Article Viii Of The Imf Agreement

In addition to the obligations arising from other provisions of this agreement, each member assumes the obligations under this article. When a member withdraws from the Fund, the Fund`s normal operations and operations are interrupted in its currency and the settlement of all accounts between the Fund and the Fund is carried out by appropriate agreement between the Fund and the Fund. In the absence of agreement, the provisions of Schedule J apply to the count. The Fund reports annually on the restrictions applicable to Section 2 of this article. Each member with restrictions inconsistent with Article VIII, Sections 2, 3 or 4 consults the Fund each year on the continuation of its conservation. The Fund may, if it considers such measures necessary in exceptional circumstances, to argue to a member that the conditions for revocation of a particular restriction or the general removal of restrictions inconsistent with the provisions of other articles of this agreement are favourable. The member has a reasonable period of time to respond to these statements. If the Fund finds that the member maintains restrictions inconsistent with the Fund`s purposes, it is subject to Article XXVI, Section 2, Point a). 4. Fund members who are parties to the GATT and who impose import restrictions on balance-of-payments reasons will facilitate the Fund`s work by continuing to provide information on these restrictions. This will allow the Fund and the member to participate in a balance-of-payments review to support the Fund in its cooperation with GATT. The Fund, in agreement with members who are not parties to the GATT and who, for balance of payments reasons, impose import restrictions, will endeavour to obtain information on these restrictions. The money the Fund receives from a resilient participant is used by the Fund to exchange special drawing rights held by participants in proportion to the amount of each participant`s participation in special drawing rights at the time the Fund receives the coin for its cumulative net allocation.

Special drawing rights thus collected and special drawing rights received by a participant terminate, in accordance with the provisions of this agreement, in order to satisfy any waterproofing agreement or scheduleD rates due and charged at this rate are void. 2. If the Fund`s holdings in the member`s currency are not sufficient to pay the net amount owed by the Fund, the balance is paid in a freely usable currency or in some other form that can be agreed upon. If the Fund and the outgoing member fail to reach an agreement within six months of the date of withdrawal, the currency in question, which the Fund holds, is immediately paid to the outgoing member.