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17 MARCH 2009. - An Act to approve Resolutions 63-2 and 63-3 of the Board of Governors of the International Monetary Fund and to amend the statutes of the International Monetary Fund (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
Article 1^er. This Act regulates a matter referred to in section 77, paragraph 1^er6° of the Constitution.
Art 2. Belgium approves the amendment of the statutes of the International Monetary Fund decided by the Board of Governors of the International Monetary Fund in accordance with Resolution No. 63-2 and Resolution No. 63-3, the text of which is annexed.
Promulgons this law, let us order it to be put on the seal of the State and published by the Belgian Monitor.
Given in Brussels on 17 March 2009.
ALBERT
By the King:
Deputy Prime Minister and Minister of Finance and Institutional Reforms,
D. REYNDERS
Deputy Prime Minister and Minister for Foreign Affairs
K. DE GUCHT
Seal of the state seal:
Minister of Justice,
S. DE CLERCK
Note
(1) 2008-2009 session.
Senate.
Documents. - Bill, 4-1074, No. 1. - Report, 4-1074, No. 2.
Annales of the Senate. - 29 January 2009.
House of Representatives.
Documents. - Project transmitted by the Senate, 52-1772/001. - Report, 52-1772/002. - Text adopted in plenary and subject to Royal Assent, 52-1772/003.
Full report. - 5 March 2009.

Resolution No. 63-2
Reform of Quota and Voice in the International Monetary Fund
Whereas in response to the request of the Board of Governors set forth in Resolution 61-5, the Executive Board has submitted to the Board of Governors a report entitled “Reform of Quota and Voice in the International Monetary Fund: Report of the Executive Board to the Board of Governors”, hereinafter the “Report”; and
Whereas the Executive Board has recommended increases in the quotas of a number of Fund members, all of whom have requested that their quotas be increased; and
Whereas in response to the request of the Board of Governors set forth in Resolution 61-5, the Executive Board has proposed an amendment of the Articles of Agreement that (a) would have the effect of increasing the number of basic votes of members and establish a mechanism to ensure that the ratio of the sum of the basic votes of all members to the sum of the total voting power of all members remains constant and (b) would enable each Executive Director elected by a large number of members to appoint and
Whereas 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 forth setting 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 recommendation and the said Report of the Executive Board, hereby resolves that:
A. Increase in Quotas of Members
1. The International Monetary Fund proposes that, subject to the provisions of this Resolution, the quotas of members of the Fund listed in Attachment I to this Resolution shall be increased to the amounts shown against their names in Attachment I.
2. A member's increase in quota shall not become effective unless the member in question has consented in writing to the increase and has paid to the Fund the full amount of such increase. Each member shall pay 25 percent of its increase either in special drawing rights or 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 each member in its own currency.
3. Each member shall consent to the proposed increase of its quota no later than October 31, 2008; provided that the Executive Board may extend this period as it may determine, taking into account, in particular, the need of members to obtain domestic legislative approval.
4. Each member shall pay to the Fund the increase in its quota within 30 days of the later of (a) the date on which it notifies the Fund of its consent or (b) the date on which the requirement for the effectiveness of the increase in quota under paragraph 5 below has been met; provided that the Executive Board may extend the payment period as it may determine.
5. No increase in quota shall become effective before the entry into force of the proposed amendment of the Articles of Agreement approved by this Resolution.
B. Future Quota Reviews
To ensure that members' quota shares continue to reflect their relative positions in the world economy, the Executive Board is requested to recommend further realignments of members' quota shares in the context of future general quota reviews, beginning with the Fourteenth General Review of Quotas.
C. Amendment of the Articles of Agreement
1. The proposed amendment of the Articles of Agreement of the International Monetary Fund set forth in Attachment II to this Resolution (the Proposed Amendment to Enhance Voice and Participation in the International Monetary Fund) is approved.
2. 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 to Enhance Voice and Participation in the International Monetary Fund.
3. The communication to be sent to all members in accordance with the previous paragraph shall specify that the Proposed Amendment to Enhance Voice and Participation in the International Monetary Fund shall enter into force for all members as of the date on which the Fund certifies, by 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 to Enhance Voice and Participation in the International Monetary Fund.
D. Members Entitled to Appoint Two Alternate Executive Directors
1. Following the first regular election of Executive Directors after entry into force of the Proposed Amendment to Enhance Voice and Participation in the International Monetary Fund, an Executive Director elected by at least 19 members shall be entitled to appoint two Alternate Executive Directors.
2. As a condition for appointing two Alternate Executive Directors, an Executive Director is required to designate by notification to the Secretary of 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.
Attachment 1

Attachment 2
Proposed Amendment of the Articles of Agreement of the International Fund to Enhance Voice and Participation in the International Monetary Fund
The Governments on whose behalf the present Agreement is signed agree as follows:
1. The text of Article XII, Section 3(e) shall be amended to read as follows:
"(e) Each Executive Director shall appoint an Alternate with full power to act for him when he is not present, provided that the Board of Governors may adopt rules enabling an Executive Director elected by more than a specified number of members to appoint two Alternates. Such rules, if adopted, may only be modified in the context of the regular election of Executive Directors and shall require an Executive Director appointing two Alternates to designate : (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 under (f) below. When the Executive Directors appointing them are present, Alternates may participate in meetings but may not vote. »
2. The text of Article XII, Section 5(a) shall be amended to read as follows:
“(a) The total votes of each member shall be equal to the sum of its basic votes and its quota-based votes.
(i) The basic votes of each member shall be the number of votes that results from the equal distribution among all the members of 5.502 percent of the aggregate sum of the total voting power of all the members, provided that there shall be no fractional basic votes.
(ii) The quota-based votes of each member shall be the number of votes that results from the allocation of one vote for each part of its quota equivalent to one hundred thousand special drawing rights. »
3. The text of paragraph 2 of Schedule L shall be amended to read as follows:
"2 The number of votes allotted to the member shall not be cast in any organ of the Fund. They shall not be included in the calculation of the total voting power, except for purposes of: (a) the acceptance of a proposed amendment pertaining exclusively to the Special Drawing Rights Department and (b) the calculation of basic votes pursuant to Article XII, Section 5(a)(i). »
Resolution No. 63-3
Investment authority
Whereas the Monetary International and Financial Committee has asked the Executive Board to develop specific proposals for a new income model and a new expenditure framework by the time of the 2008 Spring Meeting of the International Monetary and Financial Committee, and the Executive Board has put forward such a proposal; and
Whereas the implementation of certain aspects of this proposal requires an amendment of the Articles of Agreement and the Executive Board has proposed and recommended that the Board of Governors approve such an amendment, and has prepared a Report on the same; and
Whereas 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 forth setting 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 recommendation and the said Report of the Executive Board, hereby resolves that:
1. The proposed amendment of the Articles of Agreement of the International Monetary Fund (Proposed Amendment of the Articles of Agreement of the International Monetary Fund to Expand the Investment Authority of the International Monetary Fund) that is attached to this Resolution is approved.
2. The Secretary of the Fund is directed to ask all members of the Fund, by circular letter, telegram or other rapid means of communication, whether they accept, in accordance with the provisions of Article XXVIII of the Articles, the Proposed Amendment of the Articles of Agreement of the International Monetary Fund to Expand the Investment Authority of the International Monetary Fund.
3. The communication to be sent to all members in accordance with 2 above shall specify that the Proposed Amendment of the Articles of Agreement of the International Monetary Fund to Expand the Investment Authority of the International Monetary Fund shall enter into force for all members as of the date on which the Fund certifies, 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 of the Articles of the Fund
Attachment
Proposed amendment of the Articles of Agreement of the International Monetary Fund to expand the investment authority of the International Monetary Fund
The Governments on whose behalf the present Agreement is signed agree as follows:
1. The text of Article XII, Section 6(f)(iii) shall be amended to read as follows:
"(iii) The Fund may use a member's currency held in the Investment Account for investment as it may determine, in accordance with rules and regulations adopted by the Fund by a seventy percent majority of the total voting power. The rules and regulations adopted pursuant to this provision shall be consistent with (vii), (viii), and (ix) below. »
2. The text of Article XII, Section 6(f)(vi) shall be amended to read as follows:
" (vi) The Investment Account shall be terminated in the event of liquidation of the Fund and may be terminated, or the amount of the investment may be reduced, prior to liquidation of the Fund by a seventy percent majority of the total voting power. »
3. The text of Article V, Section 12(h) shall be amended to read as follows:
"(h) Pending uses specified under (f) above, the Fund may use a member's currency held in the Special Disbursement Account for investment as it may determine, in accordance with rules and regulations adopted by the Fund by a seventy percent majority of the total voting power. The income of investment and interest received under (f)(ii) above shall be placed in the Special Disbursement Account. »
4. A new Article V, Section 12(k) shall be added to the Articles to read as follows:
“(k) Whenever under (c) above the Fund sells gold acquired by it after the date of the second amendment of this Agreement, an amount of the proceeds equivalent to the acquisition price of the gold shall be placed in the General Resources Account, and any excess shall be placed in the Investment Account for use pursuant to the provisions of Article XII, Section 6(f). If any gold acquired by the Fund after the date of the second amendment of this Agreement is sold after April 7, 2008 but prior to the date of entry into force of this provision, then, upon the entry into force of this provision, and notwithstanding the limit set forth in Article XII, Section 6(f)(ii), the Fund shall transfer to the Investment Account from the General Resources Account an amount equal to the proceeds of such sale less (i) the acquisition price of the gold may sold, and (ii) any amount of such price proceed to excess of the »
(English)
Resolution No. 63-2
Reform of assessments and voting rights in the International Monetary Fund
Considering that the Governing Council, in response to the request of the Board of Governors as contained in Resolution 61-5, forwarded a report to the Board of Governors entitled "Reform of quotas and voting rights in the International Monetary Fund: report of the Board of Directors to the Board of Governors", below referred to as "the report"; and
Considering that the Board of Directors has recommended that the quotas of several member States of the Fund increase all of their assessments; and
Considering that the Governing Council has, in response to the request of the Board of Governors as contained in Resolution 61-5, proposed an amendment of the statutes which (a) would increase the base number of votes of the Member States and introduce a mechanism to ensure that the relationship between the total number of votes of all Member States and the total number of votes attributed to all Member States would remain constant and (b) would give to the directors and
Considering that the President of the Board of Governors has requested the Secretary of the Fund to present the proposal of the Board of Directors to the Board of Governors; and
Considering that the Secretary of the Fund forwarded to the Board of Governors the report of the Board of Directors containing the proposal; and
Considering that the Board of Directors has requested the Board of Governors to vote on the Resolution referred to below in accordance with section 13 of the general regulation of the Fund:
Having taken note of the above-mentioned recommendation and report of the Board of Directors, the Board of Governors therefore decides that:
A. Increase in the quota of member States
1. The International Monetary Fund proposes that, in accordance with the provisions of this resolution, the quotas of the member countries of the Fund referred to in Annex 1 to this resolution be applied to the amounts set out next to their name in Annex 1^re.
2. The increase in the assessment of a member country will only be effective at the time of notification to the Fund of its written consent on the increase and the totality of the increase in its assessment. Each member country will have to pay 25% of the increase in special drawing fees, either in currency of other member countries specified with their consent by the Fund or in any other combination of special drawing rights and such currency. The balance of the increase will be paid in the currency of the member country.
3. Each Member State must mark its agreement on the proposed increase in its quota by 31 October 2008 on the understanding that the Board of Directors may extend this period if it considers that this is desirable, taking into account, inter alia, the need for member countries to obtain the consent of the national legislator.
4. Each Member State shall pay the increase in its assessment to the Fund within 30 days from the date that is furthest from the following dates: (a) the date on which it has notified its consent to the Fund; (b) the date on which it is satisfied with the condition inherent in the entry into force of the increase in the assessment as referred to in paragraph 5 below, provided that the Board of Directors may extend this period if it considers that this is desirable.
5. No increase in the assessment will result in its effect before the date of the entry into force of the proposed amendment to the Regulations approved by this Resolution.
B. Future assessments
In order to ensure that the shares of member countries in the quota continue to reflect their relative position in the world economy, the Governing Council was invited to propose additional adjustments to the quotas of member countries in the context of the future general revisions of assessments, beginning with the fourteenth general revision of assessments.
C. Amendment of the statutes
1. The proposed amendment of the statutes of the International Monetary Fund, attached to annex 2 to this Resolution (Proposed amendment of the Statutes of the International Monetary Fund to improve the representation and participation of Member States in the International Monetary Fund), is approved.
2. The Secretary is invited to request all member countries of the Fund, through a mail or telegram or any means of rapid communication, if, in accordance with the provisions of Article XXVIII of the statutes, they accept the draft amendment of the Statutes of the International Monetary Fund to improve the representation and participation of Member States in the International Monetary Fund
3. The message that will be sent to all member countries in accordance with the preceding paragraph will clarify that the draft amendment of the Statutes of the International Monetary Fund to improve the representation and participation of member States in the International Monetary Fund will apply to all Member States on the date that the Fund will declare, through an official communication to all member countries, that three-fifths of the Member States with eighty-five percent of the total voting rights,
D. Member countries with the authority to appoint two alternate directors
1. At the end of the first periodic election of directors following the entry into force of the draft amendment of the Statutes of the International Monetary Fund to improve the representation and participation of member States in the International Monetary Fund, a director elected by at least 19 member countries, shall be entitled to appoint two alternate directors.
2. In order to be able to appoint two alternate directors, a director shall, in a communication addressed to the Secretary of the Fund: (i) designate the alternate who shall replace the director in the absence of the two alternates present and (ii) designate the alternate who shall exercise the powers of the administrator in accordance with Article XII, Section 3 (f). A director may always change these designations through a communication addressed to the Secretary of the Fund.

Annex 1^re

Annex 2
Draft Amendment of the Statutes of the International Monetary Fund to Improve the Representation and Participation of Member States in the International Monetary Fund
The Governments on whose behalf this Agreement is signed agree that:
1. The text of section 3, paragraph (e) of Article XII is amended to read:
"(e) Each director shall appoint an alternate with full powers to act in his place and place in his absence, on the understanding that the Board of Governors may adopt rules allowing a director elected by a number of Member States to appoint two alternates. These rules, if adopted, may be amended only on the occasion of the ordinary election of directors and shall require the administrator who appoints two alternates to designate: (i) the alternates who are entitled to act in his place and place in his absence and when both alternates are present and (ii) the alternates who exercise his or her powers under paragraph (f) below. When the directors who appointed them are present, alternates may participate in the meetings but not vote. »
2. The text of section 5, paragraph (a) of Article XII is amended to read:
“(a) The total number of votes attributed to each Member State is the sum of its basic votes and votes based on the quota.
(i) The basic voices of each Member State are the number of votes resulting from the equal distribution among all Member States of 5.502% of the total number of votes attributed to all Member States, on the understanding that there is no fractional base vote.
(ii) The votes based on the quota of each Member State are the number of votes resulting from the allocation of one vote for each quota equal to one hundred thousand special drawing rights. »
3. The text of paragraph 2 of Schedule L is amended to read:
“2. The votes attributed to the Member State cannot be expressed in any organ of the Fund. They shall not be taken into account in calculating the total number of votes cast, except for the purposes of (a) acceptance of an amendment to the Special Drawing Rights Department and (b) calculation of the basic votes in accordance with section 5, paragraph (a), paragraph (i) of Article XII. »
(translation)
Resolution No. 63-3
Investment power
Considering that the International Monetary and Financial Committee has requested the Board of Directors to formulate, prior to the 2008 Spring Meeting of the International Monetary and Financial Committee, specific proposals inherent in a new income model and a new expenditure framework and that the Board of Directors has submitted these proposals; and
Considering that the implementation of certain parts of these proposals requires an amendment to the statutes and that the Board of Directors has presented this amendment to the Board of Governors, that it has submitted this amendment to the approval of the Board of Governors and that it has prepared a report on this matter; and
Considering that the President of the Board of Governors has requested the Secretary of the Fund to present the proposal of the Board of Directors to the Board of Governors; and
Considering that the Secretary of the Fund forwarded to the Board of Governors the report of the Board of Directors containing the proposal; and
Considering that the Board of Directors has requested the Board of Governors to vote on the Resolution referred to below in accordance with section 13 of the Fund's general regulation:
Having taken note of the above-mentioned recommendation and report of the Board of Directors, the Board of Governors therefore decides that:
1. The proposed amendment of the statutes of the International Monetary Fund, annexed to this Resolution (Proposed amendment of the statutes of the International Monetary Fund for the expansion of the investment competence of the International Monetary Fund), is approved.
2. The Secretary is invited to request all member countries of the Fund, through a mail or telegram or any other means of rapid communication, if, in accordance with the provisions of Article XXVIII of the statutes, they accept the draft amendment of the statutes of the International Monetary Fund with a view to expanding the investment competence of the International Monetary Fund.
3. The message that will be sent to all member countries in accordance with paragraph 2 above will clarify that the draft amendment of the statutes of the International Monetary Fund for the expansion of the investment competence of the International Monetary Fund will apply to all Member States on the date that the Fund will declare, through an official communication to all Member Countries, that three fifths of the Member Countries with eighty-five per cent of the
Annex
Draft amendment of the Statutes of the International Monetary Fund to extend the power of the International Monetary Fund in investment
The Governments on whose behalf this Agreement is signed agree that:
1. The text of section 6, paragraph (f), paragraph (iii) of Article XII is amended to read:
"(iii) The Fund may use the currency of a Member State held in the Investment Account to make the investments it decides, in accordance with the rules and regulations adopted by the Fund by a majority of seventy per cent of the total number of votes allocated. The rules and regulations adopted under this provision shall conform to the provisions of subparagraphs (vii), (viii) and (ix) below. »
2. The text of section 6, paragraph (f), paragraph (vi) of Article XII is amended to read:
"(vi) The Investment Account shall be closed in the event of liquidation of the Fund and may be terminated, or the amount of the investment may be reduced, prior to liquidation by a majority decision of seventy per cent of the total number of votes cast. »
3. The text of section 12, paragraph (h) of Article V is amended to read:
"(h) As long as the assets of the Special Payment Account have not received the jobs set out in paragraph (f) above, the Fund may use the currency of a Member State held in the Account to make the investments it decides, in accordance with the rules and regulations adopted by the Fund by a majority of seventy per cent of the total number of votes allocated. The income of investments and interest received under paragraph (ii) of paragraph (f) above shall be transferred to the Special Payments Account. »
4. A new paragraph (k) is added to section 12 of Article V of the Statutes as follows:
“(k) Where, in accordance with the provisions of paragraph (c) above, the Fund shall sell gold acquired by it after the date of the second amendment to these Regulations, an amount of the proceeds of the sale equal to the purchase price of gold shall be transferred to the General Resources Account, and any surplus shall be transferred to the Investment Account for use in accordance with the provisions of section 6, paragraph (f) of Article XII. If the gold acquired by the Fund after the date of the second amendment to these Regulations is sold after 7 April 2008 and before the date of entry into force of this provision, as soon as this provision comes into force, and notwithstanding the limit set out in section 6, paragraph (f), paragraph (ii), of section XII, the Fund transfers from the General Resources Account to the Investment Account an amount equal to the proceeds of that sale (ii) »