|
||||
ARTICLE V, SECTIONS 8 AND 9 |
||||
Charges and Remuneration | ||||
Special Charges on Overdue Financial Obligations to the Fund I. Overdue Repurchases
II. Overdue Charges in the General Resources Account A special charge equal to the rate of interest on the SDR shall be paid by a member on the unpaid amount of charges owed by it under Article V, Section 8(a) and (b). III. Overdue Interest and Repayments on Trust Fund Loans The Fund shall levy a special charge on (i) the amount of overdue interest on Trust Fund loans, at a rate equal to one half of the sum of the rate of interest on Trust Fund loans and the rate of interest on the SDR, and (ii) the overdue amounts of repayments of Trust Fund loans, at a rate equal to one half of the sum of the rate of interest on Trust Fund loans and the rate of interest on the SDR, less one-half percent. IV. Waiver of Special Charges Special charges under Sections I, II, and III above shall be levied in respect of an overdue financial obligation as of the due date or the effective date of this decision, whichever is the later, unless the obligation is discharged within ten business days after the applicable date. Effective May 1, 1992, special charges under Sections I and II above shall not be levied on overdue obligations of a member that is overdue in meeting any financial obligation to the Fund subject to special charges under Sections I and II above for six months or more. Effective May 1, 1993, special charges under Section III above shall not be levied on overdue obligations of a member that is overdue for six months or more in meeting any financial obligation to the Fund subject to special charges under Section III above. V. Notification and Payment of Special Charges
VI. Entry into Effect and Review This Decision will enter into effect on February 1, 1986. It will be reviewed shortly after October 31, 1986 at the time of the mid-year review of the Fund’s income position for the financial year ending April 30, 1987, and thereafter annually in connection with the annual reviews of the Fund’s income position. Decision No. 8165-(85/189) G/TR, December 30, 1985, effective February 1, 1986, as amended by Decision Nos. 8496-(87/3) G/TR, January 7, 1987, 8641-(87/101) G/S/TR, July 9, 1987, 8923-(88/110) G/TR, July 21, 1988, 10000-(92/58) G/TR, April 17, 1992, 10337-(93/49) G/TR, April 9, 1993, 10352-(93/49) G/TR, April 9, 1993, 10551-(94/1) G/TR, January 7, 1994, and 13001-(03/39) G/TR, April 25, 2003 |
||||
|
Prepared by the Legal Department of the IMF
Note
- Page number references in the text are to the Forty-Second issue hard copy volume.