oa Comparative and International Law Journal of Southern Africa - The wide meaning, the narrow meaning and an international law meaning of article VIII(2)(b) of the International Monetary Fund agreement
From an international law viewpoint the narrow meaning ascribed to article VIII(2)(b) of the IMF agreement represents the international law obligation for states. This obligation can also not be regarded as having achieved customary international law status in view of the absence of any uniform practice among states. Because arbitration tribunals are not organs of state, they need not apply the provisions of the article. This is so, even if they have been instructed to apply international law as the obligation is not part of customary international law. The autonomy of the parties to select the law applicable to their contract is recognised by international law . This means that the parties can exclude the operation of article VIII(2)(b) even if they have selected a legal system which has incorporated the obligation contained in the article as the proper law of their contract.
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