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International Monetary Fund

Abstract

The Fund has taken cognizance of the fact that the signatory of a special exchange agreement would not be free to impose discriminatory exchange restrictions against other contracting parties, without having the benefit of any provision in the special exchange agreement comparable to Article XI, Section 2, of the Fund’s Articles. Therefore, a signatory would be unable to impose exchange restrictions against contracting parties that were members of the Fund, but the latter would be able to impose exchange restrictions against the signatory. Members would be able to do this under Article XI, Section 2, unless, of course, the Fund made the finding referred to in that provision. It is true that Article XV: 4 of GATT provides that contracting parties shall not, by exchange action, frustrate the intent of the provisions of GATT, but Article XV: 9(a) states that nothing in GATT precludes the use of exchange restrictions if they are in accordance with the Fund’s Articles.

International Monetary Fund
This note provides guidance to staff on the implementation of the Fund’s Transparency Policy. The objectives of the policy include strengthening the Fund’s effectiveness by providing the public with access to Fund views and deliberations, thus informing public debate and building traction for the Fund’s advice, supporting the quality of surveillance and of programs, by subjecting the Fund to outside scrutiny, and enhancing the Fund’s legitimacy by making the institution more accountable. A Transparency Policy Decision (referred to in the remainder of this note as “the Decision”) sets out rules for the modification and publication of all Board documents.
International Monetary Fund

I. Introduction 1. This note provides guidance to staff on the implementation of the Fund’s Transparency Policy . The objectives of the policy include strengthening the Fund’s effectiveness by providing the public with access to Fund views and deliberations, thus informing public debate and building traction for the Fund’s advice, supporting the quality of surveillance and of programs, by subjecting the Fund to outside scrutiny, and enhancing the Fund’s legitimacy by making the institution more accountable. A Transparency Policy Decision (referred to