Title: Suriname Rechtsinstituut

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Content:
Overeenkomst tot instelling van het Internationaal Fonds voor
Agrarische Ontwikkeling, Rome, 13-06-1976
Geldend van 22-12-2006 t/m heden
Agreement establishing the International Fund for Agricultural Development
Preamble
Recognizing that the continuing food problem of the world is afflicting a large segment of the people of
the developing countries and is jeopardizing the most fundamental principles and values associated
with the right to life and human dignity;
Considering the need to improve the conditions of life in the developing countries and to promote
socio-economic development within the context of the priorities and objectives of the developing
countries, giving due regard to both economic and social benefits;
Bearing in mind the responsibility of the Food and Agriculture Organization of the United Nations
within the United Nations system, to assist the efforts of developing countries to increase food and
agricultural production, as well as that organization’s technical competence and experience in this
field;
Conscious of the goals and objectives of the International Development Strategy for the Second
United Nations Development Decade and especially the need to spread the benefits of assistance to
all;
Bearing in mind paragraph (f) of part 2 (“Food”) of Section I of General Assembly resolution 3202
(S-VI) on the Programme of Action on the Establishment of a New International Economic Order;
Bearing in mind also the need for effecting transfer of technology for food and agricultural
development and Section V (“Food and Agriculture”) of General Assembly resolution 3362 (S-VII) on
development and international economic co-operation, with particular reference to paragraph 6
thereof regarding the establishment of an International Fund for Agricultural Development;
Recalling paragraph 13 of General Assembly resolution 3348 (XXIX) and resolutions I and II of the
World Food Conference on the objectives and strategies of food production and on the priorities for
agricultural and rural development;
Recalling resolution XIII of the World Food Conference which recognized:
(i) the need for a substantial increase in investment in agriculture for increasing food and
agricultural production in the developing countries;
(ii) that provision of an adequate supply and proper utilization of food are the common
responsibility of all members of the international community; and
(iii) that the prospects of the world food situation call for urgent and co-ordinated measures by all
countries;
and which resolved:
*

that an International Fund for Agricultural Development should be established immediately to
finance agricultural development projects primarily for food production in the developing
countries;

The Contracting Parties have agreed to establish the International Fund for Agricultural Development,
which shall be governed by the following provisions:

Article 1. Definitions
For the purposes of this Agreement the terms set out below shall have the following meaning, unless
the context otherwise requires:
(a) “Fund” shall mean the International Fund for Agricultural Development;
(b) “food production” shall mean the production of food including the development of fisheries and
livestock;
(c) “State” shall mean any State, or any grouping of States eligible for membership of the Fund in
accordance with Section 1 (b) of Article 3;
(d) “freely convertible currency” shall mean:
(i) currency of a Member which the Fund determines, after consultation with the International
Monetary Fund, is adequately convertible into the currencies of other Members for the
purposes of the Fund’s operations; or
(ii) currency of a Member which such Member agrees, on terms satisfactory to the Fund, to
exchange for the currencies of other Members for the purposes of the Fund’s operations.
“Currency of a Member” shall, in respect of a Member that is a grouping of States, mean the
currency of any member of such grouping;
(e) “Governor” shall mean a person whom a Member has designated as its principal
representative at a session of the Governing Council;
(f) “votes cast” shall mean affirmative and negative votes.
Article 2. Objective and functions
The objective of the Fund shall be to mobilize additional resources to be made available on
concessional terms for agricultural development in developing Member States. In fulfilling this
objective the Fund shall provide financing primarily for projects and programmes specifically designed
to introduce, expand or improve food production systems and to strengthen related policies and
institutions within the framework of national priorities and strategies, taking into consideration: the
need to increase food production in the poorest food deficit countries; the potential for increasing food
production in other developing countries; and the importance of improving the nutritional level of the
poorest populations in developing countries and the conditions of their lives.
Article 3. Membership
Section 1 - Eligibility for membership
(a) Membership of the Fund shall be open to any State member of the United Nations or of any of
its specialized agencies, or of the International Atomic Energy Agency.
(b) Membership shall also be open to any grouping of States whose members have delegated to it
powers in fields falling within the competence of the Fund, and which is able to fulfil all the
obligations of a Member of the Fund.
Section 2 - Original Members and non-original Members
(a) Original Members of the Fund shall be those States listed in Schedule I, which forms an
integral part of this Agreement, that become parties to this Agreement in accordance with
Section 1 (b) of Article 13.
(b) Non-original Members of the Fund shall be those other States that, after approval of their
membership by the Governing Council, become parties to this Agreement in accordance with
Section 1 (c) of Article 13.
Section 3 - limitation of liability
No Member shall be liable, by reason of its membership, for acts or obligations of the Fund.
Article 4. Resources
Section 1 - Resources of the Fund

The resources of the Fund shall consist of:
(i) initial contributions;
(ii) additional contributions;
(iii) special contributions from non-member States and from other sources;
(iv) funds derived or to be derived from operations or otherwise accruing to the Fund.
Section 2 - Initial contributions
(a) The amount of an initial contribution of an original and a non-original Member shall be the
amount and in the currency of such contribution specified by the Member in its instrument of
ratification, acceptance, approval or accession deposited by that Member pursuant to Section
1(b) and (c) of Article 13 of this Agreement.
(b) The initial contribution of each Member shall be due and payable in the forms set forth in
Section 5 (b) and (c) of this Article, either in a single sum or, at the option of the Member, in
three equal annual instalments. The single sum or the first annual instalment shall be due on
the thirtieth day after this Agreement enters into force with respect to that Member; any second
and third instalments shall be due on the first and on the second anniversary of the date on
which the first instalment was due.
Section 3 - Additional contributions
In order to assure continuity in the operations of the Fund, the Governing Council shall periodically, at
such intervals as it deems appropriate, review the adequacy of the resources available to the Fund;
the first such review shall take place not later than three years after the Fund commences operations.
If the Governing Council, as a result of such a review, deems it necessary or desirable, it may invite
Members to make additional contributions to the resources of the Fund on terms and conditions
consistent with Section 5 of this Article. Decisions under this Section shall be taken by a two-thirds
majority of the total number of votes.
Section 4 - Increases in contributions
The Governing Council may authorize, at any time, a Member to increase the amount of any of its
contributions.
Section 5 - Conditions governing contributions
(a) Contributions shall be made without restriction as to use and shall be refunded to contributing
Members only in accordance with Section 4 of Article 9.
(b) Contributions shall be made in freely convertible currencies.
(c) Contributions to the Fund shall be made in cash or, to the extent that any part of such
contributions is not needed immediately by the Fund in its operations, such part may be paid in
the form of nonnegotiable, irrevocable, non-interest bearing promissory notes or obligations
payable on demand. In order to finance its operations, the Fund shall draw down all
contributions (regardless of the form in which they are made) as follows:
(i) contributions shall be drawn down on apro rata basis over reasonable periods of time as
determined by the Executive Board;
(ii) where a contribution is paid partly in cash, the part so paid shall be drawn down, in
accordance with paragraph (i), before the rest of the contribution. Except to the extent that
the part paid in cash is thus drawn down, it may be deposited or invested by the Fund to
produce income to help defray its administrative and other expenditures;
(iii) all initial contributions, as well as any increases in them, shall be drawn down before any
additional contributions are drawn down. The same rule shall apply to further additional
contributions.
Section 6 - Special contributions
The resources of the Fund may be increased by special contributions from non-member States or
other sources on such terms and conditions, consistent with Section 5 of this Article, as shall be
approved by the Governing Council on the recommendation of the Executive Board.

Article 5. Currencies
Section 1 - Use of currencies
(a) Members shall not maintain or impose any restriction on the holding or use by the Fund of
freely convertible currencies.
(b) The non-convertible currency contributions of a Member made to the Fund on account of that
Member’s initial or additional contributions prior to 26 January 1995 may be used by the Fund,
in consultation with the Member concerned, for the payment of administrative expenditures
and other costs of the Fund in the territories of that Member, or, with the consent of that
Member, for the payment of goods or services produced in its territories and required for
activities financed by the Fund in other States.
Section 2 - Valuation of currencies
(a) The unit of account of the Fund shall be the Special Drawing Right of the International
Monetary Fund.
(b) For the purposes of this Agreement, the value of a currency in terms of the Special Drawing
Right shall be calculated in accordance with the method of valuation applied by the
International Monetary Fund, provided that:
(i) in the case of the currency of a member of the International Monetary Fund for which such
value is not available on a current basis, the value shall be calculated after consultation
with the International Monetary Fund;
(ii) in the case of the currency of a non-member of the International Monetary Fund, the value
of the currency in terms of the Special Drawing Right shall be calculated by the Fund on
the basis of an appropriate exchange rate relationship between that currency and the
currency of a member of the International Monetary Fund for which a value is calculated as
specified above.
Article 6. Organization and management
Section 1 - Structure of the Fund The Fund shall have:
The Fund shall have:
(a) a Governing Council;
(b) an Executive Board;
(c) a President and such staff as shall be necessary for the Fund to carry out its functions.
Section 2 - The Governing Council
(a) Each Member shall be represented on the Governing Council and shall appoint one Governor
and an alternate. An alternate may vote only in the absence of his principal.
(b) All the powers of the Fund shall be vested in the Governing Council.
(c) The Governing Council may delegate any of its powers to the Executive Board with the
exception of the power to:
(i) adopt amendments to this Agreement;
(ii) approve membership;
(iii) suspend a Member;
(iv) terminate the operations of the Fund and distribute its assets;
(v) decide appeals from decisions made by the Executive Board concerning the interpretation
or application of this Agreement;
(vi) determine the remuneration of the President.
(d) The Governing Council shall hold an annual session, and such special sessions as it may
decide, or as are called by Members having at least one fourth of the total number of votes in
the Governing Council, or as requested by the Executive Board by a two-thirds majority of the
votes cast.
(e) The Governing Council may by regulation establish a procedure whereby the Executive Board
may obtain a vote of the Council on a specific question without calling a meeting of the
Council.

(f) The Governing Council may, by a two-thirds majority of the total number of votes, adopt such
regulations and by-laws not inconsistent with this Agreement as may be appropriate to conduct
the business of the Fund.
(g) A quorum for any meeting of the Governing Council shall be constituted by Governors
exercising two-thirds of the total votes of all its members.
Section 3 - Voting in the Governing Council
(a) The total number of votes in the Governing Council shall be comprised of Original Votes and
Replenishment Votes. All Members shall have equal access to those votes on the following
basis;
(i) Original Votes shall consist of a total of one thousand eight hundred (1 800) votes made
up of membership votes and contribution votes:
A) membership votes shall be distributed equally among all Members; and
B) contribution votes shall be distributed among all Members in the proportion that each
Member’s cumulative paid contributions to the resources of the Fund, authorised by the
Governing Council prior to 26 January 1995 and made by Members in accordance with
Sections 2, 3 and 4 of Article 4 of this Agreement, bear to the aggregate of the total of
the said contributions paid by all Members;
(ii) Replenishment Votes shall be made up of membership votes and contribution votes in a
total amount of votes to be decided by the Governing Council upon each occasion that it
calls for additional contributions under Section 3 of Article 4 of this Agreement (a
“replenishment”) commencing with the fourth such replenishment. Except as the Governing
Council shall by a two-thirds majority of the total number of votes otherwise decide, the
votes for each replenishment shall be established in the ratio of one hundred (100) votes
for the equivalent of each one hundred and fifty eight million United States dollars (USD
158 000 000) contributed to the total amount of that replenishment, or a fraction thereof;
A) membership votes shall be distributed equally among all Members on the same basis
as that set forth in provision (i)(A) above; and
B) contribution votes shall be distributed among all Members in the proportion that each
Member’s paid contribution to the resources contributed to the Fund by Members for
each replenishment bears to the aggregate of the total contributions paid by all
Members to the said replenishment; and
(iii) The Governing Council shall decide the total number of votes to be allocated as
membership votes and contribution votes under paragraphs (i) and (ii) of this Section.
Upon any change in the number of Members of the Fund, the membership votes and
contribution votes distributed under paragraphs (i) and (ii) of this Section shall be
redistributed in accordance with the principles laid down in the said paragraphs. In the
allocation of votes, the Governing Council shall ensure that those Members classified as
members of Category III before 26 January 1995 receive one-third of the total votes as
membership votes.1 )
(b) Except as otherwise specified in this Agreement, decisions of the Governing Council shall be
taken by a simple majority of the total number of votes.
Section 4 - Chairman of the Governing Council
The Governing Council shall elect a Chairman from among the Governors, who shall serve for two
years.
Section 5 - Executive Board
(a) The Executive Board shall be composed of 18 members and up to 18 alternate members,
elected from the Members of the Fund at the annual session of the Governing Council. The
seats in the Executive Board shall be distributed by the Governing Council from time to time
and specified in Schedule II to this Agreement. The members of the Executive Board and their
1) The allocation of votes shall be in accordance with the basic principles approved by the Governing Council in the Report of
the Special Committee and, in particular, paragraph 5 thereof. The Governing Council, at each replenishment, will adopt a
resolution dealing with the replenishment and the distribution of votes among Members of the Governing Council and the
Executive Board for each replenishment period from the Fourth Replenishment onwards. The resolution on the Fourth
Replenishment will contain details of the votes distributed to Members up to the end of the Third Replenishment period.

alternates, who may vote only in the absence of a member, shall be elected and appointed in
accordance with the procedures set forth in Schedule II hereto, which forms an integral part of
this Agreement.
(b) Members of the Executive Board shall serve for a term of three years.
(c) The Executive Board shall be responsible for the conduct of the general operations of the
Fund, and for this purpose shall exercise the powers given to it by this Agreement or delegated
to it by the Governing Council.
(d) The Executive Board shall meet as often as the business of the Fund may require.
(e) The representatives of a member or of an alternate member of the Executive Board shall serve
without remuneration from the Fund. However, the Governing Council may decide the basis on
which reasonable travel and subsistence expenses may be granted to one such representative
of each member and of each alternate member.
(f) A quorum for any meeting of the Executive Board shall be constituted by members exercising
two-thirds of the total votes of all its members.
Section 6 - Voting in the Executive Board
(a) The Governing Council shall, from time to time, decide the distribution of votes among the
members of the Executive Board in accordance with the principles established in Section 3(a)
of Article 6 of this Agreement.2 )
(b) Except as otherwise specified in this Agreement, decisions of the Executive Board shall be
taken by a majority of three fifths of the votes cast, provided that such majority is more than
one half of the total number of votes of all members of the Executive Board.
Section 7 - Chairman of the Executive Board
The President of the Fund shall be the Chairman of the Executive Board and shall participate in its
meetings without the right to vote.
Section 8 - President and staff
(a) The Governing Council shall appoint the President by a two-thirds majority of the total number
of votes. He shall be appointed for a term of four years and shall be eligible for reappointment
for only one further term. The appointment of the President may be terminated by the
Governing Council by a two-thirds majority of the total number of votes.
(b) Notwithstanding the restriction on the term of office of the President of four years, contained in
paragraph (a) of this Section, the Governing Council may, under special circumstances, on the
recommendation of the Executive Board, extend the term of office of the President beyond the
duration prescribed in paragraph (a) above. Any such extension shall be for no more than six
months.
(c) The President may appoint a Vice-President, who shall perform such duties as shall be
assigned to him by the President.
(d) The President shall head the staff and, under the control and direction of the Governing
Council and the Executive Board, shall be responsible for conducting the business of the
Fund. The President shall organize the staff and shall appoint and dismiss members of the
staff in accordance with regulations adopted by the Executive Board.
(e) In the employment of the staff and in the determination of the conditions of service
consideration shall be given to the necessity of securing the highest standards of efficiency,
competence and integrity as well as to the importance of observing the criterion of equitable
geographical distribution.
(f) The President and the staff, in the discharge of their functions, owe their duty exclusively to the
Fund and shall neither seek nor receive instructions in regard to the discharge thereof from
any authority external to the Fund, Each Member of the Fund shall respect the international
character of this duty and shall refrain from any attempt to influence them in the discharge of
their duties.
2) The allocation of votes shall be in accordance with the basic principles approved by the Governing Council in the Report of
the Special Committee and, in particular, paragraph 5 thereof. The Governing Council, at each replenishment, will adopt a
resolution dealing with the replenishment and the distribution of votes among Members in the Governing Council and the
Executive Board for each replenishment period from the Fourth Replenishment onwards. The resolution on the Fourth
Replenishment will contain details of the votes distributed to Members up to the end of the Third Replenishment period.

(g) The President and the staff shall not interfere in the political affairs of any Member. Only
development policy considerations shall be relevant to their decisions and these
considerations shall be weighed impartially in order to achieve the objective for which the Fund
was established.
(h) The President shall be the legal representative of the Fund.
(i) The President, or a representative designated by him, may participate, without the right to
vote, in all meetings of the Governing Council.
Section 9 - Seat of the Fund
The Governing Council shall determine the permanent seat of the Fund by a two-thirds majority of the
total number of votes. The provisional seat of the Fund shall be in Rome.
Section 10 - Administrative budget
The President shall prepare an annual administrative budget which he shall submit to the Executive
Board for transmission to the Governing Council for approval by a two-thirds majority of the total
number of votes.
Section 11 - Publication of reports and provision of information
The Fund shall publish an annual report containing an audited statement of its accounts and, at
appropriate intervals, a summary statement of its financial position and of the results of its operations.
Copies of such reports, statements and other publications connected therewith shall be distributed to
all Members.
Article 7. Operations
Section 1 - Use of resources and conditions of financing
(a) The resources of the Fund shall be used to achieve the objective specified in Article 2.
(b) Financing by the Fund shall be provided only to developing States that are Members of the
Fund or to intergovernmental organizations in which such Members participate. In the case of
a loan to an intergovernmental organization, the Fund may require suitable governmental or
other guarantees.
(c) The Fund shall make arrangements to ensure that the proceeds of any financing are used only
for the purposes for which the financing was provided, with due attention to considerations of
economy, efficiency and social equity.
(d) In allocating its resources the Fund shall be guided by the following priorities:
(i) the need to increase food production and to improve the nutritional level of the poorest
populations in the poorest food deficit countries;
(ii) the potential for increasing food production in other developing countries. Likewise,
emphasis shall be placed on improving the nutritional level of the poorest populations in
these countries and the conditions of their lives.
Within the framework of the above-mentioned priorities, eligibility for assistance shall be on
the basis of objective economic and social criteria with special emphasis on the needs of the
low income countries and their potential for increasing food production, as well as due regard
to a fair geographic distribution in the use of such resources.
(e) Subject to the provisions of this Agreement, financing by the Fund shall be governed by broad
policies, criteria and regulations laid down, from time to time, by the Governing Council by a
two-thirds majority of the total number of votes.
Section 2 - Forms and terms of financing
(a) Financing by the Fund shall take the form of loans, grants and a debt sustainability
mechanism, which shall be provided on such terms as the Fund deems appropriate, having
regard to the economic situation and prospects of the Member and to the nature and
requirements of the activity concerned. The Fund may also provide additional financing for the
design and implementation of projects and programmes, financed by the Fund through loans,

grants and a debt sustainability mechanism, as the Executive Board shall decide.
(b) The proportion of the Fund’s resources to be committed in any financial year for financing
operations in any of the forms referred to in subsection (a) shall be decided from time to time
by the Executive Board with due regard to the long-term viability of the Fund and the need for
continuity in its operations. The proportion of grants shall not normally exceed one-eighth of
the resources committed in any financial year. A debt sustainability mechanism and the
procedures and modalities therefor shall be established by the Executive Board and financing
provided thereunder shall not fall within the abovementioned grant ceiling. A large proportion
of the loans shall be provided on highly concessional terms.
(c) The President shall submit projects and programmes to the Executive Board for consideration
and approval.
(d) Decisions with regard to the selection and approval of projects and programmes shall be made
by the Executive Board. Such decisions shall be made on the basis of the broad policies,
criteria and regulations established by the Governing Council.
(e) For the appraisal of projects and programmes presented to it for financing, the Fund shall, as a
general rule, use the services of international institutions and may, where appropriate, use the
services of other competent agencies specialized in this field. Such institutions and agencies
shall be selected by the Executive Board after consultation with the recipient concerned and
shall be directly responsible to the Fund in performing the appraisal.
(f) The loan agreement shall be concluded in each case by the Fund and the recipient, which
shall be responsible for the execution of the project or programme concerned.
(g) Except as the Executive Board shall otherwise decide, the Fund shall entrust the
administration of loans, for the purposes of the disbursement of the proceeds of the loan and
the supervision of the implementation of the project or programme concerned, to competent
national, regional, international or other institutions or entities. Such institutions or entities shall
be of a world-wide, regional or national character and shall be selected in each case with the
approval of the recipient. Before submitting the loan to the Executive Board for approval, the
Fund shall assure itself that the institution or entities to be entrusted with the supervision
agrees with the results of the appraisal of the project or programme concerned. This shall be
arranged between the Fund and the institution or agency in charge of the appraisal as well as
with the institution or entities to be entrusted with the supervision.
(h) For the purposes of subsections (f) and (g) above, references to “loans” shall be deemed to
include “grants”.
(i) The Fund may extend a line of credit to a national development agency to provide and
administer subloans for the financing of projects and programmes within the terms of the loan
agreement and the frames work agreed to by the Fund. Before the Executive Board approves
the extension of such a line of credit, the national development agency concerned and its
programme shall be appraised in accordance with the provisions of subsection (e).
Implementation of the said programme shall be subject to supervision by the institutions
selected in accordance with the provisions of subsection (g).
(j) The Executive Board shall adopt suitable regulations for procuring goods and services to be
financed from the resources of the Fund. Such regulations shall, as a general rule, conform to
the principles of international competitive bidding and shall give appropriate preference to
experts, technicians and supplies from developing countries.
Section 3 - Miscellaneous operations
In addition to the operations specified elsewhere in this Agreement, the Fund may undertake such
ancillary activities and exercise such powers incidental to its operations as shall be necessary in
furtherance of its objective.
Article 8. Relations with the United Nations and with other organizations, institutions and
agencies
Section 1 - Relations with the United Nations
The Fund shall enter into negotiations with the United Nations with a view to concluding an agreement
to bring it into relationship with the United Nations as one of the specialized agencies referred to in
Article 57 of the Charter of the United Nations. Any agreements concluded in accordance with Article
63 of the Charter shall require the approval of the Governing Council, by a two-thirds majority of the

total number of votes, upon the recommendation of the Executive Board.
Section 2 - Relations with other organizations, institutions and agencies
The Fund shall co-operate closely with the Food and Agriculture Organization of the United Nations
and other organizations of the United Nations system. It shall also co-operate closely with other
intergovernmental organizations, international financial institutions, non-governmental organizations
and governmental agencies concerned with agricultural development. To this end, the Fund will seek
the collaboration in its activities of the Food and Agriculture Organization of the United Nations and
the other bodies referred to above, and may enter into agreements or establish working arrangements
with such bodies, as may be decided by the Executive Board.
Article 9. Withdrawal, suspension of membership, termination of operations
Section 1 - Withdrawal
(a) Except as provided in Section 4 (a) of this Article, a Member may withdraw from the Fund by
depositing an instrument of denunciation of this Agreement with the Depositary.
(b) Withdrawal of a Member shall take effect on the date specified in its instrument of
denunciation, but in no event less than six months after deposit of such instrument.
Section 2 - Suspension of membership
(a) If a Member fails to fulfil any of its obligations to the Fund, the Governing Council may, by a
three-fourths majority of the total number of votes, suspend its membership. The Member so
suspended shall automatically cease to be a Member one year from the date of its suspension,
unless the Council decides by the same majority of the total number of votes to restore the
Member to good standing.
(b) While under suspension, a Member shall not be entitled to exercise any rights under this
Agreement except the right of withdrawal, but shall remain subject to all of its obligations.
Section 3 - Rights and duties of States ceasing to be Members
Whenever a State ceases to be a Member, whether by withdrawal or through the operation of Section
2 of this Article, it shall have no rights under this Agreement except as provided in this Section or in
Section 2 of Article 11, but it shall remain liable for all financial obligations undertaken by it to the
Fund, whether as Member, borrower or otherwise.
Section 4 - Termination of operations and distribution of assets
(a) The Governing Council may terminate the Fund’s operations by a three-fourths majority of the
total number of votes. After such termination of operations the Fund shall forthwith cease all
activities, except those incidental to the orderly realization and conservation of its assets and
the settlement of its obligations. Until final settlement of such obligations and the distribution of
such assets, the Fund shall remain in existence and all rights and obligations of the Fund and
its Members under this Agreement shall continue unimpaired, except that no Member may be
suspended or may withdraw.
(b) No distribution of assets shall be made to Members until all liabilities to creditors have been
discharged or provided for. The Fund shall distribute its assets to contributing Memberspro
rata to the contributions that each Member has made to the resources of the Fund. Such
distribution shall be decided by the Governing Council by a threefourths majority of the total
number of votes and shall be effected at such times, and in such currencies or other assets as
the Governing Council shall deem fair and equitable.
Article 10. Legal status, privileges and immunities
Section 1 - Legal status
The Fund shall possess international legal personality.

Section 2 - Privileges and immunities
(a) The Fund shall enjoy in the territory of each of its Members such privileges and immunities as
are necessary for the exercise of its functions and for the fulfilment of its objective.
Representatives of Members, the President and the staff of the Fund shall enjoy such
privileges and immunities as are necessary for the independent exercise of their functions in
connexion with the Fund.
(b) The privileges and immunities referred to in paragraph (a) shall:
(i) in the territory of any Member that has acceded to the Convention on the Privileges and
Immunities of the Specialized Agencies in respect of the Fund, be as defined in the
standard clauses of that Convention as modified by an annex thereto approved by the
Governing Council;
(ii) in the territory of any Member that has acceded to the Convention on the Privileges and
Immunities of the Specialized Agencies only in respect of agencies other than the Fund, be
as defined in the standard clauses of that Convention, except if such Member notifies the
Depositary that such clauses shall not apply to the Fund or shall apply subject to such
modifications as may be specified in the notification;
(iii) be as defined in other agreements entered into by the Fund.
(c) In respect of a Member that is a grouping of States, it shall ensure that the privileges and
immunities referred to in this Article are applied in the territories of all members of the
grouping.
Article 11. Interpretation and arbitration
Section 1 - Interpretation
(a) Any question of interpretation or application of the provisions of this Agreement arising
between any Member and the Fund or between Members of the Fund, shall be submitted to
the Executive Board for decision. If the question particularly affects any Member of the Fund
not represented on the Executive Board, that Member shall be entitled to be represented in
accordance with regulations to be adopted by the Governing Council.
(b) Where the Executive Board has given a decision pursuant to subsection (a), any Member may
require that the question be referred to the Governing Council, whose decision shall be final.
Pending the decision of the Governing Council, the Fund may, so far as it deems necessary,
act on the basis of the decision of the Executive Board.
Section 2 - Arbitration
In the case of a dispute between the Fund and a State that has ceased to be a Member, or between
the Fund and any Member upon the termination of the operations of the Fund, such dispute shall be
submitted to arbitration by a tribunal of three arbitrators. One of the arbitrators shall be appointed by
the Fund, another by the Member or former Member concerned and the two parties shall appoint the
third arbitrator, who shall be the Chairman. If within 45 days of receipt of the request for arbitration
either party has not appointed an arbitrator, or if within 30 days of the appointment of two arbitrators
the third arbitrator has not been appointed, either party may request the President of the International
Court of Justice, or such other authority as may have been prescribed by regulations adopted by the
Governing Council, to appoint an arbitrator. The procedure of the arbitration shall be fixed by the
arbitrators, but the Chairman shall have full power to settle all questions of procedure in any case of
disagreement with respect thereto. A majority vote of the arbitrators shall be sufficient to reach a
decision, which shall be final and binding upon the parties.
Article 12. Amendments
(a) Except in respect of Schedule II:
(i) Any proposal to amend this Agreement made by a Member or by the Executive Board shall be
communicated to the President who shall notify all Members. The President shall refer
proposals to amend this Agreement made by a Member to the Executive Board, which shall
submit its recommendations thereon to the Governing Council.
(ii) Amendments shall be adopted by the Governing Council by a four-fifths majority of the total

number of votes. Amendments shall enter into force three months after their adoption unless
otherwise specified by the Governing Council, except that any amendment modifying:
A) the right to withdraw from the Fund;
B) the voting majority requirements provided for in this Agreement;
C) the limitation on liability provided for in Section 3 of Article 3;
D) the procedure for amending this Agreement;
shall not come into force until written acceptance of such amendment by all Members is
received by the President.
(b) In respect of the several parts of Schedule II, amendments shall be proposed and adopted as
provided in such parts.
(c) The President shall immediately notify all Members and the Depositary of any amendments that
are adopted and of the date of entry into force of any such amendments.
Article 13. Final clauses
Section 1 - Signature, ratification, acceptance, approval and accession
(a) This Agreement may be initialled on behalf of the States listed in Schedule I to this Agreement
at the United Nations Conference on the Establishment of the Fund and shall be open for
signature at the Headquarters of the United Nations in New York by the States listed in that
Schedule as soon as the initial contributions indicated therein to be made in freely convertible
currencies amount to at least the equivalent of 1,000 million United States dollars (valued as of
10 June 1976). If the foregoing requirement has not been fulfilled by 30 September 1976 the
Preparatory Commission established by that Conference shall convene by 31 January 1977 a
meeting of the States listed in Schedule I, which may by a two-thirds majority of each category
reduce the above specified amount and may also establish other conditions for the opening of
this Agreement for signature,
(b) Signatory States may become parties by depositing an instrument of ratification, acceptance or
approval; non-signatory States listed in Schedule I may become parties by depositing an
instrument of accession. Instruments of ratification, acceptance, approval and accession by
States in category I or II shall specify the amount of the initial contribution the State undertakes
to make. Signatures may be affixed and instruments of ratification, acceptance, approval or
accession deposited by such States until one year after the entry into force of this Agreement.
(c) States listed in Schedule I that have not become parties to this Agreement within one year
after its entry into force and States that are not so listed, may, after approval of their
membership by the Governing Council, become parties by depositing an instrument of
accession.
Section 2 - Depositary3 )
(a) The Secretary-General of the United Nations shall be the Depositary of this Agreement.
(b) The Depositary shall send notifications concerning this Agreement:
(i) until one year after its entry into force, to the States listed in Schedule I to this Agreement,
and after such entry into force to all States parties to this Agreement as well as to those
approved for membership by the Governing Council;
(ii) to the Preparatory Commission established by the United Nations Conference on the
Establishment of the Fund, as long as it remains in existence, and thereafter to the
President.
Section 3 - Entry into force
(a) This Agreement shall enter into force upon receipt by the Depositary of instruments of
ratification, acceptance, approval or accession from at least 6 States in category I, 6 States in
category II and 24 States in category III, provided that such instruments have been deposited
by States in categories I and II the aggregate of whose initial contributions specified in such
3) [Red: Dit woord ontbreekt in het gewaarmerkt afschrift van de Engelse tekst.]

instruments amounts to at least the equivalent of 750 million United States dollars (valued as
of 10 June 1976), and further provided that the foregoing requirements have been fulfilled
within 18 months of the date on which this Agreement is opened for signature or by such later
date as the States that have deposited such instruments by the end of that period may decide,
by a two-thirds majority of each category, and as they notify to the Depositary.
(b) For States that deposit an instrument of ratification, acceptance, approval or accession
subsequent to the entry into force of this Agreement, it shall enter into force on the date of
such deposit.
(c) The obligations accepted by original and non-original Members under this Agreement prior to
26 January 1995 shall remain unimpaired and shall be the continuing obligations of each
Member to the Fund.
(d) References throughout this Agreement to categories or to categories I, II and III shall be
deemed to refer to the categories of Members prevailing prior to 26 January 1995, as set out in
Schedule III hereto, which forms an integral part of this Agreement.
Section 4 - Reservations
Reservations may only be made to Section 2 of Article 11 of this Agreement.
Section 5 - Authoritative texts
The versions of this Agreement in the Arabic, English, French and Spanish languages shall each be
equally authoritative.
IN WITNESS WHEREOF, the undersigned being duly authorized thereto, have signed this Agreement
in a single original in the Arabic, English, French and Spanish languages.
Schedule I
Part I States eligible for original membership
CATEGORY I

CATEGORY II

CATEGORY III

Australia

Algeria

Argentina

Austria

Gabon

Bangladesh

Belgium

Indonesia

Bolivia

Canada

Iran

Botswana

Denmark

Iraq

Brazil

Finland

Kuwait

Cape Verde

France

Libyan Arab Jamahiriya

Chad

Nigeria

Chile

Germany

Qatar

Colombia

Ireland

Saudi Arabia

Congo

Italy

United Arab Emirates

Costa Rica

Luxembourg

Venezuela

Cuba

Japan

Dominican Republic

Netherlands

Ecuador

New Zealand

Egypt

Norway

El Salvador

Spain

Ethiopia

Sweden

Ghana

Switzerland

Greece

United Kingdom of Great Britain and
Northern Ireland

Guatemala

United States of America

Guinea

Haiti

Honduras

India
Israela)

Jamaica

Kenya

Liberia

Mali

Malta

Mexico

Morocco

Nicaragua

Pakistan

Panama

Papua New Guinea

Peru

Philippines

Portugal

Republic of Korea

Romania

Rwanda

Senegal

Sierra Leone

Somalia

Sri Lanka

Sudan

Swaziland

Syrian Arab Republic

Thailand

Tunisia

Turkey

Uganda

United Republic of Tanzania

Uruguay

Yugoslavia

Zaire

Zambia

a) With reference to Article 7, Section 1 (b) on the use of resources of the Fund for “developing

countries”, this country will not be included under this Section and will not seek or receive financing
from the Fund.
Part II Pledge of initial
contributions4 )STATE

CURRENCY UNIT

AMOUNT IN CURRENCY

EQUIVALENT IN SdRsa)

Category I

Australia

Australian dollar

Austria

US dollar

Belgian franc

500 000 000b)

US dollar

1 000 000

Canada

Canadian dollar

Denmark

US dollar

Finland

Finnish markka

France

US dollar

25 000 000

21 863 875

Germany

US dollar

55 000 000b)c)

48 100-525

Ireland

Pound sterling

570 000b)

883 335

Italy

US dollar

25 000 000b)

21 863 875

Japan

US dollar

55 000 000b)

48 100 525

Luxembourg

Special drawing rights

320 000b)

320 000

Netherlands

Dutch guilder

100 000 000

34 594 265

US dollar

3 000 000

New Zealand

New Zealand dollar

2 000 000a)

1 721 998

Norway

Norwegian kroner

75 000 000b)

20 612 228

US dollar

9 981 851b)

Spain

US dollar

2 000 000d)

1 749 110

Sweden

Swedish kroner

100 000 000

22 325 265

Belgium

4) Subject to obtaining, where required, the necessary legislative approval.

11 930 855

US dollar

3 000 000

Switzerland

Swiss franc

22 000 000b)

7 720 790

United Kingdom

Pound sterling

18 000 000

27 894 780

United States

US dollar

200 000 000

174 911 000

Subtotal

496 149 059

Category II

Algeria

US dollar

10 000 000

8 745 550

Gabon

US dollar

500 000

437 278

Indonesia

US dollar

1 250 000

1 039 194

Iran

US dollar

124 750 000

109 100 736

Iraq

US dollar

20 000 000

17 491 100

Kuwait

US dollar

36 000 000

31 483 980

Libyan Arab Jamahirariya

US dollar

20 000 000

17 491 100

Nigeria

US dollar

26 000 000

22 738 430

Qatar

US dollar

9 000 000

7 870 995

Saudi Arabia

US dollar

105 500 000

92 265 553

Emirates

US dollar

16 500 000

14 430 158

Venezuela

US dollar

66 000 000

57 720 630

Subtotal

380 868 704

United Arab

a) Special drawing rights (SDRs) of the International Monetary Fund valued as of 10 June 1976. These

equivalent values are stated merely for information in the light of section 2 (a) of article 5 of the
Agreement, with the understanding that the initial contributions pledged will be payable in accordance
with section 2 (a) of article 4 of the Agreement in the amount and currency specified by the State
concerned.
b) Payable in three instalments.
c) This amount includes an additional pledge of US$3 million, which was made subject to the
necessary budgetary arrangements in the fiscal year 1977.

d) Payable in two

instalments.STATE

CURRENC
Y UNIT

AMOUNT IN CURRENCY

EQUIVALENT IN SDRsa)

FREELY CONVERTIBLE

NOT FREELY
CONVERTIBLE

Category III
240 000 000e)

Argentina

Argentine
pesto

1 499 237

Bangladesh

Taka
500 000
(equivalent
of US dollar)

Cameroon

US dollar

10 000

8 746

Chile

US dollar

50 000

43 728

Ecuador

US dollar

25 000

21 864

Egypt

Egyptian
300 000
pound
(equivalent
of US dollar)

Ghana

US dollar

100 000

Guinea

Sily

25 000 000b)

Honduras

US dollar

25 000

21 864

India

US dollar

2 500 000

2 186 388

437 278

262 367

87 456

1 012 145

Indian rupee 2 500 000
(equivalent
of US dollar)

2 186 388

Israel

Israel pound 150 000b)f)
(equivalent
of US dollar)

131 183

Kenya

Kenya
1 000 000
shilling
(equivalent
of US dollar)

874 555

Mexico

US dollar

5 000 000

Nicaragua

Cordobas

200 000

Pakistan

US dollar

500 000

Pakistan
rupee

500 000

4 372 775

24 894

437 278

437 278

(equivalent
of US dollar)

Philippines

US dollara)

250 000g)

43 728

Republic of Korea

US dollar

100 000

87 456

174 911

Won
100 000
(equivalent
of US dollar)

87 456

Romania

Lei
1.000.000
(equivalent
of US dollar)

874 555

Sierra Leone

Leone

20 000

15 497

Sri Lanka

US dollar

500 000

437 278

Sri Lanka
500 000
rupee
(equivalent
of US dollar)

437 278

Syrian Arab Republic

Syrian
pound

500 000

111 409

Thailand

US dollar

100 000

Tunisia

Tunisian
dinar

50 000

100 621

Turkey

Turkish lira
100 000
(equivalent
of US dollar)

87 456

Uganda

Uganda
shilling

200 000

20 832

United Republic of
Tanzania

Tanzania
shilling

300 000

31 056

Yugoslavia

Yugoslav
300 000
dinar
(equivalent
of US dollar)

262 367

Subtotal

Total freely convertible
Grand total (freely and not freely
convertible)

87 456

7 836 017

9 068 763
884 853 780h)
893 922 543

a) Special drawing rights (SDRs) of the International Monetary Fund valued as of 10 June 1976. These

equivalent values are stated merely for information in the light of section 2 (a) of article 5 of the
Agreement, with the understanding that the initial contributions pledged will be payable in accordance
with section 2 (a) of article 4 of the Agreement in the amount and currency specified by the State
concerned.
b) Payable in three instalments.
e) To be spent within the territory of Argentina for goods or services required by the Fund.
f) Usable for technical assistance.
g) US$ 200 000 of this pledge was stated to be subject to confirmation, including the terms of payment
and the type of currency. This amount has consequently been entered in the “not freely convertible”
column.
h) Equivalent of $US 1 011 776 023 valued as of 10 June 1976.
Schedule II. Distribution of votes and election of Executive Board members
1. The Governing Council, in accordance with the procedures specified in paragraph 20 of this
Schedule, shall decide, from time to time, the distribution of seats and alternate seats among
the Members of the Fund, taking into account; (i) the need to strengthen and safeguard the
mobilisation of resources for the Fund; (ii) the equitable geographic distribution of the said
seats; and (iii) the role of developing Member Countries in governance of the Fund.
2. Distribution of Votes in the Executive Board. Each member of the Executive Board shall be
entitled to cast the votes of all of the Members that it represents. Where the member
represents more than one Member, it may cast separately the votes of the Members that it
represents.
3.
a) Lists of Member Countries. The Member Countries shall be divided, from time to time,
into Lists A, B and C for the purposes of this Schedule. Upon joining the Fund, a new
Member shall decide on which List it wishes to be placed and, after consultation with the
Members of that List, shall provide appropriate notification thereof to the President of the
Fund in writing. A Member may, at the same time of each election for the members and
alternate members representing the List of Member Countries to which it belongs, decide
to withdraw from one List of Member Countries and place itself upon another List of
Member Countries, with the approval of the Members therein. In such event, the concerned
Member shall inform the President of the Fund in writing of such change, who shall, from
time to time, inform all Members of the composition of all the Lists of Member Countries.
b) Distribution of Seats in the Executive Board. The eighteen (18) members and up to
eighteen (18) alternate members of the Executive Board shall be elected or appointed from
the Members of the Fund and of whom:
(i) eight (8) members and up to eight (8) alternate members shall be elected or appointed
from among those Members set forth in list A of Member Countries, to be established
from time to time;
(ii) four (4) members and four (4) alternate members shall be elected or appointed from
among those Members set forth in the List B of Member Countries, to be established
from time to time; and
(iii) six (6) members and six (6) alternate members shall be elected or appointed from
among those Members set forth in the List C of Member Countries, to be established
from time to time.
4. Procedures for the Election of Executive Board Members. The procedures that shall apply
for the election or appointment of members and alternate members to vacant seats on the
Executive Board shall be those set forth below for the respective Members of each List of
Member Countries.
A. Election of Members of the Executive Board and their Alternates
PART I: List A Member Countries
5. All of the members and alternate members of the Executive Board from list A of Member
Countries shall serve for a term of three years.
6. The Members of List A shall form themselves into a number of constituencies equal to the
number of seats allocated to the List, with each constituency represented by one member and

one alternate member in the Executive Board. The Member Countries of List A may decide to
appoint less than the total number of alternate members allocated to that List. The President of
the Fund shall be informed of the composition of each constituency and any changes thereto
that may be made by the Members of List A from time to time.
7. The Members of List A shall decide on the procedures that shall apply for the election or
appointment of members and alternate members to vacant seats on the Executive Board and
shall provide a copy thereof to the President of the Fund.
8. Amendments. The Governors representing List A Member Countries may by a unanimous
decision amend the provisions of Part I of this Schedule (paragraphs 5 to 7). Unless otherwise
decided, the amendment shall have immediate effect. The President of the Fund shall be
informed of any amendment to Part I of this Schedule.
PART II: List B Member Countries
9. All of the members and alternate members of the Executive Board from list B of Member
Countries shall serve for a term of three years.
10. The Members of List B shall form themselves into a number of constituencies equal to the
number of seats allocated to the List, with each constituency represented by one member and
one alternate member in the Executive Board. The President of the Fund shall be informed of
the composition of each constituency and any changes thereto that may be made by the
Members of List B from time to time.
11. The Members of List B shall decide on the procedures that shall apply for the election or
appointment of members and alternate members to vacant seats on the Executive Board and
shall provide a copy thereof to the President of the Fund.
12. Amendments. The provisions of Part II of this Schedule (paragraphs 9 to 11) may be
amended by a vote of the Governors representing two-thirds of the List B Member Countries
whose contributions (made in accordance with Section 5 (c) of Article 4) amount to seventy
percent (70%) of the contributions of all List B Member Countries. The President of the Fund
shall be informed of any amendments to Part II of this Schedule.
PART III: List C Member Countries
13. All the members and alternate members of the Executive Board from List C of Member
Countries shall serve for a term of three years.
14. The Members of List C shall form themselves into constituencies, the number of which shall
not exceed the number of seats allocated to the List, with each constituency represented by
one or more members and the same number of alternate members in the Executive Board.
The President of the Fund shall be informed of the composition of each constituency and any
changes thereto that may be made by the Members of List C from time to time.
15. The Members of List C shall decide on the procedures that shall apply for the election or
appointment of members and alternate members to vacant seats on the Executive Board and
shall provide a copy thereof the President of the Fund.
16. Amendments. Part III of this Schedule (paragraphs 13 to 15) may be amended from time to
time by a two-thrds majority of the list C Member Countries. The President of the Fund shall be
informed of any amendments to Part III of this Schedule.
B. General Provisions Applicable to Lists A, B and C
17. The names of the members and alternate members elected or appointed by Lists A, B and C
of Member Countries, respectively, shall be furnished to the President of the Fund.
18. Notwithstanding anything to the contrary in paragraphs 5 to 16 above, at the time of each
election, the Members of a List of Member Countries or the members of a constituency within
a List may decide to appoint a specified number of Members making the highest substantial
contribution to the Fund from that List as a member or alternate member of the Executive
Board for that List of Member Countries in order to encourage Members to contribute to the
resources of the Fund. In such event, the result of that decision shall be notified in writing to
the President of the Fund.
19. Once a new Member Country has joined a List of Member Countries, its Governor may
designate an existing member of the Executive Board for that List of Member Countries to
represent it and cast its vote until the next election of members of the Executive Board for that

List. During such period, a member so designated shall be deemed to have been elected or
appointed by the Governor which so designated it and the Member Country shall be deemed
to have joined that member’s constituency.
20. Amendments to Paragraphs 1 to 4, 8, 12 and 16 to 20. The procedures set forth in
paragraphs 1 to 4, 8, 12 and 16 to 20 inclusive herein may be amended from time to time by
two-thirds majority of the total votes of the Governing Council. Unless otherwise decided, any
amendment of paragraphs 1 to 4, 8, 12 and 16 to 20 inclusive shall take effect immediately
upon adoption thereof.
SCHEDULE III. Distribution of Member States among Categories as at 26 January 1995
Category I
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Japan
Luxembourg
Netherlands
New Zealand
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
United States
Category II
Algeria
Gabon
Indonesia
Iraq
Kuwait
Libyan Arab Jamahiriya
Nigeria
Qatar
Saudi Arabia
United Arab Emirates
Venezuela
Category III
Afghanistan
Albania
Angola
Antigua and Barbuda
Argentina
Armenia
Azerbaijan
Bangladesh

Barbados
Belize
Benin
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Burkina Faso
Burundi
Cambodia
Cameroon
Cape Verde
Central African Republic
Chad
Chile
China
Colombia
Comoros
Congo
Cook Islands
Costa Rica
Côte d’Ivoire
Croatia5 )
Cuba
Cyprus
D.P.R. Korea
Djibouti
Dominica
Dominican Republic
Ecuador
El Salvador
Equatorial Guinea
Eritrea
Ethiopia
Fiji
Gambia, The
Georgia6 )
Ghana
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
India
Israel
Jamaica
Jordan
Kenya
Kyrgyzstan
Laos
Lebanon
5) The application of the Republic of Croatia for membership in IFAD as a member of Category III was approved by the
Governing Council at its Seventeenth Session in January 1994. However, Croatia has not yet deposited its instrument of
accession to the Agreement.
6) The application of the Republic of Georgia for membership in IFAD as a member of Category III was approved by the
Governing Council at its Eighteenth Session in January 1995. However, Georgia had not yet deposited its instrument of
accession to the Agreement.

Lesotho
Liberia
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Mauritania
Mauritius
Mexico
Mongolia
Morocco
Mozambique
Myanmar
Namibia
Nepal
Nicaragua
Niger
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Republic of Korea
Romania
Rwanda
Saint Christopher and Nevis
Saint Lucia
Saint Vincent and the Grenadines
Sao Tome and Principe
Senegal
Seychelles
Sierra Leone
Solomon Islands
Somalia
Sri Lanka
Sudan
Suriname
Swaziland
Syria
Tajikistan
Tanzania, United Republic of
Thailand
The Former Yugoslav Republic of Macedonia
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
Uganda
Uruguay
Viet Nam
Western Samoa
Yemen
Yugoslavia
Zaire
Zambia

Zimbabwe