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Third Resolution (No. 29-9):1 Establishment of Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries Whereas the Committee of the Board of Governors of the International Monetary Fund on Reform of the International Monetary System has recommended the establishment of a joint ministerial committee of the Boards of Governors of the International Monetary Fund (the Fund) and the International Bank for Reconstruction and Development (the Bank) to carry forward the study of the broad question of the transfer of real resources to developing countries and to recommend measures to be adopted in order to implement its conclusions; Whereas it is desirable to consider the question of the transfer of real resources to developing countries in relation to existing or prospective arrangements among countries, including those involving international trade and payments, the flow of capital, investment, and official development assistance; Whereas the said Committee has invited the Managing Director of the Fund to discuss with the President of the Bank the preparation of appropriate parallel draft resolutions on the establishment of such a joint ministerial committee for adoption by the respective Boards of Governors of the Fund and Bank; Whereas pursuant to such discussions the President of the Bank and the Managing Director of the Fund have proposed to the Executive Directors of the Bank and Fund, respectively, and the Executive Directors of the Fund have approved the submission of this Draft Resolution to the Board of Governors of the Fund and the Executive Directors of the Bank have approved the submission of a parallel Draft Resolution to the Board of Governors of the Bank; Whereas the Committee as envisaged would be helpful in providing a focal point in the structure of international economic cooperation for formation of a comprehensive overview of diverse international activities in the development area, for efficient and prompt consideration of development issues, and for coordination of international efforts to deal with problems of financing development; and Whereas the Board of Governors of the Bank is considering the said parallel resolution; NOW, therefore, the Board of Governors hereby RESOLVES: 1. Establishment and Composition of Joint Ministerial Committee
2. Chairman The Development Committee shall select a Chairman from among its members, who shall serve for such period as the Committee determines. The Chairman of the Boards of Governors of the Bank and the Fund, or a governor designated by him shall convene the first meeting of the Committee and shall preside over it until the Chairman has been selected. 3. Meetings
4. Terms of Reference
5. Procedures
6. Administrative Costs The Bank and the Fund shall make such financial appropriations, in proportions as determined jointly by the President of the Bank and the Managing Director of the Fund from time to time, as are necessary for carrying out the work of the Development Committee. 7. Review At the end of two years from the effective date of this Resolution, the Boards of Governors of the Fund and the Bank shall review the performance of the Committee, and shall take such action as they deem appropriate. Resolution No. 29-9, October 2, 1974, as amended by Resolution 67-2, effective May 18, 2012 1 Ed. Note: As amended by Resolution No. 48-4, adopted effective April 23, 1993, and Resolution 67-2, adopted effective May 18, 2012. |
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Prepared by the Legal Department of the IMF
Note
- Page number references in the text are to the Forty-Second issue hard copy volume.