Abstract

This Volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund.

SELECTED DECISIONS AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

TWENTY THIRD ISSUE

WASHINGTON, DC

JUNE 30, 1998

PREFACE

This volume is the Twenty-Third Issue of Selected Decisions of the International Monetary Fund and Selected Documents. It contains the 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, the volume contains certain documents relating to the Fund, the United Nations, and other international organizations. With few exceptions, the decisions are of a general nature and relate to certain obligations, policies, and procedures under the Articles of Agreement.

The Fourteenth Issue had an accompanying Annex containing bilateral borrowing agreements entered into by the Fund for the financing of the Enlarged Access Policy and for the financing of the ESAF Trust and associated lending, as well as related decisions adopted by April 30, 1989; an updated Annex containing bilateral borrowing agreements and related decisions in force on November 30, 1995 was published as an Annex to the Twentieth Issue. Bilateral borrowing agreements entered into by the Fund in connection with the General Arrangements to Borrow are included in this volume.

This issue contains the decisions published in the Twenty-Second Issue that remain in effect, as well as new general decisions adopted after the publication of the Twenty-Second Issue.

Wherever reference is made in this volume to provisions of the Fund’s Articles or Rules and Regulations that have 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

François P. Gianviti

Contents

  • Preface

  • Selected Decisions of the Executive Board

  • Selected Resolutions of the Board of Governors

  • Selected Documents

  • List of Decisions by Number

  • List of Board of Governors’ Resolutions

  • Interpretation Under Article XXIX (a)

  • Selected Decisions of the Executive Board and Selected Documents

  • ARTICLE III

  • Quotas and Subscriptions

    • Adjustment of Quotas (408–2)

    • Gold and Currency Subscribed to the Fund and Accounting by Members for Transactions with the Fund (170–3)

    • Guidelines on Payment of Reserve Assets in Connection with Subscriptions (6266-(79/156))

  • ARTICLE IV

  • Exchange Arrangements

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

    • Surveillance over Exchange Rate Policies (5392–77/63), as amended by 8564-(87/59), 8856-(88/64) and 10950-(95/37))

    • Surveillance: Procedures (6026-(79/13), as amended by 10273-(93/15) and 10364-(93/67))

    • Surveillance over Exchange Rate Policies: Review (9499-(90/111) as amended by 10072-(92/85) and 10159-(92/122))

    • Implementation of Procedures for Surveillance: Review (10273-(93/15 as amended by 10886-(95/2); 10949-(95/37) and 11477-(97/38))

    • Article IV Consultation Cycles—Review of Temporary Changes (10168-(92/127))

    • Biennial Review of the Fund’s Surveillance Policy—Termination of Bicyclic Consultation Procedure (10362-(93/67))

    • Surveillance: Procedures—Implementation of Three-Month Period (7427-(83/83))

    • Press Information Notices—Release (11493-(97/45))

  • ARTICLE V, SECTION 2(b)

  • Financial and Technical Services

    • Establishment of the Enhanced Structural Adjustment Facility Trust (8759-(87/176) ESAF, as amended by 9115-(89/40) ESAF, 9488-(90/106) ESAF, 9555-(90/146) ESAF, 9585-(90/161) ESAF, 10092-(92/94) ESAF, 10287-(93/23)ESAF, 10515-(93/162) ESAF, 10530-(93/170)ESAF, 10532-(93/170) ESAF, 11114-(95/110) ESAF), 11395-(96/110)ESAF, 11434-(97/10), 11435-(97/10), 11535-(97/67)ESAF, and 11610-(97/113))

    • Enhanced Structural Adjustment Facility Trust—Extension and Enlargement (10530-(93/170)ESAF)

    • ESAF Successor—Initiation of Operations (10597-(94/14)ESAF)

    • ESAF Trust—Transfer to the ESAF/HIPC Trust (11683-(98/27))

    • ESAF Trust—Reserve Account—Transfer to the ESAF/HIPC Trust (11713-(98/49))

    • Enhanced Structural Adjustment Facility—Access Limits (8845.(88/61) ESAF, as amended by 9988.(92/48) ESAF, 10185-(92/132) ESAF, and 10533.(93/170) ESAF; and 11027-(95/65) ESAF)

    • Enhanced Structural Adjustment Facility—Interest Rate on Trust Loans (8846-(88/61) ESAF)

    • Enhanced Structural Adjustment Facility—Borrowing for Loan Account—Consultation with Creditors (9056.(89/2) ESAF and 10534-(93/170) ESAF)

    • Establishment of a Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations (11436-(97/10), as amended by 11492-(97/45))

    • 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 (11698-(98/38) ESAF)

    • Enhanced Surveillance: Procedures for Transmittal of Staff Reports (8222-(86/45))

    • Enhanced Surveillance—Midterm Review (10365-(93/67))

    • Settlement of Disputes Between Members (EBM/84/99)

    • Technical Assistance—Establishment of Framework Administered Account (10942.(95/33), as amended by (11162-(95/121))

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

  • General Decisions on Use of Fund’s Resources

    • Interpretation of Articles of Agreement (71–2)

    • Use of Fund’s Resources for Capital Transfers (1238-(61/43))

    • Use of Fund’s Resources: Meaning of “Consistent with the Provisions of this Agreement” in Article V, Section 3 (287–3)

    • Use of Fund’s Resources: Meaning of Article V, Section 3(b)(ii) (284–4)

    • Use of Fund’s Resources and Repurchases (102-(52/11))

  • Payments Arrears (3153-(70/95))

    • Review of Fund Policies and Procedure on Payments Arrears (EBM/80/154)

  • Overdue Obligations to the Fund

    • Overdue Payments to the Fund—Purchases from Fund (7908-(85/26))

  • Credit Tranche Policies, Stand-by and Extended Arrangements, Emergency Assistance

    • Stand-By Arrangements (270-(53/95), as amended by 876-(59/15) and 1151-(61/6))

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

    • Guidelines on Conditionality (6056-(79/38))

    • Relationship Between Performance Criteria and Phasing of Purchases Under Fund Arrangements—Operational Guidelines (7925-(85/38), as amended by 8887-(88/89))

    • Guidelines on Performance Criteria with Respect to Foreign Borrowing (6230-(79/140), as amended by (11096-(95/100))

    • Guidelines on Performance Criteria with Respect to Foreign Borrowing - Change in Implementation of Revised Guidelines (11248-(96/38))

    • Misreporting and Noncomplying Purchases Under Fund Arrangements—Guidelines on Corrective Action (7842-(84/165))

    • Exclusion of Credit Tranches and Extended Facility (6830-(81/65))

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

    • Extended Fund Facility (4377-(74/114\ as amended by 6339-(79/179\ 6830-(81/65), 8885-(88/89), 10182-(92/132), and 10186-(92/132))

    • Extended Fund Facility: Review of Decision (5220-(76/144), 7558-(83/156), 7857-(84/175), 8192-(86/13), 8583-(87/72), 9189-(89/77), 9790-(91/106), and 10723-(94/58))

    • Stand-by and Extended Arrangements—Standard Forms (10464-(93/130))

    • Reviews under Fund Arrangements—Lapse of Time Procedure (11515-(97/59))

  • Emergency Assistance

    • Emergency Assistance—Natural Disasters (EBM/82/16)

    • Emergency Assistance—Post-Conflict Countries (EBM/95/82)

    • Emergency Financing Mechanism (EBM/95/85)

  • Currency Stabilization Funds (EBM/95/86)

  • Debt Strategy

    • Fund Involvement in the Debt Strategy (EBM/89/61)

    • Debt and Debt Service Reduction Operations—Early Repurchase Expectations (9331 -(89/167) as amended by 9693-(91/48), 10056-(92/78), and 10547-(94/1))

  • Other Policies

  • Compensatory and Contingency Financing Facility

    • Compensatory and Contingency Financing Facility—Establishment (8955-(88/126), as amended by 9101-(89/30), 9153-(89/59), 9391-(90/43), 9503-(90/114), 9586-(90/161), 9587-(90/161), 9588-(90/161), 9604-(90/170), 10071-(92/85), 10183-(92/132), 10186-(92/132), 10398-(93/89), 10725-(94/58), 11169-(95/122), 11170-(95/122), 11474-(97/36), 11475-(97/36), 11646-(98/l) and 11647-(98/1))

  • Buffer Stock Financing Facility

    • Buffer Stock Financing Facility: The Problem of Stabilization of Prices of Primary Products (2772-(69/47), as amended by 4913-(75/207), 7602-(84/3), and 10183-(92/132))

    • Buffer Stock Financing Facility: Access Policy—Elimination of Floating (10186-(92/132))

    • Buffer Stock Financing Facility: Fourth International Tin Agreement (3179-(70/102) and 3351-(71/51))

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

    • Buffer Stock Financing Facility: Sixth International Tin Agreement (7247-(82/147))

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

    • Buffer Stock Financing Facility: International Natural Rubber Agreement, 1979 (7246-(82/147))

    • Buffer Stock Financing Facility—International Natural Rubber Agreement, 1987 (9403-(90/53))

  • Supplemental Reserve Facility

    • Supplemental Reserve Facility: Establishment (11627-(97/123) SRF)

    • Supplemental Reserve Facility—Disposition of Net Operational Income (11683-(98/27) and 11716-(98/49))

  • Systemic Transformation Facility (10348-(93/61) STF, as amended by 10760-(94/71) STF and 10855-(94/109) STF)

    • Future of Systemic Transformation Facility (10961-(95/41))

  • Enlarged Access Policy

    • Policy on Enlarged Access (6783-(81/40), as amended by 8885-(88/89))

    • Access Policy—Guidelines on Access Limits (10181-(92/132), 10819-(94/95), 11098-(95/101), 11374-(96/102) and 11608-(97/112))

  • Supplementary Financing Facility

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

  • 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) (6273-(79/158) G/S)

      • b. Specification of Currencies by the Fund (6274-(79/158))

      • c. Transfers of SDRs Under Article V, Section 3(f) (6275-(79/158) G/S)

    • Procedures for the Sale of Currencies at the Request of Members with Outstanding Purchases (6352-(79/183))

    • Sales of SDRs and Use of Currencies Through the Operational Budgets (6772-(81/35) G/S)

    • Guidelines Regarding the Use of Currencies in the General Resources Account (10279-(93/19) and 10904-(95/13))

    • Sales of SDRs and Currencies in the General Resources Account: Level of Fund SDR Holdings (7626-(84/23) S, 7941-(85/50) S, 8265-(86/70) S, 8574-(87/64) S, and 10278-(93/19) S)

    • Selection of Currencies by the Fund (6774-(81/35))

  • 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 (284–3)

    • Use of Fund’s Resources: Postponement and Limitation Under Article V, Section 5 (286–1)

  • ARTICLE V, SECTION 6

  • Sales of SDRs by the Fund (6663-(80/160) S)

  • ARTICLE V, SECTION 7

  • Repurchases

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

    • Guidelines for Early Repurchase (6172-(79/101))

    • Repurchase (5703-(78/39\ as amended by 6862-(81/81) and 8955-(88/126); and 5809-(78/88))

    • Attribution of Reductions in Fund’s Holdings of Currencies (6831-(81/65), as amended by 7059-(82/23); and 7704-(84/78))

  • 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 (4239-(74/67))

    • Charges: Media of Payment in General Resources Account (5702-(78/39) G/S, as amended by 7096-(82/57) G/S)

    • Charges: Accounting for Charges from Members with Overdue Obligations (8433-(86/175))

    • Charges: Special Charges on Overdue Financial Obligations to the Fund (8165-(85/189) G/TR, as amended by 8496-(87/3) G/TR, 8641-(87/101) G/S/TR, 8923-(88/110) G/TR, 10000-(92/58) G/TR, 10337-(93/49) G/TR, 10352-(93/49) G/TR), and 10551-(94/l) G/TR)

    • Charges: System of Special Charges—Review (11715-(98/49) G/SAF/TR)

    • Charges: Setoff in Connection with a Retroactive Reduction of Charges Due by Members in Arrears (8271-(86/74))

    • Charges: Special Charges on Overdue Repurchases—Setoff (8442-(86/178))

  • Burden Sharing

    • Income Position—Principles of “Burden Sharing,” Income Target for FY 1987 and FY 1988, Rate of Charge, and Rate of Remuneration (8348-(86/122), as amended by 8481-(86/202) and (8482-(86/202))

    • Special Contingent Account (8619-(87/90))

    • Special Contingent Account: Additions in FY 1988, and Disposition of Amounts Placed in FY 1987 and FY 1988 (8780-(88/12))

    • Principles of “Burden Sharing,” Rate of Charge, Amount for Special Contingent Account and Net Income Target, and Implementation of “Burden Sharing” for FY 1989 (8861 -(88/67), as amended by 8880-(88/84))

    • Income Position—Burden Sharing—Implementation in FY 1990 (9135-(89/46))

    • Burden Sharing—Implementation in FY 1994 (10340-(93/54), as amended by 10549-(94/1))

    • Net Income Target for FY 1994 and Rate of Charge on Use of Fund Resources (10391-(93/86), as amended by 10552-(94/1) and 10554-(94/l))

    • Burden Sharing—Implementation During the First Quarter of FY 1995 (10660-(94/38))

    • Disposition of Net Income for FY 1994 (10704-(94/52))

    • Net Income Target for FY 1995; Rate of Charge on Use of Fund Resources; and Retroactive Reduction of Rate of Charge for FY 1995 and Increase in Net Income Target for FY 1996 (10705-(94/52))

    • Income Position for FY 1995—Midyear Review; Rate of Charge as of November 1, 1994; and Retroactive Reduction of Rate of Charge for FY 1994 and Increase in Net Income Target for FY 1996 (10850-(94/107))

    • Burden Sharing—Implementation During Second Through Fourth Quarters of FY 1995 (10706-(94/52))

    • Disposition of Net Income for FY 1995 (10957-(95/40))

    • Income Position—Burden Sharing—Implementation in FY 1996 (10958-(95/40))

    • Income Position—Net Income Target for FY 1996, and Rate of Charge on Use of Fund Resources (10962-(95/41))

    • Income Position—Burden Sharing—Implementation in FY 1997 (11249-(96/39))

    • Income Position—Net Income Target and Rate of Charge on Use of Fund Resources for FY 1997 (11251 -(96/39))

    • Income Position—Burden Sharing—Implementation in FY 1998 (11480-(97/42))

    • Income Position—Net Income Target and Rate of Charge on Use of Fund Resources for FY 1998 (11482-(97/42), as amended by 11683-(98/27))

    • Income Position—Disposition of Net Income for FY 1997 (11483-(97/42))

    • Income Position—Precautionary Balances, Burden Sharing, and Special Charges for FY 1998 and 1999

    • Disposition of Net Income for FY 1998 (11710-(98/49))

    • The Rate of Charge on the Use of Fund Resources for FY 1999 (11711-(98/49))

    • Burden Sharing—Implementation in FY 1999 (11712-(98/49))

  • Extended Burden Sharing

    • Extended Burden Sharing—Implementation, and Modalities of New Special Contingent Account (SCA-2) (947l-(90/98\ as amended by 10341-(93/54) and 10662-(94/38))

    • Extended Burden Sharing—Review (11714-(98/49))

  • ARTICLE V, SECTIONS 10 and 11

  • Rates for Computations and Maintenance of Value (5590-(77–163))

  • ARTICLE V, SECTION 12(f)

  • Special Disbursement Account

    • Trust Fund: Termination and Transfer of Resources to Special Disbursement Account (6704-(80/185) TR)

    • Special Disbursement Account: Investment (7990-(85/81))

    • Special Disbursement Account: Transitional Investment of Balances with the Federal Reserve Bank of New York (8029-(85/105))

    • Special Disbursement Account: Structural Adjustment Facility

      • II. Regulations for Administration (8238-(86/56) SAF, as amended by 8497-(87/3) SAF, 8652-(87/105) SAF, 8758-(87/176) SAF, 9118-(89/40) SAF, 9490-(90/106) SAF, 9863-(91/156) SAF/ESAF, 10093-(92/94) SAF, and 10353-(93/49) SAF)

      • III. Use of SDRs in Operations

      • IV. List of Eligible Members and Amounts of Assistance (8240-(86/56) SAF, as amended by 8542-(87/36) SAF, 8651-(87/105) SAF, 8935-(88/118) SAF, 9117-(89/40) SAF, 9986-(92/48) SAF, and 10184-(92/132) SAF)

      • V. Review of Operation of Facility (8241-(86/56) SAF)

    • Special Disbursement Account: Review of Structural Adjustment Facility and Establishment of the Enhanced Structural Adjustment Facility (8757-(87/176) SAF/ESAF, as amended by 9987-(92/48) SAF/ESAF; 9114-(89/40) SAF/ESAF; 9487-(90/106) SAF/ESAF, as amended by 9776-(91/96) SAF/ESAF; 9808-(91/114) SAF/ESAF; and 10089-(92/94) SAF/ESAF)

    • Special Disbursement Account: Structural Adjustment Facility—Potential Access (9809-(91/114) SAF and 10090-(92/94) SAF)

    • Special Disbursement Account: Enhanced Structural Adjustment Facility—Extension of Commitment and Disbursement Periods for Agreements (9116-(89/40) ESAF)

    • 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 (8760-(87/l 76), as amended by 9989-(92/48) and 10531-(93/170) SAF)

    • 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 (10531-(93/70)SAF)

    • Modalities of Gold Pledge for Use of ESAF Trust Resources Under Rights Approach (10286-(93/23) ESAF)

    • ESAF Trust—Reserve Account—Review (11409-(97/1) ESAF and 11648-(98/l) ESAF)

  • ARTICLE VI, SECTION 1

  • Use of Fund’s Resources for Capital Transfers

  • ARTICLE VI, SECTION 3

  • Controls on Capital Transfers (541-(56/39))

  • ARTICLE VII

  • Borrowing

    • General Arrangements to Borrow (1289.(62/1), as amended by 1362.(62/32), 1415.(62/47), 4421.(74/132), 5792-(78/79), 6241.(79/144), 7337-(83/37), and 10175-(92/129))

    • General Arrangements to Borrow: Transferability of Claims (7628.(84/25))

    • General Arrangements to Borrow: Transferability of Claims Under Saudi Arabia’s Borrowing Agreement (7629-(84/25))

    • General Arrangements to Borrow: Borrowing Agreement with Saudi Arabia (7403.(83/73))

    • General Arrangements to Borrow: Borrowing Agreement with Saudi Arabia—Renewal (8897.(88/93), 10235.(92/149) and 11626-(97/122))

    • New Arrangements to Borrow (11428-(97/6))

    • New Arrangements to Borrow—Transferability of Claims (11429-(97/6))

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

    • Borrowing in Connection with Supplementary Financing Facility: Authorization to Make Calls (6006.(79/3))

    • Transferability of Claims on Fund Under Oil Facility and Supplementary Financing Facility: Meaning of “Net Creditor Position in Fund” (6008.(79/3))

    • Borrowing Arrangements in Connection with Supplementary Financing Facility: Payment of Interest (6163-(79/96))

    • Establishment of the Borrowed Resources Suspense Accounts (6844–81/75))

    • Investment by the Fund of the Currencies Held in the Borrowed Resources Suspense Accounts (6845-(81/75))

    • Guidelines for Borrowing by the Fund (9862-(91/156))

  • ARTICLE VIII, SECTION 2(b)

  • Unenforceability of Exchange Contracts

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

  • ARTICLE VIII AND ARTICLE XIV

  • Payments Restrictions

    • Payments Restrictions for Security Reasons: Fund Jurisdiction (144-(52/51))

    • Bilateralism and Convertibility (433-(55/42))

    • Official Clearing and Payments Arrangements—Temporary Exemption from Three-Month Rule (10749-(94/67))

    • Retention Quotas: Decision and Letter of Transmittal (201-(53/29))

    • Discrimination for Balance of Payments Reasons (955-(59/45))

    • Article VIII and Article XIV (1034-(60/27))

  • Payments Arrears (3153-(70/95))

  • Payments Policies

    • Consultations on Members’ Policies in Present Circumstances (4134-(74/4))

  • Multiple Currency Practices

    • Statement to Members Transmitting Fund’s Decisions on Multiple Currency Practices (237–2)

    • Multiple Currency Practices (649-(57/33))

    • Policy on Multiple Currency Practices (6790-(81/43) and 11728-(98/56))

  • Voluntary Declaration on Trade and Other Current Account Measures (4254-(74/75))

  • ARTICLE VIII SECTION 5

  • Furnishing of Information

    • Military Expenditure and the Role of the Fund (EBM/91/138)

    • Standards for the Dissemination of Economic and Financial Statistics to the Public by Member Countries and Implementation of the SDDS (EBM/96/36)

  • ARTICLE IX, SECTION 5

  • Immunity of Archives

    • Opening of Fund Archives (11192-(96/2))

  • ARTICLE IX, SECTION 7

  • Privilege for Communications

    • Interpretation of Article IX, Section 7 (534–3)

  • ARTICLE X

  • Relations with Other International Organizations

    • Arrangement for Consultation and Cooperation with the Contracting Parties of GATT (363–1)

    • Fund/Bank Collaboration: Invitation to the Bank to Send a Staff Member as an Observer (EBM/70/30)

    • Guidelines/Framework for Fund Staff Collaboration with the New World Trade Organization (10968-(95/43))

    • Exchange of Documents with Other International Agencies (A-9786-(93/20), as amended by (A-10615-(96/105))

  • ARTICLE XII, SECTION 3

  • Executive Directors

    • Interpretation of Article XII, Sections 3(b)(i) and 3(f) (2–1)

    • Executive Directors: Article XII, Section 3(c) (574–2), as amended by 2620-(68/141))

    • Additional Appointed Directors (597–4)

    • Adjustment of Quota and Voting Power (180–5)

  • ARTICLE XII, SECTION 4

  • Managing Director

    • Authorized Signatories (9605-(90/170))

  • ARTICLE XII, SECTION 7

  • Publication of Reports

    • Reporting by the Fund of Overdue Obligations (7931-(85/41))

    • Publicity Upon Declaration of Ineligibility (7999-(85/90))

    • Publicity Upon Suspension of Voting Rights and Termination of Suspension (10305-(93/32))

  • ARTICLE XIV

  • Restrictions on Payments and Transfers: Withdrawal

    • Meaning of “Exceptional Circumstances” in Article XIV, Section 4 (117–1)

  • ARTICLE XV, SECTION 2

  • Valuation of the Special Drawing Right

    • Method of Valuation (6631 -(80/145) G/S)

    • SDR Valuation Basket (9549-(90/146) G/S and 11073-(95/92) G/S)

    • SDR Valuation Basket—Guidelines for the Calculation of Currency Amounts (8160-(85/186) G/S)

    • Method of Collecting Exchange Rates for the Calculation of the Value of the SDR for the Purposes of Rule O-2(a) (6709-(80/189) S)

  • ARTICLE XVII, SECTION 3

  • Special Drawing Rights: Other Holders (6467-(80/71) S)

    • Bank for International Settlements (BIS): Change in Terms and Conditions of Prescription as Holder of SDRs (6484-(80/77) S)

    • Andean Reserve Fund: Holder of SDRs (6486-(80/77) S)

    • Swiss National Bank: Holder of SDRs (10225-(92/147)S)

    • Use of SDRs in Payment of Trust Fund Obligations (8642-(87/101) S/TR)

    • Use of SDRs in Payment of Subsidy (8186-(86/9) SBS/S)

    • Use of SDRs in Operations Under Structural Adjustment Facility (8239-(86/56) SAF)

    • Use of SDRs in Financial Operations Under the Enhanced Structural Adjustment Facility Trust or Under an Administered Account (8937-(88/118) ESAF/S)

  • ARTICLE XVIII, SECTION 2

  • Allocation of Special Drawing Rights

    • Allocations to New Participants (5956-(78/180) S and 6368-(79/191)S)

  • ARTICLE XIX, SECTION 2

  • Special Drawing Rights: Additional Uses

    • Use of SDRs in Settlement of Financial Obligations (6000-(79/1) S, as amended by 6438-(80/37) S)

    • Use of SDRs in Loans (600/-(79/1)S)

    • Use of SDRs in Pledges (6053-(79/34) S, as amended by 6438-(80/37) S)

    • Use of SDRs in Transfers as Security for the Performance of Financial Obligations (6054-(79/34) S, as amended by 6438-(80/37) S)

    • Use of SDRs in Swap Operations (6336-(79/178) S)

    • Use of SDRs in Forward Operations (6337-(79/178) S)

    • Use of SDRs in Donations (6437-(80/37) S)

  • ARTICLE XIX, SECTION 5

  • Designation of Participants to Provide Currency

    • Review of Rules for Designation and Method of Calculating Designation Amounts (6209-(79/124) S) 546

  • ARTICLE XIX, SECTION 6

  • Reconstitution

    • Abrogation of Rules for Reconstitution (6832-(81/65) S)

  • ARTICLE XIX, SECTION 7(a)

  • Exchange Rates

    • Representative Rate for the European Currency Unit (ECU) (7041-(82/8) G/S)

  • ARTICLE XX, SECTION 2

  • Charges

    • Payment of Net Charges and Assessment in the SDR Department for the Financial Year Ended April 30, 1982 (7116-(82/68)S)

  • ARTICLE XXVI

  • Compulsory Withdrawal (343-(54/47))

  • ARTICLE XXX(c)

  • Calculation of Reserve Tranche: Exclusion of Purchases and Holdings

    • Exclusion of Purchases and Holdings Under Compensatory and Contingency Financing Facility (8955-(88/126)), as amended

    • 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))

    • Exclusion of Purchases Under Supplementary Financing Facility (5508-(77/127))

    • Exclusion of Credit Tranches and Extended Facility (6830-(81/65))

    • Exclusion of Purchases Under Policy on Enlarged Access with Borrowed Resources (6783-(81/40))

    • Balances Held in Administrative Accounts (7060-(82/23))

    • Exclusion of Purchases and Holdings Under Systemic Transformation Facility (10348-(93/61) STF)

  • ARTICLE XXX(f)

  • Freely Usable Currencies (5719-(78/46))

  • General

  • Trust Fund (5069-(76/72))

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

    • Trust Fund: Diversification of Investments a. Amendment of Section III, paragraph 4(a) of the Trust Instrument (5972-(78/189) TR)

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

    • Trust Fund: Second Period

      • a. Timing of Loan Disbursements (6201-(79/121) TR)

      • b. Extension of Period for Qualification (6202-(79/121) TR)

      • c. Extension of Second Period (6466-(80/68) TR)

    • Trust Fund: Extension of Second Period (6676-(80/168) TR)

    • Trust Fund: Means of Payment of Interest by Members on Their Indebtedness Under Loan Agreements (6358-(79/188) TR, as amended by 8640-(87/101) S/TR)

    • Trust Fund: Means of Repayment by Members on Their Indebtedness Under Loan Agreements (7142-(82/85) TR, as amended by 8640-(87/101) S/TR)

    • Trust Fund: Special Charges on Overdue Financial Obligations (8165-(85/189) G/TR, as amended by 8496-(87/3) G/TR, 8641-(87/101) G/S/TR, 8923-(88/110) G/TR, 10000.(92/58) G/TR, 10337.(93/49) G/TR, 10352-(93/49) G/TR, and 10551.(94/1) G/TR)

    • Trust Fund: Final Direct Distribution of Profits (6540-(80/98) TR)

    • Trust Fund: Termination and Transfer of Resources to Special Disbursement Account (6704-(80/185) TR)

    • Terms of Repayment of Final Loan Disbursement and Amendment of Trust Instrument (6793-(81/45))

  • Subsidy Account

    • Supplementary Financing Facility: Subsidy Account—Instrument (6683-(80/185) G/TR, as amended by 8523-(87/25) SBS and 8941-(88/122) SBS)

    • Supplementary Financing Facility: Subsidy Account—Investment (6854.(81/78) SBS, as amended by 8184-(86/9) SBS)

    • Supplementary Financing Facility: Subsidy Account—Suspension of Transfers and Re-transfer of Surplus (7989.(85/81) SBS)

    • Supplementary Financing Facility: Subsidy Account—Means of Subsidy Payments (8185-(86/9) SBS/S)

    • Supplementary Financing Facility: Subsidy Account—Subsidy Payments for the Period July 1, 1983 Through June 30, 1984 (7754.(84/108) SBS)

    • Supplementary Financing Facility: Subsidy Account—Subsidy Payments for the Period July 1, 1984 Through June 30, 1985 (8037.(85/110) SBS)

    • Supplementary Financing Facility: Subsidy Account—Subsidy Payments for July 1, 1985 Through June 30, 1986 (8492-(87/1) SBS)

    • Supplementary Financing Facility: Subsidy Account—Disbursement of Additional Subsidy Amounts for the Twelve-Month Period Ended June 30, 1986 (8523-(87/25) SBS)

    • Supplementary Financing Facility: Subsidy Account—Additional Subsidy Payments for July 1, 1985 Through June 30, 1986 and Subsidy Payments for July 1, 1986 Through June 30, 1987 (8674-(87/117) SBS)

    • Supplementary Financing Facility: Subsidy Account—Additional Subsidy Payments for May 1, 1987 Through June 30, 1987, and Subsidy Payments for July 1, 1987 Through June 30, 1988 (8941 -(88/122) SBS)

    • Supplementary Financing Facility: Subsidy Account—Subsidy Payments for July 1, 1988 Through June 30, 1989 (9222-(89/97) SBS)

    • Supplementary Financing Facility: Subsidy Account—Additional Subsidy Payments for May 1-June 30, 1989 and Subsidy Payments for July 1, 1989-June 30, 1990 (9510-(90/122) SBS)

    • Supplementary Financing Facility: Subsidy Account—Additional Subsidy Payments for May 1-June 30, 1990 and Subsidy Payments for July 1, 1990-June 30, 1991 (9788-(91/105) SBS)

  • Selected Resolutions of the Board of Governors and Related Documents

  • A. Request for Interpretation of the Articles of Agreement as to the Authority of the Fund to Use Its Resources (Resolution No. IM-6)

  • B. Resolution of the United Nations General Assembly 377 (V) Entitled “Uniting for Peace” (Resolution No. 6–8)

  • 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 (Resolution Nos. 29–7, 29–8, 29–9, 29–10)

    • 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. Increases in Quotas of Members—Sixth General Review (Resolution No. 31–2)

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

  • F. Increases in Quotas of Members—Eighth General Review: Report of the Executive Board to the Board of Governors (Resolution No. 38–1)

  • G. Increases in Quotas of Members—Ninth General Review: Report of the Executive Board to the Board of Governors (Resolution No. 43–1)

  • H. Increases in Quotas of Members—Ninth General Review: Report of the Executive Board to the Board of Governors (Resolution No. 44–1)

  • I. Increases in Quotas of Members—Ninth General Review: Report of the Executive Board to the Board of Governors (Resolution No. 44–5)

  • J. Increases in Quotas of Members—Ninth General Review: Report of the Executive Board to the Board of Governors (Resolution No. 45–1)

  • K. Increases in Quotas of Fund Members—Ninth General Review: Report of the Executive Board to the Board of Governors (Resolution No. 45–2)

  • L. Increases in Quotas of Members—Tenth General Review: Report of the Executive Board to the Board of Governors (Resolution No. 48–3)

  • M. Increases in Quotas of Members—Tenth General Review: Report of the Executive Board to the Board of Governors (Resolution No. 50–1)

  • N. Increase in Quotas of Fund Members—Eleventh General Review: Report of the Executive Board to the Board of Governors (Resolution No. 53–2)

  • O. Allocation of Special Drawing Rights for the First Basic Period (Resolution No. 24–12)

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

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

  • 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 and List of Members Which Have Accepted the UN Convention on Privileges and Immunities of the Specialized Agencies with Respect to the Fund as of June 30, 1998

  • C. Agreement for the Establishment of the Joint Vienna Institute

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

  • Text of the Agreement (EBD/96/85)

  • Relations with World Trade Organization (WTO) - Fund-WTO Cooperation Agreement (11381-(96/105))

  • Decision Adopted by the General Council of WTO 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)

  • Index

TABLE OF CONTENTS

Article I Establishment and Status

Article II Purpose and Activities

Article III Powers

Article IV Headquarters

Article V Organization and Management

Article VI Associate Members

Article VII Cooperative Relationships

Article VIII Privileges and Immunities

Article IX Finances and Reports

Article X Liability

Article XI Amendments

Article XII Coming into Force and

Article XIII Settlement of Disputes

Article XIV Withdrawal

Article XV Termination

Article XVI Accession

LIST OF DECISIONS BY NUMBER

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LIST OF BOARD OF GOVERNORS’ RESOLUTIONS

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INTERPRETATIONS UNDER ARTICLE XXIX (a)

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Corresponds to Article XV, Section 2 before the Second Amendment.