4. Where the Fund`s holdings in the currency of an outgoing member are greater than the amount owed to it and no agreement is reached on the accounting method within six months of the date of withdrawal, the former member is required to repay the excess currency in a freely usable currency. The repayment is made at the rates at which the Fund would sell these currencies at the time of the Fund`s exit. The outgoing member is required to complete the withdrawal within five years of the date of revocation or a longer period set by the Fund, but is not required to repay more than one-tenth of the Fund`s excess assets on its currency at the time of exit, plus other purchases of the currency during that semester, over a period of one semester. If the member who retires does not fulfil this obligation, the fund may, in each market, liquidate in an orderly manner the amount of money that should have been repaid. The Fund reports annually on the restrictions applicable to Section 2 of this article. Each member with restrictions inconsistent with Article VIII, Sections 2, 3 or 4 consults the Fund each year on the continuation of its conservation. The Fund may, if it considers such measures necessary in exceptional circumstances, to argue to a member that the conditions for revocation of a particular restriction or the general removal of restrictions inconsistent with the provisions of other articles of this agreement are favourable. The member has a reasonable period of time to respond to these statements. If the Fund finds that the member maintains restrictions inconsistent with the Fund`s purposes, it is subject to Article XXVI, Section 2, Point a). 36 As the Fund itself is not bound by these provisions, Article XV:3 of the GATT instructed the contracting parties to “reach an agreement with the Fund on the consultation procedures covered in paragraph 2 of this article”. The WTO Charter calls on the WTO to take appropriate steps towards effective cooperation with other WTO-related intergovernmental organizations. Charter of the WTO art.
V:l. Neither the exchange of letters nor the cooperation agreement sees the obligation for the Fund to consult with the GATT/WTO on trade issues. As Roessler assumed during the discussion on the exchange of letters, a provision to that effect might have required a change in the Fund`s statutes. Frieder Roessler: Selective Balance-of-Payments Adjustment Measures Affecting Trade: The Roles of the GATT and the IMF, 9 J. World Trade L. 622,644 (1975) Google Scholar. While Article X of the Fund`s article authorizes cooperation with other international organizations, it states that “[a]ny agreements . . . an amendment to a provision of this agreement was made only after the amendment of this agreement.” The money the Fund receives from a resilient participant is used by the Fund to exchange special drawing rights held by participants in proportion to the amount of each participant`s participation in special drawing rights at the time the Fund receives the coin for its cumulative net allocation.
Special drawing rights thus collected and special drawing rights received by a participant terminate, in accordance with the provisions of this agreement, in order to satisfy any waterproofing agreement or scheduleD rates due and charged at this rate are void. 2 As used here, the “WTO agreements” refer to the Marrakesh Agreement establishing the World Trade Organization [the WTO Charter] and the main multilateral agreements associated with it, Apr.