Abstract

The Articles of Agreement of the International Monetary Fund were adopted at the United Nations Monetary and Financial Conference (Bretton Woods, New Hampshire) on July 22, 1944. They were originally accepted by 29 countries and since then have been signed and ratified by a total of 189 Member countries. As the charter of the organization, the Articles lay out the Fund’s purposes, which include the promotion of “international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems”. The Articles also establish the mandate of the Organization and its members’ rights and obligations, its governance structure and roles of its organs, and lays out various rules of operations including those related to the conduct of its operations and transactions regarding the Special Drawing Rights. The key functions of the IMF are the surveillance of the international monetary system and the monitoring of members’ economic and financial policies, the provision of Fund resources to member countries in need, and the delivery of technical assistance and financial services. Since their adoption in 1944, the Articles of Agreement have been amended seven times, with the latest amendment adopted on December 15, 2010 (effective January 26, 2016). The Articles are complemented by the By-laws of the Fund adopted by the Board of Governors, themselves being supplemented by the Rules and Regulations adopted by the Executive Board.

© 2020 International Monetary Fund

Cataloging-in-Publication Data IMF Library

Names: International Monetary Fund, publisher. | United Nations Monetary and Financial Conference (1944 : Bretton Woods, N.H.).

Title: Articles of agreement of the International Monetary Fund : adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944 … amended effective January 26, 2016 by the modifications approved by the Board of Governors in Resolution No. 66–2, adopted December 15, 2010.

Other titles: IMF articles of agreement.

Description: Washington, DC : International Monetary Fund, 2020. | Includes index.

Identifiers:

ISBN 978–1-51352–124-4 (paper)

ISBN 978–1-51353–081-9 (ePub)

ISBN 978–1-51353–082-6 (PDF)

Subjects: LCSH: International Monetary Fund—Membership. | International Monetary Fund—By-laws.

Classification: LCC HG3881.5.I58 I578 2020

Reprinted, March 2020

Articles of Agreement of the International Monetary Fund

Adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944. Entered into force December 27, 1945. Amended effective July 28, 1969, by the modifications approved by the Board of Governors in Resolution No. 23–5, adopted May 31, 1968; amended effective April 1, 1978, by the modification approved by the Board of Governors in Resolution No. 31–4, adopted April 30, 1976; amended effective November 11, 1992, by the modifications approved by the Board of Governors in Resolution No. 45–3, adopted June 28, 1990; amended effective August 10, 2009, by the modifications approved by the Board of Governors in Resolution No. 52–4, adopted September 23, 1997; amended effective February 18, 2011, by the modifications approved by the Board of Governors in Resolution No. 63–3, adopted May 5, 2008; amended effective March 3, 2011, by the modifications approved by the Board of Governors in Resolution No. 63–2, adopted April 28, 2008; amended effective January 26, 2016 by the modifications approved by the Board of Governors in Resolution No. 66–2, adopted December 15, 2010.

INTERNATIONAL MONETARY FUND

WASHINGTON, DC

Table of Contents

    • Introductory Article

  • I. Purposes

  • II. Membership

    • 1. Original members

    • 2. Other members

  • III. Quotas and Subscriptions

    • 1. Quotas and payment of subscriptions

    • 2. Adjustment of quotas

    • 3. Payments when quotas are changed

    • 4. Substitution of securities for currency

  • IV. Obligations Regarding Exchange Arrangements

    • 1. General obligations of members

    • 2. General exchange arrangements

    • 3. Surveillance over exchange arrangements

    • 4. Par values

    • 5. Separate currencies within a member’s territories

  • V. Operations and Transactions of the Fund

    • 1. Agencies dealing with the Fund

    • 2. Limitation on the Fund’s operations and transactions

    • 3. Conditions governing use of the Fund’s general resources

    • 4. Waiver of conditions

    • 5. Ineligibility to use the Fund’s general resources

    • 6. Other purchases and sales of special drawing rights by the Fund

    • 7. Repurchase by a member of its currency held by the Fund

    • 8. Charges

    • 9. Remuneration

    • 10. Computations

    • 11. Maintenance of value

    • 12. Other operations and transactions

  • VI. Capital Transfers

    • 1. Use of the Fund’s general resources for capital transfers

    • 2. Special provisions for capital transfers

    • 3. Controls of capital transfers

  • VII. Replenishment and Scarce Currencies

    • 1. Measures to replenish the Fund’s holdings of currencies

    • 2. General scarcity of currency

    • 3. Scarcity of the Fund’s holdings

    • 4. Administration of restrictions

    • 5. Effect of other international agreements on restrictions

  • VIII. General Obligations of Members

    • 1. Introduction

    • 2. Avoidance of restrictions on current payments

    • 3. Avoidance of discriminatory currency practices

    • 4. Convertibility of foreign-held balances

    • 5. Furnishing of information

    • 6. Consultation between members regarding existing international agreements

    • 7. Obligation to collaborate regarding policies on reserve assets

  • IX. Status, Immunities, and Privileges

    • 1. Purposes of Article

    • 2. Status of the Fund

    • 3. Immunity from judicial process

    • 4. Immunity from other action

    • 5. Immunity of archives

    • 6. Freedom of assets from restrictions

    • 7. Privilege for communications

    • 8. Immunities and privileges of officers and employees

    • 9. Immunities from taxation

    • 10. Application of Article

  • X. Relations with Other International Organizations

  • XI. Relations with Non-Member Countries

    • 1. Undertakings regarding relations with non-member countries

    • 2. Restrictions on transactions with non-member countries

  • XII. Organization and Management

    • 1. Structure of the Fund

    • 2. Board of Governors

    • 3. Executive Board

    • 4. Managing Director and staff

    • 5. Voting

    • 6. Reserves, distribution of net income, and investment

    • 7. Publication of reports

    • 8. Communication of views to members

  • XIII. Offices and Depositories

    • 1. Location of offices

    • 2. Depositories

    • 3. Guarantee of the Fund’s assets

  • XIV. Transitional Arrangements

    • 1. Notification to the Fund

    • 2. Exchange restrictions

    • 3. Action of the Fund relating to restrictions

  • XV. Special Drawing Rights

    • 1. Authority to allocate special drawing rights

    • 2. Valuation of the special drawing right

  • XVI. General Department and Special Drawing Rights Department

    • 1. Separation of operations and transactions

    • 2. Separation of assets and property

    • 3. Recording and information

  • XVII. Participants and Other Holders of Special Drawing Rights

    • 1. Participants

    • 2. Fund as a holder

    • 3. Other holders

  • XVIII. Allocation and Cancellation of Special Drawing Rights

    • 1. Principles and considerations governing allocation and cancellation

    • 2. Allocation and cancellation

    • 3. Unexpected major developments

    • 4. Decisions on allocations and cancellations

  • XIX. Operations and Transactions in Special Drawing Rights

    • 1. Use of special drawing rights

    • 2. Operations and transactions between participants

    • 3. Requirement of need

    • 4. Obligation to provide currency

    • 5. Designation of participants to provide currency

    • 6. Reconstitution

    • 7. Exchange rates

  • XX. Special Drawing Rights Department Interest and Charges

    • 1. Interest

    • 2. Charges

    • 3. Rate of interest and charges

    • 4. Assessments

    • 5. Payment of interest, charges, and assessments

  • XXI. Administration of the General Department and the Special Drawing Rights Department

  • XXII. General Obligations of Participants

  • XXIII. Suspension of Operations and Transactions in Special Drawing Rights

    • 1. Emergency provisions

    • 2. Failure to fulfill obligations

  • XXIV. Termination of Participation

    • 1. Right to terminate participation

    • 2. Settlement on termination

    • 3. Interest and charges

    • 4. Settlement of obligation to the Fund

    • 5. Settlement of obligation to a terminating participant

    • 6. General Resources Account transactions

  • XXV. Liquidation of the Special Drawing Rights Department

  • XXVI. Withdrawal from Membership

    • 1. Right of members to withdraw

    • 2. Compulsory withdrawal

    • 3. Settlement of accounts with members withdrawing

  • XXVII. Emergency Provisions

    • 1. Temporary suspension

    • 2. Liquidation of the Fund

  • XXVIII. Amendments

  • XXIX. Interpretation

  • XXX. Explanation of Terms

  • XXXI. Final Provisions

    • 1. Entry into force

    • 2. Signature

  • SCHEDULES

  • A. Quotas

  • B. Transitional Provisions with Respect to Repurchase, Payment of Additional Subscriptions, Gold, and Certain Operational Matters

  • C. Par Values

  • D. Council

  • E. Transitional Provisions with Respect to Executive Directors

  • F. Designation

  • G. Reconstitution

  • H. Termination of Participation

  • I. Administration of Liquidation of the Special Drawing Rights Department

  • J. Settlement of Accounts with Members Withdrawing

  • K. Administration of Liquidation

  • L. Suspension of Voting Rights

  • M. Special One-Time Allocation of Special Drawing Rights

  • Index

Articles of Agreement of the International Monetary Fund

The Governments on whose behalf the present Agreement is signed agree as follows:

Introductory Article

  • (i) The International Monetary Fund is established and shall operate in accordance with the provisions of this Agreement as originally adopted and subsequently amended.

  • (ii) To enable the Fund to conduct its operations and transactions, the Fund shall maintain a General Department and a Special Drawing Rights Department. Membership in the Fund shall give the right to participation in the Special Drawing Rights Department.

  • (iii) Operations and transactions authorized by this Agreement shall be conducted through the General Department, consisting in accordance with the provisions of this Agreement of the General Resources Account, the Special Disbursement Account, and the Investment Account; except that operations and transactions involving special drawing rights shall be conducted through the Special Drawing Rights Department.