Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1991
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Purposes of the Fund

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

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

Article I of the Fund’s Articles of Agreement

International Monetary Fund

Annual Report of the Executive Board for the Financial Year Ended April 30, 1991 Washington, D.C.

International Standard Serial Number: ISSN 0250-7498


The following symbols have been used in 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., 1988-89 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (e.g., 1988/89) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

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

All references to dollars are to U.S. dollars unless noted otherwise.

International Monetary Fund

Managing Director and Chairman of the Executive Board

Michel Camdessus

Deputy Managing Director

Richard D. Erb

Executive DirectorsAlternate

Executive Directors
Thomas C. Dawson IIQuincy M. Krosby
David PeretzPaul Wright
Bernd GoosBernd Esdar
Jean-Pierre LandauJean-François Clrelli
Koji YamazakiNaoki Tabata
Muhammad Al-JasserAbdulrahman Al-Tuwauri
Jacques de GrooteJohann Prader
Renato FilosaNikos Kyriazidis
Angel TorresRoberto Marino
G.A. PosthumusZarko Trbojevic
Mohamed FinaishAzizali F. Mohammed
C. Scott ClarkGabriel C. Noonan
E.A. EvansGrant H. Spencer
Markus FogelholmIngimundur Fridriksson
L.B. MonyakeL.J. Mwananshiku
G.K. AroraL. Eustace N. Fernando
Alexandre KafkaJuan Carlos Jaramillo
J.E. IsmaelTanya Sirivedhin
DAI QiandingZHANG Zhixiang
Alejandro VéghA. GuillermoZoccali
Abbas MirakhorOmar Kabbaj
Corentino V. SantosYves-Marie T. Koissy

Senior Officers

SterieT. Beza*


Jacob A. Frenkel*

Economic Counsellor

Mamoudou Touré


Leo Van Houtven*


Graeme F. Rea


Administration Department

Mamoudou Touré


African Department

P.R. Narvekar


Asian Department

J.B. Zulu


Central Banking Department

Massimo Russo


European Department

John T. Boorman


Exchange and Trade Relations


Bahram Nowzad

Acting Director

External Relations Department

Vito Tanzi


Fiscal Affairs Department

Anthony Lanyi

Acting Director

IMF Institute

François P. Gianviti

General Counsel

Legal Department

A. Shakour Shaalan


Middle Eastern Department

Jacob A. Frenkel


Research Department

Leo Van Houtven


Secretary’s Department

JohnB. McLenaghan


Statistics Department

David Williams

Acting Treasurer

Treasurer’s Department

Sterie T. Beza


Western Hemisphere Department

Warren N. Minami


Bureau of Computing Services

Alan Wright


Bureau of Language Services

Andrew J. Beith


Office in Europe (Paris)

Helen B. Junz

Director and Special Trade Representative

Office in Geneva

W.A. Beveridge


Office of Internal Audit and Review

Bahram Nowzad

Chief Editor

Letter of Transmittal to the Board of Governors

August 6, 1991

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, 1991, 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 and capital budgets of the Fund approved by the Executive Board for the financial year ending April 30, 1992 are presented in Appendix VIII. The audited financial statements for the year ended April 30, 1991 of the General Department, the SDR Department, Accounts administered by the Fund, the Staff Retirement Plan, and the Supplemental Retirement Benefit Plan, together with the reports of the External Audit Committee thereon, are presented in Appendix IX.

Yours sincerely,

Michel Camdessus

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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