Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
October 1970
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Resolution No. 25-1. Increase in the Quota of Democratic Republic of Congo

Under date of September 30, 1969, the Government of Democratic Republic of Congo requested that its quota be increased from $57 million to $90 million. The Executive Board resolved on November 5, 1969 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 November 13, 1969 for a vote without meeting:

Resolved:

That the quota of Democratic Republic of Congo shall be changed to $90 million, provided that Democratic Republic of Congo consents to the change on or before June 4, 1970, 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 Democratic Republic of Congo. The change shall become effective on the date the Fund receives notice in writing that Democratic Republic of Congo 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 December 4, 1969. The written notice that Democratic Republic of Congo consented to the increase was received by the Fund on December 15, 1969, on which date the new quota became effective.

Resolution No. 25-2. Increase in the Quota of Laos

Under date of October 9, 1969, the Government of Laos requested that its quota be increased from $7.5 million to $10 million. The Executive Board resolved on November 10, 1969 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 November 13, 1969 for a vote without meeting:

Resolved:

That the quota of Laos shall be changed to $10 million, provided that Laos consents to the change on or before June 10, 1970, 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 Laos. The change shall become effective on the date the Fund receives notice in writing that Laos 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 December 10, 1969. The written notice that Laos consented to the increase was received by the Fund on December 15, 1969, on which date the new quota became effective.

Resolution No. 25-3. Increases in Quotas of Members—Fifth General Review

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 1969 Annual Meeting:1

That the Executive Directors proceed promptly with the consideration of the adjustment of the quotas of members of the Fund and submit an appropriate proposal to the Board of Governors not later than December 31, 1969;

Whereas the Executive Directors have submitted to the Board of Governors a Report entitled “Increases in Quotas of Members—Fifth General Review”; 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 fifth 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, noting the said Report of the Executive Directors, 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 (a) may consent to an increase in its quota which is smaller than that shown in the said Annex and (b) may consent thereafter to further increases up to the said amount.

  • An increase in a member’s quota under this Resolution shall become effective when the member has notified the Fund that it consents to the increase and has paid in full the increase in the quota, provided, however, that no increase in quota shall become effective before October 30, 1970. The increase in the quota of a member which has notified the Fund of its consent and has completed payment of the increase at any time prior to October 30, 1970, shall become effective on that date.

  • Notices in accordance with paragraph 2 shall be executed by a duly authorized official of the member.

  • Notices in accordance with paragraph 2 shall be received in the Fund not later than November 15, 1971, provided that the Executive Directors may extend this period as they may determine.

  • Subject to paragraph 6(b), each member shall pay to the Fund the increase in its quota within 30 days after the date on which it notified the Fund of its consent or October 30, 1970, whichever is later. Twenty-five per cent of the increase shall be paid in gold and the balance in the member’s currency, provided, however, that, if on the date when a member consents to any increase under paragraph 1 or paragraph 6 its monetary reserves are less than the new quota to which it has consented, the member may pay in gold that proportion of 25 per cent of the increase in quota which the member’s monetary reserves on the date of consent bear to the quota to which the member has consented and the balance of the increase in quota shall be paid in currency. A member which, in accordance with this paragraph, pays more than 75 per cent of the increase in currency shall undertake to repurchase the currency paid in excess of 75 per cent of the increase. Unless the Fund’s holdings resulting from such payment are otherwise reduced, repurchase shall be completed in five equal annual installments commencing one year after the date on which the increase becomes effective.

  • (a) In giving notice in accordance with paragraph 2, any member consenting to the increase in its quota to the full amount shown against its name in the Annex to this Resolution may consent to that increase as increases by installments.

    (b) Notwithstanding paragraph 2, a member increasing its quota by installments shall pay not less than one fifth of the increase in gold and currency in accordance with paragraph 5 within 30 days after the date on which it notified the Fund of its consent or October 30, 1970, whichever is later, and shall pay further installments of gold and currency of not less than one fifth of the increase in each twelve months after the first payment until the full amount has been paid. For the purpose of determining under paragraph 5 the gold and currency portions of an installment subsequent to the initial installment, a member shall be deemed to have consented to the increase in its quota equivalent to the installment 30 days before it pays the installment.

    (c) Subject to paragraph 2, on the completion of the payment of each installment of the increase, the member’s quota shall be increased by an amount equal to the installment.

  • The Fund shall replenish its holdings of the currencies of members which sell gold to other members to enable the latter members to pay the increases in their quotas under this Resolution. Replenishment under this paragraph shall be by the sale of gold in accordance with the provisions of Article VII, Section 2 and shall not exceed an amount equivalent to US$700 million.

Annex to Resolution No. 25-3

Proposed Maximum Quota (in millions of U.S. dollars)
1. Afghanistan37
2. Algeria130
3. Argentina440
4. Australia665
5. Austria270
6. Belgium650
7. Bolivia37
8. Botswana5
9. Brazil440
10. Burma60
11. Burundi19
12. Cameroon35
13. Canada1,100
14. Central African Republic13
15. Ceylon98
16. Chad13
17. Chile158
18. China550
19. Colombia157
20. Congo (Brazzaville)13
21. Congo, Dem. Rep113
22. Costa Rica32
23. Cyprus26
24. Dahomey13
25. Denmark260
26. Dominican Republic43
27. Ecuador33
28. El Salvador35
29. Ethiopia27
30. Equatorial Guinea8
31. Finland190
32. France1,500
33. Gabon15
34. Gambia, The7
35. Germany, Fed. Rep.1,600
36. Ghana87
37. Greece138
38. Guatemala36
39. Guinea24
40. Guyana20
41. Haiti19
42. Honduras25
43. Iceland23
44. India940
45. Indonesia260
46. Iran192
47. Iraq109
48. Ireland121
49. Israel130
50. Italy1,000
51. Ivory Coast52
52. Jamaica53
53. Japan1,200
54. Jordan23
55. Kenya48
56. Korea80
57. Kuwait114
58. Laos13
59. Lebanon56
60. Lesotho5
61. Liberia29
62. Libya67
63. Luxembourg24
64. Malagasy Republic26
65. Malawi15
66. Malaysia186
67. Mali22
68. Malta16
69. Mauritania13
70. Mauritius22
71. Mexico370
72. Morocco113
73. Nepal14
74. Netherlands700
75. New Zealand202
76. Nicaragua27
77. Niger13
78. Nigeria135
79. Norway240
80. Pakistan235
81. Panama36
82. Paraguay19
83. Peru123
84. Philippines155
85. Portugal117
86. Rwanda19
87. Saudi Arabia134
88. Senegal34
89. Sierra Leone25
90. Singapore62
91. Somalia19
92. South Africa320
93. Southern Yemen29
94. Spain395
95. Sudan72
96. Swaziland8
97. Sweden325
98. Syrian Arab Republic50
99. Tanzania42
100. Thailand134
101. Togo15
102. Trinidad and Tobago63
103. Tunisia48
104. Turkey151
105. Uganda40
106. United Arab Republic188
107. United Kingdom2,800
108. United States6,700
109. Upper Volta13
110. Uruguay69
111. Venezuela330
112. Viet-Nam62
113. Yugoslavia207
114. Zambia76

The Board of Governors adopted the foregoing Resolution, effective February 9, 1970. This Resolution was amended by Resolution No. 25-4.

Resolution No. 25-4. Fifth General Review of Quotas—Cambodia

On May 6, J970, the Government of Cambodia requested that it be granted the opportunity to increase its quota in accordance with the provisions of Board of Governors Resolution No. 25-3 to the amount to which it would have been entitled if it had been a member of the Fund when the Resolution was submitted to the Board of Governors. The Executive Board resolved on May 13, 1970 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 May 15, 1970 for a vote without meeting:

Resolved:

That Board of Governors Resolution No. 25-3, “Increases in Quotas of Members—Fifth General Review,” is amended by the addition to the list in the Annex of: “115. Cambodia” with a Proposed Maximum Quota (in millions of U.S. dollars) of “25.”

The Board of Governors adopted the foregoing Resolution, effective June 15, 1970.

Resolution No. 25-5. 1970 Regular Election of Executive Directors

The Executive Board resolved on August 12, 1970 that action in connection with the rules for conduct of the 1970 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 will take place.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on August 13, 1970 for a vote without meeting:

Resolved:

(a) That the proposed Rules for the Conduct of the 1970 Regular Election of Executive Directors are hereby adopted;1 and

(b) That a Regular Election of Executive Directors shall take place at the Annual Meeting of the Board of Governors in 1972.

The Board of Governors adopted the foregoing Resolution, effective September 10, 1970.

Resolution No. 25-61. 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, 1970, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1971 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 25-71. General Reserve and Distribution of Net Income

Resolved:

The Board of Governors, having noted the recommendation of the Executive Directors and the considerations relating thereto set forth in the letter of transmittal of July 24, 1970 from the Managing Director and Chairman of the Executive Board to the Chairman of the Board of Governors, determines that of the net income of $57,552,478.01 for the fiscal year ended April 30, 1970:

1. an amount equal to $40,020,359.05 shall be allocated to the General Reserve, and

2. an amount equal to $17,532,118.96 shall be distributed to members in accordance with the provisions of Article XII, Section 6(b) in such amounts that the total of remuneration and net income received by each member will be equivalent to 2 per cent on the amount by which 75 per cent of a member’s quota exceeded the average of the Fund’s holdings of the member’s currency during the fiscal year ended April 30, 1970.

Resolution No. 25-81. 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 Rule l-6(c), (d), and (f) of the Rules and Regulations adopted by the Executive Board since the 1969 Annual Meeting and has no changes to suggest.

Resolution No. 25-92. Appreciation

Resolved:

That the Governors of the International Monetary Fund, of the International Bank for Reconstruction and Development and of the Bank’s Affiliates express their profound appreciation to Their Majesties, The King and Queen of Denmark, the Danish Government and the people of Denmark and of Copenhagen, for their gracious reception and hospitality; and

That they express particular appreciation to the Governors and Alternate Governors for Denmark and their associates for the effort and imagination which they contributed toward ensuring the success of the 1970 Annual Meetings.

Resolution No. 24-15. (See Summary Proceedings, 1969, page 329.)

See pages 243-49.

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 25, 1970.

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 25, 1970.

Adopted by the Boards of Governors of the Fund and of the Bank, IFC and IDA, in Joint Session, on September 25, 1970.

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