THE Fund’s general policies regarding the use of its resources, and in particular its policies on gold tranche drawings, stand-by arrangements, and the application of the waiver provisions of the Articles of Agreement, which were outlined in the Annual Reports for 1953 and 1954, have been maintained without change during the past year. The Fund is equipped to make its resources available to members, either to help them in meeting special temporary balance of payments difficulties or, in association with other measures under-taken by them, in ensuring exchange stability and avoiding restrictions, and in maintaining or establishing the convertibility of their currencies.