Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1990
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Resolution No. 44-51

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. After further consideration of the substantive issues relating to the Ninth General Review, the Board of Governors decided on May 30, 1989, to continue its review and requested the Executive Board to complete its work with a view to a decision by the Board of Governors by December 31, 1989. At the Interim Committee meeting held in Washington, D.C. in September 1989, agreement was reached on a number of the substantive issues, including the principles that could guide the distribution of an enlargement of the Fund among members. Following the guidance of the Interim Committee, the Executive Board continued its consideration of the outstanding substantive issues. In light of the need for further consideration, however, the Executive Board decided on November 28, 1989 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 consideration of the substantive issues relating to the Ninth General Review with a view to a decision by the Board of Governors by March 31, 1990.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on November 29, 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 not later than March 31, 1990.

The Board of Governors adopted the foregoing Resolution, effective December 28, 1989.

Resolution No. 45-1

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. After further consideration of the substantive issues relating to the Ninth General Review, the Board of Governors decided on May 30, 1989, to continue its review and requested the Executive Board to complete its work with a view to a decision by the Board of Governors by December 31, 1989. At the Interim Committee meeting held in Washington, D.C. in September 1989, agreement was reached on a number of the substantive issues, including the principles that could guide the distribution of an enlargement of the Fund among members. Following further consideration of these and other substantive issues by the Executive Board, the Board of Governors decided on December 28, 1989 to continue its review and requested the Executive Board to conclude its work with a view to a decision by the Board of Governors by March 31, 1990. While the Executive Board had concluded most of the technical aspects of its work, and had made considerable progress on many of the substantive issues, the Executive Board decided on February 26, 1990 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 on the Ninth Review in order to permit the Board of Governors to reach a decision on the completion of the Ninth General Review of Quotas before June 30, 1990.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on February 28, 1990 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 not later than June 30, 1990.

The Board of Governors adopted the foregoing Resolution, effective March 29, 1990.

Resolution No. 45-2

Increases in Quotas of Members—Ninth General Review

Article HI, 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. After further consideration of the substantive issues relating to the Ninth General Review, the Board of Governors decided on May 30, 1989, to continue its review and requested the Executive Board to complete its work with a view to a decision by the Board of Governors by December 31, 1989. At the Interim Committee meeting held in Washington, D.C. in September 1989, agreement was reached on a number of the substantive issues, including the principles that could guide the distribution of an enlargement of the Fund among members. Following further consideration of these and other substantive issues by the Executive Board, the Board of Governors decided on December 28, 1989 to continue its review and requested the Executive Board to conclude its work with a view to a decision by the Board of Governors by March 31, 1990. While the Executive Board had concluded most of the technical aspects of its work, and had made considerable progress on the substantive issues, the Board of Governors decided on March 29, 1990 to continue its review and requested the Executive Board to complete its work on the Ninth General Review with a view to a decision by the Board of Governors on the completion of the Ninth General Review of Quotas before June 30, 1990. Following the understandings reached by the Interim Committee at its meeting in Washington, D.C. in May 1990, and in accordance with its own agreement, the Executive Board decided on May 21, 1990 to submit a report entitled “Increases in Quotas of Members—Ninth General Review” to the 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 May 25, 1990 for a vote without meeting:

Whereas, the Executive Board has submitted to the Board of Governors a report entitled “Increases in Quotas of Fund Members—Ninth General Review” containing recommendations on increases in the quotas of individual members of the Fund; and

Whereas, the Executive Board has recommended the adoption of the following Resolution of the Board of Governors, which Resolution proposes increases in the quotas of members of the Fund as a result of the Ninth General Review of Quotas and deals with certain related matters, by vote without meeting pursuant to Section 13 of the By-Laws of the Fund;

Now, Therefore, the Board of Governors hereby Resolves that

  • The International Monetary Fund proposes that, subject to the provisions of this Resolution, the quotas of members of the Fund shall be increased to the amounts shown against their names in the Annex to this Resolution.

  • A member’s increase in quota as proposed by this Resolution shall not become effective unless the member has notified the Fund of its consent to the increase not later than the date prescribed by or under paragraph 4 below and has paid the increase in quota in full within the period prescribed by or under paragraph 5 below, provided that no member with overdue repurchases, charges or assessments to the General Resources Account may consent to or pay for the increase in its quota until it becomes current in respect of these obligations.

  • No increase in quota shall become effective before the later of:

    • (i) during the period ending December 30, 1991, the date of the Fund’s determination that members having not less than eighty-five (85) percent of the total of quotas on May 30, 1990 have consented to the increases in their quotas, or, after December 30, 1991, the date of the Fund’s determination that members having not less than seventy (70) percent of the total of quotas on May 30, 1990 have consented to the increase in their quotas; or

    • (ii) The effective date of the Third Amendment of the Articles.

  • Notices in accordance with paragraph 2 above shall be executed by a duly authorized official of the member and must be received in the Fund before 6:00 p.m., Washington time, on December 31, 1991, provided that the Executive Board may extend this period as it may determine.

  • Each member shall pay to the Fund the increase in its quota within 30 days after the later of (a) the date on which it notifies the Fund of its consent or (b) the date on which the requirement for the effectiveness of the increase in quota under paragraph 3 above has been met, provided that the Executive Board may extend the payment period as it may determine.

  • When deciding on an extension of the period for consent to or payment for the increase in quotas, the Executive Board shall give particular consideration to the situation of members that may still wish to consent to or pay for the increase in quota, including members with protracted arrears to the General Resources Account, consisting of overdue repurchases, charges or assessments to the General Resources Account, that, in its judgment, are cooperating with the Fund toward the settlement of these obligations.

  • Each member shall pay 25 percent of its increase either in special drawing rights or in the currencies of other members specified, with their concurrence, by the Fund, or in any combination of special drawing rights and such currencies. The balance of the increase shall be paid by the member in its own currency.

Annex to Resolution No. 45-2

Proposed Quota

(In millions of SDRs)
1. Afghanistan120.4
2. Algeria914.4
3. Angola207.3
4. Antigua and Barbuda8.5
5. Argentina1,537.1
6. Australia2,333.2
7. Austria1,188.3
8. Bahamas94.9
9. Bahrain82.8
10. Bangladesh392.5
11. Barbados48.9
12. Belgium3,102.3
13. Belize13.5
14. Benin45.3
15. Bhutan4.5
16. Bolivia126.2
17. Botswana36.6
18. Brazil2,170.8
19. Burkina Faso44.2
20. Burundi57.2
21. Cameroon135.1
22. Canada4,320.3
23. Cape Verde7.0
24. Central African Republic41.2
25. Chad41.3
26. Chile621.7
27. China3,385.2
28. Colombia561.3
29. Comoros6.5
30. Congo, People’s Rep. of the57.9
31. Costa Rica119.0
32. Côte d’Ivoire238.2
33. Cyprus100.0
34. Denmark1,069.9
35. Djibouti11.5
36. Dominica6.0
37. Dominican Republic158.8
38. Ecuador219.2
39. Egypt678.4
40. El Salvador125.6
41. Equatorial Guinea24.3
42. Ethiopia98.3
43. Fiji51.1
44. Finland861.8
45. France7,414.6
46. Gabon110.3
47. Gambia, The22.9
48. Germany7,241.5
49. Ghana274.0
50. Greece587.6
51. Grenada8.5
52. Guatemala153.8
53. Guinea78.7
54. Guinea-Bissau10.5
55. Guyana67.2
56. Haiti60.7
57. Honduras95.0
58. Hungary754.8
59. Iceland85.3
60. India3,055.5
61. Indonesia1,497.6
62. Iran, Islamic Rep. of1,078.5
63. Iraq864.8
64. Ireland525.0
65. Israel666.2
66. Italy4,590.7
67. Jamaica200.9
68. Japan8,241.5
69. Jordan121.7
70. Kampuchea, Democratic25.0
71. Kenya199.4
72. Kiribati, Republic of4.0
73. Korea799.6
74. Kuwait995.2
75. Lao People’s Dem. Rep.39.1
76. Lebanon146.0
77. Lesotho23.9
78. Liberia96.2
79. Libya817.6
80. Luxembourg135.5
81. Madagascar90.4
82. Malawi50.9
83. Malaysia832.7
84. Maldives5.5
85. Mali68.9
86. Malta67.5
87. Mauritania47.5
88. Mauritius73.3
89. Mexico1,753.3
90. Morocco427.7
91. Mozambique84.0
92. Myanmar184.9
93. Nepal52.0
94. Netherlands3,444.2
95. New Zealand650.1
96. Nicaragua96.1
97. Niger48.3
98. Nigeria1,281.6
99. Norway1,104.6
100. Oman119.4
101. Pakistan758.2
102. Panama149.6
103. Papua New Guinea95.3
104. Paraguay72.1
105. Peru466.1
106. Philippines633.4
107. Poland988.5
108. Portugal557.6
109. Qatar190.5
110. Romania754.1
111. Rwanda59.5
112. Sao Tome and Principe5.5
113. Saudi Arabia5,130.6
114. Senegal118.9
115. Seychelles6.0
116. Sierra Leone77.2
117. Singapore357.6
118. Solomon Islands7.5
119. Somalia60.9
120. South Africa1,365.4
121. Spain1,935.4
122. Sri Lanka303.6
123. St. Kitts and Nevis6.5
124. St. Lucia11.0
125. St. Vincent6.0
126. Sudan233.1
127. Suriname67.6
128. Swaziland36.5
129. Sweden1,614.0
130. Syrian Arab Republic209.9
131. Tanzania146.9
132. Thailand573.9
133. Togo54.3
134. Tonga5.0
135. Trinidad and Tobago246.8
136. Tunisia206.0
137. Turkey642.0
138. Uganda133.9
139. United Arab Emirates392.1
140. United Kingdom7,414.6
141. United States26,526.8
142. Uruguay225.3
143. Vanuatu12.5
144. Venezuela1,951.3
145. Viet Nam241.6
146. Western Samoa8.5
147. Yemen Arab Republic70.8
148. Yemen, People’s Dem. Rep. of105.7
149. Yugoslavia918.3
150. Zaire394.8
151. Zambia363.5
152. Zimbabwe261.3

The Board of Governors adopted the foregoing Resolution, effective June 28, 1990.

Resolution No. 45-3

Proposed Third Amendment of the Articles of Agreement

Whereas the Interim Committee of the Board of Governors has invited the Executive Board to propose an amendment of the Articles of Agreement of the International Monetary Fund providing for suspension of voting and related rights of members that do not fulfill their obligations under the Articles; and

Whereas the Executive Board has proposed such an amendment and prepared a Report on the same; and

Whereas the Chairman of the Board of Governors has requested the Secretary of the Fund to bring the proposal of the Executive Board before the Board of Governors; and

Whereas the Report of the Executive Board setting forth its proposal has been submitted to the Board of Governors by the Secretary of the Fund; and

Whereas the Executive Board has requested the Board of Governors to vote on the following Resolution without meeting, pursuant to Section 13 of the By-Laws of the Fund;

Now, Therefore, the Board of Governors, noting the said Report of the Executive Board, hereby Resolves that:

  • The proposals for modifications (Proposed Third Amendment) that are attached to this Resolution and are to be incorporated in the Articles of Agreement of the International Monetary Fund are approved.

  • The Secretary of the Fund is directed to ask, by circular letter, telegram, or other rapid means of communication, all members of the Fund whether they accept, in accordance with the provisions of Article XXVIII of the Articles, the Proposed Third Amendment.

  • The circular letter, telegram, or other communication to be sent to all members in accordance with 2 above shall specify that the Proposed Third Amendment shall enter into force for all members as of the date on which the Fund certifies, by formal communication addressed to all members, that three fifths of the members, having eighty-five percent of the total voting power, have accepted the modifications.

Attachment to Resolution No. 45-3

Proposed Third Amendment of the Articles of Agreement of the International Monetary Fund

The Governments on whose behalf the present Agreement is signed agree as follows:

  • The text of Article XXVI, Section 2 shall be amended to read as follows:

    • (a) If a member fails to fulfill any of its obligations under this Agreement, the Fund may declare the member ineligible to use the general resources of the Fund. Nothing in this Section shall be deemed to limit the provisions of Article V, Section 5 or Article VI, Section 1.

    • (b) If, after the expiration of a reasonable period following a declaration of ineligibility under (a) above, the member persists in its failure to fulfill any of its obligations under this Agreement, the Fund may, by a seventy percent majority of the total voting power, suspend the voting rights of the member. During the period of the suspension, the provisions of Schedule L shall apply. The Fund may, by a seventy percent majority of the total voting power, terminate the suspension at any time.

    • (c) If, after the expiration of a reasonable period following a decision of suspension under (b) above, the member persists in its failure to fulfill any of its obligations under this Agreement, that member may be required to withdraw from membership in the Fund by a decision of the Board of Governors carried by a majority of the Governors having eighty-five percent of the total voting power.

    • (d) Regulations shall be adopted to ensure that before action is taken against any member under (a), (b), or (c) above, the member shall be informed in reasonable time of the complaint against it and given an adequate opportunity for stating its case, both orally and in writing.

  • A new Schedule L shall be added to the Articles, to read as follows:

Schedule L

Suspension of Voting Rights

In the case of a suspension of voting rights of a member under Article XXVI, Section 2(b), the following provisions shall apply:

  • The member shall not:

    • (a) participate in the adoption of a proposed amendment of this Agreement, or be counted in the total number of members for that purpose, except in the case of an amendment requiring acceptance by all members under Article XXVIII(Z?) or pertaining exclusively to the Special Drawing Rights Department;

    • (b) appoint a Governor or Alternate Governor, appoint or participate in the appointment of a Councillor or Alternate Councillor, or appoint, elect, or participate in the election of an Executive Director.

  • The number of votes allotted to the member shall not be cast in any organ of the Fund. They shall not be included in the calculation of the total voting power, except for purposes of the acceptance of a proposed amendment pertaining exclusively to the Special Drawing Rights Department.

  • (a) The Governor and Alternate Governor appointed by the member shall cease to hold office.

    • (b) The Councillor and Alternate Councillor appointed by the member, or in whose appointment the member has participated, shall cease to hold office, provided that, if such Councillor was entitled to cast the number of votes allotted to other members whose voting rights have not been suspended, another Councillor and Alternate Councillor shall be appointed by such other members under Schedule D, and, pending such appointment, the Councillor and Alternate Councillor shall continue to hold office, but for a maximum of thirty days from the date of the suspension.

    • (c) The Executive Director appointed or elected by the member, or in whose election the member has participated, shall cease to hold office, unless such Executive Director was entitled to cast the number of votes allotted to other members whose voting rights have not been suspended. In the latter case:

      • (i) If more than ninety days remain before the next regular election of Executive Directors, another Executive Director shall be elected for the remainder of the term by such other members by a majority of the votes cast; pending such election, the Executive Director shall continue to hold office, but for a maximum of thirty days from the date of suspension;

      • (ii) If not more than ninety days remain before the next regular election of Executive Directors, the Executive Director shall continue to hold office for the remainder of the term.

  • The member shall be entitled to send a representative to attend any meeting of the Board of Governors, the Council, or the Executive Board, but not any meeting of their committees, when a request made by, or a matter particularly affecting, the member is under consideration.

  • 3. The following shall be added to Article XII, Section 3(i):

    • (v) When the suspension of the voting rights of a member is terminated under Article XXVI, Section 2(b), and the member is not entitled to appoint an Executive Director, the member may agree with all the members that have elected an Executive Director that the number of votes allotted to that member shall be cast by such Executive Director, provided that, if no regular election of Executive Directors has been conducted during the period of the suspension, the Executive Director in whose election the member had participated prior to the suspension, or his successor elected in accordance with paragraph 3(c)(i) of Schedule L or with (f) above, shall be entitled to cast the number of votes allotted to the member. The member shall be deemed to have participated in the election of the Executive Director entitled to cast the number of votes allotted to the member.

  • 4. The following shall be added to paragraph 5 of Schedule D:

    • (f) When an Executive Director is entitled to cast the number of votes allotted to a member pursuant to Article XII, Section 3(i)(v), the Councillor appointed by the group whose members elected such Executive Director shall be entitled to vote and cast the number of votes allotted to such member. The member shall be deemed to have participated in the appointment of the Councillor entitled to vote and cast the number of votes allotted to the member.

The Board of Governors adopted the foregoing Resolution, effective June 28, 1990.

Resolution No. 45-4

Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1990 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 29, 1990 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 5, 1990 requested the Governors to vote without meeting on the above-mentioned Resolution which was submitted to them on July 6, 1990.

Resolved:

That, effective July 1, 1990, 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, $106,440 per year for Executive Directors and $88,940 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 20, 1990.

Resolution No. 45-5

Benefits of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1990 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 29, 1990 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 5, 1990 requested the Governors to vote without meeting on the above-mentioned Resolution which was submitted to them on July 6, 1990:

Resolved:

  • That, effective November 10, 1988, the interim measures related to changes in U.S. estate tax legislation made applicable to the staff as of that date shall apply to Executive Directors of the Fund and their Alternates to the same extent as they apply to the staff.

  • That, effective May 1, 1990, the changes in the Staff Retirement Plan of the Fund made applicable to staff participants as of that date shall apply also to those Executive Directors of the Fund and their Alternates who are participants in the Plan.

The Board of Governors adopted the foregoing Resolution, effective August 20, 1990.

Resolution No, 45-6

Membership for the Czech and Slovak Federal Republic

On January 22, 1990, the Government of the Czechoslovak Socialist Republic, now the Czech and Slovak Federal Republic, applied for admission to membership in the International Monetary Fund. The Executive Board resolved on July 20, 1990 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 July 23, 1990for a vote without meeting:

Whereas, the Czechoslovak Socialist Republic, now the Czech and Slovak Federal Republic, on January 22, 1990 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 Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic 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 the Czech and Slovak Federal Republic shall be SDR 590 million.

  • Payment of Subscription: The subscription of the Czech and Slovak Federal Republic shall be equal to its quota. The Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic

  • Timing of Payment of Subscription: The Czech and Slovak Federal Republic shall pay its subscription within six months after accepting membership in the Fund.

  • Increase in Quota Equivalent to an Increase Under the Ninth General Review: The quota of the Czech and Slovak Federal Republic shall be increased to SDR 847 million, to which the Czech and Slovak Federal Republic may consent in accordance with the provisions of the Resolution of the Board of Governors No. 45-2 on the Ninth General Review of Quotas. This increase shall take effect in accordance with the terms of that Resolution and the Czech and Slovak Federal Republic shall pay the increase in accordance with Article III, Section 3 of the Articles.

  • Exchange Transactions with the Fund and Remuneration: The Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic 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 9(a) and 9(b) of this Resolution, and the Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic has complied with the conditions set forth in paragraph 8 of this Resolution, the Czech and Slovak Federal Republic shall become a member of the Fund on the date when the Czech and Slovak Federal Republic shall have complied with the following requirements:

    • (a) The Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic 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 Czech and Slovak Federal Republic are deemed by the Executive Board to warrant an extension of this period during which the Czech and Slovak Federal Republic 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 August 20, 1990. The Articles of Agreement were signed by the Honorable Vaclav Klaus, Minister of Finance of the Czech and Slovak Federal Republic, on behalf of the Government of the Czech and Slovak Federal Republic, on September 20, 1990.

Resolution No. 45-7

1990 Regular Election of Executive Directors

The Executive Board resolved on July 27, 1990 that action in connection with the regulations for the conduct of the 1990 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 July 30, 1990for a vote without meeting:

Resolved:

  • (a) That the proposed Regulations for the Conduct of the 1990 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 1992.

The Board of Governors adopted the foregoing Resolution, effective August 28, 1990.

Resolution No. 45-8

Membership for the People’s Republic of Bulgaria

Whereas, the People’s Republic of Bulgaria on February 23, 1990 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 Bulgaria 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 Bulgaria 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 Bulgaria 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 Bulgaria shall be SDR 310 million.

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

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

  • Increase in Quota Equivalent to an Increase Under the Ninth General Review: The quota of the People’s Republic of Bulgaria shall be increased to SDR 464.9 million, to which the People’s Republic of Bulgaria may consent in accordance with the provisions of the Resolution of the Board of Governors No. 45-2 on the Ninth General Review of Quotas. This increase shall take effect in accordance with the terms of that Resolution and the People’s Republic of Bulgaria shall pay the increase in accordance with Article III, Section 3 of the Articles.

  • Exchange Transactions with the Fund and Remuneration: The People’s Republic of Bulgaria 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 Bulgaria 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 Bulgaria 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 9(a) and 9(b) of this Resolution, and the People’s Republic of Bulgaria 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 Bulgaria has complied with the conditions set forth in paragraph 8 of this Resolution, the People’s Republic of Bulgaria shall become a member of the Fund on the date when the People’s Republic of Bulgaria shall have complied with the following requirements:

    • (a) The People’s Republic of Bulgaria 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 Bulgaria 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 Bulgaria 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 Bulgaria are deemed by the Executive Board to warrant an extension of this period during which the People’s Republic of Bulgaria 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 September 25, 1990. The Articles of Agreement were signed by the Honorable Belcho Belchev, Deputy Prime Minister and Minister of Finance of the People’s Republic of Bulgaria, on behalf of the Government of Bulgaria, on September 25, 1990.

Resolution No. 45-9

Membership for the Republic of Namibia

Whereas, the Republic of Namibia on June 15, 1990 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 Republic of Namibia 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 Republic of Namibia 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 Republic of Namibia 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 Republic of Namibia shall be SDR 70 million.

  • Payment of Subscription: The subscription of the Republic of Namibia shall be equal to its quota. The Republic of Namibia 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 Republic of Namibia.

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

  • Increase in Quota Equivalent to an Increase Under the Ninth General Review: The quota of the Republic of Namibia shall be increased to SDR 99.6 million, to which the Republic of Namibia may consent in accordance with the provisions of the Resolution of the Board of Governors No. 45-2 on the Ninth General Review of Quotas. This increase shall take effect in accordance with the terms of that Resolution and the Republic of Namibia shall pay the increase in accordance with Article III, Section 3 of the Articles.

  • Exchange Transactions with the Fund and Remuneration: The Republic of Namibia 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 Republic of Namibia 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 Republic of Namibia 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 9(a) and 9(b) of this Resolution, and the Republic of Namibia 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 Republic of Namibia has complied with the conditions set forth in paragraph 8 of this Resolution, the Republic of Namibia shall become a member of the Fund on the date when the Republic of Namibia shall have complied with the following requirements:

    • (a) The Republic of Namibia 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 Republic of Namibia 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 Republic of Namibia 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 Republic of Namibia are deemed by the Executive Board to warrant an extension of the period during which the Republic of Namibia 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 September 25, 1990. The Articles of Agreement were signed by the Honorable O. F. C. Herrigel, Minister of Finance of the Republic of Namibia, on behalf of the Government of Namibia, on September 25, 1990.

Resolution No. 45-10

Forthcoming Annual Meetings

Resolved:

That the invitation of the Government of Spain to hold the Annual Meetings in Madrid in 1994 be accepted;

That the 1994 Annual Meetings be convened on Tuesday, October 4, 1994; and

That the 1995 and 1996 Annual Meetings be convened, respectively, on Tuesday, October 10 and October 1, in Washington, D.C.

The Board of Governors adopted the foregoing Resolution, effective September 25, 1990.

Resolution No. 45-11

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, 1990, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1991 and the Capital Budget for capital projects beginning in Financial Year 1991 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 September 27, 1990.

Resolution No. 45-12

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 amendment of Rule N-12, which was made since the 1989 Annual Meeting, and has no changes to suggest.

The Board of Governors adopted the foregoing Resolution, effective September 27, 1990.

Resolution No. 44-5 was inadvertently assigned a number in the series associated with the 44th (1989) Annual Meeting.

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