In recent months the international financial and monetary system is being affected by frequent disturbances, mainly resulting from the financial instability of some countries that have met with difficulties in meeting its international commitments, which, in the opinion of the main international economic institutions, is worsening in recent weeks, affecting in an increasingly obvious way the capacity for growth The future of the world economy. Some of these countries are, in this situation, making requests to the international financial organizations, especially the International Monetary Fund, to obtain financial facilities with which to renegotiate their situation. credit and obtain resources to finance their stabilization plans.

The number of countries currently demanding this type of aid has increased by simultaneously increasing financial instability at the international level. The resources to meet these types of demands are becoming increasingly scarce and it is necessary for those nations that have a stronger international financial position to make their commitments to these agencies effective. global financial.

In this sense, international financial institutions, especially the International Monetary Fund, are committed to a hard work to ensure adequate attention to these demands.

The fact that the International Monetary Fund is able to have sufficient financial resources with the necessary speed given the situation in which the financial markets are located at the moment, explains the appeal to the present a normative instrument, certainly exceptional, and it justifies the urgency with which it must be dealt with in order to fulfill the objectives described by the present Royal Decree-Law.

This rule makes it possible, first of all, to pay the Kingdom of Spain the amount of the increase in its share in the International Monetary Fund up to the amount of 3,048.9 million special drawing rights, in accordance with the Resolution No 53-2 adopted, with effect from 30 January 1998, by the Board of Governors of that body.

The participation of the Kingdom of Spain in the New Agreements for the obtaining of loans from the International Monetary Fund is also authorized with a maximum commitment of 672 million special drawing rights, In this way, the International Monetary Fund's Executive Board of 27 January 1997 approved the decision adopted by the Executive Board of the International Monetary Fund.

Third, the ratification by the Kingdom of Spain of the fourth amendment to the Constitution of the International Monetary Fund is authorized, which implies the acceptance of a new allocation of special drawing rights, For Spain, there is an increase of 268.5 million special drawing rights, from the current 298.8 million to the new amount of 567.3 million special drawing rights.

Finally, and to enable an immediate reaction in the event that the evolution of the international economic situation so requires, the Council of Ministers is empowered to make additional commitments to the Fund. International Monetary Fund up to a maximum amount equivalent to 3 billion dollars as Spain's contribution to the multilateral aid mechanisms that the International Monetary Fund could establish. The Spanish side would be provided by the Banco de España, and would be on its balance sheet as an asset to the International Monetary Fund. This is intended to provide the government with sufficient flexibility to help stabilize economic areas as sensitive to the Spanish economy as the Latin American countries, with which economic and financial relations are increasingly narrow.

The Kingdom of Spain is aware of the importance that its contribution, and that of other countries with a sound international financial situation, has for the proper development of the functions of the Monetary Fund. International. This, ultimately, is a clear support for the stabilisation of these economies with difficulties and, therefore, of the world economy and our own economy. This is why it is necessary, as soon as possible, to make effective the commitments that have been made with the International Monetary Fund, which, since these operations are carried out under the reserve account of the Banco de España, will not have budgetary impact. The present Royal Decree-Law aims to enable the assumption of these obligations and at the same time articulate mechanisms through which one can support an area of potential instability, which are the Ibero-American countries.

In its virtue, in the use of the authorization contained in article 86 of the Constitution, and in order to attend as soon as possible to the needs exposed, on the proposal of the Second Vice President of the Government and Minister of Economy and Hacienda, in agreement with the Council of State and after deliberation by the Council of Ministers at its meeting on 9 October 1998,

DISPONGO:

Article 1. Concurrency of the Kingdom of Spain to the 11th increase in quotas of the International Monetary Fund.

1. The Kingdom of Spain will increase its share in the International Monetary Fund (IMF) to the amount of 3.048.9 million special drawing rights, in accordance with the provisions of Resolution 53-2 adopted, with effect from January 30. 1998, by the Board of Governors of that body and whose translation is attached to this Royal Decree-Law.

2. The payment by Spain of the amount of the increase in its quota, amounting to 1,1113.5 million special drawing rights, shall be made by 25 per 100 in special drawing rights or in currency of other member countries to be determined by the IMF and 75% of the total for 100 remaining in national currency, to be deposited in the accounts of the fund.

Article 2. Accession of Spain to the New Agreements for the Obtaining of Loans from the International Monetary Fund.

1. The accession of the Kingdom of Spain, as a participating member, to the New Agreements for the Obtaining of Loans from the International Monetary Fund is approved. A maximum commitment of financing to the International Monetary Fund of 672 million special drawing rights is established in accordance with the Decision approved by the Executive Board of the International Monetary Fund in its Session of 27 January 1997 and whose translation is attached to this Royal Decree-Law.

2. Decisions on the effective provisions of funds under the New Agreements will be taken by the Minister for Economic Affairs and Finance, after consultation with the Bank of Spain.

Article 3. Ratification by the Kingdom of Spain of the fourth amendment to the International Monetary Fund's Constitutive Convention.

1. The ratification by the Kingdom of Spain of the fourth amendment to the Constitution of the International Monetary Fund is authorized, and the translation of which is attached to this Royal Decree-Law.

2. The receipt of 268,572,777 special drawing rights issued by the International Monetary Fund in accordance with the provisions of Resolution number 52-4, adopted by the Board of Governors of the Monetary Fund, is also authorised. International, and whose translation is attached to the present Royal Decree-Law.

Article 4. Attention to the need for additional resources from the International Monetary Fund.

In the event that the International Monetary Fund needs additional resources prior to the implementation of financing mechanisms, the Government is empowered to, by means of the Council of Ministers Agreement, can contribute to the former by making commitments to the International Monetary Fund for an equivalent amount of up to $3 billion.

Final disposition first. Authorization to the Banco de España.

1. The Banco de España will make the payment of the extension of the quota referred to in Article 1 of this Royal Decree-Law effective. The financing of the obligations arising from the New Loan Agreement, as well as, where appropriate, the commitments referred to in Article 4, shall be made by the Bank of Spain. Such financing shall be collected in the Bank of Spain's balance sheet as assets vis-à-vis the International Monetary Fund.

2. The Bank of Spain is hereby authorised, in accordance with Article 13.2 of Law 13/1994, of 1 June 1994, of the Autonomy of the Banco de España, to collect on its balance sheet the allocation of special drawing rights provided for in Article 3 of the this Royal Decree-law.

Final disposition second. Authorisation to the Minister for Economic Affairs and Finance.

The Minister of Economy and Finance is hereby authorized to take all measures necessary for the implementation of the provisions of this Royal Decree-Law.

Final disposition third. Entry into force.

This Royal Decree-Law will enter into force the day after its publication in the "Official State Gazette".

Given in Madrid to October 9, 1998.

JOHN CARLOS R.

The President of the Government,

JOSÉ MARÍA AZNAR LÓPEZ

RESOLUTION 53-2

Board of Governors

IMF member countries ' quotas increase: Eleventh general review

As soon as the Board of Governors has submitted to the Board of Governors a report entitled "Increase in the quotas of the Fund's member countries: Eleventh general review", which contains recommendations on increases in the quotas of the various Member States of the Fund, and

As soon as the Board of Directors has recommended that the Board of Governors 'next resolution, in which the Fund's member countries' quota increases are proposed as a result of the 11th general review of quotas and certain related matters are regulated, adopted by a vote without a meeting in accordance with Section 13 of the Statute of the Fund:

Therefore, the Board of Governors hereby resolves:

1. The International Monetary Fund proposes that, subject to the provisions of this resolution, the quotas of member countries should be increased to the amounts indicated in the Annex to this resolution.

2. The increase in the share of a member country proposed in this resolution will only take effect if the Member State notifies the Fund that it accepts it no later than the date corresponding to paragraph 4, and pays it in full within a specified period of time. in accordance with paragraph 5, with the exception that no member country which has obligations in arrears against the General Resources Account for any repurchases, charges or contributions may accept or pay the increase in its share until the day on which it is paid of those obligations.

3. No increase in quotas shall enter into force before the date on which the Fund determines that the Member States which have accepted the increase in their quotas shall meet not less than 85 per 100 of the total of the quotas as at 23 December 1997.

4. The notifications referred to in paragraph 2 shall be made by a duly authorized official of the Member State and shall be received at the Fund before 18 Washington time on 29 January 1999, with the the fact that the Executive Board may have an extension of this deadline.

5. Member countries shall pay the Fund the increase in their quota within the 30-day period from the last of the following dates: (a) the date on which they notify the Fund of their acceptance, or (b) the date on which the Fund is determined to referred to in paragraph 3, with the exception that the Executive Board may provide for an extension of the time limit for payment.

6. When deciding to extend the deadline for accepting or paying the increase in quotas, the Executive Board will consider in particular the situation of the member countries that still wish to accept or pay the increase in their quota, including the countries that have Long arrears to the General Resources Account for repurchases, charges or contributions in arrears and which, in the institution's judgment, are collaborating to settle those obligations.

7. As regards the Member States which have not yet accepted the increase of their quotas in the framework of the ninth review, the time limit for acceptance of such an increase shall be extended to the date specified in paragraph 3. For those countries which have not yet paid the increase in their quotas in the framework of the ninth revision, the period for the payment of such increase shall be extended to 30 days after the date specified in paragraph 3.

Member countries will pay 25 per 100 of their increase in special drawing rights or in the currencies of other member countries that the Fund specifies with the compliance of the respective issuing countries, or spin and part in those currencies. The rest of the increase will be paid in the national currency of the accepting member country.

INTERNATIONAL MONETARY FUND

Board of Governors Resolution

Fondo-Eleventh General Review membership fee increase

14

23

29

36

57

71

110

111

131

135

142

155

162

		Proposed quota (in millions of SDRs)
1	Afghanistan	161.9
		48.7
3	Algeria	1.254.7
4	Angola	286.3
5	Antigua and Barbuda
6	6	Argentina	2.117.1
	7	Armenia		8
Australia	3.236.4
9	Austria
Azerlow	160.9
11	The Bahamas	130.3
	12	Bahrain	135.0
13	Bangladesh	533.3
Barbados	67.5
15	Belarus	386.4
16	16	Belgium	4.605.2
		Belize	18.8
18	Benin	61.9
19	Bhutan	6.3
20	Bolivia	171.5
21	Bosnia/Herzegovina	169.1
22	Bostwana	63.0
Brazil	3.036.1
Brunei Darussalam	25
		640.2
26	Burkina Faso	60.2
27	Burundi	77.0
28	Cambodia	87.5
Cameroon	185.7
	Canada	6.369.2
31	Cape Verde	9.6
32	CAR	55.7
33	Chad	34
		856.1
35	China	4.687.2
Colombia	774.0
37	Comoros	8.9
38	Congo		39
Congo	84.6
40	Costa Rica	164.1
41	Ivory Coast	325.2
42	Croatia	365.1
43	Cyprus	139.6
44	Czech Republic	819.3
	45	Denmark	1,642.8
	Djibouti	15.9
47	Dominica	8.2
		Dominican Republic	49
Ecuador		302.3
50	Egypt
	Salvador	171.3
52	Equatorial Guinea	32.6
	53	Eritrea	15.9
54	Estonia	65.2
	55	Ethiopia	133.7
		Fiji	70.3
Finland	1.263.8
58	France	10.738.5
59	Serbia/Montenegro	467.3
60	Gabon	154.3
61	Gambia	31.1
	62	Georgia	150.3
	Germany	13.008, 2
	64	Ghana	369.0
65	Greece	823.0
66	Granada	11.7
67	Guatemala	210.2
68	Guinea	107.1
	69	Guinea-Bissau
	70	Guayana	90.9
Haiti	81.9
72	Honduras	129.5
73	Hungary	1.038.4
74	Iceland	117.6
75	India	4.158.2
	76
Iran	77
		77 Table_table_der" >1.497, 2
	78	Iraq	1.188.4
79	Ireland	838.4
80	Israel	928.2
81	Italy	7.055.5
82	Jamaica	273.5
	83		13.312.8
84	Jordan	170.5
85	Kazakhstan	365.7
86	Kenya	271.4
87	Kiribati	5.6
88	Korea	1,633.6
89	Kuwait	1.381.1
	88.8
91	Laos	52.9
92	Latvia	126.8
	Lebanon	203.0
94	Lesotho	34.9
95	Liberia	129.2
96	Libya	1.123.7
97	Lithuania	144.2
98	Luxembourg	279.1
99	Macedonia	68.9
100	Madagascar	122.2
101	Malawi	69.4
102	Malaysia		103
Maldives
104	Mali	93.3
105	Malta	102.0
106	Marshall Islands	3.5
	107	Mauritania	64.4
		Mauritius	101.6
109	2.585.5
Micronesia
Moldovia	123.2
112	Mongolia	113
		588.2
114	Mozambique	113,6
115	Myanmar	258.4
116	Namibia	136.5
117	Nepal	71.3
		Netherlands	5.162, 4
	119	New Zealand	894.6
120	Nicaragua	130.0
121	Niger	65.8
122	Nigeria	1.753.2
123	Norway	1.671.7
124	Oman	194.0
	Pakistan	1.033, 7
	126	Palau Rep.	3.1
127	Panama	206.6
128	Papua New Guinea	131.6
129	Paraguay	99.9
130	Peru	638.4
Philippines	879.9
		Poland	1.369, 0
	133	Portugal	867.4
	134	Qatar	263.8
Romania	1.030.2
136	Russia		137
Rwanda	80.1
138	Samoa
	139	San Marino	17.0
140	Sao Tome and Principe	7.4
	141	Saudi Arabia	6.985.5
Senegal	161.8
143	Seychelles	8.8
	144	Sierra Leone	103.7
	Singapore	862.5
146	Slovak Republic	357.5
147	Slovenia	231.7
148	Solomon Islands
149	Somalia	81.7
150	South Africa	1.868.5
	151	Spain	3.048.9
	152	Sri Lanka
	Kitss an Nevis	8.9
154	Saint Lucia	15.3
St. Vincent and Grenadines	8.3
156	Sudan	315.1
157	Suriname	92.1
158	Switzerland	50.7
159	Sweden	2.395, 5
	160	3.458.5
161	Syria Arabia Rep	293.6
Tajikistan	87.0
163	Tanzania	198,9
164	thailan	1,981.9
165	Togo	73.4
	166	Tonga
167	Trinidad and Tobago	335.6
	168	286.5
169	Turkey	964.0
170	Turkmenistan	75.2
	171	Uganda	180.5
172	Ukraine	1.372.0
173	United Arab Emirates	611.7
174	UK	10.738.5
175	United States	37.149.5
176	Uruguay	306.5
177	Uzbequistan	275.6
	178	Vanuatu	17.0
		Venezuela	2.659, 1
	180
181	Yemen Republic	243.5
182	Zambia	489.1
183	Zimbabwe	353.4

DECISION ADOPTED BY THE IMF BOARD AT ITS SESSION OF 27 JANUARY 1997

NEW LOAN PROCUREMENT AGREEMENTS

A) New Agreements for the Obtaining of Loans

PREAMBLE

In order for the International Monetary Fund to be able to fulfil its role in the international monetary system more effectively, several countries with financial capacity to support the international monetary system have agreed to make available to the Fund resources by granting loans for sums not exceeding certain amounts when additional resources are needed to counteract or deal with a deterioration of the monetary system or to deal with an exceptional situation that poses a danger to the stability of this system. In order to make those intentions a reality, the following provisions are adopted in accordance with Article VII, Section 1 of the Constitutive Convention.

Paragraph 1. Definitions.

a) In the meaning given to the following expressions in this decision:

i) "A credit agreement amount" means the maximum amount, expressed in special drawing rights, that a participant undertakes to lend to the Fund under a credit agreement.

(ii) "Convention" means the International Monetary Fund's Constitutive Convention.

iii) "Available committed amount" means the amount of a participant's credit agreement, deducted from committed or rotated balances.

iv) "Currency borrowed" or "currency obtained on loan" means the currency transferred to the Fund account under a credit agreement.

v) "Request for funds" means the notification made by the Fund to a participant for the purposes of a transfer, framed in its credit agreement, to the Fund account.

vi) "Credit Agreement" means the commitment to grant credit to the Fund under the terms of this Decision.

vii) "Currency effectively convertible" means a currency included in the Fund's quarterly operating budget for the purposes of making transfers.

viii) "Girator" means a member country that purchases the Fund from the currency obtained on loan in the framework of a currency transaction, including currency transactions made in the context of a right of rotation or a extended agreement.

ix) "Indebtedness" of the Fund means the sum that the Fund undertakes to repay under a credit agreement.

x) "Member country" means a member country of the Fund.

xi) "Participant" means a participating Member State or a participating institution.

xii) "participating institution" means an official institution of a member country which has concluded a credit agreement with the Fund with the consent of the Member State, or an official institution of a non-member country which has held with the Fund a credit agreement.

xiii) "participating member country" means a member country that has concluded a credit agreement with the Fund.

(b) For the purposes of this Decision, the Hong Kong Monetary Authority (HKMA) shall be deemed to be the official institution of the Member State of whose territory Hong Kong is part, in the understanding that:

(i) The loans granted by HKMA and the payments made by the Fund to the HKMA under this Decision shall in principle be denominated in the currency of the United States of America unless the Fund and the HKMA agree in which they are denominated in the currency of another member country.

(ii) The participation of the HKMA shall not result in the application of paragraph 6A to the Member State of whose territory Hong Kong is a party.

(iii) References to the balance of payments and reserve position contained in paragraphs 7Ac), 7Bb) and 11e) shall be understood as referring to the balance of payments and reserves of Hong Kong.

Paragraph 2. Credit agreements.

(a) Any member or institution which adheres to this Decision shall undertake to grant loans to the Fund under the conditions laid down in this Decision for the maximum amount, in special drawing rights, laid down in the Annex to this Decision or prepared in accordance with paragraph 3b).

(b) Unless otherwise agreed with the Fund, the loans under this Decision shall be made in the currency of the participant. If this is an institution of a non-member country, the Fund and the participant shall agree which currency (s) of one or more member countries has (n) to be used for the loans. The arrangements provided for in this paragraph shall be subject to the consent of any member country whose currency is to be used for loans.

Paragraph 3. Accession.

(a) Any member or institution specified in the Annex may be attached to this decision in accordance with the provisions of paragraph 3c.

(b) Any member or institution not specified in the Annex, including an institution of a non-member country, may request recognition of its quality as a participant at the time of the renewal of this decision. in accordance with the provisions of paragraph 19. Any member or institution which, in accordance with the foregoing, wishes to become a participant, shall hold consultations with the Fund and shall make known its willingness to accede to this Decision, and if the Fund and participants representing 80% of the by 100 of the aggregate amount of the credit agreements in accordance with the renewed decision, the member or the institution may accede in accordance with the provisions of paragraph 3c). When making known its willingness to accede in accordance with this paragraph 3b), the member or institution shall specify the amount, expressed in special drawing rights, of the credit agreement which it is prepared to conclude, which may not be lower the amount of the credit agreement of the participant whose credit agreement is the lowest amount. The admission of a new entrant shall result in a proportional reduction in the amount of the credit agreements of all existing participants whose credit agreements exceed that of the participant to which the credit agreement of the most low amount. This proportional reduction in the amount of the participants ' credit agreements will amount, in aggregate figures, to the amount of the credit agreement of the new participant, deduced any increase in the aggregate amount of the decided credit agreements. in accordance with paragraph 5a), with the exception that the amount of the credit agreement of any participant shall not be reduced to less than the minimum amount stipulated in the Annex.

c) In order to accede to this Decision, the Member States or the institutions shall deposit in the Fund an instrument in which they shall make it known that their accession has been carried out in accordance with their internal legislation, and which they have adopted all necessary measures to be able to comply with the conditions of this Decision. Once the instrument has been deposited, the Member State or the institution shall acquire the status of a participant on the date of the deposit, or, if later, on the date of entry into force of this Decision.

Paragraph 4. Entry into force.

This Decision shall enter into force if it has acceded to the same Member States and institutions listed in the Annex representing at least credit agreements with a value of not less than SDR 28.9 billion, including five member countries or institutions to which the largest credit agreements specified in the Annex correspond.

Paragraph 5. Modification of the amount of credit agreements.

(a) When a Member State or institution is authorized, pursuant to paragraph 3b), to accede to this Decision, the Fund may increase the aggregate amount of the credit agreements if they are satisfied by the participants representing the 85 per 100 of the aggregate amount of such agreements; the increase may not exceed the amount of the new entrant's credit agreement.

(b) The amount of the individual credit agreements of the participants may be reviewed each time in the light of circumstances that arise, and be modified with the consent of the Fund and participants that represent 85 per 100 of the aggregate amount of the credit agreements, including each of the participants whose credit agreements are to be modified. This provision may only be amended with the consent of all participants.

Paragraph 6. Procedure initiation.

A) Participants:

Where a participating Member State or a Member State whose institution is a participant is to the Fund for the purposes of carrying out an exchange transaction or the conclusion of a right of rotation or agreement extended, and the Managing Director, after consulting, concludes that the exchange transaction or the extended right-of-turn agreement or arrangement is necessary to counteract or address a deterioration of the monetary system. The Fund's resources will be supplemented to these effects, and the Managing Director may be able to launch the procedure set out in paragraph 7A.

B) Non-participants:

The Managing Director may implement the procedure set out in paragraph 7A in relation to currency transactions requested by non-participating member countries if (a) currency transactions are (i) transactions carried out in the higher tranches of credit, (ii) transactions in respect of which the period exceeds the first tranche of credit, (iii) transactions under extended agreements, or (iv) transactions carried out in the first tranche of credit in conjunction with a right of rotation agreement or an agreement (b) following consultations, the Managing Director concludes that it is necessary to supplement the resources of the Fund in order to meet real and predictable requests for funding which reflect the existence of a situation exceptional linked to balance of payments problems experienced by member countries which, due to their character or aggregate magnitude, could present a danger to the stability of the international monetary system. When making proposals for a request for funds under paragraph 6B, the Managing Director shall take due account of requests for funds that may be made in accordance with paragraph 6A.

Paragraph 7. Proposals and requests for funds.

A) Proposals:

(a) The Managing Director may only make a proposal for a request for funds in accordance with this decision after consultation with the executive directors and the participants.

(b) When making a proposal for a loan of resources to the Fund, the Managing Director shall identify the revolving potential, the amount, and the period during which requests may be made for the requested resources in the proposal.

(c) If a participant concludes that its current and foreseeable balance of payments and reserves position will prevent it from addressing requests for funds framed in a proposal, a situation that would normally be reflected in the Excluding the Member State from the list of countries included in the text of the quarterly operational budget of the Fund for the purpose of making transfers in its currencies, it shall inform the Fund and the other participants. If the participant is an institution of a non-member country, it shall hold consultations with the Fund with respect to the balance of payments and reserves position of that non-member country before adopting a resolution in accordance with this provision. It is anticipated that the participants, in order to reach a conclusion in this respect, will act with caution and take into account the opinion of the Fund and the other participants.

d) Unless otherwise stated in accordance with paragraph 7A (e), the proposal shall relate to requests for funds proportional to the amount of each participant's credit agreement.

e) The Managing Director may make a proposal concerning requests for funds that are not proportional to the amount of each participant's credit agreement if the following conditions are met:

i) That requests for sufficient proportional funds cannot be made to obtain from the participants the aggregate amount that is required to finance the proposed exchange transactions because the amount committed available from at least one participant is insufficient to meet that request for proportional funds, in which case the Managing Director may request each participant whose committed amount available would have been sufficient to meet (a) to the extent that the amount of the aid is not available; last, with the exception that, if the Managing Director requests all those participants to provide the said sums, he must also ask each of the participants whose committed amounts available would have been insufficient to address that request for proportional funds that provide a sum to the extent of the amount of the committed amount available. If necessary, the Managing Director may also request an additional sum to that provided in accordance with the previous sentence, to a participant whose available commitment exceeds the amount that he himself would provide in accordance with that request. proportional funds.

ii) If requests for sufficient proportional funds cannot be made to obtain from the participants the aggregate amount necessary to finance the proposed exchange transactions because at least one participant The Managing Director may request all participants who are in a position to provide the (s) with the sufficient volume of the necessary currency (s) type (s) for the carrying out of the proposed exchange transactions. currency (s) required to provide the sum corresponding to that request proportional funds, for an amount that does not exceed that of their available commitment, or, if the latter sum is lower, for the amount that they are in a position to provide. If necessary, the Managing Director may also request a participant whose available commitment exceeds the amount of resources that would be provided under that proportional request, and that he is in a position to provide the (s) type (s) of currency (s) required, which provides a certain amount in the currency (s) required, in addition to the one provided in accordance with the previous sentence.

f) In order for the proposal to be accepted in accordance with paragraph 7A (g), the consent of all participants who would be committed to providing, proportionally, more resources than at least one other participant shall be required.

g) If there is no unanimity among the participants, the question of whether participants are willing to facilitate, by granting loans to the Fund, currency transactions or the right of rotation agreement or The extended agreement specified in the proposal will be decided by vote among the participants. In order for a favorable decision to be taken, a majority representing 80 percent of the aggregate amount of the credit agreements of the participants entitled to vote will be required. The decision shall be notified to the Fund.

h) They will not be able to vote in relation to the proposal the girator, its participating institution nor the participants who have made it known that they will not attend to requests for funds framed in a proposal.

i) Only proposals that are accepted by the participants according to paragraph 7A g) can be executed and then approved by the Executive Board.

j) Once a proposal has been accepted, the commitments and spins will not be affected by further modifications to the amount of the credit agreements.

B) Funds requests:

(a) Unless otherwise provided in a future proposal for a request for funds approved under paragraph 7A, any request for funds shall be made in proportion to the amounts of the proposal.

(b) Unless the participant of his or her consent, requests for funds from a participant may not be made, otherwise requests for funds may have been made in accordance with this paragraph; where, by virtue of its current and foreseeable balance of payments and reserves position, the Member State is not included, or the Managing Director proposes to be included, in the list of countries listed in the text of the quarterly operational budget of the Fund to the effects of the transfer of its currency. If the participant is an institution of a non-member country, the Fund shall, after consultation with the participant, determine its capacity to meet requests for funds in accordance with this Decision, for which it shall take into account the balance of payments and reserves, current and foreseeable, of the non-member country. If a request for funds is not made in relation to a participant, the Managing Director may propose to the other participants that they make available to the Fund the replacement amounts set out in their credit agreements, and that proposal shall be subject to the procedure of paragraph 7A.

(c) When the Fund makes a request for funds under this paragraph, the participant shall promptly carry out the transfer as requested.

Paragraph 8. Proof of indebtedness.

(a) The Fund shall provide participants with non-negotiable instruments that credit the Fund's indebtedness against the participant. The Fund and the participant shall agree on the form of the instruments.

b) Once the amount of any instrument issued pursuant to paragraph 8a is refunded, as well as all accrued interest, the instrument shall be returned to the Fund for cancellation. If a lower amount than any of those instruments is reimbursed, the instrument shall be returned to the Fund and replaced by a new instrument for the balance, with the same due date as the old instrument.

Paragraph 9. Interests.

(a) The Fund shall pay interest on its indebtedness in accordance with this Decision, at an interest rate equivalent to the combined market interest rate calculated by the Fund with a certain amount of time for the purposes of determining the of interest payable by holdings of special drawing rights, or any interest rate greater than may be jointly agreed by the Fund and participants representing at least 80 per 100 of the aggregate amount of the credit agreements.

(b) Any change in the method of calculating the combined interest rate of the market may be applied to the borrowing of the Fund under this Decision only if the Fund and the participants to which the Fund is concerned agree. by 100 of the aggregate amount of its credit agreements, with the proviso that, if a participant so requests when such an agreement is concluded, the modification shall not apply to the indebtedness of the Fund to that participant and that it is pending reimbursement to the date of entry into force of that modification.

c) Interest will be accumulated on a daily basis and will be paid as soon as possible after every 31 July, 31 October, 31 January and 30 April.

(d) Interest owed to a participant shall be paid, as determined by the Fund in consultation with the participant, in special drawing rights, in the currency of the participant, in the currency obtained on loan or in other currencies that are effectively convertible.

Paragraph 10. Use of currency obtained on loan.

The policies and practices of the Fund provided for in Article V, Sections 3 and 7, concerning the use of its general resources and the agreements on the right of rotation and extended agreements, including those relating to the period of use, apply to purchases of coins obtained on loan from the Fund. None of the provisions laid down in this Decision may be understood to the detriment of the authority of the Fund concerning requests for the use of its resources by individual Member States, and access to such resources by the Member States. Member countries shall be governed by the policies and practices of the Fund and shall not depend on the fact that the Fund is able to obtain loans under this Decision.

Paragraph 11. Reimbursements from the Fund.

(a) Subject to the other provisions of this paragraph 11, the Fund, five years after the completion of a transfer by a participant, shall reimburse the latter a sum equivalent to that of the transfer calculated in accordance with paragraph 12. If the spinner in respect of whose purchase the participants make transfers is committed to a repurchase at a fixed date prior to the fifth anniversary of his purchase, the Fund shall reimburse the participants on that date. The reimbursement made pursuant to paragraph 11a) or in accordance with paragraph 11c) shall be effected, as provided for in the Fund, in the currency of the loan obtained, where possible, in the currency of the participant; in special drawing rights by an amount that does not increase the participant's holdings of special drawing rights until they exceed the limit provided for in Article XIX, Section 4 of the Constitutive Convention, unless the participant is obliged to accept special rights (a) the amount of the amount exceeding that limit for the purposes of the reimbursement referred to above; or consultations with the participant, in other currencies that are effectively convertible. Repayments made to a participant pursuant to paragraph 11b) and 11e) shall be credited against transfers made by the participant in connection with purchases by a spinner in the order in which the refund is to be made in accordance with the present paragraph 11a).

(b) Before the date provided for in paragraph 11a), the Fund may, after consultation with the participants, make partial or total repayments to one or more participants. The Fund shall have the option of making repayments under this paragraph 11b) in the currency of the participant, in the currency of the loan obtained, in special drawing rights, in a sum which does not increase the holdings of special rights of Participant's rotation until they exceed the limit laid down in Article XIX, Section 4 of the Constitutive Convention, unless the participant has granted his consent to accept special drawing rights for an upper limit in that reimbursement in particular, or, if the participant so consents, in other currencies that are effectively convertible.

(c) Where the reduction in the Fund's holdings of a currency of a revolving country is attributable to a purchase of coins obtained on a loan under this Decision, the Fund shall repay as soon as possible a sum equivalent. If the Fund is in debt to a participant by virtue of transfers to finance a purchase made in the reserve tranche by a spinner and the holdings of the Fund of that country's currency which are not subject to repurchase are reduced as a result of net sales of that currency during a quarterly period covered by an operating budget, the Fund shall reimburse at the beginning of the following quarterly period a sum equivalent to that reduction, with a limit maximum amount of indebtedness against the participant.

(d) The reimbursement provided for in paragraph 11c) shall be made in proportion to the debt of the Fund to the participants who have made transfers in respect of which the reimbursement is made.

e) Before the date referred to in paragraph 11a), the participant may make it known that he experiences a need for balance of payments financing, for the purposes of repayment, in whole or in part, of the Fund's indebtedness; and request that refund. If the repayment of your loan may result in the granting of additional loans to the Fund by other participants, the participant applying for such repayment shall consult with the Managing Director and other participants. prior to the notification. The Fund shall grant the benefit of the doubt to the benefit of the doubt as expressed by the participant. Reimbursement shall be made, after consultations with the participant, in the currencies of other Member States which are effectively convertible, or in special drawing rights, as decided by the Fund. If the holdings of the Fund, the currencies in which the reimbursement is to be made are not fully adequate, individual participants may be asked to provide the balance needed in accordance with their credit agreements, without exceeding the limit of the Respective available committed amounts. For the purposes of this paragraph 11, transfers made in accordance with paragraph 11 (e) shall be understood to have been effected simultaneously and for the same purchases as the transfers made by the participating participant. reimbursement under this paragraph 11e).

f) When a participant is reimbursed, the amount that may be the subject of a request for funds under its credit agreement under this decision will be restored "pro tso."

(g) The Fund shall be deemed to have fulfilled its obligations to a participating institution, to repay in accordance with the provisions of this paragraph, or to pay interest in accordance with the provisions of the paragraph 9, if it transfers an equivalent sum in special drawing rights to the Member State in which the institution is established.

Paragraph 12. Exchange rates.

a) The value of any transfer shall be calculated at the date of the referral of the instructions for the transfer. The calculation shall be made in special drawing rights in accordance with Article XIX, Section 7 (a) of the Constitutive Convention, and the Fund shall be obliged to reimburse an equivalent value.

(b) For all purposes of this Decision, the value of a currency in special drawing rights shall be calculated by the Fund in accordance with Rule 0-2 of the Fund Regulation.

Paragraph 13. Transferability.

No participant may transfer, in whole or in part, the title that entitles it to obtain reimbursement under a credit agreement, unless it has prior consent from the Fund, and under the conditions that the Fund approve.

Paragraph 14. Notifications.

The notifications to the participating member countries, or which are made in accordance with this decision, shall be made in writing or by means of rapid communication, and shall be addressed to, or in their case issued by, the tax agencies of the participating Member States designated in accordance with Article V, Section 1 of the Convention, and Rule G-1 of the Fund Regulation. Notifications which are made to a participating institution, or which are made in accordance with this Decision, shall be made in writing or by means of rapid communication, and shall be addressed to the participating institution, or issued by is.

Paragraph 15. Amendments.

(a) Without prejudice to paragraphs 5b), 15b) and 16, this decision may be amended within the period provided for in paragraph 19a) and any subsequent renewal periods, if so decided upon to paragraph 19b), but only by virtue of a decision of the Fund and with the consent of participants representing at least 85 per 100 of the aggregate amount of the credit agreements. Such consent shall not be necessary for the modification of the decision concerning its renewal in accordance with paragraph 19b).

(b) If, in the opinion of a participant who has voted against the making of an amendment, the amendment is significantly affected by the amendment, the participant shall be entitled to revoke his or her membership of that decision, which shall notify the Fund and other participants within a period of 90 days from the date on which the amendment was adopted. This provision may only be modified with the consent of all participants.

Paragraph 16. Revocation of membership.

Without prejudice to paragraph 15b), any participant may revoke its accession to this Decision in accordance with paragraph 19b), but may not do so within the period provided for in paragraph 19a) unless consent of the Fund and all participants. This provision may only be modified with the consent of all participants.

Paragraph 17. Loss of the quality of the Fund member.

If a participating member country or a member country whose institution is a participant ceases to be a member of the Fund, the participant's credit agreement shall expire at the same time as the loss of membership. The borrowing of the Fund under the credit agreement shall be treated as an amount owed by the Fund for the purposes of Section 3 of Article XXVI and Annex J to the Convention.

Paragraph 18. Suspension of exchange and settlement transactions.

(a) The Fund's right to make requests for funds under paragraph 7 and the obligation to make repayments under paragraph 11 shall be suspended for the period of any suspension of exchange transactions. provided for in Article XXVII of the Convention.

(b) In the event of the settlement of the Fund, the credit agreements shall expire and the indebtedness of the Fund shall be an obligation laid down in Annex K to the Convention. For the purposes of Annex K (1a), the currency in which the Fund's obligation is to be fulfilled shall be, first, the currency obtained on a loan; if the foregoing is not possible, the currency of the participant shall be the currency of the participant, and finally the currency of the in relation to whose purchases the participants made transfers.

Paragraph 19. Deadline and renewal.

(a) This decision shall remain in force for five years from the date of its entry into force. When considering the renewal of this decision for the period following the five-year period provided for in this subparagraph (19a), the Fund and the participants shall evaluate their operation and shall consult on possible modifications.

b) This decision may be renewed by the period (s), and with the amendments, subject to paragraphs 5b), 15b) and 16, which the Fund has. The Fund may adopt a decision on renewal and amendment no later than 12 months before the date of expiry of the period provided for in paragraph 19a. Any participant may inform the Fund, no later than six months before the expiry date of the period referred to in paragraph 19a, of its intention to revoke its accession to the renewed decision. In the absence of such notification, the participant shall be deemed to continue to adhere to the decision as it has been renewed. The revocation of accession in accordance with this subparagraph (19b) by a participant, whether or not listed in the Annex, shall not prevent further accession in accordance with paragraph

.

(c) Although this decision is terminated or not renewed, paragraphs 8 to 14, 17 and 18b shall continue to apply in respect of any indebtedness of the Fund from credit agreements in force to the date of the termination or expiry of the decision, until the reimbursement has been made entirely. If a participant revokes its membership of this decision, as provided for in paragraph 15b), in paragraph 16, or in paragraph 19b), it shall cease to be a participant in accordance with the decision, but paragraphs 8 to 14, 17 and 18b shall continue to apply. of the decision, to the date of the revocation, to any indebtedness of the Fund framed in the previous credit agreement, until the repayment has been fully effected.

Paragraph 20. Interpretation.

Any question of interpretation raised in relation to this decision and not included in the provisions of Article XXIV of the Convention shall be resolved to the mutual satisfaction of the Fund, of the participant who raises the question, and all the other participants. For the purposes of this paragraph 20, participants shall also be given to the former participants in respect of which paragraphs 8 to 14, 17 and 18b continue to apply in accordance with paragraph 19c), to the extent that any of these former participants is affected by the question of interpretation that arises.

Paragraph 21. Relationship to the General Agreements for the Obtaining of Loans and to the arrangements for obtaining parallel loans.

(a) For the purposes of considering the possibility of activating the New Agreements for the Obtaining of Loans or the General Agreements for the Obtaining of Loans, the Fund shall be guided by the following principles: For the purpose of obtaining loans, the financial service to which it will be used mainly and in the first term, with the following caveats:

(i) If a participating Member State or a Member State whose institution is a participant requests the implementation of a change within the framework of the General Agreements for the Obtaining of Loans or the New Agreements for Obtaining A proposal for a request for funds may be made in accordance with either of the two agreements, and

(ii) If a proposal under the New Agreement for the Obtaining of Loans is not accepted in accordance with paragraph 7A, a proposal for a request for funds may be made in accordance with the General Agreements for the Obtention of Loans.

(b) The amount of the outstanding orders and liabilities in the New Agreements for the Obtaining of Loans and the General Agreements for the Obtaining of Loans may not exceed SDR 34 billion, or another amount the aggregate of the credit agreements which may be in force in accordance with this Decision. The available committed amount of a participant under the New Loan Obtaining Agreements will be reduced proportionally based on any outstanding repayment, as well as the participant's commitments under the General Agreements for the Obtaining of Loans. The available committed amount of a participant under the General Agreement for the Obtaining of Loans will be reduced proportionally to the extent that its credit agreements under the General Agreements for the Obtention of Loans exceed the available committed amount that corresponds to the New Agreements for the Obtaining of Loans.

(c) References to orders and commitments in the General Agreements for the Obtaining of Loans shall include the orders and commitments entered into in the Parallel Loan Agreement Agreements referred to in this Article. in paragraph 23 of the General Agreements for the Obtaining of Loans.

Paragraph 22. Other arrangements for obtaining loans.

No provision contained in this Decision shall prevent the Fund from concluding any other type of loan agreement.

ANNEX

Participants and amounts of credit agreements

In order to calculate the amount of the credit agreement of each of the participants whose list appears below, it was initially based on the strength of its economy, reflected in its share in the Fund. The amount of the credit agreements is subject to a minimum of SDR 340 million. The amounts were redistributed among some participants without altering the total corresponding to the participants affected by the redistribution and respecting the minimum. The amounts, expressed in SDRs, of individual credit agreements, and their total, shall remain in force unless they are modified in accordance with this Decision, and until such time as this occurs.

The amount of the Hong Kong Monetary Authority (HKMA) credit agreement has not been calculated on the basis of the share of the member country of whose territory Hong Kong is a part. The special provision concerning the activation of the NAP for the purposes of addressing requests from that Member State is based on the same principle.

859

3,557

3,557

Thailand

	Amount in millions special rights
		Australia
Australia	810
Austria	412
Kong Monetary Authority	340
859
National Bank	1,557
Belgium	967
Canada	1.396
Korea	340
	Denmark	371
Spain	672
Finland
France	2,577
Italy	1,772
Japan	3,557
Kuwait	345
Luxembourg	340
Malaysia	340
Norway	383
Netherlands	1.316
crow	2,577
Singapore	340
340

B) New Agreements for the Obtaining of Loans: Transferability of Credit Titles

According to paragraph 13 of the New Agreements for the Obtaining of Loans (NAP), the Fund consents to the transfer of outstanding securities for the acquisition of reimbursements under the NAP, in the following conditions:

1. Any credit title framed in the NAP may be transferred, in whole or in part, at any time to a participant in the NAP.

2. At the date of the transfer's value, the transferred credit title shall be kept in the hands of the entity receiving the transfer under the same conditions as the receivables originating in the framework of its credit agreement, with the (a) the right to apply for the early repayment of the transferred credit title, in accordance with the financing needs of the balance of payments in accordance with paragraph 11e of the NAP, only if, at the time of the transfer, i) the recipient is a Member State, or the institution of a Member State, whose balance of payments and reserves are they consider that their currency may be used for net transfers in the operational budget of the Fund; or (ii) the recipient of the transfer is the institution of a non-member country, and in the judgment of the Fund the balance of payments and the reserves of the non-member country are sufficiently strong to justify this acquisition.

3. The price of the transferred credit title shall be that mutually agreed by the transfer recipient and the entity making the transfer.

4. The institution carrying out the transfer of a credit title shall make known to the Fund as soon as possible the title of the credit transfer, the name of the institution which receives it, the amount of the title to be transferred, the agreed price for the transfer and the value date of the transfer.

5. The transfer shall be recorded by the Fund if it is carried out in accordance with the conditions of this Decision. The transfer shall be made to the mutually agreed value date by the transfer recipient and who performs the transfer.

6. If a credit title is transferred, in whole or in part, for a quarterly period as described in paragraph 9c) of the NAP, the Fund shall pay interest to the institution receiving the transfer over that period, for the amount of the transferred credit title.

7. If requested, the Fund will provide assistance to try to arrange transfers.

8. This Decision shall enter into force on the date of entry into force of the NAP.

NAP meetings

During the process of establishing the New Agreements for the Obtaining of Loans (NAP), an agreement was reached regarding the procedures and the administrative arrangements for the participants ' meetings. They are intended to complement-not replace-the provisions relating to the activation of the new arrangements for obtaining loans contained in the Fund's decision.

Frequency, Opportunity, Matter, and Level of Representation

The participants agree that, in addition to the meetings that are necessary for the activation, renewal or amendment of the NAP, it would be appropriate for the participants to meet once a year on the occasion of the Annual meetings of the Fund and the Bank to analyze issues related to the NAP. The aim of these meetings would be to assess and analyse macroeconomic developments and financial markets, especially as they influence the stability of the financial system and make it necessary for the Fund to seek resources. additional to the effects set out in the preamble of the NAP. Participants would be represented by a central bank minister or governor, or one and the other. The principal representative may appoint alternate members to meet on his behalf. Annually, depending on the issues to be addressed, the level of the meeting (ministerial or alternate) would be determined.

Presidency

The Chair of the NAP group of entities would be distributed annually on a rotating basis. This would follow the English alphabetical order of the participants, in accordance with the list set out in the Annex to this Decision, starting with the first name of that list (52). In consultation with the participants, the Presidency would be in charge of determining the agenda for the meeting, which will deal with the issues set out above. Such consultations would also serve to determine the level of representation (ministerial or alternate) which would be most appropriate for the meeting in question.

(52) If the participant to which the Presidency corresponds is not in a position to fulfil its duties, it would be replaced by the one immediately above the list of participants listed in the Annex, or if it is not available either, by the participant located on that list immediately below that to which the Presidency corresponds.

Backup

Under the direction of the Presidency, staff at the IMF headquarters would provide secretarial support for the group. This would include the provision of logistical support and the maintenance of a file of documents concerning the deliberations made and the decisions taken in the framework of the NAP.

RESOLUTION 52-4

Fourth Amendment to the International Monetary Fund's Constitutive Convention

States Parties to the current Convention agree as follows:

1. The text of Article XV, Section 1, shall be amended as follows:

(a) In order to satisfy the need, when it arises, to supplement existing reserve assets, the Fund is empowered to assign special drawing rights to the participating Member States in the Department of Special Drawing Rights, in accordance with the provisions of Article XVIII.

(b) In addition, the Fund shall assign special drawing rights to member countries that are participants in the Special Drawing Rights Department in accordance with the provisions of Annex M.

2. The following Annex M shall be agreed to the Convention:

ANNEX M

Exceptional Special Drawing Special Allowance:

1. Subject to the provisions of paragraph 4, any member country which, as at 19 September 1997, is a participant in the Department of Special Drawing Rights shall receive, on the 30th day from the date of entry into force of the fourth amendment of this Constitutive Convention, an allocation of special drawing rights of an amount that raises its net cumulative allocation of special drawing rights to 29.31315788813 per 100 of the participant's quota to 19 September 1997; it is understood that, in the case of participants whose quotas have not been adjusted in accordance with the proposed in Resolution number 45-2 of the Board of Governors, the calculations shall be carried out in accordance with the quotas proposed in that Resolution.

2. (a) Subject to paragraph 4, any country that becomes a participant in the Special Drawing Rights Department after September 19, 1997, but within a period of three months from the date of its entry into the Fund shall receive an allocation of special drawing rights equal to an amount calculated in accordance with paragraphs (b) and (c) of this paragraph, on the 30th day following: (i) the date on which the new Member State becomes a participant in the Department of Special Drawing Rights or (ii) the date of entry into force of the fourth amendment of this Constitutive Convention, if this date is later than the first. If the participant to which the Presidency is responsible is not in a position to perform its duties, it would be replaced by the one immediately placed above the list of participants listed in the Annex, or if the latter is not available, by the participant located on that list immediately below the one to which the Presidency corresponds.

(b) For the purposes of paragraph (a) of this paragraph, each participant shall receive a special drawing rights amount that raises its net cumulative allocation to 29.315788813 per 100 of its share to the date on which the Member country becomes a participant in the Special Drawing Rights Department, with the following adjustments:

i) first, by multiplying by 29,315788813 per 100 the ratio of the total of the quotas, calculated, as provided in paragraph 1, of the participants described in paragraph c) of this paragraph and the total of the quotas of those participants to the date on which the Member State becomes a participant in the Special Drawing Rights Department, and

ii) second, by multiplying the product referred to in point (y) by the ratio of the sum of the net cumulative allocations of special drawing rights received under Article XVIII by the participants described in paragraph (c) of this paragraph to the date on which the Member State becomes a participant in the Special Drawing Rights Department plus the allocations received by those participants in accordance with paragraph 1; and the sum of the net cumulative allocations of special drawing rights received under the Article XVIII by those participants as at 19 September 1997 plus the allocations received by those participants in accordance with the provisions of paragraph 1.

(c) For the purposes of the adjustments to be made in accordance with paragraph (b) of this paragraph, participants in the Department of Special Drawing Rights shall be deemed to be participants in the Participants at the date of September 19, 1997 and (i) who remain participants in the Special Drawing Rights Department to the date the Member State becomes a participant in that Department, and (ii) have received all allocations carried out by the Fund after 19 September 1997.

3. (a) Subject to the provisions of paragraph 4, if the Federal Republic of Yugoslavia (Serbia/Montenegro) succeeds the former Socialist Federal Republic of Yugoslavia as a member of the Fund and a participant in the Department of Rights Special drawing in accordance with the terms and conditions of Decision No 10237-(92/150) of the Executive Board, adopted on 14 December 1992, shall receive an allocation of special drawing rights equal to a calculated amount in accordance with paragraph (b) of this paragraph, on the 30th day following: (i) the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) assumes the succession as a member country of the Fund and a participant in the Department of Special Drawing Rights in accordance with the terms and conditions of the Decision Number 10237-(92/150) of the Executive Board, or (ii) the date of entry into force of the fourth amendment of this Constitutive Convention, if this date is later than the first.

(b) For the purposes of paragraph (a) of this paragraph, the Federal Republic of Yugoslavia (Serbia/Montenegro) shall receive an amount of special drawing rights which shall raise its net cumulative allocation to 29.315788813 for 100 of the quota proposed under paragraph 3c of Decision No 10237-(92/150) of the Executive Board, with the adjustments provided for in paragraph 2b (b) (ii) and (c) to the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) meets the conditions for receiving an allowance as provided for in paragraph (a) above.

4. The Fund shall not allocate special drawing rights within the meaning of this Annex z) participants who have notified in writing to the Fund prior to the date of the assignment that they do not wish to receive such allocation.

5. (a) If the participant has obligations in arrears against the Fund at the time an allocation is made to this participant in accordance with paragraphs 1, 2 or 3, the special drawing rights allocated in this manner shall be deposit and maintain in a locked deposit account in the Special Drawing Rights Department and release the participant when the participant complies with all of its obligations against the Fund.

(b) Special drawing rights held in a locked deposit account may in no way be used or included in the calculation of allocations 1 holdings of special drawing rights for the purposes of the Constituent Convention, except in the case of the calculations provided for in this Annex. If the special drawing rights assigned to a participant are held in a locked deposit account at the time of their participation in the Special Drawing Rights Departament or when the latter is decided to dissolve this Department, such special drawing rights will be cancelled.

(c) For the purposes of this paragraph, the default obligations in respect of the Fund include repurchases and delinquent charges in the General Resources Account, principal and interest in arrears on loans in the Special account of the Pessos, charges and default contributions for the operation of the Special Drawing Rights Department and the default obligations in respect of the Fund as a fiduciary.

(d) Except as provided in this paragraph, the principle of separation between the General Department and the Department of Special Drawing Rights and the unconditional nature of the special drawing rights shall be maintained. as a backup asset.