Resolutions
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International Monetary Fund. Secretary's Department
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Keywords:
AS; mills jones; fund documents no; J. mills jones; IMF election; audit report; IBRD election; Capital flows; International monetary system; Multilateral development institutions; Global; East Asia; Asia and Pacific; Southeast Asia; West Africa; board of governors of the fund; fund quota; quota of the Republic of Palau; fund member; foregoing Resolution; Budget planning and preparation; Currencies; Africa
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Abstract

This annual publication is a record of the IMF's Annual Meeting and contains the opening and closing addresses of the chairman of teh Board of Governors presentation of the Annual Report by the Managing Director, statements of Governors, committee reports, resolutions, and a list of delegates. Usually published in March.

Resolution No. 53-1

Membership for the Republic of Palau

On December 24, 1996 the Government of Palau applied for admission to membership in the International Monetary Fund. The Executive Board resolved on November 7, 1997 that action on the application should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on November 10, 1997 for a vote without meeting:

Whereas, the Republic of Palau, on December 24, 1996, requested admission to membership in the International Monetary Fund in accordance with Article II, Section 2 of the Articles of Agreement of the Fund;

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Board has consulted with the representative of the Republic of Palau and has agreed upon the terms and conditions which, in the opinion of the Executive Board, the Board of Governors may wish to prescribe for admitting the Republic of Palau to membership in the Fund;

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Board, hereby resolves that the terms and conditions upon which the Republic of Palau shall be admitted to membership in the Fund shall be as follows:

The Board of Governors adopted the foregoing Resolution, effective December 8, 1997. The Articles of Agreement were signed by His Excellency Tommy E. Remengesau, Jr., Vice-President and Minister of Administration, on behalf of the Government of the Republic of Palau, on December 16, 1997.

Resolution No. 53-2

Increase in Quotas of Fund Members—Eleventh General Review

Article III, Section 2(a) of the Articles of Agreement provides that “The Board of Governors shall, at intervals of not more than five years, conduct a general review, and if it deems it appropriate, propose an adjustment of the quotas of the members.” The five-year period prescribed by Article III, Section 2(a) for the Eleventh General Review of Quotas ended on March 31, 1998, five years from the date on which the Tenth General Review of Quotas should have been concluded. The Tenth General Review of Quotas was completed in early 1995 without recommending an increase in quotas to the Board of Governors. At its meeting on April 5 of that year, the Interim Committee requested the Executive Board “to continue to review the adequacy of the Fund’s resources, and, in connection with its review of the role of the Fund, to carry forward its work on the Eleventh General Review of Quotas.” At its meeting in October 1995, the Committee “welcomed the progress already made by the Executive Board on Fund quotas, and requested the Board to move forward with the Eleventh Quinquennial Review.…” In September 1996, the Committee reiterated its request to the Executive Board “to continue its work on the Review and to do its utmost to reach a conclusion as soon as possible.” In April 1997, the Committee requested the Executive Board to complete its work on quotas as soon as possible and to report to it in time for the Hong Kong meeting of the Committee. The Executive Board reached agreement on the size and distribution of the increase in quotas, which was endorsed by the Interim Committee at its meeting on September 21, 1997. In its discussions on the Eleventh General Review, the Executive Board has considered, inter alia (i) the size of the overall increase in quotas; (ii) the distribution of the overall increase; (Hi) the procedures for consent and payment for the increase in quotas, including by members with overdue obligations in the General Resources Account; and (iv) the media for payment for the increase in quotas. In its preparatory work on the Review, the Executive Board also considered issues relating to the role of the Fund in providing balance of payments financing, the quota formulas used in making quota calculations, and the declining share in quotas of developing countries in the Fund. In the light of these considerations, and taking into account the agreement reached by the Executive Board at the Annual Meetings in Hong Kong SAR which was endorsed by the Interim Committee at its meeting on September 21, 1997 in Hong Kong SAR, the Executive Board proposed to the Board of Governors that the present total of Fund quotas be increased by 45 percent, from approximately SDR 146 billion to approximately SDR 212 billion. The Executive Board decided on December 19, 1997 to submit a report entitled “Increases in Quotas of Fund Members—Eleventh General Review” to the Governors, containing a proposed Resolution which was recommended for adoption.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on December 23, 1997 for a vote without meeting:

Whereas the Executive Board has submitted to the Board of Governors a report entitled “Increases in Quotas of Fund Members—Eleventh General Review” containing recommendations on increases in the quotas of individual members of the Fund; and

Whereas the Executive Board has recommended the adoption of the following Resolution of the Board of Governors, which Resolution proposes increases in the quotas of members of the Fund as a result of the Eleventh General Review of Quotas and deals with certain related matters, by vote without meeting pursuant to Section 13 of the By-Laws of the Fund;

Now, therefore, the Board of Governors hereby resolves that:

Annex to Resolution No. 53-2

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The Board of Governors adopted the foregoing Resolution, effective January 30, 1998.

Resolution No. 53-3

Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1998 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 29, 1998 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 30,1998 for a vote without meeting:

Resolved:

That, effective July 1, 1998, the annual rates of remuneration of the Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be as follows:

The Board of Governors adopted the foregoing Resolution, effective August 11, 1998.

Resolution No. 53-4

1998 Regular Election of Executive Directors

The Executive Board resolved on July 30, 1998 that action in connection with the regulations for the conduct of the 1998 regular election of Executive Directors should not be postponed until the time of the next regular meeting of the Board of Governors at which the election would take place.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 31,1998 for a vote without meeting:

Resolved:

The Board of Governors adopted the foregoing Resolution, effective August 31, 1998.

Resolution No. 53-5

Financial Statements, Report on Audit, and Administrative and Capital Budgets

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Financial Year ended April 30, 1998, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1999 and the Capital Budget for capital projects beginning in Financial Year 1999 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

The Board of Governors adopted the foregoing Resolution, effective October 8, 1998.

Resolution No. 53-6

Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Board that it has reviewed the amendment of Rule J-7 and Rule J-8, and the redesignation of former Rule J-7 as Rule J-9, which have been made since the 1997 Annual Meeting, and has no changes to suggest.

The Board of Governors adopted the foregoing Resolution, effective October 8, 1998.

1

Under Executive Board Decision No. 10237–(92/150) adopted December 14, 1992, the Federal Republic of Yugoslavia (Serbia/Montenegro) may succeed to the membership of the former Socialist Federal Republic of Yugoslavia.

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Cover Summary Proceedings of the Fifty Third Annual Meeting of the Board of Governors, October 6 - 8, 1998
Summary Proceedings of the Fifty Third Annual Meeting of the Board of Governors, October 6 - 8, 1998
Author:
International Monetary Fund. Secretary's Department
ISBN:
9781557757944
ISSN:
0074-7025
Publication Date:
02 Nov 1998
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557757944.015
Pages:
352