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60

II SÉRIE - A — NUMERO 7

currencies derived therefrom as principal, interest or other charges, shall be governed by the terms of the arrangements pursuant to which such currencies are received.

d) All other currencies received by the Association may be freely used and exchanged by the Association and shall not be subject to any restriction by the member whose currency is used or exchanged; provided that the foregoing shall not preclude the Association from entering into any arrangements with the member in whose territories any project financed by the Association is located restricting the use by die Association of such members's currency received as principal, interest or other charges in connection with such financing.

e) The Association shall take appropriate steps to ensure that, over reasonable intervals of time, the portions of the subscriptions paid under article n, section 2, d), by members listed in part i, of schedule A shall be used by the Association on an approximately pro rata basis, provided, however, that such portions of such subscriptions as are paid in gold or in a currency other than that of the subscribing member may be used more rapidly.

Section 2

Maintenance of value of currency holdings

a) Whenever the par value of a member's currency is reduced or the foreign exchange value of a member's currency has, in the opinion of the Association, depreciated to a significant extent within that member's territories, the member shall pay to the Association within a reasonable time an additional amount of its own currency sufficient to maintain the value, as of the time of subscription, of the amount of the currency of such member paid in to the Association by the member under article n, section 2, d), and currency furnished under the provisions of the present paragraph, whether or not such currency is held in the form of notes accepted pursuant to article n, section 2, e), provided, however, that the foregoing shall apply only so long as and to the extent that such currency shall not have been initially disbursed or exchanged for the currency of another member.

b) Whenever die part value of a member's currency is increased, or die foreign exchange value of a member's currency has, in the opinion of die Association, appreciated to a significant extent within that member's territories, the Association shall return to such member within a reasonable time an amount of that member's currency equal to the increase in the value of the amount of such currency to which the provisions of paragraph a) of this section are applicable.

c) The provisions of the preceding paragraphs may be waived by the Association when a uniform proportionate change in the par value of the currencies of all its members is made by the International Monetary Fund.

d) Amounts furnished under the provisions of paragraph a) of this section to maintain the value of any currency shall be convertible and usable to the same extent as such currency.

ARTICLE V Operations

Section 1

Use of resources and conditions of financing

a) The Association shall provide financing to further development in the less-developed areas of the world included within the Association's membership.

b) Financing provided by the Association shall be for purposes which in the opinion of the Association are of high developmental priority in the ligth of the needs of the area or areas concerned and, except in special circumstances, shall be for specific projects.

c) The Association shall not provide financing if in its opinion such financing is available from private sources on terms which are resonable for the recipient or could be provided by a loan of the type made by the Bank.

d) The Association shall not provide financing except upon the recommendation of a competent committee, made after a careful study of the merits of the proposal. Each such committee shall be appointed by the Association and shall include a nominee of the governor or governors representing the member or members in whose territories the project under consideration is located and one or more members of die technical staff of the Association. The requirement that the committee include the nominee of a governor or governors shall not apply in the case of financing provided to a public international or regional organization.

e) The Association shall not provide financing for any project if the member in whose territories the project is located objects to such financing, except that it shall not be necessary for the Association to assure itself that individual members do not object in the case of financing provided to a public international or regional organization.

f) The Association shall impose no conditions that (he proceeds of its financing shall be spent in me territories of any particular member or members. The foregoing shall not preclude the Association from complying with any restrictions on the use of funds imposed in accordance with the provisions of these articles, including restrictions attached to supplementary resources pursuant to agreement between the Association and the contributor.

g) The Association shall make arrangements to ensure that the proceeds of any financing are used only for the purposes for which the financing was provided, with due attention to considerations of economy, efficiency and competitive international trade and without regard to political or other non-economic influences or considerations.

h) Funds to be provided under any financing operation shall be made available to the recipient only to meet expenses in connection with the project as they are actually incurred.

Section 2

Form and terms of financing

a) Financing by the Association shall take the form of loans. The Association may, however, provide other financing:

i) Either out of funds subscribed pursuant to article m, section 1, and funds derived therefrom as principal, interest or other charges, if the authorization for such subscriptions expressly provides for such financing;

k) Or in special circumstances, out of supplementary resources furnished to the Association, and funds derived therefrom as principal, interest or other charges, if the arrangements under which such resources are furnished expressly authorize such financing.

b) Subject to the foregoing paragraph, the Association may provide financing in such forms and on such terms as it may deem appropriate, having regard to the economic

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