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Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1983
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Resolution No. 38-1: Increases in Quotas of Members—Eighth General Review

Article III, Section 2(a) of the Articles of Agreement provides in part that “The Board of Governors shall at intervals of not more than five years conduct a general review, and if it deems it appropriate propose an adjustment, of the quotas of the members.” The five-year period since the completion of the Seventh General Review was due to end on December 11, 1983. At its meeting in Helsinki in May 1982, the Interim Committee urged the Executive Board to pursue its work on the Eighth General Review as a matter of high priority, and at its September 1982 meeting in Toronto further suggested that all remaining issues relative to the quota increase be resolved by the time of the Committee’s next scheduled meeting in April 1983. At the Interim Committee meeting held in Washington, D.C., in February 1983, which had been advanced from April, agreement was reached on all major issues of the Eighth Review. At that time the Committee also considered the possibility of a special adjustment in very small quotas, and agreed to refer that matter to the Executive Board for urgent consideration in connection with the implementation of the main decision. The Executive Board considered the issue and suggested rounding adjustments which would provide larger quota increases relative to existing quotas for most of the members with very small quotas. In accordance with the agreement reached by the Interim Committee at its meeting on February 11, 1983, and its own agreement relative to rounding adjustments, the Executive Board decided on February 25, 1983 to submit a report entitled “Increases in Quotas of Fund Members—Eighth General Review” to the Governors, containing a proposed Resolution which was recommended for adoption.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on February 28, 1983 for a vote without meeting:

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

Whereas the Executive Board has recommended the adoption of the following Resolution of the Board of Governors, which Resolution proposes increases in the quotas of members of the Fund as a result of the Eighth 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:

1. 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.

2. 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 3 below and has paid the increase in quota in full, provided that no increase in quota shall become effective before the date of the Fund’s determination that members having not less than 70 per cent of the total of quotas on February 28, 1983 have consented to the increases in their quotas.

3. Notices in accordance with paragraph 2 above shall be executed by a duly authorized official of the member and must be received in the Fund before 6:00 p.m., Washington time, November 30, 1983, provided that the Executive Board may extend this period as it may determine.

4. Each member shall pay to the Fund the increase in its quota within 30 days after the later of (a) the date on which it notifies the Fund of its consent, or (b) the date of the Fund’s determination under paragraph 2 above.

5. Each member shall pay twenty-five per cent of its increase either in special drawing rights or in the currencies of other members specified, with their concurrence, by the Fund, or in any combination of special drawing rights and such currencies. The balance of the increase shall be paid by the member in its own currency.

Annex to Resolution No. 38-1
Proposed Quota
(In millions of SDRs)
1.Afghanistan86.7
2.Algeria623.1
3.Antigua and Barbuda5.0
4.Argentina1,113.0
5.Australia1,619.2
6.Austria775.6
7.Bahamas66.4
8.Bahrain48.9
9.Bangladesh287.5
10.Barbados34.1
11.Belgium2,080.4
12.Belize9.5
13.Benin31.3
14.Bhutan2.5
15.Bolivia90.7
16.Botswana22.1
17.Brazil1,461.3
18.Burma137.0
19.Burundi42.7
20.Cameroon92.7
21.Canada2,941.0
22.Cape Verde4.5
23.Central African Republic30.4
24.Chad30.6
25.Chile440.5
26.China2,390.9
27.Colombia394.2
28.Comoros4.5
29.Congo, People’s Republic37.3
30.Costa Rica84.1
31.Cyprus69.7
32.Denmark711.0
33.Djibouti8.0
34.Dominica4.0
35.Dominican Republic112.1
36.Ecuador150.7
37.Egypt463.4
38.El Salvador89.0
39.Equatorial Guinea18.4
40.Ethiopia70.6
41.Fiji36.5
42.Finland574.9
43.France4,482.8
44.Gabon73.1
45.Gambia, The17.1
46.Germany5,403.7
47.Ghana204.5
48.Greece399.9
49.Grenada6.0
50.Guatemala108.0
51.Guinea57.9
52.Guinea-Bissau7.5
53.Guyana49.2
54.Haiti44.1
55.Honduras67.8
56.Hungary530.7
57.Iceland59.6
58.India2,207.7
59.Indonesia1,009.7
60.Iran, Islamic Republic of1,117.4
61.Iraq504.0
62.Ireland343.4
63.Israel446.6
64.Italy2,909.1
65.Ivory Coast165.5
66.Jamaica145.5
67.Japan4,223.3
68.Jordan73.9
69.Kampuchea, Democratic25.0
70.Kenya142.0
71.Korea462.8
72.Kuwait635.3
73.Lao People’s Democratic Republic29.3
74.Lebanon78.7
75.Lesotho15.1
76.Liberia71.3
77.Libya515.7
78.Luxembourg77.0
79.Madagascar66.4
80.Malawi37.2
81.Malaysia550.6
82.Maldives2.0
83.Mali50.8
84.Malta45.1
85.Mauritania33.9
86.Mauritius53.6
87.Mexico1,165.5
88.Morocco306.6
89.Nepal37.3
90.Netherlands2,264.8
91.New Zealand461.6
92.Nicaragua68.2
93.Niger33.7
94.Nigeria849.5
95.Norway699.0
96.Oman63.1
97.Pakistan546.3
98.Panama102.2
99.Papua New Guinea65.9
100.Paraguay48.4
101.Peru330.9
102.Philippines440.4
103.Portugal376.6
104.Qatar114.9
105.Romania523.4
106.Rwanda43.8
107.St. Lucia7.5
108.St. Vincent4.0
109.Säo Tomé and Principe4.0
110.Saudi Arabia3,202.4
111.Senegal85.1
112.Seychelles3.0
113.Sierra Leone57.9
114.Singapore250.2
115.Solomon Islands5.0
116.Somalia44.2
117.South Africa915.7
118.Spain1,286.0
119.Sri Lanka223.1
120.Sudan169.7
121.Suriname49.3
122.Swaziland24.7
123.Sweden1,064.3
124.Syrian Arab Republic139.1
125.Tanzania107.0
126.Thailand386.6
127.Togo38.4
128.Trinidad and Tobago170.1
129.Tunisia138.2
130.Turkey429.1
131.Uganda99.6
132.United Arab Emirates385.9
133.United Kingdom6,194.0
134.United States17,918.3
135.Upper Volta31.6
136.Uruguay163.8
137.Vanuatu9.0
138.Venezuela1,371.5
139.Viet Nam176.8
140.Western Samoa6.0
141.Yemen Arab Republic43.3
142.Yemen, People’s Democratic Republic of77.2
143.Yugoslavia613.0
144.Zaire291.0
145.Zambia270.3
146.Zimbabwe191.0

The Board of Governors adopted the foregoing Resolution, effective March 31, 1983.

Resolution No. 38-2—Salary of the Managing Director

The Executive Board resolved on May 12, 1983 to recommend an adjustment in the salary of the Managing Director.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on May 16, 1983 for a vote without meeting:

Resolved:

That, effective June 17, 1983, the annual salary of the Managing Director of the Fund shall be one hundred twenty thousand United States dollars (US$120,000).

The Board of Governors adopted the foregoing Resolution, effective June 13, 1983.

Resolution No. 38-3—Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1983 Joint Committee on the Remuneration of Executive Directors and Their Alternates on May 21, 1983 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the Executive Board on June 2, 1983 requested the Governors to vote without meeting on the above-mentioned Resolution which was submitted to them on June 2, 1983:

Resolved:

That, effective July 1, 1983, 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, $73,600 per year for Executive Directors and $61,600 per year for their Alternates;

(ii) As supplemental allowance (for expenses, including housing and entertainment expenses, except those specified in Section 14(f) of the By-Laws), $8,500 per year for Executive Directors and $6,800 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective July 6, 1983.

Resolution No. 38-4—Home Leave Allowance for Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1983 Joint Committee on the Remuneration of Executive Directors and Their Alternates on May 21, 1983 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the Executive Board on June 2, 1983 requested the Governors to vote without meeting on the above-mentioned Resolution which was submitted to them on June 2, 1983:

Resolved:

That, effective with respect to home leave travel of the families of Executive Directors and Alternates commencing after July 1, 1983, a home leave allowance shall be paid to Executive Directors and their Alternates in the same amounts as it is paid in respect of the families of the staff.

The Board of Governors adopted the foregoing Resolution, effective July 6, 1983.

Resolution No. 38-51—Financial Statements, Report on Audit, and Administrative Budget

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Financial Year ended April 30, 1983, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1984 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 38-61:—Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Board that it has reviewed Rule B-6, and the amendments of Rules 1-9, I-10 and T-l, which have been made since the 1982 Annual Meeting, and has no changes to suggest.

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 30, 1983.

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