Abstract

SELECTED DECISIONS AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

Title Page

SELECTED DECISIONS AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

THIRTY-FIRST ISSUE WASHINGTON, DC DECEMBER 31, 2006

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© 2007 International Monetary Fund

ISBN 978-1-58906-647-2

ISSN 0094-1735

Cataloging-in-Publication Data

International Monetary Fund.

Selected decisions and selected documents of the International Monetary Fund. 1st-1962-—Washington, D.C.: International Monetary Fund.

v. cm.

Annual.

ISSN 0094-1735

1. International Monetary Fund—Periodicals. 2. International finance—Periodicals.

HG3881.5.158 159

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PREFACE

This volume is the Thirty-First Issue of Selected Decisions and Selected Documents of the International Monetary Fund. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents, to which frequent reference is made in the current activities of the Fund. In addition, it includes certain documents relating to the Fund, the United Nations, and other international organizations.

As with other recent issues, the number of decisions in force continues to increase with the decision format tending to be longer given the use of summings up in lieu of formal decisions. Accordingly it has become necessary to delete certain decisions that were included in earlier issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions.

Wherever reference is made in these decisions and documents to a provision of the Fund’s Articles or Rules and Regulations that has subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.

The General Counsel

Director of the Legal Department

Sean Hagan

Contents

  • PREFACE

  • SELECTED DECISIONS AND RESOLUTIONS OF THE INTERNATIONAL MONETARY FUND

  • OTHER SELECTED RESOLUTIONS AND RELATED DOCUMENTS

  • SELECTED DOCUMENTS

  • LIST OF DECISIONS BY NUMBER

  • LIST OF BOARD OF GOVERNORS’ RESOLUTIONS

  • INTERPRETATIONS UNDER ARTICLE XXIX(a)

  • Selected Decisions and Resolutions of the International Monetary Fund

  • ARTICLE III

    • Quotas and Subscriptions

    • Adjustment of Quotas

    • Increase in Quotas of Fund Members—Eleventh General Review

    • New Period for Consent—Increases of Quotas of Members Under the Eleventh General Review

    • Increase in Quotas of Fund Members—Twelfth General Review of Quotas

    • Gold and Currency Subscribed to the Fund and Accounting by Members for Transactions with the Fund

    • Guidelines on Payment of Reserve Assets in Connection with Subscriptions

  • ARTICLE IV

    • Exchange Arrangements and Surveillance

    • Notification of Exchange Arrangements Under Article IV, Section 2

    • Surveillance over Exchange Rate Policies

    • Surveillance: Procedures

    • Article IV Consultation Documentation—Recent Economic Developments

    • Summing Up by the Chairman—Biennial Review of the Implementation of the Fund’s Surveillance over Members’ Exchange Rate Policies and of the 1977 Surveillance Decision; and Transmittal of Fund Documents to Other International Organizations (Executive Board Meeting 97/30, March 28, 1997)

    • Summing Up by the Acting Chairman—Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision (Executive Board Meeting 00/24, March 10, 2000)

    • Summing Up by the Chairman—Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision (Executive Board Meeting 02/38, April 4 and 5, 2002)

    • Summing Up by the Chairman—Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision—Follow Up (Executive Board Meeting 02/76, July 15, 2002)

    • Biennial Review of Implementation of Fund Surveillance and of 1977 Surveillance Review—Changes in Article IV Consultation Cycles

    • The Chairman’s Summing Up—Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision (Executive Board Meeting 04/72—July 23, 2004)

    • Biennial Surveillance Review—Extension of Deadline

    • Summing Up by the Acting Chair—Review of Data Provision to the Fund for Surveillance Purposes (Executive Board Meeting 04/25, March 15, 2004)

    • Surveillance: Procedures—Implementation of Three-Month Period

    • Surveillance over Monetary and Exchange Rate Policies: Members of Euro Area

    • Modalities for Surveillance over Euro-Area Policies in Context of Article IV Consultations with Member Countries

    • Modalities for Surveillance over Central African Economic and Monetary Union Policies in Context of Article IV Consultations with Member Countries

    • Modalities for Surveillance over Eastern Caribbean Currency Union Policies in Context of Article IV Consultations with Member Countries

    • Modalities for Surveillance over West African Economic and Monetary Union Policies in Context of Article IV Consultations with Member Countries

    • The Role of the Fund in Governance Issues—Guidance Note EBS/97/125, July 2, 1997

    • Concluding Remarks by the Acting Chairman—Military Expenditure and the Role of the Fund (Executive Board Meeting 91/138, October 2, 1991)

  • ARTICLE V, SECTION 2(b)

    • Technical and Financial Services

    • Technical Services

    • Enhanced Surveillance: Procedures for Transmittal of Staff Reports

    • Enhanced Surveillance: Midterm Review

    • Summing Up by the Chairman—Biennial Review of the Fund’s Surveillance Policy (Executive Board Meeting 93/15, January 29, 1993)

    • Summing Up by the Acting Chairman—Settlement of Disputes Between Members Relating to External Financial Obligations—Role of the Fund (Executive Board Meeting 84/99, June 22, 1984)

    • The Chairman’s Summing Up of the Discussion of the Role of the Fund in Assisting Members with Commercial Banks and Official Creditors (Executive Board Meeting 85/132, September 4, 1985)

    • Summing Up by the Acting Chairman—Financial Sector Assessment Program—A Review—Lessons from the Pilot and Issues Going Forward (Executive Board Meeting 00/123, December 13, 2000)

    • The Acting Chair’s Summing Up—Financial Sector Assessment Program—Review, Lessons, and Issues Going Forward (Executive Board Meeting 05/26, March 18, 2005)

    • Confidentiality Protocol—Protection of Sensitive Information in the Financial Sector Assessment Program

    • Reports on Observance of Standards and Codes

    • The Acting Chair’s Summing Up—Offshore Financial Centers—The Assessment Program—A Progress Report and the Future of the Program (Executive Board Meeting 03/101, November 5, 2003)

    • The Acting Chair’s Summing Up on Intensified Fund Involvement in Anti-Money Laundering and Combating the Financing of Terrorism (Executive Board Meeting 01/116, November 12, 2001)

    • Summing Up by the Acting Chair—Anti-Money Laundering and Combating the Financing of Terrorism—Proposals to Assess a Global Standard and to Prepare ROSCs (Executive Board Meeting 02/80, July 26, 2002)

    • Report on Outcome of FATF Plenary Meeting and Endorsement of Methodology for Assessing Compliance with Anti-Money Laundering and Combating Financing of Terrorism Standard

    • The Acting Chair’s Summing Up—Twelve-Month Pilot Program of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Assessments—Joint Report on the Review of the Pilot Program (Executive Board Meeting 04/29, March 24, 2004)

    • Technical Assistance—Establishment of Framework Administered Account

    • Framework Administered Account for Technical Assistance Activities—Pacific Financial Technical Assistance Centre Subaccount

    • Framework Administered Account for Technical Assistance Activities—Africa Regional Technical Assistance Centers Subaccount

    • Policy Support Instrument—Framework

    • Financial services

    • Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust

    • Poverty Reduction and Growth Facility Trust—Other Provisions

    • Transformation of the Enhanced Structural Adjustment Facility

    • Establishment of General Policy to Condition Decisions Under the Poverty Reduction and Growth Facility on Accuracy of Information Regarding Implementation of Prior Actions

    • Establishment of General Policy to Condition Waiver Decisions Under the Poverty Reduction and Growth Facility on Accuracy of Information Regarding Performance Criteria

    • Poverty Reduction and Growth Facility and Exogenous Shocks Facility—Access Limits

    • Access Limits Under Poverty Reduction and Growth Facility—Review

    • Poverty Reduction and Growth Facility and Exogenous Shocks Facility—Interest Rate on Trust Loans

    • Contributions to PRGF and PRGF-HIPC Trusts—Value Date for Operations and Transactions

    • Poverty Reduction and Growth Facility Trust—Borrowing for Loan Account—Consultation with Creditors, 2001

    • Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust—Increase in Limit on Borrowing for Loan Account

    • The Chairman’s Summing Up of the Discussion on the Enhancement of the Structural Adjustment Facility—Operational Arrangements (Executive Board Meeting 87/171, December 15, 1987)

    • The Chairman’s Remarks at the Conclusion of the Discussion on the Enhancement of the Structural Adjustment Facility—Legal Documentation (Executive Board Meeting 87/176, December 18, 1987)

    • Summing Up by the Acting Chair—Review of the Poverty Reduction and Growth Facility—Issues and Options (Executive Board Meeting 02/24, March 8, 2002)

    • Establishment of a Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations

    • PRGF-HIPC Trust Instrument—Sunset Clause on Eligibility

    • Trust for Special ESAF Operations for Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations—Terms and Conditions for Administration of Account Provided Under Section III, Paragraph 5(b) of Trust

    • The Chairman’s Summing Up at the Conclusion of the Discussion on the Modalities for Special ESAF Operations in the Context of the HIPC Initiative and Other ESAF Issues (Executive Board Meeting 97/10, February 4, 1997)

    • The Acting Chair’s Summing Up—HIPC Initiative—Status of Implementation; Background Papers on the Achievement of Long-Term External Debt Sustainability and External Debt Management in HIPCs; and Update on Financing of PRGF and HIPC Operations and Subsidization of Post-Conflict Emergency Assistance (Executive Board Meeting 02/40, April 9, 2002)

    • Summing Up by the Chairman—Enhanced Initiative for Heavily Indebted Poor Countries (HIPCs) and Poverty Reduction Strategy Papers (PRSPs)—Progress Reports and Review of Implementation (Executive Board Meeting 00/90, September 5, 2000)

    • Summing Up by the Acting Chairman—Initiative for Heavily Indebted Poor Countries—Proposal for Streamlining Preliminary Documents (Executive Board Meeting 00/108, November 3, 2000)

    • The Acting Chair’s Summing Up—Heavily Indebted Poor Countries (HIPC) Initiative—Status of Implementation (Executive Board Meeting 05/78, September 9, 2005)

    • The Acting Chair’s Summing Up—2005 Review of the Poverty Reduction Strategy Approach—Balancing Accountabilities and Scaling Up Results—Synthesis (Executive Board Meeting 05/78, September 9, 2005)

    • The Acting Chair’s Summing Up—Multilateral Debt Relief Initiative and Exogenous Shocks Facility—Proposed Decisions (Executive Board Meeting 05/99, November 23, 2005)

    • Multilateral Debt Relief Initiative (MDRI) and Related HIPC Initiative Amendments

    • Administered Account to Subsidize Post-Conflict Emergency Assistance to Poverty Reduction and Growth Facility—Eligible Members—Establishment

    • Administered Account to Subsidize Post-Conflict Emergency Assistance to Poverty Reduction and Growth Facility—Eligible Members—Use of SDRs

    • Establishment of the Post-SCA-2 Administered Account

  • ARTICLE V, SECTION 3(a), (b), and (c)

    • Use of Fund Resources

    • General Decisions

    • Interpretation of Articles of Agreement

    • Use of Fund’s Resources for Capital Transfers

    • Use of Fund’s Resources: Meaning of “Consistent with the Provisions of This Agreement” in Article V, Section 3

    • Use of Fund’s Resources: Meaning of Article V, Section 3 (b)(ii)

    • Guidelines on Conditionality

    • Side Letters and the Use of Fund Resources

    • Summing Up by the Acting Chair—Review of Side Letters and the Use of Fund Resources (Executive Board Meeting 02/59, June 12, 2002)

    • Misreporting and Noncomplying Purchases in the General Resources Account—Guidelines on Corrective Action

    • Making the Misreporting Policies Less Onerous in De Minimis Cases

    • Establishment of General Policy to Condition Decisions in the General Resources Account on Accuracy of Information Regarding Implementation of Prior Actions

    • Establishment of General Policy to Condition Waiver Decisions in the General Resources Account on Accuracy of Information Regarding Performance Criteria

    • Summing Up by the Acting Chairman on Strengthening Safeguards on the Use of Fund Resources and Misreporting of Information to the Fund—Policies, Procedures, and Remedies—Preliminary Considerations (Executive Board Meeting 00/32, March 23, 2000)

    • Failure to Meet a Repurchase Expectation and Use of Fund’s General Resources (Executive Board Meeting 85/26, February 20, 1985)

    • Overdue Financial Obligations—Amended Decisions

    • The Acting Chair’s Summing Up—Safeguards Assessments—Review of Experience and Next Steps (Executive Board Meeting 02/26, March 14, 2002)

    • Summing Up by the Chairman—Emergency

    • Financing Mechanism (Executive Board Meeting 95/85, September 12, 1995)

    • Post-Program Monitoring

    • The Acting Chair’s Summing Up—Conclusions of the Task Force on Prolonged Use of Fund Resources (Executive Board Meeting 03/28, March 24, 2003)

    • The Acting Chair’s Summing Up—Review of Ex Post Assessments and Issues Related to the Policy on Longer-Term Program Engagement (Executive Board Meeting 06/46, May 15, 2006)

    • Credit Tranche Policies, Stand-By Arrangements, Extended Fund Facility, and Extended Arrangements

    • Guidelines On Conditionality—Stand-By Arrangements

    • General Policies on Use of the Fund’s Resources: Tranche Policies

    • Summing Up by the Acting Chair—Lessons from the Real-Time Assessments of Structural Conditionality (Executive Board Meeting 02/36, April 3, 2002)

    • Relationship Between Performance Criteria and Phasing of Purchases Under Fund Arrangements—Operational Guidelines

    • Guidelines on Performance Criteria with Respect to External Debt in Fund Arrangements

    • The Chairman’s Summing Up on External Debt Management Policies (Executive Board Meetings 79/106 and 79/107, July 6, 1979 and (Executive Board Meeting 79/121, July 23, 1979)

    • Guidelines on Performance Criteria with Respect to Foreign Borrowing—Change in Implementation of Revised Guidelines

    • Extended Fund Facility

    • Stand-By and Extended Arrangements—Standard Forms

    • Completion of Reviews Under Stand-By and Extended Arrangements

    • Reviews Under Fund Arrangements—Lapse of Time Procedure

    • Emergency Assistance

    • Conversion of Emergency Assistance into a Special Policy

    • Concluding Remarks by the Chairman—Emergency Assistance—Natural Disasters (Executive Board Meeting 82/16, February 10, 1982)

    • Summing Up by the Chairman—Fund Involvement in Post-Conflict Countries (Executive Board Meeting 95/82, September 6, 1995)

    • Summing Up by the Acting Chairman—Fund Assistance to Post-Conflict Countries (Executive Board Meeting 99/38, April 5, 1999)

    • The Acting Chair’s Summing Up—The Fund’s Role in Low-Income Member Countries—Considerations on Instruments and Financing (Executive Board Meeting 04/32, March 31, 2004)

    • Arrears to Creditors and Debt Strategy

    • Arrears to Creditors and Debt Strategy

    • Review of Fund Policies and Procedure on Payments Arrears (Executive Board Meeting 80/154, October 17, 1980)

    • The Chairman’s Summing Up—Fund Involvement in Debt Strategy (Executive Board Meeting 89/61, May 23, 1989)

    • The Acting Chairman’s Summing Up on Fund Policy on Arrears to Private Creditors—Further Considerations (Executive Board Meeting 99/64, June 14, 1999)

    • The Acting Chair’s Summing Up—Fund Policy on Lending into Arrears to Private Creditors—Further Consideration of the Good Faith Criterion (Executive Board Meeting 02/92, September 4, 2002)

    • Summing Up by the Chairman—Management of the Debt Situation (Executive Board Meeting 91/48, April 3, 1991)

    • Summing Up by the Acting Chairman—Settlement of Disputes Between Members Relating to External Financial Obligations—Role of the Fund (Executive Board Meeting 84/99, June 22, 1984)

    • Access Policy

    • Access Policy and Limits in Credit Tranches and Under Extended Fund Facility—Exceptional Access to Fund General Resources—Review

    • Summing Up by the Acting Chair—Access Policy in Capital Account Crises (Executive Board Meeting 02/94, September 6, 2002)

    • The Acting Chair’s Summing Up—Review of Access Policy Under the Credit Tranches and the Extended Fund Facility, and Access Policy in Capital Account Crises—Modifications to the Supplemental Reserve Facility and Follow-Up Issues Related to Exceptional Access Policy (Executive Board Meeting 03/16, February 26, 2003)

    • Summing Up by the Acting Chair—Review of Exceptional Access Policy (Executive Board Meeting 04/36, April 14, 2004)

    • The Chairman’s Summing Up—Crisis Prevention and Precautionary Arrangements—Status Report (Executive Board Meeting 04/90, September 24, 2004)

    • Trade-Related Balance of Payments Adjustment—Fund Support

    • Trade Integration Mechanism

    • Supplemental Reserve Facility

    • Supplemental Reserve Facility and Contingent Credit Lines

    • Compensatory Financing Facility

    • Compensatory Financing Facility

    • Summing Up by the Chairman—Compensatory Financing Facility—Overcompensation (Executive Board Meeting 82/1, January 6, 1982)

  • ARTICLE V, SECTION 3(d) and (f)

    • Media of Payment

    • Use of Currencies and SDRs in the General Resources Account and Principles and Procedures for Designation

    • (A) Assessment of Strength of Member’s Balance of Payments and Gross Reserve Position for the Purposes of Designation Plans, Operational Budgets and Repurchases Under Article V, Section 7(b)

    • (B) Specification of Currencies by the Fund

    • (C) Transfers of SDRs Under Article V, Section 3(f)

    • Procedures for the Sale of Currencies at the Request of Members with Outstanding Purchases

    • Operational Budget—Review of Guidelines for Allocation of Currencies

    • Selection of Currencies by the Fund

  • ARTICLE V, SECTION 5

    • Ineligibility to Use the Fund’s General Resources

    • Use of Fund’s Resources: Limitation and Ineligibility Under Article V, Section 5

    • Use of Fund’s Resources: Postponement and Limitation Under Article V, Section 5

  • ARTICLE V, SECTION 6

    • Sales of SDRs by the Fund

    • Sales of SDRs by the Fund

  • ARTICLE V, SECTION 7

    • Repurchases

    • Guidelines for Early Repurchase

    • Repurchase

    • Summing Up by the Acting Chairman—Review of Fund Facilities—Proposed Decisions and Implementation Guidelines (Executive Board Meeting 00/113, November 17, 2000)

    • Attribution of Reductions in Fund’s Holdings of Currencies

  • ARTICLE V, SECTIONS 8 AND 9

    • Charges and Remuneration

    • Charges: Future Changes in Charges on Fund’s Holdings of Members’ Currencies in Excess of Quota

    • Surcharge on Purchases in Credit Tranches and Under Extended Fund Facility

    • Charges: Media of Payment in General Resources Account

    • Charges: Accounting for Charges from Members with Overdue Obligations

    • Charges: Special Charges on Overdue Financial Obligations to the Fund

    • Charges: Review of System of Special Charges

    • Charges: Setoff in Connection with a Retroactive Reduction of Charges Due by Members in Arrears

    • Burden Sharing

    • Income Position—Burden Sharing—Implementation in FY 2000

    • Implementation of Burden Sharing in FY 2001

    • Rate of Charge on the Use of Fund Resources for FY 2007

    • Income Position—Review of Rate of Charge on Use of Fund Resources for FY 2005

    • Disposition of Net Income for FY 2006

    • Surcharges on Purchases Under the Supplemental Reserve Facility, and in Credit Tranches and Under Extended Fund Facility—Disposition of Net Operating Income

    • Burden Sharing—Implementation in FY 2007

    • Fund Income Position for FY 2007—Mid-Year Review

  • ARTICLE V, SECTIONS 10 AND 11

    • Rates for Computations and Maintenance of Value

    • Rates for Computations and Maintenance of Value

  • ARTICLE V, SECTION 12(f)

    • Special Disbursement Account

    • Trust Fund: Termination and Transfer of Resources to Special Disbursement Account

    • Special Disbursement Account: Investment

    • Structural Adjustment Facility—Use of Resources of Special Disbursement Account

    • I. Income from Investment and Loans—Availability for Use

    • II. Regulations for Administration

    • III. Use of SDRs in Operations

    • IV. List of Eligible Members and Amounts of Assistance

    • V. Review of Operation of Facility

    • Special Disbursement Account: Review of Structural Adjustment Facility and Establishment of the Enhanced Structural Adjustment Facility

    • Special Disbursement Account: Transfer of Resources from the Special Disbursement Account to the Enhanced Structural Adjustment Facility Trust and Retransfer to the Special Disbursement Account

    • Special Disbursement Account: Review of Structural Adjustment Facility (SAF), Termination of Authority to Make Commitments to Provide Assistance from SAF in Conjunction with Loans from ESAF Trust, and Transfer of Resources from SDA to ESAF Trust

    • Modalities of Gold Pledge for Use of PRGF Trust Resources Under Rights Approach

    • PRGF Trust—Reserve Account—Review

    • Cost of Administering PRGF Trust

  • ARTICLE VI, SECTION 1

    • Use of Fund’s Resources for Capital Transfers

    • Use of Fund’s Resources for Capital Transfers

  • ARTICLE VI, SECTION 3

    • Controls on Capital Transfers

    • Controls on Capital Transfers

  • ARTICLE VII

    • Borrowing

    • General Arrangements to Borrow

    • General Arrangements to Borrow—Transferability of Claims

    • General Arrangements to Borrow—Transferability of Claims Under Saudi Arabia’s Borrowing Agreement

    • General Arrangements to Borrow—Borrowing Agreement with Saudi Arabia

    • General Arrangements To Borrow—Borrowing Agreement Between Saudi Arabia and Fund—Renewal

    • New Arrangements to Borrow

    • New Arrangements to Borrow—Transferability of Claims

    • Establishment of the Borrowed Resources Suspense Accounts

    • Investment by the Fund of the Currencies Held in the Borrowed Resources Suspense Accounts

    • Guidelines for Borrowing by the Fund

  • ARTICLE VIII, SECTION 2(b)

    • Unenforceability of Exchange Contracts

    • Unenforceability of Exchange Contracts: Fund’s Interpretation of Article VIII, Section 2(b)

  • ARTICLE VIII AND ARTICLE XIV

    • Payments Restrictions

    • Payments Restrictions for Security Reasons: Fund Jurisdiction

    • Bilateralism and Convertibility

    • Official Clearing and Payments Arrangements—Temporary Exemption from Three-Month Rule

    • Retention Quotas: Decision and Letter of Transmittal

    • Discrimination for Balance of Payments Reasons

    • Article VIII and Article XIV

    • Summing Up by the Chairman—Biennial Review of the Fund’s Surveillance Policy (Executive Board Meeting 93/15, January 29, 1993)

    • Payments Arrears

    • Payments Policies

    • Consultations on Members’ Policies in Present Circumstances

    • Multiple Currency Practices

    • Statement to Members Transmitting Fund’s Decisions on Multiple Currency Practices

    • Multiple Currency Practices

    • Policy on Multiple Currency Practices

    • Multiple Currency Practices Applicable Solely to Capital Transactions

  • ARTICLE VIII, SECTION 5

    • Furnishing of Information

    • Strengthening the Effectiveness of Article VIII, Section 5

    • Summing Up by the Acting Chairman—Standards for the Dissemination of Economic and Financial Statistics to the Public by Member Countries and Implementation of the SDDS (Executive Board Meeting 96/36, April 12, 1996)

    • Summing Up by the Acting Chairman—General Data Dissemination System (Executive Board Meeting 97/125, December 19, 1997)

  • ARTICLE IX, SECTION 5

    • Archives

    • Opening of Fund Archives

    • Policy on Access to Fund’s Archives—Review

    • Cooperation with Investigations on Fund Activities by Auditing Institutions of Members—Procedures

    • Cooperation with Investigations on Fund Activities by Auditing Institutions of Members—Review of Procedures

  • ARTICLE IX, SECTION 7

    • Privilege for Communications

    • Interpretation of Article IX, Section 7

  • ARTICLE IX, SECTION 8

    • Immunities and Privileges of Officers and Employees

    • Managing Director’s Policy Statement on Immunity of Fund Officials

  • ARTICLE X

    • Relations with Other International Organizations

    • Arrangement for Consultation and Cooperation with the Contracting Parties of GATT

    • The IMF-World Bank Concordat (SM/89/54, Rev. 1)

    • Fund/Bank Collaboration: Invitation to the Bank to Send a Staff Member as an Observer (Executive Board Meeting 70/30, April 10, 1970)

    • The Chairman’s Summing Up at the Conclusion of the Discussion on Fund-Bank Collaboration and the Adjustment Process—Issues for Consideration (Executive Board Meeting 84/171, November 28, 1984)

    • Concluding Remarks by the Acting Chairman—Bank-Fund Collaboration—Report of the Managing Director and the President; and Review of Collaboration in Strengthening Financial Systems (Executive Board Meeting 98/102, September 22, 1998)

    • The Acting Chair’s Summing Up—Strengthening IMF-World Bank Collaboration on Country Programs and Conditionality—Progress Report (Executive Board Meeting 04/26, March 17, 2004)

    • The Acting Chair’s Summing Up—Operational Framework for Debt Sustainability Assessments in Low-Income Countries—Further Considerations (Executive Board Meeting 05/34, April 11, 2005)

    • European Central Bank—Observer Status

    • Guidelines/Framework for Fund Staff Collaboration with the New World Trade Organization

    • Exchange of Documents with Other International Agencies

    • Summing Up by the Chairman—Policy Orientation and Balance of Payments Assistance of Bilateral and Multilateral Aid Agencies (Executive Board Meeting 90/106, July 2, 1990)

  • ARTICLE XII, SECTION 3

    • Executive Directors

    • Interpretation of Article XII, Sections 3(b)(i) and 3(f)

    • Executive Directors: Article XII, Section 3(c)

    • Additional Appointed Directors

    • Adjustment of Quota and Voting Power

    • Code of Conduct for the Members of the Executive Board of the International Monetary Fund

    • Executive Board Meetings—Procedural Guidelines (Executive Board Meeting 75/12, February 7, 1975)

  • ARTICLE XII, SECTION 4

    • Managing Director and Staff

    • Authorized Signatories

  • ARTICLE XII, SECTION 6

    • Reserves, Distribution of Net Income, and Investment

    • The Investment Account—Establishment

    • Investment Account—Adoption of Rules and Regulations

    • Investment Account—Transfer of Currencies

  • ARTICLE XII, SECTION 7

    • Publication of Reports

    • Transparency and Fund Policies—Publication Policies

    • The Acting Chair’s Summing Up—The Fund’s Transparency Policy—Issues and Next Steps (Executive Board Meeting 03/87, September 12, 2003)

    • Summing Up by the Acting Chairman—Review of Fund Facilities—Proposed Decisions and Implementation Guidelines (Executive Board Meeting 00/113, November 17, 2000)

    • Overdue Financial Obligations—Policy To Publish Information on Missed Repurchase Expectations

    • Publicity upon Suspension of Voting Rights and Termination of Suspension

    • Concluding Remarks by the Acting Chairman—Strengthening the Application of the Guidelines on Misreporting (Executive Board Meeting 00/77, July 27, 2000)

    • Summing Up by the Acting Chairman—Transparency and Use of Fund Resources (Executive Board Meeting 99/135, December 20, 1999)

    • Public Information Notices—Release

    • Summings Up for Internal Purposes on Use of Fund Resources

    • External Audit Firm Mandatory Rotation and Limits on Provision of Audit-Related Services and Non-Audit-Related Services

  • ARTICLE XIV

    • Restrictions on Payments and Transfers: Withdrawal

    • Meaning of “Exceptional Circumstances” in Article XIV, Section 4

  • ARTICLE XV, SECTION 2

    • Valuation of the Special Drawing Right

    • SDR Valuation Basket—Revised Guidelines for Calculation of Currency Amounts

    • SDR Valuation Basket—Guidelines for the Calculation of Currency Amounts

    • Method of Collecting Exchange Rates for the Calculation of the Value of the SDR for the Purposes of Rule 0-2(a)

  • ARTICLE XVII, SECTION 3

    • Special Drawing Rights: Other Holders

    • Special Drawing Rights: Other Holders

    • Bank for International Settlements (BIS): Change in Terms and Conditions of Prescription as Holder of SDRs

    • Andean Reserve Fund—Holder of SDRs

    • Swiss National Bank—Termination of Status as Prescribed Holder of SDRs

    • Use of SDRs in Payment of Trust Fund Obligations

    • Use of SDRs in Payment of Subsidy

    • Use of SDRs in Operations Under Structural Adjustment Facility

    • Use of SDRs in Financial Operations Under the Enhanced Structural Adjustment Facility Trust or Under an Administered Account

    • Use of SDRs in Financial Operations Under the PRGF-HIPC Trust or Under an Administered Account

  • ARTICLE XVII, SECTION 2

    • Allocation of Special Drawing Rights

    • Allocation of Special Drawing Rights for the First Basic Period

    • Allocation of Special Drawing Rights for the Third Basic Period

  • ARTICLE XIX, SECTION 2

    • Special Drawing Rights: Additional Uses

    • Use of SDRs in Settlement of Financial Obligations

    • Use of SDRs in Loans

    • Use of SDRs in Pledges

    • Use of SDRs in Transfers as Security for the Performance of Financial Obligations

    • Use of SDRs in Swap Operations

    • Use of SDRs in Forward Operations

    • Use of SDRs in Donations

  • ARTICLE XIX, SECTION 5

    • Designation of Participants to Provide Currency

    • Review of Rules for Designation and Method of Calculating Designation Amounts

    • Rules for Designation—Revision

  • ARTICLE XIX, SECTION 6

    • Reconstitution

    • Abrogation of Rules for Reconstitution

  • ARTICLE XX, SECTION 2

    • Charges

    • Payment of Net Charges and Assessment in the SDR Department for the Financial Year Ended April 30, 1982

  • ARTICLE XXVI

    • Remedial Measures on Overdue Financial Obligations to the Fund

    • Overdue Payments to the Fund—Purchases From Fund

    • Overdue Payments to the Fund—Discussions on Use of Fund Resources (Executive Board Meeting 84/54, April 5, 1984)

    • The Chairman’s Summing Up at the Conclusion of the Discussion on Overdue Financial Obligations to the Fund (Executive Board Meeting 85/170, November 25, 1985)

    • The Acting Chairman’s Concluding Remarks at the Discussion on Additions to the Special Contingent Account (Executive Board Meeting 88/12, January 29, 1988)

    • The Acting Chairman’s Summing Up at the Conclusion of the Discussion on Overdue Financial Obligations—Six-Monthly Report (Executive Board Meeting 88/19, February 10, 1988)

    • Procedures for Dealing with Members with Overdue Financial Obligations to the General Department and the SDR Department (Executive Board Meetings 89/100 and 89/101, July 27, 1989)

    • Statement by the Managing Director on the Strengthened Cooperative Strategy on Overdue Financial Obligations to the Fund (Executive Board Meeting 90/38, March 16, 1990)

    • Summing Up by the Chairman—Operational Modalities of the Rights Approach (Executive Board Meeting 90/97, June 20, 1990)

    • Summing Up by the Chairman—Overdue Financial Obligations to the Fund—Six-Monthly Review; Progress Under the Strengthened Cooperative Strategy; and Special Charges—Annual Review (Executive Board Meeting 91/42, March 25, 1991)

    • Summing Up by the Acting Chairman—Overdue Financial Obligations to the Fund—Six-Monthly Review; Further Progress Under the Strengthened Cooperative Strategy (Executive Board Meeting 92/58, April 17, 1992)

    • The Acting Chairman’s Summing Up—Overdue Financial Obligations—De-escalation of Remedial Measures Under the Strengthened Cooperative Strategy—Further Considerations (Executive Board Meeting 99/79, July 22, 1999)

    • Overdue Financial Obligations—Review of Fund Strategy—Extension of Rights Approach

  • ARTICLE XXX(c)

    • Calculation of Reserve Tranche: Exclusion of Purchases and Holdings

    • Compensatory Financing Facility

    • Exclusion of Purchases in the Credit Tranches and Under Extended Fund Facility

    • Balances Held in Administrative Account

    • Supplemental Reserve Facility

  • ARTICLE XXX(f)

    • Freely Usable Currencies

    • Freely Usable Currencies

  • GENERAL

    • Trust Fund

    • Trust Fund: Means of Payment of Interest by Members on Their Indebtedness Under Loan Agreements

    • Trust Fund: Means of Repayment by Members on Their Indebtedness Under Loan Agreements

    • Trust Fund: Special Charges on Overdue Financial Obligations

    • Trust Fund: Final Direct Distribution of Profits

    • Trust Fund: Termination and Transfer of Resources to Special Disbursement Account

    • Terms of Repayment of Final Loan Disbursement and Amendment of Trust Instrument

    • Subsidy Account

    • Supplementary Financing Facility: Subsidy Account—Instrument

    • Supplementary Financing Facility: Subsidy Account—Investment

    • Supplementary Financing Facility: Subsidy Account—Suspension of Transfers and Re-Transfer of Surplus

    • Supplementary Financing Facility: Subsidy Account—Means of Subsidy Payments

    • Supplementary Financing Facility: Subsidy Account—Additional Subsidy Payments for May 1-June 30, 1990 and Subsidy Payments for July 1, 1990-June 30, 1991

    • Supplementary Financing Facility Subsidy Account—Exchange Rate for Payment of Subsidies

    • Other Selected Resolutions and Related Documents

    • A. Request for Interpretation of the Articles of Agreement as to the Authority of the Fund to Use Its Resources

    • B. Resolution of the United Nations General Assembly 377(V) Entitled “Uniting for Peace”

    • C. Composite Resolution on the Work of the Ad Hoc Committee on Reform of the International Monetary System and Related Issues and on a Program of Immediate Action

    • First Resolution: Final Report of the Ad Hoc Committee on Reform of the International Monetary System and Related Issues

    • Second Resolution: Transformation of the Interim Committee of the Board of Governors on the International Monetary System into the International Monetary and Financial Committee of the Board of Governors

    • Third Resolution: Establishment of Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries

    • Fourth Resolution: Other Immediate Steps

    • Interim Committee: Rules of Procedure

    • Development Committee: Rules of Procedure

    • Development Committee: Changes in the Organization of Work and Structure of the Secretariat Function

    • D. Report of the Managing Director to the Board of Governors and to the Executive Board Pursuant to Article XVIII, Section 4(c)

    • E. Off-Market Transactions in Gold by the Fund

    • Selected Documents Relating to the Fund, the United Nations, and Other International Organizations

    • A. Agreement Between the United Nations and the International Monetary Fund

    • B. United Nations Convention on the Privileges and Immunities of the Specialized Agencies and Annex V

    • C. The International Monetary Fund and the World Trade Organization

    • Relations with World Trade Organization (WTO)—Fund-WTO Cooperation Agreement

    • Decision Adopted by the General Council Concerning Agreements Between the WTO and the IMF and the World Bank at Its Meeting on 7, 8, and 13 November 1996 (WT/L/194, 18 November 1996

    • Agreement Between the International Monetary Fund and the World Trade Organization

    • Index

LIST OF DECISIONS BY NUMBER

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LIST OF BOARD OF GOVERNORS’ RESOLUTIONS

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INTERPRETATIONS UNDER ARTICLE XXIX(a)

Interpretations of Articles of Agreement (71-2)

Unenforceability of Exchange Contracts: Fund’s Interpretation of Article VIII, Section 2(b) (446-4)

Interpretation of Article IX, Section 7 (534-3)

Interpretation of Article XII, Sections 3(fe)(i) and 3(f) (2-1)