Article Iv Of The Imf`s Articles Of Agreement

The Fund may, if it considers that such a measure is necessary in exceptional circumstances, recognize to any Member that the conditions are favourable to the withdrawal of a particular restriction or to the general lifting of restrictions inconsistent with the provisions of the other Articles of this Agreement. The member shall have a reasonable period of time to reply to such statements. Where the Fund finds that the Member retains restrictions inconsistent with the objectives of the Fund, the Member shall be subject to Article XXVI(2)(a). 1. Where the commitment remaining after the clearing referred to in point (b) of Article XXIV(2) is concluded by the resigning participant and if the transaction agreement between the Fund and the terminating participant within six months of the date of termination, the Fund shall terminate that balance of the special drawing rights in equal semi-annual instalments within a maximum period of five years from the date of termination. The Fund shall pay that balance, in accordance with its disposition, either by paying to the resigning participant the sums that the remaining participants have made available to the Fund in accordance with Article XXIV, Section 5, or by authorizing the resigning participant to use its special drawing rights to obtain its own currency or a freely usable currency from a participant designated by the Fund; the general resources account or any other holder. Without prejudice to the provisions of the other Articles of this Agreement, a Member which has informed the Fund of its intention to use transitional provisions may maintain and adapt to changing circumstances the restrictions on payments and transfers for ongoing international transactions which were in force at the time of its accession. However, in their exchange rate policies, Members shall be constantly attentive to the purposes of the Fund and, as soon as conditions permit, shall take all possible measures to conclude trade and financial agreements with other Members facilitating 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 a manner that does not place an undue burden on their access to the general resources of the Fund.

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