Selected Decisions (14th Ed)
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
April 1989
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    Index

    (* indicates Decision as amended; page numbers preceded by “A” can be found in the Annex.)

    Decision No.Page
    A Accounting by members for transactions with the Fund170-3
    Accounts:
    Administrative accounts, balances held not in excess of 0.1 percent of quota, exclusion from Fund’s holdings of member’s currency7060-(82/23)357
    Borrowed Resources Suspense Accounts6844-(81/75)284
    6845-(81/75)285
    7188-(82/114)A109
    General Account; see General Resources Account, below
    General Resources Account:
    Adjustment of currency holdings of members5590-(77/163)200
    Exchange rate for Fund computations5590-(77/163)200
    Level of Fund SDR holdings, maintenance6275-(79/158) G/S158
    7626-(84/23) S162
    7941(85/50) S162
    8265-(86/70) S162
    8574-(87/64) S163
    Purchase of SDRs for payment of charges*5702-(78/39) G/S177
    Reimbursement for expenses of carrying out business of supplementary financing facility Subsidy Account6683-(80/185) G/TR378
    Reimbursement for expenses of conducting business of Trust Fund5069-(76/72)359
    Sales of SDRs for payment of quota increases by members under 7th General Review of Quotas6663-(80/160) S167
    Special Contingent Account, see Special Contingent Account
    Special Disbursement Account, transfer of resources to ESAF Trust and retransfer to Special Disbursement Account8760-(87/176)225
    Special Disbursement Account, transfers to supplementary financing facility Subsidy Account6683-(80/185) G/TR378
    6704-(80/185) TR376
    Investment7990-(85/81)202
    8029-(85/105)202
    Structural adjustment facility; see Structural adjustment facility
    Special Drawing Rights Department, payment of net charges and assessments7116-(82/68) S352
    Subsidy Accounts:
    Oil facility*4773-(75/136)390
    Final review and report on termination7420-(83/82)392
    7484-(83/117)393
    Supplementary financing facility:
    Disbursement of additional subsidy amounts for period ending June 30, 19868523-(87/25) SBS388
    Instrument6683-(80/185) G/TR378
    Investment of currencies*6854-(81/78) SBS385
    Means of payments8185-(86/9) SBS/S386
    Subsidy payments, July 1, 1983-June 30, 19847754-(84/108) SBS386
    Subsidy payments, July 1, 1984-June 30, 19858037-(85/110) SBS387
    Subsidy payments, July 1, 1985-June 30, 19868492-(87/1) SBS387
    Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS385
    Transfer of funds from Special Disbursement Account following termination of Trust Fund6704-(80/185) TR376
    Accrued charges and income; see Overdue obligations to Fund, purchase from Fund
    Adjustment process, international, review5392-(77/63)12
    Administered accounts, see Article V, Section 2(b), administration of deposits provided by members
    Administrative accounts; see Accounts
    African Development Bank and African Development Fund, prescription as holders of SDRs8318-(86/104) S329
    Andean Reserve Fund, prescription as holder of special drawing rights6486-(80/77) S329
    Arab Monetary Fund, prescription as holder of special drawing rights6609-(80/126) S329
    Arrears to the Fund, see Overdue Obligations to Fund Articles of Agreement1
    Amendment, SecondB/G Res. 29-8400
    B/G Res. 29-10403
    Article I, purposes of the Fund287-351
    433-(55/42)292
    1034-(60/27)297
    *4377_(74/114)60
    *4773-(75/136)390
    5069-(76/72)360
    Article III, Section 2, adjustment of quotas408-23
    Article III, Section 2(a), general review of quotasB/G Res. 31-2417
    B/G Res. 34-2426
    B/G Res. 38-1435
    B/G Res. 43-1441
    B/G Res. 44-1444
    Article IV:
    Consultations5392-(77/63)9-15
    6026-(79/13)15
    6056-(79/38)54
    6790-(81/43)313
    7427-(83/83)19-20
    7646-(84/40)16
    7939-(85/49)17
    Consultations, bicyclic procedureChairman’s Summing-up EBM/87/10020
    Exchange arrangements5392-(77/63)11
    5712-(78/41)8
    Article IV, Section 3, surveillance over exchange rate policies*5392-(77/63)10
    6026-(79/13)15
    Article V, Section 1*1289-(62/1)238
    Article V, Section 2(b), administration of deposits provided by members8895-(88/90) ESAFA41
    8933-(88/117)ESAFA48
    9030-(88/173) ESAFA57
    Article V, Section 3, application of Fund policies to purchases of currency borrowed by Fund*1289-(62/1)234
    Article V, Section 3(a), “consistent with the provisions of this Agreement,” meaning287-351
    Article V, Section 3(b)(ii), “represent” that a member has a need to make purchases284-452
    Chairman’s Summing-up EBM/87/17644
    Article V, Section 3(b)(iii), waiver*4377.(74/114)62
    5508-(77/127)71
    6783-(81/40)77
    8955-(88/126)112
    Article V, Section 3(d):
    Sale of members’ currencies for repurchases5704-(78/39)169
    Selection of currencies in purchases6273-(79/158) G/S155
    6274-(79/158)156
    6352-(79/183)159
    6774-(81/35)163
    Article V, Section 3(f), transfers of SDRs6275-(79/158) G/S158
    Article V, Section 5, limitation on use of Fund’s resources284-3166
    286-1166
    7842-(84/165108
    Article V, Section 6, sale of SDRs by the Fund6663-(80/160) S167
    Article V, Section 6(b), transfers of SDRs by the Fund6274-(79/158)156
    6774-(81/35)163
    Article V, Section 7, repurchases*1289-(62/1)234
    *5703-(78/39)173
    5704-(78/39)168
    5809-(78/88)175
    Article V, Section 1(b), early repurchases5704-(78/39)168
    6172(79/101)170
    6273-(79/158) G/S155
    Article V, Section 7(i), guidelines for selection of currencies used in repurchases6274-(79/158)156
    6774-(81/35)164
    Article V, Section 8, media of payment of charges*5702-(78/39) G/S177
    Article V, Section 8(b), charges*5703-(78/39)172
    6008-(79/3)283
    7060-(82/23)357
    Article V, Section 8(b), (c), and (d), charges4239-(74/67)177
    Article V, Section 9(a), remuneration7060-(82/23)357
    Article V, Section 11, adjustment of Fund’s holdings of members currencies5590-(77/163)201
    Article V, Section 12(f)(ii), balance of payments assistance on special terms to low-income developing members in difficult circumstances6704-(80/185) TR377
    Article VI, Section 1, use of Fund’s resources541-(56/39)229
    1238-(6l/43)51
    Article VI, Section 3, controls on capital transfers541-(56/39)229
    Article VII, replenishment of Fund’s holdings of currencies5508-(77/127)67
    5509-(77/127)274
    6783-(81/40)74
    6843-(81/75)A76
    Article VII, Section 1, borrowing by Fund*1289-(62/1)230
    7677-(84/64)A110
    8897-(88/93)272
    Article VIII:
    Bilateralism433-(55/42)292
    Consultations5392-(77/63)13
    8858-(88/64)18
    Retention quotas201-(53/29)293
    Article VIII and Article XIV1034-(60/27)297
    Article VIII, Sections 2,3, and 4, acceptance of obligations1034-(60/27)297
    Article VIII, Section 2(a):
    Payments restrictions144-(52/51)291
    3153-(70/95)299
    Article VIII, Section 2(b), unenforceability of exchange contracts446-4289
    Article VIII, Section 3, multiple currency practices237-2302, 306
    5712-(78/41)9
    6790-(81/43)312, 313
    Article VIII, Section 7B/G Res. 34-3449
    Article IX, Section 7, privilege for communications534-3316
    Article XII, Section 3(b)(i) and 3(f)2-1318
    Article XII, Section 3(c):
    Additional appointed Executive Directors*574-2318
    Determination of member’s entitlement to appoint Executive Director7060-(82/23)357
    “The preceding two years,” meaning597-4319
    Article XIV:
    Articles VIII and XIV1034-(60/27)297
    Bilateralism433-(55/42)292
    Consultations5392-(77/63)13
    8858-(88/64)18
    Retention quotas201-03/29)293
    Article XIV, Section 11034-(60/27)297
    Article XIV, Section 2:
    Multiple currency practices237-2307
    Payments restrictions144-(52/51)291
    3153-(70/95)299
    Transitional arrangements446-4240
    Article XIV, Section 3117-1321
    Article XVII, Section 3, other holders of special drawing rights6467-(80/71) S326
    6484-(80/77) S329
    6485-(80/77) S330
    6486-(80/77) S329
    7629-(84/25)248
    8642-(87/101)S/TR330
    8831-(88/56) ESAFA7
    8832-(88/56) ESAFA14
    8833-(88/56) ESAFA20
    8937-(88/118) ESAF344
    Article XVIII, allocation of special drawing rightsB/G Res. 24-12445
    B/G Res. 34-3455
    Article XVIII, Section 2(d), allocations of special drawing rights to new participants5956-(78/180) S332
    6368-(79/191)S332
    Article XIX, Section 2(c):
    Acceptance and use of special drawing rights by prescribed holders6467-(80/71) S326
    Operations and transactions in special drawing rights between participants*6000-(79/1) S333
    6001-(79/1)S334
    6053-(79/34) S336
    *6054-(79/34) S338
    6336-(79/178)S340
    6337-(79/178)S341
    6437-(80/37) S342
    8186-(86/9)SBS/S343
    Article XIX, Section 5, designation of participants to provide currency6209-(79/124) S346
    Article XIX, Section 5(a)(i), designation plans6273-(79/158) G/S155
    Article XIX, Section 6(b), abrogation of rules for reconstitution6832-(81/65) S350
    Article XIX, Section 7(a), calculation of exchange rates*1289-(62/1)237
    7041-(82/8)G/S351
    Article XX, Section 1, interest paid on holdings of special drawing rights6467-(80/71) S326
    Article XX, Section 5, application against unpaid charges of special drawing rights acquired by participants after payment date7116-(82/68) S352
    Article XXIIB/G Res. 34-3449
    Article XXIII, Section 1, suspension of operations and transactions in special drawing rights6467-(80/71) S328
    Article XXVI, Section 2(a), ineligibility to use Fund resources343-(54/47)354
    Article XXVI, Section 3*1289-(62/1)238
    Article XXVII*1289-(62/1)238
    Article XXVII, Section 1(a)(i), suspension of transactions covered by stand-by arrangements*270-(53/95)88
    Article XXIX (a), list of interpretations underxxxiii
    Article XXX(c):
    Exclusion of purchases and holdings under buffer stock facility5591-(77/163)355
    Exclusion of purchases and holdings under compensatory and contingency financing facility*8955-(88/126)355
    Exclusion of purchases and holdings under policy on enlarged access6783-(81/40)357
    Exclusion of purchases and holdings under extended facility6830-(81/65)356
    Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)356
    Exclusion of purchases under oil facility5371-(77/51)356
    Exclusion relating to purchases in credit tranches6830-(81/65)356
    Article XXX(f), freely usable currencies5719-(78/46)358
    Schedule B, repurchases*5703-(78/39)173-74
    5704-(78/39)169
    6008-(79/3)283
    Schedule B, paragraph 7(b), use of amounts in excess of capital value available from gold sales for benefit of developing countries5069-(76/72)359
    Schedule F, rules for designation6209-(79/124) S347
    Schedule G, rules for reconstitution, abrogation6832-(81/65) S350
    Schedule J*1289-(62/1)238
    Schedule K*1289-(62/1)239
    5288-(76/167)259
    5387-(77/61)263
    Schedule K, paragraph 15288-(76/167)259
    5387-(77/61)263
    Asian Development Bank, prescription as holder of special drawing rights7229-(82/136) S329
    Assessments, payment in SDR Department; see Accounts, Special Drawing Rights Department, payment of net charges and assessments
    Attribution of reductions in Fund’s holdings of currency*6831-(81/65)175
    6774-(81/35)165
    Review7704-(84/78)176
    Audit:
    Enhanced structural adjustment facility trust (ESAF Trust)8759-(87/176) ESAF36
    Oil facility Subsidy Account*4773-(75/136)391
    Supplementary financing facility Subsidy Account6683-(80/185) G/TR384
    Trust Fund5069-(76/72)366
    Augmentation; see Purchase transactions, Augmentation
    B Balance of payments position:
    Assessment for assistance from Trust Fund5069-(76/72)361-62
    Assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) G/S155
    Discrimination for balance of payments reasons955-(59/45)296
    Bank for International Settlements: Borrowing agreement with Fund*6863-(81/81)A130
    7677-(84/64)A144
    7955-(85/60)A156
    Deposit by Managing Director of currencies held in supplementary financing facility Subsidy Account6854-(81/78) SBS385
    Prescription as holder of special drawing rights6484-(80/77) S328
    Trust Fund deposits denominated in SDRs5973-(78/189) TR370
    Bank of Central African States, prescription as holder of special drawing rights7064-(82/26) S329
    Belgium, National Bank of, Borrowing agreement with Fund; see Borrowing by the Fund
    Bicyclic consultation procedures; see Consultation with members
    Bilateralism433-(55/42)292
    Borrowed Resources Suspense Accounts; see Borrowing by the Fund, below
    Borrowing by the Fund:
    Agreement with Bank for International Settlements*6863-(81/81)A130
    7677-(84/64)A144
    7955-(85/60)A156
    Agreement with Bank of Korea9120-(89/40) ESAFA63
    Agreement with Bank of Norway8833-(88/56) ESAFA17
    Agreement with Bank of Spain8893-(88/90) ESAFA32
    Agreement with Caisse Centrale de Coopération Economique of France8831-(88/56) ESAFA3
    Agreement with central banks and other official institutions6864-(81/81)A133
    Agreement with Export-Import Bank of Japan8832-(88/56) ESAFA8
    Agreement with Government of Canada8894-(88/90) ESAFA37
    Agreement with Japan7677-(86/64)A144
    7955-(85/60)A156
    8486-(86/205)A159
    Agreement with Monetary Authority of Singapore9016-(88/164) ESAFA54
    Agreement with National Bank of Belgium7677-(84/64)A144
    7955-(85/60)A156
    Agreement with Saudi Arabian Monetary Agency6843-(81/75)A76
    Amendment8460-(86/189)A128
    Change in conversion arrangements7188-(82/114)A109
    Supplementary Agreement7677-(84/64)A110
    Extension of Commitment period8460-(86/189)A128
    Agreement with Swiss Confederation8834-(88/56) ESAFA21
    8835-(88/56)A21
    Agreement with Swiss National Bank:
    19765288-(76/167)254
    19775387-(77/61)259
    Interest, media of payment5331-(77/15)264
    5488-(77/116)265
    Transfer charges, media of payment5306-(77/2)265
    5488-(77/116)265
    Use of special drawing rights in repayment6485-(80/77) S330
    Agreements between Fund and its members, memorandum of Director of the Legal Department of the Fund6843-(81/75)A105
    Borrowed Resources Suspense Accounts6844-(81/75)284
    6845-(81/75)285
    7188-(82/114)A110
    Borrowed resources, use to finance purchases under arrangements providing enlarged access to Fund’s resources6783-(81/40)74
    General Arrangements to Borrow:
    Associated borrowing arrangements7403-(83/73)265
    “Outstanding borrowing and unused credit lines,” clause in respect of GAB in guidelines for Fund borrowing*7040-(82/7)286
    Renewal, sixth8733-(87/159)244
    Saudi Arabia, association agreement7403-(83/73)265
    Renewal8897-(88/93)272
    Transferability of claims7629-(84/25)248
    Swiss National Bank, participation of*1289-(62/1)241
    Switzerland, association of1712-(64/29)250
    Transferability of claims; see Transferability of claims
    Use of credit arrangements for nonparticipants*1289-(62/1)240
    Guidelines7040-(82/7)286
    Issuance of bearer notes by Fund6843-(81/75)A76
    6864-(81/81)A133
    Supplementary financing facility:
    Authorization to make calls6006-(79/3)282
    Interest payment procedure6163-(79/96)283
    Meaning of “net creditor position in the Fund”6008-(79/3)282
    Replenishment of holdings of currencies5509-(77/127)274
    Subsidy Account6683-(80/185) G/TR378
    Buffer stock financing facility*2772-(69/47)142
    Access limit and review*2772-(69/47)143
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5591-(77/163)355
    International Natural Rubber Agreement, 19797246-(82/147)150
    International Sugar Agreement, 19775597-(77/171)147
    International Tin Agreements:
    4th3179-(70/102)143
    335 W71/51)144
    5th5127-(76/91)145
    6th7247-(82/147)145
    Repurchases*5703-(78/39)172
    6th International Tin Agreement7247-(82/147)146
    1977 International Sugar Agreement5597-(77/171)149
    International Natural Rubber Agreement, 19797246-(82/147)150
    Burden sharing*8348-(86/122)182
    8515-(87/23)189
    Managing Director’s Remarks186, 188
    Adjustment for quarter ended April 30, 19888878-(88/84)189
    Implementation for FY 19898861-(88/67)193
    for FY 19909135-(89/46)197
    Net income target:
    for FY 19888781-(88/12)190
    for FY 19898861-(88/67)193
    Principles of “burden sharing”8861-(88/67)193
    Rate of charge:
    for FY 19898861-(88/67)193
    retroactive reduction for FY 19878618-(87/90)190
    for FY 19888781-(88/12)190
    8879-(88/84)190-191
    Retroactive reduction of rate of charge8618-(87/90)190
    8781-(88/12)190
    Special Contingent Account, amounts placed
    for FY 19878619-(87/90)191
    for FY 19888780-(88/12)191
    for FY 19898861-(88/67)193
    for FY 19909135-(89/46)197
    By-Laws, Section 20 audits, see Audits
    C Capital transfers:
    Controls by members541-(56/39)229
    B/G Res. 29-10410
    Restrictions237-2304
    Use of Fund’s resources for1238-(61/143)51
    B/G Res. IM-6397
    Central Bank of West African States, prescription as holder of special drawing rights6908-(81/101) S329
    “Changing circumstances,” adaptation of multiple currency practices237-2308
    Charges:
    Accounting for charges from members with overdue obligations8433-(86/175)179
    Accrued charges8433-(86/175)179
    Balances he1d in Fund’s administrative accounts not in excess of 0. 1 percent of quota not to be considered part of Fund’s ho1dings of member’s currency for ca1cu1ation7060-(82/23)357
    Borrowing agreements with Swiss National Bank5288-(76/167)256
    5306-(77/2)265
    5387-(77/61)261
    5488-(77/116)265
    Enlarged access policy6783-(81/40)77
    Extended Fund facility*4377-(74/114)63
    4720-(75/114)66
    *6838-(81/70)98
    Future changes4239-(74/67)177
    Interest on Trust Fund loans; see Interest
    Media of payment*5702-(78/39) G/S177
    Oil facility Subsidy Account; see Accounts, Subsidy Accounts
    Overdue obligations to Fund, special charges8165-(85/189) G/TR179
    Overdue obligations to Fund, accrued income8433-(86/175)179
    Payment by nonparticipant in Special Drawing Rights Department5702-(78/39) G/S177
    Payment of net charges and assessments in Special Drawing Rights Department, procedure when participants fail to hold adequate SDRs or to acquire them from other participants or Fund7116-(82/68) S352
    Rate, as of May 1, 19868349-(86/122)178
    as of May 1, 19878621-(87/90)178
    as of Feb. 1, 19888780-(88/12)191
    as of May 1, 19888898-(88/90)178
    Rate, determination of, burden sharing*8348-(86/122)183
    8515-(87/23)189
    Retroactive reduction of rate:
    for FY 19878618-(87/90)190
    for FY 19888781-(88/12)190
    Setoff in connection with retroactive reduction8271-(86/74)181
    Specia1 charges on overdue ob1igations to Fund8165-(85/189) G/TR179
    Amendment8641-(87/101) G/S/TR181
    Setoff against charges due for second quarter of FY 19878442-(86/178)182
    Stand-by arrangements*6838-(81/70)93
    Supplementary financing facility5508-(77/127)71-72
    Supplementary financing facility Subsidy Account; see Accounts, Subsidy Accounts
    Committee on Reform of the International Monetary System and Related IssuesB/G Comp. Res.399
    Final report and terminationB/G Res. 29-7400
    Support of extended Fund facility*4377-(74/114)60
    Voluntary Declaration on Trade and Other Current Account Measures4254-(74/75)313
    Commodities (see also Buffer stock financing facility; Compensatory financing …):
    Reclassification where subject to multiple currency practices237-2307
    Communications, privilege for534-3316
    Compensatory and contingency financing facility, Establishment*8955-88/126)112
    Compensatory financing of export fluctuations*8955-(88/126)115
    External contingency financing*8955-(88/126)118
    Chairman’s Summing up EBM/88/105130
    Compensatory financing of fluctuation in the cost of cereal imports*8955-(88/126)124
    Transitional and other provisions*8955-(88/126)129
    Conditionality; see Use of Fund’s resources, Conditionality
    “Consistent with the provision of this Agreement,” meaning in Article V, Section 3287-351
    Consultation with members:
    Before accepting obligations of Article VIII, Sections 2, 3, and 41034-(60/27)297
    Bicyclic procedures and simplified interim proceduresChairman’s Summing up EBM/87/10020
    Bilateral arrangements433-(55/42)292
    Changes in members’ exchange arrangements, notification to Fund5712-(78/41)8
    Commodity field, attention to policies*2772-(69/47)143
    Conduct by Managing Director in interval between Article IV consultations5392-(77/63)14
    6026-(79/13)15
    Consultations under Article IV5392-(77/63)13
    6026-(79/13)14
    6056-C79/38)54
    6790-(81/43)313
    Discussions on use of Fund’s resources102-(52/11)53
    During period of extended arrangement*6838-(81/70)98-99
    During period of stand-by arrangement*6838-(81/70)94
    Exchange measures needing approval under Article VIII−1034-(60/27)297
    Members policies in present circumstances4134-(74/4)301
    Multiple currency practices237-2303
    Periodic discussions under Article VIII1034-(60/27)298
    Resumption of purchases under extended arrangements*6838-(81/70)97
    Resumption of purchases under stand-by arrangements*270-(53/95)88
    *6838-(81/70)92
    Retention quotas201-(53/29)295
    Special consultations5392-(77/63)13
    Whether measure is exchange restriction1034-(60/27)297
    Consultations with European Monetary Cooperation Fund on calculation of representative rate for European Currency Unit7041-(82/8) G/S351
    Consultations with prescribed holders of special drawing rights6467-C80/71) S327
    Contingency mechanism; see Compensatory and contingency financing Facility
    Convertibility:
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)297
    Approval of exchange restrictions1034-(60/27)298
    Bilateralism433-(55/42)292
    Consultation with Fund1034-(60/27)298
    Discrimination955-(59/45)296
    Multiple currency practices; see Multiple currency practices
    Retention quotas201-(53/29)294
    Credit tranches; see Tranche policies
    Creditworthiness, factor in determining use of Fund’s resources102-(52/11)52
    Currencies (see also Borrowing by the Fund; Convertibility; Holdings of the Fund; Investment):
    Arrangements for use in operations and transactions of FundB/G Res. 31-2419
    Composition of special drawing right663M80/145) G/S322
    Freely usable currencies5719-(78/46)358
    Guidelines for use in operational budgets6772-(81/35) G/S161
    Guidelines for use in operations and transactions of General Resources Account6273-(79/158) G/S155
    6274-(79/158)156
    6774-(81/35)163
    Payment of subscriptions6266-(79/156)4
    B/G Res. 31-2418
    B/G Res. 34-2425
    B/G Res. 38-1434
    Rates for computations and maintenance of value5590-(77/163)200
    Replenishment in connection with supplementary financing facility5509-(77/127)274
    Sale by agreement with member with outstanding purchases6274-(79/158)156
    6352-(79/183)160
    6774-(81/35)164
    Selection for payment of charges*5702-(78/39) G/S177
    Specified by the Fund, use in repurchases*5703-(78/39)172
    5809-(78/88)175
    Subscribed to the Fund, ownership170-33
    D Debt management policies; see External debt management policies
    Deferred income; see Overdue obligations to Fund, Deferred income
    Designation; see Special drawing rights
    Development Committee; see Joint Ministerial Committee
    Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)296
    Drawings; see Purchase transactions; Use of Fund’s resources
    E East African Development Bank, prescription as holder of special drawing rights7582-(83/174) S329
    Eastern Caribbean Central Bank, prescription as holder of special drawing rights7707-(84/79) S329
    Emergency assistance, natural disastersChairman’s Remarks EBM/82/16151
    Enemy-occupied, former, members, introduction of multiple currency practices237-2306
    Enhanced structural adjustment facility:
    Access limits8845-(88/61) ESAF45
    Review9119-(89/40) ESAF46
    Arrears to the Fund, ConsequencesActing Chairman’s Remarks EBM/88/12106
    Associated lending agreement with Saudi Fund for Development9060-(89/5) ESAFA67
    Borrowing agreements with:
    Bank of Korea9120-(89/40) ESAFA63
    Bank of Norway8833-(88/56) ESAFA17
    Bank of Spain8893-(88/90) ESAFA32
    Caisse Centrale de Coopération Economique of France883H88/56) ESAFA3
    Export-Import Bank of Japan8832-(88/56) ESAFA8
    Government of Canada8894-(88/90) ESAFA37
    Monetary Authority of Singapore9016-(88/164) ESAFA54
    Swiss Confederation8834-(88/56) ESAFA21
    8835-(88/56)A21
    Borrowing for loan accounts, consultation with creditors9056-(89/2) ESAF46
    Establishment8757-(87/176) SAF/ESAF223
    Extension of commitment and disbursement periods for agreement9116-(89/40) ESAF225
    Instruments for administered accounts:
    Austria8895-(88/90) ESAFA41
    Belgium8933-(88/117) ESAFA48
    Greece9030-(88/173) ESAFA57
    Investment with subsidy account, Bank Negara Malaysia8892-(88/90) ESAFA27
    legal documentationChairman’s Remarks EBM/87/17644
    Operational arrangementsChairman’s Summing up EBM/87/17138
    Enhanced Structural Adjustment Facility Trust:
    Instrument to establish8759-(87/176) ESAF23
    Interest rate on trust loans8846-(88/61) ESAF46
    lending, considered as a member’s official reserves by FundChairman’s Summing up EBM/87/17644
    Transfer and retransfer of resources to and from Special Disbursement Account8760-(87/176)225
    Enhanced surveillanceChairman’s Summing up38
    Procedures for transmittal of staff reports8222-(86/45)47
    Chairman’s Summing up47
    Enlarged access, policy on6783-(81/40)74
    Access limits, guidelines*7600-(84/3)78
    Chairman’s Summing up of Dec. 2, 198380
    Apportionment between ordinary and borrowed resources8886-(88/89)79
    Borrowed Resources Suspense Accounts; see Accounts
    Borrowing agreement with Bank for International Settlements*6863-(81/81)A130
    7677-(84/64)A144
    7955-(85/60)A156
    Borrowing agreement with Japan7677-(84/64)A144
    7955-(85/60)A156
    8486-(86/205)A159
    Borrowing agreement with National Bank of Belgium7677-(84/64)A144
    Borrowing agreement with Saudi Arabian Monetary Agency6843-(81/75)A76
    Amendment8460-(86/189)A128
    Change in conversion arrangements7188-(82/114)A109
    Supplementary agreement7677-(84/64)A110
    Borrowing from central banks and other official institutions6864-(81/81)A133
    Charges*6783-(81/40)77
    Exclusion of purchases with borrowed resources and holdings under Article XXX(c)*6783-(81/40)77
    Forms of stand-by and extended arrangements*6838-(81/70)89
    Mix of ordinary and borrowed resources; see Apportionment between ordinary and borrowed resources, above
    Period*7599-(84/3)78
    Repurchases; see Repurchases
    Review*7599-(84/3)78
    Utilization of supplementary financing facility for enlarged access resources; see Supplementary financing facility
    European Currency Unit, representative rate in terms of SDR704M82/8) G/S351
    European Monetary Cooperation Fund, consultation on calculation of representative rate for European Currency Unit704H82/8) G/S351
    “Exceptional circumstances,” meaning in Article XIV, Section 3 (Section 4 before Second Amendment)117-1321
    237-2308
    Exchange arrangements, notification*5392-(77/63)13
    5712-(78/41)8
    Exchange contracts, unenforceability446-4289
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-4290
    Exchange controls on capital transfers541-(56/39)229
    Exchange rates:
    Borrowing arrangements by Fund*(1289-(62/1)230
    Exchange rate policies of members, surveillance5392-(77/63)9
    Flexible exchange arrangements5712-(78/41)9
    Floating, guidelinesB/G Res. 29-10410
    Fluctuating:
    Multiple currency practices (fixed and fluctuating rates)237-2305
    Scope of transactions to be agreed with Fund237-2305
    Free markets237-2305
    Multiple currency practices arising from official action6790-(81/43)311
    Notification to Fund5392-(77/63)13
    5712-(78/41)8
    Pegs, notification to Fund of changes5712-(78/41)8
    Representative rate for European Currency Unit in terms of SDR7041-(82/8) G/S351
    Unification in multiple rate systems a basic objective of Fund649-(57/33)310
    Exchange restrictions (see also Payments restrictions):
    Approval1034-(60/27)297-98
    Avoidance of escalation4134-(74/4)301
    4254-(74/75)313
    Bilateralism433-(55/42)292
    Capital transactions; see Capital transfers Consultations with Fund1034-(60/27)298
    Discrimination955-(59/45)296
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)297
    Introduction1034-(60/27)297
    Maintenance1034-(60/27)298
    Multiple currency practices237-22302
    649-(57/33)309
    6790-(81/43)311
    Payments arrears3153-(70/95)299
    Retention quotas201-(53/29)293
    Security reasons; see Payments restrictions
    Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)297-98
    Withdrawal, representation by Fund117-1321
    Exchange systems, avoidance of use for nonbalance of payments reasons1034-(60/27)298
    Exchange taxes237-2309
    Notification to Fund5712-(78/41)9
    Exchange transactions; see Purchase transactions
    Exclusion of balances held in administrative accounts;
    see Accounts, Administrative accounts
    Exclusion of purchases and holdings under Fund policies; see Article XXX (c)
    Executive Board:
    Annual review of decision on oil facility Subsidy Account*4773-(75/136)392
    Annual review of implementation of surveillance over members exchange rate policies5392-(77/63)14
    6026-(79/13)15
    7646-(84/40)16
    7939-(85/49)17
    8249-(86/60)17
    8563-(87/59)18
    Annual review of upper-maturity limit in guidelines on performance criteria with respect to foreign borrowing6230-(79/140)57
    Communication of changes in members exchange arrangements5712-(78/41)8
    Information on operation of buffer stocks3179-(70/102)144
    5127-(76/91)145
    5597-(77/171)149
    7246-(82/147)151
    7247-(82/147)147
    Report to Board of Governors on quota increases under General Reviews of Quotas:
    7thB/G Res. 34-2420
    8thB/G Res. 38-1431
    Review and change of rules for designation6209-(79/124)S346
    Review of broad developments in exchange rates5392-(77/63)13
    Review of decision on extended Fund facility*4377-(74/114)63
    5220-(76/144)64
    7558-(83/156)64
    7857-(84/175)65
    8192-(86/13)65
    8583-987/72)66
    Review of functioning of international adjustment process5392-(77/63)12
    Review of guidelines for borrowing by Fund7040-(82/7)287
    Review of level of Fund’s SDR holdings6275-(79/158) G/S158
    7626-(84/23)S162
    7941-(85/50)S162
    8265-(86/70)S163
    8574-(87/64) S163
    Review of prescriptions of holders of special drawing rights6467-(80/71) S327
    Review of quota calculation methodB/G Res. 38-1431
    Executive Directors:
    Additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c)597-4319
    Appointment by members having 5 largest quotas2-1318
    Determination of members entitled to appoint under Article XII, Section 3(c)*574-2318
    Balances held in Fund’s administrative accounts not in excess of 0.1 percent of quota not to be considered part of Fund’s holdings of member’s currency for determination7060-(82/23)357
    Participation in meetings of Development CommitteeB/G Res. 29-9406
    Participation in meetings of Interim CommitteeB/G Res. 29-8401
    Voting power, effect of quota changes180-5319
    Export shortfalls, financing; see Compensatory and contingency financing facility
    Extended arrangements*4377-(74/114)60
    Amendment to utilize supplementary financing7047-(82/13)100
    7048-(82/13)103
    Amounts to be made available under enlarged access policy decision, guidelines*7600-(84/3)78
    Augmentation of rights to make purchases, elimination5706-(78/39)99
    Charge*4377-(74/114)63
    4720-(75/114)66
    *6838-(81/70)98
    Exclusion of purchases and holdings for purpose of definition of "reserve tranche purchase"6830-(81/65)356
    Form under enlarged access policy*6838-(81/70)94
    7048-(82/13)102
    7908-(85/26)103
    Guidelines, operational; see Performance criteria and phasing, below
    Ineligibility*6838-(81/70)97
    Publicity upon declaration793M85/41)320
    7999-(85/90)320
    Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)107
    EBM/85/26109
    Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
    Noncomplying purchases; see Misreporting and noncomplying purchases
    Operational guidelines; see Performance criteria and phasing, below
    Overdue obligations to Fund, purchases from Fund7908-(85/26)103
    EBM/84/54104
    Performance criteria and phasing, operational guidelines*7925-(85/38)109
    Provision for enlarged access to Fund’s resources6783-(81/40)74
    Provision for supplementary financing5508-(77/127)67
    6693-(80/177)73
    6725-(81/5)73
    Repurchases; see Repurchases
    Review of decision on extended Fund facility5220-(76/144)64
    7558-(83/156)64
    7857-(84/175)65
    8192-(86/13)65
    8583-(87/72)66
    Suspension of right to engage in purchase transactions*6838-(81/70)97
    Utilization of supplementary financing facility for enlarged access resources; see Amendment to utilize …, above
    Extended Fund facility; see Extended arrangements
    External debt management policies6230-(79/140)57
    External contingency financing, see, Compensatory and contingency financing facility
    F “First credit tranche,” Fund attitude to request for transactions53
    Floating rates; see Exchange rates
    Fluctuating exchange rates; see Exchange rates
    Freely usable currencies5719-(78/46)358
    Free markets; see Exchange rates
    Fund resources, use; see Use of Fund’s resources
    Fund’s holdings; see Holdings of the Fund
    G General Agreement on Tariffs and Trade1034-(60/27)299
    4254-(74/75)315
    B/G Res. 29-10411
    General Arrangements to Borrow; see Borrowing by the Fund
    General Resources Accounts; see Accounts
    Gold:
    Repurchase obligations, discharge by payment in SDRs or currencies of other members specified by Fund*5703-(78/39)173
    5809-(78/88)175
    Sale, amounts available to Trust Fund5069-(76/72)359, 360, 365
    Sale for benefit of developing members, distribution of profits through Trust Fund5069-(76/72)359
    5709-(78/41)TR370
    5832-(78/95) TR371
    6540-(80/98) TR375
    Sale, transfer of profits to Trust Fund5069-(76/72)361
    Subscribed to Fund, ownership170-33
    Gross reserve position; see Reverse position, gross
    H Holdings of the Fund:
    Adjustment by Fund5590-(77/163)200
    Attribution of reductions to enlargement of member’s reserve tranche position.6774-(81/35)165
    *6831-(81/65)175
    Attribution of reductions to repurchase obligations*6831-(81/65)175
    Balances held in administrative accounts not in excess of 0.1 percent of member’s quota, exclusion from Fund’s holdings of member’s currency for certain purposes7060-(82/23)357
    Computations and adjustment, rates5590-(77/163)200
    Exclusion of holdings resulting from credit tranche purchases6830-(81/65)356
    Exclusion under buffer stock facility5591-(77/163)355
    Exclusion under compensatory and contingency financing facility*8955-(88/126)355
    Exclusion under enlarged access policy6783-(81/40)357
    Exclusion under extended Fund facility6830-(81/65)356
    Exclusion under oil facility5371-(77/51)355
    Exclusion under supplementary financing facility5508-(77/127)356
    Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
    Repurchases; see Repurchases
    I Import restrictions imposed for balance of payments reasons, GATT members1034-(60/27)298-99
    Income, accrued; see Overdue obligations to Fund, purchases from Fund, Accrued charges and income
    Income position, burden sharing*8348-(86/122)182
    8515-(87/23)189
    Income target for FY 1987 and FY 1988*8348-(86/122)183
    Ineligibility; see Extended arrangements; Stand-by arrangements; Use of Fund’s resources
    Interest:
    Charge on loans from Trust Fund5069-(76/72)364
    Payment on Fund indebtedness to Bank for International Settlements*6863-(81/81)A132
    Payment on Fund indebtedness to central banks and other official institutions6864-(81/81)A135
    Payment on Fund indebtedness to Saudi Arabian Monetary Agency6843-(81/75)A80
    Payment on Fund indebtedness to Swiss National Bank5288-(76/167)257
    5331-(77/15)264
    5387-(77/61)262
    5488-(77/116)265
    Payment on Fund indebtedness under General Arrangements to Borrow*1289-(62/1)234
    Payment on Fund indebtedness under supplementary financing facility Subsidy Account6683-(80/185)
    G/TR
    378
    Payment under supplementary financing facility5509-(77/127)
    Annex
    278
    6163-(79/96)283
    Payments by members under Trust Fund loan agreements6358-(79/188)373
    5069-(76/72)364
    Interim Committee of the Board of Governors on the International Monetary System:
    EstablishmentB/G Res. 29-8400
    Review of functioning of international adjustment process5392-(77/63)12
    Rules of procedure413-14
    International Bank for Reconstruction and Development, prescription as holder of special drawing rights6718-(81/1) S329
    International Development Association, prescription as holder of special drawing rights6718-(81/1) S329
    International Fund for Agricultural Development, prescription as holder of special drawing rights6489-(80/77) S329
    International monetary system, reformB/G Comp. Res.400
    International Natural Rubber, Sugar, and Tin Agreements; see Buffer stock financing facility
    Interpretation of Articles of Agreement51,289,316,318,354
    Investment:
    Currencies held in oil facility Subsidy Account*4773-(75/136)391
    Currencies held in supplementary financing facility Subsidy Account6683-(80/185)
    G/TR
    380
    6854-(81/78)
    SBS
    385
    Currency balances held in Trust Fund5069-(76/72)366
    5972-(78/189)369
    5973-(78/189)
    TR
    369
    Islamic Development Bank, prescription as holder of special drawing rights7086-(82/42) S329
    J Japan, Borrowing agreement with Fund; see Borrowing by the Fund
    Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries:
    EstablishmentB/G Res. 29-9403
    Rules of procedure414
    Secretariat function, changes in organization of work and structure415
    M Maintenance of value, adjustment: general policies and procedures relating to arrears to FundActing Chairman’s Summing up EBM/88/19106
    Managing Director:
    Authority to establish Borrowed Resources Suspense Accounts, and to transfer and invest balances of borrowed currencies6844-(81/75)284
    6845-(81/75)285
    Authority to establish oil facility Subsidy Account*4773-(75/136)390
    Authority to make calls under borrowing arrangements in connection with supplementary financing facility6006-(79/3)282
    Authorizations in connection with implementation of borrowing agreement with Saudi Arabian Monetary Agency6843-(81/75)A76
    Consultation by eligible member to request assistance from Trust Fund5069-(76/72)361
    Consultation by member before making request under supplementary financing facility5508-(77/127)67
    Consultation by member contemplating request under extended Fund facility*4377-(74/114)61
    Consultation by member to request use of Fund resources under policy on enlarged access6783-(81/40)74
    Consultation with members when notice of exchange policy change not received5712-(78/41)9
    Consultations and proposals to Executive Board concerning sales of currencies at request of members with outstanding purchases6352-(79/183)159
    Consultations with lenders on means of interest payment under borrowing agreements in connection with supplementary financing facility6163-(79/96)283
    Deposit of currencies received by supplementary financing facility Subsidy Account with Bank for International Settlements*6854-(81/78)SBS385
    Discussions with members judged sufficiently strong whose outstanding purchases are not subject to guidelines on early repurchase with view to reducing their indebtedness to the Fund6774-(81/35)165
    Discussions with members on exchange policies5392-(77/63)14
    6026-(79/13)15
    Participation in meetings of Development CommitteeB/G Res. 29-9406
    Participation in meetings of Interim CommitteeB/G Res. 29-8401
    Placement of Trust Fund investments in SDR-denominated deposits5973-(78/189)
    TR
    370
    Proposals for allocation of SDRs:
    First basic periodB/G Res. 24-12445
    Third basic periodB/G Res. 34-3447
    Fourth basic period457
    Proposals for calls under General Arrangements to Borrow*1289-(62/1)233
    1712-(64/29)251
    Proposals for Trust Fund investments5973-(78/189)
    TR
    370
    Recommendations to Executive Board regarding approval of use of Fund resources and stand-by arrangements6056-(79/38)55
    Report to Board of Governors and to Executive Board on allocation of SDRs for fourth basic period457
    Misreporting and noncomplying purchases, guidelines on corrective action; see Extended or Stand-by arrangements
    Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
    Monetary stabilization operations, use of Fund’s resources71-251
    B/G Res. IM-6397
    Multiple currency practices:
    Applying solely to capital transactions8648-(87/104)92, 97
    Policy237-2302
    649-(57/33)309
    6790-(81/43)311
    Prior Fund approval5712-(78/41)9
    Spreads6790-(81/43)311
    N “Net creditor position in the Fund”6008-(79/3)282
    Noncomplying purchases; see Extended or Stand-by arrangements, Misreporting and noncomplying purchases
    Nordic Investment Bank, prescription as holder of special drawing rights6488-(80/77) S329
    O Oil facility:
    1975 facility Subsidy Account*4773-(75/136)390
    Final review and report on termination7420-(83/82)392
    7484-(83/117)393
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5371-(77/51)355
    Operational budgets:
    Assessment of strength of member’s balance of payments and gross reserve position6273-(79/158)
    G/S
    155
    Sales of SDRs and use of currencies6772-(81/35)
    G/S
    161
    Overdue obligations to Fund, purchases from Fund; (see also Extended or Stand-by arrangements)7908-(85/26)103
    *6838-(81/70)92, 97
    Access to Enhanced structural adjustment facility (ESAF)Chairman’s Summing up EBM/88/12106
    Accrued charges and income8433-(86/175)179
    Accounting for overdue charges8433-(86/175)179
    Burden sharing*8348-(86/122)182
    Managing Director’s concluding remarks July 17, 1986186
    July 30, 1986188
    Complaint, period of considerationChairman’s Summing up104
    Deferred income8433-(86/175)179
    8515-(87/23)189
    Maintenance of value adjustments, policies and proceduresChairman’s Summing up EBM/88/19106
    Publicity upon declaration of ineligibility7999-(85/90)320
    Reporting by Fund7931-(85/41)320
    Setoff in connection with retroactive reduction of charges due by members in arrears8271-(86/74)181
    Special charges on*8165-(85/189)
    G/TR
    179
    Setoff against charges due for second quarter of FY 19878442-(86/178)182
    Overdue payments to Fund; see Overdue obligations to Fund
    P Payments arrears3153-(70/95)299
    Payments policies of members4134-(74/4)301
    Payments restrictions (see also Exchange restrictions; Payments arrears):
    For security reasons, Fund jurisdiction144-(52/51)291
    Withdrawal or general abandonment117-1321
    “Position in the Fund,” definition6274-(79/158)157
    6772-(81/35)
    G/S
    161
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)291
    Publication of reports, overdue obligations793M85/41)320
    Publicity on declaration of ineligibility7999-(85/90)320
    Purchase transactions (see also Use of Fund’s resources): Augmentation of rights to purchase under standby and extended arrangements, elimination5706-(78/39)99
    Purchase under buffer stock financing facility*2772-(69/47)142
    3179-(70/102)143
    5127-(76/91)145
    5591-(77/163)355
    5597-(77/171)147
    7246-(82/147)150
    7247-(82/147)145
    Purchases under compensatory and contingency financing facility*8955-(88/126)112
    Purchases under credit tranche; see Tranche policies
    Purchases under extended arrangements5508–(77/127)67
    6783-(81/40)74
    6830-(81/65)99
    *6838-(81/70)95
    7048-(82/13)102
    Purchases under policy on enlarged access6783-(81/40)74
    Purchases under stand-by arrangements .5508–(77/127)67
    6783–(81/40)74
    *6838–(81/70)90
    7048–(82/13)102
    Purchases under supplementary financing facility5508-(77/127)66
    Resumption of purchases under extended arrangement after decision of formal ineligibility or to consider such a proposal*6838-(81/70)97
    Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal* 270-(53/95)88
    *6838-(81/70)93
    Suspension, effect on General Arrangements to Borrow*1289-(62/1)238
    Suspension of transactions under extended arrangements6838-(81/70)97
    Suspension of transactions under stand-by arrangements*270-(53/95)88
    *6838-(81/70)92
    Q Quotas:
    Adjustment, first interval of five years408-23
    Calculation, review of methodB/G Res. 38-1432
    Change, effect on voting power of elected Executive Director180-5319
    Reviews:
    1st408-23
    6th GeneralB/G Res. 29-10413
    B/G Res. 31-2417
    7th GeneralB/G Res. 34-2420
    Sale of SDRs by Fund to members for use in quota payments6663-(80/160) S167
    8th GeneralB/G Res. 38-1431
    9th General
    Report of Executive Board to Board of GovernorsB/G Res. 43-1440
    Special adjustment for members with very small quotasB/G Res. 44-1442
    B/G Res. 38-1433
    R Rates for official communications of Fund534-3316
    Rates of exchange; see Exchange rates; Multiple currency practices
    Reconstitution; see Special drawing rights, Reconstitution
    Remuneration on net creditor positions, balances held in Fund’s administrative accounts not in excess of 0.1 percent of quota, exclusion from Fund’s holdings of member’s currency for calculation7060-(82/23)357
    Remuneration, rate, burden sharing*8348-(86/122)183
    8515-(87/23)189
    Repayment by Fund of borrowed currency*1289-(62/1)235
    1712-(64/29)252
    5288-(76/167)256-58
    5387-(77/61)262-63
    5509-(77/127)278-79
    6843-(81/75)82-83
    6864-(81/81)135-36
    Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
    Reporting by the Fund of overdue obligations7931-(85/41)320
    Repurchases:
    Attribution of reductions in Fund’s holdings of currencies6774-(81/35)165
    *6831-(81/65)175
    Currency resulting from purchase under credit tranches*5703-(78/39)172
    Currency resulting from purchase under extended arrangement*6838-(81/70)98
    Currency resulting from purchase under stand-by arrangement*6838-(81/70)93
    Early, guidelines5704-(78/39)168
    6172-(79/101)170
    6273-(79/158)
    G/S
    155
    Guidelines for selection of currencies6274-(79/158)156
    6774-(81/35)163
    Obligations to pay gold, payment with SDRs or currencies of other members*5703-(78/39)173
    5809-(78/88)175
    Of Fund’s holdings102-(52/11)52
    Procedures*5703-(78/39)173
    Under buffer stock financing facility*5703-(78/39)172
    6th International Tin Agreement7247-(82/147)146
    1977 International Sugar Agreement5597-(77/171)149
    International Natural Rubber Agreement, 19797246-(82/147)150
    Under compensatory and contingency financing facility*5703-(78/39)172-73
    *8955-(88/126)118, 123, 124, 128
    Under decision on enlarged access6783-(81/40)76
    Under extended Fund facility*4377-(74/114)63
    Under supplementary financing facility5508-(77/127)70-71
    Reserve assets:
    Guidelines for determining amount to be paid in connection with subscriptions6266-(79/156)4-6
    Payment for subscriptions under 8th General Review of QuotasB/G Res. 38-1434, 436
    Reserve position, gross, assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158)
    G/S
    155
    Reserve tranche position:
    Attribution of reductions in Fund’s holdings of currencies to enlarge6774-(81/35)165
    *6831-(81/65)175
    Review7704-(84/78)176
    Balances held in Fund’s administrative accounts not in excess of 0.1 percent of quota not to be considered part of Fund’s holdings of member’s currency for determination7060-(82/23)357
    Reserve tranche purchases (see also Use of Fund’s resources):
    Exclusion of purchases and holdings in credit tranches6830-(81/65)356
    Exclusion of purchases and holdings under buffer stock financing facility5591-(77/163)355
    Exclusion of purchases and holdings under compensatory and contingency financing facility*8955-(88/126)355
    Exclusion of purchases and holdings under extended facility6830-(81/65)356
    Exclusion of purchases and holdings under oil facility537M77/51)355
    Exclusion of purchases and holdings under policy on enlarged access6783-(81/40)357
    Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)356
    Restrictions; see Exchange restrictions; Payments restrictions
    Retention quotas201-(53/29)293
    Rule G-1*1289-(62/1)238
    Rule 1-6(4):
    Rate of charges*8165-(85/189)
    G/TR
    180
    8349-(86/122)178
    8621-(87/90)178
    8780-(88/12)191
    8898-(88/90)178
    Rule 1-10:
    Rate of remuneration*8348-(86/122)183
    Rule O-2:
    Determination of exchange rate*1289-(62/1)237
    5288-(76/167)255
    5387-(77/61)260
    5590-(77/163)200
    6001-(79/1)S334
    6053-(79/34)S336
    6054-(79/34)S338
    6336-(79/178)S340
    7041-(82/8)
    G/S
    351
    Valuation of U.S. dollar in terms of special drawing rights6709-(80/189) S324
    Rule P-7:
    Declaration concerning use of special drawing rights in accordance with prescription on donations6437-(80/37) S343
    Declaration concerning use of special drawing rights in accordance with prescription on forward operations6337-(79/178) S342
    Declaration concerning use of special drawing rights in accordance with prescription on loans6001-(79/l) S335
    Declaration concerning use of special drawing rights in accordance with prescription on pledges*6053-(79/34) S337
    Declaration concerning use of special drawing rights in accordance with prescription on settlement of financial obligations*6000-(79/1) S333
    Declaration concerning use of special drawing rights in accordance with prescription on swap operations6336-(79/178) S341
    Declaration concerning use of special drawing rights in accordance with prescription on transfers as security for performance of financial operations*6054-(79/34) S339
    Rule P-9, record of operations in special drawing rights*6000-(79/1) S334
    6001-(79/1)S336
    *6053-(79/34) S337
    *6054-(79/34) S340
    6336-(79/178)S341
    6337-(79/178)S342
    6437-(80/37) S343
    8186-(86/9)
    SBS/S
    343
    8239-(86/56) SAF344
    Rule R-1 through R-6, rules for reconstitution, abrogation6832-(81/65)350
    S Saudi Arabia, association agreement under General Arrangements to Borrow; see Borrowing by the Fund
    Saudi Arabian Monetary Agency, borrowing agreement with Fund6843-(81/75)A76
    Amendment8460-(86/189)A128
    Change in conversion arrangements7188-(82/114)A109
    Supplementary agreement7677-(84/64)A110
    Extension of commitment period8460-(86/189)A128
    Transferability of claims7629-(84/25)248
    Special contingent account, establishment8619-(87/90)191
    Additions in FY 1988 and disposition of amounts placed in FY 1987 and FY 19888780-(88/12)191
    Special Disbursement Account; see Accounts
    Special drawing rights:
    Allocation for first basic periodB/G Res. 24-12445
    Allocation for third basic periodB/G Res. 34-3447
    New participants5956-(78/180) S332
    6368-(79/191)S332
    Allocation for fourth basic period, Managing Director’s report to Board of Governors and to Executive Board457
    Change in method of valuation, effect on claims under supplementary financing facility5509-(77/127)
    Annex
    279
    Designation, review of rules and method of calculating amounts6209-(79/124) S346
    Holders prescribed by the Fund:
    African Development Bank and African Development Fund8318-(86/104) S329
    Andean Reserve Fund6486-(80/77) S329
    Arab Monetary Fund6609-(80/126) S329
    Asian Development Bank7229-(82/136) S329
    Bank for International Settlements6484-(80/77) S328
    Bank of Central African States7064-(82/26) S329
    Central Bank of West African States6908-(81/101) S329
    East African Development Bank7582-(83/174) S329
    Eastern Caribbean Central Bank7707-(84/79) S329
    International Bank for Reconstruction and Development6718-(81/1) S329
    International Development Association6718-(81/1)S329
    International Fund for Agricultural Development6489-(80/77) S329
    Islamic Development Bank7086-(82/42) S329
    Nordic Investment Bank6488-(80/77) S329
    Swiss National Bank6485-(80/77) S330
    Terms and conditions for accepting, holding, or using SDRs6467-(80/71) S326
    Level of SDR holdings in General Resources Account, maintenance; see Accounts, General Resources Account
    Loans for Trust Fund expressed in5069-(76/72)364
    Method of collecting exchange rates for calculation of value of SDR for purpose of Rule O-2(a)6709-(80/189) S324
    Payment of net charges and assessment in Special Drawing Rights Department; see Special Drawing Rights Department, payment
    Payment of subscriptions6266-(79/156)5
    Reconstitution, abrogation of rules6832-(81/65) S350
    Sale by Fund to members for use in quota payments under 7th General Review6663-(80/160) S167
    Sale by Fund, guidelines6772-(81/35) G/S161
    7626-(84/23) S162
    7941-(85/50) S162
    8265-(86/70) S162
    8574-(87/64) S163
    SDR-denominated deposits with Bank for International Settlements5973-(78/189) TR370
    Transfers under Article V, Section 3(f)6275-(79/158) G/S158
    Transfers under Article V, Section 6(b), guidelines for selection of currencies6274-(79/158)156
    6774-(81/35)163
    Use in donations6437-(80/37) S343
    Use in donations and loans to supplementary financing facility Subsidy Account*6683-(80/185) G/TR378
    Use in financial operations under ESAF Trust or administered account8937-(88/118) ESAF/S344
    Use in forward operations6337-(79/178) S341
    Use in loans6001-(79/1) S334
    Use in operations under structural adjustment facility8239-(86/56) SAF343
    Use in payment of charges*5702-(78/39) G/S177
    Use in payment of 25 percent of quota increasesB/G Res. 31-2418
    B/G Res. 34-2425
    B/G Res. 38-1436
    Use in payment of subsidy8186-(86/9) SBS/S343
    Use in payment of Trust Fund obligations8642-(87/101) S/TR330
    Use in pledges*6053-(79/34) S336
    Use in repayment of Fund’s debt to Swiss National Bank6485-(80/77) S330
    Use in repurchases5703-(78/39)173-74
    5809-(78/88)175
    Use in settlement of financial obligations*6000-(79/1) S333
    Use in swap operations6336-(79/178) S340
    Use in transfers as security for performance of financial obligations6054-(79/34) S338
    Valuation basket, guidelines for calculation of currency amount8160-(85/186) G/S324
    Valuation for use in borrowing arrangements*1289-(62/1)237
    5288-(76/167)255-56
    5387-(77/61)260-61
    6843-(81/75)A81
    Valuation, interimB/G Res. 29-10411-12
    Valuation method6631-(80/145) G/S322
    Valuation of U.S. dollar pursuant to Rule 0-2(a), method6709-(80/189) S324
    Special Drawing Rights Department, payment of net charges and assessment7116-(82/68) S352
    Stabilization of prices of primary products, Fund facility; see Buffer stock financing facility
    Stand-by arrangements:
    Amendment to utilize supplementary financing7047-(82/13)100
    7048-(82/13)102
    Amounts to be made available under enlarged access policy decision, guidelines6783-(81/40)75
    *7600-(84/3)78
    Augmentation of rights to make purchases, elimination5706-(78/39)99
    Charges*6838-(81/70)93
    Conditionality, guidelines6056-(79/38)54
    Review8192-(86/13)65
    8583-(87/72)65
    Exclusion of purchases for purposes of definition of “reserve tranche purchase”6830-(81/65)356
    Foreign borrowing, performance criteria6230-(79/140)57
    Form under enlarged access policy*6838-(81/70)89
    7048-(82/13)102
    Guidelines, operational; see Performance criteria and phasing, below
    Ineligibility*270-(53/95)88
    *6838-(81/70)92-93
    Publicity upon declaration of7999-(85/90)320
    7931-(85/41)320
    Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)107
    Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
    Noncomplying purchases; see Misreporting and noncomplying purchases, above
    Operational guidelines; see Performance criteria and phasing, below
    Overdue obligations to the Fund, purchases from Fund7908-(85/26)103
    EBM/84/54104
    Payments arrears, performance criteria3153-(70/95)300
    Performance criteria and phasing, operational guidelines7925-(85/38)109
    Period*270-(53/95)87-88
    5508-(77/127)68
    6783-(81/40)75
    Policies and procedures*270-(53/95)88
    Provision for enlarged access to Fund’s resources6783-(81/40)74
    Provision for supplementary financing5508-(77/127)66-67
    6693-(80/177)73
    6725-(81/5)73
    Relationship between performance criteria and phasing of purchases, operational guidelines7925-(85/38)109
    Renewal*270-(53/95)87
    Repurchases; see Repurchases, Currency resulting from purchase under stand-by arrangement
    Suspension of right to engage in purchase transactions* 270-(53/95)88
    *6838-(81/70)92-93
    Utilization of supplementary financing facility for enlarged access resources; see Amendment to utilize …, above
    Structural adjustment facility:
    Amounts of assistance*8240-(86/56) SAF209
    Income from investment and loans, availability of use8760-(87/176)226
    List of eligible members and amounts of assistance*8240-(86/56)209
    Loans under ESAF*8238-(86/56) SAF208
    Regulations for administration*8238-(86/56) SAF203
    Chairman’s Summing up211
    Review of experience, conditionality, benchmarks, and prior actionsChairman’s Summing Up EBM/87/93217
    Review of operation8241-(86/56) SAF211
    Use of SDRs in operations8239-(86/56) SAF343
    Subscriptions:
    Gold and currency, ownership by Fund170-33
    Payment of quota increasesB/G Res. 31-2418
    B/G Res. 34-2425
    B/G Res. 38-1436
    Reserve assets:
    Guidelines for determining amounts to be paid6266-(79/156)4
    Payment under 8th General Review of QuotasB/G Res. 38-1436
    Subsidy accounts; see Accounts, Subsidy Accounts
    Sugar Agreement, International; see Buffer stock financing facility
    Supplementary financing facility:
    Authorization to make calls under borrowing arrangements6006-(79/3)282
    Charges; see Charges
    Establishment5508-(77/127)66
    Extension of period6725-(81/5)73
    No augmentation of rights to purchase5706-(78/39)99
    Replenishment of Fund’s holdings of currencies5509-(77/127)274
    Interest payments under borrowing agreements6163-(79/96)283
    Meaning of “net creditor position in the Fund”6008-(79/3)282
    Report on use6445-(80/43)72
    Repurchases; see Repurchases
    Review of decision on establishment6693-(80/177)73
    6725-(81/5)73
    Subsidy Account
    Disbursement of additional subsidy amount for period ending June 30, 19868523-(87/25) SBS388
    Disbursement of additional subsidy amount for July 1, 1985 through June 30, 19878674-(87/117) SBS388
    Additional subsidy payments for May 1, 1987 through June 30, 1987 and for July 1, 1987 through June 30, 19888941-(88/122) SBS389
    Effect on subsidy cost of substituting supplementary financing for enlarged access resources7047-(82/13)102
    Instrument*6683-(80/185) G/TR378
    Investment of currencies*6854-(81/78) SBS385
    Means of payments8185-(86/9) SBS/S386
    Subsidy payments, July 1, 1984-June 30, 19858037-(85/110) SBS387
    Subsidy payments, July 1, 1985-June 30, 19868492-(87/1) SBS387
    Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS385
    Transferability of claims; see Transferability of claims
    Utilization of supplementary financing facility for enlarged access resources7047-(82/13)100
    7048-(82/13)102
    Surveillance over exchange rate policies*5392-(77/63)9
    8248-(86/60)16
    8857-(88/64)16
    Enhanced surveillance; see Enhanced surveillance
    Procedures, implementation of three-month period7427-(83/83)18
    Review of procedures6026-(79/13)14
    7645-(84/40)15
    7939-(85/49)17
    8249-(86/60)17
    8563-(87/59)18
    8857-(88/64)16
    8858-(88/64)18
    Swiss National Bank:
    Borrowing agreements with Fund5288-(76/167)254
    5387-(77/61)259
    Transfer charges and interest, media of payment5306-(77/2)265
    5331-(77/15)264
    5488-(77/116)265
    Use of special drawing rights to repay indebtedness6485-(80/77) S330
    Participation in General Arrangements to Borrow*1289-(62/1)241
    Prescription as holder of special drawing rights6485-(80/77) S330
    Transferability of claims under General Arrangements to Borrow7628-(84/25)246
    Switzerland:
    Association with General Arrangements to Borrow1712-(64/29)250
    T Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)311
    Tin Agreements, International; see Buffer stock financing facility
    Trade, Voluntary Declaration4254-(74/75)313
    B/G Res. 29-10411
    Tranche policies:
    Application in connection with decision on enlarged access6783-(81/40)77
    Application in connection with supplementary financing facility5508-(77/127)71
    Exclusion of credit tranche purchases for purpose of definition of “reserve tranche purchase”6830-(81/65)99, 356
    Fund attitude to request for transactions within “first credit tranche” and beyond53
    Transferability of claims:
    General Arrangements to Borrow*1289-(62/1)237
    7628-(84/25)246
    Saudi Arabia’s borrowing agreement7629-(84/25)248
    Transitional provisions of Article XIV117-1321
    1034-(60/27)297-98
    Trust Fund:
    Distribution of profits from sale of gold for benefit of developing countries5069-(76/72)360
    5709-(78/41) TR370
    5832-(78/95) TR371
    6540-(80/98) TR375
    Diversification of investments5972-(78/189)369
    5973-(78/189) TR369
    Eligible members, review of list5563-(77/150) TR368
    Final payments of profits and loans for period July 1, 1976-June 30, 19785832-(78/95) TR371
    Instrument5069-(76/72)360
    Amendment5563-(77/150) TR368
    5972-(78/189)369
    6793-(81/45)377
    Means of payment of interest*6358-(79/188) TR373
    Means of repayment by members on their indebtedness under loan agreements*7142-(82/85) TR373
    Overdue interest and special charges*8165-(85/189) G/TR181
    Repayment terms:
    Final loan disbursement6793-(81/45)377
    Second period:
    Extension6466-(80/68) TR372
    6676-(80/168) TR372
    Extension of period for qualification6202-(79/121) TR372
    Timing of loan disbursements6201-(79/121) TR371
    Special charges on overdue interest*8165-(85/189) G/TR181
    Termination and transfer of resources to Special Disbursement Account6683-(80/185) G/TR379
    6704-(80/185) TR376
    U Unenforceability; see Exchange contracts
    United Nations:
    Agreement with International Monetary Fund463
    Convention on the Privileges and Immunities of the Specialized Agencies470
    Application to Fund487
    List of members which have accepted with respect to Fund488-89
    General Assembly Resolution entitled “Uniting for Peace,” due regard by Fund in conduct of its activitiesB/G Res. 6-8398
    United States dollars:
    Determination of value in terms of special drawing right pursuant to Rule 0-2(a)6709-(80/189) S324
    Inclusion in operational budgets6772-(81/35) G/S161
    Use for payment of interest and other Fund liabilities5288-(76/167)259
    5306-(77/2)265
    5331-(77/15)264
    5387-(77/61)263
    5488-(77/116)265
    *6358-(79/188) TR373
    *6863-(81/81)A130
    Use for repayments by members on their indebtedness under Trust Fund loan agreements*7142-(82/85) TR373
    Use in payments under oil facility Subsidy Account7420-(83/82)392
    7484-(83/117)393
    Use in payments under supplementary financing facility Subsidy Account7754-(84/108) SBS386
    Use of Fund’s resources (see also Borrowing by the Fund; Charges; Extended arrangements; Purchase transactions; Stand-by arrangements):
    Application of same policy for stand-by arrangements as for requests for immediate drawings*270-(53/95)88
    Authority to use resources of Fund, interpretation of Articles of Agreement71-251
    Buffer stock financing*2772-(69/47)142
    Buffer stock financing facility as applied to 1977 International Sugar Agreement5597-(77/171)147
    Buffer stock financing facility as applied to International Tin Agreements:
    4th3179-(70/102)143
    3351-(71/51)144
    5th5127-(76/9D145
    6th7247-(82/147)145
    Capital transfers1238-(61/43)51
    Compensatory and contingency financing facility*8955-(88/126)112
    Conditionally, guidelines6056-(79/38)54
    Review8192-(86/13)65
    8583-(87/72)65
    “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning …287-351
    Credit tranche policies; see Tranche policies
    Enlarged access, policy on*6783-(81/40)74
    Extended Fund facility*4377-(74/114)60
    “First credit tranche”53
    In accordance with purposes of Fund102-(52/11)52
    Ineligibility:
    Effect on purchases under extended arrangement*6838-(81/70)97
    Effect on purchases under stand-by arrangement*270-(53/95)88
    *6838-(81/70)93
    Publicity upon declaration7999-(85/90)320
    7931-(85/41)320
    Under Article V, Section 5284-3166
    Under Article XXVI, Section 2(a) (Article XV, Section 2(a) before Second Amendment)343-(54/47)354
    Interpretation of Articles of Agreement71–251
    Limit on access to Fund resources, guidelines*7600-(84/3)78
    Limitation under Article V, Section 5284-3166
    286-1166
    Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
    Monetary stabilization71-251
    Postponement, limitation under Article V, Section 5286-1166
    “Represents” in Article V, Section 3(b)(iii), meaning of the word284-452
    Reserve tranche purchases; see Reserve tranche purchases
    Resumption of purchases under extended arrangement after decision of formal ineligibility or to consider such a request*6838-(81/70)97
    Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal*270-(53/95)88
    *6838-(81/70)93
    Stand-by and extended arrangements, forms under enlarged access policy*6838-(81/70)89
    Suspension of exchange transactions, effect on General Arrangements to Borrow*1289-(62/1)238
    Suspension of transactions under extended arrangements*6838-(81/70)97
    Suspension of transactions under stand-by arrangements* 270-(53/95)88
    6838-(81/70)92
    Temporary assistance in financing balance of payments deficits71-251
    Tranche policies; see Tranche policies
    Waiver of condition of Article V, Section 3(b)(iii); see Waiver of condition
    Waiver of 200 percent of quota limit see also Article V, Section 3(b)(iii)*2772-(69/47)143
    V Voluntary Declaration on Tirade and Other Current Account Measures4254-(74/75)313
    B/G Res. 29-10411
    Voting power, elected Executive Directors, effect of change in quota180-5319
    W Waiver of condition of Article V, Section 3(b)(iii)*4377-(74/114)62
    5508-(77/127)71
    6783-(81/40)77
    *8955-(88/126)112
    World Economic Outlook, framework for discussions of international adjustment process5392-(77/63)113

    References are to the Articles of Agreement after the Second Amendment, which entered into force April 1, 1978. References to Articles in effect before the Second Amendment are indexed under their corresponding Articles after the Second Amendment.

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