Artikel 26

Without prejudice to the powers of the Board of Governors provided for in Article 23, the Board of Directors shall be responsible for the direction of the general operations of the Fund and for this purpose shall exercise any functions expressly given to it in this Agreement or delegated to it by the Board of Governors and, in particular, shall:
(i) prepare the work of the Board of Governors;
(ii) in conformity with the general directives of the Board of Governors, take decisions regarding individual loans and other forms of financing to be provided by the Fund under this Agreement;
(iii) adopt such rules, regulations or other measures as may be required to ensure that proper and adequate audited accounts and records are kept in relation to the operations of the Fund;
(iv) ensure that the Fund is served in the most efficient and economical manner;
(v) submit to the Board of Governors, for approval at each annual meeting, the accounts for each financial year in a form which distinguishes, to the extent necessary, between the accounts of the general operations of the Fund and of such operations as are financed from contributions made available to the Fund under Article 8;
(vi) submit to the Board of Governors for approval at each annual meeting an annual report; and
(vii) approve the budget and general lending programme and policies of the Fund, in accordance with the resources respectively available for these purposes.