Article 8 Imf Agreement

1. Where the commitment remaining after the clearing referred to in point (b) of Article XXIV(2) is concluded by the resigning participant and the transaction agreement between the Fund and the terminating participant within six months of the date of termination, the Fund shall terminate that balance of the Special Drawing Rights in equal half-yearly instalments within a maximum period of five years from the date of termination. of termination. The Fund shall pay that balance, in accordance with its disposition, either by paying to the resigning participant the sums that the remaining participants have made available to the Fund in accordance with Article XXIV, Section 5, or by authorizing the resigning participant to use its special drawing rights to obtain its own currency or a freely usable currency from a participant designated by the Fund; the general resources account or any other holder. 2. Where the commitment remaining after the clearing referred to in point (b) of Article XXIV(2) is established by the Fund and the agreement on the transaction is not concluded within six months of the date of termination, the resilient participant shall fulfil that obligation in equal half-yearly instalments within three years of the date of termination or within a longer period set by the Fund. The participant who terminates the obligation, as the Fund may determine, shall fulfil that obligation either by the payment of a currency freely available to the Fund, or by the acquisition of special drawing rights under Article XXIV, Section 6, of the General Resources Account, or in agreement with a participant designated by the Fund or by another holder, and the offsetting of these special drawing rights ahead of the rate due. The Fund shall report annually on the restrictions in force under Section 2 of this Article. .