Selected Decisions and Selected Documents of the International Monetary Fund
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Front Matter

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International Monetary Fund
Published Date:
August 1999
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SELECTED DECISIONS AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

TWENTY-FOURTH ISSUE

WASHINGTON, DC

JUNE 30, 1999

PREFACE

This volume is the Twenty-Fourth Issue of Selected Decisions of the International Monetary Fund and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents, to which frequent reference is made in the current activities of the Fund. In addition, the volume contains certain documents relating to the Fund, the United Nations, and other international organizations. With few exceptions, the decisions are of a general nature and relate to certain obligations, policies, and procedures under the Articles of Agreement.

The Fourteenth Issue had an accompanying Annex containing bilateral borrowing agreements entered into by the Fund for the financing of the Enlarged Access Policy and for the financing of the ESAF Trust and associated lending, as well as related decisions adopted by April 30, 1989; an updated Annex containing bilateral borrowing agreements and related decisions in force on November 30, 1995 was published as an Annex to the Twentieth Issue. Bilateral borrowing agreements entered into by the Fund in connection with the General Arrangements to Borrow are included in this volume.

This issue contains the decisions published in the Twenty-Third Issue that remain in effect, as well as new general decisions adopted after the publication of the Twenty-Third Issue.

Wherever reference is made in this volume to provisions of the Fund’s Articles or Rules and Regulations that have subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.

The General Counsel

François P. Gianviti

CONTENTS

LIST OF DECISIONS BY NUMBER

NumberPage
1946-1951
2-1564
71-299
117-1570
170-33
180-5565
237-2504
284-3314
284-4100
286-1314
287-399
363-1546
408-23
446-4491
534-3543
574-2, as amended

by 2620-(68/141)
564
597-4565
1952-1999
102-(52/11)100
144-(52/51)493
201-(53/29)496
270-(53/95),

as amended by

876-(59/15) and

1151-(61/6)
134
343-(54/47)607
433-(55/42)494
541-(56/39)422
649-(57/33)511
876-(59/15), see

270-(53/95)
955-(59/45)49
1034-(60/27)49
1151-(61/6), see

270-(53/95)
1238-(61/43)9
1289-(62/1), as

amended by

1362-(62/32),

1415-(62/47),

4421-(74/132),

5792-(78/79),

6241-(79/144),

7337-(83/37), and

10175-(92/129)
42
1362-(62/32), see

1289-(62/1)
1415-(62/47) see

1289-(62/1)
2620-(68/141), see

574-2
2772-(69/47), as

amended by

4913-(75/207),

7602-(84/3),

10183-(92/132), and

(11878-(99/2)
26
3153-(70/95)102, 50
3179-(70/102)26
3351-(71/51)26
4134-(74/4)50
4239-(74/67)32
4254-(74/75)51
4377-(74/114), as

6339-(79/179), 6830-(81/65)

8885-(88/89),

10182-(92/132),

and

10186-(92/132)
150
4421-(74/132), see

1289-(62/1)
4913-(75/207), see

2772-(69/47)
5069-(76/72)613
5127-(76/91)267
5220-(76/144)154
5371-(77/51)609
5392-(77/63), as

amended by

8564-(87/59)

8856-(88/64) and

10950-(95/37)
10
5508-(77/127)293, 609
5509-(77/127)477
5563-(77/150) TR622
5590-(77/163), as

amended by

11859-(98/130)
383
5591-(77/163)608
5597-(77/171)270
5694-(78/35), see

4773-(75/136)
5702-(78/39) G/S

as amended by

7096-(82/57)G/S
326
5703-(78/39), as

amended by

6862-(81/81) and

8955-(88/126)
321
5704-(78/39)317
5706-(78/39)150
5709-(78/41)TR625
5712-(78/41)8
5719-(78/46)612
5792-(78/79), see

1289-(62/1)
5809-(78/88)324
5832-(78/95)TR625
5956-(78/180)S585
5972-(78/189)TR623
5973-(78/189)TR624
6000-(79/1)S, as

amended by

6438-(80/37)S
586
6001-(79/1)S587
6006-(79/3)485
6008-(79/3)485
6026-(79/13), as

amended by 10273-

(93/15) and

10364-(93/67)
15
6053-(79/34)S, as

amended by

6438-(80/37)S
589
6054-(79/34)S,

as amended by

6438-(80/37)S
591
6056-(79/38)137
6163-(79/96)486
6172-(79/101)319
6201-(79/121)TR626
6202-(79/121)TR626
6209-(79/124)S598
6230-(79/140), as

amended by

11096-(95/100)
142
6241-(79/144), see

1289-(62/1)
6266-(79/156)4
6273-(79/158)G/S300
6274-(79/158)301
6275-(79/158)G/S303
6336-(79/178) S593
6337-(79/178) S595
6339-(79/179), see

4377-(74/114)
6352-(79/183)304
6358-(79/188)TR,

as amended by

8640-(87/101) S/TR
628
6368-(79/191)S585
6437-(80/37)S596
6438-(80/37)S, see

6000-(79/1)S,
6053-(79/34)S, and
6054-(79/34)S
6466-(80/68)TR626
6467-(80/71)S577
6484-(80/77)S580
6486-(80/77)S580
6487-(80/77)S581
6488-(80/77)S581
6489-(80/77)S581
6540-(80/98)TR629
6609-(80/126)S581
6631-(80/145)G/S571
6663-(80/160)S316
6676-(80/168)TR627
6683-(80/185)G/TR,

as amended by

8523-(87/25)SBS

and

8941-(88/122)SBS
631
6704-(80/185)TR385, 629
6709-(80/189) S576
6718-(81/1)S581
6772-(81/35)G/S306
6774-(81/35)310
6783-(81/40), as

amended by

8885-(88/89)
207, 610
6790-(81/43), as

amended by

11728-(98/56)
513
6793-(81/45)630
6830-(81/65),

see also 4377-(74/114)
149, 610
6831-(81/65), as

amended by

7059-(82/23)
324
6832-(81/65)S602
6844-(81/75)487
6845-(81/75)488
6854-(81/78)SBS, as

amended by

8184-(86/9)SBS
638
6862-(81/81), see

5703-(78/39)
6870-(81/83), see

6863-(81/81)
6908-(81/101)S581
6925-(81/112), see

6863-(81/81)
7041-(82/8)G/S603
7059-(82/23), see

6831-(81/65)
7060-(82/23)610
7064-(82/26)S581
7086-(82/42)S581
7096-(82/57)G/S,

see

5702-(78/39)G/S
7116-(82/68)S605
7142-(82/85)TR, as

amended by

8640-(87/101)S/TR
628
7229-(82/136)S581
7246-(82/147)272
7247-(82/147)268
7337-(83/37), see

1289-(62/1)
436
7403-(83/73)443
7427-(83/83)20
7558-(83/156)155
7582-(83/174)S581
7589-(83/181)490
7602-(84/3), see

2772-(69/47)
7626-(84/23)S309
7628-(84/25)440
7629-(84/25)441
7704-(84/78)325
7707-(84/79)S581
7754-(84/108)SBS640
7842-(84/165)147
7857-(84/175)155
7908-(85/26)107
7925-(85/38), as

amended by

8887-(88/89)
140
7931-(85/41)567
7941-(85/50)S309
7989-(85/81)639
7990-(85/81)385
7999-(85/90)567
8029-(85/105)386
8037-(85/110)SBS640
8160-(85/186)G/S574
8165-(85/189)G/TR

as amended by

8496-(87/3)G/TR,

8641 -(87/101)G/TR,

8923-(88/110)G/TR,

10000-(92/58)G/TR,

10337-(93/49)G/TR,

10352-(93/49)G/TR,

and

10551-(94/1)G/TR
328
8184-(86/9)SBS, see

6854-(81/78)SBS
8185-(86/9)SBS/S639
8186-(86/9)SBS/S582
8192-(86/13)156
8222-(86/45)87
8238-(86/56)SAF, as

amended by

8497-(87/3)SAF,

8652-(87/105)SAF,

8758-(87/176)SAF,

9118-(89/40)SAF,

9490-(90/106)SAF,

9863-(91/156)SAF/

ESAF, 10093-(92/94)

SAF and 10353-

(93/49)SAF
386
8239-(86/56) SAF583
8240-(86/56)SAF, as

amended by

8542-(87/36)SAF,

8651-(87/105)SAF,

8935-(88/118)SAF,

9117-(89/40)SAF

9986-(92/48)SAF, and

10184-(92/132)SAF
394
8241-(86/56)SAF398
8265-(86/70)S309
8271-(86/74)331
8318-(86/104)S581
8348-(86/122), as

amended by

8481-(86-202) and

8482-(86/202)
332
8433-(86/175)327
8442-(86/178)332
8481-(86/202), see

8348-(86/122)
8482-(86/202), see

8348-(86/122)
8492-(87/1)SBS641
8496-(87/3)G/TR, see

8165-(85/189)G/T
8497-(87/3)SAF, see

8238-(86/56)SAF
8523-(87/25)SBS

see also

6683-(80/185)G/TR
641
8542-(87/36)SAF, see

8240-(86/56)SAF
396
8564-(87/59), see

5392-(77/63)
8574-(87/64)S310
8583-(87/72)156
8619-(87/90)339
8640-(87/101)S/TR

see 6358-(79/188)TR

and 7142-(82/85)TR
8641-(87/101) G/S/TR,

see 8165-(85/189)G/TR
8642-(87/101)S/TR582
8651-(87/105)SAF, see

8240-(86/56)SAF
8652-(87/105)SAF, see

8238-(86/56)SAF
8674-(87/117)SBS642
8733-(87/159)435
8757-(87/176)

SAF/ESAF, as amended

by 9987-(92/48)

SAF/ESAF
411
8758-(87/176)SAF

see 8238-(86/56)SAF
8759-(87/176)ESAF,

as amended by

9115-(89/40)ESAF,

9488-(90/106)ESAF,

9555-(90/146)ESAF,

9585-(90/161)ESAF,

10092-(92/94)ESAF,

10287-(93/23)ESAF,

10515-(93/162)ESAF,

10530-(93/170)ESAF,

10532-(93/170)ESAF,

11114-(95/110)ESAF,

11395-(96/110)ESAF,

11434-(97/10),

11435-(97/10),

11533-(97/67)ESAF,

11610-(97/113), and

11832-(98/119)ESAF
30
8760-(87/176), as

amended by

9989-(92/48) and

10531-(93/170)SAF
415
8780-(88/12)339
8845-(88/61)ESAF

as amended by

9988-(92/49)ESAF,

10185-(93/132)ESAF

10533-(93/170)ESAF, and

11879-(99/2)ESAF
61
8846-(88/61)ESAF63
8856-(88/64) see

5392-(77/63)
8861-(88/67), as amended

by 8880-(88/84)
341
8880-(88/84), see

8861-(88/67)
8885-(88/89), see

4377-(74/114) and

6783-(81/40)
8887-(88/89), see

7925-(85/38)
8897-(88/93)451
8923-(88/110)G/TR

see 8165-(85/189)

G/TR
8935-(88/118)SAF,

see 8240-(86/56)SAF
8937-(88/118)ESAF/S583
8941-(88/122)SBS,

see also

6683-(80/185)G/TR
643
8955-(88/126)

as amended by

9101-(89/30),

9153-(89/59),

9391-(90/43),

9503-(90/114),

9586-(90/161),

9587-(90/161),

9588-(90/161),

9604-(90/170),

10071-(92/85),

10183-(92/132),

10186-(92/132),

10398-(93/89),

10725-(94/58),

11169-(95/122),

11170-(95/122),

11647-(98/1),

11851-(98/127),

11852-(98/127), and

11878-(99/2) see also 5703-(78/39) and

9101-(89/30)
222, 608
9028-(88/71), see

7599-(84/3)

7600-(84/3)
9056-(89/2)ESAF63
9101-(89/30), see

8955-(88/126)
9114-(89/40)SAF/ESAF412
9115-(89/40)ESAF, see

8759-(87/176)ESAF
9116-(89/40)ESAF414
9117-(89/40)SAF, see

8240-(86/56)SAF
9118-(89/40)SAF, see

8238-(86/56)SAF
9135-(89/46)345
9153-(89/59)see

8955-(88/126)
9189-(89/77)157
9222-(89/97)SBS644
9326-(89/167) see

7599-(84/3) and

7600-(84/3)
9331-(89/167)

as amended by

9693-(91/48),

10056-(92/78)

and 10547-(94/1)
198
9391 -(90/43) see

8955-(88/126)
9403-(90/53)274
9471-(90/98)

as amended by

10341-(93/54)
378
9476-(90/101), see

7599-(84/3) and

7600-(84/3)
9487-(90/106)SAF/ESAF

as amended by

9776-(91/96)

SAF/ESAF
412
9488-(90/106)ESAF see

8759-(87/176)ESAF
9490-(90/106)SAF, see

8238-(86/56)SAF
9499-(90/111), as

amended by

10072-(92/85) and

10159-(92/122)
16
9503-(90/114), see

8955-(88/126)
9510-(90/122)SBS644
9549-(90/146)G/S573
9555-(90/146)ESAF,

see 8759-(87/176)ESAF
9585-(90/161)ESAF, see

8759-(87/176)ESAF
9586-(90/161), see

8955-(88/126)
9587-(90/161), see

8955-(88/126)
9588-(90/161), see

8955-(88/126)
9604-(90/170), see

8955-(88/126)
9605-(90/170)566
9693-(91/48), see

9331-(89/167)
9776-(91/96) SAF/

ESAF, see 9487-(90/106)

SAF/ESAF
A-9786-(93/20), as

amended by

A-10615-(96/105)
559
9788-(91/105)645
9790-(91/106)157
9808-(91/114)SAF/ESAF413
9809-(91/114) SAF414
9862-(91/156)489
9863-(91/156)SAF/ESAF,

see 8238-(86/56) SAF
9986-(92/48)SAF, see

8240-(86/56) SAF
398
9987-(92/48) SAF/

ESAF, see 8757-(87/176)

SAF/ESAF,
9988-(92/49)ESAF, see

8845-(88/61)
9989-(92/48) see

8760-(87/176)
10000-(92/58) G/TR

see 8165-(85/189)G/TR
10056-(92/78), see

9331-(89/167)
10071-(92/85), see

8955-(88/126)
10072-(92/85), see

9499-(90/111)
10089-(92/94)

SAF/ESAF
413
10090-(92/94) SAF414
10092-(92/94) ESAF,

see 8759-(87/176)ESAF
10093-(92/94), see

8328-(86/56) SAF
10159-(92/122), see

9499-(90/111)
10168-(92/127)18
10175-(92/129), see

1289-(62/1)
436
10176-(92/129)435
10181-(92/132)211
10182-(92/132), see

4377-(74/114)
10183-(92/132), see

2722-(69/47) and

8955-(88/126)
10184-(92/132) SAF,

see 8240-(86/56) SAF
394
10185-(92/132)ESAF,

see 8845-(88/61)ESAF
10186-(92/132), see

also 4377-(74/114)

and 8955-(88/126)
265
10225-(92/147)S581
10235-(92/149)452
10237-(92/150)733
10273-(93/15),

see also 6026-(79/13)
17
10278-(93/19) S310
10279-(93/19)307
10286-(93/23)ESAF417
10287-(93/23)ESAF

see 8759-(87/176)
10305-(93/32)568
10337-(93/49)G/TR

see 8165-(85/189)

G/TR
10340-(93/54), as

amended by 10549-(94/1)
348
10341-(93/54), see

9471-(90/98)
10348-(93/61) STF

as amended by

10760-(94/71) STF

and 10855-(94/109)

STF
289, 611
10352-(93/49) G/TR

see 8165-(93/49)G/TR
10353-(93/49) SAF

see 8238-(86/56)SAF
10362-(93/67)19
10364-(93/67), see

6026-(79/13)
10365-(93/67)92
10391-(93/86), as

amended by

10552-(94/1) and

10554-(94/1)
351
10398-(93/89), see

8955-(88/126)
10464-(93/130)158
10515-(93/162)ESAF

see 8759-(87/176)

ESAF
10530-(93/179)ESAF

see also 8759-(89/176) ESAF
52
10531-(93/170)SAF

see also 8760-(87/176)
52, 417
10532-(93/170)ESAF,

see 8759-(87/176) ESAF
52
10533-(93/170)ESAF,

see 8845-(88/61)ESAF
52
10534-(93/170)ESAF52, 63
10535-(93/170)SAF52, 398
10547-(94/1), see

9331-(89/167)
10549-(94/1), see

10340-(93/54)
10551-(94/1)G/TR, see

8165-(85/189)G/TR
10552-(94/1), see

10391-(93/86)
10554-(94/1), see

10391-(93/86)
10575-(94/4)789
10597-(94/14)ESAF53
10598-(94/14)SAF398
A-10615-(96/105)560
10660-(94/38)352
10662-(94/38)381
10704-(94/52)355
10705-(94/52)355
10706-(94/52)356
10723-(94-58)158
10725-(94/58), see

8955-(88/126)
10749-(94/67)495
10760-(94/71) STF

see 10348-(93/61)

STF
10819-(94/95)212
10850-(94/107)356
10855-(94/109) STF

see 10348-(93/61) STF
10873-(95/1)398
10886-(95/2)17
10904-(95/13)308
10942-(95/33), as

amended by

11162-(95/121)
83
10949-(95/37)17
10950-(95/37)10
10957-(95/40)359
10958-(95/40)359
10961-(95/41)293
10962-(95/41)362
10968-(95/43)552
10989-(95/53) SAF398
11027-(95/65) ESAF62
11073-(95/92) G/S573
11096-(95/100)142
11098-(95/101)213
11162-(95/121)84
11192-(96/2), as

amended by
11915-(99/23)542
11248-(96/38)145
11249-(96/39)363
11251-(96/39)366
11325-(96/77) SAF398
11374-(96/102)213
11381-(96/105)802
11395-(96/110) ESAF,

see 8759-(87/176)
11409-(97/1) ESAF419
11428-(97/6)455
11429-(97/6)475
11434-(97/10), see

8759-(87/176)
11435-(97/10), see

8759-(87/176)
11436-(97/10), as

amended by

11492-(97/45), and

11861-(98/131) ESAF
64
11474-(97/36), see

8955-(88/126)
11475-(97/36), see

8955-(88/126)
11477-(97/38)18
11480-(97/42)367
11482-(97/42)370
11483-(97/42)370
11492-(97/45), see

11436-(97/10)
11493-(97/45)27
11515-(97/59)170
11533-(97/67) ESAF31
11608-(97/112)213
11609-(97/112)435
11610-(97/113)31
11626-(97/122)454
11627-(97/123) SRF,

as amended by

11866-(99/1) SRF

11895-(99/11) SRF

11942-(99/48)SRF/CCL

and 11982-(99/61)

SRF/CCL
281, 611
11646-(98/1)252
11647-(98/1)252
11648-(98/1) ESAF420
11649-(98/1)711
11675-(98/21)799
11683-(98/27)53, 288
11698-(98/38) ESAF80
11710-(98/49)371
11711-(98/49)371
11712-(98/49)372
11713-(98/49)ESAF53
11714-(98/49)381
11715-(98/49)G/SAF/TR330
11716-(98/49)288
11728-(98/56)513
11801-(98/101)G/S574
11803-(98/101)G/S575
11832-(98/119)ESAF51
11846-(98/125)25
11851-(98/127)252
11852-(98/127)252
11857-(98/130)612
11858-(98/130)G/S603
11864-(99/1)ESAF420
11875-(99/1)551
11876-(99/2)214
11877-(99/2)206
11878-(99/2)252
11896-(99/12)729
11924-(99/31)397
11943-(99/49)375
11944-(99/49)375
11945-(99/49)376
11946-(99/49)ESAF54
11947-(99/49)382
11948-(99/49)G/SAF/TR331
11949-(99/49)SRF/CCL288
11971-(99/58)568
11972-(99/58)568
11973-(99/58)569
11974-(99/58)51, 102

LIST OF BOARD OF GOVERNORS’ RESOLUTIONS

NumberPage
IM-6647
6-8648
24-12734
29-1580
29-7650
29-8650
29-9654
29-10660
31-2669
34-2678
34-3744
38-1687
43-1693
44-1696
44-5699
45-1701
45-2710
48-2650
48-3717
48-4654
50-1720
53-2728

Interpretations Under Article XXIX (a)

Interpretations of Articles of Agreement (71-2)99
Unenforceability of Exchange Contracts: Fund’s Interpretation of Article VIII, Section 2(b) (446-4)491
Interpretation of Article IX, Section 7 (534-3)543
Interpretation of Article XII, Section 3(b)(i) and 3(f) (2-7)564
Interpretation of Article XXVI, Section 2* (343-(54-47))607

Corresponds to Article XV, Section 2 before the Second Amendment.

Corresponds to Article XV, Section 2 before the Second Amendment.

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