Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- The Acting Chairman’s Summing Up at the Conclusion of the Discussion on Overdue Financial Obligations—Six-Monthly Report, Executive Board Meeting 88/19, February 10, 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 Summing Up at the Conclusion of the Discussion on Overdue Financial Obligations—Six-Monthly Report

Executive Board Meeting 88/19, February 10, 1988

Second, Directors also agreed that the present practice, whereby the general policies and procedures relating to overdue financial obligations to the Fund are not applied to overdue maintenance of value adjustments, should be continued. Again, it was emphasized that prompt settlement of these adjustments constitutes an essential element of members’ financial obligations to the Fund, and the staff was encouraged to follow up actively in cases of overdue valuation adjustments in order to achieve a more speedy settlement and to report periodically to the Board in the context of staff papers on individual members.

BUFF/88/21

February 3, 1988

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