Abstract

Selected Decisions of the International Monetary Fund and Selected Documents

Title Page

Selected Decisions of the International Monetary Fund and Selected Documents

Supplement to Eighth Issue International Monetary Fund

International Monetary Fund

Washington, D.C.

December 4, 1978

Preface

This volume, which is presented as a Supplement to the Eighth Issue of Selected Decisions of the International Monetary Fund and Selected Documents—referred to in this Supplement as Selected Decisions, 8th issue (1976)—includes general decisions adopted by the International Monetary Fund since May 10, 1976, the date of publication of the Eighth Issue. Some of these decisions were adopted in connection with the Second Amendment of the Fund’s Articles of Agreement that took effect on April 1, 1978. All references to the Articles and to the By-Laws, Rules and Regulations in this Supplement are to the Articles of Agreement as modified by the Second Amendment and to the By-Laws, Rules and Regulations of the Thirty-Fifth Issue, July 1, 1978, respectively, unless indicated otherwise.

The Fund has not yet completed the process of making the modifications in existing decisions, and adopting the new decisions, that are required in connection with the Second Amendment. The Ninth Issue of this collection will be published as soon as this task of adaptation is complete. It will include the decisions in the Eighth Issue that remain in effect, the decisions in this Supplement, and any further decisions that are adopted. Meanwhile, in view of the accumulation of new and modified decisions, there is need for this Supplement.

Joseph Gold

General Counsel and Director, Legal Department

Contents

  • PREFACE

  • SELECTED DECISIONS OF THE EXECUTIVE BOARD

  • SELECTED RESOLUTIONS OF THE BOARD OF GOVERNORS

  • LIST OF DECISIONS BY NUMBER

  • Selected Decisions of the Executive Board: Supplement to Eighth Issue

  • ARTICLE IV

  • EXCHANGE ARRANGEMENTS

    • Notification of Exchange Arrangements Under Article IV, Section 2 (5712-(78/41))

    • Surveillance over Exchange Rate Policies (5392-(77/63))

  • ARTICLE V, SECTION 3

  • USE OF FUND’S RESOURCES AND STAND-BY AND EXTENDED ARRANGEMENTS

    • Text of Stand-By and Extended Arrangements: Before and After Second Amendment (5546-(77/138))

    • Elimination of Augmentation of Rights to Purchase Under Stand-By and Extended Arrangements (5706-(78/39))

    • 1975 Decision on Compensatory Financing: Review (5088-(76/77))

    • Compensatory Financing Facility: Review of Decision (5348-(77/33))

    • Extended Fund Facility: Review of Decision (5220-(76/144))

    • Establishment of a Supplementary Financing Facility (5508-(77/127))

    • Implementation of the Supplementary Financing Facility: Text of Stand-By and Extended Arrangements (5585-(77/161))

    • Buffer Stock Financing Facility: Fifth International Tin Agreement (5127-(76/91))

    • Buffer Stock Financing Facility: 1977 International Sugar Agreement (5597-(77/171))

    • Subsidy Account

      • a. Annual Review and Payment of Subsidy for Fiscal Year 1976 (5144-(76/102) SA)

      • b. Annual Review and Payment of Subsidy for Fiscal Year 1977 (5425-(77/79) SA)

      • c. Annual Review and Rate of Payment of Subsidy for Financial Year 1978 (5726-(78/59) SA)

      • d. Subsidy Account: Amendment of Decision (5694-(78/35))

  • ARTICLE V, SECTION 7

  • REPURCHASES

    • Early Repurchases (5704-(78/39))

    • Repurchase (5703-(78/39)), (5809-(78/88))

    • Attribution of Reductions in Fund’s Holdings of Currencies (5705-(78/39))

  • ARTICLE V, SECTION 8

  • CHARGES

    • Charges: Decreases in Fund’s Holdings of a Currency (5700-(78/38))

    • Charges: Media of Payment in General Resources Account (5702-(78/39) G/S)

  • ARTICLE V, SECTION 11

  • RATES FOR COMPUTATIONS AND MAINTENANCE OF VALUE (5590-(77/163))

  • ARTICLE VII

  • BORROWING

    • General Arrangements to Borrow: Amendment to Conform with Second Amendment of Articles (1289-(62/1), last amended by 5792-(78/79))

    • Borrowing Agreement with Swiss National Bank, 1976 (5288-(76/167))

    • Borrowing Agreement with Swiss National Bank, 1977 5387-(77/61))

    • Borrowing Agreement with Swiss National Bank: Media of Payment of Interest (5331-(77/15))

    • Borrowing Agreement with Swiss National Bank: Medium of Payment of Transfer Charges (5306-(77/2))

    • Borrowing Agreement with Swiss National Bank: Media of Payment of Transfer Charges and Interest (5488-(77/116))

    • Oil Facility: Media of Repayments of Borrowing (3441.(77/84))

    • Oil Facility: Transferability of Claims (5974-(78/190))

    • Replenishment in Connection with Supplementary Financing Facility (5509-(77/127))

  • ARTICLE XV, SECTION 2

  • SPECIAL DRAWING RIGHT: METHOD OF VALUATION (5718-(78/46) G/S)

  • ARTICLE XIX, SECTION 6

  • RECONSTITUTION

    • Transfer of Special Drawing Rights Held in the General Resources Account to Participants to Promote Reconstitution (5699-(78/38) G/S)

    • Reconstitution: Reduction in the Minimum Average Holdings of SDRs (5936-(78/168) S)

  • ARTICLE XXX (c)

  • EXCLUSION OF PURCHASES AND HOLDINGS

    • Exclusion of Purchases and Holdings Under Buffer Stock Facility (5591-(77/163))

    • Exclusion of Purchases Under Oil Facility for Purpose of Definition of “Reserve Tranche Purchase” (5371-(77/51))

  • ARTICLE XXX(f)

  • FREELY USABLE CURRENCIES (5719-(78/46))

  • GENERAL

  • TRUST FUND

    • Review of Instrument to Establish the Trust Fund and List of Eligible Members (5563-(77/150) TR)

    • Instrument to Establish the Trust Fund: Diversification of Investments (5972-(78/189))

    • Trust Fund: Means of Payment of Interest by Members on Their Indebtedness Under Loan Agreements (5454-(77/90) TR, 5610-(77/175) TR, 5827-(78/91) TR)

    • Distribution to Developing Countries of Profits from Gold Sales: Authority to Distribute Profits Through Trust Fund (5709-(78/41) TR)

    • Trust Fund: Procedures for Final Payments of Profits and Loans for the Period July 1, 1976 to June 30, 1978 (5832-(78/95) TR)

    • Diversification of Trust Fund Investments (5973-(78/189) TR)

  • Selected Resolutions of the Board of Governors: Supplement to Eighth Issue

    • A. Review of Reconstitution (Resolution No. 33-1)

    • B. Increases in Quotas of Fund Members—Seventh General Review: Report of the Executive Board to the Board of Governors (Resolution No. 34-2)

    • C. Allocation of Special Drawing Rights for the Third Basic Period: Proposal by the Managing Director of the International Monetary Fund (Resolution No. 34-3)

  • Index

List of Decisions by Number

article image
article image
article image