Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- The Acting Chairmanís Concluding Remarks at the Discussion on Additions to the Special Contingent Account, Executive Board Meeting 88/12, January 29, 1988

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

The Acting Chairman’s Concluding Remarks at the Discussion on Additions to the Special Contingent Account

Executive Board Meeting 88/12, January 29, 1988

Some Directors made reference to the Enhanced Structural Adjustment Facility in the context of the arrears problem. The Managing Director has stated several times that members in arrears to the Fund would not have access to the Enhanced Structural Adjustment Facility, just as they do not currently have access to the Structural Adjustment Facility (BUFF/87/260, 12/17/87), or the facilities in its General Resources Account. Thus, the existing arrears policy is not changed or modified in the context of the Enhanced Structural Adjustment Facility. At the heart of dealing with those cases in which arrears exist are the elements of a strong adjustment program which will assist in attracting external resources to help the country clear its arrears. The Fund could then grant access to its facilities as appropriate, including, of course, the Enhanced Structural Adjustment Facility when it becomes operational.

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