Selected Decisions and Selected Documents of the International Monetary Fund
Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
September 1998
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    SELECTED DECISIONS AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

    TWENTY THIRD ISSUE

    WASHINGTON, DC

    JUNE 30, 1998

    PREFACE

    This volume is the Twenty-Third Issue of Selected Decisions of the International Monetary Fund and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents, to which frequent reference is made in the current activities of the Fund. In addition, the volume contains certain documents relating to the Fund, the United Nations, and other international organizations. With few exceptions, the decisions are of a general nature and relate to certain obligations, policies, and procedures under the Articles of Agreement.

    The Fourteenth Issue had an accompanying Annex containing bilateral borrowing agreements entered into by the Fund for the financing of the Enlarged Access Policy and for the financing of the ESAF Trust and associated lending, as well as related decisions adopted by April 30, 1989; an updated Annex containing bilateral borrowing agreements and related decisions in force on November 30, 1995 was published as an Annex to the Twentieth Issue. Bilateral borrowing agreements entered into by the Fund in connection with the General Arrangements to Borrow are included in this volume.

    This issue contains the decisions published in the Twenty-Second Issue that remain in effect, as well as new general decisions adopted after the publication of the Twenty-Second Issue.

    Wherever reference is made in this volume to provisions of the Fund’s Articles or Rules and Regulations that have subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.

    The General Counsel

    François P. Gianviti

    Contents

    LIST OF DECISIONS BY NUMBER

    NumberPage
    1946–1951
    2-1515
    71-291
    117-1520
    170-33
    180-5516
    237-2465
    284-3285
    284-492
    286-1285
    287-391
    363-1499
    408-23
    446-4452
    534-3496
    574-2, as amended by 2620-(68/141)516
    597-4516
    1952–1998
    102-(52/11)92, 124
    144-(52/51)454
    201-(53/29)457
    270-(53/95),

    as amended by

    876-(59/15) and

    1151-(61/6)
    123
    343-(54/47)554
    433-(55/42)455
    541-(56/39)385
    649-(57/33)472
    876-(59/15), see

    270-(53/95)
    955-(59/45)459
    1034-(60/27)460
    1151-(61/6), see

    270-(53/95)
    1238-(61/43)91
    1289-(62/1), as

    amended by

    1362-(62/32),

    1415-(62/47),

    4421-(74/132),

    5792-(78/79),

    6241-(79/144),

    7337-(83/37), and

    10175-(92/129)
    386
    1362-(62/32),see

    1289-(62/1)
    1415-(62/47)see

    1289-(62/1)
    2620-(68/141), see 574-2
    2772-(69/47), as

    amended by

    4913-(75/207)

    7602-(84/3), and

    10183-(92/132)
    232
    3153-(70/95)94, 462
    3179-(70/102)234
    3351-(71/51)235
    4134-(74/4)464
    4239-(74/67)297
    4254-(74/75)476
    4377-(74/114), as

    amended by

    6339-(79/179),

    6830-(81/65),
    8885-(88/89),

    10182-(92/132),

    and

    10186-(92/132)
    138
    4421-(74/132), see

    1289-(62/1)
    4913-(75/207), see

    2772-(69/47)
    5069-(76/72)560
    5127-(76/91)235
    5220-(76/144)142
    5371-(77/51)556
    5392-(77/63), as

    amended by

    8564-(87/59)

    8856-(88/64) and

    10950-(95/37)
    10
    5508-(77/127)265, 556
    5509-(77/127)438
    5563-(77/150) TR569
    5590-(77/163)348
    5591-(77/163)555
    5597-(77/171)237
    5694-(78/35),

    see 4773-(75/136)
    5702-(78/39) G/S

    as amended by

    7096-(82/57)G/S
    297
    5703-(78/39), as

    amended by

    6862-(81/81) and

    8955-(88/126)
    292
    5704-(78/39)288
    5706-(78/39)138
    5709-(78/41)TR571
    5712-(78/41)8
    5719-(78/46)559
    5792-(78/79), see

    1289-(62/1)
    5809-(78/88)294
    5832-(78/95)TR572
    5956-(78/180)S534
    5972-(78/189)TR570
    5973-(78/189)TR571
    6000-(79/1)S, as

    amended by

    6438-(80/37)S
    535
    6001-(79/1)S536
    6006-(79/3)445
    6008-(79/3)446
    6026-(79/13), as

    amended by 10273-

    (93/15) and

    10364-(93/67)
    15
    6053-(79/34)S, as

    amended by

    6438-(80/37)S
    538
    6054-(79/34)S, as

    amended by

    6438-(80/37)S
    540
    6056-(79/38)125
    6163-(79/96)446
    6172-(79/101)290
    6201-(79/121)TR572
    6202-(79/121)TR573
    6209-(79/124)S546
    6230-(79/140)130
    6241-(79/144), see

    1289-(62/1)
    6266-(79/156)4
    6273-(79/158)G/S272
    6274-(79/158)273
    6275-(79/158)G/S275
    6336-(79/178)S542
    6337-(79/178) S544
    6339-(79/179), see

    4377-(74/114)
    6352-(79/183)276
    6358-(79/188)TR,

    as amended by

    8640-(87/101) S/TR
    574
    6368-(79/191)S534
    6437-(80/37)S545
    6438-(80/37)S, see

    6000-(79/1)S,

    6053-(79/34)S, and

    6054-(79/34)S,

    6466-(80/68)TR
    573
    6467-(80/71)S526
    6484-(80/77)S529
    6486-(80/77)S529
    6487-(80/77)S530
    6488-(80/77)S530
    6489-(80/77)S530
    6540-(80/98)TR575
    6609-(80/126)S530
    6631-(80/145)G/S521
    6663-(80/160)S287
    6676-(80/168)TR574
    6683-(80/185)G/TR,

    as amended by

    8523-(87/25)SBS and

    8941-(88/122)SBS
    577
    6704-(80/185)TR350, 576
    6709-(80/189) S525
    6718-(81/1)S530
    6772-(81/35)G/S278
    6774-(81/35)228
    6783-(81/40), as

    amended by

    8885-(88/89)
    252, 557
    6790-(81/43)474
    6793-(81/45)577
    6830-(81/65),

    see also 4377-(74/114)
    137, 557
    6831-(81/65), as

    amended by 7059-(82/23)
    295
    6832-(81/65)S550
    6844-(81/75)448
    6845-(81/75)449
    6854-(81/78)SBS, as

    amended by

    8184-(86/9)SBS
    584
    6862-(81/81), see

    5703-(78/39)
    6870-(81/83), see

    6863-(81/81)
    6908-(81/101)S530
    6925-(81/112), see

    6863-(81/81)
    7041-(82/8)G/S551
    7059-(82/23), see

    6831-(81/65)
    7060-(82/23)557
    7064-(82/26)S530
    7086-(82/42)S530
    7096-(82/57)G/S,

    see

    5702-(78/39)G/S
    7116-(82/68)S552
    7142-(82/85)TR

    as amended by

    8640-(87/101)S/TR
    575
    7229-(82/136)S530
    7246-(82/147)240
    7247-(82/147)236
    7337-(83/37), see

    1289-(62/1)
    7403-(83/73)405
    7427-(83/83)20
    7558-(83/156)143
    7582-(83/174)S530
    7589-(83/181)451
    7602-(84/3), see

    2772-(69/47)
    7626-(84/23)S281
    7628-(84/25)402
    7629-(84/25)403
    7704-(84/78)296
    7707-(84/79)S530
    7754-(84/108)SBS586
    7842-(84/165)135
    7857-(84/175)143
    7908-(85/26)97
    7925-(85/38), as

    amended by

    8887-(88/89)
    128
    7931-(85/41)518
    7941-(85/50)S281
    7989-(85/81)585
    7990-(85/81)350
    7999-(85/90)518
    8029-(85/105)351
    8037-(85/110)SBS586
    8160-(85/186)G/S524
    8165-(85/189)G/TR

    as amended by

    8496-(87/3)G/TR,

    8641-(87/101)G/TR,
    8923-(88/110)G/TR,

    10000-(92/58)G/TR,

    10337-(93/49)G/TR,

    10352-(93/49)G/TR,

    and

    10551-(94/1)G/TR
    299
    8184-(86/9)SBS, see

    6854-(81/78)SBS
    8185-(86/9)SBS/S585
    8186-(86/9)SBS/S531
    8192-(86/13)143
    8222-(86/45)76
    8238-(86/56)SAF, as

    amended by

    8497-(87/3)SAF,

    8652-(87/105)SAF,

    8758-(87/176)SAF,

    9118-(89/40)SAF,

    9490-(90/106)SAF,

    9863-(91/156)SAF

    /ESAF, 10093-(92/94)

    SAF and 10353-

    (93/49)SAF
    351
    8239-(86/56) SAF531
    8240-(86/56)SAF, as

    amended by

    8542-(87/36)SAF,

    8651 -(87/105)SAF,

    8935-(88/118)SAF,

    9117-(89/40)SAF

    9986-(92/48)SAF, and

    10184-(92/132)SAF
    359
    8241-(86/56)SAF362
    8265-(86/70)S281
    8271-(86/74)302
    8318-(86/104)S530
    8348-(86/122), as

    amended by

    8481-(86-202) and

    8482-(86/202)
    303
    8433-(86/175)298
    8442-(86/178)302
    8481-(86/202), see

    8348-(86/122)
    8482-(86/202), see

    8348-(86/122)
    8492-(87/1)SBS587
    8496-(87/3)G/TR, see

    8165-(85/189)G/T
    8497-(87/3)SAF, see

    8238-(86/56)SAF
    8523-(87/25)SBS

    see also

    6683-(80/185)G/TR
    587
    8542-(87/36)SAF, see

    8240-(86/56)SAF
    8564-(87/59), see

    5392-(77/63)
    8574-(87/64)S282
    8583-(87/72)144
    8619-(87/90)309
    8640-(87/101)S/TR

    see 6358-(79/188)TR

    and 7142-(82/85)TR
    8641-(87/101) G/S/TR,

    see 8165-(85/189)G/TR
    8642-(87/101)S/TR531
    8651-(87/105)SAF, see

    8240-(86/56)SAF
    8652-(87/105)SAF, see

    8238-(86/56)SAF
    8674-(87/117)SBS588
    8733-(87/159)398
    8757-(87/176)

    SAF/ESAF, as amended

    by 9987-(92/48)

    SAF/ESA
    374
    8758-(87/176)SAF

    see 8238-(86/56)SAF
    8759-(87/176) ESAF,

    as amended by

    9115-(89/40)ESAF,

    9488-(90/106)ESAF,

    9555-(90/146)ESAF,

    9585-(90/161)ESAF,

    10092-(92/94)ESAF,

    10287-(93/23)ESAF,

    10515-(93/162)ESAF,

    10530-(93/170)ESAF,

    10532-(93/170)ESAF,

    11114-(95/110)ESAF,

    11395-(96/110) ESAF,

    11434-(97/10),

    11435-(97/10),

    11533-(97/67) ESAF, and

    11610-(97/113)
    28
    8760-(87/176) as

    amended by

    9989-(92/48) and

    10531-(93/170)SAF
    378
    8780-(88/12)310
    8845-(88/61)ESAF

    as amended by

    9988-(92/49)ESAF, and
    10533-(93/170)ESAF55
    8846-(88/61)ESAF56
    8856-(88/64)

    see 5392-(77/63)
    8861-(88/67), as amended

    by 8880-(88/84)
    311
    8880-(88/84),

    see 8861-(88/67)
    8885-(88/89), see

    4377-(74/114) and

    6783-(81/40)
    8887-(88/89), see

    7925-(85/38)
    8897-(88/93)412
    8923-(88/110) G/TR

    see 8165-(85/189)G/TR
    8935-(88/118)SAF,

    see 8240-(86/56)SAF
    8937-(88/118)ESAF/S532
    8941-(88/122)SBS,

    see also

    6683-(80/185)G/TR
    589
    8955-(88/126)

    as amended by

    9101-(89/30),

    9153-(89/59),

    9391-(90/43),

    9503-(90/114),

    9586-(90/161),

    9587-(90/161),

    9588-(90/161),

    9604-(90/170),

    10071-(92/85),

    10183-(92/132),

    10186-(92/132),

    10398-(93/89),

    10725-(94/58),

    11169-(95/122),

    11170-(95/122),

    11647-(98/1)
    192, 555
    also see 5703-

    (78/39) and

    9101-(89/30)
    9028-(88/71), see

    7599-(84/3)7600-(84/3)
    9056-(89/2)ESAF57
    9101-(89/30), see

    8955-(88/126)
    9114-(89/40)SAF/ESAF375
    9115-(89/40)ESAF, see

    8759-(87/176)ESAF
    9116-(89/40)ESAF378
    9117-(89/40)SAF see

    8240-(86/56)SAF
    9118-(89/40)SAF, see

    8238-(86/56)SAF
    9135-(89/46)315
    9153-(89/59) see

    8955-(88/126)
    9189-(89/77)145
    9222-(89/97)SBS590
    9326-(89/167) see

    7599-(84/3) and

    7600-(84/3)
    9331-(89/167)

    as amended by

    9693-(91/48),

    10056-(92/78) and

    10547-(94/1)
    184
    9391-(90/43) see

    8955-(88/126)
    9403-(90/53)241
    9471-(90/98)

    as amended by

    10341-(93/54)
    344
    9476-(90/101), see

    7599-(84/3) and

    7600-(84/3)
    9487-(90/106)SAF/ESAF

    as amended by

    9776-(91/96)

    SAF/ESAF
    376
    9488-(90/106)ESAF see

    8759-(87/176) ESAF
    9490-(90/106)SAF, see

    8238-(86/56)SAF
    9499-(90/111), as

    amended by

    10072-(92/85) and

    10159-(92/122)
    16
    9503-(90/114), see

    8955-(88/126)
    9510-(90/122)SBS590
    9549-(90/146)G/S523
    9555-(90/146)ESAF, see

    8759-(87/176) ESAF
    9585-(90/161)ESAF, see

    8759-(87/176)ESAF
    9586-(90/161), see 8955-(88/126)
    9587-(90/161), see

    8955-(88/126)
    9588-(90/161), see

    8955-(88/126)
    9604-(90/170), see 8955-(88/126)
    9605-(90/170)517
    9693-(91/48), see

    9331-(89/167)
    9776-(91/96) SAF/ESAF, see

    9487-

    (90/106) SAF/ESAF
    A-9786-(93/20)511
    9788-(91/105)591
    9790-(91/106)145
    9808-(91/114)SAF/ESAF376
    9809-(91/114)SAF377
    9862-(91/156)450
    9863-(91/156)SAF/ESAF,

    see 8238-(86/56) SAF
    9986-(92/48)SAF, see

    8240-(86/56) SAF
    9987-(92/48) SAF/ESAF, see

    8757-(87/176) SAF/ESAF,
    9988-(92/49)ESAF, see

    8845-(88/61)
    9989-(92/48) see 8760-(87/176)
    10000-(92/58) G/TR see

    8165-(85/189)G/TR
    10056-(92/78), see

    9331-(89/167)
    10071-(92/85), see

    8955-(88/126)
    10072-(92/85), see

    9499-(90/111)
    10089-(92/94)

    SAF/ESAF
    376
    10090-(92/94)SAF377
    10092-(92/94) ESAF,

    see 8759-(87/176)ESAF
    10093-(92/94), see

    8328-(86/56) SAF
    10159-(92/122), see

    9499-(90/111)
    10168-(92/127)18
    10175-(92/129), see

    1289-(62/1)
    10176-(92/129)398
    10181-(92/132)256
    10182-(92/132), see

    4377-(74/114)
    10183-(92/132), see

    2722-(69/47) and

    8955-(88/126)
    10184-(92/132) SAF,

    see 8240-(86/56) SAF
    10185-(92/132)ESAF,

    see 8845-(88/61) ESAF
    10186-(92/132), see

    also 4377-(74/114)

    and 8955-(88/126)
    233
    10225-(92/147) S530
    10235-(92/149)414
    10237-(92/150)678
    10273-(93/15),

    see also 6026-(79/13)
    17
    10278-(93/19) S282
    10279-(93/19)279
    10286-(93/23) ESAF381
    10287-(93/23)ESAF

    see 8759-(87/176)
    10305-(93/32)519
    10337-(93/49) G/TR

    see 8165-(85/189)

    G/TR
    10340-(93/54), as

    amended by 10549-
    (94/1)318
    10341-(93/54), see

    9471-(90/98)
    10348-(93/61) STF

    as amended by

    10760-(94/71) STF

    and 10855-(94/109)

    STF
    247, 558
    10352-(93/49) G/TR

    see 8165-(93/49) G/TR
    10353-(93/49) SAF

    see 8238-(86/56)SAF
    10362-(93/67)19
    10364-(93/67), see

    6026-(79/13)
    10365-(93/67)80
    10391-(93/86), as

    amended by

    10552-(94/1) and

    10554-(94/1)
    321
    10398-(93/89), see

    8955-(88/126)
    10464-(93/130)97, 146
    10515-(93/162)ESAF

    see 8759-(87/176)

    ESAF
    10530-(93/179)ESAF

    see also 8759-(89/176)

    ESAF
    46
    10531-(93/170)SAF

    see also 8760-(87/176)
    46, 380
    10532-(93/170)ESAF,

    see 8759-(87/176)

    ESAF
    46
    10533-(93/170) ESAF,

    see 8845-(88/61)

    ESAF
    46
    10534-(93/170)ESAF46, 57
    10535-(93/170)SAF46, 362
    10547-(94/1), see

    9331-(89/167)
    10549-(94/1), see

    10340-(93/54)
    10551-(94/1)G/TR, see

    8165-(85/189)G/TR
    10552-(94/1), see

    10391-(93/86)
    10554-(94/1), see

    10391-(93/86)
    10575-(94/4)734
    10597-(94/14)ESAF47
    10598-(94/14)SAF362
    A-10615-(96/105)511
    10660-(94/38)322
    10662-94/38)347
    10704-(94/52)325
    10705-(94/52)325
    10706-(94/52)326
    10723-(94-58)146
    10725-(94/58), see

    8955-(88/126)
    10749-(94/67)456
    10760-(94/71) STF

    see 10348-(93/61) STF

    10819-(94/95)
    257
    10850-(94/107)326
    10855-(94/109) STF

    see 10348-(93/61)

    STF
    10873-(95/1)362
    10886-(95/2)17
    10904-(95/13)280
    10942-(95/33)86
    10949-(95/37)17
    10950-(95/37)10
    10957-(95/40)329
    10958-(95/40)329
    10961-(95/41)251
    10962-(95/41)332
    10968-(95/43)504
    10989-(95/53) SAF362
    11027-(95/65)ESAF56
    11073-(95/92)G/S524
    11096-(95/100)130
    11098-(95/101)257
    11162-(95/121)86
    11192-(96/2)495
    11248-(96/38)133
    11249-(96/39)333
    11251-(96/39)336
    11325-(96/77)SAF362
    11374-(96/102)258
    11381-(96/105)746
    11395-(96/110)ESAF,

    see 8759-(87/176)
    11409-(97/1)ESAF383
    11428-(97/6)417
    11429-(97/6)436
    11434-(97/10). see

    8759-(87/176)
    11435-(97/10). see

    8759-(87/176)
    11436-(97/10)57
    11474-(97/36), see

    8955-(88/126)
    11475-(97/36), see

    8955-(88/126)
    11477-(97/38)18
    11480-(97/42)336
    11482-(97/42)339
    11483-(97/42)340
    11492-(97/45), see

    11436-(97/10)
    11493-(97/45)25
    11515-(97/59)158
    11533-(97/67) ESAF29
    11608-(97/112)258
    11609-(97/112)398
    11610-(97/113)29
    11626-(97/122)415
    11627-(97/123) SRF243
    11646-(98/1)220
    11647-(98/1)220
    11648-(98/1) ESAF383
    11649-(98/1)656, 657
    11675-(98/21)743
    11683-(98/27)47, 247
    11698-(98/38) ESAF72
    11710-(98/49)340
    11711-(98/49)340
    11712-(98/49)341
    11713-(98/49) ESAF48
    11714-(98/49)347
    11715-(98/49) G/SAF/TR301
    11716-(98/49)247
    11728-(98/56)476

    LIST OF BOARD OF GOVERNORS’ RESOLUTIONS

    NumberPage
    IM-6593
    6-8594
    24-12680
    29-1529
    29-7596
    29-8596
    29-9600
    29-10606
    31-2617
    34-2624
    34-3689
    38-1633
    43-1639
    44-1642
    44-5645
    45-1647
    45-2655
    48-2596
    48-3662
    48-4600
    50-1665
    53-2554

    INTERPRETATIONS UNDER ARTICLE XXIX (a)

    Interpretations of Articles of Agreement (71–2)91
    Unenforceability of Exchange Contracts: Fund’s Interpretation of Article VIII, Section 2(b) (446–4)452
    Interpretation of Article IX, Section 7 (534–3)496
    Interpretation of Article XII, Section 3(b)(i) and 30) (2–1)515
    Interpretation of Article XXVI, Section 2*(343-(54–47))554

    Corresponds to Article XV, Section 2 before the Second Amendment.

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