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

Front Matter

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International Monetary Fund
Published Date:
August 1997
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SELECTED DECISIONS AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

TWENTY-SECOND ISSUE

WASHINGTON, DC

JUNE 30, 1997

PREFACE

This volume is the Twenty-Second 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 and the United Nations. 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-First Issue that remain in effect, as well as new general decisions adopted after the publication of the Twenty-First 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
2-1476
71-283
117-1480
170-33
180-5477
237-2432
284-3266
284-484
286-1266
287-383
363-1463
408-23
446-4419
534-3461
574-2, as amended by 2620-(68/141)476
597-4477
1952-1977
102-(52/11)84
144-(52/51)421
201-(53/29)424
270-(53/95), as amended by 876-(59/15) and 1151-(61/6)114
343-(54/47)513
433-(55/42)422
541-(56/39)357
649-(57/33)439
876-(59/15), see 270-(53/95) 955-(59/45)426
1034-(60/27)427
1151-(61/6), see 270-(53/95) 1238-(61/43)83
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)358
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), and 10183-(92/132)219
3153-(70/95)86,429
3179-(70/102)221
3351-(71/51)221
4134-(74/4)431
4239-(74/67)277
4254-(74/75)443
4377-(74/114), as amended by 6339-(79/179), 6830-(81/65), 8885-(88/89), 10182-(92/132), and 10186-(92/132)129
4421-(74/132), see 1289-(62/1)
4913-(75/207), see 2772-(69/47)
5069-(76/72)519
5127-(76/91)222
5220-(76/144)133
5371-(77/51)515
5392-(77/63), as amended by 8564-(87/59) 8856-(88/64) and 10950-(95/37)8
5508-(77/127)247,515
5509-(77/127)406
5563-(77/150) TR528
5590-(77/163)323
5591-(77/163)514
5597-(77/171)224
5694-(78/35), see 4773-(75/136)
5702-(78/39) G/S as amended by 7096-(82/57)G/S277
5703-(78/39), as amended by 6862-(81/81) and 8955-(88/126)273
5704-(78/39)269
5706-(78/39)129
5709-(78/41)TR530
5712-(78/41)7
5719-(78/46)518
5792-(78/79), see 1289-(62/1)
5809-(78/88)275
5832-(78/95)TR530
5956-(78/180)S493
5972-(78/189)TR528
5973-(78/189)TR529
6000-(79/1)S, as amended by 6438-(80/37)S494
6001-(79/1)S495
6006-(79/3)413
6008-(79/3)414
6026-(79/13), as amended by 10273- (93/15) and 10364-(93/67)13
6053-(79/34)S, as amended by 6438-(80/37)S497
6054-(79/34)S, as amended by 6438-(80/37)S499
6056-(79/38)116
6163-(79/96)414
6172-(79/101)270
6201-(79/121)TR531
6202-(79/121)TR531
6209-(79/124)S505
6230-(79/140)122
6241-(79/144), see 1289-(62/1)
6266-(79/156)4
6273-(79/158)G/S253
6274-(79/158)254
6275-(79/158)G/S256
6336-(79/178) S501
6337-(79/178) S502
6339-(79/179), see 4377-(74/114)
6352-(79/183)256
6358-(79/188)TR, as amended by 8640-(87/101) S/TR532
6368-(79/191)S493
6437-(80/37)S503
6438-(80/37)S, see 6000-(79/1)S, 6053-(79/34)S, and 6054-(79/34)S
6466-(80/68)TR531
6467-(80/71)S486
6484-(80/77)S488
6486-(80/77)S489
6487-(80/77)S489
6488-(80/77)S489
6489-(80/77)S489
6540-(80/98)TR533
6609-(80/126)S489
6631-(80/145)G/S481
6663-(80/160)S268
6676-(80/168)TR532
6683-(80/185)G/TR, as amended by 8523-(87/25)SBS and 8941-(88/122)SBS536
6704-(80/185)TR325,534
6709-(80/189) S485
6718-(81/1)S489
6772-(81/35)G/S258
6774-(81/35)262
6783-(81/40), as amended by 8885-(88/89)234,516
6790-(81/43)440
6793-(81/45)535
6830-(81/65),129,515
see also 4377-(74/114)
6831-(81/65), as amended by 7059-(82/23)275
6832-(81/65)S509
6844-(81/75)416
6845-(81/75)416
6854-(81/78)SBS, as amended by 8184-(86/9)SBS542
6862-(81/81), see 5703-(78/39)
6870-(81/83), see 6863-(81/81)
6908-(81/101)S489
6925-(81/112), see 6863-(81/81)
7041-(82/8)G/S510
7059-(82/23), see 6831-(81/65)
7060-(82/23)516
7064-(82/26)S489
7086-(82/42)S489
7096-(82/57)G/S, see 5702-(78/39)G/S
7116-(82/68)S511
7142-(82/85)TR as amended by 8640-(87/101)S/TR533
7229-(82/136)S489
7246-(82/147)227
7247-(82/147)223
7337-(83/37), see 1289-(62/1)
7403-(83/73)376
7427-(83/83)18
7558-(83/156)134
7582-(83/174)S489
7589-(83/181)418
7602-(84/3), see 2772-(69/47)
7626-(84/23)S261
7628-(84/25)373
7629-(84/25)374
7704-(84/78)276
7707-(84/79)S489
7754-(84/108)SBS543
7842-(84/165)126
7857-(84/175)134
7908-(85/26)89
7925-(85/38), as amended by 8887-(88/89)119
7931-(85/41)478
7941-(85/50)S261
7989-(85/81)543
7990-(85/81)325
7999-(85/90)478
8029-(85/105)326
8037-(85/110)SBS544
8160-(85/186)G/S484
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/TR279
8184-(86/9)SBS, see 6854-(81/78)SBS
8185-(86/9)SBS/S543
8186-(86/9)SBS/S490
8192-(86/13)135
8222-(86/45)68
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)SAF326
8239-(86/56) SAF491
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)SAF333
8241-(86/56)SAF336
8265-(86/70)S262
8271-(86/74)281
8318-(86/104)S489
8348-(86/122), as amended by 8481-(86-202) and 8482-(86/202)282
8433-(86/175)278
8442-(86/178)282
8481-(86/202), see 8348-(86/122)
8482-(86/202), see 8348-(86/122)
8492-(87/1)SBS544
8496-(87/3)G/TR, see 8165-(85/189)G/T
8497-(87/3)SAF, see 8238-(86/56)SAF
8523-(87/25)SBS545
see also 6683-(80/185)G/TR
8542-(87/36)SAF, see 8240-(86/56)SAF
8564-(87/59), see 5392-(77/63)
8574-(87/64)S262
8583-(87/72)135
8619-(87/90)289
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/TR490
8651-(87/105)SAF, see 8240-(86/56)SAF
8652-(87/105)SAF, see 8238-(86/56)SAF
8674-(87/117)SBS546
8733-(87/159)369
8757-(87/176) SAF/ESAF, as amended by 9987-(92/48) SAF/ESAF347
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), and 11435-(97/10)25
8760-(87/176) as amended by 9989-(92/48) and 10531-(93/170)SAF351
8780-(88/12)289
8845-(88/61)ESAF as amended by 9988-(92/49)ESAF, and 10185-(93/132)ESAF 10533-(93/170)ESAF50
8846-(88/61)ESAF52
8856-(88/64) see 5392-(77/63) 8861-(88/67), as amended by 8880-(88/84)290
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)383
8923-(88/110)G/TR see 8165-(85/189) G/TR
8935-(88/118)SAF, see 8240-(86/56)SAF
8937-(88/118)ESAF/S491
8941-(88/122)SBS, see also 6683-(80/185)G/TR546
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), and 11170-(95/122) see also 5703-(78/39) and 9101-(89/30)180,514
9028-(88/71), see 7599-(84/3) 7600-(84/3)
9056-(89/2)ESAF52
9101-(89/30), see 8955-(88/126)
9114-(89/40)SAF/ESAF348
9115-(89/40)ESAF, see 8759-(87/176)ESAF
9116-(89/40)ESAF350
9117-(89/40)SAF, see 8240-(86/56)SAF
9118-(89/40)SAF, see 8238-(86/56)SAF
9135-(89/46)294
9153-(89/59) see 8955-(88/126)
9189-(89/77)136
9222-(89/97)SBS547
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)173
9391-(90/43) see 8955-(88/126)
9403-(90/53)228
9471-(90/98) as amended by 10341-(93/54)319
9476-(90/101), see 7599-(84/3) and 7600-(84/3)
9487-(90/106)SAF/ESAF as amended by 9776-(91/96) SAF/ESAF348
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)15
9503-(90/114), see 8955-(88/126)
9510-(90/122)SBS548
9549-(90/146)G/S483
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)
9693-(91/48), see 9331-(89/167)
9776-(91/96) SAF/ESAF, see 9487- (90/106) SAF/ESAF
9788-(91/105)548
9790-(91/106)136
9808-(91/114)SAF/ESAF349
9809-(91/114)SAF349
9862-(91/156)417
9863-(91/156)SAF/ESAF, see 8238-(86/56) SAF
9986-(92/48)SAF, see 8240-(86/56) SAF
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/ESAF349
10090-(92/24) SAF350
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)17
10175-(92/129), see 1289-(62/1)
10176-(92/129)369
10181-(92/132)238
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
10185-(92/132)ESAF, see 8845-(88/61) ESAF
10186-(92/132), see220
also 4377-(74/114) and 8955-(88/126)
10225-(92/147) S490
10235-(92/149)385
10273-(93/15),15
see also 6026-(79/13)
10278-(93/19) S262
10279-(93/19)259
10286-(93/23) ESAF353
10287-(93/23) ESAF
see 8759-(87/176)
10305-(93/32)478
10337-(93/49) G/TR
see 8165-(85/189) G/TR
10340-(93/54), as amended by 10549- (94/1)297
10341-(93/54), see 9471-(90/98)
10348-(93/61) STF as amended by 10760-(94/71) STF and 10855-(94/109) STF230,517
10352-(93/49) G/TR see 8165-(93/49) G/TR
10353-(93/49) SAF see 8238-(86/56)SAF
10362-(93/67)17
10364-(93/67), see 6026-(79/13)
10365-(93/67)72
10391-(93/86), as amended by 10552-(94/1) and 10554-(94/1)300
10398-(93/89), see 8955-(88/126)
10464-(93/130)137
10515-(93/162)ESAF see 8759-(87/176) ESAF
10530-(93/179)ESAF see also 8759-(89/176) ESAF42
10531-(93/170)SAF see also 8760-(87/176)352
10532-(93/170)ESAF, see 8759-(87/176) ESAF
10533-(93/170) ESAF, see 8845-(88/61)ESAF
10534-(93/170)ESAF52
10535-(93/170)SAF335
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)671
10597-(94/14)ESAF43
10598-(94/14)SAF335
10660-(94/38)301
10662-94/38)321
10704-(94/52)304
10705-(94/52)304
10706-(94/52)305
10723-(94-58)137
10725-(94/58), see 8955-(88/126)
10749-(94/67)423
10760-(94/71) STF see 10348-(93/61) STF
10819-(94/95)239
10850-(94/107)305
10855-(94/109) STF see 10348-(93/61) STF
10873-(95/1)335
10886-(95/2)16
10904-(95/13)261
10942-(95/33)78
10949-(95/37)16
10950-(95/37)9
10957-(95/40)308
10958-(95/40)309
10961-(95/41)234
10962-(95/41)311
10968-(95/43)468
10989-(95/53) SAF335
11027-(95/65)ESAF51
11073-(95/92)G/S483
11096-(95/100)122
11098-(95/101)239
11162-(95/121)79
11192-(96/2)460
11248-(96/38)124
11249-(96/39)312
11251-(96/39)315
11325-(96/77)SAF335
11374-(96/102)240
11381-(96/105)682
11395-(96/110)ESAF,
see 8759-(87/176)
11409-(97/1)ESAF355
11428-(97/6)386
11429-(97/6)405
11434-(97/10). see 8759-(87/176)
11435-(97/10). see 8759-(87/176)
11436-(97/10)53
11474-(97/36). see 8955-(88/126)
11475-(97/36), see 8955-(88/126)
11477-(97/38)16
11480-(97/42)315
11481-(97/42)322
11482-(97/42)318
11483-(97/42)318
11492-(97/45), see 11436-(97/10)
11493-(97/45)22
11515-(97/59)148
11517-(97/61)615
LIST OF BOARD OF GOVERNORS' RESOLUTIONS
NumberPage
IM-6552
6-8553
24-12625
29-1489
29-7555
29-8555
29-9559
29-10564
31-2574
34-2581
34-3634
38-1591
43-1597
44-1600
44-5603
45-1606
45-2614
48-2555
48-3621
48-4559
50-1624
INTERPRETATIONS UNDER ARTICLE XXIX (a)
Interpretations of Articles of Agreement (71-2)83
Unenforceability of Exchange Contracts: Fund's Interpretation of Article VIII, Section 2(b) (446-4)419
Interpretation of Article IX, Section 7 (534-3)461
Interpretation of Article XII, Section 3(b)(i) and 3(f) (2-1)476
Interpretation of Article XXVI, Section 2* (343-(54-47))513

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

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

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