Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Media of Payment in General Resources Account

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

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ARTICLE V, SECTIONS 8 AND 9
Charges and Remuneration

MEDIA OF PAYMENT IN GENERAL RESOURCES ACCOUNT

  • 1. A member whose holdings of SDRs are insufficient for the payment of the total of estimated charges due and payable by it within the next thirty days may:

    • (a) obtain SDRs from the General Resources Account up to a reasonable estimate of the balance of SDRs needed for the payment; or

    • (b) pay the balance of the charges in the currencies of other members.

  • 2. A member that is unable to pay charges in SDRs because it is not a participant in the Special Drawing Rights Department and has not been prescribed as another holder may pay all charges payable under Article V, Section 8 in the currencies of other members.

  • 3. The currencies for which the SDRs would be sold under paragraph 1(a) or that would be paid under paragraph 1(b) and paragraph 2 shall be selected by the Fund from those currencies that the Fund would receive in accordance with the operational budget in effect at the time. (SM/78/43, 2/3/78)

Decision No. 5702-(78/39) G/S,

March 22, 1978, effective April 1, 1978,

as amended by Decision No. 7096-(82/57) G/S,

April 23, 1982

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