General Agreement To Borrow Wiki

 
 

In the case of the sale of gold pursuant to this paragraph, an amount of the proceeds in the currencies received at the time of sale is held separately from the Fund`s general resources by 0.888,671 grams of fine gold on the General Resources and other assets of the Fund covered by point b). Assets that are still subject to the obligation to divest the fund after the termination of the agreements referred to in point b) are transferred to the special payment account. The money the Fund receives from a resilient participant is used by the Fund to exchange special drawing rights held by participants in proportion to the amount of each participant`s participation in special drawing rights at the time the Fund receives the coin for its cumulative net allocation. Special drawing rights thus collected and special drawing rights received by a participant terminate, in accordance with the provisions of this agreement, in order to satisfy any waterproofing agreement or scheduleD rates due and charged at this rate are void. Jeffrey Sachs argues that the IMF`s “usual recipe is to tighten the fiscal belt for countries that are far too poor to have belts.” [137] Sachs wrote that the IMF`s role as a generalist institution specializing in macroeconomic issues needs to be reformed. Conditionality has also been criticized because a country can mortgage “acceptable” asset security to obtain waivers – assuming that all countries are capable of providing “acceptable guarantees.” [31] After the termination date, the Fund pays interest on all remaining balances of the special drawing rights held by a terminating participant, and the terminating member pays a fee for all remaining obligations against the Fund at The Hours and Rates Prescribed in Article XX. Payment is made in special drawing rights. A resilient participant is authorized to obtain special drawing rights with a freely usable currency to pay fees or investments in a transaction with a designated participant by the Fund or in agreement with another holder, or to hold special drawing rights that he or she received as an interest in a transaction with a designated participant pursuant to Article XIX , Section 5 or in agreement with another holder. The Fund cooperates, as part of this agreement, with all general international organizations and with international public organizations that have specialized missions in related areas.

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