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17 MARCH 1999. - An Act to approve the resolution on the eleventh general review of assessments of members 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 Article 78 of the Constitution.
Art. 2. The King is authorized to grant, on behalf of Belgium, an increase to 4,605.2 million Special Drawing Rights (SDR) of the current quota of 3,102.3 million Special Drawing Rights (SDR) from Belgium to the International Monetary Fund, as proposed by the Board of Governors of the Fund pursuant to its resolution 53-2 of 30 January 1998, as contained in its resolution 53-2 of 30 January 1998,
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 17 March 1999.
ALBERT
By the King:
The Minister of Budget,
H. VAN ROMPUY
Minister of Foreign Affairs,
E. DERYCKE
Minister of Finance,
J.-J. VISEUR
____
Note
(1) Parliamentary referendum.
House of Representatives:
Parliamentary documents. - 1997-1998: Bill No. 1745/1. - Report No. 1745/2. - Text adopted in plenary and transmitted to the Senate No. 1745/3. - Corrigendum n° 1745/4.
Annales parliamentarians. - Meeting of 17 December 1998.
See also 1997-1998: Bill No. 1744/1. - Report (art. 74 of the Constitution) No. 1744/5.
Senate:
Parliamentary documents. - 1998-1999: Project transmitted by the House of Representatives No. 1-1206/1. - Report No. 1-1206/2. - Text adopted by Commission No. 1-1206/3.
Annales parliamentarians. - Session of 4 March 1997.

Annex
International Monetary Fund
Resolution No. 53-2 of the Board of Governors
Increase in assessed contributions by member countries of the Fund
Eleventh general review
Considering that the Board of Directors has submitted to the Board of Governors a report entitled "Increase in assessed contributions from the member countries of the Fund - Eleventh General Revision" with recommendations on the increase in individual assessments of the member countries of the Fund; and
Considering that the Board of Directors has recommended to the Board of Governors to adopt by non-meeting vote, in accordance with section 13 of the Fund's general regulation, the following resolution proposing the increases in assessed contributions from the member countries of the Fund following the Eleventh general review of assessed contributions and dealing with certain related matters;
The Board of Governors therefore decides that:
1. The International Monetary Fund proposes that the provisions of this resolution be applied, and the assessments of the member countries of the Fund will be applied to the amounts set out next to their name in the annex attached to this resolution.
2. An increase in the assessment of a member country as proposed by that resolution shall be effective only at the time that the member has notified his or her consent to the Fund, no later than the date set out in paragraph 4 below, and where he or she will have paid the full increase in his or her share, within the time limit set out in paragraph 5 below, on the understanding that no member country has made an increase in the amount to be paid
3. No assessment shall take effect until the date on which the Fund has found that members whose assessed contributions represent at least 85 per cent of the total assessed contributions as at 23 December 1997 have consented to the increase in their quota.
4. The notifications referred to in paragraph 2 above shall be made by a duly authorized representative of the member country and shall be sent to the Fund no later than 29 January 1999, at 6 p.m., Washington time, on the understanding that the Governing Council may extend this period if it considers necessary.
5. Each member country will pay the Fund an increase in its assessment within 30 days of the furthest of the following dates:
(a) the date on which it has notified the Fund of its contentment, or
(b) the date referred to in paragraph 3 above, on the understanding of the Board of Directors, may extend this period if it considers it necessary.
6. In its decision to extend the time limit for consent to an increase in the amount or payment of that increment, the Board of Directors will pay particular attention to the situation of members who may still wish to consent to an increase in their share or to pay that increment, including members with persistent arrears in the General Resources Account, whether they are paid for redemptions, fees or commitments in the General Resources Account.
7. The period of consent for members who have not yet consented to the increase in their assessment under the Ninth Revision will extend to the date set out in paragraph 3 above. The payment period for members who have not yet paid the increase in their assessment under the Ninth Revision will extend to 30 days after the date set out in paragraph 3 above.
8. Each member country will have to pay 25 p.c. of the increase in special drawing rights, in currencies of other member countries specified with their approval by the Fund or in any combination of special drawing fees and such currencies. The member country will have to pay the balance of the increase in its own currency.

Appendix
International Manetary Fund
Resolution No. 53-2 of the Board of Governors
Increase in Quotas of Fund Members
Eeleventh General Review
Whereas the Executive Board has submitted tot the Board of Governors a report entitled « Increases in Quotas of Fund Members -Eleventh General Review » containing recommendations on increases in the quotas of individual members of the Fund; and
Whereas the Executive Board has recommended the adoption of the following Resolution of the Board of Governors, which Resolution proposes increases in the quotas of members of the Fund as a result of the Eleventh General Review of Quotas and deals with, by vote without meeting pursuant to Section 13 of the By-Laws of the Fund;
Now, therefore, the Board of Governors 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 their names in the Annex to this Resolution.
2. A member's increase in quota as proposed by this Resolution shall not become effective unless the member has notified the Fund of its consent to the increase not later than the date prescribed by or under paragraph 4 below and has paid the increase in quota in full within the period prescribed by or under paragraph 5 below, provided that no member with overdue repurchases, charges or assessments to the General Resources Account may consent to or pay for the increase in its quota until these obligations becomes current
3. No increase in quotas shall become effective before the date of the Fund's determination that members having not less than 85 percent of the total of quotas on December 23, 1997 have consented to the increases in their quotas.
4. Notices in accordance with paragraph 2 above shall be executed by a duly authorized official of the member and must be received in the Fund before 6 p.m., Washington time, January 29, 1999, 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 of the Fund's determination under paragraph 3 above, provided that the Executive Board may extend the payement period as it may determine.
6. When deciding on an extension of the period for consent to or payement for the increase in quotas, the Executieve 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 tot the General Resources Account, that, in its judgment, are cooperating with these toward the settlement
7. For members that have not yet consented to their increases in quotas under the Ninth Review, the period for consent to such quota increases shall extend to the date determined under paragraph 3 above. For members that have not yet paid for their quota increases under the Ninth Review, the period for payment for such quota increases shall extend to 30 days after the date determined under paragraph 3 above.
8. 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 the member in its own currency.

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