Public Information Notice: IMF Approves Decisions Strengthening the Effectiveness of the Legal Framework for the Provision of Information to the Fund
February 23, 2004

Strengthening the Effectiveness of Article VIII, Section 5 — Revised Proposed Decision
January 23, 2004

Strengthening the Effectiveness of Article VIII, Section 5 — Proposed Decisions
November 26, 2003

Articles of Agreement of the IMF
Article VIII - General Obligations of Members
Section 5. Furnishing of information

Strengthening the Effectiveness of Article VIII, Section 5

Prepared by the Policy Development and Review and Legal Departments

In consultation with STA and other departments

Approved by Timothy Geithner and François Gianviti

May 2, 2003

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The views expressed in this paper are those of the staff and do not necessarily reflect the views of the Executive Board of the IMF. The Executive Board's assessment is summarized in the Public Information Notice. Some country-specific or market-sensitive information may have been deleted from this paper, as allowed by the IMF's publication policy.

Contents

Executive Summary

I.  

Introduction

II.  

Members' Obligations under Article VIII, Section 5
 

A.

The Present Framework under Article VIII, Section 5
     

Types of Information Required under Article VIII, Section 5
     

Periodicity of Reporting under Article VIII, Section 5
     

Limitations upon Members' Obligations--Capacity

 

B.

 Strengthening the Provision of Information Under Article VIII, Section 5
     

Expanding the range of information to be provided
     

Data Revisions and Misreporting under Article VIII, Section 5
     

Application of Article VIII, Section 5 in the context of use of Fund resources

III.

A Framework for Remedial Action
 

A.

Remedies and Sanctions in Cases of Misreporting
 

B.

Framework for Remedial Measures and Sanctions
     

Procedures for Addressing Breaches of Obligation
     

Remedies and Sanctions
     

Publication
     

Resource Implications and Transition Period

IV.

Issues for Discussion

Text Boxes

1.

Recent Cases Involving Article VIII, Section 5

2.

Article VIII, Section 5. Furnishing of information

3.

Article XXV1, Section 2, Compulsory withdrawal

4.

Additional Information Required Under Proposal to Strengthen the Effectiveness of Article VIII, Section 5

Chart 1. Proposed Framework for Remedial Action
Under Article VIII, Section 5