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26 MARCH 1998. - An Act respecting the authorization to join on behalf of Belgium, Decision No. 11428-(97/6) of the Board of Directors of the International Monetary Fund dated 27 January 1997 concerning the New Borrowing Agreements (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
Art. 2. The King is authorised to join, on behalf of Belgium, Decision No. 11428-(97/6) of the Board of Directors of the International Monetary Fund dated 27 January 1997 concerning the New Borrowing Agreements, as annexed.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 10 March 1998.
ALBERT
By the King:
Minister of Finance and Foreign Trade,
Ph. MAYSTADT
Seal of the state seal:
Minister of Justice,
S. DE CLERCK

(1) House of Representatives.
Regular session 1997-1998.
Parliamentary documents. - Bill No. 1299/1. - Report, No. 1299/2. - Text adopted in plenary and transmitted to the Senate, No. 1299/3.
Annales parliamentarians. - Discussion. Session of 11 February 1998. Adoption. Meeting of 12 February 1998.
Senate.
Parliamentary documents. - Bill transmitted by the House of Representatives, No. 1-880/1. - Project not mentioned, no. 1-880/2.

Annex/Beijing
Decision No 11428-(97/6), adopted January 27, 1997, of the Executive Board of the International Monetary Fund about the New Arrangements to Borrow
Preamble
In order to enable the Fund to fulfill more effectively its role in the international monetary system, a number of countries with the financial capacity to support the international monetary system have agreed to make available to the Fund resources in the form of loans up to specified amounts when supplementary resources are needed to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system. In order to give effect to these intentions, the following terms and conditions are adopted under Article VII, Section 1 of the Articles of Agreement.
Paragraph 1. Definitions
(a) As used in this decision the term :
(i) amount of a credit arrangement means the maximum amount expressed in special drawing rights that a participant undertakes to lend to the Fund under a credit arrangement;
(ii) Articles means the Articles of Agreement of the Fund;
(iii) available commitment means a participant's credit arrangement less any committed or drawn balances;
(iv) borrowed currency or currency borrowed means currency transferred to the Fund's account under a credit arrangement;
(v) call means a notice by the Fund to a participant to make a transfer under its credit arrangement to the Fund's account;
(vi) credit arrangement means an undertaking to lend to the Fund on the terms and conditions of this decision;
(vii) currency actually convertible means currency included in the Fund's quarterly operational budget for transfers;
(viii) drawer means a member that purchases borrowed currency from the Fund in an exchange transaction, including an exchange transaction under a stand-by or extended arrangement;
(ix) indebtedness of the Fund means the amount it is committed to repay under a credit arrangement;
(x) member means a member of the Fund;
(xi) participant means a participating member or a participating institution;
(xii) participating institution means an official institution of a member that has entered into a credit arrangement with the Fund with the consent of the member, or an official institution of a nonmember that has entered into a credit arrangement with the Fund;
(xiii) participating member means a member that has entered into a credit arrangement with the Fund.
(b) For the purposes of this decision, the Hong Kong Monetary Authority (HKMA) shall be regarded as an official institution of the member whose territories include Hong Kong, provided that:
(i) loans by the HKMA and payments by the Fund to the HKMA under this decision shall be made in principle in the currency of the United States of America, unless the currency of another member is agreed between the Fund and the HKMA;
(ii) the participation of the HKMA shall not give rise to the application of paragraph 6 A to the member whose territories include Hong Kong; and
(iii) the references to the balance of payments and reserve position in paragraphs 7 A(c), 7 B(b) and 11(e) shall be understood to refer to the balance of payments and reserve position of Hong Kong.
Paragraph 2. Credit Arrangements
(a) A member or institution that adheres to
this decision undertakes to make loans to the Fund on the terms and conditions of this decision up to the amount in special drawing rights set forth in the Annex to this decision or established in accordance with paragraph 3(b).
(b) Unless otherwise agreed with the Fund, and the participant shall agree on which member's currency or members' currencies shall be used for the loans. Agreements under this paragraph shall be subject to the competition of any member whose currency shall be used in the loans.
Paragraph 3. Adherence
(a) Any member or institution specified in the Annex may adhere to this decision in accordance with paragraph 3(c).
(b) Any member or institution not specified in the Annex, including an institution of a nonmember, may apply to become a participant at the time of renewal of this decision in accordance with paragraph 19. Any such member or institution that wishes to become a participant shall, after consultation with the Fund, give notice of its willingness to adhere to this decision, and, if the Fund and participants representing 80 percent of total credit arrangements under the renewed decision shall so agree, the member or institution may adhere in accordance with paragraph 3(c). When giving notice of its willingness to adhere under this paragraph 3(b), a member or institution shall specify the amount, expressed in special drawing rights, of the credit arrangement which it is willing to enter into, provided that the amount shall not be less than the credit arrangement of the participant with the smallest credit arrangement. The admission of a new participant shall lead to a proportional reduction in the credit arrangements of all existing participants whose credit arrangements are above that of the participant with the smallest credit arrangement : such proportional reduction in the credit arrangements of participants shall be in an aggregate amount equal to the amount of the new participant's credit arrangement less any increase in total credit arrangements decided in accordance with paragraph 5(a), provided that no participant's credit arrangement shall be reduced below the minimum amount set in
(c) A member or institution shall adhere to this decision by depositing with the Fund an instrument setting forth that it has adhered in accordance with its law and has taken all steps necessary to enable it to carry out the terms and conditions of this decision. On the deposit of the instrument the member or institution shall be a participant as of the date of the deposit or of the effective date of this decision, whichever is later.
Paragraph 4. Entry into Force
This decision shall become effective when it has been adhered to by members or institutions included in the Annex with credit arrangements amounting to not less than SDR 28.9 billion, including the five members or institutions with the largest credit arrangements specified in the Annex.
Paragraph 5. Changes in Amounts of Credit Arrangements
(a) When a member or institution is authorized under paragraph 3(b) to adhere to this decision, the total amount of credit arrangements may be increased by the Fund with the agreement of participants representing 85 percent of total credit arrangements; the increase shall not exceed the amount of the new participant's credit arrangement.
(b) The amounts of participants' individual credit arrangements may be reviewed from time to time in the light of developing circumstances and changed with the agreement of the Fund and of participants representing 85 percent of total credit arrangements, including each participant whose credit arrangement is changed. This provision may be amended only with the consent of all participants.
Paragraph 6. Initiation of Procedure
A. Participants
When a participating member or a member whose institution is a participant approaches the Fund on an exchange transaction or a stand-by or extended arrangement and the Managing Director, after consultation, considers that the exchange transaction or stand-by or extended arrangement is necessary in order to forestall or cope with an impairment of the international monetary system, and that the Fund's resources need to be supplemented for this purpose, the Managing Director may initiate the procedure set out in paragraph 7A.
B. Non-participants
The Managing Director may initiate the procedure set out in paragraph 7A for exchange transactions requested by members that are not participants if (a), the exchange transactions are (i) transactions in the upper credit slices, (ii) transactions under Stand-By Arrangements extending beyond the first credit exceptional slice, (iii) transactions could extended Arrangements, or (iv) transactions in the first credit tranche in conjunction with a Stand-By Arrangement or an Extended Arrangement, and (b), after consultation In making proposals for calls pursuant to paragraph 6B, the Managing Director shall pay due regard to potential calls pursuant to paragraph 6A.
Paragraph 7. Proposals and Calls
A. Proposals
(a) The Managing Director shall make a proposal for calls under this decision only after consultation with Executive Directors and participants.
(b) In making a proposal for resources to be lent to the Fund, the Managing Director shall identify the prospective drawer, the amount, and the period during which the resources requested in the proposal may be called.
(c) If a participant determines that it will not be able to meet calls under a proposal because of its present and prospective balance of payments and reserve position, which would normally be reflected in the member's exclusion from the list of countries that are included in the Fund's quarterly operational budget for transfers of their currencies, it shall so notify the Fund and the other participants. If the participant is an institution of a nonmember, the participant shall consult with the Fund on that nonmember's balance of payments and reserve position before making a determination under this provision. A participant shall exercise restraint and shall take into account the views of the Fund and other participants in making such a determination.
(d) Unless otherwise specified under paragraph 7A(e), a proposal shall be for proportion callsal to the amount of each participant's credit arrangement.
(e) The Managing Director may make a proposal for calls that are not proportional to the amount of each participant's credit arrangement under the following circumstances:
(i) If proportional calls sufficient to provide the total amount sought from participants to finance the proposed exchange transactions cannot be made because at least one participant's available commitment is insufficient to meet such a proportional call, the Managing Director may ask every participant whose available commitment would have been sufficient to meet fully such a proportional call to provide the amount under such a proportional call; provided that, if the Managing Director asks every such participant to provide such amount, the Managing Director shall also ask every participant whose available commitment would have been insufficient to meet such a proportional call to provide an amount to the extent of its available commitment. If necessary, the Managing Director may also ask for an amount in addition to that provided under the prior sentence from a participant whose available commitment exceeds the amount it would provide under such a proportional call.
(ii) If proportional calls sufficient to provide the total amount sought from participants to finance the proposed exchange transactions cannot be made because at least one participant lacks sufficient amounts of the type of currency or currencies needed for the proposed exchange transactions, the Managing Director may ask every participant that is in a position to provide the currency or currencies needed to provide the amount under such a proportional call up to the amount of its available commitment or the amount that it is in a position to provide, whichever is less. If necessary, the Managing Director may also ask a participant whose available commitment exceeds the resources it would provide under such a proportional call and that remains in a position to provide the type of currency or currencies needed to provide an amount of the currency or currencies needed in addition to that provided under the prior sentence.
(f) The competition of every participant that would undertake to provide proportionately more resources than at least one other participant shall be required before the proposal can be accepted under Paragraph 7A(g).
(g) If there is not unanimity among the participants, the question whether the participants are prepared to facilitate, by making loans to the Fund, the exchange transactions or stand-by or extended arrangement specified in the proposal will be decided by a poll of the participants. A favorable decision shall require an 80 percent majority of total credit arrangements of participants eligible to vote. The decision shall be notified to the Fund.
(h) Neither the prospective drawer nor its participating institution nor participants that have notified that they will not meet calls under a proposal shall be eligible to vote on the proposal.
(i) A proposal shall become effective only if it is accepted by participants pursuant to paragraph 7A(g) and is then approved by the Executive Board.
(j) After a proposal has been accepted, commitments and drawings shall not be affected by a subsequent change in the amounts of the credit arrangements.
B. Calls
(a) Unless otherwise provided in a proposal for future calls approved under paragraph 7A, each call shall be made in proportion to the amounts in the proposal.
(b) Except with the participant's consent, calls may not be made on a participant, on which calls could otherwise be made pursuant to this paragraph, when, based on its present and prospective balance of payments and reserve position, the member is not included and is not being proposed by the Managing Director to be included in the list of countries in the quarterly operational budget for transfers of its currency. If the participant is an institution of a nonmember, its ability to meet calls under this decision shall be determined by the Fund, after consultation with the participant, on the basis of that nonmember's present and prospective balance of payments and reserve position. In the event that a call is not made on a participant, the Managing Director may propose to the other participants that substitute amounts be made available under their credit arrangements, and this proposal shall be subject to the procedure of paragraph 7A.
(c) When the Fund makes a call pursuant to this paragraph, the participant shall promptly make the transfer in accordance with the call.
Paragraph 8. Evidence of Indebtedness
(a) The Fund shall issue to a participant, on its request, nonnegotiable instruments evidencing the Fund's indebtedness to the participant. The form of the instruments shall be agreed between the Fund and the participant.
(b) Upon repayment of the amount of any instrument issued under paragraph 8(a) and all increasedd interest, the instrument shall be returned to the Fund for cancellation. If less than the amount of any such instrument is repaid, the instrument shall be returned to the Fund and a new instrument for the remainder of the amount shall be substituted with the same maturity date as in the old instrument.
Paragraph 9. Interest
(a) The Fund shall pay interest on its indebtedness under this decision at a rate equal to the combined market interest rate computed by the Fund from time to time for the purpose of determining the rate at which it country interest on holdings of special drawing rights or any such higher rate as may be agreed between the Fund and participants representing 80 percent of the total credit arrangements.
(b) A change in the method of calculating the combined market interest rate shall apply to the Fund's indebtedness under this decision only if the Fund and participants representing 80 percent of the total credit arrangements so agree; provided that, if a participant so requests at the time this agreement is reached, the change shall not apply to the Fund's indebtedness to that participant outstanding at the date the change becomes effective.
(c) Interest shall increase daily and shall be paid as soon as possible after each July 31, October 31, January 31, and April 30.
(d) Interest due to a participant shall be paid, as determined by the Fund in consultation with the participant, in special drawing rights, in the participant's currency, in the currency borrowed, or in other currencies that are actually convertible.
Paragraph 10. Use of Borrowed Currency
The Fund's policies and practices under Article V, Sections 3 and 7 on the use of its general resources and Stand-By Arrangements and Extended Arrangements, including those relating to the period of use, shall apply to purchases of currency borrowed by the Fund. Nothing in this decision shall affect the authority of the Fund with respect to requests for the use of its resources by individual members, and access to these resources by members shall be determined by the Fund's policies and practices, and shall not depend on whether the Fund can borrow under this decision.
Paragraph 11. Repayment by the Fund
(a) Subject to the other provisions of this paragraph 11, the Fund, five years after a transfer by a participant, shall repay the participant an amount equivalent to the transfer calculated in accordance with paragraph 12. If the drawer for whose purchase participants make transfers is committed to repurchase at a fixed date earlier than five years after its purchase, the Fund shall repay the participants at that date. Repayment under this paragraph 11(a) or under paragraph 11(c) shall be, as determined by the Fund, in the currency borrowed whenever feasible, in the currency of the participant, in special drawing rights in an amount that does not increase the participant's holdings of special drawing rights above the limit under Article XIX, Section 4, of the actually Articles of Agreement unless the participant agrees to accept special drawing rights above that limit in such repayment, or, after other consultation with the currencies Repayments to a participant under paragraph 11(b) and 11(e) shall be credited against transfers by the participant for a drawer's purchases in the order in which repayment must be made under this paragraph 11(a).
(b) Before the date prescribed in paragraph 11(a), the Fund, after consultation with the participants, may make repayment in part or in full to one or several participants. The Fund shall have the option to make repayment under this paragraph 11(b) in the participant's currency, in the currency borrowed, in special drawing rights in an amount that does not increase the participant's holdings of special drawing rights above the limit under Article XIX, Section 4, of the Articles of Agreement unless the participant agrees to accept special drawing rights above that limit in such repayment, or, with the agreement of the participant, in other currencies that are convertible.
(c) Whenever a reduction in the Fund's holdings of a drawer's currency is attributed to a purchase of currency borrowed under this decision, the Fund shall promptly repay an equivalent amount. If the Fund is indebted to a participant as a result of transfers to finance a reserve tranche purchase by a drawer and the Fund's holdings of the drawer's currency that are not subject to repurchase are reduced as a result of net sales of that currency during a quarterly period covered by an operational budget, the Fund shall repay at the beginning of the next quarterly period an amount equivalent to that reduction, up to the amount of the in
(d) Repayment under paragraph 11(c) shall be made in proportion to the Fund's indebtedness to the participants that made transfers in respect of which repayment is being made.
(e) Before the date prescribed in paragraph 11(a), a participant may give notice representing that there is a balance of payments need for repayment of part or all of the Fund's indebtedness and requesting such repayment. If a reversal of its loan may lead to further loans to the Fund by other participants, the participant seeking such reversal shall consult with the Managing Director and with the other participants before giving notice. The Fund shall give the overwhelming benefit of any doubt to the participant's representation. Repayment shall be made after consultation with the participant in the currencies of other members that are actually convertible, or in special drawing rights, as determined by the Fund. If the Fund's holdings of currencies in which repayment should be made are not wholly adequate, individual participants may be requested to provide the necessary balance under their credit arrangements subject to the limit of their available commitments. For all of the purposes of this paragraph 11, transfers under this paragraph 11(e) shall be deemed to have been made at the same time and for the same purchases as the transfers by the participant obtaining repayment under this paragraph 11(e).
(f) When a repayment is made to a participant, the amount that can be called for under its credit arrangement in accordance with this decision shall be restored pro tanto.
(g) The Fund shall be deemed to have discharged its obligations to a participating institution to make repayment in accordance with the provisions of this paragraph or to pay interest in accordance with the provisions of paragraph 9 if the Fund transfers an equivalent amount in special drawing rights to the member in which the institution is established.
Paragraph 12. Rates of Exchange
(a) The value of any transfer shall be calculated as of the date of the dispatch of the instructions for the transfer. The calculation shall be made in terms of the special drawing right in accordance with Article XIX, Section 7(a) of the Articles, and the Fund shall be obliged to repay an equivalent value.
(b) For all of the purposes of this decision, the value of a currency in terms of the special drawing right shall be calculated by the Fund in accordance with Rule 0-2 of the Fund's Rules and Regulations.
Paragraph 13. Transferability
A participant may not transfer all or part of its claim to repayment under a credit arrangement except with the prior consent of the Fund and on such terms and conditions as the Fund may approve.
Paragraph 14. Notices
Notice to or by a participating member under this decision shall be in writing or by rapid means of communication and shall be given to or by the fiscal agency of the participating member designated in accordance with Article V, Section 1 of the Articles and Rule G-1 of the Rules and Regulations of the Fund. Notice to or by a participating institution shall be in writing or by rapid means of communication and shall be given to or by the participating institution.
Paragraph 15. Amendment
(a) Except as provided in paragraphs 5(b), 15(b) and 16, this decision may be amended during the period prescribed in paragraph 19(a) and any subsequent renewal periods that may be decided pursuant to paragraph 19(b) only by a decision of the Fund and with the competition of participants representing 85 percent of total credit arrangements. Such competition shall not be necessary for the modification of the decision on its renewal pursuant to paragraph 19(b).
(b) If in its view an amendment materially affects the interest of a participant that voted against the amendment, the participant shall have the right to withdraw its adherence to this decision by giving notice to the Fund and the other participants within 90 days from the date the amendment was adopted. This provision may be amended only with the consent of all participants.
Paragraph 16. Withdrawal of Adherence
Without prejudice to paragraph 15(b), a participant may withdraw its adherence to this decision in accordance with paragraph 19(b) but may not withdraw within the period prescribed in paragraph 19(a) except with the agreement of the Fund and all participants. This provision may be amended only with the consent of all participants.
Paragraph 17. Withdrawal from Membership
If a participating member or a member whose institution is a participant withdraws from membership in the Fund, the participant's credit arrangement shall cease at the same time as the withdrawal effect takes. The Fund's indebtedness under the credit arrangement shall be treated as an amount due from the Fund for the purpose of Article XXVI, Section 3, and Schedule J of the Articles.
Paragraph 18. Suspension of Exchange Transactions and Liquidation
(a) The right of the Fund to make calls under paragraph 7 and the obligation to make repayments under paragraph 11 shall be suspended during any suspension of exchange transactions under Article XXVII of the Articles.
(b) In the event of liquidation of the Fund, credit arrangements shall cease and the Fund's indebtedness shall constitute liabilities under Schedule K of the Articles. For the purpose of paragraph 1(a) of Schedule K, the currency in which the liability of the Fund shall be payable shall be first the currency borrowed, then the participant's currency and finally the currency of the drawer for whose purchases transfers were made by the participants.
Paragraph 19. Period and Renewal
(a) This decision shall continue in existence for five years from its effective date. When considering a renewal of this decision for the period following the five-year period referred to in this paragraph 19(a), the Fund and the participants shall review the functioning of this decision and shall consult on any possible modifications.
(b) This decision may be renewed for such period or periods and with such modifications, subject to paragraphs 5(b), 15(b) and 16, as the Fund may decide. The Fund shall adopt a decision on renewal and modification, if any, not later than twelve months before the end of the period prescribed in paragraph 19(a). Any participant may advise the Fund not less than six months before the end of the period prescribed in paragraph 19(a) that it will withdraw its adherence to the decision as renewed. In the absence of such notice, a participant shall be deemed to continue to adhere to the decision as renewed. Withdrawal of adherence in accordance with this paragraph 19(b) by a participant, whether or not included in the Annex, shall not preclude its subsequent adherence in accordance with paragraph 3(b).
(c) If this decision is terminated or not renewed, paragraphs 8 through 14, 17 and 18(b) shall nevertheless continue to apply in connection with any indebtedness of the Fund under credit arrangements in existence at the date of the termination or expiration of the decision until repayment is completed. If a participant withdraws its adherence to this decision in accordance with paragraph 15(b), paragraph 16, or paragraph 19(b), it shall cease to be a participant under the decision, but paragraphs 8 through 14, 17 and 18(b) of the decision as of the date of the withdrawal shall nevertheless continue to apply to any indebtedness of the Fund under the former credit arrangement until repayment has been completed.
Paragraph 20. Interpretation
Any question of interpretation raised in connection with this decision which does not fall within the purview of Article XXIX of the Articles shall be settled to the mutual satisfaction of the Fund, the participant raising the question, and all other participants. For the purpose of this paragraph 20 participants shall be deemed to include those former participants to which paragraphs 8 through 14, 17 and 18(b) continue to apply pursuant to paragraph 19(c) to the extent that any such former participant is affected by a question of interpretation that is raised.
Paragraph 21. Relationship with the General Arrangements to Borrow and Associated Borrowing Arrangements
(a) When considering whether to activate the New Arrangements to Borrow or the General Arrangements to Borrow, the Fund shall be guided by the following principles: The New Arrangements to Borrow shall be the facility of first and principal recourse except that:
(i) in the event of a request for a drawing on the Fund by a participating member, or a member whose institution is a participant, in both the General Arrangements to Borrow and the New Arrangements to Borrow, a proposal for calls may be made under either of the arrangements; and
(ii) in the event that a proposal for calls under the New Arrangements to Borrow is not accepted under paragraph 7A, a proposal for calls may be made under the General Arrangements to Borrow.
(b) Outstanding drawings and commitments under the New Arrangements to Borrow and the General Arrangements to Borrow shall not exceed SDR 34 billion, or such other amount of total credit arrangements as may be in effect in accordance with this decision. The available commitment of a participant under the New Arrangements to Borrow shall be reduced pro tanto by any outstanding drawings on, and commitments of, the participant under the General Arrangements to Borrow. The available commitment of a participant under the General Arrangements to Borrow shall be reduced pro tanto by the extent to which its credit arrangement under the General Arrangements to Borrow exceeds its available commitment under the New Arrangements to Borrow.
(c) References to drawings and commitments under the General Arrangements to Borrow shall include drawings and commitments under the Associated Borrowing Arrangements referred to in paragraph 23 of the General Arrangements to Borrow.
Paragraph 22. Other Borrowing Arrangements
Nothing in this decision shall preclude the Fund from entering into any other types of borrowing arrangements.

Annex
Participants and Amount of Credit Arrangements
The size of each participant's credit arrangement listed below has initially been based in principle on its relative economic strength as reflected in its quota in the Fund. Credit arrangements are subject to a minimum of SDR 340 million. Amounts have been adjusted between some participants subject to the condition that the total for the participants involved in an adjustment does not change and the minimum is observed. The amounts, in terms of SDRs of the individual credit arrangements and their total will remain in effect unless and until changed in accordance with this decision.
The size of the Hong Kong Monetary Authority's (HKMA) credit arrangement has not been calculated on the basis of the quota of the member whose territories include Hong Kong. The same principle explains the special provision on activation of the New Arrangements to Borrow to meet requests from such member.
For the consultation of the table, see image

TRADUCTION
Decision No. 11428-(97/6) of 27 January 1997 of the Board of Directors of the International Monetary Fund concerning the New Borrowing Agreements
Preamble
With a view to enabling the International Monetary Fund to more effectively fulfil its role in the international monetary system, a number of countries with sufficient financial capacity to support the international monetary system have agreed to make available resources to the Fund in the form of loans with specified amounts if additional resources are required to prevent or mitigate a deterioration of the international monetary system or to cope with an exceptional situation that poses a risk to the stability of the system. In order to implement these intentions, the following terms and conditions are adopted under Article VII, Section 1 of the Statutes.
Paragraph 1. Definitions
(a) In this decision:
(i) "the amount of a credit agreement": the maximum amount expressed in special drawing rights that a participant undertakes to lend to the Fund under a credit agreement;
(ii) "Statutes": the statutes of the International Monetary Fund;
(iii) "available credit": the amount of a participant's credit agreement reduced by any amount engaged or drawn;
(iv) " borrowed currency": the currency transferred to the Fund account under a credit agreement;
(v) "request of funds": the notification given by the Fund to a participant to make a transfer to the Fund account under its credit agreement;
(vi) "credit agreement": commitment to lend to the Fund in accordance with the terms and conditions set out in this decision;
(vii) "convertible currency": a currency included for transfers in the Fund's quarterly transaction and transaction budget;
(viii) "dasher": the Member State that purchases from the Fund the currency borrowed under a foreign exchange transaction, including a foreign exchange transaction under a confirmation agreement or an expanded agreement;
(ix) "indebtedness" of the Fund: the amount that the Fund is required to repay under a credit agreement;
(x) "Member State": a Member State of the Fund;
(xi) "participating": a participating Member State or participating institution;
(xii) "participating institution": an official institution of a Member State that has entered into a credit agreement with the Fund, with the consent of that Member State, or an official institution of a non-member State that has entered into a credit agreement with the Fund;
(xiii) "participating Member State": a Member State of the Fund that has entered into a credit agreement with the Fund.
(b) For the purposes of this decision, the Hong Kong Monetary Authority (AMHK) is considered an official institution of the Member State whose territories include Hong Kong, on the understanding that:
(i) loans made by AHK and Fund payments to AHK under this decision are in principle in currencies of the United States of America, unless the Fund and AHK agree on a currency issued by another Member State;
(ii) the participation of AHK shall not result in the application of the provisions of paragraph 6 To the Member State whose territories include Hong Kong;
(iii) references to the balance of payments and reserves situation in paragraphs 7 A (c), 7 B (b) and 11 (e) are expected to relate to the balance of payments and reserves in Hong Kong.
Paragraph 2. Credit agreements
(a) Any Member State or institution that adheres to this decision undertakes to make loans to the Fund, in accordance with the terms of this decision, up to the amount of special drawing rights specified in the annex to that decision or determined in accordance with the provisions of paragraph 3 (b).
(b) Unless otherwise agreed with the Fund, the loans granted under this decision shall be paid in the currency of the participant. If the participant is an institution of a non-member State, the Fund and the participant agree on the currency or currency of member states to be used for the payment of loans. The provisions agreed under this paragraph shall be subject to the consent of the Member State whose currency shall be used for the payment of loans.
Paragraph 3. Access
(a) Any Member State or institution mentioned in the annex may accede to this decision in accordance with paragraph 3 (c).
(b) Any Member State or institution whose name is not listed in the annex, including an institution of a non-member State, may request participation at the time this decision is extended in accordance with the provisions of paragraph 19. The Member State or institution that wishes to become a participant shall, after consultation with the Fund, notify its desire to adhere to this decision and, if the Fund and the participants whose credit agreements represent 80% of the total under the extended decision consent, the Member State or institution may adhere to the said decision in accordance with the provisions of paragraph 3 (c). In notifying its desire to adhere to the decision under this paragraph 3 (b), the Member State or the institution specifies the amount, expressed in special drawing rights, of the credit agreement that it is prepared to conclude, provided that this amount shall not be less than the lowest amount of the credit agreements concluded with the participants. The adhesion of a new participant results in a proportional reduction in the credit agreements of all other participants whose amount is greater than that of the lowest credit agreement: the overall amount of this reduction proportional to the credit agreements of the participants is equal to the amount of the credit agreement of the new participant diminished from any increase in the total of the credit agreements decided under the provisions of paragraph 5 (a), provided that no minimum credit agreement of a participant will be reduced.
(c) Any Member State or institution may accede to this decision by depositing with the Fund an instrument specifying that such accession is in accordance with its legislation and that it has taken all necessary measures to be able to comply with the terms of this decision. When the instrument is deposited, the Member State or institution becomes a participant from the date of filing or the date of entry into force of this decision, if it is later.
Paragraph 4. Entry into force
This decision will come into force when it has received the accession of Member States or institutions listed in the schedule whose credit agreements represent a minimum amount of SDR 28.9 billion, including that of the five Member States or institutions whose credit agreements as specified in this annex are the highest.
Paragraph 5. Changes in credit agreements
(a) Where a Member State or institution is authorized to accede to this decision under paragraph 3 (b), the Fund may increase the total amount of credit agreements with the consent of participants whose credit agreements represent 85% of the total; the increase must not exceed the amount of the new participant's credit agreement.
(b) The amount of individual credit agreements of participants may be reviewed periodically, in the light of the changing circumstances, and amended with the agreement of the Fund and of participants whose credit agreements represent 85% of the total, including the participant whose credit agreement is amended. This provision may only be amended with the consent of all participants.
Paragraph 6. Procedure
A. Participants
When a participating Member State, or a member State whose institution is participating, enters into negotiations with the Fund for a foreign exchange transaction or for an expanded agreement or agreement, and the Director General, after consultation, considers that the exchange transaction, or the confirmation agreement, or the expanded agreement, is necessary to prevent or mitigate a deterioration of the international monetary system and that the Fund's resources must be described for that purpose,
B. Non-participants
The Director General may enter into the procedure described in paragraph 7A for exchange transactions requested by Member States that are not participating if (a) these transactions are (i) transactions in the upper credit brackets, (ii) transactions under confirmation agreements exceeding the first tranche of credit, (iii) transactions under expanded agreements, or (iv) transactions in the first tranche of credits made jointly with an agreement When submitting proposals for appeal of funds pursuant to paragraph 6B, the Director-General shall give due consideration to appeals of funds that may arise from the provisions of paragraph 6A.
Paragraph 7. Proposals and appeals
A. Proposals
(a) The Director General shall submit a proposal for appeals under this decision only after consultation with directors and participants.
(b) When submitting a proposal for resources to be lent to the Fund, the Director General identifies the intended sniper, the amount and period during which the resources requested under the proposal can be used.
(c) If a participant considers that it will not be able to respond to a proposal for appeals of funds due to the current and predictable situation of its balance of payments and reserves, which would normally result in the exclusion of the Member State from the list of countries whose currency is included for the purposes of transfers to the Fund's quarterly budget of operations and transactions, the participant must notify the Fund and other participants. If the participant is an institution of a non-member State, the participant will consult with the Fund on the balance of payments and reservations of that non-member State before making a decision under this provision. The decision not to participate should not be taken either abusively or without taking into account the advice of the Fund and other participants.
(d) Unless otherwise provided in accordance with subsection 7A(e), the proposals relate to appeals of funds proportional to the amount of the credit agreement of each participant.
(e) The Director General may submit a proposal for non-proportional appeals to the amount of the credit agreement of each participant in the following circumstances:
(i) If proportional fund calls to cover the total amount required by the participants to finance the proposed exchange transactions cannot be launched because the available credit of at least one participant is not sufficient to meet this proportional fund appeal, the Director-General may request each participant whose available credit would be sufficient to fully satisfy this proportional fund call to provide the amount appropriate to that participating fund, provided that if the Director-General requests each participant In addition to the amount referred to in the previous sentence, the Director-General may, if necessary, request an additional amount to a participant whose available credit exceeds the amount he or she would provide in response to a proportional appeal.
(ii) If proportional fund calls to cover the total amount required by the participants to finance exchange transactions cannot be launched because at least one participant does not have a sufficient amount of the type of currency(s) required for the proposed exchange transactions, the Director General may apply to each participant in a position to provide the required currency(s) to respond to that call in a proportional amount to the amount of the credit that is available to the member In the event of a need, the Director General may also request a participant whose available credit exceeds the amount of resources it would provide in response to that call for proportional funds, and who remains in a position to provide the type of currency(s) required, in addition to the amount referred to in the previous sentence, an additional amount of currency(s) required.
(f) The consent of each participant who commits to providing a proportionally higher amount of resources than at least another participant must be obtained before the proposal can be accepted in accordance with the provisions of subsection 7A(g).
(g) If participants are not unanimous in deciding that they are willing to facilitate exchange transactions or the confirmation agreement or the expanded agreement specified in the proposal by granting loans to the Fund, the issue is subject to a vote. A favourable decision requires the agreement of eligible participants whose credit agreements represent at least 80% of the total. The decision is notified to the Fund.
(h) Neither the intended shooter, nor the participating institution of that Member State, nor the participants who notified the Fund that they will not respond to appeals of funds are allowed to vote on the proposal.
(i) A proposal shall take effect only if accepted by the participants in accordance with the provisions of subsection 7A(g) and is subsequently approved by the Board of Directors.
(j) Once a proposal has been accepted, commitments and draws are not affected by a subsequent change in the amount of credit agreements.
B. Funding appeals
(a) Unless otherwise stipulated in a proposal for future funding appeals approved in accordance with the provisions of paragraph 7A, each appeal shall be made proportionate to the amounts specified in the proposal.
(b) Unless this paragraph agrees, a participant who would normally be subject to appeals of funds under this paragraph may not be subject to it if, because of the current and foreseeable situation of its balance of payments and reserves, the Member State is not included, and the Director General does not propose to include it, on the list of countries whose currency is included for the purposes of transfers in the quarterly budget of transactions and If the participant is an institution of a non-member State, the Fund shall determine, after consultation with the participant, whether the participant is in a position to respond to the appeals of funds under this decision, on the basis of the current and predictable balance of payments and reserves of that non-member State. If a participant is not included in a fund-raising appeal, the Director-General may propose to other participants to provide substitution amounts under their credit agreements, and this proposal will be subject to the procedure set out in paragraph 7A.
(c) When the Fund initiates a call for funds in accordance with the provisions of this paragraph, the participant shall promptly make the transfer corresponding to the appeal.
Paragraph 8. Proof of debt
(a) The Fund shall, upon request, provide participants with non-negotiable instruments attesting to their debt. The Fund and the participant agree on the form of these instruments.
(b) When the amount of any instrument issued under paragraph 8 (a) is refunded, the instrument shall be returned to the Fund to be cancelled. If the refund is less than the amount of the said instrument, it is returned to the Fund and a new instrument, equal to the balance due and bearing the same maturity date as the former, is substituted for it.
Paragraph 9. Interest
(a) The Fund shall pay interest on its indebtedness under this decision at a rate equal to the combined market rate, which the Fund shall periodically calculate to determine the rate of interest it pays on special drawing rights assets or, where appropriate, at a higher rate that may be agreed between the Fund and the participants whose credit agreements represent 80% of the total.
(b) A change in the method of calculating the composite interest rate in the market applies to the Fund's indebtedness under this decision only if the Fund and the participants whose credit agreements represent 80% of the total so decides, on the understanding that if a participant makes the application at the time that the decision is made, the amendment does not apply to the Fund's indebtedness in respect of that participant at the time of the change in force.
(c) Interest is calculated on a daily basis and paid as soon as possible after 31 July, 31 October, 31 January and 30 April.
(d) Interests due to a participant shall be paid, as the Fund decides in consultation with the participant, in special drawing rights, in the currency of the participant, in the currency borrowed or in other currencies that are actually convertible.
Paragraph 10. Use of borrowed currencies
The policies and practices of the Fund referred to in Article V, sections 3 and 7, the statutes relating to the use of its general resources and the agreements for confirmation and expanded agreements, including those relating to the period of use, apply to the purchase of currencies borrowed by the Fund. Nothing in this decision alters the authority of the Fund with respect to requests for the use of its resources submitted by the various Member States. The access of Member States to these resources is determined by the Fund's policies and practices and does not depend on the borrowings that the Fund can borrow under this decision.
Paragraph 11. Refunds
(a) Subject to the other provisions of this paragraph 11, the Fund, five years after a transfer has been effected by a participant, shall reimburse the participant an amount equal to that transfer, calculated in accordance with the provisions of paragraph 12. If the shooter for the purchase of which the participants make transfers is required to make a redemption at a specified date, less than five years after the purchase, the Fund reimburses participants at that date. Reimbursement under this subsection 11(a) or subsection 11(c) shall be effected, as the Fund decides, in the currency borrowed to the extent possible, or in the currency of the participant, or in special drawing rights, provided that it does not carry the assets in special drawing rights of the participant beyond the limit provided for in Article XIX, section 4, of the Regulations, unless the participant agrees to receive The amounts reimbursed to a participant in accordance with the provisions of subsections 11(b) and 11(e) shall be credited in return for transfers made by the participant for the purchase of a shooter, in accordance with the order in which the refund must be made under this subsection 11(a).
(b) Before the date specified in paragraph 11 (a), the Fund, after consultation with the participants, may reimburse one or more participants in part or in whole. The Fund has the option to make the refund under this subsection 11(b) in the currency of the participant, in the borrowed currency, in special drawing rights, subject to not to carry the special drawing rights of the participant beyond the limit provided for in section XIX, section 4, of the Regulations, unless the participant agrees to receive special drawing rights beyond that limit for that refund or, with the other participating agreements,
(c) When a reduction in the Fund's assets in the currency of a shooter is charged to the purchase of a currency borrowed under this decision, the Fund shall promptly reimburse an equivalent amount. If the Fund is indebted to a participant as a result of transfers to finance a purchase in the reserve portion of a dasher and the assets of the Fund in the currency of the dasher that are not subject to redemption are reduced as a result of net sales of that currency for a quarterly period covered by a budget of operations and transactions, the Fund shall reimburse at the beginning of the next quarterly period an amount equal to
(d) Reimbursements under subsection 11(c) are made in proportion to the Fund's indebtedness to the participants who made the transfers to which the refund corresponds.
(e) Prior to the date specified in paragraph 11 (a), a participant may argue that the balance of payments situation makes it necessary to refund all or part of the Fund's indebtedness to him and to claim that refund. If this reimbursement is likely to lead other participants to make additional loans to the Fund, the participant wishing to obtain the refund must consult with the Director General and other participants before giving notification of his intention. The Fund provides a highly favourable presumption of the participant's statement. The reimbursement shall be made, in consultation with the participant, in actual convertible currencies of other Member States or in special drawing rights, as decided by the Fund. If the Fund ' s assets in the currencies to be used for reimbursement are not fully sufficient, it may be requested by some participants to provide the necessary balance under their credit agreement, subject to the limit of their available credit. For the purposes of all provisions of this subsection 11, transfers under this subsection 11(e) are deemed to have been made at the same time and for the same purchases as the transfer of the participant to a refund under the provisions of this subsection 11(e).
(f) When a participant receives a refund, the amount that may be called under the credit agreement in accordance with this decision shall be refunded.
(g) The Fund shall be deemed to have fulfilled its obligation to a participating institution to make a refund in accordance with the provisions of this paragraph, or to pay interest in accordance with the provisions of paragraph 9, if it transfers an equivalent amount of special drawing rights to the Member State in which the institution is established.
Paragraph 12. Exchange rate
(a) The value of any transfer is calculated on the date the transfer instructions are sent. The calculation shall be made in special drawing fees in accordance with Article XIX, Section 7(a) of the Regulations, and the Fund shall be required to pay an equivalent value.
(b) For the purposes of all provisions of this decision, the value of a currency in respect of special drawing rights shall be calculated by the Fund in accordance with Rule 0-2 of the Fund's Rules and Regulations.
Paragraph 13. Cessibility
A participant may only assign all or part of his or her right to reimbursement under a credit agreement with the prior agreement of the Fund and in accordance with the terms and conditions that the Fund may approve.
Paragraph 14. Notifications
Any notification given under this decision to a participating Member State or a participating Member State shall be forwarded by letter or by the fastest channels and addressed to the financial body or by the financial body of the participating Member State designated in accordance with Article V, Section 1 of the Regulations and Rule G-1 of the Rules and Regulations of the Fund. Any notification given to a participating institution or by a participating institution shall be transmitted by letter or by the earliest means to that institution or institution.
Paragraph 15. Amendment
(a) Subject to the provisions of subsections 5(b), 15(b) and 16, this decision shall not be amended during the period specified in subsection 19(a) and for any subsequent extension period that may be decided under the provisions of subsection 19(b) except by a decision of the Fund and with the consent of participants whose credit agreements represent 85% of the total. This consent will not be required to amend the decision when it is extended under the provisions of subsection 19(b).
(b) If a participant considers that an amendment against which he or she has voted materially infringes his or her interests, the participant is entitled to withdraw his or her membership in this decision by giving notification to the Fund and other participants within 90 days of the date of adoption of that amendment. This provision may only be amended with the consent of all participants.
Paragraph 16. Withdrawal of membership
Without prejudice to the provisions of subsection 15(b), a participant may withdraw its membership in this decision in accordance with the provisions of subsection 19(b), but may not do so during the period specified in subsection 19(a) except with the agreement of the Fund and all participants. This provision may only be amended with the consent of all participants.
Paragraph 17. Fund withdrawal
If a participating Member State, or a Member State with a participating institution, withdraws from the Fund, the credit agreement of that participant shall expire on the date on which the withdrawal takes effect. The indebtedness of the Fund under the credit agreement in question is treated as an amount due by the Fund for the purposes of Article XXVI, Section 3 and Schedule J of the Regulations.
Paragraph 18. Suspension of foreign exchange transactions and liquidation
(a) The Fund's right to initiate appeals under the provisions of paragraph 7 and the obligation to make refunds under the provisions of paragraph 11 shall be suspended during any interruption of foreign exchange transactions under Article XXVII of the Regulations.
(b) In the event of the Fund's liquidation, credit agreements will end and the Fund's indebtedness will constitute commitments within the meaning of Annex K to the Regulations. For the purposes of the provisions of paragraph 1(a) of Schedule K, the currency in which the Fund's commitments will be payable will first be the borrowed currency, then the participant's currency and finally the donor's currency for the purchases of which participants made transfers.
Paragraph 19. Period of validity and extension
(a) This decision will be applicable for five years from the date of its entry into force. When considering the extension of this decision for the period following the five-year period referred to in this subsection 19(a), the Fund and participants will review the implementation of the decision and consult to decide on any possible change.
(b) This decision may be extended for any period(s) and any amendments to which the Fund may decide, subject to the provisions of paragraphs 5 (b), 15(b) and 16. The Fund shall make a decision on the extension and amendment, if any, not later than 12 months before the expiry of the period specified in subsection 19(a). A participant may notify the Fund, at least six months before the expiry of the period specified in subsection 19(a), of its intention to withdraw its membership in the extended decision. In the absence of such a notification, participants will be deemed to continue to adhere to the extended decision. Any withdrawal of membership by a participant in accordance with the provisions of this subsection 19(b), whether or not it appears on the annexed list, shall not prevent its subsequent accession under the provisions of subsection 3(b).
(c) If this decision is repealed or is not extended, the provisions of subsections 8 to 14, 17 and 18(b) will nevertheless continue to apply in respect of any debt of the Fund under credit agreements in effect on the date of the repeal or expiry of this decision, until the refund is completed. If a participant withdraws its membership in this decision in accordance with the provisions of subsection 15(b), subsection 16 or subsection 19(b), it will cease to be a participant under this decision, but paragraphs 8 to 14, 17 and 18 (b) of that decision, on the date of withdrawal, will nevertheless continue to be applicable to any debt of the Fund resulting from the old credit agreement until the refund is completed.
Paragraph 20. Interpretation
Any question of interpretation raised by this decision that would not fall within the scope of Article XXIX of the statutes will be resolved to the mutual satisfaction of the Fund, the participant who raised the issue, and all other participants. For the purposes of this subsection 20, participants are deemed to include former participants to whom subsections 8 to 14, 17 and 18(b) continue to be applicable under subsection 19(c), to the extent that one of these former participants is concerned with an issue of interpretation raised.
Paragraph 21. Report with the Borrowing General Agreements and the Associated Borrowing Agreements
(a) When deciding to activate the New Borrowing Agreements or the Borrowing General Agreements, the Fund will be guided by the following principles: the New Borrowing Agreements are the first and main remedy, provided that the Fund will be guided by the following principles:
(i) if a request for a drawing on the Fund is submitted by a participating Member State or by a Member State of which an institution is participating, both in the Borrowing General Agreements and in the New Borrowing Agreements, a proposal for appeals of funds may be submitted under either of the two agreements, and
(ii) if a proposal for appeals of funds under the New Borrowing Agreements is not accepted under the provisions of paragraph 7A, a proposal for appeals of funds may be submitted under the Borrowing Agreements.
(b) The outstanding draws and commitments under the New Borrowing Agreements and the Borrowing Agreements will not exceed 34 billion SDRs, or any other total credit agreements that may be applicable in accordance with this decision. The available credit of a participant under the New Borrowing Agreements is reduced by the amount of any unpaid draw on the amount of its credit agreement and its commitments under the Borrowing Agreements. The available credit of a participant under the Borrowing Agreements is reduced to the extent that the amount of his or her credit agreement under the Borrowing Agreements exceeds his or her credit available under the New Borrowing Agreements.
(c) References to the drawings and commitments under the Borrowing Agreements include the draws and commitments under the Associated Borrowing Agreements referred to in paragraph 23 of the Borrowing Agreements.
Paragraph 22. Other Borrowing Agreements
Nothing in this decision will prevent the Fund from entering into any other type of borrowing agreements.

Annex
Participants and credit agreements
The amount of the credit agreement of each participant in the list below was initially determined on the basis of its relative economic power expressed by its share in the Fund. Credit agreements are subject to a minimum of 340 million SDRs. The amounts were adjusted between certain participants provided that the total of their credit agreements is not altered and that the minimum is met. The amount of individual credit agreements and their total amount, expressed in SDRs, will remain in effect as long as they have not been amended under this decision.
The amount of the credit agreement of the Hong Kong Monetary Authority (AMHK) was not calculated on the basis of the assessment of the Member State whose territories include Hong Kong. The special provision on the activation of NAEs in order to satisfy the requests of the said Member State is based on the same principle.
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