International Monetary Agreements Act 1947

2. (a) The Council shall monitor the management and adaptation of the international monetary system, including the further adjustment process and the evolution of global liquidity, and, in this regard, examine the evolution of the transfer of real resources to developing countries. According to its articles, the IMF is responsible for surveillance of the international monetary system and surveillance of the economic and financial policies of its 188 member countries (as of April 30, 2013), an activity known as surveillance. Effective monitoring includes identifying potential risks to internal and external stability and providing independent, objective and convincing assessments and advice to policymakers at national, regional and global levels. (c) The Managing Director and the staff of the Fund shall, in the performance of their duties, owe their duty exclusively to the Fund and to no other authority. Each member of the Fund respects the international nature of this task and endeavours to influence staff in the performance of these tasks. Given the persistence of economic instability, the IMF continued to insist that an agreement to double IMF quotas from SDR 238.4 billion to SDR 476.8 billion, which also implies the withdrawal of lending arrangements under the DNN. To strengthen the global financial safety net, Fund members have made additional commitments to increase resources lent to the Fund through bilateral credit and banknote purchase agreements, totalling more than $461 billion. (vii) Level of investment abroad, i.e. investments in the territory of the Member that are abroad and investments abroad held by persons in its territory, to the extent that such information can be provided; Within the framework of this Agreement, the Fund shall cooperate with all general international organisations and international public service organisations which have specialised expertise in related fields. Such cooperation agreements, which would entail an amendment to a provision of this Agreement, may be concluded only after amendment of this Agreement in accordance with Article XXVIII.

The SDRs are an international reserve created by the IMF to supplement members` existing official reserves. The RSD also serves as the IMF`s unit of account. Its value is based on a basket of important international currencies (US dollar, euro, Japanese yen and pound sterling). (i) promote international monetary cooperation through a permanent institution that provides the mechanism for consultation and cooperation in the event of international monetary problems. It is a compilation of the International Monetary Agreements Act 1947, which presents the text of the Act as amended and entered into force on 17 November 2017 (date of creation). (b) within the framework of an international monetary system as it existed on 1 January 1976, exchange agreements (i) the maintenance of a value for its currency by a Member within the meaning of the special drawing right or a denominator other than gold chosen by the Member, or (ii) cooperation agreements by which Members maintain the value of their currencies in relation to the value of the currency or currencies of other Members; or (iii) other exchanges at the option of a member. At any time, the Fund shall have the right to communicate informally to each Member its views on all matters arising from this Agreement. The Fund may decide, by a majority of seventy per cent of the total voting rights, to publish a report to a Member on its monetary or economic conditions and developments, which directly lead to a serious imbalance in the Members` balance of international payments.

If the member does not have the right to appoint an Executive Director, he shall be entitled to representation in accordance with point (j) of Section 3 of this Article. The Fund shall not publish reports involving changes in the fundamental structure of the economic organisation of the members. . . .