Press Release: Cambodia Accepts Article VIII Obligations
January 17, 2002
The Government of Cambodia has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF Articles of Agreement, with effect from January 1, 2002. IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions, or from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval.
A total of 151 countries have now assumed Article VIII status.
By accepting the obligations of Article VIII, Cambodia gives confidence to the international community that it will pursue economic policies that will make restrictions on the making of payments and transfers for current international transactions unnecessary, and will contribute to a multilateral payments system free of restrictions.
Cambodia joined the IMF on December 31, 1969. Its quota1 is SDR 87.5 million (about US$110 million).
1 A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing, and its share in the allocation of Special Drawing Rights.