Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
October 1976
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Resolution No. 31-1: Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1975 Joint Committee on the Remuneration of Executive Directors and their Alternates directed the Secretary of the Fund to transmit its second report and recommendations to the Board of Governors of the Fund, following the Governors’ defeat of the draft resolution recommended for adoption in the Joint Committee’s first report, which was submitted to the Governors on June 23, 1975. The Joint Committee’s second report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the Executive Directors requested the Governors to vote without meeting on the above-mentioned Resolution submitted to them on September 15, 1975:

Resolved:

1. That, effective July 1, 1975, the annual rates of remuneration of Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be as follows:

  • (i) As salary, $38,500 per year for Executive Directors and $30,200 per year for their Alternates;

  • (ii) As supplemental allowance for expenses (including housing and entertainment), except those specified in Section 14(f) of the By-Laws, $5,000 per year for Executive Directors and $4,000 per year for their Alternates.

2. That, effective March 1, 1975, the changes in the Spouse and Dependency Allowances made applicable to the staff of the Fund as of that date shall apply also to Executive Directors and their Alternates.

3. That, effective with the next regular academic year beginning after May 1, 1975, or effective from September 1, 1975 for the remaining part of a current academic year, as the case may be, the change in the Education Allowance made applicable to staff of the Fund shall also apply to Executive Directors of the Fund and their Alternates.

4. That, effective July 1, 1975, an Executive Director of the Fund or his Alternate, who has elected not to participate in the Staff Retirement Plan of the Fund and continues to participate in the retirement scheme of his previous employer, shall be entitled to have the Fund pay the employer’s regular contribution to the retirement scheme of his previous employer on account of his continued participation in that scheme after July 1, 1975, in an amount not in excess of the amount the Fund would have paid as the employer’s regular contribution on account of his participation in the Staff Retirement Plan of the Fund after July 1, 1975.

5. That, the Executive Directors of the Fund and their Alternates shall continue to participate in the Staff Retirement Plan, and health and insurance programs, established by the Fund for its staff on the same basis as the staff.

The Board of Governors adopted the foregoing Resolution, effective October 16, 1975.

Resolution No. 31-2: Increases in Quotas of Members—Sixth General Review

In accordance with Article III, Section 2 of the Articles of Agreement and pursuant to Board of Governors Resolution No. 30-3, adopted at the 1975 Annual Meeting, the Executive Directors decided on February 19, 1976 to submit a report entitled “Increases in Quotas of Fund Members—Sixth General Review” to the Governors, containing recommendations for increases in the quotas of individual members of the Fund, which had been endorsed by the Interim Committee of the Board of Governors. The Executive Directors resolved at the same time that action on the report should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on February 20, 1976 for a vote without meeting:

Whereas the Executive Directors have considered the adjustment of the quotas of members in accordance with the Resolution of the Board of Governors of the International Monetary Fund at its 1975 Annual Meeting:

That the Board of Governors, having noted the report of the Executive Directors entitled “Increases in Quotas of Members—Sixth General Review,” dated August 22, 1975, and having endorsed the understandings reached so far by the Interim Committee on this subject, continues its review under Article III, Section 2 and requests the Executive Directors to complete as promptly as possible their work on this matter, on increases in individual quotas, and on the mode of payment of subscriptions in respect of them, and to submit appropriate proposals to the Board of Governors, after consideration of them by the Interim Committee;

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

Whereas the Interim Committee of the Board of Governors on the International Monetary System has endorsed the recommendations contained in the report of the Executive Directors; and

Whereas the Executive Directors have been requested to prepare and submit to the Board of Governors as soon as possible proposals to amend the Articles of Agreement of the Fund, including a proposal for the modification of the provisions relating to the payment of increases in quotas; and

Whereas the Executive Directors have recommended the adoption of the following Resolution of the Board of Governors, which Resolution proposes increases in the quotas of members of the Fund as a result of the sixth general review of quotas and deals with certain related matters, by vote without meeting pursuant to Section 13 of the By-Laws of the Fund;

Now, therefore, the Board of Governors hereby resolves that:

  • The International Monetary Fund proposes that, subject to the provisions of this Resolution, the quotas of members of the Fund shall be increased to the amounts shown against their names in the Annex to this Resolution, provided that any member may consent to an increase in its quota that is smaller than the one shown in the Annex, and may consent thereafter to further increases up to the amount shown against its name in the Annex not later than the date prescribed by or under paragraph 5 below. Each increase shall be a whole number in millions of special drawing rights.

  • A member’s increase in quota as proposed by this Resolution shall not become effective unless the member has notified the Fund of its consent to the increase not later than the date prescribed by or under paragraph 5 below and has paid the increase in quota in full, provided that no increase in quota shall become effective before (i) the effective date of the second amendment of the Articles or (ii) the date of the Fund’s determination that members having not less than three fourths of the total of quotas on February 19, 1976 have consented to increases in their quotas, whichever is the later of these dates.

  • A member shall pay twenty-five per cent of the increase in special drawing rights, the currencies of other members specified, with their concurrence, by the Fund, or in the member’s own currency, and shall pay the balance of the increase in its own currency.

  • A member shall, within six months after the date of the adoption of this Resolution, make arrangements satisfactory to the Fund for the use of the member’s currency in the operations and transactions of the Fund in accordance with its policies, provided that the Executive Directors may extend the period within which such arrangements shall be made.

  • Notices in accordance with paragraph 2 above shall be executed by a duly authorized official of the member and must be received in the Fund not later than one month after the effective date of the second amendment of the Articles, provided that the Executive Directors may extend this period as they may determine.

  • Each member shall pay to the Fund the increase in its quota within sixty days after (a) the date on which it notifies the Fund of its consent or (b) the effective date of the second amendment of the Articles or (c) the date of the Fund’s determination under paragraph 2(ii) above, whichever is latest.

  • The seventh general review of quotas shall be completed by February 9, 1978.

Annex to Resolution No. 31-2

Proposed Maximum Quota (In millions of SDRs)
1. Afghanistan45
2. Algeria285
3. Argentina535
4. Australia790
5. Austria330
6. Bahamas33
7. Bahrain20
8. Bangladesh152
9. Barbados17
10. Belgium890
11. Benin16
12. Bolivia45
13. Botswana9
14. Brazil665
15. Burma73
16. Burundi23
17. Cambodia31
18. Cameroon45
19. Canada1,357
20. Central African Republic16
21. Chad16
22. Chile217
23. China550
24. Colombia193
25. Congo, People’s Republic of the17
26. Costa Rica41
27. Cyprus34
28. Denmark310
29. Dominican Republic55
30. Ecuador70
31. Egypt228
32. El Salvador43
33. Equatorial Guinea10
34. Ethiopia36
35. Fiji18
36. Finland262
37. France1,919
38. Gabon30
39. Gambia, The9
40. Germany, Federal Republic of2,156
41. Ghana106
42. Greece185
43. Grenada3
44. Guatemala51
45. Guinea30
46. Guyana25
47. Haiti23
48. Honduras34
49. Iceland29
50. India1,145
51. Indonesia480
52. Iran660
53. Iraq141
54. Ireland155
55. Israel205
56. Italy1,240
57. Ivory Coast76
58. Jamaica74
59. Japan1,659
60. Jordan30
61. Kenya69
62. Korea160
63. Kuwait235
64. Laos16
65. Lebanon12
66. Lesotho7
67. Liberia37
68. Libyan Arab Republic185
69. Luxembourg31
70. Malagasy Republic34
71. Malawi19
72. Malaysia253
73. Mali27
74. Malta20
75. Mauritania17
76. Mauritius27
77. Mexico535
78. Morocco150
79. Nepal19
80. Netherlands948
81. New Zealand232
82. Nicaragua34
83. Niger16
84. Nigeria360
85. Norway295
86. Oman20
87. Pakistan285
88. Panama45
89. Papua New Guinea30
90. Paraguay23
91. Peru164
92. Philippines210
93. Portugal172
94. Qatar40
95. Romania245
96. Rwanda23
97. Saudi Arabia600
98. Senegal42
99. Sierra Leone31
100. Singapore110
101. Somalia23
102. South Africa424
103. South Viet-Nam90
104. Spain557
105. Sri Lanka119
106. Sudan88
107. Swaziland12
108. Sweden450
109. Syrian Arab Republic63
110. Tanzania55
111. Thailand181
112. Togo19
113. Trinidad and Tobago82
114. Tunisia63
115. Turkey200
116. Uganda50
117. United Arab Emirates120
118. United Kingdom2,925
119. United States8,405
120. Upper Volta16
121. Uruguay84
122. Venezuela660
123. Western Samoa3
124. Yemen Arab Republic13
125. Yemen, People’s Democratic Republic of41
126. Yugoslavia277
127. Zaïre152
128. Zambia141

The Board of Governors adopted the foregoing Resolution, effective March 22, 1976.

Resolution No. 31-3: Fifth General Review of Quotas—Nepal

The Government of Nepal requested on March 26, 1976 that payments equivalent to SDR 800,000 each totaling the equivalent of SDR 1,600,000, relating to the fourth and fifth installments of the increase in quota to which it consented under Board of Governors Resolution No. 25-3 and which were due not later than April 30, 1976 in accordance with Resolution No. 29-3, be postponed until after the second amendment of the Articles of Agreement. This would enable Nepal to pay these installments in accordance with the mode of payment provided under the amended Articles instead of gold. The Government of Nepal also stated that these payments would be made before those required for any increase in quota to which it may consent under Resolution No. 31-2. The Executive Directors resolved on April 6, 1976 that action to amend paragraph 6(b) of Board of Governors Resolution No. 25-3, as amended by Resolution No. 29-3, 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 7, 1976 for a vote without meeting:

Resolved:

That Board of Governors Resolution No. 25-3, “Increases in Quotas of Members—Fifth General Review,” as amended by Board of Governors Resolution No. 29-3, is further amended by replacing the words “not later than April 30, 1976” at the end of the first sentence of paragraph 6(b) with the words “not later than thirty days after the date of the second amendment of the Articles of Agreement.”

The Board of Governors adopted the foregoing Resolution, effective April 28, 1976.

Resolution No. 31-4: Proposed Second Amendment to the Articles of Agreement

Whereas the Board of Governors, in Resolution No. 29-10 adopted at its 1974 Annual Meeting, has requested the Executive Directors to consider and prepare for the approval of the Board possible modifications in the Articles of Agreement of the International Monetary Fund on the basis of the recommendations in Part II of the Outline of Reform attached to the Report to the Board by its ad hoc Committee on Reform of the International Monetary System and Related Issues (Committee of Twenty), dated June 14, 1974; and

Whereas the Interim Committee of the Board of Governors on the Reform of the International Monetary System has requested the Executive Directors to complete their work on amendment in the light of the guidance given by the Committee; and

Whereas the Executive Directors have completed their work relating to possible modifications in the Articles of Agreement of the International Monetary Fund pursuant to Resolution No. 29-10 and the guidance given by the Interim Committee; and

Whereas the Executive Directors have prepared a Report on the Second Amendment setting forth proposals for modifications in the Articles of Agreement of the International Monetary Fund; and

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

Whereas the Report of the Executive Directors setting forth their proposals has been submitted to the Board of Governors by the Secretary of the Fund; and

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

Now, therefore, the Board of Governors, noting the said Report of the Executive Directors, hereby resolves that:

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

  • The Secretary of the Fund is directed to ask, by letter or telegram, all members of the Fund whether they accept, in accordance with the provisions of Article XVII of the present Articles, the Proposed Second Amendment.

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

The Board of Governors adopted the foregoing Resolution, effective April 30, 1976. The attachment to this Resolution, comprising the Proposed Second Amendment to the Articles of Agreement, is reproduced in the Supplement to this volume.

Resolution No. 31-5: Benefits of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1976 Joint Committee on the Remuneration of Executive Directors and their Alternates directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the Executive Directors requested the Governors to vote without meeting on the above-mentioned Resolution submitted to them on July 2, 1976:

Resolved:

1. That, effective March 1, 1976, the changes in the Spouse and Dependency Allowances made applicable to the staff of the Fund as of that date, shall apply also to Executive Directors and their Alternates.

2. That, effective May 1, 1976, the provisions for an ex gratia lump sum payment by the Fund to help meet the cost of funeral and other immediate expenses of a staff member that dies in active service equivalent to three months’ net salary subject to a maximum of $5,000, if the deceased staff member had one or more dependents residing in his household, or equal to one and one-half months’ net salary subject to a maximum of $2,500 in all other cases, shall apply also to Executive Directors and their Alternates.

3. That, effective May 1, 1976, the changes in the Education Allowance and the provisions for a Tuition Equalization Subsidy, made applicable to the staff of the Fund as of that date, shall apply also to Executive Directors and their Alternates.

4. That, effective January 1, 1977, the revision of the combined income ceiling used to determine eligibility for home leave, education, and resettlement benefits made applicable to the staff of the Fund as of that date, shall apply also to Executive Directors and their Alternates.

The Board of Governors adopted the foregoing Resolution, effective August 2, 1976.

Resolution No. 31-6: Membership for the Comoros

On February 26, 1976, the Government of the Comoros applied for admission to membership in the International Monetary Fund. The Executive Board resolved on August 6, 1976 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 August 9, 1976 for a vote without meeting:

Whereas, the Government of the Comoros on February 26, 1976 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 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 Comoros 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 Comoros shall be admitted to membership in the Fund shall be as follows:

  • Definitions: As used in this Resolution:

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

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

    • (c) The term “SDR” means the special drawing right.

  • Quota: The initial quota of the Comoros shall be the equivalent of SDR 1.9 million, which shall be increased to the equivalent of SDR 2.3 million on the date on which quota increases become effective under the Sixth General Review of Quotas, provided that, if the Comoros becomes a member after that date, the initial quota of the Comoros shall be the equivalent of SDR 2.3 million.

  • Subscription: The subscription of the Comoros shall be equal to its quota.

  • Payment of Subscription: The Comoros shall pay its initial subscription, equal to the initial quota, in the currency of the Comoros within three months after becoming a member, and if the initial quota of the Comoros is increased to SDR 2.3 million, the Comoros shall pay the increased subscription on the terms prescribed in Board of Governors Resolution No. 31-2, adopted March 22, 1976 for increases in quotas under the Sixth General Review of Quotas. For the purpose of these payments, the Comoros shall agree with the Fund on a rate of exchange for the currency of the Comoros. Within three months after the payment of the initial subscription, the Comoros shall repurchase an amount of its currency equivalent to not less than SDR 190,000. A further repurchase equivalent to the difference between SDR 475,000 and the amount of the first repurchase shall be made not later than two years after the date of membership, in one or more installments. The repurchases by the Comoros under this paragraph shall be made with assets acceptable to the Fund, in accordance with the Fund’s policies and practices at the time of repurchase.

  • Exchange Arrangements: In the period between accepting membership and the date of the second amendment of the Articles, the Comoros shall notify the Fund of any changes in its exchange rates prevailing at the time of accepting membership and shall consult with the Fund with respect to its exchange rates whenever the Fund so requests. After the date of the second amendment the exchange arrangements of the Comoros shall be in accordance with the Articles as amended.

  • Exchange Transactions with the Fund: The Comoros may not engage in exchange transactions with the Fund until its subscription has been paid in full and the initial repurchase mentioned in paragraph 4 has been made.

  • Representation and Information: Before accepting membership in the Fund, the Comoros 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 Comoros shall furnish to the Fund such information in respect of such action as the Fund may request.

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

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

  • Period for Acceptance of Membership: The Comoros 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 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 September 7, 1976. The Articles of Agreement were signed by Mr. Mohamed Finaish, Alternate Executive Director of the International Monetary Fund, on behalf of the Government of the Comoros, on September 21, 1976.

Resolution No. 31-7: Membership for Seychelles

On May 7, 1976, the Government of Seychelles applied for admission to membership in the International Monetary Fund. The Executive Board resolved on August 6, 1976 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 August 9, 1976 for a vote without meeting:

Whereas, the Government of Seychelles on May 7, 1976 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 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 Seychelles 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 Seychelles shall be admitted to membership in the Fund shall be as follows:

  • Definitions: As used in this Resolution:

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

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

    • (c) The term “SDR” means the special drawing right.

  • Quota: The initial quota of Seychelles shall be the equivalent of SDR 1.0 million, which shall be increased to the equivalent of SDR 1.3 million on the date on which quota increases become effective under the Sixth General Review of Quotas, provided that, if Seychelles becomes a member after that date, the initial quota of Seychelles shall be the equivalent of SDR 1.3 million.

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

  • Payment of Subscription: Seychelles shall pay its initial subscription, equal to the initial quota, in the currency of Seychelles within three months after becoming a member, and if the initial quota of Seychelles is increased to SDR 1.3 million, Seychelles shall pay the increased subscription on the terms prescribed in Board of Governors Resolution No. 31-2, adopted March 22, 1976 for increases in quotas under the Sixth General Review of Quotas. For the purpose of these payments, Seychelles shall agree with the Fund on a rate of exchange for the currency of Seychelles. Within three months after the payment of the initial subscription, Seychelles shall repurchase an amount of its currency equivalent to not less than SDR 100,000. A further repurchase equivalent to the difference between SDR 250,000 and the amount of the first repurchase shall be made not later than two years after the date of membership, in one or more installments. The repurchases by Seychelles under this paragraph shall be made with assets acceptable to the Fund, in accordance with the Fund’s policies and practices at the time of repurchase.

  • Exchange Arrangements: In the period between accepting membership and the date of the second amendment of the Articles, Seychelles shall notify the Fund of any changes in its exchange rates prevailing at the time of accepting membership and shall consult with the Fund with respect to its exchange rates whenever the Fund so requests. After the date of the second amendment the exchange arrangements of Seychelles shall be in accordance with the Articles as amended.

  • Exchange Transactions with the Fund: Seychelles may not engage in exchange transactions with the Fund until its subscription has been paid in full and the initial repurchase mentioned in paragraph 4 has been made.

  • Representation and Information: Before accepting membership in the Fund, Seychelles 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 Seychelles shall furnish to the Fund such information in respect of such action as the Fund may request.

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

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

  • Period for Acceptance of Membership: Seychelles 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 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 September 7, 1976.

Resolution No. 31-8: 1976 Regular Election of Executive Directors

The Executive Board resolved on August 3, 1976 that action in connection with the rules for conduct of the 1976 regular election of Executive Directors should not be postponed until the time of the next regular meeting of the Board of Governors, at which the election would take place.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on August 10, 1976 for a vote without meeting:

Resolved:

  • (a) That the proposed Rules for the Conduct of the 1976 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 1978.

The Board of Governors adopted the foregoing Resolution, effective September 7, 1976.

Resolution No. 31-91: Review of Performance of the Development Committee

Whereas the Board of Governors at its 1974 Annual Meeting adopted Resolution No. 29-9 entitled “Establishment of Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries”; and

Whereas paragraph 7 of that Resolution provides that at the end of two years from its effective date the Boards of Governors of the Fund and the Bank shall review the performance of the Committee, and shall take such action as they deem appropriate; and

Whereas the period of operations of the Committee has been brief, and affected by special events,

Now, therefore, the Board of Governors hereby resolves:

That “four years” shall be substituted for “two years” in paragraph 7 of Resolution No. 29-9 of the Board of Governors adopted on October 2, 1974.

Resolution No. 31-10 2: 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, 1976, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1977 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 31-111: Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Directors that it has reviewed the amendments of Rules I-10, Q-1(b), and P-6 since the 1975 Annual Meeting and has no changes to suggest.

Resolution No. 31-121: Membership for Guinea-Bissau

Whereas, the Government of the Republic of Guinea-Bissau on April 9, 1976 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 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 Guinea-Bissau 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 Guinea-Bissau shall be admitted to membership in the Fund shall be as follows:

  • Definitions: As used in this Resolution:

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

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

    • (c) The term “SDR” means the special drawing right.

  • Quota: The initial quota of Guinea-Bissau shall be the equivalent of SDR 3.2 million, which shall be increased to the equivalent of SDR 3.9 million on the terms prescribed in Board of Governors Resolution No. 31-2, adopted March 22, 1976, for increases in quotas under the Sixth General Review of Quotas, provided that, if Guinea-Bissau becomes a member after the effective date of the second amendment of the Articles, the initial quota of Guinea-Bissau shall be the equivalent of SDR 3.9 million.

  • Subscription: The subscription of Guinea-Bissau shall be equal to its quota.

  • Payment of Subscription: Guinea-Bissau shall pay its initial subscription, equal to the initial quota, in the currency of Guinea-Bissau within three months after becoming a member, and if the initial quota of Guinea-Bissau is increased to SDR 3.9 million, Guinea-Bissau shall pay the increased subscription on the terms prescribed in Board of Governors Resolution No. 31-2, adopted March 22, 1976, for increases in quotas under the Sixth General Review of Quotas. For the purpose of these payments, Guinea-Bissau shall agree with the Fund on a rate of exchange for the currency of Guinea-Bissau. Within three months after the payment of the initial subscription, Guinea-Bissau shall repurchase an amount of its currency equivalent to 25 per cent of SDR 3.2 million with assets acceptable to the Fund, in accordance with the Fund’s policies and practices at the time of repurchase.

  • Exchange Arrangements: In the period between accepting membership and the date of the second amendment of the Articles, Guinea-Bissau shall notify the Fund of any changes in its exchange rates prevailing at the time of accepting membership and shall consult with the Fund with respect to its exchange rates whenever the Fund so requests. After the date of the second amendment the exchange arrangements of Guinea-Bissau shall be in accordance with the Articles as amended.

  • Exchange Transactions with the Fund: Guinea-Bissau may not engage in exchange transactions with the Fund until its subscription has been paid in full and the repurchase mentioned in paragraph 4 has been made.

  • Representation and Information: Before accepting membership in the Fund, Guinea-Bissau 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 Guinea-Bissau shall furnish to the Fund such information in respect of such action as the Fund may request.

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

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

  • Period for Acceptance of Membership: Guinea-Bissau 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 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. 31-131: Membership for Surinam

Whereas, the Government of Surinam on June 11, 1976 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 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 Surinam 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 Surinam shall be admitted to membership in the Fund shall be as follows:

  • Definitions: As used in this Resolution:

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

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

    • (c) The term “SDR” means the special drawing right.

  • Quota: The initial quota of Surinam shall be the equivalent of SDR 19 million, which shall be increased to the equivalent of SDR 25 million on the terms prescribed in Board of Governors Resolution No. 31-2, adopted March 22, 1976, for increases in quotas under the Sixth General Review of Quotas, provided that, if Surinam becomes a member after the effective date of the second amendment of the Articles, the initial quota of Surinam shall be the equivalent of SDR 25 million.

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

  • Payment of Subscription: Surinam shall pay its initial subscription, equal to the initial quota, in the currency of Surinam within three months after becoming a member, and if the initial quota of Surinam is increased to SDR 25 million, Surinam shall pay the increased subscription on the terms prescribed in Board of Governors Resolution No. 31-2, adopted March 22, 1976, for increases in quotas under the Sixth General Review of Quotas. For the purpose of these payments, Surinam shall agree with the Fund on a rate of exchange for the currency of Surinam. Within three months after the payment of the initial subscription, Surinam shall repurchase an amount of its currency equivalent to 25 per cent of SDR 19 million with assets acceptable to the Fund, in accordance with the Fund’s policies and practices at the time of repurchase.

  • Exchange Arrangements: In the period between accepting membership and the date of the second amendment of the Articles, Surinam shall notify the Fund of any changes in its exchange rates prevailing at the time of accepting membership and shall consult with the Fund with respect to its exchange rates whenever the Fund so requests. After the date of the second amendment the exchange arrangements of Surinam shall be in accordance with the Articles as amended.

  • Exchange Transactions with the Fund: Surinam may not engage in exchange transactions with the Fund until its subscription has been paid in full and the repurchase mentioned in paragraph 4 has been made.

  • Representation and Information: Before accepting membership in the Fund, Surinam 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 Surinam shall furnish to the Fund such information in respect of such action as the Fund may request.

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

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

  • Period for Acceptance of Membership: Surinam 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 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. 31-141: 1976 Regular Election—Ballots of Governors for Bahrain and Oman

Resolved:

That the Governors for Bahrain and Oman be permitted to cast their ballots in the 1976 Regular Election of Executive Directors and have their votes counted toward the election of an Executive Director by depositing their ballots with the Secretary of the Fund before the end of the 1976 Annual Meeting.

Resolution No. 31-151: Appreciation

Resolved:

That the Governors of the International Monetary Fund, the International Bank for Reconstruction and Development, and the Bank’s affiliates, express their deep appreciation to the President of the Republic of the Philippines, His Excellency Ferdinand E. Marcos, to the Government of the Philippines and to the people of the Philippines and of Manila for their hospitable and gracious reception;

That they express their warm appreciation and congratulations to the Philippines for the exceptional facilities of the Philippine International Convention Center; and

That they express particular appreciation to the Governors and Alternate Governors for the Philippines and to their associates for their imaginative and creative contribution to the success of the 1976 Annual Meetings.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC and IDA, on October 5, 1976.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC and IDA, on October 8, 1976.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC and IDA, on October 8, 1976.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC and IDA, on October 8, 1976.

Adopted by the Board of Governors of the Fund, in Joint Session with the Boards of Governors of the Bank, IFC and IDA, on October 8, 1976.

Adopted by the Boards of Governors of the Fund and of the Bank, IFC and IDA, on October 8, 1976.

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