Agreement Article

2. If the Fund`s holdings in the member`s currency are not sufficient to pay the net amount owed by the Fund, the balance is paid in a freely usable currency or in some other form that can be agreed upon. If the Fund and the outgoing member fail to reach an agreement within six months of the date of withdrawal, the currency in question, which the Fund holds, is immediately paid to the outgoing member. The balance payable is paid in ten semi-annual instalments over the next five years. Each of these tranches is paid, at the Fund`s choice, either in the outgoing member`s currency acquired at the exit of the fund, or in a freely usable currency. In general, the articles of the agreement detail the proposed provisions on the facts that result and specify a time frame for the execution of the facts. Formal agreement between two or more parties to do something. 4. If a member has not reached an agreement with the Fund within the three-month period covered in paragraph 3 above, the Fund uses the currencies of other members assigned to that member in accordance with paragraph 2 (d) to repay the member`s currency which is allocated to other members.

Any currency awarded to a member who has not reached an agreement is used, as far as possible, to exchange currency allocated to members who have entered into agreements with the Fund under 3. The money the Fund receives from a resilient participant is used by the Fund to exchange special drawing rights held by participants in proportion to the amount of each participant`s participation in special drawing rights at the time the Fund receives the coin for its cumulative net allocation. Special drawing rights thus collected and special drawing rights received by a participant terminate, in accordance with the provisions of this agreement, in order to satisfy any waterproofing agreement or scheduleD rates due and charged at this rate are void. The ICSID Convention came into force through a multilateral agreement and came into force on 14 October 1966. Each organization of the World Bank Group operates according to procedures established by its contractual provisions or by an equivalent government document. These documents describe the terms of membership and the general principles of organization, management and operations.

07. April 2021 by
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