The Fund can see, by a majority of 85% of the total votes, that international economic conditions allow the introduction of a generalized system of exchange agreements on the basis of stable but adjustable values. The Fund adopts the provision on the basis of the underlying stability of the global economy and takes into account price movements and growth rates in member economies. This provision is taken into account in taking into account developments in the international monetary system, particularly with regard to sources of liquidity, and, in order to ensure the proper functioning of a balanced system, agreements under which both surplus and deficit members in their balances of payments take immediate, effective and symmetrical measures to achieve adjustment. , as well as rules for intervention and treatment of imbalances. In this case, the Fund informs members that the Schedule C provisions apply. 2. If the commitment that remains at the Fund`s expense after the imposition under Article XXIV, Section 2, Point b), and no agreement is reached within six months of the closing date, the terminating member commits to it within three years of the end or within the longer period set by the Fund. The terminating participant fulfils this obligation, for example: (a) by paying a currency freely usable to the Fund, or b) by obtaining special drawing rights in accordance with Article XXIV, Section 6, of the General Resource Account, or in agreement with a participant designated by the Fund or another holder, and by compensating for these special drawing rights. The statutes of the International Monetary Fund were adopted at the United Nations Financial and Monetary Conference (Bretton Woods, New Hampshire) on 22 July 1944. They were originally accepted by 29 countries and were signed and ratified by a total of 190 Member States.
As the organization`s statutes, the articles define the Fund`s objectives, including the promotion of “international monetary cooperation by a permanent institution, which is the status of consultation and cooperation on international monetary issues.” The articles also specify the mandate of the Organization and the rights and obligations of its members, the governance structure and functions of its bodies, as well as the establishment of various rules of activity, including those relating to the performance of its activities and operations relating to special drawing rights.Share