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International Monetary Fund

provision, but it is clear that it was intended to have a broad effect in controlling the conduct of non-members through members. The experience of the Fund in connection with premium gold transactions shows that the Fund may make recommendations to members in connection with their relations with non-members under the more general language of Article IV, Section 4( a ), without reference to Article XI, Section 1. Juridically, perhaps the most interesting attempt to affect the conduct of non-members has been the obligation imposed on them as contracting parties to GATT to

International Monetary Fund

of developments in world economic conditions and the experience of the Fund since its inception. The Executive Directors were asked to propose amendments to the Articles for both purposes, and they did this in April 1968. Article XVIII was among the possible modifications that the Executive Directors discussed, and they decided to propose a change in that provision. The issues that were debated in connection with interpretation would be of the greatest interest to all who are concerned with international law and organization, but a detailed account will have to

International Monetary Fund. External Relations Dept.

adjustment and thereby can restore the confidence of other lenders and encourage them to supply complementary resources. In this regard, the Fund has had a critical role to play in helping to put together concerted financing arrangements in collaboration with governments, central banks, the Bank for International Settlements, the World Bank, and the commercial banks. What has been the recent experience of the Fund with the implementation of these programs of adjustment? In most of the problem cases, forceful adjustment programs have, by now, been set in place by the

International Monetary Fund

pension reform. The aim is to make these issues transparent and promote their public discussion, and in this way preserve the momentum of fiscal and social reform. The Austrian authorities are confident that the broad international experience of the Fund staff will make valuable contributions to the restructuring of Austria’s economy. I wish to convey my authorities’ thanks for the IMF’s swift response to Austria’s request.

Richard D. Erb

consider structural changes, including not only changes in exchange rates and prices but also, for example, the elimination or restructuring of state enterprises. Although such adjustments lead to more efficient use of resources and have a positive impact on economic growth, the experience of the Fund suggests that such structural adjustments are often more difficult for governments to implement than overall cuts in government expenditures or monetary restraint. This occurs because sometimes the negative impact of such adjustments is felt by some sectors before the

International Monetary Fund. External Relations Dept.

a member of the Egyptian government since 1993. Prior to becoming Minister of Finance in July 2004, he held a range of ministerial positions in the areas of international cooperation, economic affairs, and foreign trade. Boutros-Ghali has an intimate knowledge and first-hand experience of the Fund and its relations with member countries, both as a former IMF staff member and as chief negotiator of Egypt’s fundamental reform programs implemented with IMF support in the late 1980s and early 1990s. The 24-member IMFC typically comprises finance ministers and

International Monetary Fund

this inquiry, either in principle or in relation to the Fund. However, the experience of the Fund shows that the obligations or the principles of a treaty, in the sense of the fundamental postulates that underlie the obligations, can be made to affect and even bind non-members without establishing the contention that the principles have become customary international law. This would seem to be the result of two independent lines of development: Article XI, Section 1, and even Article IV, Section 4( a ), under which non-members can be affected through obligations laid