Decision ID: 000777

In June 1997 the 1971 Fund Executive Committee decided that the Fund should not provide credit facilities, in accordance with Article 4.8 of the Fund Convention, to the Government of the Repubic of Korea for the costs of measures to remove the wreck or the remaining oil onboard, since it was clear from the legislative history of Article 4.8, as interpreted by the 1971 Fund Assembly, that the provision had been inserted in the Convention for the purpose of assisting developing countries.