15 DE JUNHO DE 1982

1984-(5)

which, in the opinion of the Fund, this is necessary or appropriate for the purposes of the loan, having regard to the economic position and prospects of the member or members for whose benefit the financing is being provided and to the nature and requirements of the project.

5 — Loans shall be repayable in the currency or currencies loaned or in such other freely convertible currency or currencies as the Fund shall determine.

6 — Before any financing is made available to or for the benefit of a member or for a project in the territory of a member, the Fund shall be satisfied that such member has taken all such administrative and legislative measures in respect of its territory as are necessary to give effect to the provisions of article 11,4, and chapter vin as if the member were a State participant, and it shall be a term of such financing that such administrative and legislative measures shall be maintained, and that in the event of any dispute between the Fund and a member, and in the absence of any other provision therefor, the provisions of article 53 shall have effect, as if the member were a State participant in the circumstances to which that article applies.

ARTICLE 17 Review and evaluation

A comprehensive and continuing review of completed projects, programmes and activities financed by the Fund shall be carried out to aid the Board of Directors and the president in determining the effectiveness of the Fund in accomplishing its purposes. The president, with the agreement of the Board of Directors, shall make arrangements for carrying out this review and its results shall be reported through the president to the Board of Directors.

ARTICLE 18

Co-operation with other international organizations, other institutions and States

In furtherance of its purposes, the Fund shall seek to co-operate, and may enter into arrangements for co--operation. with other international organizations, regional and sub-regional organizations, other institutions and States, provided that no such arrangement shall be made with a State which is not a member or a participant or with an agency of such State, unless it shall have been approved by an eighty-five per cent majority of the total voting power of the participants.

ARTICLE 19 Technical assistance

In furtherance of its purposes, the Fund may provide technical assistance, but such assistance will normally be on a reimbursable basis if it is not provided form special technical assistance grants or other means made available to the Fund for the purpose.

ARTICLE 20 Miscellaneous operations

In addition to the powers provided for elsewhere in this Agreement, the Fund may undertake such other activities incidental to its operations as shall be necessary or desirable in furtherance of its purposes and consistent with the provisions of this Agreement.

ARTICLE 21 Political activity prohibited

Neither the Fund, nor any officals or other persons acting on its behalf, shall interfere in the political affairs of any member; nor shall they be influenced in their decisions by the political character of the member or members concerned. Only considerations relevant to the economic and Social development of members shall be relevant to such decisions, and these considerations shall be weighed impartially to achieve the purposes stated in this Agreement.

CHAPTER VI Organization and management

ARTICLE 22 Organization of the Fund

The Fund shall have a Board of Govemors. a Board of Directors and a president. The Fund will utilise the officers, staff, organization, services and facilities of the Bank to carry out its functions and. if the Board of Directors, recognizes that there is need for additional personnel, will have such personnel who shall be engaged by the president pursuant to article 30. 4. v).

ARTICLE 2.1 Board of Governors — Powers

1 — All the powers of the Fund shall be vested in the Board of Governors.

2 — The Board of Governors may delegate to the Board of Directors all its powers, except the power to:

/') Admit new participants and determine the terms

of their admission: /'/') Authorize increases in subscription under article

7 and determine the terms and conditions

relating thereto; Hi) Suspend a participant;

iv) Decide appeals from decisions made by the Board of Directors concerning the interpretation or application of this Agreement:

v) Authorize the conclusion of general arrange-

ments for co-operation with other international organizations, other than arrangements of a temporary or administrative character:

vi) Select external auditors to audit the accounts of

the Fund and certify the balance sheet and statement of the income and expenditures of the Fund;

i/V) Approve, after reviewing the report of the auditors, the balance sheet and the statement of the income and expenditures of the Fund; viii) Amend this Agreement; i.x) Decide to terminate the operations of the Fund

and distribute its assets: and .r) Exercise such other powers as are expressly assigned to the Board of Govemors in this Agreement.

3 — The Board of Governors may at any time revoke the delegation of any matter to the Board of Directors.