Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
October 1967
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Resolution No. 22-1. Increase in the Quota of Peru

Under date of February 27, 1967, the Government of Peru requested that its quota be increased from $47 million to $85 million. The Executive Board resolved on April 14, 1967 that action on the request should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on April 18, 1967 for a vote without meeting:

Resolved:

That the quota of Peru shall be changed to $85 million, provided that Peru consents to the change on or before November 22, 1967, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Peru. The change shall become effective on the date the Fund receives notice in writing that Peru consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective May 22, 1967. The written notice that Peru consented to the increase was received by the Fund on June 22, 1967, on which date the new quota became effective.

Resolution No. 22-2. Increase in the Quota of Korea

Under date of February 28, 1967, the Government of Korea requested that its quota in the Fund be increased from $24 million to $50 million. The Executive Board resolved on May 5, 1967 that action on the request should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 2, 1967 for a vote without meeting:

Resolved:

That the quota of Korea shall be changed to $50 million, provided that Korea consents to the change on or before January 3, 1968, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Korea. The change shall become effective on the date the Fund receives notice in writing that Korea consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective July 3, 1967.

Resolution No. 22-3. Increase in the Quota of Viet-Nam

Under date of January 19, 1967, the Government of Viet-Nam requested that its quota in the Fund be increased from $29 million to $39 million. The Executive Board resolved on May 26, 1967 that action on the request should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 2, 1967 for a vote without meeting:

Resolved:

That the quota of Viet-Nam shall be changed to $39 million, provided that Viet-Nam consents to the change on or before January 3, 1968, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Viet-Nam. The change shall become effective on the date the Fund receives notice in writing that Viet-Nam consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective July 3, 1967. The written notice that Viet-Nam consented to the increase was received by the Fund on July 31, 1967, on which date the new quota became effective.

Resolution No. 22-4. Membership for The Gambia

On June 14, 1966, the Government of The Gambia applied for membership in the Fund. The Executive Board resolved on June 2, 1967 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 15, 1967 for a vote without meeting:

Whereas, the Government of The Gambia on June 14, 1966 applied for membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with the representative of that Government and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for admitting The Gambia to membership in the Fund;

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which The Gambia shall be admitted to membership in the Fund shall be as follows:

  • 1. Definitions: As used in this Resolution:

    • (a) The term “Fund” means the International Monetary Fund.

    • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of The Gambia shall be $5 million.

  • 3. Subscription: The subscription of The Gambia shall be equal to its quota. The Gambia shall pay in gold, as a minimum, the lesser of (1) 25 per cent of its quota, or (2) 10 per cent of its net official holdings of gold and convertible currencies as of the date that The Gambia makes the representation to the Fund that it has taken all action necessary to adhere to the Articles of Agreement. The balance of the subscription shall be paid in the currency of The Gambia.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of The Gambia. In case The Gambia does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of The Gambia has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, The Gambia shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, The Gambia and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that The Gambia shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, The Gambia shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: The Gambia may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full; provided, however, that at any time before the requirements under (a) and (b) have been met, the Executive Directors are authorized to permit exchange transactions with The Gambia under such conditions and in such amounts as may be prescribed by the Executive Directors.

  • 7. Representation and Information: Before accepting membership in the Fund, The Gambia shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and The Gambia shall furnish to the Fund such information in respect of such action as the Fund may request.

  • 8. Acceptance of Membership: After the Fund shall have informed the Government of the United States of America that The Gambia has complied with the conditions set forth in paragraph 7 of this Resolution, The Gambia shall become a member of the Fund as of the date when The Gambia shall have complied with the following requirements:

    • (a) The Gambia shall deposit with the Government of the United States of America an instrument stating that it has accepted 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 Gambia shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Limitation on Period of Acceptance of Membership: The Gambia may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

The Board of Governors adopted the foregoing Resolution, effective July 17, 1967. The Articles of Agreement were signed by Mr. E. W. Maude, Executive Director of the Fund for the United Kingdom, on behalf of the Government of The Gambia, on September 21, 1967.

Resolution No. 22-5 1. Financial Statements, Report on Audit, and Administrative Budget

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Fiscal Year ended April 30, 1967, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1968 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 22-6 1. General Reserve

Resolved:

The Board of Governors, having noted the recommendation of the Executive Directors and the considerations relating thereto set forth in the letter of transmittal2 of September 11, 1967 from the Managing Director and Chairman of the Executive Board to the Chairman of the Board of Governors, approves the allocation to the General Reserve of $50,426,541.55, the net income for the fiscal year ended April 30, 1967.

Resolution No. 22-7 1. Membership for Botswana

Whereas, the Government of Botswana on July 11, 1967, applied for admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Directors have consulted with the representatives of that Government and have agreed upon the terms and conditions which, in the opinion of the Executive Directors, the Board of Governors may wish to prescribe for admitting Botswana to membership in the Fund;

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which Botswana shall be admitted to membership in the Fund shall be as follows:

  • 1. Definitions: As used in this Resolution:

    • (a) The term “Fund” means the International Monetary Fund.

    • (b) The term “Articles” means the Articles of Agreement of the International Monetary Fund.

    • (c) The term “dollars” or “$” means United States dollars of the weight and fineness in effect on July 1, 1944.

  • 2. Quota: The quota of Botswana shall be $3 million.

  • 3. Subscription: The subscription of Botswana shall be equal to its quota. Botswana shall pay in gold not less than 3 per cent of its subscription and the balance of the subscription shall be paid in the currency of Botswana.

  • 4. Payment of Subscription: The portion of the subscription to be paid in gold shall be paid not later than the day the Articles are signed on behalf of Botswana. In case Botswana does not acquire membership in the Fund the gold so paid shall be returned to it by the Fund. The remaining part of the subscription which has not been paid in gold shall be paid before the thirtieth day after the initial par value of the currency of Botswana has been agreed in accordance with paragraph 5 below.

  • 5. Determination of Par Value: Within 30 days after the Fund so requests, Botswana shall communicate to the Fund a proposed par value for its currency, and within 60 days following the Fund’s receipt of the proposed par value, Botswana and the Fund shall agree on an initial par value for the currency; provided that the Fund may extend the period of 60 days and that Botswana shall be deemed to have withdrawn from the Fund if agreement on a par value has not been reached when the extended period expires. In the period between accepting membership and the establishment of an initial par value pursuant to this paragraph, Botswana shall not change its exchange rates prevailing at the time of accepting membership without agreement with the Fund after prior consultation.

  • 6. Exchange Transactions with the Fund: Botswana may not engage in exchange transactions with the Fund until both (a) the par value of its currency has been agreed in accordance with paragraph 5 above and put into operation and (b) its subscription has been paid in full; provided, however, that at any time before the requirements under (a) and (b) have been met, the Executive Directors are authorized to permit exchange transactions with Botswana under such conditions and in such amounts as may be prescribed by the Executive Directors.

  • 7. Representation and Information: Before accepting membership in the Fund, Botswana shall represent to the Fund that it has taken all action necessary to sign and deposit the Instrument of Acceptance and sign the Articles, as contemplated by paragraph 8(a) and (b) of this Resolution, and Botswana shall furnish to the Fund such information in respect of such action as the Fund may request.

  • 8. Acceptance of Membership: After the Fund shall have informed the Government of the United States of America that Botswana has complied with the conditions set forth in paragraph 7 of this Resolution, Botswana shall become a member of the Fund as of the date when Botswana shall have complied with the following requirements:

    • (a) Botswana shall deposit with the Government of the United States of America an instrument stating that it has accepted 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) Botswana shall sign the original copy of the Articles held in the Archives of the Government of the United States of America.

  • 9. Period for Acceptance of Membership: Botswana may accept membership in the Fund pursuant to this Resolution within six months of the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Directors may extend such period until such later date as they may determine.

Resolution No. 22-8 1. Establishment of a Facility Based on Special Drawing Rights in the Fund and Modifications in the Rules and Practices of the Fund

Whereas the functioning of the international monetary system and its improvement, including arrangements to meet the need, as and when it arises, for a supplement to existing reserve assets, have been the subject of extensive study and international discussion resulting in the Outline of a Facility Based on Special Drawing Rights in the International Monetary Fund, which Outline is attached to this Resolution; and

Whereas studies are currently under way on possible improvements in the present rules and practices of the Fund;

Now, therefore, the Board of Governors hereby resolves:

That the Executive Directors are requested to

  • 1. Proceed with their work relating to both

    • (a) the establishment in the Fund of a new facility on the basis of the Outline in order to meet the need, as and when it arises, for a supplement to existing reserve assets, and

    • (b) improvements in the present rules and practices of the Fund based on developments in world economic conditions and the experience of the Fund since the adoption of the Articles of Agreement of the Fund; and

  • 2. Submit to the Board of Governors as soon as possible but not later than March 31, 1968

    • (a) a report proposing amendments to the Articles of Agreement and the By-Laws for the purpose of establishing a new facility on the basis of the Outline, and

    • (b) a report proposing such amendments to the Articles of Agreement and the By-Laws as would be required to give effect to those modifications in the present rules and practices of the Fund that the Executive Directors will recommend.

Attachment to Resolution No. 22-8. Outline of a Facility Based on Special Drawing Rights in the Fund

Introduction

The facility described in this Outline is intended to meet the need, as and when it arises, for a supplement to existing reserve assets. It is to be established within the framework of the Fund and, therefore, by an Amendment of the Fund’s Articles. Provisions relating to some of the topics in this Outline could be included in By-Laws adopted by the Board of Governors or Rules and Regulations adopted by the Executive Directors rather than in the Amendment.

I. Establishment of a Special Drawing Account in the Fund

(a) An Amendment to the Articles will establish a Special Drawing Account through which all the operations relating to special drawing rights will be carried out. The purposes of the facility will be set forth in the introductory section of the Amendment.

(b) The operations of and resources available under the Special Drawing Account will be separate from the operations of the present Fund which will be referred to as the General Account.

(c) Separate provisions will be included in the Amendment for withdrawal from or liquidation of the Special Drawing Account; Article XVI, Section 2 and Schedules D and E on withdrawal and liquidation will continue to apply as they do at present to the General Account of the Fund.

II. Participants and Other Holders

1. Participants. Participation in the Special Drawing Account will be open to any member of the Fund that undertakes the obligations of the Amendment. A member’s quota in the Fund will be the same for the purposes of both the General and the Special Drawing Accounts of the Fund.

2. Holding by General Account. The General Account will be authorized to hold and use special drawing rights.

III. Allocation of Special Drawing Rights

1. Principles for decisions. The Special Drawing Account will allocate special drawing rights in accordance with the provisions of the Amendment. Special considerations applicable to the first decision to allocate special drawing rights, as well as the principles on which all decisions to allocate special drawing rights will be based, will be included in the introductory section of the Amendment and, to the extent necessary, in a Report explaining the Amendment.

2. Basic period and rate of allocation. The following provisions will apply to any decision to allocate special drawing rights:

(i) The decision will prescribe a basic period during which special drawing rights will be allocated at specified intervals. The period will normally be five years in length, but the Fund may decide that any basic period will be of different duration. The first basic period will begin on the effective date of the first decision to allocate special drawing rights.

(ii) The decision will also prescribe the rate or rates at which special drawing rights will be allocated during the basic period. Rates will be expressed as a percentage, uniform for all participants, of quotas on the date specified in the decision.

3. Procedure for decisions.

(a) Any decision on the basic period for, timing of, or rate of allocation of special drawing rights will be taken by the Board of Governors on the basis of a proposal by the Managing Director concurred in by the Executive Directors.

(b) Before formulating any proposal, the Managing Director after having satisfied himself that the considerations referred to in III.1 have been met, will conduct such consultations as will enable him to ascertain that there is broad support among participants for the allocation of special drawing rights at the proposed rate and for the proposed basic period.

(c) The Managing Director will make proposals with respect to the allocation of special drawing rights: (i) within sufficient time before the end of a basic period; (ii) in the circumstances of III.4; (iii) within six months after the Board of Governors or the Executive Directors request that he make a proposal. The Managing Director will make a proposal for the first basic period when he is of the opinion that there is broad support among the participants to start the allocation of special drawing rights.

(d) The Executive Directors will review both the operations of the Special Drawing Account and the adequacy of global reserves as part of their annual report to the Board of Governors.

4. Change in rate of allocation or basic period. If there are unexpected major developments which make it desirable to change the rate at which further special drawing rights are to be allocated for a basic period, (i) the rate may be increased or decreased, or (ii) the basic period may be terminated and a different rate of allocation adopted for a new basic period. Paragraph III.3 will apply to such changes.

5. Voting majority.

(a) For decisions on the basic period for, timing of, amount and rate of allocation of special drawing rights, an 85 per cent majority of the voting power of participants shall be required.

(b) Notwithstanding (a) above, the decisions to decrease the rate of allocation of special drawing rights for the remainder of the basic period will be taken by a simple majority of the voting power of participants.

6. Opting out.

The Amendment will include provisions that will prescribe to what extent a participant will be required initially to receive special drawing rights, but will stipulate that beyond any such amount a participant that does not vote in favor of a decision to allocate special drawing rights may elect not to receive them under that decision.

IV. Cancellation of Special Drawing Rights

The principles set forth in III relating to the procedure and voting for the allocation of special drawing rights will be applicable, with appropriate modifications, to the cancellation of such rights.

V. Use of Special Drawing Rights

1. Right to use special drawing rights.

(a) A participant will be entitled, in accordance with the provisions of V, to use special drawing rights to acquire an equivalent amount of a currency convertible in fact. A participant which thus provides currency will receive an equivalent amount of special drawing rights.

(b) Within the framework of such rules and regulations as the Fund may adopt, a participant may obtain the currencies referred to in (a) either directly from another participant or through the Special Drawing Account.

(c) Except as indicated in V.3(c), a participant will be expected to use its special drawing rights only for balance of payments needs or in the light of developments in its total reserves and not for the sole purpose of changing the composition of its reserves.

(d) The use of special drawing rights will not be subject to prior challenge on the basis of this expectation, but the Fund may make representations to any participant which, in the Fund’s judgment, has failed to observe the expectation, and may direct drawings to such participant to the extent of such failure.

2. Provision of currency.

A participant’s obligation to provide currency will not extend beyond a point at which its holdings of special drawing rights in excess of the net cumulative amount of such rights allocated to it are equal to twice that amount. However, a participant may provide currency, or agree with the Fund to provide currency, in excess of this limit.

3. Selection of participants to be drawn upon.

The Fund’s rules and instructions relating to the participants from which currencies should be acquired by users of special drawing rights will be based on the following main general principles, supplemented by such principles as the Fund may find desirable from time to time:

(a) Normally, currencies will be acquired from participants that have a sufficiently strong balance of payments and reserve position, but this will not preclude the possibility that currency will be acquired from participants with strong reserve positions even though they have moderate balance of payments deficits.

(b) The Fund’s primary criterion will be to seek to approach over time equality, among the participants indicated from time to time by the criteria in (a) above, in the ratios of their holdings of special drawing rights, or such holdings in excess of net cumulative allocations thereof, to total reserves.

(c) In addition, the Fund will, in its rules and instructions, provide for such use of special drawing rights, either directly between participants or through the intermediary of the Special Drawing Account, as will promote voluntary reconstitution and reconstitution under V.4.

(d) Subject to the provisions of V.l(c), a participant may use its special drawing rights to purchase balances of its currency held by another participant, with the agreement of the latter.

4. Reconstitution.

(a) Members that use their special drawing rights will incur an obligation to reconstitute their position in accordance with principles which will take account of the amount and the duration of the use. These principles will be laid down in rules and regulations of the Fund.

(b) The rules for reconstitution of drawings made during the first basic period will be based on the following principles:

  • (i) The average net use, taking into account both use below and holdings above its net cumulative allocation, made by a participant of its special drawing rights calculated on the basis of the preceding five years, shall not exceed 70 per cent of its average net cumulative allocation during this period. Reconstitution under this subparagraph (i) will be brought about through the mechanism of transfers, by the Fund directing drawings correspondingly.

  • (ii) Participants will pay due regard to the desirability of pursuing over time a balanced relationship between their holdings of special drawing rights and other reserves.

(c) Reconstitution rules will be reviewed before the end of the first and of each subsequent period and new rules will be adopted, if necessary. If new rules are not adopted for a basic period, the rules for the preceding period shall apply unless it is decided to abrogate reconstitution rules. The same majority as is required for decisions on the basic period, timing of, or rate of allocation of special drawing rights will be required for decisions to adopt, amend, or abrogate reconstitution rules. Any amendment in the rules will govern the reconstitution of drawings made after the effective date of the amendment, unless otherwise decided.

VI. Interest and Maintenance of Gold Value

(a) Interest. A moderate rate of interest will be paid in special drawing rights on holdings of special drawing rights. The cost of this interest will be assessed against all participants in proportion to net cumulative allocations of special drawing rights to them.

(b) Maintenance of gold value. The unit of value for expressing special drawing rights will be equal to 0.888 671 grams of fine gold. The rights and obligations of participants and of the Special Drawing Account will be subject to an absolute maintenance of gold value or to provisions similar to Article IV, Section 8 of the Fund’s Articles.

VII. Functions of Fund Organs and Voting

1. Exercise of powers. The decisions taken with respect to the Special Drawing Account, and the supervision of its operations, will be carried out by the Board of Governors, the Executive Directors, the Managing Director, and the staff of the Fund. Certain powers, and in particular those relating to the adoption of decisions concerning the allocation, cancellation, and certain aspects of the use of special drawing rights, will be reserved to the Board of Governors. All other powers, except those specifically granted to other organs, will be vested in the Board of Governors which will be able to delegate them to the Executive Directors.

2. Voting. Except as otherwise provided in the Amendment, all decisions pertaining to the Special Drawing Account will be taken by a majority of votes cast. The precise formula for the voting power of participants, which will include basic and weighted votes, and possibly the adjustment of voting power in relation to the use of special drawing rights, will be the subject of later consideration.

VIII. General Provisions

1. Collaboration. Participants will undertake to collaborate with the Fund in order to facilitate the proper functioning and effective use of special drawing rights within the international monetary system.

2. Nonfulfillment of obligations.

  • (a) If the Fund finds that a participant has failed to fulfill its obligations to provide currency in accordance with the Amendment, the Fund may suspend the right of the participant to use its special drawing rights.

  • (b) If the Fund finds that a participant has failed to fulfill any other obligation under the Amendment, the Fund may suspend the participant’s right to use any special drawing rights allocated to, or acquired by, it after the suspension.

  • (c) Suspension under (a) or (b) above will not affect a participant’s obligation to provide currency in accordance with the Amendment.

  • (d) The Fund may at any time terminate a suspension under (a) or (b) above.

3. Accounts. All changes in holdings of special drawing rights will take effect when recorded in the accounts of the Special Drawing Account.

IX. Entry into Force

The Amendment would enter into force in accordance with the terms of Article XVII of the Fund’s Articles.

Resolution No. 22-9 1. Stabilization of Prices of Primary Products

Whereas Governors of the Fund and the Bank for Cameroon, Central African Republic, Congo (Brazzaville), Ivory Coast, Dahomey, France, Gabon, Upper Volta, Madagascar, Mali, Mauritania, Niger, Senegal, Chad and Togo have transmitted to the Managing Director of the International Monetary Fund the following request:

Considering the decisive importance of the stabilization of prices of primary products at a remunerative level for the economic advancement of the developing countries and the improvement of the standard of living of their populations, the Governors meeting in Dakar request that in Rio study be made of the conditions in which IMF, IBRD and IDA could participate in the elaboration of suitable mechanisms involving balanced commitments on the part both of the producing and of the consuming countries, and devote the necessary resources thereto.

And whereas the Board of Governors recognizes the importance of this subject in relation to the purposes of the Fund;

Now therefore the Board of Governors resolves that the Managing Director is hereby invited to have the staff, in consultation with the Bank staff, prepare a study of the problem, its possible solutions, and their economic feasibility, in the light of the foregoing, to be submitted to the Executive Directors who are requested to transmit it with such comments or recommendations as they may have to the Board of Governors for consideration and appropriate decision by the Board, if possible at its next Annual Meeting.

Resolution No. 22-10 1. Appreciation

Resolved:

That the Governors of the International Bank for Reconstruction and Development and its Affiliates and the International Monetary Fund express their deep appreciation to the Government and people of Brazil and of the City of Rio de Janeiro for their warm and gracious hospitality; and

That they express their particular appreciation to the Governor and Alternate Governors for Brazil and their associates for their outstanding contributions to the success of this 1967 Annual Meeting.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC, and IDA, on September 29, 1967.

See page 257.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC, and IDA, on September 29, 1967.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC, and IDA, on September 29, 1967.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC, and IDA, on September 29, 1967.

Adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA, in Joint Session, on September 29, 1967.

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