Selected Decisions, 15th Edition
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
April 1990
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    Index

    Decision No.Page
    AAccounting by members for transactions with the Fund170-33
    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)385
    Borrowed Resources Suspense Accounts6844-(81/75)313
    6845-(81/75)314
    General Account; see General Resources Account, below
    General Resources Account:
    Adjustment of currency holdings of members5590-(77/163)228
    Exchange rate for Fund computations5590-(77/163)228
    Level of Fund SDR holdings, maintenance6275-(79/158) G/S182
    7626-(84/23)186
    7941-(85/50) S186
    8265-(86/70) S186
    8574-(87/64) S187
    Purchase of SDRs for payment of charges*5702-(78/39) G/S201
    Reimbursement for expenses of carrying out business of supplementary financing facility Subsidy Account6683-(80/185) G/TR405
    Reimbursement for expenses of conducting business of Trust Fund5069-(76/72)387
    Sales of SDRs for payment of quota increases by members under Seventh General Review of Quotas6663-(80/160)S191
    Special Contingent Account, see Special Contingent Account
    Special Disbursement Account, transfer of resources to ESAF Trust and retransfer to Special Disbursement Account8760-(87/176)254
    Special Disbursement Account, transfers to supplementary financing facility Subsidy Account6683-(80/185) G/TR406
    6704-(80/185) TR404
    Investment7990-(85/81)230
    8029-(85/105)231
    Structural adjustment facility; see Structural adjustment facility
    Special Drawing Rights Department, payment of net charges and assessments7116-(82/68) S380
    Subsidy Accounts:
    Oil facility*4773-(75/136)418
    Final review and report on termination7420-(83/82)420
    7484-(83/117)420
    Supplementary financing facility:
    Disbursement of additional subsidy amounts for period ending June 30, 19868523-(87/25) SBS415
    Instrument6683-(80/185) G/TR405
    Investment of currencies*6854-(81/78) SBS412
    Means of payments8185-(86/9) SBS/S413
    Subsidy payments, July 1, 1983–June 30, 19847754-(84/108) SBS413
    Subsidy payments, July 1, 1984–June 30, 19858037-(85/110) SBS414
    Subsidy payments, July 1, 1985–June 30, 19868492-(87/1) SBS414
    Subsidy payments, July 1, 1986–June 30, 19878674-(87/117) SBS416
    Subsidy payments, July 1, 1987–June 30, 1988894l-(88/122) SBS416
    Subsidy payments, July 1, 1988–June 30, 19899222-(89/97) SBS417
    Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS413
    Transfer of funds from Special Disbursement Account following termination of Trust Fund6704-(80/185) TR404
    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) S358
    Andean Reserve Fund, prescription as holder of special6486-(80/77) S358
    Arab Monetary Fund, prescription as holder of special6609-(80/126) S358
    Arrears to the Fund, see Overdue Obligations to Fund Articles of Agreement1B/G Res. 29-8428
    B/G Res. 29-10436
    Article I, purposes of the Fund287-351
    433-(55/42)321
    1034-(60/27)326
    *4377-(74/114)70
    *4773-(75/136)418
    5069-(76/72)388
    Article III, Section 2, adjustment of quotas408-23
    Article III, Section 2(a), general review of quotasB/G Res. 31-2445
    B/G Res. 34-2448
    B/G Res. 38-1459
    B/G Res. 43-1468
    B/G Res. 44-1470
    B/G Res. 44-5473
    B/G Res. 45-1477
    Article IV:
    Consultations5392-(77/63)9-14
    6026-(79/13)14
    6056-(79/38)54
    6790-(81/43)342
    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)9
    6026-(79/13)14
    Article V, Section 1*1289-(62/1)266
    Article V, Section 2(b), administration of deposits provided by members8895-(88/90)
    Article V, Section 3, application of Fund policies to purchases of currency borrowed by Fund*1289-(62/1)263
    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 purchases284-4 Chairman’s Summing-up52
    EBM/87/17644
    Article V, Section 3(b)(iii), waiver*4377-(74/114)72
    5508-(77/127)81-2
    6783-(81/40)87
    8955-(88/126)134
    Article V, Section 3(d):
    Sale of members’ currencies for repurchases5704-(78/39)193
    Selection of currencies in purchases6273-(79/158) G/S179
    6274-(79/158)180
    6352-(79/183)183
    6774-(81/35)187
    Article V, Section 3(f), transfers of SDRs6275-(79/158) G/S182
    Article V, Section 5, limitation on use of Fund’s284-3190
    286-1190
    7842-(84/165)128
    Article V, Section 6, sale of SDRs by the Fund6663-(80/160)S191
    Article V, Section 6(b), transfers of SDRs by the Fund6274-(79/158)180
    6774-(81/35)187
    Article V, Section 7, repurchases*1289-(62/1)263
    *5703-(78/39)197
    5704-(78/39)192
    *5809-(78/88)199
    Article VII, replenishment of Fund’s holdings of currencies5508-(77/127)77
    5509-(77/127)303
    6783-(81/40)84
    Article VII, Section 1, borrowing by Fund*1289-(62/1)259
    8897-(88/93)301
    Article VIII:
    Bilateralism433-(55/42)321
    Consultations5392-(77/63)13
    8858-(88/64)18
    Retention quotas201-(53/29)322
    Article VIII and Article XIV1034-(60/27)326
    Article VIII, Sections 2, 3, and 4, acceptance of obligations1034-(60/27)326
    Article VIII, Section 2(d):
    Payments restrictions144-(52/51)320
    3153-(70/95)328
    Article VIII, Section 2(b), unenforceability of exchange contracts446-4318
    Article VIII, Section 3, multiple currency practices237-2331, 335
    5712-(78/41)8
    6790-(81/43)341, 342
    Article VIII, Section 7B/G Res. 34-3483
    Article IX, Section 7, privilege for communications534-3345
    Article XII, Section 3 (b)(i) and 3(f).2-1347
    Article XII, Section 3(f):
    Additional appointed Executive Directors* 574-2347
    Determination of member’s entitlement to appoint Executive Director7060-(82/23)385
    “The preceding two years,” meaning597-4348
    Article XIV:
    Articles VIII and XIV1034-(60/27)326
    Bilateralism433-(55/42)321
    Consultations5392-(77/63)13
    8858-(88/64)18
    Retention quotas201-(53/29)322
    Article XIV, Section 11034-(60/27)326
    Article XIV, Section 2:
    Multiple currency practices237-2336
    Payments restrictions144-(52/51)320
    3153-(70/95)328
    Transitional arrangements446-4319
    Article XIV, Section 3117-1350
    Article XVII, Section 3, other holders of special drawing rights6467-(80/71) S355
    6484-(80/77) S358
    6485-(80/77) S359
    6486-(80/77) S358
    7629-(84/25)277
    8642-(87/101) S/TR359
    8937-(88/118) ESAF361
    Article XVIII, allocation of special drawing rightsB/G Res. 24-12479
    B/G Res. 34-3481
    Article XVIII, Section 2(d), allocations of special drawing rights to new participants5956-(78/180) S362
    6368-(79/191) S362
    Article XIX, Section 2(c):
    Acceptance and use of special drawing rights by prescribed holders6467-(80/71) S355
    Operations and transactions in special drawing*6000-(79/1) S363
    6001-(79/1) S364
    *6053-(79/34) S366
    *6054-(79/34) S368
    6336-(79/178)S370
    6337-(79/178)S371
    6437-(80/37) S372
    8186-(86/9) SBS/S360
    8186-(86/9) SBS/S360
    Article XIX, Section 5, designation of participants to provide currency6209-(79/124) S374
    Article XIX, Section 5(a)(i), designation plans6273-(79/158) G/S179
    Article XIX, Section 6(b), abrogation of rules for reconstitution6832-(81/65) S378
    Article XIX, Section 1(a), calculation of exchange rates*1289-(62/1)266
    704l-(82/8) G/S379
    Article XX, Section 1, interest paid on holdings of special drawing rights6467-(80/71) S355
    Article XX, Section 5, application against unpaid charges of special drawing rights acquired by participants after payment date7116-(82/68) S380
    Article XXIIB/G Res. 34-3483
    Article XXIII, Section 1, suspension of operations and transactions in special drawing rights6467-(80/71) S357
    Article XXVI, Section 2(a), ineligibility to use Fund resources343-(54/47)382
    Article XXVI, Section 3*1289-(62/1)267
    Article XXVII*1289-(62/1)267
    Article XXVII, Section 1(a)(i), suspension of transactions covered by stand-by arrangements* 270-03/95)99
    Article XXIX (a), list of interpretations underxxxii
    Article XXX(c):
    Exclusion of purchases and holdings under buffer stock facility559-(77/163)383
    Exclusion of purchases and holdings under compensatory and contingency financing facility*8955-(88/126)383
    Exclusion of purchases and holdings under policy on enlarged access6783-(81/40)385
    Exclusion of purchases and holdings under extended facility6830-(81/65)384
    Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)384
    Exclusion of purchases under oil facility5371-(77/51)383
    Exclusion relating to purchases in credit tranches6830-(81/65)384
    Article XXX(f), freely usable currencies5719-(78/46)386
    Schedule B, repurchases*5703-(78/39)197-98
    5704-(78/39)193
    6008-(79/3)311
    Schedule B, paragraph 1(b), use of amounts in excess of capital value available from gold sales for benefit of5069-(76/72)387
    Schedule F, rules for designation6209-(79/124) S375
    Schedule G, rules for reconstitution, abrogation6832-(81/65) S378
    Schedule J*1289-(62/1)267
    Schedule K*1289-(62/1)267
    5288-(76/167)288
    5387-(77/61)292
    Schedule K, paragraph 15288-(76/167)288
    5387-(77/61)292
    Asian Development Bank, prescription as holder of special drawing rights7229-(82/136) S358
    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)199
    6774-(81/35)189
    Review7704-(84/78)200
    Audit:
    Enhanced structural adjustment facility trust (ESAF Trust)8759-(87/176) ESAF36
    Oil facility Subsidy Account*4773-(75/136)418
    Supplementary financing facility Subsidy6683-(80/185) G/TR411
    Trust Fund5069-(76/72)394
    Augmentation; see Purchase transactions, Augmentation
    BBalance of payments position:
    Assessment for assistance from Trust Fund5069-(76/72)389-90
    Assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) G/S179
    Discrimination for balance of payments reasons955-(59/45)325
    Deposit by Managing Director of currencies held in supplementary financing facility Subsidy Account6854-(81/78) SBS412
    Prescription as holder of special drawing rights6484-(80/77) S357
    Trust Fund deposits denominated in SDRs5973-(78/189) TR397
    Bank of Central African States, prescription as holder of special drawing rights7064-(82/26) S358
    Belgium, National Bank of, Borrowing agreement with Fund; see Borrowing by the Fund
    Bicyclic consultation procedures; see Consultation with members
    Bilateralism433-05/42)321
    Borrowed Resources Suspense Accounts; see Borrowing by the Fund, below
    Borrowing by the Fund
    Agreement with Swiss National Bank:
    19765288-(76/167)283
    19775387-(77/61)288
    Interest, media of payment5331-(77/15)293
    5488-(77/116)294
    Transfer charges, media of payment5306-(77/2)294
    5488-(77/116)294
    Use of special drawing rights in repayment6485-(80/77) S359
    Borrowed Resources Suspense Accounts6844-(81/75)313
    6845-(81/75)314
    Borrowed resources, use to finance purchases under arrangements providing enlarged access to Fund’s resources6783-(81/40)84
    General Arrangements to Borrow
    Associated borrowing arrangements7403-(83/73)294
    “Outstanding borrowing and unused credit lines,” clause in respect of GAB in guidelines for Fund borrowing*7040-(82/7)315
    Renewal, sixth8733-(87/159)272
    Saudi Arabia, association agreement7403-(83/73)294
    Renewal8897-(88/93)301
    Transferability of claims7629-(84/25)277
    Swiss National Bank, participation of*1289-(62/1)269
    Switzerland, association of1712-(64/29)279
    Transferability of claims; see Transferability of claims
    Use of credit arrangements for nonparticipants*1289-(62/1)269
    Guidelines7040-(82/7)315
    Supplementary financing facility
    Authorization to make calls6006-(79/3)311
    Interest payment procedure6163-(79/96)312
    Meaning of “net creditor position in the Fund”6008-(79/3)311
    Replenishment of holdings of currencies5509-(77/127)303
    Subsidy Account6683-(80/185) G/TR405
    Buffer stock financing facility*2772-(69/47)164
    Access limit and review*2772-(69/47)165
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5591-(77/163)383
    International Natural Rubber Agreement, 19797246-(82/147)172
    International Natural Rubber Agreement, 19879403-(90/53)173
    International Sugar Agreement, 19775597-(77/171)169
    International Tin Agreements:
    Fourth3179-(70/102)165
    335-(71/51)166
    Fifth5127-(76/91)167
    Sixth7247-(82/147)167
    Repurchases*5703-(78/39)196
    Sixth International Tin Agreement7247-(82/147)168
    1977 International Sugar Agreement5597-(77/171)171
    International Natural Rubber Agreement, 19797246-(82/147)172
    Burden sharing*8348-(86/122)207
    8515-(87/23)213
    Managing Director’s Remarks211, 212
    Adjustment for quarter ended April 30, 19888878-(88/84)214
    Implementation for FY 1989886l-(88/67)218
    for FY 19909135-(89/46)222
    for FY 19919410-(90/62)224
    Net income target:
    for FY 19888781-(88/12)215
    for FY 1989886l-(88/67)218
    Principles of “burden sharing”886l-(88/67)218
    Rate of charge:
    for FY 19898861-(88/67)218
    retroactive reduction for FY 19878618-(87/90)214
    for FY 19888781-(88/12)215
    8879-(88/84)215
    Retroactive reduction of rate of charge8618-(87/90)214
    8781-(88/12)215
    Special Contingent Account, amounts placed
    for FY 19878619-(87/90)215
    for FY 19888780-(88/12)216
    for FY 1989886l-(88/67)218
    for FY 19909135-(89/46)222
    By-Laws, Section 20 audits, see Audits
    CCapital transfers:
    Controls by members541-(56/39)258
    B/G Res. 29-10438
    Restrictions237-2333
    Use of Fund’s resources for1238-(61/143)51
    B/G Res. IM-6425
    Central Bank of West African States, prescription as holder of special drawing rights6908-(81/101)S358
    “Changing circumstances,” adaptation of multiple currency practices237-2337
    Charges:
    Accounting for charges from members with overdue obligations8433-(86/175)203
    Accrued charges8433-(86/175)203
    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 calculation7060-(82/23)385
    Borrowing agreements with Swiss National Bank5288-(76/167)285
    5306-(77/2)294
    5387-(77/61)290
    5488-(77/116)294
    Enlarged access policy6783-(81/40)88
    Extended Fund facility*4377-(74/114)73
    4720-(75/114)77
    *6838-(81/70)109
    Future changes4239-(74/67)201
    Interest on Trust Fund loans; see Interest
    Media of payment*5702-(78/39) G/S201
    Oil facility Subsidy Account; see Accounts, Subsidy Accounts
    Overdue obligations to Fund, special charges8165-(85/189) G/TR204
    Overdue obligations to Fund, accrued income8433-(86/175)203
    Payment by nonparticipant in Special Drawing Rights Department5702-(78/39) G/S201
    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)S380
    Rate, as of Feb. 1, 19888780-(88/12)216
    as of May 1, 19888898-(88/90)202
    Rate, determination of, burden sharing*8348-(86/122)207
    8515-(87/23)213
    Rate on use of ordinary resouces for FY 19909186-(89/74)202
    Retroactive reduction of rate:
    for FY 19878618-(87/90)214
    for FY 19888781-(88/12)215
    Setoff in connection with retroactive reduction8271-(86/74)206
    Special charges on overdue obligations to Fund8165-(85/189) G/TR204
    Amendment8641-(87/101) G/S/TR205
    Setoff against charges due for second quarter of FY 19878442-(86/178)207
    Stand-by arrangements*6838-(81/70)104
    Supplementary financing facility5508-(77/127)82
    Supplementary financing facility Subsidy Account; see Accounts, Subsidy Accounts
    Committee on Reform of the International Monetary System and Related IssuesB/G Comp. Res427
    Final report and terminationB/G Res. 29-7428
    Support of extended Fund facility*4377-(74/114)70
    Voluntary Declaration on Trade and Other Current Account Measures4254-(74/75)342
    Commodities (see also Buffer stock financing facility; Compensatory financing…):
    Reclassification where subject to multiple currency practices237-2336
    Communications, privilege for534-3345
    Compensatory and contingency financing facility, establishment*8955-(88/126)133
    Compensatory financing of export fluctuations*8955-(88/126)136
    External contingency financing*8955-(88/126)140
    Chairman’s Summing up EBM/88/105152
    Compensatory financing of fluctuation in the cost of cereal imports*8955-(88/126)146
    Transitional and other provisions*8955-(88/126)151
    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)326
    Bicyclic procedures and simplified interim proceduresChairman’s Summing up EBM/87/10020
    Bilateral arrangements433-(55/42)321
    Changes in members’ exchange arrangements, notification to Fund5712-(78/41)8
    Commodity field, attention to policies*2772-(69/47)165
    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-(79/38)54
    6790-(81/43)342
    Discussions on use of Fund’s resources102-(52/11)53
    During period of extended arrangement*6838-(81/70)109-10
    During period of stand-by arrangement*6838-(81/70)105
    Exchange measures needing approval under Article VIII1034-(60/27)326
    Members’ policies in present circumstances4134-(74/4)330
    Multiple currency practices237-2332
    Periodic discussions under Article VIII1034-(60/27)327
    Resumption of purchases under extended arrangements*6838-(81/70)108
    Resumption of purchases under stand-by arrangements*270-(53/95)99
    *6838-(81/70)102
    Retention quotas201-03/29)324
    Special consultations5392-(77/63)13
    Whether measure is exchange restriction1034-(60/27)326
    Consultations with European Monetary Cooperation Fund on calculation of representative rate for European Currency Unit704l-(82/8) G/S379
    Consultations with prescribed holders of special drawing rights6467-(80/71) S356
    Contingency mechanism; see Compensatory and contingency financing Facility
    Convertibility:
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)326
    Approval of exchange restrictions1034-(60/27)327
    Bilateralism433-05/42)321
    Consultation with Fund1034-(60/27)327
    Discrimination955-09/45)325
    Multiple currency practices; see Multiple currency practices
    Retention quotas201-03/29)323
    Credit tranches; see Tranche policies
    Creditworthiness, factor in determining use of Fund’s resources102-02/11)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. 31-2447
    Composition of special drawing right6631-(80/145) G/S351
    Freely usable currencies5719-(78/46)386
    Guidelines for use in operational budgets6772-(81/35) G/S185
    Guidelines for use in operations and transactions of General Resources Account6273-(79/158) G/S179
    6274-(79/158)180
    6774-(81/35)187
    Payment of subscriptions6266-(79/156)4
    B/G Res. 31-2446
    B/G Res. 34-2453
    B/G Res. 38-1462
    Rates for computations and maintenance of value5590-(77/163)228
    Replenishment in connection with supplementary financing facility5509-(77/127)303
    Sale by agreement with member with outstanding purchases6274-(79/158)180
    6352-(79/183)184
    6774-(81/35)188
    Selection for payment of charges*5702-(78/39) G/S201
    Specified by the Fund, use in repurchases*5703-(78/39)196
    5809-(78/88)199
    Subscribed to the Fund, ownership170-33
    DDebt management policies; see External debt management policies
    Debt and debt reductions operations, early repurchase expectations9331-(89/167)66
    Debt strategy, Fund involvement inChairman’s Summing up EBM/89/6160
    Declaration of noncooperation or censureEBM/89/100 EBM/89/101118
    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)325
    Drawings; see Purchase transactions; Use of Fund’s resources
    EEast African Development Bank, prescription as holder of special drawing rights7582-(83/174)S358
    Eastern Caribbean Central Bank, prescription as holder of special drawing rights7707-(84/79) S358
    Emergency assistance, natural disastersChairman’s Remarks EBM/82/16175
    Enemy-occupied, former, members, introduction of multiple currency practices237-2335
    Enhanced structural adjustment facility:
    Access limits8845-(88/61) ESAF45
    Review9119-(89/40) ESAF46
    Arrears to the Fund, consequencesActing Chairman’s Remarks EBM/88/12117
    Borrowing for loan accounts, consultation with creditors9056-(89/2) ESAF46
    Establishment8757-(87/176) SAF/ESAF252
    Extension of commitment and disbursement periods for agreement9116-(89/40) ESAF254
    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)254
    Enhanced surveillanceChairman’s Summing up EBM 87/17138
    Procedures for transmittal of staff reports8222-(86/45)47
    Chairman’s Summing up EBM 85/13247
    Enlarged access, policy on6783-(81/40)84
    Access limits, guidelines*7600-(84/3)89
    Chairman’s Summing up91
    Apportionment between ordinary and borrowed resources8886-(88/89)90
    Borrowed Resources Suspense Accounts; see Accounts
    Charges*6783-(81/40)88
    Exclusion of purchases with borrowed resources and holdings under Article XXX(c)*6783-(81/40)88
    Forms of stand-by and extended arrangements*6838-(81/70)100
    Mix of ordinary and borrowed resources; see Apportionment between ordinary and borrowed resources, above.
    Period*7599-(84/3)88
    Repurchases; see Repurchases
    Review*7599-(84/3)88
    Utilization of supplementary financing facility for enlarged access resources; see Supplementary financing facility
    European Currency Unit, representative rate in terms of SDR7041-(82/8) G/S379
    European Monetary Cooperation Fund, consultation on calculation of representative rate for European Currency Unit7041-(82/8) G/S379
    “Exceptional circumstances,” meaning in Article XIV, Section 3 (Section 4 before Second Amendment)117-1350
    237-2338
    Exchange arrangements, notification*5392-(77/63)13
    5712-(78/41)8
    Exchange contracts, unenforceability446-4318
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-4319
    Exchange controls on capital transfers541-(56/39)258
    Exchange rates:
    Borrowing arrangements by Fund*1289-(62/1)259
    Exchange rate policies of members, surveillance5392-(77/63)9
    Flexible exchange arrangements5712-(78/41)9
    Floating, guidelinesB/G Res. 29-10438
    Fluctuating:
    Multiple currency practices (fixed and fluctuating rates)237-2334
    Scope of transactions to be agreed with Fund237-2334
    Free markets237-2334
    Multiple currency practices arising from official action6790-(81/43)340
    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 SDR704l-(82/8) G/S379
    Unification in multiple rate systems a basic objective of Fund649-(57/33)339
    Exchange restrictions (see also Payments restrictions):
    Approval1034-(60/27)326-27
    Avoidance of escalation4134-(74/4)330
    4254-(74/75)342
    Bilateralism433-05/42)321
    Capital transactions; see Capital transfers Consultations with Fund1034-(60/27)327
    Discrimination955-(59/45)325
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)326
    Introduction1034-(60/27)326
    Maintenance1034-(60/27)327
    Multiple currency practices237-22331
    649-(57/33)338
    6790-(81/43)340
    Payments arrears3153-(70/95)328
    Retention quotas201-(53/29)322
    Security reasons; see Payments restrictions Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)326-27
    Withdrawal, representation by Fund117-1350
    Exchange systems, avoidance of use for nonbalance of payments reasons1034-(60/27)327
    Exchange taxes237-2338
    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)420
    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)166
    5127-(76/91)167
    5597-(77/171)171
    7246-(82/147)173
    7247-(82/147)169
    Report to Board of Governors on quota increases under General Reviews of Quotas:
    SeventhB/G Res. 34-2448
    EighthB/G Res. 38-1459
    NinthB/G Res. 43-1468
    B/G Res. 44-5473
    B/G Res. 45-1477
    Review and change of rules for designation6209-(79/124) S374
    Review of broad developments in exchange rates5392-(77/63)13
    Review of decision on extended Fund facility*4377-(74/114)73
    5220-(76/144)74
    7558-(83/156)74
    7857-(84/175)74
    8192-(86/13)75
    8583-(87/72)75
    Review of functioning of international adjustment process5392-(77/63)12
    Review of guidelines for borrowing by Fund7040-(82/7)316
    Review of level of Fund’s SDR holdings6275-(79/158) G/S182
    7626-(84/23) S186
    794l-(85/50) S186
    8265-(86/70) S187
    8574-(87/64) S187
    Review of prescriptions of holders of special drawing rights6467-(80/71)S356
    Review of quota calculation methodB/G Res. 38-1459
    Executive Directors:
    Additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c)597-4348
    Appointment by members having five largest2-1347
    Determination of members entitled to appoint under Article XII, Section 3(c)*574-2347
    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)385
    Participation in meetings of Development CommitteeB/G Res. 29-9434
    Participation in meetings of Interim CommitteeB/G Res. 29-8429
    Voting power, effect of quota changes180-5348
    Export shortfalls, financing; see Compensatory and contingency financing facility
    Extended arrangements*4377-(74/114)70
    Amendment to utilize supplementary financing7047-(82/13)111
    7048-(82/13)114
    Amounts to be made available under enlarged access policy decision, guidelines*7600-(84/3)89
    Augmentation of rights to make purchases, elimination5706-(78/39)110
    Charge*4377-(74/114)73
    4720-(75/114)77
    *6838-(81/70)109
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”6830-(81/65)384
    Form under enlarged access policy*6838-(81/70)105
    7048-(82/13)113
    7908-(85/26)114
    Guidelines, operational; see Performance criteria and phasing, below
    Ineligibility*6838-(81/70)108
    Publicity upon declaration7931-(85/41)349
    7999-(85/90)349
    Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)128
    EBM/85/26130
    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)114
    EBM/84/54115
    Performance criteria and phasing, operational guidelines*7925-(85/38)131
    Provision for enlarged access to Fund’s resources6783-(81/40)84
    Provision for supplementary financing5508-(77/127)78
    6693-(80/177)83
    6725-(81/5)84
    Repurchases; see Repurchases
    Review of decision on extended Fund facility5220-(76/144)74
    7558-(83/156)74
    7857-(84/175)74
    8192-(86/13)75
    8583-(87/72)75
    9189-(89/77)76
    Suspension of right to engage in purchase transactions*6838-(81/70)108
    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 transactions54
    Floating rates; see Exchange rates
    Fluctuating exchange rates; see Exchange rates
    Freely usable currencies5719-(78/46)386
    Free markets; see Exchange rates
    Fund resources, use; see Use of Fund’s resources
    Fund’s holdings; see Holdings of the Fund
    GGeneral Agreement on Tariffs and Trade1034-(60/27)328
    4254-04/75)344
    B/G Res. 29-10439
    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)196
    5809-(78/88)199
    Sale, amounts available to Trust Fund5069-(76/72)387, 388, 393
    Sale for benefit of developing members, distribution of profits through Trust Fund5069-(76/72)387
    5709-(78/41) TR398
    5832-(78/95) TR399
    6540-(80/98) TR403
    Sale, transfer of profits to Trust Fund5069-(76/72)389
    Subscribed to Fund, ownership170-33
    Gross reserve position; see Reverse position, gross
    HHoldings of the Fund:
    Adjustment by Fund5590-(77/163)228
    Attribution of reductions to enlargement of member’s reserve tranche position6774-(81/35)187
    *6831-(81/65)199
    Attribution of reductions to repurchase obligations*6831-(81/65)199
    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)385
    Computations and adjustment, rates5590-(77/163)228
    Exclusion of holdings resulting from credit tranche purchases6830-(81/65)384
    Exclusion under buffer stock facility559-(77/163)383
    Exclusion under compensatory and contingency financing facility*8955-(88/126)383
    Exclusion under enlarged access policy6783-(81/40)385
    Exclusion under extended Fund facility6830-(81/65)384
    Exclusion under oil facility5371-(77/51)383
    Exclusion under supplementary financing facility5508-(77/127)384
    Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
    Repurchases; see Repurchases
    IImport restrictions imposed for balance of payments reasons, GATT members1034-(60/27)327-28
    Income, accrued; see Overdue obligations to Fund, purchases from Fund, Accrued charges and income
    Income position, burden sharing*8348-(86/122)207
    8515-(87/23)213
    Income target for FY 1987 and FY 1988*8348-(86/122)207
    Ineligibility; see Extended arrangements; Stand-by arrangements; Use of Fund’s resources
    Interest:
    Charge on loans from Trust Fund5069-(76/72)392
    Payment on Fund indebtedness to Swiss National Bank5288-(76/167)286
    5331-(77/15)293
    5387-(77/61)291
    5488-(77/116)294
    Payment on Fund indebtedness under General Arrangements to Borrow*1289-(62/1)263
    Payment on Fund indebtedness under supplementary financing facility Subsidy Account6683-(80/185) G/TR406
    Payment under supplementary financing facility5509-(77/127)
    Annex307
    6163-(79/96)312
    Payments by members under Trust Fund loan agreements6358-(79/188)401
    5069-(76/72)392
    Interim Committee of the Board of Governors on the International Monetary System:
    EstablishmentB/G Res. 29-8428
    Review of functioning of international adjustment process5392-(77/63)12
    Rules of procedure441-42
    International Bank for Reconstruction and Development, prescription as holder of special drawing rights6718-(81/1)S358
    International Development Association, prescription as holder of special drawing rights6718-(81/1)S358
    International Fund for Agricultural Development, prescription as holder of special drawing rights6489-(80/77) S358
    International monetary system, reformB/G Comp. Res.427
    International Natural Rubber, Sugar, and Tin Agreements; see Buffer stock financing facility
    Interpretation of Articles of Agreement51, 318, 345 347, 382
    Investment:
    Currencies held in oil facility Subsidy Account*4773-(75/136)419
    Currencies held in supplementary financing facility Subsidy Account6683-(80/185) G/TR408
    6854-(81/78) SBS412
    Currency balances held in Trust Fund5069-(76/72)394
    5972-(78/189)397
    5973-(78/189)TR397
    Islamic Development Bank, prescription as holder of special drawing rights7086-(82/42) S358
    JJapan, 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. 29-9431
    Rules of procedure442
    Secretariat function, changes in organization of work and structure443
    MMaintenance of value, adjustment: general policies and procedures relating to arrears to FundActing Chairman’s Summing up EBM/88/19117
    Managing Director:
    Authority to establish Borrowed Resources Suspense Accounts, and to transfer and invest balances of borrowed currencies6844-(81/75)313
    6845-(81/75)314
    Authority to establish oil facility Subsidy Account*4773-(75/136)418
    Authority to make calls under borrowing arrangements in connection with supplementary financing facility6006-(79/3)311
    Consultation by eligible member to request assistance from Trust Fund5069-(76/72)389
    Consultation by member before making request under supplementary financing facility5508-(77/127)77
    Consultation by member contemplating request under extended Fund facility*4377-(74/114)71
    Consultation by member to request use of Fund resources under policy on enlarged access6783-(81/40)84
    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)183
    Consultations with lenders on means of interest payment under borrowing agreements in connection with supplementary financing facility6163-(79/96)312
    Deposit of currencies received by supplementary financing facility Subsidy Account with Bank for International Settlements*6854-(81/78) SBS412
    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)189
    Discussions with members on exchange policies5392-(77/63)14
    6026-(79/13)15
    Participation in meetings of Development CommitteeB/G Res. 29-9434
    Participation in meetings of Interim CommitteeB/G Res. 29-8429
    Placement of Trust Fund investments in SDR-denominated deposits5973-(78/189) TR398
    Proposals for allocation of SDRs:
    First basic periodB/G Res. 24-12479
    Third basic periodB/G Res. 34-3481
    Fourth basic period491
    Proposals for calls under General Arrangements to Borrow*1289-(62/1)262
    1712-(64/29)280
    Proposals for Trust Fund investments5973-(78/189) TR398
    Recommendations to Executive Board regarding approval of use of Fund resources and stand-by arrangements6056-(79/38)56
    Report to Board of Governors and to Executive Board on allocation of SDRs for fourth basic period491
    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-6425
    Multiple currency practices:
    Applying solely to capital transactions8648-(87/104)103, 108
    Policy237-2331
    649-(57/33)338
    6790-(81/43)340
    Prior Fund approval5712-(78/41)9
    Spreads6790-(81/43)340
    N“Net creditor position in the Fund”6008-(79/3)311
    Noncomplying purchases; see Extended or Stand-by arrangements, Misreporting and noncomplying purchases
    Nordic Investment Bank, prescription as holder of special drawing rights6488-(80/77) S358
    OOil facility:
    1975 facility
    Subsidy Account*4773-(75/136)418
    Final review and report on termination7420-(83/82)420
    7484-(83/117)421
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5371-(77/51)383
    Operational budgets:
    Assessment of strength of member’s balance of payments and gross reserve position6273-(79/158) G/S179
    Sales of SDRs and use of currencies6772-(81/35) G/S185
    Overdue obligations to Fund, purchases from Fund; (see also Extended or Stand-by arrangements)7908-(85/26)114
    *6838-(81/70)103, 108
    Access to enhanced structural adjustment facility (ESAF)Chairman’s Closing Remarks EBM/88/12117
    Accrued charges and income8433-(86/175)203
    Accounting for overdue charges8433-(86/175)203
    Burden sharing*8348-(86/122)207
    Complaint, period of considerationChairman’s Summing up EBM/85/170115
    Declaration of noncooperation or censureEBM/89/100123, 127
    EBM/89/101123, 127
    Deferred income8433-(86/175)203
    8515-(87/23)213
    Letter to GovernorsEBM/89/100124, 126
    EBM/89/101124, 126
    Maintenance of value adjustments, policies and proceduresChairman’s Summing up EBM/88/19117
    Procedures for dealing with membersEBM/89/101118
    Publicity upon declaration of ineligibility7999-(85/90)349
    Reporting by Fund7931-(85/41)349
    Setoff in connection with retroactive reduction of charges due by members in arrears8271-(86/74)206
    Special charges on*8165-(85/189) G/TR204
    Setoff against charges due for second quarter of FY 19878442-(86/178)206
    Overdue payments to Fund; see Overdue obligations to Fund
    PPayments arrears3153-(70/95)328
    Payments policies of members4134-(74/4)330
    Payments restrictions (see also Exchange restrictions; Payments arrears):
    For security reasons, Fund jurisdiction144-(52/51)320
    Withdrawal or general abandonment117-1350
    “Position in the Fund,” definition6274-(79/158)181
    6772-(81/35) G/S185
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)320
    Publication of reports, overdue obligations7931-(85/41)349
    Publicity on declaration of ineligibility7999-(85/90)349
    Purchase transactions (see also Use of Fund’s resources):
    Augmentation of rights to purchase under stand by and extended arrangements, elimination5706-(78/39)110
    Purchase under buffer stock financing facility*2772-(69/47)164
    3179-(70/102)165
    5127-(76/91)167
    5591-(77/163)383
    5597-(77/171)169
    7246-(82/147)172
    7247-(82/147)167
    Purchases under compensatory and contingency financing facility*8955-(88/126)133
    Purchases under credit tranche; see Tranche policies
    Purchases under extended arrangements5508-(77/127)78
    6783-(81/40)84
    6830-(81/65)110
    *6838-(81/70)106
    7048-(82/13)113
    Purchases under policy on enlarged access6783-(81/40)84
    Purchases under stand-by arrangements5508-(77/127)78
    6783-(81/40)84
    *6838-(81/70)101
    7048-(82/13)113
    Purchases under supplementary financing facility5508-(77/127)77
    Resumption of purchases under extended arrangement after decision of formal ineligibility or to consider such a proposal*6838-(81/70)108
    Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal*270-(53/95)99
    *6838-(81/70)104
    Suspension, effect on General Arrangements to Borrow*1289-(62/1)267
    Suspension of transactions under extended arrangements6838-(81/70)108
    Suspension of transactions under stand-by arrangements*270-(53/95)99
    *6838-(81/70)103
    QQuotas:
    Adjustment, first interval of five years408-23
    Calculation, review of methodB/G Res. 38-1460
    Change, effect on voting power of elected Executive Director180-5348
    Reviews:
    First408-23
    Sixth General ReviewB/G Res. 29-10441
    B/G Res. 31-2445
    Seventh General ReviewB/G Res. 34-2448
    Sale of SDRs by Fund to members for use in quota payments6663-(80/160)S191
    Eighth General ReviewB/G Res. 38-1459
    Ninth General Review
    Report of Executive Board to Board of GovernorsB/G Res. 43-1468
    B/G Res. 44-5473
    B/G Res. 45-1477
    Special adjustment for members with very small quotasB/G Res. 44-1470
    B/G Res. 38-1461
    RRates for official communications of Fund534-3345
    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)385
    Remuneration, rate, burden sharing*8348-(86/122)208
    8515-(87/23)213
    Repayment by Fund of borrowed currency*1289-(62/1)264
    1712-(64/29)281
    5288-(76/167)285-87
    5387-(77/61)291-92
    5509-(77/127)307-8
    Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
    Reporting by the Fund of overdue obligations7931-(85/41)349
    Repurchases:
    Attribution of reductions in Fund’s holdings of currencies6774-(81/35)189
    *6831-(81/65)199
    Currency resulting from purchase under credit tranches*5703-(78/39)196
    Currency resulting from purchase under extended arrangement*6838-(81/70)109
    Currency resulting from purchase under stand-by arrangement*6838-(81/70)104
    Early, guidelines5704-(78/39)192
    6172-(79/101)194
    6273-(79/158) G/S179
    Guidelines for selection of currencies6274-(79/158)180
    6774-(81/35)187
    Obligations to pay gold, payment with SDRs or currencies of other members*5703-(78/39)197
    5809-(78/88)199
    Of Fund’s holdings102-(52/11)52
    Procedures*5703-(78/39)197
    Under buffer stock financing facility*5703-(78/39)196
    Sixth International Tin Agreement7247-(82/147)168
    1977 International Sugar Agreement5597-(77/171)171
    International Natural Rubber Agreement, 19797246-(82/147)172
    Under compensatory and contingency financing facility*5703-(78/39)196-97
    *8955-(88/126)140, 145, 146, 150
    Under decision on enlarged access6783-(81/40)87
    Under extended Fund facility*4377-(74/114)73
    Under supplementary financing facility5508-(77/127)81-82
    Reserve assets:
    Guidelines for determining amount to be paid in connection with subscriptions6266-(79/156)4-6
    Payment for subscriptions under Eighth General Review of QuotasB/G Res. 38-1462, 464
    Reserve position, gross, assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) CG/S 179
    Reserve tranche position:
    Attribution of reductions in Fund’s holdings of currencies to enlarge6774-(81/35)189
    *6831-(81/65)199
    Review7704-(84/78)200
    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)385
    Reserve tranche purchases (see also Use of Fund’s resources):
    Exclusion of purchases and holdings in credit tranches6830-(81/65)384
    Exclusion of purchases and holdings under buffer stock financing facility5591-(77/163)383
    Exclusion of purchases and holdings under compensatory and contingency financing facility*8955-(88/126)383
    Exclusion of purchases and holdings under extended facility6830-(81/65)384
    Exclusion of purchases and holdings under oil facility5371-(77/51)383
    Exclusion of purchases and holdings under policy on enlarged access6783-(81/40)385
    Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)384
    Restrictions; see Exchange restrictions; Payments restrictions
    Retention quotas201-(53/29)322
    Rule G-1*1289-(62/1)266
    Rule 1-6(4):
    Rate of charges*8165-(85/189) G/TR205
    8780-(88/12)216
    8898-(88/90)202
    Rule 1-10:
    Rate of remuneration*8348-(86/122)208
    Rule O-2:
    Determination of exchange rate*1289-(62/1)266
    5288-(76/167)284
    5387-(77/61)289
    5590-(77/163)228
    6001-(79/1)S364
    6053-(79/34) S366
    6054-(79/34) S368
    6336-(79/178) S370
    7041-(82/8) G/S379
    Valuation of U.S. dollar in terms of special drawing rights6709-(80/189) S353
    Rule P-7:
    Declaration concerning use of special drawing rights in accordance with prescription on donations6437-(80/37) S372
    Declaration concerning use of special drawing rights in accordance with prescription on forward operations6337-(79/178)S371
    Declaration concerning use of special drawing rights in accordance with prescription on loans6001-(79/1) S365
    Declaration concerning use of special drawing rights in accordance with prescription on pledges*6053-(79/34) S367
    Declaration concerning use of special drawing rights in accordance with prescription on settlement of financial obligations*6000-(79/1)S363
    Declaration concerning use of special drawing rights in accordance with prescription on swap operations6336-(79/178) S370
    Declaration concerning use of special drawing rights in accordance with prescription on transfers as security for performance of financial operations*6054-(79/34) S369
    Rule P-9, record of operations in special drawing rights*6000-(79/1)S364
    6001-(79/1)S366
    *6053-(79/34) S367
    *6054-(79/34) S370
    6336-(79/178)S371
    6337-(79/178) S372
    6437-(80/37) S373
    8186-(86/9) SBS/S360
    8239-(86/56) SAF360
    Rule R-l through R-6, rules for reconstitution, abrogation6832-(81/65)378
    SSaudi Arabia, association agreement under General Arrangements to Borrow; see Borrowing by the Fund Transferability of claims7629-(84/25)277
    Special contingent account, establishment8619-(87/90)215
    Additions in FY 1988 and disposition of amounts placed in FY 1987 and FY 19888780-(88/12)216
    Special Disbursement Account; see Accounts
    Special drawing rights:
    Allocation for first basic periodB/G Res. 24-12479
    Allocation for third basic periodB/G Res. 34-3481
    New participants5956-(78/180)S362
    6368-(79/191)S362
    Allocation for fourth basic period, Managing Director’s report to Board of Governors and to Executive Board491
    Change in method of valuation, effect on claims under supplementary financing facility5509-(77/127) Annex308
    Designation, review of rules and method of calculating amounts6209-(79/124) S374
    Holders prescribed by the Fund:
    African Development Bank and African Development Fund8318-(86/104) S358
    Andean Reserve Fund6486-(80/77) S358
    Arab Monetary Fund6609-(80/126) S358
    Asian Development Bank7229-(82/136)S358
    Bank for International Settlements6484-(80/77) S357
    Bank of Central African States7064-(82/26) S358
    Central Bank of West African States6908-(81/101)S358
    East African Development Bank7582-(83/174) S358
    Eastern Caribbean Central Bank7707-(84/79) S358
    International Bank for Reconstruction and Development6718-(81/1)S358
    International Development Association6718-(81/1) S358
    International Fund for Agricultural Development6489-(80/77) S358
    Islamic Development Bank7086-(82/42) S358
    Nordic Investment Bank6488-(80/77) S358
    Swiss National Bank6485-(80/77) S359
    Terms and conditions for accepting, holding, or using SDRs6467-(80/71)S355
    Level of SDR holdings in General Resources Account, maintenance; see Accounts, General Resources Account
    Loans for Trust Fund expressed in5069-(76/72)392
    Method of collecting exchange rates for calculation of value of SDR for purpose of Rule 0-2(a)6709-(80/189) S353
    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)S378
    Sale by Fund to members for use in quota payments under Seventh General Review6663-(80/160)S191
    Sale by Fund, guidelines6772-(81/35) G/S185
    7626-(84/23) S186
    794-(85/50) S186
    8265-(86/70) S186
    8574-(87/64) S187
    SDR-denominated deposits with Bank for International Settlements5973-(78/189) TR398
    Transfers under Article V, Section 3(f)6275-(79/158) G/S182
    Transfers under Article V, Section 6(b), guidelines for selection of currencies6274-(79/158)180
    6774-(81/35)187
    Use in donations6437-(80/37) S373
    Use in donations and loans to supplementary financing facility Subsidy Account*6683-(80/185) G/TR406
    Use in financial operations under ESAF Trust or administered account8937-(88/118) ESAF/S361
    Use in forward operations6337-(79/178)S371
    Use in loans6001-(79/1) S364
    Use in operations under structural adjustment facility8239-(86/56) SAF360
    Use in payment of charges*5702-(78/39) G/S201
    Use in payment of 25 percent of quota increasesB/G Res. 31-2446
    B/G Res. 34-2453
    B/G Res. 38-1464
    Use in payment of subsidy8186-(86/9) SBS/S360
    Use in payment of Trust Fund obligations8642-(87/101) S/TR359
    Use in pledges*6053-(79/34) S366
    Use in repayment of Fund’s debt to Swiss National Bank6485-(80/77) S359
    Use in repurchases5703-(78/39)197-98
    5809-(78/88)199
    Use in settlement of financial obligations*6000-(79/1) S363
    Use in swap operations6336-(79/178) S370
    Use in transfers as security for performance of financial obligations6054-(79/34) S368
    Valuation basket, guidelines for calculation of currency amount8160-(85/186) G/S353
    Valuation for use in borrowing arrangements*1289-(62/1)266
    5288-(76/167)284-85
    5387-(77/61)289-90
    Valuation, interimB/G Res. 29-10439-40
    Valuation method6631-(80/145)G/S351
    Valuation of U.S. dollar pursuant to Rule O-2(a),6709-(80/189) S353
    Special Drawing Rights Department, payment of net charges and assessment7116-(82/68) S380
    Stabilization of prices of primary products, Fund facility; see Buffer stock financing facility
    Stand-by arrangements:
    Amendment to utilize supplementary financing7047-(82/13)111
    7048-(82/13)113
    Amounts to be made available under enlarged access policy decision, guidelines6783-(81/40)86
    *7600-(84/3)89
    Augmentation of rights to make purchases, elimination5706-(78/39)110
    Charges*6838-(81/70)104
    Conditionality, guidelines6056-(79/38)54
    Review8192-(86/13)75
    8583-(87/72)75
    Exclusion of purchases for purposes of definition of “reserve tranche purchase”6830-(81/65)384
    Foreign borrowing, performance criteria6230-(79/140)57
    Form under enlarged access policy*6838-(81/70)100
    7048-(82/13)113
    Guidelines, operational; see Performance criteria and phasing, below Ineligibility*270-(53/95)99
    *6838-(81/70)103-04
    Publicity upon declaration of7999-(85/90)349
    7931-(85/41)349
    Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)128
    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)114
    EBM/84/54115
    Payments arrears, performance criteria3153-(70/95)329
    Performance criteria and phasing, operational guidelines7925-(85/38)131
    Period*270-(53/95)98-99
    5508-(77/127)78
    6783-(81/40)85
    Policies and procedures*270-(53/95)99
    Provision for enlarged access to Fund’s resources6783-(81/40)84
    Provision for supplementary financing5508-(77/127)77-78
    6693-(80/177)83
    6725-(81/5)84
    Relationship between performance criteria and phasing of purchases, operational guidelines7925-(85/38)131
    Renewal*270-(53/95)98
    Repurchases; see Repurchases, Currency resulting from purchase under stand-by arrangement
    Suspension of right to engage in purchase transactions*270-(53/95)99
    *6838-(81/70)103-4
    Utilization of supplementary financing facility for enlarged access resources; see Amendment to utilize…, above
    Structural adjustment facility:
    Amounts of assistance*8240-(86/56) SAF238
    Income from investment and loans, availability of use8760-(87/176)255
    List of eligible members and amounts of assistance*8240-(86/56)238
    Loans under ESAF*8238-(86/56) SAF237
    Regulations for administration*8238-(86/56) SAF231
    Chairman’s Summing up EBM/86/56240
    Review of experience, conditionality, benchmarks, and prior actionsChairman’s Summing Up EBM/87/93246
    Review of operation824l-(86/56) SAF240
    Use of SDRs in operations8239-(86/56) SAF360
    Subscriptions:
    Gold and currency, ownership by Fund170-33
    Payment of quota increasesB/G Res. 31-2446
    B/G Res. 34-2453
    B/G Res. 38-1464
    Reserve assets:
    Guidelines for determining amounts to be paid6266-(79/156)4
    Payment under Eighth General Review of QuotasB/G Res. 38-1464
    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)311
    Charges; see Charges Establishment5508-(77/127)77
    Extension of period6725-(81/5)84
    No augmentation of rights to purchase5706-(78/39)110
    Replenishment of Fund’s holdings of currencies5509-(77/127)303
    Interest payments under borrowing agreements6163-(79/96)312
    Meaning of “net creditor position in the Fund”6008-(79/3)311
    Report on use6445-(80/43)83
    Repurchases; see Repurchases
    Review of decision on establishment6693-(80/177)83
    6725-(81/5)84
    Subsidy Account
    Disbursement of additional subsidy amount for period ending June 30, 19868523-(87/25) SBS415
    Disbursement of additional subsidy amount for July 1, 1985 through June 30, 19878674-(87/117) SBS416
    Additional subsidy payments for May 1, 1987 through June 30, 1987 and for July 1, 1987 through June 30, 19888941-(88/122) SBS416
    Effect on subsidy cost of substituting supplementary financing for enlarged access resources7047-(82/13)113
    Instrument*6683-(80/185) G/TR406
    Investment of currencies*6854-(81/78) SBS412
    Means of payments8185-(86/9) SBS/S413
    Subsidy payments, July 1, 1984–June 30, 19858037-(85/110) SBS414
    Subsidy payments, July 1, 1985–June 30, 19868492-(87/1) SBS414
    Subsidy payments, July 1, 1986–June 30, 19878674-(87/117) SBS416
    Subsidy payments, July 1, 1987–June 30, 1988894l-(88/122) SBS416
    Subsidy payments, July 1, 1988–June 30, 19899222-(89/97) SBS417
    Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS413
    Transferability of claims; see Transferability of claims
    Utilization of supplementary financing facility for enlarged access resources7047-(82/13)111
    7048-(82/13)113
    Surveillance over exchange rate policies*5392-(77/63)9
    8248-(86/60)16
    Enhanced surveillance; see Enhanced surveillance8857-(88/64)16
    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)283
    5387-(77/61)288
    Transfer charges and interest, media of payment5306-(77/2)294
    5331-(77/15)293
    5488-(77/116)294
    Use of special drawing rights to repay indebtedness6485-(80/77) S359
    Participation in General Arrangements to Borrow*1289-(62/1)270
    Prescription as holder of special drawing rights6485-(80/77) S359
    Transferability of claims under General Arrangements to Borrow7628-(84/25)275
    Switzerland:
    Association with General Arrangements to Borrow1712-(64/29)279
    TTechnical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)340
    Tin Agreements, International; see Buffer stock financing facility
    Trade, Voluntary Declaration4254-(74/75)342
    B/G Res. 29-10439
    Tranche policies:
    Application in connection with decision on enlarged access6783-(81/40)87-88
    Application in connection with supplementary financing facility5508-(77/127)81
    Exclusion of credit tranche purchases for purpose of definition of “reserve tranche purchase”6830-(81/65)110, 384
    Fund attitude to request for transactions within “first credit tranche” and beyond53
    Transferability of claims:
    General Arrangements to Borrow*1289-(62/1)266
    7628-(84/25)275
    Saudi Arabia’s borrowing agreement7629-(84/25)277
    Transitional provisions of Article XIV117-1350
    1034-(60/27)326-27
    Trust Fund:
    Distribution of profits from sale of gold for benefit of developing countries5069-(76/72)388
    5709-(78/41) TR398
    5832-(78/95) TR399
    6540-(80/98) TR403
    Diversification of investments5972-(78/189)397
    5973-(78/189) TR397
    Eligible members, review of list5563-(77/150) TR396
    Final payments of profits and loans for period July 1, 1976-June 30, 19785832-(78/95) TR399
    Instrument5069-(76/72)388
    Amendment5563-(77/150) TR396
    5972-(78/189)397
    6793-(81/45)405
    Means of payment of interest*6358-(79/188) TR401
    Means of repayment by members on their indebtedness under loan agreements*7142-(82/85) TR401
    Overdue interest and special charges*8165-(85/189) G/TR205
    Repayment terms:
    Final loan disbursement6793-(81/45)405
    Second period:
    Extension6466-(80/68) TR400
    6676-(80/168) TR400
    Extension of period for qualification6202-(79/121) TR400
    Timing of loan disbursements6201-(79/121) TR399
    Special charges on overdue interest*8165-(85/189) G/TR205
    Termination and transfer of resources to Special Disbursement Account6683-(80/185) G/TR406
    6704-(80/185) TR412
    UUnenforceability; see Exchange contracts
    United Nations:497
    Agreement with International Monetary Fund
    Convention on the Privileges and Immunities of the Specialized Agencies504
    Application to Fund521
    List of members which have accepted with respect to Fund522-23
    General Assembly Resolution entitled “Uniting for Peace,” due regard by Fund in conduct of its activitiesB/G Res. 6-8426
    United States dollars:
    Determination of value in terms of special drawing right pursuant to Rule O-2(a)6709-(80/189) S353
    Inclusion in operational budgets6772-(81/35) G/S185
    Use for payment of interest and other Fund liabilities5288-(76/167)287
    5306-(77/2)294
    5331-(77/15)293
    5387-(77/61)292
    5488-(77/116)294
    *6358-(79/188) TR401
    Use for repayments by members on their indebtedness under Trust Fund loan agreements*7142-(82/85) TR401
    Use in payments under oil facility Subsidy Account7420-(83/82)420
    7484-(83/117)420
    Use in payments under supplementary financing facility Subsidy Account7754-(84/108) SBS413
    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)99
    Authority to use resources of Fund, interpretation of Articles of Agreement71-251
    Buffer stock financing*2772-(69/47)164
    Buffer stock financing facility as applied to 1977 International Sugar Agreement5597-(77/171)169
    Buffer stock financing facility as applied to International Tin Agreements:
    Fourth3179-(70/102)165
    3351-(71/51)166
    Fifth5127-(76/9D167
    Sixth7247-(82/147)167
    Capital transfers1238-(6l/43)51
    Compensatory and contingency financing facility*8955-(88/126)133
    Conditionality, guidelines6056-(79/38)54
    Review8192-(86/13)75
    8583-(87/72)75
    “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning287-351
    Credit tranche policies; see Tranche policies
    Enlarged access, policy on*6783-(81/40)84
    Extended Fund facility*4377-(74/114)70
    “First credit tranche”54
    In accordance with purposes of Fund102-(52/11)52
    Ineligibility:
    Effect on purchases under extended arrangement*6838-(81/70)108
    Effect on purchases under stand-by arrangement*270-(53/95)99
    *6838-(81/70)104
    Publicity upon declaration7999-(85/90)349
    793-(85/41)349
    Under Article V, Section 5284-3190
    Under Article XXVI, Section 2(a) (Article XV, Section 2(a) before Second Amendment)343-(54/47)382
    Interpretation of Articles of Agreement71-251
    Limit on access to Fund resources, guidelines*7600-(84/3)89
    Limitation under Article V, Section 5284-3190
    286-1190
    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 5286-1190
    “Represents” in Article V, Section 3(b)(ii), 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)108
    Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal*270-(53/95)99
    *6838-(81/70)104
    Stand-by and extended arrangements, forms under enlarged access policy*6838-(81/70)100
    Suspension of exchange transactions, effect on General Arrangements to Borrow*1289-(62/1)267
    Suspension of transactions under extended arrangements*6838-(81/70)108
    Suspension of transactions under stand-by arrangements*270-(53/95)99
    6838-(81/70)103
    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)165
    VVoluntary Declaration on Trade and Other Current Account Measures4254-(74/75)342
    B/G Res. 29-10439
    Voting power, elected Executive Directors, effect of change in quota180-5348
    WWaiver of condition of Article V, Section 3(b)(iii)*4377-(74/114)72
    5508-(77/127)81
    6783-(81/40)87
    *8955-(88/126)134
    World Economic Outlook, framework for discussions of international adjustment process5392-(77/63)13

    (* indicates Decision as amended)

    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.

    Index to the Annex of the Fourteenth Issue

    Decision No.Page
    AAccounts:
    Borrowed Resources Suspense Accounts7188-(82/114)A109
    Articles of Agreement
    Article V, Section 2(b), administration of deposits provided by members8895-(88/90) ESAFA41
    8933-(88/117) ESAFA48
    9030-(88/173) ESAFA57
    Article VII, replenishment of Fund’s holdings of currencies6843-(81/75)A76
    Article VII, Section 1, borrowing by Fund7677-(84/64)A110
    Article XVII, Section 3, other holders of special drawing rights8831-(88/56) ESAFA7
    8832-(88/56) ESAFA14
    8833-(8/56) ESAFA20
    BBank for International Settlements: Borrowing agreement with Fund*6863-(81/81)A130
    7677-(84/64)A144
    7955-(85/60)A156
    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
    Agreements between Fund and its members, memorandum of Director of the Legal Department of the Fund6843-(81/75)A105
    Borrowed Resources Suspense Accounts7188-(82/114)A110
    Issuance of bearer notes by Fund6843-(81/75)A76
    6864-(81/81)A133
    EEnhanced structural adjustment facility
    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 France8831-(88/56) 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
    Instruments for administered accounts:
    Austria8895-(88/90) ESAFA41
    Belgium8933-(88/117) ESAFA48
    Greece9030-(88/173) ESAFA57
    Investment with subsidy account, Bank Negara a Malaysia8892-(88/90) ESAFA27
    Enlarged access, policy on
    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
    IInterest:
    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
    MManaging Director:
    Authorizations in connection with implementation of borrowing agreement with Saudi Arabian Monetary Agency6843-(81/75)A76
    RRepayment by Fund of borrowed currency6843-(81/75)A76
    6864-(81/81)A133
    SSaudi 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)A11O
    Extension of commitment period8460-(86/189)A128
    Special drawing rights
    Valuation for use in borrowing arrangements6843-(81/75)A81
    UUnited States dollars:
    Use for payment of interest and other Fund liabilities*6863-(81/81)A130
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