Salary of the Managing Director

The Executive Board resolved on May 18, 2004 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 26, 2004 for a vote without meeting:

Resolved that:

1. Effective at the start of the Managing Director’s term of appointment on or about June 7, 2004, the annual salary of the Managing Director of the Fund shall be three hundred and seventy-six thousand, three hundred and eighty dollars ($376,380).

2. The annual salary of the Managing Director shall be adjusted effective July 1, 2005 and each July 1 thereafter by the percentage increase in the Washington metropolitan area consumer price index for the twelve months ending the preceding May. The applicable index for this purpose shall be the U.S. Bureau of Labor Statistics Regional (Washington, Baltimore, Maryland, Virginia, West Virginia) Consumer Price Index for All Urban Consumers, or the equivalent replacement index.

The Board of Governors adopted the foregoing Resolution, effective June 16, 2004.

Direct Remuneration of Executive Directors and their Alternates

Pursuant to Section 14(e) of the By-Laws, the 2004 Joint Committee on the Remuneration of Executive Directors and their Alternates on June 8, 2004 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 following Resolution was submitted to the Governors on June 22, 2004 for a vote without meeting:

Resolved:

That, effective July 1, 2004, the remuneration of the Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the ByLaws shall be paid in the form of salary without a separate supplemental allowance, and such salary shall be paid at the annual rate of $196,730 per year for Executive Directors and $170,170 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective July 28, 2004.

2004 Regular Election of Executive Directors

The Executive Board decided on July 7, 2004, to propose a draft Resolution of the Board of Governors, by which the Board of Governors would adopt: (a) the draft Regulations for the Conduct of the 2004 Regular Election of Executive Directors; and (b) the recommendations relating to the timing of the next regular election. The recommendation that there should continue to be nineteen elective Executive Directors requires that the draft Resolution be adopted by an eighty-five percent majority of the total voting power, as specified in Article XII, Section 3(b).

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 22, 2004 for a vote without meeting:

Resolved:

(a) In accordance with paragraph (b) of Resolution No. 57-4 adopted on August 19, 2002, which provides that “a Regular Election of Executive Directors shall take place in 2004”, the proposed Regulations for the Conduct of the 2004 Regular Election of Executive Directors are hereby adopted; and (b) That the next Regular Election of Executive Directors shall take place in 2006.

The Board of Governors adopted the foregoing Resolution, effective August 18, 2004.

New Period for Consent - Increases of Quotas of Members under the Eleventh General Review

WHEREAS paragraph 4 of the Board of Governors’ Resolution No. 53-2 states that, to become effective, duly executed notices for consent to increases in quota under the Resolution must be received in the Fund before 6:00 p.m., Washington time January 31, 2000, provided that the Executive Board may extend this period as it may determine;

WHEREAS the last extension of the period established in accordance with paragraph 4 of the Resolution expired at 6:00 p.m., Washington time, July 31, 2004;

WHEREAS the Executive Board has recommended the adoption of a Resolution of the Board of Governors, by vote without meeting pursuant to Section 13 of the By-Laws of the Fund, setting a new period for receipt of consents to increases in quota under Board of Governors Resolution No. 53-2, so as to give members that have been unable to consent to their proposed increases in quotas under such Resolution a further opportunity to do so;

NOW, THEREFORE, the Board of Governors hereby RESOLVES that:

Fund members that have not consented to an increase in their quotas as proposed by Board of Governors Resolution No. 53-2 within the period established in accordance with paragraph 4 of that Resolution, shall have until 6:00 p.m., Washington time September 19, 2005, to submit notices in accordance with paragraph 2 of Resolution No. 53-2, by a duly authorized official of the member, provided that the Executive Board may extend this period as it may determine.

The Board of Governors adopted the foregoing Resolution, effective September 20, 2004.

Financial Statements, Report on Audit, and Administrative and Capital Budgets

Resolved:

That the Board of Governors of the International Monetary Fund considers the Report on Audit for the Financial Year ended April 30, 2004, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 2005 and the Capital Budget for capital projects beginning in Financial Year 2005 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

The Board of Governors adopted the foregoing Resolution, effective October 3, 2004.