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International Monetary Fund

Abstract

This paper discusses several IMF’s selected decisions of the Executive Board and selected documents. The Executive Directors of the IMF interpret the Articles of Agreement to mean that authority to use the resources of the IMF is limited to use in accordance with its purposes to give temporary assistance in financing balance-of-payments deficits on current account for monetary stabilization operations. This volume is the Twelfth Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF to which frequent reference is made in the current activities of the IMF. In addition, the volume contains certain documents relating to the IMF and the United Nations. With few exceptions, the decisions are of a general nature and relate to certain obligations, policies, and procedures under the Articles of Agreement. This issue contains most of the decisions published in the Eleventh Issue that remain in effect, as well as new general decisions adopted after the publication of the Eleventh Issue. Decisions of the IMF that are incorporated in the Rules and Regulations are not reproduced in this volume.

International Monetary Fund

Abstract

This paper focuses on Procedures for Surveillance contained in the document entitled “Surveillance over Exchange Rate Policies” attached to Decision No. 5392-(77/63), adopted April 29, 1977, as amended. The Executive Board shall review the general implementation of the IMF’s surveillance over members’ exchange rate policies at intervals of two years and at such other times as consideration of it is placed on the agenda of the Executive Board. The Executive Board would adopt, without discussion, a decision approving the conclusions set forth in the staff report. The Executive Board would adopt, without discussion, a decision completing the consideration of a staff report by the Executive Directors. Hence, the Executive Board would take note of the staff report, but would not approve any conclusions set forth in the report. The Executive Board would not adopt any decision. The IMF adopts the Instrument to Establish the Enhanced Structural Adjustment Facility Trust that is annexed to this Decision.

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.