Selected Decisions and Selected Documents of the International Monetary Fund
Chapter

Selected Documents Relating to the Fund, the United Nations, and Other International Organizations

Author(s):
International Monetary Fund
Published Date:
September 1998
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A. Agreement Between the United Nations and the International Monetary Fund*

Article I General

1. This agreement, which is entered into by the United Nations pursuant to the provisions of Article 63 of its Charter, and by the International Monetary Fund (hereinafter called the Fund), pursuant to the provisions of Article X of its Articles of Agreement, is intended to define the terms on which the United Nations and the Fund shall be brought into relationship.

2. The Fund is a specialized agency established by agreement among its member governments and having wide international responsibilities, as defined in its Articles of Agreement, in economic and related fields within the meaning of Article 57 of the Charter of the United Nations. By reason of the nature of its international responsibilities and the terms of its Articles of Agreement, the Fund is, and is required to function as, an independent international organization.

3. The United Nations and the Fund are subject to certain necessary limitations for the safeguarding of confidential material furnished to them by their members or others, and nothing in this agreement shall be construed to require either of them to furnish any information the furnishing of which would, in its judgment, constitute a violation of the confidence of any of its members or anyone from whom it shall have received such information, or which would otherwise interfere with the orderly conduct of its operations.

Article II Reciprocal representation

1. Representatives of the United Nations shall be entitled to attend, and to participate without vote in, meetings of the Board of Governors of the Fund. Representatives of the United Nations shall be invited to participate without vote in meetings especially called by the Fund for the particular purpose of considering the United Nations point of view in matters of concern to the United Nations.

2. Representatives of the Fund shall be entitled to attend meetings of the General Assembly of the United Nations for purposes of consultation.

3. Representatives of the Fund shall be entitled to attend, and to participate without vote in, meetings of the committees of the General Assembly, meetings of the Economic and Social Council, of the Trusteeship Council and of their respective subsidiary bodies, dealing with matters in which the Fund has an interest.

4. Sufficient advance notice of these meetings and their agenda shall be given so that, in consultation, arrangements can be made for adequate representation.

Article III Proposal of agenda items

In preparing the agenda for meetings of the Board of Governors, the Fund will give due consideration to the inclusion in the agenda of items proposed by the United Nations. Similarly, the Council and its commissions and the Trusteeship Council will give due consideration to the inclusion in their agenda of items proposed by the Fund.

Article IV Consultation and recommendations

1. The United Nations and the Fund shall consult together and exchange views on matters of mutual interest.

2. Neither organization, nor any of their subsidiary bodies, will present any formal recommendations to the other without reasonable prior consultation with regard thereto. Any formal recommendations made by either organization after such consultation will be considered as soon as possible by the appropriate organ of the other.

Article V Exchange of information

The United Nations and the Fund will, to the fullest extent practicable and subject to paragraph 3 of Article I, arrange for the current exchange of information and publications of mutual interest, and the furnishing of special reports and studies upon request.

Article VI Security Council

1. The Fund takes note of the obligation assumed, under paragraph 2 of Article 48 of the United Nations Charter, by such of its members as are also Members of the United Nations, to carry out the decisions of the Security Council through their action in the appropriate specialized agencies of which they are members, and will, in the conduct of its activities, have due regard for decisions of the Security Council under Articles 41 and 42 of the United Nations Charter.

2. The Fund agrees to assist the Security Council by furnishing to it information in accordance with the provisions of Article V of this agreement.

Article VII Assistance to the Trusteeship Council

The Fund agrees to co-operate with the Trusteeship Council in the carrying out of its functions by furnishing information and technical assistance upon request, and in such other similar ways as may be consistent with the Articles of Agreement of the Fund.

Article VIII International Court of Justice

The General Assembly of the United Nations hereby authorizes the Fund to request advisory opinions of the International Court of Justice on any legal questions arising within the scope of the Fund’s activities other than questions relating to the relationship between the Fund and the United Nations or any specialized agency. Whenever the Fund shall request the Court for an advisory opinion, the Fund will inform the Economic and Social Council of the request.

Article IX Statistical Services

1. In the interests of efficiency and for the purpose of reducing the burden on national Governments and other organizations, the United Nations and the Fund agree to co-operate in eliminating unnecessary duplication in the collection, analysis, publication and dissemination of statistical information.

2. The Fund recognizes the United Nations as the central agency for the collection, analysis, publication, standardization and improvement of statistics serving the general purposes of international organizations, without prejudice to the right of the Fund to concern itself with any statistics so far as they may be essential for its own purposes.

3. The United Nations recognizes the Fund as the appropriate agency for the collection, analysis, publication, standardization and improvement of statistics within its special sphere, without prejudice to the right of the United Nations to concern itself with any statistics so far as they may be essential for its own purposes.

4. (a) In its statistical activities the Fund agrees to give full consideration to the requirements of the United Nations and of the specialized agencies.

(b) In its statistical activities the United Nations agrees to give full consideration to the requirements of the Fund.

5. The United Nations and the Fund agree to furnish each other promptly with all their non-confidential statistical information.

Article X Administrative Relationships

1. The United Nations and the Fund will consult from time to time concerning personnel and other administrative matters of mutual interest, with a view to securing as much uniformity in these matters as they shall find practicable and to assuring the most efficient use of the services and facilities of the two organizations. These consultations shall include determination of the most equitable manner in which special services furnished by one organization to the other should be financed.

2. To the extent consistent with the provisions of this agreement, the Fund will participate in the work of the Coordination Committee and its subsidiary bodies.

3. The Fund will furnish to the United Nations copies of the annual report and the quarterly financial statements prepared by the Fund pursuant to Section 7(a) of Article XII of its Articles of Agreement. The United Nations agrees that, in the interpretation of paragraph 3 of Article 17 of the United Nations Charter it will take into consideration that the Fund does not rely for its annual budget upon contributions from its members, and that the appropriate authorities of the Fund enjoy full autonomy in deciding the form and content of such budget.

4. The officials of the Fund shall have the right to use the laissez-passer of the United Nations in accordance with special arrangements to be negotiated between the Secretary-General of the United Nations and the competent authorities of the Fund.

Article XI Agreements with other organizations

The Fund will inform the Economic and Social Council of any formal agreement which the Fund shall enter into with any specialized agency, and in particular agrees to inform the Council of the nature and scope of any such agreement before it is concluded.

Article XII Liaison

1. The United Nations and the Fund agree to the foregoing provisions in the belief that they will contribute to the maintenance of effective co-operation between the two organizations. Each agrees that it will establish within its own organization such administrative machinery as may be necessary to make the liaison, as provided for in this agreement, fully effective.

2. The arrangements provided for in the foregoing articles of this agreement shall apply, as far as is appropriate, to relations between such branch or regional offices as may be established by the two organizations, as well as between their central machinery.

Article XIII Miscellaneous

1. The Secretary-General of the United Nations and the Managing Director of the Fund are authorized to make such supplementary arrangements as they shall deem necessary or proper to carry fully into effect the purposes of this agreement.

2. This agreement shall be subject to revision by agreement between the United Nations and the Fund from the date of its entry into force.

3. This agreement may be terminated by either party thereto on six months’ written notice to the other party, and thereupon all rights and obligations of both parties hereunder shall cease.

4. This agreement shall come into force when it shall have been approved by the General Assembly of the United Nations and the Board of Governors of the Fund.

B. United Nations Convention on the Privileges and Immunities of the Specialized Agencies and Annex V*

Whereas the General Assembly of the United Nations adopted on 13 February 1946 a resolution contemplating the unification as far as possible of the privileges and immunities enjoyed by the United Nations and by the various specialized agencies; and

Whereas consultations concerning the implementation of the aforesaid resolution have taken place between the United Nations and the specialized agencies;

Consequently, by resolution 179(11) adopted on 21 November 1947, the General Assembly has approved the following Convention, which is submitted to the specialized agencies for acceptance and to every Member of the United Nations and to every other State member of one or more of the specialized agencies for accession.

Article I Definition and Scope

Section 1

In this Convention:

  • (i) The words “standard clauses” refer to the provisions of Articles II to IX.

  • (ii) The words “specialized agencies” mean:

    • (a) The International Labour Organisation;

    • (b) The Food and Agriculture Organization of the United Nations;

    • (c) The United Nations Educational, Scientific and Cultural Organization;

    • (d) The International Civil Aviation Organization;

    • (e) The International Monetary Fund;

    • (f) The International Bank for Reconstruction and Development;

    • (g) The World Health Organization;

    • (h) The Universal Postal Union;

    • (i) The International Telecommunication Union; and

    • (j) Any other agency in relationship with the United Nations in accordance with Articles 57 and 63 of the Charter.

  • (iii) The word “Convention” means, in relation to any particular specialized agency, the standard clauses as modified by the final (or revised) text of the annex transmitted by that agency in accordance with Sections 36 and 38.

  • (iv) For the purposes of Article III, the words “property and assets” shall also include property and funds administered by a specialized agency in furtherance of its constitutional functions.

  • (v) For the purposes of Articles V and VII, the expression “representatives of members” shall be deemed to include all representatives, alternates, advisers, technical experts and secretaries of delegations.

  • (vi) In Sections 13,14,15 and 25, the expression “meetings convened by a specialized agency” means meetings: (1) of its assembly and of its executive body (however designated), and (2) of any commission provided for in its constitution; (3) of any international conference convened by it; and (4) of any committee of any of these bodies.

  • (vii) The term “executive head” means the principal executive official of the specialized agency in question, whether designated “Director-General” or otherwise.

Section 2

Each State party to this Convention in respect of any specialized agency to which this Convention has become applicable in accordance with Section 37 shall accord to, or in connexion with, that agency the privileges and immunities set forth in the standard clauses on the conditions specified therein, subject to any modification of those clauses contained in the provisions of the final (or revised) annex relating to that agency and transmitted in accordance with Sections 36 or 38.

Article II Juridical Personality

Section 3

The specialized agencies shall possess juridical personality. They shall have the capacity (a) to contract, (b) to acquire and dispose of immovable and movable property, (c) to institute legal proceedings.

Article III Property, Funds and Assets

Section 4

The specialized agencies, their property and assets, wherever located and by whomsoever held, shall enjoy immunity from every form of legal process except in so far as in any particular case they have expressly waived their immunity. It is, however, understood that no waiver of immunity shall extend to any measure of execution.

Section 5

The premises of the specialized agencies shall be inviolable. The property and assets of the specialized agencies, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation and any other form of interference, whether by executive, administrative, judicial or legislative action.

Section 6

The archives of the specialized agencies, and in general all documents belonging to them or held by them, shall be inviolable, wherever located.

Section 7

Without being restricted by financial controls, regulations or moratoria of any kind:

  • (a) The specialized agencies may hold funds, gold or currency of any kind and operate accounts in any currency;

  • (b) The specialized agencies may freely transfer their funds, gold or currency from one country to another or within any country and convert any currency held by them into any other currency.

Section 8

Each specialized agency shall, in exercising its rights under Section 7 above, pay due regard to any representations made by the Government of any State party to this Convention in so far as it is considered that effect can be given to such representations without detriment to the interests of the agency.

Section 9

The specialized agencies, their assets, income and other property shall be:

  • (a) Exempt from all direct taxes; it is understood, however, that the specialized agencies will not claim exemption from taxes which are, in fact, no more than charges for public utility services;

  • (b) Exempt from customs duties and prohibitions and restrictions on imports and exports in respect of articles imported or exported by the specialized agencies for their official use; it is understood, however, that articles imported under such exemption will not be sold in the country into which they were imported except under conditions agreed to with the Government of that country;

  • (c) Exempt from duties and prohibitions and restrictions on imports and exports in respect of their publications.

Section 10

While the specialized agencies will not, as a general rule, claim exemption from excise duties and from taxes on the sale of movable and immovable property which forms part of the price to be paid, nevertheless when the specialized agencies are making important purchases for official use of property on which such duties and taxes have been charged or are chargeable, States parties to this Convention will, whenever possible, make appropriate administrative arrangements for the remission or return of the amount of duty or tax.

Article IV Facilities in respect of communications

Section 11

Each specialized agency shall enjoy, in the territory of each State party to this Convention in respect of that agency, for its official communications, treatment not less favourable than that accorded by the Government of such State to any other Government, including the latter’s diplomatic mission, in the matter of priorities, rates and taxes on mails, cables, telegrams, radiograms, telephotos, telephone and other communications, and press rates for information to the press and radio.

Section 12

No censorship shall be applied to the official correspondence and other official communications of the specialized agencies.

The specialized agencies shall have the right to use codes and to dispatch and receive correspondence by courier or in sealed bags, which shall have the same immunities and privileges as diplomatic couriers and bags.

Nothing in this section shall be construed to preclude the adoption of appropriate security precautions to be determined by agreement between a State party to this Convention and a specialized agency.

Article V Representatives of members

Section 13

Representatives of members at meetings convened by a specialized agency shall, while exercising their functions and during their journeys to and from the place of meeting, enjoy the following privileges and immunities:

  • (a) Immunity from personal arrest or detention and from seizure of their personal baggage, and in respect of words spoken or written and all acts done by them in their official capacity, immunity from legal process of every kind;

  • (b) Inviolability for all papers and documents;

  • (c) The right to use codes and to receive papers or correspondence by courier or in sealed bags;

  • (d) Exemption in respect of themselves and their spouses from immigration restrictions, aliens’ registration or national service obligations in the State which they are visiting or through which they are passing in the exercise of their functions;

  • (e) The same facilities in respect of currency or exchange restrictions as are accorded to representatives of foreign Governments on temporary official missions;

  • (f) The same immunities and facilities in respect of their personal baggage as are accorded to members of comparable rank of diplomatic missions.

Section 14

In order to secure for the representatives of members of the specialized agencies at meetings convened by them complete freedom of speech and complete independence in the discharge of their duties, the immunity from legal process in respect of words spoken or written and all acts done by them in discharging their duties shall continue to be accorded, notwithstanding that the persons concerned are no longer engaged in the discharge of such duties.

Section 15

Where the incidence of any form of taxation depends upon residence, periods during which the representatives of members of the specialized agencies at meetings convened by them are present in a member State for the discharge of their duties shall not be considered as periods of residence.

Section 16

Privileges and immunities are accorded to the representatives of members, not for the personal benefit of the individuals themselves, but in order to safeguard the independent exercise of their functions in connexion with the specialized agencies. Consequently, a member not only has the right but is under a duty to waive the immunity of its representatives in any case where, in the opinion of the member, the immunity would impede the course of justice, and where it can be waived without prejudice to the purpose for which the immunity is accorded.

Section 17

The provisions of Sections 13, 14 and 15 are not applicable in relation to the authorities of a State of which the person is a national or of which he is or has been a representative.

Article VI Officials

Section 18

Each specialized agency will specify the categories of officials to which the provisions of this Article and of Article VIII shall apply. It shall communicate them to the Governments of all States parties to this Convention in respect of that agency and to the Secretary-General of the United Nations. The names of the officials included in these categories shall from time to time be made known to the above-mentioned Governments.

Section 19

Officials of the specialized agencies shall:

  • (a) Be immune from legal process in respect of words spoken or written and all acts performed by them in their official capacity;

  • (b) Enjoy the same exemptions from taxation in respect of the salaries and emoluments paid to them by the specialized agencies and on the same conditions as are enjoyed by officials of the United Nations;

  • (c) Be immune, together with their spouses and relatives dependent on them, from immigration restrictions and alien registration;

  • (d) Be accorded the same privileges in respect of exchange facilities as are accorded to officials of comparable rank of diplomatic missions;

  • (e) Be given, together with their spouses and relatives dependent on them, the same repatriation facilities in time of international crises as officials of comparable rank of diplomatic missions;

  • (f) Have the right to import free of duty their furniture and effects at the time of first taking up their post in the country in question.

Section 20

The officials of the specialized agencies shall be exempt from national service obligations, provided that in relation to the States of which they are nationals, such exemption shall be confined to officials of the specialized agencies whose names have, by reason of their duties, been placed upon a list compiled by the executive head of the specialized agency and approved by the State concerned.

Should other officials of specialized agencies be called up for national service, the State concerned shall, at the request of the specialized agency concerned, grant such temporary deferments in the call-up of such officials as may be necessary to avoid interruption in the continuation of essential work.

Section 21

In addition to the immunities and privileges specified in Sections 19 and 20, the executive head of each specialized agency, including any official acting on his behalf during his absence from duty, shall be accorded in respect of himself, his spouse and minor children, the privileges and immunities, exemptions and facilities accorded to diplomatic envoys, in accordance with international law.

Section 22

Privileges and immunities are granted to officials in the interests of the specialized agencies only and not for personal benefit of the individuals themselves. Each specialized agency shall have the right and the duty to waive immunity of any official in any case where, in its opinion, the immunity would impede the course of justice and can be waived without prejudice to the interests of the specialized agency.

Section 23

Each specialized agency shall co-operate at all times with the appropriate authorities of member States to facilitate the proper administration of justice, secure the observance of police regulations and prevent the occurrence of any abuses in connexion with the privileges, immunities and facilities mentioned in this article.

Article VII Abuses of privilege

Section 24

If any State party to this Convention considers that there has been an abuse of a privilege or immunity conferred by this Convention, consultations shall be held between that State and the specialized agency concerned to determine whether any such abuse has occurred and, if so, to attempt to ensure that no repetition occurs. If such consultations fail to achieve a result satisfactory to the State and the specialized agency concerned, the question whether an abuse of a privilege or immunity has occurred shall be submitted to the International Court of Justice in accordance with Section 32. If the International Court of Justice finds that such an abuse has occurred, the State party to this Convention affected by such abuse shall have the right, after notification to the specialized agency in question, to withhold from the specialized agency concerned the benefits of the privilege or immunity so abused.

Section 25

1. Representatives of members at meetings convened by specialized agencies, while exercising their functions and during their journeys to and from the place of meeting, and officials within the meaning of Section 18, shall not be required by the territorial authorities to leave the country in which they are performing their functions on account of any activities by them in their official capacity. In the case, however, of abuse of privileges of residence committed by any such person in activities in that country outside his official functions, he may be required to leave by the Government of that country provided that:

2. (I) Representatives of members, or persons who are entitled to diplomatic immunity under Section 21, shall not be required to leave the country otherwise than in accordance with the diplomatic procedure applicable to diplomatic envoys accredited to that country.

(II) In the case of an official to whom Section 21 is not applicable, no order to leave the country shall be issued other than with the approval of the Foreign Minister of the country in question, and such approval shall be given only after consultation with the executive head of the specialized agency concerned; and, if expulsion proceedings are taken against an official, the executive head of the specialized agency shall have the right to appear in such proceedings on behalf of the person against whom they are instituted.

Article VIII Laissez-passer

Section 26

Officials of the specialized agencies shall be entitled to use the United Nations laissez-passer in conformity with administrative arrangements to be concluded between the Secretary-General of the United Nations and the competent authorities of the specialized agencies, to which agencies special powers to issue laissez-passer may be delegated. The Secretary-General of the United Nations shall notify each State party to this Convention of each administrative arrangement so concluded.

Section 27

States parties to this Convention shall recognize and accept the United Nations laissez-passer issued to officials of the specialized agencies as valid travel documents.

Section 28

Applications for visas, where required, from officials of specialized agencies holding United Nations laissez-passer when accompanied by a certificate that they are travelling on the business of a specialized agency, shall be dealt with as speedily as possible. In addition, such persons shall be granted facilities for speedy travel.

Section 29

Similar facilities to those specified in Section 28 shall be accorded to experts and other persons who, though not the holders of United Nations laissez-passer, have a certificate that they are travelling on the business of a specialized agency.

Section 30

The executive heads, assistant executive heads, heads of departments and other officials of a rank not lower than head of department of the specialized agencies, travelling on United Nations laissez-passer on the business of the specialized agencies, shall be granted the same facilities for travel as are accorded to officials of comparable rank in diplomatic missions.

Article IX Settlement of disputes

Section 31

Each specialized agency shall make provision for appropriate modes of settlement of:

(a) Disputes arising out of contracts or other disputes of private character to which the specialized agency is a party;

(b) Disputes involving any official of a specialized agency who by reason of his official position enjoys immunity, if immunity has not been waived in accordance with the provisions of Section 22.

Section 32

All differences arising out of the interpretation or application of the present Convention shall be referred to the International Court of Justice unless in any case it is agreed by the parties to have recourse to another mode of settlement. If a difference arises between one of the specialized agencies on the one hand, and a member on the other hand, a request shall be made for an advisory opinion on any legal question involved in accordance with Article 96 of the Charter and Article 65 of the Statute of the Court and the relevant provisions of the agreements concluded between the United Nations and the specialized agency concerned. The opinion given by the Court shall be accepted as decisive by the parties.

Article X Annexes and application to individual specialized agencies

Section 33

In their application to each specialized agency, the standard clauses shall operate subject to any modifications set forth in the final (or revised) text of the annex relating to that agency, as provided in Sections 36 and 38.

Section 34

The provisions of the Convention in relation to any specialized agency must be interpreted in the light of the functions with which that agency is entrusted by its constitutional instrument.

Section 35

Draft annexes I to IX are recommended to the specialized agencies named therein. In the case of any specialized agency not mentioned by name in Section 1, the Secretary-General of the United Nations shall transmit to the agency a draft annex recommended by the Economic and Social Council.

Section 36

The final text of each annex shall be that approved by the specialized agency in question in accordance with its constitutional procedure. A copy of the annex as approved by each specialized agency shall be transmitted by the agency in question to the Secretary-General of the United Nations and shall thereupon replace the draft referred to in Section 35.

Section 37

The present Convention becomes applicable to each specialized agency when it has transmitted to the Secretary-General of the United Nations the final text of the relevant annex and has informed him that it accepts the standard clauses, as modified by this annex, and undertakes to give effect to Sections 8, 18, 22, 23, 24, 31, 32, 42 and 45 (subject to any modification of Section 32 which may be found necessary in order to make the final text of the annex consonant with the constitutional instrument of the agency) and any provisions of the annex placing obligations on the agency. The Secretary- General shall communicate to all Members of the United Nations and to other States members of the specialized agencies certified copies of all annexes transmitted to him under this section and of revised annexes transmitted under Section 38.

Section 38

If, after the transmission of a final annex under Section 36, any specialized agency approves any amendments thereto in accordance with its constitutional procedure, a revised annex shall be transmitted by it to the Secretary-General of the United Nations.

Section 39

The provisions of this Convention shall in no way limit or prejudice the privileges and immunities which have been, or may hereafter be, accorded by any State to any specialized agency by reason of the location in the territory of that State of its headquarters or regional offices. This Convention shall not be deemed to prevent the conclusion between any State party thereto and any specialized agency of supplemental agreements adjusting the provisions of this Convention or extending or curtailing the privileges and immunities thereby granted.

Section 40

It is understood that the standard clauses, as modified by the final text of an annex sent by a specialized agency to the Secretary-General of the United Nations under Section 36 (or any revised annex sent under Section 38), will be consistent with the provisions of the constitutional instrument then in force of the agency in question, and that if any amendment to that instrument is necessary for the purpose of making the constitutional instrument so consistent, such amendment will have been brought into force in accordance with the constitutional procedure of that agency before the final (or revised) annex is transmitted.

The Convention shall not itself operate so as to abrogate, or derogate from, any provisions of the constitutional instrument of any specialized agency or any rights or obligations which the agency may otherwise have, acquire, or assume.

Article XI Final provisions

Section 41

Accession to this Convention by a Member of the United Nations and (subject to Section 42) by any State member of a specialized agency shall be effected by deposit with the Secretary-General of the United Nations of an instrument of accession which shall take effect on the date of its deposit.

Section 42

Each specialized agency concerned shall communicate the text of this Convention together with the relevant annexes to those of its members which are not Members of the United Nations and shall invite them to accede thereto in respect of that agency by depositing an instrument of accession to this Convention in respect thereof either with the Secretary-General of the United Nations or with the executive head of the specialized agency.

Section 43

Each State party to this Convention shall indicate in its instrument of accession the specialized agency or agencies in respect of which it undertakes to apply the provisions of this Convention. Each State party to this Convention may by subsequent written notification to the Secretary-General of the United Nations undertake to apply the provisions of this Convention to one or more further specialized agencies. This notification shall take effect on the date of its receipt by the Secretary-General.

Section 44

This Convention shall enter into force for each State party to this Convention in respect of a specialized agency when it has become applicable to that agency in accordance with Section 37 and the State party has undertaken to apply the provisions of the Convention to that agency in accordance with Section 43.

Section 45

The Secretary-General of the United Nations shall inform all Members of the United Nations, as well as all members of the specialized agencies, and executive heads of the specialized agencies, of the deposit of each instrument of accession received under Section 41 and of subsequent notifications received under Section 43. The executive head of a specialized agency shall inform the Secretary-General of the United Nations and the members of the agency concerned of the deposit of any instrument of accession deposited with him under Section 42.

Section 46

It is understood that, when an instrument of accession or a subsequent notification is deposited on behalf of any State, this State will be in a position under its own law to give effect to the terms of this Convention, as modified by the final texts of any annexes relating to the agencies covered by such accessions or notifications.

Section 47

1. Subject to the provisions of paragraphs 2 and 3 of this section, each State party to this Convention undertakes to apply this Convention in respect of each specialized agency covered by its accession or subsequent notification, until such time as a revised convention or annex shall have become applicable to that agency and the said State shall have accepted the revised convention or annex. In the case of a revised annex, the acceptance of States shall be by a notification addressed to the Secretary-General of the United Nations, which shall take effect on the date of its receipt by the Secretary-General.

2. Each State party to this Convention, however, which is not, or has ceased to be, a member of a specialized agency, may address a written notification to the Secretary-General of the United Nations and the executive head of the agency concerned to the effect that it intends to withhold from that agency the benefits of this Convention as from a specified date, which shall not be earlier than three months from the date of receipt of the notification.

3. Each State party to this Convention may withhold the benefit of this Convention from any specialized agency which ceases to be in relationship with the United Nations.

4. The Secretary-General of the United Nations shall inform all member States parties to this Convention of any notification transmitted to him under the provisions of this section.

Section 48

At the request of one-third of the States parties to this Convention, the Secretary-General of the United Nations will convene a conference with a view to its revision.

Section 49

The Secretary-General of the United Nations shall transmit copies of this Convention to each specialized agency and to the Government of each Member of the United Nations.

ANNEX V International Monetary Fund

In its application to the International Monetary Fund (hereinafter called “the Fund”), the Convention (including this annex) shall operate subject to the following provisions:

1. Section 32 of the standard clauses shall only apply to differences arising out of the interpretation or application of privileges and immunities which are derived by the Fund solely from this Convention and are not included in those which it can claim under its Articles of Agreement or otherwise.

2. The provisions of the Convention (including this annex) do not modify or amend or require the modification or amendment of the Articles of Agreement of the Fund or impair or limit any of the rights, immunities, privileges or exemptions conferred upon the Fund or any of its members, Governors, Executive Directors, alternates, officers or employees by the Articles of Agreement of the Fund, or by any statute, law or regulation of any member of the Fund or any political subdivision of any such member, or otherwise.

List of Members Which Have Accepted the UN Convention on Privileges and Immunities of the Specialized Agencies with Respect to the Fund as of June 30, 1998
CountryEffective Date
AlgeriaMarch 25, 1964
ArgentinaOctober 10, 1963
AustraliaMay 9, 1986
AustriaJuly 21, 1950
Bahrain*September 17, 1992
BarbadosNovember 19, 1971
Belarus*August 27, 1992
BelgiumMarch 14, 1962
Bosnia and HerzegovinaMarch 6, 1992
BotswanaApril 5, 1983
BrazilMarch 22, 1963
Burkina FasoApril 6, 1962
CameroonApril 30, 1992
ChileSeptember 21, 1951
China*June 30, 1981
Côte d’Ivoire*June 4, 1962
CroatiaOctober 8, 1991
Czech Republic*January 1, 1993
DenmarkJanuary 25, 1950
DominicaJune 24, 1988
EcuadorJuly 7, 1953
EgyptOctober 18, 1954
EstoniaOctober 8, 1997
FinlandJuly 31, 1958
Gabon*November 30, 1982
Gambia, TheAugust 1, 1966
Germany, Federal Republic of*October 10, 1957
GhanaSeptember 9, 1958
GreeceJune 21, 1977
GuatemalaJune 30, 1951
GuineaMarch 29, 1968
GuyanaSeptember 13, 1973
HaitiApril 16, 1952
Hungary*August 19, 1982
IndiaOctober 19, 1949
Indonesia*March 8, 1972
Iran, Islamic Republic ofMay 16, 1974
IraqJuly 9, 1954
IrelandMay 10, 1967
Italy*August 30, 1985
JapanApril 18, 1963
KenyaJuly 1, 1965
KoreaMay 13, 1977
KuwaitFebruary 7, 1963
Lao People’s Democratic RepublicAugust 9, 1960
LesothoNovember 26, 1969
LibyaApril 30, 1958
Lithuania*February 10, 1998
LuxembourgSeptember 20, 1950
Madagascar*January 3, 1966
MalawiAugust 2, 1965
MaliJune 24, 1968
MaltaFebruary 13, 1969
MoroccoNovember 3, 1976
NepalSeptember 28, 1965
Netherlands*July 21, 1949
NicaraguaApril 6, 1959
NigerMay 15, 1968
Norway *January 25, 1950
Pakistan*November 7, 1951
PhilippinesMarch 20, 1950
Poland*June 11, 1990
Romania*August 23, 1974
Russian Federation*June 29, 1994
RwandaJune 23, 1964
St. LuciaSeptember 2, 1986
SenegalMarch 2, 1966
SeychellesJuly 24, 1985
Slovak Republic*January 1, 1993
SloveniaJune 25, 1991
SpainSeptember 26, 1974
SwedenSeptember 12, 1951
TanzaniaApril 10, 1963
ThailandJune 19, 1961
Trinidad and TobagoOctober 19, 1965
TunisiaDecember 3, 1957
UgandaAugust 11, 1983
Ukraine*February 25, 1993
UruguayDecember 29, 1977
UzbekistanFebruary 18, 1997
ZaïreDecember 8, 1964
ZimbabweMarch 5, 1991

Declarations and Reservations

(Unless otherwise indicated, the declarations and reservations were made upon accession. For objections thereto, see hereinafter)

Bahrain

“The accession by the State of Bahrain to the said Convention shall in no way constitute recognition of Israel or be a cause for the establishment of any relations of any kind herewith.”

Belarus12

The Byelorussian Soviet Socialist Republic does not consider itself bound by the provisions of sections 24 and 32 of the Convention, concerning the compulsory jurisdiction of the International Court of Justice. Concerning the jurisdiction of the International Court of Justice in disputes arising out of the interpretation or application of the Convention, the Byelorussian Soviet Socialist Republic will maintain the same position as hitherto, namely, that for any dispute to be referred to the International Court of Justice for settlement, the agreement of all Parties involved in the dispute must be obtained in each individual case. This reservation similarly applies to the provision contained in section 32, stipulating that the advisory opinion of the International Court of Justice shall be accepted as decisive.

China12

The Government of the People’s Republic of China has reservations on the provisions of section 32, article IX, of the said Convention.

Cote D’Ivoire

28 December 1961

It is not possible for any Government fully to comply with the requirements of section 11 of that Convention in so far as it requires the specialized agency to enjoy in the territory of a State party to the Convention treatment not less favorable than that accorded by the Government of that State to any other Government in the matter of priorities and rates on telecommunications, unless and until all other Governments collaborate in according this treatment to the agency in question. It is understood that this matter is being discussed in the International Telecommunication Union.

Czech Republic3,12

Gabon

It is not possible for any Government fully to comply with the requirements of section 11 of that Convention in so far as it requires the specialized agency to enjoy in the territory of a State party to the Convention treatment not less favorable than that accorded by the Government of that State to any other Government in the matter of priorities and rates on telecommunications, unless and until all other Governments collaborate in according this treatment to the agency in question. It is understood that this matter is being discussed in the International Telecommunication Union.

Germany5,6

“The Government of the Federal Republic of Germany takes the liberty of calling attention to the fact that the provisions of section 11 of Article IV of the Convention, to the effect that the specialized agencies shall enjoy, in the territory of each State party to this Convention, for their official communications, treatment not less favorable than that accorded by the Government of such State to any other Government in the matter of priorities, rates and other taxes, cannot be fully complied with by any Government. Reference is made to the provisions of article 37 and of annex 3 of the International Telecommunication Convention concluded at Buenos Aires in 1952, as well as to the resolutions Nos. 27 and 28 appended to that Convention.”

Hungary12,14

Indonesia12,15

“(1) Article II(b) section 3: The capacity of the specialized agencies to acquire and dispose of immovable property shall be exercised with due regard to national laws and regulations.

(2) Article IX section 32: With regard to the competence of the International Court of Justice in disputes concerning the interpretation or application of the Convention, the Government of Indonesia reserves the right to maintain that in every individual case the agreement of the parties to the dispute is required before the Court for a ruling.”

Italy

Declaration:

In the event that some of the specialized agencies which are mentioned in the instrument of accession and to which Italy undertakes to apply the Convention should decide to establish their headquarters or their regional offices in Italian territory, the Italian Government will be able to avail itself of the option of concluding with such agencies, in accordance with Section 39 of the Convention supplemental agreements specifying, in particular, the limits within which immunity from jurisdiction may be granted to a given agency or immunity from jurisdiction and exemption from taxation granted to officials of that agency.

Lithuania

Reservation:

“…The Government of the Republic of Lithuania has made the reservation in respect of article 2(3) (b), that the specialized agencies shall not be entitled to acquire land in the territory of the Republic of Lithuania, in view of the land regulations laid down by the Article 47 of the Constitution of the Republic of Lithuania.

Madagascar

The Malagasy Government will not be able to comply fully with the provisions of Article IV, section 11, of the Convention, which states that the specialized agencies shall enjoy, in the territory of each State party to the Convention, for their official communications, treatment not less favorable than that accorded by the Government of such State to any other Government, in the matter of priorities, rates and taxes on telecommunications, until such time as all Governments decide to cooperate by according such treatment to the agencies in question.

Norway

20 September 1951

“The Norwegian Government is of the opinion that it is impossible for any government to comply fully with Section 11 of the said Convention, which requires that the Specialized Agencies shall enjoy, in the territory of each state party to the Convention, for their official communications, treatment no less favorable than that accorded by the Government of such State to any other Government in the matter of priorities, rates and taxes on telecommunications as long as all governments have not agreed to grant to the agency in question, the treatment specified in this Section.”

Pakistan

Declaration contained in the notification received on 15 September 1961 and also, with the second paragraph omitted, in the notifications received on 13 March 1962 and 17 July 1962:

“The enjoyment by Specialized Agencies of the communication privileges provided for in Article IV, Section 11 of the Convention cannot, in practice, be determined by unilateral action of individual Governments and has in fact been determined by the International Telecommunication Convention, Atlantic City, 1947 and Telegraph and Telephone Regulations annexed thereto, Pakistan would, therefore, not be able to comply with the provisions of Article IV, Section 11 of the Convention in view of Resolution No. 28 (annexure I) passed at the Plenipotentiary Conference of the International Telecommunication Union, held in Buenos Aires in 1952.

The International Telecommunication Union shall not claim for itself the communication privileges provided in Article IV, Section 11 of the Convention.”

Poland12,17

Romania12

The Socialist Republic of Romania states that it does not consider itself bound by the provisions of sections 24 and 32, whereby the question whether an abuse of a privilege or immunity has occurred, and differences arising out of the interpretation or application of the Convention and disputes between specialized agencies and Member States, shall be referred to the International Court of Justice. The position of the Socialist Republic of Romania is that such questions, differences or disputes may be referred to the International Court of Justice only with the agreement of the parties in each individual case.

Russian Federation12

Declaration made upon accession and also contained in the notification received on 16 November 1972:

The Union of Soviet Socialist Republics does not consider itself bound by the provisions of sections 24 and 32 of the Convention, concerning the compulsory jurisdiction of the International Court of Justice. Concerning the jurisdiction of the International Court of Justice in disputes arising out of the interpretation or application of the Convention, the USSR will maintain the same position as hitherto, namely, that for any dispute to be referred to the International Court of Justice for settlement, the agreement of all Parties involved in the dispute must be obtained in each individual case. This reservation similarly applies to the provision contained in section 32, stipulating that the advisory opinion of the International Court of Justice shall be accepted as decisive.

Slovakia3,12

Ukraine12

The Ukrainian Soviet Socialist Republic does not consider itself bound by the provisions of sections 24 and 32 of the Convention, concerning the compulsory jurisdiction of the International Court of Justice. Concerning the jurisdiction of the International Court of Justice in disputes arising out of the interpretation or application of the Convention, the Ukrainian Soviet Socialist Republic will maintain the same position as hitherto, namely, that for any dispute to be referred to the International Court of Justice for settlement, the agreement of all Parties involved in the dispute must be obtained in each individual case. This reservation similarly applies to the provision contained in section 32, stipulating that the advisory opinion of the International Court of Justice shall be accepted as decisive.

Objections

(Unless otherwise indicated, the objections were made upon accession)

Netherlands18

11 January 1980

“The Government of the Kingdom of the Netherlands has noted the reservation made on the accession of China to the Convention on the privileges and immunities of the specialized agencies, and is of the opinion that the reservation mentioned, and similar reservations other States have made in the past or may make in the future, are incompatible with the objectives and purposes of the Convention.

The Government of the Kingdom of the Netherlands does, however, not wish to raise a formal objection to these reservations made by States parties to the Convention.”

C. Agreement for the Establishment of the Joint Vienna Institute

(Approved by the Executive Board of the International Monetary Fund on January 21, 1994 (Decision No. 10575-(94/4), January 21, 1994) and came into force on August 19, 1994.)

Agreement for the Establishment of the Joint Vienna Institute

The Parties Signatory Hereto,

Recognizing the importance of assisting Central and Eastern European countries and countries formerly republics of the U.S.S.R. in their transition to market-based economies;

Noting that the training of officials from these countries is one important component of such assistance;

Having Regard to the common interests of the Parties in establishing a training institute in Vienna, Austria, for this purpose; and

Responding to the invitation of the Republic of Austria to locate such an institute in Vienna;

Have Agreed as follows:

Article I Establishment and Status

1. There is hereby established the Joint Vienna Institute (the “Institute”) as an international organization with full juridical personality.

2. The Institute shall operate in accordance with this Agreement.

Article II Purpose and Activities

1. The purpose of the Institute shall be to provide training to support and supplement the national efforts of the countries of Central and Eastern Europe, the countries formerly republics of the U.S.S.R., and other countries, in their transition from centrally planned economies to market-based economies.

2. To this end, the Institute shall offer courses of instruction of the highest standard and of direct relevance to the purpose of paragraph 1 above, including courses in the areas of administration and economic and financial management. The Institute shall provide training primarily to public officials, and to other persons, with due regard to the role of the private sector. The Institute will also assist training institutes by providing training and other support.

Article III Powers

The Institute shall have the capacity:

  • (a) to contract;

  • (b) to acquire and dispose of immovable and movable property;

  • (c) to institute and respond to legal proceedings; and

  • (d) to take such other action as may be necessary or useful for its purpose and activities.

Article IV Headquarters

1. The headquarters of the Institute shall be located in Vienna, Austria, under such terms and conditions as agreed between the Institute and the Republic of Austria.

2. The Institute may establish facilities in other locations as required to support its activities.

Article V Organization and Management

1. Structure of the Institute

The Institute shall have an Executive Board, an Advisory Committee, a Director, and staff.

2. Executive Board

(a) The Executive Board (the “Board”) shall be responsible for the conduct of the business of the Institute.

(b) Each of the Parties shall appoint one Member to the Board and one Alternate Member to act for the Member when he is unable to serve.

(c) The Board shall elect a Chairman and a Vice-Chairman from among its Members.

(d) The Board shall meet at least once a year. Meetings of the Board shall be called by the Chairman as required or when requested by at least two Members of the Board.

(e) A majority of Members of the Board shall constitute a quorum for any meeting of the Board.

(f) Decisions of the Board shall be taken by a majority of votes cast, provided that:

  • (i) the following decisions shall be subject to the approval of all Members voting: decisions under Article V, paragraph 2(g)(i), Article V, paragraph 2(g)(iii), Article V, paragraph 2(g)(vi) and Article XVI; and

  • (ii) the following decisions shall be subject to the approval of four-fifths of all Members voting: decisions approving the work program under Article V, paragraph 2(g)(ii) and decisions approving the annual budget under Article V, paragraph 2(g)(iv).

(g) The Board shall:

  • (i) adopt by-laws for the governance of the Institute in accordance with this Agreement, including by-laws for the implementation of the provisions of Article IX, paragraphs 3 and 4;

  • (ii) determine the Institute’s policies and approve its work program;

  • (iii) select the Director and external auditor of the Institute;

  • (iv) approve the Institute’s annual budget, audited financial statements and reports;

  • (v) appoint members of the Advisory Committee; and

  • (vi) approve agreements to be concluded under Article VIII.

3. Director and Staff

(a) The Director shall be chief of the operating staff of the Institute and shall, under the direction of the Board:

  • (i) conduct the ordinary business of the Institute;

  • (ii) represent the Institute in its dealings with third parties; and

  • (iii) do and perform all other acts necessary to further the purpose of the Institute.

(b) The Director shall serve for a term of two years, subject to renewal.

(c) The Director shall be responsible entirely to the Board, and to no other authority, for operating and managing the Institute in accordance with this Agreement, the by-laws and other decisions of the Board.

(d) Subject to the general control of the Board, the Director shall be responsible for the organization, appointment and dismissal of the staff of the Institute. In appointing the staff, the Director shall secure the highest standards of efficiency and of technical competence.

4. Advisory Committee

The Advisory Committee shall consist of members appointed by the Board, including representatives of countries referred to in Article II, paragraph 1, to advise it on the Institute’s general training policies and programs.

Article VI Associate Members

1. The Board may appoint major contributors to the Institute as Associate Members for such periods of time as it shall determine.

2. The Board may invite Associate Members to participate in its meetings for particular agenda items. Associate Members shall have no right to vote.

3. The Institute shall provide Associate Members with copies of its work program, annual budget, and of its annual report referred to in Article IX, paragraph 4.

Article VII Cooperative Relationships

The Institute may establish cooperative relationships with any public or private entity, including other training and teaching institutions.

Article VIII Privileges and Immunities

1. The Institute, the Members of the Board and their alternates, members of the Advisory Committee, the Director, staff and experts shall enjoy such privileges and immunities as agreed between the Institute and the Republic of Austria.

2. The Institute may conclude agreements with other countries in order to secure appropriate privileges and immunities.

Article IX Finances and Reports

1. The resources of the Institute shall include the following:

  • (a) voluntary contributions by each Party;

  • (b) contributions by the Republic of Austria;

  • (c) contributions from other sources; and

  • (d) income accruing from such contributions and other income.

2. The fiscal year of the Institute shall be the calendar year.

3. Each year, the Director shall prepare and submit to the Board, for its approval, the annual work program and budget.

4. Each year, the Director shall prepare and submit to the Board, for its approval, an annual report containing an audited statement of the Institute’s accounts and a summary of the activities of the Institute. Such audit shall be conducted by an independent external auditor selected by the Board.

Article X Liability

1. No Party or Associate Member shall be required to provide financial support to the Institute beyond such contributions as it has pledged.

2. The Parties shall not be responsible, individually or collectively, for any debts, liabilities, or other obligations of the Institute; a statement to this effect shall be included in each of the agreements concluded by the Institute under Article VIII.

Article XI Amendments

This Agreement may be amended only with the agreement of all Parties.

Article XII Coming into Force and Depositary

1. This Agreement shall be open for signature by the following organizations: The Bank for International Settlements, the European Bank for Reconstruction and Development, the International Bank for Reconstruction and Development, the International Monetary Fund, and the Organisation for Economic Co-operation and Development.

2. This Agreement shall come into force upon signature by four of the above-named organizations and shall remain open for signature by such organizations for a period of one year from the date of its coming into force.

3. The Federal Minister for Foreign Affairs of the Republic of Austria shall be the Depositary of this Agreement.

Article XIII Settlement of Disputes

Any dispute arising between the Institute and any Party or between any Parties under this Agreement shall be settled by negotiation or other agreed means of settlement.

Article XIV Withdrawal

1. Any of the Parties may withdraw from this Agreement by written notification to the Depositary. Such withdrawal shall become effective three months after receipt of such notification by the Depositary.

2. Withdrawal from this Agreement by a Party shall not limit, reduce or otherwise affect its pledged contribution for the fiscal year in which it withdraws.

Article XV Termination

1. The duration of this Agreement shall be five years from the date of its coming into force unless the Parties unanimously decide to extend the duration of this Agreement by one or more successive periods of twelve months.* At the expiration of this initial term of five years or any extension thereof, the Parties shall forthwith wind up the Institute by written notification to the Depositary. Any assets of the Institute remaining after payment of its legal obligations shall be disposed of in accordance with a decision of the Board.

2. Notwithstanding paragraph 1, the Parties, acting unanimously, may terminate this Agreement at any time and wind up the Institute by written notification to the Depositary. Any assets of the Institute remaining after payment of its legal obligations shall be disposed of in accordance with a decision of the Board.

3. The provisions of this Agreement shall survive its termination to the extent necessary to permit an orderly disposal of assets and settlement of accounts.

Article XVI Accession

This Agreement shall be open for signature by such international organizations as may be decided by the Board.

In Witness Whereof, the undersigned, being duly authorized, have signed this Agreement on the dates indicated below.

For the Bank for International Settlements:

____________________________________________
Date

For the European Bank for Reconstruction and Development:

____________________________________________
Date

For the International Bank for Reconstruction and Development:

____________________________________________
Date

For the International Monetary Fund:

________________________

___________________

Date

For the Organisation for Economic Co-operation and Development:

________________________

___________________

Date

D. Agreement Between the International Monetary Fund and the World Trade Organization

Relations with World Trade Organization (WTO)—Fund-WTO Cooperation Agreement

The Executive Board approves the proposed Agreement Between the International Monetary Fund and the World Trade Organization as set forth in EBD/96/85 (7/5/96) on the understanding that decisions taken by either party for the implementation of this Agreement will not prevent the effective application of this Agreement in accordance with its provisions.

Decision No. 11381-(96/105)

November 25, 1996

Decision Adopted by the General Council Concerning Agreements Between the WTO and the IMF and the World Bank at its Meeting on 7, 8 and 13 November 1996 (WT/L/194, 18 November 1996)

Recalling the increasing linkages between the various aspects of economic policymaking that fall within the respective mandates of the World Trade Organization (“WTO”), the International Monetary Fund (“IMF”) and the International Bank for Reconstruction and Development (“World Bank”), the call for greater coherence among economic policies contained in the Marrakesh Agreement Establishing the World Trade Organization, and the invitation of Ministers for the Director-General of the WTO to review with the Managing Director of the International Monetary Fund and the President of the World Bank the implications of the WTO’s responsibilities for its cooperation with the Bretton Woods institutions, as well as the forms such cooperation might take, with a view to achieving greater coherence in global economic policymaking;

Recognizing the close collaborative relationship existing over the past several decades between the CONTRACTING PARTIES to the General Agreement on Tariffs and Trade and the IMF and the World Bank, the importance of continuing and strengthening those relationships, and the negotiating mandate contained in the General Council Decision on the Relationship between the WTO and the IMF and World Bank (document WT/GC/M/5);

Taking note of the statement by the Director-General on Consultations and Coherence (WT/L/194/Add.1), and of the budgetary implications of the Agreements (WT/L/194/Add.2);

The General Council hereby decides:

(1) The proposed Agreement between the International Monetary Fund and the World Trade Organization (“IMF Agreement”) as contained in Annex 1 of WT/GC/W/43 and the proposed Agreement between the International Bank for Reconstruction and Development and the World Trade Organization (“World Bank Agreement”) as contained in Annex II of WT/GC/W/43 (collectively the “Agreements”) are hereby approved. The Director-General is authorized to sign these Agreements on behalf of the World Trade Organization and to implement the Agreements in accordance with the provisions of this Decision and any subsequent decisions that may be taken by the General Council.

(2) The Director-General shall inform Members and consult with them regularly as to matters relating to the implementation of the Agreements. To this effect, the Director-General shall, inter alia, hold consultations with Members under the auspices of the Chairman of the General Council, as appropriate but at least two times per year. These consultations shall include reports on the coherence consultations between the Director-General and the Managing Director of the IMF and the President of the World Bank, WTO observership in IMF and World Bank bodies, any IMF or World Bank observership in the Dispute Settlement Body (DSB), any written communications between the organizations pursuant to the Agreement, any joint research or technical cooperation projects undertaken pursuant to the Agreements, and the general scope of contacts with the IMF pursuant to paragraph 10 of the IMF Agreement and with the World Bank pursuant to paragraph 8 of the World Bank Agreement.

(3) The Director-General is invited to build on the Agreements that have been concluded and thus to pursue the consultations on Coherence provided for in paragraph 2 of each Agreement, with a view to meeting the provision established in Article III:5 of the Marrakesh Agreement Establishing the World Trade Organization and the mandate contained in the Declaration on the Contribution of the World Trade Organization to Achieving Greater Coherence in Global Economic Policymaking. Any conclusions reached as a result of such consultations shall be submitted to the General Council for approval.

(4) In respect of the implementation and interpretation of these Agreements, it is decided that:

  • (a) The procedures for granting IMF observership in the DSB pursuant to paragraph 6 of the IMF Agreement shall be implemented as follows: The Director-General shall convey the invitation of the DSB to the IMF to send a member of its staff as an observer to meetings of the DSB where matters of jurisdictional relevance to the IMF are to be considered. For other meetings of the DSB, the Director-General may propose to the Chairman of the DSB that a member of the IMF’s staff be admitted as an observer to a particular meeting, or in respect of particular agenda items proposed for a meeting, of the DSB.

  • For meetings of other WTO bodies for which attendance is not specifically provided for or excluded in the Agreements or in the above sub-paragraph, the Director-General may propose to the Chairman of a WTO body that a member of the IMF’s staff be admitted as an observer to a meeting where particular matters of common interest to the WTO and the IMF will be under discussion; similarly, the Director-General may propose to the Chairman of a WTO body that a member of the World Bank staff be admitted as an observer to a meeting where particular matters of common interest to the WTO and the World Bank will be under discussion.

  • (b) In light of Articles III:5 and V: 1 of the Marrakesh Agreement Establishing the World Trade Organization, Article XV of the General Agreement on Tariffs and Trade 1994 (and, in particular, Article XV:2) and Articles XI and XII of the General Agreement on Trade in Services, the General Council considers it appropriate that whenever the IMF wishes to submit its views to a panel on whether an exchange measure within its jurisdiction is consistent with the IMF’s Articles of Agreement, it shall submit these views by directing a letter containing those views to the Chairman of the DSB. The Chairman of the DSB shall inform the chairman of the panel of the availability of this communication which, unless the panel decides otherwise, shall remain confidential to the panel and to the parties to the dispute.

  • Nothing in this Decision nor in the Agreements shall affect the rights and obligations of Members under the Dispute Settlement Understanding, including those provided for in Article 13 thereof.

  • (c) In the Agreements, each reference to the WTO, to the Fund or to the World Bank as such (and not explicitly to the WTO Secretariat, the Fund’s staff or the World Bank’s staff), or to the institution or the organization, is understood to refer to the decision-making bodies of the WTO, the IMF and the World Bank, respectively.

  • (d) In respect of the work of dispute-settlement panels, documentation to be provided to the IMF and the World Bank does not include documents submitted or prepared in the course of the work of panels, but only the panels’ final reports to the DSB.

  • (e) The established competences and practices in budgetary matters will be preserved. In accordance with these competences and practices, the Secretariat will keep the Committee on Budget, Finance and Administration duly informed of the budgetary consequences of the Agreements.

(5) The General Council reaffirms the importance of the Marrakesh Ministerial Decision on Measures Concerning the Possible Negative Effects of the Reform Programme on Least-Developed and Net Food Importing Developing Countries. In its view, the improved co-operation between the WTO and the IMF and the World Bank provided for in these Agreements should enhance the possibilities for governments to respond effectively to the issues addressed in that Decision.

EBD/96/85

Agreement between the International Monetary Fund and the World Trade Organization

Preamble

CONSIDERING the growing interactions between economic policies pursued by individual countries arising from the globalization of markets;

RECOGNIZING the increasing linkages between the various aspects of economic policymaking that fall within the respective mandates of the International Monetary Fund (“Fund”) and the World Trade Organization (“WTO”), and the call in the Marrakesh Agreement for greater coherence among economic policies internationally;

RECOGNIZING the close collaborative relationship existing over the past several decades between the Fund and the CONTRACTING PARTIES to the General Agreement on Tariffs and Trade, and the importance of continuing and strengthening such a relationship between the Fund and the WTO;

HAVING REGARD to Article X of the Fund’s Articles of Agreement, which provides that “the Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibility in related fields”;

HAVING REGARD to Article III.5 of the Marrakesh Agreement Establishing the World Trade Organization, which provides that “with a view to achieving greater coherence in global economic policymaking, the WTO shall cooperate, as appropriate, with the International Monetary Fund;”

HAVING REGARD to the Declarations in the Marrakesh Agreement on the Contribution of the World Trade Organization to Achieving Greater Coherence in Global Economic Policymaking and on the Relationship of the WTO with the Fund, and to the provisions of Article XV: 1, XV:2, XV:3 and Articles XII and XVIII of the General Agreement on Tariffs and Trade 1994 (GATT 1994) and of Articles XI, XII, and XXVI of the General Agreement on Trade in Services (GATS) concerning cooperation and consultation, including on exchange and trade matters;

The Fund and the WTO agree as follows:

Paragraph 1

The Fund and the WTO shall cooperate in the discharge of their respective mandates in accordance with the provisions of this Agreement.

Paragraph 2

The Fund and the WTO shall consult with each other with a view to achieving greater coherence in global economic policymaking.

Paragraph 3

The Fund shall inform the WTO of any decisions approving restrictions on the making of payments or transfers for current international transactions, decisions approving discriminatory currency arrangements or multiple currency practices, and decisions requesting a Fund member to exercise controls to prevent a large or sustained outflow of capital.

Paragraph 4

The Fund agrees to participate in consultations carried out by the WTO Committee on Balance-of-Payments Restrictions on measures taken by a WTO member to safeguard its balance of payments. For these consultations, existing procedures for Fund participation shall continue and may be adapted as appropriate in accordance with paragraph 14 below.

Paragraph 5

The Fund shall invite the WTO Secretariat to send an observer to the ordinary meetings of the Executive Board of the Fund on general and regional trade policy issues, including the formulation of Fund policies on trade matters, and to discussions of the World Economic Outlook (WEO) when there is a significant trade content. In addition, when consultations between the Fund’s staff and the WTO Secretariat lead to the conclusion that matters of particular common interest to both organizations will be under discussion at other meetings of the Executive Board, including country-specific matters, or at meetings of the Committee on Liaison with the WTO, the Managing Director shall recommend that the WTO Secretariat be invited to send an observer to such meetings.

Paragraph 6

The WTO shall invite the Fund to send a member of its staff as an observer to the meetings of the Ministerial Conference, General Council, Trade Policy Review Body, the three sectoral councils, Committee on Trade and Development, Committee on Regional Trade Agreements, Committee on Trade-Related Investment Measures, and Committee on Trade and the Environment and their subsidiary bodies (excluding the Committee on Budget, Finance and Administration, the Dispute Settlement Body, and dispute settlement panels). The WTO shall invite the Fund to send a member of its staff as an observer to meetings of the WTO Dispute Settlement Body where matters of jurisdictional relevance to the Fund are to be considered. The WTO shall also invite the Fund to send a member of its staff to other meetings of the Dispute Settlement Body as well as of other WTO bodies for which attendance is not provided above (excluding the Committee on Budget, Finance and Administration, and dispute settlement panels), when the WTO, after consultation between the WTO Secretariat and the staff of the Fund, finds that such a presence would be of particular common interest to both organizations.

Paragraph 7

The Fund and the WTO shall make available to each other in advance the agendas, and relevant documents, for the meetings to which they are invited pursuant to the terms of this Agreement. In addition, the Fund shall make available to the WTO Secretariat the agendas of the Executive Board meetings at the time of their circulation in the Fund, and the WTO shall make available to the Fund the agendas of the Dispute Settlement Body at the time of their circulation in the WTO.

Paragraph 8

Each organization may communicate its views in writing on matters of mutual interest to the other organization or any of its organs or bodies (excluding the WTO’s dispute settlement panels) and such views shall become part of the official record of such organs and bodies. The Fund shall inform in writing the relevant WTO body (including dispute settlement panels) considering exchange measures within the Fund’s jurisdiction whether such measures are consistent with the Articles of Agreement of the Fund.

Paragraph 9

For the purpose of this Agreement, the Director-General of the WTO and the Managing Director of the Fund shall ensure cooperation between the staffs of the two institutions and, to that end, shall agree on appropriate procedures for collaboration, including access to databases, and exchanges of views on jurisdictional and policy issues.

Paragraph 10

The Fund’s staff shall consult with the WTO Secretariat on issues of possible inconsistency between measures under discussion with a common member and that member’s obligations under the WTO Agreement. The WTO Secretariat shall consult with the Fund’s staff on issues of possible inconsistency between measures under discussion with a common member and that member’s obligations under the Fund’s Articles of Agreement.

Paragraph 11

The Fund shall provide the WTO, promptly after circulation to the Executive Board, for the confidential use of its Secretariat, with staff reports and related background staff papers on Article IV consultations and on use of Fund resources on common members and on Fund members seeking accession to the WTO, subject to the consent of the member.

Paragraph 12

The WTO shall provide the Fund, for the confidential use of its management and staff, with Trade Policy Review Reports, summary records and reports of Councils, Bodies and Committees, and reports of WTO Members to these organs.

Paragraph 13

Each party to this Agreement shall ensure that any information communicated under this Agreement shall be used only within the limits specified by the other party.

Paragraph 14

The Director-General of the WTO and the Managing Director of the Fund shall be responsible for the implementation of this Agreement and, to that effect, shall make such arrangements as they deem appropriate.

Paragraph 15

This Agreement shall be reviewed upon the request of either party and may be amended by mutual agreement.

Paragraph 16

This Agreement may be terminated by either party by written notice to the other and, unless otherwise agreed by the parties, shall terminate six months after receipt of such notice.

Paragraph 17

Following approval by the General Council of the WTO and the Executive Board of the Fund, this Agreement shall enter into force on the date of its signature.*

To be added at time of signature:

Signed at ________ On ___________ in duplicate

For the World TradeFor the International
Organization,Monetary Fund,
Director-GeneralManaging Director
Notes:

The Agreement was approved by the Board of Governors of the Fund on September 17, 1947 and by the General Assembly of the United Nations on November 15, 1947, and it came into force on November 15, 1947.

The Convention was adopted by the United Nations General Assembly on November 21, 1947. The Executive Directors of the Fund accepted the standard clauses of the Convention and approved Annex V with respect to the Fund on April 11, 1949. The Annex became effective on May 9, 1949, when it was received by the United Nations.

1

Resolution 179 (II); Official Records of the Second Session of the General Assembly, Resolutions (A/519), p. 112.

2

Resolution No. 108, adopted by the General Council of the International Refugee Organization at its 101st meeting on 15 February 1952, provided for the liquidation of the Organization.

Czechoslovakia had acceded to the Convention on 29 December 1966 in respect of the following agencies; ILO, ICAO, UNESCO, WHO, UPU, ITU, WMO and IMO. Subsequently, on 6 September 1988 and 26 April 1991, the Government of Czechoslovakia notified the Secretary-General that it applied the Convention in respect of FAO (second revised text of annex II), WIPO, and UNIDO, and IMF, IBRD, IFC and IDA, respectively. The instrument of accession also contained a reservation, subsequently withdrawn on 26 April 1991. For the text of the reservation, see United Nations, Treaty Series, vol. 586, p. 247. See also note 12 in this chapter and note 11 in chapter 1.2.

4

In a communication received by the Secretary-General on 10 October 1957, the Government of the Federal Republic of Germany declared that the Convention will also apply to the Saar Territory except that Section 7(b) of the Convention shall not take effect with regard to the Saar Territory until the expiration of the interim period defined in article 3 of the Treaty of 27 October 1956 between France and the Federal Republic of Germany. See also note 12 below and note 14 in chapter 1.2.

The German Democratic Republic had acceded to the Convention, with a reservation, on 4 October 1974 in respect of the following specialized agencies: ILO, UNESCO, WHO (third revised text of annex VII), UPU, ITU, WMO, IMO (revised text of annex XII). For the text of the reservation see United Nations, Treaty Series, vol. 950, p. 357. See also note 12 below and note 14 in chapter I.2.

In a note accompanying the instrument of accession, the Government of the Federal Republic of Germany declared that the Convention would also apply to Land Berlin.

With reference to the above-mentioned declaration, communications have been addressed to the Secretary-General by the Governments of Bulgaria, France, the United Kingdom and the United States of America, the Federal Republic of Germany, Mongolia, Poland and the Union of Soviet Socialist Republics. The said communications are identical in essence, mutatis mutandis, to the corresponding ones reproduced in note 4 of Chapter III.3.

Subsequently, upon accession to the Convention, the Government of the German Democratic Republic made on the same subject the following declaration:

As regards the application of the Convention to Berlin (West), the German Democratic Republic notes, in accordance with the Quadripartite Agreement between the Governments of the Union of Soviet Socialist Republics, the United Kingdom of Great Britain and Northern Ireland, the United States of America and the French Republic of 3 September 1971, that Berlin (West) is not a constituent part of the Federal Republic of Germany and cannot be governed by it. Consequently, the declaration of the Federal Republic of Germany to the effect that the said Convention is valid also for “Land Berlin” is in contradiction with the Quadripartite Agreement, which provides that agreements affecting matters of the status of Berlin (West) may not be extended to Berlin (West) by the Federal Republic of Germany.

With reference to the above-mentioned declaration the Secretary-General received on 8 July 1975 from the Governments of the United States of America, France and the United Kingdom, the following declaration:

[ “The communication mentioned in the Note listed refers] to the Quadripartite Agreement of 3 September 1971. This Agreement was concluded in Berlin between the Governments of the French Republic, the Union of Soviet Socialist Republics, the United Kingdom of Great Britain and Northern Ireland and the United States of America. [The Government sending this communication is not a party to the Quadripartite Agreement and is] therefore not competent to make authoritative comments on its provisions.

“The Governments of France, the United Kingdom and the United States wish to bring the following to the attention of the States Parties to the [Convention]. When authorising the extension of [this instrument] to the Western Sectors of Berlin, the authorities of the Three Powers, acting in the exercise of their supreme authority, ensured in accordance with established procedures that [this instrument is] applied in the Western Sectors of Berlin in such a way as not to affect matters of security and status.

“Accordingly, the application of [this instrument] to the Western Sectors of Berlin continues in full force and effect.

“The Governments of France, the United Kingdom and the United States do not consider it necessary to respond to any further communications of a similar nature by States which are not signatories to the Quadripartite Agreement. This should not be taken to imply any change in the position of those Governments in this matter.”

Subsequently, on 19 September 1975, the Government of the Federal Republic of Germany made on the same subject the following declaration:

“By their Notes of 8 July 1975,. . . . The Governments of France, the United Kingdom and the United States answered the assertions made in the [communication ] referred to above. The Government of the Federal Republic of Germany, on the basis of the legal situation set out in the Note of the Three Powers wishes to confirm that the application in Berlin (West) of the abovementioned [instrument] extended by it under the established procedures [continues] in full force and effect.

“The Government of the Federal Republic of Germany wishes to point out that the absence of a response to further communications of a similar nature should not be taken to imply any change of its position in this matter.”

See also note 5 above.

7

The notifications of 9 August 1973 and 19 August 1982 were made with the same reservations as those made upon accession.

The notification of application of 12 November 1991 contains the following declaration:

“The Convention is being applied on behalf of Hungary as from 29 April 1985 with respect to the [said] specialized agencies.”

8

The Government of Italy in its instrument of accession has (subject to the declaration made upon accession) undertaken to apply the Convention to the United Nations Industrial Development Organization (UNIDO). However, the Convention became applicable to UNIDO on 15 September 1987, upon the completion by UNIDO of the procedures provided for by article 37 of the Convention. Until that time, the provision of article 21(2)(b) of the Constitution of UNIDO, to which Italy is a party, will continue to apply.

9

Between 12 March 1968, the date of accession to independence, and 18 July 1969, the date of the notification of succession, Mauritius applied Annex II unrevised.

10

The instrument of accession by the Government of Nepal was deposited with the Director-General of the World Health Organization, in accordance with section 42 of the Convention.

11

On 13 December 1985, the Secretary-General received from the Government of the United Kingdom of Great Britain and Northern Ireland a notification to the effect that, the United Kingdom having withdrawn from UNESCO, it would withhold from UNESCO the benefits of the said Convention with effect from 13 March 1986.

The Government of the United Kingdom of Great Britain and Northern Ireland notified the Secretary-General, on the dates indicated, that it is unable to accept certain reservations made by the States listed below because in its view they are not of the kind which intending parties to the Convention have the right to make:

Date of receipt of the objection:With respect to reservation by:
20 Jun 1967Belarus
20 Jun 1967Czechoslovakia*
20 Jun 1967Ukraine
20 Jun 1967Russian Federation
11 Jan 1968Hungary
12 Aug 1968Bulgaria
2 Dec 1969Poland***
17 Aug 1970Mongolia
30 Nov 1970Romania
21 Sep 1972Indonesia
1 Nov 1972Cuba
20 Nov 1974Germany**
6 Nov 1979China
21 Apr 1983Hungary

13

On 24 June 1992, the Government of Bulgaria notified the Secretary-General its decision to withdraw the reservation made upon accession. For the text of the reservation, see United Nations, Treaty Series, vol. 638, p. 266.

In a communication received on 8 December 1989, the Government of Hungary notified the Secretary-General that it had decided to withdraw the reservations in respect to sections 24 and 32 of the Convention made upon accession. For the text of the reservations, see United Nations, Treaty Series, vol. 602, p. 300.

In a communication received on 10 January 1973, the Government of Indonesia informed the Secretary-General, in reference to the reservation [concerning the capacity to acquire and dispose of immovable property] that it would grant to the Specialized Agencies the same privileges and immunities which it had granted to the International Monetary Fund and the International Bank for Reconstruction and Development.

16

The reservation was repeated in essence in the notification of application to FAO received from Mongolia on 20 September 1974.

Subsequently, in a communication received on 19 July 1990, the Government of Mongolia notified the Secretary-General of its decision to withdraw the reservation made upon accession. For the text of the reservation, see United Nations, Treaty Series, vol. 719, p. 274.

On 16 October 1997, the Government of Poland notified the Secretary-General that it had decided to withdraw its reservation with regard to sections 24 and 32 of the Convention made upon accession. For the text of the reservation see United Nations, Treaty Series, vol. 677, p. 430.

In a communication received by the Secretary-General on 28 January 1980, the Government of the Netherlands indicated that the statement concerning their wish not to raise a formal objection to these reservations “… is intended to mean that the Government of the Kingdom of the Netherlands does not oppose the entry into force of the Convention between itself and the reserving states.”

The Managing Director is authorized to execute the extension of this Agreement until August 19, 2004 (Decision No. 11675-(98/21), March 2, 1998).

The Agreement entered into force on December 9, 1996.

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