Selected Decisions Supplement (13th Ed)

Selected Decisions Supplement (13th Ed)
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
April 1988
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    Index

    (*indicates Decision as amended)

    Decision No.Page
    A Accounting 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)359
    Borrowed Resources Suspense Accounts6844-(81/75)285–86
    6845-(81/75)286–87
    7188-(82/114)236
    General Account; see General Resources Account, below
    General Resources Account:
    Adjustment of currency holdings of members5590-(77/163)140
    Exchange rate for Fund computations5590-(77/163)139
    Level of Fund SDR holdings, maintenance6275-(79/158) G/S107
    7626-(84/23) S111
    7941-(85/50)S111–12
    8265-(86/70) S112
    8574-(87/64) S112
    Purchase of SDRs for payment of charges*5702-(78/39) G/S127–28
    Reimbursement for expenses of carrying out business of supplementary financing facility Subsidy Account6683-(80/185) G/TR385
    Reimbursement for expenses of conducting business of Trust Fund5069-(76/72)362, 368
    Sales of SDRs for payment of quota increases by members under 7th General Review of Quotas6663-(80/160) S117
    Special Disbursement Account, transfers to supplementary financing facility Subsidy Account6683-(80/185) G/TR380–81
    6704-(80/185) TR378
    Investment7990-(85/81)141
    8029-(85/105)141
    Structural adjustment facility; see Structural adjustment facility
    Special Drawing Rights Department, payment of net charges and assessments7116-(82/68)S352–53
    Subsidy Accounts:
    Oil facility*4773-(75/136)390–92
    Final review and report on termination7420-(83/82)392
    Supplementary financing facility:
    Disbursement of additional subsidy amounts for period ending June 30, 19868523-(87/25) SBS389–90
    Instrument6683-(80/185) G/TR379–86
    Investment of currencies*6854-(81/78) SBS386–87
    Means of payments8185-(86/9) SBS/S387
    Subsidy payments, July 1, 1983–June 30, 19847754-(84/108) SBS388
    Subsidy payments, July 1, 1984–June 30, 19858037-(85/110) SBS388
    Subsidy payments, July 1, 1985–June 30, 19868492-(87/1) SBS389
    Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS387
    Transfer of funds from Special Disbursement Account following termination of Trust Fund6704-(80/185) TR378
    Accrued charges and income; see Overdue obligations to Fund, purchase from Fund
    Adjustment process, international, review5392-(77/63)12
    Administrative accounts; see Accounts
    African Development Bank and African Development Fund, prescription as holders of SDRs8318-(86/104) S331
    Andean Reserve Fund, prescription as holder of special drawing rights6486-(80/77) S331
    Arab Monetary Fund, prescription as holder of special drawing rights6609-(80/126) S331
    Articles of Agreement1
    Amendment, SecondB/G Res. 29-8400–403
    B/G Res. 29-10408–413
    Article I, purposes of the Fund287-324
    433-(55/42)293
    1034-(60/27)298
    *4377-(74/114)33
    *4773-(75/136)390
    5069-(76/72)362
    Article III, Section 2, adjustment of quotas408-23
    Article III, Section 2(a), general review of quotasB/G Res. 31-2417
    B/G Res. 34-2420
    B/G Res. 38-1431
    Article IV:
    Consultations5392-(77/63)9–15
    6026-(79/13)15
    6056-(79/38)27
    6790-(81/43)314
    7427-(83/83)18–19
    7646-(84/40)16
    7939-(85/49)16–17
    Exchange arrangements5392-(77/63)9–10
    5712-(78/41)8
    Article IV, Section 3, surveillance over exchange rate policies*5392-(77/63)10–11
    6026-(79/13)14
    Article V, Section 1*1289-(62/1)165
    Article V, Section 3, application of Fund policies to purchases of currency borrowed by Fund*1289-(62/1)161
    Article V, Section 3(a), “consistent with the provisions of this Agreement,” meaning287-324
    Article V, Section 3(b)(iii), waiver*4377-(74/114)35
    5508-(77/127)44
    6783-(81/40)50
    Article V, Section 3(d):
    Sale of members’ currencies for repurchases5704-(78/39)119
    Selection of currencies in purchases6273-(79/158) G/S104
    6274-(79/158)105, 106
    6352-(79/183)108
    6774-(81/35)112, 113
    Article V, Section 3(f), transfers of SDRs6275-(79/158) G/S107
    Article V, Section 5, limitation on use of Fund’s resources284-3116
    286-1116
    7842-(84/165)80
    Article V, Section 6, sale of SDRs by the Fund6663-(80/160)S117
    Article V, Section 6(b), transfers of SDRs by the Fund6274-(79/158)105
    6774-(81/35)112
    Article V, Section 7, repurchases*1289-(62/1)161
    *5703-(78/39)123–24
    5704-(78/39)118–19
    *5809-(78/88)125
    Article V, Section 7(b), early repurchases5704-(78/39)118
    6172-(79/101)120
    6273-(79/158) G/S104
    Article V, Section 7(i), guidelines for selection of currencies used in repurchases6274-(79/158)105, 106
    6774-(81/35)112, 113
    Article V, Section 8, media of payment of charges*5702-(78/39) G/S127
    Article V, Section 8(b), charges*5703-(78/39)122
    6008-(79/3)205
    7060-(82/23)359
    Article V, Section 8(b), (c), and (d), charges4239-(74/67)127
    Article V, Section 9(a), remuneration7060-(82/23)359
    Article V, Section 11, adjustment of Fund’s holdings of members’ currencies5590-(77/163)140
    Article V, Section 12(f)(ii), balance of payments assistance on special terms to low-income developing members in difficult circumstances6704-(80/185) TR379
    Article VI, Section 1, use of Fund’s resources541-(56/39)156
    1238-(61/43)24
    Article VI, Section 3, controls on capital transfers541-(56/39)156
    Article VII, replenishment of Fund’s holdings of currencies5508-(77/127)39
    5509-(77/127)196
    6783-(81/40)47
    6843-(81/75)207
    Article VII, Section 1, borrowing by Fund*1289-(62/1)157
    7677-(84/64)267
    Article VIII:
    Bilateralism433-(55/42)293
    Consultations5392-(77/63)13
    Retention quotas201-(53/29)294–96
    Article VIII and Article XIV1034-(60/27)298–300
    Article VIII, Sections 2, 3, and 4, acceptance of obligations1034-(60/27)299
    Article VIII, Section 2(a):
    Payments restrictions144-(52/51)292
    3153-(70/95)300
    Article VIII, Section 2(b), unenforceability of exchange contracts446-4290
    Article VIII, Section 3, multiple currency practices237-2303, 308
    5712-(78/41)9
    6790-(81/43)313, 314
    Article VIII, Section 7B/G Res. 34-3444
    Article IX, Section 7, privilege for communications534-3318
    Article XII, Section 3(b)(i) and 3(f)2-1320
    Article XII, Section 3(c)
    Additional appointed Executive Directors*574-2320
    Determination of member’s entitlement to appoint Executive Director7060-(82/23)359
    “The preceding two years,” meaning597-4321
    Article XIV:
    Articles VIII and XIV1034-(60/27)298–300
    Bilateralism433-(55/42)293
    Consultations5392-(77/63)13
    Retention quotas201-(53/29)294–96
    Article XIV, Section 11034-(60/27)298
    Article XIV, Section 2:
    Multiple currency practices237-2308
    Payments restrictions144-(52/51)292
    3153-(70/95)300
    Transitional arrangements446-4291
    Article XIV, Section 3117-1323
    Article XVII, Section 3, other holders of special drawing rights6467-(80/71) S328
    6484-(80/77) S330–31
    6485-(80/77) S332
    4686-(80/77) S331
    7629-(84/25)176
    Article XVIII, allocation of special drawing rightsB/G Res. 24-12440
    B/G Res. 34-3442
    Article XVIII, Section 2(d), allocations of special drawing rights to new participants5956-(78/180) S333
    6368-(79/191)S333
    Article XIX, Section 2(c):
    Acceptance and use of special drawing rights by prescribed holders6467-(80/71) S328
    Operations and transactions in special drawing rights between participants*6000-(79/1) S334
    6001-(79/1)S335
    *6053-(79/34) S337
    *6054-(79/34) S339
    6336-(79/178) S341
    6337-(79/178) S342
    6437-(80/37) S344
    Article XIX, Section 5, designation of participants to provide currency6209-(79/124) S346
    Article XIX, Section 5(a)(i), designation plans6273-(79/158) G/S104
    Article XIX, Section 6(b), abrogation of rules for reconstitution6832-(81/65) S350
    Article XIX, Section 7(a), calculation of exchange rates*1289-(62/1)164
    7041-(82/8) G/S351
    Article XX, Section 1, interest paid on holdings of special drawing rights6467-(80/71)S328
    Article XX, Section 5, application against unpaid charges of special drawing rights acquired by participants after payment date7116-(82/68) S353
    Article XXIIB/G Res. 34-3444
    Article XXIII, Section 1, suspension of operations and transactions in special drawing rights6467-(80/71) S330
    Article XXVI, Section 2(a), ineligibility to use Fund resources343-(54/47)354
    Article XXVI, Section 3*1289-(62/1)165
    Article XXVII*1289-(62/1)165
    Article XXVII, Section 1(a)(i), suspension of transactions covered by stand-by arrangements*270-(53/95)61
    Article XXIX (a), list of interpretations underxxviii
    Article XXX(c):
    Exclusion of purchases and holdings under buffer stock facility5591-(77/163)356
    Exclusion of purchases and holdings under compensatory financing of export fluctuations2836-(69/87)355
    Exclusion of purchases and holdings under compensatory financing of fluctuations in the cost of cereal imports*6860-(81/81)92
    Exclusion of purchases and holdings under extended facility6830-(81/65)358
    Exclusion of purchases and holdings under policy on enlarged access6783-(81/40)358
    Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)357
    Exclusion of purchases under oil facility5371-(77/51)357
    Exclusion relating to purchases in credit tranches6830-(81/65)358
    Article XXX(f), freely usable currencies5719-(78/46)360
    Schedule B, repurchases*5703-(78/39)123–24
    5704-(78/39)119
    6008-(79/3)205
    Schedule B, paragraph 7(b), use of amounts in excess of capital value available from gold sales for benefit of developing countries5069-(76/72)361
    Schedule F, rules for designation6209-(79/124) S347
    Schedule G, rules for reconstitution, abrogation6832-(81/65) S350
    Schedule J*1289-(62/1)165
    Schedule K*1289-(62/1)166
    5288-(76/167)185
    5387-(77/61)189
    Schedule K, paragraph 15288-(76/167)185
    5387-(77/61)189
    Asian Development Bank, prescription as holder of special drawing rights7229-(82/136)S331n
    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)125
    6774-(81/35)115
    Review7704-(84/78)126
    Audit:
    Oil facility Subsidy Account*4773-(75/136)391
    Supplementary financing facility Subsidy Account6683-(80/185) G/TR385
    Trust Fund5069-(76/72)368
    Augmentation; see Purchase transactions, Augmentation
    B Balance of payments position:
    Assessment for assistance from Trust Fund5069-(76/72)364
    Assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) G/S104
    Discrimination for balance of payments reasons955-09/45)297
    Bank for International Settlements:
    Borrowing agreement with Fund*6863-(81/81)253
    7677-(84/64)265, 26
    7955-(85/60)277–79
    Deposit by Managing Director of currencies held in supplementary financing facility Subsidy Account6854-(81/78) SBS386
    Prescription as holder of special drawing rights6484-(80/77) S330
    Trust Fund deposits denominated in SDRs5973-(78/189) TR372
    Bank of Central African States, prescription as holder of special drawing rights7064-(82/26) S33 In
    Belgium, National Bank of, Borrowing agreement with Fund; see Borrowing by the Fund
    Bilateralism433-(55/42)293
    Borrowed Resources Suspense Accounts; see Borrowing by the Fund, below
    Borrowing by the Fund:
    Agreement with Bank for International Settlements*6863-(81/81)253
    7677-(84/64)265
    7955-(85/60)277
    Agreement with central banks and other official institutions6864-(81/81)256
    Agreement with Japan7677-(84/64)269
    7955-(85/60)277, 279
    8486-(86/205)280–85
    Agreement with National Bank of Belgium7677-(84/64)265, 273
    7955-(85/60)277, 280
    Agreement with Saudi Arabian Monetary Agency6843-(81/75)207
    Amendment8460-(86/189)251
    Change in conversion arrangements7188-(82/114)236
    Supplementary Agreement7677-(84/64)237
    Extension of Commitment period8460-(86/189)251–52
    Agreement with Swiss National Bank:
    19765288-(76/167)181
    19775387-(77/61)185
    Interest, media of payment5331-(77/15)189
    5488-(77/116)190
    Transfer charges, media of payment5306-(77/2)190
    5488-(77/116)190
    Use of special drawing rights in repayment6485-(80/77) S332
    Agreements between Fund and its members, memorandum of Director of the Legal Department of the Fund6843-(81/75) Annex232–34
    Borrowed Resources Suspense Accounts6844-(81/75)285–86
    6845-(81/75)286–87
    7188-(82/114)236
    Borrowed resources, use to finance purchases under arrangements providing enlarged access to Fund’s resources6783-(81/40)47
    General Arrangements to Borrow:
    Associated borrowing arrangements
    “Outstanding borrowing and unused credit lines,” clause in respect of GAB in guidelines for Fund borrowing*7040-(82/7)287
    Saudi Arabia, association agreement7403-(83/73)191
    Transferability of claims7629-(84/25)175–77
    Swiss National Bank, participation of*1289-(62/1)168
    Switzerland, association of1712-(64/29)177
    Transferability of claims; see Transferability of claims
    Use of credit arrangements for nonparticipants
    *1289-(62/1)167
    Guidelines7040-(82/7)287
    Issuance of bearer notes by Fund684 3-(81/75)208
    6864-(81/81)259
    Supplementary financing facility:
    Authorization to make calls6006-(79/3)204
    Interest payment procedure6163-(79/96)205
    Meaning of “net creditor position in the Fund”6008-(79/3)205
    Replenishment of holdings of currencies5509-(77/127)196
    Subsidy Account6683-(80/185) G/TR379–86
    Buffer stock financing facility*2772-(69/47)94
    Access limit and review*2772-(69/47)95
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5591-(77/163)356
    International Natural Rubber Agreement, 19797246-(82/147)102
    International Sugar Agreement, 19775597-(77/171)99
    International Tin Agreements:
    4th3179-(70/102)95
    3351-(71/51)96
    5th5127-(76/91)97
    6th7247-(82/147)97
    Repurchases*5703-(78/39)122
    6th International Tin Agreement7247-(82/147)99
    1977 International Sugar Agreement5597-(77/171)101
    International Natural Rubber Agreement, 19797246-(82/147)102
    Burden sharing*8348-(86/122)132
    8515-(87/23)138
    M.D.’s remarks136–37
    C Capital transfers:
    Controls by members541-(56/39)156
    B/G Res. 29-10410
    Restrictions237-2306
    Use of Fund’s resources for1238-(61/43)24
    B/G Res. IM-6397
    Central Bank of West African States, prescription as holder of special drawing rights6908-(81/101)S331n
    “Changing circumstances,” adaptation of multiple currency practices237-2310
    Charges:
    Accounting for charges from members with overdue obligations8433-(86/175)128
    Accrued charges8433-(86/175)128
    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)359
    Borrowing agreements with Swiss National
    Bank5288-(76/167)181
    5306-(77/2)190
    5387-(77/61)185
    5488-(77/116)190
    Enlarged access policy6783-(81/40)50
    Extended Fund facility*4377-(74/114)36
    4720-(75/114)39
    *6838-(81/70)66, 71
    Future changes4239-(74/67)127
    Interest on Trust Fund loans; see Interest
    Media of payment*5702-(78/39) G/S127
    Oil facility Subsidy Account; see Accounts, Subsidy Accounts
    Overdue obligations to Fund, special charges8165-(85/189) G/TR129–30
    Overdue obligations to Fund, accrued income8433-(86/175)128
    Payment by nonparticipant in Special Drawing Rights Department*5702-(78/39) G/S127
    Payment of net charges and assessments in Special Drawing Rights Department, procedure when participants fail to hold adequate SDRs or to acquire them from other participants or Fund7116-(82/68)S352
    Rate, as of May 1, 19868349-(86/122)128
    Rate, determination of, burden sharing*8348-(86/122)132–33
    8515-(87/23)138
    Setoff in connection with retroactive reduction8271-(86/74)131
    Special charges on overdue obligations to Fund8165-(85/189) G/TR129–30
    Setoff against charges due for second quarter of FY 19878442-(86/178)131
    Stand-by arrangements*6838-(81/70)66
    Supplementary financing facility5508-(77/127)44
    Supplementary financing facility Subsidy Account; see Accounts, Subsidy Accounts
    Committee on Reform of the International Monetary System and Related IssuesB/G Comp. Res.399
    Final report and terminationB/G Res. 29-7400
    Support of extended Fund facility*4377-(74/114)33
    Voluntary Declaration on Trade and Other Current Account Measures4254-(74/75)315
    Commodities (see also Buffer stock financing facility; Compensatory financing …):
    Reclassification where subject to multiple currency practices237-2308, 310
    Communications, privilege for534-3318
    Compensatory financing of export fluctuations6224-(79/135)83
    Access limit6224-(79/135)84
    Cooperation, guidelines on7528-(83/140)88
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”2836-(69/87)355
    Guidelines on cooperation; see Cooperation, guidelines on
    Integration of assistance with that available under decision on compensatory financing of fluctuations in the cost of cereal imports*6860-(81/81)89
    Repurchases*5703-(78/39)122–24
    Representation of intention to repurchase amount of overcompensation6224-(79/135)85
    Legal interpretationEBM/82/186–87
    Compensatory financing of fluctuations in the cost of cereal imports*6860-(81/81)89
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”*6860-(81/81)92
    Repurchases*5703-(78/39)122
    *6860-(81/81)93
    Conditionality; see Use of Fund’s resources, Conditionality
    “Consistent with the provisions of this Agreement,” meaning in Article V, Section 3287-324
    Consultation with members:
    Before accepting obligations of Article VIII, Sections 2, 3, and 41034-(60/27)299
    Bilateral arrangements433-(55/42)293–94
    Changes in members’ exchange arrangements, notification to Fund5712-(78/41)8
    Commodity field, attention to policies*2772-(69/47)95
    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)15
    6056-(79/38)29
    6790-(81/43)314
    Discussions on use of Fund’s resources102-(52/11)25
    During period of extended arrangement*6838-(81/70)72
    During period of stand-by arrangement*6838-(81/70)67
    Exchange measures needing approval under Article VIII1034-(60/27)299
    Members’ policies in present circumstances4134-(74/4)302
    Multiple currency practices237-2305
    Periodic discussions under Article VIII1034-(60/27)299
    Resumption of purchases under extended arrangements*6838-(81/70)70
    Resumption of purchases under stand-by arrangements*270-(53/95)61
    *6838-(81/70)65
    Retention quotas201-(53/29)294
    Special consultations5392-(77/63)13
    Whether measure is exchange restriction1034-(60/27)298
    Consultations with European Monetary Cooperation
    Fund on calculation of representative rate for European Currency Unit7041-(82/8) G/S351
    Consultations with prescribed holders of special drawing rights6467-(80/71) S329
    Convertibility:
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)299
    Approval of exchange restrictions1034-(60/27)299
    Bilateralism433-(55/42)293
    Consultation with Fund1034-(60/27)299
    Discrimination955-(59/45)297
    Multiple currency practices; see Multiple currency practices
    Retention quotas201-(53/29)294
    Credit tranches; see Tranche policies
    Credit worthiness, factor in determining use of Fund’s resources102-(52/11)25
    Currencies (see also Borrowing by the Fund; Convertibility; Holdings of the Fund; Investment):
    Arrangements for use in operations and transactions of FundB/G Res. 31-2419
    Composition of special drawing right6631-(80/145) G/S324–25
    Freely usable currencies5719-(78/46)360
    Guidelines for use in operational budgets6772-(81/35) G/S110–11
    Guidelines for use in operations and transactions of General Resources Account6273-(79/158) G/S104
    6274-(79/158)105–107
    6774-(81/35)112–114
    Payment of subscriptions6266-(79/156)4–7
    B/G Res. 31-2418
    B/G Res. 34-2425
    B/G Res. 38-1434
    Rates for computations and maintenance of value5590-(77/163)139–40
    Replenishment in connection with supplementary financing facility5509-(77/127)196
    Sale by agreement with member with outstanding purchases6274-(79/158)105–106
    6352-(79/183)108
    6774-(81/35)113
    Selection for payment of charges*5702-(78/39) G/S127
    Specified by the Fund, use in repurchases*5703-(78/39)124
    5809-(78/88)125
    Subscribed to the Fund, ownership170-33
    D Debt management policies; see External debt management policies
    Deferred income; see Overdue obligations to Fund, Deferred income
    Designation; see Special drawing rights
    Development Committee; see Joint Ministerial Committee
    Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)297
    Drawings; see Purchase transactions; Use of Fund’s resources
    E East African Development Bank, prescription as holder of special drawing rights7582-(83/174) S331n
    Eastern Caribbean Central Bank, prescription as holder of special drawing rights7707-(84/79) S331n
    Enemy-occupied, former, members, introduction of multiple currency practices237-2308, 309
    Enhanced surveillanceChairman’s Summing up20–23
    Procedures for transmittal of staff reports8222-(86/45)19
    Chairman’s Summing up22
    Enlarged access, policy on6783-(81/40)47
    Access limits, guidelines*7600-(84/3)51–52
    Chairman’s Summing up of Dec. 2, 198353–56
    Apportionment between ordinary and borrowed resources8487-(86/205)52–53
    Borrowed Resources Suspense Accounts; see Accounts
    Borrowing agreement with Bank for International Settlements*6863-(81/81)253
    7677-(84/64)265
    7955-(85/60)277
    Borrowing agreement with Japan7677-(84/64)265
    7955-(85/60)277, 279
    8486-(86/205)280–85
    Borrowing agreement with National Bank of Belgium7677-(84/64)265, 273
    7955-(85/60)277, 280
    Borrowing agreement with Saudi Arabian Monetary Agency6843-(81/75)207
    Amendment8460-(86/189)251
    Change in conversion arrangements7188-(82/114)236
    Supplementary agreement7677-(84/64)237
    Extension of commitment period8460-(86/189)251–52
    Borrowing from central banks and other official institutions6864-(81/81)256
    Charges6783-(81/40)50
    Exclusion of purchases with borrowed resources and holdings under Article XXX (c)6783-(81/40)50
    Forms of stand-by and extended arrangements*6838-(81/70)62–72
    Mix of ordinary and borrowed resources; see Apportionment between ordinary and borrowed resources, above.
    Period*7599-(84/3)50–51
    Repurchases; see Repurchases
    Review*7599-(84/3)51
    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/S351
    European Monetary Cooperation Fund, consultation on calculation of representative rate for European Currency Unit7041-(82/8)G/S351
    “Exceptional circumstances,” meaning in Article XIV, Section 3 (Section 4 before Second Amendment)117-1323
    237-2309
    Exchange arrangements, notification5392-(77/63)13
    5712-(78/41)8
    Exchange contracts, unenforceability446-4290
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-4291
    Exchange controls on capital transfers541-(56/39)156
    Exchange rates:
    Borrowing arrangements by Fund*1289-(62/1)164
    Exchange rate policies of members, surveillance5392-(77/63)10
    Flexible exchange arrangements5712-(78/41)8–9
    Floating, guidelinesB/G Res. 29-10410
    Fluctuating:
    Multiple currency practices (fixed and fluctuating rates)237-2306
    Scope of transactions to be agreed with Fund237-2307
    Free markets237-2306
    Multiple currency practices arising from official action6790-(81/43)312–13
    Notification to Fund5392-(77/63)13
    5712-(78/41)8
    Pegs, notification to Fund of changes5712-(78/41)8, 9
    Representative rate for European Currency Unit in terms of SDR7041-(82/8) G/S351
    Unification in multiple rate systems a basic objective of Fund649-(57/33)311
    Exchange restrictions (see also Payments restrictions):
    Approval1034-(60/27)299
    Avoidance of escalation4134.(74/4)302
    4254-(74/75)315
    Bilateralism433-05/42)293
    Capital transactions; see Capital transfers
    Consultations with Fund1034-(60/27)299
    Discrimination955-(59/45)297
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)298
    Introduction1034-(60/27)299
    Maintenance1034-(60/27)299
    Multiple currency practices237-22303
    649-(57/33)311
    6790-(81/43)312
    Payments arrears3153-(70/95)300
    Retention quotas201-(53/29)294
    Security reasons; see Payments restrictions
    Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)299
    Withdrawal, representation by Fund117-1323
    Exchange systems, avoidance of use for nonbalance of payments reasons1034-(60/27)299
    Exchange taxes237-2306
    Notification to Fund5712-(78/41)9
    Exchange transactions; see Purchase transactions
    Exclusion of balances held in administrative accounts; see Accounts, Administrative accounts
    Exclusion of purchases and holdings under Fund policies; see Article XXX (c)
    Executive Board:
    Annual review of decision on oil facility Subsidy Account*4773-(75/136)392
    Annual review of implementation of surveillance over members’ exchange rate policies5392-(77/63)14
    6026-(79/13)14–15
    7646-(84/40)15
    7939-(85/49)16
    8249-(86/60)17
    8563-(87/59)17
    Annual review of upper-maturity limit in guidelines on performance criteria with respect to foreign borrowing6230-(79/140)31
    Communication of changes in members’ exchange arrangements5712-(78/41)8
    Information on operation of buffer stocks3179-(70/102)96
    5127-(76/91)97
    5597-(77/171)101
    7246-(82/147)103
    7247-(82/147)99
    Report to Board of Governors on quota increases under General Reviews of Quotas:
    7thB/G Res. 34-2420
    8thB/GRes. 38-1431
    Review and change of rules for designation6209-(79/124) S346
    Review of broad developments in exchange rates5392-(77/63)13
    Review of decision on extended Fund facility*4377-(74/114)36
    5220-(76/144)37
    7558-(83/156)37
    7857-(84/175)38
    8192-(86/13)38
    Review of functioning of international adjustment process5392-(77/63)12
    Review of guidelines for borrowing by Fund7040-(82/7)288
    Review of level of Fund’s SDR holdings6275-(79/158) G/S107
    7626-(84/23) S111
    7941-(85/50)S111
    8265-(86/70) S112
    8574-(87/64) S112
    Review of prescriptions of holders of special drawing rights6467-(80/71) S329
    Review of quota calculation methodB/G Res. 38-1431
    Executive Directors:
    Additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c)597-4321
    Appointment by members having five largest quotas2-1320
    Determination of members entitled to appoint under Article XII, Section 3(c)*574-2320–21
    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)359
    Participation in meetings of Development CommitteeB/G Res. 29-9406
    Participation in meetings of Interim CommitteeB/G Res. 29-8401
    Voting power, effect of quota changes180-5321
    Export shortfalls, financing; see Compensatory financing of export fluctuations
    Extended arrangements*4377-(74/114)33–37
    Amendment to utilize supplementary financing7047-(82/13)73
    7048-(82/13)75
    Amounts to be made available under enlarged access policy decision, guidelines*7600-(84/3)51–52
    Augmentation of rights to make purchases, elimination5706-(78/39)72
    Charge*4377-(74/114)36
    4720-(75/114)39
    *6838-(81/70)71
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”6830-(81/65)358
    Form under enlarged access policy*6838-(81/70)68
    7048-(82/13)75
    7908-(85/26)76
    Ineligibility*6838-(81/70)70
    Publicity upon declaration7931(85/41)322
    7999-(85/90)322
    Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)78–80
    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)76
    EBM/84/5476–77
    Performance criteria and phasing, operational guidelines7925-(85/38)81–83
    Provision for enlarged access to Fund’s resources6783-(81/40)47
    Provision for supplementary financing5508-(77/127)39–45
    6693-(80/177)46
    6725-(81/5)46
    Repurchases; see Repurchases
    Review of decision on extended Fund facility5220-(76/144)37
    7558-(83/156)37–38
    7857-(84/175)38
    8192-(86/13)38–39
    Suspension of right to engage in purchase transactions*6838-(81/70)70
    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)30–32
    F “First credit tranche,” Fund attitude to request for transactions26
    Floating rates; see Exchange rates
    Fluctuating exchange rates; see Exchange rates
    Freely usable currencies5719-(78/46)360
    Free markets; see Exchange rates
    Fund resources, use; see Use of Fund’s resources
    Fund’s holdings; see Holdings of the Fund
    G General Agreement on Tariffs and Trade1034-(60/27)300
    4254-(74/75)316
    B/GRes. 29-10411
    General Arrangements to Borrow; see Borrowing by the Fund
    General Resources Accounts; see Accounts Gold:
    Repurchase obligations, discharge by payment in SDRs or currencies of other members specified by Fund*5703-(78/39)123–24
    5809-(78/88)124–25
    Sale, amounts available to Trust Fund5069-(76/72)361,362,348
    Sale for benefit of developing members, distribution of profits through Trust Fund5069-(76/72)362
    5709-(78/41)TR372–73
    5832-(78/95)TR373
    6540-(80/98) TR377
    Sale, transfer of profits to Trust Fund5069-(76/72)363
    Subscribed to Fund, ownership170-33
    Gross reserve position; see Reverse position, gross
    H Holdings of the Fund:
    Adjustment by Fund5590-(77/163)139
    Attribution of reductions to enlargement of member’s reserve tranche position6774-(81/35)115
    *6831-(81/65)125
    Attribution of reductions to repurchase obligations*6831-(81/65)125
    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)359
    Computations and adjustment, rates5590-(77/163)139
    Exclusion of holdings resulting from credit tranche purchases6830-(81/65)358
    Exclusion under buffer stock facility5591-(77/163)356
    Exclusion under compensatory financing of export fluctuations2836-(69/87)355
    Exclusion under compensatory financing of fluctuations in the cost of cereal imports*6860-(81/81)355–56
    Exclusion under enlarged access policy6783-(81/40)358
    Exclusion under extended Fund facility6830-(81/65)358
    Exclusion under oil facility5371-(77/51)357
    Exclusion under supplementary financing facility5508-(77/127)357
    Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
    Repurchases; see Repurchases
    I Import restrictions imposed for balance of payments reasons, GATT members1034-(60/27)300
    Income, accrued; see Overdue obligations to Fund, purchases from Fund, Accrued charges and income
    Income position, burden sharing*8348-(86/122)132
    8515-(87/23)138
    Income target for FY 1987 and FY 1988*8348-(86/122)132
    Ineligibility; see Extended arrangements; Stand-by arrangements; Use of Fund’s resources
    Interest:
    Charge on loans from Trust Fund5069-(76/72)366
    Payment on Fund indebtedness to Bank for International Settlements*6863-(81/81)254
    Payment on Fund indebtedness to central banks and other official institutions6864-(81/81)257
    Payment on Fund indebtedness to Saudi Arabian Monetary Agency6843-(81/75)211
    Payment on Fund indebtedness to Swiss National Bank5288-(76/167)183
    5331-(77/15)189
    5387-(77/61)187
    5488-(77/116)190
    Payment on Fund indebtedness under General Arrangements to Borrow*1289-(62/1)161
    Payment on Fund indebtedness under supplementary financing facility Subsidy Account6683-(80/185) G/TR381
    Payment under supplementary financing facility5509-(77/127)
    Annex200
    6163-(79/96)205
    Payments by members under Trust Fund loan agreements6358-(79/188)375
    5069-(76/72)366
    Interim Committee of the Board of Governors on the International Monetary System:
    EstablishmentB/G Res. 29-8400
    Review of functioning of international adjustment process5392-(77/63)12
    Rules of procedure413–14
    International Bank for Reconstruction and Development, prescription as holder of special drawing rights6718-(81/1)S331n
    International Development Association, prescription as holder of special drawing rights6718-(81/1) S331n
    International Fund for Agricultural Development, prescription as holder of special drawing rights6489-(80/77) S331n
    International monetary system, reformB/G Comp. Res.339
    International Natural Rubber, Sugar, and Tin Agreements; see Buffer stock financing facility
    Interpretation of Articles of Agreement24, 290, 318, 320, 354
    Investment:
    Currencies held in oil facility Subsidy Account*4773-(75/136)391
    Currencies held in supplementary financing facility Subsidy Account6683-(80/185) G/TR381, 384
    6854-(81/78) SBS386
    Currency balances held in Trust Fund5069-(76/72)368
    5972-(78/189)371
    5973-(78/189) TR371–72
    Islamic Development Bank, prescription as holder of special drawing rights7086-(82/42) S331n
    J Japan, Borrowing agreement with Fund; see Borrowing by the Fund
    Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries:
    EstablishmentB/G Res. 29-9403
    Rules of procedure414–15
    Secretariat function, changes in organization of work and structure415
    M Managing Director:
    Authority to establish Borrowed Resources Suspense Accounts, and to transfer and invest balances of borrowed currencies6844-(81/75)285
    6845-(81/75)286
    Authority to establish oil facility Subsidy Account*4773-(75/136)390
    Authority to make calls under borrowing arrangements in connection with supplementary financing facility6006-(79/3)204
    Authorizations in connection with implementation of borrowing agreement with Saudi Arabian Monetary Agency6843-(81/75)207
    Consultation by eligible member to request assistance from Trust Fund5069-(76/72)364
    Consultation by member before making request under supplementary financing facility5508-(77/127)40
    Consultation by member contemplating request under extended Fund facility*4377-(74/114)34
    Consultation by member to request use of Fund resources under policy on enlarged access6783-(81/40)47
    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)109
    Consultations with lenders on means of interest payment under borrowing agreements in connection with supplementary financing facility6163-(79/96)205
    Deposit of currencies received by supplementary financing facility Subsidy Account with Bank for International Settlements*6854-(81/78) SBS386
    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)114
    Discussions with members on exchange policies5392-(77/63)14
    6026-(79/13)15
    Participation in meetings of Development CommitteeB/G Res. 29-9406
    Participation in meetings of Interim CommitteeB/G Res. 29-8401–402
    Placement of Trust Fund investments in SDR-denominated deposits5973-(78/189) TR372
    Proposals for allocation of SDRs:
    First basic periodB/G Res. 24-12440
    Third basic periodB/G Res. 34-3442
    Fourth basic period452
    Proposals for calls under General Arrangements to Borrow*1289-(62/1)159, 168
    1712-(64/29)179
    Proposals for Trust Fund investments5973-(78/189) TR372
    Recommendations to Executive Board regarding approval of use of Fund resources and stand-by arrangements6056-(79/38)28
    Report to Board of Governors and to Executive Board on allocation of SDRs for fourth basic period452
    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 resources71-224
    B/G Res. IM-6397
    Multiple currency practices:
    Policy237-2303
    649-(57/33)311
    6790-(81/43)312
    Prior Fund approval5712-(78/41)9
    Spreads6790-(81/43)313
    N “Net creditor position in the Fund”6008-(79/3)205
    Noncomplying purchases; see Extended or Stand-by arrangements, Misreporting and noncomplying purchases
    Nordic Investment Bank, prescription as holder of special drawing rights6488-(80/77) S331n
    O Oil facility:
    1975 facility
    Subsidy Account*4773-(75/136)390
    Final review and report on termination7420-(83/82)392
    7484-(83/117)393
    Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5371-(77/51)357
    Operational budgets:
    Assessment of strength of member’s balance of payments and gross reserve position6273-(79/158) G/S104
    Sales of SDRs and use of currencies6772-(81/35) G/S110
    Overdue obligations to Fund, purchases from Fund; (see also Extended or Stand-by arrangements)7908-(85/26)76
    *6838-(81/70)65, 70
    Accrued charges and income8433-(86/175)128
    Accounting for overdue charges8433-(86/175)128
    Burden sharing*8348-(86/122)132
    Complaint, period of considerationChairman’s Summing up77–78
    Deferred income8433-(86/175)128
    8515-(87/23)138
    Publicity upon declaration of ineligibility7999-(85/90)322
    Reporting by Fund7931-(85/41)322
    Setoff in connection with retroactive reduction of charges due by members in arrears8271-(86/74)131
    Special charges on*8165-(85/189) G/TR129
    Setoff against charges due for second quarter of FY 19878442-(86/178)131
    Overdue payments to Fund; see Overdue obligations to Fund
    P Payments arrears3153-(70/95)300
    Payments policies of members4134-(74/4)302
    Payments restrictions (see also Exchange restrictions; Payments arrears):
    For security reasons, Fund jurisdiction144-(52/51)292
    Withdrawal or general abandonment117-1323
    “Position in the Fund,” definition6274-(79/158)106
    6772-(81/35) G/S111
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)292
    Publication of reports, overdue obligations7931-(85/41)322
    Publicity on declaration of ineligibility7999-(85/90)322
    Purchase transactions (see also Use of Fund’s resources):
    Augmentation of rights to purchase under stand-by and extended arrangements, elimination5706-(78/39)72
    Purchase under buffer stock financing facility*2772-(69/47)95
    3179-(70/102)96
    5127-(76/91)97
    5591-(77/163)356
    5597-(77/171)99–102
    7246-(82/147)102
    7247-(82/147)98–99
    Purchases under compensatory financing of export fluctuations2836-(69/87)355
    6224-(79/135)84–86
    Purchases under compensatory financing of fluctuations in the cost of cereal imports*6860-(81/81)89–94
    Purchases under credit tranche; see Tranche policies
    Purchases under extended arrangements5508-(77/127)41
    6783-(81/40)47–48
    6830-(81/65)73
    *6838-(81/70)68–72
    7048-(82/13)75
    Purchases under policy on enlarged access6783-(81/40)47–48
    Purchases under stand-by arrangements5508-(77/127)40–41
    6783-(81/40)48
    *6838-(81/70)62–67
    7048-(82/13)75
    Purchases under supplementary financing facility5508-(77/127)40–42
    Resumption of purchases under extended arrangement after decision of formal ineligibility or to consider such a proposal*6838-(81/70)70–71
    Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal*270-(53/95)61
    *6838-(81/70)66
    Suspension, effect on General Arrangements to Borrow*1289-(62/1)165
    Suspension of transactions under extended arrangements*6838-(81/70)70–71
    Suspension of transactions under stand-by arrangements*270-(53/95)61
    *6838-(81/70)66
    Q Quotas:
    Adjustment, first interval of five years408-23
    Calculation, review of methodB/GRes. 38-1432
    Change, effect on voting power of elected Executive Director180-5321
    Reviews:
    1st408-23
    6th GeneralB/G Res. 29-10413
    B/G Res. 31-2417
    7th GeneralB/G Res. 34-2420
    Sale of SDRs by Fund to members for use in quota payments6663-(80/160) S117
    8th GeneralB/G Res. 38-1431
    Special adjustment for members with very small quotasB/G Res. 38-1433
    R Rates for official communications of Fund534-3318
    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)359
    Remuneration, rate, burden sharing*8348-(86/122)133
    8515-(87/23)138
    Repayment by Fund of borrowed currency*1289-(62/1)162–64
    1712-(64/29)179
    5288-(76/167)184
    5387-(77/61)188
    5509-(77/127)201
    6843-(81/75)211, 213
    6864-(81/81)258
    Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
    Reporting by the Fund of overdue obligations7931-(85/41)322
    Repurchases:
    Attribution of reductions in Fund’s holdings of currencies6774-(81/35)115
    *6831-(81/65)125
    Currency resulting from purchase under credit tranches*5703-(78/39)122–24
    Currency resulting from purchase under extended arrangement*6838-(81/70)71
    Currency resulting from purchase under stand-by arrangement*6838-(81/70)66
    Early, guidelines5704-(78/39)118
    6172-(79/101)120
    6273-(79/158) G/S104
    Guidelines for selection of currencies6274-(79/158)105
    6774-(81/35)112
    Obligations to pay gold, payment with SDRs or currencies of other members*5703-(78/39)123
    5809-(78/88)124–25
    Of Fund’s holdings102-(52/11)26
    Procedures*5703-(78/39)123
    Under buffer stock financing facility*5703-(78/39)122
    6th International Tin Agreement7247-(82/147)98
    1977 International Sugar Agreement5597-(77/171)101
    International Natural Rubber Agreement, 19797246-(82/147)102
    Under compensatory financing of export fluctuations*5703-(78/39)122
    Representation of intention to repurchase amount of overcompensation6224-(79/135)85
    Under compensatory financing of fluctuations in the cost of cereal imports*5703-(78/39)122–23
    *6860-(81/81)93
    Under decision on enlarged access6783-(81/40)49
    Under extended Fund facility*4377-(74/114)36
    Under supplementary financing facility5508-(77/127)43–44
    Reserve assets:
    Guidelines for determining amount to be paid in connection with subscriptions6266-(79/156)4
    Payment for subscriptions under 8th General Review of QuotasB/G Res. 38-1434, 436
    Reserve position, gross, assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) G/S104
    Reserve tranche position:
    Attribution of reductions in Fund’s holdings of currencies to enlarge6774-(81/35)115
    *6831-(81/65)125
    Review7704-(84/78)126
    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)359
    Reserve tranche purchases (see also Use of Fund’s resources):
    Exclusion of purchases and holdings in credit tranches6830-(81/65)358
    Exclusion of purchases and holdings under buffer stock financing facility5591-(77/163)356
    Exclusion of purchases and holdings under compensatory financing of export fluctuations2836-(69/87)355
    Exclusion of purchases and holdings under compensatory financing of fluctuations in the cost of cereal imports*6860-(81/81)355–56
    Exclusion of purchases and holdings under extended facility6830-(81/65)358
    Exclusion of purchases and holdings under oil facility5371-(77/51)357
    Exclusion of purchases and holdings under policy on enlarged access6783-(81/40)358
    Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)357
    Restrictions; see Exchange restrictions; Payments restrictions
    Retention quotas201-(53/29)294
    Rule G-1*1289-(62/1)165
    Rule I-10:
    Rate of remuneration*8348-(86/122)133
    Rule O-2:
    Determination of exchange rate*1289-(62/1)164
    5288-(76/167)182
    5387-(77/61)186
    5590-(77/163)139
    6001-(79/1) S335–36
    6053-(79/34) S337
    6054-(79/34) S339
    6336-(79/178) S341
    7041-(82/8) G/S351
    Valuation of U.S. dollar in terms of special drawing rights6709-(80/189) S326–27
    Rule P-7:
    Declaration concerning use of special drawing rights in accordance with prescription on donations6437-(80/37) S344
    Declaration concerning use of special drawing rights in accordance with prescription on donations6337-(79/178) S343
    Declaration concerning use of special drawing rights in accordance with prescription on pledges6001-(79/1) S337
    Declaration concerning use of special drawing rights in accordance with prescription on pledges*6053-(79/34) S338
    Declaration concerning use of special drawing rights in accordance with prescription on settlement of financial obligations*6000-(79/1) S334
    Declaration concerning use of special drawing rights in accordance with prescription on swap operations6336-(79/178) S342
    Declaration concerning use of special drawing rights in accordance with prescription on transfers as security for performance of financial operations*6054-(79/34) S340
    Rule P-9, record of operations in special drawing rights*6000-(79/1) S335
    6001-(79/1) S337
    *6053-(79/34) S339
    *6054-(79/34) S341
    6336-(79/178) S342
    6337-(79/178) S343
    6437-(80/37) S344
    8186-(86/9) SBS/S344
    8239-(86/56)SAF345
    Rule R-1 through R-6, rules for reconstitution, abrogation6832-(81/65) S350
    S Saudi Arabia, association agreement under General Arrangements to Borrow; see Borrowing by the Fund
    Saudi Arabian Monetary Agency, borrowing agreement with Fund6843-(81/75)207
    Amendment8460-(86/189)251
    Change in conversion arrangements7188-(82/114)236
    Supplementary agreement7677-(84/64)237
    Extension of commitment period8460-(86/189)251–52
    Transferability of claims7629-(84/25)175
    Special Disbursement Account; see Accounts
    Special drawing rights:
    Allocation for first basic periodB/G Res. 24-12440
    Allocation for third basic periodB/G Res. 34-3442
    New participants5956-(78/180) S333
    6368-(79/191) S333
    Allocation for fourth basic period, Managing Director’s report to Board of Governors and to Executive Board452
    Change in method of valuation, effect on claims under supplementary financing facility5509-(77/127)
    Annex202
    Designation, review of rules and method of calculating amounts6209-(79/124) S346
    Holders prescribed by the Fund:
    African Development Bank and African Development Fund8318-(86/104)S331n
    Andean Reserve Fund6486-(80/77) S331
    Arab Monetary Fund6609-(80/126) S33In
    Asian Development Bank7229-(82/136) S33In
    Bank for International Settlements6484-(80/77) S330–31
    Bank of Central African States7064-(82/26) S33In
    Central Bank of West African States6908-(81/101)S33In
    East African Development Bank7582-(83/174) S33In
    Eastern Caribbean Central Bank7707-(84/79) S33In
    International Bank for Reconstruction and Development6718-(81/1) S33In
    International Development Association6718-(81/1) S331n
    International Fund for Agricultural Development6489-(80/77) S331n
    Islamic Development Bank7086-(82/42) S33In
    Nordic Investment Bank6488-(80/77) S33In
    Swiss National Bank6485-(80/77) S332
    Terms and conditions for accepting, holding, or using SDRs6467-(80/71) S328
    Level of SDR holdings in General Resources Account, maintenance; see Accounts, General Resources Account
    Loans for Trust Fund expressed in5069-(76/72)366
    Method of collecting exchange rates for calculation of value of SDR for purpose of Rule O-2(a)6709-(80/189) S327
    Payment of net charges and assessment in Special
    Drawing Rights Department; see Special
    Drawing Rights Department, payment
    Payment of subscriptions6266-(79/156)5
    Reconstitution, abrogation of rules6832-(81/65) S350
    Sale by Fund to members for use in quota payments under 7th General Review6663-(80/160) S117
    Sale by Fund, guidelines6772-(81/35) G/S110
    7626-(84/23) S111
    7941-(85/50) S112
    8265-(86/70) S112
    8574-(87/64) S112
    SDR-denominated deposits with Bank for International Settlements5973-(78/189) TR372
    Transfers under Article V, Section 3(f)6275-(79/158) G/S107–108
    Transfers under Article V, Section 6(b), guidelines for selection of currencies6274-(79/158)105
    6774-(81/35)112
    Use in donations6437-(80/37) S344
    Use in donations and loans to supplementary financing facility Subsidy Account6683-(80/185) G/TR384
    Use in forward operations6337-(79/178) S342–43
    Use in loans6001-(79/1) S335
    Use in operations under structural adjustment facility8239-(86/56)SAF345
    Use in payment of charges*5702-(78/39) G/S127
    Use in payment of 25 percent of quota increasesB/G Res. 31-2418
    B/G Res. 34-2425
    B/G Res. 38-1434
    Use in payment of subsidy8186-(86/9) SBS/S344
    Use in pledges*6053-(79/34) S337
    Use in repayment of Fund’s debt to Swiss National Bank6485-(80/77) S332
    Use in repurchases*5703-(78/39)123
    5809-(78/88)124–25
    Use in settlement of financial obligations*6000-(79/1) S334
    Use in swap operations6336-(79/178) S341
    Use in transfers as security for performance of financial obligations*6054-(79/34) S339
    Valuation basket, guidelines for calculation of currency amount8160-(85/186) G/S326
    Valuation for use in borrowing arrangements*1289-(62/1)164
    5288-(76/167)182
    5387-(77/61)186
    6843-(81/75)212
    Valuation, interimB/G Res. 29-10411–12
    Valuation method6631-(80/145) G/S324
    Valuation of U.S. dollar pursuant to Rule O-2(a), method6709-(80/189) S326–27
    Special Drawing Rights Department, payment of net charges and assessment7116-(82/68) S352
    Stabilization of prices of primary products, Fund facility; see Buffer stock financing facility
    Stand-by arrangements:
    Amendment to utilize supplementary financing7047-(82/13)73
    7048-(82/13)75
    Amounts to be made available under enlarged access policy decision, guidelines6783-(81/40)48
    *7600-(84/3)51
    Augmentation of rights to make purchases, elimination5706-(78/39)72
    Charges*6838-(81/70)66
    Conditionality, guidelines6056-(79/38)27
    Review8192-(86/13)38–39
    Exclusion of purchases for purposes of definition of “reserve tranche purchase”6830-(81/65)73, 358
    Foreign borrowing, performance criteria6230-(79/140)30
    Form under enlarged access policy*6838-(81/70)62–67
    7048-(82/13)75
    Guidelines, operational; see Performance criteria and phasing, below
    Ineligibility*270-(53/95)61
    *6838-(81/70)66
    Publicity upon declaration of7999-(85/90)322
    7931-(85/41)322
    Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)78
    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)76, 65
    EBM/84/5476–77
    Payments arrears, performance criteria3153-(70/95)301
    Performance criteria and phasing, operational guidelines7925-(85/38)81
    Period*270-(53/95)60–61
    5508-(77/127)41
    6783-(81/40)48
    Policies and procedures*270-(53/95)61
    Provision for enlarged access to Fund’s resources6783-(81/40)47–48
    Provision for supplementary financing5508-(77/127)39
    6693-(80/177)46
    6725-(81/5)46
    Relationship between performance criteria and phasing of purchases, operational guidelines7925-(85/38)81
    Renewal*270-(53/95)60
    Repurchases; see Repurchases, Currency resulting from purchase under stand-by arrangement
    Suspension of right to engage in purchase transactions*270-(53/95)61
    *6838-(81/70)65–66
    Utilization of supplementary financing facility for enlarged access resources; see Amendment to utilize …, above
    Structural adjustment facility:
    Income from investment and loans, availability of use8237-(86/56) SAF142
    List of eligible members and amounts of assistance*8240-(86/56) SAF147–49
    Regulations for administration*8238-(86/56) SAF142–47
    Chairman’s Summing up149–54
    Review of operation8241-(86/56) SAF149
    Use of SDRs in operations8239-(86/56)SAF345
    Subscriptions:
    Gold and currency, ownership by Fund170-33
    Payment of quota increasesB/G Res. 31-2418
    B/G Res. 34-2425
    B/G Res. 38-1436
    Reserve assets:
    Guidelines for determining amounts to be paid6266-(79/156)4
    Payment under 8th General Review of QuotasB/G Res. 38-1434, 436
    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)204
    Charges; see Charges
    Establishment5508-(77/127)39
    Extension of period6725-(81/5)46
    No augmentation of rights to purchase5706-(78/39)72
    Replenishment of Fund’s holdings of currencies5509-(77/127)196
    Interest payments under borrowing agreements6163-(79/96)205
    Meaning of “net creditor position in the Fund”6008-(79/3)205
    Report on use6445-(80/43)45
    Repurchases; see Repurchases
    Review of decision on establishment6693-(80/177)46
    6725-(81/5)46
    Subsidy Account
    Disbursement of additional subsidy amount for period ending June 30, 19868523-(87/25) SBS389–90
    Effect on subsidy cost of substituting supplementary financing for enlarged access resources7047-(82/13)75
    Instrument*6683-(80/185) G/TR379–86
    Investment of currencies*6854-(81/78) SBS386–87
    Means of payments8185-(86/9) SBS/S387
    Subsidy payments, July 1, 1984—June 30, 19858037-(85/110) SBS388
    Subsidy payments, July 1, 1985-June 30, 19868492-(87/1) SBS389
    Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS387
    Transferability of claims; see Transferability of claims
    Utilization of supplementary financing facility for enlarged access resources7047-(82/13)73
    7048-(82/13)75–76
    Surveillance over exchange rate policies*5392-(77/63)9–14
    8248-(86/60)16
    Enhanced surveillance; see Enhanced surveillance
    Procedures, implementation of three-month period7427-(83/83)18–19
    Review of procedures6026-(79/13)14–15
    7646-(84/40)16
    7939-(85/49)16–17
    8249-(86/60)17
    8563-(87/59)17
    Swiss National Bank:
    Borrowing agreements with Fund5288-(76/167)181
    5387-(77/61)185
    Transfer charges and interest, media of payment5306-(77/2)190
    5331-(77/15)189–90
    5488-(77/116)190
    Use of special drawing rights to repay indebtedness6485-(80/77) S332
    Participation in General Arrangements to Borrow*1289-(62/1)168
    Prescription as holder of special drawing rights6485-(80/77) S332
    Transferability of claims under General Arrangements to Borrow7628-(84/25)174
    Switzerland:
    Association with General Arrangements to Borrow1712-(64/29)177
    T Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)312
    Tin Agreements, International; see Buffer stock financing facility
    Trade, Voluntary Declaration4254-(74/75)315
    B/G Res. 29-10411
    Tranche policies:
    Application in connection with compensatory financing facility6224-(79/135)86
    Application in connection with decision on enlarged access6783-(81/40)50
    Application in connection with supplementary financing facility5508-(77/127)44
    Exclusion of credit tranche purchases for purpose of definition of “reserve tranche purchase”6830-(81/65)358
    Fund attitude to request for transactions within “first credit tranche” and beyond26
    Transferability of claims:
    General Arrangements to Borrow*1289-(62/1)164
    7628-(84/25)174–75
    Saudi Arabia’s borrowing agreement7629-(84/25)175–77
    Transitional provisions of Article XIV117-1323
    1034-(60/27)298–300
    Trust Fund:
    Distribution of profits from sale of gold for benefit of developing countries5069-(76/72)362
    5709-(78/41) TR372–73
    5832-(78/95) TR373
    6540-(80/98) TR377
    Diversification of investments5972-(78/189)371
    5973-(78/189) TR371–72
    Eligible members, review of list5563-(77/150) TR370–71
    Final payments of profits and loans for period July 1, 1976–June 30, 19785832-(78/95) TR373
    Instrument5069-(76/72)362
    Amendment5563-(77/150) TR370–71
    5972-(78/189)371
    6793-(81/45)379
    Means of payment of interest6358-(79/188) TR375
    Means of repayment by members on their indebtedness under loan agreements7142-(82/85) TR375
    Overdue interest and special charges8165-(85/189) G/TR376
    Repayment terms:
    Final loan disbursement6793-(81/45)379
    Second period:
    Extension6466-(80/68) TR374
    6676-(80/168) TR374–75
    Extension of period for qualification6202-(79/121) TR374
    Timing of loan disbursements6201-(79/121) TR373
    Special charges on overdue interest8165-(85/189) G/TR376–77
    Termination and transfer of resources to Special Disbursement Account6683-(80/185) G/TR381
    6704-(80/185) TR378
    U Unenforceability; see Exchange contracts
    United Nations:
    Agreement with International Monetary Fund457
    Convention on the Privileges and Immunities of the Specialized Agencies464
    Application to Fund481
    List of members which have accepted with respect to Fund482–83
    General Assembly Resolution entitled “Uniting for Peace,” due regard by Fund in conduct of its activitiesB/G Res. 6-8398
    United States dollars:
    Determination of value in terms of special drawing right pursuant to Role O-2(a)6709-(80/189) S326–27
    Inclusion in operational budgets6772-(81/35) G/S111
    Use for payment of interest and other Fund liabilities5288-(76/167)185
    5306-(77/2)190
    5331-(77/15)190
    5387-(77/61)188
    5488-(77/116)190
    6358-(79/188) TR375
    *6863-(81/81)255
    Use for repayment by members on their indebtedness under Trust Fund loan agreements7142-(82/85) TR375
    Use in payments under oil facility Subsidy Account7420-(83/82)392
    7484-(83/117)393
    Use in payments under supplementary financing facility Subsidy Account7754.(84/108) SBS388
    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 request for immediate drawings*270-(53/95)61
    Authority to use resources of Fund, interpretation of Articles of Agreement71-224
    Buffer stock financing*2772-(69/47)94
    Buffer stock financing facility as applied to 1977 International Sugar Agreement5597-(77/171)99
    Buffer stock financing facility as applied to International Tin Agreements:
    4th3179-(70/102)95
    3351-(71/51)96
    5th5127-(76/91)97
    6th7247-(82/147)97
    Capital transfers1238-(61/43)24
    Compensatory financing of export fluctuations*6224-(79/135)83
    Compensatory financing of fluctuations in the cost of cereal imports*6860-(81/81)89
    Conditionality, guidelines6056-(79/38)27
    Review8192-(86/13)38–39
    “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning287-324
    Credit tranche policies; see Tranche policies
    Enlarged access, policy on*6783-(81/40)47
    Extended Fund facility*4377-(74/114)33
    “First credit tranche”26
    In accordance with purposes of Fund102-(52/11)25
    Ineligibility:
    Effect on purchases under extended arrangement*6838-(81/70)71
    Effect on purchases under stand-by arrangement*270-(53/95)61
    *6838-(81/70)66
    Publicity upon declaration7999-(85/90)322
    7931-(85/41)322
    Under Article V, Section 5284-3116
    Under Article XXVI, Section 2(a) (Article XV, Section 2(a) before Second Amendment)343.(54/47)354
    Interpretation of Articles of Agreement24
    Limit on access to Fund resources, guidelines*7600-(84/3)51–52
    Limitation under Article V, Section 5284-3116
    286-1116
    Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
    Monetary stabilization71-224
    Postponement, limitation under Article V, Section 5286-1116
    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)71
    Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal*270-(53/95)61
    *6838-(81/70)66
    Stand-by and extended arrangements, forms under enlarged access policy*6838-(81/70)62–72
    Suspension of exchange transactions, effect on General Arrangements to Borrow*1289-(62/1)165
    Suspension of transactions under extended arrangements*6838-(81/70)70–71
    Suspension of transactions under stand-by arrangements*270-(53/95)61
    *6838-(81/70)66
    Temporary assistance in financing balance of payments deficits71-224
    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*2772-(69/47)95
    6224-(79/135)86
    *6860-(81/81)94
    V Voluntary Declaration on Trade and Other Current Account Measures4254-(74/75)315
    B/G Res. 29-10411
    Voting power, elected Executive Directors, effect of change in quota180-5321
    W Waiver of condition of Article V, Section 3(b)(iii)*4377-(74/114)35
    5508-(77/127)44
    6783-(81/40)50
    World Economic Outlook, framework for discussions of international adjustment process5392-(77/63)13

    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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