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Article Of Agreement Of Imf

2. Where the commitment remaining after the set-off referred to in point (b) of Article XXIV(2) concerns the Fund and no agreement on the transaction is concluded within six months of the date of termination, the resigning participant shall fulfil that obligation in equal half-yearly instalments within three years of the date of termination or within a longer period set by the Fund. The participant who terminates the obligation, as the Fund may determine, shall fulfil that obligation either by the payment of a currency freely available to the Fund, or by the acquisition of special drawing rights under Article XXIV, Section 6, of the General Resources Account, or in agreement with a participant designated by the Fund or by another holder, and the offsetting of these special drawing rights ahead of the rate due. If a member leaves the Fund, the normal operations and operations of the Fund shall be suspended in its currency and payment of all accounts between the Fund and the Fund shall be made with appropriate dispatch, in agreement with the Fund. In the absence of an agreement without delay, the provisions of Annex J shall apply to the statement. In addition to the obligations arising from special drawing rights under other Articles of this Agreement, each Participant undertakes to cooperate with the Fund and other participants in order to facilitate the effective functioning of the Special Drawing Rights Division and the proper use of the Special Drawing Rights provided for in this Agreement and to make the Special Drawing Right the main reserve in the international monetary system. In addition to the commitments made under other Articles of this Convention, each Member shall assume the obligations provided for in this Article. The Fund shall report annually on the restrictions in force under Section 2 of this Article. Each Member which maintains restrictions inconsistent with Sections 2, 3 or 4 of Article VIII shall consult the Fund annually with respect to their subsequent withholding. 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 incompatible with the purposes of the Fund, the Member shall be subject to Article XXVI, Section 2(a)(1). If the obligation remaining after the clearing provided for in Point (b) of Article XXIV(2) is maintained by the resigning participant and the transaction agreement between the Fund and the resigning participant is not concluded within six months of the date of termination: the Fund shall liquidate 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. . . .