Remarks
by
H.E. Ambassador
Makarim Wibisono
President of
the ECOSOC 2000
The Farewell
Dinner for Mr. Michel Camdessus
31 January 2000
Mr. Camdessus,
Ms. Louise Frechette,
Deputy Secretary-General
Distinguished Guests
and Colleagues,
Ladies and Gentlemen,
It is a great honour and privilege for me to host this farewell dinner for Michel Camdessus, Chairman of the Executive Board and Managing Director of the IMF for the past 13 eventful years. I would like to thank each and all of you for joining me here this evening to pay tribute to this distinguished world statesman and leader who is leaving the helm of the IMF at almost the end of an unprecedented third five-year term. That longevity at the helm of the world’s premium financial and monetary institution is, by the way, not even surpassed by the illustrious Dr. Alan Greenspan who is Chairman of the Board of his financial and monetary body, the United States Federal Reserve System, for less than 12 years at this present time.
So, Ladies and Gentlemen, after 13 years of presiding over the international monetary and financial system during a period of momentous change, I believe it would be the height of presumptuousness for of me to dare list Mr. Camdessus’ vast accomplishments. Besides, since I am a strong believer in fine food and drinks not to mention convivial conversation, I intend to be brief on rhetoric this evening.
Therefore, let me just single out a few of those achievements for brief comment. Possibly the one phenomenon that has dominated the past 13 years the most is that of globalization. While each of Michel Camdessus’ 13 years at the helm were certainly momentous, it was the past two and a half years of the downside of globalization, the financial crisis, that proved to be the most traumatic and spellbinding of all. In that time, the financial crisis roared out of Asia and threatened to plunge the whole world back into the dark ages. Those 2 1/2 years must have seemed endless particularly for the countries involved and the head of the IMF who was directly involved in crafting a response to the crisis. In that regard, your own First Deputy Managing Director, Stanley Fisher, characterized this period as roughly seeming to equate to a millennium. We recognize, especially now that taming that raging crisis was a gargantuan task - a task that Michel Camdessus and his staff courageously took on and were successful. Their success warrants our full respect and appreciation.
That is not to say that we always saw Michel Camdessus as a knight in shining armour riding a large white steed into the fray to single handedly save the day. We did have our differences you know. Mainly on policies though our goals were similar. But, he did do battle with the monstrous dark-side of globalization and, to our great relief, succeeded admirably in halting the headlong rush of our economies towards the brink.
But beyond crisis-control, the enormous tasks of reconstruction and reform were also ably handled by Michel Camdessus and the Fund and this has resulted in the spectacular re-emergence of the stricken Asian economies. Even in my own country of Indonesia, which not only plumbed the depths of a devastating financial crisis, but was also embroiled in a profound economy, social and political crisis, is likewise now making progress. For this, the lion’s share of our thanks must go to Mr. Camdessus and the Fund not only for their expert advice and assistance but also for their perseverance.
And, again under Mr. Camdessus’ tutelage, we have seen a marked expansion of the Fund’s membership to almost universal status thereby giving a broad spectrum of countries a voice and a stake in the system. This is also a step in the right direction and should be further strengthened in the future. Otherwise, considering the rapid pace of globalization, the sense of marginalization and alienation could only worsen. In similar manner during Mr. Camdessus’ reign, efforts to forge stronger ties and collaboration with the United Nations, particularly the ECOSOC, have been successful though obviously the dialogue should be further enhanced. We therefore intend to build on this collaboration which began in 1995 with the High-level Dialogue of ECOSOC and has now become an annual event.
Mr. Camdessus’ 13 years are also marked by bringing sustainable development and poverty alleviation to the very heart of the Fund’s policies, which are also major challenges of the new millennium. Right from the beginning of his first term in office he placed the plight and needs of the world’s poorest at the top of his agenda. These steps included the establishment of the Enhanced Structure Adjustment Facility (ESAF) which doubled the highly concessional loans to low income countries to assist adjustment and to foster growth. And, more recently the Heavily Indebted Poor Countries Initiative (HIPC) and its subsequent enhancement together with the launching of the Fund’s Poverty Reduction and Growth Facility have given renewed momentum to the war on poverty. Other significant concerns such as transparency between people and institutions, stability and fairness became characteristic of Mr. Camdessus’ diligent watch.
Moreover, Ladies and Gentlemen, the digital era of globalization has now enveloped us all. But, it is the developing countries and the poorest among them that run the gravest risk of marginalization. In this context we are encouraged by the new agreements reached at last fall’s annual meeting of the IMF and the World Bank. Those agreements gave renewed impetus to promoting more rapid and sustainable development in the world’s poorest countries. We see these measures as important steps in the right direction towards halting the widening gap between the haves and the have-nots and for giving a new voice to all humankind on the decisions that directly impact their lives and well-being. We hope and trust that these initiatives pioneered by you, will continue and be built upon in the years ahead so that the enlightened path of participation and inclusiveness of all humankind will grow to its full potential.
In concluding, I should say it has been our honour and privilege to have worked with you during these challenging and troubling years and to have seen your competence and skillfulness at work in tackling the complexities of globalization particularly its downside. We have also rejoiced with you in your triumphs. I would just like to recall your comment last November when announcing your intention of retiring. You said then that the only intractable problem in Washington was the crabgrass in your garden.
Excellencies,
Distinguished Colleagues,
Ladies and Gentlemen,
I would now ask you each and all to join me in raising you glasses in toast to Michel Camdessus. We salute you and your distinguished legacy and we wish you the best of health, prosperity and happiness in the years ahead and may your new garden be always free from crabgrass.
Thank you.