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United States: Special Report of the National Advisory Council on International Monetary and Financial Policies to the President and Congress on Amendment of the I.M.F. Articles of Agreement and an Increase in Quotas of I.M.F. Members *

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[Reproduced from Amendment of the Articles of Agreement and Increase Quotas of the International Monetary Fund, U.S. House Document No.-447, 94th Congress, 2d Session (Washington: GPO, 1976), pp. 1-32.

[Documents on the proposed Second Amendment to the Articles of Agreent of the International Monetary Fund, including the text of the prosals, appear at I.L.M. page 499. The Report of the I.M.F. Executive rectors on the Sixth General Review of Quotas of I.M.F. Members apars at I.L.M. page 596.]

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1/ As discussed later in this Report, the Articles were amended in 1969 to establish the special drawing rights facility and introduce certain other modifications of the Fund's rules. But this amendment was not an extensive revision of the Articles and did not alter basically the operations of the IMF.

1/ The Fund's assets and liabilities are expressed in terms of the special drawing right, presently valued on the basis of the market exchange rates of a “basket” of sixteen major currencies. As of April 1, 1976, the dollar value of the SDR basket was $1.15637 = SDR 1. Calculations in this report are made at a rate of $1.16 per SDR.

2/ Each member receives 250 votes plus one vote for each SDR 100,000 of its quota. Thus voting shares are not exactly equal to quota shares.’.

1/ Each member receives 250 votes plus one vote for each SDR 100,000 of its quota. Thus voting shares are not exactly equal to quota shares.

* [See I.L.M. page 602.]

* [Reproduced from Amendment of the Articles of Agreement and Increase Quotas of the International Monetary Fund, U.S. House Document No.-447, 94th Congress, 2d Session (Washington: GPO, 1976), pp. 1-32.

[Documents on the proposed Second Amendment to the Articles of Agreent of the International Monetary Fund, including the text of the prosals, appear at I.L.M. page 499. The Report of the I.M.F. Executive rectors on the Sixth General Review of Quotas of I.M.F. Members apars at I.L.M. page 596.]

United States: Special Report of the National Advisory Council on International Monetary and Financial Policies to the President and Congress on Amendment of the I.M.F. Articles of Agreement and an Increase in Quotas of I.M.F. Members *

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