Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Rules for Designation Revision

Prepared by the Legal Department of the IMF
As updated as of February 29, 2016

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ARTICLE XIX, SECTION 5
Designation of Participants to Provide Currency

RULES FOR DESIGNATION REVISION

Pursuant to Article XIX, Section 5(c), the rules for designation in the SDR Department are revised as follows:

  • (a) Participants subject to designation under Article XIX, Section 5(a)(i) shall be designated for such amounts as will promote over time equality in the ratios of the participants’ holdings of special drawing rights in excess of their net cumulative allocations to their existing Fund quotas.

  • (b) The formula to give effect to (a) above shall be such that participants subject to designation shall be designated:

    • (i) in proportion to their existing Fund quotas when the ratios described in (a) above are equal; and

    • (ii) in such manner as gradually to reduce the difference between the ratios described in (a) above that are low and the ratios that are high.

Decision No. 11976-(99/59) S,

June 3, 1999

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