Selected Decisions and Selected Documents of the IMF, Thirty- Ninth Issue -- A. Request for Interpretation of the Articles of Agreement as to the Authority of the Fund to Use Its Resources

Prepared by the Legal Department of the IMF
As updated as of March 31, 2017

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That the Executive Directors of the International Monetary Fund are invited, at the request of the Governor for the United States of America, to interpret the Articles of Agreement, pursuant to Article XVIII1 (a), as to whether the authority of the Fund to use its resources extends beyond current monetary stabilization operations to afford temporary assistance to members in connection with seasonal, cyclical, and emergency fluctuations in the balance of payments of any member for current transactions, and whether the Fund has authority to use its resources to provide facilities for relief, reconstruction, or armaments, or to meet a large or sustained outflow of capital on the part of any member.2

Resolution No. IM-6,

March 18, 1946

1 Ed. Note: Corresponds to Article XXIX of the Articles of Agreement after the Second Amendment.

2 Ed. Note: The interpretation was made by the Executive Board on September 26, 1946. See Decision No. 71-2, p. 313.

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