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International Monetary Fund

The Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XXVIII .

International Monetary Fund

The Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XXVIII .

International Monetary Fund

The Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XXVIII .

International Monetary Fund

The Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XXVIII.

International Monetary Fund

The Fund shall cooperate within the terms of this Agreement with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XXVIII.

FRANÇOIS GIANVITI

organization” (i.e., the UN), specifies that “Any arrangements for such cooperation which would involve a modification of any provision of [the Articles of Agreement] may be effected only after amendment to [the Articles].” Thus the relationship established by the 1947 Agreement is not one of “agency” 16 but one of “sovereign equals.” 17 It follows that the IMF’s relationship agreement with the UN does not require it to give effect to resolutions of the UN, such as the resolutions under which the members of the General Assembly adopted the Universal Declaration or the

International Monetary Fund

organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article XVII. ARTICLE XI. RELATIONS WITH NON-MEMBER COUNTRIES S ection 1. Undertakings regarding relations with non-member countries. —Each member undertakes: (i) Not to engage in, nor to permit any of its fiscal agencies referred to in Article V , Section 1 , to engage in, any

International Monetary Fund. European Dept.

financial claims on these entities. 14. The amendments to the Budget System Law will involve a modification specifying the following wage and pension indexation rule : Fiscal sustainability rule imposes that the share of general government salaries in GDP do not exceed 7 percent, and that the share of pensions in GDP do not exceed 11 percent . After 2014, salaries and/or pensions will not be increased in the years in which the share of general government salaries in GDP is above 7 percent, and/or share of pensions in GDP is above 11 percent . In years in which

International Monetary Fund

rate, five-and-one half to ten year maturity) in arrangements with the program design features and duration of a stand-by arrangement . This would permit lending at the level of concessionality associated with PRGF arrangements. It would, however, entail creating a new facility and substantial amendments to the PRGF and PRGF-HIPC Trust Instruments to permit financing for shorter-term adjustment needs and to modify the link between the PRGF Trust and the PRSP approach (discussed below). Also, as with other options involving a modification of the PRGF and PRGF