Press Release No. <a name="P16_75"></a>05/12

The government of the Arab Republic of Egypt has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF's Articles of Agreement, with effect from January 2, 2005.

By accepting the obligations of Article VIII, Sections 2, 3 and 4, IMF members undertake not to impose restrictions on the making of payments and transfers for current international transactions, and from engaging in any discriminatory currency arrangements or multiple currency practices without IMF approval.

A total of 163 of the IMF's 184 members have now accepted the obligations of Article VIII, Sections 2, 3 and 4.

By accepting these obligations, Egypt signals to the international community that it will pursue economic policies which will make restrictions on payments and transfers for current international transactions unnecessary, and will contribute to a multilateral payments system free of restrictions.

Egypt joined the IMF on December 27, 1945. Its quota¹ is SDR 943.7 million (about US$1.45 billion).

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¹ A members' quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing and its share of the allocation of Special Drawing Rights.