Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Allocation of Special Drawing Rights for the Third Basic Period

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

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ARTICLE XVIII, SECTION 2
Allocation of Special Drawing Rights

ALLOCATION OF SPECIAL DRAWING RIGHTS FOR THE THIRD BASIC PERIOD

Resolution

Whereas the Managing Director has submitted a proposal for the allocation of special drawing rights pursuant to Article XVIII, Section 4, of the Articles of Agreement of the International Monetary Fund;

Whereas in the Report containing his proposal, the Managing Director has declared that, before making the proposal, he had satisfied himself that the proposal would be consistent with the provisions of Article XVIII, Section 1(a), and that, after consultation, he has ascertained that there is broad support among participants for the proposal; and

Whereas the Executive Board has concurred in the proposal of the Managing Director;

Now, Therefore, the Board of Governors, being satisfied that the proposal of the Managing Director meets the principles governing the allocation of special drawing rights set forth in

Article XVIII, Section 1(a) hereby resolves that:

The third basic period, which began on January 1, 1978, shall end on December 31, 1981.

The Fund shall make allocations to participants in the Special Drawing Rights Department that are eligible, in accordance with the Articles of Agreement, to receive allocations during the third basic period.

Allocations shall be made as of the first day of the month following the date on which this resolution becomes effective and as of the same date in each of the subsequent two years.

The rate for the allocations to participants eligible to receive allocations in accordance with 2 above shall be the percentage, rounded to the nearest one-tenth of one percentage point, resulting from dividing SDR 4 billion by the total of quotas on the day before allocation of those participants that were eligible to receive allocations on the date on which this resolution becomes effective.

This resolution shall become effective if it and the proposed resolution on the Seventh General Review of Quotas are adopted by the necessary majority of the total voting power for each.

Resolution No. 34-3,

effective December 11, 1978

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