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Fifth Annual Meetings of the Boards of Governors of the IMF and the World Bank Group, Paris, September 1950

Background

Document of the Month

Mr. Auriol, President of France, leaving the Bank of France Annex after delivering the opening address, September 6, 1950

The Boards of Governors of the International Monetary Fund and the World Bank Group meet once a year in the fall to discuss the work of their respective institutions. The Annual Meetings, which take place in Washington, DC on October 13th this year, have traditionally been held in Washington, DC for two consecutive years and in another member country every third year.

The 5th Annual Meetings were held in Paris at the Annex of the Bank of France from September 6-14, 1950. The President of the French Republic, Vincent Auriol, addressed members of the Boards and the public on September 6 followed by a formal joint session of the Boards, to begin the conference's proceedings.

“…it is only through a trusting cooperation between all people, in all fields, that men may be assured of prosperity and peace. It was this very belief which brought the Allies to meet in Bretton Woods in July 1944, while still fighting together on all fronts, in order to set the foundations of financial and economic cooperation between people.” (From the Address by the President of the Republic of France, Vincent Auriol, to the Governors of the Bank and Fund, September 6, 1950)

Document of the Month

 

Document of the Month

Fifth Annual Meetings participants at the session, Paris, September 1950 Fifth Annual Meetings participants at the session, Paris, September 1950

Chintaman D. Deshmukh, Chairman of the Boards of Governance and Finance Minister of India presided. Eugene Black, World Bank President, presented the Bank’s Fifth Annual Report  to the Bank’s Board of Governors on September 8.  

"Up to the present time, we have made loans which total nearly a billion dollars to 17 countries in widely separated parts of the world. We can already begin to see the fruits of these loans; to mention but a few examples, Bank financing is helping to produce steel in Western Europe, to increase timber yield in Eastern Europe, to enable Indian Railways to break bottlenecks which had interfered with the effective distribution of goods, to augment substantially the output of hydroelectric power in the Western Hemisphere, and to expand food production in a number of countries." (From the Address by Eugene Black, President of the Bank, in presenting the Fifth Annual Report of the Bank to the Board of Governors, September 8, 1950)

Document of the Month

 

Document of the Month

Fifth Annual Meetings participants at the session, Paris, September 1950 Fifth Annual Meetings participants at the session, Paris, September 1950

During the remaining days of the Annual Meetings, the Governors met in closed session to discuss the annual reports and other items on the agenda. The Bank’s schedule also included three informal panel discussions of its operations, policies and activities.

Document of the Month

Mr. and Mrs. Black leaving the Comedie Française on their way to a reception at the Ministry of Finance in the Louvre, September, 1950

The Fund’s schedule included discussions by the Governors of exchange, monetary and fiscal problems faced by the member countries at that time.

Meeting Agenda

The Paris meeting agenda included:

  • Fifth Annual Report
  • Financial Statements and Annual Audit
  • Administrative Budget for Fiscal Year Ending June 30, 1951
  • Establishment of Reserve and Disposition of Surplus
  • Advisory Council of the Bank
  • Third Regular Election of Executive Directors
  • Loan Regulations Nos. 3 and 4 of the Bank
  • Place and Date of Sixth Annual Meeting
  • Election of Officers and Procedures Committee for 1950-51

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Summary Proceedings of the Fifth Annual Meetings, Paris, September 6-14, 1950

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