Article Viii Of The Imf Agreement

The currency that the Fund receives from a resilient participant shall be used by the Fund to reimburse the special drawing rights held by the participants in relation to the amount for which the special drawing rights of each participant exceed its cumulative net allocation at the time of receipt of the currency from the Fund. The Special Drawing Rights so collected and the Special Drawing Rights that the resilient Participant obtains and deducts from that rate in accordance with the provisions of this Agreement for the purpose of executing a rate due under a transaction agreement or Annex H.4. If, within the three-month period referred to in point 3, a Member has not reached an agreement with the Fund, the Fund shall use the currencies of other Members allocated to that Member in accordance with point 2(d) to exchange the currency of that Member which is allocated to other Members. Any currency which is granted to a Member which has not reached an agreement shall be used as far as possible to exchange its currency, which shall be granted to Members which have concluded agreements with the Fund in accordance with point 3. After the date of termination, the Fund shall pay interest on the outstanding special drawing rights that exist according to an outgoing participant and the resigning participant shall pay the fees for all outstanding obligations due to the Fund, at the times and rates set out in Article XX. Payment shall be made in special drawing rights. a participant resilises the right to obtain special drawing rights with a currency freely usable to pay fees or investments in a transaction with a participant designated by the Fund or by the agreement of another holder, or to have special drawing rights perceived as interest on a transaction with a participant designated in accordance with Article XIX; Section 5 or by appointment with another holder. If a member leaves the Fund, the normal operations and operations of the Fund shall be suspended in its currency and payment of all accounts between the Fund and the Fund shall be made with appropriate dispatch, in agreement with the Fund. In the absence of an agreement without delay, the provisions of Annex J shall apply to the statement. 4. If the fund`s holdings on the currency of an outgoing member exceed the amount due to it and no agreement is reached on the method of settlement within six months of the date of exit, the former member shall be obliged to exchange that excess currency into a freely usable currency.

Repayment shall be made at the rates at which the Fund would sell those currencies at the time of payment of the Fund. The outgoing member shall complete the repayment within five years of the date of exit or within a longer period fixed by the Fund, but shall not be required to repay, in the course of half a year, more than one tenth of the excess assets of the Fund in its currency at the time of exit, as well as other acquisitions of money during the same period. . . .

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