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 focuses on Procedures for Surveillance contained in the document entitled “Surveillance over Exchange Rate Policies” attached to Decision No. 5392-(77/63), adopted April 29, 1977, as amended. The Executive Board shall review the general implementation of the IMF’s surveillance over members’ exchange rate policies at intervals of two years and at such other times as consideration of it is placed on the agenda of the Executive Board. The Executive Board would adopt, without discussion, a decision approving the conclusions set forth in the staff report. The Executive Board would adopt, without discussion, a decision completing the consideration of a staff report by the Executive Directors. Hence, the Executive Board would take note of the staff report, but would not approve any conclusions set forth in the report. The Executive Board would not adopt any decision. The IMF adopts the Instrument to Establish the Enhanced Structural Adjustment Facility Trust that is annexed to this Decision.
This paper discusses several IMF’s selected decisions of the Executive Board and selected documents. The Executive Directors of the IMF interpret the Articles of Agreement to mean that authority to use the resources of the IMF is limited to use in accordance with its purposes to give temporary assistance in financing balance-of-payments deficits on current account for monetary stabilization operations. This volume is the Twelfth Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF to which frequent reference is made in the current activities of the IMF. In addition, the volume contains certain documents relating to the IMF and the United Nations. With few exceptions, the decisions are of a general nature and relate to certain obligations, policies, and procedures under the Articles of Agreement. This issue contains most of the decisions published in the Eleventh Issue that remain in effect, as well as new general decisions adopted after the publication of the Eleventh Issue. Decisions of the IMF that are incorporated in the Rules and Regulations are not reproduced in this volume.
This paper presents Selected Decisions and Selected Documents’ Supplement to Tenth issue of the IMF. This Supplement to the Tenth Issue of Selected Decisions of the IMF and Selected Documents contains decisions of a general nature adopted by the IMF since April 30, 1983, the date of publication of the Tenth Issue. Decisions of the IMF that are incorporated in the Rules and Regulations are not reproduced in this volume. The Executive Board approves the proposed method of applying the three-month rule for implementing the procedures for surveillance, set forth in EBD/83/161. The Executive Board has reviewed the document ‘Surveillance over Exchange Rate Policies’ as provided in paragraph 2 of the Executive Board Decision No. 5392-(77/63), adopted April 29, 1977, and will review it again at an appropriate time not later than April 1, 1986.
This paper presents Selected Decisions and Selected Documents’ Supplement to Eighth issue of the IMF. This volume, which is presented as a Supplement to the Eighth Issue of Selected Decisions of the IMF and Selected Documents includes general decisions adopted by the IMF since May 10, 1976, the date of publication of the Eighth Issue. Some of these decisions were adopted in connection with the Second Amendment of the IMF's Articles of Agreement that took effect on April 1, 1978. All references to the Articles and to the By-Laws, Rules and Regulations in this Supplement are to the Articles of Agreement as modified by the Second Amendment and to the By-Laws, Rules and Regulations of the Thirty-Fifth Issue, July 1, 1978, respectively, unless indicated otherwise. The IMF has not yet completed the process of making the modifications in existing decisions, and adopting the new decisions, that are required in connection with the Second Amendment. The Ninth Issue of this collection will be published as soon as this task of adaptation is complete. It will include the decisions in the Eighth Issue that remain in effect, the decisions in this Supplement, and any further decisions that are adopted. Meanwhile, in view of the accumulation of new and modified decisions, there is need for this Supplement.
This paper analyses several IMF’s selected decisions of the Executive Board and selected documents. Each member shall furnish to the IMF the data necessary to determine its net official holdings of gold and United States dollars. The usability of gold or dollars for the payment of the gold subscription is not necessary to constitute “holdings.” It has been decided to recommend to the Board of Governors, where a member presents, for reasons which it shall submit to the IMF, that its reserves should not be reduced by an immediate 25 percent gold payment, that such member shall be permitted in accordance with an appropriate resolution to have its quota increased in five annual installments, with the right to accelerate the payment of such installments. In June 1947, the IMF issued a statement recommending to its members that they take effective action to prevent external transactions in gold at premium prices, because such transactions tend to undermine exchange stability and to impair monetary reserves.
This paper explains various selected decisions of the IMF’s Executive Directors. The IMF has examined certain problems relating to the adjustment of its holdings of fluctuating currencies and to transactions and computations involving such currencies and has come to several conclusions. The IMF does not intend to apply the rules set forth in in the section II to its holdings of members' currencies having fluctuating rates when there is no practical interest for the IMF or members to do so. Whenever the IMF revalues its holdings of a fluctuating currency under paragraph 3, it will establish an account receivable or an account payable in respect of the amount of the currency payable by or to the member under Article IV, Section 8. Despite the improvement in the payments position of many members, sound gold and exchange policy of members continues to require that to the maximum extent practicable, gold should be held in official reserves rather than go into private hoards.