The 19th Annual Session of the Ministerial Council of the Fund (see "Ministerial Council") took place June 17 at the Fund's headquarters in Vienna. The session brought together honorable ministers, ambassadors and other ranking officials of member states' governments.

As usual, the Council, which constitutes the highest policy-making body of the Fund, considered and adopted the (1997) Annual Report of the Fund; reviewed and approved audited financial statements and examined and authorized proposed Fund involvement in private sector financing. It also considered a status report on implementation of the Heavily Indebted Poor Countries' Initiative.

In another major decision, the Ministerial Council unanimously renewed the term of office of the incumbent Director-General, H.E. Dr. Y. Seyyid Abdulai of Nigeria. The re-appointment, for another five-year term, took effect August 1, 1998. Dr. Abdulai thus began a 4th consecutive term.

Dr. Abdulai first assumed office as director-general in August 1983. He was hitherto with the Federal Mortgage Bank of Nigeria where he served as managing director. Prior to the Mortgage Bank, he worked for eight years with the World Bank where he rose to become an executive director. He is still committed to the principles and ideals of the institution. He holds a doctoral degree in economics from McGill University. As director-general, Dr. Abdulai has steered the OPEC Fund in the directions of flexibility and adaptability to cope with changing times. The Fund has, during his tenure, managed to shift its focus from large-scale projects to smaller-sized, community-oriented schemes. Beneficiary communities have taken delivery of clean water plants, health care schemes, education resources and infrastructure development, among others.

In an address to the 19th Session of the Ministerial Council, Dr. Abdulai spoke of a commitment, on the part of the Fund, to investing in the fundamental necessities of life and to channeling resources into projects which have a lasting impact on people's day-to-day existence. He also underlined the Fund's increasing capacity for judicious planning and the careful monitoring of delivered resources.

Dr. Abdulai remains convinced of the positive value of development cooperation and credits Fund member countries with the major achievements of the institution (see the foreword to this Annual Report). He describes development assistance as an effective instrument against poverty and for facilitating the effective participation of poorer countries in a rapidly globalizing world economy. Dr. Abdulai is married and has four children.




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