Posted the: 2012-02-21 Numac: 2012003064 FEDERAL finance PUBLIC SERVICE January 16, 2012. -Act for approval of the fourteenth general revision of assessments of members of the international monetary fund and amendments of the statutes of the international monetary fund, as foreseen in resolution No. 66 - 2 of December 15, 2010 by the Board of Governors of international monetary Fund (1) ALBERT II, King of the Belgians, to all present and future salvation.
The Chambers have adopted and we endorse the following: Article 1. This Act regulates a matter referred to in article 77 of the Constitution.
S. 2. the Resolution No. 66-2 of the Governing Council of the International Monetary Fund by December 15, 2010, which is reproduced in the Appendix, will come out full and complete effect.
S. 3. the King is allowed to consent, on behalf of Belgium, to rise to 6 410,7 million of special drawing rights (SDRS) of the share current 4 605.2 million of drawing rights (SDRS) Special of the Belgium to the international monetary fund, as provided for in Resolution No. 66-2 of the Board of Governors of international monetary fund by December 15, 2010.
Promulgate this Act, order that it self under the seal of the State and published by le Moniteur.
Given in Brussels, January 16, 2012.
ALBERT by the King: the Deputy Prime Minister and Minister of finance, S. VANACKERE Deputy Prime Minister and Minister of Foreign Affairs, D. REYNDERS sealed with the seal of the State: the Minister of Justice, Ms. A. TURTELBOOM _ Note (1) Session 2011-2012.
Senate parliamentary Documents. -Bill No. 5 - 1285/1, report, no. 5-1285/2. -Text adopted in plenary meeting and transmitted to the Chamber, no. 53-1888/1.
-17 November 2011.
House of representatives parliamentary Documents. -Bill, no. 53 - 1888/1. -Report No. 53 - 1888/2. -Text adopted in plenary, no. 53 - 1888/3, and subject to Royal assent.
Compte rendu intégral. -15 December 2011.
Annex fund international monetary Resolution No. 66-2 the Governing Council increase in the assessments of the Member countries of the fourteenth Fund overhaul) and the Statute amendments, relating to the reform of the Board of Directors whereas Board of Directors submitted to the Governing Council a report entitled: "fourteenth-General Revision of assessments and the reform of the Governing Council: report of the Board of Directors to the Board of Governors. hereafter indicated by 'the report', and whereas International and Financial Committee, in its communiqué of 29 April, invited the Governing Council to move forward two years, and so in January 2011, the deadline for finalization of the fourteenth General review of quotas, and whereas the Board of Directors, following the fourteenth General review of quotas recommended to increase the quotas of the Member States of the Fund, and whereas the Board of Directors has recommended to proceed to an amendment of the statutes in order to thus establish a Board of directors consisting solely of elected managers, and considering that the Board of Directors recommended to give a Manager, elected by 7 Member States or more, the right to appoint two managers alternates , and, after the first regular election managers following the entry into force of the amendment proposed statutes and approved by Resolution No. 63-2 of Board of Governors, and considering that the President of the Board of Governors requested the Fund Secretariat to submit the proposal of the Board of Directors to the Board of Governors, and considering that the Fund Secretariat has submitted the report of the Council of administration explaining the proposal to the Board of Governors, and considering that the Board of Directors asked the Governing Council to vote, out of meeting, on the following Resolution pursuant to Section 13 of the General of the Fund regulations: Decision of Council of Governors which takes note of the recommendations and the report to the Board of Directors. Therefore: 1. the international monetary Fund proposes that the provisions of this Resolution being application, assessments of the Member countries of the Fund will be brought to the amounts next to their name in annex 1 attached to the present Resolution.
2. an increase of the share of a member country as proposed by this Resolution shall take effect as at the time where it has notified the Fund no later than on the date in paragraph 4 below, consent and where all of the increase in its share, will be paid within the time limit provided for in paragraph 5 below it being understood that no member country should arrears as redemptions, fees or commitments in the general resources account cannot consent to an increase in its share, or pay increase, when he will be acquitted of all these obligations.
3. no increase in quotas, as proposed in this Resolution will only enter into force before: (i) that the Board of Directors has found that Member States whose quotas amounted to at least 70% of the total of the quotas as of November 5, 2010, have accepted the proposed increase of their quotas.
(ii) the amendment of the statutes, as explained in annex 2 of this Resolution, has entered into force; and (iii) that the amendment of the Statute, approved by the Resolution No. 63-2 of the Board of Governors has entered into force.
Each Member State undertakes to make every effort to finalize these measures prior to the annual meetings of 2012 at the latest. The governing body was invited to check on a quarterly basis that progress has been made in implementing these measures implement.
4. the notifications referred to in paragraph 2 above will be carried out by a duly authorized representative of the Member State and must be sent to the Fund no later than December 31, 2011, at 18.00 hours Washington, being understood that the governing body may extend this time if it considers it necessary.
5. each member country shall pay to fund the increase in its share within 30 days from the most distant dates below: (a) the date on which it will be notified to fund his consent, or (b) the expected date in paragraph 3 above, on the understanding that the Board of Directors may extend this period if it considers it necessary.
6. in its decision of extension of the time limit for consent to an increase in share or payment of this increase, the Board of Directors particularly account of the situation of members who may still wish to consent to an increase in their share or pay this increase, including members with persistent arrears to the general resources account, whether it's unpaid of redemptions costs or liabilities to the general resources account, and which, according to him, are working with the Fund in light of the settlement of these obligations.
7. as regards the Member States which have not yet approved the increase in their quotas under the eleventh General review and Resolution No. 63-2 of the Board of Governors, the deadline to approve these increases in quotas is the date mentioned in paragraph 4 above.
8. each member country shall pay 25 per cent of the increase in special drawing rights, in currencies of other countries specified with their consent by the Fund or any combination of these currencies and special drawing rights. The Member State shall pay the balance of the increase in its own currency.
9. the governing body has been invited to conduct a comprehensive review of the formula for the month of January 2013.
10. the Board of Directors was invited to move in January 2014 the deadline for finalization of the fifteenth General review of quotas. According to forecasts, each redistribution begat an increase in the shares of dynamic economies in quotas, proportionally to their relative positions in the world economy, and therefore probably to the share of emerging economies and countries developing considered globally. The necessary measures will be taken to protect the right to vote and representation of the poorest Member States.
11. given the increase proposed quotas under the fourteenth General review, the Board of Directors and participants to new borrowing (NAB) agreements are invited to register, for the month of November 2011 at a review of credit agreements NAE whereby LRN will be reduced by a corresponding amount, with conservation of the relative shares, which will enter effectively into force as soon as he will meets the conditions referred to in paragraph 3 of that Resolution and that the payments of allowances relating to the threshold of participation referred to in paragraph 3 (i) of the resolution, will be executed.
12. the proposed amendment to the statutes of the Monetary Fund international, as described in annex II to the present Resolution ('proposal for the amendment of the statutes of the international monetary fund') relating to the reform of the Board of Directors is approved.
13. the Secretariat was invited to ask all the Member States of the Fund, by a circular telegram or any other means of rapid communication, if they accept the proposed amendment to the statutes of the international monetary fund
relating to the reform of the Governing Council, and, in accordance with the provisions referred to in Article XXVII of the Statute.
14. the communication which should be sent to all Member States, in accordance with paragraph 13 of the present Resolution, will stipulate that the proposal for amendment of the statutes of the international monetary fund relating to the reform of the Board of Directors apply to all Member States as soon as the Fund will be confirmed through a formal communication to all Member States as three-fifths of all Member States with more than eighty-five per cent of the total voting rights, agreed the amendment of the statutes of the international monetary Fund proposal for the reform of the governing body.
15. as A result of the first regular election administrators following the entry into force of the amendment of the statutes in accordance with Resolution No. 63-2 approved by the Board of Governors, a Director elected by seven Member States or more shall be entitled to appoint two alternate directors.
16. the sine qua non to the appointment of two Deputy Directors implies that an administrator informs the Secretariat of the Fund of the designation: (i) the Deputy who will intervene to the administrator if the latter is absent and two alternates are present. and (ii) of the substitute that, under Article XII, section 3 (f), shall exercise the powers of the administrator.
An administrator may at any time inform the Secretariat of the Fund to a modification of these designations.
17. the Board of Governors notes: (i) the commitment to reduce the number of Directors representing the States of two units European industrialized to allow a better representation of developing countries and of those developing, and, at the latest at the date of the first regular election of Directors which will be organised when the conditions listed in paragraph 3 of this Resolution will have been met , and (ii) the commitment of the members of the Fund to retain a Board of directors consisting of 24 administrators to review the composition of the Board of Directors at the end of a period of eight years from the date to which it will have satisfied the conditions set out in paragraph 3 of the present Resolution.
Schedule 1 share proposed (in millions of SDRS) Bijlage 1 Voorgestelde Quota's (in miljoenen STR's) Islamic Republic of Afghanistan323, 8Islamitische Republiek Afghanistan Albanie139, 3albanie algerie1.959, 9Algerije Angola740, 1Angola Antigua-and-Barbuda20, 0Antigua in Barbuda Argentine3.187, 3argentinie armenie128, 8armenie Autriche3.932, 0Oostenrijk Australie6.572, 4australie azerbaidjan391, 7Azerbeidzjan Bahamas182, 4Bahamas Bahrein395, 0Bahrein Bangladesh1.066, 6Bangladesh Barbade94, 5Barbados bielorussie681, 5Wit-Rusland Belgique6.410, 7belgie Belize26, 7Belize benin123, 8Benin Bhoutan20, 4Bhutan Bolivie240, 1bolivie Bosnia-herzegovine265 , 2bosnie-Herzegovina Botswana197, 2Botswana bresil11.042, 0brazilie Brunei Darussalam301, 3Brunei Darussalam Bulgarie896, 3Bulgarije Burkina Faso120, 4Burkina Faso Burundi154, 0Burundi Cambodge175, 0Cambodja Cameroun276, 0Kameroen Canada11.023, 9Canada Cap-Vert23, 7kaapverdie Republic centrafricaine111, 4Centraal-Afrikaanse Republiek Tchad140, 2Tsjaad Chili1.744, 3Chili Chine30.482, 9China Colombie2.044, 5Colombia Comores17, 8Comoren Democratic Republic of the Congo1.066, 0Democratische Republiek Congo Republic of Congo162, 0Republiek Congo Costa Rica369, 4Costa Rica side of Ivoire650, 4Ivoorkust Croatie717, 4kroatie Chypre303 , 8Cyprus Republic tcheque2.180 2Tsjechische Republiek Danemark3.439, 4Denemarken Djibouti31, 8Djibouti Dominique11, 5Dominica Republic Dominique477, 4Dominicaanse Republiek Equateur697, 7Ecuador Egypt 2.037, 1Egypte El Salvador287, 2El Salvador Guinea equatoriale157, 5Equatoriaal Guinea erythree36, 6Eritrea Estonie243, 6Estland Ethiopie300, 7ethiopie Fidji98, 4Fiji Finlande2.410, 6Finland France20.155, 1Frankrijk Gabon216, 0Gabon Gambie62, 2Gambia georgie210, 4georgie Allemagne26.634, 4Duitsland Ghana738, 0Ghana grece2.428, 9Griekenland Grenade16, 4Grenada Guatemala428, 6Guatemala guinee214, 2Guinee Guinea-Bissau28, 4Guinee-Buissau Guyane181, 8Guyana haiti163 , 8haiti Honduras249, 8Honduras Hongrie1.940, 0Hongarije Islande321, 8IJsland Inde13.114, 4India indonesie4.648, 4indonesie Republic Islamic Iran3.567 1Islamitische Republiek Iran Irak1.663, 8Irak Irlande3.449, 9Ierland israel1.920, 9israel Italie15.070, 0italie jamaique382, 9Jamaica Japon30.820, 5Japan Jordanie340, 1jordanie Kazakhstan1.158, 4Kazachstan Kenya542, 8Kenia Kiribati11, 2Kiribati Republic coree8.582, 7Republiek Korea Kosovo82, 6Kosovo koweit1.933, 5Koeweit Republic of Kirghizie177, 6Republiek Kirgizie Democratic Republic of the Laos105, 8Democratische Volksrepubliek Laos Lettonie332, 3Letland Liban633, 5Libanon Lesotho69 , 8Lesotho Liberia258, 4Liberia Libye1.573, 2libie Lituanie441, 6Litouwen Luxembourg1.321, 8Luxemburg former Yugoslav Republic of macedoine140, 3Voormalige Joegaslavische Republiek Macedonia Madagascar244, 4Madagaskar Malawi138, 8Malawi Malaisie3.633, 8maleisie Maldives21, 2Maldiven Mali186, 6Mali Malte168, 3Malta Islands Marshall4, 9Marshalleilanden Mauritanie128, 8mauritanie Maurice142, 2Mauritius Mexique8.912, 7Mexico Federated States of micronesie7, 2Gefedereerde Staten van Micronesia Moldavie172, 5moldavie Mongolia 72, 3mongolie montenegro60, 5Montenegro Maroc894, 4Marokko Mozambique227, 2Mozambique Myanmar516, 8Myanmar Namibie191, 1namibie nepal156 , 9Nepal country-Bas8.736, 5Nederland new-zelande1.252, 1Nieuw-Zeeland Nicaragua260, 0Nicaragua Niger131, 6Niger nigeria2.454, 5Nigeria norvege3.754, 7Noorwegen Oman544, 4Oman Pakistan2.031, 0Pakistan Palau4, 9Palau Panama376, 8Panama 2Papoea-Nieuw-Guinea, Papua-New-guinee263 Paraguay201, 4Paraguay perou1.334, 5Peru Philippines2.042, 9Filippijnen Pologne4.095, 4Polen Portugal2.060, 1Portugal Qatar735, 1Qatar Roumanie1.811, 4roemenie Federation russe12.903, 7Russische Federatie Rwanda160, 2Rwanda Samoa16, 2Samoa Saint-Marin49, 2San Marino Sao Tome and Principe14, 8Sao Tome in principle Saudi saoudite9.992, 6Saoedi-Saudi senegal323, 6Senegal Serbie654 , 8servie Seychelles22, 9Seychellen Sierra Leone207, 4Sierra Leone Singapour3.891, 9Singapore Republic slovaque1.001 0Slovaakse Republiek slovenie586, 5slovenie Islands Salomon20, 8Salomonseilanden Somalie163, 4somalie Africa du Sud3.051, 2Zuid-Afrika Espagne9.535, 5Spanje Sri Lanka578 8Sri Lanka Saint-Kitts-and-Nevis12, 5 St.
Kitts in Nevis Sainte-Lucie21, 4. St Lucia St Vincent - and - Grenadines11, 7St.
Vincent and the Grenadines Soudan630, 2Soedan Suriname128, 9Suriname Swaziland78, 5Swaziland suede4.430, 0Zweden Suisse5.771, 1Zwitserland Arab Republic syrienne1.109, 8Arabische Republiek Syria Tadjikistan174, 0Tajikistan Tanzanie397, 8Tanzania thailande3.211, 9Thailand Timor-Leste25, 6Timor-Leste Togo146, 8Togo Tonga13, 8Tonga Trinidad-and-Tobago469, 8Trinidad in Tobago Tunisie545, 2tunesie Turquie4.658, 6Turkije turkmenistan238, 6Turkmenistan Tuvalu2, 5Tuvalu Ouganda361, 0Oeganda Ukraine2.011, 8oekraine United Arab Emirates unis2.311, 2Verenigde Arabische Emiraten Kingdom Uni20.155, 1Verenigd Koninkrijk States Unis82.994, 2Verenigde Staten Uruguay429 , 1Uruguay ouzbekistan551, 2Oezbekistan Vanuatu23, 8Vanuatu Venezuela3.722, 7Venezuela Vietnam1.153, 1Vietnam Republic yemen487, 0Republiek Jemen Zambie978, 2Zambia Zimbabwe706, 8Zimbabwe TOTAL of all membres476.774, 6TOTAAL van alle leden annex 2 proposed amendment of the statutes of international monetary Fund on the reform of the Board of Directors the Governments on whose behalf these statutes were signed agree as follows: 1. the wording of article XII , section 3 (b), is amended as follows: "(b) subject to the provisions of paragraph (c) below, the Board of Directors is composed of twenty directors elected by the Member States and chaired by the Director-general. ''
2. the wording of article XII, section 3 (c), is amended as follows: "(c) for the purposes of each ordinary Directors election, the Governing Council may, by majority of eighty-five per cent of the total number of votes attributed, increase or decrease the number of Directors referred to in paragraph (b) above."
3. the wording of article XII, section 3 (d), is amended as follows: '(d) the election of Directors made every two years, in accordance with the rules adopted by the Governing Council. These rules provide a limit to the total number of votes that could be cast in favour of the same candidate by more than one Member State. ' 4. the wording of article XII, section 3 (f), is amended as follows: "(f) the directors shall remain in office until their successors are elected. If the office of a Director becomes vacant more than ninety days before the expiration of its mandate, another administrator is elected for the remaining period, by the Member States who had elected the previous administrator. The election takes place in the majority of the votes cast. As long as the position remains vacant, the substitute of the previous administrator exercises the powers of it, except to appoint an alternate. ' 5. the wording of article XII, section 3 (i), is amended as follows: "(i)) (i) each Director has the number of votes, which counted for his election.
(ii) when the provisions of section 5, paragraph (b) of the present article are applicable, the number of votes that would have disposed of an administrator should be increased or decreased accordingly. Any administrator should block casting ballots before it.
(iii) where the suspension of the voting rights of a Member State is revoked under section 2, paragraph (b), of article XXVI, that Member State may agree with all Member States that have elected an administrator that the voices that are attributed to him are expressed by this administrator, subject to that, if no ordinary Directors election had place during the period of suspension (, the administrator in the election which the Member State had participated before the suspension of voting rights, or his successor elected under the provisions of paragraph 3 (c) i) of Schedule L or paragraph (f) above, shall be entitled to express the voting power audit Member State. The Member State shall be deemed to have participated in the election of the administrator the authority to express the votes allocated to that Member State.
' 6. the wording of article XII, section 3 (d), is amended as follows: '(d) the Governing Council shall adopt rules enabling a Member State to send a representative to any meeting of the Board of Directors which is considered an application by that Member State or a question concerning particularly. ' 7. the wording of article XII, section 8, is amended as follows: "the Fund may, at any time, a Member State its views on any matter that arises during the application hereof. The Fund may, by majority of Septuagint per cent of the total number of voting power, decide to publish a report to a Member State on the monetary situation or its economic situation and their development, if they directly tend to cause a serious imbalance in the international balance of payments of Member States. The Member State concerned has the right to be represented in accordance with section 3 (d), of this article.
The Fund does not report which would involve changes in the basic structure of the economic organization of Member States publish. ("8. the wording of article XXI (a) ii) is amended as follows: ' (a) ii) for decisions of the Board of Directors on matters concerning exclusively the Special Drawing Rights Department, only Directors elected by at least one Member State having the quality of participant have the right to vote. '' Each of these directors may express the number of votes attributed to participating Member States whose votes have contributed to his election. To determine if a quorum is present or if a decision is taken to the required majority, it shall account to the presence of the directors elected by the Member States with the quality of participants and the votes allocated to the Member States with the quality. "9. the wording of article XXIX (a) is amended as follows: ' (a) any question of interpretation of the provisions of the present articles which would arise between any member and the Fund or between Member States is subject to the Board of Directors for decision. '' If the issue particularly affects a Member State, that Member State has the right to be represented in accordance with section 3 (d), of article XII.
"10. the wording of paragraph 1 (a) of Annex D is amended as follows:" (a) each State member or group of Member States that loads an administrator to express the number of votes allocated to it appoints to the College a Counsellor, who must be a Governor, a Minister of the Government of a Member State or a person of comparable rank, and may appoint more than seven associates. '' A majority of eighty-five percent of the total number of voting power, the Governing Council may change the number of members who may be appointed. The Advisor or associate seat until his successor is appointed or until the next regular Directors election if it takes place before the appointment. "11. the content of paragraph (e) of paragraph 5 of Annex D is deleted.
12. paragraph (f) of paragraph 5 of Annex D becomes the paragraph (e) of paragraph 5 of Appendix D and the wording of the new paragraph (e) of paragraph 5 is amended as follows: "(e) when an administrator is empowered to express the votes allocated to a Member State pursuant to section 3 (i) iii) article XIII, Advisor appointed by the group whose members elected the administrator shall be entitled to vote and to express the voting power to". that Member State. The Member State shall be deemed to have participated in the appointment of the authorized Advisor to vote and express the votes allocated to that Member State. "13. the wording of Schedule E is amended as follows: 'Interim provisions relating to directors' 1. Upon the entry into force of the provisions of this Annex: (a) any Director appointed pursuant to the former provisions of section 3, paragraph (b)), or section 3, paragraph (c), article XII and exercising its functions immediately before the entry into force of this annex, shall be deemed have been elected by the Member State with the appointed; and (b) any Director who expresses the number of votes of a Member State under the former provisions of section 3, (i) ii), article XII paragraph immediately before the entry into force of this annex, is deemed have been elected by that Member State. "14. the wording of paragraph 1 (b) of Schedule L is amended as follows:" (b) appoint a Governor or alternate Governor, appoint an advisor or a consultant acting, or participate in their appointment, elect a Director, or participate in its election. " "15. the wording of the chapeau of paragraph 3 (c) of Schedule L is amended as follows:"(c) the Director elected by the Member State, or to the election whereby the Member State took part, ceases to perform his duties, except if this administrator was entitled to express the votes allocated to other Member States whose voting rights have been suspended. "In the latter case: ' International Monetary Fund Resolution No.. 66-2 of the Board of Governors Fourteenth General Review of Quotas and Reform of the Executive Board Whereas the Executive Board has submitted tot the Board of Governors a Report entiteld "Fourteenth General Review of Quotas and Reform of the Executive Board: Report of the Executive Board to the Board of Governors", hereinafterh the "Report." and Whereas the International Monetary and Financial Committee in its April 2009 news release called on the Executive Board to bring forward the deadline for completion of the Fourteenth General Review of Quotas by two years to January 2011; and Whereas the Executive Board has recommended increases in the allowances of members of the Fund as a result of the Fourteenth General Review of Quotas; and Whereas the Executive Board has recommended an amendment of the Articles of Agreement to establish an Executive Board consisting solely of elected Executive Directors; and Whereas the Executive Board has recommended that, following the first regular election of Executive Directors after entry into force of the proposed amendment of the Articles of Agreement approved udner Board of Governors Resolution No.. 63-2 year Executive Director elected by 7 or more members should be entitled to extra two Alternate Executive Directors; and Wheras the Chairman of the Board of Governors has requested the Secretary of the Fund to bring the proposal of the Executive Board before the Board of Governors; and Whereas the Report of the Executive Board setting forth its proposal has been submitted to the Board of Governors by the Secretary of the Fund; and Whereas the Executive Board has requested the Board of Governors to vote on the following Resolution without meeting, pursuant to Section 13 of the By-Laws of the Fund: Now, therefore, the Board of Governors, noting the recommendations and the said Report of the Executive Board, hereby resolves that: 1 The International Monetary Fund proposes that, subject to the provisions of this Resolution the quotas of members of the Fund shall be increased to the amounts shown against tehir names in Attachment I to this Resolution.
2 A member's increase in quota as proposed by this Resolution shall not become effective unless that member has à in writing to the increase not later than the date prescribed by or under paragraph 4 below and has paid the increase in full within the period prescribed by or under paragraph 5 below, provided that member with overdue repurchases No. , charges or assessments to the General Resources Account may consent to or pay for the increase in its quota until it becomes current in respect of those obligations.
3 No. increase in quotas proposed by this Resolution shall become effective until: (i) the Executive Board has determined that members having not less than 70 percent of the total of quotas on November 5, 2010 have à in writing to the increases in their quotas.
(ii) the proposed amendment of the Articles of Agreement set out in Attachment II of this Resolution has entered into force; and (iii) the proposed amendment of the Articles of Agreement approved under Board of Governors Resolution No.. 63-2 had entered into force.
Each member commits to use its best efforts to complete these steps no. later than the Annual Meetings in 2012. The Executive Board is requested to monitor, on a quarterly basis, the progress made in the implementation of these steps.
4 records in accordance with paragraph 2 shall be executed by a duly authorized official of the member and must be received in the Fund before 6:00 p.m., Washington time, December 31, 2011, provided that the Executive Board may extend this period as it may determine.
5 Each member shall pay to the Fund the increase in its quota
within 30 days after the later of (a) the date on which it notifies the Fund of its consent, or (b) the date on which all of the conditions set forth in paragraph 3 above are met, provided that the Executive Board may extend the payment period as it may determine.
6 When deciding on an extension of the period for consents gold of payment for the increase in quotas, the Executive Board shall give particular consideration to the situation of members that may still wish to consent to or pay for the increase in quota, including members with protracted arrears to the General Resources Account, consisting of overdue repurchases, charges or assessments to the General Resources Account that in its judgment, are cooperating with the Fund toward the settlement of these obligations.
7. for members that have not yet à to their increases in quotas under the Eleventh General Review and under Board of Governors Resolution No.. 63-2, the deadline for consents to such quota increases shall be the date determined by or under paragraph 4 above.
8 Each member shall pay 25 percent of its increase either in special drawing rights gold in the currencies of other members specified, with their competition, by the Fund, or in any combination of special drawing rights and such currencies. The balance of the increase shall be paid by the member in its own currency.
9. The Executive Board is requested to complete a comprehensive review of the formula by January 2013.
10. The Executive Board is requested to bring forward the timetable for completion of the Fifteenth General Review of Quotas to January 2014. Any realignment is expected to result in increases in the quota shares of dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole. Steps shall be taken to protect the voice and representation of the poorest members.
11. in light of the proposed increases in quotas under the Fourteenth General Review, the Executive Board and participating in the New Arrangements to Borrow (NAB) are requested to undertake a review of NAB credit arrangements by November 2011, with a corresponding roll-back of the NAB, preserving relative shares, to become effective when the conditions set forth in paragraph 3 of this Resolution are met and the quota payments associated with the participation threshold in paragrah 3 (i) of this Resolution have been made.
12. The proposed amendment of the Articles of Agreement of the International Monetary Fund set forth in Attachment II to this Resolution (the "Proposed Amendment of the Reform of the Executive Board") is approved.
13. The Secretary is directed to ask all members of the Fund, by circular letter or telegram, or other rapid means of communication, whether they accept, in accordance with the provisions of Article XXVIII of the Articles, the Proposed Amendment on the Reform of the Executive Board.
14 The communication to be sent to all members in accordance with paragraph 13 of this Resolution shall specify that the Proposed Amendment on the Reform of the Executive Board shall enter into force for all members on the date on which the Fund certified, by a formal communication addressed to all members, that three-fifths of the members, having eighty-five percent of the total voting power , have accepted the Proposed Amendment on the Reform of the Executive Board.
15 Following the first regular election of Executive Directors after the entry into force of the amendment of the Articles of Agreement approved under Board of Governors Resolution No.. 63-2 year executive Director elected by seven or more members shall be entitled to extra two Alternate Executive Directors.
16 As a condition for appointing two Alternate Executive Directors, an Executive Director is required to designate by notice to the Secretary to the Fund: (i) the Alternate who shall act for the Executive director when he is not present and both Alternates are present; and (ii) the Alternate who shall exercise the powers of the Executive Director pursuant to Article XII, section 3 (f). By notification to the Secretary of the Fund, an Executive Director may change these designations at any time.
17. The Board of Governors takes note of: (i) the commitment to reduce, as a means of achieving greater representation of emerging market and developing countries, the number of Executive Directors representing advanced European countries by two no. later than the first regular election of Executive Directors after the conditions set forth in paragraph 3 of the Resolution are met, and (ii) the commitment of the Fund's membership to maintain an Executive Board consisting of 24 Executive Directors , and to review the composition of the Executive Board every eight years following the date the conditions set forth in paragraph 3 of this Resolution are met.
Attachment 1 Proposed quota (in millions of SDRs) Afghanistan, Islamic Republic of323, 8 Albania139, 3 Algeria1.959, 9 Angola740, 1 Antigua and Barbuda20, 0 Argentina3.187, 3 Armenia128, 8 Austria3.932, 0 Australia6.572, 4 Azerbaijan391, 7 Bahamas, The182, 4 Bahrain395, 0 Bangladesh1.066, 6 Barbados94, 5 Belarus681, 5 Belgium6.410, 7 Belize26, 7 Benin123, 8 Bhutan20, 4 Bolivia240, 1 Bosnia and Herzegovina265, 2 Botswana197, 2 Brazil11.042 , 0 Brunei Darussalam301, 3 Bulgaria896, 3 Burkina Faso120, 4 Burundi154, 0 Cambodia175, 0 Cameroon276, 0 Canada11.023, 9 Cape Verde23, 7 Central African Republic111, 4 Chad140, 2 Chile1.744, 3 China30.482, 9 Colombia2.044, 5 Comoros17, 8 Congo, Democratic Republic of1.066, 0 Congo, Republic of162, 0 Costa Rica369, 4 side of Ivoire650, 4 Croatia717, 4 Cyprus303, 8 Czech Republic2.180, 2 Denmark3.439, 4 Djibouti31, 8 Dominica11 , 5 Dominican Republic477, 4 Ecuator697, 7 Egypt 2.037,1 El Salvador287, 2 Equatorial Guinea157, 5 Eritrea36, 6 Estonia243, 6 Ethiopia300, 7 Fiji98, 4 Finland2.410, 6 France20.155, 1 Gabon216, 0 Gambia, The62, 2 Georgia210, 4 Germany26.634, 4 Ghana738, 0 Greece2.428, 9 Grenada16, 4 Guatemala428, 6 Guinea214, 2 Guinea-Bissau28, 4 Guyana181, 8 Haiti163, 8 Honduras249, 8 Hungary1.940, 0 Iceland321, 8 India13.114, 4 Indonesia4.648, 4 Iran , Islamic Republic of3.567, 1 Iraq1.663, 8 Ireland3.449, 9 Israel1.920, 9 Italy15.070, 0 Jamaica382, 9 Japan30.820, 5 Jordan 340.1 Kazakhstan1.158, 4 Kenya542, 8 Kiribati11, 2 Korea, Republic of8.582, 7 Kosovo82, 6 Kuwait1.933, 5 Kyrgyz Republic177, 6 Lao People Democratic Republic105, 8 Latvia332, 3 Lebanon633, 5 Lesotho69, 8 Liberia258, 4 Libya1.573, 2 Lithuania441, 6 Luxembourg1.321, 8 Macedonia, Former Yugoslav Republic140, 3 Madagascar244, 4 Malawi138 , 8 Malaysia3.633, 8 Maldives21, 2 Mali186, 6 Malta168, 3 Marshall Islands4, 9 Mauritania128, 8 Mauritius142, 2 Mexico8.912, 7 Micronesia, Federated States of7, 2 Moldova172, 5 Mongolia 72.3 Montenegro60, 5 Morocco894, 4 Mozambique227, 2 Myanmar516, 8 Namibia191, 1 Nepal156, 9 Netherlands8.736, 5 New Zealand1.252, 1 Nicaragua260, 0 Niger131, 6 Nigeria2.454, 5 Norway3.754, 7 Oman544, 4 Pakistan2.031, 0 Palau4, 9 Panama376, 8 Papua New Guinea263 , 4 Peru1.334, 5 Philippines2.042, 9 Poland4.095, 4 Portugal2.060, 1 Qatar735, 2 Paraguay201, 1 Romania1.811, 4 Russian Federation12.903, 7 Rwanda160, 2 Samoa16, 2 San Marino49, 2 Sao Tome and Principe14, 8 Saudi Arabia9.992, 6 Senegal323, 6 Serbia654, 8 Seychelles22, 9 Sierra Leone207, 4 Singapore3.891, Slovak Republic1.001, 0 Slovenia586 9, 5 Solomon Islands20, 8 Somalia163, South Africa3.051, 2 Spain9.535 4, 5 Sri Lanka578 8 st. Kitts and Nevis12, 5 St. Lucia21, 4 St.
Vincent and the Grenadines11, 7 Sudan630, 2 Suriname128, 9 Swaziland78, 5 Sweden4.430, 0 Switzerland5.771, 1 Syrian Arab Republic1.109, 0 Tanzania397, 8 Thailand3.211, 9 Timor-Leste25, 6 Togo146, 8 Tonga13, 8 Tajikistan174, 8 Trinidad and Tobago469, 8 Tunisia545, 2 Turkey4.658, 6 Turkmenistan238, 6 Tuvalu2, 5 Uganda361, 0 Ukraine2.011, 8 United Arab Emirates2.311 2 United Kingdom20.155, 1 United States82.994, 2 Uruguay429, 1 Uzbekistan551, 2 Vanuatu23 , 8 Venezuela3.722, 7 Vietnam1.153, 1 Yemen, Republic of487, 0 Zambia978, 2 Zimbabwe706, 8 TOTAL all members476.774 6 Attachment 2 Proposed Amendment of the Articles of Agreement of the International Monetary Fund on the Reform of the Executive Board The Governments on whose behalf the present Agreement is signed agree as follows: 1 The text of Article XII, Section 3 (b) shall be amended to read as follows : "(b) Subject to (c) below, the Executive Board shall consist of twenty Executive Directors elected by the members, with the Managing Director as chairman."
2 The text of Article XII, Section 3 (c) shall be amended to read as follows: "(c) For the purpose of each regular election of Executive Directors, the Board of Governors, by an eighty-five percent majority of the total voting power, may increase or decrease the number of Executive Directors specified in (b) above."
3 The text of Article XII, Section 3 (d) shall be amended to read as follows: "(d) election of Executive Directors shall be conducted at intervals of two years in accordance with regulations which shall be adopted by the Board of Governors. '' Such regulations shall include a limit on the total number of votes that more than one member may cast for the same candidate. "4 The text of Article XII, Section 3 (f) shall be amended to read as follows:"(f) Executive Directors shall continue until their successors are elected. If the office of an Executive Director becomes vacant more than ninety days before the end of his term, another Executive Director shall be elected for the remainder of the term by the members that elected the former Executive Director. A majority of the votes cast shall be required for election.
While the office remains vacant, the Alternate of the former Executive Director shall exercise his powers, except that of appointing an Alternate. ' 5. The text of Article XII, Section 3 (i) shall be amended to read as follows: '(i) (i) Each Executive Director shall be entitled to cast the '.
number of votes which counted towards his election.
(ii) When the provisions of Section 5 (b) of this Article are applicable, the votes which an Executive Director would otherwise be entitled to cast shall be increased or decreased correspondingly. All the votes which an Executive Director is entitled to cast shall be cast as a unit.
(iii) When the suspension of the voting rights of a member is terminated under Article XXVI, Section 2 (b), the member may agree with all the members that have elected an Executive Director that the number of votes allotted to that member shall be cast by such Executive Director, provided that, if no. regular election of Executive Directors has been conducted during the period of the suspension , the Executive Director in whose election the member had participated prior to the suspension, or his successor elected in accordance with paragraph 3 (c) (i) of Schedule L or with (f) above, shall be entitled to cast the number of votes allotted to the member. The member shall be deemed to have participated in the election of the Executive Director entitled to cast the number of votes allotted to the member. » 6 The text of Article XII, Section 3 (j) will be amended to read as follows: "(j) The Board of Governors shall adopt regulations under which a member may send a representative to waits for any meeting of the Executive Board when a request made by, or a matter particularly affecting that member is under consideration. '' "7 The text of Article XII, Section 8 shall be amended to read as follows:" The Fund shall at all times have the right to communicate its views informally to any member on any matter arising under this Agreement. '' The Fund may, by a seventy percent majority of the total voting power, decided to publish a report made to a member regarding its monetary or economic conditions and developments which directly tends to produce a serious disequilibrium in the international balance of payments of members. The relevant member shall be entitled to representation in accordance with Section 3 (f) of this Article. The Fund shall not publish a report involving changes in the fundamental structure of the economic organization of members. ' 8 The text of Article XXII (A) (ii) shall be amended to read as follows: "(a) (ii) For decisions by the Executive Board on matters pertaining exclusively to the Special Drawing Rights Department only Executive Directors elected by at least one member that is participating shall be entitled to vote. '' Each of these Executive Directors shall be entitled to cast the number of votes allotted to the members that participants are whose votes counted towards his election. Only the presence of Executive Directors elected by members that are participating and the votes allotted to members that are participants shall be counted for the purpose of determining whether a quorum exists or whether a decision is made by the required majority.
"9. The text of Article XXIX (a) shall be amended to read as follows:" (a) Any question of interpretation of the provisions of this Agreement arising between any member and the Fund or between any members of the Fund shall be submitted to the Executive Board for its decision. '' If the issue particularly affects any member, it shall be entitled to representation in accordance with Article XII, Section 3 (j).
"10. The text of paragraph 1 (a) of Schedule D will be amended to read as follows:" (a) Each member or group of members that has the number of votes allotted to it or them cast by an Executive Director shall extra to the Council one Councillor, who shall be a Governor, Minister in the government of a member, or person of comparable rank. , and may fill not more than seven Associates. The Board of Governors may change, by an eighty-five majority of the total voting power, the number of Associates who may be appointed. A Councillor or Associate shall serve until a new appointment is made or until the next regular election of Executive Directors, whichever shall occur sooner. "11. The text of paragraph 5 (e) of Schedule D shall be deleted.
12 Paragraph 5 (f) of schedule D shall be renumbered 5 (e) of Schedule D and the text of the new paragraph 5 (e) shall be amended to read as follows: "(e) When an Executive Director is entitled to cast the number of votes allotted to a member pursuant to Article XII, Section 3 (i) (iii), the Councillor appointed by the group whose members elected such Executive Director shall be entitled to vote and cast the number of votes allotted to such. Member. The member shall be deemed to have participated in the appointment of the Councillor entitled to vote and cast the number of votes allotted to the member. "13. The text of Schedule E shall be amended to read as follows:"Transitional Provisions with Respect to Executive Directors 1. Upon the entry into force of this Schedule: (a) Each Executive Director who was appointed pursuant to former Article XII, Sections 3 (b) (i) or 3 (c), and was in office immediately prior to the entry into force of this Schedule, shall be deemed to have been elected by the member who appointed him; and (b) Each Executive Director who cast the number of votes of a member pursuant to former Article XII, Section 3 (i) (ii) immediately prior to the entry into force of this Schedule, shall be deemed to have been elected by such a member. » 14 The text of paragraph 1 (b) of Schedule L shall be amended to read as follows: "(b) extra a Governor or Alternate Governor, extra or participate in the appointment of a Councillor or Alternate Councillor, or elect or participate in the election of the Executive Director.» » 15 The text of the chapeau of paragraph 3 (c) of Schedule L shall be amended to read as follows: "(c) The Executive Director elected by the member, one in whose election the member has participated, shall cease to hold office, unless such Executive Director was entitled to cast the number of votes allotted to other members whose voting rights have not been suspended." "In the latter case: