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Through Which The Fourth Amendment Of Agreement Of The International Monetary Fund, Adopted By The Board Of Governors Of The International Monetary Fund On September 23, 1997 Is Approved

Original Language Title: Por medio de la cual se aprueba la Cuarta Enmienda del Convenio Constitutivo del Fondo Monetario Internacional, adoptada por la Junta de Gobernadores del Fondo Monetario Internacional el 23 de septiembre de 1997

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LAW 652 OF 2001

(May 10)

Official Journal No. 44.422 of 14 May 2001

by means of which the Fourth Amendment of the Constitution of the International Monetary Fund, adopted by the Board of Governors of the International Monetary Fund, is approved on September 23, 1997.

Vigency Notes Summary

COLOMBIA CONGRESS

Having regard to the text of the Fourth Amendment of the International Monetary Fund's Constitutive Convention, adopted by the Board of Governors of the International Monetary Fund on September 23, 1997.

(To be transcribed: photocopy of the full text of the International Instrument mentioned).

" Fourth Amendment Project of the Constitutive Convention

of the International Monetary Fund

States Parties to the current Convention agree as follows:

1. The text of Article XV, Section 1, shall be amended as follows:

(a) In order to meet the need, when the need arises to complement existing reserve assets, the Fund is empowered to assign special drawing rights to member countries that are participants in the Department of Rights. Special drawing, in accordance with the provisions of Article XVIII.

(b) In addition, the Fund shall assign special drawing rights to member countries participating in the Special Drawing Rights Department in accordance with the provisions of Annex M.

2. The following Annex M shall be added to the Constitutive Convention:

ANNEX M

Exceptional Special Drawing Special Allowance

1. Subject to the provisions of paragraph 4, any member country which, as at 19 September 1997, is a participant in the Department of Special Drawing Rights shall receive, on the 30th day from the date of entry into force of the fourth amendment of this Constitutive Convention, an allocation of special drawing rights of an amount that raises its net cumulative allocation of special drawing rights to 29,315788813 percent of the participant's quota to 19 September 1997; it is understood that in the case of participants whose quotas have not been adjusted in accordance with the proposed in Resolution number 45-2 of the Board of Governors, the calculations shall be carried out in accordance with the quotas proposed in that resolution.

2. (a) Subject to paragraph 4, any country that becomes a participant in the Special Drawing Rights Department after September 19, 1997, but within a period of three months from the date of its entry into the Fund shall receive an allocation of special drawing rights equal to an amount calculated in accordance with paragraphs (b) and (c) of this paragraph, on the 30th day following:

i) the date on which the new Member State becomes a participant in the Department of Special Drawing Rights, or (ii) the date of entry into force of the fourth amendment of this Constitutive Convention, if this date was later than the date of the date of the entry into force of the Convention. first.

(b) For the purposes of paragraph (a) of this paragraph, each participant shall receive a special drawing rights amount that raises its net cumulative allocation to 29,315788813 percent of its share to the date of the member country become a participant in the Special Drawing Rights Department, with the following settings:

i) first, by multiplying by 29,315788813 percent the ratio of the total of the quotas, calculated in accordance with the provisions of paragraph 1, of the participants described in paragraph c) of this paragraph and the total of the shares of such shares the date on which the Member State becomes a participant in the Special Drawing Rights Department, and

(ii) second, by multiplying the product referred to in (i) by the ratio of the sum of the net cumulative allocations of special drawing rights received under Article XVIII by the participants described in the paragraph (c) of this paragraph to the date on which the Member Country becomes a participant in the Special Drawing Rights Department plus the allocations received by those participants in accordance with paragraph 1, and, net cumulative allocations of special drawing rights received under Article XVIII by those participants as at 19 September 1997 plus the allocations received by those participants in accordance with the provisions of paragraph 1.

(c) For the purposes of the adjustments to be made in accordance with paragraph (b) of this paragraph, participants in the Department of Special Drawing Rights shall be deemed to be participants in the be participants as at 19 September 1997 and (i) who remain participants in the Special Drawing Rights Department to the date the Member State becomes a participant in that Department, and (ii) have received all allocations carried out by the Fund after 19 September 1997.

3. (a) Subject to the provisions of paragraph 4, if the Federal Republic of Yugoslavia (Serbia/Montenegro) succeeds the former Socialist Federal Republic of Yugoslavia as a member of the Fund and a participant in the Department of Rights Special drawing in accordance with the terms and conditions of Decision 10237-(92/150) of the Executive Board, adopted on 14 December 1992, will receive an allocation of special drawing rights equal to an amount calculated with to the provisions of paragraph (b) of this paragraph, on the 30th day to from: (i) the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) assumes the succession as a member country of the Fund and a participant in the Department of Special Drawing Rights in accordance with the terms and conditions of the Decision number 10237-(92/150) of the Executive Board or (ii) the date of entry into force of the fourth amendment of this Constitutive Convention, if this date is later than the first.

(b) For the purposes of paragraph (a) of this paragraph, the Federal Republic of Yugoslavia (Serbia/Montenegro) shall receive an amount of special drawing rights which shall raise its net cumulative allocation to 29,315788813% of the Proposal under paragraph 3 (c) of Decision No 10237-(92/150) of the Executive Board, with the adjustments provided for in paragraph 2 (b) (ii) and (c) to the date on which the Federal Republic of Yugoslavia (Serbia/Montenegro) meets the conditions to receive an allowance as provided for in paragraph (a) above.

4. The Fund shall not assign special drawing rights within the meaning of this Annex to participants who have notified in writing to the Fund prior to the date of the assignment that they do not wish to receive such an assignment.

5. (a) If the participant has obligations in arrears against the Fund at the time an allocation is made to this participant in accordance with paragraphs 1, 2 or 3, the special drawing rights allocated in this manner shall be deposit and maintain in a locked deposit account in the Special Drawing Rights Department and release the participant when the participant complies with all of its obligations against the Fund.

(b) Special drawing rights held in a locked deposit account shall in no way be used or included in the calculation of allocations or holdings of special drawing rights for the purposes of the Convention. Constitutive except in the case of the calculations provided for in this Annex. If the special drawing rights assigned to a participant are held in a locked deposit account at the time of their participation in the Special Drawing Rights Department or when it is decided to dissolve this These special drawing rights will be cancelled.

(c) For the purposes of this paragraph, the default obligations of the Fund include repurchases and delinquent charges in the General Resources Account, principal and interest in arrears on loans in the Special Account. For the purposes of the DSO, the charges and contributions in arrears for the operation of the Special Drawing Rights Department and the default obligations towards the Fund in its capacity as fiduciary.

(d) Except as provided in this paragraph, the principle of separation between the General Department and the Department of Special Drawing Rights and the unconditional nature of the special drawing rights as an asset shall be maintained. reservation.

INTERNATIONAL MONETARY FUND

WASHINGTON, D. C., 20431

April 30, 1998

CERTIFICATION:

Patrice Guilmard, Acting Director of the Language Services Directorate of the International Monetary Fund, certifies that the text attached to this is the correct, complete and correct translation of the text of the fourth amendment of the Convention of the International Monetary Fund. However, the English text is the only authentic one, as indicated in the Spanish translation of that Convention.

Patrice Guilmard,

Interim Director.

Language Services Address

International Monetary Fund.

Attachment ".

EXECUTIVE BRANCH OF PUBLIC POWER

PRESIDENCY OF THE REPUBLIC

Santa Fe de Bogota, D. C., on July 19, 1999.

Approved. Submit to the consideration of the honorable National Congress, for the constitutional effects.

(Fdo.) ANDRES PASTRANA ARANGO

The Foreign Minister,

(Fdo.) Guillermo Fernandez de Soto

DECRETA:

ARTICLE 1o. Approve the Fourth Amendment of the International Monetary Fund's Constitutive Convention, adopted by the Board of Governors of the International Monetary Fund, on September 23, 1997.

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ARTICLE 2o. In accordance with the provisions of Article 1o. of Law 7a. In 1944, the "Fourth Amendment to the Convention Constitutive of the International Monetary Fund", adopted by the Board of Governors of the International Monetary Fund on 23 September 1997, as provided for in Article 1. of this law shall be adopted, shall bind the country from the date on which the international link with respect to the law is perfected.

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ARTICLE 3o. This law governs from the date of its publication.

The President of the honorable Senate of the Republic,

MARIO URIBE ESCOBAR.

The Secretary General of the honorable Senate of the Republic,

MANUEL ENRIQUEZ ROSERO.

The President of the honorable House of Representatives,

BASILIO VILLAMIZAR TRUJILLO.

The Secretary General of the honourable House of Representatives,

ANGELINO LIZANO RIVERA.

COLOMBIA-NATIONAL GOVERNMENT

Communicate and comply.

Execute, upon revision of the Constitutional Court, pursuant to article 241-10 of the Political Constitution.

Dada en Bogotá, D. C., 10 May 2001.

ANDRES PASTRANA ARANGO

The Foreign Minister,

GUILLERMO FERNANDEZ DE SOTO.

The Minister of Finance and Public Credit,

JUAN MANUEL SANTOS CALDERÓN.

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