Chapter

Appendix III Principal Policy Decisions of the Executive Board

Author(s):
International Monetary Fund
Published Date:
September 1987
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A. Surveillance over Members’ Exchange Rate Policies

(a) Amendment of Procedures

The second and third sentences of Paragraph II of Procedures for Surveillance contained in the document entitled “Surveillance over Exchange Rate Policies” attached to Decision No. 5392-(77/63),1 adopted April 29, 1977, shall be amended to read as follows:

“In principle, the consultations under Article IV shall comprehend the regular consultations under Articles VIII and XIV, and shall take place annually. They shall include consideration of the observance by members of the principles set forth above as well as of a member’s obligations under Article IV, Section 1.”

Decision No. 8564-(87/59)

April 1,1987

(b) Review of Implementation of Procedures

The Executive Board has reviewed the general implementation of the Fund’s surveillance over members’ exchange rate policies, as required by Paragraph VI of Procedures for Surveillance contained in the document entitled “Surveillance over Exchange Rate Policies” attached to Decision No. 5392-(77/63),2 adopted April 29,1977, including the procedures for the conduct of consultations under Article IV, which in principle shall comprehend the regular consultations under Article VIII and Article XIV, and approves the continuation of the procedures as described in [the staff paper], in the light of the Managing Director’s summing up, until the next review, which shall be conducted not later than April 1, 1988.

Decision No. 8563-(87/59)

April 1, 1987

B. External Adjustment, Financing, and Growth; and Issues on Conditionality

1. Pursuant to Decision No. 8192-(86/13),3 adopted January 27, 1986, the Fund has reviewed the experience with recent programs supported by stand-by and extended arrangements, and decides that the provisions of the extended Fund facility and the guidelines on conditionality will remain in force in the present circumstances.

2. The Fund will again review the experience relating to programs supported by stand-by and extended arrangements at an appropriate time pursuant to paragraph 12 of the guidelines on conditionality.4 At that time, the Fund will also review the provisions of the extended Fund facility.

3. In the light of forthcoming discussions by the Executive Board on issues relating to conditionality, the Executive Board will decide when it may be appropriate to have the next comprehensive review of conditionality.

Decision No. 8583-(87/72)

May 8, 1987

C. Policy on Enlarged Access to the Fund’s Resources

(a) Extension of Period and Access Limits for 1987

The Fund, having reviewed the decisions on the policy on enlarged access and the limits on access to the Fund’s resources under that policy and under the special facilities of the Fund (No. 6783-(81/40),5 No. 7599-(84/3) as amended by Decision No. 8147-(85/l77),6 No. 7600-(84/3) as amended by Decision No. 8147-(85/l77),7 and No. 7602-(84/3)),8 decides that:

1. In paragraph a. of Decision No. 7599-(84/3) as amended, “1986” shall be replaced by “1987.”

2. (a) In the third sentence of paragraph a. of Decision No. 7600-(84/3) as amended, “and 1987” shall be inserted after “1986.”

(b) In paragraph b. of Decision No. 7600-(84/3) as amended, “1986” shall be replaced by “1987.”

Decision No. 8459-(86/189)

December 1, 1986

(b) Use of Ordinary and Borrowed Resources

The Fund decides that, after December 31, 1986, the proportions of ordinary and borrowed resources to be used under stand-by or extended arrangements approved in accordance with Decision No. 6783-(81/40)9 on the policy on enlarged access will be as follows:

  • a. Under a stand-by arrangement, purchases will be made with ordinary and borrowed resources in the ratio of 2 to 1 in the first credit tranche, and 1 to 2 in the next three credit tranches. Thereafter, purchases will be made with borrowed resources only.

  • b. Under an extended arrangement, purchases will be made with ordinary resources and borrowed resources in the ratio of 1 to 2 until the outstanding use of the upper credit tranches and the extended Fund facility equals 140 percent of quota. Thereafter, purchases will be made with borrowed resources only.

Decision No. 8487-(861205)

December 19, 1986

D. Compensatory Financing of Fluctuations in the Cost of Cereal Imports:Review of Decision

The Executive Board has reviewed Decision No. 6860-(81/81),10 adopted May 13, 1981, as amended, on Compensatory Financing of Fluctuations in the Cost of Cereal Imports, as required by paragraph 17 of that decision. The next review of the decision shall be conducted not later than May 13, 1989.

Decision No. 8586-(87/73)

May 13, 1987

E. Level of Fund’s SDR Holdings

In determining the amounts of SDRs to be transferred in purchases under the operational budgets, the Fund will be guided by the aim of maintaining the Fund’s SDR holdings within the approximate range of SDR 0.75-1.25 billion. The Executive Board will be informed on the evolution of the Fund’s holdings of SDRs on a regular basis. Should circumstances warrant any change in this approximate range, proposals will be brought to the Executive Board.

Decision No. 8574-(87/64) S

April 24, 1987

F. Charges

(a) Accounting for Charges from Members with Overdue Financial Obligations

The Executive Board decides that, effective November 1, 1986, accrued charges on the use of the Fund’s general resources from a member that is overdue in meeting any financial obligation to the Fund for six months or more will not be included in accrued income unless the member is current in the payment of charges. Charges that are not included in accrued income will instead be reported as deferred income, and will be recorded as income only when paid. Once charges from a member have been reported as deferred income, charges subsequently accrued will not be included in accrued income until the member becomes current in the payment of charges.

Decision No. 8433-(86/l75)

October 31, 1986

(b) Special Charges on Overdue Financial Obligations to the Fund

The following sentence shall be added at the end of paragraph 1.3 of Decision No. 8165-(85/189) G/TR,11 adopted December 30, 1985:

For the purposes of this calculation, any adjustment in the rate of charge referred to in Rule 1-6(4) that may be made under Section V, paragraph 2(b) of Decision No. 8348-(86/122),12 adopted July 25, 1986, shall not be taken into consideration.

Decision No. 8496-(87/3) G/TR

January 7, 1987

(c) Special Charges on Overdue Repurchases—Setoff

The amount to be repaid by the Fund to a member with respect to special charges on overdue obligations in the General Resources Account under Decision No. 8165-(85/189) G/TR13 paid by the member for the first quarter of financial year 1987 shall be set off pro tanto against charges due for the second quarter of financial year 1987.

Decision No. 8442-(86ll78)

November 6, 1986

G. Fund’s Income Position

(a) Principles of “Burden Sharing,’ Income Target for FY 1987 and FY 1988, Rate of Charge, and Rate of Remuneration—Modification of Adjustment Periods

Decision No. 8348-(86/122),14 adopted July 25, 1986, is amended by replacing paragraph 2(d) of Section V with the following paragraph 2(d):

“(d) Subject to the provisions of Section III. 1(a), the adjustments under this paragraph shall be made as of May 1, as of August 1, as of November 1, and as of February 1 of each year:

shortly after July 31 for the period from May 1 to July 31;

shortly after October 31 for the period from August 1 to October 31;

shortly after January 31 for the period from November 1 to January 31;

shortly after April 30 for the period from February 1 to April 30.”

Decision No. 8481-(86/202)

December 17,1986

(b) Principles of “Burden Sharing” Income Target for FY 1987 and FY 1988, Rate of Charge, and Rate of Remuneration—Timing of Distribution of Proceeds of Settlement of Deferred Charges

In Decision No. 8348-(86/122),15 adopted July 25, 1986, the word “semiannually” in the last sentence of paragraph 4(b) of Section V is replaced by the word “quarterly.”

Decision No. 8482-(86/202)

December 17,1986

(c) Burden Sharing, Rate of Charge, and Rate of Remuneration—Adjustment for Quarter Ended January 31, 1987

1. The Executive Board has reviewed the operation of Decision No. 8348-(86/122), adopted July 25, 1986 (as amended),16 in accordance with Section V, paragraph 2(f) of that decision.

2. The adjustment in the rate of charge for the quarter ended January 31, 1987 will be limited so as to generate an amount equal to the amount generated through the reduction in remuneration for that quarter to cover deferred charges. The resulting shortfall will be deemed deferred income in the quarter ending April 30, 1987; the rate of charge and the rate of remuneration will be adjusted with respect to this amount, for the period from February 7, 1987 to the end of the quarter.

3. Whenever charges that became deferred are settled, distributions under Section V, paragraphs 4(b) and (c) of Decision No. 8348-(86/122) (as amended) shall be made in the proportion that the adjustment payments with respect to deferred income for that period had to the amount of deferred charges for the same period.

Decision No. 8515-(87/23)

February 6, 1987

H. Structural Adjustment Facility Within the Special Disbursement Account

(a) Special Charges

The following sentence shall be added at the end of paragraph 7, subparagraph 1 of the Regulations for the Administration of the Structural Adjustment Facility (Annex to Decision No. 8238-(86/56) SAF,17 adopted March 26, 1986):

  • Additional interest shall be charged on (i) the amount of overdue interest on structural adjustment facility loans, at a rate equal to one half of the sum of the rate of interest on loans under the structural adjustment facility and the rate of interest on the SDR, and (ii) the overdue amounts of repayments of loans under the structural adjustment facility, at a rate equal to one half of the sum of the rate of interest on loans under the structural adjustment facility and the rate of interest on the SDR, less one half percent, and subject to the rules on waiver, notification, and payment of special charges under Executive Board Decision No. 8165-(85/189) G/TR,18 adopted December 30, 1985, or any subsequent decision of the Fund thereon.

Decision No. 8497-(87/3) SAF

January 7, 1987

(b) List of Eligible Members

Kiribati and Tonga are eligible to receive balance of payments assistance under the structural adjustment facility within the Special Disbursement Account. The list annexed to Decision No. 8240-(86/56) SAF,19 adopted March 26, 1986, shall be amended accordingly.

Decision No. 8542-(87/36) SAF

March 2, 1987

I. Borrowing Agreements with the Saudi Arabian Monetary Agency: Amendments

The Executive Board authorizes the Managing Director to propose to the Saudi Arabian Monetary Agency (SAMA) amendments to the 1981 Borrowing Agreement20 and the 1984 Supplementary Agreement21 between SAMA and the Fund, substantially in the terms set forth in the Attachment…, and expresses its appreciation for the continued cooperation of the Saudi Arabian authorities with the Fund.

Decision No. 8460-(86/l89)

December 1, 1986

ATTACHMENT Communication from Fund Amending the Borrowing Agreements with SAMA

1. Reference borrowing agreement of May 7, 1981 and supplementary agreement of April 30, 1984, between the Saudi Arabian Monetary Agency (SAMA) and the International Monetary Fund (the Fund) (henceforth referred to as the 1981 Borrowing Agreement and the 1984 Supplementary Agreement). Pursuant to Executive Board Decision No. 8460-(86/189), adopted December 1, 1986, I have been authorized to propose on behalf of the Fund that the 1981 Borrowing Agreement and the 1984 Supplementary Agreement be amended as follows:

A. The 1981 Borrowing Agreement

1. The period referred to in paragraph 1(A) of the 1981 Borrowing Agreement, during which SAMA will stand committed to make loans to the Fund under the 1981 Borrowing Agreement, is extended from May 7, 1987 to November 6, 1987, in respect of amounts that remain undrawn on May 7, 1987, Up to a maximum of SDR 500 million.

2. Each loan made under the 1981 Borrowing Agreement during the period from May 7, 1987 to November 6, 1987 shall be repaid by the Fund in four equal annual installments on May 6, in each of the years from 1991 to 1994 inclusive, except that if May 6 shall not be a banking day in any of these years, payment shall fall due and be made on the banking day immediately preceding.

B. The 1984 Supplementary Agreement

1. The period referred to in paragraph 1(A) of the 1981 Borrowing Agreement during which SAMA will stand committed to make loans to the Fund under the 1984 Supplementary Agreement (referred to as Third Tranche Loans pursuant to paragraph 2 of the 1984 Supplementary Agreement) is extended from May 7, 1987 to May 6, 1989.

2. Each Third Tranche Loan made under the 1984 Supplementary Agreement during the period May 7, 1987 to May 6, 1989 shall mature and be repaid by the Fund in a single installment on November 6, 1989.

C. General Provision

In all other respects, the provisions of the 1981 Borrowing Agreement and 1984 Supplementary Agreement, other than those provisions which by their terms have already expired, shall continue in effect and shall apply to all amounts drawn during the relevant extended periods.

2. Please confirm by tested telex your acceptance of this proposal. This communication and your reply accepting the foregoing proposal shall constitute an amendment to the 1981 Borrowing Agreement and the 1984 Supplementary Agreement and shall enter into force on the date on which the Fund receives such reply.22

Very truly yours,

J. de Larosière

Managing Director

J. Borrowing Agreement with Japan

Pursuant to Article VII, Section 1 of the Articles of Agreement, the Executive Board approves the agreement for borrowing from the Government of Japan, in terms of the draft set out in the Attachment…, and authorizes the Managing Director to take such action as is necessary to conclude and implement the agreement.

Decision No. 8486-(86/205)

December 19, 1986

ATTACHMENT Draft of Proposed Borrowing Agreement Between the Government of Japan and the Fund

1. Given the severe balance of payments difficulties confronting, or in prospect for many member countries, and in order to strengthen the financial position of the International Monetary Fund (“the Fund”) and to facilitate a flexible response in accordance with its policies to assist its members in their efforts to overcome balance of payments difficulties, the Government of Japan (“Japan”) agrees to lend to the Fund an amount equivalent to SDR 3 billion, on the terms and conditions set out below.

2. The Fund may make drawings under this agreement at any time during the period of four years commencing on the date of the first drawing and, in any event, not later than May 1, 1987, upon giving Japan at least three business days’ notice (Tokyo) by tested telex. After consultation with Japan, the Managing Director may, if warranted in his judgment in light of an assessment of the Fund’s liquidity and prospective borrowing requirements, propose extension of the period for drawings for up to two years, and Japan would agree to such a proposal.

3. The Fund will endeavor not to draw more than the equivalent of SDR 400 million on any one value date nor more than the equivalent of SDR 800 million during any week.

4. The amount of each drawing shall be denominated in SDRs. Unless otherwise agreed between the Fund and Japan, the amount shall be paid by Japan, on the value date specified in the Fund’s notice, by transfer of the equivalent amount of Japanese yen to the account of the Fund at the Bank of Japan, Tokyo. Japan agrees that, on request, it shall exchange yen provided here under for U.S. dollars, to the extent required by the Fund for investment pending use of the borrowed funds in transactions of the Fund.

5. At the request of Japan, the Fund shall issue to Japan a nonnegotiable certificate evidencing its claim on the Fund resulting from a drawing outstanding under this agreement.

6. (a) Drawings shall be for maturity periods of six months. The drawings, or any part thereof, may be renewed by the Fund for consecutive periods of six months on giving notice as provided in paragraph 2 prior to each maturity date, provided that the total period that any drawing remains outstanding shall not exceed five years.

(b) If a maturity period does not end on a business day in the place where payment is to be made, the maturity date shall be on the next succeeding business day in that place.

(c) A renewal may be recorded in the books of Japan by entries showing that the outstanding drawing has been repaid and that the amount subject to renewal has been drawn by the Fund on the same value date.

7. The Fund shall repay the principal amount of each drawing on the final maturity date applicable to the drawing or on such earlier repayment date as may be established pursuant to paragraphs 12 or 14 of this agreement. Repayment shall not have the effect of restoring the amount that can be drawn under this agreement.

8. (a) Each drawing shall bear interest at an annual rate determined by the Fund at the commencement of each maturity period, from the product of:

  • (i) the interest rates on domestic instruments in each currency included in the SDR basket, as reported to the Fund by each of the five central banks, on the business day referred to in paragraph 13, as follows:

  • —the bond equivalent yield for six-month U.S. Treasury Bills,

  • —the six-month interbank rate in Germany,

  • —the six-month rate for interbank loans against private paper in France,

  • —the average rate for newly issued bank CDs in Japan with a maturity of between 150 and 180 days,

  • —the six-month interbank rate in the United Kingdom, and

  • (ii) the percentage weight of that currency in the valuation of the SDR on that business day, calculated by using the same amounts and exchange rates for currencies as are employed by the Fund for calculating the value of the SDR in terms of the U.S. dollar on that day.

The applicable interest rate shall be the sum of the products so calculated, rounded up to the nearest ⅙ of 1 percent. (b) The amount of interest payable in respect of the maturity period shall be calculated on an actual day basis and shall be paid by the Fund on the last day of the period or on the date the principal amount is repaid, whichever is earlier.

9. (a) Payments by the Fund of principal and interest shall normally be made in Japanese yen, provided that the Fund, by agreement with Japan, may use SDRs, U.S. dollars or any other currency. If agreement is not reached, the Fund shall have the option to pay in any freely usable currency as defined by the Fund, in SDRs, or in any combination thereof.

(b) Payments in Japanese yen shall be made by crediting the amount due to the account of Government of Japan at the Bank of Japan, Tokyo. Payments in SDRs shall be made by crediting Japan’s holdings account in the Special Drawing Rights Department. Payments in U.S. dollars shall be made by crediting the account of the Government of Japan, Minister of Finance, at the Federal Reserve Bank of New York, New York. Payments in any other currency shall be made to an account specified by Japan.

10. At the request of Japan, its commitment to meet drawings or to renew drawings shall be terminated if Japan represents that its balance of payments and reserve position does not justify further drawings or renewals, and the Fund, having given this representation the overwhelming benefit of any doubt, determines that no further drawing or renewal should be made.

11. (a) Except as provided in (b) and (c) below, the commitment of Japan to meet and renew drawings under this agreement and its claims on the Fund resulting from outstanding drawings shall be transferable only with the consent of the Fund.

(b) Japan shall have the right to transfer at any time all or part of any claim to any member of the Fund, to the central bank or other fiscal agency designated by any member for purposes of Article V, Section 1 (“other fiscal agency”), or to any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement.

(c) The transferee shall, as a condition of the transfer, assume the liability of Japan to accept a renewal of the transferred claim, and shall acquire all the rights of Japan under this agreement with respect to such claim, except that (i)for purposes of notice of renewals, references to business days (Tokyo) shall be deemed to refer to business days in the place where the transferee is situated, (ii) the transferee shall acquire the right to request termination of renewals under paragraph 10 and early repayment under paragraph 12 only if it is a member, or the central bank or other fiscal agency of a member, and at the time of transfer the member’s balance of payments and reserve position is considered sufficiently strong in the opinion of the Fund for its currency to be usable in net sales in the Fund’s operational budget, and (iii) if the transferee is a member or the central bank or other fiscal agency of a member, the reference to Japanese yen in paragraph 9(a) shall be deemed to refer to the transferee’s currency, and in other cases it shall be deemed to refer to U.S. dollars.

12. (a) Japan shall obtain repayment of a claim on the Fund under this agreement before maturity, at face value, if Japan represents that its balance of payments and reserve position justifies early repayment, and the Fund, having given this representation the overwhelming benefit of any doubt, determines that there is a need for such early repayment.

(b) Japan and the Fund may agree that a claim on the Fund will be repaid at the end of any maturity period.

13. Unless otherwise agreed between Japan and the Fund, all transfers and exchanges under paragraph 4, and all payments of principal and interest, shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund for the third business day of the Fund before the value date of the transfer, exchange or payment.

14. If the Fund changes the method of valuing the SDR, all transfers, exchanges and payments of principal and interest made three or more business days of the Fund after the effective date of the change shall be made on the basis of the new method of valuation. Nevertheless, if Japan so requests within 30 days after the adoption of the relevant decision of the Fund but not later than 14 days after the date the change becomes effective, the former method of determining the value of the SDR shall continue to apply to all outstanding amounts and their repayment, and in the calculation and payment of interest on such outstanding amounts. If Japan exercises this option, the Fund shall have the right, on giving 14 days’ notice, to repay in advance of maturity all the amounts to which the option has been applied.

15. Any question arising hereunder shall be settled by mutual agreement between Japan and the Fund.

If the foregoing proposal is acceptable to Japan, this communication and your duly authenticated reply accepting the proposal shall constitute an agreement between Japan and the Fund, which shall enter into effect on the date the Fund acknowledges receipt of your reply.23

K. Supplementary Financing Facility Subsidy Account

(a) Determination of Amount of Subsidy Payments

The Executive Board approves the approach recommended in [the Annex] for determining the amount and timing of subsidy payments to eligible members from the Supplementary Financing Facility Subsidy Account.

Decision No. 8381 -(86/143) SBS

August 29, 1986

ANNEX

(ii) the SFF subsidy instrument provides in Section 9(c) that “the amount of subsidy … shall be paid to each eligible member as soon as practicable after the determination is made.” It would, therefore, be possible to make a determination of the actual amount of subsidy on the present basis when the rate of charge on the use of the ordinary resources for the first half of the financial year is known, which under the new system of determining the rate of charge would be in November.

It is, therefore, proposed to make the determination of the amount of subsidy in November 1986. It is also proposed to follow the same procedure in subsequent years so long as adjustments are required under Decision No. 8348-(86/122).24

(b) Subsidy Payments for July 1, 1985 Through June 30, 1986

1. In accordance with the Instrument establishing the Supplementary Financing Facility Subsidy Account, subsidy payments shall be made with respect to charges paid on holdings of currency referred to in Section 7 of the Instrument for the period July 1, 1985 through June 30, 1986, in the amount indicated to each of the eligible members as listed in [the Attachment].

2. The subsidy payment shall be made to each eligible member on December 23, 1986, or as soon thereafter as the member has paid all overdue charges, if any, on balances eligible for the subsidy.

Decision No. 8492-(87/1) SBS

December 22, 1986

ATTACHMENT

SFF Subsidy Account:

Past Disbursements and Disbursement Proposed for the Year Ended June 30, 1986
(In SDRs)
Cumulative

Approved

Subsidies

in Period

1981-19852
Proposed Amount of Disbursement1Total as an

Annualized

Percentage

of Eligible

Holdings3
July–

December

1985
January–

June 1986
Total

July 1985–

June 1986
(a) Members eligible to receive subsidy at the full rate
Bangladesh13,934,8051,067,077401,8281,468,9052.26
Bolivia3,588,323176,99159,678236,6692.29
Dominica382,66259,50425,19784,7012.13
Gambia, The371,18868,20430,01398,2172.07
Guyana4,151,274241,48485,472326,9562.28
India82,789,06517,089,3157,521,37724,610,6922.09
Kenya10,914,0051,065,870419,0701,484,9402.23
Liberia4,914,140486,713190,763677,4762.23
Madagascar2,786,046219,43882,516301,9542.26
Malawi3,567,873268,31199,872368,1832.26
Mauritania1,820,352181,47271,062252,5342.23
Pakistan53,560,6026,729,2432,764,3899,493,6322.17
Philippines41,063,6183,369,9891,275,7414,645,7302.26
Senegal5,830,863642,381259,992902,3732.19
Sierra Leone2,108,467179,17367,864247,0372.25
Sri Lanka4591,705
Sudan21,062,5841,702,289643,7762,346,0652.25
Tanzania2,180,744136,21548,585184,8002.27
Togo906,29872,58627,29399,8792.26
Zambia43,520,127
Subtotal260,044,74133,756,25514,074,48847,830,743
(b) Members eligible to receive subsidy at half the full rate
Côte d’I voire11,774,3741,918,897820,3312,739,2281.06
Jamaica13,768,7401,093,776416,1721,509,9481.12
Mauritius4,270,544321,751122,099443,8501.11
Morocco8,770,225654,318242,199896,5171.13
Peru14,236,661528,871159,258688,1291.17
Subtotal52,820,5444,517,6131,760,0596,277,672
Total312,865,28538,273,86815,834,54754,108,415

Subject to full payment by members of the relevant charges.

These figures include SDR 659,225 not disbursed pending payment of overdue SFF charges.

Amount of subsidy expressed as a percentage of the average outstanding eligible SFF holdings over the 12-month subsidy period.

Sri Lanka and Zambia no longer have outstanding holdings purchased under the SFF.

Subject to full payment by members of the relevant charges.

These figures include SDR 659,225 not disbursed pending payment of overdue SFF charges.

Amount of subsidy expressed as a percentage of the average outstanding eligible SFF holdings over the 12-month subsidy period.

Sri Lanka and Zambia no longer have outstanding holdings purchased under the SFF.

(c) Amendment of Subsidy Account Instrument and Additional Subsidy Payments for July 1, 1985 Through June 30, 1986

1. The following sentence shall be added at the end of Section 10 of the Subsidy Account Instrument as a separate paragraph: “For the purpose of the calculation of charges under (a) and (b), any adjustment in the rate of charge referred to in Rule 1-6(4) that may be made under Section V, paragraph 2(b) of Decision No. 8348-(86/122),25 adopted July 25, 1986, shall not be taken into consideration.”

2. In accordance with Section 10 of the Instrument establishing the Supplementary Financing Facility Subsidy Account, as amended, additional subsidy payments shall be made with respect to charges paid on holdings of currency referred to in Section 7 of the Instrument for the period July 1, 1985 through June 30, 1986, in the amount indicated to each of the eligible members as listed in column 3 of the table attached. . . .

3. The subsidy payment shall be made to each eligible member on February 9, 1987, or as soon thereafter as the member has paid all overdue charges, if any, on balances eligible for the subsidy.

Decision No. 8523-(87/25)

February 6, 1987

SFF Subsidy Account Payments:Past Disbursements and Additional Disbursement Proposed for the Year Ended June 30, 1986(In SDRs)
Proposed Amount of Disbursement1
(1)(2)(3)(4)
Cumulative

Approved

Subsidies

in Period

1981–19852
Amount Already

Disbursed for

the Period

July 1985–

June 1986
Additional

Subsidy

Disbursement
Total for

Period July 1985–

June 1986
(a) Members eligible to receive subsidy at the full rate
Bangladesh13,934,8051,468,90536,0261,504,931
Bolivia3,588,323236,6695,034241,703
Dominica382,66284,7012,40187,102
Gambia, The371,18898,2172,910101,127
Guyana4,151,274326,9567,529334,485
India82,789,06524,610,692745,87525,356,567
Kenya10,914,0051,484,94037,6481,522,588
Liberia4,914,140677,47616,844694,320
Madagascar2,786,046301,9547,169309,123
Malawi3,567,873368,1838,641376,824
Mauritania1,820,352252,5346,148258,682
Pakistan53,560,6029,493,632257,1299,750,761
Philippines41,063,6184,645,730112,1504,757,880
Senegal5,830,863902,37323,465925,838
Sierra Leone2,108,467247,0375,760252,797
Sri Lanka3591,705
Sudan21,062,5842,346,06555,9802,402,045
Tanzania2,180,744184,8003,980188,780
Togo906,29899,8792,362102,241
Zambia33,520,127
Subtotal260,044,74147,830,7431,337,05149,167,794
(b) Members eligible to receive subsidy at half the full rate
Côte d’Ivoire11,774,3742,739,22879,9492,819,177
Jamaica13,768,7401,509,94836,6511,546,599
Mauritius4,270,544443,85010,856454,706
Morocco8,770,225896,51720,232916,749
Peru14,236,661688,12912,865700,994
Subtotal52,820,5446,277,672160,5536,438,225
Total312,865,28554,108,4151,497,60455,606,019

Subject to full payment by members of the relevant charges.

These figures include SDR 659,225 approved for disbursement, but not disbursed pending paymentof overdue SFF charges.

Sri Lanka and Zambia have no outstanding holdings purchased under the SFF.

Subject to full payment by members of the relevant charges.

These figures include SDR 659,225 approved for disbursement, but not disbursed pending paymentof overdue SFF charges.

Sri Lanka and Zambia have no outstanding holdings purchased under the SFF.

See Selected Decisions, Thirteenth Issue, pages 9-14.

Ibid.

See Selected Decisions, Thirteenth Issue, pages 38-39.

See Selected Decisions, Thirteenth Issue, pages 27-29.

Ibid., pages 47-50.

Ibid., pages 50-51.

Ibid., pages 51-52.

See Annual Report, 1984, page 138.

See Selected Decisions, Thirteenth Issue, pages 47-50.

See Selected Decisions, Thirteenth Issue, pages 89-94.

Ibid., pages 129-30 and 376-77.

Ibid., pages 132-36.

See Selected Decisions, Thirteenth Issue, pages 129-30 and 376-77.

Ibid., pages 132-36.

Ibid.

Ibid., and Item G (a) and (b), above.

See Selected Decisions, Thirteenth Issue, pages 142-47.

Ibid., pages 129-30 and 376-77.

See Selected Decisions, Thirteenth Issue, pages 147-49.

See Selected Decisions, Thirteenth Issue, pages 207-36.

Ibid., pages 237-50.

The amendment entered into force on December 8, 1986.

The agreement entered into effect on December 24, 1986.

See Selected Decisions, Thirteenth Issue, pages

Selected Decisions, Thirteenth Issue, pages

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