- International Monetary Fund. Secretary's Department
- Published Date:
- November 1995
Resolution No. 50-1—Tenth General Review of Quotas—Completion of Review Under Article III, Section 2
Article III, Section 2(a) of the Articles of Agreement provides that “[t]he Board of Governors shall at intervals of not more than five years conduct a general review, and if it deems it appropriate propose an adjustment, of the quotas of the members.” The five-year period prescribed by Article III, Section 2(a) for the Tenth General Review of Quotas ended on March 31, 1993, five years from the date on which the Ninth General Review of Quotas should have been concluded. As the Tenth General Review was not completed by March 31, 1993, the Board of Governors decided to continue its review of quotas under the Tenth General Review (Resolution No. 48-3, adopted April 14, 1993). In connection with its work on the Tenth General Review, the Executive Board considered the adequacy of the quotas of members in the Fund. The Executive Board was of the view that the overall size of the Fund for the time being was broadly sufficient to enable the Fund to promote effectively its purposes and to fulfill its central role in the international monetary system. In view of the foregoing considerations, the Executive Board decided on December 12, 1994 to submit a report entitled“Tenth General Review of Quotas - Completion of Review Under Article III, Section 2” to the Board of Governors, containing a proposed Resolution which was recommended for adoption.
In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on December 14, 1994 for a vote without meeting:
That the Tenth General Review of Quotas is hereby completed and requests the Executive Board to continue its work on quotas in connection with the Eleventh General Review of Quotas, as indicated in its report entitled “Tenth General Review of Quotas - Completion of Review Under Article III, Section 2.”
The Board of Governors adopted the foregoing Resolution, effective January 17, 1995.
Resolution No. 50-2—Direct Remuneration of Executive Directors and Their Alternates
Pursuant to Section 14(e) of the By-Laws, the 1995 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 28, 1995 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.
In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 7, 1995 for a vote without meeting:
That, effective July 1, 1995, the annual rates of remuneration of the Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be as follows:
(i) As salary, $131,660 per year for Executive Directors and $112,360 per year for their Alternates;
(ii) As supplemental allowance (for expenses, including housing and entertainment expenses, except those specified in Section 14(f) of the By-Laws), $9,000 per year for Executive Directors and $7,200 per year for their Alternates.
The Board of Governors adopted the foregoing Resolution, effective August 14, 1995.
Resolution No. 50-3—Membership for Brunei Darussalam
Whereas, Brunei Darussalam on May 16, 1995 requested admission to membership in the International Monetary Fund in accordance with Article II, Section 2 of the Articles of Agreement of the Fund;
Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Board has consulted with the representative of Brunei Darussalam and has agreed upon the terms and conditions which, in the opinion of the Executive Board, the Board of Governors may wish to prescribe for admitting Brunei Darussalam to membership in the Fund;
Now, Therefore, the Board of Governors, having considered the recommendations of the Executive Board, hereby resolves that the terms and conditions upon which Brunei Darussalam shall be admitted to membership in the Fund shall be as follows:
Definitions: As used in this Resolution:
(a) The term “Fund” means the International Monetary Fund;
(b) The term “Articles” means the Articles of Agreement of the Fund, as amended; and
(c) The term “SDRs” means special drawing rights of the Fund.
Quota: The quota of Brunei Darussalam shall be SDR 150 million.
Payment of Subscription: The subscription of Brunei Darussalam shall be equal to its quota. Brunei Darussalam shall pay 23.5 percent of its subscription in SDRs or in the currencies of other members selected by the Managing Director from those currencies that the Fund would receive in accordance with the operational budget in effect at the time of payment. The balance of the subscription shall be paid in the currency of Brunei Darussalam.
Timing of Payment of Subscription: Brunei Darussalam shall pay its subscription within six months after accepting membership in the Fund.
Exchange Transactions with the Fund and Remuneration: Brunei Darussalam may not engage in transactions under Article V, Section 3, or receive remuneration under Article V, Section 9, until its subscription has been paid in full.
Exchange Arrangements: Within 30 days after accepting membership in the Fund, Brunei Darussalam shall notify the Fund of the exchange arrangements it intends to apply in fulfillment of its obligations under Article IV, Section 1 of the Articles.
Representation and Information: Before accepting membership in the Fund, Brunei Darussalam shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles as contemplated by paragraphs 8(a) and 8(b) of this Resolution, and Brunei Darussalam shall furnish to the Fund such information in respect of such action as the Fund may request.
Effective Date of Membership: After the Fund shall have informed the Government of the United States of America that Brunei Darussalam has complied with the conditions set forth in paragraph 7 of this Resolution, Brunei Darussalam shall become a member of the
Fund on the date when Brunei Darussalam shall have complied with the following requirements:
(a) Brunei Darussalam shall deposit with the Government of the United States of America an instrument stating that it accepts in accordance with its law the Articles and all the terms and conditions prescribed in this Resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this Resolution; and
(b) Brunei Darussalam shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.
9. Period of Acceptance of Membership: Brunei Darussalam may accept membership in the Fund pursuant to this Resolution not later than six months after the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that if the circumstances of Brunei Darussalam are deemed by the Executive Board to warrant an extension of this period during which Brunei Darussalam may accept membership pursuant to the Resolution, the Executive Board may extend such period until such later date as it may determine.
The Board of Governors adopted the foregoing Resolution, effective October 10, 1995. The Articles of Agreement were signed by His Excellency Dato Ahmad Wally Skinner, Deputy Minister of Finance, on behalf of the Government of Brunei Darussalam, on October 10, 1995.
Resolution No. 50-4—Financial Statements, Report on Audit, and Administrative and Capital Budgets
That the Board of Governors of the Fund considers the Report on Audit for the Financial Year ended April 30, 1995, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30,1996 and the Capital Budget for capital projects beginning in Financial Year 1996 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.
The Board of Governors adopted the foregoing Resolution, effective October 12, 1995.