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Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1981
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Resolution No. 36-1: Salary of the Managing Director

The Executive Board resolved on December 19, 1980 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 December 22, 1980 for a vote without meeting:

Resolved:

That, effective December 17, 1980, the annual salary of the Managing Director of the Fund shall be One Hundred Thousand Dollars ($100,000).

The Board of Governors adopted the foregoing Resolution, effective January 30, 1981.

Resolution No. 36-2: Increase in the Quota of Saudi Arabia

Under date of December 1, 1980, the Government of Saudi Arabia requested that its quota be substantially increased to reflect the changes in Saudi Arabia’s relative economic position. The Executive Board recommended on March 27, 1981 that the Board of Governors agree to the request and approve an increase in the quota of Saudi Arabia from SDR 1,040.1 million to SDR 2,100 million, and resolved 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 March 30, 1981, for a vote without meeting:

Resolved:

That the quota of Saudi Arabia shall be increased from SDR 1,040.1 million to SDR 2,100 million, provided that Saudi Arabia has consented in writing to the increase and has paid SDR 264.975 million in special drawing rights and the remainder of the increase in the currency of Saudi Arabia. The increase shall become effective when both the consent and the full payment have been received by the Fund, but not before the effective date of this Resolution. The written consent must be executed by a duly authorized official of the member. Both the written consent and the payment of the increase in full shall be made not later than September 15, 1981, provided that the Executive Board may extend the period within which the consent and the payment may be made as it may determine.

The Board of Governors adopted the foregoing Resolution, effective April 27, 1981. Saudi Arabia’s new quota became effective on September 8, 1981.

Resolution No. 36-3: Size and Composition of the Executive Board

The Executive Board, considering the implications the proposed quota increase for Saudi Arabia (see Resolution No. 36-2 above) might have for the size and composition of the Executive Board, resolved on March 27, 1981 to recommend that the Board of Governors, at the same time and by the same action, as it adopted the resolution on “Increase in the Quota of Saudi Arabia,” reaffirm the traditional objectives and considerations taken into account when determining the number of Executive Directors to be elected and state the belief that the number of elected Executive Directors should be sixteen or a greater number if needed to attain these objectives and considerations.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on March 30, 1981, for a vote without meeting:

Resolved:

  • (1) The Board of Governors reaffirms that the Fund, when determining the number of Executive Directors to be elected in each regular election of Executive Directors, shall continue to be governed by the objectives and considerations, including the desirability of broadly maintaining the existing geographical balance in the composition of the Executive Board, set forth in Section 2(a) of Chapter O, “Organizational Matters (Article XII and Schedules D and E),” in Part II, “Commentary” in Proposed Second Amendment to the Articles of Agreement of the International Monetary Fund, A Report of the Executive Directors to the Board of Governors.

  • (2) The Board of Governors expresses its belief that, to promote the objectives and considerations in (1) above, the number of Executive Directors to be elected in the next and subsequent regular elections will need to be sixteen and should be a greater number if necessary to promote these objectives and considerations.

The Board of Governors adopted the foregoing Resolution, effective April 27, 1981.

Resolution No. 36-4: Membership for Vanuatu

On September 18, 1980, the Government of Vanuatu applied for admission to membership in the International Monetary Fund. The Executive Board resolved on May 11, 1981 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 May 15, 1981 for a vote without meeting:

Whereas, Vanuatu on September 18, 1980 requested admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund;

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

Now, Therefore, the Board of Governors, having considered the recommendations of the Executive Board, hereby resolves that the terms and conditions upon which Vanuatu 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, as amended;

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

  2. Quota: The quota of Vanuatu shall be SDR 6.9 million.

  3. Payment of Subscription: The subscription of Vanuatu shall be equal to its quota. Vanuatu shall pay 15 per cent of its subscription in SDRs or in the currencies of other members selected by the Managing Director from those currencies that the Fund would receive in accordance with the operational budget in effect at the time of payment. The balance of the subscription shall be paid in the currency of Vanuatu.

  4. Timing of Payment of Subscription: Vanuatu shall pay its subscription within six months after accepting membership in the Fund.

  5. Exchange Transactions with the Fund and Remuneration: Vanuatu may not engage in transactions under Article V, Section 3, or receive remuneration under Article V, Section 9, until its subscription has been paid in full.

  6. Exchange Arrangements: Within 30 days after accepting membership in the Fund, Vanuatu shall notify the Fund of the exchange arrangements it intends to apply in fulfillment of its obligations under Article IV, Section 1 of the Articles.

  7. Representation and Information: Before accepting membership in the Fund, Vanuatu 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 8(b) of this Resolution, and Vanuatu shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) Vanuatu 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) Vanuatu 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: Vanuatu may accept membership in the Fund pursuant to this Resolution not later than six months after the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that, if the circumstances of Vanuatu are deemed by the Executive Board to warrant an extension of the period during which Vanuatu may accept membership pursuant to this Resolution, the Executive Board may extend such period until such later date as it may determine.

The Board of Governors adopted the foregoing Resolution, effective June 15, 1981. The Articles of Agreement were signed by the Honorable Kalpokor Kalsakau, Minister of Finance, on behalf of the Government of Vanuatu, on September 28, 1981.

Resolution No. Resolution No. 36-5: Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1981 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 1, 1981 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 4, 1981 requested the Governors to vote without meeting on the above-mentioned Resolution which was submitted to them on June 5, 1981:

Resolved:

That, effective July 1, 1981, 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, $64,200 per year for Executive Directors and $53,700 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), $7,000 per year for Executive Directors and $5,600 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective July 6, 1981.

Resolution No. 36-6: Benefits of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1981 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 1, 1981 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 4, 1981 requested the Governors to vote without meeting on the above-mentioned Resolution which was submitted to them on June 5, 1981:

Resolved:

That, effective July 1, 1981,

  • (i) the settling-in grant payable to staff of the Fund shall be paid to Executive Directors and their Alternates on the same basis as it is payable to staff;

  • (ii) changes made after June 2, 1981 in the spouse and dependency allowances for staff of the Fund should be extended to Executive Directors and their Alternates.

The Board of Governors adopted the foregoing Resolution, effective July 6, 1981.

Resolution No. 36-7: Membership for Bhutan

On June 26, 1981, the Government of Bhutan applied for admission to membership in the International Monetary Fund. The Executive Board resolved on August 26, 1981 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 27, 1981 for a vote without meeting:

Whereas, the Kingdom of Bhutan on June 26, 1981 requested admission to membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund;

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

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Board, hereby resolves that the terms and conditions upon which Bhutan 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, as amended;

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

  2. Quota: The quota of Bhutan shall be SDR 1.7 million.

  3. Payment of Subscription: The subscription of Bhutan shall be equal to its quota. Bhutan shall pay 21.7 per cent of its subscription in SDRs, or in the currencies of other members selected by the Managing Director from those currencies that the Fund would receive in accordance with the operational budget in effect at the time of payment.

  4. Timing of Payment of Subscription: Bhutan shall pay the subscription within six months after accepting membership in the Fund.

  5. Exchange Transactions with the Fund and Remuneration: Bhutan may not engage in transactions under Article V, Section 3, or receive remuneration under Article V, Section 9, until its subscription has been paid in full.

  6. Exchange Arrangements: Within 30 days after accepting membership in the Fund, Bhutan shall notify the Fund of the exchange arrangements it intends to apply in fulfillment of its obligations under Article IV, Section 1 of the Articles.

  7. Representation and Information: Before accepting membership in the Fund Bhutan 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 in paragraphs 8(a) and (b) of this Resolution, and Bhutan shall furnish to the Fund such information in respect of that 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 Bhutan has complied with the conditions set forth in paragraph 7 of this Resolution, Bhutan shall become a member of the Fund on the date when Bhutan shall have complied with the following requirements:

    • (a) Bhutan 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) Bhutan 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: Bhutan may accept membership in the Fund pursuant to this Resolution not later than six months after the effective date of this Resolution, which date shall be the date of its adoption by the Board of Governors; provided, however, that if the circumstances of Bhutan are deemed by the Executive Board to warrant an extension of the period during which the applicant may accept membership pursuant to this Resolution, the Executive Board may extend such period until such later date as it may determine.

The Board of Governors adopted the foregoing Resolution, effective September 23, 1981. The Articles of Agreement were signed by the Honorable Lyonpo Dawa Tsering, Minister for Foreign Affairs, on behalf of the Government of Bhutan, on September 28, 1981.

Resolution No. 36-81: Review of the Performance of the Development Committee

Resolved:

That the Board of Governors has completed the review of the performance of the Development Committee called for in Board of Governors Resolution No. 33-10, as amended by Resolution No. 34-12.

Resolution No. 36-91: 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, 1981, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1982 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws

Resolution No. 36-101: Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Board that it has reviewed the amendments of Rules T-1(b) and (c), I-10, I-1 through 6, and G-4, and the abrogation of Rules R-1 through 6, which have been made since the 1980 Annual Meeting, and has no changes to suggest.

Resolution No. 36-111: Time and Place of the 1982 Annual Meetings

Resolved:

That the Chairman transmit the letter of the Government of Canada concerning the time and the place of the 1982 Annual Meetings2 to the Executive Directors of the Bank and the Executive Board of the Fund for review on an urgent basis in accordance with Section 2 of the By-Laws of the Bank and Section 3 of the By-Laws of the Fund.

Resolution No. 36-121: Resolution on Agenda Item 8, “Consideration of the Report of the Joint Committee of the Boards of Governors (The Muldoon Report)”3 and Agenda Item 9, “Procedures Governing Attendance at Meetings of the Board of Governors”

Resolved:

That the following two draft resolutions be referred to the Executive Directors for their consideration as appropriate.

Draft Resolution I

The Board of Governors

Whereas Resolution 3594 adopted on September 19, 1980 called upon the Executive Directors to make proposals before March 1, 1981 for the amendment of Section 4(b) of IBRD By-Laws and Section 5(b) of IMF By-Laws and that, pending the outcome of such action, attendance at the 1980 Annual Meetings or any meeting of the Board of Governors thereafter shall be limited to those observers who were invited to the 1979 Annual Meetings,

Whereas the Executive Boards of the Bank and the Fund notified the Boards of Governors on February 25 and February 27, 1981 requesting a postponement of the deadline for the amendment of Section 4(b) and Section 5(b) from March 1, 1981 to June 15, 1981.

Whereas the Executive Directors of the Bank notified the Board of Governors on June 12 that more time is needed for further consultation regarding the amendment of said By-Laws and that for that reason they advised the Board of Governors that they shall report on the matter at the earliest possible date,

Whereas the IMF Executive Board adopted the same decision on June 15, 1981 and notified the Board of Governors accordingly,

Whereas Resolution 3635 adopted by the Board of Governors on October 3, 1980 established a Joint Committee of the Boards of Governors of the Bank and the Fund (The Muldoon Committee) to consider questions of interpretation arising out of certain decisions of the Executive Boards as well as those arising out of Resolution 3594 and to report to the Board of Governors not later than January 31, 1981,

Whereas The Muldoon Committee has completed its work and duly reported to the Boards of Governors in accordance with its terms of reference,

Whereas serious doubts have arisen regarding the legal validity of Resolution 3594 in the light of the interpretation of Section 12 and 13 of the By-Laws, as adopted by the Muldoon Committee,

Whereas Article VIII of the Agreement concluded on November 15, 1947 between the United Nations, on the one hand, and the Bank and the Fund, on the other, authorizes the Bank and the Fund to request advisory opinion from the International Court of Justice,

Resolves

To request an advisory opinion from the International Court of Justice on the legal validity of Resolution 3594 in the light of the Report of the Joint Committee of the Boards of Governors (The Muldoon Report).

Draft Resolution II

Whereas, the Resolution of the Board of Governors No. 35-96 called for the Executive Directors to consider the By-Laws pertaining to observers, make such proposals for amendment as they believe necessary and report to the Board of Governors;

Whereas, the Executive Directors have been consulting on this matter but have not reached any decision as to proposals for amendment to those By-Laws;

Whereas, the Executive Directors, in their continuing work under Resolution No. 35-96 are to take into account the Report of the Joint Committee of the Board of Governors (Muldoon Committee) which made recommendations with respect both to Sec. 5(b) and Sec. 13 of the By-Laws;

Whereas, on June 15, 1981, the Executive Directors have notified the Board of Governors that more time is needed for further consultation and that they shall report to the Board of Governors on the matter at the earliest possible date, pursuant to the Board of Governors Resolution No. 35-96;

Now, Therefore, the Board of Governors Resolves:

That, the Executive Directors shall consider Section 13 of the By-Laws and make such proposals for amendment as they believe necessary and that they shall report to the Board of Governors on this matter.

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 2, 1981.

See pages 296–97.

See pages 298–384.

Resolution No. 35-9 of the Fund.

Resolution No. 35-12 of the Fund.

Resolution No. 359 of the Fund.

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