Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1992
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Resolution No. 47-1—Membership for the Republic of the Marshall Islands

On May 24, 1991, the Government of the Republic of the Marshall Islands applied for admission to membership in the International Monetary Fund. The Executive Board resolved on March 13, 1992 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 13, 1992 for a vote without meeting.

Whereas, the Republic of the Marshall Islands, on May 24, 1991 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 the Marshall Islands 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 the Marshall Islands 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 the Marshall Islands 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 Republic of the Marshall Islands shall be SDR 1.5 million.

  • Payment of Subscription: The subscription of the Republic of the Marshall Islands shall be equal to its quota. The Republic of the Marshall Islands shall pay 22.7 percent of its subscription in SDRs or in the currencies of the 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 the Marshall Islands.

  • Timing of Payment of Subscription: The Republic of the Marshall Islands 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 the Marshall Islands shall be increased to SDR 2.5 million, subject to the consent of the Republic of the Marshall Islands to be given 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 the Marshall Islands shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of the Marshall Islands 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 the Marshall Islands 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 the Marshall Islands 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 the Marshall Islands are deemed by the Executive Board to warrant an extension of this period during which the Republic of the Marshall Islands 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 13, 1992. The Articles of Agreement were signed by the Honorable Ruben Zackhras, Minister of Finance, on behalf of the Government of the Marshall Islands, on May 21, 1992.

Resolution No. 47-2—Membership for the Republic of Estonia

On September 9, 1991, the Government of the Republic of Estonia applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Republic of Estonia on September 9, 1991 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 Estonia 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 Estonia 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 Estonia 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 Republic of Estonia shall be SDR 31 million.

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

  • Timing of Payment of Subscription: The Republic of Estonia 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 Estonia shall be increased to SDR 46.5 million, subject to the consent of the Republic of Estonia, to be given 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 Estonia shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Estonia 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 Estonia 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 Estonia 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 Estonia are deemed by the Executive Board to warrant an extension of this period during which the Republic of Estonia 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 27,1992. The Articles of Agreement were signed by the Honorable Siim Kallas, Governor of the Bank of Estonia, on behalf of the Government of Estonia, on May 26, 1992.

Resolution No. 47-3—Membership for the Republic of Lithuania

On September 11, 1991, the Government of the Republic of Lithuania applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Republic of Lithuania on September 11, 1991 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 Lithuania 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 Lithuania 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 Lithuania 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 Republic of Lithuania shall be SDR 69 million.

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

  • Timing of Payment of Subscription: The Republic of Lithuania 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 Lithuania shall be increased to SDR 103.5 million, subject to the consent of the Republic of Lithuania, to be given 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 Lithuania shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Lithuania 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 Lithuania 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 Lithuania 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 Lithuania are deemed by the Executive Board to warrant an extension of this period during which the Republic of Lithuania 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 27, 1992. The Articles of Agreement were signed by the Honorable Vytenis Aleskaitis, Minister of International Economic Relations, on behalf of the Government of Lithuania, on April 29, 1992.

Resolution No. 47-4—Membership for the Republic of Latvia

On September 27, 1991, the Government of the Republic of Latvia applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Republic of Latvia on September 27, 1991 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 Latvia 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 Latvia 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 Latvia 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 Republic of Latvia shall be SDR 61 million.

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

  • Timing of Payment of Subscription: The Republic of Latvia 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 Latvia shall be increased to SDR 91.5 million, subject to the consent of the Republic of Latvia, to be given 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 Latvia shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Latvia 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 Latvia 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 Latvia 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 Latvia are deemed by the Executive Board to warrant an extension of this period during which the Republic of Latvia 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 27, 1992. The Articles of Agreement were signed by the Honorable Elmars Silins, Minister of Finance, on behalf of the Government of Latvia, on May 19, 1992.

Resolution No. 47-5—Membership for Ukraine

On December 27,1991, the Government of Ukraine applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, Ukraine on December 27, 1991 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 Ukraine 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 Ukraine 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 Ukraine 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 Ukraine shall be SDR 665 million.

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

  • Timing of Payment of Subscription: Ukraine 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 Ukraine shall be increased to SDR 997.3 million, subject to the consent of Ukraine, to be given 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 Ukraine shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) Ukraine 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) Ukraine 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: Ukraine 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 Ukraine are deemed by the Executive Board to warrant an extension of this period during which Ukraine 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 27, 1992. The Articles of Agreement were signed by the Honorable Hryhoriy Pyatachenko, Minister of Finance, on behalf of the Government of Ukraine, on September 3, 1992.

Resolution No. 47-6—Membership for the Azerbaijan Republic

On January 7, 1992, the Government of the Azerbaijan Republic applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 20, 1992 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 April 20,1992for a vote without meeting.

Whereas, the Azerbaijan Republic on January 7, 1992 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 Azerbaijan 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 Azerbaijan 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 Azerbaijan 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 Azerbaijan Republic shall be SDR 78 million.

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

  • Timing of Payment of Subscription: The Azerbaijan 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 Azerbaijan Republic shall be increased to SDR 117 million, subject to the consent of the Azerbaijan Republic, to be given 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 Azerbaijan Republic shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Azerbaijan 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 Azerbaijan 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 Azerbaijan 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 Azerbaijan Republic are deemed by the Executive Board to warrant an extension of this period during which the Azerbaijan 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 May 5, 1992. The Articles of Agreement were signed by the Honorable Badir Karaev, Minister of Finance, on behalf of the Government of Azerbaijan, on September 18, 1992.

Resolution No. 47-7—Membership for the Russian Federation

On January 7, 1992, the Government of the Russian Federation applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Russian Federation on January 7, 1992 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 Russian Federation 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 Russian Federation 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 Russian Federation 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 Russian Federation shall be SDR 2,876 million.

  • Payment of Subscription: The subscription of the Russian Federation shall be equal to its quota. The Russian Federation 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 Russian Federation.

  • Timing of Payment of Subscription: The Russian Federation 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 Russian Federation shall be increased to SDR 4,313.1 million, subject to the consent of the Russian Federation, to be given 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 Russian Federation shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Russian Federation 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 Russian Federation 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 Russian Federation 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 Russian Federation are deemed by the Executive Board to warrant an extension of this period during which the Russian Federation 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 27, 1992. The Articles of Agreement were signed by the Honorable Konstantin Kagalovskiy, Plenipotentiary Representative of the Russian Government for Relations with International Financial Organizations, on behalf of the Government of the Russian Federation, on June 1, 1992.

Resolution No. 47-8—Membership for the Republic of Armenia

On January 10,1992, the Government of the Republic of Armenia applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Republic of Armenia on January 10, 1992 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 Armenia 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 Armenia 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 Armenia 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 Republic of Armenia shall be SDR 45 million.

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

  • Timing of Payment of Subscription: The Republic of Armenia 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 Armenia shall be increased to SDR 67.5 million, subject to the consent of the Republic of Armenia, to be given 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 Armenia shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Armenia 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 Armenia 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 Armenia 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 Armenia are deemed by the Executive Board to warrant an extension of this period during which the Republic of Armenia 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 27, 1992. The Articles of Agreement were signed by the Honorable Alexander Arzoumanian, Permanent Representative of the Republic of Armenia to the United Nations, on behalf of the Government of Armenia, on May 28, 1992.

Resolution No, 47-9—Membership for the Republic of Kazakhstan

On January 13, 1992, the Government of the Republic of Kazakhstan applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Republic of Kazakhstan on January 13, 1992 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 Kazakhstan 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 Kazakhstan 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 Kazakhstan 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 Republic of Kazakhstan shall be SDR 165 million.

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

  • Timing of Payment of Subscription: The Republic of Kazakhstan 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 Kazakhstan shall be increased to SDR 247.5 million, subject to the consent of the Republic of Kazakhstan, to be given 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 Kazakhstan shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Kazakhstan 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 Kazakhstan 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 Kazakhstan 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 Kazakhstan are deemed by the Executive Board to warrant an extension of this period during which the Republic of Kazakhstan 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 27, 1992. The Articles of Agreement were signed by the Honorable Beisenbai Izteleuov, Deputy Chairman of the High Economic Council to the President of Kazakhstan, on behalf of the Government of Kazakhstan, on July 15, 1992.

Resolution No. 47-10—Membership for the Republic of Kyrgyzstan

On January 21, 1992, the Government of the Republic of Kyrgyzstan applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 13, 1992 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 April 13, 1992 for a vote without meeting.

Whereas, the Republic of Kyrgyzstan on January 21, 1992 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 Kyrgyzstan 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 Kyrgyzstan 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 Kyrgyzstan 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 Republic of Kyrgyzstan shall be SDR 43 million.

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

  • Timing of Payment of Subscription: The Republic of Kyrgyzstan 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 Kyrgyzstan shall be increased to SDR 64.5 million, subject to the consent of the Republic of Kyrgyzstan, to be given 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 Kyrgyzstan shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Kyrgyzstan 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 Kyrgyzstan 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 Kyrgyzstan 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 Kyrgyzstan are deemed by the Executive Board to warrant an extension of this period during which the Republic of Kyrgyzstan 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 27, 1992. The Articles of Agreement were signed by the Honorable Askar Sarygulov, Minister of Foreign Economic Relations, on behalf of the Government of Kyrgyzstan, on May 8, 1992.

Resolution No. 47-11—Membership for the Republic of Moldova

On January 31, 1992, the Government of the Republic of Moldova applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Republic of Moldova on January 31, 1992 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 Moldova 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 Moldova 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 Moldova 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 Republic of Moldova shall be SDR 60 million.

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

  • Timing of Payment of Subscription: The Republic of Moldova 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 Moldova shall be increased to SDR 90 million, subject to the consent of the Republic of Moldova, to be given 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 Moldova shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Moldova 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 Moldova 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 Moldova 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 Moldova are deemed by the Executive Board to warrant an extension of this period during which the Republic of Moldova 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 27, 1992. The Articles of Agreement were signed by the Honorable Andrei Sangheli, Prime Minister of Moldova, on behalf of the Government of Moldova, on August 12, 1992.

Resolution No. 47-12—Membership for the Republic of Belarus

On February 10, 1992, the Government of the Republic of Belarus applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Republic of Belarus on February 10, 1992 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 Belarus 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 Belarus 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 Belarus 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 Republic of Belarus shall be SDR 187 million.

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

  • Timing of Payment of Subscription: The Republic of Belarus 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 Belarus shall be increased to SDR 280.4 million, subject to the consent of the Republic of Belarus, to be given 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 Belarus shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Belarus 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 Belarus 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 Belarus 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 Belarus are deemed by the Executive Board to warrant an extension of this period during which the Republic of Belarus 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 27, 1992. The Articles of Agreement were signed by the Honorable Mikhail Mjasnikovich, First Deputy Chairman of the Council of Ministers, on behalf of the Government of Belarus, on July 10, 1992.

Resolution No. 47-13—Membership for Turkmenistan

On February 26, 1992, the Government of Turkmenistan applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10,1992 for a vote without meeting.

Whereas, Turkmenistan on February 26, 1992 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 Turkmenistan 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 Turkmenistan 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 Turkmenistan 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 Turkmenistan shall be SDR 32 million.

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

  • Timing of Payment of Subscription: Turkmenistan 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 Turkmenistan shall be increased to SDR 48 million, subject to the consent of Turkmenistan, to be given 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 Turkmenistan shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) Turkmenistan 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) Turkmenistan 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: Turkmenistan 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 Turkmenistan are deemed by the Executive Board to warrant an extension of this period during which Turkmenistan 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 27, 1992. The Articles of Agreement were signed by the Honorable Redjep Saparov, Deputy Head of the Cabinet of Ministers, on behalf of the Government of Turkmenistan, on September 22, 1992.

Resolution No. 47-14—Membership for the Republic of Tajikistan

On March 3, 1992, the Government of the Republic of Tajikistan applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 10, 1992 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 April 10, 1992 for a vote without meeting.

Whereas, the Republic of Tajikistan on March 3, 1992 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 Tajikistan 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 Tajikistan 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 Tajikistan 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 Republic of Tajikistan shall be SDR 40 million.

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

  • Timing of Payment of Subscription: The Republic of Tajikistan 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 Tajikistan shall be increased to SDR 60 million, subject to the consent of the Republic of Tajikistan, to be given 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 Tajikistan shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Tajikistan 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 Tajikistan 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 Tajikistan 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 Tajikistan are deemed by the Executive Board to warrant an extension of this period during which the Republic of Tajikistan 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 27, 1992.

Resolution No. 47-15—Membership for the Republic of Uzbekistan

On March 3, 1992, the Government of the Republic of Uzbekistan applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 13, 1992 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 April 13, 1992 for a vote without meeting.

Whereas, the Republic of Uzbekistan on March 3, 1992 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 Uzbekistan 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 Uzbekistan 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 Uzbekistan 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 Republic of Uzbekistan shall be SDR 133 million.

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

  • Timing of Payment of Subscription: The Republic of Uzbekistan 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 Uzbekistan shall be increased to SDR 199.5 million, subject to the consent of the Republic of Uzbekistan, to be given 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 Uzbekistan shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Uzbekistan 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 Uzbekistan 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 Uzbekistan 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 Uzbekistan are deemed by the Executive Board to warrant an extension of this period during which the Republic of Uzbekistan 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 27, 1992. The Articles of Agreement were signed by the Honorable Faizullah M. Mulladzhanov, Chairman of the Board of the Central Bank, on behalf of the Government of Uzbekistan, on September 21, 1992.

Resolution No. 47-16—Membership for the Republic of Georgia

On March 11, 1992, the Government of the Republic of Georgia applied for admission to membership in the International Monetary Fund. The Executive Board resolved on April 13, 1992 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 April 13, 1992 for a vote without meeting.

Whereas, the Republic of Georgia on March 11, 1992 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 Georgia 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 Georgia 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 Georgia 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 Republic of Georgia shall be SDR 74 million.

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

  • Timing of Payment of Subscription: The Republic of Georgia 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 Georgia shall be increased to SDR 111 million, subject to the consent of the Republic of Georgia to be given 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 Georgia shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) The Republic of Georgia 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 Georgia 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 Georgia 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 Georgia are deemed by the Executive Board to warrant an extension of this period during which the Republic of Georgia 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 27, 1992. The Articles of Agreement were signed by the Honorable Otar Kvilitaia, First Deputy Prime Minister, on behalf of the Government of Georgia, on May 5, 1992.

Resolution No. 47-17—Membership for the Federated States of Micronesia

On October 1, 1991, the Government of the Federated States of Micronesia applied for admission to membership in the International Monetary Fund. The Executive Board resolved on June 12, 1992 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 16, 1992 for a vote without meeting.

Whereas, the Federated States of Micronesia on October 1, 1991 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 the Federated States of Micronesia 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 Federated States of Micronesia 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 Federated States of Micronesia 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 Federated States of Micronesia shall be SDR 2.25 million.

  • Payment of Subscription: The subscription of the Federated States of Micronesia shall be equal to its quota. The Federated States of Micronesia 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 Federated States of Micronesia.

  • Timing of Payment of Subscription: The Federated States of Micronesia 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 Federated States of Micronesia shall be increased to SDR 3.5 million, subject to the consent of the Federated States of Micronesia, to be given 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 Federated States of Micronesia shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) the Federated States of Micronesia 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 Federated States of Micronesia 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 Federated States of Micronesia 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 Federated States of Micronesia are deemed by the Executive Board to warrant an extension of this period during which the Federated States of Micronesia 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 July 14, 1992.

Resolution No. 47-18—Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1992 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 1, 1992 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 9, 1992 for a vote without meeting:

Resolved:

That, effective July 1, 1992, 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, $119,090 per year for Executive Directors and $101,680 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 21, 1992.

Resolution No. 47-19—1992 Regular Election of Executive Directors

Resolved:

  • (a) That the proposed Regulations for the Conduct of the 1992 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 1994.

The Board of Governors adopted the foregoing Resolution, effective September 22, 1992.

Resolution No. 47-20—Membership for the Republic of San Marino

Whereas, the Republic of San Marino on May 29, 1992 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 the Republic of San Marino 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 San Marino 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 San Marino 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 Republic of San Marino shall be SDR 6.5 million.

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

  • Timing of Payment of Subscription: The Republic of San Marino 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 San Marino shall be increased to SDR 10 million, to which the Republic of San Marino 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 San Marino shall pay the increase in accordance with Article III, Section 3 of the Articles.

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

    • (a) the Republic of San Marino 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 San Marino 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 San Marino 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 San Marino are deemed by the Executive Board to warrant an extension of the period during which the Republic of San Marino 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 September 22,1992. The Articles of Agreement were signed by the Honorable Clelio Galassi, Secretary of State for Finance and Budget, on behalf of the Government of San Marino, on September 23, 1992.

Resolution No. 47-21—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, 1992, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1993 and the Capital Budget for capital projects beginning in Financial Year 1993 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 24, 1992.

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