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International Monetary Fund

Abstract

This paper presents Selected Decisions and Selected Documents’ Supplement to Eighth issue of the IMF. This volume, which is presented as a Supplement to the Eighth Issue of Selected Decisions of the IMF and Selected Documents includes general decisions adopted by the IMF since May 10, 1976, the date of publication of the Eighth Issue. Some of these decisions were adopted in connection with the Second Amendment of the IMF's Articles of Agreement that took effect on April 1, 1978. All references to the Articles and to the By-Laws, Rules and Regulations in this Supplement are to the Articles of Agreement as modified by the Second Amendment and to the By-Laws, Rules and Regulations of the Thirty-Fifth Issue, July 1, 1978, respectively, unless indicated otherwise. The IMF has not yet completed the process of making the modifications in existing decisions, and adopting the new decisions, that are required in connection with the Second Amendment. The Ninth Issue of this collection will be published as soon as this task of adaptation is complete. It will include the decisions in the Eighth Issue that remain in effect, the decisions in this Supplement, and any further decisions that are adopted. Meanwhile, in view of the accumulation of new and modified decisions, there is need for this Supplement.

International Monetary Fund

Abstract

In order to enable the International Monetary Fund to fulfill more effectively its role in the international monetary system in the new conditions of widespread convertibility, including greater freedom for short-term capital movements, the main industrial countries have agreed that they will, in a spirit of broad and willing cooperation, strengthen the Fund by general arrangements under which they will stand ready to lend their currencies to the Fund up to specified amounts under Article VII, Section 1 of the Articles of Agreement when supplementary resources are needed to forestall or cope with an impairment of the international monetary system in the aforesaid conditions. In order to give effect to these intentions, the following terms and conditions are adopted under Article VII, Section 1 of the Articles of Agreement.

International Monetary Fund

Abstract

For the purpose of applying Rule 1-4 (b), decreases in the Fund’s holdings of a currency that do not reduce balances subject to Rule 1-7(1), (2), (4), or (6) shall reduce balances subject to Rule 1-7(5) (b) after balances subject to Rule 1-7(5) (a) have been eliminated.

International Monetary Fund

Abstract

1. The procedure set forth in Section 2 of SM/78/81 [attached] for the initial notification within 30 days after the date of the Second Amendment by each member of the exchange arrangements it intends to apply is approved.

International Monetary Fund

Abstract

With effect from the date of the Second Amendment of the Fund’s Articles, purchases after that date under the Buffer Stock Facility (Decision No. 2772-(69/47), June 25, 1969, as amended),* and holdings resulting from all purchases under the Facility, shall be excluded pursuant to Article XXX(c) (ii) for the purpose of the definition of “reserve tranche purchase.”

International Monetary Fund

Abstract

Pursuant to Article XXX(f), and after consultation with the members concerned, the Fund determines that until further notice the deutsche mark, French franc, Japanese yen, pound sterling, and U.S. dollar are freely usable currencies.

International Monetary Fund

Abstract

1. Pursuant to Article V, Section 3(f), the Fund agrees that a participant that requests a purchase under Article V, Section 3, may obtain SDRs in that purchase from the General Resources Account to promote reconstitution under Article XIX, Section 6(a) and Schedule G, paragraph 1(a). The maximum amount of SDRs that may be obtained in this way shall be the sum of (i) the largest single amount most recently notified to the participant under Rule R-3 or calculated for acquisition in the final month of a reconstitution period, taking into account the proposed date of acquisition, (ii) the total amount of any charges to be paid in SDRs to the General Resources Account prior to the next calculation under Rule R-2 and (iii) obligations under Schedule B, paragraphs 1 and 2 that must be discharged in SDRs by the participant prior to the next calculation under Rule R-2. This maximum amount will be reduced by any net acquisition of SDRs other than by way of allocation subsequent to the date of the calculation.

International Monetary Fund

Abstract

1. In applying the first sentence of Article V, Section 7(b) of the Second Amendment the Fund will be guided by the Summary of Guidelines attached to this decision.

International Monetary Fund

Abstract

1. The procedure set forth in Section 2 of SM/78/81 [attached] for the initial notification within 30 days after the date of the Second Amendment by each member of the exchange arrangements it intends to apply is approved.