Reform of the International Monetary System

A/RES/3347(XXIX)No PDF available

Who created this mandate?

A Resolution of the General Assembly, published in 1975.

What other versions does this mandate have?

2 versions · 1974–1975

1975A/RES/3347(XXIX)Reform of the international monetary systemLatestCompare with previous version
1974A/RES/3084(XXVIII)Reform of the international monetary system

Versions are identified automatically by matching titles within the same organ (~97% accuracy on a manual audit).

What subjects does this mandate have?

2 topics

Development Finance International Monetary System

What does this mandate say?

22 operative paragraphs

Takes note of the recommendations submitted by the ad hoc Committee on Reform of the International Monetary System and Related Issues and the resolutions adopted by the Board of Governors of the International Monetary Fund, both with regard to the immediate steps and t~e longer-term reform, and stresses the need to continue efforts towards a reformed world monetary system, taking full account of the principies and objectives of the decisions taken by the General Assembly on a new international economic order, based on co-operation and consultation within the framework of a strengthened lnternational Monetary Fund, that will promote economic development and encourage the growth of world trade on a stable and equitable basis;

Expresses concern at the difficult and complex problems facing the world economy, such as generalized inflation and the prospects of recession as well as the acute problems confronting, in particular, developing countries, and emphasizes the need to solve such problems by the co-operative efforts of the international community as a whole, taking full account of the principies and objectives established in General Assembly resolution 3202 (S-VI), in line with national antiinflationary policies that take into account the repercussions on other countries and particularly on the developing countries, and with financia] arrangements designed to ease the short-term balance-of-payments problems that take fully into consideration the needs of ali countries concerned;

Endorses the concept of an adjustment process in which adequate methods to assure timely and effective balance-of-payments adjustment will be assisted by improved international consultation within the International Monetary Fund;

Notes with satisfaction the recognition by the Board of Governors of the International Monetary Fund of ~e importance of the transfer of real resources to developing countries and the need for the efficient functioning of the international adjustment process and welcomes the decision that the new Interim Committee of the International Monetary Fund will supervise the management and adaptation of the international monetary system, including the continuing operation of the adjustment process, and in this connexiol\ 'will review developments in global Iiquidity and the transfer of real resources to developing countries;

Stresses the importance of avoiding the escalation of restrictions for balance-of-payments purposes during the interim period when the reformed monetary system is further developed and particularly of safeguarding the interests of the developing countries at ali times during this process, and in this context welcomes the recommendations of the ad hoc Committee on Reform of the lntemational Monetary System and Related Issues that developing countries should be exempted to the fullest extent possible from imports and capital export restrictions applied by developed countries;

W elcomes the establishment of the lnterim Comrnittee of the Board of Govemors of the Intemational Monetary Fund on the Intemational Monetary System as well as of the Development Committee;

Furthe.~ stresses that the improved management of international economy both in the short and the long term requires a tripartite approach encompassing measures in the monetary, development, financia] and commercial spheres, and that, in order to be fully responsive to the development requirements of developing countries, the reformed monetary system should be developed in conjunction with parallel arrangements for the expansion of the exports of the developing countries and an acceleration in the flow of real resources to them, having regard to the special problems of the Ieast developed among them, under favourable terms and conditions, consistent with their development needs;

Urges developed countries, for this purpose:

In designing their adjustment measures, not to reduce the access of exports from developing countries to their markets, the access of these countries and international financia] institutions to their financia] markets, nor to reduce the volume of official development assistance or barden its terms and conditions;

Forthwith to remove to the fullest extent possible existing legal institutional and administrative obstacles to the access of developing countries to their financia! markets, and ali such import restrictions which have been imposed in contravention of the standstill provisions of the General Agreement on Tariffs and Trade, the United Nations Conference on Trade and Development and the lntemational Development Strategy for the Second United Nations Development Decade;

To accelerate the pace of the implementation of the targets laid down in the Intemational Development Strategy for the net ll.mount of financial resources transfers to the developing countries, particularly its official component, so as to meet the target of the Strategy and to make every effort to exceed it;

To adopt measures for Iiberalization of trade, and for preferential access of exports of developing countries in world market~, as laid down in the lnternational Development Strategy and in accordance with the time targets set therein, bearing in niind that these objectives are also to be pursued in the multilateral trade negotiations;

Invites ali States to respond to the generally recognized or mutually agreed development needs and objectives of developing countries by promoting increased net flows of real resources to the developing countries from ali sources, taking into account any obligations and commitments undertaken by the States concemed, in order to reinforce the efforts of developing countries to accelerate their economic and social development;

1 O. Reaffirms the policy and co-ordinating functions of the Economic and Social Council under the Charter of the United Nations and the central role of the United Nations Conference on Trade and Development within the United Nations system on matters related to trade and development and, in this connexion, expressses the hope that a fruitful co-operation will develop between the Development Committee and thosc bodies;

Welcomes the agreement of the ad hoc Committee on Reform of the Intemational Monetary System and Related Issues to utilize the Special drawing rights as the principal reserve asset and also the numéraire in terms of which par values will be expressed;

Emphasizes that a política! decision on the link between development finance and special drawing rights allocation will have to be reached without further delay, bearing in mind that the Executive Board of the Intemational Monetary Fund is now working on a series of amendments to the Articles of Agreement of the Fund, including one to authorize the Fund to implement the link for consideration by the Interim Committee of the Fund in January J 975 and by its Board of Govemors immediately after;

W e/comes the establishment by the Jntemational Monetary Fund of the oil facility as well as the new extended facility under which developing countries should be able to receive medium-term balance-ofpayments ti.nance under more favourable terms and conditions and emphasizes the need to examine immediately the question of improving the terms and conditions of both facilities with a view to making them more responsive to the balance-of-payments needs of the developing countries;

Stresses the need in reconsidering the quota system of the Intemational Monetary Fund inter alia:

To take fully into account the requirements of developing countries for, and their ability to contribute to, balance-of-payments ti.nance;

( b) To reflect recent changes in balance-of-payments position and creditor positions of. the members of the Fund;

( c) To increase the over-all participation of developing countries in the decision-making process of the Fund, bearing in mind the measures referred to in subparagraphs (a) and (b) above;

Emphasizes that any decision on the current status of gold:

Should be intemationally agreed;

Should serve to promote. the objeclives of the monetary reform, with the special drawing rights becoming the principal reserve as·set and with the role of gold and reserve currencies being gradually reduced;

Should take into account the concem of developing countries with regard to the distribution of world liquidity.

2323rd p/enary meeting

17 December 1974

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