This paper discusses enhanced structural adjustment facility trust—borrowing agreement. The Trustee may make drawings under this agreement at any time during the period from the effective date of this agreement through December 31, 1999, upon giving the Government of Canada at least five business days (Washington, D.C.) notice. If any instalment of principal or interest is not paid to the Government of China within a period of 10 days after its due date, the Trustee shall not make further drawings under this agreement pending consultations with the Government of China on this matter. Upon request, the Trustee shall issue to the Government of China a non-negotiable certificate evidencing its claim on the Trust resulting from a drawing outstanding under this agreement. By agreement between the Government of China and the Trustee, any drawing or part thereof may be repaid by the Trustee at any time in advance of maturity.
This paper analyses several IMF’s selected decisions of the Executive Board and selected documents. The Executive Board has reviewed the procedures relating to the IMF's surveillance over members' exchange rate policies. Whenever the Managing Director considers that important economic or financial developments are likely to affect a member's exchange rate policies or the behavior of the exchange rate of its currency, he shall initiate informally and confidentially a discussion with the member. A staff report will be circulated to the Executive Directors under cover of a note from the Secretary specifying a tentative date for Executive Board discussion which will be at least 15 days later than the date upon which the report is circulated. The bicyclic consultation procedure shall be terminated and each member currently on the bicyclic procedure shall be immediately placed on the standard 12-month cycle; the first consultation with each such member that is completed after the adoption of this decision shall be conducted in accordance with the procedures that apply to consultations under the standard 12-month cycle, and the deadline for completion that applied under the bicyclic procedure shall continue to apply to such consultation.
This paper discusses several IMF’s selected decisions of the Executive Board and selected documents. The procedures set forth in Section IV of SM/77/277 are approved, and members shall be guided by the considerations in Section IV with respect to the prompt notification of any changes in their exchange arrangements. Once the procedures for initial notification have been clarified, only a few issues remain to be dealt with in respect of subsequent notifications. One of these is the question of what would constitute a change in an exchange arrangement requiring notification. Upon receipt of notification of a change in exchange arrangements from a member the IMF staff would circulate it to the Executive Board. If the Board wishes, it could continue to be the normal practice that whenever a change is significant, its communication to the Board would be followed promptly by a staff paper describing the context of the change in policy and giving the IMF staff's assessment.
This paper reports several IMF’s selected decisions of the Executive Board and selected documents. The Executive Board approves the draft “Guidelines for Determining the Amount of Reserve Assets to Be Paid in Connection with Subscriptions” set forth. These guidelines shall be considered by a Committee of the Executive Board established to consider an application for membership in the IMF or to consider a request for an increase in quota that is made outside the framework of a general review of quotas. A reasonable approximation of the amount of the subscription that has been paid in reserve assets in the past is the average of all reserve assets actually paid in terms of the quotas of all members, rather than the proportions paid in the past by individual members. In determining the amount of the reserve asset payment, account should also be taken of the effect the size of such payment would have on the remuneration that might be payable to the new member.
This paper presents several IMF’s selected decisions of the Executive Board and selected documents. The Executive Board approves the draft Guidelines for Determining the Amount of Reserve Assets to Be Paid in Connection with Subscriptions set forth. These guidelines shall be considered by a Committee of the Executive Board established to consider an application for membership in the IMF or to consider a request for an increase in quota that is made outside the framework of a general review of quotas. The amount of the subscription to be paid in reserve assets shall be determined in the light of all the payments of reserve assets made by existing members and the country's external reserve position at the time of membership. Considering the asset payments made by all members in connection with the Sixth General Review of Quotas and adding them to the sum of asset payments taken as the equivalent of 25 per cent of total quotas as of the date of the Second Amendment, the reserve asset payments made by all members average 20 per cent of present quotas.