Singapore, 24 September 2003...The Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group today appointed Mr. Lim Hng Kiang, Minister in the Prime Minister's Office and Second Minister for Finance, to chair the Boards of Governors of the IMF and the World Bank. Singapore's term for chairmanship will last for one year until the end of the 2004 Annual Meetings in Washington D.C.

2   The Boards of Governors are the highest decision-making bodies in their respective institutions. The Boards' mandates include preserving stability in the international monetary and financial system, and reducing poverty worldwide.

3   The Chairmanship is rotated among major geographical regions, and it will be the Asia-Pacific region's turn in 2004.  The appointment of Mr. Lim to this prestigious position underscores Singapore's high standing in the international community. 

4   As Chairman of the Boards of Governors, Mr. Lim will preside over the plenary sessions of the 2004 Annual Meetings.  He will also chair the Joint Committee on the Remuneration of Executive Directors and their Alternates (JCR). 

5   In accepting the appointment, Mr. Lim said "Singapore is honoured to accept the Chairmanship of the Boards of Governors of the World Bank Group and the International Monetary Fund for the coming year. Singapore's Chairmanship underscores our commitment to the critical role of the Bretton Woods Institutions in promoting a sound international financial system and reducing poverty worldwide".

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Notes to Editor

1   The Boards of Governors of the IMF and the World Bank normally meet once a year to discuss the work of their respective institutions.

2   The Annual Meetings, which generally take place in September-October, have customarily been held in Washington for two consecutive years and in another member country in the third year.  The 2006 Annual Meetings will be held in Singapore.

3   The IMF is an international organization of 184 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.

4   The World Bank is one of the world's largest sources of development assistance.  It is one of the United Nations' specialized agencies, and is made up of 184 member countries. Its primary focus is to help the poorest people and the poorest countries.