Front Matter

Front Matter

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International Monetary Fund
Published Date:
June 1993
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SELECTED DECISIONS

AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

EIGHTEENTH ISSUE

WASHINGTON, DC

JUNE 30, 1993

Preface

This volume is the Eighteenth 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. This Annex volume, published in 1989, may still be used as an Annex to the Eighteenth 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 Seventeenth Issue that remain in effect, as well as new general decisions adopted after the publication of the Seventeeth 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

Francois P. Gianviti

Contents

List of Decisions by Number

NumberPage
2-1399
71-257
117-1403
170-33
180-5400
237-2380
284-3220
284-458
286-1220
287-357
408-23
446-4368
534-3397
574-2, as amended by 2620-(68/141)399
597-4400
102-(52/11)58
144-(52/51)370
201-(53/29)372
270-(53/95), as amended by 876-(59/15) and 1151-(61/6)60
343-(54/47)436
433-(55/42)371
541-(56/39)310
649-(57/33)388
876-(59/15), see 270-(53/95)
955-(59/45)374
1034-(60/27)375
1151-(61/6), see 270-(53/95)
1238-(61/43)57
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)311
1362-(62/32), see 1289-(62/1)
1415-(62/47) see 1289-(62/1)
1712-(64/29)329
2620-(68/141), see

574-2
2772-(69/47), as amended by 4913-(75/207) 7602-(84/3), and 10183-(92/132)147
3153-(70/95)377
3179-(70/102)149
3351-(71/51)150
4134-(74/4)379
4239-(74/67)231
4254-(74/75)391
4377-(74/114), as amended by 6339-(79/179), 6830-(81/65), 8885-(88/89), 10182-(92/132), and 10186-(92/132)73
4421-(74/132), see 1289-(62/1)
4720-(75/114)231
4773-(75/136), as amended by 5694-(78/35)473
4913-(75/207), see 2772-(69/47)
5069-(76/72)442
5127-(76/91)150
5220-(76/144), as amended by 7558-(83/156), 7857-(84/175), 8192-(86/13), 8583-(87/72), 9189-(89/77) 9790-(91/106)77
5288-(76/167)334
5306-(77/2)344
5331-(77/15)343
5371-(77/51)438
5387-(77/61)339
5392-(77/63), as amended by 8564-(87/59) and 8856-(88/64)8
5488-(77/116)344
5508-(77/127)162,438
5509-(77/127)355
5563-(77/150) TR451
5590-(77/163)277
5591-(77/163)437
5597-(77/171)153
5694-(78/35), see 4773-(75/136)
5702-(78/39) G/S as amended by 7096-(82/57)G/S231
5703-(78/39), as amended by 6862-(81/81) and 8955-(88/126)227
5704-(78/39)223
5706-(78/39)73
5709-(78/41)TR453
5712-(78/41)7
5719-(78/46)441
5792-(78/79), see 1289-(62/1)
5809-(78/88)229
5832-(78/95)TR453
5956-(78/180)S416
5972-(78/189)TR451
5973-(78/189)TR452
6000-(79/1)S, as amended by 6438-(80/37)S417
6001-(79/1)S418
6006-(79/3)362
6008-(79/3)362
6026-(79/13), as amended by 10273-(92 and 10364-(93/67)1/15) 13
6053-(79/34)S, as amended by 6438-(80/37)S420
6054-(79/34)S, as amended by 6438-(80/37)S422
6056-(79/38)62
6163-(79/96)363
6172-(79/101)224
6201-(79/121)TR454
6202-(79/121)TR454
6209-(79/124)S428
6230-(79/140)67
6241-(79/144), see 1289-(62/1)
6266-(79/156)4
6273-(79/158)G/S207
6274-(79/158)208
6275-(79/158)G/S210
6336-(79/178) S424
6337-(79/178) S425
6339-(79/179), see 4377-(74/114)
6352-(79/183)210
6358-(79/188)TR, as amended by 8640-(87/101) S/TR456
6368-(79/191)S416
6437-(80/37)S426
6438-(80/37)S, see 6000-(79/1)S, 6053-(79/34)S, and 6054-(79/34)S
6445-(80/43)167
6466-(80/68)TR454
6467-(80/71)S409
6484-(80/77)S411
6486-(80/77)S412
6487-(80/77)S412
6488-(80/77)S412
6489-(80/77)S412
6540-(80/98)TR458
6609-(80/126)S412
6631-(80/145)G/S404
6663-(80/160)S222
6676-(80/168)TR455
6683-(80/185)G/TR, as amended by 8523-(87/25)SBS and 8941-(88/122)SBS460
6693-(80/177)168
6704-(80/185)TR279,458
6709-(80/189) S407
6718-(81/1)S412
6725-(81/5)169
6772-(81/35)G/S212
6774-(81/35)216
6783-(81/40), as amended by 8885-(88/89)83,439
6790-(81/43)389
6793-(81/45)459
6830-(81/65), see also 4377-(74/114)73,439
6831-(81/65), as amended by 7059-(82/23)229
6832-(81/65)S432
6838-(81/70), as amended by 7048-(82/13), 7688-(84/70), and 7908-(85/26) 9931-(89/167) and 9693-(91/48)99
6844-(81/75)364
6845-(81/75)365
6854-(81/78)SBS, as amended by 8184-(86/9)SBS467
6862-(81/81), see 5703-(78/39)
6870-(81/83), see 6863-(81/81)
6908-(81/101)S412
6925-(81/112), see 6863-(81/81)
7041-(82/8)G/S433
7047-(82/13)169
7048-(82/13), see also 6838-(81/70)171
7059-(82/23), see 6831-(81/65)
7060-(82/23)439
7064-(82/26)S412
7086-(82/42)S412
7096-(82/57)G/S, see 5702-(78/39)G/S
7116-(82/68)S434
7142-(82/85)TR as amended by 8640-(87/101)S/TR456
7229-(82/136)S412
7246-(82/147)155
7247-(82/147)151
7337-(83/37), see 1289-(62/1)
7403-(83/73)345
7420-(83/82)476
7427-(83/83)18
7484-(83/117)476
7558-(83/156)78
7582-(83/174)S412
7589-(83/181), see 7040-(82/7)
7599-(84/3), as amended by 7841-(84/165),
8147-(85/177), 8459-(86/189), 8744-(87/166), 9028-(88/171), 9326-(89/167), and 9476-(90/101)87
7600-(84/3), as amended by 7841-(84/165), 8147-(55/177), 8459-(86/189), 8744-(87/166), 9028-(88/171), 9326-(89/167), and 9476-(90/101), 9584-(90/161)88
7602-(84/3), see 2772-(69/47)
7626-(84/23)S215
7628-(84/25)326
7629-(84/25)327
7645-(84/40)15
7688-(84/70), see 6838-(81/70)
7704-(84/78)230
7707-(84/79)S412
7754-(84/108)SBS468
7841-(84/165), see 7599-(84/3) and 7600-(84/3)
7842-(84/165)70
7857-(84/175)78
7908-(85/26) [see also 6838-(81/170)172
7925-(85/38), as amended by 8887-(88/89)65
7931-(85/41)401
7941-(85/50)S215
7989-(85/81)467
7990-(85/81)279
7999-(85/90)401
8029-(85/105)280
8037-(85/110)SBS468
8147-(85/177), see 7599-(84/3) and 7600-(84/3)
8160-(85/186)G/S406
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, and 10352-(93/49)G/TR237,458
8184-(86/9)SBS, see 6854-(81/78)SBS
8185-(86/9)SBS/S467
8186-(86/9)SBS/S413
8192-(86/13)78
8222-(86/45)50
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)SAF280
8239-(86/56) SAF414
8240-(86/56)SAF, as amended by 8651-(87/105)SAF, 8935-(88/118)SAF, 9117-(89/40)SAF 9986-(92/48)SAF, and 10184-(92/132)SAF288
8241-(86/56)SAF290
8248-(86/60)15
8265-(86/70)S215
8271-(86/74)241
8318-(86/104)S412
8348-(86/122), as amended by 8481-(86-202) and 8482-(86/202)242
8433-(86/175)237
8442-(86/178)242
8459-(86/189), see 7599-(84/3) and 7600-(84/3)
8481-(86/202), see 8348-(86/122)
8482-(86/202), see 8348-(86/122)
8492-(87/1)SBS469
8496-(87/3)G/TR, see 8165-(85/189)G/TR
8497-(87/3)SAF, see 8238-(86/56)SAF
8515-(87/23)249
8523-(87/25)SBS see also 6683-(80/185)G/TR470
8542-(87/36)SAF288
8564-(87/59), see 5392-(77/63)
8574-(87/64)S216
8583-(87/72)79
8618-(87/90)250
8619-(87/90)251
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/TR413
8648-(87/104)102,107
8651-(87/105)SAF, see 8240-(86/56)SAF
8652-(87/105)SAF, see 8238-(86/56)SAF
8674-(87/117)SBS470
8733-(87/159)322
8744-(87/166), see 7599-(84/3) and 7600-(84/3)
8757-(87/176) SAF/ESAF, as amended by 9987-(92/48) SAF/ESAF301
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, and 10287-(93/23)ESAF,26
8760-(87/176) as amended by 9989-(92/48)305
8780-(88/12)252
8781-(88/12)250
8845-(88/61)ESAF as amended by 9988-(92/49)ESAF, and 10185-(93/132)ESAF49
8846-(88/61)ESAF49
8856-(88/64) see 5392-(77/63)
8857-(88/64)15
8858-(88/64)16
8861-(88/67), as amended by 8880-(88/84)253
8878-(88/84)249
8879-(88/84)250
8880-(88/84), see 8861-(88/67)
8885-(88/89), see 4377-(74/114) and 6783-(81/40)
8886-(88/89)89
8887-(88/89), see 7925-(85/38)
8897-(88/93)351
8898-(88/90)232
8923-(88/110) G/TR see 8165-(85/189) G/TR
8935-(88/118)SAF, see 8240-(86/56)SAF
8936-(88/118)257
8937-(88/118)ESAF/S414
8941-(88/122)SBS, see also 6683-(80/185)G/TR471
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), and

10398-(93/89)
109, 437
9028-(88/71), see 7599-(84/3) 7600-(84/3)
9056-(89/2)ESAF49
9101-(89/30), see 8955-(88/126)
9114-(89/40)SAF/ESAF302
9115-(89/40)ESAF, see 8759-(87/176)ESAF
9116-(89/40)ESAF305
9117-(89/40)SAF, see 8240-(86/56)SAF
9118-(89/40)SAF, see 8238-(86/56)SAF
9135-(89/46) 9153-(89/59) see 8955-(88/126)257
9186-(89/74)232
9189-(89/77)79
9222-(89/97)SBS472
9326-(89/167) see 7599-(84/3) and 7600-(84/3)
9331-(89/167) as amended by 9693-(91/48), 10056-(92/78)202
9403-(90/53)156
9410-(90/62)260
9454-(90/89)251
9457-(90/89)233
9471-(90/98)263
9476-(90/101), see 7599-(84/3) and 7600-(84/3)
9487-(90/106)SAF/ESAF as amended by 9776-(91/96)SAF/ESAF303
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)15,17
9503-(90/114), see 8955-(88/126)
9510-(90/122)SBS472
9546-(90/145)90
9549-(90/146)G/S406
9555-(90/146)ESAF, see 8759-(87/176) ESAF
9584-(90/161), see 7600-(84/3)
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)
9603-(90/170)234
9604-(90/170), see 8955-(88/126)
9693-(91/48), see 9331-(89/167), 6838-(87/60)
9696-(91/49)266
9723-(91/63) G/TR240
9749-(91/77)251
9751-(91/77)234
9776-(91/96) SAF/ ESAF, see 9487-(90/106) SAF/ ESAF
9788-(91/105)473
9790-(91/106)80
9808-(91/114)SAF/ ESAF303
9809-(91/114) SAF304
9862-(91/156)366
9863-(91/156)SAF/ESAF, see 8238-(86/56) SAF
9874-(91/167)90
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)
9997-(92/57)269
9998-(92/57)269
10000-(92/58) G/TR see 8165-(85/189)G/TR
10038-(92/72)235
10056-(92/78), see 9331-(89/167)
10062-(92/82)91
10071-(92/85), see 8955-(88/126)
10072-(92/85), see 9499-(90/111)
10089-(92/94) SAF/ESAF303
10090-(92/24) SAF304
10092-(92/94) ESAF, see 8759-(87/176)ESAF
10093-(92/94), see 8238-(86/56) SAF
10159-(92/122), see 9499-(90/111)
10168-(92/127)17
10175-(92/129), see 1289-(62/1)
10176-(92/129)322
10181-(92/132)92
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), see also

4377’-(74/’114)
92, 148
10224-(92/147)236
10225-(92/147) S413
10235-(92/149)353
10273-(93/15), see also 6026-(79/13)17
10278-(93/19) S216
10279-(93/19)214
10286-(93/23) ESAF307
10287-(93/23) ESAF see

also 8759-(87/176)
10305-(93/32)401
10337-(93/49) G/TR see 8165-(85/189) G/TR
10340-(93/54)272
10341-(93/54)269
10348-(93/61) STF158,440
10352-(93/49) G/TR see 8165-(93/49) G/TR
10353-(93/49) SAF see 8238-(86/56)SAF
10362-(93/67)18
10364-(93/67), see 6026-(79/13)
10365-(93/67)54
10381-(93/77)523
10391-(93/86)275
10398-(93/89), see 8955-(88/126)
10402-(93/90)544

Available in Annex to Fourteenth Issue

NumberPage
6843-(81/75)A76
6863-(81/81), as amended by 6870-(81/83) and 6925-(81/112)A130
6864-(81/81)A133
7118-(82/114)A109
7677-(84/64)A110,144
7955-(85/60)A156
8460-(86/189)A128
8486-(86/205)A159
8643-(87/102)A90
8831-(88/56)ESAFA3
8832-(88/56)ESAFA8
8833-(88/56)ESAFA17
8834-(88/56)ESAFA21
8835-(88/56)A21
8892-(88/90)ESAFA27
8893-(88/90)ESAFA32
8894-(88/90)ESAFA37
8895-(88/90)ESAFA41
8933-(88/117)ESAFA48
9016-(88/164)ESAFA54
9030-(88/173)ESAFA57
9060-(89/5)ESAFA67
9120-(89/40)ESAFA63

List of Board of Governors’ Resolutions

NumberPage
IM-6481
6-8482
24-12552
29-7484
29-8484
29-9488
29-10493
31-2502
34-2510
34-3560
38-1520
43-1526
44-1529
44-5532
45-1535
45-2543
48-2484-88
48-3550
48-4488-92

Interpretations Under Article XXIX (a)

Interpretations of Articles of Agreement (71-2)

Unenforceability of Exchange Contracts: Fund’s Interpretation of Article VIII, Section 2(b) (446-4)

Interpretation of Article IX, Section 7 (534-3)

Interpretation of Article XII, Section 3(b)(i) and 3(f) (2-1)

Interpretation of Article XXVI, Section 2* (343-(54-47))

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

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