Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1994
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Resolution No. 49-1—Increase in the Quota of Cambodia

Under date of November 20, 1993, the Government of Cambodia requested an increase in its quota which had remained unchanged since 1970. The Executive Board recommended on February 22, 1994 that the Board of Governors approve an increase in the quota of Cambodia from SDR 25 million to SDR 65 million, and resolved that action on the request should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on February 25, 1994, for a vote without meeting:

Resolved:

That the quota of Cambodia shall be increased from SDR 25 million to SDR 65 million, provided that Cambodia has consented in writing to the increase and has paid SDR 8.5 million in special drawing rights or in currencies of other members acceptable to the Fund and the remainder of the increase in the currency of Cambodia. The increase shall become effective when both the consent and the full payment have been received by the Fund, but not before the effective date of this Resolution. The written consent must be executed by a duly authorized official of the member. Both the written consent and the payment of the increase in full shall be made not later than April 27, 1994, provided that the Executive Board may extend the period within which the consent and the payment may be made as it may determine.

The Board of Governors adopted the foregoing Resolution, effective March 28, 1994. Cambodia’s new quota became effective on April 22, 1994.

Resolution No. 49-2—Membership for Eritrea

On July 5, 1993, the Government of Eritrea applied for admission to membership in the International Monetary Fund. The Executive Board resolved on March 9, 1994 that action on the application should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on March 14, 1994 for a vote without meeting:

WHEREAS, Eritrea on July 5,1993 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 Eritrea 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 Eritrea 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 Eritrea 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 Eritrea shall be SDR 11.50 million.

  • Payment of Subscription: The subscription of Eritrea shall be equal to its quota. Eritrea 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 Eritrea.

  • Timing of Payment of Subscription: Eritrea shall pay its subscription within six months after accepting membership in the Fund.

  • Exchange Transactions with the Fund and Remuneration: Eritrea 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, Eritrea 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, Eritrea 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 Eritrea 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 Eritrea has complied with the conditions set forth in paragraph 7 of this Resolution, Eritrea shall become a member of the Fund on the date when Eritrea shall have complied with the following requirements:

    • (a) Eritrea 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) Eritrea shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • Period of Acceptance of Membership: Eritrea 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 Eritrea are deemed by the Executive Board to warrant an extension of the period during which Eritrea 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 April 11, 1994. The Articles of Agreement were signed by the Honorable Haile Woldense, Minister of Finance and Development, on behalf of the Government of Eritrea, on July 6, 1994.

Resolution No. 49-3—Salary of the Managing Director

The Executive Board resolved on March 21, 1994 to recommend an adjustment in the salary of the Managing Director.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on March 17, 1994 for a vote without meeting:

Resolved:

That, effective January 1, 1994, the annual salary of the Managing Director of the Fund shall be two hundred and three thousand three hundred dollars ($203,300).

The Board of Governors adopted the foregoing Resolution, effective April 18, 1994.

Resolution No. 49-4—Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1994 Joint Committee on the Remuneration of Executive Directors and Their Alternates on May 25, 1994 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 June 3, 1994 for a vote without meeting:

Resolved:

That, effective July 1,1994, 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, $126,900 per year for Executive Directors and $108,310 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 July 18, 1994.

Resolution No. 49-5—Invitation of Observers to Meetings of the Board of Governors

The Executive Board resolved on July 19, 1994 that limitations on the extension of invitations to observers to attend the Annual Meetings were no longer warranted and decided to recommend to the Board of Governors that the application of Board of Governors Resolutions No. 35-9 and No. 36-12 be terminated.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 21, 1994 for a vote without meeting:

THE BOARD OF GOVERNORS

HAVING considered the report of the Executive Board of July 19, 1994 concerning the invitation of observers to meetings of the Board of Governors, hereby resolves that Resolution No. 35-9 and Resolution No. 36-12 of the Board of Governors shall cease to apply.

The Board of Governors adopted the foregoing Resolution, effective August 18, 1994.

Resolution No. 49-6—Forthcoming Annual Meetings

The Executive Board decided on July 19, 1994 that action in connection with the places and dates of forthcoming Annual Meetings from 1997 through 1998 should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 22, 1994 for a vote without meeting:

Resolved:

  • (a) That the invitation of the Government of the People’s Republic of China to hold the Annual Meetings in Hong Kong in 1997 be accepted;

  • (b) That the 1997 Annual Meetings be convened on Tuesday, September 23; and

  • (c) That the 1998 Annual Meetings be convened in Washington, D.C., tentatively on Tuesday, October 6.

The Board of Governors adopted the foregoing Resolution, effective August 19, 1994.

Resolution No. 49-7—1994 Regular Election of Executive Directors

The Executive Board resolved on July 29, 1994 that action in connection with the regulations for the conduct for the 1994 regular election of Executive Directors should not be postponed until the time of the next regular meeting of the Board of Governors at which the election would take place.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on August 1, 1994 for a vote without meeting:

Resolved:

  • (a) That the proposed Regulations for the Conduct of the 1994 Regular Election of Executive Directors are hereby adopted; and

  • (b) That a Regular Election of Executive Directors shall take place at the Annual Meeting of the Board of Governors in 1996.

The Board of Governors adopted the foregoing Resolution, effective September 2, 1994.

Resolution No. 49-8—Financial Statements, Report on Audit, and Administrative and Capital Budgets

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Financial Year ended April 3O, 1994, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30,1995 and the Capital Budget for capital projects beginning in Financial Year 1995 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 6, 1994.

Resolution No. 49-9—Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Board that it has reviewed the amendments of the I-Rules and Rule T-1 (d) which have been made since the 1993 Annual Meeting, and has no changes to suggest.

The Board of Governors adopted the foregoing Resolution, effective October 6, 1994.

Resolution No. 49-10—Appreciation

Resolved:

That the Boards of Governors of the International Monetary Fund and the World Bank Group express their sincere appreciation to Their Majesties, The King and Queen of Spain, to the Government and people of Spain, and to the city of Madrid for their gracious and warm hospitality;

That they express their gratitude for the outstanding facilities at the Campo de las Naciones made available for the meetings in Madrid; and

That they express particular appreciation to the Governors and Alternate Governors for Spain and to their associates for the many contributions which they made toward ensuring the success of the 1994 Annual Meetings.

The Board of Governors adopted the foregoing Resolution, effective October 6, 1994.

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