Abstract

Under date of October 12, 1964, the Government of Ceylon requested that its quota in the Fund of $45 million be increased. The Executive Board resolved on January 8, 1965 that action on the request should not be postponed until the next regular meeting of the Board of Governors.

Resolution No. 20-1. Increase in the Quota of Ceylon

Under date of October 12, 1964, the Government of Ceylon requested that its quota in the Fund of $45 million be increased. The Executive Board resolved on January 8, 1965 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 January 13, 1965 for a vote without meeting:

Resolved:

That the quota of Ceylon shall be changed to $62 million, provided that Ceylon consents to the change on or before August 16, 1965, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Ceylon. The change shall become effective on the date the Fund receives notice in writing that Ceylon consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective February 15, 1965. The written notice that Ceylon consented to the increase was received by the Fund on April 7, 1965, on which date the new quota became effective.

Resolution No. 20-2. Increase in the Quota of Guatemala

Under date of November 16, 1964, the Government of Guatemala requested that its quota in the Fund be increased from $15 million to $20 million. The Executive Board resolved on January 18, 1965 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 January 22, 1965 for a vote without meeting:

Resolved:

That the quota of Guatemala shall be changed to $20 million, provided that Guatemala consents to the change on or before August 23, 1965, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Guatemala. The change shall become effective on the date the Fund receives notice in writing that Guatemala consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective February 23, 1965. The written notice that Guatemala consented to the increase was received by the Fund on June 25, 1965, on which date the new quota became effective.

Resolution No. 20-3. Increase in the Quota of Saudi Arabia

Under date of January 27, 1965, the Government of Saudi Arabia requested that its quota in the Fund be increased from $55 million to $72 million. The Executive Board resolved on February 24, 1965 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 February 25, 1965 for a vote without meeting:

Resolved:

That the quota of Saudi Arabia shall be changed to $72 million, provided that Saudi Arabia consents to the change on or before August 30, 1965, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Saudi Arabia. The change shall become effective on the date the Fund receives notice in writing that Saudi Arabia consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective March 29, 1965. The written notice that Saudi Arabia consented to the increase was received by the Fund on June 24, 1965, on which date the new quota became effective.

Resolution No. 20-4. Increase in the Quota of the Syrian Arab Republic

Under date of February 18,1965, the Government of the Syrian Arab Republic requested that its quota in the Fund be increased from $25 million to $30 million. The Executive Board resolved on February 24, 1965 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 February 25, 1965 for a vote without meeting:

Resolved:

That the quota of the Syrian Arab Republic shall be changed to $30 million, provided that the Syrian Arab Republic consents to the change on or before August 30, 1965, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of the Syrian Arab Republic. The change shall become effective on the date the Fund receives notice in writing that the Syrian Arab Republic consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective March 29, 1965. On August 27, 1965, the Executive Directors, at the request of the Syrian Arab Republic and in accordance with the provisions of the above Resolution, extended the period in which the Syrian Arab Republic might give its consent to this increase in quota to November 30,1965.

Resolution No. 20-5. Increase in the Quota of Thailand

Under date of February 10, 1965, the Government of Thailand requested that its quota in the Fund be increased from $45 million to $76 million. The Executive Board resolved on February 24, 1965 that 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 February 25, 1965 for a vote without meeting:

Resolved:

That the quota of Thailand shall be changed to $76 million, provided that Thailand consents to the change on or before August 30, 1965, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Thailand. The change shall become effective on the date the Fund receives notice in writing that Thailand consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

The Board of Governors adopted the foregoing Resolution, effective March 29, 1965. The written notice that Thailand consented to the increase was received by the Fund on May 4, 1965, on which date the new quota became effective.

Resolutions Nos. 20-6 and 20-7. Increases in Quotas of Members—Fourth Quinquennial Review

Whereas the Executive Directors have considered the question referred to them by the Resolution of the Board of Governors of the International Monetary Fund at its Nineteenth Annual Meeting:

“That the Executive Directors proceed to consider the question of adjusting the quotas of members of the Fund and at an early date submit an appropriate proposal to the Board of Governors.”

Have found that proposals to carry out increases in quotas should be submitted to the Board of Governors; and

Have submitted to the Board of Governors a Report entitled “Increases in Quotas of Members—Fourth Quinquennial Review” and the following Resolutions of the Board of Governors for a vote without meeting pursuant to Section 13 of the By-Laws of the Fund, which Resolutions propose increases in the quotas of all members of the Fund, make provision for consents by members, and establish the conditions upon which the increases shall take effect;

Now, therefore, the Board of Governors, noting the said Report of the Executive Directors, hereby resolves that:

First Resolution (No. 20-6)

Second Resolution (No. 20-7)

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The Board of Governors adopted the foregoing Resolutions, effective March 31, 1965. On September 8, 1965, the Executive Directors extended to March 25, 1966 the period for consent prescribed in these Resolutions.

Resolution No. 20-8. Membership for Zambia

On July 28, 1964, the Government of Zambia, at that time called Northern Rhodesia, applied for membership in the Fund. The Executive Board resolved on April 7, 1965 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 April 14, 1965 for a vote without meeting:

Whereas, the Government of Zambia, at that time called Northern Rhodesia, on July 28, 1964 applied for membership in the International Monetary Fund in accordance with Section 2 of Article II of the Articles of Agreement of the Fund; and

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

Now, therefore, the Board of Governors, having considered the recommendations of the Executive Directors, hereby resolves that the terms and conditions upon which Zambia shall be admitted to membership in the Fund shall be as follows:

The Board of Governors adopted the foregoing Resolution, effective May 17, 1965. The Articles of Agreement were signed by His Excellency Hosea Josias Soko, Ambassador of the Republic of Zambia to the United States of America, on behalf of the Government of Zambia, on September 23, 1965.

Resolution No. 20-9. Increase in the Quota of Jordan

Under date of February 24, 1965, the Government of Jordan requested that its quota in the Fund be increased from $11.25 million to $12.25 million. The Executive Board resolved on April 21, 1965 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 April 26, 1965 for a vote without meeting:

Resolved:

(i) That the quota of Jordan shall be changed to $12.25 million, provided that Jordan consents to the change on or before November 24, 1965, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Jordan. The change shall become effective on the date the Fund receives notice in writing that Jordan consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

(ii) For the purposes of the First Resolution on “Increases of Quotas of Members—Fourth Quinquennial Review” adopted by the Board of Governors on March 31, 1965 (Resolution No. 20-6), this Resolution shall be regarded as a Resolution that has been submitted to the Board of Governors before February 26, 1965.

The Board of Governors adopted the foregoing Resolution, effective May 24, 1965. The written notice that Jordan consented to the increase was received by the Fund on July 2, 1965, on which date the new quota became effective.

Resolution No. 20-10. Increase in the Quota of Iraq

Under date of March 24, 1965, the Government of Iraq requested that its quota in the Fund be increased from $55 million to $64 million. The Executive Board resolved on May 5, 1965 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 May 13, 1965 for a vote without meeting:

Resolved:

(i) That the quota of Iraq shall be changed to $64 million, provided that Iraq consents to the change on or before December 14, 1965, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Iraq. The change shall become effective on the date the Fund receives notice in writing that Iraq consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

(ii) For the purposes of the First Resolution on “Increases of Quotas of Members—Fourth Quinquennial Review” adopted by the Board of Governors on March 31, 1965 (Resolution No. 20-6), this Resolution shall be treated as if it had been submitted to the Board of Governors before February 26, 1965.

The Board of Governors adopted the foregoing Resolution, effective June 14, 1965. The written notice that Iraq consented to the increase was received by the Fund on July 19, 1965, on which date the new quota became effective.

Resolution No. 20-11. Increase in the Quota of Jamaica

Under date of April 21, 1965, the Government of Jamaica requested that its quota in the Fund of $20 million be increased. The Executive Board resolved on May 28,1965 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 June 4, 1965 for a vote without meeting:

Resolved:

(i) That the quota of Jamaica shall be changed to $24 million, provided that Jamaica consents to the change on or before January 6, 1966, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Jamaica. The change shall become effective on the date the Fund receives notice in writing that Jamaica consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

(ii) For the purposes of the First Resolution on “Increases in Quotas of Members—Fourth Quinquennial Review” adopted by the Board of Governors on March 31, 1965 (Resolution No. 20-6), this Resolution shall be treated as if it had been submitted to the Board of Governors before February 26, 1965.

The Board of Governors adopted the foregoing Resolution, effective July 6,1965.

Resolution No. 20-12. Increase in the Quota of Liberia

Under date of April 28, 1965, the Government of Liberia requested that its quota in the Fund be increased from $11.25 million to $16 million. The Executive Board resolved on June 14, 1965 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 June 18, 1965 for a vote without meeting:

Resolved:

(i) That the quota of Liberia shall be changed to $16 million, provided that Liberia consents to the change on or before January 19, 1966, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Liberia. The change shall become effective on the date the Fund receives notice in writing that Liberia consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

(ii) For the purposes of the First Resolution on “Increases in Quotas of Members—Fourth Quinquennial Review” adopted by the Board of Governors on March 31, 1965 (Resolution No. 20-6), this Resolution shall be treated as if it had been submitted to the Board of Governors before February 26, 1965.

The Board of Governors adopted the foregoing Resolution, effective July 19, 1965.

Resolution No. 20-13. Increase in the Quota of Morocco

Under date of June 8, 1965, the Government of the Kingdom of Morocco requested that its quota in the Fund be increased from $52.5 million to $72 million. The Executive Board resolved on July 23, 1965 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 July 23, 1965 for a vote without meeting:

Resolved:

(i) That the quota of Morocco shall be changed to $72 million, provided that Morocco consents to the change on or before February 23, 1966, and provided further that, if extraordinary circumstances are deemed by the Executive Directors to warrant an extension of the period in which consent is required pursuant to this Resolution, the Executive Directors may extend such period until such later date or dates as they may determine. Not less than 25 per cent of the increase shall be paid in gold and the balance in the currency of Morocco. The change shall become effective on the date the Fund receives notice in writing that Morocco consents to the change but not sooner than the date of this Resolution. Such written consent shall be signed by a competent official whose authority and signature are duly authenticated.

(ii) That for the purposes of the First Resolution on “Increases in Quotas of Members—Fourth Quinquennial Review” adopted by the Board of Governors on March 31, 1965 (Resolution No. 20-6), this Resolution shall be treated as if it had been submitted to the Board of Governors before February 26, 1965.

The Board of Governors adopted the foregoing Resolution, effective August 23, 1965. The written notice that Morocco consented to the increase was received by the Fund on September 7, 1965, on which date the new quota became effective.

Resolution No. 20-14. Allowances for Governors Attending the 1965 Annual Meeting

The Executive Board resolved on September 17, 1965 that action to increase the allowances for Governors attending the 1965 Annual Meeting in Washington, D. C. should not be postponed until the time of that Meeting.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on September 17, 1965 for a vote without meeting:

Resolved:

Governors and Alternates attending the 1965 Annual Meeting of the Board of Governors in Washington, D. C. shall receive their actual transport expenses to and from Washington, and $75 for each night which attendance at such meeting requires them to spend away from their normal place of residence, this amount being reduced to $15 for each night when accommodation is included in the price of transportation.

The Board of Governors adopted the foregoing Resolution, effective September 27, 1965.

Resolution No. 20-151. Financial Statements, Report on Audit, and Administrative Budget

Resolved:

That the Board of Governors of the Fund considers the Report on Audit for the Fiscal Year ended April 30, 1965, the Financial Statements contained therein, and the Administrative Budget for the Fiscal Year ending April 30, 1966 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

Resolution No. 20-161. General Reserve

Resolved:

The Board of Governors approves the allocation to the General Reserve of $25,544,770.29, the net income for the fiscal year ended April 30, 1965.

Resolution No. 20-17 1. Amendments of the Rules and Regulations

Resolved:

That the Board of Governors of the Fund hereby notifies the Executive Directors that it has reviewed the amendments of Rules 1-2 and 1-4 (f) (2) of the Rules and Regulations adopted by the Executive Board since the 1964 Annual Meeting and has no changes to suggest.

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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, 1965.

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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, 1965.