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International Monetary Fund

International Monetary Fund
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Language:: English

Keywords:: SELD; fund; article; holding; allocations of special drawing rights; capital transfer; decision No. 1238; Japanese yen; abrogation of rule; Currencies; Multiple currency practices; Credit; Interest payments; Loans; Global; Caribbean

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Abstract

(*indicates Decision as amended)

Index

(*indicates Decision as amended)

Corresponds to Article XV, Section 2 before the Second Amendment.

Corresponds to Article XXXI, Section 1 of the Articles of Agreement after the Second Amendment.

Not included in this volume.

The remainder of the provisions of this decision are no longer in effect, but see footnote to Decision No. 270-(53/95) on page 45.

See Decision No. 6830-(81/65), April 22, 1981, effective May 1, 1981, on page 267.

Corresponds to Article V, Section 3 (b) (iii) of the Articles of Agreement after the Second Amendment.

Corresponds to Article VII, Section 1 of the Articles of Agreement after the Second Amendment.

Reproduced on pages 133-34.

Reproduced on pages 26-30.

For the form of stand-by arrangements, see pages 46–51.

Corresponds to Article XXVII, Section 1 (a) (i) of the Articles of Agreement after the Second Amendment.

For the subject matter of paragraphs 5 and 6, charges for stand-by arrangements, see Rule I-8 of the Rules and Regulations in By-Laws, Rules and Regulations, Thirty-Seventh Issue, January 1, 1981.

†

A section of this decision, not reproduced, provides that Decision No. 102-(52/11) would continue in effect after 1953 subject to review from time to time.

The text would be adapted for a stand-by arrangement for only one year.

The text to be added will depend on the situation of the member at the time.

The performance criteria enumerated here are indicative only.

These subparagraphs would be adapted in accordance with the period of the stand-by arrangement.

The text to be added will depend on the situation of the member at the time.

The performance criteria enumerated here are indicative only.

Paragraph 1 of this decision appears on page 267.

Paragraph 2 of this decision is incorporated in paragraph 4 (a) of Decision No. 4377-(74/114), see page 28 above.

For paragraph 5, see paragraph 1 of Decision No. 5703-(78/39), reproduced on pages 95-97.

Corresponds to Article V, Section 3 (b) (iii) of the Articles of Agreement after the Second Amendment.

Refers to the Articles of Agreement in effect before the Second Amendment.

Not included in this volume.

See Rule I-6 (1) and (2) of the Rules and Regulations adopted effective April 22, 1981.

In accordance with this provision, the decision has been reviewed several times. The final review took place under Decision No. 4986-(76/47), March 18, 1976.

Not included in this volume.

Pursuant to Decision No. 6775-(81/35) G/S, adopted March 5, 1981, this decision will be reviewed early in 1982.

Corresponds to Rule G-4 of the Rules and Regulations adopted April 29, 1981, effective May 1, 1981.

Corresponds to Article V, Section 8(b), (c), and (d) of the Articles of Agreement after the Second Amendment.

The association of Switzerland has been extended until July 15, 1985 (Decision No. 6524-(80/88), June 9, 1980).

Rule O-3 is not included in this volume; it corresponds to Rule O-2 in the Fund’s By-Laws, Rules and Regulations, Thirty-Seventh Issue, January 1, 1981.

No longer in effect. For the amended Paragraph 9(b), see page 109.

Corresponds to Rule O-2 of the Rules and Regulations in By-Laws, Rules and Regulations, Thirty-Seventh Issue, January 1, 1981.

No longer in effect. For the amended Paragraph 9 (b). see page 109.

Corresponds to Schedule K of the Articles of Agreement after the Second Amendment.

See Decision No. 5706-(78/39), reproduced on page 55.

This sentence will be worded in its final form as soon as the arrangements with paying agents have been completed.

These blanks will be filled in as soon as the arrangements with agents for the receipt of process are completed.

Yearbook of the International Law Commission of the U.N., Volume II, part 2 (1977), p. 118.

Ibid.

The agreement entered into force on June 1, 1981.

For the one-year Note, the text would include in the first paragraph the sentence in brackets, the alternative text in the bracket in the second paragraph, the third paragraph in brackets, and the Record of Interest Payment at the end.

Corresponds to Article VII, Section 1 (i) of the Articles of Agreement after the Second Amendment.

Corresponds to Rule O-2 of the Rules and Regulations in By-Laws, Rules ana Regulatiom, Thirty-Seventh Issue, January 1, 1981.

Corresponds to Rule O-2 of the Rules and Regulations in By-Laws, Rules and Regulations, Thirty-Seventh Issue, January 1, 1981.

Corresponds to Schedule K of the Articles of Agreement after the Second Amendment.

Corresponds to Article XXIX of the Articles of Agreement after the Second Amendment.

†

Corresponds to Article VII, Section 1 (i) of the Articles of Agreement after the Second Amendment.

Corresponds to Article XXIX of the Articles of Agreement after the Second Amendment.

Corresponds to Article XIV, Section 1 of the Articles of Agreement after the Second Amendment.

Refers to the Articles of Agreement in effect before the Second Amendment.

These conclusions concerning the Fund’s jurisdiction and the obligation of members apply to all members including those for whose currencies par values have not been established.

Corresponds to Article XIV, Section 3 of the Articles of Agreement after the Second Amendment.

Refers to the Articles of Agreement in effect before the Second Amendment.

Corresponds to Article XIV, Section 3 of the Articles of Agreement after the Second Amendment.

Not included in this volume.

Corresponds to Article XIV, Section 3 of the Articles of Agreement after the Second Amendment.

The BIS was prescribed as a holder of SDRs by Board of Governors Resolution No. 29-1, effective January 21, 1974.

See also Decision No. 6273-(79/158) GIS, September 14, 1979, on pages 78-79.

Corresponds to Article XXIX (a) of the Articles of Agreement after the Second Amendment.

Corresponds to Article XXVI, Section 2 (a) of the Articles of Agreement after the Second Amendment.

Not included in this volume.

Corresponds to Article XXX (c) (i) of the Articles of Agreement after the Second Amendment.

For information on paragraphs 2-4, see page 56.

See Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1976, pages 116-17.

See Annual Report of the Executive Board for the Financial Year Ended April 30, 1978, pages 131-32.

The paper and its supplement are not included in this volume.

Not included in this volume.

Interest due in 1977, 1978, and on June 30, 1979 was paid in U.S. dollars pursuant to decisions adopted in 1977, 1978, and on June 18, 1979.

Not included in this volume.

In accordance with this provision, the decision has been reviewed on several occasions. For the 1981 review, see Decision No. 6842-(81/71), April 30 1981, which follows.

Not included in this volume.

The Bank for International Settlements adhered to this Resolution in accordance with paragraph 11 above by letter dated January 30, 1974.

Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1974, pages 116-18, 119.

Not included in this volume.

See pages 324-26.

Adopted by the Board of Governors, effective December 11, 1978, and designated No. 34-2.

Corresponds to Article XVIII, Section 4(c) of the Articles of Agreement after the Second Amendment.

Because the percentage is to be rounded to the nearest one tenth of one percentage point, an allocation could in practice exceed or fall short of the desired amount by not more than one-twentieth of one percentage point of total quotas, i.e., a difference in absolute terms that would not be greater than about SDR 19 million on the basis of quotas at the present time.

For a participant to be able to “opt out,” in accordance with Article XVIII, Section 2 (e), it must not have voted in favor of the resolution and must inform the Fund before the first allocation under the resolution that it does not wish to receive allocations under that resolution.

See pages 333-37.

Adopted by the Board of Governors, effective December 11, 1978, and designated No. 34-3.

The Agreement came into force November 15, 1947.

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.

China accepted the Convention with respect to the Fund as of June 30, 1981.

References are to the Articles of Agreement after the Second Amendment, which entered into force April 1, 1978. References to Articles in effect before the Second Amendment are indexed under their corresponding Articles after the Second Amendment.

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Selected Decisions (9th Ed)

Author:

International Monetary Fund

ISBN:: 9781484308011

ISSN:: 1087-4275

Publication Date:: 15 Jun 1981

Publisher:: International Monetary Fund

DOI:: https://doi.org/10.5089/9781484308011.014

Pages:: 440

Front Matter

Back Matter

Abstract
Index

				Decision No.	Page
A Accounting by members for transactions with the Fund				170-3	3
Accounts:
	Borrowed Resources Suspense Accounts			6844-(81/75)	186
	General Account; see General Resources Account, below
	General Resources Account:
		Adjustment of currency holdings of members		5590-(77/163)	100
		Exchange rate for Fund computations		5590-(77/163)	100
		Purchase of SDRs for payment of charges		5702-(78/39) G/S	99
		Reimbursement for expenses of carrying out business of supplementary financing facility Subsidy Account		6683-(80/185) G/TR	293
		Reimbursement for expenses of conducting business of Trust Fund		5069-(76/72)	270, 277
		Sale of SDRs for payment of quota increases by members under 7th General Review of Quotas		6663-(80/160) S	90
	Special Disbursement Account, transfers to supplementary financing facility Subsidy Account			6683-(80/185) G/TR	288, 289
				6704-(80/185) TR	286
	Subsidy Accounts:
		Oil facility		*4773-(75/136)	295
			Annual review and payments for financial year 1981	6842-(81/71)	297
		Supplementary financing facility:
			Instrument	6683-(80/185) G/TR	287
			Investment of currencies	6854-(81/78) SBS	295
			Transfer of funds from Special Disbursement Account following termination of Trust Fund	6704-(80/185) TR	286
	Trust Fund, special accounts			5069-(76/72)	276
Adjustment process, international, review				5392-(77/63)	12
Andean Reserve Fund, prescription as holder of special drawing rights				6486-(80/77) S	242
Arab Monetary Fund, prescription as holder of special drawing rights				6609-(80/126) S	245
Articles of Agreement¹
Amendment, Second				B/G Res. 29-8	308
				B/G Res. 29-10	319
Article I, purposes of the Fund				287-3	18
				433-(55/42)	204
				1034-(60/27)	209
				*4377-(74/114)	26
				*4773-(75/136)	295
				5069-(76/72)	270
Article III, Section 2, adjustment of quotas				408-2	3
Article III, Section 2 (a), general review of quotas				B/G Res. 34-2	327
Article IV:
	Consultations			5392-(77/63)	13
				6026-(79/13)	15
				6056-(79/38)	22

				Decision No.	Page
A Accounting by members for transactions with the Fund				170-3	3
Accounts:
	Borrowed Resources Suspense Accounts			6844-(81/75)	186
	General Account; see General Resources Account, below
	General Resources Account:
		Adjustment of currency holdings of members		5590-(77/163)	100
		Exchange rate for Fund computations		5590-(77/163)	100
		Purchase of SDRs for payment of charges		5702-(78/39) G/S	99
		Reimbursement for expenses of carrying out business of supplementary financing facility Subsidy Account		6683-(80/185) G/TR	293
		Reimbursement for expenses of conducting business of Trust Fund		5069-(76/72)	270, 277
		Sale of SDRs for payment of quota increases by members under 7th General Review of Quotas		6663-(80/160) S	90
	Special Disbursement Account, transfers to supplementary financing facility Subsidy Account			6683-(80/185) G/TR	288, 289
				6704-(80/185) TR	286
	Subsidy Accounts:
		Oil facility		*4773-(75/136)	295
			Annual review and payments for financial year 1981	6842-(81/71)	297
		Supplementary financing facility:
			Instrument	6683-(80/185) G/TR	287
			Investment of currencies	6854-(81/78) SBS	295
			Transfer of funds from Special Disbursement Account following termination of Trust Fund	6704-(80/185) TR	286
	Trust Fund, special accounts			5069-(76/72)	276
Adjustment process, international, review				5392-(77/63)	12
Andean Reserve Fund, prescription as holder of special drawing rights				6486-(80/77) S	242
Arab Monetary Fund, prescription as holder of special drawing rights				6609-(80/126) S	245
Articles of Agreement¹
Amendment, Second				B/G Res. 29-8	308
				B/G Res. 29-10	319
Article I, purposes of the Fund				287-3	18
				433-(55/42)	204
				1034-(60/27)	209
				*4377-(74/114)	26
				*4773-(75/136)	295
				5069-(76/72)	270
Article III, Section 2, adjustment of quotas				408-2	3
Article III, Section 2 (a), general review of quotas				B/G Res. 34-2	327
Article IV:
	Consultations			5392-(77/63)	13
				6026-(79/13)	15
				6056-(79/38)	22

				Decision No.	Page
A Accounting by members for transactions with the Fund				170-3	3
Accounts:
	Borrowed Resources Suspense Accounts			6844-(81/75)	186
	General Account; see General Resources Account, below
	General Resources Account:
		Adjustment of currency holdings of members		5590-(77/163)	100
		Exchange rate for Fund computations		5590-(77/163)	100
		Purchase of SDRs for payment of charges		5702-(78/39) G/S	99
		Reimbursement for expenses of carrying out business of supplementary financing facility Subsidy Account		6683-(80/185) G/TR	293
		Reimbursement for expenses of conducting business of Trust Fund		5069-(76/72)	270, 277
		Sale of SDRs for payment of quota increases by members under 7th General Review of Quotas		6663-(80/160) S	90
	Special Disbursement Account, transfers to supplementary financing facility Subsidy Account			6683-(80/185) G/TR	288, 289
				6704-(80/185) TR	286
	Subsidy Accounts:
		Oil facility		*4773-(75/136)	295
			Annual review and payments for financial year 1981	6842-(81/71)	297
		Supplementary financing facility:
			Instrument	6683-(80/185) G/TR	287
			Investment of currencies	6854-(81/78) SBS	295
			Transfer of funds from Special Disbursement Account following termination of Trust Fund	6704-(80/185) TR	286
	Trust Fund, special accounts			5069-(76/72)	276
Adjustment process, international, review				5392-(77/63)	12
Andean Reserve Fund, prescription as holder of special drawing rights				6486-(80/77) S	242
Arab Monetary Fund, prescription as holder of special drawing rights				6609-(80/126) S	245
Articles of Agreement¹
Amendment, Second				B/G Res. 29-8	308
				B/G Res. 29-10	319
Article I, purposes of the Fund				287-3	18
				433-(55/42)	204
				1034-(60/27)	209
				*4377-(74/114)	26
				*4773-(75/136)	295
				5069-(76/72)	270
Article III, Section 2, adjustment of quotas				408-2	3
Article III, Section 2 (a), general review of quotas				B/G Res. 34-2	327
Article IV:
	Consultations			5392-(77/63)	13
				6026-(79/13)	15
				6056-(79/38)	22

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