Abstract

SELECTED DECISIONS and Selected Documents of the International Monetary Fund

Title Page

SELECTED DECISIONS and Selected Documents of the International Monetary Fund

41st Issue

July 31, 2020

Copyright Page

© 2020 International Monetary Fund

Cataloging-in-Publication Data IMF Library

Names: International Monetary Fund, publisher. Title: Selected decisions and selected documents of the International Monetary Fund.

Description: Washington, DC : International Monetary Fund, 1962- | Annual. | Began in 1962. | Includes bibliographical references.

Identifiers: ISSN 0094-1735 (paper)

Subjects: LCSH: International Monetary Fund—Periodicals. | International finance—Periodicals.

Classification: LCC HG3881.5.I58 I59

ISBN-13: 978-1-49831-898-3 (paper)

ISBN-13: 978-1-51351-448-2 (web PDF)

Please send orders to:

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Preface

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issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions.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

The Forty-First Issue may be accessed online at the Fund’s external website (through the site index of www.imf.org) and at the IMF eLibrary (www.elibrary.imf.org).

Rhoda Weeks Brown

The General Counsel

Director of the Legal Department

Contents

  • PREFACE

  • 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

  • Selected Decisions and Resolutions of the International Monetary Fund

  • ARTICLE III

  • Quotas and Subscriptions

  • 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

  • Decision on Bilateral and Multilateral Surveillance

  • The Chairman’s Summing Up—2018 Interim Surveillance Review, Executive Board Meeting 18/31, April 5, 2018

  • The Chairman’s Summing Up—2014 Triennial Surveillance Review, Executive Board Meeting 14/90, September 26, 2014

  • The Acting Chair’s Summing Up—Evenhandedness of Fund Surveillance—Principles and Mechanism for Addressing Concerns, Executive Board Meeting 16/16, February 22, 2016

  • The Chairman’s Summing Up—Approaches to Macrofinancial Surveillance in Article IV Reports, Executive Board Meeting 17/16, March 6, 2017

  • 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, Trade, and Sovereign Wealth Funds

  • The Acting Chair’s Summing Up—Increasing Resilience to Large and Volatile Capital Flows—The Role of Macroprudential Policies, Executive Board Meeting 17/55, June 28, 2017

  • The Acting Chair’s Summing Up—Capital Flows—Review of Experience with the Institutional View, Executive Board Meeting 16/110, December 5, 2016

  • 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 Chairman’s Summing Up—Review of the Role of Trade in the Work of the Fund, Executive Board Meeting 15/21, February 27, 2015

  • 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 Expenditures

  • Review of 1997 Guidance Note on Governance—A Proposed Framework for Enhanced Fund Engagement

  • The Role of the Fund in Governance Issues—Guidance Note, EBS/97/125, July 2, 1997

  • The Chairman’s Summing Up—Review of 1997 Guidance Note on Governance—A Proposed Framework for Enhanced Fund Engagement, Executive Board Meeting 18/32, April 6, 2018

  • Concluding Remarks by the Acting Chairman—Military Expenditure and the Role of the Fund, Executive Board Meeting 91/138, October 2, 1991

  • Surveillance Procedures

  • Article IV Consultation Cycles

  • Extension of Consultation Cycles Due to COVID-19 Pandemic—Member Article IV Consultations

  • Extension of Consultation Cycles Due to COVID-19 Pandemic—Regional Institutions Responsible for Common Policies in Currency Unions

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

  • Surveillance Procedures—Implementation of Three-Month Period

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

  • Lapse of Time Procedures for Article IV Consultations

  • ARTICLE V, SECTION 2(b)

  • Technical and Financial Services

  • Technical Services

  • General Decisions

  • 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

  • Financial Sector Assessment Program and G-20 Mutual Assessment

  • Mandatory Financial Stability Assessments Under the Financial Sector Assessment Program—Update

  • 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 Acting Chair’s Summing Up—Review of the Financial Sector Assessment Program—Further Adaptation to the Post-Crisis Era, Executive Board Meeting 14/85, September 15, 2014

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

  • 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

  • Observance of Standards and Codes

  • The Acting Chair’s Summing Up—The 2017 Joint Review of the Standards and Codes Initiative, Executive Board Meeting 17/63, July 17, 2017

  • The 2017 Joint Review of the Standards and Codes Initiative

  • The Acting Chair’s Summing Up—Ninth Review of the Fund’s Data Standards Initiatives, Executive Board Meeting 15/43, May 1, 2015

  • Offshore Financial Centers

  • 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

  • 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

  • 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

  • The Acting Chair’s Summing Up—Review of the Fund’s Strategy on Anti-Money Laundering and Combating the Financing of Terrorism, Executive Board Meeting 14/22, March 12, 2014

  • Participation by Fund Staff in Anti-Money Laundering/Combating the Financing of Terrorism Assessments by Other Assessor Bodies

  • Framework Administered Account

  • Technical Assistance—Establishment of Framework Administered Account

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

  • Policy Support and Policy Coordination Instruments

  • Policy Support Instrument—Framework

  • The Acting Chair’s Summing Up—Adequacy of the Global Financial Safety Net—Proposal for a New Policy Coordination Instrument, Executive Board Meeting 17/62, July 14, 2017

  • Adequacy of the Global Financial Safety Net—New Policy Coordination Instrument—Framework

  • Financial Services

  • Poverty Reduction and Growth Trust

  • Poverty Reduction and Growth Trust

  • The Acting Chair’s Summing Up—Eligibility to Use the Fund’s Facilities for Concessional Financing, 2019, Executive Board Meeting 20/18, February 19, 2020

  • The Acting Chair’s Summing Up—Eligibility to Use the Fund’s Facilities for Concessional Financing, 2017, Executive Board Meeting 17/38, May 15, 2017

  • The Acting Chair’s Summing Up—Eligibility to Use the Fund’s Facilities for Concessional Financing, Executive Board Meeting 15/73, July 17, 2015

  • Amendment to the Poverty Reduction and Growth Trust Instrument and Floor for the Six-Month Derived SDR Interest Rate

  • Financing for Development—Enhancing the Financial Safety Net for Developing Countries—Review of Poverty Reduction and Growth Trust Access Limits

  • The Acting Chair’s Summing Up—Poverty Reduction and Growth Trust—Review of Interest Rate Structure, Executive Board Meeting 19/42, May 24, 2019

  • The Chairman’s Summing Up—Building Resilience in Developing Countries Vulnerable to Large Natural Disasters, Executive Board Meeting 19/33, May 1, 2019

  • The Acting Chair’s Summing Up—Large Natural Disasters—Enhancing the Financial Safety Net for Developing Countries, Executive Board Meeting 17/35, May 5, 2017

  • The Acting Chair’s Summing Up—Social Safeguards and Program Design in PRGT and PSI-Supported Programs, Executive Board Meeting 17/43, May 26, 2017

  • The Acting Chair’s Summing Up—Review of the Debt Sustainability Framework for Low Income Countries—Proposed Reforms, Executive Board Meeting 17/79, September 27, 2017

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

  • The Acting Chair’s Summing Up—Reform of the Fund’s Policy on Poverty Reduction Strategies in Fund Engagement with Low-Income Countries—Proposals, Executive Board Meeting, 15/62, June 22, 2015

  • 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

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

  • Framework Interim Account—Establishment of the Interim Windfall Gold Sales Profits Subaccount, and Termination of the Interim Administered Account for Windfall Gold Sales Profits

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

  • Framework Interim Account—Establishment of the Interim Remaining Windfall Gold Sales Profits Subaccount, and Termination of the Interim Administered Account for Remaining Windfall Gold Sales Profits

  • 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

  • Multilateral Debt Relief Initiative

  • Liquidation of the MDRI-II Trust—Establishment of a Post-MDRI-II Trust Interim Administered Account

  • Catastrophe Containment and Relief (CCR) Trust

  • Proposal to Enhance Fund Support for Low-Income Countries Hit by Public Health Disasters—Transformation of the Post-Catastrophe Debt Relief (PCDR) Trust into the Catastrophe Containment and Relief (CCR) Trust and Liquidation of the MDRI-I Trust

  • Catastrophe Containment and Relief Trust Fund—Establishment and Related Matters

  • The Chair’s Summing Up—Catastrophe Containment and Relief Trust—Approval of Grant Assistance for Debt Service Relief, Executive Board Meeting 20/41, April 13, 2020

  • 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 Chairman’s Summing Up—2018 Review of Program Design and Conditionality, Executive Board Meeting 19/35, May 3, 2019

  • Relationship Between Performance Criteria and Phasing of Purchases Under Fund Arrangements—Operational Guidelines

  • The Chairman’s Summing Up—Program Design in Currency Unions, Executive Board Meeting 18/15, February 21, 2018

  • Reform of the Policy on Public Debt Limits in Fund-Supported Programs

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

  • Reduction of Blackout Periods in GRA Arrangements

  • The Acting Chair’s Summing Up—Conditionality in Evolving Monetary Policy Regimes, Executive Board Meeting 14/28, March 26, 2014

  • 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

  • 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

  • Failure to Meet a Repurchase Expectation and Use of Fund’s General Resources, Executive Board Meeting 85/26, February 20, 1985

  • 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

  • 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

  • The Acting Chair’s Summing Up—Safeguards Assessments—Review of Experience, Executive Board Meeting 15/96, October 23, 2015

  • Risk Acceptance Statements

  • 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

  • Extended Fund Facility

  • Stand-By and Extended Arrangements—Standard Forms

  • Completion of Reviews Under Stand-By and Extended Arrangements

  • Flexible Credit Line (FCL) Arrangements

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

  • The Acting Chair’s Summing Up—Adequacy of the Global Financial Safety Net—Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform—Revised Proposals, Executive Board Meeting 17/98, December 6, 2017

  • The Chairman’s Summing Up—Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument, Executive Board Meeting 14/15, February 14, 2014

  • Statement by the Staff Representative on the Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument—Specific Proposals, Executive Board Meeting, June 11, 2014

  • The Acting Chair’s Summing Up—Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument—Specific Proposals, Executive Board Meeting 14/46, May 21, 2014

  • The Acting Chair’s Summing Up—Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument—Specific Proposals—Annex, Executive Board Meeting 14/53, June 11, 2014

  • The Chair’s Summing Up—IMF COVID-19 Response—A New Short-Term Liquidity Line to Enhance the Adequacy of the Global Financial Safety Net, Executive Board Meeting 20/43, April 15, 2020

  • Establishment of the Short-Term Liquidity Line

  • Omnibus Paper on Easing Work Pressures

  • The Chairman’s Summing Up—Selected Streamlining Proposals Under the FY16-18 Medium-Term Budget—Implementation Issues, Executive Board Meeting 15/39, April 23, 2015

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

  • The Chair’s Summing Up—Enhancing the Emergency Financing Toolkit— Responding to the COVID-19 Pandemic, Executive Board Meeting 20/36, April 6, 2020

  • The Acting Chair’s Summing Up—2018-19 Review of Facilities for Low-Income Countries—Reform Proposals; Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Countries, Executive Board Meeting 19/42, May 24, 2019

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

  • Trade-Related Balance of Payments Adjustment—Fund Support

  • Trade Integration Mechanism

  • Arrears to Creditors and Debt Strategy

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

  • The Chairman’s Summing Up—Reforming the Fund’s Policy on Non-toleration of Arrears to Official Creditors, Executive Board Meeting 15/113, December 8, 2015

  • 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

  • The Chair’s Summing Up Temporary Modification to the Fund’s Annual Access Limits, Executive Board Meeting 20/75, July 13, 2020

  • 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—Review of Exceptional Access Policy, Executive Board Meeting 04/36, April 14, 2004

  • 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—Access Policy in Capital Account Crises, Executive Board Meeting 02/94, September 6, 2002

  • The Acting Chair’s Summing Up—The Fund’s Lending Framework and Sovereign Debt—Further Considerations, Executive Board Meeting 16/4, January 20, 2016

  • Emergency Financing Mechanism and Post-Program Monitoring

  • Summing Up by the Chairman—Emergency Financing Mechanism, Executive Board Meeting 95/85, September 12, 1995

  • Streamlining Procedures for Board Consideration of the Fund’s Emergency Financing During Exceptional Circumstances Involving a Pandemic—Pandemic Emergency Procedures

  • Post-Program Monitoring

  • The Acting Chair’s Summing Up—Strengthening the Framework for Post-Program Monitoring, Executive Board Meeting 16/51, July 1, 2016

  • 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 and SLL

  • 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

  • Implementation of Burden Sharing in FY 2001

  • Burden Sharing—Implementation in FY 2007

  • Review of the Fund’s Income Position for FY 2018 and FY 2019-2020—The Rate of Charge on the Use of Fund Resources for FY 2019 and FY 2020

  • 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—List of Eligible Members and Amounts of Assistance

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

  • 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

  • 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

  • New Arrangements to Borrow

  • New Arrangements to Borrow—Amendments and Changes to Credit Arrangements

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

  • 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 Chair’s Summing Up—Maintaining Access to Bilateral Borrowing and Review of the Borrowing Guidelines, Executive Board Meeting 20/32, March 30, 2020

  • 2016 Borrowing Agreements—One-Year Extension of Terms

  • 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

  • Statement to Members Transmitting Fund’s Decisions on Multiple Currency Practices

  • Multiple Currency Practices

  • The Acting Chair’s Summing Up—Review of the Fund’s Policy on Multiple Currency Practices—Initial Considerations, Executive Board Meeting 19/8, February 1, 2019

  • 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

  • The Special Data Dissemination Standard (SDDS), the SDDS Plus, and the Enhanced General Data Dissemination Standard (e-GDDS).

  • 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

  • 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

  • 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—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

  • 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 Chairman’s Summing Up—Collaboration between Regional Financing Arrangements and the IMF, Executive Board Meeting 17/68, July 26, 2017

  • The Exchange of Documents Between the Fund and Regional Financing Arrangements

  • ARTICLE XII, SECTION 3

  • Executive 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

  • 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

  • The Investment Account—Introducing Private Fixed Income in the Endowment Subaccount

  • The Acting Chair’s Summing Up Review of the Investment Account, Executive Board Meeting 18/17, March 6, 2018

  • 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

  • 2018-19 Review of the Fund’s Transparency Policy

  • Web Posting of Poverty Reduction Strategy Papers

  • 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

  • Summings Up for Internal Purposes on Use of Fund Resources

  • 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

  • The Chairman’s Summing Up—Review of the Method of Valuation of the SDR, Executive Board Meeting 15/109, November 30, 2015

  • Review of the Method of Valuation of the SDR—Freely Usable Currency—Renminbi

  • Review of the Method of Valuation of the SDR—Method of SDR Valuation and Amendment of Rule T-1(c)

  • Review of the Method of Valuation of the SDR—Amendment to Rule O-1

  • 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 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

  • The Chairman’s Summing Up—Considerations on the Role of the SDR, Executive Board Meeting 18/27, March 30, 2018

  • 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 2018 and FY 2019-2020—Assessment Under Article XX, Section 4 for FY 2018

  • ARTICLE XXVI

  • Remedial Measures on Overdue Financial Obligations to the 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 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

  • Other remedial measures

  • 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

  • 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

  • Public Disclosure of Fund Statements for 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)

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