ABSTRACT
The majority of international loans have been contracted on the basis of floating interest rates. This also means that the parties have contracted to rely on the international money market. One can say that negotiation is the best way, since it is the most flexible method and it allows for a certain degree of equity. But in international law, generally, more equitable methods of settlement of such disputes, such as arbitration, should be considered preferable. Perhaps this is one of the ways to approach the problem of the development of institutions which could help in cases where differences arise between the IMF and the countries as regards the implementation of a certain stand-by arrangement. For most countries it is very difficult to accept a constitutional "theory" that relatively less important international treaties must be submitted to the parliament for approval whereas economically very important arrangements such as stand-by arrangements need not go through the same procedure.
