Front Matter

Front Matter

International Monetary Fund
Published Date:
September 1986
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The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials, ANSI Z39.48-1984.

International Standard Serial Number: ISSN 0250-7498


ANNUAL REPORT of the Executive Board for the Financial Year Ended April 30, 1986



The following symbols have been used throughout this Report:

  • … to indicate that data are not available;
  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
  • – between years or months (e.g., 1979–81 or January–June) to indicate the years or months covered, including the beginning and ending years or months:
  • / between years (e.g., 1980/81) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

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

International Monetary Fund

J. de Larosière, Managing Director and Chairman of the Executive Board Richard D. Erb, Deputy Managing Director

Executive DirectorsAlternate

Executive Directors
Charles H. DallaraMary K. Bush
T. P. LankesterMichael Foot
Guenter GroscheBernd Goos
Hélène PloixSylvain de Forges
Hirotake Fuji noMasahiro Sugita
Yusuf A. NimatallahJobarah E. Suraisry
Pedro PérezGuillermo Ortiz
J. J. PolakJ. de Beaufort Wijnholds
Jacques de GrooteHeinrich G. Schneider
Marcel MasséLuke Leonard
Salvatore ZecchiniNikos Kyriazidis
Mohamed FinaishTariq Alhaimus
C. R. RyeAntonio V. Romualdez
Hans LundströmHenrik Fugmann
Arjun K. SenguptaA. S. Jayawardena
Alexandre KafkaHernando Arias
E. I. M. MteiAhmed Abdallah
J. E. IsmaelJAAFAR Ahmad
Fernando L. NebbiaJaysuno Abramovich
Ghassem SalehkhouOmar Kabbaj
Abderrahmane AlfidjaMAWAKANI Samba
Senior Officers
CounsellorC. David Finch*
CounsellorWalter O. Habermeier*
Economic CounsellorWilliam C. Hood*
CounsellorL. A. Whittome*
Administration DepartmentGraeme F. Rea, Director
African DepartmentAlassane D. Ouattara, Director
Asian DepartmentP. R. Narvekar, Director
Central Banking DepartmentJ. B. Zulu, Director
European DepartmentL. A. Whittome, Director
Exchange and Trade Relations DepartmentC. David Finch, Director
External Relations DepartmentAzizali F. Mohammed, Director
Fiscal Affairs DepartmentVito Tanzi, Director
IMF Institute DepartmentGérard M. Teyssier, Director
Legal DepartmentFrançois P. Gianviti, Director
Middle Eastern DepartmentA. Shakour Shaalan, Director
Research DepartmentWilliam C. Hood, Director
Secretary’s DepartmentLeo Van Houtven, Secretary
Treasurer’s DepartmentWalter O. Habermeier, Treasurer
Western Hemisphere DepartmentEduardo Wiesner, Director
Bureau of Computing ServicesWarren N. Minami, Director
Bureau of Language ServicesAndrew J. Beith, Director
Bureau of StatisticsWerner Dannemann, Director
Office in Europe (Paris)Aldo Guetta, Director
Office in GenevaCarlos E. Sansón, Director

Alphabetical listing.

Alphabetical listing.

August 5, 1986

Letter of Transmittal to the Board of Governors

August 15, 1986

Dear Mr. Chairman:

I have the honor to present to the Board of Governors the Annual Report of the Executive Board for the financial year ended April 30, 1986, in accordance with Article XII, Section 7(a) of the Articles of Agreement of the International Monetary Fund and Section 10 of the Fund’s By-Laws. In accordance with Section 20 of the By-Laws, the administrative budget of the Fund approved by the Executive Board for the financial year ending April 30, 1987 is presented in Appendix VII and the audited financial statements of the General Department, the SDR Department, the Supplementary Financing Facility Subsidy Account, the Trust Fund, and the Staff Retirement Plan for the year ended April 30, 1986, together with the reports of the External Audit Committee thereon, are presented in Appendix VIII.

Yours sincerely,


J. de Larosière

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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