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- Article I Purposes
- Article II Membership
- Article III Quotas and Subscriptions
- Article IV Obligations Regarding Exchange Arrangements
- Article V Operations and Transactions of the Fund
- Article VI Capital Transfers
- Article VII Replenishment and Scarce Currencies
- Article VIII General Obligations of Members
- Article IX Status, Immunities, and Privileges
- Article X Relations with Other International Organizations
- Article XI Relations with Non-Member Countries
- Article XII Organization and Management
- Article XIII Offices and Depositories
- Article XIV Transitional Arrangements
- Article XV Special Drawing Rights
- Article XVI General Department and Special Drawing Rights Department
- Article XVII Participants and Other Holders of Special Drawing Rights
- Article XVIII Allocation and Cancellation of Special Drawing Rights
- Article XIX Operations and Transactions in Special Drawing Rights
- Article XX Special Drawing Rights Department Interest and Charges
- Article XXI Administration of the General Department and the Special Drawing Rights Department
- Article XXII General Obligations of Participants
- Article XXIII Suspension of Operations and Transactions in Special Drawing Rights
- Article XXIV Termination of Participation
- Article XXV Liquidation of the Special Drawing Rights Department
- Article XXVI Withdrawal from Membership
- Article XXVII Emergency Provisions
- article XXVIII Amendments
- Article XXIX Interpretation
- Article XXX Explanation of Terms
- Article XXXI Final Provisions
- Schedule A Quotas
- Schedule B Transitional Provisions with Respect to Repurchase, Payment of Additional Subscriptions, Gold, and Certain Operational Matters
- Schedule C Par Values
- Schedule D Council
- Schedule E Election of Executive Directors
- Schedule F Designation
- Schedule G Reconstitution
- Schedule H Termination of Participation
- Schedule I Administration of Liquidation of the Special Drawing Rights Department
- Schedule J Settlement of Accounts with Members Withdrawing
- Schedule K Administration of Liquidation
- Schedule L Suspension of Voting Rights
Article XIV Transitional Arrangements
- International Monetary Fund
- Published Date:
- September 1993
Section 1. Notification to the Fund
Each member shall notify the Fund whether it intends to avail itself of the transitional arrangements in Section 2 of this Article, or whether it is prepared to accept the obligations of Article VIII, Sections 2, 3, and 4. A member availing itself of the transitional arrangements shall notify the Fund as soon thereafter as it is prepared to accept these obligations.
Section 2. Exchange restrictions
A member that has notified the Fund that it intends to avail itself of transitional arrangements under this provision may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances the restrictions on payments and transfers for current international transactions that were in effect on the date on which it became a member. Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the Fund, and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the promotion of a stable system of exchange rates. In particular, members shall withdraw restrictions maintained under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the general resources of the Fund.
Section 3. Action of the Fund relating to restrictions
The Fund shall make annual reports on the restrictions in force under Section 2 of this Article. Any member retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4 shall consult the Fund annually as to their further retention. The Fund may, if it deems such action necessary in exceptional circumstances, make representations to any member that conditions are favorable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other articles of this Agreement. The member shall be given a suitable time to reply to such representations. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XXVI, Section 2(a).
