Selected Decisions, 16th Edition
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
June 1991
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Index

(* indicates Decision as amended)

Decision NoPage
AAccounting by members for transactions with the Fund170-33
Accounts:
Administrative accounts, balances held not in excess of 0.1 percent of quota, exclusion from Fund’s holdings of member’s currency7060-(82/23)412
Borrowed Resources Suspense Accounts6844-(81/75)

6845-(81/75)
339

340
General Account; see General Resources Account, below
General Resources Account:
Adjustment of currency holdings of members5590-(77/163)257
Exchange rate for Fund computations5590-(77/163)257
Level of Fund SDR holdings, maintenance6275-(79/158)

G/S
201
7626-(84/23) S206
7941-(85/50) S206
8265-(86/70) S207
8574-(87/64) S207
Purchase of SDRs for payment of charge5702-(78/39) *

G/S
221
Reimbursement for expenses of carrying out business of supplementary financing facility Subsidy Account6683-(80/185)

G/TR
432
Reimbursement for expenses of conducting business of Trust Fund5069-(76/72)414
Sales of SDRs for payment of quota increases by members under Seventh General Review of Quotas6663-(80/160) S212
Special Contingent Account, see Special
Contingent Account
Special Disbursement Account, transfer of resources to ESAF Trust and retransfer to Special Disbursement Account8760-(87/176)282
Special Disbursement Account, transfers to supplementary financing facility Subsidy Account6683-(80/185)

G/TR
432
6704-(80/185)

TR
430
Investment7990-(85/81)259
8029-(85/105)260
Structural adjustment facility; see Structural adjustment facility
Special Drawing Rights Department, payment of net charges and assessments7116-(82/68) S406
Subsidy Accounts:
Oil facility4773-(75/136) *445
Final review and report on termination7420-(83/82)447
7484-(83/117)448
Supplementary financing facility:

Disbursement of additional subsidy amounts for period ending June 30, 1986
8523-(87/25) SBS442
Instrument6683-(80/185)

G/TR
432
Investment of currencies6854-(81/78) * SBS439
Means of payments8185-(86/9)

SBS/S
440
Subsidy payments, July 1, 1983-June 30, 19847754-(84/108) SBS440
Subsidy payments, July 1, 1984-June 30, 19858037-(85/110) SBS441
Subsidy payments, July 1, 1985-June 30, 19868492-(87/l) SBS441
Subsidy payments, July I, 1986-June 30, 19878674-(87/117) SBS443
Subsidy payments, July 1, 1987-June 30, 19888941-(88/122) SBS443
Subsidy payments, July 1, 1988-June 30, 19899222-(89/97) SBS444
Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS439
Transfer of funds from Special Disbursement Account following termination of Trust Fund6704-(80/185) TR431
Accrued charges and income; see Overdue obligations to Fund, purchase from Fund
Adjustment process, international, review5392-(77/63)9
Administered accounts; see Article V, Section 2(b), administration of deposits provided by members
Administrative accounts; see Accounts
African Development Bank and African Development Fund, prescription as holders of SDRs8318-(86/104) S384
Andean Reserve Fund, prescription as holder of special drawing rights6486-(80/77) S384
Arab Monetary Fund, prescription as holder of special drawing rights6609-(80/126) S384
Arrears to the Fund, see Overdue Obligations to Fund
Articles of Agreement
Amendment, SecondB/G Res. 29-8

B/G Res. 29-10
454

467
Article 1, purposes of the Fund287-355
433-(55/42)346
1034-(60/27)351
4377-(74/114) *106
4773-(75/136) *445
5069-(76/72)415
Article III, Section 2, adjustment of quotas408-23
Article III, Section 2(a), general review of quotasB/G Res. 31-2471
B/G Res. 34-2474
B/G Res. 38-1485
B/G Res. 43-1494
B/G Res. 44-1496
B/G Res. 44-5499
B/G Res. 45-1503
B/G Res. 45-2505
Article IV:
Consultations5392-(77/63)9-13
6026-(79/13)14
6056-(79/38)61,63
6790-(81/43)366
7427-(83/83)18-19
7646-(84/40)15
7939-(85/49)16
8249-(86/60)16
8563-(87/59)17
8858-(88/64)17
9499-(90/111)18
Consultations, bicyclic procedureChairman’s

Summing-up

EBM/87/100
19
Exchange arrangements5392-(77/63)9
5712-(78/41)7
Article IV, Section 3, surveillance over exchange rate policies5392-(77/63) *8-9
6026-(79/13)14
9637-(91/15)22
Article V, Section 11289-(62/1) *293
Article V, Section 2(b), administration of deposits provided by members8895-(88/90)A41
Article V, Section 3, application of Fund policies to purchases of currency borrowed by Fund1289-(62/1)*290
Article V, Section 3(a), “consistent with the provisions of this Agreement,” meaning287-355
Article V, Section 3(b)(ii), “represent” that a member has a need to make purchases284-456
Chairman’s Summing-up EBM/87/17648
Article V, Section 3(b)(iii), waiver4377-(74/114) *108
5508-(77/127)192
6783-(81/40)115
8955-(88/126)137
Article V, Section 3(d):
Sale of members’ currencies for repurchases5704-(78/39)214
Selection of currencies in purchases6273-(79/158) G/S198
6274-(79/158)199
6352-(79/183)202
6774-(81/35)207, 208
Article V, Section 3(f), transfers of SDRs6275-(79/158)

G/S
201
Article V, Section 5, limitation on use of Fund’s resources284-3210
286-1210
7842-(84/165)99
Article V, Section 6, sale of SDRs by the Fund6663-(80/160) S212
Article V, Section 6(b), transfers of SDRs by the Fund6274-(79/158)199
6774-(81/35)207
Article V, Section 7, repurchases1289-(62/1) *290
5703-(78/39) *218
5704-(78/39)213
5809-(78/88) *219
Article VII, replenishment of Fund’s holdings of currencies5508-(77/127)188
5509-(77/127)330
6783-(81/40)112
Article VII, Section 1, borrowing by Fund1289-(62/1) *286
8897-(88/93)328
Article VIII:
Bilateralism433-(55/42)346
Consultations5712-(78/41)8
8858-(88/64)17
Retention quotas201-(53/29)348
Article VIII and Article XIV1034-(60/27)350-52
Article VIII, Sections 2, 3, and 4, acceptance of obligations1034-(60/27)351-52
Article VIII, Section 2(a):
Payments restrictions144-(52/51)345
3153-(70/95)353
Article VIII, Section 2(b), unenforceability of exchange contracts446-4343-44
Article VIII, Section 3, multiple currency practices237-2359-60
5712-(78/41)8
6790-(81/43)366
Article VIII, Section 7B/G Res. 34-3522
Article IX, Section 7, privilege for communications534-3370
Article XII, Section 3(b)(i) and 3(f)2-1372
Article XII, Section 3(c):
Additional appointed Executive Directors574-2 *372
Determination of member’s entitlement to appoint Executive Director7060-(82/23)412
“The preceding two years,” meaning597-4373
Article XIV:
Articles VIII and XIV1034-(60/27)350-51
Bilateralism433-(55/42)346
Consultations5392-(77/63)346
8858-(88/64)17
Retention quotas201-(53/29)347
Article XIV, Section 11034-(60/27)351
Article XIV, Section 2:
Multiple currency practices237-2359,360
Payments restrictions144-(52/51)345
3153-(70/95)353
Transitional arrangements446-4344
Article XIV, Section 3117-1375
Article XVII, Section 3, other holders of special drawing rights6467-(80/71)S381
6484-(80/77) S383
6485-(80/77) S385
6486-(80/77) S384
7629-(84125)304
8642-(87/101)S/TR385
8937-(88/118)ESAF387
Article XVIII, allocation of special drawing rightsB/G Res. 24-12518
B/G Res. 34-3527-28
Article XVIII, Section 2(d), allocations of special drawing rights to new participants5956-(78/180) S388
6368-(79/191) S388
Article XIX, Section 2(c):
Acceptance and use of special drawing rights by prescribed holders6467-(80/71) S381
Operations and transactions in special drawing rights between participants6000-(79/1) S *389
6001-(79/1) S *390
6053-(79/34) S *392
6054-(79/34) S *394
6336-(79/178) S396
6337-(79/ 178) S397
6437-(80/37) S398
Article XIX, Section 5, designation of participants to provide currency6209-(79/124) S400
Article XIX, Section 5(a)(i), designation plans6273-(79/158) G/S198
:Article XIX, Section 6(b), abrogation of rules for reconstitution6832-(81/65) S404
Article XIX, Section 1(a), calculation of exchange rates1289-(62/1) *293
7041-(82/8)

G/S
405
:Article XX, Section 1, interest paid on holdings of special drawing rights6467-(80/71) S381
:Article XX, Section 5, application against unpaid charges of special drawing rights aquired by participants after payment date7116-(82/68) S407
Article XXIIB/G Res. 34-3522
Article XXIII, Section 1, suspension of operations and transactions in special drawing rights6467-(80/71) S383
Article XXVI, Section 2(a), ineligibility to use Fund resources343-(54/47)408
Article XXVI, Section 31289-(62/1) *294
Article XXVII1289-(62/1) *294
Article XXVII, Section 1(a)(i), suspension of transactions covered by stand-by arrangements270-(53/95) *59
Article XXIX(a), list of interpretations underXXXII
Article XXX(c):
Exclusion of purchases and holdings under buffer stock facility5591-(77/163)409
Exclusion of purchases and holdings under compensatory and contingency financing facility8955-(88/126) *409
Exclusion of purchases and holdings under policy on enlarged access6783-(81/40) *116
Exclusion of purchases and holdings under extended facility6830-(81/65)411
Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)410
Exclusion of purchases under oil facility5371-(77/51)410
Exclusion relating to purchases in credit tranches6830-(81/65)411
Article XXX(f), freely usable currencies5719-(78/46)413
Schedule B, repurchases5703-(78/39) *219
5704-(78/39)214
6008-(79/3)338
Schedule B, paragraph 7(b), use of amounts in excess of capital value available from gold sales for benefit of developing countries5069-(76/72)414
Schedule F, rules for designation6209-(79/124) S401
Schedule G, rules for reconstitution, abrogation6832-(81/65) S404
Schedule J1289-(62/1) *294
Schedule K1289-(62/1) *294
5288-(76/167)314
5387-(77/61)319
Schedule K, paragraph 15288-(76/167)314
5387-(77/61)319
Asian Development Bank, prescription as holder of special drawing rights7229-(82/136) S384
Assessments, payment in SDR Department; see Accounts, Special Drawing Rights Department, payment of net charges and assessments
Attribution of reductions in Fund’s holdings of currency6831-(81/65) *219
6774-(81/35)209
Review7704-(84/78)220
Audit:
Enhanced structural adjustment facility trust (ESAF Trust)8759-(87/176)

ESAF
40
Oil facility Subsidy Account4773-(75/136) *446
Supplementary financing facility Subsidy Account6683-(80/185)

G/TR
438
Trust Fund5069-(76/72)420
Augmentation; see Purchase transactions, Augmentation
BBalance of payments position:
Assessment for assistance from Trust Fund5069-(76/72)416-17
Assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) G/S198
Discrimination for balance of payments reasons955-(59/45)349
Deposit by Managing Director of currencies held in supplementary financing facility Subsidy Account6854-(81/78) SBS439
Prescription as holder of special drawing rights6484-(80/77) S383
Trust Fund deposits denominated in SDRs5973-(78/189) TR424
Bank of Central African States, prescription as holder of special drawing rights7064-(82/26) S384
Belgium, National Bank of, Borrowing agreement with Fund; see Borrowing by the Fund
Bicyclic consultation procedures; see Consultation with members
Bilateralism433-(55/42)346
Borrowed Resources Suspense Accounts; see
Borrowing by the Fund, below
Borrowing by the Fund
Agreement with Swiss National Bank:
19765288-(76/167)310
19775387-(77/61)315
Interest, media of payment5331-(77/15)320
5488-(77/116)321
Agreement with Swiss National Bank:
Transfer charges, media of payment5306-(77/2)320
5488-(77/116)321
Use of special drawing rights in repayment6485-(80/77) S385
Borrowed Resources Suspense Accounts6844-(81/75)339
6845-(81/75)340
Borrowed resources, use to finance purchases under arrangements providing enlarged access to Fund’s resources6783-(81/40)112
General Arrangements to Borrow:
Associated borrowing arrangements7403-(83/73)321
“Outstanding borrowing and unused credit lines,” clause in respect of GAB in guidelines for Fund borrowing7040-(82/7) *341-42
Renewal, sixth8733-(87/159)299
Saudi Arabia, association agreement7403-(83/73)321
Renewal8897-(88/93)328
Transferability of claims7629-(84/25)304
Swiss National Bank, participation of1289-(62/1) *296
Switzerland, association of1712-(64/29)306
Transferability of claims; see Transferability of claims
Use of credit arrangements for nonparticipants1289-(62/1) *296
Guidelines7040-(82/7)341
Supplementary financing facility:
Authorization to make calls6006-(79/3)337
Interest payment procedure6163-(79/96)338
Meaning of “net creditor position in the Fund”6008-(79/3)337
Replenishment of holdings of currencies5509-(77/127)330
Subsidy Account6683-(80/185)

G/TR
432
Buffer stock financing facility2772-(69/47) *174
Access limit and review2772-(69/47) *175
Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5591-(77/163)409
International Natural Rubber Agreement, 19797246-(82/147)182
International Natural Rubber Agreement, 19879403-(90/53)183
International Sugar Agreement, 19775597-(77/171)179
International Tin Agreements:
Fourth3179-(70/102)176
3351-(71/51)176
Fifth5127-(76/91)177
Sixth7247-(82/147)178
Repurchases5703-(78/39) *217
Sixth International Tin Agreement7247-(82/147)178
1977 International Sugar Agreement5597-(77/171)181
International Natural Rubber Agreement, 19797246-(82/147)182
Burden sharing8348-(86/122) *230
8515-(87/23)236
Managing Director’s Remarks235
Adjustment for quarter ended April 30, 19888878-(88/84)237
Extended burden sharing; see Extended burden sharing
Implementation for FY 19898861-(88/67)240
for FY 19909135-(89/46)244
for FY 19919410-(90/62)247
for FY 19929696-(91/49)253
Net income target:
for FY 19888781-(88/12)237,238
for FY 19898861-(88/67)240
Principles of “burden sharing”8861-(88/67)240
Rate of charge:
for FY 19898861-(88/67)241
retroactive reduction for FY 19878618-(87/90)237
for FY 19888781-(88/12)237
8879-(88/84)238
Retroactive reduction of rate of charge8618-(87/90)237
8781-(88/12)237
Special Contingent Account, amounts placed
for FY 19878619-(87/90)238
for FY 19888780-(88/12)239
for FY 19898861-(88/67)241
for FY 19909135-(89/46)245
9471-(90/98)250
9410-(90/62)248
By-Laws, Section 20 audits; see Audits
CCapital transfers:
Controls by members541(56/39)285
B/Gres. 29-10464
Restrictions237-2358
Use of Fund’s resources for1238-(61/143)55
B/G Res. IM-6451
Central Bank of West African States, prescription as holder of special drawing rights6908-(81/101) S384
“Changing circumstances,” adaptation of multiple currency practices237-2362
Charges:
Accounting for charges from members with overdue obligations8433-(86/175)224
Accrued charges8433-(86/175)224
Balances held in Fund’s administrative accounts not in excess of 0.1 percent of quota not to be considered part of Fund’s holdings of member’s currency for calculation7060-(82/23)411-412
Borrowing agreements with Swiss National Bank5288-(76/167)310
5306-(77/2)320
5387-(77/61)315
5488-(77/ 116)321
Enlarged access policy6783-(81/40)116
Extended Fund facility4377-(74/114) *108
4720-(7S/114)112
6838-(81/70) *130,135
Future changes4239-(74/67)221
Interest on Trust Fund loans; see Interest
Media of payment5702-(78/39)* G/S221
Oil facility Subsidy Account; see Accounts, Subsidy Accounts
Overdue obligations to Fund, special charges8165-(85/189)

G/TR
225-27
Overdue obligations to Fund, accrued income8433-(86/175)224
Payment by nonparticipant in Special Drawing Rights Department5702-(78/39) G/S221
Payment of net charges and assessments in Special Drawing Rights Department, procedure when participants fail to hold adequate SDRs or to acquire them from other participants or Fund7116-(82/68) S406
Rate, as of Feb. 1, 19888780-(88/12)239
as of May 1, 19888898-(88/90)222
Rate, determination of, burden sharing8348-(86/122) *230
8515-(87/23)236
Rate on use of ordinary resources for FY 19909186-(89/74)222
for FY 19919457-(90/89)223
9603-(90/170)224
Retroactive reduction of rate:
for FY 19878618-(87/90)237
for FY 19888781-(88/12)237
for FY 19909454-(90/89)238
Setoff in connection with retroactive reduction8271-(86/74)229
Special charges on overdue obligations to Fund8165-(85/189) * G/TR225
Setoff against charges due for second quarter of FY 19878442-(86/178)229
Suspension of application in General Resources Account9723-(91/63) G/TR227
Stand-by arrangements6838-(81/70) *130
Supplementary financing facility5508-(77/127)192
Supplementary financing facility Subsidy Account; see Accounts, Subsidy Accounts
Committee on Reform of the International Monetary System and Related IssuesB/G Comp. Res.453
Final report and terminationB/G Res. 29-7454
Support of extended Fund facility4377-(74/114) *106
Voluntary Declaration on Trade and Other Current Account Measures4254-(74/75)366
Commodities (see also Buffer stock financing facility; Compensatory financing…):
Reclassification where subject to multiple currency practices237-2360
Communications, privilege for534-3370
Compensatory and contingency financing facility, establishment8955-(88/126) *136
Compensatory financing of export fluctuations8955-(88/126) *140
External contingency financing8955-(88/126) *143
Chairman’s Summing up EBM/88/105163
Compensatory financing of fluctuation in the cost of cereal imports8955-(88/126) *149
Compensatory financing of fluctuations in the cost of oil imports8955-(88/126) *154
Transitional and other provisions8955-(88/126) *161
Conditionality; see Use of Fund’s resources, Conditionality
“Consistent with the provision of this Agreement,” meaning in Article V, Section 3287-355
Consultation with members:
Before accepting obligations of Article VIII, Sections 2, 3, and 41034-60/27)351
Bicyclic procedures and simplified interim procedures
Chairman’s Summing up EBM/87/10019
Bilateral arrangements433-(55/42)346
Changes in members’ exchange arrangements, notification to Fund5712-(78/41)7
Commodity field, attention to policies2772-(69/47) *175
Conduct by Managing Director in interval between Article IV consultations5392-(77/63)13
6026-(79/13)14
Consultations under Article IV5392(77/63)12
6026-(79/13)14
6056-(79/38)63
6790(81/43)366
Discussions on use of Fund’s resources102(52/11)57
During period of extended arrangement6838-(81/70) *136
During period of stand-by arrangement6838-(81/70) *131
Exchange measures needing approval under Article VIII1034-(60/27)352
Members’ policies in present circumstances4134-(74/4)355
Multiple currency practices237-2357
Periodic discussions under Article VIII1034(60/27)352
Resumption of purchases under extended arrangements6838-(81/70) *134
Resumption of purchases under stand-by arrangements270-(53/95) *59
6838-(81/70) *130
Retention quotas201-(53/29)347
Special consultations5392-(77/63)12
Whether measure is exchange restriction1034-(60/27)351
Consultations with European Monetary Cooperation Fund on calculation of representative rate for European Currency Unit7041-(82/8) G/S405
Consultations with prescribed holders of special drawing rights6467-(80/71) S382
Contingency mechanism; see Compensatory and contingency financing Facility
Convertibility:
Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)351
Approval of exchange restrictions1034-(60/27)351
Bilateralism433-(55/42)346
Consultation with Fund1034-(60/27)352
Discrimination955-(59/45)349
Multiple currency practices; see Multiple
currency practices
Retention quotas201-(53/29)347
Credit tranches; see Tranche policies
Creditworthiness, factor in determining use of Fund’s resources102-(52/11)57
Currencies (see also Borrowing by the Fund; Convertibility; Holdings of the Fund; Investment):
Arrangements for use in operations and transactions of FundB/G Res. 31-2472-73
Composition of special drawing right6631-(80/145

G/S
376
Freely usable currencies5719-(78/46)413
Guidelines for use in operational budgets6772-(81/35) G/S203
9480-(90/103)205
Guidelines for use in operations and transactions of General Resources Account6273-(79/158) G/S198
6274-(79/158)199
6774-(81/35)207
9480-(90/103)205
Payment of subscriptions6266-(79/156)4
B/G Res. 31-2473
B/G Res. 34-2480
B/G Res. 38-1490
Rates for computations and maintenance of value5590-(77/163)257
Replenishment in connection with supplementary financing facility5509-(77/127)330
Sale by agreement with member with outstanding purchases6274-(79/158)199
6352-(79/183)202
6774-(81/35)208
Selection for payment of charges5702-(78/39)*

G/S
221
Specified by the Fund, use in repurchases5703-(78/39) *218
5809-(78/88)219
Subscribed to the Fund, ownership170-33
DDebt management policies; see External debt management policies
Debt and debt service reduction operations, early repurchase expectations9331-(89/167) *100
Debt strategy, Fund involvement inChairman’s Summing up EBM/89/6168
Declaration of noncooperation or censureEBM/89/10077
EBM/89/10177
Deferred income; see Overdue obligations to Fund, Deferred income
Designation; see Special drawing rights
Development Committee; see Joint Ministerial Committee
Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)349
Drawings; see Purchase transactions; Use of Fund’s resources
EEast African Development Bank, prescription as holder of special drawing rights7582-(83/174) S384
Emergency assistance, natural disastersChairman’s Remarks EBM/82/16185
Enemy-occupied, former, members, introduction of multiple currency practices237-2360
Enhanced structural adjustment facility:
Access limits8845-(88/61) ESAF48
Review9119-(89/40) ESAF49
9489 (90/106) ESAF49
Arrears to the Fund, consequencesActing Chairman’s Remarks EBM/88/1276
Borrowing for loan accounts, consultation with creditors9056-(89/2) ESAF50
Establishment8757-(87/176) SAF/ESAF280
Extension of commitment and disbursement periods for agreement9116-(89/40) ESAF282
Legal documentationChairman’s Remarks EBM/87/17648
Operational arrangementsChairman’s Summing up EBM/87/17141
Enhanced Structural Adjustment Facility Trust: Instrument to establish8759-(87/176)*

ESAF
26
Interest rate on trust loans8846-(88/61)

ESAF
50
Lending, considered as a member’s official reserves by FundChairman’s Summing up EBM/87/17648
Transfer and retransfer of resources to and from Special Disbursement Account8760-(87/176)282
Enhanced surveillanceChairman’s Summing Up EBM 87/17141
Procedures for transmittal of staff reports8222-(86/45)50
Chairman’s Summing up EBM/85/13251
Enlarged access, policy on6783-(81/40) *112
Access limits, guidelines7600-(84/3) * Chairman’s Summing up117 120
Apportionment between ordinary and borrowed resources8886-(88/89)118
Borrowed Resources Suspense Accounts; see Accounts
Charges6783-(81/40) *116
Exclusion of purchases with borrowed resources and holdings under Article XXX(c)6783-(81/40) *116
Forms of stand-by and extended arrangements6838-(81/70) *126
Mix of ordinary and borrowed resources; see Apportionment between ordinary and borrowed resources, above
Modalities for financing, see Substitution of ordinary for borrowed resources
Period7599-(84/3) *116
Repurchases; see Repurchases
Review7599-(84/3)*116
Substitution of ordinary for borrowed resources9546-(90/145)119
Utilization of supplementary financing facility for enlarged access resources; see Supplementary financing facility
European Currency Unit, representative rate in terms of SDR7041-(82/8) G/S405
European Monetary Cooperation Fund, consultation on calculation of representative rate for European Currency Unit7041-(82/8) G/S405
“Exceptional circumstances,” meaning in Article XIV, Section 3 (Section 4 before Second Amendment)117-1375
237-2362
Exchange arrangements, notification5392-(77/63) *12
5712-(78/41)7
Exchange contracts, unenforceability446-4343
Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-4344
Exchange controls on capital transfers541-(56/39)285
Exchange rates:
Borrowing arrangements by Fund1289-(62/1) *293
Exchange rate policies of members, surveillance5392-(77/63)9
Flexible exchange arrangements5712-(78/41)8
Floating, guidelinesB/Gres. 29-10464
Fluctuating:
Multiple currency practices (fixed and fluctuating rates)237-2358
Scope of transactions to be agreed with Fund237-2358
Free markets237-2358
Multiple currency practices arising from official action6790-(81/43)364
Notification to Fund5392-(77/63)12
5712-(78/41)7
Pegs, notification to Fund of changes5712-(78/41)7
Representative rate for European Currency Unit in terms of SDR7041-(82/8) G/S405
Unification in multiple rate systems a basic objective of Fund649-(57/33)363
Exchange restrictions (see also Payments restrictions):
Approval1034-(60/27)351
Avoidance of escalation4134-(74/4)354
4254-(74175)366
Bilateralism433-(55/42)346
Capital transactions; see Capital transfers Consultations with Fund1034-(60/27)351
Discrimination955-(59/45)349
Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)351
Introduction1034-(60/27)351
Maintenance1034-(60/27)351
Multiple currency practices237-22360
649-(57/33)363-64
6790-(81/43)364
Payments arrears3153-(70/95)352
Retention quotas201-(53/29)347
Security reasons; see Payments restrictions
Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)351
Withdrawal, representation by Fund117-1375
Exchange systems, avoidance of use for non-balance of payments reasons1034-(60/27)351
Exchange taxes237-2358, 362
Notification to Fund5712-(78/41)8
Exchange transactions; see Purchase transactions
Exclusion of balances held in administrative accounts; see Accounts, Administrative accounts
Exclusion of purchases and holdings under Fund policies; see Article XXX(c)
Executive Board:
Annual review of decision on oil facility Subsidy Account4773-(75/136)447
Annual review of implementation of surveillance over members’ exchange rate policies5392-(77/63)9
6026-(79/13)13
7646-(84/40)15
7939-(85/49)16
8249-(86/60)16
8563-(87/59)17
8858-(88/64)17
9499-(90/11)18
Annual review of upper-maturity limit in guidelines on performance criteria with respect to foreign borrowing6230-(79/140)67
Communication of changes in members’ exchange arrangements5712-(78/41)7
Information on operation of buffer stocks3179-(70/102)176
5127-(76/91)177
5597-(77/171)181
7246-(82/147)183
7247(82/147)179
Report to Board of Governors on quota increases under General Reviews of Quotas:
SeventhB/G Res. 34-2474
EighthB/G Res. 38-1485
NinthB/G Res. 43-1494
B/G Res. 44-1496
B/G Res. 44-5499
B/G Res. 45-1503
B/G Res. 45-2505
Review and change of rules for designation6209-(79/124) S402
Review of broad developments in exchange rates5392-(77/63)12
Review of decision on extended Fund facility4377-(74/114) *109
5220-(76/144)109
7558-(83/156)110
7857-(84/175)110
8192-(86/13)111
8583-(87/72)111
9189-(89/77)112
Review of functioning of international adjustment process5392-(77/63)11
Review of guidelines for borrowing by Fund7040-(82/7)342
Review of level of Fund’s SDR holdings6275-(79/158) G/S201
7626-(84/23) S206
7941-(85/50) S206
8265-(86/70) S207
8574-(87/64) S207
Review of prescriptions of holders of special drawing rights6467-(80/71)S382
Review of quota calculation methodB/G Res. 38-1485
Executive Directors:
Additional appointed, meaning of “the preceding two years” in Article Xll, Section 3(c)597-4373
Appointment by members having five largest quotas2-1372
Determination of members entitled to appoint under Article XII, Section 3(c)574-2*372
Balances held in Fund’s administrative accounts not in excess of 0.1 percent of quota not to be considered part of Fund’s holdings of member’s currency for determination7060-(82/23)411
Participation in meetings of Development CommitteeB/G Res. 29-9460
Participation in meetings of Interim CommitteeB/G Res. 29-8455
Voting power, effect of quota changes180-5373
Export shortfalls, financing; see Compensatory and contingency financing facility
Extended arrangements4377-(74/114) *105
Amendment to utilize supplementary financing7047-(82/13)195
7048-(82/ 13)197
Amounts to be made available under enlarged access policy decision, guidelines7600-(84/3) *117
Augmentation of rights to make purchases, elimination5706-(78/39)100
Charge4377-(74/114) *108
4720-(75/114)112
6838-(8 1/70) *135
Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”6830-(81/65)410
Form under enlarged access policy6838-(81/70) *132
7048-(82/13)197
7908-(85/26)74
Guidelines, operational; see Performance criteria and phasing, below
Ineligibility6838-(81/70) *135
Publicity upon declaration7931-(85/41)374
7999-(85/90)374
Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)97
EBM/85/2699
Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
Noncomplying purchases; see Misreporting and noncomplying purchases, above
Operational guidelines; see Performance criteria and phasing, below
Overdue obligations to the Fund, purchases from Fund7908-(85/26)73
EBM/84/5474
Performance criteria and phasing, operational guidelines7925-(85/38) *63
Provision for enlarged access to Fund’s resources6783-(81/40)112
Provision for supplementary financing5508-(77/127)188-89
6693-(80/177)194
6725-(81/5)194
Repurchases; see Repurchases
Review of decision on extended Fund facility5220-(76/144)109
7558-(83/156)110
7857-(84/175)110
8192-(86/13)111
8583-(87/72)111
9189-(89/77)112
Suspension of right to engage in purchase transactions6838-(81/70) *135
Utilization of supplementaty financing facility for enlarged access resources; see Amendment to utilize, above
Extended burden sharing, implementation and modalities of new special Contingent Account9471-(90/98)250
Review9697-(91/49)256
Extended Fund facility; see Extended arrangements
External debt management policies6230-(79/140)65
External contingency financing, see Compensatory and contingency financing facility
F“First credit tranche,” Fund attitude to request for transactions60
Floating rates; see Exchange rates
Fluctuating exchange rates; see Exchange rates
Freely usable currencies5719-(78/46)413
Free markets; see Exchange rates
Fund resources, use; see Use of Fund’s resources
Fund’s holdings; see Holdings of the Fund
GGeneral Agreement on Tariffs and Trade1034-(60/27)352
4254-(74/75)368
B/G Res. 29-10465
General Arrangements to Borrow; see Borrowing by the Fund
General Resources Accounts; see Accounts
Gold:
Repurchase obligations, discharge by payment in SDRs or currencies of other members specified by Fund5703-(78/39) *218
5809-(78/88)219
Sale, amounts available to Trust Fund5069-(76/72)414,415
Sale for benefit of developing members, distribution of profits through Trust Fund5069-(76/72)415
5709-(78/41) TR425
5832-(78/95) TR426
6540(80/98) TR430
Sale, transfer of profits to Trust Fund5069-(76/72)416
Subscribed to Fund, ownership170-33
Gross reserve position; see Reverse position, gross
HHoldings of the Fund:
Adjustment by Fund5590-(77/163)257
Attribution of reductions to enlargement of member’s reserve tranche position6774-(81/35)209
6831-(81/65) *219
Attribution of reductions to repurchase obligations6831-(81/65) *219
Balances held in administrative accounts not in excess of 0.1 percent of member’s quota, exclusion from Fund’s holdings of member’s currency for certain purposes7060-(82/23)411
Computations and adjustment, rates5590-(77/163)257
Exclusion of holdings resulting from credit tranche purchases6830-(81/65)410
Exclusion under buffer stock facility5591-(77/163)409
Exclusion under compensatory and contingency financing facility8955-(88/126) *409
Exclusion under enlarged access policy6783-(81/40)411
Exclusion under extended Fund facility6830-(81/65)410
Exclusion under oil facility5371-(77/51)410
Exclusion under supplementary financing facility5508-(77/127)410
Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
Repurchases; see Repurchases
IImport restrictions imposed for balance of payments reasons, GATT members1034-(60/27)352
Income, accrued, see Overdue obligations to Fund, purchases from Fund, Accrued charges and income
Income position, burden sharing8348-(86/122) *230
5815-(87/23)236
8618-(87/90)237
9135-(89/46)244
9410-(90/62)247
9696-(91/49)253
Income target for FY 1987 and FY 19888348-(86/122) *230
Ineligibility; see Extended arrangements; Standby arrangements; Use of Fund’s resources
Interest:
Charge on loans from Trust Fund5069-(76/72)419
Payment on Fund indebtedness to Swiss National Bank5288-(76/167)312-313
5331-(77/15)320
5387-(77/61)317
5488-(77/116)321
Payment on Fund indebtedness under General Arrangements to Borrow1289-(62/1) *290
Payment on Fund indebtedness under supplementary financing facility Subsidy Account6683-(80/185) G/TR434
Payment under supplementary financing facility5509-(77/127)
Annex333
6163-(79/96)338
Payments by members under Trust Fund loan agreements6358-(79/188)428
5069-(76/72)419
Interim Committee of the Board of Governors on the International Monetary System:
EstablishmentB/G Res. 29-8454
Review of functioning of international adjustment process5392-(77/63)11
Rules of procedure467
International Bank for Reconstruction and Development, prescription as holder of special drawing rights6718-(81/1) S384
International Development Association, prescription as holder of special drawing rights6718-(81/1) S384
International Fund for Agricultural Development, prescription as holder of special drawing rights6489-(80/77) S384
International monetary system, reformB/G Comp. Res.453
International Natural Rubber, Sugar, and Tin Agreements; see Buffer stock financing facility
Interpretation of Articles of Agreementxxxii
Investment:
Currencies held in oil facility Subsidy Account4773-(75/136) *446
Currencies held in supplementary financing facility Subsidy Account6683-(80/185)

G/TR
434
6854-(81/78)
SBS439
Currency balances held in Trust Fund5069-(76/72)421
5972-(78/189)424
5973-(78/189) TR424
Islamic Development Bank, prescription as holder of special drawing rights7086-(82/42) S384
JJapan, Borrowing agreement with Fund; see Borrowing by the Fund
Joint Ministerial Committee of the Boards of
Governors of the Bank and the Fund on the
Transfer of Real Resources to Developing
Countries:
EstablishmentB/G Res. 29-9457
Rules of procedure468
Secretariat function, changes in organization of work and structure469
MMaintenance of value, adjustment: general policies and procedures relating to arrears to FundActing Chairman’s Summing up EBM/88/19176
Managing Director:
Authority to establish Borrowed Resources
Suspense Accounts, and to transfer and invest balances of borrowed currencies6844-(81/75)339
6845-(81/75)340
Authority to establish oil facility Subsidy Account4773-(75/136) *445
Authority to make calls under borrowing arrangements in connection with supplementary financing facility6006-(79/ 3)337
Consultation by eligible member to request assistance from Trust Fund5069-(76/72)416
Consultation by member befote making request under supplementary financing facility5508-(77/127)188
Consultation by member contemplating request under extended Fund facility4377-(74/114) *106
Consultation by member to request use of Fund resources under policy on enlarged access6783-(81/40)113
Consultation with members when notice of exchange policy change not received5712-(78/41)8
Consultations and proposals to Executive Board concerning sales of currencies at request of members with outstanding purchases6352-(79/183)201
Consultations with lenders on means of interest payment under borrowing agreements in connection with supplementary financing facility6163-(79/96)338
Deposit of currencies received by supplementary financing facility Subsidy Account with Bank for International Settlements6854-(81/78)*

SBS
439
Discussions with members judged sufficiently strong whose outstanding purchases are not subject to guidelines on early repurchase with view to reducing their indebtedness to the Fund6774-(81/35)208
Discussions with members on exchange policies5392-(77/63)12
6026-(79/13)14
Participation in meetings of Development CommitteeB/G Res. 29-9460
Participation in meetings of Interim CommitteeB/G Res. 29-8455
Placement of Trust Fund investments in SDR-denominated deposits5973-(78/189) TR424
Proposals for allocation of SDRs:
First basic periodB/G Res. 24-12518
Third basic periodB/GRcs 34-3520
Fourth basic period529
Proposals for calls under General Arrangements to Borrow1289-(62/1) *288
1712-(64/29)307
Proposals for Trust Fund investments5973-(78/189) TR424
Recommendations to Executive Board regarding approval of use of Fund resources and stand-by arrangements6056-(79/38)61
Report to Board of Governors and to Executive Board on allocation of SDRs for fourth basic period529
Misreporting and noncomplying purchases, guidelines on corrective action; see Extended or Stand-by arrangements
Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
Monetary stabilization operations, use of Fund’s resources71-255
B/G Res. IM-6451
Multiple currency practices:
Applying solely to capital transactions8648-(87/104)129, 134
Policy237-2355
649-(57/33)363
6790-(81/43)364
Prior Fund approval5712-(78/41)8
Spreads6790-(81/43)364
N“Net creditor position in the Fund”6008-(79/3)337
Noncomplying purchases; see Extended or Stand-by arrangements, Misreporting and noncomplying purchases
Nordic Investment Bank, prescription as holder of special drawing rights6488-(80/77) S384
OOil facility:
1975 facility
Subsidy Account4773-(75/136) *445
Final review and report on termination7420-(83/82)447
7484-(83/117)448
Exclusion of purchases and holdings for purpose of definition of “reserve tranche purchase”5371-(77/51)410
Operational budgets:
Assessment of strength of member’s balance of payments and gross reserve position6273-(79/158)

G/S
198
Sales of SDRs and use of currencies6772-(81/35) G/S203
Overdue obligations to Fund, purchases from Fund; (see also Extended or Stand-by arrangements)7908-(85/26)73
6838-(81/70) *130, 134
Access to enhanced structural adjustment facility (ESAF)Chairman’s Closing Remarks EBM/88/1276
Accrued charges and income8433-(86/175)224
Accounting for overdue charges8433-(86/175)224
Burden sharing; see Burden Sharing
Complaint, period of considerationChairman’s Summing up EBM/85/170
Declaration of noncooperation or censureEBM/89/10081, 85
EBM/89/10181, 85
Deferred income8433-(86/175)224
8515-(87/23)236
Letter to GovernorsEBM/89/10083-84
EBM/89/10183-84
Maintenance of value adjustments, policies and proceduresChairman’s Summing up EBM/88/1976
Procedures for dealing with membersEBM/89/10178
Publicity upon declaration of ineligibility7999-(85/90)374
Reporting by Fund7931-(85/41)374
Rights accumulation programs, operational modalitiesChairman’s Summing up EBM/90/9793
EBM/91/4296
Setoff in connection with retroactive reduction of charges due by members in arrears Special charges on8271-(86/74) 8165-(85/189) *229
G/TR225
Setoff against charges due for second quarter of FY 19878442-(86/178)229
Strengthened cooperative strategy, timetable of proceduresChairman’s Statement
EBM/90/3886
Overdue payments to Fund; see Overdue obligations to Fund
PPayments arrears3153-(70/95)352
Payments policies of members4134-(74/4)354
Payments restrictions; (see also Exchange restrictions; Payments arrears): For security reasons, Fund jurisdiction
Withdrawal or general abandonment117-1375
“Position in the Fund,” definition6274-(79/158)200
6772-(81/35)

G/S
204
Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)345
Publication of reports, overdue obligations7931-(85/41)374
Publicity on declaration of ineligibility7999-(85/90)374
Purchase transactions (see also Use of Fund’s resources):
Augmentation of rights to purchase under standby and extended arrangements, elimination5706-(78/39)100
Purchase under buffer stock financing facility2772-(69/47) *174
3179-(70/102)176
5127-(76/91)177
5591-(77/163)409
5597-(77/171)179
7246-(82/147)182
7247-(82/147)178
Purchases under compensatory and contingency financing facility8955-(88/126) *136
Purchases under credit tranche; see Tranche policies
Purchases under extended arrangements5508-(77/127)188
6783-(81/40) *112
6830-(81/65)99
6838-(81/70) *132
7048-(82/13)197
Purchases under policy on enlarged access6783-(81/40) *112
Purchases under stand-by arrangements5508-(77/127)188
6783-(81/40) *112
6838-(81/70) *127
7048-(82/13)197
Purchases under supplementary financing facility5508-(77/127)188
Resumption of purchases under extended arrangement after decision of formal ineligibility or to consider such a proposal6838-(81/70) *134
Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal270-(53/95) *59
Suspension, effect on General Arrangements to Borrow6838-(81/70) *130
1289-(62/1) *294
Suspension of transactions under extended arrangements6838-(81/70) *135
Suspension of transactions under stand-by arrangements270-(53/95) *59
6838-(81/70) *130
QQuotas
Adjustment, first interval of five years408-23
Calculation, review of methodB/G Res. 38-1485
Change, effect on voting power of elected Executive Director180-5373
Reviews:
First408-23
Sixth General ReviewB/G Res. 29-10466
B/G Res. 31-2471
Seventh General ReviewB/G Res. 34-2474
Sale of SDRs by Fund to members for use in quota payments6663-(80/160) S212
Eighth General ReviewB/G Res. 38-1485
Ninth General Review
Report of Executive Board to Board of GovernorsB/G Res. 43-1494
B/G Res. 44-5499
B/G Res. 45-1503
B/G Res. 45-2505
Special adjustment for members with very small quotasB/G Res. 44-1496
B/G Res. 38-1487
RRates for official communications of Fund534-3370
Rates of exchange; see Exchange rates;Multiple currency practies
Reconstitution; see Special drawing rights, Reconstitution
Remuneration on net creditor positions, balances held in Fund’s administrative accounts not in excess of 0.1 percent of quota, exclusion from Fund’s holdings of member’s currency for calculation7060-(82/23)411
Remuneration, rate, burden sharing8348-(86/122) *231
8515-(87/23)236
Repayment by Fund of borrowed currency1289-(62/1) *291
1712-(64/29)308
5288-(76/167)313-14
5387-(77/61)318
5509-(77/127)333-34
Replenishment; see Article VII, replenishment of Fund’s holdings of currencies; Borrowing by the Fund
Reporting by the Fund of overdue obligations7931-(85/41)374
Repurchases:
Attribution of reductions in Fund’s holdings of currencies6774-(81/35)209
6831-(81/65) *219
Currency resulting from purchase under credit tranches5703-(78/39) *217
Currency resulting from purchase under extended arrangement6838-(81/70) *135
Currency resulting from purchase under stand-by arrangement6838-(81/70)131
Early, guidelines5704-(78/39)213
6172-(79/101)214
6273-(79/158)
G/S198
Early, expectation, debt and debt service reduction operations; see Debt and debt service reduction operations, early repurchase expectations
Guidelines for selection of currencies6274-(79/158)199
6774-(81/35)207
Obligations to pay gold, payment with SDRs or currencies of other members5703-(78/39) *218
5809-(78/88)219
Of Fund’s holdings102-(52/11)56
Procedures5703-(78/39) *218-19
Under buffer stock financing facility5703-(78/39) *217
Sixth International Tin Agreement7247-(82/147)178
1977 International Sugar Agreement5597(77/171)181
International Natural Rubber Agreement, 19797246-(82/147)182
Under compensatory and contingency financing facility5703-(78/39) *217
8955-(88/126)*142, 148, 153, 160
Under decision on enlarged access6783(81/40)115
Under extended Fund facility4377-(74/114) *108
Under supplementary financing facility5508-(77/127)191-92
Reserve assets:
Guidelines for determining amount to be paid in connection with subscriptions6266-(79/156)4
Payment for subscriptions under Eighth General Review of QuotasB/G Res. 38-1488
Reserve position, gross, assessment for purposes of designation plans, operational budgets, and early repurchases6273-(79/158) G/S198
Reserve tranche position:
Attribution of reductions in Fund’s holdings of currencies to enlarge6774-(81/35)209
6831-(81/65) *219
Review7704-(84/78)220
Balances held in Fund’s administrative accounts not in excess of 0.1 percent of quota not to be considered part of Fund’s holdings of member’s currency for determination7060-(82/23)411
Reserve tranche purchases (see also Use of Fund’s resources):
Exclusion of purchases and holdings in credit tranches6830-(81/65)410
Exclusion of purchases and holdings under buffer stock financing facility5591-(77/163)409
Exclusion of purchases and holdings under compensatory and contingency financing facility8955-(88/126) *409
Exclusion of purchases and holdings under extended facility6830-(81/65)410
Exclusion of purchases and holdings under oil facility5371-(77/51)410
Exclusion of purchases and holdings under policy on enlarged access6783-(81/40)411
Exclusion of purchases and holdings under supplementary financing facility5508-(77/127)410
Restrictions; see Exchange restrictions; Payments restrictions
Retention quotas201-(53/29)347
Rights approach or Rights accumulation programs; see Overdue obligations to Fund, purchases from Fund
RuleG-11289-(62/1) *293
Rule 1-6(4):
Rate of charges8165-(85/189)*

G/TR
225
8780-(88/12)240
8898-(88/90)222
8861-(88/67)240
9135-(89/46)244
9410-(90/62)248
9471-(90/98)251
9696-(91/49)253
Rule I-10:
Rate of remuneration8348-(86/122) *231
9471-(90/98)251
Rule O-2:
Determination of exchange rate1289-(62/1)*293
5288-(76/167)311
5387-(77/61)316
5590-(77/163)257
6001-(79/l) S391
6053-(79/34) S392
6054-(79/34) S394
6336-(79/178) S396
7041-(82/8)G/S405
Valuation of U.S. dollar in terms of special drawing rights6709-(80/189) S379
Rule P-7:
Declaration concerning use of special drawing rights in accordance with prescription on donations6437-(80/37) S399
Declaration concerning use of special drawing rights in accordance with prescription on forward operations6337-(79/178)S398
Declaration concerning use of special drawing rights in accordance with prescription on loans6001-(79/l) S391
Declaration concerning use of special drawing rights in accordance with prescription on pledges6053-(79/34) S *393
Declaration concerning use of special drawing rights in accordance with prescription on settlement of financial obligations6000-(79/1) S *390
Declaration concerning use of special drawing rights in accordance with prescription on swap operations6336-(79/178) S397
Declaration concerning use of special drawing rights in accordance with prescription on transfers as security for performance of financial operations6054-(79/34) S *395
Rule P-9, record of operations in special drawing rights6000-(79/1) S*390
6001-(79/l) S392
6053-(79/34) S *393
6054-(79/34) S *396
6336-(79/178) S397
6337-(79/178) S398
6437-(80/37) S399
8186-(86/9)

SBS/S
386
8239-(86/56) SAF387
Rule R-1 through R-6, rules for reconstitution, abrogation6832-(81/65)404
SSaudi Arabia, association agreement under General Arrangements to Borrow; Borrowing by the Fund
Transferability of claims7629-(84/25)304
Special contingent account, establishment8619-(87/90)238
Additions in FY 1988 and disposition of amounts placed in FY 1987 and FY 19888780-(88/12)239
Special Contingent Account (SCA-2)9471-(90/98)250
Special Disbursement Account; see Accounts
Special drawing rights:
Allocation for first basic periodB/G Res. 24-12518
Allocation for third basic periodB/G Res. 34-3520
New participants5956-(78/180) S388
6368-(79/191) S388
Allocation for fourth basic period, Managing Director’s report to Board of Governors and to Executive Board529
Change in method of valuation, effect on claims under supplementary financing facility5509-(77/127)
Annex334
Designation, review of rules and method of calculating amounts6209-(79/124) S400
Holders prescribed by the Fund:
African Development Bank and African Development Fund8318-(86/104) S384
Andean Reserve Fund6486-(80/77) S384
Arab Monetary Fund6609-(80/126) S384
Asian Development Bank7229-(82/136) S384
Bank for International Settlements6484-(80/77) S383
Bank of Central African States7064-(82/26) S384
Central Bank of West African States6908-(81/101) S384
East African Development Bank7582-(83/174) S384
Eastern Caribbean Central Bank7707-(84/79) S384
International Bank for Reconstruction and Development6718-(81/1) S384
International Development Association6718-(81/1) S384
International Fund for Agricultural Development6489-(80/77) S384
Islamic Development Bank7086-(82/42) S384
Nordic Investment Bank6488-(80/77) S384
Swiss National Bank6485-(80/77) S385
Terms and conditions for accepting, holding, or using SDRs6467-(80/71) S381
Level of SDR holdings in General Resources Account, maintenance; see Accounts, General Resources Account
Loans for Trust Fund expressed in5069-(76/72)419
Method of collecting exchange rates for calculation of value of SDR for purpose of Rule 0-2(a)6709-(80/189) S379
Payment of net charges and assessment in Special
Drawing Rights Department; see Special
Drawing Rights Department, payment
Payment of subscriptions6266-(79/156)5
Reconstitution, abrogation of rules6832-(81/65) S404
Sale by Fund to members for use in quota payments under Seventh General Review6663-(80/160) S212
Sale by Fund, guidelines6772-(81/35) G/S203
7626-(84/23) S206
7941-(85/50) S206
8265-(86/70) S207
8574-(87/64) S207
SDR-denominated deposits with Bank for International Settlements5973-(78/189) TR424
Transfers under Article V, Section 3(f)6275-(79/158) G/S201
Transfers under Article V, Section 6(b), guidelines for selection of currencies6274-(79/158)199
6774-(81/35)207
Use in donations6437-(80/37) S398
Use in donations and loans to supplementary financing facility Subsidy Account6683-(80/185) * G/TR433
Use in financial operations under ESAF Trust or administered account8937-(88/118) ESAF/S387
Use in forward operations6337-(79/178) S397
Use in loans6001-(79/1) S390
Use in operations under structural adjustment facility8239-(86/56) SAF386
Use in payment of charges5702-(78/39) * G/S221
Use in payment of 25 percent of quota increasesB/G Res. 31-2472
B/G Res. 34-2479
B/G Res. 38-1490
Use in payment of subsidy8186-(86/9) SBS/S386
Use in payment of Trust Fund obligations8642-(87/101) S/TR385
Use in pledges6053-(79/34) S *392
Use in repayment of Fund’s debt to Swiss National Bank6485-(80/77) S385
Use in repurchases5703-(78/39)218
5809-(78/88)219
Use in settlement of financial obligations6000-(79/1) S *389
Use in swap operations6336-(79/178) S396
Use in transfers as security for performance of financial obligations6054-(79/34) S394
Valuation basket, guidelines for calculation of currency amount8160-(85/186)

G/S
378
Valuation basket, see also, valuation method
Valuation for use in borrowing arrangements1289-(62/1) *293
5288-(76/167)311-12
5387-(77/61)316
Valuation, interimB/G Res. 29-10465
Valuation method6631-(80/145)G/S376
9549-(90/146)G/S378
Valuation of U.S. dollar pursuant to Rule 0-2(a), method6709-(80/189) S379
Special Drawing Rights Department, payment of net charges and assessment7116-(82/68) S406
Stabilization of prices of primary products, Fund facility; see Buffer stock financing facility
Stand-by arrangements:
Amendment to utilize supplementary financing7047-(82/13)195
7048-(82/13)197
Amounts to be made available under enlarged access policy decision, guidelines6783-(81/40)113-114
7600-(84/3) *117
Augmentation of rights to make purchases, elimination5706-(78/39)100
Charges6838-(81/70) *130
Conditionality, guidelines6056-(79/38)60
Review8192-(86/13)110
8583-(87/72)111
Exclusion of purchases for purposes of definition of “reserve tranche purchase”6830-(81/65)99, 411
Foreign borrowing, performance criteria6230-(79/140)65
From under enlarged access policy6838-(81/70) *127
7048-(82/13)197
Guidelines, operational; see Performance criteria and phasing, below Ineligibility270-(53/95) *59
6838-(81/70) *130
Publicity upon declaration of7999-(85/90)374
7931-(85/41)374
Misreporting and noncomplying purchases, guidelines on corrective action7842-(84/165)97
Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
Noncomplying purchases; see Misreporting and noncomplying purchases, above
Operational guidelines; see Performance criteria and phasing, below
Overdue obligations to the Fund, purchases from Fund7908-(85/26)73
EBM/84/5474
Payments arrears, performance criteria3153-(70/95)352
Performance criteria and phasing, operational guidelines7925-(85/38)63
Period270-(53/95) *58
5508-(77/127)189
6783-(81/40)113
Policies and procedures270-(53/95) *59
Provision for enlarged access to Fund’s resources6783-(81/40)112
Provision for supplementary financing5508-(77/127)188
6693-(80/177)194
6725-(81/5)194
Relationship between performance criteria and phasing of purchases, operational guidelines Renewal7925-(85/38)63
Renewal270-(53/95) *59
Repurchases; see Repurchases, Currency resulting from purchase under stand-by arrangement
Suspension of right to engage in purchase transactions270-(53/95) *59
6838-(81/70) *130
Utilization of supplementary financing facility for enlarged access resources; see Amendment to utilize …, above
Strengthened cooperation strategy on overdue obligations to Fund; see Overdue obligations to Fund, purchases from Fund
Structural adjustment facility:
Amounts of assistance8240-(86/56) *

SAF
267
Income from investment and loans, availability of use8760-(87/176)282
List of eligible members and amounts of assistance8240-(86/56) *267
Loans under ESAF8238-(86/56) *

SAF
265
Regulations for administration8238-(86/56) *

SAF
260
Chairman’s Summing up EBM/86/56269
Review of experience, conditionality, benchmarks, and prior actionsChairman’s Summing Up EBM/87/93274
Review of operation8241-(86/56)

SAF
269
8757-(87/176)

SAF/ESAF
280
9114-(89/40)

SAF/ESAF
281
9487-(90/106)

SAF/ESAF
281
Use of SDRs in Operations8239-(86/56)

SAF
386
Subscriptions:
Gold and currency, ownership by Fund170-33
Payment of quota increasesB/G Res. 31-2472
B/G Res. 34-2480
B/G Res. 38-1490
Reserve Assets:
Guidelines for determining amounts to be paid6266-(79/156)4
Payment under Eighth General Review of QuotasB/G Res. 38-1487-88
Subsidy Account; see Accounts, Subsidy Accounts
Sugar Agreement, International; see Buffer stock financing facility
Supplementary financing facility:
Authorization to make calls under borrowing arrangements6006-(79/3)337
Charges; see Charges Establishment5508-(77/127)188
Extension of period6725-(81/5)194
No augmentation of rights to purchase5706-(78/39)100
Replenishment of Fund’s holdings of currencies5509-(77/127)330
Interest payments under borrowing agreements6163-(79/96)338
Meaning of “Net creditor position in the Fund”6008-(79/3)337
Report on use6445-(80/43)193
Repurchases; see Repurchases Review of decision on establishment6693-(80/177)194
6725-(81/5)194
Subsidy Account
Disbursement of additional subsidy amount for period ending June 30, 19868523-(87/25)

SBS
442
Disbursement of additional subsidy amount for July 1, 1985 through June 30, 19878674-(87/117)

SBS
442
Additional subsidy payments for May 1, 1987 through June 30, 1987 and for July 1, 1987 through June 30, 19888941-(88/122)

SBS
443
Effect on subsidy cost of substituting supplementary financing for enlarged access resources7047-(82/13)196
Instrument6683-(80/185) *

TR
432
Investment of currencies6854-(81/78) *

SBS
439
Means of payments8185-(86/9) SBS/S440
Subsidy payments, July 1, 1984-June 30, 19858037-(85/110)

SBS
441
Subsidy payments, July 1, 1985-June 30, 19868492-(87/1)

SBS
441
Subsidy payments, July 1, 1986-June 30, 19878674-(87/117)

SBS
442
Subsidy payments, July 1, 1987-June 30, 19888941-(88/122)

SBS
443
Subsidy payments, July 1, 1988-June 30, 19899222-(89/97) SBS444
Suspension of transfers and retransfer of surplus to Special Disbursement Account7989-(85/81) SBS439
Subsidy payments, May 1-June 30, 1989 and July 1, 1989-June 30, 19909510-(90/122) SBS444
Transferability of claims; see Transferability of claims
Utilization of supplementary financing facility for enlarged access resources7047-(82/13)195
7048-(82/13)197
Surveillance over exchange rate policies5392-(77/63) *8
8248-(86/60)14
8857-(88/64)15
9499-(90/lll)15
Enhanced surveillance; see Enhanced surveillance Operational guidance; see Procedures, implementation of three-month period
Procedures, implementation of three-month period7427-(83/83)18
9637-(91/15)22
Chairman’s Remarks EBM/91/1522
Review of procedures6026-(79/13)13
7645-(84/40)14
7939-(85/49)16
8249-(86/60)16
8563-(87/59)17
8857-(88/64)15
8858-(88/64)17
9499-(90/lll)18
Swiss National Bank:
Borrowing agreements with Fund5288-(76/167)310
5387-(77/61)315
Transfer charges and interest, media of payment5306-(77/2)320
5331-(77/15)320
5488-(77/116)321
Use of special drawing rights to repay indebtedness6485-(80/77) S385
Participation in General Arrangements to Borrow1289-(62/1) *296
Prescription as holder of special drawing rights6485-(80/77) S385
Transferability of claims under General Arrangements to Borrow7628-(84/25)303
Switzerland:
Association with General Arrangements to Borrow1712-(64/29)306
TTechnical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)364
Tin Agreements, International; see Buffer stock financing facility
Trade, Voluntary Declaration4254-(74/75)366
B/G Res. 29-10464
Tranche policies:
Application in connection with decision on enlarged access6783-(81/40)112-13
Application in connection with supplementary financing facility5508-(77/127)192
Exclusion of credit tranche purchases for purpose of definition of “reserve tranche purchase”6830-(81/65)410-11
Fund attitude to request for transactions within “first credit tranche” and beyond60
Transferability of claims:
General Arrangements to Borrow1289-(62/1) *293
7628-(84/25)302
Saudi Arabia’s borrowing agreement7629-(84/25)304
Transitional provisions of Article XIV117-1375
1034-(60/27)351
Trust Fund:
Distribution of profits from sale of gold for benefit of developing countries5069-(76/72)415
5709-(78/41)

TR
425
5832-(78/95)

TR
425
6540-(80/98)

TR
430
Diversification of investments5972-(78/189)424
5973-(78/189)

TR
424
Eligible members, review of list5563-(77/150)

TR
423
Final payments of profits and loans for period July 1, 1976-June 30, 19785832-(78/95)

TR
425
Instrument5069-(76/72)415
Amendment5563-(77/150)

TR
423
5972-(78/189)424
6793-(81/45)432
Means of payment of interest6358-(79/188) *

TR
428
Means of repayment by members on their indebtedness under loan agreements7142-(82/85) *

TR
428
Overdue interest and special charges8165-(85/189) *

G/TR
429
Repayment terms:
Final loan disbursement6793-(81/45)432
Second period:
Extension6466-(80/68)

TR
426
6676-(80/168)

TR
427
Extension of period for qualification6202-(79/121)

TR
426
Timing of loan disbursements6201-(79/121)

TR
426
Special charges on overdue interest8165-(85/189) * G/TR429
Termination and transfer of resources to Special Disbursement Account6683-(80/185)

G/TR
433
6704-(80/185)

TR
430
UUnenforceability; see Exchange contracts
United Nations:
Agreement with International Monetary Fund535
Convention on the Privileges and Immunities of the Specialized Agencies542
Application to Fund, Annex V560
List of members which have accepted with respect to Fund561
General Assembly Resolution entitled “Uniting for Peace,” due regard by Fund in conduct of its activitiesB/G Res. 6-8452
United States dollars:
Determination of value in terms of special drawing right pursuant to Rule 0-2(a)6709-(80/189) S379
Inclusion in operational budgets6772-(81/35)

G/S
204
Use for payment of interest and other Fund liabilities5288-(76/167)312
5306-(77/2)320
5331-(77/15)320
5387-(77/61)317
5488-(77/116)321
6358-(79/188) *

TR
428
Use for repayments by members on their indebtedness under Trust Fund loan agreements7142-(82/85) *

TR
428
Use in payments under oil facility Subsidy Account7420-(83/82)448
7484-(83/117)448
Use in payments under supplementary financing facility Subsidy Account7754-(84/108)

SBS
440
Use of Fund’s resources (see also Borrowing by the Fund; Charges; Extended arrangements; Purchase transactions; Stand-by arrangements):
Application of same policy for stand-by arrangements as for requests for immediate drawings270-(53/95) *59
Authority to use resources of Fund, interpretation of Articles of Agreement71-255
Buffer stock financing2772-(69/47) *174
Buffer stock financing facility as applied to 1977 International Sugar Agreement5597-(77/171)179
Buffer stock financing facility as applied to International Tin Agreements:
Fourth3179-(70/102)176
3351-(71/51)176
Fifth5127-(76/91)177
Sixth7247-(82/147)178
Capital transfers1238-(61/43)55
Compensatory and contingency financing facility8955-(88/126) *136
Conditionality, guidelines6056-(79/38)60
Review8192-(86/13)110
8583-(87/72)111
9189-(89/77)111
Use of Fund’s resources “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning287-355
Credit tranche policies; see Tranche policies ged access, policy on6783-(81/40) *112
Extended Fund facility4377-(74/114) *105
“First credit tranche”60
In accordance with purposes of Fund102-(52/11)56
Ineligibility:
Effect on purchases under extended arrangement6838-(81/70) *135
Effect on purchases under stand-by arrangement270-(53/95) *59
6838-(81/70) *130
Publicity upon declaration7999-(85/90)374
7931-(85/41)374
Under Article V, Section 5284-3210
Under Article XXVI, Section 2(a)
(Article XV, Section 2(a) before Second Amendment)343-(54/47)408
Interpretation of Articles of Agreement71-255
Limit on access to Fund resources, guidelines7600-(84/3) *117
Limitation under Article V, Section 5284-3210
286-1210
Mix of ordinary and borrowed resources; see Enlarged access, policy on, Apportionment between ordinary and borrowed resources
Monetary stabilization operations71-255
Postponement, limitation under Article V, Section 5286-1210
“Represents” in Article V, Section 3(b)(ii), meaning of the word284-456
Reserve tranche purchases; see Reserve tranche purchases
Resumption of purchases under extended arrangement after decision of formal ineligibility or to consider such a request6838-(81/70) *135
Resumption of purchases under stand-by arrangement after decision of formal ineligibility or to consider such a proposal270-(53/95) *59
6838-(81/70) *130
Stand-by and extended arrangements, forms under enlarged access policy6838-(81/70) *126
Suspension of exchange transactions, effect on General Arrangements to Borrow1289-(62/1) *294
Suspension of transactions under extended arrangements6838-(81/70) *135
Suspension of transactions under stand-by arrangements270-(53/95) *59
6838-(81/70) *130
Temporary assistance in financing balance of payments deficits71-255
Tranche policies; see Tranche policies Waiver of condition of Article V, Section 3(f)(iii); see Waiver of condition
Waiver of 200 percent of quota limit see also Article V, Section 3(b) (iii)2772-(69/47) *175
VVoluntary Declaration on Trade and Other Current Account Measures4254-(74/75)

B/G Res. 29-10
366

464
Voting power, elected Executive Directors, effect of change in quota180-5373
WWaiver of condition of Article V, Section 3(b)(iii)4377-(74/114) *108
5508-(77/127)192
6783-(81/40)115
8955-(88/126) *137
World Economic Outlook, framework for discussions of international adjustment process5392-(77/63)12

Index to the Annex of the Fourteenth Issue

Decision NoPage
AAccounts:
Borrowed Resources Suspense Accounts7188-(82/114)A109
Articles of Agreement
Article V, Section 2(b), administration of deposits provided by members8895-(88/90) ESAFA41
8933-(88/117) ESAFA48
9030-(88/173) ESAFA57
Article VII, replenishment of Fund’s holdings of currencies6843-(81/75)A76
Article VII, Section 1, borrowing by Fund7677-(84/64)A110
Article XVII, Section 3, other holders of special drawing rights8831-(88/56) ESAFA7
8832-(88/56) ESAFA14
8833-(88/56) ESAFA20
BBank for International Settlements:
Borrowing agreement with Fund6863-(81/81)*A130
7677-(84/64)A144
7955-(85/60)A156
Borrowing by the Fund: Agreement with Bank for International Settlements6863-(81/81)A130
7677-(84/64)A144
7955-(85/60)A156
Agreement with Bank of Korea9120-(89/40) ESAFA63
Agreement with Bank of Norway8833-(88/56) ESAFA17
Agreement with Bank of Spain8893-(88/90) ESAFA32
Agreement with Caisse Centrale de Cooperation Economique of France8831-(88/56) ESAFA3
Agreement with central banks and other official institutions6864-(81/81)A133
Agreement with Export-Import Bank of Japan8832-(88/56) ESAFA8
Agreement with Government of Canada8894-(88/90) ESAFA37
Agreement with Japan7677-(86/64)A144
7955-(85/60)A156
8486-(86/205)A159
Agreement with Monetary Authority of Singapore9016-(88/164) ESAFA54
Agreement with National Bank of Belgium7677-(84/64)A144
7955-(85/60)A156
Agreement with Saudi Arabian Monetary Agency6843-(81/75)A76
Amendment8460-(86/189)A128
Change in conversion arrangements7188-(82/114)A109
Supplementary Agreement7677-(84/64)A110
Extension of commitment period8460-(86/189)A128
Agreement with Swiss Confederation8834-(88/56) ESAFA21
8835-(88/56)A21
Agreements between Fund and its members, memorandum of Director of the Legal Department of the Fund6843-(81/75)A105
Borrowed Resources Suspense Accounts7188-(82/114)A110
Issuance of bearer notes by Fund6843-(81/75)A76
6864-(81/81)A133
EEnhanced structural adjustment facility
Associated lending agreement with Saudi Fund for Development9060 (89/5) ESAFA67
Borrowing agreements with:
Bank of Korea9120 (89/40) ESAFA63
Bank of Norway8833-(88/56) ESAFA17
Bank of Spain8893-(88/90) ESAFA32
Caisse Centrale de Coopération Economique of France8831-(88/56) ESAFA3
Export-Import Bank of Japan8832-(88/56) ESAFA8
Government of Canada8894-(88/90) ESAFA37
Monetary Authority of Singapore9016-(88/164) ESAFA54
Swiss Confederation8834-(88/56) ESAFA21
8835-(88/56)A21
Instruments for administered accounts: Austria8895-(88/90) ESAFA41
Belgium8933-(88/117) ESAFA48
Greece9030-(88/173) ESAFA57
Investment with subsidy account, Bank Negara Malaysia8892-(88/90) ESAFA27
Enlarged access, policy on
Borrowing agreement with Bank for International Settlements6863-(81/81)A130
7677-(84/64)A144
7955-(85/60)A156
Borrowing agreement with Japan7677-(84/64)A144
7955-(85/60)A156
8486-(86/205)A159
Borrowing agreement with National Bank of Belgium7677-(84/64)A144
Borrowing agreement with Saudi Arabian
Monetary Agency6843-(81/75)A76
Amendment8460-(86/189)A128
Change in conversion arrangements7188-(82/114)A109
Supplementary agreement7677-(84/64)A110
Borrowing from central banks and other official institutions6864-(81/81)A133
IInterest:
Payment on Fund indebtedness to Bank for International Settlements6863-(81/81)*A132
Payment on Fund indebtedness to central banks and other official institutions6864-(81/81)A135
Payment on Fund indebtedness to Saudi Arabian Monetary Agency6843-(81/75)A80
MManaging Director:
Authorizations in connection with implementation of borrowing agreement with Saudi Arabian Monetary Agency6843-(81/75)A76
RRepayment by Fund of borrowed currency6843-(81/75)A76
6864-(81/81)A133
SSaudi Arabian Monetary Agency, borrowing agreement with Fund6843-(81/75)A76
Amendment8460-(86/189)A128
Change in conversion arrangements7188-(82/114)A109
Supplementary agreement7677-(84/64)A110
Extension of commitment period8460-(86/189)A128
Special drawing rights
Valuation for use in borrowing arrangements6843-(81/75)A81
UUnited States dollars:
Use for payment of interest and other Fund liabilities6863-(81/81)*A130

Corresponds to Article XV, Section 2 before the Second Amendment

References are to the Articles of Agreement after the Second Amendment, which entered into force April 1, 1978. References to Articles in effect before the Second Amendment are indexed under their corresponding Articles after the Second Amendment.

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