Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Overdue Payments to the Fund—Experience and Procedures, Executive Board Meeting 84/54, April 5, 1984

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

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ARTICLE XXVI
Remedial Measures on Overdue Financial Obligations to the Fund

Overdue Payments to the Fund—Experience and Procedures

Executive Board Meeting 84/54, April 5, 1984

The Executive Board unanimously reaffirmed the existing practices…that management will not submit to the Board any requests for the use of Fund resources under a stand-by or extended arrangement as long as the member concerned has overdue payments to the Fund.

There was more debate whether the Fund should engage in discussions or resume discussions on the use of Fund resources with a member that is in arrears to the Fund. On the whole, the practice of not entering into discussion in those circumstances was confirmed.

This does not mean that we are not going to continue discussions…with members with overdue payments; but… discussions [are] confined quite precisely to assisting the members to organize their affairs in order to permit the payment of the overdue obligations… Far from cutting our lines of communication, we should do what we can to keep them open. But we should direct the discussions toward enabling the country to make repayments.

BUFF/84/56

April 12, 1984

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