Summary Proceedings of the Forty Fourth Annual Meeting of the Board of Governors 1989
Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1989
Share
  • ShareShare
Show Summary Details

Resolution No. 44-1 Increases in Quotas of Members—Ninth General Review

Article III, Section 2(a) of the Articles of Agreement provides in part that “The 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 since the completion of the Eighth General Review was due to end on March 31, 1988. The Board of Governors decided on April 22, 1988 to continue its review and requested the Executive Board to complete its work on this matter and to submit appropriate proposals to the Board of Governors not later than April 30, 1989. The Executive Board decided on April 24, 1989, since further consideration was needed of the substantive issues relating to the Ninth General Review, to submit a report entitled “Increases in Quotas of Members—Ninth General Review” to the Governors, recommending adoption of a proposed Resolution requesting the Executive Board to complete its work with a view to a decision by the Board of Governors by December 31, 1989.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on April 27, 1989 for a vote without meeting:

Resolved:

That the Board of Governors, having noted the report of the Executive Board entitled “Increases in Quotas of Members—Ninth General Review,” hereby resolves to continue its review of quotas under Article III, Section 2(a), and requests the Executive Board to complete its work on the Ninth General Review of Quotas with a view to a decision by the Board of Governors on the completion of the Ninth Review before the end of this year.

The Board of Governors adopted the foregoing Resolution, effective May 30, 1989.

Resolution No. 44-2 Membership for the People’s Republic of Angola

On October 21, 1987, the Government of Angola applied for admission to membership in the International Monetary Fund. The Executive Board resolved on June 14, 1989 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 June 19, 1989 for a vote without meeting:

Whereas, the People’s Republic of Angola on October 21, 1987 requested admission to membership in the International Monetary Fund in accordance with Section 2 of Article II 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 the People’s Republic of Angola 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 the People’s Republic of Angola 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 the People’s Republic of Angola 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 International Monetary Fund, as amended;

    • (c) The term “SDRs” means special drawing rights of the Fund.

  • Quota: The quota of the People’s Republic of Angola shall be SDR 145 million.

  • Payment of Subscription: The subscription of the People’s Republic of Angola shall be equal to its quota. The People’s Republic of Angola shall pay 22.7 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 the People’s Republic of Angola.

  • Timing of Payment of Subscription: The People’s Republic of Angola shall pay its subscription within six months after accepting membership in the Fund.

  • Exchange Transactions with the Fund and Remuneration: The People’s Republic of Angola 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, the People’s Republic of Angola 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, the People’s Republic of Angola 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 paragraph 8(a) and 8(b) of this Resolution, and the People’s Republic of Angola 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 the People’s Republic of Angola has complied with the conditions set forth in paragraph 7 of this Resolution, the People’s Republic of Angola shall become a member of the Fund on the date when the People’s Republic of Angola shall have complied with the following requirements:

    • (a) The People’s Republic of Angola 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) The People’s Republic of Angola 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: The People’s Republic of Angola 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 the People’s Republic of Angola are deemed by the Executive Board to warrant an extension of this period during which the People’s Republic of Angola may accept membership pursuant to this 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 July 18, 1989.

Resolution No. 44-3 Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1989 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 23, 1989 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 Executive Board on July 7, 1989 requested the Governors to vote without meeting on the above-mentioned Resolution which was submitted to them on July 7, 1989:

Resolved:

That, effective July 1, 1989, the annual rates of remuneration of Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be as follows:

(i) As salary, $94,160 per year for Executive Directors and $78,720 per year for their Alternates;

(ii) As supplemental allowance (for expenses, including housing and entertainment expenses, except those specified in Section 14(0 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 21, 1989.

Resolution No. 44-41 Financial Statements, Report on Audit, and Administrative Budget

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Financial Year ended April 30, 1989, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1990 and the Capital Budget for capital projects beginning in Financial Year 1990 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the World Bank Group, on September 28, 1989.

    Other Resources Citing This Publication