Document ID: chunk:federal_register_of_legislation:C2004A01728:section:6:p9
Version: federal_register_of_legislation:C2004A01728
Segment Type: section
Provision Reference: s 6 (pt 9/24)
Character Range: 22008–24815

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 and grants, 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.
(b) The proportion of the Fund's resources to be committed in any financial year for financing operations in either 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