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International Monetary Fund. Secretary's Department

Abstract

I join you, Mr. Chairman, in expressing sincere thanks to the Governor for the United States for his cordial welcome to our deliberations and for his kind personal words to me. I am delighted to hear that the President will be addressing us this afternoon. I wish also to extend a welcome to the Governors for Maldives, Suriname, and the Solomon Islands, which have become members since last we met. In addition, I would like to express my satisfaction with the fact that an Executive Director from Saudi Arabia—a member which has contributed substantially to Fund financing—will shortly join the Executive Board of the Fund.

International Monetary Fund. Secretary's Department

Abstract

Other Members: Australia, Bolivia, Burma, China, France, Greece, India, the United Kingdom, and the United States

International Monetary Fund

Abstract

1. This agreement, which is entered into by the United Nations pursuant to the provisions of Article 63 of its Charter, and by the International Monetary Fund (hereinafter called the Fund), pursuant to the provisions of Article X of its Articles of Agreement, is intended to define the terms on which the United Nations and the Fund shall be brought into relationship.

International Monetary Fund

Abstract

Pursuant to Article XVIII, Section 2(d), it is decided that members that have, or will, become participants in the Special Drawing Rights Department between January 1, 1978 and December 31, 1978 and have informed the Fund that they wish to receive allocations of special drawing rights during the third basic period shall receive allocations in accordance with the Resolution of the Board of Governors on allocations of special drawing rights for the third basic period.

International Monetary Fund

Abstract

After consultation with the European Monetary Cooperation Fund, the representative rate for the ECU in terms of the SDR under Article XIX, Section 7(a) and Rule O–2 shall be obtained by using the reciprocal of the U.S. dollar equivalent of the ECU as calculated and published by the European Commission and the SDR equivalent of one US. dollar as calculated and published by the Fund for the same day. If both these rates for the U.S. dollar are not available for the same day, the rates for the next preceding day on which both rates are available will be used. The rate determined by this method shall be applied in connection with a transfer of SDRs as part of the settlement of a member’s debt with the European Monetary Cooperation Fund. The European Monetary Cooperation Fund and the Fund will consult concerning any change in the method of calculating the representative rate for the ECU in terms of the SDR.

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. Secretary's Department

Abstract

Mr. Chairman, Mr. de Larosière, Mr. McNamara, fellow Governors, distinguished guests: President Carter will attend our meeting this afternoon and welcome you to Washington on behalf of the American people. But if I may, I would like to extend to you a personal welcome this morning. It is a pleasure and honor for the United States to host once again these important Annual Meetings of the World Bank and the International Monetary Fund.