Convenio sobre el Fondo Monetario Internacional (FMI)

• Document type: Convenio
• Category: Multilateral
• Subject: Organismos internacionales

CONVENIO SOBRE EL FONDO MONETARIO

INTERNACIONAL *

ARTICLES OF AGREEMENT

OF THE INTERNATIONAL MONETARY FUND

The Governments on whose behalf the present Agreement is signed agree as follows:

INTRODUCTORY ARTICLE

The International Monetary Fund is established and shall operate in accordance with the following

provisions:

ARTICLE I

PURPOSES

The purposes of the International Monetary Fund are:

(i) To promote international monetary cooperation through a permanent institution which provides

the machinery for consultation and collaboration on international monetary problems.

(ii) To facilítate the expansion and balanced growth o£ international trade, and to contribute thereby

to the promotion and maintenance of high levels of employment and real income and to the

development of the productive resources of all members as primary objectives of economic

policy.

(iii) To promote exchange stability, to maintain orderly exchange arrangements among members,

and to avoid competitive exchange depreciation.

(iv) To assist in the establishment of a multilateral system of payments in respect of current

transactions between members and in the elimination of foreing exchange restrictions which

hamper the growth of world trade.

(v) To give confidence to members by making the Fund's resources available to them under

adequate safeguards, thus providing them with opportunity to correct maladjustments in their

balance of payments without resorting to measures destructive of national or International

prosperity.

(vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in

the international balances of payments of members.

The Fund shall be guided in all its decisions by the purposes set forth in this Article.

ARTICLE II

MEMBERSHIP

Section 1. Original members

The original members of the Fund shall be those of the countries represented at the United Nations

Monetary and Financial Conference whose governments accept membership before the date specified in

Article XX, Section 2(e).

* Se incluye la versión en inglés por ser el único texto oficial adoptado.

Section 2. Other members

Membership shall be open to the governments of other countries at such times and in accordance with

such terms as may be prescribed by the Fund.

ARTICLE III

QUOTAS AND SUBCRIPTIONS

Section 1. Quotas

Each member shall be assigned a quota. The quotas of the members represented at the United Nations

Monetary and Financial Conference which accept membership before the date specified in Article XX, Section

2(e), shall be those set forth in Schedule A. The quotas of other members shall be determined by the Fund.

Section 2. Adjustment of quotas

The Fund shall at intervals of five years review, and if it deems it appropriate propose an adjustment

of, the quotas of the members. It may also, if it thinks fit, consider at any other time the adjustment of any

particular quota at the request of the member concerned. A four-fifths majority of the total voting power

shall be required for any change in quotas and no quota shall be changed without the consent of the

member concerned.

Section 3. Subscriptions time, place, and form of payment

(a) The subscription of each member shall be equal to its quota and shall be paid in full to the Fund

at the appropriate depository on or before the date when the member becomes eligible under Article XX,

Section 4(c) or (d), to buy currencies from the Fund.

(b) Each member shall pay in gold, as a minimum, the smaller of

(i) twenty-five percent of its quota; or

(ii) ten percent of its net official holdings of gold and United States dollars as at the date when

the Fund notifies members under Article XX, Section 4(a) that it will shortly be in a

position to begin exchange transactions.

Each member shall furnish to the Fund the data necessary to determine its net official holdings of gold and

United States dollars.

(c) Each member shall pay the balance of its quota in its own currency.

(d) If the net official holdings of gold and United States dollars of any member as at the date

referred to in (b) (ii) above are not ascertainable because its territories have been occupied by the enemy,

the Fund shall fix an appropriate alternative date for determining such holdings. If such date is later than

that on which the country becomes eligible under Article XX, Section 4(c) or (d), to buy currencies from the

Fund, the Fund and the member shall agree on a provisional gold payment to be made under (b) above,

and the balance of the member's subscription shall be paid in the member's currency, subject to appropriate

adjustment between the member and the Fund when the net official holdings have been ascertained.

Section 4. Payments when quotas are changed

(a) Each member which consents to an increase in its quota shall, within thirty days after the date of

its consent, pay to the Fund twentyfive percent of the increase in gold and the balance in its own currency.

If, however, on the date when the member consents to an increase, its monetary reserves are less than its

new quota, the Fund may reduce the proportion of the increase to be paid in gold.

(b) If a member consents to a reduction in its quota, the Fund shall, within thirty days after the

date of the consent, pay to the member an amount equal to the reduction. The payment shall be made in the

member's currency and in such amount of gold as may be necessary to prevent reducing the Fund's holdings

of the currency below seventy-five percent of the new quota.