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IMF: TRINIDAD AND TOBAGO ASSUMES ARTICLE VIII STATUS

 WASHINGTON, Jan. 4 /PRNewswire/ -- The government of Trinidad and Tobago has notified the International Monetary Fund (IMF) that is has accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF Articles of Agreement with effect from Dec. 13, 1993. IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions or from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval. Trinidad and Tobago is the 83rd member of the IMF to assume Article VIII status.
 Two of the main purposes of the IMF, as stated in its Articles of Agreement, are to facilitate the expansion and balanced growth of international trade, and thereby to contribute to the promotion and maintenance of high levels of employment and real income; and to assist in the establishment of a multilateral system of payments in respect of current transactions between IMF members. In seeking to achieve these objectives, the IMF exercises firm surveillance over the exchange rate policies of its members and oversees the elimination of exchange restrictions that hamper the growth of world trade.
 By accepting the obligations of Article VIII, Trinidad and Tobago gives confidence to the international community that it will pursue sound economic policies that will obviate the need to use restrictions on the making of payments and transfers for current international transactions, and thereby contributes to a multilateral payments system free of restrictions.
 Trinidad and Tobago has been a member of the IMF since Sept. 16, 1963, and its quota in the IMF is Special Drawing Rights (SDR) 246.8 million (about US$340 million).
 -0- 1/4/94
 /CONTACT: International Monetary Fund, External Relations Department, 202-623-7100/


CO: International Monetary Fund ST: District of Columbia IN: FIN SU:

DT-IH -- DC015 -- 9010 01/04/94 15:50 EST
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Publication:PR Newswire
Date:Jan 4, 1994
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