Abstract
Under the General Arrangements to Borrow, the Fund is able to replenish its holdings of the currencies of ten members, but the Fund has no legal powers to borrow the currencies of nonmembers. In certain circumstances, however, when the Fund borrows under the General Arrangements in order to finance a transaction with a member which is intended to forestall or cope with an impairment of the international monetary system, it might be a useful contribution to that objective if Swiss francs could be made available to the member. The legal problem posed by the Fund’s inability to borrow Swiss francs has been solved by an agreement between the Fund and Switzerland which is in the nature of a stipulation pour autrui.91
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