## Press Release: Georgia Accepts Article VIII Obligations

_IMF News, January 27, 1997_

## Source details

**Canonical URL:** [Press Release: Georgia Accepts Article VIII Obligations](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr9704)

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## Bibliographic details
- Published: January 27, 1997

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### Summary
- The National Bank of Georgia notified the IMF that it has accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF Articles of Agreement, with effect from December 20, 1996.
- A total of 137 countries have now assumed Article VIII status.

### Obligations and commitments
- Members accepting Article VIII obligations undertake to:
  - "refrain from imposing restrictions on the making of payments and transfers for current international transactions"
  - refrain from "engaging in discriminatory currency arrangements or multiple currency practices without IMF approval"

### Context and implications
- By accepting Article VIII obligations, Georgia:
  - gives confidence to the international community that it will pursue sound economic policies
  - seeks to obviate the need to use restrictions on the making of payments and transfers for current international transactions
  - thereby contributes to "a multilateral payments system free of restrictions"

### IMF purpose and surveillance
- Two of the purposes of the IMF, as stated in its Articles of Agreement, are to:
  - "facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income"
  - "assist in the establishment of a multilateral system of payments in respect of current transactions between IMF members"
- In seeking to achieve these objectives, the IMF:
  - "exercises firm surveillance over the exchange rate policies of its members"
  - "oversees the elimination of exchange restrictions which hamper the growth of world trade"

### Membership and quota
- Georgia joined the IMF on May 5, 1992.
- Georgia's quota is SDR 111 million (about US$156 million).
- Note: "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 SDRs."

*Press Release No. 97/4 — Press Release: Georgia Accepts Article VIII Obligations, January 27, 1997*

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## References

- [Georgia and the IMF](http://www.imf.org/external/country/GEO/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr9704_