Imf Articles Of Agreement Article Iv

When drafting an agreement to reform the international monetary system, the U.S. monetary authorities should insist that each IMF member retain the ability to allow its currency to fluctuate freely in foreign exchange markets without the need for prior authorization from the Fund authorities. If a member leaves the Fund, the normal operations and operations of the Fund shall be suspended in its currency and payment of all accounts between the Fund and the Fund shall be made with appropriate dispatch, in agreement with the Fund. In the absence of an agreement without delay, the provisions of Annex J shall apply to the statement. In addition to the commitments made under other Articles of this Convention, each Member shall assume the obligations provided for in this Article. 2. If the assets of the Fund in the currency of the outgoing member are not sufficient to pay the net amount due from the Fund, the balance shall be paid in a freely usable currency or by other agreed means. If the Fund and the outgoing member do not reach an agreement within six months of the date of withdrawal, the relevant currency of the Fund shall be paid to the outgoing member without delay. The balance due is payable in ten semi-annual instalments over the next five years. Each of these instalments shall be paid, at the choice of the Fund, either in the currency of the outgoing member acquired after withdrawal or in a freely usable currency. After the date of termination, the Fund shall pay interest on the outstanding special drawing rights that exist according to an outgoing participant and the resigning participant shall pay the fees for all outstanding obligations due to the Fund, at the times and rates set out in Article XX. Payment shall be made in special drawing rights. a participant resilises the right to obtain special drawing rights with a currency freely usable to pay fees or investments in a transaction with a participant designated by the Fund or by the agreement of another holder, or to have special drawing rights perceived as interest on a transaction with a participant designated in accordance with Article XIX; Section 5 or by appointment with another holder.

3 For the text of the new Article IV and Outline C, see Annexes I and II to this Article, pp. 759-62. The currency that the Fund receives from a resilient participant shall be used by the Fund to reimburse the special drawing rights held by the participants in relation to the amount for which the special drawing rights of each participant exceed its cumulative net allocation at the time of receipt of the currency from the Fund. The Special Drawing Rights so collected and the Special Drawing Rights that the resilient Participant obtains and deducts from that rate in accordance with the provisions of this Agreement for the purpose of executing a rate due under a transaction agreement or Annex H.5. If a Member has reached an agreement with the Fund in accordance with Article 3, the Fund shall use the currencies of other Members allocated to it in accordance with point 2(d) to exchange the currency of that Member, which shall be granted to other Members which have concluded agreements with the Fund in accordance with point 3. . .

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