Imf Articles Of Agreement Citation

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After the expiry of the deadline, 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 commitments due to 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. 2. If the commitment that remains at the Fund`s expense after the imposition under Article XXIV, Section 2, Point b), and no agreement is reached within six months of the closing date, the terminating member commits to it within three years of the end or within the longer period set by the Fund. The terminating participant fulfils this obligation, for example: (a) by paying a currency freely usable to the Fund, or b) by obtaining special drawing rights in accordance with Article XXIV, Section 6, of the General Resource Account, or in agreement with a participant designated by the Fund or another holder, and by compensating for these special drawing rights. 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. The Fund reports annually on the restrictions applicable to Section 2 of this article.

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