Selected Decisions, 20th Ed. 1995
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Front Matter

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International Monetary Fund
Published Date:
June 1995
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SELECTED DECISIONS

AND SELECTED DOCUMENTS OF THE INTERNATIONAL MONETARY FUND

TWENTIETH ISSUE WASHINGTON, DC June 30, 1995

Preface

This volume is the Twentieth 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 June 30, 1995 is under preparation. 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 Nineteenth Issue that remain in effect, as well as new general decisions adopted after the publication of the Nineteenth 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
2-1378
71-263, 303
117-1382
170-33
180-5379
237-2359
284-3222
284-464
286-1222
287-363
408-23
446-4346
534-3376
574-2, as amended by 2620-(68/141)378
597-4379
102-(52/11)64
144-(52/51)348
201-(53/29)351
270-(53/95), as amended by 876-(59/15) and 1151-(61/6)91
343-(54/47)415
433-(55/42)349
541-(56/39)304
649-(57/33)366
876-(59/15), see 270-(53/95) 955-(59/45)353
1034-(60/27)354
1151-(61/6), see 270-(53/95)
1238-(61/43)63, 303
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)305
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)176
3153-(70/95)356
3179-(70/102)177
3351-(71/51)178
4134-(74/4)358
4239-(74/67)233
4254-(74/75)370
4377-(74/114), as amended by 6339-(79/179), 6830-(81/65), 8885-(88/89), 10182-(92/132), and 10186-(92/132)104
4421-(74/132), see 1289-(62/1)
4913-(75/207), see 2772-(69/47)
5069-(76/72)421
5127-(76/91)178
5220-(76/144)108
5371-(77/51)417
5392-(77/63), as amended by 8564-(87/59) 8856-(88/64) and 10950-(95/37)9
5508-(77/127)203, 417
5509-(77/127)333
5563-(77/150) TR430
5590-(77/163)271
5591-(77/163)416
5597-(77/171)181
5694-(78/35), see 4773-(75/136)
5702-(78/39) G/S as amended by 7096-(82/57)G/S233
5703-(78/39), as amended by 6862-(81/81) and 8955-(88/126)229
5704-(78/39)225
5706-(78/39)104
5709-(78/41)TR432
5712-(78/41)7
5719-(78/46)420
5792-(78/79), see 1289-(62/1)
5809-(78/88)231
5832-(78/95)TR432
5956-(78/180)S395
5972-(78/189)TR430
5973-(78/189)TR431
6000-(79/1)S, as amended by 6438-(80/37)S396
6001-(79/1)S397
6006-(79/3)340
6008-(79/3)341
6026-(79/13), as amended by 10273- (93/15) and 10364-(93/67)13
6053-(79/34)S, as amended by 6438-(80/37)S399
6054-(79/34)S, as amended by 6438-(80/37)S401
6056-(79/38)93
6163-(79/96)341
6172-(79/101)226
6201-(79/121)TR433
6202-(79/121)TR433
6209-(79/124)S407
6230-(79/140)98
6241-(79/144), see 1289-(62/1)
6266-(79/156)4
6273-(79/158)G/S209
6274-(79/158)210
6275-(79/158)G/S212
6336-(79/178) S403
6337-(79/178) S404
6339-(79/179), see 4377-(74/114)
6352-(79/183)212
6358-(79/188)TR, as amended by 8640-(87/101) S/TR434
6368-(79/191)S395
6437-(80/37)S405
6438-(80/37)S, see 6000-(79/1)S, 6053-(79/34)S, and 6054-(79/34)S 6466-(80/68)TR433
6467-(80/71)S388
6484-(80/77)S390
6486-(80/77)S391
6487-(80/77)S391
6488-(80/77)S391
6489-(80/77)S391
6540-(80/98)TR435
6609-(80/126)S391
6631-(80/145)G/S383
6663-(80/160)S224
6676-(80/168)TR434
6683-(80/185)G/TR, as amended by 8523-(87/25)SBS and 8941-(88/122)SBS438
6704-(80/185)TR273, 436
6709-(80/189) S386
6718-(81/1)S391
6772-(81/35)G/S214
6774-(81/35)218
6783-(81/40), as amended by 8885-(88/89)191, 418
6790-(81/43)367
6793-(81/45)437
6830-(81/65), see also 4377-(74/114)103, 104, 417
6831-(81/65), as amended by 7059-(82/23)231
6832-(81/65)S411
6844-(81/75)343
6845-(81/75)343
6854-(81/78)SBS, as amended by 8184-(86/9)SBS444
6862-(81/81), see 5703-(78/39)
6870-(81/83), see 6863-(81/81)
6908-(81/101)S391
6925-(81/112), see 6863-(81/81)
7041-(82/8)G/S412
7059-(82/23), see 6831-(81/65)
7060-(82/23)418
7064-(82/26)S391
7086-(82/42)S391
7096-(82/57)G/S, see 5702-(78/39)G/S
7116-(82/68)S413
7142-(82/85)TR as amended by 8640-(87/101)S/TR435
7229-(82/136)S391
7246-(82/147)183
7247-(82/147)179
7337-(83/37), see 1289-(62/1)
7403-(83/73)323
7427-(83/83)17
7558-(83/156)108
7582-(83/174)S391
7589 (83/181)345
7602-(84/3), see 2772-(69/47)
7626-(84/23)S217
7628-(84/25)320
7629-(84/25)321
7704-(84/78)232
7707-(84/79)S391
7754-(84/108)SBS445
7842-(84/165)101
7857-(84/175)109
7908-(85/26)66
7925-(85/38), as amended by 8887-(88/89)95
7931-(85/41)380
7941-(85/50)S217
7989-(85/81)445
7990-(85/81)273
7999-(85/90)380
8029-(85/105)274
8037-(85/110)SBS446
8160-(85/186)G/S385
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/TR234
8184-(86/9)SBS, see 6854-(81/78)SBS
8185-(86/9)SBS/S445
8186-(86/9)SBS/S392
8192-(86/13)109
8222-(86/45)49
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)SAF274
8239-(86/56) SAF393
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)SAF275
8241-(86/56)SAF284
8265-(86/70)S217
8271-(86/74)237
8318-(86/104)S391
8348-(86/122), as amended by 8481-(86-202) and (86/202)238
8433-(86/175)234
8442-(86/178)238
8481-(86/202), see 8348-(86/122)
8482-(86/202), see 8348-(86/122)
8492-(87/1)SBS446
8496-(87/3)G/TR, see 8165-(85/189)G/T
8497-(87/3)SAF, see 8238-(86/56)SAF
8523-(87/25)SBS see also 6683-(80/185)G/TR447
8542-(87/36)SAF, see 8240-(86/56)SAF
8564-(87/59), see 5392-(77/63)
8574-(87/64)S218
8583-(87/72)110
8619-(87/90)244
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/TR392
8651-(87/105)SAF, see 8240-(86/56)SAF
8652-(87/105)SAF, see 8238-(86/56)SAF
8674-(87/117)SBS448
8733-(87/159)316
8757-(87/176) SAF/ESAF, as amended by 9987-(92/48) SAF/ESAF295
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 and 10532-(93/170)ESAF22
8760-(87/176) as amended by 9989-(92/48) and 10531-(93/170)SAF298
8780-(88/12)245
8845-(88/61)ESAF as amended by 9988-(92/49)ESAF, and 10185-(93/132)ESAF 10533-(93/170)ESAF47
8846-(88/61)ESAF48
8856-(88/64) see 5392-(77/63)
8861-(88/67), as amended by 8880-(88/84)246
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)330
8923-(88/110) G/TR see 8165-(85/189) G/TR
8935-(88/118)SAF, see 8240-(86/56)SAF
8937-(88/118)ESAF/S393
8941-(88/122)SBS, see also 6683-(80/185)G/TR448
8955-(88/126) as amended by137, 416
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), and 10725-(94/58) see also 5703- (78/39) and 9101-(89/30)137
9028-(88/71), see 7599-(84/3) 7600-(84/3)
9056-(89/2)ESAF48
9101-(89/30), see 8955-(88/126)
9114-(89/40)SAF/ESAF296
9115-(89/40)ESAF, see 8759-(87/176)ESAF
9116-(89/40)ESAF298
9117-(89/40)SAF, see 8240-(86/56)SAF
9118-(89/40)SAF, see 8238-(86/56)SAF
9135-(89/46)250
9153-(89/59) see 8955-(88/126)
9189-(89/77)110
9222-(89/97)SBS449
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)132
9391-(90/43) see 8955-(88/126)
9403-(90/53)185
9471-(90/98) as amended by 10341-(93/54)253
9476-(90/101), see 7599-(84/3) and 7600-(84/3)
9487-(90/106)SAF/ESAF as amended by 9776-(91/96) SAF/ESAF296
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)SBS450
9549-(90/146)G/S385
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)450
9790-(91/106)111
9808-(91/114)SAF/ ESAF296
9809-(91/114) SAF297
9862-(91/156)344
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/ESAF297
10090-(92/24) SAF297
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)16
10175-(92/129), see 1289-(62/1)
10176-(92/129)316
10181-(92/132)195
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) and 8955-(88/126)177
10225-(92/147) S392
10235-(92/149)332
10273-(93/15), see also 6026-(79/13)16
10278-(93/19) S218
10279-(93/19)215
10286-(93/23) ESAF301
10287-(93/23) ESAF see 8759-(87/176)
10305-(93/32)380
10337-(93/49) G/TR see 8165-(85/189) G/TR
10340-(93/54), as amended by 10549- (94/1)256
10341-(93/54), see 9471-(90/98)
10348-(93/61) STF as amended by 10760-(94/71) STF and 10855-(94/109) STF186, 419
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)53
10391-(93/86), as amended by 10552-(94/1) and 10554-(94/1)259
10398-(93/89), see 8955-(88/126)
10464-(93/130)112
10500-(93/148)195
10515-(93/162)ESAF see 8759-(87/176) ESAF
10530-(93/179)ESAF see also 8759-(89/176) ESAF39
10531-(93/170)SAF see also 8760-(87/176)300
10532-(93/170)ESAF, see 8759-(87/176) ESAF
10533-(93/170) ESAF, see 8845-(88/61)ESAF
10534-(93/170)ESAF48
10535-(93/170)SAF 39, 283
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)572
10597-(94/14)ESAF39
10598-(94/14)SAF283
10660-(94/38)260
10662-94/38)255
10704-(94/52262
10705-(94/52)262
10706-(94/52)264
10723-(94-58)111
10725-(94/58), see 8955-(88/126)
10749-(94/67)350
10760-(94/71) STF see 10348-(93/61) STF190
10819-(94/95)196
10850-(94/107)263
10855-(94/109) STF see 10348-(93/61) STF190
10873-(95/1)283
10886-(95/2)16
10904-(95/13)217
10942-(95/33)59
10949-(95/37)16
10950-(95/37)9
10957-(95/40)267
10958-(95/40)267
10961-(95/41)190
10962-(95/41)270
10989-(95/53) SAF283
11018-(95/62)517
11027-(95/65) ESAF47

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-6454
6-8455
24-12527
29-1391
29-7457
29-8457
29-9461
29-10466
31-2476
34-2483
34-3536
38-1493
43-1499
44-1502
44-5505
45-1508
45-2516
48-2457
48-3523
48-4461
50-1526

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))

    Other Resources Citing This Publication