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International Monetary Fund

Abstract

This chapter provide details of the proposed Third Amendment of the Articles of Agreement of the IMF. This paper also examines the conditions for the imposition of suspension of voting and related rights of a member, then the consequences of suspension, and finally the conditions and effects of a termination of suspension. The Fund's Articles of Agreement empowers the Fund to declare a member ineligible to use the general resources of the Fund if the member fails to fulfil any of its obligations under the Articles. The commentary in the chapter analyzes the proposed amendment and describes the main aspects of the new power that would be conferred upon the Fund. The chapter also describes the procedure for the adoption of the proposed amendment. It proposes a resolution for adoption by the Board of Governors.

International Monetary Fund

Abstract

The adequacy of international liquidity became a problem of increasing concern to the international community during the 1960's. In response, the IMF proposed a new facility, based on Special Drawing Rights, which took effect on October 3, 1969. This new facility, referred to in this publication, was established within the Fund as its Special Drawing Account, through which the new supplement to reserve assets, in the form of special drawing rights, could be allocated.