No. 5/17/2571
Date: 18 Dhu al‑Hijjah 1376 AH
By the grace of Almighty God,
We, Saud bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia,
After reviewing our directive issued in the Political Department Letter No. 5/1/17/2962 dated 22/11/1376 approving participation in the International Monetary Fund and the International Bank for Reconstruction and Development,
And after reviewing Council of Ministers Resolution No. 122 dated 6/12/1376,
And based on what has been presented to us by the Prime Minister and the Minister of Finance and National Economy,
We hereby decree the following:
Article One
Our Government accepts the Agreement of the International Monetary Fund and the International Bank for Reconstruction and Development, concluded on 22 July 1944 at the United Nations Monetary and Financial Conference held at Bretton Woods, New Hampshire, United States of America.
Article Two
The aforementioned agreements shall enter into force as of the date they are signed by our Ambassador in Washington, whom we have authorized:
- To sign the original copies deposited with the Government of the United States of America.
- To deposit our instruments of acceptance of both agreements—and of the two resolutions mentioned in Paragraph (3) of this Decree—with the said Government, after these instruments have been signed by our Minister of Foreign Affairs.
Article Three
- Our Government accepts:
• Resolution No. 12‑4 adopted by the Board of Governors of the International Monetary Fund, setting forth the conditions for the Kingdom’s membership, communicated by letter dated 4 June 1957 to our Ambassador in Washington.
• Resolution No. 108 adopted by the Board of Governors of the International Bank for Reconstruction and Development, setting forth the conditions for the Kingdom’s membership, communicated by letter dated 29 May 1957 to our Ambassador in Washington. - Our Government shall act in accordance with these two resolutions immediately upon issuance of this Decree.
Article Four
- The Kingdom shall conduct its dealings with the International Monetary Fund and the International Bank for Reconstruction and Development through the Saudi Arabian Monetary Agency (SAMA), in accordance with Article V, Section (1) of the IMF Agreement.
- The Saudi Arabian Monetary Agency shall serve as the depository institution pursuant to Article XIII, Section 2(a) of the IMF Agreement, and Article V, Section 11(a) of the IBRD Agreement.
Article Five
The Prime Minister and the Minister of Finance shall implement this Decree, each within their respective jurisdiction.