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Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1980
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Resolution No. 35-1: Membership for St. Vincent

On January 12, 1979, the Government of St. Vincent applied for admission to membership in the International Monetary Fund. The Executive Board resolved on November 28, 1979 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 November 29, 1979 for a vote without meeting:

Whereas, St. Vincent on January 12, 1979 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 St. Vincent 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 St. Vincent 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 St. Vincent 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, as amended;

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

  • Quota: The quota of St. Vincent shall be SDR 1.7 million.

  • Payment of Subscription: The subscription of St. Vincent shall be equal to its quota. St. Vincent shall pay one part 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, and another part in its own currency. The percentage of the subscription that may be paid in the currency of St. Vincent shall not exceed a percentage of quota calculated by the Fund for St. Vincent under Article V, Section 9(b) (i).

  • Timing of Payment of Subscription: St. Vincent shall pay the subscription within six months after accepting membership in the Fund.

  • Increase in Quota Equivalent to an Increase Under Seventh General Review: The quota of St. Vincent shall be increased from SDR 1.7 million to an amount up to SDR 2.6 million to which St. Vincent may consent in accordance with the provisions of the Resolution of the Board of Governors entitled “Increases in Quotas of Fund Members—Seventh General Review.” The increase to which St. Vincent may consent shall take effect in accordance with the terms of that Resolution and St. Vincent shall pay the increase in accordance with Article III, Section 3 of the Articles.

  • Exchange Transactions with the Fund and Remuneration: St. Vincent 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.

  • Exchange Arrangements: Within 30 days after accepting membership in the Fund, St. Vincent 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.

  • Representation and Information: Before accepting membership in the Fund St. Vincent 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 9(a) and 9(b) of this Resolution, and St. Vincent 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 St. Vincent has complied with the conditions set forth in paragraph 8 of this Resolution, St. Vincent shall become a member of the Fund on the date when St. Vincent shall have complied with the following requirements:

    • (a) St. Vincent 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 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)St. Vincent 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: St. Vincent 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 St. Vincent 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 December 27, 1979. The Articles of Agreement were signed by Mr. Donal Lynch, Alternate Executive Director of the International Monetary Fund, on behalf of the Government of St. Vincent, on December 28, 1979.

Resolution No. 35-2: Amendment of Section 14(b) of the By-Laws

A Joint Committee on Staff Compensation Issues was established by the Executive Boards of the Fund and the Bank in July 1977. One of the Committee’s terms of reference was to examine Fund/Bank arrangements for reimbursement of tax payments. Following a recommendation by that Committee, the Executive Board decided on May 22, 1979 that the Fund should introduce, beginning on January 1, 1980, an average deduction system as the basis for the payment of a tax allowance by the Fund. An amendment of Section 14(b) of the By-Laws was required to implement that decision. The Executive Board resolved on December 5, 1979 that action on the amendment 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 December 7, 1979 for a vote without meeting:

Resolved:

That Section 14(b) of the By-Laws of the Fund shall be amended to read as follows:

(b) Pending the necessary action by members to exempt from national taxation salaries and allowances paid out of the budget of the Fund, the Governors and the Executive Directors, and their Alternates, the Managing Director, and staff members and other employees of the Fund, except those whose employment contracts state otherwise, shall receive from the Fund a tax allowance that the Executive Board determines to be reasonably related to the taxes paid by them on such salaries and allowances.

In computing the amount of tax adjustment to be made with respect to any individual, it shall be presumed for the purposes of the computation that the income received from the Fund is his total income. All salary scales and expense allowances prescribed pursuant to this section are stated as net on the above basis.

The Board of Governors adopted the foregoing Resolution, effective December 31, 1979.

Resolution No. 35-3: Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1980 Joint Committee on the Remuneration of Executive Directors and their Alternates on April 29, 1980 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 May 16, 1980 requested the Governors to vote without meeting on the above-mentioned Resolution submitted to them on May 20, 1980:

Resolved:

That, effective July 1, 1980, 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, $56,800 per year for Executive Directors and $47,500 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), $6,200 per year for Executive Directors and $5,000 per year for their Alternates.

  • The Board of Governors adopted the foregoing Resolution, effective July 1, 1980.

Resolution No. 35-4: Benefits of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1980 Joint Committee on the Remuneration of Executive Directors and their Alternates on April 29, 1980 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 May 16, 1980 requested the Governors to vote without meeting on the above-mentioned Resolution submitted to them on May 20, 1980:

Resolved:

That, the salary advances available to the regular staff of the Fund (i) to help meet settling-in expenses and (ii) for urgent personal reasons in special and unusual cases shall be available to the Executive Directors and their Alternates on the same basis as they are available to the staff.

The Board of Governors adopted the foregoing Resolution, effective July 1, 1980.

Resolution No. 35-5: Membership for Zimbabwe

On May 6, 1980, the Government of Zimbabwe applied for admission to membership in the International Monetary Fund. The Executive Board resolved on June 25, 1980 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 27, 1980 for a vote without meeting:

Whereas Zimbabwe on May 6, 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 Zimbabwe 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 Zimbabwe 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 Zimbabwe 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, as amended;

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

  • Quota: The quota of Zimbabwe shall be SDR 100 million.

  • Payment of Subscription: The subscription of Zimbabwe shall be equal to its quota. Zimbabwe shall pay 19.99 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 Zimbabwe.

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

  • Exchange Transactions with the Fund and Remuneration: Zimbabwe 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.

  • Increase in Quota Equivalent to an Increase Under the Seventh General Review: The quota of Zimbabwe shall be increased from SDR 100 million to an amount up to SDR 150 million to which Zimbabwe may consent in accordance with the provisions of the Resolution of the Board of Governors entitled “Increases in Quotas of Fund Members—Seventh General Review.” The increase to which Zimbabwe may consent shall take effect in accordance with the terms of the Resolution and Zimbabwe shall pay the increase in accordance with Article III, Section 3 of the Articles.

  • Exchange Arrangements: Within 30 days after accepting membership in the Fund, Zimbabwe 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.

  • Representation and Information: Before accepting membership in the Fund, Zimbabwe 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 9(a) and 9(b) of this Resolution, and Zimbabwe shall furnish to the Fund such information in respect of such action as the Fund may request.

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

    • (a) Zimbabwe 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) Zimbabwe 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: Zimbabwe 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 Zimbabwe are deemed by the Executive Board to warrant an extension of the period during which Zimbabwe 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 July 28,1980. The Articles of Agreement were signed by the Honorable Enos Mzombi Nkala, Minister of Finance, on behalf of the Government of Zimbabwe, on September 29, 1980.

Resolution No. 35-6: Amendment of Section 14(f) of the By-Laws

The Executive Board resolved on August 4, 1980 that action on the amendment 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 4, 1980 for a vote without meeting:

Resolved:

That the first sentence of the first paragraph of Section 14(f) of the By-Laws be amended to read as follows:

“The Executive Directors and their Alternates are to be reimbursed, in addition, for all reasonable expenses for travel incurred on official Fund business, and for reasonable expenses incurred by them in connection with official Fund business to entertain senior officials of the governments or central banks or persons prominent in the academic communities of the members that appointed, elected or designated them.”

The Board of Governors adopted the foregoing Resolution, effective September 5, 1980.

Resolution No. 35-7: Increase in the Quota of China

Under date of May 28, 1980, the Government of the People’s Republic of China, recalling that the quota of China had remained at SDR 550 million since the establishment of the Fund, requested that its quota be increased to an amount commensurate with the importance of China in the world economy. The Executive Board resolved on August 7, 1980 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 August 8, 1980, for a vote without meeting:

Resolved:

  • That the quota of China shall be increased from SDR 550 million to SDR 1,200 million, provided that China has consented in writing to the increase and has paid SDR 110.5 million in special drawing rights and the remainder of the increase in the currency of China. 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 payment of the increase in full shall be made promptly and in any event not later than September 26, 1980, provided that the Executive Board may extend the period within which the consent and the payment may be made as it may determine.

  • That the quota of China shall be increased from SDR 1,200 million to an amount up to SDR 1,800 million to which China may consent in accordance with the provisions of the Resolution of the Board of Governors No. 34-2 entitled “Increases in Quotas of Fund Members—Seventh General Review.” The increase to which China may consent shall take effect in accordance with the terms of that Resolution and China shall pay the increase in accordance with the terms of the Resolution and of Article III, Section 3 of the Articles of Agreement of the Fund.

The Board of Governors adopted the foregoing Resolution, effective September 8, 1980. The written notice that the People’s Republic of China consented to the increase was received by the Fund on September 11, 1980. Full payment was received by the Fund on September 26, 1980, on which date the new quota became effective.

Resolution No. 35-8: 1980 Regular Election of Executive Directors

The Executive Board resolved on August 5, 1980 that action in connection with the regulations for conduct of the 1980 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 8, 1980 for a vote without meeting:

Resolved:

  • (a) That the proposed Regulations for the Conduct of the 1980 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 1982.

The Board of Governors adopted the foregoing Resolution, effective September 8, 1980.

Resolution No. 35-9: Provision on Observers to Meetings of the Board of Governors

The Executive Board resolved on July 29, 1980 that action on consideration of the provision on observers to meetings of the Board of Governors 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 July 31, 1980 for a vote without meeting:

Whereas the provision on observers to meetings of the Board of Governors contained in Section 5(b) of the By-Laws has given rise to a number of serious questions which cannot be resolved satisfactorily on the basis of the present wording;

Whereas therefore, an amendment to Section 5(b) seems to be justified and even necessary;

Having regard to Section 24 of the By-Laws;

Now, therefore the Board of Governors Resolves:

  • That the Executive Directors shall consider the exact scope of Section 5(b) and make such proposals for amendment as they believe necessary and that they shall report to the Board of Governors by March 1, 1981 ; and

  • That pending the outcome of action pursuant to paragraph 1 of this Resolution, attendance at the 1980 Annual Meeting or any meeting of the Board of Governors thereafter, shall be limited to those observers who were invited to the 1979 Annual Meeting.

The Board of Governors adopted the foregoing Resolution, effective September 19, 1980.

Resolution No. 35-10 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 Financial Year ended April 30, 1980, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1981 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 35-11 1: 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 O-1, T-1, and I-10(b), which have been made since the 1979 Annual Meeting, and has no changes to suggest.

Resolution No. 35-12 1: Application of the Palestine Liberation Organization for Observer Status

The Board of Governors of the International Monetary Fund and the Board of Governors of the International Bank for Reconstruction and Development

Whereas the Executive Directors of the International Bank for Reconstruction and Development approved a decision on July 25, 1980 recommending to the Board of Governors a draft resolution on observers for a vote without meeting,

Whereas the Executive Board of the International Monetary Fund approved the same decision on July 29, 1980,

Whereas the Executive Boards of the International Monetary Fund and of the International Bank for Reconstruction and Development took a decision on September 9,1980 extending the deadline for voting on the draft resolution on observers from September 9, 1980 to September 19, 1980,

Whereas the Executive Boards of the International Monetary Fund and of the International Bank for Reconstruction and Development took a decision on September 16,2 and September 18, 1980 denying member countries the right to withdraw their votes under the procedure of voting without meeting,

Whereas the Board of Governors of the International Monetary Fund and the Board of Governors of the International Bank for Reconstruction and Development adopted on September 19, 1980 a resolution on observers,

Whereas the above mentioned decisions taken by the Executive Boards and the resolution adopted by the Boards of Governors on September 19, 1980 raise issues concerning Section 5(b) and Section 13 of the By-Laws of the two institutions,3

Whereas the Boards of Governors took note of the memorandum by the Arab Executive Directors in the two institutions dated September 28 and entitled “Outline of Legal Issues,” 4

Resolved:

  • There shall be established a Joint Committee of the Boards of Governors of the two institutions on questions of interpretation of Section 5(b), Section 13 of the respective By-Laws of the two institutions3 and other related provisions arising out of the decisions taken by the Executive Boards on July 25, July 29, September 9, September 162 and September 18, as well as of the Resolution adopted by the Boards of Governors on September 19, 1980. In its work the Committee shall take into account the questions formulated in the memorandum by the Arab Executive Directors in the two institutions dated September 28 and entitled “Outline of Legal Issues.”5 The Committee shall be entitled to seek and obtain objective and independent legal advice as deemed desirable.

    • (a) The Committee shall consist of the following nine member countries: Belgium, France, Germany, Indonesia, New Zealand, Nigeria, Pakistan, Sweden and Yugoslavia.

    • (b) Each member of the Committee except the Chairman shall have one vote.

    • (c) New Zealand shall act as Chairman with Mr. Muldoon in his personal capacity in the Chair. The Chairman will have a vote in case of a tie.

    • (d) In order to emphasize the technical non-political task of the Committee each member country may be represented by an eminent jurist.

  • The Committee shall complete its work and report to the Boards of Governors not later than January 31, 1981.

  • The report of the Committee shall be taken into account by the Executive Boards in their work under paragraph 1 of the resolutions of the Boards of Governors of the International Bank for Reconstruction and Development and the International Monetary Fund on Section 5(b)6 of the By-Laws approved on September 19, 1980.

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 3, 1980.

In Resolution No. 35-12 as adopted by the Board of Governors on October 3, 1980, the date “September 16” read “September 17”.

As of September 26, 1980, Section 5(b) and 13 of the By-Laws of the International Bank for Reconstruction and Development were renumbered 4(b) and 12, respectively.

Joint Procedures Committee Document No. 10.

Joint Procedures Committee Document No. 10.

As of September 26, 1980, Sections 5(b) and 13 of the By-Laws of the International Bank for Reconstruction and Development were renumbered 4(b) and 12, respectively.

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