Law Approving The Resolution On The Eleventh General Review Of Assessments Of Members Of The Monetary Fund International (1)

Original Language Title: Loi portant approbation de la résolution relative à la onzième révision générale des quotes-parts des membres du Fonds Monétaire International (1)

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Posted the: 1999-04-29 Numac: 1999003216 Ministry of finance March 17, 1999. -Law concerning approval of the resolution on the eleventh General review of assessments of members of International Monetary Fund (1) ALBERT II, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: Article 1. This Act regulates a matter referred to in article 78 of the Constitution.
S.
2. the King is allowed to consent, on behalf of Belgium, to rise to 4 605.2 million of prints special rights (DTS) to share current 3 102.3 million of prints special rights (SDRS) of the Belgium to the International Monetary Fund, as proposed by the GEF Governing Council pursuant to its resolution No. 53-2 of January 30, 1998 reproduced in the annex.
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given in Brussels, on 17 March 1999.
ALBERT by the King: the Minister for the Budget, H. VAN ROMPUY the Minister of Foreign Affairs, E. DERYCKE. the Minister of finance, j.. VIEWFINDER _ Note (1) Parliamentary Referance.
House of representatives: parliamentary Documents. -1997-1998: Bill No. 1745/1. -Report No. 1745/2. -Text adopted in plenary meeting and transmitted to the Senate No. 1745/3. -Corrigendum No. 1745/4.

Parliamentary Annals. -Meeting of December 17, 1998.
See also 1997-1998: Bill No. 1744/1. -Report (article 74 of the Constitution) no 1744/5.
Senate: Parliamentary Documents.
-1998-1999: draft transmitted by the House of representatives no. 1-1206/1. -Report No. 1 - 1206/2. -Text adopted by the commission No 1-1206/3.
Parliamentary Annals. -Meeting of March 4, 1997.

Annex funds monetary International Resolution No. 53-2 the Governing Council increase in the assessments of the Member countries of the Fund eleventh revision General whereas the Board of Directors submitted to the Board of Governors a report entitled "Increase in the assessments of the Member countries of the Fund - eleventh General review" with recommendations on the increase of individual Member countries assessed Fund; and whereas the Board of Directors has recommended to the Board of Governors to adopt by vote off meeting, in accordance with section 13 of the General regulations of the Fund, the following resolution proposing increases in the assessments of the Member countries of the Fund following the eleventh General review of quotas and dealing with related matters;
The Governing Council accordingly decides that: 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 the annex to the present resolution.
2. an increase of the share of a member country as proposed by this resolution shall take effect only at the time where it has notified its consent to fund no later than on the date laid down in paragraph 4 below, 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 the arrears of redemptions, fees or commitment 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 bouts of quota will take effect before the date on which the Fund will have found that members whose assessments represent at least 85 per cent of total assessments in December 23, 1997 agreed to the increase in their quota.
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 at no later than January 29, 1999 at 6 o'clock p.m., Washington time, being understood that the governing body may extend this period if it considers necessary.
5. each member country shall pay to fund the increase in its share within 30 days from the later of the following dates: a) the date on which it will be notified to fund his contentment, or;
(b) the date in paragraph 3 above, on the understanding the Governing Council 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, work with the Fund for the settlement of these obligations.
7. the deadline for consent to the Member that has not yet consented to the increase of its allocation under the ninth revision will be extended until the date laid down in paragraph 3 above. The period of payment for members who have not yet paid the increase of its allocation under the ninth revision will extend up to 30 days after the date specified in paragraph 3 above.
8. each member country shall pay 25 per cent of the increase in special drawing rights, in currencies of other country members, 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.

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 allowances of members of the Fund as a result of the Eleventh General Review of Quotas and deals with, by voting 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 consents 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 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 these obligations.
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 à to the increases in their quotas.
4 records 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 consents, or b) the date of the Fund's determination under paragraph 3 above, 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 to or payment 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 gold assessments tot 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 Ninth Review, the period for consents 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 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.

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