Selected Decisions and Selected Documents of the IMF, Fortieth Issue -- Stand-By Arrangements

Prepared by the Legal Department of the IMF
As updated as of April 30, 2019

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ARTICLE V, SECTION 3(a), (b), AND (c)
Use of Fund Resources
Credit Tranche Policies and Facilities


  • 1. A representation of need by a member for a purchase requested under a stand-by arrangement will not be challenged by the Fund.

  • 2. The normal period for a stand-by arrangement will range from 12 to 18 months. If a longer period is requested by a member and is considered necessary by the Fund to enable the member to implement its adjustment program successfully, the stand-by arrangement may extend beyond this range, up to a maximum of three years.

  • 3. Phasing and performance clauses will be omitted in stand-by arrangements within the first credit tranche. They will be included in all other stand-by arrangements but will apply only to purchases outside the first credit tranche. For an arrangement within the first credit tranche, a member may be required to describe the general policies it plans to pursue, including its intention to avoid introducing or intensifying exchange and trade restrictions.

Decision No. 12865-(02/102),

September 25, 2002,

as amended by Decision No. 14283-(09/29),

March 24, 2009

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