Articles Of Agreement Imf 1944
The articles of the International Monetary Fund Treaty were adopted at the United Nations Monetary and Financial Conference (Bretton Woods, New Hampshire) on 22 July 1944. They were initially accepted by 29 countries and have since been signed and ratified by a total of 190 Member States. As the charter of the Organization, the articles define the objectives of the Fund, which are the promotion of “international monetary cooperation by a permanent institution that provides the mechanism for consultation and cooperation in the event of international monetary problems”. The articles also define the mandate of the Organization and the rights and obligations of its members, their governance structure and the roles of their organs, and establish various rules applicable to operations, including those relating to the execution of its operations and operations relating to special drawing rights. The IMF`s main tasks are the surveillance of the international monetary system and the monitoring of members` economic and financial policies, the provision of funds to member countries in need, and the provision of technical assistance and financial services. Since their adoption in 1944, the articles of the agreement have been amended seven times, the last of which was adopted on 15 December 2010 (with effect from 26 January 2016). The statutes are supplemented by the statutes of the Fund adopted by the Board of Governors, which are themselves supplemented by the rules and regulations adopted by the Executive Board. 4. If, within the three-month period referred to in point 3, a Member has not reached an agreement with the Fund, the Fund shall use the currencies of other Members allocated to that Member in accordance with point 2(d) to exchange the currency of that Member which is allocated to other Members.
Any currency which is granted to a Member which has not reached an agreement shall be used as far as possible to exchange its currency, which shall be granted to Members which have concluded agreements with the Fund in accordance with point 3. 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. Each amount thus collected shall be cashed in the currency of the member on which it has been distributed. . . .