Mr President,
Mr President-Elect,
Distinguished Governors and Delegates,
Ladies and Gentlemen,

We have come to the end of the Twenty-Fourth Session of the Governing Council, but we are at the beginning of another chapter in the history of our Fund. The statements and reports we have heard over the past two days are clear evidence of Member States’ unreserved support for IFAD and their trust in its good management.

The Council was greatly honoured by the inspiring address of the President of the Arab Republic of Egypt, His Excellency Mohamed Hosni Mubarak. This continued support and encouragement for the work of IFAD by one of the world’s great statesmen is a tribute to the accomplishment of the Fund and its staff.

His Excellency Natale D’Amico, Under-Secretary at the Italian Ministry of Finance, highlighted his Government’s appreciation of the invaluable role IFAD has maintained over the years in alleviating the hunger and poverty still besetting so many.

This unique role was also recognized, particularly within the United Nations family, by the Secretary-General of the United Nations. In his message to the Council, Mr Kofi Annan emphasized the Fund’s vital role as an essential partner in the effort to achieve our Millennium goal.

The statement of Ms Catherine Bertini, Executive Director of the World Food Programme, and the message of Mr Jacques Diouf, Director-General of the Food and Agriculture Organization, delivered on his behalf by Mr David Harcharik, shared the theme of a unified front – a combined effort towards a common goal. The stronger the bond that links these three organizations in Rome, the better the chance of reaching those men and, especially, women and children, who are destined for a life of hunger.

Distinguished Governors,

At this last Session of the Governing Council in which Mr Fawzi Al-Sultan has attended as President of IFAD, many tributes have been paid to his leadership and dedication. Tributes that have come from President Mubarak, his colleagues in the World Food Programme and the Food and Agriculture Organization, and, most importantly, from the Governors of the Member States he has so ably served over the past eight years. During these years Fawzi Al-Sultan has been able to create an environment conducive to change within the Fund. His insight has allowed for the evolution of the organization both internally and with respect to its external operations, making IFAD – in his own words – a tested and proven instrument to fight poverty. He has not only acquired the praise of the international development community but has earned the esteem of his staff – the mark of a true leader.

Mr Al-Sultan, we once again wish you good fortune and have no doubt of the success of your future endeavours.

The Council appointed Mr Lennart Båge, by acclamation, as the fourth President of IFAD, for a four-year term of office. We are certain Mr Båge’s reputation in the field of development more than qualifies him to take on this impressive responsibility.

During this Session, we approved the application for non-original membership of the Republic of Iceland. The Council is pleased to be able to welcome in its midst a Member State that has already expressed its willingness to support the Fund both financially and through collaboration with its programmes.

Distinguished Governors,

At this Session the Fund was able to announce the completion of the Fifth Replenishment of IFAD’s Resources – a threshold to its future. It now rests with each of us to ensure the Replenishment’s speedy effectiveness so that the hard work of our colleagues on the Consultation can be translated into productive results for the Fund’s clients, the rural poor. Let us not leave today without that commitment.

The Governing Council approved the administrative budget of IFAD for 2001 at a level of USD 53.59 million, including a contingency of USD 250 000. It also approved the establishment of a Programme Development Financing Facility and a framework for market-based cofinancing of our projects and programmes. This framework will allow IFAD to support recipient governments’ access to private-sector capital in order to cofinance activities linked to the Fund’s projects.

The Council was presented with two reports on management and staff efforts towards the changes the Fund is undergoing. The first of these was on the progress made in implementing the IFAD Plan of Action for the years 2000-2002 that incorporates the recommendations and findings of the Consultation. I believe that a Fund that listens to its Member States and honours their requests deserves their continued support.

The second report was on the Process Re-Engineering Programme, which the Fund is undertaking to further streamline its operational processes. We are all well aware that constructive change starts from within and we look forward to the results of the programme.

We also had a presentation on IFAD’s Rural Poverty Report 2001 and its launching in New York by the Secretary-General of the United Nations. The report highlights the importance of rural poverty in the context of overall poverty and the role of agriculture and related activities in the livelihoods of the poor. I believe that the report will make an important contribution to the development dialogue and help us achieve the poverty targets established by the Millennium Summit last September.

Finally, as the Council well knows, IFAD plays a particularly active role in two major global partnerships: the Popular Coalition to Eradicate Hunger and Poverty and the Global Mechanism of the Convention to Combat Desertification. Their annual progress reports further demonstrate the synergies obtained in pooling resources and expertise.

Fellow Governors,

This Session marks the fourth in which I have served on the Governing Council Bureau, the second as Chairperson. Each occasion has been an exhilarating experience, but I must thank you all for having made this particularly challenging Session a pleasure to preside over.

My appreciation goes to my fellow Bureau members, the Governors for Honduras and the Libyan Arab Jamahiriya. I could not have asked for more cooperative and gracious colleagues. Thank you, gentlemen.

Our thanks should go as well to the staff of IFAD whose expertise in organizing and conducting this conference is matched only by its dedication. I might add here that the members of the Voting Committee should take particular pride in having so efficiently carried out such a stressing and delicate duty. A special note of thanks goes always to the interpreters, technical staff, printshop and, of course, the conference messengers without whom no conference could function.

On a more personal note, I would like to thank Fawzi Al-Sultan. It has truly been a pleasure working with you. You have not only been a good leader, colleague and friend but have always been, above all, a gentleman.

Ladies and Gentlemen,

Over the past two days we have delivered statements, heard reports, made decisions, adopted resolutions and held elections. All the while enjoying the comforts of a modern conference centre in one of the most beautiful cities in the world. Let us not take these privileges for granted. Too many of our fellow human beings go without – too many go hungry – too many children have no future. Until we meet again next year, let us ensure that we do our share and that, more importantly, we convince others to do their share in helping the world’s needy. Mr Båge, our trust has been placed in you to ensure that IFAD’s share of this so difficult task is duly performed.

I now hereby close the Twenty-Fourth Session of the Governing Council.

Thank you.