Amendment Of Articles Of Agreement

Posted by admin @ 12:41 am on April 8, 2021

6. If the sale of the 50 million gold of the fund in point 5 is not completed by the effective date of the amendment, the Fund is required, by a provision of the amended items, to complete the balance decision. The Fund is required to make arrangements for this and further decision will not be required. This provision is Appendix B, paragraph 7, which orders the Fund to cede the percentage applicable in the report to the Board of Governors of the ad hoc Committee on International Monetary System Reform and Related Issues (Committee of Twenty) for each member who joined the Fund prior to the amendment. , on 14 June 1974, accompanied by a draft reform, it was found that, under the conditions that had developed, it had been recognized that priority should be given to certain aspects of the reform. The Committee considered it of the utmost importance that immediate action be taken to initiate an evolving reform process. Part II of the agreement outlines the actions taken immediately by the Committee. This included drafting changes to the statutes of the International Monetary Fund. (1) With regard to the creation of the special payment account (see Article V, Section 12, Point f), and the Investment Account (see Article XII, Section 6, Point f), it was considered appropriate to improve the nomenclature of the Fund`s structure without altering this structure. The general account was renamed the General Department and the special draw account was renamed the Special Drawing Rights Department. The Department consists of three accounts, the general resource account, the special payment account and the investment account.

The resources currently held by the Fund for use in general account transactions and transactions are held in the general resource account. These resources are designated as the Fund`s general resources in Article I and elsewhere. The “profits” from the sale of the fund`s gold are held after the date of the second modification of the special payment account, which can be used in accordance with the rules applicable to that account. The resources used for and resulting investments are kept in the investment account. The resources of the three accounts are separate. 4. If a member has not reached an agreement with the Fund within the three-month period covered in paragraph 3 above, the Fund uses the currencies of other members assigned to that member in accordance with paragraph 2 (d) to repay the member`s currency which is allocated to other members.