Highlights of Camdessus's tenure, 1987-99

• Pages: 374

Page 374

Camdessus (left) at his first Annual Meetings in 1987, with H. Onno Ruding, then Chairman of the Interim Committee.

Camdessus confers with IMF staff during the 1995 Mexican financial crisis.

Camdessus at the 1999 Annual Meetings with Alan Greenspan, Chairman of the U.S. Federal Reserve Board (center), and Wim Duisenberg, President of the European Central Bank.

1987 January 16

Camdessus takes office as Managing Director.

December 29

Enhanced Structural Adjustment Facility (ESAF) established.

1988 August 23

Compensatory and Contingency Financing Facility (CCFF) set up.

1990 July 2

IMF Board of Governors authorizes a 50 percent increase in IMF Quotas to SDR 135.2 billion ($180 billion) under the Ninth General Review.

1991 September 30

Executive Board appoints Camdessus to second term.

October 5

Camdessus signs agreement with Soviet President Mikhail Gorbachev establishing a Special Association between the U.S.S.R. and the IMF.

1992 August 3

Five-month Stand-By Arrangement approved for Russian Federation in the amount of SDR 719 million (about $1.0 billion).

1993 April 16

IMF Executive Board approves creation of the temporary Systemic Transformation Facility.

1994 February 28

Executive Board initiates operations under enlarged and extended ESAF, raising total loan resources under the ESAF Trust to SDR 10.1 billion.

October 2

Interim Committee recommends a temporary increase in members' access to IMF financial resources-from 68 percent of quota to at least 85 percent.

1995 February 1

Largest IMF financial commitment to date is approved, as Mexico enters into a Stand-By Arrangement for SDR 12.1 billion.

1996 April 16

IMF establishes Special Data Dissemination Standard for members having, or seeking, access to international capital markets.

May 22

IMF Executive Board selects Camdessus for a third term.

September 29

Interim and Development Committees endorse joint IMF-World Bank Heavily Indebted Poor Countries Initiative (HIPC Initiative).

October 1

Camdessus welcomes new Partnership for Sustainable Global Growth, containing 11 principles for governance of the world economy.

1997 January 27

IMF Executive Board approves the New Arrangements to Borrow (NAB), under which the IMF may borrow up to SDR 34 billion from 25 participating countries and institutions.

July 2

Asian crisis erupts in Thailand.

August 20

IMF approves SDR 2.9 billion ($3.9 billion) Stand-By Arrangement for Thailand.

November 5

IMF approves SDR 7.3 billion ($10.1 billion)...