{
  "title": "Tuvalu Accepts Article VIII Obligations",
  "publication": "IMF News, November 3, 2016",
  "sourceUrl": "https://www.imf.org/en/news/articles/2016/11/03/pr16483-tuvalu-accepts-article-viii-obligations",
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  "summary": "Press Release No. 16/483",
  "publishDate": "2016-11-03",
  "sections": [
    {
      "heading": "Announcement",
      "content": "- Press Release No. 16/483\n- Date of publication: November 3, 2016\n- The government of Tuvalu notified the IMF that it has accepted the obligations of Article VIII, Sections 2(a), 3, and 4 of the IMF Articles of Agreement, with effect from October 7, 2016."
    },
    {
      "heading": "Legal and policy implications",
      "content": "- Article I (iv) of the Articles of Agreement: one key purpose of the IMF is to “assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions, which hamper the growth of world trade.”\n- Sections 2(a), 3 and 4 of Article VIII establish obligations to:\n  - refrain from imposing restrictions on the making of payments and transfers for current international transactions, and\n  - refrain from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval."
    },
    {
      "heading": "Expected economic effects and rationale",
      "content": "- By accepting Article VIII obligations, Tuvalu signals commitment to pursuing economic policies that contribute to a multilateral payments system free of restrictions.\n- Anticipated benefits cited:\n  - can help facilitate Tuvalu’s international trade, and\n  - can improve the economy's attractiveness to foreign investors."
    },
    {
      "heading": "Background and country details",
      "content": "- Tuvalu joined the IMF on June 24, 2010.\n- Tuvalu’s quota is SDR 2.5 million (about $3.5 million)."
    },
    {
      "heading": "Media contact",
      "content": "- IMF Communications Department, MEDIA RELATIONS\n- PRESS OFFICER: Keiko Utsunomiya\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org\n\nInternational Monetary Fund press release, November 3, 2016.\n\n---\n\n\n References\n\n- Tuvalu and the IMF\n- Press Releases\n- PRESS CENTER\n- IMF Articles of Agreement\n- quota\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2016/11/03/pr16483-tuvalu-accepts-article-viii-obligations"
    }
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    "Published: November 3, 2016",
    "Press Release No. 16/483",
    "Date of publication: November 3, 2016",
    "The government of Tuvalu notified the IMF that it has accepted the obligations of Article VIII, Sections 2(a), 3, and 4 of the IMF Articles of Agreement, with effect from October 7, 2016.",
    "Article I (iv) of the Articles of Agreement: one key purpose of the IMF is to “assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions, which hamper the growth of world trade.”",
    "Sections 2(a), 3 and 4 of Article VIII establish obligations to:",
    "By accepting Article VIII obligations, Tuvalu signals commitment to pursuing economic policies that contribute to a multilateral payments system free of restrictions.",
    "Anticipated benefits cited:",
    "Tuvalu joined the IMF on June 24, 2010.",
    "Tuvalu’s quota is SDR 2.5 million (about $3.5 million).",
    "IMF Communications Department, MEDIA RELATIONS",
    "PRESS OFFICER: Keiko Utsunomiya",
    "Phone: +1 202 623-7100",
    "Email: MEDIA@IMF.org",
    "[Tuvalu and the IMF](http://www.imf.org/external/country/TUV/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[IMF Articles of Agreement](http://www.imf.org/external/pubs/ft/aa/index.htm)",
    "[quota](http://www.imf.org/en/About/Factsheets/Sheets/2016/07/14/12/21/IMF-Quotas)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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