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This paper discusses several IMF’s selected decisions of the Executive Board and related documents annex to fourteenth issue. Pursuant to Section III, paragraph 2 of the Instrument to Establish the Enhanced Structural Adjustment Facility Trust, the IMF in its capacity as Trustee of that Trust, approves the agreement for borrowing from the Caisse Centrale de Cooperation Economique in terms of the draft set out in the attachment to EBS/88/62, and authorizes the Managing Director to take such action as is necessary to conclude and implement the agreement. The amount of the loan shall be the equivalent of SDR 800 million. Interest in respect of each drawing shall be paid six calendar months after the drawdown date and every six calendar months thereafter. If any amount of interest is not paid to the Bank within a period of 10 days after the due date, the Trustee shall not make further drawings or give initial or final notice of a drawing under this agreement pending consultations with the Bank on the matter.
This paper discusses enhanced structural adjustment facility trust—borrowing agreement. The Trustee may make drawings under this agreement at any time during the period from the effective date of this agreement through December 31, 1999, upon giving the Government of Canada at least five business days (Washington, D.C.) notice. If any instalment of principal or interest is not paid to the Government of China within a period of 10 days after its due date, the Trustee shall not make further drawings under this agreement pending consultations with the Government of China on this matter. Upon request, the Trustee shall issue to the Government of China a non-negotiable certificate evidencing its claim on the Trust resulting from a drawing outstanding under this agreement. By agreement between the Government of China and the Trustee, any drawing or part thereof may be repaid by the Trustee at any time in advance of maturity.
This paper presents several IMF’s selected decisions of the Executive Board and selected documents. The Executive Board approves the draft Guidelines for Determining the Amount of Reserve Assets to Be Paid in Connection with Subscriptions set forth. These guidelines shall be considered by a Committee of the Executive Board established to consider an application for membership in the IMF or to consider a request for an increase in quota that is made outside the framework of a general review of quotas. The amount of the subscription to be paid in reserve assets shall be determined in the light of all the payments of reserve assets made by existing members and the country's external reserve position at the time of membership. Considering the asset payments made by all members in connection with the Sixth General Review of Quotas and adding them to the sum of asset payments taken as the equivalent of 25 per cent of total quotas as of the date of the Second Amendment, the reserve asset payments made by all members average 20 per cent of present quotas.
This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.
This paper reports several IMF’s selected decisions of the Executive Board and selected documents. The Executive Board approves the draft “Guidelines for Determining the Amount of Reserve Assets to Be Paid in Connection with Subscriptions” set forth. These guidelines shall be considered by a Committee of the Executive Board established to consider an application for membership in the IMF or to consider a request for an increase in quota that is made outside the framework of a general review of quotas. A reasonable approximation of the amount of the subscription that has been paid in reserve assets in the past is the average of all reserve assets actually paid in terms of the quotas of all members, rather than the proportions paid in the past by individual members. In determining the amount of the reserve asset payment, account should also be taken of the effect the size of such payment would have on the remuneration that might be payable to the new member.
This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.
The Thirty-Seventh Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents to which frequent reference is made in the current activities of the Fund. In addition, it includes documents relating to the IMF, the United Nations, and other international organizations.
This paper analyses several IMF’s selected decisions of the Executive Board and selected documents. The Executive Board has reviewed the procedures relating to the IMF's surveillance over members' exchange rate policies. Whenever the Managing Director considers that important economic or financial developments are likely to affect a member's exchange rate policies or the behavior of the exchange rate of its currency, he shall initiate informally and confidentially a discussion with the member. A staff report will be circulated to the Executive Directors under cover of a note from the Secretary specifying a tentative date for Executive Board discussion which will be at least 15 days later than the date upon which the report is circulated. The bicyclic consultation procedure shall be terminated and each member currently on the bicyclic procedure shall be immediately placed on the standard 12-month cycle; the first consultation with each such member that is completed after the adoption of this decision shall be conducted in accordance with the procedures that apply to consultations under the standard 12-month cycle, and the deadline for completion that applied under the bicyclic procedure shall continue to apply to such consultation.
This paper presents Selected Decisions and Selected Documents’ Fourth Issue of the IMF. In order to ensure the uniform application of the relevant Articles of Agreement as they apply to determinations of member's net official holdings of gold and US dollars for the purposes of Article III, Section 3(&)(ii), the IMF adopts or reaffirms several principles of interpretation for the indicated provisions of the IMF Agreement. Each member shall furnish to the IMF the data necessary to determine its net official holdings of gold and United States dollars. The IMF does not intend to apply the rules set forth in II to its holdings of members' currencies having fluctuating rates when there is no practical interest for the IMF or members to do so. In order to avoid misunderstanding, it may be useful to point out that these rules do not constitute a formula for dealing with the currencies of countries in which current transactions are conducted at multiple rates.