** [The decisions on immediate action appear on pages 1001, 1020, 1021, and 1025. The Outline of Reform (at page 1004) will be submitted to the Board of Governors annual meeting in September.]

* [See page 1025.]

* [The Declaration was an attachment to the Final Communique of the Committee of Twenty.]

1 This pledge will take the form of a Declaration, as set out in the Appendix to this part of the Outline.

1 The parity of one currency with respect to another refers to the ratio of their par values.

1 These guidelines have been adopted by Executive Board Decision No. 4232.(7467). adopted June 13, 1974. They are contained in a memorandum referred to in that Decision and should be understood in the light of the commentary in that memorandum.

1 Various formulas might be constructed to approximate the desired result. For example, the number of units of a downward floating currency in the basket might be increased in proportion to a weighted average of the depreciation of the market rate trom the former parity as against each of the nonfloating currencies in the basket.

2 This question was also the subject of discussion during the Sixth Special Session of the General Assembly of the United Nations.

* [This method of valuation of SDRs became effective on July 1, 1974. On June 28, 1974, the Fund took the percentage weights below and made the calculations necessary to convert the weights into units of each of the 16 currencies in the basket. As a result of those calculations, the exchange rate for the SDR in terms of currency was determined. The exchange rates will fluctuate from day to day.]