Abstract

SELECTED DECISIONS AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

Title Page

SELECTED DECISIONS AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

THIRTY-SEVENTH ISSUE

WASHINGTON, DC

DECEMBER 31, 2013

Copyright Page

© 2014 International Monetary Fund

Cataloging-in-Publication Data

Joint Bank-Fund Library

International Monetary Fund.

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

  • v. cm.

  • Annual

  • 1st (1962)-

  • ISSN 0094-1735

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

HG3881.5.I58 I59

ISBN-13: 978-1-49830-285-2 (paper)

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Preface

This volume is the Thirty-Seventh 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issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions.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 of Agreement 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.

A compact disc (CD) containing the texts of the Thirty-Seventh Issue, the Articles of Agreement, and By-Laws, Rules and Regulations is available from the Fund.

Sean Hagan

The General Counsel

Director of the Legal Department

Contents

  • PREFACE

  • SELECTED DECISIONS AND RESOLUTIONS OF THE INTERNATIONAL MONETARY FUND

  • OTHER SELECTED RESOLUTIONS AND RELATED DOCUMENTS

  • SELECTED DOCUMENTS RELATING TO THE FUND, THE UNITED NATIONS, AND OTHER INTERNATIONAL ORGANIZATIONS

  • 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

  • Reform of Quota and Voice in the International Monetary Fund

  • Fourteenth General Review of Quotas and Reform of the Executive Board

  • 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

  • General Decisions

  • Notification of Exchange Arrangements Under Article IV, Section 2

  • The Chairman’s Summing Up—Modernizing the Legal Framework for Surveillance—An Integrated Surveillance Decision, Executive Board Meeting 12/72, July 18, 2012

  • Decision on Bilateral and Multilateral Surveillance

  • Chairman’s Summing Up—Review of the 1977 Surveillance Decision—Proposal for a New Decision, Executive Board Meeting 07/51-2, June 15, 2007

  • The Acting Chairman’s Summing Up—2008 Triennial Surveillance Review—Overview Paper, Executive Board Meeting 08/84, September 26, 2008

  • Statement of Surveillance Priorities—Revisions of Economic Priorities and Progress on Operational Priorities

  • The Acting Chair’s Summing Up—2011 Triennial Surveillance Review—Review of the 2007 Surveillance Decision and the Broader Legal Framework for Surveillance, Executive Board Meeting 11/102, October 24, 2011

  • The Acting Chair’s Summing Up—Macroeconomic Issues in Small States and Implications for Fund Engagement, Executive Board Meeting 13/21, March 11, 2013

  • 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

  • Surveillance over Monetary Unions

  • 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

  • Capital Flows, Financial Stability Board, and Sovereign Wealth Funds

  • The Chairman’s Summing Up—The Fund’s Role Regarding Cross-Border Capital Flows, Executive Board Meeting 10/122, December 17, 2010

  • The Chairman’s Summing Up—Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework, Executive Board Meeting 11/28, March 21, 2011

  • The Acting Chair’s Summing Up—The Multilateral Aspects of Policies Affecting Capital Flows, Executive Board Meeting 11/109, November 14, 2011

  • The Acting Chair’s Summing Up—The Liberalization and Management of Capital Flows—An Institutional View, Executive Board Meeting 12/105, November 16, 2012

  • The Acting Chair’s Summing Up—The Fund’s Response to the 2007–08 Financial Crisis—Stocktaking and Collaboration with the Financial Stability Forum, Executive Board Meeting 08/88, October 6, 2008

  • The Acting Chair’s Summing Up—IMF Membership in the Financial Stability Board, Executive Board Meeting 10/86, September 8, 2010

  • IMF Membership in the Financial Stability Board

  • The Acting Chair’s Summing Up—Sovereign Wealth Funds—The Santiago Principles—Generally Accepted Principles and Practices Developed by the International Working Group, Executive Board Meeting 08/87, October 3, 2008

  • Governance Issues and Military Expenditure

  • 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

  • Surveillance Procedures

  • Surveillance Procedures—Implementation of Three-Month Period

  • 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

  • Article IV Consultation Documentation—Recent Economic Developments

  • Bilateral Surveillance—Implementation of the Decision—Transitional Issues

  • Guidelines on Minimum Circulation Periods for Executive Board Documents—Amendment

  • Lapse of Time Procedures for Article IV Consultations

  • Article IV Consultation Cycles

  • Proposed Steps to Address Excessive Delays in the Completion of Article IV Consultations

  • ARTICLE V, SECTION 2(b)

  • Technical and Financial Services

  • Technical Services

  • General Decisions

  • 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

  • Financial Sector Assessment Program and G-20 Mutual Assessment

  • 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

  • The Acting Chair’s Summing Up—Integrating Stability Assessments Under the Financial Sector Assessment Program into Article IV Surveillance, Executive Board Meeting 10/92, September 21, 2010

  • Integrating Stability Assessments Under the Financial Sector Assessment Program into Article IV Surveillance

  • The Acting Chair’s Summing Up—Mandatory Financial Stability Assessments Under the Financial Sector Assessment Program—Update, Executive Board Meeting 13/111, December 6, 2013

  • The G-20 Mutual Assessment Process and the Role of the Fund

  • The Acting Chair’s Summing Up—Review of the Fund’s Involvement in the G-20 Mutual Assessment Process, Executive Board Meeting 11/56, June 3, 2011

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

  • Observance of Standards and Codes

  • Reports on the Observance of Standards and Codes

  • The Acting Chair’s Summing Up—2011 Review of the Standards and Codes Initiative, Executive Board Meeting 11/24, March 9, 2011

  • Offshore Financial Centers

  • 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—Offshore Financial Centers—Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program, Executive Board Meeting 08/48, May 30, 2008

  • Anti-Money Laundering and Combating the Financing of Terrorism

  • 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

  • The Acting Chair’s Summing Up—Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)—Report on the Review of the Effectiveness of the Program, Executive Board Meeting 11/55, June 1, 2011

  • Framework Administered Account

  • Technical Assistance—Establishment of Framework Administered Account

  • Establishment of a New Framework Administered Account for Selected Fund Activities

  • Policy Support Instrument

  • Policy Support Instrument—Framework

  • Modifications of the Fund’s Conditionality Framework—Application to the Policy Support Instrument

  • Financial Services

  • Poverty Reduction and Growth Trust

  • A New Architecture of Facilities for Low-Income Countries and Reform of the Fund’s Concessional Financing Framework

  • Poverty Reduction and Growth Trust

  • Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits

  • Instrument to Establish the Interim Administered Account for Remaining Windfall Gold Sales Profits

  • Review of the Fund’s Income Position for FY 2013 and FY 2014—PRG Trust Reimbursement for FY 2013

  • Poverty Reduction and Growth Trust—Review of Interest Rate Structure

  • The Chairman’s Summing Up—Macroeconomic and Operational Challenges in Countries in Fragile Situations, Executive Board Meeting 11/72, July 7, 2011

  • The Acting Chair’s Summing Up—Revisiting the Debt Sustainability Framework for Low-Income Countries, Executive Board Meeting 12/16, February 15, 2012

  • Facilitating Mobilization of Loan Resources for Concessional Lending to Low-Income Countries

  • Poverty Reduction and Growth Facility Trust—Other Provisions

  • Transformation of the Enhanced Structural Adjustment Facility

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

  • Access Limits Under Poverty and Growth Facility—Review

  • 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

  • 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

  • Heavily Indebted Poor Countries

  • Establishment of a Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and Interim ECF Subsidy Operations (PRG-HIPC Trust)

  • 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

  • Joint Staff Advisory Notes—Amendments to Streamline Modalities

  • The Acting Chair’s Summing Up—Initiative for Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI)—Status of Implementation and Proposals for the Future of the HIPC Initiative, Executive Board Meeting 11/115, November 30, 2011

  • Multilateral Debt Relief Initiative

  • 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

  • Review of the Fund’s Income Position for FY 2013 and FY 2014—MDRI-I Trust Reimbursement for FY 2013

  • Administered Accounts

  • 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

  • Second Special Contingency Account (SCA-2)—Establishment of Administered Account

  • Debt Relief Trust Fund

  • Proposal for a Post-Catastrophe Debt Relief Trust Fund—Establishment and Related Matters

  • Proposal for a Post-Catastrophe Debt Relief Trust Fund—Umbrella Account—Establishment of Account and Terms and Conditions

  • 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)

  • Conditionality

  • Guidelines on Conditionality

  • The Acting Chair’s Summing Up—Review of Conditionality, Executive Board Meeting 12/84, September 5, 2012

  • Conditionality Governing the Use of Fund Resources

  • The Acting Chair’s Summing Up—GRA Lending Toolkit and Conditionality—Reform Proposals, Executive Board Meeting 09/29 March 24, 2009

  • Elimination of Certain Special Facilities

  • Use of Fund Resources—Side Letters

  • 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

  • Overdue Financial Obligations—Amended Decisions

  • Establishment of General Policy to Condition Decisions Under the Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility on Accuracy of Information Regarding Implementation of Prior Actions

  • 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

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

  • The Acting Chair’s Summing Up Safeguards Assessments—Review of Experience; The Safeguards Policy—Independent Panel’s Advisory Report, Executive Board Meeting 10/76, July 23, 2010

  • Credit Tranche Policies and Facilities

  • 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

  • Debt Limits in Fund-Supported Programs—Proposed New Guidelines

  • The Acting Chair’s Summing Up—Review of the Policy on Debt Limits in Fund-Supported Programs, Executive Board Meeting 13/26, March 22, 2013

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

  • Extended Fund Facility

  • Reduction of Blackout Periods in GRA Arrangements

  • Stand-By and Extended Arrangements—Standard Forms

  • Completion of Reviews Under Stand-By and Extended Arrangements

  • Flexible Credit Line (FCL) Arrangements

  • The Fund’s Mandate—Flexible Credit Line (FCL) Arrangements

  • The Fund’s Mandate—Review of Decisions on FCL Arrangements and PCL Arrangements

  • The Chairman’s Summing Up—Review of the Flexible Credit Line and Precautionary Credit Line; The Fund’s Financing Role—Reform Proposals on Liquidity and Emergency Assistance, Executive Board Meeting 11/112, November 21, 2011

  • Omnibus Paper on Easing Work Pressures

  • The Fund’s Financing Role—Reform Proposals on Liquidity and Emergency Assistance—Rapid Financing Instrument (RFI)

  • The Fund’s Financing Role—Reform Proposals on Liquidity and Emergency Assistance—Precautionary and Liquidity Line (PLL) Arrangements

  • The Fund’s Financing Role—Reform Proposals on Liquidity and Emergency Assistance—Review of Decisions on FCL Arrangements and PLL Arrangements

  • 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

  • The Chairman’s Summing Up—The Role of the Fund in Low-Income Countries, Executive Board Meeting 08/6, July 23, 2008

  • The Chairman’s Summing Up—Review of Facilities for Low-Income Countries, Executive Board Meeting 12/85, September 6, 2012

  • 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

  • Summing Up by the Chairman—Fund Involvement in the Debt Strategy, Executive Board Meeting 89/61, May 23, 1989

  • Summing Up by the Acting Chairman—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

  • Fund’s Policy on Lending into Arrears

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

  • The Acting Chairman’s Summing Up on the Role of the Fund in the Settlement of Disputes Between Members Relating to External Financial Obligations, Executive Board Meeting 84/99, June 22, 1984

  • Access Policy

  • Access Policy and Limits in the Credit Tranches and Under the Extended Fund Facility and on Overall Access to the Fund’s General Resources, and Exceptional Access Policy—Review and Modification

  • 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

  • Emergency Financing Mechanism and Post-Program Monitoring

  • 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

  • Trade-Related Balance of Payments Adjustment—Fund Support

  • Trade Integration Mechanism

  • ARTICLE V, SECTION 3(d) AND (f)

  • Media of Payment

  • 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)

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

  • Members with Outstanding Purchases

  • 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

  • Attribution of Reductions in Fund’s Holdings of Currencies

  • ARTICLE V, SECTIONS 8 AND 9

  • Charges and Remuneration

  • 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

  • Media of Payment in General Resources Account

  • Accounting for Charges from Members with Overdue Obligations

  • Special Charges on Overdue Financial Obligations to the Fund

  • 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

  • Burden Sharing—Implementation in FY 2007

  • Review of the Fund’s Income Position for FY 2012 and FY 2013-14—PRGT Reserve Account Transfer to Subsidy Account

  • Review of the Fund’s Income Position for FY 2012 and FY 2013-14—The Rate of Charge on the Use of Fund Resources for FY 2013 and FY 2014

  • Review of the Fund’s Income Position for FY 2013 and FY 2014—The Rate of Charge on the Use of Fund Resources for FY 2014

  • 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

  • Special Disbursement Account: Investment

  • Structural Adjustment Facility—Use of Resources of Special Disbursement Account—Regulations for Administration

  • Structural Adjustment Facility—Use of Resources of Special Disbursement Account—List of Eligible Members and Amounts of Assistance

  • Eligibility to Use the Fund’s Facilities for Concessional Financing—PRGT Eligibility Criteria

  • The Acting Chair’s Summing Up—Eligibility to Use the Fund’s Facilities for Concessional Financing, Executive Board Meeting 12/17, February 17, 2012

  • 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

  • Annual Reimbursement of General Resources Account in Respect of Expenses of Conducting Business of PRGF-ESF Trust

  • Review of the Fund’s Income Position for FY 2011 and FY 2012—PRGT Reserve Account Transfer to Subsidy Account

  • 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

  • Transferability of Claims Under General Arrangements to Borrow

  • New Arrangements to Borrow

  • The Rollback of Credit Arrangements in the New Arrangements to Borrow (NAB)—Change in Credit Arrangements and Amendment

  • Termination of 2009 Bilateral Borrowing Agreements

  • 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

  • The Chairman’s Summing Up—Borrowing by the Fund—Proposed Modalities, Executive Board Meeting 12/58, June 15, 2012

  • A Framework for the Fund’s Issuance of Notes to the Official Sector

  • 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

  • Articles VIII and XIV

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

  • Payments Arrears in Current International Transactions

  • 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

  • Multiple Currency Practices—Policy

  • 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 Chair—Review of Data Provision to the Fund for Surveillance Purposes, Executive Board Meeting 04/25, March 15, 2004

  • The Acting Chair’s Summing Up—Review of Data Provision to the Fund for Surveillance Purposes, Executive Board Meeting 08/38, May 2, 2008

  • The Acting Chair’s Summing Up—2012 Review of Data Provision to the Fund for Surveillance Purposes, Executive Board Meeting 12/98, November 1, 2012

  • 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

  • Establishment of the Special Data Dissemination Standard Plus

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

  • ARTICLE IX, SECTION 5

  • Archives

  • Review of the Fund’s Transparency Policy—Archives Policy

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

  • Summings Up and Concluding Remarks for Policy Items—Modification of Review and Finalization Process

  • 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

  • Broadening the Fund’s Investment Mandate—Proposed Rules and Regulations for the Investment Account

  • Review of the Fund’s Income Position for FY 2012 and FY 2013-14—Transfer of Investment Income for FY 2012 to General Resources Account

  • Review of the Fund’s Income Position for FY 2013 and FY 2014—Transfer of Investment Income for FY 2013 to General Resources Account

  • Review of the Fund’s Income Position for FY 2013 and FY 2014—Placement of FY 2013 Net Income of the General Resources Account to the Special Reserve and the General Reserve

  • Review of the Fund’s Income Position for FY 2013 and FY 2014—Transfer of Currencies to the Investment Account for FY 2013

  • The Acting Chair’s Summing Up—Broadening the Fund’s Investment Mandate—Additional Considerations, Executive Board Meeting 12/60, June 20, 2012

  • Use of Gold Sales Profits in the Investment Account

  • ARTICLE XII, SECTION 7

  • Publication of Reports

  • 2013 Review of the Fund’s Transparency Policy

  • 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

  • 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 “In 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

  • Review of the Method of Valuation of the SDR

  • Method of Collecting Exchange Rates for the Calculation of the Value of the SDR for the Purposes of Rule O-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

  • Use of SDRs in Payment of Trust Fund Obligations

  • Use of SDRs in Payment of Subsidy

  • Use of SDRs in Operations Under the 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 Trustor Under an Administered Account

  • ARTICLE XVIII, 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

  • Allocation of Special Drawing Rights for the Ninth 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 XX, SECTION 4

  • Assessments

  • Review of the Fund’s Income Position for FY 2013 and FY 2014—Assessment Under Article XX, Section 4 for FY 2013

  • ARTICLE XXVI

  • Remedial Measures on Overdue Financial Obligations to the Fund

  • Overdue Payments to the Fund—Purchases from Fund

  • Overdue Payments to the Fund—Experience and Procedures, 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 Meeting 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

  • Review of the Fund’s Strategy on Overdue Financial Obligations

  • Review of the Fund’s Strategy on Overdue Financial Obligations—Flexibility Under the De-Escalation Policy for Members Hit by a Qualifying Catastrophic Disaster

  • ARTICLE XXX(c)

  • Calculation of Reserve Tranche: Exclusion of Purchases and Holdings

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

  • Balances Held in Administrative Account

  • 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

  • Review of the Fund’s Income Position for FY 2013 and FY 2014—PCDR Trust Reimbursement for FY 2013

  • 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—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

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

  • 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

  • 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

  • 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

  • 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)

  • D. 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(b)(i) and 3(f) (2-1)