Jerusalem, 13 February 1996

BANK OF ISRAEL TO HOST IMF/WORLD BANK CONSTITUENCY MEETING

(Communicated by Bank of Israel Spokesman)

BANK OF ISRAEL AND FINANCE MINISTRY HOSTING JERUSALEM MEETING OF FINANCE MINISTERS AND CENTRAL BANKERS FOR DISCUSSIONS ON SUBJECTS RELATED TO INTERNATIONAL MONETARY FUND AND WORLD BANK.

The Bank of Israel and the Finance Ministry will, from 17-19.2.96 host a conference of finance ministers, central bankers, and other senior officials from the 12 countries comprising the Constituency Group of Countries with which Israel is associated in the International Monetary Fund and the World Bank.

The countries comprising the group are: Israel, Netherlands, Ukraine, Romania, Bulgaria, Georgia, Cyprus, Croatia, Moldavia, Bosnia-Herzegovina, Armenia, and Macedonia. About 50 finance ministry and central bank officials, including 11 finance ministers and 11 central bankers will attend.

The purpose of the meeting is to hold consultations and discussions between the economic heads of the participating members concerning subjects which are on the current agenda of the IMF and the World Bank. The subjects include policy issues as well as issues specific to only a number of the countries especially those which are in the process of changing from a managed economy to a market economy (those of the former Soviet Union and those in Eastern Europe).

On Sunday, 18.02.96, a seminar will take place focusing on surveying the world’s economy, with a special emphasis on the countries which are making the transition from managed to market economies. Lecturers in this session will be IMF First Deputy Managing Director, Prof. Stanley Fischer; World Bank Senior Vice-President for Development Economics and Chief Economist, Prof. Michael Bruno; European Bank for Reconstruction and Development First Vice-President, Mr. Ron Freeman; and Bank of Israel Governor, Prof. Jacob Frenkel.

This will be the third meeting of the group; it is taking place in Jerusalem after Israel positively replied to the Netherland’s request that Israel host the meeting. The first two meetings were held in the Netherlands. The Bank of Israel’s Foreign Affairs Division, which is responsible for relations with international economic bodies, has organized the conference.