Chapter

Article VII: Borrowing

Author(s):
International Monetary Fund
Published Date:
April 1987
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General Arrangements to Borrow: Sixth Renewal

Executive Board Decision No. 7337-(83/37), adopted February 24, 1983, effective December 26, 1983, on the General Arrangements to Borrow, is hereby renewed for a period of five years from December 26, 1988.

Decision No. 8733-(87/159)

November 23, 1987

effective December 26, 1988

Policy on Enlarged Access: Borrowing Agreement with the Saudi Arabian Monetary Agency—Amendment

The Executive Board authorizes the Managing Director to take such action as is necessary to amend Annexes A and B of the Borrowing Agreement between the Saudi Arabian Monetary Agency and the Fund effective May 7, 1981, and Annexes II-A and II-B of the Supplementary Agreement between the Saudi Arabian Monetary Agency and the Fund effective April 30, 1984, as set out in paragraph 5 of EBS/87/150 {below}.

Decision No. 8643-(87/102)

July 10, 1987

EBS/87/150, Paragraph 5

a. The 1981 borrowing agreement would be amended by deleting the phrase “and weighted by the volume of transactions in” and replacing it with the word “for,” and by deleting the words “during the previous week,” in both Annex A, paragraph 3(b)(i) and Annex B, paragraph 2(c)(ii)(A). The amended paragraph in both Annexes A and B would read as follows:

“For the French franc, the yield to maturity on a representative sample of securities of major French public sector enterprises with an average remaining life in the range of four and a half to five and a half years, based on market prices for the securities, as calculated by the Caisse des Dépôts et Consignations using the same method as it uses for the yield it publishes weekly.”

b. The 1984 supplementary agreement would be amended by deleting the words “during the previous week,” in both Annex II-A, paragraph 3(b)(i) and Annex II-B, paragraph 2(c)(ii)(A). The amended paragraph in both Annexes II-A and II-B would read as follows:

“For the French franc, the average yield to maturity on a representative sample of securities of major French public sector enterprises with a remaining life in the range of two to three years, based on market prices for the securities, as calculated by the Caisse des Dépôts et Consignations.”

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