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ISRAEL ACCEPTS OBLIGATIONS OF IMF ARTICLES OF AGREEMENT

 WASHINGTON, Oct. 1 /PRNewswire/ -- The government of Israel has notified the International Monetary Fund that it has accepted the obligations of Article VIII, Sections 2, 3 and 4 of the IMF Articles of Agreement, with effect from Sept. 21, 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. Israel is the 80th 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 which hamper the growth of world trade.
 By accepting the obligations of Article VIII, Israel 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 contribute to a multilateral payments system free of restrictions.
 Israel joined the IMF on July 12, 1954, and its quota(A) is special drawing rights (SDR) 446.6 million (about US$629 million).
 (A) A member's quota in the IMF determines, in particular, its subscription, its voting weight, its access to IMF financing and its allocation of SDRs.
 -0- 10/1/93
 /CONTACT: International Monetary Fund, External Relations Department, 202-623-7100/


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

MH-KD -- DC030 -- 7828 10/01/93 13:24 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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