Each member may only do business with the bank through its treasury, central bank, stabilization fund or other similar tax authority, and the bank will only negotiate with its members through or through the same agencies. In addition to the commitments made with respect to special drawing rights under other articles of this Convention, each Participant undertakes to cooperate with the Fund and the other Participants in order to ensure the effective functioning of the Special Drawing Rights Department and the correct use of special drawing rights in accordance with this Convention and for the purpose of making the Special Drawing Right the principal reserve fund in the international community. Monetary system, to facilitate. The Fund shall prepare annual reports on the restrictions applicable under Section 2 of this Article. Any Member which maintains restrictions inconsistent with Article VIII, Sections 2, 3 or 4 shall consult annually with the Fund on their subsequent maintenance. The Fund may, if it considers that such a measure is necessary in exceptional circumstances, demonstrate to a Member that the conditions for the withdrawal of a particular restriction or the general abandonment of restrictions inconsistent with the provisions of other Articles of this Agreement are favourable. The member shall have a reasonable period of time to respond to such statements. If the Fund finds that the Member continues to maintain restrictions inconsistent with the objectives of the Fund, it shall be subject to Article XXVI, Section 2(a). Each of the World Bank Group organizations operates according to the procedures set out in its Articles of Association or equivalent government document.
These documents describe the conditions of membership and the general principles of organization, management and operation. 2. Where the obligation remaining after the set-off referred to in point (b) of Section 2 of Article XXIV is transferred to the Fund and no settlement agreement is concluded within six months of the date of termination, the terminating participant shall comply with that obligation in equal half-yearly instalments within three years of the date of termination or within a longer period specified by the Fund. The terminating participant shall fulfil this obligation, as the Fund may determine, either (a) by providing the Fund with a freely usable currency or (b) by obtaining special drawing rights in accordance with Article XXIV of Section 6 of the General Funds Account or in agreement with a participant designated by the Fund or another holder; and the offsetting of these special drawing rights with the payment due. After the date of termination, the Fund shall pay interest on all outstanding balances of Special Drawing Rights held by a terminating Participant, and the terminating Participant shall pay the costs of all outstanding obligations due to the Fund on the dates and rates set out in Article XX. Payment shall be made in special drawing rights. A terminating participant shall have the right to receive special drawing rights in a freely usable currency in order to pay fees or ratings in connection with a transaction with a participant designated by the Fund or at the agreement of another holder, or to dispose of special drawing rights obtained as an interest in a transaction with a participant designated in accordance with Article XIX; Section 5 or by agreement with another holder. (a) An Advisory Board of at least seven persons, chosen by the Board of Governors, comprising representatives of banking, commercial, industrial, labour and agricultural interests, shall be established and represented with the widest possible level of national representation.
In areas where there are specialized international organizations, the members of the Council representative of those fields shall be chosen in agreement with those organizations. The Board advises the Bank on policy issues. The Board shall meet annually and on such other occasions as the Bank may request. Thank you for participating in this survey! Your feedback is very helpful to us as we work to improve the functionality of the website on worldbank.org. The currency received by the Fund from a terminating participant shall be used by the Fund to redeem the special drawing rights of the participants in proportion to the amount by which each participant`s holdings of special drawing rights exceed its cumulative net endowment at the time of receipt of payment by the Fund. Special Drawing Rights and Special Drawing Rights repurchased in this manner and acquired by a Withdrawing Participant in accordance with the terms of this Agreement in order to comply with and count towards a payment due under a Settlement Agreement or Annex H will be cancelled. 32 McNamara`s address to the United Nations Economic and Social Council, December 5, 1968, p. 4. An exception to this policy was an IBRD loan to Ethiopia on 13 September 1950; He helped provide the initial capital for a state-owned development bank. The ICSID Convention was established by a multilateral agreement and entered into force on October 14, 1966. Notwithstanding the provisions of other Articles of this Agreement, a Member which has notified the Fund of its intention to use transitional provisions under this provision may maintain and adapt to changing circumstances the restrictions on payments and transfers for ongoing international transactions in force at the time of accession.
However, Members shall continue to pay attention to the objectives of the Fund in their exchange rate policies and, as soon as circumstances permit, shall take all possible measures to conclude with other Members trade and financial arrangements that facilitate international payments and the promotion of a stable exchange rate system. In particular, Members shall lift restrictions maintained under this Section as soon as they are satisfied that, in the absence of such restrictions, they will be able to settle their balance of payments in such a way as not to impose an undue burden on their access to the general resources of the Fund. You clicked on a link to a page that is not part of the beta version of the new worldbank.org. Before we leave, we`d love to hear your feedback about your experience while you`re here. Do you take two minutes to complete a short survey that will help us improve our website? If a Member withdraws from the Fund, the normal operations and operations of the Fund shall cease in its currency and all accounts between it and the Fund shall be settled with due diligence by agreement between the Member and the Fund. If no agreement is concluded in good time, the provisions of Annex J. 5 shall apply to the Regulation. Where a Member has entered into an agreement with the Fund in accordance with point 3, the Fund shall use the currencies of other Members allocated to that Member in accordance with point 2(d) to redeem the currency of that Member allocated to other Members that have entered into agreements with the Fund in accordance with point 3. Any amount so deposited shall be refunded in the currency of the Member to whom it has been allocated. (i) Where the member in whose territory the project is located is not itself the borrower, the member or the central bank or a comparable body of the member acceptable to the Bank, it guarantees in full the repayment of the principal and the payment of interest and other charges on the loan.
(ii) The Bank is satisfied that, under prevailing market conditions, the Borrower would not be able to obtain the Loan otherwise on such terms as it deems appropriate for the Borrower. (iii) a committee responsible referred to in Article V, Section 7, after careful consideration of the merits of the proposal, has submitted a written report recommending the draft; (iv) The Bank considers that the interest rate and other costs are reasonable and correspond to the project, the costs and the schedule for repayment of the principal; (v) when granting or guaranteeing a loan, the Bank shall take due account of the prospects that the borrower and, if the borrower is not a member, the guarantor will be able to meet its obligations under the loan; and the Bank shall act prudently both in the interest of the member in whose territory the project is located and in the interest of all members. (vi) By guaranteeing a loan from other investors, the bank receives adequate compensation for its risk. (vii) Loans granted or guaranteed by the Bank shall, except in special circumstances, be used for certain reconstruction or development projects. 2. If the assets of the Fund in the currency of the Member withdrawing the market are not sufficient to pay the net amount due from the Fund, the balance shall be paid in a freely usable currency or by any other agreed means. If the Fund and the withdrawing member do not reach an agreement within six months of the date of withdrawal, the currency in question held by the Fund shall be paid without delay to the member withdrawing the prize. The balance due will be paid in ten semi-annual instalments over the next five years. Each of these payments shall be paid, at the option of the Fund, either in the currency of the transferring member acquired after deduction or in a freely usable currency. Thank you for agreeing to provide us with your comments on the new version of worldbank.org; Your response will help us improve our website.