International Monetary Fund Annual Report 1963

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1963. The report highlights that during the course of 1962, economic activity continued to expand in most industrial countries. In the United States, there was some slowdown in production, but final purchases rose almost as much as during 1961, and a revival of activity set in during the early part of 1963. In continental Europe, a climate of general prosperity continued to prevail.

The Annual Report to the Board of Governors reviews the IMF's activities and policies during any given year. There are five chapters: (1) Overview, (2) Developments in the Global Economy and Financial Markets, (3) Policies to Secure Sustained and Balanced Global Growth, (4) Reforming and Strengthening the IMF to Better Support Member Countries, and (5) Finances, Organization, and Accountability. the full financial statements for the year are published separately and are also available, along with appendixes and other supplementary materials.

This paper outlines among the underdeveloped countries, some experienced an improvement in their balance of payments positions, enabling them to reduce restrictions on payments. Many of them, however, still had difficult balance of payments problems—because of such factors as rapid development and growth, a deterioration in their terms of trade, inflation, and other causes—and continued to apply exchange and import restrictions, or introduced additional restrictions, in an attempt to avoid undue pressure on the exchange rate and a drain on reserves. Taking a broad view of developments in the field of exchange restrictions during the past twelve months, it can be stated that it was a year of progress. The international payments system was strengthened further, and the net effect was a comparative calm in international exchange markets notwithstanding severe fluctuations on stock exchanges. The payments position and prospects of a range of countries enabled them to reduce and in some cases virtually to eliminate restrictions. Other countries that continued to experience balance of payments difficulties, such as India, Indonesia, and Ceylon, increased their import restrictions.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1957. The report highlights that boom conditions continued throughout 1956, sustained by an undercurrent of private business investment sufficiently strong to compensate for such weaknesses as appeared in some individual sectors. Any apprehensions, which might have been entertained in the early months of the year that the upward trend of business was soon to be reversed, were thus shown to be without foundation.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1960. The report highlights that the year ended April 1960 showed a continued upswing in world industrial activity and an increase in world trade. Industrial production in 1959 was greater by 10 percent than in the recession year of 1958, and the value of world trade increased by 6 percent, both increases being more or less continuous from about the middle of 1958.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1948. The report highlights that during 1947 and in the early part of 1948, considerable progress was made in strengthening the economies that suffered devastation and dislocation as a result of the war. Over the world, generally production rose and recovery continued, despite widespread political tension and conflict, and disturbances. In nearly all countries, however, the need and demand for goods continued to be abnormally great, and there were increasing difficulties in meeting international payments for import surpluses.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1956. The report highlights that the world payments situation has in fact improved, restrictions have been further relaxed, the transferability of important currencies has been extended, and discrimination, especially that resulting from bilateral arrangements, has had less influence on the direction of trade. Progress in extending multilateral trade and payments has thus been maintained, although during the year there was no addition to the list of IMF members that have established formal convertibility of their currencies.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1950. The report highlights that the widespread devaluation of currencies that took place in September 1949 was the most far-reaching in any comparable period in recent times. Thirteen members agreed new par values with the IMF, most of them involving a devaluation of approximately 30.5 percent in relation to the U.S. dollar. Six member countries with which the IMF has no agreed par value also depreciated their exchange rates.