Imf Articles Of Agreement 1944

Without prejudice to the provisions of the other Articles of this Agreement, a Member which has informed the Fund of its intention to use transitional provisions may maintain and adapt to changing circumstances the restrictions on payments and transfers for ongoing international transactions which were in force at the time of its accession. However, in their exchange rate policies, Members shall be constantly attentive to the purposes of the Fund and, as soon as conditions permit, shall take all possible measures to conclude trade and financial agreements with other Members facilitating international payments and the promotion of a stable exchange rate system. In particular, Members shall lift restrictions maintained under this Section as soon as they are satisfied that, in the absence of such restrictions, they will be able to settle their balance of payments in a manner that does not place an undue burden on their access to the general resources of the Fund. Recognizing that additional measures of international economic cooperation are needed to facilitate the expansion and balance of the growth of international trade and to make the operations of the Fund and the Bank as efficient as possible, it is the policy of the United States to pursue convergence and cooperation among nations and international forums. As soon as possible, by means of minimising obstacles and restrictions to international trade, eliminating unfair trade practices, promoting mutually beneficial trade relations, facilitating the expansion and balanced growth of international trade and promoting the stability of international economic relations. The Board and representatives of the United States, through the Fund and the Bank, shall carefully review, through the Fund and the Bank, the policy of the United States with respect to foreign lending and the policies of the Fund and the Bank, including foreign exchange transactions. (b) All loan agreements shall fix the currency or currencies in which payments under the contract shall be made to the Bank. However, at the option of the borrower, such payments may be made in gold or with the agreement of the bank in the currency of a member other than that prescribed by the contract. 1. Where the commitment remaining after the set-off referred to in point (b) of Article XXIV(2) is concluded by the resigning participant and the transaction agreement between the Fund and the participant terminating it within six months of the date of termination, the Fund shall terminate that balance of the Special Drawing Rights in equal half-yearly instalments within a maximum period of five years from the date of termination. The Fund shall pay that balance, in accordance with its disposition, either by paying to the resigning participant the sums that the remaining participants have made available to the Fund in accordance with Article XXIV, Section 5, or by authorizing the resigning participant to use its special drawing rights to obtain its own currency or a freely usable currency from a participant designated by the Fund; the general resources account or any other holder. .

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