Chapter

Resolutions

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1979
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Resolution No. 34-1. Membership for Dominica

On February 10, 1978, the Government of Dominica applied for admission to membership in the International Monetary Fund. The Executive Board resolved on November 6, 1978 that action on the application should not be postponed until the next regular meeting of the Board of Governors.

In accordance with Section 23 of the By-Laws, the following Resolution was submitted to the Governors on November 8, 1978 for a vote without meeting:

Whereas, the Government of Dominica applied on February 10, 1978 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;

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Board has consulted with the representative of that Government 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 Dominica 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 Dominica 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 Dominica shall be SDR 1.9 million.

  • 3. Subscription: The subscription of Dominica shall be equal to its quota. Dominica shall pay 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 Dominica shall not exceed a percentage of quotas calculated by the Fund for Dominica under Article V, Section 9(b)(i).

  • 4. Date for Payment of Subscription: Dominica shall pay the subscription within six months from the effective date of its membership.

  • 5. Exchange Transactions with the Fund: Dominica may not engage in exchange transactions with the General Department of the Fund until its subscription has been paid in full.

  • 6. Exchange Arrangements: Within 30 days after accepting membership in the Fund, Dominica 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 Dominica 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 Dominica 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 Dominica has complied with the conditions set forth in paragraph 7 of this Resolution, Dominica shall become a member of the Fund on the date when Dominica shall have complied with the following requirements:

    • (a) Dominica 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) Dominica 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: Dominica 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 Dominica 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.

  • 10. Increase in Quota Under the Seventh General Review: The quota of Dominica shall be adjusted to SDR 2.9 million in accordance with the terms and conditions specified for other members in a Board of Governors resolution on the Seventh General Review of Quotas.

The Board of Governors adopted the foregoing Resolution, effective December 6, 1978. The Articles of Agreement were signed by the Honorable V. A. J. Rivière, Minister of Finance and Economic Affairs of Dominica, on behalf of the Government of Dominica, on December 12, 1978.

Resolution No. 34-2. Increases in Quotas of Members—Seventh 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 Board of Governors decided in Resolution No. 31-2, March 22, 1976, that “The seventh general review of quotas shall be completed by February 9, 1978.” The review was not completed by that date. At its meeting in Washington on September 24, 1978 the Interim Committee reached understandings on all major issues of the Seventh Review and requested the Executive Board to prepare and complete by November 1, 1978, for final decision and vote by the Board of Governors before the end of the year, a proposed resolution on increases in the quotas of members in accordance with those understandings. Accordingly, the Executive Board decided on October 25, 1978 to submit a report entitled “Increases in Quotas of Fund Members—Seventh 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 October 27, 1978 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—Seventh 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 Seventh 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, provided that any member may consent to an increased quota that is smaller than the one shown in the Annex, and may consent thereafter to further increases that raise its quota to the amount shown against its name in the Annex not later than the date prescribed by or under paragraph 3 below.

  • 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 (a) no increase in quota shall become effective before the date of the Fund’s determination that members having not less than three-fourths of the total of quotas on November 1, 1978 have consented to increases in their quotas, and (b) if the determination has not been made before July 1, 1980, no increase in quota shall become effective until after October 5, 1980.

  • 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 not later than November 1, 1980, 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. If this determination is made in the period between July 1 and October 5, 1980, for the purpose of this paragraph it shall be deemed to have been made on October 5, 1980.

  • 5. This Resolution shall become effective if it and the Proposed Resolution on Allocation of Special Drawing Rights for the Third Basic Period are adopted by the necessary majority of the total voting power for each.

Annex to Resolution No. 34-2
Proposed Maximum Quota
(In millions of SDRs)
1.Afghanistan67.5
2.Algeria427.5
3.Argentina802.5
4.Australia1,185.0
5.Austria495.0
6.Bahamas49.5
7.Bahrain30.0
8.Bangladesh228.0
9.Barbados25.5
10.Belgium1,335.0
11.Benin24.0
12.Bolivia67.5
13.Botswana13.5
14.Brazil997.5
15.Burma109.5
16.Burundi34.5
17.Cameroon67.5
18.Canada2,035.5
19.Central African Empire24.0
20.Chad24.0
21.Chile325.5
22.China, Republic of550.0
23.Colombia289.5
24.Comoros3.5
25.Congo, People’s Republic of the25.5
26.Costa Rica61.5
27.Cyprus51.0
28.Denmark465.0
29.Dominican Republic82.5
30.Ecuador105.0
31.Egypt342.0
32.El Salvador64.5
33.Equatorial Guinea15.0
34.Ethiopia54.0
35.Fiji27.0
36.Finland393.0
37.France2,878.5
38.Gabon45.0
39.Gambia, The13.5
40.Germany, Federal Republic of3,234.0
41.Ghana159.0
42.Greece277.5
43.Grenada4.5
44.Guatemala76.5
45.Guinea45.0
46.Guinea-Bissau5.9
47.Guyana37.5
48.Haiti34.5
49.Honduras51.0
50.Iceland43.5
51.India1,717.5
52.Indonesia720.0
53.Iran1,075.0
54.Iraq234.1
55.Ireland232.5
56.Israel307.5
57.Italy1,860.0
58.Ivory Coast114.0
59.Jamaica111.0
60.Japan2,488.5
61.Jordan45.0
62.Kampuchea, Democratic25.0
63.Kenya103.5
64.Korea255.9
65.Kuwait393.3
66.Lao People’s Democratic Republic24.0
67.Lebanon27.9
68.Lesotho10.5
69.Liberia55.5
70.Libya298.4
71.Luxembourg46.5
72.Madagascar51.0
73.Malawi28.5
74.Malaysia379.5
75.Maldives1.4
76.Mali40.5
77.Malta30.0
78.Mauritania25.5
79.Mauritius40.5
80.Mexico802.5
81.Morocco225.0
82.Nepal28.5
83.Netherlands1,422.0
84.New Zealand348.0
85.Nicaragua51.0
86.Niger24.0
87.Nigeria540.0
88.Norway442.5
89.Oman35.1
90.Pakistan427.5
91.Panama67.5
92.Papua New Guinea45.0
93.Paraguay34.5
94.Peru246.0
95.Philippines315.0
96.Portugal258.0
97.Qatar66.2
98.Romania367.5
99.Rwanda34.5
100.São Tomé and Principe3.0
101.Saudi Arabia1,040.1
102.Senegal63.0
103.Seychelles2.0
104.Sierra Leone46.5
105.Singapore92.4
106.Solomon Islands3.2
107.Somalia34.5
108.South Africa636.0
109.Spain835.5
110.Sri Lanka178.5
111.Sudan132.0
112.Suriname37.5
113.Swaziland18.0
114.Sweden675.0
115.Syrian Arab Republic94.5
116.Tanzania82.5
117.Thailand271.5
118.Togo28.5
119.Trinidad and Tobago123.0
120.Tunisia94.5
121.Turkey300.0
122.Uganda75.0
123.United Arab Emirates202.6
124.United Kingdom4,387.5
125.United States12,607.5
126.Upper Volta24.0
127.Uruguay126.0
128.Venezuela990.0
129.Viet Nam, Socialist Republic of135.0
130.Western Samoa4.5
131.Yemen Arab Republic19.5
132.Yemen, People’s Democratic Republic of61.5
133.Yugoslavia415.5
134.Zaïre228.0
135.Zambia211.5

The Board of Governors adopted the foregoing Resolution, effective December 11, 1978. This Resolution was amended by Resolution No. 34-8.

Resolution No. 34-3. Allocation of Special Drawing Rights for the Third Basic Period

At its meeting on September 24, 1978, the Interim Committee recommended that a decision to allocate special drawing rights, on the basis of a proposal by the Managing Director concurred in by the Executive Board by November 1, 1978, be acted on by the Board of Governors before the end of the year in order to help meet the long-term global need to supplement existing reserve assets in a desirable manner. Accordingly, and pursuant to Article XVIII, Section 4(a), the Executive Board concurred on October 25, 1978 in the proposal by the Managing Director for an allocation of special drawing rights for the third basic period, which, together with a proposed Resolution, was set forth in a report which the Secretary was authorized to transmit to the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on October 27, 1978 for a vote without meeting:

Whereas the Managing Director has submitted a proposal for the allocation of special drawing rights pursuant to Article XVIII, Section 4, of the Articles of Agreement of the International Monetary Fund;

Whereas in the Report containing his proposal, the Managing Director has declared that, before making the proposal, he had satisfied himself that the proposal would be consistent with the provisions of Article XVIII, Section 1(a), and that, after consultation, he has ascertained that there is broad support among participants for the proposal; and

Whereas the Executive Board has concurred in the proposal of the Managing Director;

Now, therefore, the Board of Governors, being satisfied that the proposal of the Managing Director meets the principles governing the allocation of special drawing rights set forth in Article XVIII, Section 1(a) hereby Resolves that:

  • 1. The third basic period, which began on January 1, 1978, shall end on December 31, 1981.

  • 2. The Fund shall make allocations to participants in the Special Drawing Rights Department that are eligible, in accordance with the Articles of Agreement, to receive allocations during the third basic period.

  • 3. Allocations shall be made as of the first day of the month following the date on which this resolution becomes effective and as of the same date in each of the subsequent two years.

  • 4. The rate for the allocations to participants eligible to receive allocations in accordance with 2 above shall be the percentage, rounded to the nearest one-tenth of one percentage point, resulting from dividing SDR 4 billion by the total of quotas on the day before allocation of those participants that were eligible to receive allocations on the date on which this resolution becomes effective.

  • 5. This resolution shall become effective if it and the proposed resolution on the Seventh General Review of Quotas are adopted by the necessary majority of the total voting power for each.

The Board of Governors adopted the foregoing Resolution, effective December 11, 1978.

Resolution No. 34-4. Membership for Djibouti

On January 11, 1978, the Government of Djibouti applied for admission to membership in the International Monetary Fund. The Executive Board resolved on December 1, 1978 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 December 4, 1978 for a vote without meeting:

Whereas, the Government of Djibouti applied on January 11, 1978 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;

Whereas, pursuant to Section 21 of the By-Laws of the Fund, the Executive Board has consulted with the representative of that Government 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 Djibouti 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 Djibouti 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 Djibouti shall be SDR 3.8 million.

  • 3. Subscription: The subscription of Djibouti shall be equal to its quota. Djibouti shall pay 20 per cent of the subscription in special drawing rights or in the currencies of other members specified by the Fund in accordance with the Fund’s policies and practices at the time of the payment. The balance of the subscription shall be paid in the currency of Djibouti.

  • 4. Date of Payment of Subscription: Djibouti shall pay the subscription for the quota of SDR 3.8 million within six months from the date it becomes a member.

  • 5. Increase in Quota Equivalent to an Increase Under Seventh General Review: The quota of Djibouti shall be increased to an amount up to SDR 5.7 million to which Djibouti may consent in accordance with the provisions of the Resolution of the Board of Governors entitled “Increases in Quotas of Members—Seventh General Review.” The increase to which Djibouti may consent shall take effect in accordance with the terms of that Resolution and Djibouti shall pay the increase in accordance with Article III, Section 3 of the Articles.

  • 6. Exchange Transactions with the Fund: Djibouti may not engage in transactions with the Fund under Article V, Section 3 until its subscription has been paid in full.

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

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

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

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

  • 10. Period for Acceptance of Membership: Djibouti 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 Djibouti 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 26, 1978. The Articles of Agreement were signed by His Excellency Salah Hadji Farah, Ambassador of Djibouti to the United Nations, on behalf of the Republic of Djibouti, on December 29, 1978.

Resolution No. 34-5. Places of Forthcoming Annual Meetings

The Executive Board decided on June 13, 1979 that action in connection with the places of forthcoming Annual Meetings from 1981 through 1984 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 15, 1979 for a vote without meeting:

Resolved:

That the invitation of the Government of Canada to hold the Annual Meetings in Toronto in 1982 be accepted, and that the Annual Meetings be held in Washington, D.C., in 1981, 1983, and 1984.

The Board of Governors adopted the foregoing Resolution, effective July 16,1979.

Resolution No. 34-6. Direct Remuneration of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1979 Joint Committee on the Remuneration of Executive Directors and their Alternates on June 15, 1979 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, on June 20, 1979 the Executive Board requested the Governors to vote without meeting on the above-mentioned Resolution submitted to them on June 21, 1979:

Resolved:

That, effective July 1, 1979, 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, $49,100 per year for Executive Directors and $38,600 per year for their Alternates.

  • (ii) As supplemental allowance (for expenses, including housing and entertainment expenses, in addition to those already specified in Section 14(f) of the By-Laws), $5,400 per year for Executive Directors and $4,300 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective July 20, 1979.

Resolution No. 34-7. Benefits of Executive Directors and Their Alternates

Pursuant to Section 14(e) of the By-Laws, the 1979 Joint Committee on the Remuneration of Executive Directors and their Alternates on June 15, 1979 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 20, 1979 requested the Governors to vote without meeting on the above-mentioned Resolution submitted to them on June 21, 1979:

Resolved:

That, effective beginning with the academic year 1978-1979, the change in the education allowance, effective beginning with the academic year 1978-1979 for the staff, shall also apply to Executive Directors of the Fund and their Alternates;

And that changes in levels of benefits to reflect actual costs, or other minor modifications to existing benefits that do not change the basic nature of such benefits, may be made available to Executive Directors and their Alternates by the Executive Directors of the Fund, provided that significant changes in existing benefits as well as new benefits be considered by the Joint Committee on the Remuneration of Executive Directors and their Alternates pursuant to Section 14(e) of the By-Laws of the Fund and not be made available to Executive Directors and their Alternates until approved by the Board of Governors.

The Board of Governors adopted the foregoing Resolution, effective July 20,1979.

Resolution No. 34-8. Increase in Quota Under the Seventh General Review of Quotas: Cape Verde

The Government of Cape Verde requested on July 2, 1979 that it be granted the opportunity to increase its quota in accordance with the provisions of Board of Governors Resolution No. 34-2 to the amount to which it would have been entitled if it had been a member of the Fund on October 27,1978, when that Resolution was submitted by the Executive Board to the Board of Governors. The Executive Board resolved on July 30, 1979 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 1, 1979 for a vote without meeting:

Resolved:

That Board of Governors Resolution No. 34-2, “Increases in Quotas of Members—Seventh General Review,” is amended by the addition to the list in the Annex of: “Cape Verde” with a Proposed Maximum Quota (in millions of SDRs) of “3.0.”

The Board of Governors adopted the foregoing Resolution, effective August 29, 1979.

Resolution No. 34-9. Membership for St. Lucia

On November 22, 1978, the Government of St. Lucia applied for admission to membership in the International Monetary Fund. The Executive Board resolved on August 1, 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 August 8, 1979 for a vote without meeting:

Whereas, St. Lucia on November 22, 1978 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. Lucia 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. Lucia 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. Lucia 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 St. Lucia shall be SDR 3.6 million.

  • 3. Payment of Subscription: The subscription of St. Lucia shall be equal to its quota. St. Lucia 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. Lucia shall not exceed a percentage of quota calculated by the Fund for St. Lucia under Article V, Section 9(b)(i).

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

  • 5. Increase in Quota Equivalent to an Increase Under Seventh General Review: The quota of St. Lucia shall be increased from SDR 3.6 million to an amount up to SDR 5.4 million to which St. Lucia may consent in accordance with the provisions of the Resolution of the Board of Governors entitled “Increases in Quotas of Members—Seventh General Review.” The increase to which St. Lucia may consent shall take effect in accordance with the terms of that Resolution and St. Lucia shall pay the increase in accordance with Article III, Section 3 of the Articles.

  • 6. Exchange Transactions with the Fund and Remuneration: St. Lucia 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.

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

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

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

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

  • 10. Period for Acceptance of Membership: St. Lucia 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. Lucia 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 5, 1979.

Resolution No. 34-101. 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, 1979, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1980 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 34-112. 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 1-7(5) (b) (i), 1-10, and T-l, and the N Rules, which have been made since the 1978 Annual Meeting, and has no changes to suggest.

Resolution No. 34-122. Review of Performance of the Development Committee

Whereas the Board of Governors at its 1978 Annual Meeting adopted Resolution No. 33-10 entitled “Review of the Performance of the Development Committee,” which provided that at the end of two years the Boards of Governors of the Bank and the Fund shall review the performance of the Committee, after receiving the views and recommendations of the Executive Boards of the Bank and the Fund and of the Committee; and

Whereas the Development Committee has recommended that this review be made by the Boards of Governors at the Annual Meetings to be held in 1981;

Now, therefore, the Board of Governors hereby resolves:

That paragraph (b) of Board of Governors Resolution No. 33-10 be replaced by the following:

  • “(b) That at the Annual Meetings of the Bank and the Fund to be held in 1981, the Boards of Governors of the Bank and the Fund shall again review the performance of the Committee and shall take such action as they deem appropriate, taking into account (i) the views and recommendations of the Executive Boards of the Bank and the Fund expressed at the appropriate time but not later than June 30, 1981, and (ii) the views and recommendations of the Development Committee;”

Resolution No. 34-133. Appreciation

Resolved:

That the Governors of the International Bank for Reconstruction and Development, the Bank’s affiliates, and the International Monetary Fund express their deep appreciation to President Tito of Yugoslavia, to the Yugoslav Government, and to the people of Yugoslavia and of Belgrade for their gracious reception and hospitality;

That they express their warm congratulations and appreciation for the exceptional facilities of the Sava Centar complex;

And that they express particular appreciation to the Governors and Alternate Governors for Yugoslavia and to their associates for the creative effort and imagination which they contributed toward ensuring the success of the 1979 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, 1979.

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, 1979.

Adopted unanimously by the Boards of Governors of the Fund and of the Bank, IFC and IDA, in Joint Session, on October 5, 1979.

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