 per cent to 45 per cent. The subject of official development aid is also one which cannot but concern us all, since the recipients of such aid are mainly those coun tries that have the greatest difficulty in approaching the international https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 4 - Press Release No. 12 capital markets. At times of marked imbalance as at present, and given past experience of the inadequacy of these flows of resources, it is incumbent upon all members of the international economic system to seek ways and means of solving both the short-term problems facing those nations and also assuring their development through their effective incorporation in the international order. We note with concern the diminution in recent years in the share of a number of developed countries in the flow of these resources. A related matter is the growing difficulty in securing contributions or appropriations to implement existing commitments to multilateral financial institutions, such as the World Bank and the regional development banks. At this juncture, two basic questions naturally arise: what stance should the International Monetary Fund adopt in regard to adjustment of the disequilibria referred to, and what role should the Fund play in the recycling of financial resources? The nature of these imbalances is such that the adjustment process must contain an appropriate mix of demand-restricting policies and supplyincreasing and restructuring policies, particularly the latter, in order to correct and adjust economic structures to new circumstances. This makes it essential to design—with due consideration for the special circumstances prevailing in each country—sectoral and investment policies that will seek to correct distortions in relative prices and reorient the composition and direction of expenditures. Action in this field must be based on collaboration with the World Bank, including studies on the sectoral and investment policies in question. As regards the role of the International Monetary Fund in recycling resources, the nature of the imbalances and the circumstances under which they occur in many countries, particularly the developing countries, make it imperative that the Fund play a more active role in this process. This attitude is fully justified if it is borne in mind that the respon sibilities of the Fund include facilitating the adjustment of its member countries to the new economic realities. To this end, it is both necessary and appropriate to make adjustments in conditionality, expand access to Fund resources, and extend financing periods, all without overlooking the relationship between these factors and adjustment itself. Furthermore, the pressing need for resources, the inadequate supply of conditional liquidity, and the slow process of increasing members’ quotas suggest that recourse to borrowing properly complements the funda mental principle whereby the source of Fund resources must continue to be the contributions made by its member countries through their quotas. To this effect the Fund will have to use those sources of resources which have the most suitable terms, taking care to have recourse to them whenever necessary. At the same time, it is essential that the Seventh General Review of Quotas take effect quickly and that the process of the Eighth Review be initiated as soon as possible so as to expand the base of the Fund’s own resources. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 Press Release No. 12 We share the Executive Board’s attitude favoring a decrease in the cost of using resources from the supplementary financing facility by establishing a special Subsidy Account for the benefit of the most seriously affected countries facing serious balance of payments diffi culties. We think it advisable for this account to be established pri marily on the basis of voluntary contributions. Over the last two years, some progress has been made in improving the characteristics of the SDR so as to achieve the objective of making it the principal reserve asset of the international monetary system. The allocations for the third period, the adjustments made in the interest rate, the expanded range of authorized operations, the reduction in the reconstitution requirement, and the increase in the number of "other holders" are some of these steps forward. In addition, the reduction in the number of currencies making up the SDR and the use of the same basket for purposes of valuation and determination of the interest rate represent highly significant advances; the greater stability and simplicity obtained will promote more widespread use of the SDR as a monetary asset in pri vate markets. Nevertheless, in order to enhance the role of the SDR in the inter national monetary system it is necessary to insist on improving its characteristics as an asset, including its use in private markets. In this connection, we believe it necessary for there to be an additional allocation during the final year of the third basic period, in accordance with Article XVIII of the Articles of Agreement, and, as regards the new allocations, adequate consideration must be given to global needs for long-term international liquidity. As a function of this variable, we think that an allocation of not less than SDR 10 billion per annum during the fourth basic period is appropriate. As regards the surveillance over member countries’ exchange rate policies established under Article IV of the Articles of Agreement, it should be oriented toward the major currencies and tend to prevent excessive fluctuations or rigidity in exchange rates so as to promote the growth of international trade and achieve symmetry in the balance of payments adjustment process. The procedures introduced in early 1979 and recent additions to them are significant steps toward attaining these objectives. There can be no doubt that the success of this function depends more on the quality and frankness of the dialogue between the Fund and its member countries than it does on procedures themselves. To date this function has been fulfilled adequately by means of the periodic consultations and in discussions of the world economic outlook. The practice of engaging in additional consultation is likewise a significant contribution. We support the recent FAO request that the Fund, in view of the human factors involved, provide additional balance of payments financing to low-income member countries faced by temporary increases in the cost of importing food, especially cereal grains. To do so, an additional line of credit should be established under the compensatory financing facility. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 - 6 - Press Release No. 12 We likewise see the need to encourage the growing role of the International Monetary Fund, the World Bank and affiliated institutions in their function as instruments for international economic cooperation. Concurrently, the growing importance of world capital markets must be complemented by a strengthening of those organizations, ensuring their independence vis-a-vis the excessive influence which might be exercised by some countries or groups of countries. On the other hand, I would like to stress the need for maintaining the impartiality and political noninvolvement of these institutions as a guarantee for all member countries. The recent orientation by the International Monetary Fund toward granting greater amounts of financing at longer terms, together with new World Bank policies, has resulted in greater collaboration between the two institutions. This relationship must be developed within a framework which maintains the individuality, responsibilities and functions proper to each institution. Finally, we are concerned with ensuring the balance and regional representation of Fund management and staff. To this end, the recently approved regulation on electing Executive Directors constitutes a recog nition of the need to ensure this balance of regional representation. I would also like to stress that maintaining the high quality of staff in international financial organizations is important for the developing countries receiving technical assistance from them. Within the overall context I have just described, in which the importance and urgency of the fight against inflation, the reduction and financing of current account disequilibria, and resistance to increasing protectionist tendencies are prominent, I would like to stress the contri butions made by my own country, the Argentine Republic, in implementing measures to those ends. Argentina is engaged in a head-to-head battle against inflation, and has also adopted the measures necessary for balance of payments adjustment and implemented an ambitious program for eliminating restrictions not only on merchandise trade, but on capital movements as well, this in order to fully integrate its economy into the international economy and thereby lay the foundations for accelerated and sustained economic growth. Before concluding my remarks, I would like to express the gratitude of the nations of Latin America, the Caribbean and Spain to Mr. de Larosiere and the staff of the International Monetary Fund for the concern and dedication they have shown to all member countries, especially the developing countries and those in our region. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis boards of governors • mo trnuu. names • wmiim o.c. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION Press Release No. 14 INTERNATIONAL DEVELOPMENT ASSOCIATION........ ....... ..... = https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HOLD FOR RELEASE UNTIL DELIVERY j -f-Vits Rnavds of Governors, the Since the last Annual Meetings of April 1980 and again Interim Committee has met twice °-e in Hamburg i^ { respectively. on the day before yesterday, here in Mr. Pandolfi, teenth and fifteenth meetings attend the fifteenth meeting, much the Committee Chairman, was unable to necessary for him to return to the regret of all Participants as iJ being selected to urgently to Italy. In his Coranittee. After the conclusion serve as the Temporary opportunity to convey to Mr. Pandol 1 of the meeting, I took the f P participation and also to how very much the Committee had miss d * Pful It now gives me assure him that the meeting had bee^ f report yQu in my !ZciPty7sUth; ?emporaerymChairman of the Interim Committee on our capac y . t-bp fifteenth meeting, recent discussions at the niuxuv I do not need to remind Governors that .our^current^meetings^re^^^ being held against the backdrop of a that, as most of us would y^d foj_ fche e problems o£ high inflation, slow since Belgrade last yea . large payments imbalances among groups growth, high unemployment and g although their intensity of countries continue to Pj-a8 these circumstances, the Xsi' performance and higher economic growth. But particularly troublesome at the present^uncture^^the^^ situation of the non-oil de;eP°P“|t“ the combined current account deficit o r„d nOT1-oil developing countries the 1?78 deficit, of financing this deficit, 2 especially in the case of the low-income countries. The Committee fore saw a great and urgent need for more official development assistance to the latter countries from the industrial and oil exporting countries. For developing countries not so heavily dependent on concessional assis tance, the Committee emphasized the importance of their having adequate access to export and capital markets in the industrial countries. In this connection, it was also observed that a number of developing countries themselves could contribute to facilitating the necessary capital inflows by following policies designed to bolster confidence regarding their economic prospects. Governors would no doubt be particularly interested in the con sideration given by the Committee to the evolution and adaptation of Fund policies in response to the difficulties confronting us. The Committee welcomed the policy direction followed by the Fund since the Hamburg meetings toward increasing energetically its role in promoting balance of payments adjustment and financing payments deficits of members. Several salient features in this policy, some aspects of which still need to be elaborated by the Executive Board, were widely endorsed by the Committee, namely: (1) Programs are being designed to stretch the necessary economic adjustment over longer periods than normal in the past. (2) The traditional emphasis on demand management in adjustment programs is being supplemented by measures to elicit appropriate supply responses. (3) Members’ access to Fund resources in relation to quotas is being substantially increased. On this matter, the broad conclusion , of the Committee was that the provision of up to 200 per cent of a member s quota a year, which would amount to up to 600 per cent over a three-year period (excluding uses under the compensatory and buffer stock financing facilities) would be a generally reasonable guideline in the present circumstances, provided adequate adjustment policies were adopted. (4) The present revised guidelines on conditionality are sufficiently flexible to accommodate the adaptations now necessary. It was noted with satisfaction that, on the basis of this policy, the Fund has already agreed to provide large amounts of resources to several members in support of programs that envisage adjustment over longer periods than has been the normal practice hitherto. The Committee agreed that, in order for the Fund to be able to meet requests for assistance under this new policy on the use of its resources, it will be necessary that the Fund supplement its resources by further borrowing and, in view of the magnitude of the expected need, the Executive Board and the Managing Director should, as soon as possible, make the necessary arranagments to enable the Fund to borrow from various potential sources of financing, not excluding a possible recourse to the private markets, if this were indispensable. Nevertheless, it was stressed that the Fund should continue to place primary reliance on * subscriptions under members’ quotas as a source of financing of the Fund s operations. In this connection, the Committee urged those members that have not yet consented to increases in their quotas provided for in the Resolution of the Board of Governors on the Seventh General Review, to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 - Press Release No. 14 Press Release No. 14 make every effort to do so as soon as possible. Moreover, it endorsed the intention of the Executive Board to begin preparatory work on the Eighth General Review of Quotas, including a review of the criteria by which quotas are calculated. The Committee welcomed the agreement reached in the Executive Board on the establishment of a Subsidy Account designed to reduce the cost to low-income member countries of the use of the Fund s resources under the supplementary financing facility and the intention of the Board to complete the arrangements for putting such an Account into effect. In this connection, the Committee noted the intention to use a part of the proceeds from repayments of loans by the Trust Fund to provide resources to the Subsidy Account and endorsed the efforts of the Managing Director to obtain voluntary contributions to the Subsidy Account. The Committee noted that, in response to a suggestion by the Food and Agriculture Organization and the World Food Council, the Executive Board had begun consideration of the question whether the Fund could extend temporary financial assistance to low-income member countries when such countries are adversely affected by a crop failure or a sharp increase in the world price of food items, especially cereals. Recognizing the seriousness of the problem faced by these member countries, the Committee urged the Executive Board to give prompt consideration to the matter. The Committee had a discussion on the recommendations of the Program of Immediate Action of the Group of 24 relating to monetary issues and, in this connection, noted that the Executive Board had initiated an in-depth examination of the issues involved in these recommendations, such as those relating to the SDR allocations, the link between SDR allocations and development finance, and the participation of developing countries in the decision-making of the Fund. In this connection, the Committee asked the Executive Board to give active consideration, in the months before the next meeting of the Interim Committee, to the question of the appropriate level of SDR allocations and agreed that the Executive Board should carry out a more comprehensive study of a possible link between SDR allocations and development finance. On the subject of the participation of developing countries in the decision-making in the Fund, the Committee felt that the matter needed further consideration and noted the intention of the Executive Board to return to this important topic at an early date in connection with the Eighth Review of Quotas. The Committee urged the Executive Board to pursue its consideration of the remaining issues raised by the recommendations of the Group of 24 with a view to arriving at widely acceptable solutions. The Board should report on these matters at the next meeting of the Committee. - 4 - Press Release No. 14 The Committee welcomed the recent decision of the Executive Board to simplify the SDR, as a result of which, beginning on January 1, 1981, the valuation and interest rate basket of the SDR will become identical and consist of five currencies, i.e., the U.S. dollar, the deutsche mark, the French franc, the Japanese yen, and the pound sterling. This impor tant action should further enhance the attractiveness of the SDR and promote its use by public as well as private holders. The Committee also welcomed the increase in the past few months in the number of official institutions that can hold and deal in SDRs. The Committee asked the Executive Board to give early attention to the question of adjusting the SDR interest rate to the full market rate and that of eliminating the remaining reconstitution requirement. The Committee reiterated its intention to continue the study of the subject of the Substitution Account. Finally, I am pleased to remind fellow governors that Gabon has graciously offered to host the next meeting of the Interim Committee, which will be held in Libreville on May 21, 1981. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Press https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Release September 30, 1980 Statement by the Hon. HANNES ANDROSCH, Vice Chancellor, Minister of Finance and Governor of the Bank for AUSTRIA, at the Joint Annual Discussion Let me first welcome the Governors of the People’s Republic of China, Zimbabwe, St. Lucia, and St. Vincent and the Grenadines to our meeting wherein they are participating for the first time. Also I would like to express my gratitude to the Government of the United States for the hospitality offered to us. Concerning the world economic situation I cannot but agree with the Managing Director’s analysis. In particular, I share the concern about high inflation, slow growth rates, high unemployment, and large imbalances between groups of countries. This obviously unfavorable world economic situation demands an acceleration of the adjustment process. We are con vinced that only well-adjusted economies will be able to guarantee the growth rates necessary to facilitate the development process and to improve the unemployment situation. In addition, higher economic activity in the industrial countries would contribute in reducing the deficit of the external imbalances of the developing countries. The experience of the 1970s clearly shows that positive adjustment requires medium- or long-term structural policies. They have also shown that a structural policy can only be successful within a framework of stability. Furthermore, it is crucial to look for adequate solutions in the energy field. This leads us inevi tably to the conclusion that an orderly retreat out of oil is the order of the day. This can be achieved by opening up new resources, developing alternative energy sources, and conserving and recycling energy. To accomplish this objective investments are necessary. They would at the same time stimulate domestic demand and increase employment, thereby reducing the demand for imports. The major aim is to create a market out of a crisis. Permit me to say a few words on the development of the Austrian economy. For 1980, we expect a real growth rate of the order of 3.5 per cent with less than 2 per cent unemployment which could be considered 2 Press Release No. 26 quite satisfactory. We could not, however, detach ourselves from the worldwide wave of inflation. Thus, the expected average rise of the CIP for this year will be in the vicinity of 6.5 per cent. Largely due to the excessively high energy prices, the deficit on our current account has again increased and will amount to 2.5 per cent of our GDP this year. Dealing with this situation we are further forced to maintain a restrictive policy stance. The hard currency policy will be continued supported by restrictive monetary policy measures and a tight fiscal policy. For 1981 a further reduction of the federal budget deficit is envisaged. Because of the worldwide imbalances, the IMF will have to assume an increasing role in the recycling process. It is obvious that the Fund will have to lend larger amounts for longer periods and show more flexibility in its policies. The Fund must, however, expect that countries to which it lends relatively large amounts for unusually long periods are prepared to meet certain conditions. It goes without saying that the extension of its tasks will affect the financial position of the Fund itself. Therefore, I would like to advocate that the work on the Eighth Quota Review be speeded up and that we give M. de Larosiere all our support in his efforts to supplement the Fund’s resources through adequate borrowing. With respect to Austria’s cooperation with international financial institutions I want to point out that we are, of course, participating in the Seventh General Review of IMF Quotas. Furthermore, Austria is prepared to make a voluntary contribution to the Subsidy Account in the Fund. Austria has voted in favor of the resolution on the Bank s capita increase. With regard to IDA VI, I am happy to report that parliamentary procedures to implement Austria’s share in this operation are well under way. In this context I wish to pay my special respect to a man who since 1968 has been responsible for the Bank’s remarkable performance. President McNamara, whose outstanding personal capacity we have admired over the years. As the World Bank enters into a new era of challenges we can only accept with deepest regret President McNamara’s decision to retire. I also would like to use this opportunity to thank M. de Larosiere and the staff of the IMF as well as the World Bank for the excellent jobs they have done. Before closing, let me say a few words on the future relationship between developed and developing countries. The North-South relationship is overshadowed not only by economic strains but also by political con flicts. We should, therefore, welcome all efforts to avoid confronta tions and speedily resume the North-South dialogue. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 3 - Press Release No. 26 The Report of the Brandt Commission has clearly underlined the necessity of closer cooperation between North and South. Let me conclude with a quotation from this stimulating report: ’’...all nations will benefit from a strengthened global economy, reduced inflation and an improved climate for growth and investment. All nations will benefit from better management of the world’s finite resources. All nations— industrialized and developing, market or centrally planned economies— have a clear interest in greater security, and in improved political capability and leadership to manage global problems.” BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Documents List No. 2 October 1, 1980 DOCUMENTS ISSUED FOR GENERAL DISTRIBUTION on September 30, 1980 Series Subject Documents (Fund) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No. 11 1980 Regular Election of Executive Directors: List of Persons Nominated for Election as Executive Directors of the Fund (Bank) No. 5 Corrected 1980 Regular Election of Executive Directors: List of Persons Nominated for Election as Executive Directors of the Bank Information Bulletins (Fund) No. 1 Members (Participants), Quotas, and Voting Power—General Department and Special Drawing Rights Department as of September 30, 1980 (Bank) No. 1 Voting Power and Subscriptions of Member Countries as of September 29, 1980 (IFC) No. 1 Voting Power and Subscriptions of Member Countries as of September 29, 1980 2 Joint Documents List No. 2 3 Information Bulletins (Continued) Press Releases (Continued) (IDA) (Joint) Voting Power and Subscriptions of Member Countries as of September 29, 1980 No. 1 Joint Documents List No. 2 No. 7 Not yet issued No. 8 Not yet issued No. 9 Statement by the Hon. MICHIO WATANABE, Minister of Finance and Governor of the Fund and Bank for JAPAN, at the Joint Annual Discussion No. 10 Statement by the Hon. HANS MATTHOEFER, Minister of Finance and Governor of the Bank for GERMANY, at the Joint Annual Discussion No. 11 Not yet issued Press Releases (Joint) Unnumbered No. 1 No. 2 Corrected No. 3 No. 4 English French Spanish German Arabic Chinese Japanese Address to the Board of Governors by ROBERT S. McNAMARA, President, World Bank Group, at the Opening Joint Session English French Spanish Opening Address by the Chairman, the Hon. AMIR H. JAMAL, Minister for Finance and Governor of the Fund and Bank for TANZANIA, at the 1980 Annual Meeting English French Spanish Arabic Statement by J. DE LAROSIERE, Chairman of the Executive Board and Managing Director of the International Monetary Fund in Presenting the Thirty-Fifth Annual Report of the Executive Directors to the Board of Governors of the Fund English French Spanish Remarks by the Hon. JIMMY CARTER, PRESIDENT OF THE UNITED STATES, at the 1980 Annual Meetings of the Boards of Governors of the Fund and the Bank, IFC and IDA English French Statement by the Hon. RENE MONORY, Minister of Economy and Governor of the Fund for FRANCE, at the Joint Annual Discussion No. 5 Not yet issued No. 6 Not yet issued https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No. 12 English Spanish Statement by the Hon. JOSE A. MARTINEZ DE HOZ, Minister of Economy and Governor of the Fund and Bank for ARGENTINA, at the Joint Annual Discussion Not yet issued No. 13 No. 14 English French Spanish Report to the Board of Governors of the International Monetary Fund by the Temporary Chairman of the Interim Committee of the Board of Governors on the International Monetary System, the Hon. HANNES ANDROSCH No. 15 English French Statement by the Hon. TOGBA-NAH TIPOTEH, Minister of Planning and Economic Affairs and Governor of the Bank for LIBERIA, at the Joint Annual Discussion No. 16 Not yet issued No. 17 Not yet issued No. 18 Not yet issued No. 19 Statement by the Hon. ALI WARDHANA, Minister of Finance and Governor of the Fund for INDONESIA, at the Joint Annual Discussion - 4 - Joint Documents List No. 2 Press Releases (Continued) (Joint) No. 20 yet issued No. 21 Statement by the Hon. PIERRE WERNER, Prime Minister and Governor of the Fund for LUXEMBOURG, at the Joint Annual Discussion No. 22 Not yet issued No. 23 Not yet issued No. 24 Not yet issued No. 25 Not yet issued No. 26 Not yet issued No. 27 Not yet issued General https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Documents List No. 1. Documents Issued for General Distribution through September 29, 1980 BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION Joint Procedures INTERNATIONAL DEVELOPMENT ASSOCIATION Document No. 3 Committee September 30, 1980 JOINT PROCEDURES COMMITTEE MEETING The Chairman has called a further meeting of the Joint Procedures Committee at 12 noon on Wednesday, October 1, 1980, in Meeting Room No. 1, to consider the documentation distributed at the meetings held on Monday, September 29, 1980 and Tuesday, September 30, 1980. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /s/ T.T. Thahane Secretary /s/ Leo Van Houtven Secretary Meetings of the Committee are open only to Governors who are members of the Committee and their advisers, Executive Directors, and to such staff as may be necessary. J BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Joint Procedures Committee Document No. 3 September 30, 1980 JOINT PROCEDURES COMMITTEE MEETING The Chairman has called a further meeting of the Joint Procedures Committee at 12 noon on Wednesday, October 1, 1980, in Meeting Room No. 1, to consider the documentation distributed at the meetings held on Monday, September 29, 1980 and Tuesday, September 30, 1980. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /s/ T.T. Thahane Secretary /s/ Leo Van Houtven Secretary Meetings of the Committee are open only to Governors who are members of the Committee and their advisers, Executive Directors, and to such staff as may be necessary. BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION Joint Procedures INTERNATIONAL DEVELOPMENT ASSOCIATION Document No. 3 Committee September 30, 1980 JOINT PROCEDURES COMMITTEE MEETING The Chairman has called a further meeting of the Joint Procedures Committee at 12 noon on Wednesday, October 1, 1980, in Meeting Room No. 1, to consider the documentation distributed at the meetings held on Monday, September 29, 1980 and Tuesday, September 30, 1980. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /s/ T.T, Thahane Secretary /s/ Leo Van Houtven Secretary Meetings of the Committee are open only to Governors who are members of the Committee and their advisers, Executive Directors, and to such staff as may be necessary. J BOARDS OF GOVERNORS • 1980 ANNUAL MEETINGS • WASHINGTON, D.C. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION Joint Procedures INTERNATIONAL DEVELOPMENT ASSOCIATION Document No. 3 Committee September 30, 1980 JOINT PROCEDURES COMMITTEE MEETING The Chairman has called a further meeting of the Joint Procedures Committee at 12 noon on Wednesday, October 1, 1980, in Meeting Room No. 1, to consider the documentation distributed at the meetings held on Monday, September 29, 1980 and Tuesday, September 30, 1980. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /s/ T.T. Thahane Secretary /s/ Leo Van Houtven Secretary Meetings of the Committee are open only to Governors who are members of the Committee and their advisers, Executive Directors, and to such staff as may be necessary. ACTION Date: MEMORANDUM FOR: From: 8 AUG 1980 SECRETARY MILLE Assistant Subject: Proposed Reception for G-24 Ministers As you requested, a modest-sized reception is being planned for the G-24 Ministers on Saturday evening, September 27, from 5 to 7:00 p.m, in the Main Treasury building. The Ministers will have met in full session during that day, following a session of their deputies the day before. You should be aware of certain complicating factors in inviting the G-24. First, there could be some negative fallout from the PLQ observer issue in that some Ministers from the G-24 (which includes Algeria, Egypt, India amWiwrtBr among others) could decide to avoid your reception as an expression of their displeasure with the United States' role in that issue. Second, Iran is a member of the G-24. Since we would not expect to be inviting the Iranian Minister, the reception would in fact be for selected G-24 Ministers (all but one) which could require delicate handling. We envisage that the reception would be more business than social and, therefore, recommend limiting attendance to officials only, i.e., no spouses. While you could invite only Ministers and Governors (last year four countries sent both) of the G-24, probably less than 30 in all, it would probably be useful to include as well the Ministers' Deputies. Based on last year's participation, this could raise total LDC attendance to about 45. In either case, it would be appropriate to invite some senior officials from the IMF and World Bank, approximately 6, and about 15 senior U.S. government officials from Treasury, State, Federal Reserve Board, and IDCA, along with the U.S. Executive T5dHtectors. Thus, the total number of potential invitees is about 66.J Assuming a 75% attendance rate, we would anticipate that ^approximately 50 people would attend. On this basis the Estimated cost of the re<□eption would be $600-800. Q(tou ' /} Initiator Surname Wallar/IDP Initials/Date Form OS-3129 Department of Treasury https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Reviewer Myers/IMA W /i Reviewer Reviewer Reviewer Ex. Sec. rempleman/IDN Hartzell/IDP Leddy/IM 1 . JOHNSON-EVA H At -2> Recommendation: That we proceed with plans along the lines described above for a reception for G-24 Ministers and Deputies on Saturday, September 27 at 5 p.m. in the Main Treasury building. Agree rW -Lts4 Disagree . I'f- )oO If ytu prefer a larger reception, e.g., 75-100 Alternatiive; people,^we le^ywe c<^u^d couj^d a 1 bA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis —Mt -- additional members of G-24 delegations -- additional U.S. and Fund/Bank officials ww — spouses ‘i- Vv VX -~ v (Jo\^ s* r5< V-' Jf.v. -A\ G~S —U<_ 2, - 4 AW rv V- • O'T* ,V^ -Uz-^Ar G- C <r- — f— H (Ujj 10130 ACTION Date: MEMORANDUM FOR: From: September 24 , 1980 secretary miller Steven L. Skancke Subject: Additional Bilaterals -- ADB President Yoshida and Peruvian Prime/Finance Minister Ulloa 1. ADB President Yoshida requested a 10-15 minute courtesy call. This would provide a useful opportunity to express our support for Yoshida and thank him for his assistance to us. Fred recommends that you agree. Agree: _J/_________________ Disagree:__________________ I j 2. The Prime Minister/Finance Minister of Peru has asked for a bilateral. There are no outstanding economic issues, but the State Department recommends strongly that you agree to meet Prime Minister Ulloa. We are pleased with Peru’s return to a Democratic government, and Mrs. Carter attended President Belaunde's inauguration in July. I recommend that you agree to a brief meeting. » It ™ Agree: Disagree: FYI: Romania has cancelled out their request for a bilateral since Niculescu will not be coming to Washington. This provides some time for squeezing in Yoshida and Ulloa. Further background information is attached. Attachments Initiator Surname Initials / Date p. ra OS 3«29 OtfsrtJnint ot Tit.sb/y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Reviewer Reviewer Reviewer Reviewer Ex. Sec. SE:Skancke TL. / : / ‘ - / _ / 11 ACTION Date: MEMORANDUM FOR. From SEP 24 1980 SECRETARY MILLER Assistant Secretary Subiectfcecoinmendation for Bilateral with Manuel Ulloa, Prime Minister of Peru Manuel Ulloa who is Prime Minister of Peru as well as Minister of Finance, Economy and Commerce has requested a bilateral with you during the week of the Bank/Fund meetings. Ulloa would like the opportunity to meet you and to give you an overview of the current Peruvian economic situation and discuss U.S.-Peruvian economic relations and U.S. economic assistance to Peru. Ulloa speaks excellent English. The Carter Administration strongly supports Peru's return to democratic government after 12 years of military rule. A high-level U.S. delegation (including Mrs. Carter) attended the inauguration of President Belaunde this July. Belaunde is sympathetic to the U.S. and strongly supports human rights and the democratic process. Th-e State Department supports vour meeting. Since Ulloa is Prime Minister as well as Finance Minister it would be most appropriate for you as opposed to other Treasury officials to meet with him. You have a busy schedule during Bank/Fund week, but will be able to accommodate this meeting. Recommendation: That you meet with Ulloa. Agree __________ Disagree __________ Other __________ — Initiator Surname HQAR/IDN Initials y^Date^ Hrm OS 3129 Department el Treaiun https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Reviewer Reviewer TEMPTFMAN/IDN MYERS /IMA frk / ^4 Reviewer Ex. Sec. Reviewer NACHMANOFF/ID / - ---------- 7---/ /'C.' - ACTION Date: MEMORANDUM FOR; Secretary Miller From: S' l/ Assistant Secretary/Bergs? en Subject: Meeting with Asian Development Bank President Yoshida Asian Development Bank (ADB) President Yoshida will be in Washington for the Bank/Fund Annual Meeting If it is possible, we would like to arrange for you to meet with him for 10-15 minutes. The purpose of the meeting would be to express our support of the ADB and confidence in the leadership of President Yoshida. The ADB, under President Yoshida, has been extremely cooperative with us. The Bank has suspended lending to Afghanistan and Vietnam and, at our request, has made a major effort to expand its lending operations in basic human needs sectors. The Bank has also pro vided us with timely information needed for Congressional testimony. I understand that it would be possible to fit such a meeting into your schedule. . r- Agree Disagree_______ _ cc: j Initials Date *Form -- nrOSinn 3129 Department of Tree wry https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I. Kaylin FHI- Reviewer Initiator Surname £ a) M : Ron Myers F.Maresca — a Reviewer Reviewer Reviewer Ex. Sec. / / Jtrfc A. Nachnanoff K. . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Department Secretary Miller Of lh0 TrOOSUP/ TO —-------------- --------------- ---Executive 9/25 Secretariat . date. Sub jefc^fcj/Your Meeting on Turkey We have just been informed by the Turkish Embassy that Turkish economic czar Ozal will request a bilateral meeting, with you during the coming week. Amb. Elekdag may formally make this request to you during the meeting. Mr. Bergsten recommends that you accept. </' Executive Secretariat^ i Wi ACTION Date: September 3, 1980 PLO Observers in the IMF/IBRD Annual Meeting Subject: Although only 19 countries had cast votes as of Tuesday afternoon, September 2, an additional 31 countries have indicated they will vote. We are still 21 votes short of a quorum, however, and the deadline is Tuesday evening, September 9. You need to do two, maybe three, things to bolster the effort: 1. Another cable has gone to non-voting countries and I spoke to regional Assistant Secretaries at State today, but I believe it would help to underline the political importance of this issue if you were to ask Ed Muskie to prod the State regional bureaus to put some pressure on countries which should be responsive to the U.S. I have attached suggested talking points. 2. The French could be of crucial help by leaning on their 20-25 African ex-colonies to vote. It is unclear, however, whether they will be willing to do so. You might therefore urge Secretary Muskie that he ask French Foreign Minister Francois - Po~ncet to do so, i the Secretary thinks this approach might succeed. (My counterpart in the French Finance Ministry wi11 be contacting some of the Africans informally, but you should not mention this as he has probably not told his f Foreign Ministry.) 3. We have received indications that the Fund management is again softening on the issue. You should therefore call deLarosiere, both to get a first-hand report on his Persian Gulf trip (where he came up empty handed) and to see whether he could work on the French or otherwise to line up the votes. With him, Initiator j Surname Initials IDB/BANQUE Date Form OS 3129 Department of Treasury https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Reviewer Reviewer T7--------------- 1ACHMANOFF IM/LEDDY Reviewer Reviewer / / Ex. Sec. 335 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 a key noint to stress is the disastrous implication for institution* of letting a majority of small countries frustrate the will of the majority and thereby undermine their hallowed, effective decision-making process^ Recommendation — That you call Ed Muskie and deLarosiere as soon as possible. Approve ___________________________ Disapprove____ __________________________ TLh https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TALKING POINTS FOR DISCUSSION WITH SECRETARY MUSKIE ON PLO ISSUE The vote on the PLO Resolution it IMF and IBRD is reaching a critical stage. Nineteen countries have voted and we can count an additional 51 countries who have stated an intention to vote. We need votes from another 21 countries in order to achieve a quorum by Tuesday of next week (September 9) which is the deadline. With 33 countries undoubtedly opposed to us, we will need to pick up the 21 from the remaining pool of 57 to obtain a quorum. The PLO supporters have mounted an effort to oppose voting on the resolution, including threats to oil importing countries. We can win on a weighted voting basis if there is a quorum. We must move to counter the efforts of the PLO supporters by using our leverage with these countries. An extension of the voting deadline is possible, but we will have to decide whether to- request such an extension by Friday morning (September 5) at the latest. So we need to know where we stand by COB Thursday. In order to energize the State Department to the importance of this issue, I would appreciate it if you would ask your Assistant Secretaries to phone our Ambassadors or directly call appropriate Ministers in countries where we should have influence to urge them to vote. We should leave no doubt that registering a vote on this issue -- whether in support or in opposition to the resolution or as an abstention -- will be a factor in our bilateral relationship. They must know that we expect our friends to vote, even if it’s against our position, and we will be watching this closely. / I know I do not need to emphasize the importance of this issue. In spite of any effort to downplay the issue publicly, it will likely become a central topic for discussion during the Annual Meeting in Washington the last week of September. Press attention will be on the meetings. I am certain that the chances for passage of the $3.24 billion IDA authorization legislation hinge on the outcome. The $8.8 billion GCI legislation, to be submitted next year, could also be affected by an adverse decision on this issue. The country list (attached) has been sent to your regional Assistant Secretaries and to Deane Hinton. I would appreciate it if you would give them the signal to weigh in heavily on this issue. (Optional: The French could also be of enormous help if they were willing to lean on their 20-25 African ex-colonies to vote. It occurred to me that you might be able to induce them to do so by calling Francois-Poncet. The French often argue that they have little influence with the Africans on G-77 political matters, but this issue relates rather to the integrity of the economic institutions which are of crucial importance to many of these African countries -- and I believe they might be responsive to French counselling on the issue.) Attachment https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AFRICA (Dick Moose) Botswana Gambia Mauritius Burundi Ghana Niger Cameroon Guinea Nigeria Cape Verde Islands Guinea-Bissau Rwanda Central African Republic Kenya % Sao Tome and Principe Chad Madagascar Senegal Comoros Islands Malawi Seychelles Congo, People’s Republic Mali Somalia Djibouti Mauritania Upper Volta https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / AMERICAN REPUBLICS (Bill Bowdler) Bolivia Mexico St. Vincent Brazil Paraguay Suriname Dominica Peru Trinidad and Tobago El Salvador St. Lucia Uruguay https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis EUROPE (George Vest) Austria Malta Turkey Cyprus Romania Yugoslavia https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / NEAR EAST AND SOUTH ASIA (Hal Saunders) Egypt; https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Morocco Sri Lanka HAST ASTA (Dick Holbrook) China Papua New Guinea Solomon Islands Fiji Philippines Thailand Malaysia Singapore 4 Western Samoa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / ACTION 71 U7 I f \ Date: SEP 1 0 1980 MEMORANDUM FOR: Secretary Miller From: Assistant Subject: Funding Approval for Secretary's Reception This memorandum seeks your approval for the estimated expenditure of $17,500 from the International Affairs Representational Fund for your reception at the IMF/IBRD Annual Meetings. Bid proposals were submitted by three irnn1 caterin<? firms,* based on a guaranteed attendance of 1600 guests. An evaluation of the proposal was made by Mr. Davis of Treasury's Operations Support Branch and Ms. Astudillo of your office. They suggest accepting the proposal from Columbia Catering Corporation at $10.70 per person inclusively. Recommendation That you approve selection of the bid from Columbia Catering Corporation Agree Disagree An invitatior^ list ’to the reception is being prepared and will be forwarded for your review after the Fund/Bank provides a more comprehensive list of foreign delegates. Initiator Surname Initials /Date Myers ■ / Reviewer Leddy Reviewer Reviewer zzz / E. DAVIS OS F 10-01.II (2-80) which replaces OS 3129 which may be used until stock is depleted https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Reviewer Ex. Sec. INTERNATIONAL MONETARY FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES BOARDS OF GOVERNORS - 1980 ANNUAL MEETINGS (September 30 - October 3) REPORT ON DELEGATIONS (As of September 27, 1930) SUMMARY Members heard from ... 139 Spouses a » Governors attending ................... 2lH 75 Alternate Governors attending ........ 202 51 Temporary Alternate Governors attending 18L 58 Advisers attending .................... 1,230 383 Others attending ...................... 111 23 1,9>*1 590 *&****&&*&***&***&*xx KEY TO SYMBOLS USED Under "REP." -• F = Fund; B = Bank; J = Joint - Fund and Bank Under "SPOUSE" - Y = Yes (Accompanying)>• N = No (Not Accompanying) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 CAPACITY ATTENDING NAME REP . SPOUSE (Y/N) AFGHANISTAN Fazl Haq KHALIQYAR Deputy Minister of Finance Governor B N Ghulam Hussain JEWAYNI Governor, Da Afghanistan Bank Governor F N ************ Mohammed Naim ASKARYAR President, Treasury Department T. Alt. Gov. F N Hassan Ali TAYEB Deputy Minister of Public Works T. Alt. Gov. B N ************ A.W. ASSEFI Pres ident Agricultural Development Bank Adviser N ALGERIA M’Hamed Hadj YALA Minister of Finance Governor B N SeghirMOSTEFAI Governor, Banque Centrale d’Algerie Governor F N B N ************ Mohamed TERBECHE Technical Adviser, Alt. Gov. Ministry of Finance ************ Mahfoud AOUFI President Banque Algerienne de Deve1oppement Adviser N Mahfoud BATATA Adv i s e r N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ALGERIA (cont’d.) 2 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ALGERIA (cont'd.) Advi s e r N Faouzi BEN MALEK Director of the Treasury, Credit & Insurance, Ministry of Finance Advi s er N Mohamed BESSEKHOUAD Director, Banque Centrale d'Algerie Advi s e r N Nourredine BOUDOUKHA Advi ser N Ahmed BOUTACHE Secretary, Embassy o f Algeria Advi s e r N Nourredine KERRAS President Credit Populaire d''Alger ie Adv i s e r N Advi s e r Y Bouasria BELGHOULA Pres ident Banque Exterieure Redha MALEK Ambassador d'Algerie of Algeria to the U.S.A. ARGENTINA Governor Jose A. MARTINEZ DE HOZ Minister of Economy J N J Y ************ Adolfo C. DIZ Pres ident Banco Central Alt. de Gov. « la Repub 1i c a Argentina ************ T. Alt. Gov. J N T. Francisco P. SOLDATI Director Banco Central de la Repub 1i c a Argentina Alt. Gov. J Y Juan M. OCAMPO President, Banco de https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis la Na c i on ARGENTINA (cont'd.) 3 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ARGENTINA (cont'd.) Salvador AISENSTEIN College of Graduates in Economic Science Adviser Y Alejandro ALIAGA President Banco de la Ciudad de Buenos Aires Adviser Y Horacio Jose ALVAREZ RIVERO Adviser Y Francisco ANQUELA MORIANO 2nd Vice-President Banco Popular Argentino Adviser Y Alejandro C. ANTUNA President, Association of Banks the Argentine Republic (ABRA) Advi s er Y Ricardo H. ARRIAZU Adviser Office of the President Banco Central de la Republica Argentina N Alberto AYERZA Vice-President, Banco Palmares,SA Adviser Y Mario BARATELLA Adviser, Association of Banks of the Argentine Republic (ABRA) Advi s e r N Julio Juan BARDI President Bolsa de Comercio de Buenos Aires Adviser N Habib BASBUS Banco Federal Argentino Adviser N Julio A. BASTITTA HEGUY Director, Banco de la Provincia de Buenos Aires Advi s e r N Esteban Luis BERISSO Rural Society of Argentina Advi s er N Adviser N Minister of Economy Province of Cordoba of Guillermo BLANCO National Director of External Economic Financial Policy Ministry of Economy https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis & ARGENTINA (cont'd.) 4 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ARGENTINA (cont’d.) Juan R. BRANCHI Pres ident Banco de la Provincia de Corrientes Adv i s e r Y Roberto BULLRICH President, Banco de la Provincia de Buenos Aires Adviser N Horacio R. BUSTOS Managing Director Gimenez Zapiola Viviendas,SA Adviser N Jose Maria CANDIOTI Adviser President, Association of Province Banks of the Argentine Republic (ABAPRA) N Carlos Alberto CANEDO PERO President, Banco Hipotecario Nacional Adviser Y Carlos Alberto CANO Member of the Board Association of Province Banks of the Argentine Republic (ABAPRA) Adviser N Carlos Alberto CARBALLO Adviser Argentine Chamber of Financial Companies N Jorge Federico CHRISTENSEN President, Banco Federal Argentino Adviser Y Antonio CONDE Adviser Manager, Foreign Department Banco Central de la Republica Argentina N Adviser N Andres 0. COVAS Adviser 2nd Vice-President Banco Central de la Republica Argentina N Mrs. Leticia DEBLING Private Secretary to Ministry of Economy Adviser N Ms. Maria de los Milagros DONNA RABALLO Adviser Ministry of Foreign Relations & Worship N Hector FERNANDEZ CONTI Press Officer, Ministry of Economy https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the Minister ARGENTINA (cont’d.) 5 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ARGENTINA (cont'd.) Federico DUMAS Under-Secretary of Foreign Investments Ministry of Economy Adviser N Antonio M. ESTRANY Y GENDRE Interamerican Council of Commerce and Production (CICYP) Adviser N Carlos Fabian ETCHEVERRIGARAY Adviser to the Board Banco de la Nacion Argentina Adviser N Advi s er Y Adviser N Adviser N Hector GHIRLANDA General Manager Banco Nacional de Desarrollo Adviser Y Horacio GIMENEZ ZAPIOLA Vice-President Gimenez Zapiola Viviendas,SA Advi ser N Jose GONZALEZ Manager, Financial Resources Banco Hipotecario Nacional Adviser Y Manuel R. GONZALEZ ABAD Vice-President Banco Nacional de Desarrollo Adviser Y Eduardo Juan HUERGO Inver fin , SA Advi ser N Juan Carlos IAREZZA Financial Representative of Argentina in the United States and Canada Adviser Y Roberto KOHEN Adviser Argentine Chamber of Financial Companies N Antonio Ramon FALABELLA President, Association of Banks Interior of the Argentine Rep. Juan Carlos Director, FONSECA Banco de Jorge GARFUNKEL Vice-President, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of the (ABIRA) San Juan,SA Banco del Buen Ayre,SA ARGENTINA (cont'd.) 6 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ARGENTINA (cont’d.) Adviser Jorge Osvaldo LAURIA Argentine Chamber of Financial Companies N Adv i s e r Y Antonio LOPEZ FIGUEROA Manager Banco de la Provincia de Cordoba Adv i s e r N Raul LOPEZ RUF Banco de la Provincia de Santa Cruz Adviser Y Eugenio L. MALATESTA Bolsa de Comercio de Buenos Aires Adv i s e r N Rodolfo A. MANCINI Direc tor Banco de la Ciudad de Buenos Aires Advi ser N Adv i s e r Manuel Jorge MARINO Director Banco Central de la Republica Argentina Y Pablo MARON CHALLU Economist Military Chiefs of Staff Advi ser N Mario R. MARTINEZ CASAS President Banco de la Provincia de Cordoba Advi s e r N Cesar MARZAGALLI Celulosa Argentina Adviser N Advi s er Ms. Monica Alica MERLO Division Chief, Department of Inter national Organizations & Agreements Banco Central de la Republica Argentina N Adviser N Jose Raul PALACIO Adv i s e r N Horacio Patricio PERALTA RAMOS President, Inverfin,SA Adviser N Pedro Camilo LOPEZ General Manager Banco Central de la Republica Argentina Capt. Horacio NADALE Naval Delegate in the Area of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Economy ARGENTINA (cont’d.) 7 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ARGENTINA (cont’d.) Julio A. PIEKARZ Advi ser Chief, Center of Monetary & Banking Research Banco Central de la Republica Argentina N Horacio PIETRANERA Banco de la Provincia de Santa Cruz Advi ser Y Angel J. PINI Vice-Pres ident Association of Argentine Banks Advi s e r Y Lt.Col. Bernardo RAVE Military Delegate in the Area of Economy Advi se r N Armando RIBAS Buenos Aires Adviser Y Jorge Fernando SCOSCERIA Financial Director Yacimientos Petroliferos Fiscales Adviser N Dante SIMONE Financial Representative of the Argentine Republic in Europe Advi ser N Alberto S OLA Executive Director World Bank Adviser Y Pablo J. TERAN NOUGUES Banco Comercial del Norte Advi s e r N Commodore Domingo TOREA PAZ Aereonautic Delegate in the Area of Economy Adviser N Adviser Y Adviser Y Ric ardo ZINN Adviser 2nd Vice-President, Association of Banks of the Argentine Republic (ABRA) Y (ADEBA) Stock Exchange Arturo VALLES BOSCH Secretary, Association of Banks of Argentine Republic (ABRA) Raul Ivan YANSEN Direc tor Banco Nacional de Desarrollo https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the ARGENTINA (cont’d.) 8 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ARGENTINA (cont'd.) Guillermo A. ZOCCALI Adviser Chief, International Economics Division Banco Central de la Republica Argentina Federico J.L. Chai rman Association ZORRAQUIN N N Adviser of Argentine Banks (ADEBA) AUSTRALIA J.O. STONE Secretary to the Alt. Gov. F N Alt. Gov. B N Treasury J.C. INGRAM Director, Australian Development Assistance Bureau ************ A.R.G. PROWSE First Assistant The Treasury T. Alt. Gov. F N T. Alt. Gov. J Y Secretary D.N. SANDERS Deputy Governor Reserve Bank of Australia ************ N.J. BRADY Chief Manager, International Reserve Bank of Australia Adviser N Michael J. CALLAGHAN Assistant to Executive Director International Monetary Fund Adviser N Kevin B. CONLAN Assistant to Executive Director Wor 1 d Bank Adviser Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Department AUSTRALIA (cont'd.) 9 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) AUSTRALIA (cont'd.) J.H. COSGROVE Acting First Assistant The Treasury Advi s er N Grab am C. EVAN S Counselor, Embassy of Australia Adv i s e r N Anthony M. HINTON Counselor (Economic) Embassy of Australia Advi s e r N James A. HOGGETT Minister (Economic) Embassy of Australia Advi ser N John W. KEANY Executive Director World Bank Adviser Y Advi s e r N Adviser Y G.M. MAUGHAN Chief Finance Officer, Secretary The Treasury Robert J. WHITELAW Executive Director International Monetary Fund ************ Ms. Helen CAMP Secretary to N the Delegation Mrs. Karen H. FLOOD Secretary to the Delegation N Miss Sue M. Secretary N FONAY to the Delegation Mrs. E.L. HOWITT Private Secretary to the Deputy Governor Reserve Bank of Australia https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 10 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) AUSTRIA Governor B N Governor F Y F Y B N Adviser B N Erwin SCHMIDBAUER Assistant to the President Austrian National Bank Adv i s e r F N Heinrich G. SCHNEIDER Alternate Executive Director International Monetary Fund Adv i s e r F Y Adviser B N Adv i s e r B N Hannes ANDROSCH Vice Chancellor & Minister of Finance Stephan KOREN President, Austrian National Bank *&********&* Philipp RIEGER Member, Board of Directors Austrian National Bank Alt. Mrs. Maria PILZ Director, Ministry of Finance T. Gov. Alt. Gov. ************* Wilfrid GRATZ Economic Adviser, Herbert SELLNER Economic Adviser, Ministry of Finance Ministry of Herbert SUTTER Alternate Executive Director World Bank Ms. Grete WALLNER Secretary to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Finance N 11 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BAHAMAS Arthur D. HANNA Deputy Prime Minister & Minister of Finance Governor J Y ************ Mrs. Ethelyn C. ISAACS Financial Secretary Ministry of Finance William C. ALLEN Governor, Central Bank of Alt. Gov. B N Alt. Gov. F N the Bahamas ************ Reno J. BROWN Alternate Executive Director Wor 1 d Bank Adv i s e r Y Edgar N. HALL Deputy Director of the Budget Ministry of Finance Adv i s e r N Winston D. MUNNINGS Vice-Consul, Embassy of Adviser Y Adv i s e r N Adv i s e r Y Patricia E.J. RODGERS Counselor, Embassy of The Bahamas The Bahamas Reginald L. WOOD Ambassador of The Bahamas to the U.S.A. ************ Miss Winnifred U. SAMUDA Secretary to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 12 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BAHRAIN Sayed Mahmood AL-ALAWI Financial Adviser to H.E. the Prime Minister Ibrahim ABDUL KARIM Minister of Finance & National Governor F N Governor B N Economy ************ Abdullah Hassan SAIF Director General Bahrain Monetary Agency Alt. Gov. F N Isa Abdulla BURSHAID Assistant Under-Secretary for Economic Affairs & Planning Ministry of Finance & National Economy Alt. Gov. B N ************ Ibrahim AL-KHALIFA Head, Banking Control Department Bahrain Monetary Agency Adviser N Ahmed BOKHAMMAS Director, Office of the Minister Ministry of Finance & National Economy Adviser N BANGLADESH Saifur RAHMAN Minister of Finance Governor B N Gholam KIBRIA Secretary, Ministry of Finance Governor F N F N ************ M. Nurul ISLAM Governor, Bangladesh Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Alt. Gov. BANGLADESH (cont'd.) 13 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BANGLADESH (cont'd.) A.M.A. MUHITH Secretary, External Resources Ministry of Finance Alt. Gov. B N Division ************ Tabarak HUSAIN Ambassador of Bangladesh M. to the T. Alt. Gov. F Y T. Alt. Gov. B Y U.S.A. SYEDUZ-ZAMAN Alternate Executive Director Wor Id Bank ************ Enam Ahmed CHAUDHURY Economic Minister, Bangladesh High Commission, London Abu Sayed CHOUDHURY Counselor (Commercial & Economic) Embassy of Bangladesh S.T. HUSSAIN Private Secretary to Ministry of Finance M. Adviser Adviser N Y Adviser N Lutfullahil MAJID Adviser Joint Secretary, External Resources Div. Ministry of Finance N the Minister Abidur RAHMAN Minister (Economic) Embassy of Bangladesh Adviser Y A.K.M. RASHIDUDDIN First Secretary (Economic) Embassy of Bangladesh Adviser Y ************ Mrs. Corazon M. DAVID Secretary to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 14 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BARBADOS Rt. Hon. J.M.G.M. ADAMS Prime Minister & Minister of Governor J Y B N F Y Finance ************ Stephen E. EMTAGE Director of Finance & Planning Ministry of Finance & Planning Alt. Gov. ************ T. E.H.C. GRIFFITH General Manager Central Bank of Barbados Alt. Gov. ************ Winston A. COX Deputy Director, Research Department Central Bank of Barbados Advi ser N A. Advi ser Y DeCourcy EDEY First Secretary, Embassy of Barbados .»*********** N Mrs. Yvonne BRATHWAITE Secretary to the Delegation BELGIUM Paul HATRY Minister of Finance Cecil DE STRYCKER Governor, Banque Nationale Governor B N Governor F Y B Y de Belgique ************ Cecil DE STRYCKER Governor, Banque Nationale de Belgique https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Alt. Gov. BELGIUM (cont’d.) 15 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BELGIUM (cont’d.) Emiel KESTENS Director General of Administration Ministere des Finances - Tresorerie Alt. Gov. F Y ************ Jean-Pierre ARNOLDI Deputy Counsellor Ministere des Finances - Adviser N Luc COENE Assistant to Executive Director International Monetary Fund Adviser N Rene DEBEAUNE Secretary of Administration Ministry of Cooperation & Development Adviser N Jacques DE GROOTE Executive Director Int’1.Monetary Fund & World Bank Adviser N Marcel DE MOUDT Economic Minister, Tresorerie Embassy Adviser Y Adviser N of Belgium Jean GODEAUX Chairman, Banking Commission Bruno GUIOT Assistant to Executive Director WorId Bank Adviser N Jan F.M. HENDRICKX Ambassador Extraordinary & Plenipotentiary Ministry of Foreign Affairs Adviser N Georges JANSON Director, Banque Nationale de Belgique Adviser N Alain M.J. PRIGOGINE Adviser to the Minister Ministere des Finances - Adviser N Jean-Jacques REY First Adviser Banque Nationale https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Tresorerie Advi ser de Belgique BELGIUM (cont’d.) N 16 CAPACITY ATTENDING NAME BELGIUM Jan VANORMELINGEN Ministere des Finances - REP. SPOUSE (Y/N) (cont'd.) Adviser Y Adviser N Tresorerie Pierre A. VERLY Secretary of Administration Ministere des Finances - Tresorerie ************ Ms. Elisabeth DE MEUTER Secretary to the Delegation Miss Andree GRULOOS Secretary to Mr. de N N Strycker Ms. Jeanne VALLET Secretary to the Delegation N BENIN Isidore AMOUSSOU Minister of Finance Abou Bakar BABA-MOUSSA Minister of Planning, Economic Analysis Statistics Governor F N Governor B N and ************ Paul DOSSOU Directeur-Genera1 Adjoint Banque Beninoise pour le Developpement Alt. Gov. B N Guy POGNON National Director, Banque Centrale des Etats de l'Afrique de l'Ouest Alt. Gov. F N ************ Jerome AHOUANMENOU Directeur des Affaires Monetaires et Bancaires Ministere des Finances https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser BENIN (cont'd.) N 17 CAPACITY ATTENDING NAME BENIN REP. SPOUSE (Y/N) (cont’d.) Innocent P. D’ALMEIDA Attache, Embassy of Benin Adviser Y Justin GNIDEHOU Directeur de la P1 anification d ’ E t a t Adviser N Toussaint SOSSOVHOUNTO Charge d'Affaires, Embassy of Benin Adviser N BOLIVIA Brig.Gen. Jose SANCHEZ CALDERON Minister of Finance Governor B Y Marcelo MONTERO President, Banco Central de Bolivia Governor F Y Milton PAZ Genera 1 Manager Banco Central de Bolivia Alt. Gov. B Y Rolando PEREIRA Under-Secretary of Finance Ministry of Finance Alt. Gov. F Y N » ************ Hugo DUCHEN C. Under-Secretary of Finance Ministry of Finance T. Alt. Gov. J Col. Carlos MORALES N. Minister of Mines T. Alt. Gov. B N t ************ Fernando BEDOYA Chairman, Banco Nacional de Bolivia https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser BOLIVIA (cont’d.) Y 1 8 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BOLIVIA (cont’d.) Alfredo BUCHON General Manager Banco Nacional de Bolivia Adviser Y Carlos CALVO President, Expobol,SA Advi ser Y Gen. Felix CAMACHO Charge d’Affaires, Adviser N Adviser N Mauricio D'AVIS Adviser N Jaime DELGADILLO Deputy Manager Banco Central de Bolivia Advi ser N Miguel FABRI Manager, Banco Popular del Adviser N Alberto GONZALEZ Banco Central de Bolivia Adviser N Edgar GUZMAN Adviser N Advi ser N Jorge JORDAN General Manager Banco Industrial y Ganadero del Beni Adviser N William JOYCE Adviser N Jorge LOPEZ PACHECO General Manager, Banco Industria 1,SA Adviser Y Jaime MUSTAFA Banco Industrial Ganadero del Beni Adviser N Guido QUIROGA Executive President Banco de Cochabamba Adviser Y Juan CAREAGA Manage r Banco de Santa Cruz Guido HINOJOSA President, Banco de https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Embassy of Bolivia de la Sierra Peru la Paz BOLIVIA (cont'd.) 19 CAPACITY ATTENDING NAME BOLIVIA REP. SPOUSE (Y/N) (cont’d.) Alberto QUIROGA Ambassador & Permanent Representative of Bolivia to the O.A.S. Adviser Y Rene RIOS Executive Director Inter-American Development Bank Adviser Y Luis SAAVEDRA General Manager Banco de Santa Cruz Adv i s e r N Adv i s e r N Joaquin SEJAS Banco de Cochabamba Adviser N Isaac SHIRIQUI Banco Industrial Ganadero del Beni Adv i s e r N Luis Eduardo SILES President, Banco Boliviano Americano Adv i s e r Y Carlos TABORGA Financial Counselor Mission of Bolivia to Adv i s e r Y Jorge TAMAYO General Manager Banco Hipotecario Nacional Adv i s e r N Raul TOVAR Administrative Manager Banco Central de Bolivia Adviser Y Mauricio URQUIDI Operations Manager Banco de Credito de Oruro Adviser Y Jorge VALDES ANEZ Vice-President Banco Boliviano Americano Adviser N Alberto VALDEZ General Manager, Adv i s e r Y Edgar SCHWARZ Manager, Banco de https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis de la Sierra Inversion Boliviano the O.A.S. Banco Mercantil BOLIVIA (cont’d.) 20 CAPACITY ATTENDING NAME BOLIVIA REP. SPOUSE (Y/N) (cont’d.) Alfonso VERSALOVIC Commercial Manager Empresa Nacional de Ferrocarri1es Adviser N Miguel ZALLES Economic Counselor, Adviser N Embassy of Bolivia BOTSWANA Peter S. MMUSI Minister of Finance & Development Planning Governor B N Brenton C. LEAVITT Governor, Bank of Botswana Governor F Y ************ Baledzi GAOLATHE Permanent Secretary, Ministry of Finance & Development P1anning Alt. Gov. B N Phophi T. NTETA Director of Financial Affairs Ministry of Finance & Development Planning Alt. Gov. F N F N *********** Benjamin I. GASENNELWE General Manager National Development Bank T. Alt. Gov. ************ Nelson D. MOKGETHI Advi ser Planning Officer, Ministry of Finance & Development Planning https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 21 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BRAZIL Ernane GALVEAS Minister of Finance Governor F Y J Y ************ Carlos Geraldo LANGONI President, Banco Central Alt. Gov. do Brasil ************ Oswaldo Roberto COLIN President, Banco do Brasil,SA T. Alt. Gov. J Y Antonio Francisco Azeredo DA SILVEIRA Ambassador of Brazil to the U.S.A. T. Alt. Gov. J N Octavio Gouvea DE BULHOES Member of the National Monetary Council T. Alt Go v . J Y Alexandre KAFKA Executive Director International Monetary Fund T. Alt. Gov. J Y Jose F. PECORA Secretary-General Secretariat of Planning T. Alt. Gov. J Y Jose Carlos Madeira SERRANO Director for International Affairs Banco Central do Brasil T. Alt. Gov. J Y ************ Ruben Dario ALMONACID President, Distribuidora de Titulos Valores do Estado de Sao Paulo Advi se r Y Hugo ANVERSA Treasurer, Banco Real,SA New York Adviser N Pedro Paulo Pinto ASSUMPCAO Head, Division of Financial Policy Ministry of Foreign Affairs Adviser N Jose Luiz Silveira BAPTISTA Vice-President, Brasilmec Commodities Advi s e r Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e BRAZIL (cont’d.) 22 NAME CAPACITY ATTENDING REP. SPOUSE (Y/N) BRAZIL (cont’d.) Jorge A. BAPTISTA-SILVA National Monetary Council Advi s e r Y Joao Alberto Dutra Leite BARBOSA Editor, Boletim Cambial Adviser N Luiz BARBOSA Head, Department for International Organizations & Agreements Banco Central do Brasil Adviser N Felismino de Figueiredo BARRETTO Diretor Superintendente Banco F. Barretto,SA Advi s er Y Paulo Vieira BELOTTI Director, Petroleo Brasi1eiro , SA Adviser Y Lino 0. BOHN Manager, Banco New York Advi s er N Advi se r Y Jose BOTAFOGO-GONCALVES Head, International Sector Secretariat of Planning Adviser N Fernando de Arruda BOTELHO Chairman, Banco Geral do Comercio Adviser Y Fernao C.B. BRACHER Executive Vice-President Atlantica Cia. Nacional de Seguros Advi ser Y Antonio Carlos de Almeida BRAGA Vice-President Banco Brasileiro de Descontos,SA Adviser Y Elmo de Araujo CAMOES Director, International Department Banco do Estado de Sao Paulo, SA Adviser Y Americo Oswaldo CAMPIGLIA President, Cimento Santa Rita,SA Adviser Y do Brasil,SA Antonio BORNIA Direc tor Banco Brasileiro https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis de Descontos,SA BRAZIL (cont'd.) 23 CAPACITY ATTENDING NAME BRAZIL REP. SPOUSE (Y/N) (cont’d.) Antonio Carlos Yazeji CARDOSO Executive Vice-President Banco do Estado do Rio de Janeiro,SA Advi ser N Wolmen CARVALHO Regional Director, Advi ser Y Advi s e r Y Solomon COHN Adv i s e r Chairman, Grupo Financeiro Metropo1itana Y Cesario COIMBRA Neto Corporate Finance Director Cia. Cacique de Cafe Soluvel Advi s e r Y Flavio A. CORREA President, Standard Ogilvy Mather Publicidade Ltda. Advi se r N Advi se r Y Raul Jorge de Pinho CURRO Deputy Director, Banco Safra,SA Adviser N Herculano Borges DA FONSECA General Director, Instituto Brasileiro de Mercado de Capitals Advi ser N Jose Carlos P.M. DA FONSECA Executive Director Inter-American Development Bank Adviser N Pedro Jose DA MATTA-MACHADO Director, BANERJ Adviser N Mailson Ferrera DA NOBREGA Ministry of Finance Advi se r Y Alvaro Pinto DE AGUIAR, Jr. Financial Director, Brasi1invest,SA Advi ser Y Luiz Carlos Pereira DE ALMEIDA Bras i linves t Adviser N Banco do Brasil,SA Pedro Paulo Gomes CASTRO Director, International Department Banco sul Brasi1eiro,SA & Jose Maria Sampaio CORREA Vice-President First National Bank of Boston, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sao Paulo BRAZIL (cont’d.) 24 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BRAZIL (cont’d.) Adviser Y Theophilo DE AZEREDO SANTOS President Brazil Bankers Association Adviser Y Humberto Maurao DE CARVALHO Regional Director, Banco Real,SA New York Advi ser N Sergio DE CASTRO Deputy Regional New York Advi ser N Carlos Benigno Pereira DE LYRA Netto Director, Banco Economico Advi ser N Jose Carlos DE OLIVEIRA Secretariat of Planning Adviser Y Luiz Antonio Sande DE OLIVEIRA President, Banco Nacional do Desenvolvimento Economico Adviser Y Mauricio Marques DE PAIVA Manager, Brasi1invest , SA Adviser Y Eduardo Pessao DE QUEIROZ President, Aplicap SA Corretora de Cambio Titulos e Valores Mobilairios Adviser Y Angelo Calmon DE SA President & Chief Executive Officer Banco Economico,SA Adviser Y Peter Egon DE SVASTICH Area Executive Director, International Banco do Commercio e Industria de Sao Paulo,SA, New York Adviser Y Andrea DE VITO Vice-President, Adv i s e r N Adviser Y Aluizio Rebelle DE ARAUJO Cia. Brasileira de Projectos Director, e Obras Banco Real,SA Fiat Automotives,SA Abilio dos Santos DINIZ Brazilian National Monetary Board https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BRAZIL (cont'd.) 25 CAPACITY ATTENDING NAME BRAZIL REP. SPOUSE (Y/N) (cont’d.) Floriana Pecanha DOS SANTOS Conselho Administracao Banco Frances Brasi1eiro,SA Adv i s e r N Antonio Calmon DU PIN E ALMEIDA Director, Foreign Department Banco Economico,SA Adv i s e r N Juergen A. ENGELBRECHT Adv i s e r President, Massey-Ferguson do Brasil,SA N Luiz Anibal de Lima FERNANDES President, Banco des Minas Gerais Adv i s e r N Dilson de Lima FERREIRA General Manager, Banco do Brasil,SA San Francisco Adv i s e r N Renato Francesco FILEPPO Administrative Director Fileppo SA Industria e Comercio Adv i s e r N Marcio FORTES President, Joao Fortes Engenharia , SA Adviser Y Joao Batista Baldini FRANCO Administrative Director Cia. Paulista de Forca e Luz Adv i s e r Y Sergio S. FREITAS Director, International Division Banco Itau Adviser N Orlando GALVAO Filho Deputy Head of Financial Service Petroleo Brasileiro , SA Adv i s e r N Carlos Augusto GARCIA General Manager, Banco Real,SA Washington, D.C. Adv i s e r Y Mario Bernardo GARNERO Chairman, Brasi1invest , SA Adv i s e r Y Eduardo da S. GOMES, Jr. Executive Director - International Banco Boavista,SA Adv i s e r Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B RAZIL (cont’d.) 26 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BRAZIL (coat'd.) Boris GORENTZVAIG President, Petroplastic Industria de Artefatos Plasticos Ltda. Adv i s e r N Henrique Sergio GREGORI President, Xerox do Brasil,SA Adviser Y Joao HANSEN Neto Vice-President, Adv i s e r N Adv i s e r N Bodo KIRSCHNER Financial Director Mercedes-Benz do Brasil,SA Adviser N Henri Claude KOERSEN Director, Banco Auxiliar,SA Adv i s e r N Milton LAMANAUSKAS Funding Department Manager Cia. Energetica de Sao Paulo Adv i s e r N Luiz Felipe Minister, Adv i s e r N Sergio Ulhoa LEVY Escritorio Levy Corretora de Valores Mobiliarios Ltda. Adv i s e r Y Dalton Estellita LINS Financial Director Cia. Siderurgica de Adv i s e r Y Antonio M. MACEDO Director, Banco do Brasil,SA Adv i s e r Y Jose Pedrosa de Paula MACHADO Exchange Director Banco do Estado de Rio de Janeiro,SA Adviser Y Werner M.M. MAKOWSKI Deputy General Manager Arab Latin American Bank, Adviser Y Adv i s e r Y Cia.Hansen Industrial Richard E. HAYES Executive Director, Brasilinvest,SA Palmeira LAMPREIA Embassy of Brazil Tubarao Oscar da Costa MARQUES Netto Exchange Director Banco Geral do Comercio https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lima, Peru BRAZIL (cont’d.) 27 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BRAZIL (cont'd.) Adviser N Ermelino MATARAZZO President, Banco Financeiro e Industrial de Investimento Advi ser N Adilson Sampaio MAYLLART Assistant to the Financial Itaipu Binacional Advi ser N Adolpho Julio da Silva MELLO Neto Director, Brasilmec Commodities Advi ser Y Jose C. MORAES-ABREU Banco Itau , SA Adviser Y Lauro Barbosa da Silva MOREIRA Ministry of Finance Adviser N Osvaldo MOTTA Alternate Financial Director Mercedes-Benz do Brasil,SA Advi ser Y Zeuxis F. NEVES Banco Nacional Washing ton, DC Adviser Y Paulo Roberto NICCOLI Secretariat of Planning Adviser N Jose R. NOVAES DE ALMEIDA Assistant to Executive Director International Monetary Fund Advi ser Y Joao Guilherme Sabino OMETTO Director, Grupo Pedro Ometto Advi ser N Affonso Celso PASTORE Secretary of Finance for State of Sao Paulo Adviser Y Advi ser N Adviser Y Antonio MARTINEZ Vice-President, BRADESCO Bank Director de Desenvo1vimento Econ. the Ary dos Santos PINTO Waddington & Pinto Carlos Eduardo QUARTIM BARBOSA Chairman & President, Banco do e Industria de Sao Paulo,SA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Comercio B RAZIL (cont'd.) 28 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BRAZIL (cont'd.) Y Jose Augusta QUEIROZ Banco Antonio de Queiroz,SA Adviser QUEIROZ S.A. Adviser N Joao Paulo RICOMMARD General Representative for Brazil Credit Industriel et Commercial Adviser N Joaquim Peixoto ROCHA Chai rman Banco do Estado de Sao Paulo, Adviser Y Adviser N Adviser N Adviser Y Mauro B.D. SALLES President, Latin American Daily Post Adviser N Francisco SANCHEZ BRADESCO Bank Adviser N Jorge SANT'ANNA Assistant to Executive Director Inter-American Development Bank Adviser N Jose Sousa SANTOS Representative, Banco do Brasil,SA Washing ton, DC Adviser Y Eduardo P. APLICAP, Gregorio ROSEN Executive Director, SA Concretex,SA Jose Ruque ROSSI Financial Director Siderurgia Brasi1eira,SA Joseph SAFRA Financial Director, Banco Safra,SA Wolfgang Franz Jose SAUER President, Volkswagen do Brasil,SA Adviser N Matheus SCHNAIDER Executive Vice-President Banco do Estado do Rio de Janeiro,SA Adviser Y Antonio Padua SEIXAS Manager, BANES PA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser BRAZIL (cont'd.) N 29 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BRAZIL (cont'd.) John Finlay SHUTER Director, Banco Auxiliar,SA Adviser N Paulo Eduardo Tassano SIGAUD Economic & Finance Director Te1ecomunicacaoes Brasi1eiras , SA Advi ser N Oscar Bloch SIGELMANN Vice-President, Bloch Editores,SA Adviser Y Geraldo Fonseca SIQUEIRA Direc tor Tristao - Cia. de Comercio Exterior Adviser N Swiatoslaw SIRKS Financial Director Cia. Energetica de Sao Paulo Advi ser N Helio SMIDT President, Adviser Y Oswaldo M. SOUZA International Sector Secretariat of Planning Adviser N Joao Maria STEFANON Manager, Banco do Brasil,SA Los Angeles Adv i s e r N Paulo Roberto TEIXEIRA Adviser N Heitor Mendes TEPEDINO 'A Folha da Sao Paulo' Adviser N Francisco THOMPSON-FLORES Netto Ministry of Agriculture Adviser N Ivo Cauduro TONIN Senior Vice-President, Adviser N Oswaldo TRIGUEI.ROS Netto Director, International Sales Var ig , SA Advi s e r Y Jonice Siqueira TRISTAO President Tristao Cia. de Comercio Exterior Adviser Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Varig,SA Citibank,NA BRAZIL (cont'd.) 30 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) BRAZIL (cont’d.) Paulo d'Arrigo VELLINHO Vice-President Confederacao Nacional da Adviser N Carlos Alberto VIEIRA President, Banco Safra,SA Advi s e r Y Mauro Luiz Iecker VIEIRA Second-Secretary , Embassy of Brazil Adv i s e r N Toraaz Edison de Andrade VIEIRA Adviser President, Banco Bamerindus do Brasil,SA N Lydiberto dos Santos VILLAR Vice-President, SA Martinelli Credito Financiamento e Investimentos Advi se r N Affonso Armando de Lima VITULE Director-General, Brasilinvest,SA Advi s e r Y Ary WADDINGTON President, National Association of Investment Banks Adv i s e r N Tomas ZINNER Vice-President, Advi se r Y Industria Unibanco BURMA U Tun TIN Deputy Prime Minister and Minister of Planning & Finance Governor B N U Aye HLAING Chairman, Union of Burma Bank Governor F N F N ************ U MAUNG SHEIN Deputy Minister https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Alt. for Planning & Gov. Finance BURMA (cont’d.) 31 CAPACITY NAME ATTENDING REP. SPOUSE (Y/N) BURMA (cont’d.) U Kyaw MYINT Director-General, Budget Department Ministry of Planning & Finance T. Alt. Gov. B N ************ U KYAW KHAING Ambassador of Burma Adviser N U Nyunt LWIN Division Chief Ministry of Planning & Finance Advi ser N Aung PE Alternate Executive Director World Bank Adviser Y to the U.S.A. BURUNDI Astere GIRUKWIGOMBA Minister of Finance Governor B N Aloys NTAHONKIRIYE Governor Banque de la Republique du Burundi Governor F N ************ Jean NDIMURUKUNDO Adviser to the Minister Ministry of Finance Alt. Gov. B N Pasteur BUDEYI Vice-Governor Banque de la Republique du Burundi Alt. Gov. F N ************ Francois BARWENDERE Director-General, Banque Nationale de Deve 1 oppement Economique https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser BURUNDI (cont'd.) N 32 CAPACITY ATTENDING NAME BURUNDI Donatien BIHUTE Minister of Planning REP. SPOUSE (Y/N) (cont’d.) Adv i s e r N CAMEROON Gilbert NTANG Minister of Finance Youssoufa DAOUDA Minister of Economy Governor F N Governor B N & Planning ****** ****** Gottlieb TITTI National Director, Banque des l'Afrique Centrale Etats Louis-Claude NYASSA President-Director General Societe Nationale d’Investissement Alt. Gov F N Alt. Gov B N de ************ Moise BEKE BIHEGE Director of Economic Controls Adv i s e r N Benoit BINDZI Ambassador of Cameroon Adviser Y Adv i s e r N Tapisi Robert GHOGOMU Chief, Economic & Commercial Mission Embassy of Cameroon Advi s e r N Augustine Justice NJAWE Industry Director Ministry of Economy & Planning Adv i s e r N Casimir OYE MBA Adviser N Michel to the U.S.A. FIATOR https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAMEROON (cont’d.) 33 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) CAMEROON (cont’d.) Francoise PEHOUA Adviser N Gabriel T. TANKE Financial Counselor Embassy of Cameroon Adviser Y Claude TCHEPANNOU In-Charge of Research Research & Forecasting Division Ministry of Finance Adviser N Idriss VESSAH-NJOYA Programming Director Ministry of Economy & Planning Adviser N CANADA Hon. Allan J. MACEACHEN, P.C., Deputy Prime Minister & Minister of Finance M.P. Governor J N *********** * Gerald K. BOUEY Governor, Bank of Canada T. Alt. Gov. F Y Robert K. JOYCE Assistant Deputy Minister Department of Finance T. Alt. Gov. J Y Michael G. KELLY T. Director, International Finance Division Department of Finance Alt. Go v. F N T. Alt. Gov. B Y Douglas LINDORES Vice-President Multilateral Programs Branch Canadian Int'l. Development Agency * ****** * * * * * Rolando BAHAMONDE Assistant to Executive Director World Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser CANADA (cont’d.) N 34 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) CANADA (cont'd.) Edward DOE Assistant to Executive Director World Bank Adviser Y Bernard J. DRABBLE Executive Director International Monetary Fund Adviser N Earl G. DRAKE Executive Director World Bank Adviser Y Alain DUDOIT Special Policy Adviser to the Minister of Finance Advi ser N Adviser N Advi ser N David A. HILTON Direc tor International Programmes Division Department of Finance Adviser N Brian HUNTER Assistant to Executive Director World Bank Adviser Y Adviser N W.A. KILFOYLE Adviser A/Director-Genera 1 , Financial Policy & Liaison Branch, Department of Industry, Trade & Commerce N Blake MACKENZIE International Finance Division Department of Finance Adviser N Miss Jean S. MAIR Assistant to Executive Director International Monetary Fund Adviser N John EVANS, M.P Parliamentary Secretary Department of F inance to Michael GILLAN Special Assistant (Press) the Minister of Finance W. Alain JUBINVILLE Deputy Governor, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the Minister to Bank of Canada CANADA (cont'd.) 35 CAPACITY ATTENDING NAME SPOUSE REP. (Y/N) CANADA (cont’d.) Howard Adviser N L.A.H. SMITH Assistant Under-Secretary of State for External Affairs Department of External Affairs Advi s e r N P. Advi ser N Advi ser Y Adviser Y SMITH Financial Institutions, Multilateral Programmes Branch Canadian Int’l. Development Agency THIBAULT General Econ.Re 1 ations Div., Bureau of Energy,Trade & General Econ.Re 1ations Department of External Affairs Peter M. TOWE Ambassador of Canada T. to the U.S.A. Hugh WILLIAMS Assistant to Executive Director International Monetary Fund ************ Miss E. Beatrice HANNESON Secretary to the Delegation N Miss Joanna M. KAROLCZUK Secretary to the Delegation N Mrs. Sheila MARSHALL Secretary to the Delegation Y ************ Douglas FRICKELTON Director Canadian Task Force 1982 Annual Meetings N Jim EADIE Canadian Task Force 1982 Annual Meetings N Ms . N Lynda HAYES Canadian Task Force 1982 Annual Meetings https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CANADA (cont’d.) 36 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) CANADA (cont'd.) Sam PELLETIER Canadian Task Force 1982 Annual Meetings N CAPE VERDE Corentino SANTOS Governor , Banco d e Cabo Verde Governor J Y ************ Manuel COSTA Director , Banco d e Cabo Verde Al t . Go v. F N Antonio Hilario CRUZ Director, Banco d e Cabo Verde Alt. Gov. B N CENTRAL AFRICAN REPUBLIC Dieudonne PADOUNDJI YADJOUA Minister of Economy & of Finance Governor F N Jean Pierre LE BOUDER Minister of State in Charge of Planning & Coordination Governor B N ********* Jean-Marie M'BIOKA National Director, Banque des de l'Afrique Centrale Abel ZOUNGOULA Director-General Banqe Centrafricaine d'Investissement https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Alt. Gov. F N Alt. Gov. B N Etats 37 NAME CAPACITY ATTENDING REP. Governor J N SPOUSE (Y/N) CHAD Ngangbet KOSNAYE Minister of Economy ************ Mahamat Nour ADAM Secretaire General du Gouvernemen t Alt. Gov. F N Gali Gata NGOTE Directeur des Affaires Alt. Gov. B M Sergio DE CASTRO SPIKULA Minister of Finance Governor B Y Alvaro BARDON M. President, Banco Central de Chile Governor F N Economiques CHILE * -Jf * ‘ * * -A 'A' * it a Juan Carlos MENDEZ GONZALEZ Director of Budget Ministry of Finance Alt. Gov. B N Sergio DE LA CUADRA Vice President Banco Central de Chile Alt. Gov. F N F N ■icifkick-kick'k-kick Hernan Felipe ERRAZURIZ CORREA Comptroller, Banco Central de Chile T. Alt. Gov. ickk'k'kkk-kk-kkk Jaime ARTAZA Vice-Chairman, Mrs. Lucia AVETIKIAN DE RENART Counselor, Embassy of Chile https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser Y Adviser Y Banco de Trabajo CHILE (cont’d.) 3 8 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) CHILE (cont'd.) Adviser Y Miss Maria V. CARKOVIC Assistant to Executive Director International Monetary Fund Adviser N Agustin EDWARDS E. President, Banco A. Adviser Alfredo BARRIGA General Manager, Banco Unido de Fomento N Edwards Adviser N Adolfo GOLDENSTEIN K. Manager, Administration of Reserves Banco Central de Chile Adviser N Manuel LABRA Director, Pro-Chile, Adviser Hernan Felipe ERRAZURIZ Comptroller, Banco Central de Chile N New York Felipe LAMARCA Director of Internal Revenue Adviser N Roberto LOPETEGUI Vice President Banco Osorno y la Union Adviser N Rolf Jurgen LUDERS Vice-President, B.H.C. Adviser N Eliodoro MATTE LARRAIN Adviser President Banco Industrial y de Comercio Exterior N Francisco OSSA Counselor, Embassy of Adviser Y Adviser N Enterprises Chile Mrs. Maria E. OVALLE DE VIGNEAUX General Manager, Asociacion de Bancos Instituci ones Financieras Luis PRIETO VIAL President, Financiera FUSA Jorge YARUR President, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banco de Credit e e Adviser N Adviser Inversiones N CHILE (cont'd.) 3 9 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) CHILE (cont’d.) Alberto ZANETTA General Manager, N Adviser Banco Sudamericano CHINA WANG Bingqian Minister of Finance Governor B N LI Baohua President, Governor F N People's Bank of China ****** * * * * * * LI Peng Vice-Minister of Finance Alt. Gov. B N WANG Weicai Vice-President, Bank of China Alt. Gov. F N CAO Guisheng Minister-Counse1 or (Political Affairs) Embassy of the People's Rep. of China T. Alt. Gov. J N CHEN Hui Deputy Departmental Director Ministry of Foreign Affairs T. Alt. Gov. B N Mrs. HE Liliang Deputy Director, Department of Inter national Organizations & Conferences Ministry of Foreign Affairs T. Alt. Gov. J N SHANG Ming Director, Planning Department People's Bank of China T. Alt. Gov. F N TAI Qianding Deputy General Manager Research Department, Bank of China T. Alt. Gov. F N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CHINA (cont’d.) 40 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) CHINA (cont’d.) WANG Liansheng Deputy Director, External Finance Dept. Ministry of Finance T. Alt. Gov. B N ************ CHEN Zhenyao Deputy Division Chief External Finance Department Ministry of Finance Adviser N KONG Fannong Deputy Division Chief, Department of Int’l. Organizations & Conferences Ministry of Foreign Affairs Adviser N LI Miao Section Chief, External Finance Dept. Ministry of Finance Adv i s e r N LIN Zhiying Third Secretary, Adv i s e r N Adv i s e r N WANG Enshao Manager, Administration Department Head Office, The People's Insurance Company of China Adviser N YANG Jiusheng Deputy Division Chief External Finance Department Ministry of Finance Adv i s e r N Adviser N Embassy of SHI J iuyong Research Fellow Research Institute of Int’l. Ministry of Foreign Affairs ZHANG Xueyao First Secretary, Embassy of China Affairs China ************ DING Rongzhang Secretary to N the Delegation Miss LI Yenyen Interpreter https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N CHINA (cont’d.) 41 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) CHINA (cont'd.) Mrs. SHI Xiaojing Translator N Miss ZHANG Liangqin Secretary to the Delegation N COLOMBIA Jaime GARCIA PARRA Minister of Finance & Public Rafael GAMA QUIJANO President, Banco de Governor B Y Governor F Y Credit la Republica ***££******* Oscar ALVIAR RAMIREZ Executive International Vice President Banco de la Republica T. A11 . Gov . F Y Virgilio BARCO Ambassador of Colombia T. Alt . Go v . B Y Guillermo A. CONSTAIN Alternate Executive Director Wor1d Bank T. A11. Gov . B Y Aida DE PEREZ Deputy Director of National Taxes Ministry of Finance T. A11 . Gov . B N Her nan MEJIA J . Deputy Secretary, Foreign Financing Banco de la Republica T. Alt. Gov . F N Ms. Leonor MONTOYA DE TORRES Director-General of Public Credit Ministry of Finance T. Alt. Gov . B N Luis PRIETO OCAMPO Executive Director Inter-American Development Bank T. Alt. Gov . B N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to the U.S.A. COLOMBIA (cont'd.) - 42 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) COLOMBIA (cont'd.) Carlos SANZ Director, DE SANTAMARIA Banco de la Republica T. Alt. Gov. F Y Eduardo WIESNER DURAN Chief, National Planning Department T. Alt. Gov. B Y Carlos E. BALEN Assistant to Executive Director Inter-American Development Bank Adv i se r N Carlos BERNAL TELLEZ Ambassador to the O.A.S. Advi s e r N Ivan CORREA President, Adviser Y Advi se r Y Jose Roman FERNANDEZ President, Banco Colpatria Advi ser N Ernesto FRANCO HOLGUIN Adv i s e r N Francisco GAVIRIA RINCON President, Banco Popular Advi ser N Francisco GOMEZ Advi ser N Guillermo GONZALEZ LECAROS President, Banco de Bogota Trust Co . New York Adviser Y Jose GUTIERREZ GOMEZ President Corporacion Financiera Nacional Adv i s e r N Alvaro JARAMILLO President Corporacion Financiera del Norte, SA Adviser Y Gustavo LIEVANO FONSECA President Corporacion Financiera Santander Advi ser N Banco Industrial Colombiano Alfonso DAVILA ORTIZ President, Colombian Bankers https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Assn • COLOMBIA (cont'd.) 43 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) COLOMBIA (cont'd.) Rodrigo LLORENTE M. President Rodrigo Llorente & Associates Adviser Y Sergio LONDONO URIBE Pres ident Corporacion Financiera Aliadas Adviser N Benjamin MARTINEZ MORIONES President Corporacion Financiera del Valle Advi ser N Juan Manuel MEDINA BERRERA Vice-President, International Banco de Bogota Adviser Y Alberto MEJIA H. Vice-President, Adv i s e r Y Jorge MEJIA PALACIO Executive Director Banco de la Republica Adv i s e r N Jorge MEJIA SALAZAR President, Banco de Bogota Adviser Y Rodrigo MUNERA ZULOAGA General Manager, Banco Cafetero Adviser N Eduardo NIETO CALDERON Adviser Y Roberto PARDO VARGAS Pres ident Corporacion Financiera Colombia,SA Adviser Y Roberto PUMAREJO President, Banco Santander Adv i s e r N Eduardo RIVERA GIRALDO President, Corporacion Financiera,SA Adviser N Diego TOBON ARBELAEZ President, Banco Comercial Antioqueno Adviser Y Julio Cesar TURBAY QUINTERO Chase Manhattan Bank,NA Adv i s e r N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Citibank, New York 44 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) COMOROS Said KAFE Minister of Finance, Economy Said Mohamed MSHANGAMA Director General of Issue of & Governor B N Governor F N Planning the Comoros MAM******* Mohammed HALIFA Adviser to the Minister Ministry of Finance, Economy & Mohamed TOILIBOU Financial Controller Ministry of Finance, Economy & CONGO, Henri LOPES Minister of T.Alt.Gov. B N T. F N Governor F N Governor B N Planning Alt. Gov. Planning PEOPLE'S REPUBLIC OF THE Finance Pierre MOUSSA Minister of Planning *****&****** Gabriel BOKILO Directeur National Banque des Etats de Alt. Gov . F N Alt. Gov . B N l'Afrique C en t r a 1 e Andre BATANGA Director-General National Development Bank of the Congo ************ Jean Pierre MAMBOUNOU Ministry of Planning https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser N 45 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) COSTA RICA Hernan SAENZ JIMENEZ Minister of Finance Governor B Y F Y ************ Carlos MUNOZ Deputy Minister of Finance Alt. Gov. ************ Otto KIKUT C. Director, Economics Division Banco Central de Costa Rica T. Alt. Gov. B N Roberto PICADO H. Director, Monetary Division Banco Central de Costa Rica T. Alt. Gov. F N ************ Raul FERNANDEZ Director, External Financing Ministry of Finance Adviser N CYPRUS Afxentis C. AFXENTIOU Minister of Finance Governor B N C.C. STEPHANI Governor, Central Bank of Cyprus Governor F Y F Y ************ H.G. AKHNIOTIS Manager, Economic Research Department Central Bank of Cyprus Alt. Gov. ************ Andrew J. JACOVIDES Ambassador of Cyprus https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser to the U.S.A. Y 46 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) DENMARK Governor F N H.E. KASTOFT Amba s s ad or Ministry of Foreign Affairs Governor B N Erik HOFFMEYER Chairman, Board of Governors Danmarks Nationalbank Alt. Gov. F N Mogens ISAKSEN Deputy Under-Seeretary Ministry of Foreign Affairs Alt. Gov. B N Ivar NORGAARD Minister of Economic Affairs ■k'k'k’kk'k'k'k'kifck-k T. Alt. Gov. F N T. Alt. Gov. B N Erling JORGENSEN Permanent Secretary Department of the Budget Ministry of Finance T. Alt. Gov. J N Niels Christian USSING Deputy Director Ministry for Economic Affairs T. Alt. Gov. F N Svend ANDERSEN Member, Board of Governors Danmarks Nationalbank C. Ulrik HAXTHAUSEN Head of Division Ministry of Foreign Affairs ikikikikikik&'kik&ikik Flemming BAEKKESKOV Head of Section Ministry of Foreign Affairs Otto R. BORCH Ambassador of Denmark to the Finn ERSKOV Counselor (Economic Affairs) Embassy of Denmark https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adv i s e r N Adviser Y Adv i s e r Y U. S. A. DENMARK (cont’d.) 47 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) DENMARK (cont’d.) Henrik FUGMANN Head of Section Ministry of Economic Affairs Adviser N Erik HEDEGAARD Head of Section Ministry of Foreign Affairs Adviser N Frede HOLLENSEN Director, Danmarks Nationalbank Adviser Y Ole L. POULSEN Alternate Executive Director World Bank Adviser Y Jorgen RONNEST Financial Secretary Embassy of Denmark Adviser Y Jorgen D. SIEMONSEN First Secretary, Embassy of Denmark Adviser Y Niels Erik SOERENSEN Head of Secretariat Ministry of Finance Adviser Y Mrs. Karen SCRIVANOS Secretary to the Delegation N DJIBOUTI Ibrahim Mohamed SULTAN Minister of Finance & National Economy Governor Ibrahim Kassim CHEHEM Governor, National Bank of Djibouti Alt. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DJIBOUTI GoV. (cont’d.) F N F N 48 CAPACITY ATTENDING NAME DJIBOUTI Ahmed Aden OMAR Chief, Office of Direct Taxes Ministry of Finance & Nat'l. Economy REP. SPOUSE (Y/N) (cont'd.) Adv i s e r N DOMINICA Governor Rt.Hon. Mary Eugenia CHARLES Prime Minister F N F N J Y ************ Alt. Alick B. LAZARE Financial Secretary Ministry of Finance Gov. DOMINICAN REPUBLIC Carlos DESPRADEL Governor, Banco Central de la Republica Dominicana Governor ************ Luis GARCIA RECIO Vice-Minister of Finance Secretaria de Estado de Finanzas Julio LLIBRE Economic Adviser, Banco Central la Republica Dominicana Alt. Gov. B N T. Alt. Gov. J N T. Alt. Gov. F Y de Jorge VILALTA Member of the Monetary Board, Banco Central de la Republica Dominicana https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. DOMINICAN REPUBLIC (cont'd.) 49 CAPACITY ATTENDING NAME DOMINICAN REPUBLIC REP. SPOUSE (Y/N) (cont'd.) Eligio BISONO Assistant to the Governor, Banco Central de la Republica Dominicana Adviser N ManuelCOCCO Director, International Dept., Banco Central de la Republica Dominicana Adviser Y ECUADOR Leon ROLDOS AGUILERA Chairman, Monetary Board Banco Central del Ecuador Governor B N Mauricio DAVALOS GUEVARA General Manager Banco Central del Ecuador Governor F N ************ Juan F. CASALS M. Manager, Technical Division Banco Central del Ecuador Alt. Gov. F Y Rodrigo PAZ Minister of Finance Alt. Gov. B N ************ Jose G. CARDENAS Assistant to Executive Director World Bank Adviser N Modesto CORREA General Manager Corporacion Financiera Nacional Adviser N RicardoCRESPOZ. Ambassador of Ecuador Adviser Y Advi se r N Mauro DAVALOS Petroleum Attache, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to the U.S.A. Embassy of Ecuador ECUADOR (cont'd.) 50 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ECUADOR (cont’d.) Mauro INTRIAGO General Manager La Previsora State Bank Advi ser N Guillermo JAUREGUI Director, International Organizations Technical Division Banco Central del Ecuador Advi ser N Rodrigo MALO Alternate Executive Director Inter-American Development Bank Advi ser N Raul NIETO Minister-Counse1 or Embassy of Ecuador Advi ser Y Advi ser N (Economic Affairs) Alfredo VERGARA Ministry of Finance EGYPT Mohamed Abdel Fattah IBRAHIM Governor, Central Bank of Egypt Governor F N ************ M. Samir KORAIEM Under-Secretary, Ministry of Economy, Foreign Trade & Economic Cooperation Aly Mohamed NEGM Deputy Governor, Central Bank of Alt. Gov. B Y Alt. Gov. F N B N Egypt ************ Ibrahim Helmy ABDEL RAHMAN Special Adviser to the Prime Minister T. Alt. Gov. ************ Ismail BADWI Adviser Deputy Minister of Economy, Ministry of Economy, Foreign Trade & Econ. Coop. EGYPT (cont'd.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 51 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) EGYPT (cont’d.) Adviser N Abdul Moneim EL-GAMAL Adviser Director-General, International Finance Ministry of Economy, Foreign Trade & Economic Cooperation N Samir F. EL-KASRY Managing Director Alexandria Kuwait International Bank Adviser N Abdel Rahman EL-SHAZLY Chairman, Housing Bank Adviser N Ms. Sherrine FARRAG Senior Economist, Adviser N Ahmed ISMAIL Director, National Bank of Egypt Adviser N Abdel Hamid KABODAN Chairman, Development Industrial Bank Adviser N Ibrahim Salem MOHAMMADEIN Chairman, Mohandes Bank Adviser N Nasser S. MORS I Director, Central Bank of Egypt Adviser N Fathallah RIFAAT Chairman, Agricultural Credit Bank Adviser N Abdel Moneim ROUSHDY Chairman, National Bank of Egypt Adviser Y Mahmoud M.L. SHAKER Assistant Sub-Governor Central Bank of Egypt Adviser N Zakaria TAWFIK Chairman, Suez Canal Bank Adv i s e r N Abdallah EL-BANAWI Director-General, Ministry of Economy, Foreign Trade & Economic Cooperation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Investment Authority 52 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) EL SALVADOR Guillermo DIAZ S. Minister of Economy Pedro Abelardo DELGADO President, Banco Central de El Salvador Governor B N Governor F Y F Y de Reserva ************ Jorge Eduardo Minister of TENORIO Finance Alt. Gov ************ Francisco AQUINO H. Ambassador of El Salvador Alvaro MAGANA Director, Banco Central de de El Salvador to T. Alt. Gov B N T. Alt. Gov F N T. Alt. Gov B N U.S.A. the Reserva Oscar Raymundo MELGAR Under-Secretary for Domestic Economy Ministry of Economy ************ Ms. Mirna LIEVANO DE CACERES Joaquin MORAZAN B. Adviser, Banco Central de de El Salvador Adviser N Adviser N Reserva Rafael RODRIGUEZ LOUCEL Adviser Director, Depto.de Investigaciones Econ. Banco Central de Reserva de El Salvador https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y 53 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) EQUATORIAL GUINEA Carmelo OWONO NDONG ANDEME Comisario Militar Adjunto de Hacienda y Comercio Governor B N Patricio Eka NGUEMA OBONO Governor, Bank of Equatorial Guinea Governor F N ************ Juan EFUA EFUA ASANGONO Director Tecnico - Impuestos, Tesoro Presupuesto y Patrimonio Departamento de Hacienda y Comercio Alt. Gov. B N Eugenio NGUEMA EBOSOGO AYANG Comptroller General Bank of Equatorial Guinea Alt. Gov. F N ************ N Adviser Raimundo Oikiri NDONG ANDEME Chief, Public Relations & Protocol Bank of Equatorial Guinea ETHIOPIA Teferra WOLDE-SEMAIT Minister of Finance Tadesse GEBRE-KIDAN Governor, National Bank of Governor B N Governor F N Ethiopia ************ Mitiku JEMBERE Head, Credit & Investment Department Ministry of Finance T. Alt. Gov. B N Bekele MELISSIE Exchange Controller National Bank of Ethiopia T. Alt. Gov. F N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ETHIOPIA (cont’d.) 54 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ETHIOPIA (cont’d.) Tilahun ABBAY Adviser Manager, International Banking Division Commercial Bank of Ethiopia N Alemu ABERRA General Manager Commercial Bank of Adviser N Gebeyehu ALEMNEH Head, Research & Planning Services Ministry of Finance Adv i s e r N Lemma ARGAW Head, Finance & Budget Supreme Planning Council Advi ser N Kebede SHOANDAGN Economic & Financial Counselor Embassy of Ethiopia Adv i ser N Ethiopia FIJI Winston THOMPSON Permanent Secretary Ministry of Finance Governor B N Governor F N for Finance Allan E. GEE Acting General Manager Central Monetary Authority of Fiji ************ John FLOWER Crown Solicitor Ramaiya NAIDU Deputy Secretary T. Alt. Gov. F N T. Alt. Gov. B N for Works ************ Savenaca SIWATIBAU Alternate Executive Director International Monetary Fund https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser Y 55 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) FINLAND Mrs. Pirkko TYOLAJARVI Minister in the Ministry of Governor B N Governor F N Finance Pentti UUSIVIRTA Member, Board of Management Bank of Finland **********<(* Mrs. Annikki SAARELA Financial Counselor, Kari NARS Director, Alt . Gov . B N Alt. Gov. F N F N Ministry of Finance Bank of Finland * £ * iK' ****££ & Ahti KARJALAINEN Chairman of the Board, T. Alt. Gov. Bank of Finland Wilhelm BREITENSTEIN Head of Department Ministry for Foreign Affairs Adv i s e r N Antti HYNNINEN Assistant Economic Director Ministry for Foreign Affairs Adviser N Jaakko ILONIEMI Ambassador of Finland Adviser Y Kaarlo JANNARI Assistant to Executive Director International Monetary Fund Adviser Y Antti K. JUUSELA Acting Head of Office, Adviser N Veikko KANTOLA Cabinet Counselor, Ministry of Finance Adviser Y Antti LEHTINEN Director, Bank of Finland Adv i s e r N Jorma PAUKKU Head of Section Ministry for Foreign Affairs Adv i s e r N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to the U.S.A. Bank of Finland FINLAND (cont'd.) 56 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) FINLAND (cont'd.) Pertti RIPATTI Commercial Counselor, Adviser Y Osmo SARMAVUORI Adviser Head of Department, Ministry of Finance N Jukka T. SUOMELA Assistant to Executive Director World Bank Adviser Y Heikki TUOMINEN Chairman & Chief General Manager Post ipankki Advi s e r N Matti VANHALA Executive Director International Monetary Fund Advi se r N Embassy of Finland •iddddddcfdddck Mrs. Inkeri TALLQVIST Secretary to the Delegation N FRANCE Rene MONORY Minister of Economy Governor F N Renaud DE LA GENIERE Governor, Banque de France Governor B N idddddddddddt Jean-Yves HABERER Director of Treasury Ministry of Economy Alt. Gov. F N Marcel THERON Sous-Gouverneur, Alt. Gov. B N J N Banque de France iddddfidddddck Michel CAMDESSUS Deputy Director of the Treasury for International Affairs Ministry of Economy https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. Alt. Gov. FRANCE (cont'd.) 57 CAPACITY ATTENDING NAME FRANCE REP. SPOUSE (Y/N) (cont'd.) Paul MENTRE DE LOYE Executive Director Int'l. Monetary Fund & World Bank T. Philippe AUBERT Adviser N Thierry AULAGNON Alternate Executive Director International Monetary Fund Adviser Y Denis BAUCHARD Financial Counselor to the French Delegation to the UNO Advi ser N Jacques FABREGOULE Assistant to Executive Director World Bank Advi ser N Louis GALLOIS Chief, Bureau of Development Aid The Treasury, Ministry of Economy Adviser N Jean-Louis IMHOFF Assistant to Executive Director World Bank Advi s e r Y Philippe JURGENSEN Assistant Director of the Treasury for Multilateral Relations Ministry of Economy Adviser N Gabriel LEFORT Directeur General des Banque de France Adv i s e r Financial Embassy Alt. Gov. J Y Attache of France, New York Office Y Service Etrangers Mrs. Marthe PARENT Alternate Executive Director World Bank Adviser Y Patrick PEROZ Assistant to Executive Director International Monetary Fund Advi s e r Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FRANCE (cont'd.) 58 CAPACITY ATTENDING NAME FRANCE Rene-Paul RIGAUD Special Assistant to Ministry of Economy REP. SPOUSE (Y/N) (cont'd.) Adv i s e r N Jean-Claude STORA Chief, Int'l. Monetary Affairs Bureau The Treasury, Ministry of Economy Adviser Y Jean-Francois VINCENSINI Financial Attache, Embassy of Adviser Y the Minister France icicic'fc/ctc'ic'icicik'icic Mrs. Lucette BENDRE Secretary to the Delegation N Miss Georgette BRUNEAU Secretary to the Delegation N Mrs. Aline CHIAPELLO Secretary to the Delegation N Miss Denise PEGOIX Secretary to the Delegation N GABON Jean Pierre LEMBOUMBA Minister of Economy & Finance Pascal NZE Minister of Planning & Y Governor B N Alt. F N B N Development Jean Paul LEYIMANGOYE National Director, Banque des de l'Afrique Centrale Gov. Etats Jean-Felix MAMALEPOT Director-General Banque Gabonaise de Developpement https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F Governor Alt. Gov. GABON (cont'd.) 59 CAPACITY ATTENDING NAME GABON REP. SPOUSE (Y/N) (cont’d.) Mrs. Jacqueline ATSAME ALLOGHO Director of Financial Institutions Ministry of Economy & Finance Adviser N Aboubaker BOKOKO Ambassador of Gabon Advi ser N to Athana s e BOUANGA Banque des Etats Advi ser N l'Afrique Centrale Mrs. D. MEZUI ME NDO Cultural Attache, Embassy of Gabon Adviser N Etienne MEZUI ME NDO Counselor, Embassy of Gabon Adviser N Mr. NZIENGUI Chief of Pro toco 1 Adviser N Emmanuel ONDO-METHOGO Director General of Economy Ministry of Economy & Finance Advi ser N Eugeome REVANGUET Banque des Etats Adviser N Adviser N Advi s er Y de de the U.S.A. 1'1Af r ique Centrale Augustin WEZET-NAMBO Counselor, Embassy of Gab on Mrs. Louise WEZET-NAMBO Financial Attache, Embassy of Gabon THE GAMBIA Alhaji Mohamadu Cadi CHAM Minister of Finance & Trade Governor F N B N ************ T.G.G. SENGHORE Permanent Secretary Ministry of Finance & https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Alt. Gov. Trade THE GAMBIA (cont’d.) 60 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) THE GAMBIA (cont’d.) J.A. LANGLEY Permanent Secretary, Ministry of Economic Planning & Industrial Dev. Alt. Gov. F N B N ************ H.R. MONDAY, Jr. Chief Executive Gambia National Alt. T. Gov. Investment Board ************ A.K. BANERJI Chief Economist Central Bank of Adviser Y Adviser N The Gambia H.M.M. NJAI Managing Director Gambia Commercial & Development Bank GERMANY Hans MATTHOEFER Minister of Finance Governor B N Karl Otto POEHL Chairman, Deutsche Bundesbank Governor F Y ************ Rainer OFFERGELD Minister for Economic Cooperation Alt. Gov. B N Manfred LAHNSTEIN Under-Secretary, Alt. Gov. F N F N Ministry of Finance ************ Leonhard GLESKE Member of the Board Deutsche Bundesbank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. GERMANY Alt. Gov. (cont’d.) 61 CAPACITY ATTENDING NAME GERMANY REP. SPOUSE (Y/N) (cont’d.) Gebhard KERCKHOFF Assistant Secretary Ministry for Economic Cooperation T. Alt. Gov. B N Manfred LAHNSTEIN Under-Secretary , T. Alt. Gov. B N T. Alt. Gov. B N T. Alt. Gov. F N Ministry of Klaus Dieter LEISTER Head of Department Ministry of Economic Finance Cooperation Klemens WESSELKOCK Ministerialdirektor Ministry of Finance ************ Rudi ADAMS Member of Parliament Advi ser N Hans-Juergen BRUECKNER Regierungsdirektor Ministry of Economic Cooperation Adviser N Dieter BUCHER Assistant to Executive Director World Bank Adviser Y Julia DINGWORT-NUSSECK Pres ident Central Bank of Lower Advi ser N Adviser N Adviser N Advi ser N Advi ser N Adviser Y Saxony Werner FLANDORFFER Division Chief, Ministry of Economics Hans GERTZEN Member of Parliament Guenter GROSCHE Personal Assistant to Mr. Ministry of Finance Wilfried HAESEN Director of Minister’s Ministry of Finance Lahnstein Office Hans-Dieter HANFLAND Alternate Executive Director World Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GERMANY (cont’d.) 62 CAPACITY ATTENDING NAME GERMANY REP. SPOUSE (Y/N) (cont'd.) Peter HERMES Ambassador of the Federal Republic of Germany to the U.S.A. Advi se r Y Wolfgang HINZ Secretary of Adviser N Juergen HOLST Assistant to Executive Director International Monetary Fund Advi se r N Claus KNETSCHKE Division Chief, Advi s er N Adviser N Eberhard KURTH Executive Director World Bank Adv i se r Y Gerhard LASKE Executive Director International Monetary Fund Advi ser Y Alwin H. Advi ser N Klaus MEYER-HAAKE Assistant to Executive Director World Bank Advi se r Y Stephen MODLY Embassy of the Fed. Adv i s e r Y Rolf MOEHLER Division Chief Ministry of Foreign Affairs Adviser N Reinhard MUENZBERG Divis ion Chief Ministry for Economic Cooperation Advi s e r N Wiegand C. PABSCH Minister (Economic) Embassy of the Fed. Advi ser Y the Parliamentary Group Ministry of Finance Wilfried KOSCHORRECK Division Chief, Ministry of Finance MAEHLMANN Regierungsdirektor Ministry of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Finance Rep. Rep. of Germany of Germany GERMANY (cont'd.) 63 CAPACITY ATTENDING NAME GERMANY Norbert RADERMACHER Temporary Assistant to Exec . International Monetary Fund REP. SPOUSE (Y/N) (cont'd.) Advi ser Y Harald W. REHM Counselor (Financial Affairs) Embassy of the Fed. Rep. of Germany Adviser Y Wolfgang Walter RIEKE Head, International Department Deutsche Bundesbank Adviser N Gerd SAUPE Deputy Division Chief Ministry of Finance Advi ser Y Hans-Josef SCHAVIER Ministry of Economic Cooperation Advi ser N Eckhard SCHLEIFENBAUM Member of Parliament Adviser N Alwin STEINKE Minis terialra t Ministry of Finance Adv i s e r N Advi ser Y Advi ser Y Adviser N Peter WICHERT Assistant to Executive Director International Monetary Fund Adviser Y Guenter WINKELMANN Alternate Executive Director International Monetary Fund Adviser Y Peter P. WRANY Regierungsdirektor Ministry of Finance Adviser N Erich STOFFERS Consul, Consulate General, Johannes B.J. Director New York TIETMEYER Ministerialdirektor Ministry of Economics Rudiger VON ROSEN Personal Assistant to Mr. Deutsche Bundesbank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Poehl GERMANY (cont'd.) 64 CAPACITY ATTENDING NAME GERMANY Mrs. Dorrit DRBAL Secretary to the REP. SPOUSE (Y/N) (cont'd.) N Delegation Mrs. Maria KHONSARY Secretary to the Delegation Y Mrs. Borghild LUDECKE Secretary to the Delegation Y Mrs. Ingrid REYNOLDS Secretary to the Delegation Y Ms. Sigrid VOLLERTHUN Secretary to the Delegation N GHANA Amon NIKOI Minister Governor of Finance & J N F N B N F N Economic Planning ************ A.E.K. ASHIABOR Governor, Bank of Ghana Alt. Gov. * * * * * ******* Isaac BISSUE Principal Secretary Ministry of Finance & T. Alt. Gov. Economic Planning Ernest AKO-ADJEI Principal Assistant Secretary Ministry of Finance & Econ. Planning T. Alt. Gov. ************ Samuel M.A. ADJETEY Deputy Manager, Bank of Ghana Ebenezer Amatei AKUETE Minister, Embassy of Ghana https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Advi ser N Advi ser Y GHANA (cont'd.) 65 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) GHANA (cont’d.) Manasseh Tetteh AMOAKO-ATTA Manager, Bank of Ghana Adviser N George APPENTENG Bank of Ghana Adviser N Adviser N Adviser Y J.K. BAFFOUR-SENKYIRE Ambassador of Ghana to Seth OGBARMEY-TETTEH Counselor (Economic), the U.S.A. Embassy of Ghana ************ Miss Victoria ASAMOAH Secretary to the Delegation N GREECE John BOUTOS Minister of Governor B Y Governor F N F N B Y Coordination Xenophon ZOLOTAS Governor, Bank of Greece ************ George DRAKOS Vice-Governor, Alt. Gov. Bank of Greece ************ Efthimios CHRISTODOULOU Governor, National Bank of Greece T. Alt. Gov. ************ Costa P. CARANICAS Alternate Executive Director International Monetary Fund https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Advi ser GREECE (cont'd.) Y 66 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) GREECE (cont’d.) Dimitrios CHALIKIAS Economic Adviser, Bank of Greece Adv i s e r N Constantine GIATRAKOS Economic Minister, Embassy of Greece Adv i s e r Y Raphael MOISSIS Governor, Public Power Corporation Advi se r Y Stratis PAPAEFSTRATIOU Head, International Banking Bank o f Gre e ce Advi ser N George SPENTZAS Governor Hellenic Industrial Development Bank Adviser N George VLACHOS Director Ministry of Economic Coordination Adviser N Division ************ Mrs. BAKOPOULOU Secretary to the N Delegation Ms. Gariffallia MOURTOUPALAS Secretary to the Delegation N Mrs. Maria SAOUTIS Secretary to the Delegation N Mrs. Efrossini Secretary to N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STEFANITSI the Delegation 6 7 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) GRENADA Bernard COARD Minister of Finance, Industry & Planning Governor J N Trade, ************ L.F. WILSON, Jr. Permanent Secretary Ministry of Finance, Industry & Planning Alt. Gov F N Alt. Gov B N Trade, Ms. Dessima WILLIAMS Permanent Representative to the Organization of American States ************ Ms. Angella HOLAS Economist, Ministry of Industry & Planning N Adviser Finance, Trade, ************ N Ms. Lana MCPHAIL Secretary to the Delegation GUATEMALA Col. Hugo T. BUCARO GARCIA Minister of Finance Governor B N Plinio A. GRAZIOSO BARILLAS President, Banco de Guatemala Governor F N ************ Col. Hugo T. BUCARO GARCIA Mini s ter of Finance Alt. Gov. F N Juan Valentin Minister of Alt. Gov. B Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SOLORZANO F. Economy GUATEMALA (cont’d.) 68 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) GUATEMALA (cont'd.) Carlos ALPIREZ Manager, Banco Adviser N Advi ser N Marco Antonio APARICIO Director, Exchange Department Banco de Guatemala Advi ser N Antonio BLANCO Adviser, Ministry of Finance Advi ser N Advi ser N Mario GOMEZ Executive Secretary Central American Monetary Council Advi ser Y Cesar A. ORANTES Counselor for Commercial Technical Assistance Embassy of Guatemala Advi ser Y de Guatemala Oscar ALVAREZ Assistant Manager, Banco de Guatemala Emilio DE LA TORRE Under-Secre t’ary , Ministry of Economy & GUINEA Saikou BARRY Le Ministre Gouverneur Charge Banques et des Assurances Governor F N des ************ Mrs. Ke s s o BAH Direc tor Caisse Centrale de Devises T. Alt. Gov. B N Laminy CONDE Directeur des Affaires Monetaires e t Bancaires T. Alt. Gov. B N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GUINEA (cont'd.) 69 CAPACITY ATTENDING NAME GUINEA T. Kory KONDIANO Director of Studies Banque Centrale de la Republiqe de Guinee REP. SPOUSE (Y/N) (cont’d.) Alt. Gov. F N * * * * * ******* Mamady Laminy CONDE Ambassador of Guinea N Advi se r to the U.S.A. GUINEA-BISSAU Governor Victor FREIRE MONTEIRO Governor Banco Nacional da Guine-Bissau J N F Y B N ************ Alt. Jose Abrantes LOPES Director-General Banco Nacional da Guine-Bissau Gov. ************ Jose dos Reis PIRES Director, Banco Nacional T. Alt. Gov. da Guine-Bissau ************ Aires Menezes D'ALVA Division Chief Banco Nacional da Guine-Bissau https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser N 70 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) GUYANA F.E. HOPE Minister of Finance Governor J Y ************ P.E. MATTHEWS Governor, Bank of Guyana Alt. Gov. F Y C.B. HINDS Secretary to the Treasury Ministry of Finance Alt. Gov. B N ************ Clarence F. ELLIS Deputy Governor, Bank of Guyana T. Alt. Gov. F N Hubert JACK Minister of Energy & Natural Resources T. Alt. Gov. B N ************ Bernard CRAWFORD Head, National Energy Authority N Adviser ************ Miss Joyce A. Secretary JERVIS N to the Minister of Finance HAITI Emmanuel BROS Secretary of State for Finance & Economic Affairs Governor B N Gerard MARTINEAU Governor Banque de la Republique d’Haiti Governor F N F N ************ Emmanuel BROS Secretary of State for Finance & Economic Affairs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Alt. HAITI Gov. (cont’d.) 71 CAPACITY NAME ATTENDING HAITI SPOUSE (Y/N) (cont'd.) Alt. Gerard MARTINEAU Governor Banque de la Republique d'Haiti REP. Gov. B N <f -A' * Vt * if * -A- -Aa Antonio ANDRE Adviser to the Government for Economic Affairs & Banking Adv i s e r N Edouard RACINE President, Banque National Advi se r N Adviser N Fritz VIALA Director of de Credit the Budget HONDURAS Valentin J. MENDOZA Minister of Finance Governor B Y Praxedes MARTINEZ S. President, Banco Central de Honduras Governor F Y ************ Valentin J. MENDOZA Minister of Finance Alt. Gov. F Y Praxedes MARTINEZ S. Governor, Banco Central de Honduras Alt. Gov. B Y ************ Gonzalo CARIAS P. Assistant to the President Banco Central de Honduras Mario Ivan CASCO Minister of Communications, Works & Transportation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. Alt. Gov. F N T. Alt. Gov. B N Public HONDURAS (cont'd.) 72 CAPACITY ATTENDING NAME HONDURAS REP. SPOUSE (Y/N) (cont'd.) Angel R. ORDONEZ Director of Public Credit Office Ministry of Finance & Public Credit T. Manuel FONTECHA Assistant to the President Banco Central de Honduras Adv i s e r N Miguel A. MEJIA Director, Banco Adviser Y Roberto RAMIREZ Advi ser Y Mario RIETTI Consejero Financiero Ad-Honorem del Gobierno de Honuras ante la O.E.A. Washington, DC Adviser N Alberto SMITH President Banco del Ahorro Hondureno, Advi ser Y Advi ser N Central Alt. Gov. B N de Honduras SA Fernando VEGA Superintendent of Banks Banco Central de Honduras ICELAND Tomas ARNASON Minister of Johannes NORDAL Chairman, Central Bank of Ragnar ARNALDS Minister of Finance https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Governor B Y Governor F Y B Y Commerce Iceland Alt. Gov. ICELAND (cont'd.) 73 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ICELAND (cont’d.) Jon SIGURDSSON Director, National Alt. Economic Gov. F Y Institute ************ Gisli BLONDAL Alternate Executive Director International Monetary Fund Adviser Y Sigurgeir JONSSON Director, Central Bank of Adviser Y Iceland INDIA R. VENKATARAMAN Minister of Finance Governor J N ************ I.G. PATEL Governor, Reserve Bank of Alt. Gov. F N Alt. Gov. B Y India R.N. MALHOTRA Secretary, Department of Economic Affairs, Ministry of Finance ************ S.D. DESHMUKH Executive Director International Monetary Fund T. Alt. Gov. F Y M.D. GODBOLE Joint Secretary Department of Economic Affairs Ministry of Finance T. Alt. Gov. B N R.M. HONAVAR Chief Economic Adviser Ministry of Finance T. Alt. Gov. F N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INDIA (cont’d.) 74 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) INDIA (cont’d.) M. NARASIMHAM Executive Director World Bank T. Alt. Gov. B Y ************ Miss C.J. BATLIWALLA Assistant to Executive Director International Monetary Fund Adviser N DEEPAK DASGUPTA Special Assistant to Ministry of Finance Adviser N Advi ser N the Minister V.B. KADAM Adviser and 0fficer-in-Charge Reserve Bank of India R . I.. MISRA Minister (Economic), Adviser Y V.K.S. NAIR Assistant to Executive Director International Monetary Fund Adviser Y Y.V. REDDY Assistant to Executive Director World Bank Adviser Y R. P. SEHGAL Research Officer, Adviser Y Adviser Y S. Embassy Embassy VARADACHARY Counsellor (Economic), of of India India Embassy of India ************ P.D. JOHN Seere tary t0 the Delegation S.K. KAUL Seere tary to the Delegation Mrs. Lynn MYERS Seere tary to the Delegation Mrs. Hephzi Seere tary Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y Y OHAL to the Y Y INDIA (cont’d.) 75 CAPACITY ATTENDING NAME INDIA G.N. SHARMA Secretary to REP. SPOUSE (Y/N) (cont'd.) Y the Delegation Y V.S. SUBRAMANIAN Secretary to the Delegation INDONESIA Ali WARDHANA Minister of Governor F Y Governor B Y Finance Rachmat SALEH Governor, Bank Indonesia ************ Arifin SIREGAR Managing Director, Alt. Gov. F N Alt. Gov. B N J Y Bank Indonesia Soegito SASTROMIDJ 0JO Director General for International Monetary Affairs, Ministry of Finance * * * * * ******* D. ASHARI Ambassador T. of Indonesia to the Alt. Gov. U.S.A. ************ ACHWAN Assistant to the Governor Bank Indones ia Adviser N Miss Nani GANDABRATA Ministry of Finance Adviser N Sri HADI Director, Int'l. Financial Ministry of Finance Advi ser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Relations INDONESIA (cont'd.) 76 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) INDONESIA (cont’d.) Faisal HARAHAP Ministry of Finance Advi ser N Hamonangan HUTAGALUNG Representative, Bank Indonesia New York Adviser Y R.A. KARTADJOEMENA Executive Director Asian Development Bank Advi se r N Byanti KHARMAWAN Executive Director International Monetary Fund Advi se r Y Simon PALIMBONG Bank Indones ia Adviser N Rochsid SETYOKO Minister-Counse 1 or (Economic) Embassy of Indonesia Advi se r Y Tj . A. Partha SUKAWATI Deputy Manager, Bank Adviser N SUMITRO Bank Indones ia Adviser N Paul S. TJOKRONEGORO Assistant to Executive Director International Monetary Fund Adviser Y Indonesia ************ Mrs. Karen L. ANDERSON Secretary to the Delegation N Miss Sonja W. MAKAGIANSAR Secretary to the Delegation N Miss Allegonda B. VAN DEN BROEK Secretary to the Delegation N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 77 NAME CAPACITY ATTENDING REP. Governor F N F N SPOUSE (Y/N) IRAN Ali-Reza S. Governor, NOBARI Bank Markazi Iran ************ E. RASHIDZADEH Vice-Governor, T. Alt. Gov. Iran Bank Markazi ************ Ali MANAVI RAD Director-General, Bank Markazi Hossein NAVAB-SAVAVI Ali YASSERI Director, Bank Markazi Adviser N Adviser N Advi se r N Iran Iran IRAQ Khadhim A. AL-EYD Alternate Executive Director International Monetary Fund T. Alt. Gov. Izzidin SALEEM Deputy Governor Central Bank of Iraq T. Alt. Gov. N J J N ************ Abdul Majeed Hameed AL ANI Vice-President, Gulf Bank, Adviser N Advi ser N Hameed AL-SAMIR Advi se r N Raad Hamad SHIHAB Head, Iraqi Interests Section Washington, D.C. Adviser N Basil Bahrain AL-BUSTANY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 78 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) IRELAND Michael O'KENNEDY Minister for Finance Governor J Y B N F Y ****** ****** Tomas F. O'COFAIGH Secretary, Department of Alt. Gov. Finance ************ Bernard J. BREEN General Manager, T. Central Bank of Alt. Gov. Ireland ************ Michael CASEY Alternate Executive Director International Monetary Fund Dermot QUIGLEY Principal Officer, Department of Adviser Y Adviser N Finance ************ Miss Lydia HENNESSY Secretary to the N Delegation ISRAEL Yigael HURVITZ Minister of Finance Governor F Y Arnon GAFNY Governor, Bank of Governor B Y Israel ************ Yaakov NE'EMAN Director-General, Eliezer SHEFFER Deputy-Governor, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ministry of Bank of Alt. Gov. B N Alt. Gov. F Y Finance Israel ISRAEL (cont'd.) 79 CAPACITY ATTENDING NAME REP . SPOUSE (Y/N) ISRAEL (cont’d.) Valery AMIEL Economist, Foreign Department Bank of Israel Advi se r Y Moshe BENOUSILIO Director, Foreign Department Bank of Israel Adviser N Ephraim DAVRAT Deputy Director-General Ministry of Finance Adviser N Dan DRACH Assistant Economic Adviser Embassy of Israel Adviser N Avner HALEVI Assistant to Executive Director International Monetary Fund Advi se r Y Daniel HALPRIN Economic Minister, Advi ser N Advi s e r N Eitan RAFF Accountant General, Embassy of Israel Ministry of Finance ITALY Filippo Maria PANDOLFI Minister of the Treasury Governor F N Carlo A. CIAMPI Governor, Banca Governor B N Alt. Gov. F N Alt. Gov. B N d’Italia Paolo BAFFI Honorary Governor, Felice RUGGIERO Director General https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of Banca d'Italia the Treasury ITALY (cont’d.) 80 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ITALY (cont'd.) Roberto CIROCCO Deputy Chief of Cabinet Ministry of the Treasury T. Alt. Gov . F N Lamberto DINI Executive Director International Monetary Fund T. Alt. Gov. F N Mario SARCINELLI Deputy Director General Banca d ' Ita1ia T. Alt. Gov . B N Savino SPINOSI Senior Direc tor Ministry of the Treasury T. Alt. Gov. B N ************ Vittorio BARATTIERI Director General Ministry of Industry Adviser N Alberto DE BENEDICTIS Assistant to Executive Director World Bank Adviser N Ms. Fernanda FORCIGNANO Senior Director Ministry of the Treasury Adv i s e r N Luc io IZZO Economic Counselor Ministry of Budget & Advi ser N Adviser N Advi ser Y Advi ser Y Stefano MICOSSI Advi ser Head, Int’l. Monetary Problems Division Banca d’Italia N Giovanni MAGNIFICO Economic Adviser, Planning Banca d'Italia Luigi MARINI U.S. Representative Ufficio Italiano dei Cambi, New York Mauro MICHELANGELI Assistant to Executive Director International Monetary Fund https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ITALY (cont'd.) 81 CAPACITY ATTENDING NAME ITALY Giuliano MONTERASTELLI Director, Ufficio Italiano dei SPOUSE (Y/N) (cont’d.) Adviser N Advi ser N Adviser Y Adviser N Cambi Giorgio ROTA Executive Director World Bank Fabrizio SACCOMANNI Assistant Director, Banca d’Italia REP. Research Department Augusto ZODDA Director of Division Ministry of the Treasury **&■&**&***&* Ms. Lillian D. KELLY Secretary to the Delegation N Mrs. Anna I. KOCH Seere tary to the Delegation Y Mrs. Iole B. LOPEZ Secretary to the Delegation Y Mrs. Eve lyn MCCLUNG Seere tary to the Delegation Y IVORY COAST Abdoulaye KONE Minister of Economy, Governor Finance & Planning TkilcX-kikik Leon NAKA Director-General Caisse Autonome d’Amortissement Daniel Kablan DUNCAN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Alt. T. IVORY COAST Gov Alt. (cont’d.) 82 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) IVORY COAST (cont'd.) Timothee AHOUA Ambassador of Adv i s e r Y Adv i s e r N Rene AMICHIA Director General Credit de la Cote d'Ivoire Advi ser N Oumar DIARRA Directeur General de Indus trie 1 le Adviser N Advi ser N Adviser N Dominique KANGA Avocat, Conseiller Juridique Advi ser N Camille KONAN Director General Societe Nationale de Financement Adv i s e r N Demba KONATE Ministry of Economy, Adviser N Souleymane KONE Director of Financing, Ministry of Economy, Finance & Planning Adviser N Arsene KOUASSI KOFFI Attache a la Direction General de la C.A.A. Adviser N the Koffi AKA Director General, Ivory Coast to the USA Bourse des Valeurs l'Activite Alphons e DIBY Director General, Banque Ivoirienne Developpement Industriel Lancina DOSSO Director of Investments, Ministry Economy, Finance & Planning https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis de of Finance & Planning 83 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) JAMAICA R.H.P. SMALL, M.P. Minister of Finance Governor J N F Y ************ Alt. Herbert WALKER Governor, Bank of Jamaica Gov. ************ K. Adviser N Adviser N Trevor DACOSTA Executive Director Inter-American Development Bank Advi se r N N. Advi s e r N Advi ser N Mrs. Jeanette L. NEWBY Staff Assistant, Embassy of Jamaica Adviser N Alfred A. RATTRAY Ambassador of Jamaica Adviser Y Advi se r N BHOORASINGH Personal Assistant to Ministry of Finance Ms. Doris CHIN Counselor, Embassy GIRVAN Director, of the Minis ter Jamaica National Planning Agency O.C. JEFFERSON Deputy Governor, Bank of to Jamaica the USA Thomas A. STIMPSON Minister, Embassy of Jamaica ************ Miss Ivet JOHNSON Secretary to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 84 NAME CAPACITY ATTENDING REP. Governor J Y J Y SPOUSE (Y/N) JAPAN Michio WATANABE Minister of Finance ************ Raruo MAYEKAWA Governor, Bank of Japan Alt. Gov. ************ Masaru HAYAMI Executive Director, T. Alt. Gov. J N Teruo HIRAO Executive Director International Monetary Fund T. Alt. Gov. J Y Takashi KATO Director-General International Finance Bureau Ministry of Finance T. Alt. Gov. J N Seiji MORIOKA Executive Director World Bank T. Alt. Gov. J Y T. Alt. Gov. J N T. Alt. Gov. J Y Bank of Japan Takehiro SAGAMI Vice Minister of Finance for International Affairs Aritoshi SOEJIMA Envoy Extraordinary & Minister Plenipotentiary, Embassy of Japan ************ Kenshiro AKIMOTO Adviser Director, Multilateral Economic Coop.Div., Economic Cooperation Bureau Ministry of Foreign Affairs N Hirotake FUJINO Assistant Vice-Minister of Finance for International Affairs Ministry of Finance Adviser N Toyoo GYOHTEN Deputy Director-General International Finance Bureau Ministry of Finance Adviser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAPAN (cont’d.) 85 CAPACITY ATTENDING NAME JAPAN Yoshio HATANO Economic Minister, REP. SPOUSE (Y/N) (cont'd.) Adviser Y Shinji IMANAGA Financial Minister Embassy of Japan, London Adviser N Mitsukazu ISHIKAWA Director, Overseas Investment Div. International Finance Bureau Ministry of Finance Adviser N Tsuneo JINMA Counselor Embassy of Japan, Adviser N Adviser Y Adviser N Shin-ichiro KAWAMATA Adviser Deputy Director,Int'1.Organizations Div. International Finance Bureau Ministry of Finance N Tsunamasa KIKUI Adviser to the Governor of Bank of Japan Adviser N Toshihiro KIRIBUCHI Consul & Counselor Consulate General, New York Adviser N Motoo KUSAKABE Assistant to Executive Director International Monetary Fund Adviser Y Teruo MASUDA Director, Second Int'l. Economic Affairs Div., Economic Affairs Bureau Ministry of Foreign Affairs Adviser N Akira KANNO Representative Bank of Japan Embassy of Japan Paris in New York Takatoshi KATO Special Assistant to Vice Minister of Finance for International Affairs Ministry of Finance https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAPAN (cont'd.) 86 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) JAPAN (cont’d.) Nobuhiko MATSUNO Counselor (Financial) Embassy of Japan Advi se r Y Akira NAGASHIMA Alternate Executive Director International Monetary Fund Advi se r Y Kimiaki NAKAJIMA Alternate Executive Director WorId Bank Adv i s e r Y Toshio OHSU Director, Int'l. Organizations Div. International Finance Bureau Ministry of Finance Advi se r N Shokichi TAKAGI Assistant to Executive Director World Bank Advi se r Y Atsuo TAKAHASHI Secretary to the Minister Ministry of Finance Advi se r N Toru TAKEUCHI Couns elor Embassy of Japan, Adviser N Toshimichi TANIGAWA Secretary to the Minister Ministry of Finance Adviser N Takuji TSUCHIKANE Secretary to the Governor of Bank of Japan Advi ser N Mikio WAKATSUKI Deputy Director, Bank of Japan Advi ser N Bonn Foreign Department ************ Mrs. Elizabeth BAXTER Secretary to the Delegation Y Ken INOUE Assistant to the Delegation Assistant to Representative in New York, Bank of Japan N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAPAN (cont’d.) 87 CAPACITY ATTENDING NAME JAPAN REP. SPOUSE (Y/N) (cont'd.) Mrs. Reiko KANDA Secretary to the Delegation Y Eijiro KATSU Assistant to the Delegation Assistant to Vice Minister of Finance for International Affairs N Kazumi KOBAYASHI Assistant to the Delegation Assistant to Exec. Director World Bank N Toru KODAKI Assistant to the Delegation Financial Attache Embassy of Japan Y Koichi KODAMA Assistant to the Delegation Asst.to Dir. ,2nd Int1.Econ.Aff.Div. Econ.Aff.Bureau, Min.of For.Affairs N Takeshi MAYUMI Assistant to the Delegation Personnel Officer Ministry of Finance N Miss Wakana MORIOKA Secretary to the Delegation N Miss Tsunako OKUMURA Secretary to the Delegation N Takeo SHIKADO Assistant to the Delegation Section Chief, Int1.Orgs.Division Int 1.Fin.Bureau, Min.of Finance N Hideaki SUZUKI Assistant to the Delegation Assistant to Exec. Director Int'l. Monetary Fund N Yasutaka SUZUKI Assistant to the Delegation Financial Attache Embassy of Japan Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAPAN (cont'd.) 88 CAPACITY ATTENDING NAME JAPAN REP. SPOUSE (Y/N) (cont’d.) Hitoshi TANAKA Assistant to the Delegation First Secretary Embassy of Japan Y Hideyuki TOYAMA Assistant to the Delegation Vice-Consul Consulate General, New York N Mrs. Grace UMEMOTO Secretary to the Delegation N JORDAN Salem MASAADEH Minister of Finance Walid ASFOUR Minister of Industry & Governor F N Governor B N Trade ************ Mohamed Said NABULSI Governor, Central Bank of Jordan Alt. Gov. F N Hanna Salim ODEH President, National Alt. Gov. B N Planning Council ************ Ziyad ANNAB General Manager Industrial Development Bank Adviser N Zuhair Saleh KHOURI Director, Central Bank of Jordan Advi ser Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 89 CAPACITY ATTENDING NAME KAMPUCHEA, REP. SPOUSE (Y/N) DEMOCRATIC KENYA Mwai KIBAKI, M.P. Vice President & Minister for Finance Governor J Y ************ Alt. Gov. F Y H.M. MULE Alt. Permanent Secretary, Office of the Vice President & Ministry of Finance Gov. B N D.N. NDEGWA Governor, Central Bank of Kenya ************ Advi se r N Advi ser N A.M. KOMORA Director, Research Department Central Bank of Kenya Advi ser N Z.H. LITT Office of the Vice President & Ministry of Finance Advi ser N Y.F.O. MASAKHALIA Permanent Secretary Ministry of Planning & Advi ser N Advi ser Y Advi ser N Adviser N Ahmed ABDALLAH Deputy Governor, Central J.M. KERIRI Managing Director Development Finance Co. John P. MBOGUA Ambassador of Kenya to Bank of Kenya of Kenya Development the U.S.A. Andrew MULLEI Mrs. Z. MUTUGI Secretary to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the Vice President KENYA (cont’d.) 90 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) KENYA (cont’d.) Adv i s e r N F.A. NJAGE Senior Assistant Secretary Office of the Vice President & Ministry of Finance Adv i s e r N VIENNA Director of External Aid Office of the Vice President & Ministry of Finance Advi ser N Adviser N P. A. NDEGWA Chairman, Kenya Commercial Bank L.W. WAIRAGU Personal Assistant to Central Bank of Kenya the Governor KOREA Seung-Yun LEE Minister of Finance Governor J N Joon Sung KIM Governor, Bank of Korea Alt. J N Gov. **** i-******* Byung-Kug CHOO Assistant Minister for Ministry of Finance Yung Euy CHUNG Director-General of Ministry of Finance Int’l. Int'l. Alt. Gov. J N T. Alt. Gov. J N T. Alt. Gov. J N Finance Kyong Shik KANG Assistant Minister for Planning Economic Planning Board https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. Finance KOREA (cont’d.) 91 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) KOREA (cont’d.) Hong-Ryul CHANG Assistant Director International Finance Division Ministry of Finance Advi ser N Joon-Bong CHANG Spokesman & Information Officer Ministry of Finance Adviser N Dae-Ilwa CHOI Economic Organizations Division Ministry of Foreign Affairs Adviser N Hoon Mok CHUNG Executive Director Export-Import Bank of Korea Advi se r N Bong H. KAY Executive Director Asian Development Bank Advi ser N Advi se r N Adv i s e r N Adviser N Seung-Woo KWON Assistant to Executive Director International Monetary Fund Adviser N Kei-Wook LEE Minister (Economic) Embassy of Korea Advi ser N Kang Doo LEE Adviser Director of 1st Economic Cooperation Div Economc Cooperation Bureau Economic Planning Board N Adviser N Kyung Woo KIM Director, Ministry of Won Tai KIM Chief, Int'l. Bank of Korea Cooperation Division Sang Soo KWAK Assistant Governor, Yong Sung LEE Financial Attache, New York https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Finance Bank of Korea Embassy of Korea KOREA (cont'd.) 92 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) (cont'd.) KOREA Chang Yuel LIM Secretary to the Minister Ministry of Finance Adviser N Sang-Chul SUH Alternate Executive Director Wor Id Bank Adviser Y Sung-Yong WEI Counselor (Economic Cooperation) Embassy of Korea Adviser N * -k -k * * ic * * * * Miss Annie LUGASSY Senior Staff Assistant N KUWAIT Abdul Rahman Salim AL-ATEEQY Minister of Finance Governor J Y ************ Hamzah Abbas HUSSEIN Governor, Central Bank of Kuwait Alt. Gov. F N Abdlatif Yousef AL-HAMAD Director General, Kuwait Fund for Arab Economic Development Alt. Gov. B N ************ Musaad Y. AL-HAMAD Director, Minister's Office Ministry of Finance Adviser N Abdel Mohsen AL-HUNAIF Kuwait Fund for Arab Economic Dev. Adviser N Ebrahim AL—IBRAHIM Ministry of Finance Adviser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis KUWAIT (cont'd.) 93 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) KUWAIT (cont’d.) Faisal AL-KHALED Kuwait Fund for Arab Advi ser N Advi s e r N Advi se r N Salem Abdullah Al-Ahmed AL-SABAH Director of American Investments Ministry of Finance Advi ser N Nabil JAFFAR Controller of American Investments Ministry of Finance Adviser N Economic Dev. Abdul Aziz AL-OTHMAN Manager, Foreign Operations Central Bank of Kuwait Fahad Mohammed AL-SABAH General Manager Kuwait Investment Office, Department London LAO PEOPLE’S DEMOCRATIC REPUBLIC Governor B N Viseth SISA-AD Governor Deputy Director, External Finance Dept. Ministry of Finance F N Oudone PHOLSENA ************ Bounhong LUANGKHOT Head, Foreign Department Lao National Bank T. Alt. Gov. F N Miss Chanthao PAT1IAMMAV0NG Director of Regulation & Settlement Lao External Commercial Bank T. Alt. Gov. B N Khamtan RATANAVONG Charge d'Affaires Embassy of the Lao People's Dem. T. Alt. Gov. F Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Rep. LAO PEOPLE'S DEMOCRATIC REPUBLIC (cont’d.) 94 CAPACITY ATTENDING NAME LAO PEOPLE'S DEMOCRATIC REPUBLIC REP. SPOUSE (Y/N) (cont'd.) Mrs. Rotphong VORASARN Adviser Deputy Chief, External Relations Service with International Organizations Ministry of Finance N LEBANON Khattar CHEBLI Director General Governor of B Y Finance ************ Sabah AL-HAJ Vice-President Council for Development & Alt. Gov. B N Alt. Gov. F Y Reconstruction Farid SOLH Second Vice-Governor Banque du Liban ************ Raja HIMADEH Commissaire du Gouvernement Banque du Liban N Advi ser LESOTHO E.R. SEKHONYANA Minister of Finance J.K. MOLLO Permanent Secretary Ministry of Finance https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Governor B Y Governor F N for Finance LFSOTHO (cont'd.) 95 CAPACITY ATTENDING NAME LESOTHO REP. SPOUSE (Y/N) (cont’d.) M.P. SEJANAMANE Permanent Secretary for Planning & Statistics Ministry of Finance Alt. E.K.K. MOLEMOHI Governor, Lesotho Monetary Authority T. Gov. Alt. Gov. B N F N •k’icicicicicicidric'icic S. MONTSI Managing National N Adviser Director Development Corporation E.H. PHOOFOLO Assistant Deputy Governor Lesotho Monetary Authority Adviser N Mrs. Malineo TAU Ambassador of Lesotho Adviser Y to the U.S.A. LIBERIA Major Perry G. ZULU Minister of Finance Governor F N Togba-Nah TIPOTEH Minister of Planning & Governor B N Economic Affairs iddddeicicicicifkic Charles A. GREENE Governor, National Bank of Liberia Alt. Gov. F N John G. BESTMAN Deputy Minister of Finance for Expenditure, Debt Management & Ministry of Finance Alt. Gov. B N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banking LIBERIA (cont’d.) 96 CAPACITY ATTENDING NAME LIBERIA Emanuel 0. GARDINER Deputy Minister of Economic Affairs REP. SPOUSE (Y/N) (cont’d.) T. Alt. Gov. B N T. Alt. Gov. F N Planning & Mrs. Ellen JOHNSON-SIRLEAF President, Development Bank Emmanuel AKPA Consultant, Ministry of Finance Adviser N Miss Myata BEYSOLOW Vice-Pres ident National Housing & Adviser N Ms. Mary B. DENNIS Adviser Senior Economist/Director Ministry of Planning & Economic Affairs N William T. Manager , National Savings Bank DIGGS Research Department Bank of Liberia Ms. Joanna M. FAHNBULLEH Executive Secretary National Bank of Liberia John S. MORLU Financial Attache, Embassy of Ms. Harriet SCERE Research Assistant National Bank of Liberia Mosu C. BARROLLE Secretary to the N Advi se r N Advi s er N Adviser N Liberia N Delegation Ms. Beulah J. BESTMAN Administrative Assistant to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser N 97 CAPACITY ATTENDING NAME JAMAHIRIYA , LIBYAN ARAB REP . SPOUSE (Y/N) SOCIALIST PEOPLE'S Mohammad Zarrough RAGAB Secretary of the Treasury Governor B N Kasem M. SHERLALA Governor, Central Bank of Libya Governor F N ************ Omar M. MEHANNI Director, Research Department Central Bank of Libya Adviser N Mohamed A. MOGRABI Director-General Secretariat of the Advi ser N Bashir SALAMA SULIMAN Under-Secretary of Planning Advi ser N Abubaker SHERIF Chairman & General Manager Libyan Arab Foreign Bank Adviser N Treasury LUXEMBOURG Pierre WERNER Prime Minister Ernest MUEHLEN Secretary of State Governor F Y Governor B Y for Finance ************ Pierre JAAN S Commissaire au Controle des Alt. Gov. F Y Alt. Gov. B N B anqu e s Raymond KIRSCH Commissaire du Gouvernement pres Bourse de Commerce la ************ Yves MERSCH Conseiller de Direction adjoint Ministere des Finances https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Advi ser N 98 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MADAGASCAR RAKOTOVAO-RAZARABOANA Governor Minister at the Office of the Pres ident in Charges of Finance & Planning B Y Leon M. RAJAOBELINA Governor, Central Bank of Madagascar F N Governor ************ Francois d'Assise INDRANO Secretary-General Ministry of Finance & Planning Alt. Gov F N Rajaona ANDRIAMANANJARA Director-General of Planning Ministry of Finance & Planning Alt. Gov B N F N ************ Miss Renee RAZAFINTSALAMA Director of Research Central Bank of Madagascar T. Alt. Gov ************ Denis ANDRIAMANDROSO Chef de Service Ministry of Finance & Planning Adviser N Nirina ANDRIAMANERASOA Director General Fonds National d'Investissement Adviser N Ernest BOTSILAHY Division Chief Ministry of Finance & Planning Adviser N Henri JEAN-MARIE Adviser Director-General, Banque Nationale pour le Developpement Rural N Andre RAJAONAH RATSIMISETRA Chef de Service Banque Centrale de Madagascar N Alfred RAKOTONJANAHARY Director-General Banque Nationale pour https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser Adviser l'Industrie MADAGASCAR (cont'd.) N 99 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MADAGASCAR (cont’d.) Richard RANDRIAMAHOLY Director-General, Banque Nationale pour le Commerce Advi ser N Jean ROBIARIVONY Director of Planning Ministry of Finance & Advi ser N Planning MALAWI J.Z.U. TEMBO Governor, Reserve Bank of Malawi Governor F N •ickicicick-lcicidcSck I.C. BONONGWE Research Officer Reserve Bank of Malawi Adviser N H.M. MAPONDO Assistant Director Research & Statistics Department Reserve Bank of Malawi Adviser N Adviser N F.Z. PELEKAMOYO Director, Reserach & Statistics Reserve Bank of Malawi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dept. 100 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MALAYSIA Tengku RAZALEIGH Hamzah Minister of Finance J Governor N ieieisietcrk'/e'ie'kie^r/e Tan Sri THONG YAW HONG Secretary-General, Treasury Alt. Gov. B N Datuk ABDUL AZIZ bin Haji Taha Governor, Bank Negara Malaysia Alt. Gov. F Y ************ Tun ISMAIL Mohamed Ali Chairman Malaysian Industrial Dev. T. Alt. Gov. F Y T. Alt. Gov. B N Finance Ltd. Datuk SALLEHUDDIN Mohamed Deputy Secretary-General, Treasury ************ ALIAS Ahmad Special Assistant to the Minister Ministry of Finance Advi s e r N FONG WENG PHAK Manager, Economic Department Bank Negara Malaysia Advi se r N MOHAMED RAMLI Mat Wajib Under-Secretary Economic Division, Treasury Adviser N RASTAM Mohd. Isa Second-Seeretary (Economics) Embassy of Malaysia Adviser Y YAHYA Yaacob Deputy Under-Secretary (Finance) Treasury Adviser N YUSRA bin Sabar Private Secretary to the Governor Bank Negara Malaysia Adviser N ************ IBRAHIM Mahaludin Puteh Secretary to the Delegation Principal Assistant Secretary Finance Division, Treasury https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 101 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MALDIVES Fathulla JAMEEL Minister of External Affairs Governor J N ************ Adam MANIKU Deputy Director, Alt. Gov. B N Alt. Gov. F N Governor F N Governor B N Department of Finance Hussain Ali DIDI Under-Secretary Office of the President MALI Drissa KEITA Minister of Finance & Trade Ahmed Mohamed AG HAMANI Minister of Planning ************ Ismaila KANOUTE President, Banque Centrale du Mali Alt. Gov. F N Ibrahima Bocar BA Director-General Banque du Developpement du Mali Alt. Gov. B N ************ Mamadou Lamine DEMBELE Technical Assistant to Ministry of Planning Adviser N Raymond MIEGE Director-General Banque Centrale du Mali Adviser N Amidou Oumar SY Inspector of Finances Ministry of Finance & Adviser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the Minister Trade MALI (cont'd.) 102 CAPACITY ATTENDING NAME MALI Maki Koreissi TALL Ambassador of Mali to REP. SPOUSE (Y/N) (cont'd.) Advi ser N Advi ser N the U.S.A. Younoussi TOURE Deputy Director-General Banque Centrale du Mali MALTA Joseph CASSAR Minister of Finance, Customs Financial Investments Governor F N F N People's & ************ Joseph BUTTIGIEG Director, Central Bank of Malta T. Alt. Gov. ************ Leslie N. AGIUS Counselor, Charge d'Affaires ad Emba s sy of Malta Emanuel ELLUL Head, Research Division Central Bank of Malta Robert STIVALA Financial Secretary, Ministry Customs & People's Financial https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser Y Advi ser N Advi ser N interim of Finance Invest. 103 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MAURITANIA Governor B N Dieng Boubou FARBA Governor Governor, Banque Centrale de Mauritanie F Y B N Ahmed Oul ZEIN Minister of Economy & Finance ************ M'Rabih Rabou CHEIKH BOUNENA Director of Projects Ministry of Economy & Finance Alt. Gov. ************ Mohamed Dee Salem OULD LEKHAL Director of Economic Studies Banque Centrale de Mauritanie Adviser N Sidi Bouna OULD SIDI Ambassador of Mauritania Adviser N to the U.S.A. MAURITIUS Sir Veerasamy Minister of RINGADOO, Finance Kt. Rabindrah GHURBURRUN Minister of Economic Planning & Governor F Y Governor B Y De v . ************ Madhukarlall BAGUANT Financial Secretary Ministry of Finance Alt. Gov. B Y Goorpersad BUNWAREE Governor, Bank of Mauritius Alt. Gov. F N ************ Rundheersingh BHEENICK Director, Ministry of Economic Planning & Development https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Advi s er MAURITIUS (cont’d.) N 104 CAPACITY ATTENDING NAME MAURITIUS Marc BOURDET Second Secretary, REP. SPOUSE (Y/N) (cont’d.) Adv i s e r Embassy of Mauritius J.P. C00PAMAH Head, Economic Intelligence Unit Ministry of Finance Advi ser N D.B. GUPTA Managing Director Development Bank of Mauritius Advi ser N Chitmansing JESSERAMSINGH Charge d'Affaires, Embassy Advi ser Y Advi ser N Mootoosamy SIDAMBARAM Adv i s e r Chairman, Mauritius Bankers Association N of Mauritius Renganaden RAMASAWMY Head Statistician, Bank of Mauritius MEXICO David IBARRA MUNOZ Secretary of Finance & Governor J Y Public Credit ******* Gustavo ROMERO KOLBECK Director General, Banco de Mexico, Jorge ESPINOSA DE LOS REYES Director General, Nacional *** Alt. Gov. F Y Alt. Gov . B Y SA Financiera,SA •icick'k'k-Jck'k-k'Jcick Octavio HERNANDEZ Director-General, Banco Nacional de Obras y Servicios Publicos, SA T. Alt. Gov. B Y Oscar LEVIN COPPEL T. Director-General of Credit Secretaria de Hacienda y Credito Publico Alt. Gov. B N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEXICO (cont'd.) 105 CAPACITY ATTENDING NAME MEXICO Alfredo PHILLIPS 0. Deputy Director, Banco de Mexico, REP. SPOUSE (Y/N) (cont’d.) T. Alt. Gov. F Y T. Alt. Gov. B Y Bernardo SEPULVEDA AMOR T. Director-General of Int’l. Affairs Secretaria de Hacienda y Credito Publico Alt. Gov. B Y Leopoldo SOLIS Deputy Director, Alt. Gov. F N SA Gustavo ROMERO KOLBECK Director General, Banco de Mexico, SA T. Banco d e Mexico , SA ************ Angel ACEVES SAUCEDO Secretaria de Hacienda y Credi to Ms. Laura BELAUNZARAN Secretaria de Hacienda y Credito Publico Advi ser N Advi ser N Advi ser Y Enrique CREEL DE LA BARRA Adviser President National Banking & Insurance Commission N Jorge DELGADO BENITEZ Assistant Representative Nacional Financiera,SA, Washington,DC Adviser N Pedro GALICIA ESTRADA General Manager for Official Financing Nacional Financiera, SA Adviser Y Heriberto GALINDO Press Director Secretaria de Hacienda y Adviser N Publico Ariel BUIRA Alternate Executive Director International Monetary Fund Napoleon GOMEZ General Director, Credito Publico Adviser N Jose Angel GURRIA Adviser Director of Foreign Financing Secretaria de Hacienda y Credito Publico N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mexican Mint MEXICO (cont’d.) 106 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MEXICO (cont'd.) Ms. Norina LIZARRAGA Secretaria de Hacienda y Adviser Credito Publico N Jesus MARTINEZ Secretaria de Hacienda y Adviser Credito Publico N Luis Manuel MARTINEZ LOAEZA Adviser Secretaria de Hacienda y Credito Publico N Carlos MARTINEZ ULLOA Sub-Director-General, Banco Nacional de Obras y Servicios Publicos, SA Adviser Y Dionisio MEADE GARCIA DE LEON Adviser Director of International Studies Secretaria de Hacienda y Credito Publico N Hector MORALES Secretario Particular del Director General de Communicacion Adviser N Miguel OLEA Adviser Director of International Finance Secretaria de Hacienda y Credito Publico N Arturo ORTIZ HIDALGO Representative, Nacional Washing ton, DC N Financiera,SA Ms.AleidaPONCE Secretaria de Hacienda y Adviser Credito Publico N Mrs. Concepcio RUBIO Private Secretary to Mr. Banco de Mexico,SA Adviser N Kolbeck Emilio SACRISTAN Secretaria de Hacienda y Adviser Credito Publico N Rodrigo SANCHEZ MUJICA Adviser Deputy Financial Manager, Banco Nacional de Obras y Servicios Publicos, SA Y Adviser Francisco SUAREZ DAVILA Director for Financial Programming Nacional Financiera, SA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis de Adviser MEXICO (cont'd.) Y 107 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MEXICO (cont'd.) Alvaro VIZCAINO V. Chief of Press, Banco de Mexico,SA Advi ser N MOROCCO Abdelkamel RERHAYE Minister of Finance EL MEHDI H.H. Prince Moulay Hassan BEN Governor, Banque du Maroc Governor B N Governor F N A*********** Ahmed BENNANI Vice Governor, Banque Alt. Gov. F N Alt. Gov. B Y J Y du Maroc Abdelkader BENSLIMANE Chairman, Banque Nationale pour le Developpement Economique ************ Ali BENGELLOUN Ambassador of Morocco T. to Alt. Gov. the U.S.A. ************ Farouk ABDELMAJID President Director-General, Arab Bank Advi ser Y Omar AKALAY Director General Societe Marocaine de Adv i s e r N M'Hamed BARGACH President Societe Nationale d'Investissement Adviser N Hassan BELKORA Charge de Mission Office of the Prime Minister Adviser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Depot et Credit MOROCCO (cont'd.) 108 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MOROCCO (cont’d.) Abdellah BELKZIZ Director-General Societe Nationale d1Investissement Adviser N Haj Abdelmajid BENJELLOUN President-Directeur General Banque Marocaine du Commerce Exterieur Adviser Y Mohamed BENJELLOUN Economic Counselor Embassy of Morocco Adviser Y Abdellatif BENKIRANE Head of Minister's Cabinet Ministry of Finance Adviser N Mohamed BENKIRANE President Director-General Banque Marocaine pour le Commerce et 1’Industrie Adviser N Abdellatif BENNANI Vice-President Union French & Arab Banks Adv i s e r N Abdelkader BENSALAH Adviser President Director-General Societe Marocaine de Depot et de Credit N Farid DELLERO Director of Projects & Participations National Bank for Economic Development Adviser N Mustapha FARIS Vice-President Arab/International Investment Bank Adviser N Ahmad IMAGHRI Director of Administrative Affairs & Credi t Control National Bank for Economic Development Adviser N Abde1 a 1 i JBILI Chief, Balance of Payments Ministry of Finance Adviser Abdelhamid JOUAHRI Director of Economic Affairs Office of the Prime Minister https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N Study Dept. Adviser MOROCCO (cont’d.) N 109 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) MOROCCO (cont’d.) Omar KABBAJ Alternate Executive World Bank Advi ser Y Advi ser N Abdellatif LOUDYI Finance Inspector Adviser N Ahmed Tee RHOULAMI Director, Financial Department National Bank for Economic Development Adviser N Ottman SLIMANI President, C.I.H. Advi ser N M'Hamed TAZI Director of the Treasury & External Finances Ministry of Finance Adv i s e r Y Mohamed TAZI Director, Foreign Department Banque du Maroc Advi ser Y Abdelkrim KADIRI Director General, Director C.N.C.A. NEPAL Yadav Prasad PANT Minister of State for Governor B N Governor F N Finance Kalyana Bikram ADHIKARY Governor, Nepal Rastra Bank ************ G.B.N. PRADHAN Finance Secretary, H.S. SHRESTRA Joint Secretary, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ministry of Ministry of Alt. Gov. B N Alt. Gov. F N Finance Finance no CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) NETHERLANDS A.P.J.M.M. Minister J. VAN DER STEE of Finance ZIJLSTRA President, De Neder1 andsche Bank, A.H.E.M. WELLINK Treasurer-General, J. Ministry of Governor B Y Governor F Y NV Alt. Gov. F Y Alt. Gov. B N Finance DE KONING Minister of Development Cooperation Ministry of Foreign Affairs ************ A.F.P. BARKER Assistant to Executive Director International Monetary Fund Adv i s e r N B.S.M. BERENDSEN Adviser Department of Multilateral Development Cooperation,Ministry of Foreign Affairs N D.H. BOOT Deputy Director Adv i s e r N Adviser Y F.A. ENGERING Head, Department of International Monetary Affairs, Ministry of Finance Adviser N J.S. HILBERS Financial Attache Embassy of the Netherlands Adviser Y Rudolf HOREMAN Information Officer Assistant Deputy Director De Nederlandsche Bank, NV Adviser N W.J. LOR Second-Secretary Embassy of the Netherlands Adviser Y De T. Neder1 andsche Bank, NV DE VRIES Alternate Executive Director International Monetary Fund https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NETHERLANDS (cont’d.) Ill CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) NETHERLANDS (cont'd.) A. IJ. A. LOOIJEN Executive Director, Adviser Y II.0. RUDING Executive Director International Monetary Fund Adv i s e r Y An dre SZASZ Executive Director De Nederlandsche Bank, Advi ser N J.G.J. VAN DELDEN Manag.ing Director Bank van de Nederlandse Antillen Willemstad, Netherlands Antilles Advi ser N B.F. Baron VAN ITTERSUM Director, Foreign Financial Relations Department, Ministry of Finance Advi ser N R.J. VAN SCHAIK Director-General for Int1 1. Cooperation Ministry of Foreign Affairs Adviser N J.C. WENT Second-Secretary Embassy of the Netherlands Adviser Y World Bank NV N Miss A. DE KORVER Secretary to the Delegation Mrs. G. SHUSTER Secretary to the Delegation Y Miss M.E. TIESLINK Secretary to the Delegation N Mrs. W.V.L. WHITE Secretary to the Delegation N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 112 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) NEW ZEALAND Rt.Hon. R.D. MULDOON, C.H. Prime Minister & Minister of Finance Governor F Y N.V. LOUGH Secretary to the Treasury Governor B Y F Y B N ************ R.W.R. WHITE Governor, Reserve Bank of New Zealand Alt. Gov. ************ R.F. SHALLCRASS Head, External Economic Division The Treasury T. Alt. Gov. ************ Ms. J.A. EDWARDS Adviser Private Secretary to the Prime Minister B.V. GALVIN Permanent Head, Adviser N Adviser Y Prime Minister's Dept. Frank GILL Ambassador N of New Zealand to the U.S.A. Ian R. HARRISON Assistant to Executive Director World Bank Adv i s e r Y H.B. HEWETT Principal Private Secretary Prime Minister's Department Advi ser N R. J. LANG Alternate Executive Director International Monetary Fund Advi se r Y S. P. MURDOCH Senior Advisory Officer Prime Minister's Department Advi se r N D.W. SMYTH Counselor (Economic) Embassy of New Zealand Advi ser Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEW ZEALAND (cont'd.) 113 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) NEW ZEALAND (cont’d.) G.W. SYMMANS Press Secre tary Prime Minister's Adviser N Department ************ Ms. A.G. HOEK Secretary to N the Delegation C. McGREGOR to the Delegation N Ms. Alison WAGHORN Secre tary to the Delegation N Miss Sheila Secretary NICARAGUA Joaquin CUADRA CHAMORRO Minister of Finance Governor B N Alfredo ALANIZ DOWNING President, Banco Central de Nicaragua Governor F N ************ Haroldo MONTEALEGRE Minister - Director International Fund for Reconstruction Alt. Gov. B N Adolfo UBILLA Manager, Banco Central Alt. Gov. F N J N de Nicaragua ************ Alfredo CESAR AGUIRRE Executive Secretary, Superior Council for Financial Assistance T. Alt. Gov. ************ Nestor CALDERA Adviser to the President Banco Central de Nicaragua https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser NICARAGUA (cont'd.) N 114 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) NICARAGUA (cont’d.) Silvio E. CONRADO Advisor to Executive Director International Monetary Fund Adv i s e r Y Guillermo SOLORZANO A. Adviser to the President Banco Central de Nicaragua Advi ser N Advi ser N Advi ser N Jose E. TABOADA Richard WEINERT Financial Advisor to the Government of Nicaragua Miss Maria ARCELIA URBINA Secretary to the Delegation N NIGER Moussa TONDI Minis ter of Finance Mai MAI-GANA Minister of Commerce & Economic Affairs, Indus try Mahaman ANNOU Minis ter of Plan Ahmadou MAYAKI Secretary-General, Ministry of Governor F N Governor B N Alt. Gov. B N Alt. Gov. F Y Finance ************ Boukar i ADJI National Director, Banque Centrale des Etats de l'Afrique de l’Ouest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser NIGER (cont’d.) N 115 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) NIGER (cont’d.) Amadou NOUFOU Director, Banque de Deve loppement de la Republique du Niger Advi se r N Andre WRIGHT Ambassador of Niger Adv i s e r Y to the U.S.A. NIGERIA Sunday Mathew ESSANG Minister of Finance Governor J Y ****** ****** Alhaji Ali BABA Minister of State Federal Ministry of Finance Alt. Gov. F N Alhaji A. ALHAJI Permanent Secretary Federal Ministry of Finance Alt. Gov. B N ************ G.P.O. CHIKELU Permanent Secretary, Federal Ministry of Economic Development T. Alt. Gov. B N 0.0. VINCENT Governor, Central Bank of Nigeria T. Alt. Gov. F N ************ S.S. ADEBAYO Principal Assistant Secretary Federal Ministry of Finance Adviser N C.O. ADEYEMI Senior Economist Central Bank of Nigeria Adviser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NIGERIA (cont’d.) 116 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) NIGERIA (cont'd.) J.B. AJALA Lega1 Advis er Federal Ministry Adv i s e r N E.A. AJAYI Principal Economist Central Bank of Nigeria Adv i s e r N Ts e t im AKOS 0 Under-Secretary Federal Ministry Advi ser N C.E. ENUENWOSU Director, Research Department Central Bank of Nigeria Advi ser N E.O. ETIM Chief Accountant Federal Ministry Advi ser N Advi ser N Advi ser N S. I. NMAKWE Personal Secretary Central Bank of Nigeria Advi ser N G.O. NWANKWO Executive Director Central Bank of Nigeria Adviser N P.A. OGBIKO Principal Assistant Secretary Federal Ministry of Finance Advi ser N Mrs. E.I.B. OLADUNNI Assistant Economist Central Bank of Nigeria Advi ser N OMOBOMI Adviser Chief Planning Officer Federal Ministry of Economic Development N of Finance of Finance of Finance E.I. IGE Personal Secretary, Federal Ministry of R. O. MOWOE Deputy Secretary Federal Ministry of S. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Grade I Finance Finance NIGERIA (cont'd.) 117 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) NIGERIA (cont’d.) B.I. OMOMUKUYO Principal Assistant Secretary Federal Ministry of Finance Adv i s e r N B.I. ONWAMEZE Personal Secretary Federal Ministry of Finance Advi ser N G.C. ORANIKA Principal Secretary Federal Ministry of Finance Advi ser N M.A. UDUEBO Deputy Director Central Bank of Nigeria Advi ser N H.R. ZAYYAD Managing Director, Advi se r Y N.N.D.C. ************ E.N. IBOK Private Secretary to the Minister Federal Ministry of Finance N Miss F. OGBUJI Principal Information Officer N NORWAY Knut Getz WOLD Governor, Norges Bank Governor F N Johan Jorgen HOLST Under-Secretary Ministry of Foreign Affairs Governor B N B N ************ Jon AASE Head of Division Ministry of Foreign Affairs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. NORWAY Alt. Gov. (cont’d.) 118 CAPACITY ATTENDING NAME NORWAY Ketil BORDE Deputy Director-General Ministry of Foreign Affairs Eivind ERICHSEN Secretary-General, Ministry of REP. SPOUSE (Y/N) (cont'd.) T. Alt. Gov. B N T. Alt. Gov. B N T. Alt. Gov. F N Finance Per M. OLBERG State Secretary Ministry of Commerce & Shipping ************ Bjarne HANSEN Director, Norges Advi ser N Adv i s e r N Advi ser Y Advi ser N Kjell LILLERUD Assistant to Executive Director World Bank Adviser Y Hermod SKANLAND Deputy Governor, Adviser N Steinar SORBOTTEN Director Genera 1 Ministry of Commerce & Shipping Advi ser N Tore TONNE First Secretary, Advi ser Y Embassy John TVEDT Director, Advi ser Y Bank Rare HAUGE Counsellor, Bank, Ministry Knut HEDEMANN Ambassador of Norway of Foreign Affairs the U.S.A. to Mrs. Aud HELLSTROM Counsellor Ministry of Commerce & Norges New York Shipping Norges Bank of Norway ************ Ms. Gun-Maj Seere tary https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAMBERG to the Delegation N 119 SPOUSE (Y/N) CAPACITY ATTENDING REP. Sherif LOTFY Secretary-General Development Council Governor B N Abdul Wahab KHAYATA President & Deputy Chairman Central Bank of Oman Governor F N F N B Y NAME OMAN ************ Alt. Hamood Sangour HASHIM Vice-President, Central Bank of Gov. Oman ************ Ahmed Nassir EL-RIKAISHY Acting Director-General of Development Council T. Alt. Gov. Planning PAKISTAN Ghulam ISHAQ KHAN Minister for Finance, Commerce, Planning & Coordination Governor B N A.G.N. KAZI Governor, Governor F N State Bank of Pakistan ************ H.U. BEG Finance Secretary, Alt. Gov. F N Alt. Gov. B N Ministry of Finance Ejaz Ahmad NAIK Secretary for Planning Ministry of Finance & Econ. Affairs ************ Ziauddin AHMAD Deputy Governor, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser State Bank of Pakistan PAKISTAN (cont’d.) N 120 CAPACITY ATTENDING NAME PAKISTAN REP. SPOUSE (Y/N) (cont'd.) Jawaid AZFAR Deputy Governor State Bank of Pakistan Adviser N Ihsan ul HAQ Minister (Economic) Embassy of Pakistan Adviser Y PANAMA Edgar AMEGLIO General Manager Corporacion Financiera Nacional Adviser N George W. COLEMAN Advi s er National Banking Commission of Panama Advi ser Y Mario DE DIEGO Executive Director National Banking Commission of Panama Advi ser Y Eladio PEREZ VENERO Executive Manager Banco Nacional de Panama Advi ser Y Felix A. QUIROZ Executive Manager Banco Nacional de Panama Advi ser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 121 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) PAPUA NEW GUINEA John Rumet KAPUTIN, M.P. Minister for Finance Governor B Y Henry TO ROBERT Governor, Bank of Governor F N F N B Y Papua New Guinea ************ Eliakim T. TOBOLTON First Assistant Secretary Loans Investments & Coordination Department of Finance Alt. Gov. ************ Kubulan LOS Ambassador T. of Papua New Guinea to Alt. Gov. the US ************ Anthony ANUGU, M.P. National Parliament Advi ser N Paul M. DICKIE Chief Economist Bank of Papua New Guinea Advi ser N Advi ser N Advi ser N Brian M. MARTINS Officer in Charge, Monetary Bank of Papua New Guinea Ellison TOWALLOM Executive Secretary Department of Finance Conditions ************ Ms. Molly POURU Secretary to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 122 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) PARAGUAY Cesar Romeo ACOSTA President, Banco Central Governor del B Y Paraguay ************ Augusto COLMAN V. Manager, Banco Central del Alt. Gov. B N Alt. Gov. F N F N Paraguay Oscar Jacinto OBELAR Under-Secretary, Ministry of Finance ************ Cesar TELLECHEA Adviser to the Minister Ministry of Finance T. Alt. Gov. ************ Hugo ARANDA President Consorcio de Advi ser N Oscar ARANDA Director, Financiera CONEMPA Adviser N Enrique BENDANA President, Monitor,SA Adviser N Oscar A. ESTIGARRIBIA Superintendent of Banks Banco Central del Paraguay Advi ser N Jucundini FURTADO President, Banco del Parana,SA Adviser N Eriberto ISFRAIN RUOTTI Adviser, Loan Department Banco de Fomento Adv i s e r N Alcides MENDONCA LIMA Adv i s e r N Jose Maria MOLERO President, Banco de Asuncion Adv i s e r N Adv i se r N Conrado Ingenieria Mecanica PAPPALARDO https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PARAGUAY (cont’d.) 1 23 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) PARAGUAY (cont'd.) Ramon RAMIREZ R. Adviser to the Executive Director ITAIPU Binacional Adviser N Julio REGIS SANGUINA President, National Development Bank Adviser Y Crispiniano SANDOVAL Director, Dept. of Economic Studies Banco Central del Paraguay Adviser N Cornelius WALDE President, Federacion de Cooperatives de Produccion Advi ser N PERU Manuel ULLOA ELIAS Minister of Economy, Finance & Commerce Governor B N Richard WEBB DUARTE Pres ident Banco Central de Reserva del Peru Governor F N ************ Pedro Pablo KUCZYNSKI Minister of Energy & Mines Alt. Gov. B N Javier OTERO GAYMER Vice-President Banco Central de Reserva del Peru Alt. Gov. F N ************ Jaime CROSBY RUSSO Manager Banco Central de Reserve del Peru T. Alt. Gov. F N ************ Roberto ABUSADA Vice Ministry of Commerce Ministry of Economy & Finance https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser PERU (cont'd.) N 124 CAPACITY ATTENDING NAME PERU REP. SPOUSE (Y/N) (cont’d.) Fernando BLANCO Manager, Corporacion Financiera de Desarrollo Adv i s e r N Manuel BUSTAMANTE President, Banco de Adviser N Roberto DANINO Secretary to the Minister Ministry of Economy & Finance Advi ser N Tulio DE ANDREA President, Corporacion Financiera de Desarrollo Advi se r N Drago KISIC WAGNER Assistant Manager Banco Central de Reserva del Adv i s e r Y Sergio MALAGA Financial Vice-Minister Ministry of Economy & Finance Adviser N Enrique PALACIO REYES First Secretary, Embassy of Adv i s e r N PERSIVALE SERRANO Adviser N Raul SALAZAR OLIVARES Manager Banco Central de Reserva del Adv i se r N Advi ser N Adviser N Advi s e r N Roberto Jose la Nacion Peru Peru Peru German SUAREZ Assistant to Executive Director International Monetary Fund Humberto URTEAGA DULANTO Minister-Counse1or , Embassy of Julio VEGA ERAUSQUIN Minister-Counse 1 or , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Peru Embassy of Peru 125 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) PHILIPPINES Cesar E.A. Mini s ter VIRATA of Finance Gregorio S. LICAROS Governor Central Bank of the Philippines Governor B N Governor F Y ************ Cesar E.A. Minister VIRATA of Finance Jaime C. LAYA Minister of the Alt. Gov. F N Alt. Gov. B N F Y Budget ************ Gilberto TEODORO Administrator, Social T. Alt. Gov. Security System ************ Advi ser N Advi ser N Albert BENEZRA Advi ser General Manager, Trade Development Bank Geneva, Switzerland Y Tristan E. BEPLAT Consultant Central Bank of the Philippines Adv i s e r N Mrs. Escolastica B. BINCE Deputy Governor Central Bank of the Philippines Advi ser Y Delfin CASTRO Revenue Attache Embassy of the Philippines Adviser N Henry L. CO Pres ident Producers Bank of Advi ser Y Mrs. Minetta AYALA Revenue Attache Embassy of the Philippines Augusto M. BARCELON President, Far East Bank & https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Co. Trust the Philippines PHILIPPINES (cont'd.) 1 26 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) PHILIPPINES (cont'd.) Oscar DE LOS SANTOS Bank Executive III Office of the Governor Central Bank of the Philippines Adviser N Alberto F. DE VILLA-ABRILLE Chairman Bank of the Philippine Islands Advi s e r N Panfilo 0. DOMINGO President, Philippine National Bank Adviser N Basilio ESTANISLAO Pres ident Land Bank of the Philippines Adviser N Ariston ESTRADA, Jr. Executive Vice-President Bank of the Philippine Islands Advi s e r N Edward S. GO Pres ident Philippine Bank of Communications Adviser N Andrew GOTIANUN President Insular Bank of Asia & America Advi ser Y Mario S. LAGDAMEO Embassy of the Philippines Advi ser N Benito LEGARDA, Jr. Adviser, Ministry of Finance Adviser N Ernest C. LEUNG Assistant to the Minister Ministry of Finance Adviser N Alejandro MELCHOR Alternate Executive Director Asian Development Bank Advi ser Y Andronico Andy MORALES Assistant Vice-President Philippine National Bank Advi ser N Mrs. Luzviminda Z. ORTEGA Bank Executive III Office of the Governor Central Bank of the Philippines Advi ser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PHILIPPINES (cont'd.) 127 CAPACITY ATTENDING NAME PHILIPPINES REP. SPOUSE (Y/N) (cont'd.) Antonio H. OZAETA President, Bankers Association of the Philippines Advi ser N Eugenio PEREZ, Jr. President, Rural Bankers Association of the Philippines Adviser N Gil J. PUYAT Chairman & President Manila Banking Corporation Adviser N Alfonso PUYAT Director, Manila Banking Corp. Advi ser N Antonio V. ROMUALDEZ Assistant to Executive Director International Monetary Fund Adviser Y Rafael SISON Acting Chairman, Board of Governors Development Bank of the Philippines Advi ser Y Mrs. Mercedes B. SULEIK Bank Economi s t Department of Economic Research Central Bank of the Philippines Adviser N Wilfrido C. TECSON First Vice President Bankers Association of Advi ser Y Jose TENGCO, Jr. Member, Board of Governors Development Bank of the Philippines Adviser Y William TIO SEC Senior Vice-President, Adv i s e r N Advi ser Y Advi ser Alfonso T. YUCHENGCO Chairman, Rizal Commercial Banking Corp Y Conrado M. VICENTE Director Producers Bank of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the the Philippines Prudential. Bank Philippines 128 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) PORTUGAL Anibal Cavaco SILVA Minister of Finance & Manuel Jacinto NUNES Governor, Banco de Governor B N Governor F N Planning Portugal -k * * k k & * * * * * * Jose Silveira GODINHO Secretary of State and Deputy Minister of Finance & Alt. Gov. B Y Alt. Gov. F N Adviser B Y Adviser F N Adviser B N Rodrigo M. GUIMARAES Alternate Executive Director World Bank Adviser B Y Alberto de Oliveira PINTO Chairman, Caixa Geral de Advi ser F N Adv i s e r B N Planning Emilio Rui VILAR Vice Governor, Banco de Portugal ************ Albino CABRAL PESSOA Financial Counselor, Embassy of Portugal Carlos Saldanha DO VALLE Director, International Relations Banco de Portugal Ms. Maria Alexandra GOMES General Director, External Econ. Ministry of Finance & Planning Dept. Coop. Depositos Joao Fernandes SALGUEIRO Chairman, Banco de Fomento Nacional ************ Mrs. Mary G Seere tary DHOKAI to the Delegation Y Miss Teresa SANTOS Secretary to the Delegation N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 129 NAME SPOUSE (Y/N) CAPACITY ATTENDING REP . Governor J N J N QATAR Sheikh Abdul Aziz bin Khalifa AL- THANI Minister of Finance & Petroleum ************ Madhat ABDUL LATIF MASOUD Director of Minister’s Office Ministry of Finance & Petroleum Alt. Gov. ************ Adviser N Advi ser N Abdullah AL-ATTIAH Adviser N Hussain AL-HAWAL Adviser N Advi ser N Richard HARMOUSH Adviser N Issa MANNAI Adviser N Jarallah NASSER Advi ser N Yousif ABDUL AZIZ Abdelkader B. AL-AMERI Ambassador of Qatar to Abdul U.S . A. the Qader AL QADI ROMANIA Vasile RAUTA Governor, Banca Nationala Socialiste Romania Gheorge POPESCU Pres ident Investment Bank of Romania a Alt. Gov. F N Alt. Gov. B N F N Repub 1 i c i i ************ Iulian BITULEANU Deputy Minister https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. Alt. Gov. of Finance ROMANIA (cont’d.) 130 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ROMANIA (cont’d.) Nic o 1 ae EREMIA Director in the Ministry Ministry of Finance T. Alt. Gov. B N ************ Dan CONSTANTIN Senior Economist, Banca Nationala Republicii Socialiste Romania Advi se r N Sergiu CONTINEANU Representative, Romanian Bank for Foreign Trade, New York Adviser N Marian EMIL Senior Economist Investment Bank of Romania Adviser N Stanel GHENCEA Deputy Director, & Food Indus try Advi ser N Liviu IONESCU Assistant to Executive Director World Bank Adviser Y Nicolae IONESCU Ambassador of Romania Adviser Y Adv i s e r N Adv i s e r Y Ion Petre MADA Division Chief, Bank for Agriculture to the U.S.A. Ministry of Finance Boris RANGHET Counselor, Embassy of Romania https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis a 131 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) RWANDA Denis NTIRUGIRIMBABAZI Minister of Finance & Governor B N Governor F N Economy Jean BIRARA Governor, Banque National du Rwanda ************ Jean Damascene MUNYARUKIKO Director General Banque Rwandaise de Developpement Alt. Gov. B N Celestin NDAGIJIMANA Director General Caisse d'Epargne du Rwanda Alt. Gov. F N **** ******** N Advi ser Bonaventure UBALIJORO ST. Rt.Hon. Allan LOUISY Prime Minister & Minister LUCIA Governor of J N J N Finance ************ Alt. George C. GIRARD Secretary of Finance Gov. ************ Barry B.L. AUGUSTE Ambassador of St.Lucia https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Advi ser to the USA & UN N 132 CAPACITY ATTENDING NAME ST. Rt.Hon. R. Milton CATO, M.P. Prime Minister & Minister of REP. SPOUSE (Y/N) VINCENT Governor F Y F N Finance ************ H.K. TANNIS, M.P. Minister of External Affairs Alt. & Gov. Tourism ************ O.S. BARROW Permanent Secretary Ministry of External Affairs & C.C. SAMUEL Manager National Commercial Bank of M.M. SCOTT Financial Planning N Advi ser N Advi ser N Tourism St.Vincent Secretary, Ministry of & Development Finance SAO TOME & Victor Manuel LOPES CORREIA Governor Banco Nacional de Sao Tome e Prudencio Reis N. OLIVEIRO RITA Expert on Foreign Affairs Ministry of Foreign Affairs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser PRINCIPE T. Alt. Gov. J N T. Alt. Gov. J N Principe 133 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SAUDI ARABIA H.E. Sheikh Mohamed ABALKHAIL Minister of Finance & National Governor J N Economy ************ Sheikh Hamad AL-SAYARI Vice-Governor Saudi Arabian Monetary Agency Alt. Gov. B N Mahsoun B. JALAL Executive Director International Monetary Fund Alt. Gov. F N J N ************ Abdallah AL-QWAIS Economic Adviser to the Minister Ministry of Finance & National Economy T. Alt. Gov. ************ Mohamed AL-DRIES Director General, Int'1.Econ.Affairs Ministry of Finance & National Economy Adviser N Khalid AL-MASOUD Deputy Managing Director Saudi Fund for Development Adviser N Hassan AL-MUSHARI Chairman A1 Bank Al-Saudi Al-Faransi Adviser N Ahmed AL-QAHTANI Secretary to the Minister Ministry of Finance & National Economy Adviser N Suleiman AL-WAYEL Ministry of Finance & National Sheikh Khaled ALGOSAIBI Former Vice-Governor Saudi Arabian Monetary Agency Ahmed ALMALEK Director-General, Foreign Department Saudi Arabian Monetary Agency https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser N Adviser N Economy Adviser SAUDI ARABIA (cont'd.) N 134 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SAUDI ARABIA (cont'd.) Hossein G. ASKARI Assistant to Executive Director International Monetary Fund Advi ser Y Hossein ATTASS Chai rman Al-Bank Al-Saudi Al-Holandi Adviser N Umer CHAPRA Economic Adviser to the Governor Saudi Arabian Monetary Agency Advi ser N Mohamed Abdul Wahed JAMJOUM Director-General Research & Statistics Department Saudi Arabian Monetary Agency Advi ser N Wadea A. KABLI Assistant to Executive Director International Monetary Fund Advi ser Y Yusuf A. NIMATALLAH Alternate Executive Director International Monetary Fund Adviser Y Suleiman OLAYAN Chai rman Al-Bank Al-Saudi Al-Britani Adviser N Abdallah OMRAN Chairman Al-Bank Al-Arabi Al-Watani Adviser N SENEGAL Ousmane SECK Minister of Economy Louis ALEXANDRENNE Minister of Planning https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Governor F N Governor B Y Finance & & Cooperation SENEGAL (cont'd.) 135 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SENEGAL (cont’d.) Mamadou Abdoulaye MBACKE Director General of the Alt. Gov. F Y Alt. Gov. B N Treasury Matar SEYE Director General of Finance Ministry of Finance & Economic Affairs ************ Aristide ALCANTARA Director-General National Development Bank of Henri-Claude AVRIL First-Secretary, Embassy of Senegal to of Advi ser Y Adviser N Adv i s e r Y Adviser N Senegal the U.S.A. Alioune DIAGNE President-Director General S.O.N.A.G.A. Bayoro DIALLO Counselor, Embassy Y Senegal J.R. COREA Director of Investments S.O.F.I.S.E.D.I.T. Andre COULBARY Ambassador of Advi ser Adviser Y Adviser N Senegal Demba DIOP Director of Financing of the Plan Ministry of Planning & Cooperation Adviser N Cheikhou FAYE Adviser N Ousmane Noel MBAYE Director-General Societe General de Banque au Senegal Adviser N El-Hadj Daouda NDOYE Executive Officer Ministry of Economy Adviser N Aziz DIOP Adjoint au Chef du Service des Banque Centrale des Etats de l'Afrique de l’Ouest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Etudes & Finance SENEGAL (cont’d.) 136 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SENEGAL (cont’d.) Ady Khaly NIANG National Director, Banque Centrale des Etats de l'Afrique de l'Ouest Adv i s e r N Famara Ibrahima SAGNA Administrateur de la Zone Franche Industrielle de Dakar Advi s e r N Amath SAMB President-Director General S.O.F.I.S.E.D.I.T. Adviser N Becaye SENE President-Director General Banque de l'Habitat du Senegal Advi se r N Emile J. SENGHOR Counselor (Press Affairs) Embassy of Senegal Adviser Y Doudou SEYDI Accounting Adviser N Idrissa THIAM Adviser Director of Econ. Studies & Forecasting Ministry of Economy & Finance N Expert SEYCHELLES Guy MOREL Principal Secretary Department of Finance Governor F N F N ************ Patrick CHANGTY-YOUNG Acting Accountant General Department of Finance T. Alt. Gov. ************ Maxime FERRARI Minister for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adv i s e r Planning & Development SEYCHELLES (cont’d.) N 137 CAPACITY ATTENDING NAME SEYCHELLES J. Robert GRANDCOURT Principal Secretary, REP. SPOUSE (Y/N) (cont'd.) Adviser N Adviser N Development Econ. Bertrand RASSOOL Ec onomi s t Seychelles Monetary Authority SIERRA LEONE F.M. MINAH Minister Governor B N Governor F N of Finance A.S.C. JOHNSON Governor, Bank of Sierra Leone ************ J. AMARA-BANGALI Financial Secretary, Alt. Gov. B N Alt. Gov. F N Ministry of Finance Peter KUYEMBEH Development Secretary Ministry of Development & Econ. Planning ************ J.K.E. COLE Director of Research Bank of Sierra Leone Adv i s e r N J.S.A. Adviser N Musa Khalil SUMA Managing Director, Sierra Leone Produce Marketing Board Adviser N N.S.B. WELLINGTON Assistant Director of Bank of Sierra Leone Advi ser N FUNNA Research ************ A.B.M. KAMARA,Jr. Secretary to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 138 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SINGAPORE GOH Keng Swee First Deputy Governor F Y Governor B Y F N Prime Minister J.Y.M. PILLAY Permanent Secretary Ministry of Finance ************ Michael WONG Pakshong Managing Director Singapore Monetary Authority Alt. Gov. ************ Punch COOMARASWAMY Ambassador of Singapore T. Alt. Gov. B Y LAU Kak En Deputy Chief Statistician Department of Statistics T. Alt. Gov. B N Mrs. TAN Geok Lin Manager, Economics Department Monetary Authority of Singapore T. Alt. Gov. F N Kenny WEE Assistant to Executive Director International Monetary Fund T. Alt. Gov. F Y YEONG Wai Cheong Senior Officer Monetary Authority of Singapore T. Alt. Gov. F N Miss YIK Wai Chen Deputy Director, T. Alt. Gov. B N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to the Ministry of Fi . S.A. 13 9 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SOLOMON ISLANDS Benedict KINIKA, M.P. Minister of Finance Governor J N ************ Philip R. CONEY Chairman & Managing Director Solomon Islands Monetary Authority Alt. Gov. F N Anthony V. HUGHES Permanent Secretary Ministry of Finance Alt. Gov. B N Governor B N Governor F N B N F N SOMALIA Abdullahi Ahmed ADDOU Minister of Finance Mohamud Jama AHMED Governor, Central Bank of Somalia ************ Omar Ahmed OMAR President, Somali Alt. Gov. Development Bank ************ Hassanwelli Sheikh HUSEN Director-General Livestock Development Agency T. Alt. Gov. ************ Mohamud Isse ABDI Director, Engineering Department Public Works Department Adviser N Leone FICI Director, Protocol Department Central Bank of Somalia Advi ser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SOMALIA (cont’d.) 140 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SOMALIA (cont'd.) Abdulcadir Sheikh MOHAMED Director, Research Department Central Bank of Somalia N Adviser SOUTH AFRICA O.P.F. H0RW00D Minister of Finance Governor F Y G.P.C. DE KOCK Senior Deputy Governor South African Reserve Bank Governor B Y ************* J.H. DE LOOR Director-General of Finance Ministry of Finance Alt. Gov. F Y C.L. STALS Deputy Governor South African Reserve Bank Alt. Gov. B Y S.S. BRAND Chief, Financial Policy Ministry of Finance Adviser Y G.P. CROESER Chief Director of Finance Ministry of Finance Advi ser N J.F.W. DETTMAN Chief, Gold & Foreign Exchange Dept. South African Reserve Bank Adviser N W.I. ENGLEBRECHT Administrative Secretary Ministry of Finance Adviser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to the Minister SOUTH AFRICA (cont'd.) 141 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SOUTH AFRICA (cont’d.) Adviser Y Adviser N Adviser Y Advi ser Y Advi ser N J.S. TERBLANCHE Adviser Counselor, Office of Chief Resident Representative to the IMF & World Bank Y D. THEBEHALI Economic Adviser to Ministry of Finance Adviser N Adviser Y D.W. GOEDHUYS Economic Adviser Ministry of Finance J.A. LOMBARD Member of Commission of into Monetary Policy C. Enquiry NOFFKE Information Counsellor Embassy of South Africa J.A.J. PICKARD Economic Adviser to Ministry of Finance R.S. SCHOEMAN Private Secretary to Ministry of Finance the Minister the Minister the Minister S.A. VISAGIE Chief Resident Representative IMF and World Bank to the *********** * Miss O.E. de R. CAROLIN Secretary to the Delegation N Miss E.M. METZ Secretary to N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the Delegation 142 NAME SPOUSE (Y/N) CAPACITY ATTENDING REP. Governor B Y J Y SPAIN Jaime GARCIA ANOVEROS Minister of Finance ************ Jose Ramon ALVAREZ RENDUELES Governor, Banco de Espana Alt. Gov. ************ Juan ARACIL MARTIN Director General of Ministry of Finance N Adviser the Treasury Rafael BERMEJO President, Instituto Credito Official Adviser Julian CAMPO Attache (Financial), Adviser Y Luis M. CAZORLA P. Jefe del Gabinete Tecnico Ministry of Finance Adviser N Ricardo CORTES Minister (Economic Affairs) Embassy of Spain Adv i se r Y Juan DE LA MOTA Vicesecretar io General Tecnico Ministry of Economy & Commerce Adv i se r N Miguel Angel FERNANDEZ ORDONEZ Assistant to Executive Director World Bank Adviser N Mariano GARCIA MUNOZ Subdirector General de Relaciones Economicas Mu 11i1 atera 1es Ministry of Foreign Affairs Adviser N Dionisio GARZON Counselor (Information) Embassy of Spain Adv i s e r N Adviser Y Jose LLADO Ambassador of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Spain Embassy of to 0 N Spain the U.S.A. SPAIN (cont'd.) 143 CAPACITY ATTENDING NAME SPAIN REP. SPOUSE (Y/N) (cont’d.) Miguel MARTIN FERNANDEZ Subsecretario Presupuesto y Gasto Publico Ministry of Finance Adviser N Joaquin MUNS Executive Director International Monetary Fund Adv i s e r Y Jose L. OROSA ROLDAN Director del Gabinete de Relaciones Exteriores Ministry of Finance Adviser N Adviser N Adviser N Advi ser N Antonio J. SANCHEZ — PEDRENO Director, Departamento Extranjero Banco de Espana Adv i se r N Joaquin SOTO GUINDA Secretario General Tecnico Ministry of Finance Adviser N Gui11ermo UNA Attache (Information) Emba s sy of Spain Adv i s e r Y Adviser Victorio VALLE Director General de Politica Financiera Ministry of Economy & Commerce N Fernando VARELA Subdirector General de Financiacion Exterior Ministry of Economy & Commerce Adviser N Manuel VARELA P. Director, Banco de Adviser Y F.J. PAREJA Ministry of Economy & Alber to PICO Ministry of Economy & Luis Angel ROJO DUQUE Director General de Banco de Espana https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Informacion y Commerce Commerce Estudios Espana SPAIN (cont’d.) 144 CAPACITY ATTENDING NAME SPAIN Miss Luisa DURAN Secretary to the REP. SPOUSE (Y/N) (cont'd.) N Delegation SRI Ronnie DE MEL Minister of Finance & LANKA Governor J Y Planning ************ W.M. TILAKARATNA Seere tary Ministry of Finance & W. Alt. Gov. B N Alt. Gov. F N Planning RASAPUTRAM Governor, Central Bank of Ceylon ************ O.L. KANNANGARA Alternate Executive Director International Monetary Fund W.S. KARUNARATNA Ambassador of Sri Lanka to the T. Alt. Gov. F Y T. Alt. Gov. J Y U.S.A. ************ Mrs. Mallika DE MEL Private Secretary to the Minister Ministry of Finance & Planning Adviser N L.E.N. FERNANDO Additional Secretary (Economic Affairs) Ministry of Finance & Planning Adviser N Ronnie WEERAKOON Director of External Resources Ministry of Finance & Planning Adviser N ************ Mrs. Therese H. PERERA Secretary to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y 145 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SUDAN Badr El Din SULIMAN Minister of Finance & National Governor F N Governor B N Economy General Nasr Eldin MUSTAFA Minister of National Planning ************ El Sheikh Hassan BELAIL Governor, Bank of Sudan Alt. Gov . F N Abdel Rahman Abdel WAHAB Minister of State for Finance & National Economy Alt. Gov. B N ************ Yousri MOHAMED GABR Assistant Under-Secretary , Ministry of Finance & National Economy Adviser N Abdel Wahab OSMAN Under-Secretary , Ministry of Finance & National Economy Adviser N SURINAME M.J.B. CHEHIN Minister for Finance & Governor J Y F N B N Economic Affairs *** ****** *** V.M. DE MIRANDA President, Centrale Bank van Suriname Alt. GoV . * * * A * * * * 4 * ifc * R. BRAAM Permanent Secretary, T. Alt. Gov. Ministry of Finance *********** * S. MUNGRA Deputy Permanent Secretary Ministry of Finance https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adv i s e r N 146 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SWAZILAND J.L.F. SIMELANE, M.P. Minister for Finance V.E. SIKHONDZE Permanent Secretary, Ministry of Governor F Y Governor B N Finance ************ Timothy M.J. ZWANE Permanent Secretary for Economic Planning & Statistics Dept.of Economic Planning & Statistics Alt. Gov. B Y A.D. OCKENDEN, O.B.E. Acting Governor Central Bank of Swaziland Alt. Gov. F Y ************ Samuel Sipho KUHLASE General Manager Central Bank of Swaziland N Adviser SWEDEN Lars WOHLIN Governor, Governor F N Governor B N B N Sveriges Riksbank Hans BLIX Under-Secretary of State for Development Cooperation Ministry of Foreign Affairs Int'l. ************ Kurt EKLOEF Deputy Governor, Alt. Gov. Sveriges Riksbank ************ Bo KJELLEN Head of Department Ministry for Foreign Affairs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. SWEDEN Alt. Gov. (cont'd.) 147 CAPACITY ATTENDING NAME SWEDEN REP. SPOUSE (Y/N) (cont'd.) Bertil LUND Director for International Affairs Ministry of Economic Affairs T. Alt. Gov. B Sten WESTERBERG Under-Secretary Ministry of Economic Affairs T. Alt. Gov. B ************ Carl BILDT Under-Secretary Office of Government Coordination Kurt-Arne HALL Economic Counselor, Adviser Adviser Embassy of Sweden Sven-Olof JOHANSSON Head of Division, Sveriges Riksbank Adviser Lars KALDEREN Director-General Swedish National Debt Office Adviser N Goran LIND Assistant to Executive Director International Monetary Fund Adviser Y Hans LUNDSTROM Executive Director World Bank Adviser Y Ms. Karin SYLVAN Head of Sec tion Ministry of Economic Affairs Adviser N Per TAXELL Firs t Secretary Ministry of Foreign Affairs Adviser N ************ Miss Elizabeth HELLMAN Secretary to the Delegation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 148 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) SYRIAN ARAB REPUBLIC Hamdi AL-SAKKA Minister of Finance Muhammad AL-ATRASH Minister of Economy & Governor B Y Governor F Y Foreign Trade ************ M. Rifaat ACCAD Governor, Central Bank of Alt. Gov. F N Alt. Gov. B Y Syria Mohammad Mouaffac TARABISHI Deputy Minister of Finance ************ Abed Alla Usama MALKI Secretary-General Central Bank of Syria Hicham MUTEWALLI Deputy Governor, Central Bank of T. Alt. Gov. F N T. Alt. Gov. F N Syria ************ Maamoun AL-CHALLAH Director of Bureau for Ministry of Finance Econ. Adviser Y Adviser N Affairs BashirZUHEIR Director & Group General Manager European Arab Bank Ltd., London TANZANIA Amir H. JAMAL Minister for Finance Governor J Y B N ************ F.M. KAZAURA Principal Secretary, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Alt. The Gov. Treasury TANZANIA (cont'd.) 149 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) TANZANIA (cont'd.) Alt. C.M. NYIRABU Governor, Bank of Tanzania Gov. F N ************ J.M. ALI Assistant Minister for Finance Zanz ibar Paul BOMANI Ambassador of Tanzania F. to N Adviser Y Adviser N Adviser N Adviser N the U.S.A. BYABATO The Treasury M.H. KOMBO Minister of Finance, Adviser Zanzibar Calvin M. MALYI Counselor (Economic Affairs) Embassy of Tanzania Richard E. MARIKI Commissioner for External Finance The Treasury Adviser N F.D. MBAGA Principal Secretary Development Planning Adviser N Felix MREMA Counselor (Economic Affairs) Embassy of Tanzania Adviser Y D.G. RWEGASIRA Director, Research Department Bank of Tanzania Adviser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 150 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) THAILAND Aranuay VIRAVAN Minister of Finance Governor B Y Nukul PRACHUABMOH Governor, Bank of Governor F Y B Y Thailand & * ********** Chanchai LEETAVORN Under-Secretary of State for Ministry of Finance Alt. * * * ■ic * * ‘k ik M.R. Chatumongol SONAKUL Deputy Director-General Fiscal Policy Office Ministry of Finance Chavalit THANACHANAN Assistant Governor, Bank of Gov. Finance * * * Vf T. Alt. Gov. B N T. Alt. Gov. F N Thailand Pich DANWONGSE Secretary to the Minister Ministry of Finance Adviser N Sukri KAOCHARERN President Industrial Finance Corp, Adviser N Virayuk PUNTUPETCH Assistant to Executive Director World Bank Adviser N Mrs. Suvimol RAMAKOMUD Financial Counselor Embassy of Thailand Adviser Y Mrs. Prapapim SAKUNTABHAYA Adviser Deputy Director, Economic Research Dept. Bank of Thai land N Chote SOPHONPANICH Executive Vice President Bangkok Bank, Ltd Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of Thailand Adviser THAILAND (cont'd.) 151 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) THAILAND (cont'd.) Vijit SUPINIT Deputy Director, Bank of Thailand Adviser N Advi se r Y Adviser N Adv i s e r N International Dept. Sathien TEJAPAIBUL President, Bank of Asia Pakorn THAVISIN Executive Vice President Thai Danu Bank, Ltd & Direc tor Phot YONGSKULROTE Economist, Fiscal Policy Ministry of Finance Office TOGO Tete TEVI-BENISSAN Minister of Finance & Economy Governor F N Koudjolou DOGO Minister of Planning, Industrial Development & Administrative Reform Governor B N ************ Sandani Bawa MANKOUBI Director of Economy Ministry of Finance & Economy Alt. Gov. F N Edoh Kodjo AGBOBLI Director General of Planning & Development Alt. Gov. B N * *********** Issa AFFO Director General Societe Nationale d1Investissement Adviser N Yao B. GRUNITZKY Ambassador of Togo Adviser Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to the U.S.A. TOGO (cont'd.) 152 CAPACITY ATTENDING NAME TOGO REP. SPOUSE (Y/N) (cont'd.) Assiba JOHNSON Adviser N Komlanvi KLOUSSEH National Director, Banque Centrale des Etats de l'Afrique de l'Ouest Adviser N Komlan TOSSOU Advi ser Director General, Banque Togolaise pour le Commerce et l'Industrie N L. TRINIDAD AND TOBAGO Mervyn DE SOUZA Governor Minister, Ministry of Finance & Minister of Caribbean Community Affairs J N ************ F. BARSOTTI Permanent Secretary Ministry of Finance V.E. BRUCE Governor Central Bank of Alt. Gov. B N Alt. Gov. F Y Trinidad & Tobago ************ T. Ainsworth HAREWOOD Ministry of Finance J.A.C. HOSPEDALES Senior Research Officer Central Bank of Trinidad & Miss J.A. JOHN Research Officer I Central Bank of Trinidad & Adviser N Adviser N Advi ser N Tobago Tobago ************ Mrs. E. ISAAC Secretary to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N the Delegation 153 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) TUNISIA Mansour MOALLA Minister of Planning & Finance J Governor N **$f**-)!f***'s!r$f* Moncef BELKHODJA Governor, Banque Centrale de Tunisie Alt. Gov. F N Moncef ZAAFRANE Director, Office of Alt. Gov. B N F N the Prime Minister ********** * * Mohamed BOUACUAJA Director of Studies Banque Centrale de Tunisie T. Alt. Gov. •k ■*"* * * -k -k * tk * "A- Sadok BOURAOUI President & Director General Cie. Financiere Touristiqe Adviser N Habib BOURGUIBA, Jr. President & Director-General Banque de Deve1 oppement Econ. Adviser N Mokhtar FAKHFAKH President & Director-General Banque International Arabe de Tunisie Advi ser N Mohamed FANTAR Chief of Minister's Cabinet Ministry of Planning & Finance Adv i s e r N Habib GHENIM President & Director-General Ste. Tunisienne de Banques Adv i s e r N Moncef GUEN Secretary-General Economic & Social Council Advi ser Y Ali KASSAR President Union Tunisienne de Banques Advi ser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis d e Tun i s i e TUNISIA (cont’d.) 154 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) TUNISIA (cont'd.) Zine MESTIRI Director of Overseas Cooperation Ministry of Planning & Finance Advi ser N Chakib NOUIRA Deputy Director-General Economic Development Bank of Advi ser N Hab ib Hadj SAID Director of Economic Coordination Office of the Prime Minister Adviser N Tahar SIOUD Deputy Governor Banque Centrale de Adviser N Advi ser N Tunisia Tunisie Mohamed Ali SOUISSI Director-General of Projects Ministry of Planning & Finance TURKEY Turgot OZAL Deputy Prime Minister Turan KIVANC Under-Secretary, Ministry of Governor F N Governor B Y Finance ************ Ismail Hakki AYDINOGLU Governor, Central Bank of Alt. Gov. F Y Alt. Gov. B N Turkey Nazif KOCAYUSUFPASAOGLU Secretary — Genera 1 of the Treasury & of the Organization for International Economic Cooperation ************ Turgay ACIKGOZ Personal Assistant to Deputy Prime Minister https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser TURKEY (cont'd.) 155 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) TURKEY (cont'd.) Yildirim AKTURK Head, Economic Planning Division State Planning Organization Adviser N Tevfik ALTINOK Chief Couns e1 or Financial & Economic Affairs Embassy of Turkey Adviser N Miss Gozen ALTUNDAG Counselor (Financial Embassy of Turkey Adviser N Advi ser N Adviser N Advi ser Y Omer ESENER Assistant to Executive Director World Bank Adviser Y Kadir GUNAY Deputy Director-General Adviser N Ali KOCATURK Assistant General Director of the Treasury Adviser N Ms. Bahar SAHIN Section Chief General Directorate of Adviser N Adviser Y Zekeriya YILDIRIM Adviser Director General of the Foreign Exchange Central Bank of Turkey N Tunc BILGET Director General of & Economic) the Treasury Osman BIRSEN Assistant General Director of the Treasury Yener DINCMEN Financial Counselor, of the Embassy of Treasury the Treasury Okan UCER Assistant to Executive Director International Monetary Fund https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Turkey TURKEY (cont'd.) 156 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) TURKEY (cont'd.) Miss Canan BIG Secretary to the Delegation Miss Helen LOVEJOY Secretary to the Delegation Mrs. Thea ROBBINS Secretary to the Delegation UGANDA Gideon B. NKOJO' Governor, Bank of Uganda Governor J N ************ E.B.K. NTATE Permanent Secretary Ministry of Finance Alt. Gov. B N L. Alt. Gov. F N KIBIRANGO Deputy Governor, Bank of Uganda ************ D.O. ASUA Principal Finance Officer Economic Affairs Department Ministry of Finance Z. R. R. BUKENYA Managing Director, Uganda Dev. BUKUMUNE Managing Director, Uganda Co-op. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N Advi ser N Advi ser N Advi ser N Advi ser N Bank KAIJUKA Managing Director Uganda Commercial Bank Jau R. KALIBWANI Acting Principal Economist Ministry of Planning & Econ. Advi ser Bank Dev. UGANDA (cont'd.) 157 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) UGANDA (cont’d.) N. T. A. KAWALYA Personal Assistant to Ministry of Finance MUTAGAMBA Chief Accountant, NJALA Director Bank of of Research, Adviser N Adviser N Adviser N Adv i s e r N the Minister Uganda Bank of Uganda G.S. ODONG Commissioner for Economic Affairs Ministry of Finance UNITED ARAB Sheikh Hamdan bin Rashid AL MAKTOUM Minister of Finance & Industry EMIRATES Governor J N ************ Ahmed Humaid AL-TAYER Assistant Deputy Minister of Finance & Industry Alt. Gov. B N Abdul Malik AL HAMAR Managing Director, U.A.E. Alt. Gov. F N Currency Board ************ Nasser Mohd. AL-NOWAIS Director, Abu Dhabi Fund for Arab Economic Development Adviser N Saeed AL-SHAMSI Charge d'Affaires ad interim Embassy of the United Arab Emirates Adviser N Mohd. Advi ser N Adviser N Ali AL AMRI Ahmed Lutfi ALI Director of Public Relations Ministry of Finance & Industry https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNITED ARAB EMIRATES (cont'd.) 158 CAPACITY ATTENDING NAME UNITED ARAB EMIRATES REP. SPOUSE (Y/N) (cont'd.) Abdulla AL MAZROEY National Bank of Abu Dhabi Advi ser N Magdi EL TANAMLI General Manager Abu Dhabi Investment Fund Advi ser N Denis FERMAN General Policy Adviser U.A.E. Currency Board Adviser N Mohd. Khalfan KHARBASH Director, Investment Department Ministry of Finance & Industry Advi ser N Hamid Nasr Mohd. A. QADIR Head, Economic Research Section Ministry of Finance & Industry Advi ser N Abdullah Mohd. SALEH National Bank of Dubai Adviser N Izzat TRABOULSI Adviser, U.A.E. Adviser Y Currency Board UNITED KINGDOM Rt.Hon. Sir Geoffrey HOWE, Q.C.,M.P. Chancellor of the Exchequer Governor F Y Rt.Hon. Gordon RICHARDSON, M.B.E. Governor, Bank of England Governor B Y ************ A.D. LOEHNIS Associate Director, Alt. Bank of Gov. F N J Y England ************ J. ANSON Executive Director Int'l. Monetary Fund https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. Alt. Gov. & World Bank UNITED KINGDOM (cont'd.) 159 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) UNITED KINGDOM (cont'd.) Sir Kenneth COUZENS, K.C.B. Second Permanent Secretary, T. H.M.Treasury Sir Peter PRESTON, K.C.B. Permanent Secretary Overseas Development A.dmin i s t r a t i on T. Alt. Gov. J N Alt. Gov. B N k k k k k k k k k k'k k Advi ser Y N.P. BAYNE Economic Relations Department Foreign & Commonwealth Office Advi ser N R.H. GILCHRIST Adviser, Overseas Department Bank of England Advi ser N Mrs. R.E.J. GILMORE Press Secretary, H.M.Treasury Advi ser N Advi ser Y Adviser N Ms. Amanda HUMM Assistant to Executive Director World Bank Adv i s e r Y Lionel D.D. PRICE Alternate Executive Director International Monetary Fund Advi ser Y B. Adviser N Advi ser N E. Michael AINLEY Assistant to Executive Director International Monetary Fund Sir Philip HADDON-CAVE,K.B.E. , Financial Secretary Government of Hong Kong Mrs. M.E. C.M.G. HEDLEY-MILLER Under-Secretary, H.M.Treasury QUINN Head, Information Division Bank of England Peter E. RAMELL Assistant to Executive Director International Monetary Fund https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNITED KINGDOM (cont'd.) 160 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) UNITED KINGDOM (cont’d.) Derek F. SMITH Alternate Executive Director World Bank Advi ser Y A.J. WIGGINS Private Secretary Advi ser N to the Chancellor ************ Mrs. L.G. LAWLER, M.B.E. Conference Officer Y Mrs. M.G. BARRY Secretary to the Delegation Y Mrs. S.D. BINGHAM Secretary to the N Delegation Miss Patricia D. EMERSON Secretary to the Delegation N Ms. Deirdre M. RYAN Secretary to the Delegation N Mrs. D.A. SCOTT Secretary to the N Chancellor UNITED STATES G. William MILLER Secretary of the Governor J Y Treasury ************ Paul A. VOLCKER Chairman, Board of Governors Federal Reserve System Alt. Gov. F Y Richard N. COOPER Under-Secretary of State for Economic Affairs Alt. Gov. B N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNITED STATES (cont’d.) 161 CAPACITY ATTENDING NAME UNITED STATES C. Fred BERGSTEN Assistant Secretary of the Treasury for International Affairs REP. SPOUSE (Y/N) (cont’d.) Y T. Alt. Gov. T. Alt. Gov . J Y Sam Y. CROSS Executive Director International Monetary Fund T. Alt. Gov. J Y Thomas EHRLICH Director, International Development Cooperation Agency T. Alt. Gov. J Y Colbert I. KING Executive Director Wor1d Bank T. Alt. Gov. J Y David S. KING Alternate Executive Director World Bank T. Alt. Gov. Thomas LEDDY Deputy Assistant Secretary of the Treasury for Int’l. Monetary Affairs T. Alt. Gov. J Y Arnold NACHMANOFF Deputy Assistant Secretary of the Treasury for Developing Nations T. Alt. Gov. J Y Donald E. SYVRUD Alternate Executive Director International Monetary Fund T. Alt. Gov. J Y Henry C. WALLICH Member, Board of Governors Federal Reserve System T. Alt. Gov. J Y Bill ALEXANDER Member House Committee on Appropriations Adviser N H.K. ALLEN Adviser First Vice-President & Vice-Chairman of the Board Export-Import Bank of the United States Y Robert CARSWELL Deputy Secretary of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J the Treasury UNITED STATES (cont'd.) Y J 162 CAPACITY ATTENDING NAME UNITED STATES Reubin O'd. ASKEW U.S. Trade Representative REP. SPOUSE (Y/N) (cont'd.) Adviser Y Adviser Y Adviser Y Adviser Y James J. BLANCHARD Adviser Member, Subcommittee on Int'l.Trade Invest.& Monetary Policy, House Comm on Banking,Finance & Urban Affairs Y Stephen AXILROD Staff Director for Monetary Financial Policy Federal Reserve Board D Douglas BARNARD, Jr. Member, Subcommittee on Int'l.Trade, vest.& Monetary Policy, House Comm. Banking, Finance & Urban Affairs BARR Joseph W Former Secretary of W. & the Michael BLUMENTHAL Former Secretary of the Inon Treasury Adviser Y Adviser Y Mrs. Elinor CONSTABLE Advi ser Deputy Assistant Secretary of State for International Finance & Development Y Silvio 0. CONTE Ranking Minority Member House Committee on Appropriations Adviser Y Robert CORNELL Adviser Deputy Assistant Secretary of the Treasury for Trade & Investment Policy Y Julian C. DIXON Member Subcommittee on Foreign Operations House Committee on Appropriations Adviser Y Mrs. JessicaEINHORN Deputy Associate Director Int'l. Development Cooperation Agency Adviser Y Treasury John J. CAVANAUGH Member, House Committee on Banking Urban Affairs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNITED STATES (cont'd.) 163 CAPACITY ATTENDING NAME UNITED STATES REP. SPOUSE (Y/N) (cont’d.) « Guy ERB Deputy Director Int'l. Development Cooperation Agency Advi ser Y Thomas B. EVANS, Jr. Member, House Committee on Banking, Finance & Urban Affairs Adviser Y Henry H. FOWLER Former Secretary of Adv i s e r Y Bill FRENZEL Member, House Committee on Ways & Means Advi ser Y Jake GARN Member, Committee on Banking, Housing & Urban Affairs Adv i s e r Y Stephen GOLDFELD Member, Council of Economic Advisers Adviser Y Adviser Henry B. GONZALEZ Chairman, Subcommittee on Int'l. Dev. Institutions & Finance, House Comm, on Banking,Finance & Urban Affairs Y Adviser Y John HEINZ Member, Committee on Banking, Housing & Urban Affairs Adv i s e r Y Jesse HELMS Member Committee on Foreign Relations Adv i s e r Y Robert HERZSTEIN Under-Secretary of Commerce for International Trade Administration Adviser Y Curt A. HESSLER Assistant Secretary of for Economic Policy Adv i s e r Y Adv i s e r Y John G. HEIMANN Comptroller of • the Treasury the Currency the Treasury Dean HINTON Assistant Secretary of State for Economic & Business Affairs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNITED STATES (cont'd.) 164 CAPACITY ATTENDING NAME UNITED STATES REP. SPOUSE (Y/N) (cont'd.) Luther H. HODGES Deputy Secretary of Commerce Advi ser Y Alan R. HOLMES Senior Policy Adviser Federal Reserve Bank of New York Adv i s e r Y Henry J. HYDE Member, House Committee on Banking, Finance & Urban Affairs Adv i se r Y Daniel K. INOUYE Memb e r Committee on Appropriations Advi se r Y Ernest JOHNSTON Deputy Assistant Secretary of State for Economic & Business Affairs Adviser Y David M. KENNEDY Former Secretary of Advi se r Y Adviser Y Jim LEACH Adviser Member, Subcommittee on Int'1.Trade,In vestment & Monetary Policy, House Comm on Banking , Finance & Urban Affairs Y William LEHMAN Memb e r Subcommittee on Foreign Operations House Committee on Appropriations Advi se r Y Clarence D. LONG Chairman Subcommittee on Foreign Operations House Committee on Appropriations Adviser Y Matthew F. MCHUGH Memb e r Subcommittee on Foreign Operations House Committee on Appropriations Adviser Y the Treasury John J. LAFALCE Member, Subcommittee on Int'l. Dev. Institutions & Finance, House Comm.on Banking,Finance & Urban Affairs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNITED STATES (cont'd.) 165 CAPACITY ATTENDING NAME UNITED STATES REP. SPOUSE (Y/N) (cont'd.) Charles F. MEISSNER Special Economic Negotiator Department of State Adviser Y Joseph G. MINISH Member, Subcommittee on Int'l. Dev. Institutions & Finance, House Comm, Banking & Urban Affairs Adviser N Adviser John L. MOORE President & Chairman of the Board Export-Import Bank of the United States Y William S. MOORHEAD Member, Subcommittee on Int'l. Dev. Institutions & Finance, House Comm.on Banking, Finance & Urban Affairs Adviser Y Stephen L. NEAL Chairman, Subcommittee on Int'l.Trade, Investment & Monetary Policy, House Comm.on Bank. , Finance & Urban Affairs Adviser Y David R. OBEY Memb e r House Committee on Appropriations Adviser Y Henry OWEN Special Representative of for Economic Summits Adv i s e r Y Adviser Y Adviser John E. PORTER Member, Subcommittee on Monetary Policy House Committee on Banking, Finance & Urban Affairs Y Henry REUSS Cha irman House Committee on Banking, Finance & Urban Affairs Adv i s e r Y James D. SANTINI Member, House Interior & Adviser N on the President Charles H. PERCY Member Committee on Foreign Relations https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Insular Comm. UNITED STATES (cont'd.) 166 CAPACITY ATTENDING NAME UNITED STATES Paul S. SARBANES Member Committee on Foreign Relations Charles SCHOTTA Deputy Assistant Secretary of Treasury for Commodities & Natural Resources REP. SPOUSE (Y/N) (cont’d.) Adv i s e r Y Adviser Y the Charles L. SCHULTZE Chairman, Council of Economic Advisers Adviser Y Alexander SHAKOW Assistant Administrator Agency for International Development Adviser Y George P. SHULTZ Former Secretary of Adviser Y Norman D. SHUMWAY Subcommittee on Int'1.Deve1opment Institutions & Finance, House Comm.on Banking , Finance & Urban Affairs Adviser Y William E. SIMON Former Secretary of Adviser Y the Treasury John W. SNYDER Former Secretary of Adviser N the Treasury the Treasury Anthony M. SOLOMON President Federal Reserve Bank of New York Adviser Y Adlai E. STEVENSON Member, Committee on Banking, Housing & Urban Affairs Adviser Y Edwin M. TRUMAN Director, Division of Federal Reserve Board Adviser Y Adviser Y Adviser Y Int'l. Finance Joseph C. WHEELER Deputy Administrator Agency for International Development C.W.YOUNG Memb e r Subcommittee on Foreign Operations House Committee on Appropriations https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 167 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) UPPER VOLTA Georges SANOGOH Minister of Planning & Cooperation Governor B N A**A*A*AAAAA D. Barthelemy DRABO Secretary-General Ministry of Planning & Cooperation Antoine W. YAMEOGO Coordinator A.C.P. Investment & Alt. Gov. B N Alt. Gov. F N F N Trade Bank A A A A A* A A A A A A A T. Benjamin HIEN Director General of the Treasury and Government Accounts Alt. Gov. AA AAAAAA AAAA Ka s s oum CONG0 National Director, Banque Centrale des Etats de l'Afrique de l'Ouest Adviser N Mensah KODJO Adv i s e r N Raphael Yuori MEDA Director-General Banque Internationale des Volta Adviser N Alassane OUATTARA Adv i s e r N Die Mar tin SOW Director of the Treasury & International Financial Accounts Advi ser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 168 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) URUGUAY Valentin ARISMENDI Minister of Economy Jose GIL DIAZ President, Banco Governor B Y Governor F Y B Y F Y & Finance Central del Uruguay *****kkkkkkk Juan Jose ANICHINI Banco Central del Alt. GoV. Uruguay kkkkkkkkkkkk Carlos KONCKE General Manager Banco Central del Uruguay T. Alt. Gov. kkkkkkkkkkkk Luis BARRIOS TASSANO Secretary of Trade Development Casa Bancaria (Uruguay) SA Adviser N Alberto BENSION Banco Commercial Advi ser N Emilio BERRIEL Banco BANFED Adv i s e r Y Diego CARDOSO Adviser to the Minister Minister of Economy & Finance Advi ser N Manfredo A. CIKATO President, Chamber of Adviser Y Financial Entities Cesar CIVETTA Secretary, Chamber Advi ser N Financial Entities Emilio CONFORTE Cia. Pay cueros Adviser Y Carlos Maria DEGIOVANI General Manager, Banco Pan de Azucar Adviser N Advi ser Y Carlos DEUS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of URUGUAY (cont'd.) 169 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) URUGUAY (cont'd.) Adviser Y Adv i s e r Pablo FOSSATI Director, Chamber of Financial Entities N Miss Martha INES SARLO Association of Banks - Uruguay Advi ser N Hector R. MORALES Director, Banco del Litoral Asociados Adv i s e r Y Diego NEIMAN Univer Casa Bancaria Adviser N Juan OLASCOAGA Deputy General Manager Banco Central del Uruguay Advi ser N Jacques L. PALOMBO Vice President, Trade Development Casa Bancaria Adviser N Jose Luis PARDO SANTALLANA Director, Banco Comercial Adviser N Ruben PASCALE Director, Banco de Adviser N Francisco RAVECCA Adviser N Rafael SAIEGH Univer Casa Bancaria Advi ser N Ricardo TORTEROLO Representative in the USA PEMAR Sudamericana Adv i s e r N Heber FERNANDEZ GUARDADO General Manager Banco del Litoral Asociados https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis la Republica 170 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) VENEZUELA Ricardo MARTINEZ Minister of Planning Carlos Rafael SILVA President, Banco Central Governor B Y Governor F Y B N de Venezuela ******** * * * * Leopoldo DIAZ BRUZUAL Minister with Cabinet Status Fondo de Inversiones de Venezuela Alt. Gov. ************ Rafael ALFONSO RAVARD President, Petroleos de Venezuela T. Alt. Gov. B N Roberto GUARNIERI Director Fondo de Invsersiones T. Alt. Gov. B N T. Alt Gov . F Y T. Alt Go v . F Y Alfredo MACHADO Adviser, Banco Central de Venezuela T. Alt Gov . F Y Luis UGUETO ARISMENDI Minister of Finance T. Alt Gov . B N Alfredo LAFEE President, Banco Benito Raul de Venezuela la Guaira Internaciona1 LOSADA ************ Jose ALVAREZ STELLING Jorge BAIZ President, Fondo Adviser N Advi ser N Rodolfo BELLOSO President, Banco Union Adviser Y Arminio BORJAS President, Banco Nacional de Descuento Advi ser Y Raul BRICENO Adviser, Banco Central Adv i s e r N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis de Credito Industrial de Venezuela VENEZUELA (cont'd.) 171 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) VENEZUELA (cont'd.) Adv i s e r Angel Alberto BUENANO President, Industrial Bank of Venezuela N Alfredo CARABALLO Fondo de Inversiones de Venezuela Adviser N Ramon CARRASCO Economic Adviser Institute for Foreign Trade Adviser Y Polo CASANOVA OLIVO Technical Secretariat Ministry of Planning Advi ser Y Fernando CHUMACEIRO President, CORPOZULIA Advi se r N Carlos EMMANUELLI President, Banco Continental Adviser N Leonardo FERRER Member of the National Congress Adviser N Adviser Ms. Leonor FILARDO DE GONZALEZ Vice-President, International Operations Banco Central de Venezuela Y Francisco GARCIA PALACIOS Adviser, Banco Central de Venezuela Advi se r N Julio Cesar GIL Minister Counselor, Adviser Y Carlos GRANIER Director, Institute for Foreign Trade Adviser N Marcos GUTIERRES President, Savings Agencies Federation Adviser N Gustavo Antonio MARTURET Vice President Banco Mercial y Agricola Advi ser N Alain MORALES Adviser N Emilio MORENO President , CONZUPLAN Adviser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Embassy of Venezuela VENEZUELA (cont'd.) 172 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) VENEZUELA (cont'd.) > Hernan OYARZABAL Director of Public Credit Ministerio de Hacienda Adviser Y Fernando PEREZ AMADO Advi ser N Miguel A. SENIOR Vice-Minister of Adv i s e r N James STONE Oficina Central de Coordinacion y P1 anificacion Adviser N Aquiles VILORIA Fondo de Inversiones de Venezuela Adv i s e r N Carlos ZUBILLAGA Public Credit Director Ministerio de Hacienda Adviser N Finance VIET NAM LE HOANG Governor Vice Minister & Deputy Director-General State Bank of Viet Nam F N ************ Mrs. DO THI TAI State Bank of Viet Nam T. Alt. Gov. F N DO VAN NHEIN Deputy Head of Department State Bank o f Viet Nam T. Alt. Gov. F N LE VAN CHAU Deputy Head of Departmen t State Bank of Viet N am T. Alt. Gov. B N ************ CU DINH BA Counselor, Permanent Mission of Viet Nam to the U.N. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser VIET NAM (cont'd . ) N 173 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) VIET NAM ( cont'd.) TRAN QUOC HUNG Economist, State Bank of Viet Nam N Adviser WESTERN SAMOA Governor Vaovasamanaia R.P. PHILLIPS Minister of Finance F Y F Y ************ Alistair L. HUTCHISON Financial Secretary, Alt. Gov. Treasury Department ************ L. TAGALOA Legislative T. Alt. Gov. B N T. Alt. Gov. B N Department Kolone VA'AI Assistant Financial Secretary Treasury Department *********** * Richard H. CARRUTHERS Director, Bank of Western R. NEWTON Senior Manager, S.A. 4 Adv i s e r N Adviser N Adviser N Advi ser N Samoa Bank of Western Samoa PANDIT Leaupepe TAOIPU Chairman of the Parliamentary Public Accounts Committee ************ Miss Fran BAWDEN Senior Staff Assistant https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N 174 CAPACITY ATTENDING NAME YEMEN ARAB Mohamed Ahmed AL-GUNAID Deputy Prime Minister for Financial & Economic Affai:r s REP. SPOUSE (Y/N) REPUBLIC Governor F N Ali Lutf AL-THOR Governor Minister of Development & Chairman, Central Planning Organization B N ********* kick Ali A. KHODER Deputy Minister of Alt. Gov. B N Alt. Gov. F N Economy Abdulla SANABANI Governor, Central Bank of Yemen ************ Anwar AL HARAZI Deputy Under-Secretary Central Planning Organization Adv i se r N Omar Salim BAZARA Foreign Department Central Bank of Yemen Advi ser N YEMEN, PEOPLE'S DEMOCRATIC REPUBLIC Mahraood Saed MADHI Minister of Finance Governor F N Farag bin GHANEM Minister of Planning Governor B N ************ Salem M. AL-ASHWALI Deputy Governor, Bank of Yemen Alt. Gov. F N Hassan HUBAISHI Assistant Deputy Minister of Alt. Gov. B N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Planning 175 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) YUGOSLAVIA Petar KOSTIC Federal Secretary for Finance Governor B N Ksente BOGOEV Governor Banque Nationale de Yougoslavie Governor F N ************ Gavra POPOVIC Assistant Federal Secretary for Finance Alt. Gov. B N Ilija MARJANOVIC Deputy Governor Banque Nationale de Yougoslavie Alt. Gov. F N ************ Budimir LONCAR Ambassador of Yugoslavia to the T. Alt. Gov. B Y T. Alt. Gov. B N U.S.A. Miodrag STOJILJKOVIC Alternate Executive Director WorId Bank ************ Naum ACKOVSKI Head of Department Federal Secretariat Adv i s e r N Milutin GALOVIC Economic Counselor Embassy of Yugoslavia Adviser Y Tomas GUDAC Special Adviser Federal Secretariat for Adviser N Mrs. Gordana HOFMANN Direc tor Banque Nationale de Yougoslavie Adviser N Nikola JELIC Senior Advi ser Federal Secretariat Advi ser N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis for for Foreign Affairs Finance Finance YUGOSLAVIA (cont’d.) 176 CAPACITY ATTENDING NAME YUGOSLAVIA Mrs. Gordana OLUJIC Federal Secretariat for Finance REP. SPOUSE (Y/N) (cont'd.) Adviser N Miroslav SARENAC Adviser Adviser, Banque Nationale de Yougoslavie N Mihajlo ZARIC Federal Secretariat of N Adviser Finance ************ Mrs. Milica BORLJA Interpreter N Ms. Audrey S. THOMAS Secretary to the Delegation N ZAIRE NAMWISI MA KOYI Commissioner of State for Finance Governor B Y SAMBWA Pida Nbagui Governor, Banque du Zaire Governor F N B N ************ BAZUNDAMA Luzumbulu Director of Taxes Department of Finance Alt. Gov. ************ BOKANA W'ONDANGELA Commissaire General au DJAMBOLEKA LOMA Principal Adviser to the Commissioner of State for Finance I. HAKKI BATUK Department of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Adviser N Adviser N Advi ser N Plan Finance ZAIRE (cont'd.) 177 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ZAIRE (cont’d.) KASONGO Mutuale Ambassador of Zaire Adviser Y MAMBULU MAKUDIA NSIALA Director, Banque du Zaire Adviser N MAWAKANI Samba Assistant to the Governor Banque du Zaire Adviser N MIBULUMUKINI Conseiller Principal du Commissaire General au Plan Adviser N MONGA wa NGALABA Departement des Banque du Zaire Adviser N Advi ser N N'GOLE ILIKI Director-General Public Debt Management Office Adviser N Mamoudou TOURE Principal Director, Adviser N Adviser N MOSENGO Public to the U.S.A. Etudes Debt Management Office Banque du Zaire YHEMBA Secretaire Particulier du Commissaire General au Plan BABALA MWEL Private Secretary to the of State for Finance N Commissioner BALEDBI INKASHA Secretary to the Delegation N BOBANZA Nzele Secretary to Mr. N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sambwa 178 CAPACITY ATTENDING NAME REP. SPOUSE (Y/N) ZAMBIA Kebby K.S. MUSOKOTWANE Minister of Finance Governor J N ************ Lloyd C. SICHILONGO Permanent Secretary, Ministry of Alt. Gov. B Y Alt. Gov. F N F inance L.J. MWANANSHIKU Governor, Bank of Zambia ************ B. BOMA Second-Secretary (Accounts) Embassy of Zambia Adviser Y Advi ser N Adviser Y T.C. KAPOMA First Secretary (Political) Embassy of Zambia Adviser Y S.H. KONIE Managing Director Zambia State Insurance Corp. Adv i s e r N D.N. MULAISHO Special Assistant to the President (Economics) Adv i se r N Miss H.P. NACHINSAMBWE Third-Secretary, Embassy of Zambia Adviser N M.G. SAKALA Deputy Director of Bank of Zambia Adviser N C.L.M. CHIRWA Economist, Ministry of Finance H. CHISUTA Counselor, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Embassy of Zambia Research - 179 - BOARD OF GOVERNORS - 1980 ANNUAL MEETINGS EXECUTIVE DIRECTORS, ALTERNATES, AND ADVISORS FUND Executive Directors * , Alternate Executive Directors Jahangir Amuzegar* (Iran) John Anson* (United Kingdom) Sam Y. Cross* (United States) Jacques de Groote (Belgium) S. D. Deshmukh* (India) Lamberto Dini (Italy) Bernard J. Drabble (Canada) Mohammed Finaish* (Libya) Francisco Garces* (Chile) Teruo Hirao* (Japan) Mahsoun B. Jalal* (Saudi Arabia) Alexandre Kafka* (Brazil) Byanti Kharmawan* (Indonesia) Gerhard Laske* (Germany) Paul Mentre de Loye* (France) Festus G. Mogae* (Botswana) Joaquin Muns* (Spain) Samuel Nana-Sinkam (Cameroon) Ariel Buira* (Mexico) Abderrahmane Alfidja* (Niger) H. 0. Ruding* (Netherlands) Matti Vanhala* (Finland) R. J. Whitelaw* (Australia) Tom de Vries* (Netherlands) Gisli Blondal* (Iceland) Richard J. Lang* (New Zealand) *Spouse accompanying https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mohammed Yeganeh* (Iran) Lionel D. D. Price* (United Kingdom) Donald Syvrud* (United States) Heinrich G. Schneider* (Austria) D. Lakshman Kannangara* (Sri Lanka) Costa P. Caranicas* (Greece) Michael Casey* (Ireland) Kadhim A. Al-Eyd* (Iraq) Julio C. Gutierrez* (Paraguay) Akira Nagashima* (Japan) Yusuf A. Nimatallah* (Saudi Arabia) Jose R. Gabriel-Peha* (Dominican Republic) Savenaca Siwatibau* (Fiji) Guenter Winkelmann* (Germany) Thierry Aulagnon* (France) Semyano Kiingi* (Uganda) Advisors to Executive Directors Jose Fajgenbaum* (Argentina) (Ms.) T. Khatijah Ahmad (Malaysia) Andrew K. Mullei* (Kenya) Silvio E. Conrado* (Nicaragua) Christian Bouchard* (Gabon) Aliou B. Diao* (Senegal) - 180 - BOARD OF GOVERNORS - 1980 ANNUAL MEETINGS EXECUTIVE DIRECTORS, ALTERNATES AND ADVISORS BANK Executive Directors Alternate Executive Directors John Anson* (United Kingdom) Moncef Belkhodja* (Tunisia) Jacques de Groote (Belgium) Earl G. Drake* (Canada) Said E. El-Naggar* (Egypt) J. W. Keany* (Australia) Colbert I. King* (United States) Eberhard Kurth* (Germany) Anthony IJ. A. Looijen* (Netherlands) Hans Lundstrom* (Sweden) Austin H. Madinga* (Malawi) Placido L. Mapa, Jr.* (Philippines) Eduardo Mayobre* (Venezuela) Paul Mentr£ de Loye* (France) Seiji Morioka* (Japan) M. Narasimham* (India) Armand Razafindrabe* (Madagascar) Giorgio Rota (Italy) Alberto Sola* (Argentina) Zain Azraai* (Malaysia) Derek F. Smith* (United Kingdom) Omar Kabbaj* (Morocco) Herbert Sutter (Austria) Reno J. Brown* (Bahamas) Saleh A. Al-Hegelan* (Saudi Arabia) Sang-Chul Suh* (Korea) David S. King* (United States) Hans-Dieter Hanfland* (Germany) Miodrag M. Stojiljkovic* (Yugoslavia) Ole L. Poulsen* (Denmark) Y. S. M. Abdulai* (Nigeria) Guillermo Constain* (Colombia) Roberto Mayorga-Cortes* (Nicaragua) Mrs. Marthe Parent* (France) Kimiaki Nakaj ima* (Japan) M. Syeduz-Zaman* (Bangladesh) Nicephore Soglo* (Benin) Rodrigo M. Guimaraes* (Portugal) David Blanco* (Bolivia) Aung Pe* (Burma) * Spouse accompanying. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Advisors to Executive Directors Basil K. I. Al-Bustany* (Iraq) James Nxumalo* (Swaziland) Juan Foncerrada* (Mexico) Ali Mohamoud Kaifan* (Somalia) T
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