Selected Decisions, 16th Edition
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
June 2014
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    Index
    (* indicates Decision as amended)

    Decision NoPage
    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)412
    Borrowed Resources Suspense Accounts6844-(81/75)
    6845-(81/75)
    339
    340
    General Account; see General Resources Account, below
    General Resources Account:
    Adjustment of currency holdings of members5590-(77/163)257
    Exchange rate for Fund computations5590-(77/163)257
    Level of Fund SDR holdings, maintenance6275-(79/158)
    G/S
    201
    7626-(84/23) S206
    7941-(85/50) S206
    8265-(86/70) S207
    8574-(87/64) S207
    Purchase of SDRs for payment of charge5702-(78/39) *
    G/S
    221
    Reimbursement for expenses of carrying out business of supplementary financing facility Subsidy Account6683-(80/185)
    G/TR
    432
    Reimbursement for expenses of conducting business of Trust Fund5069-(76/72)414
    Sales of SDRs for payment of quota increases by members under Seventh General Review of Quotas6663-(80/160) S212
    Special Contingent Account, see Special
    Contingent Account
    Special Disbursement Account, transfer of resources to ESAF Trust and retransfer to Special Disbursement Account8760-(87/176)282
    Special Disbursement Account, transfers to supplementary financing facility Subsidy Account6683-(80/185)
    G/TR
    432
    6704-(80/185)
    TR
    430
    Investment7990-(85/81)259
    8029-(85/105)260
    Structural adjustment facility; see Structural adjustment facility
    Special Drawing Rights Department, payment of net charges and assessments7116-(82/68) S406
    Subsidy Accounts:
    Oil facility4773-(75/136) *445
    Final review and report on termination7420-(83/82)447
    7484-(83/117)448
    Supplementary financing facility:
    Disbursement of additional subsidy amounts for period ending June 30, 1986
    8523-(87/25) SBS442
    Instrument6683-(80/185)
    G/TR
    432
    Investment of currencies6854-(81/78) * SBS439
    Means of payments8185-(86/9)
    SBS/S
    440
    Subsidy payments, July 1, 1983-June 30, 19847754-(84/108) SBS440
    Subsidy payments, July 1, 1984-June 30, 19858037-(85/110) SBS441
    Subsidy payments, July 1, 1985-June 30, 19868492-(87/l) SBS441
    Subsidy payments, July I, 1986-June 30, 19878674-(87/117) SBS443
    Subsidy payments, July 1, 1987-June 30, 19888941-(88/122) SBS443
    Subsidy payments, July 1, 1988-June 30, 19899222-(89/97) SBS444
    Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS439
    Transfer of funds from Special Disbursement Account following termination of Trust Fund6704-(80/185) TR431
    Accrued charges and income; see Overdue obligations to Fund, purchase from Fund
    Adjustment process, international, review5392-(77/63)9
    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) S384
    Andean Reserve Fund, prescription as holder of special drawing rights6486-(80/77) S384
    Arab Monetary Fund, prescription as holder of special drawing rights6609-(80/126) S384
    Arrears to the Fund, see Overdue Obligations to Fund
    Articles of Agreement
    Amendment, SecondB/G Res. 29-8
    B/G Res. 29-10
    454
    467
    Article 1, purposes of the Fund287-355
    433-(55/42)346
    1034-(60/27)351
    4377-(74/114) *106
    4773-(75/136) *445
    5069-(76/72)415
    Article III, Section 2, adjustment of quotas408-23
    Article III, Section 2(a), general review of quotasB/G Res. 31-2471
    B/G Res. 34-2474
    B/G Res. 38-1485
    B/G Res. 43-1494
    B/G Res. 44-1496
    B/G Res. 44-5499
    B/G Res. 45-1503
    B/G Res. 45-2505
    Article IV:
    Consultations5392-(77/63)9-13
    6026-(79/13)14
    6056-(79/38)61,63
    6790-(81/43)366
    7427-(83/83)18-19
    7646-(84/40)15
    7939-(85/49)16
    8249-(86/60)16
    8563-(87/59)17
    8858-(88/64)17
    9499-(90/111)18
    Consultations, bicyclic procedureChairman’s
    Summing-up
    EBM/87/100
    19
    Exchange arrangements5392-(77/63)9
    5712-(78/41)7
    Article IV, Section 3, surveillance over exchange rate policies5392-(77/63) *8-9
    6026-(79/13)14
    9637-(91/15)22
    Article V, Section 11289-(62/1) *293
    Article V, Section 2(b), administration of deposits provided by members8895-(88/90)A41
    Article V, Section 3, application of Fund policies to purchases of currency borrowed by Fund1289-(62/1)*290
    Article V, Section 3(a), “consistent with the provisions of this Agreement,” meaning287-355
    Article V, Section 3(b)(ii), “represent” that a member has a need to make purchases284-456
    Chairman’s Summing-up EBM/87/17648
    Article V, Section 3(b)(iii), waiver4377-(74/114) *108
    5508-(77/127)192
    6783-(81/40)115
    8955-(88/126)137
    Article V, Section 3(d):
    Sale of members’ currencies for repurchases5704-(78/39)214
    Selection of currencies in purchases6273-(79/158) G/S198
    6274-(79/158)199
    6352-(79/183)202
    6774-(81/35)207, 208
    Article V, Section 3(f), transfers of SDRs6275-(79/158)
    G/S
    201
    Article V, Section 5, limitation on use of Fund’s resources284-3210
    286-1210
    7842-(84/165)99
    Article V, Section 6, sale of SDRs by the Fund6663-(80/160) S212
    Article V, Section 6(b), transfers of SDRs by the Fund6274-(79/158)199
    6774-(81/35)207
    Article V, Section 7, repurchases1289-(62/1) *290
    5703-(78/39) *218
    5704-(78/39)213
    5809-(78/88) *219
    Article VII, replenishment of Fund’s holdings of currencies5508-(77/127)188
    5509-(77/127)330
    6783-(81/40)112
    Article VII, Section 1, borrowing by Fund1289-(62/1) *286
    8897-(88/93)328
    Article VIII:
    Bilateralism433-(55/42)346
    Consultations5712-(78/41)8
    8858-(88/64)17
    Retention quotas201-(53/29)348
    Article VIII and Article XIV1034-(60/27)350-52
    Article VIII, Sections 2, 3, and 4, acceptance of obligations1034-(60/27)351-52
    Article VIII, Section 2(a):
    Payments restrictions144-(52/51)345
    3153-(70/95)353
    Article VIII, Section 2(b), unenforceability of exchange contracts446-4343-44
    Article VIII, Section 3, multiple currency practices237-2359-60
    5712-(78/41)8
    6790-(81/43)366
    Article VIII, Section 7B/G Res. 34-3522
    Article IX, Section 7, privilege for communications534-3370
    Article XII, Section 3(b)(i) and 3(f)2-1372
    Article XII, Section 3(c):
    Additional appointed Executive Directors574-2 *372
    Determination of member’s entitlement to appoint Executive Director7060-(82/23)412
    “The preceding two years,” meaning597-4373
    Article XIV:
    Articles VIII and XIV1034-(60/27)350-51
    Bilateralism433-(55/42)346
    Consultations5392-(77/63)346
    8858-(88/64)17
    Retention quotas201-(53/29)347
    Article XIV, Section 11034-(60/27)351
    Article XIV, Section 2:
    Multiple currency practices237-2359,360
    Payments restrictions144-(52/51)345
    3153-(70/95)353
    Transitional arrangements446-4344
    Article XIV, Section 3117-1375
    Article XVII, Section 3, other holders of special drawing rights6467-(80/71)S381
    6484-(80/77) S383
    6485-(80/77) S385
    6486-(80/77) S384
    7629-(84125)304
    8642-(87/101)S/TR385
    8937-(88/118)ESAF387
    Article XVIII, allocation of special drawing rightsB/G Res. 24-12518
    B/G Res. 34-3527-28
    Article XVIII, Section 2(d), allocations of special drawing rights to new participants5956-(78/180) S388
    6368-(79/191) S388
    Article XIX, Section 2(c):
    Acceptance and use of special drawing rights by prescribed holders6467-(80/71) S381
    Operations and transactions in special drawing rights between participants6000-(79/1) S *389
    6001-(79/1) S *390
    6053-(79/34) S *392
    6054-(79/34) S *394
    6336-(79/178) S396
    6337-(79/ 178) S397
    6437-(80/37) S398
    Article XIX, Section 5, designation of participants to provide currency6209-(79/124) S400
    Article XIX, Section 5(a)(i), designation plans6273-(79/158) G/S198
    :Article XIX, Section 6(b), abrogation of rules for reconstitution6832-(81/65) S404
    Article XIX, Section 1(a), calculation of exchange rates1289-(62/1) *293
    7041-(82/8)
    G/S
    405
    :Article XX, Section 1, interest paid on holdings of special drawing rights6467-(80/71) S381
    :Article XX, Section 5, application against unpaid charges of special drawing rights aquired by participants after payment date7116-(82/68) S407
    Article XXIIB/G Res. 34-3522
    Article XXIII, Section 1, suspension of operations and transactions in special drawing rights6467-(80/71) S383
    Article XXVI, Section 2(a), ineligibility to use Fund resources343-(54/47)408
    Article XXVI, Section 31289-(62/1) *294
    Article XXVII1289-(62/1) *294
    Article XXVII, Section 1(a)(i), suspension of transactions covered by stand-by arrangements270-(53/95) *59
    Article XXIX(a), list of interpretations underXXXII
    Article XXX(c):
    Exclusion of purchases and holdings under buffer stock facility5591-(77/163)409
    Exclusion of purchases and holdings under compensatory and contingency financing facility8955-(88/126) *409
    Exclusion of purchases and holdings under policy on enlarged access6783-(81/40) *116
    Exclusion of purchases and holdings under extended facility6830-(81/65)411
    Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)410
    Exclusion of purchases under oil facility5371-(77/51)410
    Exclusion relating to purchases in credit tranches6830-(81/65)411
    Article XXX(f), freely usable currencies5719-(78/46)413
    Schedule B, repurchases5703-(78/39) *219
    5704-(78/39)214
    6008-(79/3)338
    Schedule B, paragraph 7(b), use of amounts in excess of capital value available from gold sales for benefit of developing countries5069-(76/72)414
    Schedule F, rules for designation6209-(79/124) S401
    Schedule G, rules for reconstitution, abrogation6832-(81/65) S404
    Schedule J1289-(62/1) *294
    Schedule K1289-(62/1) *294
    5288-(76/167)314
    5387-(77/61)319
    Schedule K, paragraph 15288-(76/167)314
    5387-(77/61)319
    Asian Development Bank, prescription as holder of special drawing rights7229-(82/136) S384
    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 currency6831-(81/65) *219
    6774-(81/35)209
    Review7704-(84/78)220
    Audit:
    Enhanced structural adjustment facility trust (ESAF Trust)8759-(87/176)
    ESAF
    40
    Oil facility Subsidy Account4773-(75/136) *446
    Supplementary financing facility Subsidy Account6683-(80/185)
    G/TR
    438
    Trust Fund5069-(76/72)420
    Augmentation; see Purchase transactions, Augmentation
    BBalance of payments position:
    Assessment for assistance from Trust Fund5069-(76/72)416-17
    Assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) G/S198
    Discrimination for balance of payments reasons955-(59/45)349
    Deposit by Managing Director of currencies held in supplementary financing facility Subsidy Account6854-(81/78) SBS439
    Prescription as holder of special drawing rights6484-(80/77) S383
    Trust Fund deposits denominated in SDRs5973-(78/189) TR424
    Bank of Central African States, prescription as holder of special drawing rights7064-(82/26) S384
    Belgium, National Bank of, Borrowing agreement with Fund; see Borrowing by the Fund
    Bicyclic consultation procedures; see Consultation with members
    Bilateralism433-(55/42)346
    Borrowed Resources Suspense Accounts; see
    Borrowing by the Fund, below
    Borrowing by the Fund
    Agreement with Swiss National Bank:
    19765288-(76/167)310
    19775387-(77/61)315
    Interest, media of payment5331-(77/15)320
    5488-(77/116)321
    Agreement with Swiss National Bank:
    Transfer charges, media of payment5306-(77/2)320
    5488-(77/116)321
    Use of special drawing rights in repayment6485-(80/77) S385
    Borrowed Resources Suspense Accounts6844-(81/75)339
    6845-(81/75)340
    Borrowed resources, use to finance purchases under arrangements providing enlarged access to Fund’s resources6783-(81/40)112
    General Arrangements to Borrow:
    Associated borrowing arrangements7403-(83/73)321
    “Outstanding borrowing and unused credit lines,” clause in respect of GAB in guidelines for Fund borrowing7040-(82/7) *341-42
    Renewal, sixth8733-(87/159)299
    Saudi Arabia, association agreement7403-(83/73)321
    Renewal8897-(88/93)328
    Transferability of claims7629-(84/25)304
    Swiss National Bank, participation of1289-(62/1) *296
    Switzerland, association of1712-(64/29)306
    Transferability of claims; see Transferability of claims
    Use of credit arrangements for nonparticipants1289-(62/1) *296
    Guidelines7040-(82/7)341
    Supplementary financing facility:
    Authorization to make calls6006-(79/3)337
    Interest payment procedure6163-(79/96)338
    Meaning of “net creditor position in the Fund”6008-(79/3)337
    Replenishment of holdings of currencies5509-(77/127)330
    Subsidy Account6683-(80/185)
    G/TR
    432
    Buffer stock financing facility2772-(69/47) *174
    Access limit and review2772-(69/47) *175
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5591-(77/163)409
    International Natural Rubber Agreement, 19797246-(82/147)182
    International Natural Rubber Agreement, 19879403-(90/53)183
    International Sugar Agreement, 19775597-(77/171)179
    International Tin Agreements:
    Fourth3179-(70/102)176
    3351-(71/51)176
    Fifth5127-(76/91)177
    Sixth7247-(82/147)178
    Repurchases5703-(78/39) *217
    Sixth International Tin Agreement7247-(82/147)178
    1977 International Sugar Agreement5597-(77/171)181
    International Natural Rubber Agreement, 19797246-(82/147)182
    Burden sharing8348-(86/122) *230
    8515-(87/23)236
    Managing Director’s Remarks235
    Adjustment for quarter ended April 30, 19888878-(88/84)237
    Extended burden sharing; see Extended burden sharing
    Implementation for FY 19898861-(88/67)240
    for FY 19909135-(89/46)244
    for FY 19919410-(90/62)247
    for FY 19929696-(91/49)253
    Net income target:
    for FY 19888781-(88/12)237,238
    for FY 19898861-(88/67)240
    Principles of “burden sharing”8861-(88/67)240
    Rate of charge:
    for FY 19898861-(88/67)241
    retroactive reduction for FY 19878618-(87/90)237
    for FY 19888781-(88/12)237
    8879-(88/84)238
    Retroactive reduction of rate of charge8618-(87/90)237
    8781-(88/12)237
    Special Contingent Account, amounts placed
    for FY 19878619-(87/90)238
    for FY 19888780-(88/12)239
    for FY 19898861-(88/67)241
    for FY 19909135-(89/46)245
    9471-(90/98)250
    9410-(90/62)248
    By-Laws, Section 20 audits; see Audits
    CCapital transfers:
    Controls by members541(56/39)285
    B/Gres. 29-10464
    Restrictions237-2358
    Use of Fund’s resources for1238-(61/143)55
    B/G Res. IM-6451
    Central Bank of West African States, prescription as holder of special drawing rights6908-(81/101) S384
    “Changing circumstances,” adaptation of multiple currency practices237-2362
    Charges:
    Accounting for charges from members with overdue obligations8433-(86/175)224
    Accrued charges8433-(86/175)224
    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)411-412
    Borrowing agreements with Swiss National Bank5288-(76/167)310
    5306-(77/2)320
    5387-(77/61)315
    5488-(77/ 116)321
    Enlarged access policy6783-(81/40)116
    Extended Fund facility4377-(74/114) *108
    4720-(7S/114)112
    6838-(81/70) *130,135
    Future changes4239-(74/67)221
    Interest on Trust Fund loans; see Interest
    Media of payment5702-(78/39)* G/S221
    Oil facility Subsidy Account; see Accounts, Subsidy Accounts
    Overdue obligations to Fund, special charges8165-(85/189)
    G/TR
    225-27
    Overdue obligations to Fund, accrued income8433-(86/175)224
    Payment by nonparticipant in Special Drawing Rights Department5702-(78/39) G/S221
    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) S406
    Rate, as of Feb. 1, 19888780-(88/12)239
    as of May 1, 19888898-(88/90)222
    Rate, determination of, burden sharing8348-(86/122) *230
    8515-(87/23)236
    Rate on use of ordinary resources for FY 19909186-(89/74)222
    for FY 19919457-(90/89)223
    9603-(90/170)224
    Retroactive reduction of rate:
    for FY 19878618-(87/90)237
    for FY 19888781-(88/12)237
    for FY 19909454-(90/89)238
    Setoff in connection with retroactive reduction8271-(86/74)229
    Special charges on overdue obligations to Fund8165-(85/189) * G/TR225
    Setoff against charges due for second quarter of FY 19878442-(86/178)229
    Suspension of application in General Resources Account9723-(91/63) G/TR227
    Stand-by arrangements6838-(81/70) *130
    Supplementary financing facility5508-(77/127)192
    Supplementary financing facility Subsidy Account; see Accounts, Subsidy Accounts
    Committee on Reform of the International Monetary System and Related IssuesB/G Comp. Res.453
    Final report and terminationB/G Res. 29-7454
    Support of extended Fund facility4377-(74/114) *106
    Voluntary Declaration on Trade and Other Current Account Measures4254-(74/75)366
    Commodities (see also Buffer stock financing facility; Compensatory financing…):
    Reclassification where subject to multiple currency practices237-2360
    Communications, privilege for534-3370
    Compensatory and contingency financing facility, establishment8955-(88/126) *136
    Compensatory financing of export fluctuations8955-(88/126) *140
    External contingency financing8955-(88/126) *143
    Chairman’s Summing up EBM/88/105163
    Compensatory financing of fluctuation in the cost of cereal imports8955-(88/126) *149
    Compensatory financing of fluctuations in the cost of oil imports8955-(88/126) *154
    Transitional and other provisions8955-(88/126) *161
    Conditionality; see Use of Fund’s resources, Conditionality
    “Consistent with the provision of this Agreement,” meaning in Article V, Section 3287-355
    Consultation with members:
    Before accepting obligations of Article VIII, Sections 2, 3, and 41034-60/27)351
    Bicyclic procedures and simplified interim procedures
    Chairman’s Summing up EBM/87/10019
    Bilateral arrangements433-(55/42)346
    Changes in members’ exchange arrangements, notification to Fund5712-(78/41)7
    Commodity field, attention to policies2772-(69/47) *175
    Conduct by Managing Director in interval between Article IV consultations5392-(77/63)13
    6026-(79/13)14
    Consultations under Article IV5392(77/63)12
    6026-(79/13)14
    6056-(79/38)63
    6790(81/43)366
    Discussions on use of Fund’s resources102(52/11)57
    During period of extended arrangement6838-(81/70) *136
    During period of stand-by arrangement6838-(81/70) *131
    Exchange measures needing approval under Article VIII1034-(60/27)352
    Members’ policies in present circumstances4134-(74/4)355
    Multiple currency practices237-2357
    Periodic discussions under Article VIII1034(60/27)352
    Resumption of purchases under extended arrangements6838-(81/70) *134
    Resumption of purchases under stand-by arrangements270-(53/95) *59
    6838-(81/70) *130
    Retention quotas201-(53/29)347
    Special consultations5392-(77/63)12
    Whether measure is exchange restriction1034-(60/27)351
    Consultations with European Monetary Cooperation Fund on calculation of representative rate for European Currency Unit7041-(82/8) G/S405
    Consultations with prescribed holders of special drawing rights6467-(80/71) S382
    Contingency mechanism; see Compensatory and contingency financing Facility
    Convertibility:
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)351
    Approval of exchange restrictions1034-(60/27)351
    Bilateralism433-(55/42)346
    Consultation with Fund1034-(60/27)352
    Discrimination955-(59/45)349
    Multiple currency practices; see Multiple
    currency practices
    Retention quotas201-(53/29)347
    Credit tranches; see Tranche policies
    Creditworthiness, factor in determining use of Fund’s resources102-(52/11)57
    Currencies (see also Borrowing by the Fund; Convertibility; Holdings of the Fund; Investment):
    Arrangements for use in operations and transactions of FundB/G Res. 31-2472-73
    Composition of special drawing right6631-(80/145
    G/S
    376
    Freely usable currencies5719-(78/46)413
    Guidelines for use in operational budgets6772-(81/35) G/S203
    9480-(90/103)205
    Guidelines for use in operations and transactions of General Resources Account6273-(79/158) G/S198
    6274-(79/158)199
    6774-(81/35)207
    9480-(90/103)205
    Payment of subscriptions6266-(79/156)4
    B/G Res. 31-2473
    B/G Res. 34-2480
    B/G Res. 38-1490
    Rates for computations and maintenance of value5590-(77/163)257
    Replenishment in connection with supplementary financing facility5509-(77/127)330
    Sale by agreement with member with outstanding purchases6274-(79/158)199
    6352-(79/183)202
    6774-(81/35)208
    Selection for payment of charges5702-(78/39)*
    G/S
    221
    Specified by the Fund, use in repurchases5703-(78/39) *218
    5809-(78/88)219
    Subscribed to the Fund, ownership170-33
    DDebt management policies; see External debt management policies
    Debt and debt service reduction operations, early repurchase expectations9331-(89/167) *100
    Debt strategy, Fund involvement inChairman’s Summing up EBM/89/6168
    Declaration of noncooperation or censureEBM/89/10077
    EBM/89/10177
    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)349
    Drawings; see Purchase transactions; Use of Fund’s resources
    EEast African Development Bank, prescription as holder of special drawing rights7582-(83/174) S384
    Emergency assistance, natural disastersChairman’s Remarks EBM/82/16185
    Enemy-occupied, former, members, introduction of multiple currency practices237-2360
    Enhanced structural adjustment facility:
    Access limits8845-(88/61) ESAF48
    Review9119-(89/40) ESAF49
    9489 (90/106) ESAF49
    Arrears to the Fund, consequencesActing Chairman’s Remarks EBM/88/1276
    Borrowing for loan accounts, consultation with creditors9056-(89/2) ESAF50
    Establishment8757-(87/176) SAF/ESAF280
    Extension of commitment and disbursement periods for agreement9116-(89/40) ESAF282
    Legal documentationChairman’s Remarks EBM/87/17648
    Operational arrangementsChairman’s Summing up EBM/87/17141
    Enhanced Structural Adjustment Facility Trust: Instrument to establish8759-(87/176)*
    ESAF
    26
    Interest rate on trust loans8846-(88/61)
    ESAF
    50
    Lending, considered as a member’s official reserves by FundChairman’s Summing up EBM/87/17648
    Transfer and retransfer of resources to and from Special Disbursement Account8760-(87/176)282
    Enhanced surveillanceChairman’s Summing Up EBM 87/17141
    Procedures for transmittal of staff reports8222-(86/45)50
    Chairman’s Summing up EBM/85/13251
    Enlarged access, policy on6783-(81/40) *112
    Access limits, guidelines7600-(84/3) * Chairman’s Summing up117 120
    Apportionment between ordinary and borrowed resources8886-(88/89)118
    Borrowed Resources Suspense Accounts; see Accounts
    Charges6783-(81/40) *116
    Exclusion of purchases with borrowed resources and holdings under Article XXX(c)6783-(81/40) *116
    Forms of stand-by and extended arrangements6838-(81/70) *126
    Mix of ordinary and borrowed resources; see Apportionment between ordinary and borrowed resources, above
    Modalities for financing, see Substitution of ordinary for borrowed resources
    Period7599-(84/3) *116
    Repurchases; see Repurchases
    Review7599-(84/3)*116
    Substitution of ordinary for borrowed resources9546-(90/145)119
    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/S405
    European Monetary Cooperation Fund, consultation on calculation of representative rate for European Currency Unit7041-(82/8) G/S405
    “Exceptional circumstances,” meaning in Article XIV, Section 3 (Section 4 before Second Amendment)117-1375
    237-2362
    Exchange arrangements, notification5392-(77/63) *12
    5712-(78/41)7
    Exchange contracts, unenforceability446-4343
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-4344
    Exchange controls on capital transfers541-(56/39)285
    Exchange rates:
    Borrowing arrangements by Fund1289-(62/1) *293
    Exchange rate policies of members, surveillance5392-(77/63)9
    Flexible exchange arrangements5712-(78/41)8
    Floating, guidelinesB/Gres. 29-10464
    Fluctuating:
    Multiple currency practices (fixed and fluctuating rates)237-2358
    Scope of transactions to be agreed with Fund237-2358
    Free markets237-2358
    Multiple currency practices arising from official action6790-(81/43)364
    Notification to Fund5392-(77/63)12
    5712-(78/41)7
    Pegs, notification to Fund of changes5712-(78/41)7
    Representative rate for European Currency Unit in terms of SDR7041-(82/8) G/S405
    Unification in multiple rate systems a basic objective of Fund649-(57/33)363
    Exchange restrictions (see also Payments restrictions):
    Approval1034-(60/27)351
    Avoidance of escalation4134-(74/4)354
    4254-(74175)366
    Bilateralism433-(55/42)346
    Capital transactions; see Capital transfers Consultations with Fund1034-(60/27)351
    Discrimination955-(59/45)349
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)351
    Introduction1034-(60/27)351
    Maintenance1034-(60/27)351
    Multiple currency practices237-22360
    649-(57/33)363-64
    6790-(81/43)364
    Payments arrears3153-(70/95)352
    Retention quotas201-(53/29)347
    Security reasons; see Payments restrictions
    Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)351
    Withdrawal, representation by Fund117-1375
    Exchange systems, avoidance of use for non-balance of payments reasons1034-(60/27)351
    Exchange taxes237-2358, 362
    Notification to Fund5712-(78/41)8
    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 Account4773-(75/136)447
    Annual review of implementation of surveillance over members’ exchange rate policies5392-(77/63)9
    6026-(79/13)13
    7646-(84/40)15
    7939-(85/49)16
    8249-(86/60)16
    8563-(87/59)17
    8858-(88/64)17
    9499-(90/11)18
    Annual review of upper-maturity limit in guidelines on performance criteria with respect to foreign borrowing6230-(79/140)67
    Communication of changes in members’ exchange arrangements5712-(78/41)7
    Information on operation of buffer stocks3179-(70/102)176
    5127-(76/91)177
    5597-(77/171)181
    7246-(82/147)183
    7247(82/147)179
    Report to Board of Governors on quota increases under General Reviews of Quotas:
    SeventhB/G Res. 34-2474
    EighthB/G Res. 38-1485
    NinthB/G Res. 43-1494
    B/G Res. 44-1496
    B/G Res. 44-5499
    B/G Res. 45-1503
    B/G Res. 45-2505
    Review and change of rules for designation6209-(79/124) S402
    Review of broad developments in exchange rates5392-(77/63)12
    Review of decision on extended Fund facility4377-(74/114) *109
    5220-(76/144)109
    7558-(83/156)110
    7857-(84/175)110
    8192-(86/13)111
    8583-(87/72)111
    9189-(89/77)112
    Review of functioning of international adjustment process5392-(77/63)11
    Review of guidelines for borrowing by Fund7040-(82/7)342
    Review of level of Fund’s SDR holdings6275-(79/158) G/S201
    7626-(84/23) S206
    7941-(85/50) S206
    8265-(86/70) S207
    8574-(87/64) S207
    Review of prescriptions of holders of special drawing rights6467-(80/71)S382
    Review of quota calculation methodB/G Res. 38-1485
    Executive Directors:
    Additional appointed, meaning of “the preceding two years” in Article Xll, Section 3(c)597-4373
    Appointment by members having five largest quotas2-1372
    Determination of members entitled to appoint under Article XII, Section 3(c)574-2*372
    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)411
    Participation in meetings of Development CommitteeB/G Res. 29-9460
    Participation in meetings of Interim CommitteeB/G Res. 29-8455
    Voting power, effect of quota changes180-5373
    Export shortfalls, financing; see Compensatory and contingency financing facility
    Extended arrangements4377-(74/114) *105
    Amendment to utilize supplementary financing7047-(82/13)195
    7048-(82/ 13)197
    Amounts to be made available under enlarged access policy decision, guidelines7600-(84/3) *117
    Augmentation of rights to make purchases, elimination5706-(78/39)100
    Charge4377-(74/114) *108
    4720-(75/114)112
    6838-(8 1/70) *135
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”6830-(81/65)410
    Form under enlarged access policy6838-(81/70) *132
    7048-(82/13)197
    7908-(85/26)74
    Guidelines, operational; see Performance criteria and phasing, below
    Ineligibility6838-(81/70) *135
    Publicity upon declaration7931-(85/41)374
    7999-(85/90)374
    Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)97
    EBM/85/2699
    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)73
    EBM/84/5474
    Performance criteria and phasing, operational guidelines7925-(85/38) *63
    Provision for enlarged access to Fund’s resources6783-(81/40)112
    Provision for supplementary financing5508-(77/127)188-89
    6693-(80/177)194
    6725-(81/5)194
    Repurchases; see Repurchases
    Review of decision on extended Fund facility5220-(76/144)109
    7558-(83/156)110
    7857-(84/175)110
    8192-(86/13)111
    8583-(87/72)111
    9189-(89/77)112
    Suspension of right to engage in purchase transactions6838-(81/70) *135
    Utilization of supplementaty financing facility for enlarged access resources; see Amendment to utilize, above
    Extended burden sharing, implementation and modalities of new special Contingent Account9471-(90/98)250
    Review9697-(91/49)256
    Extended Fund facility; see Extended arrangements
    External debt management policies6230-(79/140)65
    External contingency financing, see Compensatory and contingency financing facility
    F“First credit tranche,” Fund attitude to request for transactions60
    Floating rates; see Exchange rates
    Fluctuating exchange rates; see Exchange rates
    Freely usable currencies5719-(78/46)413
    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)352
    4254-(74/75)368
    B/G Res. 29-10465
    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 Fund5703-(78/39) *218
    5809-(78/88)219
    Sale, amounts available to Trust Fund5069-(76/72)414,415
    Sale for benefit of developing members, distribution of profits through Trust Fund5069-(76/72)415
    5709-(78/41) TR425
    5832-(78/95) TR426
    6540(80/98) TR430
    Sale, transfer of profits to Trust Fund5069-(76/72)416
    Subscribed to Fund, ownership170-33
    Gross reserve position; see Reverse position, gross
    HHoldings of the Fund:
    Adjustment by Fund5590-(77/163)257
    Attribution of reductions to enlargement of member’s reserve tranche position6774-(81/35)209
    6831-(81/65) *219
    Attribution of reductions to repurchase obligations6831-(81/65) *219
    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)411
    Computations and adjustment, rates5590-(77/163)257
    Exclusion of holdings resulting from credit tranche purchases6830-(81/65)410
    Exclusion under buffer stock facility5591-(77/163)409
    Exclusion under compensatory and contingency financing facility8955-(88/126) *409
    Exclusion under enlarged access policy6783-(81/40)411
    Exclusion under extended Fund facility6830-(81/65)410
    Exclusion under oil facility5371-(77/51)410
    Exclusion under supplementary financing facility5508-(77/127)410
    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)352
    Income, accrued, see Overdue obligations to Fund, purchases from Fund, Accrued charges and income
    Income position, burden sharing8348-(86/122) *230
    5815-(87/23)236
    8618-(87/90)237
    9135-(89/46)244
    9410-(90/62)247
    9696-(91/49)253
    Income target for FY 1987 and FY 19888348-(86/122) *230
    Ineligibility; see Extended arrangements; Standby arrangements; Use of Fund’s resources
    Interest:
    Charge on loans from Trust Fund5069-(76/72)419
    Payment on Fund indebtedness to Swiss National Bank5288-(76/167)312-313
    5331-(77/15)320
    5387-(77/61)317
    5488-(77/116)321
    Payment on Fund indebtedness under General Arrangements to Borrow1289-(62/1) *290
    Payment on Fund indebtedness under supplementary financing facility Subsidy Account6683-(80/185) G/TR434
    Payment under supplementary financing facility5509-(77/127)
    Annex333
    6163-(79/96)338
    Payments by members under Trust Fund loan agreements6358-(79/188)428
    5069-(76/72)419
    Interim Committee of the Board of Governors on the International Monetary System:
    EstablishmentB/G Res. 29-8454
    Review of functioning of international adjustment process5392-(77/63)11
    Rules of procedure467
    International Bank for Reconstruction and Development, prescription as holder of special drawing rights6718-(81/1) S384
    International Development Association, prescription as holder of special drawing rights6718-(81/1) S384
    International Fund for Agricultural Development, prescription as holder of special drawing rights6489-(80/77) S384
    International monetary system, reformB/G Comp. Res.453
    International Natural Rubber, Sugar, and Tin Agreements; see Buffer stock financing facility
    Interpretation of Articles of Agreementxxxii
    Investment:
    Currencies held in oil facility Subsidy Account4773-(75/136) *446
    Currencies held in supplementary financing facility Subsidy Account6683-(80/185)
    G/TR
    434
    6854-(81/78)
    SBS439
    Currency balances held in Trust Fund5069-(76/72)421
    5972-(78/189)424
    5973-(78/189) TR424
    Islamic Development Bank, prescription as holder of special drawing rights7086-(82/42) S384
    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. 29-9457
    Rules of procedure468
    Secretariat function, changes in organization of work and structure469
    MMaintenance of value, adjustment: general policies and procedures relating to arrears to FundActing Chairman’s Summing up EBM/88/19176
    Managing Director:
    Authority to establish Borrowed Resources
    Suspense Accounts, and to transfer and invest balances of borrowed currencies6844-(81/75)339
    6845-(81/75)340
    Authority to establish oil facility Subsidy Account4773-(75/136) *445
    Authority to make calls under borrowing arrangements in connection with supplementary financing facility6006-(79/ 3)337
    Consultation by eligible member to request assistance from Trust Fund5069-(76/72)416
    Consultation by member befote making request under supplementary financing facility5508-(77/127)188
    Consultation by member contemplating request under extended Fund facility4377-(74/114) *106
    Consultation by member to request use of Fund resources under policy on enlarged access6783-(81/40)113
    Consultation with members when notice of exchange policy change not received5712-(78/41)8
    Consultations and proposals to Executive Board concerning sales of currencies at request of members with outstanding purchases6352-(79/183)201
    Consultations with lenders on means of interest payment under borrowing agreements in connection with supplementary financing facility6163-(79/96)338
    Deposit of currencies received by supplementary financing facility Subsidy Account with Bank for International Settlements6854-(81/78)*
    SBS
    439
    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)208
    Discussions with members on exchange policies5392-(77/63)12
    6026-(79/13)14
    Participation in meetings of Development CommitteeB/G Res. 29-9460
    Participation in meetings of Interim CommitteeB/G Res. 29-8455
    Placement of Trust Fund investments in SDR-denominated deposits5973-(78/189) TR424
    Proposals for allocation of SDRs:
    First basic periodB/G Res. 24-12518
    Third basic periodB/GRcs 34-3520
    Fourth basic period529
    Proposals for calls under General Arrangements to Borrow1289-(62/1) *288
    1712-(64/29)307
    Proposals for Trust Fund investments5973-(78/189) TR424
    Recommendations to Executive Board regarding approval of use of Fund resources and stand-by arrangements6056-(79/38)61
    Report to Board of Governors and to Executive Board on allocation of SDRs for fourth basic period529
    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 resources71-255
    B/G Res. IM-6451
    Multiple currency practices:
    Applying solely to capital transactions8648-(87/104)129, 134
    Policy237-2355
    649-(57/33)363
    6790-(81/43)364
    Prior Fund approval5712-(78/41)8
    Spreads6790-(81/43)364
    N“Net creditor position in the Fund”6008-(79/3)337
    Noncomplying purchases; see Extended or Stand-by arrangements, Misreporting and noncomplying purchases
    Nordic Investment Bank, prescription as holder of special drawing rights6488-(80/77) S384
    OOil facility:
    1975 facility
    Subsidy Account4773-(75/136) *445
    Final review and report on termination7420-(83/82)447
    7484-(83/117)448
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5371-(77/51)410
    Operational budgets:
    Assessment of strength of member’s balance of payments and gross reserve position6273-(79/158)
    G/S
    198
    Sales of SDRs and use of currencies6772-(81/35) G/S203
    Overdue obligations to Fund, purchases from Fund; (see also Extended or Stand-by arrangements)7908-(85/26)73
    6838-(81/70) *130, 134
    Access to enhanced structural adjustment facility (ESAF)Chairman’s Closing Remarks EBM/88/1276
    Accrued charges and income8433-(86/175)224
    Accounting for overdue charges8433-(86/175)224
    Burden sharing; see Burden Sharing
    Complaint, period of considerationChairman’s Summing up EBM/85/170
    Declaration of noncooperation or censureEBM/89/10081, 85
    EBM/89/10181, 85
    Deferred income8433-(86/175)224
    8515-(87/23)236
    Letter to GovernorsEBM/89/10083-84
    EBM/89/10183-84
    Maintenance of value adjustments, policies and proceduresChairman’s Summing up EBM/88/1976
    Procedures for dealing with membersEBM/89/10178
    Publicity upon declaration of ineligibility7999-(85/90)374
    Reporting by Fund7931-(85/41)374
    Rights accumulation programs, operational modalitiesChairman’s Summing up EBM/90/9793
    EBM/91/4296
    Setoff in connection with retroactive reduction of charges due by members in arrears Special charges on8271-(86/74) 8165-(85/189) *229
    G/TR225
    Setoff against charges due for second quarter of FY 19878442-(86/178)229
    Strengthened cooperative strategy, timetable of proceduresChairman’s Statement
    EBM/90/3886
    Overdue payments to Fund; see Overdue obligations to Fund
    PPayments arrears3153-(70/95)352
    Payments policies of members4134-(74/4)354
    Payments restrictions; (see also Exchange restrictions; Payments arrears): For security reasons, Fund jurisdiction
    Withdrawal or general abandonment117-1375
    “Position in the Fund,” definition6274-(79/158)200
    6772-(81/35)
    G/S
    204
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)345
    Publication of reports, overdue obligations7931-(85/41)374
    Publicity on declaration of ineligibility7999-(85/90)374
    Purchase transactions (see also Use of Fund’s resources):
    Augmentation of rights to purchase under standby and extended arrangements, elimination5706-(78/39)100
    Purchase under buffer stock financing facility2772-(69/47) *174
    3179-(70/102)176
    5127-(76/91)177
    5591-(77/163)409
    5597-(77/171)179
    7246-(82/147)182
    7247-(82/147)178
    Purchases under compensatory and contingency financing facility8955-(88/126) *136
    Purchases under credit tranche; see Tranche policies
    Purchases under extended arrangements5508-(77/127)188
    6783-(81/40) *112
    6830-(81/65)99
    6838-(81/70) *132
    7048-(82/13)197
    Purchases under policy on enlarged access6783-(81/40) *112
    Purchases under stand-by arrangements5508-(77/127)188
    6783-(81/40) *112
    6838-(81/70) *127
    7048-(82/13)197
    Purchases under supplementary financing facility5508-(77/127)188
    Resumption of purchases under extended arrangement after decision of formal ineligibility or to consider such a proposal6838-(81/70) *134
    Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal270-(53/95) *59
    Suspension, effect on General Arrangements to Borrow6838-(81/70) *130
    1289-(62/1) *294
    Suspension of transactions under extended arrangements6838-(81/70) *135
    Suspension of transactions under stand-by arrangements270-(53/95) *59
    6838-(81/70) *130
    QQuotas
    Adjustment, first interval of five years408-23
    Calculation, review of methodB/G Res. 38-1485
    Change, effect on voting power of elected Executive Director180-5373
    Reviews:
    First408-23
    Sixth General ReviewB/G Res. 29-10466
    B/G Res. 31-2471
    Seventh General ReviewB/G Res. 34-2474
    Sale of SDRs by Fund to members for use in quota payments6663-(80/160) S212
    Eighth General ReviewB/G Res. 38-1485
    Ninth General Review
    Report of Executive Board to Board of GovernorsB/G Res. 43-1494
    B/G Res. 44-5499
    B/G Res. 45-1503
    B/G Res. 45-2505
    Special adjustment for members with very small quotasB/G Res. 44-1496
    B/G Res. 38-1487
    RRates for official communications of Fund534-3370
    Rates of exchange; see Exchange rates;Multiple currency practies
    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)411
    Remuneration, rate, burden sharing8348-(86/122) *231
    8515-(87/23)236
    Repayment by Fund of borrowed currency1289-(62/1) *291
    1712-(64/29)308
    5288-(76/167)313-14
    5387-(77/61)318
    5509-(77/127)333-34
    Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
    Reporting by the Fund of overdue obligations7931-(85/41)374
    Repurchases:
    Attribution of reductions in Fund’s holdings of currencies6774-(81/35)209
    6831-(81/65) *219
    Currency resulting from purchase under credit tranches5703-(78/39) *217
    Currency resulting from purchase under extended arrangement6838-(81/70) *135
    Currency resulting from purchase under stand-by arrangement6838-(81/70)131
    Early, guidelines5704-(78/39)213
    6172-(79/101)214
    6273-(79/158)
    G/S198
    Early, expectation, debt and debt service reduction operations; see Debt and debt service reduction operations, early repurchase expectations
    Guidelines for selection of currencies6274-(79/158)199
    6774-(81/35)207
    Obligations to pay gold, payment with SDRs or currencies of other members5703-(78/39) *218
    5809-(78/88)219
    Of Fund’s holdings102-(52/11)56
    Procedures5703-(78/39) *218-19
    Under buffer stock financing facility5703-(78/39) *217
    Sixth International Tin Agreement7247-(82/147)178
    1977 International Sugar Agreement5597(77/171)181
    International Natural Rubber Agreement, 19797246-(82/147)182
    Under compensatory and contingency financing facility5703-(78/39) *217
    8955-(88/126)*142, 148, 153, 160
    Under decision on enlarged access6783(81/40)115
    Under extended Fund facility4377-(74/114) *108
    Under supplementary financing facility5508-(77/127)191-92
    Reserve assets:
    Guidelines for determining amount to be paid in connection with subscriptions6266-(79/156)4
    Payment for subscriptions under Eighth General Review of QuotasB/G Res. 38-1488
    Reserve position, gross, assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) G/S198
    Reserve tranche position:
    Attribution of reductions in Fund’s holdings of currencies to enlarge6774-(81/35)209
    6831-(81/65) *219
    Review7704-(84/78)220
    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)411
    Reserve tranche purchases (see also Use of Fund’s resources):
    Exclusion of purchases and holdings in credit tranches6830-(81/65)410
    Exclusion of purchases and holdings under buffer stock financing facility5591-(77/163)409
    Exclusion of purchases and holdings under compensatory and contingency financing facility8955-(88/126) *409
    Exclusion of purchases and holdings under extended facility6830-(81/65)410
    Exclusion of purchases and holdings under oil facility5371-(77/51)410
    Exclusion of purchases and holdings under policy on enlarged access6783-(81/40)411
    Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)410
    Restrictions; see Exchange restrictions; Payments restrictions
    Retention quotas201-(53/29)347
    Rights approach or Rights accumulation programs; see Overdue obligations to Fund, purchases from Fund
    RuleG-11289-(62/1) *293
    Rule 1-6(4):
    Rate of charges8165-(85/189)*
    G/TR
    225
    8780-(88/12)240
    8898-(88/90)222
    8861-(88/67)240
    9135-(89/46)244
    9410-(90/62)248
    9471-(90/98)251
    9696-(91/49)253
    Rule I-10:
    Rate of remuneration8348-(86/122) *231
    9471-(90/98)251
    Rule O-2:
    Determination of exchange rate1289-(62/1)*293
    5288-(76/167)311
    5387-(77/61)316
    5590-(77/163)257
    6001-(79/l) S391
    6053-(79/34) S392
    6054-(79/34) S394
    6336-(79/178) S396
    7041-(82/8)G/S405
    Valuation of U.S. dollar in terms of special drawing rights6709-(80/189) S379
    Rule P-7:
    Declaration concerning use of special drawing rights in accordance with prescription on donations6437-(80/37) S399
    Declaration concerning use of special drawing rights in accordance with prescription on forward operations6337-(79/178)S398
    Declaration concerning use of special drawing rights in accordance with prescription on loans6001-(79/l) S391
    Declaration concerning use of special drawing rights in accordance with prescription on pledges6053-(79/34) S *393
    Declaration concerning use of special drawing rights in accordance with prescription on settlement of financial obligations6000-(79/1) S *390
    Declaration concerning use of special drawing rights in accordance with prescription on swap operations6336-(79/178) S397
    Declaration concerning use of special drawing rights in accordance with prescription on transfers as security for performance of financial operations6054-(79/34) S *395
    Rule P-9, record of operations in special drawing rights6000-(79/1) S*390
    6001-(79/l) S392
    6053-(79/34) S *393
    6054-(79/34) S *396
    6336-(79/178) S397
    6337-(79/178) S398
    6437-(80/37) S399
    8186-(86/9)
    SBS/S
    386
    8239-(86/56) SAF387
    Rule R-1 through R-6, rules for reconstitution, abrogation6832-(81/65)404
    SSaudi Arabia, association agreement under General Arrangements to Borrow; Borrowing by the Fund
    Transferability of claims7629-(84/25)304
    Special contingent account, establishment8619-(87/90)238
    Additions in FY 1988 and disposition of amounts placed in FY 1987 and FY 19888780-(88/12)239
    Special Contingent Account (SCA-2)9471-(90/98)250
    Special Disbursement Account; see Accounts
    Special drawing rights:
    Allocation for first basic periodB/G Res. 24-12518
    Allocation for third basic periodB/G Res. 34-3520
    New participants5956-(78/180) S388
    6368-(79/191) S388
    Allocation for fourth basic period, Managing Director’s report to Board of Governors and to Executive Board529
    Change in method of valuation, effect on claims under supplementary financing facility5509-(77/127)
    Annex334
    Designation, review of rules and method of calculating amounts6209-(79/124) S400
    Holders prescribed by the Fund:
    African Development Bank and African Development Fund8318-(86/104) S384
    Andean Reserve Fund6486-(80/77) S384
    Arab Monetary Fund6609-(80/126) S384
    Asian Development Bank7229-(82/136) S384
    Bank for International Settlements6484-(80/77) S383
    Bank of Central African States7064-(82/26) S384
    Central Bank of West African States6908-(81/101) S384
    East African Development Bank7582-(83/174) S384
    Eastern Caribbean Central Bank7707-(84/79) S384
    International Bank for Reconstruction and Development6718-(81/1) S384
    International Development Association6718-(81/1) S384
    International Fund for Agricultural Development6489-(80/77) S384
    Islamic Development Bank7086-(82/42) S384
    Nordic Investment Bank6488-(80/77) S384
    Swiss National Bank6485-(80/77) S385
    Terms and conditions for accepting, holding, or using SDRs6467-(80/71) S381
    Level of SDR holdings in General Resources Account, maintenance; see Accounts, General Resources Account
    Loans for Trust Fund expressed in5069-(76/72)419
    Method of collecting exchange rates for calculation of value of SDR for purpose of Rule 0-2(a)6709-(80/189) S379
    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) S404
    Sale by Fund to members for use in quota payments under Seventh General Review6663-(80/160) S212
    Sale by Fund, guidelines6772-(81/35) G/S203
    7626-(84/23) S206
    7941-(85/50) S206
    8265-(86/70) S207
    8574-(87/64) S207
    SDR-denominated deposits with Bank for International Settlements5973-(78/189) TR424
    Transfers under Article V, Section 3(f)6275-(79/158) G/S201
    Transfers under Article V, Section 6(b), guidelines for selection of currencies6274-(79/158)199
    6774-(81/35)207
    Use in donations6437-(80/37) S398
    Use in donations and loans to supplementary financing facility Subsidy Account6683-(80/185) * G/TR433
    Use in financial operations under ESAF Trust or administered account8937-(88/118) ESAF/S387
    Use in forward operations6337-(79/178) S397
    Use in loans6001-(79/1) S390
    Use in operations under structural adjustment facility8239-(86/56) SAF386
    Use in payment of charges5702-(78/39) * G/S221
    Use in payment of 25 percent of quota increasesB/G Res. 31-2472
    B/G Res. 34-2479
    B/G Res. 38-1490
    Use in payment of subsidy8186-(86/9) SBS/S386
    Use in payment of Trust Fund obligations8642-(87/101) S/TR385
    Use in pledges6053-(79/34) S *392
    Use in repayment of Fund’s debt to Swiss National Bank6485-(80/77) S385
    Use in repurchases5703-(78/39)218
    5809-(78/88)219
    Use in settlement of financial obligations6000-(79/1) S *389
    Use in swap operations6336-(79/178) S396
    Use in transfers as security for performance of financial obligations6054-(79/34) S394
    Valuation basket, guidelines for calculation of currency amount8160-(85/186)
    G/S
    378
    Valuation basket, see also, valuation method
    Valuation for use in borrowing arrangements1289-(62/1) *293
    5288-(76/167)311-12
    5387-(77/61)316
    Valuation, interimB/G Res. 29-10465
    Valuation method6631-(80/145)G/S376
    9549-(90/146)G/S378
    Valuation of U.S. dollar pursuant to Rule 0-2(a), method6709-(80/189) S379
    Special Drawing Rights Department, payment of net charges and assessment7116-(82/68) S406
    Stabilization of prices of primary products, Fund facility; see Buffer stock financing facility
    Stand-by arrangements:
    Amendment to utilize supplementary financing7047-(82/13)195
    7048-(82/13)197
    Amounts to be made available under enlarged access policy decision, guidelines6783-(81/40)113-114
    7600-(84/3) *117
    Augmentation of rights to make purchases, elimination5706-(78/39)100
    Charges6838-(81/70) *130
    Conditionality, guidelines6056-(79/38)60
    Review8192-(86/13)110
    8583-(87/72)111
    Exclusion of purchases for purposes of definition of “reserve tranche purchase”6830-(81/65)99, 411
    Foreign borrowing, performance criteria6230-(79/140)65
    From under enlarged access policy6838-(81/70) *127
    7048-(82/13)197
    Guidelines, operational; see Performance criteria and phasing, below Ineligibility270-(53/95) *59
    6838-(81/70) *130
    Publicity upon declaration of7999-(85/90)374
    7931-(85/41)374
    Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)97
    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)73
    EBM/84/5474
    Payments arrears, performance criteria3153-(70/95)352
    Performance criteria and phasing, operational guidelines7925-(85/38)63
    Period270-(53/95) *58
    5508-(77/127)189
    6783-(81/40)113
    Policies and procedures270-(53/95) *59
    Provision for enlarged access to Fund’s resources6783-(81/40)112
    Provision for supplementary financing5508-(77/127)188
    6693-(80/177)194
    6725-(81/5)194
    Relationship between performance criteria and phasing of purchases, operational guidelines Renewal7925-(85/38)63
    Renewal270-(53/95) *59
    Repurchases; see Repurchases, Currency resulting from purchase under stand-by arrangement
    Suspension of right to engage in purchase transactions270-(53/95) *59
    6838-(81/70) *130
    Utilization of supplementary financing facility for enlarged access resources; see Amendment to utilize …, above
    Strengthened cooperation strategy on overdue obligations to Fund; see Overdue obligations to Fund, purchases from Fund
    Structural adjustment facility:
    Amounts of assistance8240-(86/56) *
    SAF
    267
    Income from investment and loans, availability of use8760-(87/176)282
    List of eligible members and amounts of assistance8240-(86/56) *267
    Loans under ESAF8238-(86/56) *
    SAF
    265
    Regulations for administration8238-(86/56) *
    SAF
    260
    Chairman’s Summing up EBM/86/56269
    Review of experience, conditionality, benchmarks, and prior actionsChairman’s Summing Up EBM/87/93274
    Review of operation8241-(86/56)
    SAF
    269
    8757-(87/176)
    SAF/ESAF
    280
    9114-(89/40)
    SAF/ESAF
    281
    9487-(90/106)
    SAF/ESAF
    281
    Use of SDRs in Operations8239-(86/56)
    SAF
    386
    Subscriptions:
    Gold and currency, ownership by Fund170-33
    Payment of quota increasesB/G Res. 31-2472
    B/G Res. 34-2480
    B/G Res. 38-1490
    Reserve Assets:
    Guidelines for determining amounts to be paid6266-(79/156)4
    Payment under Eighth General Review of QuotasB/G Res. 38-1487-88
    Subsidy Account; see Accounts, Subsidy Accounts
    Sugar Agreement, International; see Buffer stock financing facility
    Supplementary financing facility:
    Authorization to make calls under borrowing arrangements6006-(79/3)337
    Charges; see Charges Establishment5508-(77/127)188
    Extension of period6725-(81/5)194
    No augmentation of rights to purchase5706-(78/39)100
    Replenishment of Fund’s holdings of currencies5509-(77/127)330
    Interest payments under borrowing agreements6163-(79/96)338
    Meaning of “Net creditor position in the Fund”6008-(79/3)337
    Report on use6445-(80/43)193
    Repurchases; see Repurchases Review of decision on establishment6693-(80/177)194
    6725-(81/5)194
    Subsidy Account
    Disbursement of additional subsidy amount for period ending June 30, 19868523-(87/25)
    SBS
    442
    Disbursement of additional subsidy amount for July 1, 1985 through June 30, 19878674-(87/117)
    SBS
    442
    Additional subsidy payments for May 1, 1987 through June 30, 1987 and for July 1, 1987 through June 30, 19888941-(88/122)
    SBS
    443
    Effect on subsidy cost of substituting supplementary financing for enlarged access resources7047-(82/13)196
    Instrument6683-(80/185) *
    TR
    432
    Investment of currencies6854-(81/78) *
    SBS
    439
    Means of payments8185-(86/9) SBS/S440
    Subsidy payments, July 1, 1984-June 30, 19858037-(85/110)
    SBS
    441
    Subsidy payments, July 1, 1985-June 30, 19868492-(87/1)
    SBS
    441
    Subsidy payments, July 1, 1986-June 30, 19878674-(87/117)
    SBS
    442
    Subsidy payments, July 1, 1987-June 30, 19888941-(88/122)
    SBS
    443
    Subsidy payments, July 1, 1988-June 30, 19899222-(89/97) SBS444
    Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS439
    Subsidy payments, May 1-June 30, 1989 and July 1, 1989-June 30, 19909510-(90/122) SBS444
    Transferability of claims; see Transferability of claims
    Utilization of supplementary financing facility for enlarged access resources7047-(82/13)195
    7048-(82/13)197
    Surveillance over exchange rate policies5392-(77/63) *8
    8248-(86/60)14
    8857-(88/64)15
    9499-(90/lll)15
    Enhanced surveillance; see Enhanced surveillance Operational guidance; see Procedures, implementation of three-month period
    Procedures, implementation of three-month period7427-(83/83)18
    9637-(91/15)22
    Chairman’s Remarks EBM/91/1522
    Review of procedures6026-(79/13)13
    7645-(84/40)14
    7939-(85/49)16
    8249-(86/60)16
    8563-(87/59)17
    8857-(88/64)15
    8858-(88/64)17
    9499-(90/lll)18
    Swiss National Bank:
    Borrowing agreements with Fund5288-(76/167)310
    5387-(77/61)315
    Transfer charges and interest, media of payment5306-(77/2)320
    5331-(77/15)320
    5488-(77/116)321
    Use of special drawing rights to repay indebtedness6485-(80/77) S385
    Participation in General Arrangements to Borrow1289-(62/1) *296
    Prescription as holder of special drawing rights6485-(80/77) S385
    Transferability of claims under General Arrangements to Borrow7628-(84/25)303
    Switzerland:
    Association with General Arrangements to Borrow1712-(64/29)306
    TTechnical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)364
    Tin Agreements, International; see Buffer stock financing facility
    Trade, Voluntary Declaration4254-(74/75)366
    B/G Res. 29-10464
    Tranche policies:
    Application in connection with decision on enlarged access6783-(81/40)112-13
    Application in connection with supplementary financing facility5508-(77/127)192
    Exclusion of credit tranche purchases for purpose of definition of “reserve tranche purchase”6830-(81/65)410-11
    Fund attitude to request for transactions within “first credit tranche” and beyond60
    Transferability of claims:
    General Arrangements to Borrow1289-(62/1) *293
    7628-(84/25)302
    Saudi Arabia’s borrowing agreement7629-(84/25)304
    Transitional provisions of Article XIV117-1375
    1034-(60/27)351
    Trust Fund:
    Distribution of profits from sale of gold for benefit of developing countries5069-(76/72)415
    5709-(78/41)
    TR
    425
    5832-(78/95)
    TR
    425
    6540-(80/98)
    TR
    430
    Diversification of investments5972-(78/189)424
    5973-(78/189)
    TR
    424
    Eligible members, review of list5563-(77/150)
    TR
    423
    Final payments of profits and loans for period July 1, 1976-June 30, 19785832-(78/95)
    TR
    425
    Instrument5069-(76/72)415
    Amendment5563-(77/150)
    TR
    423
    5972-(78/189)424
    6793-(81/45)432
    Means of payment of interest6358-(79/188) *
    TR
    428
    Means of repayment by members on their indebtedness under loan agreements7142-(82/85) *
    TR
    428
    Overdue interest and special charges8165-(85/189) *
    G/TR
    429
    Repayment terms:
    Final loan disbursement6793-(81/45)432
    Second period:
    Extension6466-(80/68)
    TR
    426
    6676-(80/168)
    TR
    427
    Extension of period for qualification6202-(79/121)
    TR
    426
    Timing of loan disbursements6201-(79/121)
    TR
    426
    Special charges on overdue interest8165-(85/189) * G/TR429
    Termination and transfer of resources to Special Disbursement Account6683-(80/185)
    G/TR
    433
    6704-(80/185)
    TR
    430
    UUnenforceability; see Exchange contracts
    United Nations:
    Agreement with International Monetary Fund535
    Convention on the Privileges and Immunities of the Specialized Agencies542
    Application to Fund, Annex V560
    List of members which have accepted with respect to Fund561
    General Assembly Resolution entitled “Uniting for Peace,” due regard by Fund in conduct of its activitiesB/G Res. 6-8452
    United States dollars:
    Determination of value in terms of special drawing right pursuant to Rule 0-2(a)6709-(80/189) S379
    Inclusion in operational budgets6772-(81/35)
    G/S
    204
    Use for payment of interest and other Fund liabilities5288-(76/167)312
    5306-(77/2)320
    5331-(77/15)320
    5387-(77/61)317
    5488-(77/116)321
    6358-(79/188) *
    TR
    428
    Use for repayments by members on their indebtedness under Trust Fund loan agreements7142-(82/85) *
    TR
    428
    Use in payments under oil facility Subsidy Account7420-(83/82)448
    7484-(83/117)448
    Use in payments under supplementary financing facility Subsidy Account7754-(84/108)
    SBS
    440
    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 drawings270-(53/95) *59
    Authority to use resources of Fund, interpretation of Articles of Agreement71-255
    Buffer stock financing2772-(69/47) *174
    Buffer stock financing facility as applied to 1977 International Sugar Agreement5597-(77/171)179
    Buffer stock financing facility as applied to International Tin Agreements:
    Fourth3179-(70/102)176
    3351-(71/51)176
    Fifth5127-(76/91)177
    Sixth7247-(82/147)178
    Capital transfers1238-(61/43)55
    Compensatory and contingency financing facility8955-(88/126) *136
    Conditionality, guidelines6056-(79/38)60
    Review8192-(86/13)110
    8583-(87/72)111
    9189-(89/77)111
    Use of Fund’s resources “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning287-355
    Credit tranche policies; see Tranche policies ged access, policy on6783-(81/40) *112
    Extended Fund facility4377-(74/114) *105
    “First credit tranche”60
    In accordance with purposes of Fund102-(52/11)56
    Ineligibility:
    Effect on purchases under extended arrangement6838-(81/70) *135
    Effect on purchases under stand-by arrangement270-(53/95) *59
    6838-(81/70) *130
    Publicity upon declaration7999-(85/90)374
    7931-(85/41)374
    Under Article V, Section 5284-3210
    Under Article XXVI, Section 2(a)
    (Article XV, Section 2(a) before Second Amendment)343-(54/47)408
    Interpretation of Articles of Agreement71-255
    Limit on access to Fund resources, guidelines7600-(84/3) *117
    Limitation under Article V, Section 5284-3210
    286-1210
    Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
    Monetary stabilization operations71-255
    Postponement, limitation under Article V, Section 5286-1210
    “Represents” in Article V, Section 3(b)(ii), meaning of the word284-456
    Reserve tranche purchases; see Reserve tranche purchases
    Resumption of purchases under extended arrangement after decision of formal ineligibility or to consider such a request6838-(81/70) *135
    Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal270-(53/95) *59
    6838-(81/70) *130
    Stand-by and extended arrangements, forms under enlarged access policy6838-(81/70) *126
    Suspension of exchange transactions, effect on General Arrangements to Borrow1289-(62/1) *294
    Suspension of transactions under extended arrangements6838-(81/70) *135
    Suspension of transactions under stand-by arrangements270-(53/95) *59
    6838-(81/70) *130
    Temporary assistance in financing balance of payments deficits71-255
    Tranche policies; see Tranche policies Waiver of condition of Article V, Section 3(f)(iii); see Waiver of condition
    Waiver of 200 percent of quota limit see also Article V, Section 3(b) (iii)2772-(69/47) *175
    VVoluntary Declaration on Trade and Other Current Account Measures4254-(74/75)
    B/G Res. 29-10
    366
    464
    Voting power, elected Executive Directors, effect of change in quota180-5373
    WWaiver of condition of Article V, Section 3(b)(iii)4377-(74/114) *108
    5508-(77/127)192
    6783-(81/40)115
    8955-(88/126) *137
    World Economic Outlook, framework for discussions of international adjustment process5392-(77/63)12

    Index to the Annex of the Fourteenth Issue

    Decision NoPage
    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-(88/56) ESAFA20
    BBank for International Settlements:
    Borrowing agreement with Fund6863-(81/81)*A130
    7677-(84/64)A144
    7955-(85/60)A156
    Borrowing by the Fund: Agreement with Bank for International Settlements6863-(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 Cooperation 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 Malaysia8892-(88/90) ESAFA27
    Enlarged access, policy on
    Borrowing agreement with Bank for International Settlements6863-(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 Settlements6863-(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)A110
    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 liabilities6863-(81/81)*A130

    Corresponds to Article XV, Section 2 before the Second Amendment

    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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