agency of a Member, with the task of the administration of the project and program loans approved by it. Such administration shall otherwise be undertaken by the Fund. The administration of loans shall be subject to the provisions of this Agreement, the directives and regulations issued by the Governing Board and the details of each loan agreement. 6.05 Each Member of the Fund shall designate by a written notice to the Fund, its Executing National Agency which shall act as the channel of communications with the Fund on matters connected with this Agreement and may be entrusted with such functions as are referred to in the Articles of this Agreement. If required, each Executing National Agency shall establish in its records a special account in the name of the Fund separate from its own accounts and shall keep the Fund’s assets and transactions separate and apart from all its own assets and transactions.
Article Seven: Financial Regulations
7.01 The Governing Board shall issue financial regulations applica- ble to the Fund’s activities and covering in particular the Fund’s financial statements, administrative budget, investment of liquid funds, internal and external auditing as well as disbursement and expenditure procedures.
Article Eight: Special Funds
8.01 The Ministerial Council may authorize the undertaking by the Fund of the management of financial resources put at its disposal by Member Countries for specific purposes. The Governing Board shall lay down procedures necessary for the administration of such funds and the terms and conditions upon which they may be administered. The resources of such special funds shall have accounts showing their use, commitment and investment separately from those of the Fund’s own resources.
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