RE: MAI in IMF

[Robert Weissman <rob@essential.org>]

http://www.imf.org/external/np/cm/1998/041698a.htm

Communique‚ of the Interim Committee of the Board of Governors of the 
International Monetary Fund
April 16, 1998

[...]

Liberalization of Capital Movements Under an Amendment of the Articles

4. The financial crisis in Asia has given heightened attention to the role 
of capital flows in economic development. The effects of the crisis have not 
negated the contribution that capital movements have made to economic 
progress in the Asian countries before the crisis erupted. Rather, the 
crisis has underscored the importance of orderly and properly sequenced 
liberalization of capital movements, the need for appropriate macroeconomic 
and exchange rate policies, the critical role of sound financial sectors, 
and effective prudential and supervisory systems. The Committee reaffirmed 
its view, expressed in the Hong Kong Communiqu‚ last September, that it is 
now time to add a new chapter to the Bretton Woods Agreement by making the 
liberalization of capital movements one of the purposes of the Fund and 
extending, as needed, the Fund's jurisdiction for this purpose. The 
Committee noted the progress made thus far and the provisional agreement 
reached by the Executive Board on that part of the amendment dealing with 
the Fund's purposes. It requested the Executive Board to pursue with 
determination its work on other aspects, including policyissues, with the 
aim of submitting an appropriate amendment of the Articles for the 
Committee's consideration as soon as possible.