Selected Documents Relating to the Fund, the United Nations, and Other International Organizations
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International Monetary Fund
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Print Publication Date:
08 Nov 2001
Keywords:
SELD; sc; fund; State party; specialized agency; Malagasy government; WTO secretariat; authorities of a State; International trade organizations; Communications in revenue administration; General Agreement on Tariffs and Trade; Legal support in revenue administration; Dispute resolution; Global
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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.

A. Agreement Between the United Nations and the International Monetary Fund1

Article I

General

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.

2. The Fund is a specialized agency established by agreement among its member governments and having wide international responsibilities, as defined in its Articles of Agreement, in economic and related fields within the meaning of Article 57 of the Charter of the United Nations. By reason of the nature of its international responsibilities and the terms of its Articles of Agreement, the Fund is, and is required to function as, an independent international organization.

3. The United Nations and the Fund are subject to certain necessary limitations for the safeguarding of confidential material furnished to them by their members or others, and nothing in this agreement shall be construed to require either of them to furnish any information the furnishing of which would, in its judgment, constitute a violation of the confidence of any of its members or anyone from whom it shall have received such information, or which would otherwise interfere with the orderly conduct of its operations.

Article II

Reciprocal Representation

1. Representatives of the United Nations shall be entitled to attend, and to participate without vote in, meetings of the Board of Governors of the Fund. Representatives of the United Nations shall be invited to participate without vote in meetings especially called by the Fund for the particular purpose of considering the United Nations point of view in matters of concern to the United Nations.

2. Representatives of the Fund shall be entitled to attend meetings of the General Assembly of the United Nations for purposes of consultation.

3. Representatives of the Fund shall be entitled to attend, and to participate without vote in, meetings of the committees of the General Assembly, meetings of the Economic and Social Council, of the Trusteeship Council and of their respective subsidiary bodies, dealing with matters in which the Fund has an interest.

4. Sufficient advance notice of these meetings and their agenda shall be given so that, in consultation, arrangements can be made for adequate representation.

Article III

Proposal of Agenda Items

In preparing the agenda for meetings of the Board of Governors, the Fund will give due consideration to the inclusion in the agenda of items proposed by the United Nations. Similarly, the Council and its commissions and the Trusteeship Council will give due consideration to the inclusion in their agenda of items proposed by the Fund.

Article IV

Consultation and Recommendations

1. The United Nations and the Fund shall consult together and exchange views on matters of mutual interest.

2. Neither organization, nor any of their subsidiary bodies, will present any formal recommendations to the other without reasonable prior consultation with regard thereto. Any formal recommendations made by either organization after such consultation will be considered as soon as possible by the appropriate organ of the other.

Article V

Exchange of Information

The United Nations and the Fund will, to the fullest extent practicable and subject to paragraph 3 of Article I, arrange for the current exchange of information and publications of mutual interest, and the furnishing of special reports and studies upon request.

Article VI

Security Council

1. The Fund takes note of the obligation assumed, under paragraph 2 of Article 48 of the United Nations Charter, by such of its members as are also Members of the United Nations, to carry out the decisions of the Security Council through their action in the appropriate specialized agencies of which they are members, and will, in the conduct of its activities, have due regard for decisions of the Security Council under Articles 41 and 42 of the United Nations Charter.

2. The Fund agrees to assist the Security Council by furnishing to it information in accordance with the provisions of Article V of this agreement.

Article VII

Assistance to the Trusteeship Council

The Fund agrees to co-operate with the Trusteeship Council in the carrying out of its functions by furnishing information and technical assistance upon request, and in such other similar ways as may be consistent with the Articles of Agreement of the Fund.

Article VIII

International Court of Justice

The General Assembly of the United Nations hereby authorizes the Fund to request advisory opinions of the International Court of Justice on any legal questions arising within the scope of the Fund’s activities other than questions relating to the relationship between the Fund and the United Nations or any specialized agency. Whenever the Fund shall request the Court for an advisory opinion, the Fund will inform the Economic and Social Council of the request.

Article IX

Statistical Services

1. In the interests of efficiency and for the purpose of reducing the burden on national Governments and other organizations, the United Nations and the Fund agree to co-operate in eliminating unnecessary duplication in the collection, analysis, publication and dissemination of statistical information.

2. The Fund recognizes the United Nations as the central agency for the collection, analysis, publication, standardization and improvement of statistics serving the general purposes of international organizations, without prejudice to the right of the Fund to concern itself with any statistics so far as they may be essential for its own purposes.

3. The United Nations recognizes the Fund as the appropriate agency for the collection, analysis, publication, standardization and improvement of statistics within its special sphere, without prejudice to the right of the United Nations to concern itself with any statistics so far as they may be essential for its own purposes.

4. (a) In its statistical activities the Fund agrees to give full consideration to the requirements of the United Nations and of the specialized agencies.

(b) In its statistical activities the United Nations agrees to give full consideration to the requirements of the Fund.

5. The United Nations and the Fund agree to furnish each other promptly with all their non-confidential statistical information.

Article X

Administrative Relationships

1. The United Nations and the Fund will consult from time to time concerning personnel and other administrative matters of mutual interest, with a view to securing as much uniformity in these matters as they shall find practicable and to assuring the most efficient use of the services and facilities of the two organizations. These consultations shall include determination of the most equitable manner in which special services furnished by one organization to the other should be financed.

2. To the extent consistent with the provisions of this agreement, the Fund will participate in the work of the Coordination Committee and its subsidiary bodies.

3. The Fund will furnish to the United Nations copies of the annual report and the quarterly financial statements prepared by the Fund pursuant to Section 7(a) of Article XII of its Articles of Agreement. The United Nations agrees that, in the interpretation of paragraph 3 of Article 17 of the United Nations Charter it will take into consideration that the Fund does not rely for its annual budget upon contributions from its members, and that the appropriate authorities of the Fund enjoy full autonomy in deciding the form and content of such budget.

4. The officials of the Fund shall have the right to use the laissez-passer of the United Nations in accordance with special arrangements to be negotiated between the Secretary-General of the United Nations and the competent authorities of the Fund.

Article XI

Agreements with other Organizations

The Fund will inform the Economic and Social Council of any formal agreement which the Fund shall enter into with any specialized agency, and in particular agrees to inform the Council of the nature and scope of any such agreement before it is concluded.

Article XII

Liaison

1. The United Nations and the Fund agree to the foregoing provisions in the belief that they will contribute to the maintenance of effective co-operation between the two organizations. Each agrees that it will establish within its own organization such administrative machinery as may be necessary to make the liaison, as provided for in this agreement, fully effective.

2. The arrangements provided for in the foregoing articles of this agreement shall apply, as far as is appropriate, to relations between such branch or regional offices as may be established by the two organizations, as well as between their central machinery.

Article XIII

Miscellaneous

1. The Secretary-General of the United Nations and the Managing Director of the Fund are authorized to make such supplementary arrangements as they shall deem necessary or proper to carry fully into effect the purposes of this agreement.

2. This agreement shall be subject to revision by agreement between the United Nations and the Fund from the date of its entry into force.

3. This agreement may be terminated by either party thereto on six months’ written notice to the other party, and thereupon all rights and obligations of both parties hereunder shall cease.

4. This agreement shall come into force when it shall have been approved by the General Assembly of the United Nations and the Board of Governors of the Fund.

B. United Nations Convention on the Privileges and Immunities of the Specialized Agencies and Annex V1

Whereas the General Assembly of the United Nations adopted on 13 February 1946 a resolution contemplating the unification as far as possible of the privileges and immunities enjoyed by the United Nations and by the various specialized agencies; and

Whereas consultations concerning the implementation of the aforesaid resolution have taken place between the United Nations and the specialized agencies;

Consequently, by resolution 179(II) adopted on 21 November 1947, the General Assembly has approved the following Convention, which is submitted to the specialized agencies for acceptance and to every Member of the United Nations and to every other State member of one or more of the specialized agencies for accession.

Article I Definition and Scope

Section 1

In this Convention:

(i) The words “standard clauses” refer to the provisions of Articles II to IX.

(ii) The words “specialized agencies” mean:

  • (a) The International Labour Organisation;

  • (b) The Food and Agriculture Organization of the United Nations;

  • (c) The United Nations Educational, Scientific and Cultural Organization;

  • (d) The International Civil Aviation Organization;

  • (e) The International Monetary Fund;

  • (f) The International Bank for Reconstruction and Development;

  • (g) The World Health Organization; (h) The Universal Postal Union;

  • (i) The International Telecommunication Union; and

  • (j) Any other agency in relationship with the United Nations in accordance with Articles 57 and 63 of the Charter.

(iii) The word “Convention” means, in relation to any particular specialized agency, the standard clauses as modified by the final (or revised) text of the annex transmitted by that agency in accordance with Sections 36 and 38.

(iv) For the purposes of Article III, the words “property and assets” shall also include property and funds administered by a specialized agency in furtherance of its constitutional functions.

(v) For the purposes of Articles V and VII, the expression “representatives of members” shall be deemed to include all representatives, alternates, advisers, technical experts and secretaries of delegations.

(vi) In Sections 13, 14, 15 and 25, the expression “meetings convened by a specialized agency” means meetings: (1) of its assembly and of its executive body (however designated), and (2) of any commission provided for in its constitution; (3) of any international conference convened by it; and (4) of any committee of any of these bodies.

(vii) The term “executive head” means the principal executive official of the specialized agency in question, whether designated “Director-General” or otherwise.

Section 2

Each State party to this Convention in respect of any specialized agency to which this Convention has become applicable in accordance with Section 37 shall accord to, or in connexion with, that agency the privileges and immunities set forth in the standard clauses on the conditions specified therein, subject to any modification of those clauses contained in the provisions of the final (or revised) annex relating to that agency and transmitted in accordance with Sections 36 or 38.

Article II Juridical Personality

Section 3

The specialized agencies shall possess juridical personality. They shall have the capacity (a) to contract, (b) to acquire and dispose of immovable and movable property, (c) to institute legal proceedings.

Article III Property, Funds and Assets

Section 4

The specialized agencies, their property and assets, wherever located and by whomsoever held, shall enjoy immunity from every form of legal process except in so far as in any particular case they have expressly waived their immunity. It is, however, understood that no waiver of immunity shall extend to any measure of execution.

Section 5

The premises of the specialized agencies shall be inviolable. The property and assets of the specialized agencies, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation and any other form of interference, whether by executive, administrative, judicial or legislative action.

Section 6

The archives of the specialized agencies, and in general all documents belonging to them or held by them, shall be inviolable, wherever located.

Section 7

Without being restricted by financial controls, regulations or moratoria of any kind:

  • (a) The specialized agencies may hold funds, gold or currency of any kind and operate accounts in any currency;

  • (b) The specialized agencies may freely transfer their funds, gold or currency from one country to another or within any country and convert any currency held by them into any other currency.

Section 8

Each specialized agency shall, in exercising its rights under Section 7 above, pay due regard to any representations made by the Government of any State party to this Convention in so far as it is considered that effect can be given to such representations without detriment to the interests of the agency.

Section 9

The specialized agencies, their assets, income and other property shall be:

  • (a) Exempt from all direct taxes; it is understood, however, that the specialized agencies will not claim exemption from taxes which are, in fact, no more than charges for public utility services;

  • (b) Exempt from customs duties and prohibitions and restrictions on imports and exports in respect of articles imported or exported by the specialized agencies for their official use; it is understood, however, that articles imported under such exemption will not be sold in the country into which they were imported except under conditions agreed to with the Government of that country;

  • (c) Exempt from duties and prohibitions and restrictions on imports and exports in respect of their publications.

Section 10

While the specialized agencies will not, as a general rule, claim exemption from excise duties and from taxes on the sale of movable and immovable property which forms part of the price to be paid, nevertheless when the specialized agencies are making important purchases for official use of property on which such duties and taxes have been charged or are chargeable, States parties to this Convention will, whenever possible, make appropriate administrative arrangements for the remission or return of the amount of duty or tax.

Article IV Facilities in Respect of Communications

Section 11

Each specialized agency shall enjoy, in the territory of each State party to this Convention in respect of that agency, for its official communications, treatment not less favourable than that accorded by the Government of such State to any other Government, including the latter’s diplomatic mission, in the matter of priorities, rates and taxes on mails, cables, telegrams, radiograms, telephotos, telephone and other communications, and press rates for information to the press and radio.

Section 12

No censorship shall be applied to the official correspondence and other official communications of the specialized agencies.

The specialized agencies shall have the right to use codes and to dispatch and receive correspondence by courier or in sealed bags, which shall have the same immunities and privileges as diplomatic couriers and bags.

Nothing in this section shall be construed to preclude the adoption of appropriate security precautions to be determined by agreement between a State party to this Convention and a specialized agency.

Article V Representatives of Members

Section 13

Representatives of members at meetings convened by a specialized agency shall, while exercising their functions and during their journeys to and from the place of meeting, enjoy the following privileges and immunities:

(a) Immunity from personal arrest or detention and from seizure of their personal baggage, and in respect of words spoken or written and all acts done by them in their official capacity, immunity from legal process of every kind;

(b) Inviolability for all papers and documents;

(c) The right to use codes and to receive papers or correspondence by courier or in sealed bags;

(d) Exemption in respect of themselves and their spouses from immigration restrictions, aliens’ registration or national service obligations in the State which they are visiting or through which they are passing in the exercise of their functions;

(e) The same facilities in respect of currency or exchange restrictions as are accorded to representatives of foreign Governments on temporary official missions;

(f) The same immunities and facilities in respect of their personal baggage as are accorded to members of comparable rank of diplomatic missions.

Section 14

In order to secure for the representatives of members of the specialized agencies at meetings convened by them complete freedom of speech and complete independence in the discharge of their duties, the immunity from legal process in respect of words spoken or written and all acts done by them in discharging their duties shall continue to be accorded, notwithstanding that the persons concerned are no longer engaged in the discharge of such duties.

Section 15

Where the incidence of any form of taxation depends upon residence, periods during which the representatives of members of the specialized agencies at meetings convened by them are present in a member State for the discharge of their duties shall not be considered as periods of residence.

Section 16

Privileges and immunities are accorded to the representatives of members, not for the personal benefit of the individuals themselves, but in order to safeguard the independent exercise of their functions in connexion with the specialized agencies. Consequently, a member not only has the right but is under a duty to waive the immunity of its representatives in any case where, in the opinion of the member, the immunity would impede the course of justice, and where it can be waived without prejudice to the purpose for which the immunity is accorded.

Section 17

The provisions of Sections 13, 14 and 15 are not applicable in relation to the authorities of a State of which the person is a national or of which he is or has been a representative.

Article VI Officials

Section 18

Each specialized agency will specify the categories of officials to which the provisions of this Article and of Article VIII shall apply. It shall communicate them to the Governments of all States parties to this Convention in respect of that agency and to the Secretary-General of the United Nations. The names of the officials included in these categories shall from time to time be made known to the above-mentioned Governments.

Section 19

Officials of the specialized agencies shall:

(a) Be immune from legal process in respect of words spoken or written and all acts performed by them in their official capacity;

(b) Enjoy the same exemptions from taxation in respect of the salaries and emoluments paid to them by the specialized agencies and on the same conditions as are enjoyed by officials of the United Nations;

(c) Be immune, together with their spouses and relatives dependent on them, from immigration restrictions and alien registration;

(d) Be accorded the same privileges in respect of exchange facilities as are accorded to officials of comparable rank of diplomatic missions;

(e) Be given, together with their spouses and relatives dependent on them, the same repatriation facilities in time of international crises as officials of comparable rank of diplomatic missions;

(f) Have the right to import free of duty their furniture and effects at the time of first taking up their post in the country in question.

Section 20

The officials of the specialized agencies shall be exempt from national service obligations, provided that in relation to the States of which they are nationals, such exemption shall be confined to officials of the specialized agencies whose names have, by reason of their duties, been placed upon a list compiled by the executive head of the specialized agency and approved by the State concerned.

Should other officials of specialized agencies be called up for national service, the State concerned shall, at the request of the specialized agency concerned, grant such temporary deferments in the call-up of such officials as may be necessary to avoid interruption in the continuation of essential work.

Section 21

In addition to the immunities and privileges specified in Sections 19 and 20, the executive head of each specialized agency, including any official acting on his behalf during his absence from duty, shall be accorded in respect of himself, his spouse and minor children, the privileges and immunities, exemptions and facilities accorded to diplomatic envoys, in accordance with international law.

Section 22

Privileges and immunities are granted to officials in the interests of the specialized agencies only and not for personal benefit of the individuals themselves. Each specialized agency shall have the right and the duty to waive immunity of any official in any case where, in its opinion, the immunity would impede the course of justice and can be waived without prejudice to the interests of the specialized agency.

Section 23

Each specialized agency shall co-operate at all times with the appropriate authorities of member States to facilitate the proper administration of justice, secure the observance of police regulations and prevent the occurrence of any abuses in connexion with the privileges, immunities and facilities mentioned in this article.

Article VII Abuses of Privilege

Section 24

If any State party to this Convention considers that there has been an abuse of a privilege or immunity conferred by this Convention, consultations shall be held between that State and the specialized agency concerned to determine whether any such abuse has occurred and, if so, to attempt to ensure that no repetition occurs. If such consultations fail to achieve a result satisfactory to the State and the specialized agency concerned, the question whether an abuse of a privilege or immunity has occurred shall be submitted to the International Court of Justice in accordance with Section 32. If the International Court of Justice finds that such an abuse has occurred, the State party to this Convention affected by such abuse shall have the right, after notification to the specialized agency in question, to withhold from the specialized agency concerned the benefits of the privilege or immunity so abused.

Section 25

1. Representatives of members at meetings convened by specialized agencies, while exercising their functions and during their journeys to and from the place of meeting, and officials within the meaning of Section 18, shall not be required by the territorial authorities to leave the country in which they are performing their functions on account of any activities by them in their official capacity. In the case, however, of abuse of privileges of residence committed by any such person in activities in that country outside his official functions, he may be required to leave by the Government of that country provided that:

2. (I) Representatives of members, or persons who are entitled to diplomatic immunity under Section 21, shall not be required to leave the country otherwise than in accordance with the diplomatic procedure applicable to diplomatic envoys accredited to that country.

(II) In the case of an official to whom Section 21 is not applicable, no order to leave the country shall be issued other than with the approval of the Foreign Minister of the country in question, and such approval shall be given only after consultation with the executive head of the specialized agency concerned; and, if expulsion proceedings are taken against an official, the executive head of the specialized agency shall have the right to appear in such proceedings on behalf of the person against whom they are instituted.

Article VIII Laissez-Passer

Section 26

Officials of the specialized agencies shall be entitled to use the United Nations laissez-passer in conformity with administrative arrangements to be concluded between the Secretary-General of the United Nations and the competent authorities of the specialized agencies, to which agencies special powers to issue laissez-passer may be delegated. The Secretary-General of the United Nations shall notify each State party to this Convention of each administrative arrangement so concluded.

Section 27

States parties to this Convention shall recognize and accept the United Nations laissez-passer issued to officials of the specialized agencies as valid travel documents.

Section 28

Applications for visas, where required, from officials of specialized agencies holding United Nations laissez-passer when accompanied by a certificate that they are travelling on the business of a specialized agency, shall be dealt with as speedily as possible. In addition, such persons shall be granted facilities for speedy travel.

Section 29

Similar facilities to those specified in Section 28 shall be accorded to experts and other persons who, though not the holders of United Nations laissez-passer, have a certificate that they are travelling on the business of a specialized agency.

Section 30

The executive heads, assistant executive heads, heads of departments and other officials of a rank not lower than head of department of the specialized agencies, travelling on United Nations laissez-passer on the business of the specialized agencies, shall be granted the same facilities for travel as are accorded to officials of comparable rank in diplomatic missions.

Article IX Settlement of Disputes

Section 31

Each specialized agency shall make provision for appropriate modes of settlement of:

(a) Disputes arising out of contracts or other disputes of private character to which the specialized agency is a party;

(b) Disputes involving any official of a specialized agency who by reason of his official position enjoys immunity, if immunity has not been waived in accordance with the provisions of Section 22.

Section 32

All differences arising out of the interpretation or application of the present Convention shall be referred to the International Court of Justice unless in any case it is agreed by the parties to have recourse to another mode of settlement. If a difference arises between one of the specialized agencies on the one hand, and a member on the other hand, a request shall be made for an advisory opinion on any legal question involved in accordance with Article 96 of the Charter and Article 65 of the Statute of the Court and the relevant provisions of the agreements concluded between the United Nations and the specialized agency concerned. The opinion given by the Court shall be accepted as decisive by the parties.

Article X Annexes and Application to Individual Specialized Agencies

Section 33

In their application to each specialized agency, the standard clauses shall operate subject to any modifications set forth in the final (or revised) text of the annex relating to that agency, as provided in Sections 36 and 38.

Section 34

The provisions of the Convention in relation to any specialized agency must be interpreted in the light of the functions with which that agency is entrusted by its constitutional instrument.

Section 35

Draft annexes I to IX are recommended to the specialized agencies named therein. In the case of any specialized agency not mentioned by name in Section 1, the Secretary-General of the United Nations shall transmit to the agency a draft annex recommended by the Economic and Social Council.

Section 36

The final text of each annex shall be that approved by the specialized agency in question in accordance with its constitutional procedure. A copy of the annex as approved by each specialized agency shall be transmitted by the agency in question to the Secretary-General of the United Nations and shall thereupon replace the draft referred to in Section 35.

Section 37

The present Convention becomes applicable to each specialized agency when it has transmitted to the Secretary-General of the United Nations the final text of the relevant annex and has informed him that it accepts the standard clauses, as modified by this annex, and undertakes to give effect to Sections 8, 18, 22, 23, 24, 31, 32, 42 and 45 (subject to any modification of Section 32 which may be found necessary in order to make the final text of the annex consonant with the constitutional instrument of the agency) and any provisions of the annex placing obligations on the agency. The Secretary-General shall communicate to all Members of the United Nations and to other States members of the specialized agencies certified copies of all annexes transmitted to him under this section and of revised annexes transmitted under Section 38.

Section 38

If, after the transmission of a final annex under Section 36, any specialized agency approves any amendments thereto in accordance with its constitutional procedure, a revised annex shall be transmitted by it to the Secretary-General of the United Nations.

Section 39

The provisions of this Convention shall in no way limit or prejudice the privileges and immunities which have been, or may hereafter be, accorded by any State to any specialized agency by reason of the location in the territory of that State of its headquarters or regional offices. This Convention shall not be deemed to prevent the conclusion between any State party thereto and any specialized agency of supplemental agreements adjusting the provisions of this Convention or extending or curtailing the privileges and immunities thereby granted.

Section 40

It is understood that the standard clauses, as modified by the final text of an annex sent by a specialized agency to the Secretary-General of the United Nations under Section 36 (or any revised annex sent under Section 38), will be consistent with the provisions of the constitutional instrument then in force of the agency in question, and that if any amendment to that instrument is necessary for the purpose of making the constitutional instrument so consistent, such amendment will have been brought into force in accordance with the constitutional procedure of that agency before the final (or revised) annex is transmitted.

The Convention shall not itself operate so as to abrogate, or derogate from, any provisions of the constitutional instrument of any specialized agency or any rights or obligations which the agency may otherwise have, acquire, or assume.

Article XI Final Provisions

Section 41

Accession to this Convention by a Member of the United Nations and (subject to Section 42) by any State member of a specialized agency shall be effected by deposit with the Secretary-General of the United Nations of an instrument of accession which shall take effect on the date of its deposit.

Section 42

Each specialized agency concerned shall communicate the text of this Convention together with the relevant annexes to those of its members which are not Members of the United Nations and shall invite them to accede thereto in respect of that agency by depositing an instrument of accession to this Convention in respect thereof either with the Secretary-General of the United Nations or with the executive head of the specialized agency.

Section 43

Each State party to this Convention shall indicate in its instrument of accession the specialized agency or agencies in respect of which it undertakes to apply the provisions of this Convention. Each State party to this Convention may by subsequent written notification to the Secretary-General of the United Nations undertake to apply the provisions of this Convention to one or more further specialized agencies. This notification shall take effect on the date of its receipt by the Secretary-General.

Section 44

This Convention shall enter into force for each State party to this Convention in respect of a specialized agency when it has become applicable to that agency in accordance with Section 37 and the State party has undertaken to apply the provisions of the Convention to that agency in accordance with Section 43.

Section 45

The Secretary-General of the United Nations shall inform all Members of the United Nations, as well as all members of the specialized agencies, and executive heads of the specialized agencies, of the deposit of each instrument of accession received under Section 41 and of subsequent notifications received under Section 43. The executive head of a specialized agency shall inform the Secretary-General of the United Nations and the members of the agency concerned of the deposit of any instrument of accession deposited with him under Section 42.

Section 46

It is understood that, when an instrument of accession or a subsequent notification is deposited on behalf of any State, this State will be in a position under its own law to give effect to the terms of this Convention, as modified by the final texts of any annexes relating to the agencies covered by such accessions or notifications.

Section 47

1. Subject to the provisions of paragraphs 2 and 3 of this section, each State party to this Convention undertakes to apply this Convention in respect of each specialized agency covered by its accession or subsequent notification, until such time as a revised convention or annex shall have become applicable to that agency and the said State shall have accepted the revised convention or annex. In the case of a revised annex, the acceptance of States shall be by a notification addressed to the Secretary-General of the United Nations, which shall take effect on the date of its receipt by the Secretary-General.

2. Each State party to this Convention, however, which is not, or has ceased to be, a member of a specialized agency, may address a written notification to the Secretary-General of the United Nations and the executive head of the agency concerned to the effect that it intends to withhold from that agency the benefits of this Convention as from a specified date, which shall not be earlier than three months from the date of receipt of the notification.

3. Each State party to this Convention may withhold the benefit of this Convention from any specialized agency which ceases to be in relationship with the United Nations.

4. The Secretary-General of the United Nations shall inform all member States parties to this Convention of any notification transmitted to him under the provisions of this section.

Section 48

At the request of one-third of the States parties to this Convention, the Secretary-General of the United Nations will convene a conference with a view to its revision.

Section 49

The Secretary-General of the United Nations shall transmit copies of this Convention to each specialized agency and to the Government of each Member of the United Nations.

Annex V International Monetary Fund

In its application to the International Monetary Fund (hereinafter called “the Fund”), the Convention (including this annex) shall operate subject to the following provisions:

1. Section 32 of the standard clauses shall only apply to differences arising out of the interpretation or application of privileges and immunities which are derived by the Fund solely from this Convention and are not included in those which it can claim under its Articles of Agreement or otherwise.

2. The provisions of the Convention (including this annex) do not modify or amend or require the modification or amendment of the Articles of Agreement of the Fund or impair or limit any of the rights, immunities, privileges or exemptions conferred upon the Fund or any of its members, Governors, Executive Directors, alternates, officers or employees by the Articles of Agreement of the Fund, or by any statute, law or regulation of any member of the Fund or any political subdivision of any such member, or otherwise.

List of Members Which Have Accepted the UN Convention on Privileges and Immunities of the Specialized Agencies with Respect to the Fund as of June 30, 2000

* See Declarations and Reservations at the end of the list.

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Declarations and Reservations (Unless otherwise indicated, the declarations and reservations were made upon accession. For objections thereto, see hereinafter)

Bahrain

“The accession by the State of Bahrain to the said Convention shall in no way constitute recognition of Israel or be a cause for the establishment of any relations of any kind herewith.”

Belarus12

The Byelorussian Soviet Socialist Republic does not consider itself bound by the provisions of sections 24 and 32 of the Convention, concerning the compulsory jurisdiction of the International Court of Justice. Concerning the jurisdiction of the International Court of Justice in disputes arising out of the interpretation or application of the Convention, the Byelorussian Soviet Socialist Republic will maintain the same position as hitherto, namely, that for any dispute to be referred to the International Court of Justice for settlement, the agreement of all Parties involved in the dispute must be obtained in each individual case. This reservation similarly applies to the provision contained in section 32, stipulating that the advisory opinion of the International Court of Justice shall be accepted as decisive.

China12

The Government of the People’s Republic of China has reservations on the provisions of section 32, article IX, of the said Convention.

Cote D’Ivoire

28 December 1961

It is not possible for any Government fully to comply with the requirements of section 11 of that Convention in so far as it requires the specialized agency to enjoy in the territory of a State party to the Convention treatment not less favorable than that accorded by the Government of that State to any other Government in the matter of priorities and rates on telecommunications, unless and until all other Governments collaborate in according this treatment to the agency in question. It is understood that this matter is being discussed in the International Telecommunication Union.

Czech Republic 3,12

Gabon

It is not possible for any Government fully to comply with the requirements of section 11 of that Convention in so far as it requires the specialized agency to enjoy in the territory of a State party to the Convention treatment not less favorable than that accorded by the Government of that State to any other Government in the matter of priorities and rates on telecommunications, unless and until all other Governments collaborate in according this treatment to the agency in question. It is understood that this matter is being discussed in the International Telecommunication Union.

Germany5 6

“The Government of the Federal Republic of Germany takes the liberty of calling attention to the fact that the provisions of section 11 of article IV of the Convention, to the effect that the specialized agencies shall enjoy, in the territory of each State party to this Convention, for their official communications, treatment not less favorable than that accorded by the Government of such State to any other Government in the matter of priorities, rates and other taxes, cannot be fully complied with by any Government. Reference is made to the provisions of article 37 and of annex 3 of the International Telecommunication Convention concluded at Buenos Aires in 1952, as well as to the resolutions Nos. 27 and 28 appended to that Convention.”

Hungary12, 14

Indonesia 12, 15

“(1) Article II (b) section 3: The capacity of the specialized agencies to acquire and dispose of immovable property shall be exercised with due regard to national laws and regulations.

(2) Article IX section 32: With regard to the competence of the International Court of Justice in disputes concerning the interpretation or application of the Convention, the Government of Indonesia reserves the right to maintain that in every individual case the agreement of the parties to the dispute is required before the Court for a ruling.”

Italy

Declaration:

In the event that some of the specialized agencies which are mentioned in the instrument of accession and to which Italy undertakes to apply the Convention should decide to establish their headquarters or their regional offices in Italian territory, the Italian Government will be able to avail itself of the option of concluding with such agencies, in accordance with Section 39 of the Convention supplemental agreements specifying, in particular, the limits within which immunity from jurisdiction may be granted to a given agency or immunity from jurisdiction and exemption from taxation granted to officials of that agency.

Lithuania

Reservation:

“…The Government of the Republic of Lithuania has made the reservation in respect of article 2(3) (b), that the specialized agencies shall not be entitled to acquire land in the territory of the Republic of Lithuania, in view of the land regulations laid down by the Article 47 of the Constitution of the Republic of Lithuania.

Madagascar

The Malagasy Government will not be able to comply fully with the provisions of article IV, section 11, of the Convention, which states that the specialized agencies shall enjoy, in the territory of each State party to the Convention, for their official communications, treatment not less favorable than that accorded by the Government of such State to any other Government, in the matter of priorities, rates and taxes on telecommunications, until such time as all Governments decide to cooperate by according such treatment to the agencies in question.

Norway

20 September 1951

“The Norwegian Government is of the opinion that it is impossible for any government to comply fully with Section 11 of the said Convention, which requires that the Specialized Agencies shall enjoy, in the territory of each state party to the Convention, for their official communications, treatment no less favorable than that accorded by the Government of such State to any other Government in the matter of priorities, rates and taxes on telecommunications as long as all governments have not agreed to grant to the agency in question, the treatment specified in this Section.”

Pakistan

Declaration contained in the notification received on 15 September 1961 and also, with the second paragraph omitted, in the notifications received on 13 March 1962 and 17 July 1962:

“The enjoyment by Specialized Agencies of the communication privileges provided for in Article IV, Section 11 of the Convention cannot, in practice, be determined by unilateral action of individual Governments and has in fact been determined by the International Telecommunication Convention, Atlantic City, 1947 and Telegraph and Telephone Regulations annexed thereto, Pakistan would, therefore, not be able to comply with the provisions of Article IV, Section 11 of the Convention in view of Resolution No. 28 (annexure I) passed at the Plenipotentiary Conference of the International Telecommunication Union, held in Buenos Aires in 1952.

The International Telecommunication Union shall not claim for itself the communication privileges provided in Article IV, Section 11 of the Convention.”

Poland12, 17

Romania12

The Socialist Republic of Romania states that it does not consider itself bound by the provisions of sections 24 and 32, whereby the question whether an abuse of a privilege or immunity has occurred, and differences arising out of the interpretation or application of the Convention and disputes between specialized agencies and Member States, shall be referred to the International Court of Justice. The position of the Socialist Republic of Romania is that such questions, differences or disputes may be referred to the International Court of Justice only with the agreement of the parties in each individual case.

Russian Federation12

Declaration made upon accession and also contained in the notification received on 16 November 1972:

The Union of Soviet Socialist Republics does not consider itself bound by the provisions of sections 24 and 32 of the Convention, concerning the compulsory jurisdiction of the International Court of Justice. Concerning the jurisdiction of the International Court of Justice in disputes arising out of the interpretation or application of the Convention, the USSR will maintain the same position as hitherto, namely, that for any dispute to be referred to the International Court of Justice for settlement, the agreement of all Parties involved in the dispute must be obtained in each individual case. This reservation similarly applies to the provision contained in section 32, stipulating that the advisory opinion of the International Court of Justice shall be accepted as decisive.

Slovakia3, 12

Ukraine12

The Ukrainian Soviet Socialist Republic does not consider itself bound by the provisions of sections 24 and 32 of the Convention, concerning the compulsory jurisdiction of the International Court of Justice. Concerning the jurisdiction of the International Court of Justice in disputes arising out of the interpretation or application of the Convention, the Ukrainian Soviet Socialist Republic will maintain the same position as hitherto, namely, that for any dispute to be referred to the International Court of Justice for settlement, the agreement of all Parties involved in the dispute must be obtained in each individual case. This reservation similarly applies to the provision contained in section 32, stipulating that the advisory opinion of the International Court of Justice shall be accepted as decisive.

Objections: (Unless otherwise indicated, the objections were made upon accession)

Netherlands18

11 January 1980

“The Government of the Kingdom of the Netherlands has noted the reservation made on the accession of China to the Convention on the privileges and immunities of the specialized agencies, and is of the opinion that the reservation mentioned, and similar reservations other States have made in the past or may make in the future, are incompatible with the objectives and purposes of the Convention.

The Government of the Kingdom of the Netherlands does, however, not wish to raise a formal objection to these reservations made by States parties to the Convention.”

C. Agreement for the Establishment of the Joint Vienna Institute (Approved by the Executive Board of the International Monetary Fund on January 21, 1994 (Decision No. 10575-(94/4), January 21, 1994) and came into force on August 19, 1994.)

TABLE OF CONTENTS

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Agreement for the Establishment of the Joint Vienna Institute

The Parties Signatory Hereto,

Recognizing the importance of assisting Central and Eastern European countries and countries formerly republics of the U.S.S.R. in their transition to market-based economies;

Noting that the training of officials from these countries is one important component of such assistance;

Having Regard to the common interests of the Parties in establishing a training institute in Vienna, Austria, for this purpose; and

Responding to the invitation of the Republic of Austria to locate such an institute in Vienna;

Have Agreed as follows:

Article I

Establishment and Status

1. There is hereby established the Joint Vienna Institute (the “Institute”) as an international organization with full juridical personality.

2. The Institute shall operate in accordance with this Agreement.

Article II

Purpose and Activities

1. The purpose of the Institute shall be to provide training to support and supplement the national efforts of the countries of Central and Eastern Europe, the countries formerly republics of the U.S.S.R., and other countries, in their transition from centrally planned economies to market-based economies.

2. To this end, the Institute shall offer courses of instruction of the highest standard and of direct relevance to the purpose of paragraph 1 above, including courses in the areas of administration and economic and financial management. The Institute shall provide training primarily to public officials, and to other persons, with due regard to the role of the private sector. The Institute will also assist training institutes by providing training and other support.

Article III

Powers

The Institute shall have the capacity:

(a) to contract;

(b) to acquire and dispose of immovable and movable property;

(c) to institute and respond to legal proceedings; and

(d) to take such other action as may be necessary or useful for its purpose and activities.

Article IV

Headquarters

1. The headquarters of the Institute shall be located in Vienna, Austria, under such terms and conditions as agreed between the Institute and the Republic of Austria.

2. The Institute may establish facilities in other locations as required to support its activities.

Article V

Organization and Management

1. Structure of the Institute

The Institute shall have an Executive Board, an Advisory Committee, a Director, and staff.

2. Executive Board

(a) The Executive Board (the “Board”) shall be responsible for the conduct of the business of the Institute.

(b) Each of the Parties shall appoint one Member to the Board and one Alternate Member to act for the Member when he is unable to serve.

(c) The Board shall elect a Chairman and a Vice-Chairman from among its Members.

(d) The Board shall meet at least once a year. Meetings of the Board shall be called by the Chairman as required or when requested by at least two Members of the Board.

(e) A majority of Members of the Board shall constitute a quorum for any meeting of the Board.

(f) Decisions of the Board shall be taken by a majority of votes cast, provided that:

(i) the following decisions shall be subject to the approval of all Members voting: decisions under Article V, paragraph 2(g)(i), Article V, paragraph 2(g)(iii), Article V, paragraph 2(g)(vi) and Article XVI; and

(ii) the following decisions shall be subject to the approval of four-fifths of all Members voting: decisions approving the work program under Article V, paragraph 2(g)(ii) and decisions approving the annual budget under Article V, paragraph 2(g)(iv).

(g) The Board shall:

(i) adopt by-laws for the governance of the Institute in accordance with this Agreement, including by-laws for the implementation of the provisions of Article IX, paragraphs3 and 4;

(ii) determine the Institute’s policies and approve its work program;

(iii) select the Director and external auditor of the Institute;

(iv) approve the Institute’s annual budget, audited financial statements and reports;

(v) appoint members of the Advisory Committee; and (vi) approve agreements to be concluded under Article VIII.

3. Director and Staff

(a) The Director shall be chief of the operating staff of the Institute and shall, under the direction of the Board:

  • (i) conduct the ordinary business of the Institute;

  • (ii) represent the Institute in its dealings with third parties; and

  • (iii) do and perform all other acts necessary to further the purpose of the Institute.

(b) The Director shall serve for a term of two years, subject to renewal.

(c) The Director shall be responsible entirely to the Board, and to no other authority, for operating and managing the Institute in accordance with this Agreement, the by-laws and other decisions of the Board.

(d) Subject to the general control of the Board, the Director shall be responsible for the organization, appointment and dismissal of the staff of the Institute. In appointing the staff, the Director shall secure the highest standards of efficiency and of technical competence.

4. Advisory Committee

The Advisory Committee shall consist of members appointed by the Board, including representatives of countries referred to in Article II, paragraph 1, to advise it on the Institute’s general training policies and programs.

Article VI

Associate Members

1. The Board may appoint major contributors to the Institute as Associate Members for such periods of time as it shall determine.

2. The Board may invite Associate Members to participate in its meetings for particular agenda items. Associate Members shall have no right to vote.

3. The Institute shall provide Associate Members with copies of its work program, annual budget, and of its annual report referred to in Article IX, paragraph 4.

Article VII

Cooperative Relationships

The Institute may establish cooperative relationships with any public or private entity, including other training and teaching institutions.

Article VIII

Privileges and Immunities

1. The Institute, the Members of the Board and their alternates, members of the Advisory Committee, the Director, staff and experts shall enjoy such privileges and immunities as agreed between the Institute and the Republic of Austria.

2. The Institute may conclude agreements with other countries in order to secure appropriate privileges and immunities.

Article IX

Finances and Reports

1. The resources of the Institute shall include the following:

  • (a) voluntary contributions by each Party;

  • (b) contributions by the Republic of Austria;

  • (c) contributions from other sources; and

  • (d) income accruing from such contributions and other income.

2. The fiscal year of the Institute shall be the calendar year.

3. Each year, the Director shall prepare and submit to the Board, for its approval, the annual work program and budget.

4. Each year, the Director shall prepare and submit to the Board, for its approval, an annual report containing an audited statement of the Institute’s accounts and a summary of the activities of the Institute. Such audit shall be conducted by an independent external auditor selected by the Board.

Article X

Liability

1. No Party or Associate Member shall be required to provide financial support to the Institute beyond such contributions as it has pledged.

2. The Parties shall not be responsible, individually or collectively, for any debts, liabilities, or other obligations of the Institute; a statement to this effect shall be included in each of the agreements concluded by the Institute under Article VIII.

Article XI

Amendments

This Agreement may be amended only with the agreement of all Parties.

Article XII

Coming Into Force and Depositary

1. This Agreement shall be open for signature by the following organizations: the Bank for International Settlements, the European Bank for Reconstruction and Development, the International Bank for Reconstruction and Development, the International Monetary Fund, and the Organisation for Economic Co-operation and Development.

2. This Agreement shall come into force upon signature by four of the above-named organizations and shall remain open for signature by such organizations for a period of one year from the date of its coming into force.

3. The Federal Minister for Foreign Affairs of the Republic of Austria shall be the Depositary of this Agreement.

Article XIII

Settlement of Disputes

Any dispute arising between the Institute and any Party or between any Parties under this Agreement shall be settled by negotiation or other agreed means of settlement.

Article XIV

Withdrawal

1. Any of the Parties may withdraw from this Agreement by written notification to the Depositary. Such withdrawal shall become effective three months after receipt of such notification by the Depositary.

2. Withdrawal from this Agreement by a Party shall not limit, reduce or otherwise affect its pledged contribution for the fiscal year in which it withdraws.

Article XV

Termination

1. The duration of this Agreement shall be five years from the date of its coming into force unless the Parties unanimously decide to extend the duration of this Agreement by one or more successive periods of twelve months.1 At the expiration of this initial term of five years or any extension thereof, the Parties shall forthwith wind up the Institute by written notification to the Depositary. Any assets of the Institute remaining after payment of its legal obligations shall be disposed of in accordance with a decision of the Board.

2. Notwithstanding paragraph 1, the Parties, acting unanimously, may terminate this Agreement at any time and wind up the Institute by written notification to the Depositary. Any assets of the Institute remaining after payment of its legal obligations shall be disposed of in accordance with a decision of the Board.

3. The provisions of this Agreement shall survive its termination to the extent necessary to permit an orderly disposal of assets and settlement of accounts.

Article XVI

Accession

This Agreement shall be open for signature by such international organizations as may be decided by the Board.

In Witness Whereof, the undersigned, being duly authorized, have signed this Agreement on the dates indicated below.

For the Bank for International Settlements:

__________

__________

Date

For the European Bank for Reconstruction and Development:

__________

__________

Date

For the International Bank for Reconstruction and Development:

__________

__________

Date

For the International Monetary Fund:

__________

__________

Date

For the Organisation for Economic Co-operation and Development:

__________

__________

Date

D. Agreement Between The International Monetary Fund And The World Trade Organization

Relations With World Trade Organization (WTO)—Fund-WTO Cooperation Agreement

The Executive Board approves the proposed Agreement Between the International Monetary Fund and the World Trade Organization as set forth in EBD/96/85 (7/5/96) on the understanding that decisions taken by either party for the implementation of this Agreement will not prevent the effective application of this Agreement in accordance with its provisions.

Decision No. 11381-(96/105)

November 25, 1996

Decision Adopted by the General Council Concerning Agreements Between the WTO and the IMF and the World Bank at its Meeting on 7,8, and 13 November 1996 (WT/L/194, 18 November 1996)

Recalling the increasing linkages between the various aspects of economic policymaking that fall within the respective mandates of the World Trade Organization (“WTO”), the International Monetary Fund (“IMF”) and the International Bank for Reconstruction and Development (“World Bank”), the call for greater coherence among economic policies contained in the Marrakesh Agreement Establishing the World Trade Organization, and the invitation of Ministers for the Director-General of the WTO to review with the Managing Director of the International Monetary Fund and the President of the World Bank the implications of the WTO’s responsibilities for its cooperation with the Bretton Woods institutions, as well as the forms such cooperation might take, with a view to achieving greater coherence in global economic policymaking;

Recognizing the close collaborative relationship existing over the past several decades between the CONTRACTING PARTIES to the General Agreement on Tariffs and Trade and the IMF and the World Bank, the importance of continuing and strengthening those relationships, and the negotiating mandate contained in the General Council Decision on the Relationship between the WTO and the IMF and World Bank (document WT/GC/M/5);

Taking note of the statement by the Director-General on Consultations and Coherence (WT/L/194/Add.1), and of the budgetary implications of the Agreements (WT/L/194/Add.2);

The General Council hereby decides:

(1) The proposed Agreement between the International Monetary Fund and the World Trade Organization (“IMF Agreement”) as contained in Annex 1 of WT/GC/W/43 and the proposed Agreement between the International Bank for Reconstruction and Development and the World Trade Organization (“World Bank Agreement”) as contained in Annex II of WT/GC/W/43 (collectively the “Agreements”) are hereby approved. The Director-General is authorized to sign these Agreements on behalf of the World Trade Organization and to implement the Agreements in accordance with the provisions of this Decision and any subsequent decisions that may be taken by the General Council.

(2) The Director-General shall inform Members and consult with them regularly as to matters relating to the implementation of the Agreements. To this effect, the Director-General shall, inter alia, hold consultations with Members under the auspices of the Chairman of the General Council, as appropriate but at least two times per year. These consultations shall include reports on the coherence consultations between the Director-General and the Managing Director of the IMF and the President of the World Bank, WTO observership in IMF and World Bank bodies, any IMF or World Bank observership in the Dispute Settlement Body (DSB), any written communications between the organizations pursuant to the Agreement, any joint research or technical cooperation projects undertaken pursuant to the Agreements, and the general scope of contacts with the IMF pursuant to paragraph 10 of the IMF Agreement and with the World Bank pursuant to paragraph 8 of the World Bank Agreement.

(3) The Director-General is invited to build on the Agreements that have been concluded and thus to pursue the consultations on Coherence provided for in paragraph 2 of each Agreement, with a view to meeting the provision established in Article 111:5 of the Marrakesh Agreement Establishing the World Trade Organization and the mandate contained in the Declaration on the Contribution of the World Trade Organization to Achieving Greater Coherence in Global Economic Policymaking. Any conclusions reached as a result of such consultations shall be submitted to the General Council for approval.

(4) In respect of the implementation and interpretation of these Agreements, it is decided that:

  • (a) The procedures for granting IMF observership in the DSB pursuant to paragraph 6 of the IMF Agreement shall be implemented as follows: the Director-General shall convey the invitation of the DSB to the IMF to send a member of its staff as an observer to meetings of the DSB where matters of jurisdictional relevance to the IMF are to be considered. For other meetings of the DSB, the Director-General may propose to the Chairman of the DSB that a member of the IMF’s staff be admitted as an observer to a particular meeting, or in respect of particular agenda items proposed for a meeting, of the DSB.

    For meetings of other WTO bodies for which attendance is not specifically provided for or excluded in the Agreements or in the above sub-paragraph, the Director-General may propose to the Chairman of a WTO body that a member of the IMF’s staff be admitted as an observer to a meeting where particular matters of common interest to the WTO and the IMF will be under discussion; similarly, the Director-General may propose to the Chairman of a WTO body that a member of the World Bank staff be admitted as an observer to a meeting where particular matters of common interest to the WTO and the World Bank will be under discussion.

  • (b) In light of Articles 111:5 and V:1 of the Marrakesh Agreement Establishing the World Trade Organization, Article XV of the General Agreement on Tariffs and Trade 1994 (and, in particular, Article XV:2) and Articles XI and XII of the General Agreement on Trade in Services, the General Council considers it appropriate that whenever the IMF wishes to submit its views to a panel on whether an exchange measure within its jurisdiction is consistent with the IMF’s Articles of Agreement, it shall submit these views by directing a letter containing those views to the Chairman of the DSB. The Chairman of the DSB shall inform the chairman of the panel of the availability of this communication which, unless the panel decides otherwise, shall remain confidential to the panel and to the parties to the dispute.

    Nothing in this Decision nor in the Agreements shall affect the rights and obligations of Members under the Dispute Settlement Understanding, including those provided for in Article 13 thereof.

  • (c) In the Agreements, each reference to the WTO, to the Fund or to the World Bank as such (and not explicitly to the WTO Secretariat, the Fund’s staff or the World Bank’s staff), or to the institution or the organization, is understood to refer to the decision-making bodies of the WTO, the IMF and the World Bank, respectively.

  • (d) In respect of the work of dispute-settlement panels, documentation to be provided to the IMF and the World Bank does not include documents submitted or prepared in the course of the work of panels, but only the panels’ final reports to the DSB.

  • (e) The established competences and practices in budgetary matters will be preserved. In accordance with these competences and practices, the Secretariat will keep the Committee on Budget, Finance and Administration duly informed of the budgetary consequences of the Agreements.

(5) The General Council reaffirms the importance of the Marrakesh Ministerial Decision on Measures Concerning the Possible Negative Effects of the Reform Programme on Least-Developed and Net Food Importing Developing Countries. In its view, the improved co-operation between the WTO and the IMF and the World Bank provided for in these Agreements should enhance the possibilities for governments to respond effectively to the issues addressed in that Decision.

EBD/96/85 Agreement between the International Monetary Fund and the World Trade Organization

Preamble

CONSIDERING the growing interactions between economic policies pursued by individual countries arising from the globalization of markets;

RECOGNIZING the increasing linkages between the various aspects of economic policymaking that fall within the respective mandates of the International Monetary Fund (“Fund”) and the World Trade Organization (“WTO”), and the call in the Marrakesh Agreement for greater coherence among economic policies internationally;

RECOGNIZING the close collaborative relationship existing over the past several decades between the Fund and the CONTRACTING PARTIES to the General Agreement on Tariffs and Trade, and the importance of continuing and strengthening such a relationship between the Fund and the WTO;

HAVING REGARD to Article X of the Fund’s Articles of Agreement, which provides that “the Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibility in related fields”;

HAVING REGARD to Article III.5 of the Marrakesh Agreement Establishing the World Trade Organization, which provides that “with a view to achieving greater coherence in global economic policymaking, the WTO shall cooperate, as appropriate, with the International Monetary Fund”;

HAVING REGARD to the Declarations in the Marrakesh Agreement on the Contribution of the World Trade Organization to Achieving Greater Coherence in Global Economic Policymaking and on the Relationship of the WTO with the Fund, and to the provisions of Article XV: 1, XV:2, XV:3 and Articles XII and XVIII of the General Agreement on Tariffs and Trade 1994 (GATT 1994) and of Articles XI, XII, and XXVI of the General Agreement on Trade in Services (GATS) concerning cooperation and consultation, including on exchange and trade matters;

The Fund and the WTO agree as follows:

Paragraph 1

The Fund and the WTO shall cooperate in the discharge of their respective mandates in accordance with the provisions of this Agreement.

Paragraph 2

The Fund and the WTO shall consult with each other with a view to achieving greater coherence in global economic policymaking.

Paragraph 3

The Fund shall inform the WTO of any decisions approving restrictions on the making of payments or transfers for current international transactions, decisions approving discriminatory currency arrangements or multiple currency practices, and decisions requesting a Fund member to exercise controls to prevent a large or sustained outflow of capital.

Paragraph 4

The Fund agrees to participate in consultations carried out by the WTO Committee on Balance-of-Payments Restrictions on measures taken by a WTO member to safeguard its balance of payments. For these consultations, existing procedures for Fund participation shall continue and may be adapted as appropriate in accordance with paragraph 14 below.

Paragraph 5

The Fund shall invite the WTO Secretariat to send an observer to the ordinary meetings of the Executive Board of the Fund on general and regional trade policy issues, including the formulation of Fund policies on trade matters, and to discussions of the World Economic Outlook (WEO) when there is a significant trade content. In addition, when consultations between the Fund’s staff and the WTO Secretariat lead to the conclusion that matters of particular common interest to both organizations will be under discussion at other meetings of the Executive Board, including country-specific matters, or at meetings of the Committee on Liaison with the WTO, the Managing Director shall recommend that the WTO Secretariat be invited to send an observer to such meetings.

Paragraph 6

The WTO shall invite the Fund to send a member of its staff as an observer to the meetings of the Ministerial Conference, General Council, Trade Policy Review Body, the three sectoral councils, Committee on Trade and Development, Committee on Regional Trade Agreements, Committee on Trade-Related Investment Measures, and Committee on Trade and the Environment and their subsidiary bodies (excluding the Committee on Budget, Finance and Administration, the Dispute Settlement Body, and dispute settlement panels). The WTO shall invite the Fund to send a member of its staff as an observer to meetings of the WTO Dispute Settlement Body where matters of jurisdictional relevance to the Fund are to be considered. The WTO shall also invite the Fund to send a member of its staff to other meetings of the Dispute Settlement Body as well as of other WTO bodies for which attendance is not provided above (excluding the Committee on Budget, Finance and Administration, and dispute settlement panels), when the WTO, after consultation between the WTO Secretariat and the staff of the Fund, finds that such a presence would be of particular common interest to both organizations.

Paragraph 7

The Fund and the WTO shall make available to each other in advance the agendas, and relevant documents, for the meetings to which they are invited pursuant to the terms of this Agreement. In addition, the Fund shall make available to the WTO Secretariat the agendas of the Executive Board meetings at the time of their circulation in the Fund, and the WTO shall make available to the Fund the agendas of the Dispute Settlement Body at the time of their circulation in the WTO.

Paragraph 8

Each organization may communicate its views in writing on matters of mutual interest to the other organization or any of its organs or bodies (excluding the WTO’s dispute settlement panels) and such views shall become part of the official record of such organs and bodies. The Fund shall inform in writing the relevant WTO body (including dispute settlement panels) considering exchange measures within the Fund’s jurisdiction whether such measures are consistent with the Articles of Agreement of the Fund.

Paragraph 9

For the purpose of this Agreement, the Director-General of the WTO and the Managing Director of the Fund shall ensure cooperation between the staffs of the two institutions and, to that end, shall agree on appropriate procedures for collaboration, including access to databases, and exchanges of views on jurisdictional and policy issues.

Paragraph 10

The Fund’s staff shall consult with the WTO Secretariat on issues of possible inconsistency between measures under discussion with a common member and that member’s obligations under the WTO Agreement. The WTO Secretariat shall consult with the Fund’s staff on issues of possible inconsistency between measures under discussion with a common member and that member’s obligations under the Fund’s Articles of Agreement.

Paragraph 11

The Fund shall provide the WTO, promptly after circulation to the Executive Board, for the confidential use of its Secretariat, with staff reports and related background staff papers on Article IV consultations and on use of Fund resources on common members and on Fund members seeking accession to the WTO, subject to the consent of the member.

Paragraph 12

The WTO shall provide the Fund, for the confidential use of its management and staff, with Trade Policy Review Reports, summary records and reports of Councils, Bodies and Committees, and reports of WTO Members to these organs.

Paragraph 13

Each party to this Agreement shall ensure that any information communicated under this Agreement shall be used only within the limits specified by the other party.

Paragraph 14

The Director-General of the WTO and the Managing Director of the Fund shall be responsible for the implementation of this Agreement and, to that effect, shall make such arrangements as they deem appropriate.

Paragraph 15

This Agreement shall be reviewed upon the request of either party and may be amended by mutual agreement.

Paragraph 16

This Agreement may be terminated by either party by written notice to the other and, unless otherwise agreed by the parties, shall terminate six months after receipt of such notice.

Paragraph 17

Following approval by the General Council of the WTO and the Executive Board of the Fund, this Agreement shall enter into force on the date of its signature.

To be added at time of signature:

Signed at Singapore on 9 December 1996 in duplicate.

For the World Trade Organization,

For the International Monetary Fund,

Director-General

Managing Director

1

The Agreement was approved by the Board of Governors of the Fund on September 17, 1947 and by the General Assembly of the United Nations on November 15, 1947, and it came into force on November 15, 1947.

1

The Convention was adopted by the United Nations General Assembly on November 21, 1947. The Executive Directors of the Fund accepted the standard clauses of the Convention and approved Annex V with respect to the Fund on April 11, 1949. The Annex became effective on May 9, 1949, when it was received by the United Nations.

1

Resolution 179 (II); Official Records of the Second Session of the General Assembly, Resolutions (A/519), p. 112.

2

Resolution No. 108, adopted by the General Council of the International Refugee Organization at its 101st meeting on 15 February 1952, provided for the liquidation of the Organization.

3

Czechoslovakia had acceded to the Convention on 29 December 1966 in respect of the following agencies; ILO, ICAO, UNESCO, WHO, UPU, ITU, WMO and MO. Subsequently, on 6 September 1988 and 26 April 1991, the Government of Czechoslovakia notified the Secretary-General that it applied the Convention in respect of FAO (second revised text of annex II), WIPO, and UNIDO, and IMF, IBRD, IFC and IDA, respectively. The instrument of accession also contained a reservation, subsequently withdrawn on 26 April 1991. For the text of the reservation, see United Nations, Treaty Series, vol. 586, p. 247. See also note 12 in this chapter and note 11 in chapter 1.2.

4

In a communication received by the Secretary-General on 10 October 1957, the Government of the Federal Republic of Germany declared that the Convention will also apply to the Saar Territory except that Section 7(b) of the Convention shall not take effect with regard to the Saar Territory until the expiration of the interim period defined in article 3 of the Treaty of 27 October 1956 between France and the Federal Republic of Germany. See also note 12 below and note 14 in chapter 1.2.

5

The German Democratic Republic had acceded to the Convention, with a reservation, on 4 October 1974 in respect of the following specialized agencies: ILO, UNESCO, WHO (third revised text of annex VII), UPU, ITU, WMO, EVIO (revised text of annex XII). For the text of the reservation see United Nations, Treaty Series, vol. 950, p. 357. See also note 12 below and note 14 in chapter 1.2.

6

In a note accompanying the instrument of accession, the Government of the Federal Republic of Germany declared that the Convention would also apply to Land Berlin.

With reference to the above-mentioned declaration, communications have been addressed to the Secretary-General by the Governments of Bulgaria, France, the United Kingdom and the United States of America, the Federal Republic of Germany, Mongolia, Poland and the Union of Soviet Socialist Republics. The said communications are identical in essence, mutatis mutandis, to the corresponding ones reproduced in note 4 of Chapter III.3.

Subsequently, upon accession to the Convention, the Government of the German Democratic Republic made on the same subject the following declaration:

As regards the application of the Convention to Berlin (West), the German Democratic Republic notes, in accordance with the Quadripartite Agreement between the Governments of the Union of Soviet Socialist Republics, the United Kingdom of Great Britain and Northern Ireland, the United States of America and the French Republic of 3 September 1971, that Berlin (West) is not a constituent part of the Federal Republic of Germany and cannot be governed by it. Consequently, the declaration of the Federal Republic of Germany to the effect that the said Convention is valid also for “Land B is in contradiction with the Quadripartite Agreement, which provides that agreements affecting matters of the status of Berlin (West) may not be extended to Berlin (West) by the Federal Republic of Germany.

With reference to the above-mentioned declaration the Secretary-General received on 8 July 1975 from the Governments of the United States of America, France and the United Kingdom, the following declaration:

[‘The communication mentioned in the Note listed refers] to the Quadripartite Agreement of 3 September 1971. This Agreement was concluded in Berlin between the Governments of the French Republic, the Union of Soviet Socialist Republics, the United Kingdom of Great Britain and Northern Ireland and the United States of America. [The Government sending this communication is not a party to the Quadripartite Agreement and is] therefore not competent to make authoritative comments on its provisions.

“The Governments of France, the United Kingdom and the United States wish to bring the following to the attention of the States Parties to the [Convention]. When authorising the extension of [this instrument] to the Western Sectors of Berlin, the authorities of the Three Powers, acting in the exercise of their supreme authority, ensured in accordance with established procedures that [this instrument is] applied in the Western Sectors of Berlin in such a way as not to affect matters of security and status.

“Accordingly, the application of [this instrument] to the Western Sectors of Berlin continues in full force and effect.

“The Governments of France, the United Kingdom and the United States do not consider it necessary to respond to any further communications of a similar nature by States which are not signatories to the Quadripartite Agreement. This should not be taken to imply any change in the position of those Governments in this matter.”

Subsequently, on 19 September 1975, the Government of the Federal Republic of Germany made on the same subject the following declaration:

“By their Notes of 8 July 1975,…. The Governments of France, the United Kingdom and the United States answered the assertions made in the [communication] referred to above. The Government of the Federal Republic of Germany, on the basis of the legal situation set out in the Note of the Three Powers wishes to confirm that the application in Berlin (West) of the above-mentioned [instrument] extended by it under the established procedures [continues] in full force and effect.

“The Government of the Federal Republic of Germany wishes to point out that the absence of a response to further communications of a similar nature should not be taken to imply any change of its position in this matter.”

See also note 5 above.

7

The notifications of 9 August 1973 and 19 August 1982 were made with the same reservations as those made upon accession.

The notification of application of 12 November 1991 contains the following declaration:

“The Convention is being applied on behalf of Hungary as from 29 April 1985 with respect to the [said] specialized agencies.”

8

The Government of Italy in its instrument of accession has (subject to the declaration made upon accession) undertaken to apply the Convention to the United Nations Industrial Development Organization (UNIDO). However, the Convention became applicable to UNIDO on 15 September 1987, upon the completion by UNIDO of the procedures provided for by article 37 of the Convention. Until that time, the provision of article 21(2)(b) of the Constitution of UNIDO, to which Italy is a party, will continue to apply.

9

Between 12 March 1968, the date of accession to independence, and 18 July 1969, the date of the notification of succession, Mauritius applied Annex II unrevised.

10

The instrument of accession by the Government of Nepal was deposited with the Director-General of the World Health Organization, in accordance with section 42 of the Convention.

11

On 13 December 1985, the Secretary-General received from the Government of the United Kingdom of Great Britain and Northern Ireland a notification to the effect that, the United Kingdom having withdrawn from UNESCO, it would withhold from UNESCO the benefits of the said Convention with effect from 13 March 1986.

12

The Government of the United Kingdom of Great Britain and Northern Ireland notified the Secretary-General, on the dates indicated, that it is unable to accept certain reservations made by the States listed below because in its view they are not of the kind which intending parties to the Convention have the right to make:

article image

See also note 3 in this chapter

See also note 5 in this chapter

See also note 17 in this chapter

13

On 24 June 1992, the Government of Bulgaria notified the Secretary-General its decision to withdraw the reservation made upon accession. For the text of the reservation, see United Nations, T vol. 638, p. 266.

14

In a communication received on 8 December 1989, the Government of Hungary notified the Secretary-General that it had decided to withdraw the reservations in respect to sections 24 and 32 of the Convention made upon accession. For the text of the reservations, see United Nations, T vol. 602, p. 300.

15

In a communication received on 10 January 1973, the Government of Indonesia informed the Secretary-General, in reference to the reservation [concerning the capacity to acquire and dispose of immovable property] that it would grant to the Specialized Agencies the same privileges and immunities which it had granted to the International Monetary Fund and the International Bank for Reconstruction and Development.

16

The reservation was repeated in essence in the notification of application to FAO received from Mongolia on 20 September 1974.

Subsequently, in a communication received on 19 July 1990, the Government of Mongolia notified the Secretary-General of its decision to withdraw the reservation made upon accession. For the text of the reservation, see United Nations, T vol. 719, p. 274.

17

On 16 October 1997, the Government of Poland notified the Secretary-General that it had decided to withdraw its reservation with regard to sections 24 and 32 of the Convention made upon accession. For the text of the reservation see United Nations, T vol. 677, p. 430.

18

In a communication received by the Secretary-General on 28 January 1980, the Government of the Netherlands indicated that the statement concerning their wish not to raise a formal objection to these reservations “…s intended to mean that the Government of the Kingdom of the Netherlands does not oppose the entry into force of the Convention between itself and the reserving states.”

1

The Managing Director is authorized to execute the extension of this agreement until August 19,2004 (Decision No. 11675-(98/21), March 2, 1998).

INDEX

A

Access policy, use of Fund resources

  • access limits, 209–11

  • access limits in individual cases, 211–17

  • augmentation of existing arrangements, 214

  • balance of payments need, 214, 216

  • exceptional circumstances, 212

  • repurchases, 215

  • revolving character of Fund resources, 215

Accounting by members

  • ownership of gold and currency subscriptions, 4

Accounts. See specific accounts by name

  • Administrative

  • Borrowed Resources Suspense

  • Framework Administered (Technical Assistance)

  • General Resources

  • Loan

  • Post-SCA-2 Administered

  • PRGF Trust Subsidy

  • Reserve

  • Special Contingent

  • Special Contingent -2

  • Special Disbursement

  • Supplementary Financial Facility (SFF) Subsidy

Administrative account

  • balances, 568

  • reserve tranche position, 569

African Development Bank

  • communications concerning members’ arrears to the Fund, 556

  • exchange of documents with, 488

  • prescribed holder of SDRs, 523

African Development Fund, 523

Andean Reserve Fund

  • prescribed holder of SDRs, 523

Arab Monetary Fund

  • exchange of documents with, 488

Arab Monetary Fund

  • prescribed holder of SDRs, 523

Architecture of international financial system, 21

Archives of the Fund

  • access on request, 470

  • attorney-client privilege, 470

  • Grievance Proceedings Committee, 470

Arrears, member’s failure to provide foreign exchange for current international transactions. See Exchange restrictions

Arrears, settlement of disputes between members, 115–17

Arrears of a member to creditors other than Fund

  • extended arrangement, performance criterion, 181

  • Fund lending into nonsovereign arrears, 199, 200

  • Fund lending into sovereign arrears, 199, 200

  • Fund policies and procedures, 197–99

  • performance criteria, 197–8, 198–99

  • stand-by arrangement, performance criterion, 176

Arrears to the Fund. See Overdue financial obligations to the Fund

Article I, purposes of the Fund, 128, 423

Article I(v), temporary availability of Fund’s general resources, 165

Article II, Section 2, membership, 5

Article III, Section 2, adjustment of quotas, 3, 621

Article III, Section 2(a), 621, 627

Article IV consultations. See also Consultation cycles; Enhanced Surveillance; Exchange of documents; Staff reports; Surveillance

  • ad hoc consultations, 15

  • adjustment program discussion, 149

  • annual, in principle, 13, 19, 20

  • Article VIII and XIV consultations, 13, 16

  • Article VIII restrictions, 431

  • Article XIV restrictions, 431

  • combined with program reviews, 185

  • conditionally discussion, 149

  • Contingent Credit Lines, 237, 240

  • enhanced surveillance, 113–14

  • euro-area, 28–29

  • European Central Bank, observer status, 478–79

  • Financial Sector Assessment Program (FSAP), 121, 124, 126

  • governance issues, 33, 37–38

  • interim consultations, 22

  • interval between, 14

  • military expenditures, 447–49

  • multiple currency practices, 444

  • noncore issues, macroeconomic relevance tests, 22

  • overdue financial obligations to the Fund, 551

  • Public Information Notices, release, 29–31

  • publication of Article IV staff reports, 501, 503, 504, 508

  • publication of background reports, 503, 504, 508

  • Recent Economic Developments reports, 481, 485, 489, 503, 504, 508

  • World Bank, observer status, 477–78

  • World Trade Organization, observer status, 485, 707

Article IV, Section 1, general obligations of members, 13

Article IV, Section 2, notification of exchange arrangements, 8

Article IV, Section 3(a), surveillance over exchange rate policies, 10, 11, 486

Article IV, Section 3(b), surveillance over exchange rate policies, 10-11, 14, 486

Article IV, Section 4(a), collaboration with the Fund, 432

  • restrictions on payments and transfers for current international transactions, 431

  • staff reports, core issues, 22

  • staff reports, data quality, 24

  • staff reports, release to international and multilateral agencies, 486–87

  • surveillance procedures, 13–16

  • three-month period, 26–27

  • Y2K Facility, 249

Article V, Section 1, designation of fiscal agency, 59, 373, 409

Article V, Section 2(b), financial and technical services, 105, 118, 119

Article V, Section 3, conditions governing use of Fund’s general resources

  • application of Fund policies to purchases of currency borrowed by Fund, 271, 370–71

  • early repurchase guidelines, 270

  • General Arrangements to Borrow (GAB), 387

  • meaning of “consistent with the provisions of this agreement,” 128

  • New Arrangements to Borrow (NAB), 406

Article V, Section 3(b)(ii), balance of payments need, 77

Article V, Section 3(b)(ii), meaning of “represents” that a member has a need to make purchases, 128

Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota

  • Compensatory Financing Facility, 221

  • Extended Fund Facility, 167

  • Supplemental Reserve Facility, 236

  • Systemic Transformation Facility, 254

  • Y2K Facility, 250

Article V, Section 3(d), operational budgets

  • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 256

  • sale of members’ currencies for repurchases, 270

  • selection of currencies in purchases, 257, 260, 264

Article V, Section 3(f), transfers of SDRs, 259

Article V, Section 4, waiver of conditions governing use of Fund

  • general resources, 232

Article V, Section 5, limitation on use of Fund’s resources, 162, 266

Article V, Section 6(b), transfers of SDRs by the Fund, 257, 263, 268

Article V Section 6(c), sales of SDRs by the Fund, 268

Article V, Section 7, repurchases, 252, 406

Article V, Section 7(b), early repurchases

  • assessment of strength of members’ balance of payments and gross reserve position, 256

  • repurchase expectation, 272

  • early repurchase guidelines, 269, 271

Article V, Section 7(c), repurchases, 270, 273

Article V, Section 7(d), repurchases, 232, 254, 270

Article V, Section 7(i), selection of currencies for repurchases, 257, 258, 263, 275, 276

Article V, Section 8, charges, 281

Article V, Section 8(a), charges, 283, 286

Article V, Section 8(b), charges, 235, 238, 249, 273, 280

Article V, Section 8(b)(ii), charges, 569

Article V, Section 8(c), charges, 280, 282, 285

Article V, Section 8(d), charges, 280

Article V, Section 8(e), charges, 280

Article V, Section 9(a), remuneration, 569

Article V, Section 11, maintenance of value, 340

Article V, Section 12(c), consultation with United States on off-market gold sales, 278, 362

Article V, Section 12(f), other operations and transactions

  • gold sales, 360

  • gold sales proceeds, placement in Special Disbursement Account, 362–63

Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 341

Article V, Section 12(h), investment of member’s currency held in SDA, 341, 362

Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 342

Article VI, capital transfers

  • use of Fund resources for, 128

  • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 706

Article VI, Section 1, use of Fund’s resources for capital transfers

  • freedom to adopt regulations on capital movements, 365

  • Supplemental Reserve Facility, 234

Article VI, Section 3, controls on capital transfers, 365

Article VII, Section 1, replenishment and scarce resources

  • borrowing by the Fund, 366, 385, 392, 394, 395, 397

Article VII, Section 3(b), scarce currency, 422

Article VIII, general obligations of members

  • bilateral payments agreements, 176, 181

  • consultations, 13

  • enhanced surveillance, 113

  • payments restrictions, 113, 116, 423, 428–30, 431, 443, 477

  • retention quotas, 425–27

Article VIII, Section 2, avoidance of restrictions on current payments

  • acceptance of obligations under, 428, 429

Article VIII, Section 2(a)

  • restrictions on current payments and transfers, 422

  • undue delays as payments restrictions, 430

Article VIII, Section 2(b), unenforceability of exchange contracts, interpretation, 420–21

Article VIII, Section 3, avoidance of discriminatory currency practices

  • acceptance of obligations under, 428, 429

  • multiple currency practices, 9, 428, 429, 437, 438, 443, 444

Article VIII, Section 4, convertibility of foreign-held balances

  • acceptance of obligations under, 428, 429

Article VIII, Section 5, furnishing of information to the Fund, 160

Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 637

Article IX, Section 5, immunity of archives, 470

Article IX, Section 7, privilege for communications, interpretation, 471–72

Article X, relations with other international organizations, 651

Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 491

Article XII, Section 3(c), additional appointed Executive Directors balances held in administrative accounts, 569, 570

  • interpretation, 491–92

Article XII, Section 3(f), appointed Executive Directors, interpretation, 491

Article XII, Section 4, Managing Director and staff, 499

Article XII, Section 7, publication of reports, 500–09

Article XII, Section 8, communication of Fund views to members, 507

Article XIII, Section 2, depositories, 417

Article XIV, exchange restrictions under transitional arrangements, 425, 426, 429, 430, 437, 439

  • consultations, 13, 477

  • enhanced surveillance, 113

  • settlement of disputes between members, 116

Article XIV, Section 2, exchange restrictions

  • meaning of “exceptional circumstances,” 510

  • multiple currency practices, 437, 438, 439, 440

  • payments restrictions, 422, 430

  • transitional arrangements, 421, 428

  • undue delays as payments restrictions, 430

Article XIV, Section 3, representation by the Fund, 438, 439, 510

Article XVII, Section 3, other holders of SDRs, 60, 383, 523, 524, 525, 526

Article XVIII, Section 1(a), principles and considerations governing

  • SDR allocation and cancellation, 633, 643, 644, 645

Article XVIII, Sections 1(a) and 1(b), 633

Article XVIII, Section 2(a), SDR allocation and cancellation, 639

Article XVIII, Section 2(b), 640

Article XVIII, Section 2(c), 639

Article XVIII, Section 2(d), 639, 640

Article XVIII, Section 2(d), allocation of SDRs to new participants, 528

Article XVIII, Section 4, decisions on SDR allocations and cancellations, 633, 642, 644

Article XVIII, Section 4(a), 635, 636

Article XVIII, Section 4(b), 635, 636, 644, 645, 646

Article XVIII, Section 4(c), 635, 636, 639, 644

Article XVIII, Section 4(c)(ii), 646

Article XVIII, Section 4(d), 645

Article XIX, Section 2(c), SDR operations and transactions between participants

  • donations, 539

  • forward operations, 538

  • loans, 530

  • other holders, 520–22

  • pledges, 532

  • settlement of financial obligations, 528

  • swap operations, 536

  • transfers as security for the performance of financial obligations, 534

Article XIX, Section 4, limit on SDR participant’s obligation to provide currency, 371, 390, 407

Article XIX, Section 5, designation of participants to provide currency, 540

Article XIX, Section 5(a)(i), designation plans, 256, 543

Article XIX, Section 5(c), designation rules in SDR Department, 543

Article XIX, Section 6(b), reconstitution, 545

Article XIX, Section 7(a), calculation of exchange rates, 373, 408, 529, 530, 531, 532, 534, 536

Article XX, Section 1, interest paid on holdings of SDRs, 520

Article XX, Section 2, SDR Department interest and charges, 546

Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 547

Article XXI, (a)(i), administration of General Department and SDR Department, 645

Article XXII, general obligations of participants in SDR department, 637

Article XXIII, Section 1, suspension of operations and transactions in SDRs, 522

Article XXVI, compulsory withdrawal, 140, 548

Article XXVI, Section 2(a), ineligibility to use Fund resources, 548

Article XXVI, Section 2(b), 600, 608

Article XXVI, Section 3, withdrawal from membership, 374, 390, 410

Article XXVII, suspension of exchange transactions, 374, 391, 410

Article XXVII, Section 1(a)(i), suspension of exchange transactions, 147, 410

Article XXIX, interpretation

  • General Arrangements to Borrow, interpretation outside the purview of Article XXIV, 376, 391

  • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 411

  • transferability of claims under Saudi Arabia’s Borrowing Agreement, 390

  • unenforceability of exchange contracts, 420

Article XXIX(a), interpretation

  • Appointment of Executive Director by a member having one of five largest quotas, Article XII, Section 3(b)(i) and 3(f), 491

  • Articles of Agreement on use of Fund resources, 128

  • authority of the Fund to use its resources, 595

  • compulsory withdrawal under Article XXVI, Section 2, 548

  • unenforceability of exchange contracts under Article VIII, Section 2(b), 420–21

  • privilege for communications, Article IX, Section 7, 471–72

Article XXX(c), definition of reserve tranche purchase

  • exclusion of purchases and holdings from BSF, 568

  • exclusion of purchases and holdings from CFF, 220, 568

  • exclusion of purchases and holdings from emergency assistance, 192

  • exclusion of purchases and holdings from SRF, 235, 570

  • exclusion of purchases and holdings from STF, 253, 570

  • exclusion of purchases and holdings from Y2K Facility, 250

  • exclusion of purchases and holdings in credit tranches or under extended arrangements, 569

Article XXX(c)(ii), exclusion of purchases and holdings from BSF, 568

Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 569

Article XXX(f), freely usable currencies, 515. 570

Article XXXI, Section 1, entry into force of Articles of Agreement, 3

Articles of Agreement, interpretation of authority to use Fund’s resources, 128

Asian Development Bank

  • communications concerning members’ arrears to the Fund, 556

  • exchange of documents with, 488

  • prescribed holder of SDRs, 523

Assessments, SDR Department, 546–47

Audit

  • Framework Administered Account, 97

  • Joint Vienna Institute, 695

  • Post-SCA-2 Administered Account, 120

  • PRGF Trust, 62

  • PRGF-HIPC Trust, 89, 97

  • safeguards for use of Fund resources, 135, 136, 138

  • Supplementary Financing Facility Subsidy Account, 584

Augmentation

  • access policy, 214

  • debt and debt service reduction operations, 207, 208

  • rights to purchase, elimination under stand-by and extended arrangements, 164

Authorized signatories, 499

B

Balance of Payments Manual (5th Ed.), 453

Balance of payments need

  • access policy, 214

  • Compensatory Financing Facility, 222

  • Contingent Credit Lines, 237

  • emergency assistance, 187, 190

  • extended arrangements, 166

  • Extended Fund Facility, 166

  • lenders to ESAF Trust, need because of developments in reserves, 77

  • PRGF loans, 49

  • protracted balance of payments problem, 48, 345

  • stand-by arrangements, 149

  • Supplemental Reserve Facility, 233

  • Y2K Facility, 248

Balance of payments position

  • assessment of strength for purposes of designation plans, operational budgets and repurchases, 256–57

  • discrimination for balance of payments reasons, 427–28

Bank for International Settlements (BIS)

  • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 418

  • investment by Fund of currencies received by SFF Subsidy Account, 585

  • prescribed holder of SDRs, 522–23

Bank/Fund collaboration, 477–78

Bank of England, 518

Basle Core Principles for Banking Supervision, 241

Bilateral payments arrangements

  • extended arrangement, 181

  • stand-by arrangement, 176

  • three-month settlement rule, temporary exemption, 424

Bilateralism and convertibility, 423–24

Board of Governors Resolutions

  • Composite Resolution, 597–616

  • Eleventh General Review of Quotas, 3, 628–30

  • Ninth General Review of Quotas, 356

  • SDR allocation, First Basic Period, 642–43

  • SDR allocation, Third Basic Period, 642–43

Borrowed Resources Suspense Accounts

  • establishment, 417

  • investment by the Fund of currencies held in, 417–18

Borrowing by the Fund. See also General Arrangements to Borrow (GAB); New Arrangements to Borrow (NAB)

  • guidelines, 419

BSFF. See Buffer Stock Financing Facility

Buffer Stock Financing Facility (BSFF)

  • elimination, 218, 220, 232

  • reserve tranche purchases, exclusion, 568

Burden sharing

  • disposition of net income

    • for FY 1987 and FY 1988, 292–94

    • for FY 1994, 307

    • for FY 1997, 321

    • for FY 1998, 322

    • for FY 1999, 325

    • for FY 2000, 326

  • extended burden sharing, 334–37

  • implementation

    • for FY 1987 and FY 1988, 287–90

    • for FY 1989, 295–97

    • for FY 1990, 298–301

    • for FY 1994, 302–04

    • for FY 1995, first quarter, 305–07

    • for FY 1995, second through fourth quarters, 309–11

    • for FY 1996, 312–14

    • for FY 1997, 315–17

    • for FY 1998, 319–21

    • for FY 1999, 323–25

    • for FY 2000, 329–31

  • implementation, effective May 2, 2000, 331–33

  • income position

    • for FY 1987 and 1988, 292

    • for FY 1990, 298–301

    • for FY 1995, 308

    • for FY 1996, 312–14

    • for FY 1997, 315–17, 317–18

    • for FY 1998, 321

    • for FY 1999, 325

    • for FY 2000, 326, 334

    • for FY 2001—review, 334

  • net income target

    • for FY 1987 and FY 1988, 286

    • for FY 1989, 295

    • for FY 1994, 304

    • for FY 1995, 307–08

    • for FY 1996, 308

    • for FY 1997, 317–18

    • for FY 1998, 321

  • principles of, 286, 290–91, 294, 298, 300, 301, 305, 309, 312, 315, 318, 329, 331

  • rate of charge

    • for FY 1987 and FY 1988, 286–87

    • for FY 1989, 294–95

    • for FY 1990, 298

    • for FY 1994, 301, 304

    • for FY 1995, 307–08

    • for FY 1995, first quarter, 305

    • for FY 1995, second through fourth quarters, 309

    • for FY 1996, 312

    • for FY 1997, 315, 317–18

    • for FY 1998, 318, 321

    • for FY 1999, 322, 323

    • for FY 2000, 326, 329

    • for FY 2001, 327

    • retroactive reduction for FY 1994, 308

    • retroactive reduction for FY 1995, 307–08

  • Special Contingent Account, amounts placed additions in FY 1988, and disposition of amounts placed in FY 1987 and FY 1988, 292–94

    • for FY 1989, 295

    • for FY 1990, 298

    • for FY 1994, 302

    • for FY 1995, first quarter, 305

    • for FY 1995, second through fourth quarters, 309

    • for FY 1996, 312

    • for FY 1997, 315

    • for FY 1998, 318–19

    • for FY 1999, 323

    • for FY 2000, 329

  • Special Contingent Account, establishment, 292

  • By-Laws

    • Section 13, vote without meeting, 628

    • Section 20, audits, 62, 90, 97, 108, 120, 584

    • Section 22, compulsory withdrawal, 557, 560, 561

C

Capital flows

  • action to limit disequilibrating flows, Composite Resolution, 614

  • Contingent Credit Lines, 237

  • Eleventh General Review of Quotas, 624

  • Supplemental Reserve Facility, 233

  • surveillance, 12

  • World Trade Organization, information on Fund decisions requesting a member to exercise capital controls, 706

Capital transfers

  • controls by members, 365

  • multiple currency practices applicable solely to, 129

  • payment arrears, 198

  • use of Fund’s resources for, 128, 364

Caribbean Development Bank

  • exchange of documents with, 488

CCFF. See Compensatory Financing Facility

CCLs. See Contingent Credit Lines

Censure, 556–57

  • draft declaration, 561

Central Bank of West African States (BCEAO)

  • prescribed holder of SDRs, 523

Cereal import costs

  • compensatory financing of fluctuations in, 226–29

  • repurchase, 273

CFF and CCFF. See Compensatory Financing Facility

Charges. See also Burden sharing

  • accounting for charges from members with overdue obligations, 281

  • accrued charges, 281

  • administrative account, balances held in, 569

  • commitment charge, stand-by and extended arrangements, 327–28

  • Contingent Credit Lines, 238

  • extended arrangements, 182

  • Extended Fund Facility, 168, 182

  • future changes in charges, 280

  • interest on Trust Fund loans (See Interest)

  • media of payment in General Resources Account, 281

  • payment by nonparticipant in the SDR Department, 281

  • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 546–47

  • setoff in connection with a retroactive reduction of charges due by members in arrears, 285–86

  • special charges on overdue financial obligations to the Fund, 282–84

  • special charges system—review, 284–85

  • stand-by arrangements, 177

  • Supplemental Financing Facility, subsidy, 580

  • Supplemental Reserve Facility, 235

  • surcharge on purchases in credit tranches and under EFF, 280

  • use of Fund resources

    • for FY 1994, 301

    • for FY 1995, 305, 308, 309

    • for FY 1996, 312

    • for FY 1997, 315, 317

    • for FY 1998, 318, 321

    • for FY 1999, 322, 323

    • for FY 2000, 326

    • for FY 2001, 327

  • waiver of special charges, 283

  • Y2K Facility, 249

Collateral

  • collateral guarantees on debt, international reserves template, 466

  • release of collateral financed with additional resources, 203–05

Communications, privilege for

Compensatory Financing Facility (CFF; previously Compensatory and Contingency Financing Facility, CCFF)

  • access limits, 222

  • cereal import costs, 219, 226–29

  • contingency element elimination, 220

  • decision, 220–30

  • estimated data, 223

  • export fluctuations, 222–26

  • extended arrangements and, 182

  • external contingency element elimination, 218, 220

  • general provisions, 220–22

  • misreporting and noncomplying purchases, 159

  • overcompensation, 225–26, 229, 231, 232

  • phasing, 219, 223–24

  • PRGF Trust and, 48

  • repurchase expectation, 274

  • repurchase, in case of overcompensation, 231, 232

  • repurchase of overcompensation, legal interpretation, 231–32

  • repurchases, 273

  • reserve tranche purchases, exclusion, 220, 568

  • stand-by arrangements and, 177

Compulsory withdrawal, 548, 556, 567, 563

Concessional external debt, OECD definition, 155, 157–58

Conditionality

  • benchmarks, 154

  • Compensatory Financing Facility, 221, 222–23, 226–27

  • consistency with WTO agreements, 482–83

  • consultation clauses, 149

  • Contingent Credit Lines, 237

  • contractual connotation, avoidance of language in stand-by arrangements and letters of intent, 149

  • cross-conditionality between Fund programs and WTO agreements, avoidance, 483

  • emergency assistance, natural disasters, 188

  • emergency assistance, post-conflict countries, 191

  • emergency financing mechanism, 195

  • first credit tranche, 148, 150

  • governance issues, 38

  • guidelines, 149–51, 170, 171, 172, 173

  • indicative targets, 153

  • nondiscriminatory treatment of members, 150

  • performance criteria and phasing, relationship, 151–54

  • performance criteria, number and content, 150

  • performance criteria with respect to external debt, change in coverage, 154–56

  • performance criteria with respect to foreign borrowing, 157–58

  • performance criteria with respect to foreign borrowing, discount rate, 157–58

  • period, stand-by arrangements, 149

  • reviews of programs, 151, 154

  • Supplemental Reserve Facility, 236

  • Systemic Transformation Facility, 251–53

  • test dates, even distribution, 152

  • upper credit tranche stand-by arrangements, 215

  • waiver, nonobservance of performance criteria, 153

  • waiver, unmet conditions of stand-by or extended arrangements, 154

  • Y2K Facility, 248, 250

Confidentiality

  • archives, 470

  • exchange of documents with other international agencies, 488

  • side letters, 131–34

Consultation clause

  • extended arrangements, 183

  • stand-by arrangements, 149, 178

Consultation cycles, Article IV. See also Article IV consultations, Enhanced surveillance; Surveillance

  • annual in principle, 13, 19, 20, 25

  • bicyclic consultation procedure, termination of, 18

  • flexibility in, 20

  • interim reports, 18–19

  • interval between Article IV consultations, 14

  • not affected by ad hoc consultations, 16

  • review of temporary changes, 17–18

Consultations other than under Article IV

  • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 429

  • Article VIII restrictions, 13, 16, 423–24, 428–29, 477

  • Article XIV restrictions, 13, 16, 423–24, 428–29, 477

  • bilateral arrangements, 423–24

  • conditionality, consultation clauses, 149

  • ESAF, consultation with creditors, 79

  • GATT Contracting Parties, 473–77

  • multiple currency practices, 434

  • prescribed holders of SDRs, 521

  • sale of members’ currencies, 260–62, 265

  • SDR allocation, 635, 645

  • United Nations, 653, 655

  • World Trade Organization, 480, 483, 484, 706

Contingent Credit Lines, 236–246

  • access, 238, 243

  • activation review, 238, 244–45

  • Article IV consultation, positive assessment, 237, 240

  • benchmarks not needed, 243

  • commitment period, 238

  • commitment under extended arrangement in effect, 238

  • commitment under stand-by arrangement, 237, 244

  • conditionality, 238, 243, 245

  • disposition of net operating income, 246, 247, 326, 327

  • eligibility criteria, 237, 239–43

  • establishment, 236–39

  • exchange controls, 241

  • extended arrangements and, 182

  • external payments arrears, 241

  • internationally accepted standards, adherence to, 237, 240

  • mid-term review, 245

  • performance criteria not needed, 243

  • phasing, 238, 245

  • post-activation review, 238

  • rate of change, 238

  • stand-by arrangements and, 177

  • subscription to SDDS, 237, 241

  • “sustainability checks,” 242

Convertibility

  • acceptance of obligations of Article VII, Sections 2, 3, and 4, 428, 429

  • bilateralism, 423–24

  • currency, 425, 427

  • current account of the balance of payments, 113, 427

  • retention quotas, 425–26

  • stand-by arrangements, 147

Cross-conditionality, avoidance, 483

Currencies

  • attribution of reductions of Fund’s holdings, 276–77

  • charges on Fund’s holdings in excess of quota, 280

  • freely usable, 52, 571, 582

  • General Resources Account, 61, 256–59, 263, 281, 339, 387

  • guidelines for operational budget allocation of currencies, review, 262–63

  • harmonization, balanced positions in the Fund, 258

  • maintenance of value, 339–40

  • presently needed for making payments, 129

  • PRGF Trust loans, 52

  • PRGF Trust payments, 84

  • repurchases, 275

  • reserve asset payments, 6, 7

  • sale of currencies of members with outstanding purchases, 260–62, 265

  • SDR valuation basket, 513, 514

  • SDR valuation method, 511–12

  • selection by the Fund, 257–59, 263–64

  • subscription to the Fund, ownership, 4

  • use in operational budgets, 263–64, 257–59, 259

Currency Stabilization Funds, elimination, 233

Current international transactions (current account transactions)

  • bilateralism, 423

  • multiple currency practices, 434–35, 438

  • payment arrears, 198

  • restrictions on payments and transfers, 12, 423, 428, 443

  • undue delays in availability or transfers use of foreign exchange, 365, 430

  • use of Fund resources, 128, 595

D

Data Dissemination Standard. See Special Data Dissemination Standard (SDDS)

Debt and debt service reduction operations

  • accelerated purchases of set-asides, 201, 202

  • augmentation of access, 207, 208

  • collateral, 203–05, 207

  • “condition precedent” clauses, 206

  • early repurchase expectations, 201–06, 206

  • extended arrangements and, 182, 209

  • Fund support modalities, 206–07

  • management of the debt situation, 206

  • “mandatory prepayment” clauses, 206

  • performance criteria, 202

  • phasing, 201, 202

  • repurchase expectation, 205–06

  • resources, 208–09

  • stand-by arrangements and, 177, 209

  • termination, 209

Debt, external. See External debt

Debt strategy

  • payments arrears to creditors, 197–201

Declaration of censure, 556–57

  • draft declaration, 561

Declaration of ineligibility, 555–56, 562, 564

  • publicity, 145, 500

  • termination, 145

Declaration of noncooperation, 556–57, 562, 563

  • draft declaration, 561

  • publicity, 145

  • termination, 145

Default, sovereign, 193

Designation, SDR Department

  • acceptance limit, 542

  • rules for designation—revision, 543–44

  • rules for designation and method of calculating designation amounts—review, 540–43

Designation plans, General Resources Account

  • assessment of strength of member’s balance of payments and gross reserve position, 256–57

  • specification of currencies by the Fund, 257–59

  • transfers of SDRs under Article V, Section 3(f), 259

Deutsche mark

  • weight in SDR valuation basket, 513, 514, 516, 517

  • weight in SDR valuation method, 511

Development Committee (Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries)

  • changes in the organization of work and structure of the Secretariat function, 618–20

  • composition, 607–08

  • establishment, 606–11

  • Executive Directors’ participation in meetings, 609

  • HIPC Initiative, 91, 100

  • Managing Director’s participation in meetings, 609

  • procedures, 610–11

  • rules of procedure, 617–18

  • terms of reference, 609–10

  • WTO observer, 485

Discrimination

  • balance of payments reasons, 427–28

  • disputes between members, comparable treatment, 117

  • multiple currency practices, 441

  • nondiscriminatory treatment of members, 150

Disputes between members

  • comparable treatment principle, 117

  • role of the Fund, 115–18

Dissemination Standard Bulletin Board (DSBB). See also Special Data Dissemination Standard

  • certification requirement, 458–59

  • establishment, 457

  • removal from, 458

Document exchange. See Exchange of documents with other international agencies

DSBB. See Dissemination Standard Bulletin Board

E

Early repurchases

  • guidelines, 269–70

  • member’s balance of payments and gross reserve position, 256–57, 269

  • specification of currencies by the Fund, 257–58, 263–64

East African Development Bank

  • prescribed holder of SDRs, 523

East Caribbean Currency Authority

  • prescribed holder of SDRs, 523

Eastern Caribbean Central Bank

  • prescribed holder of SDRs, 523

EFM. See Emergency financing mechanism

Emergency assistance

  • conversion to special policy, 191

  • misreporting and noncomplying purchases, 159

  • natural disasters, 186–88, 191–92

  • post-conflict countries, 84, 188–91

  • PRGF-HIPC Trust eligibility, 84

  • PRGF-HIPC Trust qualification, 85

  • repurchases, 273

Emergency financing mechanism, 192–97

  • conditions for activation, 195

  • early repurchase, 196–97

Enhanced Structural Adjustment Facility (ESAF). See also Enhanced Structural Adjustment Facility Trust, Poverty Reduction and Growth Facility (PRGF) Trust

  • access limits, 75, 77–78

  • borrowing for loan account, consultation with creditors, 79

  • interest rate on Trust loans, 78

Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust). See also PRGF Trust

access limits, 75, 77–78

  • access to general resources by ESAF-qualified members, 76

  • access to general resources by lenders to Trust, 77

  • balance of payments need, 77

  • benchmarks, 74

  • blend of general and SAF/ESAF resources, 143

  • borrowing for Loan Account, consultation with creditors, 79

  • commitment period, 47, 71–72, 348–49

  • eligible members, 70–71, 350–52

  • emergency assistance, relation to, 190

  • ESAF successor—initiation of operations, 69

  • establishment, 353–54

  • extended arrangements and, 182

  • extension of commitment and disbursement periods for agreement, 356

  • gold pledge, 143

  • gold, use of, 73

  • interest rate on Trust loans, 72, 78

  • legal documentation, 76–77

  • Loan Account, 92

  • loans to Trust as member’s official reserves, 77

  • maturity of loans, 72

  • misreporting, 52, 64–65

  • noncomplying disbursements, 52, 64–65

  • off-market gold sales, 647

  • operational arrangements, 70–77

  • overdue financial obligations to Fund, 551

  • performance criteria, 74, 76

  • phasing of disbursements, 73, 75, 76

  • Policy Framework Papers, 74, 189 (See also Poverty Reduction Strategy Papers)

  • prior actions, 74

  • rescheduling not available, 73

  • Reserve Account transfer to the ESAF-HIPC Trust, 59, 69–70, 92 review, 78

  • review of arrangement, mid-year, 74

  • rights accumulation program and, 143

  • Special Disbursement Account, 71, 72, 92

  • stand-by arrangements and, 177

  • Structural Adjustment Facility assistance in conjunction with, 348–49, 359

  • transfer and retransfer of resources from and to Special Disbursement Account, 357–58

  • transformation to PRGF Trust, 98–99

  • use of SDRs, 526

Enhanced surveillance

  • annual and mid-year consultation reports, 108

    Article IV consultations, 113, 114

  • criteria and procedures, 110–12

  • Executive Board approval or endorsement of member’s program not involved, 115

  • Fund’s role in assisting members with creditors, 109–12

  • midterm review, 112–13

  • quantified economic policy program, 114

  • revised procedures, 113–15

  • staff reports, transmittal by member to creditors, 108, 111–12, 115

Enlarged access

  • criteria for use of Fund resources, validity, 211, 214–15

  • lapse, 209

  • repurchases, 215

ESAF-HIPC Trust. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations

ESAF Trust. See Enhanced Structural Adjustment Facility Trust

Euro

  • freely usable currency, 570

  • rates for computation and maintenance of value, 339

  • reference rates, European System of Banks, 518

  • weight in SDR valuation basket, 514, 516, 517

Euro-area members

  • surveillance over monetary and exchange rate policies, 28–29, 478–79

European Bank for Reconstruction and Development (EBRD)

  • exchange of documents with, 488, 489

European Central Bank (ECB)

  • Article IV consultations, 28, 478

  • euro reference rates, 518

  • observer status, 478–79

European Commission (EC)

  • Article IV consultations, 29

  • exchange of documents with, 488, 489

European Investment Bank (EIB)

  • exchange of documents with, 488

European Monetary Union (EMU), 28

European System of Banks, 518

Exchange arrangements. See also Exchange rate policies

  • exchange taxes and subsidies, notification 9

  • flexible, notification of significant decision, 9

  • intervention, 9, 11, 12

  • multiple currency practices, prior Fund approval, 9

  • notification of, 8–9

Exchange contracts

Exchange controls, See also Exchange restrictions

  • exchange contracts contrary to, 420–21

  • nonsovereign arrears stemming from imposition, 200

Exchange of documents with other international agencies

  • ad hoc requests, 489

  • agencies meeting criteria for exchange, 488

    Article IV consultation staff reports, 485, 490

  • changes in procedures, 489

  • criteria for access, 487–88, 489

  • Recent Economic Developments Papers, 485, 490

  • technical assistance reports, 486

  • use of Fund resources staff papers, 486, 490

Exchange rate policies. See also Exchange arrangements

  • euro-area, 28–29, 478

  • surveillance over, 10–16, 18–19, 20, 21–26

Exchange rates. See also Exchange arrangements, Exchange rate policies, Multiple currency practices

  • coherence in global policy-making, 481

  • computations and maintenance of value, 339–40

  • fixed, 9, 435

  • floating, guidelines, 613

  • fluctuating, 9, 436–37

  • General Arrangements to Borrow, 373

  • New Arrangements to Borrow, 408–09

  • notification of changes in peg, 8–9

  • unification in multiple rate systems, 441

Exchange restrictions. See also Capital transfers; Multiple currency practices

  • approval by Fund, 429, 431

  • Article VIII, Sections 2, 3, and 4

  • obligations, 428–29

  • avoidance of escalation, 432, 445

  • balance of payments reasons, 429–30

  • bilateralism, 423–24

  • consultations with Fund, 428–29, 432

  • discrimination for balance of payments reasons, 427–28

  • emergency assistance, 188

  • Fund representation “in exceptional circumstances” under Article XIV, Section 3, 438, 510

  • guiding principle on whether a measure is an exchange restriction, 428

  • nonbalance of payments reasons, 429

  • payments arrears to creditors, 197

  • performance criteria, extended arrangement, 181

  • performance criteria, stand-by arrangement, 176

  • retention quotas, 425–27

  • security reasons, 422–23

  • surveillance, 12

  • transitional arrangements under Article XIV, 426, 429

  • undue delays, 365, 430

  • World Trade Organization, information on Fund approval, 706

Exchange subsidies, 9

Exchange taxes, 9, 436, 440

Executive Board

  • code of conduct, 492–98

  • lapse of time completion of reviews under Fund arrangements, 184

  • notification of exchange arrangements, 8–9

  • report on Eleventh General Review of Quotas, 621–32

  • repurchase for overcompensation under CFF, 231

  • side letters procedures, 131–34

  • surveillance over exchange rates, 10, 12, 13, 14, 15

Executive Directors

  • additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c), 492

  • appointment by members having five largest quotas, Article XII, Section 3(b)(i) and 3(f), 491

  • appointment of two additional directors, Article XII, Section 3(c), 491–92

  • Development Committee meetings participation, 609

  • explanation of nonpublication of letters of intent, memoranda of economic and financial policies, Poverty Reduction Strategy Papers, and certain other documents, 504

  • Interim Committee meetings participation, 599

  • voting power, effect of adjustment of quota, 492

Export shortfalls, compensatory financing. See Compensatory Financing Facility

Extended arrangements. See also Access policy, use of Fund resources; Extended Fund Facility

  • augmentation of existing arrangements, 207, 208, 214

  • augmentation of rights to make purchases, elimination, 164

  • benchmarks, 154

  • charges, 168, 182

  • commitment charge, 327–28

  • Compensatory Financing Facility, 182

  • Contingent Credit Lines, 182

  • emergency assistance and, 187, 190

  • exclusion of reserve tranche purchase, 164, 569

  • external debt, performance criteria, 154–56, 157–58

  • form, standard, 179–83

  • ineligibility, 182, 549

  • lapse of time completion of reviews, 184–85

  • misreporting and noncomplying purchases, 134, 160–62, 162–63, 163

  • noncomplying purchases, 134, 181

  • overdue financial obligations to the Fund, 181, 549

  • performance criteria and phasing, guidelines, 151–54

  • period of arrangement, extension, 167

  • periods not exceeding three years, 167

  • phasing, 151–54

  • PRGF-HIPC Trust eligibility, 84

  • PRGF-HIPC Trust qualification, 85

  • repayment expectation under PRGF Trust, 67, 182

  • repayment obligation under PRGF Trust, 182

  • repurchase expectation, 163, 168, 169, 181–82

  • repurchases, 168, 182, 215

  • standard clause on external contingency mechanism, eliminated 183

  • standard clauses on set asides in support of debt reduction operations, eliminated, 183

  • Supplemental Reserve Facility and, 182, 234

  • test dates for performance criteria, 152

Extended burden sharing, 334–37. See also Burden sharing

  • review, 334, 337

  • SCA-2 account, modalities, 334–37

  • SCA-2 account, termination, 338

Extended Fund Facility. See also Extended arrangements

  • applicability of policies on stand-by arrangements, 168

  • establishment, 165–69

  • reviews of decision, 169–73

  • situations to which facility could apply, 165

External contingency mechanism in CFF, elimination, 218, 220

External debt

  • management of debt situation, 206–07

  • surveillance, 12

External debt, coverage of performance criteria loans, 156

  • leases, 156

  • suppliers’ credits, 156

External debt performance criteria

  • concessionality, definition, 157–58

  • extended arrangement, 180–81

  • stand-by arrangement, 175–76

F

Federal Reserve Bank of New York, 342, 518

Financial Sector Assessment Program (FSAP)

  • Article IV consultations, 121, 124, 126

  • confidentiality, 126

  • coverage and frequency, 123–24

  • Financial System Stability assessments (FSSAs), 121, 122

  • offshore financial centers (OFCs), 125

  • publication of FSAP reports not authorized, 125

  • publication of FSSA reports endorsed, 126

  • Reports on Observance of Standards and Codes (ROSCs), 122

  • review, 127

  • standards and codes, 122

  • surveillance, 122, 124

  • World Bank, collaboration with, 122, 123

First credit tranche purchase

  • elimination of payments arrears, 198

  • liberal Fund attitude, 148

  • phasing and performance clauses, nonapplicability, 150

  • reasonable efforts test, 148, 198

Fiscal agency

  • safeguards on use of Fund resources when fiscal agent not central bank, 136

  • transfer of claims, PRGF Trust, 59

Foreign borrowing. See External debt

Forms

  • draft declaration on censure or noncooperation, 561

  • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 558–59

  • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 559–60

  • extended arrangement, 179–83

  • stand-by arrangement, 173–78

Framework Administered Account for Technical Assistance Activities

  • adoption of Instrument to establish, 105

  • Instrument to establish, 105–08

Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 52, 61, 387, 571, 582

French franc

  • weight in SDR valuation basket, 513, 514, 517

  • weight in SDR valuation method, 511

Fund/Bank collaboration, 477–78

G

GAB. See General Arrangements to Borrow

General Agreement on Trade and Tariffs (GATT). See also World Trade Organization (WTO)

  • arrangement for consultation and cooperation with the Contracting Parties, 473–77

  • Fund collaboration with, 479, 614

  • import restrictions for balance of payments reasons, 430

  • Voluntary Declaration on Trade and Other Current Account Measures, 446, 614

General Arrangements to Borrow (GAB), 366–78

  • associated borrowing arrangements, 377

  • attribution of reduction in Fund’s holdings of currencies, 277

  • borrowing agreement with Saudi Arabia, 385–92

  • borrowing agreement with Saudi Arabia—renewal, 392–93, 394–95, 395–96

  • borrowing by the Fund, guidelines, 419

  • Eleventh General Review of Quotas, 624

  • emergency financing mechanism, 192

  • interest, 370

  • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 379–82

  • participants and amounts of credit, 377–78

  • quotas, Eleventh General Review, 624

  • repayment by the Fund, 371–73

  • sales of currencies of members indebted to Fund, 265

  • transferability of claims, 373, 382–83

  • transferability of claims under Saudi Arabia’s borrowing agreement, 383–85

  • use of credit arrangements for nonparticipants, 376

General Resources Account (GRA)

  • adjustment of Fund holdings of members’ currency, 339–40

  • designation, assessment of strength of member’s balance of payments and gross reserve position, 256–57

  • gold held, sale, 360, 647

  • maintenance of value, 339–40

  • media of payment in, 281

  • misreporting and noncomplying purchases, 159, 160

  • PRGF Trust Reserve account, no reimbursement from, 70, 71

  • rates for computation and maintenance of value, 339–40

  • repayment expectation under PRGF Trust, failure to meet, 67

  • rights approach, 143

  • rules, applicability to PRGF Trust administration, 45

  • sale of currencies at the request of members with outstanding purchases, 261

  • sale of SDRs by the Fund for payment for increase in quota, 268

  • special charge on overdue charges, 283

  • specification of currencies by the Fund, 257–59, 263–64

  • Subsidy Account, reimbursement of administrative expenses, 583

  • transfers of SDRs instead of currencies under Article V, Section 3(f), 259

Gold

  • allocation of SDRs, third basic period, 637

  • designation of SDRs, 541

  • ESAF-HIPC Trust, sales to benefit, 647

  • gold pledge for use of ESAF Trust resources, 140, 143

  • gold pledge for use of PRGF Trust resources under rights approach, modalities, 359–61

  • harmonization of excess holdings of SDRs, 541–42

  • off-market sales, 278, 328, 362–63, 363

  • off-market transactions by Fund, Resolution, 647

  • off-market transactions for FY 2000: mitigation of the cost to the Fund, 328

  • ownership of gold and currency for subscriptions, 4 payment for repurchases, 275, 276, 278, 328, 363

  • profits, distribution to developing countries through Trust Fund, 572

  • profits, final direct distribution for benefit of developing members through Trust Fund, 576

  • Special Disbursement Account, use of proceeds of off-market sales, 362–63, 647

  • specification of currencies by the Fund, 258, 264

  • use of investment income on proceeds from off-market gold transactions, 363

Governance issues, role of the Fund, 31–43

  • Article IV consultations, 37–38

  • coordination with bilateral donors and multilateral agencies, 41–42

  • HIPC Initiative, 100

  • identification of problems, 39–40

  • macroeconomic impact test for Fund involvement, 36

  • technical assistance, 39

  • use of Fund resources, 38–39

GRA. See General Resources Account

Grievance Committee, archives on, 470

Gross reserve position

  • assessment for purposes of designation plans, operational budgets, and early repurchases, 256–57

Guidelines

  • access limits policy, 209–11

  • access in individual cases, 211–17

  • allocation of currencies, operational budget, 262–63

  • borrowing by the Fund, 419

  • conditionality, 149–51

  • Contingent Credit Lines, 239–46

  • Corrective Action, 48, 158–60, 177, 182, 205

  • designation plans, 256–57

  • early repurchases, guidelines, 271–73

  • early repurchases, summary of guidelines, 269–70

  • emergency assistance, natural disasters, 186–88

  • emergency assistance, post-conflict, 188–92

  • Fund staff collaboration with the WTO, 479–86

  • Fund support for Currency Stabilization Funds, 48

  • governance issues, 31–43

  • misreporting and noncomplying purchases, 158–60, 160–62

  • operational budgets, 256–57

  • payment of reserve assets for subscription, 4–7

  • performance criteria and phasing, relationship, 151–54

  • performance criteria with respect to external debt, 154–56

  • performance criteria with respect to foreign borrowing—discount rate for assessing concessionality, 157–58

  • SDR valuation basket, calculation of currency amounts, 514–15, 515–17

  • SDR valuation basket, conversion into euro of deutsche mark and French franc, 517

  • SDR valuation method, calculation of currency amounts, 511–12

  • selection of currencies by the Fund, 257–59, 260–62

H

HIPC Initiative. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations (ESAF-HIPC Trust), Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

Hong Kong Monetary Authority (HKMA), 398–99, 413

I

Immunities and Privileges of Specialized Agencies, United Nations Convention, 658–87

Immunity of archives, 470

Import restrictions for balance of payments reasons

  • extended arrangements, 181

  • GATT, 430

  • stand-by arrangements, 177

  • Voluntary Declaration on Trade and Other Current Account Measures, 444, 446

Ineligibility to use Fund resources

  • declaration of ineligibility, 145, 500, 548, 555, 562, 564, 567

  • extended arrangements, 182, 549

  • limitation and ineligibility under Article V, Section 5, 266

  • publicity, 500

  • stand-by arrangements, 146, 177, 549

Inter-American Development Bank (IDB)

  • communication regarding members’ arrears to the Fund, 556

  • exchange of documents with, 488

Interest

  • ESAF loans, 72, 78

  • means of payment under Trust Fund, 575

  • PRGF loans, 52

  • Special PRGF operations for HIPC and interim PRGF subsidy, 88

Interim Committee (IC)

  • communiqué on access policy, 211

  • composition, 599–600

  • Eleventh General Review of Quotas, 622

  • establishment, 598–602

  • governance, 134

  • HIPC Initiative, 91, 92

  • International Monetary and Financial Committee, transformation of IC into, 602–05

  • participation of Executive Directors in meetings, 599

  • participation of Managing Director in meetings, 600

  • procedures, 601–02

  • rules of procedures, 617

  • safeguards for use of Fund resources, 135

  • terms of reference, 600–01

International agencies. See also specific international agencies exchange of documents with, 486–89

International Bank for Reconstruction and Development (IBRD). See World Bank

International Court of Justice, 654, 670

International Development Association (IDA)

  • HIPC Initiative, 101, 102, 103

  • prescribed holder of SDRs, 523

International Fund for Agricultural Development (IFAD)

  • prescribed holder of SDRs, 523

International Monetary and Financial Committee (IMFC), 602–05

  • HIPC Initiative, 100

  • participation of Executive Directors in meetings, 603

  • participation of Managing Director in meetings, 603

  • procedures, 604–05

  • terms of reference, 604

  • transformation of Interim Committee into IMFC, 602

International organizations. See also specific international organizations

  • transmittal of Fund documents, 486–89

Interpretation

  • Article VI, use of Fund resources for capital transfers, 128

  • Article VIII, Section 2(b), unenforceability of exchange contracts, 420–21

  • Article IX, Section 7, privilege for communications, 471–72

  • Article XII, Sections 3(b)(i) and 3(b(f), appointment of directors by members having one of five largest quotas, 491

  • Article XII, Section 3(c), appointment of two additional directors, 491–92

  • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 510

  • Article XXVI, Section 2(a), compulsory withdrawal, 548

  • Articles of Agreement, use of Fund resources, 128

  • authority of the Fund to use its resources, 595

Islamic Development Bank (IsDB)

  • exchange of documents with, 488

  • prescribed holder of SDRs, 523

J

Japanese yen

  • freely usable currency, 570

  • weight in SDR valuation basket, 513, 516

  • weight in SDR valuation method, 511

Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries. See Development Committee

Joint Vienna Institute

  • establishment, 688–99

  • extension of agreement until August 19, 2004, 697

L

Lapse of time procedure for reviews under Fund arrangements, 184–85

Leases, definition of external debt, 155, 156

Letters of intent

  • deletion from documents released to multilateral agencies, 490

  • publication, 503, 504, 505, 508

  • side letters, 131–34

Loan Account, PRGF Trust, 53–54, 56, 60

M

Maintenance of value

  • overdue adjustments, 551

  • rates for computations, 339–40

Managing Director

  • authorized signatories, 499

  • Borrowed Resources Suspense Accounts, authority to establish and invest balances, 417, 417–18

  • consultation by member before requesting an extended arrangement, 166

  • consultation with creditors for additional borrowing for ESAF Trust Loan Account, 79

  • consultation with member on changes in exchange rate policies, 9, 14

  • consultation with member with outstanding purchases on sale of currency, 260, 265

  • Development Committee, participation in meetings of, 609

  • early repurchase expectations, 202

  • General Arrangements to Borrow, proposals for calls, 368–69

  • Interim Committee, participation in meetings of, 600

  • International Monetary and Financial Committee, participation in meetings of, 603

  • investment of currencies received by Supplementary Financing Facility Subsidy Account with BIS or IBRD, 585

  • misreporting, General Resources Account, 161, 162

  • misreporting, PRGF, 64, 65

  • noncomplying purchases, General Resources Account, 161, 162

  • noncomplying purchases, PRGF, 64, 65

  • nondiscriminatory treatment of members, 150

  • PRGF Trust, 48, 52, 53, 67

  • Public Information Notices procedures, 31

  • SDR allocation, proposals for

    • first basic period, 633

    • third basic period, 635

    • fourth basic period, report of Managing Director on, 644–46

    • side letters procedures, 133

    • Subsidy Account, investment of currencies received, 585

    • use of Fund resources, recommendation regarding approval, 150

Memoranda of economic and financial policies, publication, 503, 504, 505, 508

Military expenditure and the role of the Fund

  • Article IV consultations, 447

  • performance criteria, 448

  • surveillance, 447–48

Misreporting and noncomplying disbursements, PRGF Trust

  • condition, nonobservance of, 64

  • corrective action, 52, 64–65

  • performance criteria, accuracy of information, 66–67

  • prior action, accuracy of information, 66

  • repayment expectation, 64–65

  • safeguards for use of Fund resources, 134

  • waiver, early repayment, 64–65

  • waiver of applicability or for nonobservance of performance criteria, 64

Misreporting and noncomplying purchases, General Resources Account

  • Article VIII, Section 5, 160

  • corrective action, 158–60, 160–62

  • outright purchases covered by guidelines, 159

  • performance criteria or other conditions, accuracy of information, 160–61, 163

  • prior actions, accuracy of information, 159, 162–63

  • publication of cases, 159

  • repurchase expectation, 121, 122

  • safeguards for use of Fund resources, 134

  • waivers, 159, 162

Moral hazard, 193, 233

Multi-year rescheduling arrangements (MYRAs)

  • enhanced surveillance and, 110, 111

Multiple currency practices

  • approval, 9

  • approval criteria, when imposed for balance of payments reasons, 429, 444

  • approval criteria, when imposed for nonbalance of payments reasons, 443

    Article IV consultations, 444

  • balance of payments reasons, 435, 443

  • capital transactions, 129

  • consultation with Fund prior to changes, 434, 435

  • discrimination, 441

  • exchange taxes, 440

  • jurisdiction of the Fund, 437

  • nonbalance of payments reasons, 435, 444

  • official action, 442, 443

  • policy, 1947, 434–40

  • policy, 1957, 440–42

  • policy, 1998, 442–44

  • simplification of complex rate systems, 441–42

  • spread, 442

  • statement to members transmitting Fund’s decisions, 433–34

  • taxes on exchange drafts, 436

  • unification of exchange rates as basic Fund objective, 441

MYRAs. See Multi-year rescheduling arrangements

N

Natural disasters, emergency assistance, 186–88

Need. See Balance of payments need

Net income. See Burden sharing

New Arrangements to Borrow, 397–414

  • amount of credit arrangement, 413–14

  • Eleventh General Review of Quotas, 624

  • entry into force, 400

  • Hong Kong Monetary Authority, 398, 413

  • meetings of participants, 414–15

  • nonparticipants, 401

  • participants, 401, 413–14

  • relationship with the GAB and associated borrowing arrangements, 412–13

  • transferability of claims, 409, 415–17

Noncomplying disbursements. See Misreporting and noncomplying disbursements

Noncomplying purchases. See Misreporting and noncomplying purchases

Nondiscriminatory treatment of members, 117, 150

Nordic Investment Bank

  • prescribed holder of SDRs, 523

O

Observer status in the Fund

  • European Central Bank, 478–79, 479

  • World Bank, 477–78

  • World Trade Organization, 485, 707

Observer status of the Fund

  • World Bank, 477

  • World Trade Organization, 707–08

OECD. See Organization for Economic Development and Cooperation

Official clearing and payments arrangements. See also Bilateralism; Bilateral payments arrangements

  • temporary exemption from three-month settlement rule, 424

Offshore financial centers (OFCs), 125

Operational budgets

  • assessment of strength of member’s balance of payments and gross reserve position, 256–57

  • guidelines for operational budget allocation of currencies, review, 262–63

  • sales of SDRs, 261, 281

  • specification of currencies by the Fund, 257–59, 260–62, 281

  • transfers of SDRs, 259

Organization for Economic Development and Cooperation (OECD)

  • concessional external loans, definition, 155, 157–58

  • exchange of documents with, 489

Overdue financial obligations to the Fund. See also Rights accumulation programs; Rights approach

  • accounting for charges, 281

  • complaint by Managing Director, 554

  • compulsory withdrawal, 548

  • declaration of censure, 556, 561

  • declaration of ineligibility, 145, 555, 562, 567

  • declaration of noncooperation, 145, 556, 562, 563, 567

  • draft first letter to all Governors, 558–59

  • draft second letter to all Governors, 559–60

  • ESAF, no access, 551

  • extended arrangements and, 181–82, 549

  • Ninth General Review of Quotas, 555

  • overdue maintenance of value adjustments, 551–52

  • preferred creditor status of Fund, 553, 564

  • prevention/deterrence measures—strengthened timetable of procedures, 566–67

  • PRGF arrangement, nonapproval, 48

  • procedures for dealing with members, 552–67

  • publicity upon declaration of ineligibility, 500

  • reporting by the Fund, 500

  • requests for the use of Fund resources under a stand-by or extended arrangement, management will not submit, 549

  • review period, 550–51

  • SAF, no access, 551

  • setoff in connection with retroactive reduction of charges, 285–86

  • six-monthly report, 551–52

  • special charges, 144, 282–84

  • stand-by arrangements and, 177, 205, 549

  • strengthened cooperative strategy, 144, 145–46, 146, 561–67

  • Structural Adjustment Facility, suspension of disbursements, 345–46, 551

  • suspension of voting rights, 565, 567

  • technical assistance limited, 556

Overdue payments to the Fund. See Overdue financial obligations to the Fund

Overseas Economic Cooperation Fund (OECF) of Japan, 157

P

Paris Club

  • Agreed Minute, 117

  • debt rescheduling and Fund arrangements or programs, 564

  • exchange of documents with, 489

  • PRGF-HIPC Trust, 82, 86

Payments arrears, capital transfers. See Capital transfers

Payment arrears, member’s failure to provide foreign exchange for current international transactions. See Exchange restrictions

Payments arrears, settlement of disputes between members, 115–18

Payments arrears of a member to other (nonFund) creditors

  • Fund lending into nonsovereign arrears, 199, 200

  • Fund lending into sovereign arrears, 199, 200

  • Fund policies and procedures, 197–201

  • performance criteria, 197, 199

Payments arrears to the Fund. See Overdue financial obligations to the Fund

Payments restrictions. See Exchange restrictions

Performance criteria under Fund arrangements

  • coverage initially, 153

  • external debt, guidelines on coverage of debt limits, 154–56

  • external debt limits, change in coverage, 154–56

  • first credit tranche, not subject to, 150

  • foreign borrowing, guidelines on calculation of discount rate, 157–58

  • number and content of, 150

  • phasing, relationship, 151–54

  • reporting lags, 152

  • test dates, even distribution, 152

  • waiver of applicability, 162, 163

  • waiver of nonobservance, 153, 162, 163

Phasing and performance criteria under Fund arrangements, relationship, 151–54

PIN. See Public Information Notice

Post-conflict emergency assistance, 84, 85, 188–91

Post-SCA-2 Administered Account

  • adoption of Instrument to establish, 118–19

  • Instrument to establish, 119–20

  • use of SDRs in operations, 119, 527

Position in the Fund, defined, 262, 258

Pound sterling

  • freely usable currency, 571

  • weight in SDR valuation basket, 513, 516, 519

  • weight in SDR valuation method, 511

Poverty Reduction and Growth Facility (PRGF) Trust. See also Enhanced Structural Adjustment Facility (ESAF) Trust, Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

  • administration of, 61–63

  • amendment of, 63

  • contingent credit lines, net operational income, 247

  • electing lenders, 60

  • ESAF successor—initiation of operations, 69

  • establishment, adoption of Instrument, 44

  • extension and enlargement, 68

  • freely usable currency, 61

  • General Resources Account, no reimbursement to, 70, 71

  • Instrument to establish, 45–65

  • limit of account, SDR, 46

  • Loan Account, 46, 53–54, 56, 60, 68, 69

  • loans (See Poverty Reduction and Growth Facility Trust loans)

  • media of payment, 46

  • misreporting and noncomplying disbursements, 52, 64–65

  • modalities of gold pledge under rights approach, 359–61

  • other provisions, 67–68

  • period of operation and liquidation, 63

  • Poverty Reduction Strategy Papers (PRSPs), 82, 85

  • purposes, 45

  • PRGF-HIPC Trust qualification, 85

  • repayment expectation, 65, 67

  • Reserve Account, 46, 56, 57–59

  • Reserve Account, review, 361–62

  • Reserve Account—transfer to the PRGF-HIPC Trust, 59, 69, 70

  • Special Disbursement Account, transfers from, 57, 58, 68

  • Subsidy Account, 46, 54–57, 68, 69

  • Supplemental Reserve Facility, net operational income, 247

  • transfer of claims, 51–61

  • transformation of ESAF to PRGF, 98–99

  • Trust Account and resources, 83

  • unit of account, 46

Poverty Reduction and Growth Facility (PRGF) Trust loans

  • access, 49–50

  • adjustment program, 47, 48

  • arrangement period, extension, 51

  • balance of payment need, 49

  • benchmarks, 47, 51

  • commitment period, 47, 48

  • commitment period, extension, 50

  • eligibility, 46

  • interest, 52, 56, 57, 58, 78

  • misreporting and noncomplying disbursements, 52, 64–65

  • overdue financial obligations to Fund, 48

  • performance criteria, 47, 48, 51, 64, 65, 66–67

  • performance criteria, accuracy of information, 66–67

  • phasing of disbursements, 47, 50–51

  • prior action, accuracy of information, 66

  • protracted balance of payment problem, 48

  • repayment expectation, 48, 49, 65, 67

  • rephasing, 50–51

  • repurchase expectation, 48

  • rescheduling of loan repayments not possible, 52

  • reviews under arrangements, 47, 49, 51, 66

  • structural reforms, 47, 51

  • waiver, early repayment, 64–65

  • waiver of applicability for nonobservance of performance criterion, 66

Poverty Reduction Strategy Papers (PRSPs), 82, 85, 503, 504, 508

Precautionary arrangements, 160, 244

Preferred creditor status of Fund, 553, 564

Prior actions, 74, 162–63, 195, 252, 253

Protracted balance of payments problem, 48

Press notices. See Public Information Notices

PRGF-HIPC Trust. See Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations

Public Information Notices (PINs)

  • Article IV consultation, 29, 31, 501, 503, 504, 508

  • policy matters, 503, 506, 509

  • use of Fund resources, Chairman’s Statement in lieu of PIN, 502

Publication. See also Dissemination Standard Bulletin Board (DSBB)

  • Article IV and combined Article IV/Use of Fund Resources staff reports, 503, 504, 508

  • Article IV consultations background reports (Recent Economic Developments, Selected Issues Papers, Statistical Appendices), 503, 504, 508

  • Article IV consultations staff reports, pilot project, 501–02

  • Chairman’s statements, use of Fund resources, 503, 505–06, 508

  • declaration of ineligibility, 500

  • Fund policy issues papers, 503, 506, 509

  • HIPC Initiative, preliminary, decision point, and completion point documents, 503, 504, 508

  • Joint Fund/World Bank Staff Assessments of PRSPs, Interim PRSPs, and PRSP Progress Reports, 503, 504, 505, 508

  • letters of intent, 503, 504, 505, 508

  • LOIs/MEFPs for staff-monitored programs (SMPs), 503, 504, 509

  • memoranda of economic and financial policies, 503, 504, 505, 508

  • overdue financial obligations to Fund, 500, 508

  • pilot project for the publication of Article IV consultation staff reports, 501, 502, 503

  • Public Information Notices (PINs) for policy matters, 503, 506, 509

  • publication policies of the Fund, 503–09

  • PINs following Executive Board discussions of policy issues, 503, 506, 509

  • PINs following Executive Board discussions on post-program monitoring, 503, 504, 509

  • PINs on Article IV consultations, 29–31, 501, 503, 504, 508

  • PINs on use of Fund resources, 502

  • Poverty Reduction Strategy Papers (PRSPs), Interim PRSPs, and PRSP Progress Reports, 503, 504, 508

  • Recent Economic Development reports (REDs), Article IV consultations, 503, 504, 508

  • Reports on Observance of Standards and Codes (ROSCs), 503, 504, 508

  • Staff reports on staff-monitored programs, stand-alone, 503, 504, 509

  • Statements on Fund decisions on waivers of applicability, or for nonobservance of performance criteria, 503, 505, 508

  • statistical appendices and annexes, Article IV consultations, 503, 504, 508

  • suspension of voting rights and termination of suspension, 501

  • Technical Memoranda of Economic and Financial Policies (LOTSs and MEFPs), 503, 504, 505, 508

  • Use of Fund Resources and Post-program Monitoring Staff Reports, 503, 504, 508

  • use of Fund resources—Chairman’s statement, 502, 503, 505–06, 508

Purchase transactions. See also Reserve Tranche Purchases, Use of Fund resources

  • augmentation of rights to purchase under stand-by and extended arrangements, elimination, 164

  • purchases under stand-by arrangements, 146–48

  • resumption of purchases under extended arrangement after decision of formal ineligibility, 182

  • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 146, 177

  • suspension of transactions under extended arrangements, 182

  • suspension of transactions under stand-by arrangements, 146, 177

  • temporary suspension under Article XXVII, effect on GAB, 374

  • temporary suspension under Article XXVII, effect on NAB, 410

Q

Quotas

  • ad hoc increases, 7

  • adjustment, first interval of five years, 3

  • Sixth General Review, 5

  • Seventh General Review, 5, 6, 268, 641

  • Ninth General Review, 356, 555, 564, 625, 626

  • Eleventh General Review, 3, 208, 209

  • Eleventh General Review, Report of the Executive Board, 621–32

  • payment of reserve assets in connection with subscription, 4–7

  • sales of SDRs by Fund to members for quota payments, 268

  • voting power and adjustment of quotas, 492

R

Recent Economic Developments reports (REDs)

  • balance of payments consultations, WTO, 480–81

  • publication, 503, 504, 508

  • transmittal to multilateral agencies, 490

Reconstitution of SDRs

  • abrogation of rules, 545

REDs. See Recent Economic Developments reports (REDs), Article IV consultations

Repayment expectations, PRGF Trust, 49, 67

Reports on Observance of Standards and Codes (ROSCs), 122

Repurchase expectations

  • Compensatory Financing Facility, 225–26

  • debt and debt service reduction operations, 201–36

  • failure to meet and extended arrangements, 163, 181–82

  • failure to meet and stand-by arrangements, 163, 177

  • failure to meet under Supplemental Reserve Facility, 235

  • failure to meet under Y2K Facility, 250

  • misreporting and noncomplying purchases, 161–62

Repurchases. See also Repurchase expectations

  • access policy, 215

  • attribution of reductions in Fund’s holdings of currencies, 276–77

  • Compensatory Financing Facility, 273

  • Contingent Credit Lines, 235, 238

  • credit tranches, 273

  • currencies of other members, 275

  • early repurchases, 269–70, 270–73

  • extended arrangements, 168, 182–83

  • gold, acceptance in payment, 275, 278, 328

  • gold, obligation to pay, 274

  • gold, off-market sales, 278

  • overcompensation under CFF, legal interpretation, 231

  • periods, 273

  • procedures, 273–76

  • purchases under credit tranches and CFF, 273–74

  • repurchase expectation, 274, 276

  • Schedule B, 270

  • SDRs, 275

  • selection of currencies by Fund, 257–59, 263–65

  • special charges on overdue repurchases, 282

  • stand-by arrangements, 178

  • Supplemental Reserve Facility, 235

  • Systemic Transformation Facility, 254

  • timing of repurchases within a calendar month, 274

  • use of Fund’s resources, 130–31

  • Y2K Facility, 250

Reserve Account of PRGF Trust

  • resources, 57–58

  • review, 361–62

  • transfer to the PRGF-HIPC Trust, 70, 82

Reserve assets

  • payment in connection with subscriptions, 4–7

  • SDR allocation, 636, 645

  • SDR as principal reserve asset, 645

Reserve currency and specification of currencies, 259

Reserve position, gross

  • assessment for purposes of designation plans, operational budgets, and early repurchases, 256–57

  • SDDS reporting, 464

Reserve tranche position

  • attribution of reductions in Fund’s holdings of currencies, 265, 276, 277

  • balances held in Administrative Account, 569

  • Eleventh General Review of Quotas, 627

  • extended arrangements, 164, 569

  • remunerated position, 6

  • stand-by arrangements, 164

Reserve tranche purchases

  • exclusion of purchases and holdings under

    • Buffer Stock Facility, 568

    • Compensatory Financing Facility, 220, 568

    • credit tranches or extended arrangements, 568

    • emergency assistance, 192

    • extended arrangements, 164, 568

    • stand-by arrangements, 164

    • Supplemental Reserve Facility, 235, 570

    • Systemic Transformation Facility, 253, 569–70

    • Y2K Facility, 251

  • General Arrangements to Borrow, 371

  • New Arrangements to Borrow, 407

Restrictions. See Exchange restrictions

Retention quotas, 425–27

Reviews under Fund arrangements

  • extended arrangement, 181

  • lapse of time procedure, 184–85

  • PRGF arrangement,

  • stand-by arrangement, 176

Revolving character of the Fund’s resources, 215, 624

Rights accumulation programs, 84, 85, 140–44. See also Rights approach

Rights approach

  • arrears to the Fund, reduction, 141

  • extension of period, 144, 146

  • gold pledge, 140

  • modalities of gold pledge for use of PRGF Trust resources, 143, 359–61

  • operational modalities, 140–44

  • PRGF-HIPC Trust eligibility, 84

  • PRGF-HIPC Trust qualification, 85

  • three-year period norm, 141

Rules and Regulations

  • Rule G-1, fiscal agency, 373, 409

  • Rule G-4, request for a purchase, 266

  • Rule I-4(4)(a) and (b), 318

  • Rule I-6(4), rate of charge, 238, 249, 255, 280, 282, 285, 287, 293, 295, 298, 302, 304, 305, 308, 309, 312, 315, 317, 318, 319, 321, 322, 326, 327, 329, 332, 334, 335

  • Rule I-8, charge for stand-by and extended arrangements, 148, 327–28

  • Rule I-10, rate of remuneration, 287, 295, 298, 302, 305, 309, 312, 315, 319, 329, 332, 334, 335

  • Rule I-10(d), rate of remuneration, 287

  • Rule O-1, value of SDR, 517, 519

  • Rule O-2, valuation of currencies in terms of SDRs, 339–40, 373, 390, 469, 529, 530

  • Rule O-2(a), value of U.S. dollar in terms of SDRs, 278, 279, 362, 363, 517

  • Rule O-10, operational budget, 259

  • Rule P-7, prescribed operation, 530, 532, 533, 535, 537, 538, 539

  • Rule P-9, recording of SDR transactions, 525, 526, 527, 530, 532, 534–36, 537, 539

  • Rule T-1, interest and charges in respect of SDR, 61, 287, 304, 308, 317, 321, 322, 323, 326, 327, 519–19

  • Rule R-1 through R-6, rules for reconstitution (abrogated), 545

S

Safeguards, use of Fund resources, 134–40

  • benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 137

  • publication of audited central bank financial statements, 136

Safeguards assessment process, first stage, 137

Safeguards assessment process, second stage, 137

  • audits, 135, 136

  • governance, 135

  • information/documents to obtain from central banks, 139–40

  • transparency, 135, 136

Saudi Arabia

  • borrowing agreement, 383–85, 385–92, 392–96

Schedule B, transitional provisions, 5, 270, 274, 275

Schedule F, designation, 541

Schedule G, paragraph 1(a), reconstitution, 501

Schedule J, settlement of accounts with withdrawing members, 374, 390, 410

Schedule K, administration of liquidation, 374, 391, 410

Schedule L, suspension of voting rights, 600, 608

SDDS. See Special Data Dissemination Standard

SDRs. See Special drawing rights

Second Amendment

  • Article IV (surveillance over exchange rate policies), 10, 13

  • compensatory financing repurchase obligation, 232

  • payment of reserve assets in connection with subscription, 4–7

  • renumbered Articles, 3, 129, 147, 167, 280, 420, 429, 438, 440, 471, 510, 548

  • repurchases, guidelines, 269

  • repurchases under Schedule B, 274, 275

  • reserve tranche purchase, exclusion from definition, 568

  • surveillance over exchange rate policies, 10, 13

Security reasons, exchange restrictions for, 422–23

Settlement of disputes between members relating to external debt

  • comparable treatment of creditors, 116

  • neutrality of Fund, 118

  • Paris Club, 117

  • role of the Fund, 115–18

Side letters, use of Fund resources, 131–34

Sovereign default, 193

Special Contingent Account. See also Burden sharing

  • additions to, 551

  • establishment, 292

  • losses related to undischarged repurchase obligations, 336

Special Contingent Account 2 (SCA-2)

  • early termination, 338

  • implementation and modalities, 334–37

Special Data Dissemination Standard (SDDS), 449–69. See also Dissemination Standard Bulletin Board

  • access by the public, 454–55

  • certification requirement, 458

  • coverage, 451–52

  • Dissemination Standard Bulletin Board (DSBB), 457–59

  • flexibility options, 454

  • integrity, 455

  • periodicity, 452

  • purpose and framework, 451

  • quality, 455–56

  • removal from the DSBB, 457–58

  • review, 459

  • subscription, 456–57

  • template on international reserves/foreign currency liquidity, 464–69

  • timeliness, 452

Special Disbursement Account (SDA)

  • ESAF-HIPC Trust, 92

  • investment, 341–42, 342

  • off-market gold sales, 278

  • PRGF Trust, 359

  • PRGF-HIPC Trust, 82

  • repayment expectation under PRGF Trust, failure to meet, 67

  • Structural Adjustment Facility administration, 342–53, 526

  • termination and transfer of resources from Trust Fund, 576–77

  • termination of authority to make commitments to provide assistance from SAF in conjunction with loans from ESAF Trust, and transfer of resources from SDA to ESAF Trust, 359

  • transfer of resources to the ESAF Trust and retransfer to the SDA, 357–58

  • Transfers to PRGF-HIPC Trust account, 83

  • transitional investment of balances with the Federal Reserve Bank of New York, 342

Special drawing rights (SDRs)

  • allocation for first basic period, 633–34

  • allocation for third basic period, 528, 635–43

  • allocation for fourth basic period, report of Managing Director, 644–46

  • allocations to new participants, third basic period, 528

  • contributions to PRGF-HIPC Trust, 84

  • designation rules, 540–43

  • designation rules, review, 543–44

  • deutsche mark weight in valuation basket, 511

  • deutsche mark weight in valuation method, 514, 517

  • euro, conversion of deutsche mark and French franc, 516, 517, 519

  • euro weight in valuation basket, 516, 517, 519

  • French franc weight in valuation basket, 513, 514, 517

  • French franc weight in valuation method, 511

  • harmonization of holdings, 258, 541

  • holders prescribed by the Fund

    • African Development Bank and African Development Fund, 523

    • Andean Reserve Fund, 523

    • Arab Monetary Fund, 523

      • Asian Development Bank, 523

      • Bank for International Settlements, 522–23

      • Bank of Central African States, 523

      • Central Bank of West African States, 523

      • East African Development Bank, 523

      • East Caribbean Currency Authority, 523

      • Eastern Caribbean Central Bank, 523

      • European Central Bank, 524

      • International Bank for Reconstruction and Development (World Bank), 523

      • International Development Association, 523

      • International Fund for Agricultural Development, 523

      • Islamic Development Bank, 523

      • Nordic Investment Bank, 523

      • Swiss National Bank, termination of status, 524

      • terms and conditions for accepting, holding, or using SDRs, 513, 516, 519

    • Japanese yen weight in valuation basket, 511

    • Japanese yen weight in valuation method, 575

    • means of repayment by members on indebtedness under loan agreements, 575

    • media of payment for charges in GRA, 281

    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 546

    • payment of subscriptions, 6, 7

    • pound sterling weight in valuation basket, 513, 516, 519

    • pound sterling weight in valuation method, 511

    • PRGF-HIPC Trust unit of account and media of payment, 83–84

    • PRGF Trust unit of account and media of payment, 46, 52

    • reconstitution, abrogation of rules, 545

    • reserve asset payments, 6, 7

    • sale through operational budgets, 262–62

    • sales by the Fund for payment of charges, 281

    • sales by the Fund for payment of subscriptions, 268

    • terms and conditions of acceptance, holding or use by other holders, 520–22

    • transfers of SDRs for payment of subscriptions under Article V, Section 6(b), 257–59, 268

    • transfers of SDRs for purchases under Article V, Section 3(f), 259

    • U.S. dollar weight in valuation basket, 513, 516, 519

    • U.S. dollar weight in valuation method, 511

    • use for subsidy payments under SFF Subsidy Account, 525, 585–86

    • use in donations, 539

    • use in ESAF Trust operations or under an administered account, 526

    • use in forward operations, 538–39

    • use in loans, 532–34

    • use in payment by members on their indebtedness under loan agreements, 575

    • use in payment of Trust Fund obligations, 524–25

    • use in pledges, 532–34

    • use in PRGF-HIPC Trust operations or under an administered account, 526–27

    • use in repurchases, 274–75

    • use in settlement of financial obligations, 529–30

    • use in Structural Adjustment Facility operations, 525

    • use in subsidy payment from SFF Subsidy Account, 525

    • use in swap operations, 536–37

    • use in transfers as security for the performance of financial obligations, 534–36

    • valuation, amendment to Rule 0–1, 519

    • valuation, amendment to Rule T-1, 518–19

    • valuation basket, 513

    • valuation basket, guidelines for calculation of currency amounts, 514–15

    • valuation basket, guidelines for calculation of currency amounts, revised, 515–17

    • valuation method, 511–12

    • valuation of U.S. dollar for purposes of Rule O-2(a), 362, 517–18

    • value of the SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 517–18

Specification of currencies, 257–59

  • harmonization, 258

SRF. See Supplemental Reserve Facility (SRF)

Staff reports on Article IV consultations. See also Surveillance, Enhanced Surveillance

  • document exchange with WTO, 485–86

  • military expenditure, 448

  • publication, 503, 504, 508

  • publication under pilot project, 501, 503

  • transmittal to international agencies, 486–87, 487–88, 489

Staff reports on enhanced surveillance

  • transmittal by members to creditors, 108, 111–12

Stand-by arrangements. See also Access policy, Use of Fund resources

  • arrangements not international agreements, 149

  • augmentation of rights to make purchases, elimination, 164

  • charges, 177

  • commitment charge, 327

  • Compensatory Financing Facility, 177

  • conditionality guidelines, 149–51

  • consultation clauses, 149, 178

  • Contingent Credit Lines, 177

  • contractual connotation avoidance, 149

  • convertibility, 147

  • debt and debt service reduction operations, 201, 208

  • early repurchase expectations, debt and debt service reduction operations, 201–06

  • emergency purchases and, 187, 190

  • exclusion of purchases for definition of “reserve tranche purchases,” 164

  • external debt, performance criteria, 116–20

  • first credit tranche, 150, 175

  • form, standard, 154–56, 157–58

  • indicative targets, 153

  • ineligibility, 146, 147, 549

  • lapse of time procedure, reviews, 184–85

  • misreporting and noncomplying purchases, 160–62, 162–63, 163

  • noncomplying purchases, 160–62, 162–63, 163

  • nondiscriminatory treatment, 150

  • overdue financial obligation to the Fund, 177, 181

  • payments arrears to creditors and performance criteria, 154–55

  • performance criteria, 111, 112, 113–15, 154, 184, 197

  • performance criteria, accuracy of information, 163

  • performance criteria and phasing of purchases, relationship, 151–54

  • performance criteria with respect to external debt, 154–56

  • period for, 146–47, 149

  • phasing, 150, 151–54

  • policies and procedures, 146–48

  • PRGF-HIPC Trust eligibility, 84

  • PRGF-HIPC Trust qualification, 85

  • prior actions, accuracy of information, 162–63

  • repayment expectation under PRGF Trust, 67, 177

  • repayment obligation under PRGF Trust, 177

  • reporting lags, 152

  • repurchase expectation, 161–62, 177

  • repurchases, 178, 215

  • reserve tranche purchases, 164

  • review, 151, 154, 176

  • review, lapse of time, 184–85

  • standard clause on external contingency mechanism, eliminated, 183

  • standard clauses on set asides in support of operations involving debt reduction, eliminated, 183

  • Supplemental Reserve Facility and, 177, 234

  • suspension of right to engage in transactions, 147

  • test dates, 152

  • waiver of nonobservance of performance criteria, 153

  • waiver of unmet conditions, 154

Standards and codes. See also Financial Sector Assessment Program, and Special Data Dissemination Standard (SDDS)

  • Basle Core Principle for Effective Banking Supervision, 241

  • Code of Good Practices in Monetary and Financial Transparency, 241

  • Code of Good Practices in Fiscal Transparency, 241

  • Contingent Credit Lines and, 241

  • Reports on observance of, 122

  • Safeguards for use of Fund resources and, 133

Strengthened cooperation strategy, 144, 145–46, 561–67. See also Overdue financial obligations to the Fund, Rights approach

Structural Adjustment Facility (SAF)

  • access, potential, 343–44, 350, 355, 356

  • amount of assistance, 343–44

  • commitment period, 344, 345

  • commitment period, new, 349

  • commitment period, extension, 356

  • disbursement period, extension, 356

  • disbursements, 345–46

  • eligible members list, 351–52

  • income from investment and loans, 357–58

  • interest, 346

  • loans under Enhanced Structural Adjustment Facility, 348–49

  • PRGF-HIPC Trust qualification, 85

  • protracted balance of payments problem, 345

  • purposes, 343

  • qualification for assistance, 344–45

  • resources, 343

  • review, 353, 354, 355

  • rights accumulation programs and, 142–43

  • SDRs, use in operations, 526

  • terms of loans, 346–47

Subscriptions. See also Quotas

  • accounting by members, 4

  • basic source of Fund financing, 419

  • ownership of gold and currency, 4

  • reserve asset payments, 4–7

Subsidy Account. See Supplementary Financing Facility Subsidy Account

Supplemental Reserve Facility (SRF)

  • availability through stand-by or extended arrangement, 234

  • commitment period, 234

  • conditionally, 236

  • net operational income, disposition, 246, 247

  • net operational income not taken into account in rate of charge calculations, 322, 326, 327

  • overdue financial obligations, 49, 177, 182

  • phasing, 235

  • rate of charge, 235, 236, 239

  • repurchase, 235

  • repurchase expectation, 235

  • reserve tranche purchases, exclusion, 235, 570

  • sudden and disruptive loss of market confidence test, 233

Supplementary Financing Facility Subsidy Account

  • additional subsidy payments for July 1, 1985 through June 30, 1986 and for July 1, 1986 through June 30, 1987, 588

  • additional subsidy payments for May 1, 1987 through June 30, 1987 and for July 1, 1987 through June 30, 1988, 589–90

  • additional subsidy payments for May 1–June 30, 1989 and subsidy payments for July 1, 1989–June 30, 1990,590–91

  • additional subsidy payments for May 1–June 30, 1990 and subsidy payments for July 1, 1990–June 30, 1991, 591

  • disbursement of additional subsidy amounts for the twelve-month period ended June 30, 1986, 587–88

  • eligible members, 580–81

  • Instrument to establish, 578–84

  • investment, 580, 583, 585

  • means of subsidy payments, 585–86

  • purchase, 578

  • rescheduling in case of hardship, 577

  • resources, 578

  • SDRs, use of, 525

  • subsidy amount, 581–82

  • subsidy payments for July 1, 1988 through June 30, 1989, 590

  • subsidy payments for the period July 1, 1983 through June 30, 1984, 586

  • subsidy payments for the period July 1, 1984 through June 30, 1985, 586–87

  • subsidy payments for the period July 1, 1985 through June 30, 1986, 587

  • suspension of transfers and re-transfer of surplus, 585

  • transfer from Special Disbursement Account, 576, 578, 585

Suppliers’ credits, coverage in external debt limits, 156

Surveillance. See also Article IV consultations, Enhanced surveillance

  • architecture of international financial system, 21

  • capital flows, 12

  • comprehensive analysis, 13

  • euro-area, 28–29

  • extension of three-month period, 27

  • financial crises, avoidance and rapid response, 194

  • principles, general, 10–11

  • principles of Fund surveillance over exchange rate policies, 12–13

  • principles for guidance of members, 11

  • procedures, 13–14, 16–17

  • review of general implementation, two-year intervals, 14, 17, 18

  • supplemental procedures, 15–16

  • three-month rule, 26–27

Suspension of membership, 557

Suspension of voting rights

  • participation in Interim Committee, 600

  • participation in International Monetary and Financial Committee, 603

  • publicity, 501

  • timetable of procedures, 567

Swiss National Bank

  • GAB participant, 382, 384, 378

  • NAB participant, 414

  • termination of status as prescribed holder of SDRs, 524

Systemic Transformation Facility, 251–55

  • future of, 255

  • period not extended, 255

  • repurchases, 254

  • reserve tranche purchases, exclusion, 253, 569–70

T

Technical assistance

  • cooperation with Trusteeship Council, 654

  • exchange rate system simplification, 442

  • Framework Administered Account for, 105–08

  • members not cooperating with the Fund, 556

  • post-conflict countries, 189

  • transmittal of reports to international agencies, 486-88, 489

Trade. See also World Trade Organization

  • import restrictions for balance of payments reasons

    • extended arrangements, 181

    • GATT, 430

    • stand-by arrangements, 176

  • retention quotas, 425–27

  • severe disruptions, Systemic Transformation Facility, 251

  • structural maladjustments in trade, Extended Fund Facility, 165

Trade restrictions

  • avoidance of escalation, 432

  • ESAF, 74

  • emergency assistance, 188

  • Voluntary Declaration on Trade and Other Current Account Measures, 444–46, 614

Tranche policies

  • application in connection with CFF, 221

  • application in connection with STF, 253–54

  • exclusion of credit tranches in definition of reserve tranche purchase, 164

  • first credit tranche, 148, 150, 198

Transferability of claims

  • General Arrangement to Borrow, 373, 382–83

  • New Arrangement to Borrow, 409, 415–17

  • Saudi Arabia’s borrowing agreement, 383–85

Transparency. See also Publication

  • foreign reserves management, 136

  • safeguards for use of Fund resources, 135

  • use of Fund resources, 502

Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations (ESAF-HIPC Trust)

  • ESAF Trust Reserve Account transfer to the ESAF-HIPC Trust, 69–70

  • modalities, 91–95

  • terms and conditions for Account administration, 95–98

  • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 98–99

Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

  • administration of, 89–90

  • amendment of, 91

  • assistance amount, 86–87

  • completion point, 81, 85, 86, 87

  • contributions to, 84

  • debt service to exports ratio, 87

  • debt sustainability, 81–82, 86

  • debt sustainability analysis, 81

  • debt to exports ratio, 82, 87

  • debt to revenue ratio, 82

  • decision point, 81, 82, 85, 86, 87, 94, 100

  • eligibility and eligible members, 83, 84–85, 86, 87

  • grace period to loans, 88

  • grants and loans, 84–89

  • Instrument to establish, 80–91

  • Instrument to establish, adoption, 80

  • interest, 82, 83, 88

  • interim assistance, 87

  • interim interest subsidy, 82, 88

  • maturity of loans, 87–89

  • Paris Club, 82, 85, 86

  • period of operation and liquidation, 91

  • Poverty Reduction Strategy Papers (PRSPs), 82, 85, 100, 102, 103

  • purposes, 82–83

  • rescheduling of repayments not allowed, 88

  • SDRs, use in operations, 90, 526–27

  • self-sustained PRGF operations, 82

  • special charges on overdue interest and repayments, 283

  • special disbursement account, transfers from, 83

  • streamlining preliminary HIPC documents, 104

  • track record of performance, 85, 100

  • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 98–99

  • Trust Account and resources, 83–84

Trust Fund

  • distribution to developing countries of profits from gold sales, 572, 576

  • extension of period for qualification, 573

  • final direct distribution of profits, 576

  • loans disbursement, timing, 573

  • means of payment of interest by members on indebtedness under loan agreements, 575

  • means of repayment by members on indebtedness under loan agreements, 575

  • overdue interest and repayments, 283

  • procedures for final payments of profits and loans for period July 1, 1976–June 30, 1978, 572

  • SDRs, use in payment of Trust Fund obligations, 524–25

  • second period, 573–74

  • second period, extension, 573, 574

  • special charges on overdue financial obligations, 282–84, 575

  • termination and transfer of resources to Special Disbursement Account, 341, 576–77

  • terms of repayment of final loan disbursement and amendment of Trust instrument, 577

U

Uniformity of treatment principle

  • settlement of disputes between members, comparable treatment, 117

  • use of Fund’s general resources, nondiscrimination, 150

United Nations

  • agreement with the IMF, 651–57

  • Convention on the Privileges and Immunities of the Specialized Agencies and Annex V, 658–87

  • exchange of documents with, 653

  • “Uniting for Peace” General Assembly resolution, 596

United Nations Development Program

  • exchange of documents, 488

Undue delay in availability or use of foreign exchange, 430

U.S. dollars

  • freely usable currency, 571

  • maintenance of value, rates for computation, 339

  • means of repayment by members on indebtedness under Trust Fund loan agreements, 575

  • media of payment, PRGF Trust, 46

  • off-market gold sales made in, 362

  • payments of interest on members’ indebtedness under Trust Fund loan agreements, 575

  • SDR valuation, amendment to Rule O-1, 519

  • SDR valuation, amendment to Rule T-1, 518

  • use for Subsidy Accounts payments, 586

  • valuation in terms of Special Drawing Rights pursuant to Rule O-2(a), 362, 518

  • weight in SDR method of valuation, 511

  • weight in SDR valuation basket, 513, 516

Use of Fund resources. See also Access policy, Charges; Compensatory Financing Facility; Conditionality; Contingent Credit Lines, Emergency Assistance, Emergency financing mechanism, Extended arrangements, Extended Fund Facility, First credit tranche, Misreporting and noncomplying purchases, Purchase transactions, Repurchases, Reserve tranche purchases, Stand-by arrangements, Supplemental Reserve Facility, Supplementary Financing Facility, Systemic Transformation Facility, Waiver of the limitation of 200 percent of quota, Y2K Facility

  • accordance with purposes of the Fund, 130

  • application of same policy for stand-by arrangements as for requests for immediate drawings, 149

  • authority of the Fund to use its resources, Resolution, 595

  • authority to use resources of Fund, interpretation of Articles of Agreement, 128–29

  • capital transfers, 128, 364

  • Chairman’s Statement on discussion, publication, 502, 503, 505–06, 508

  • conditionality guidelines, 149–51

  • debt and debt service reduction

    • limit for additional resources under stand-by and extended arrangements, 208

    • limit on set aside amounts under stand-by and extended arrangement, 209

  • enlarged access policy, lapse, 209

  • financing current account deficits, 128

  • form, extended arrangement, 179–83

  • form, stand-by arrangement, 174–78

  • ineligibility

    • under Article V, Section 5, 266

    • under Article XXVI, Section 2(a) 548

    • effect on purchases under extended arrangement, 182

    • effect on purchases under stand-by arrangement, 147, 177

    • publicity upon declaration, 500

  • interpretation of Articles of Agreement, 128–29

  • limitation and ineligibility under Article V, Section 5, 266–67

  • meaning of “consistent with the provisions of this Agreement,” Article V, Section 3, 128

  • meaning of “represents” in respect of need, Article V, Section 3(b)(ii),128

  • monetary stabilization, 128

  • nondiscriminatory treatment of members, 150

  • performance criteria and phasing, 151–54

  • postponement and limitation under Article V, Section 5, 266–67

  • repayment expectation under PRGF Trust, failure to meet, 67

  • resumption of purchases under extended arrangement after decision of formal ineligibility, 182

  • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 177

  • safeguards, strengthening of, 135–40

  • side letters, 131–34

  • suspension of exchange transactions, effect on General Arrangements to Borrow, 374

  • suspension of transactions under extended arrangements, 182

  • suspension of transactions under stand-by arrangements, 147, 177

V

Vienna Institute, Joint

  • establishment, 688–99

  • extension of agreement until August 19, 2004, 697

Voluntary Declaration on Trade and Other Current Account Measures, 444–46, 614

Voting power majority

  • adjustment of quota, 492

  • compulsory withdrawal, 563

  • Eleventh General Review of Quotas, 628

  • SDR allocation, 645

  • Voluntary Declaration on Trade on Other Current Account Measures, 446

Voting rights, suspension. See Suspension of voting rights

W

Waiver of special charges, 283

Waiver of the limitation of 200 percent of quota under Article V, Section 3(b)(iii)

  • Compensatory Financing Facility, 221

  • emergency assistance, 192

  • Extended Fund Facility, 167

  • Supplemental Reserve Facility, 236

  • Systemic Transformation Facility, 254

  • Y2K Facility, 250

Waiver of performance criteria

  • applicability, 162, 163

  • nonobservance, 153, 162, 163

World Bank (International Bank for Reconstruction and Development)

  • agreement with WTO, 701, 702, 704

  • Bank/Fund collaboration, 477–78

  • collaboration with Fund on shifting resources from military, 448–49

  • debt and debt service reduction operations, 206

  • Development Committee, 606–11

  • ESAF policy framework process, 74

  • Financial Sector Assessment Program, 122, 123

  • HIPC Initiative, 92, 100

  • investment by Fund of currencies received by SFF Subsidy Account, 585

  • military expenditures, 448

  • observer status in Fund, 477–78

  • prescribed holder of SDRs, 523

  • post-conflict assistance, 180

  • PRGF-HDPC Trust, 82, 86

  • publication policies of the Fund, 503, 508

  • rights approach, 141

World Economic Outlook, 420

  • European Central Bank, observer, 478

  • military spending, 447, 449

  • multilateral framework for bilateral surveillance, 25

  • surveillance procedures, 13-14

World Trade Organization (WTO) and IMF Agreement

  • balance of payments consultations, 480–81

  • coherence in global policy-making, 481

  • consistency of policy advice and obligations, 481–83

  • cross-conditionality, avoidance, 483

  • decision of IMF, 701

  • decision of WTO General Council, 701–05

  • documents exchange with, 485–86, 709

  • Fund staff observer at WTO meetings, 485, 707–08

  • guidelines/framework for Fund staff collaboration, 479-86

  • observer status in Fund meetings, 485, 707

  • resolution of open jurisdictional issues, 483–84

  • text, 705–710

WTO. See World Trade Organization

Y

Y2K Facility

  • access, 248

    Article IV consultation, 249

  • charges, 249

  • cooperation, 249

  • eligibility and qualification, 248

  • establishment, 247–51

  • other provisions, 250

  • repurchases, 250

  • repurchase expectations, 250

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Cover Selected Decisions and Selected Documents of the International Monetary Fund
Selected Decisions and Selected Documents of the International Monetary Fund
ISBN:
9781455220953
ISSN:
1087-4275
Publication Date:
08 Nov 2001
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781455220953.014
Pages:
820