Page:United States Statutes at Large Volume 60 Part 2.djvu/313

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES Articles of agreement between the United States of America and other December27,194 powers respecting the International Monetary Fund. Formulated [T. L A.S. 1 5 01 at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1 to July 22, 1944; signed at Wash- ington December 27, 1945; instrument of acceptance by the United States of America deposited December 20, 1945; effective December 27, 1945. ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND 5 Stat.a12. The Governments on whose behalf the present Agreement is signed agree as follows: INTRODUCTORY ARTICLE The International Monetary Fund is established and shall operate in accordance with the following provisions: ARTICLE I PURPOSES The purposes of the International Monetary Fund are: (i) To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems. (ii) To facilitate the expansion and balanced growth of interna- tional trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all mem- bers as primary objectives of economic policy. (iii) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive ex- change depreciation. (iv) To assist in the establishment of a multilateral system of pay- ments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade. (v) To give confidence to members by making the Fund's resources available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity. 1401

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