1634 OF 2013

(June 11)

Official Journal No. 48,818 of 11 June 2013

CONGRESS OF THE REPUBLIC

C-134-14 >

By means of which the "Draft Amendment of the International Monetary Fund's Constitutive Convention to Reinforce Representation and Participation in the International Monetary Fund", adopted on March 28, is approved. 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on April 28, 2008, and the "Draft Amendment to the International Monetary Fund's Constitutive Convention to Expand the Fund's Investment Faculties" International Monetary ", adopted on 7 April 2008 and approved by the Board of Governors by Resolution number 63-3, adopted on 5 May 2008.

THE CONGRESS OF THE REPUBLIC

Having regard to the text of the Draft Amendment to the International Monetary Fund's Constitutive Convention to Reinforce Representation and Participation in the International Monetary Fund, " adopted on March 28, 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on April 28, 2008, and the "Draft Amendment of the Constitutive Convention of the International Monetary Fund", passes on to expand the Investment Faculties of the Monetary Fund. International ", adopted on 7 April 2008 and approved by the Board of Governors through the Resolution number 63-3, adopted May 5, 2008.

(To be transcribed: Faithful and complete photocopies of the Amendment Projects are attached, which consist of one (1) folio, each, and two (2) folios in total, certified by the Coordinator of the Internal Directorate of International Legal Affairs of the Ministry of Foreign Affairs, documents that are in the archives of that Ministry.

BILL NUMBER 175 OF 2011

by which the "Draft Amendment to the International Monetary Fund's Constitutive Convention to Reinforce Representation and Participation in the International Monetary Fund" is approved, adopted on 28 March 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on April 28, 2008, and the " Draft Amendment to the International Monetary Fund's Constitutive Convention to Expand Investment Powers of the International Monetary Fund", adopted on 7 June April 2008 and approved by the Board of Governors by Resolution number 63-3, adopted on May 5, 2008.

The Congress of the Republic

Having regard to the text of the Draft Amendment to the International Monetary Fund's Constitutive Convention to Reinforce Representation and Participation in the International Monetary Fund, " adopted on March 28 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on April 28, 2008, and the "Draft Amendment of the Constitutive Convention of the International Monetary Fund" passes the Investment of the International Monetary Fund, adopted on 7 April 2008 and adopted by the Board of Governors by Resolution number 63-3, adopted on 5 May 2008.

(To be transcribed: Full and faithful photocopies of the Amendment Projects are attached, which consist of one (1) folio, each, and two (2) folios in total, certified by the Coordinadora of the Internal Directorate of International Legal Affairs of the Ministry of Foreign Affairs, documents that are in the archives of that Ministry.

Draft Amendment to the International Monetary Fund's Constitutive Convention to Strengthen Representation and Participation in the International Monetary Fund

Governments on whose behalf the present convention is celebrated agree to the following:

1. The text of Article XII, Section 3 e) is amended as follows:

"e) Each executive director shall appoint an alternate with full powers to act in his place where he is not present, with the exception that the Board of Governors may adopt rules that enable the Executive Director elected by more than one number of Member States to appoint two alternates. Those rules, if adopted, may be amended only in an ordinary election of the executive directors and require the Executive Director who has appointed two alternates to appoint: (i) the alternate who will act in place of the Executive Director where both alternates are absent and both alternates are present and (ii) the alternate who shall exercise the powers of the Executive Director in accordance with paragraph f) When the Executive Directors who appointed them are present, the alternates may take part in meetings, but without a vote. "

2. The text of Article XII, Section 5 a) will be amended as follows:

"a) Each member country's total votes will be equal to the sum of their basic votes and the corresponding votes according to their share.

i) The basic votes of each member country will be the number of votes resulting from the equitable distribution among all member countries of 5.502% of the aggregate sum of the total votes of all member countries, with the exception that there will be no split basic votes.

(ii) The votes corresponding to each member country according to its quota shall be the number of votes resulting from the allocation of one vote for each share of the share equal to one hundred thousand special drawing rights. "

3. The text of paragraph 2 of Annex L is amended as follows:

" 2. The votes allocated to that Member State shall not be issued in any body of the Fund. They shall not be included in the calculation of all the votes, except in order to: (a) accept an amendment bill which concerns exclusively the Department of Special Drawing Rights and (b) the calculation of the basic votes according to the Article XII, Section 5 a) i) ".

CERTIFICATE

Ithat the present is the ntegro and authentic text the amendments to the International Monetary Fund's Constitutive Convention referred to as a draft amendment on representation and participation, presented by the Executive Directors in Decision No 14085-(08/29) adopted on 28 March 2008, and approved by the Board of Governors by Resolution number 63-2, adopted on 28 April 2008.

IN FE OF THE CUAL, the undersigned, G. Russell Kincaid, Interim Secretary of the International Monetary Fund, stamped my signature and the IMF seal on this instrument on September 21, 2009.

The undersigned Coordinator of the Internal Working Group of the Treaties of the International Legal Affairs Directorate of the Ministry of Foreign Affairs of the Republic of Colombia

CERTIFIES:

That the reproduction of the text above is a faithful and complete copy of the Spanish language version of the " Draft Amendment to the International Monetary Fund's Constitutive Convention to Reinforce Representation and Participation in the International Monetary Fund ", adopted on 28 March 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on 28 April 2008, a document that is based on the file of the Internal Group The work of the Treaties of the Directorate of International Legal Affairs of this Ministry.

Dada in Bogotá, D. C., at two (2) days of the month of July of two thousand eleven (2011).

The Coordinator of the Internal Working Group of the Treaties Directorate of International Legal Affairs,

ALEJANDRA VALENCIA GARTNER.

DRAFT AMENDMENT TO THE INTERNATIONAL MONETARY FUND ' S FOUNDING CONVENTION TO EXTEND THE INVESTMENT POWERS OF THE INTERNATIONAL MONETARY FUND

Governments on whose behalf the following convention is being concluded agree to the following:

1. The text of Article XII, Section 6 (f) (iii) shall be amended as follows:

" (iii) The Fund may invest the holdings of the currency of a Member State which it maintains in the Investment Account as determined in accordance with the regulations adopted by the Fund by a majority of 70% of all the votes, the regulations adopted pursuant to this provision shall be in accordance with the provisions of (vii), (viii) and (ix) below. "

2. The text of Article XII, Section 6 f) vi) shall be amended as follows:

"(vi) The Investment Account shall be closed in the event of dissolution of the Fund or, before the Fund's dissolution, the amount of investments by a majority of seventy percent of the total votes may be closed or reduced."

3. The text of Article V, Section 12 h) is amended as follows:

"h) As long as you do not use it in the form specified in f), the Fund may invest the currency of a member country held in the Special Account for Periods as determined by the in accordance with the regulations adopted by the Fund by a majority of 70% of the total votes. The income of the investment and the interest it receives under paragraph f) (ii) shall be placed in the Special Account for the Breakdowns. "

4. A paragraph k) is added to Article V, Section 12 of the Constitutive Convention, which shall be worded as follows:

"k) Any time the Fund sells gold acquired by the body in accordance with paragraph c) after the date of the second amendment of this Convention, a part of the product is equivalent to the purchase price of gold will be placed in the General Resources Account and the surplus will be placed in the Investment Account to be used in accordance with Article XII, Section 6 f) if after 7 April 2008 but before the entry into force of this provision is sold the gold acquired by the Fund after the date of the second amendment of this Convention, to the date of entry into force of this provision and notwithstanding the limit laid down in Article XII, Section 6 (f)(ii) the Fund shall transfer from the General Resources Account to the Investment Account an amount equivalent to the product of that sale, minus (i) the purchase price of the gold sold and (ii) the part of the product of that sale that exceeds the purchase price that would have already been transferred to the Investment Account before of the date of entry into force of this provision ".

CERTIFICATE

I certify that the present is the full and authentic text of the amendments to the International Monetary Fund's Constitutive Convention, referred to as the draft amendment on investment powers, presented by the Executive Directors in Decision No 14092-(08/32) adopted on 7 April 2008 and approved by the Board of Governors by Resolution number 63-3, adopted on 5 May 2008.

IN FE OF THE CUAL, the undersigned, G. Russell Kincaid, Interim Secretary of the International Monetary Fund, stamped my signature and the IMF seal on this instrument on September 21, 2009.

The undersigned Coordinator of the Internal Working Group of the Treaties of the International Legal Affairs Directorate of the Ministry of Foreign Affairs of the Republic of Colombia

CERTIFIES:

That the reproduction of the text above is a faithful and complete copy of the Spanish language version of the " Draft Amendment to the International Monetary Fund's Constitutive Convention to expand the Faculties of Investment of the International Monetary Fund ", adopted on 7 April 2008 and approved by the Board of Governors by Resolution number 63-3, adopted on 5 May 2008, a document which is based on the file of the Internal Working Group of Treaties of the International Legal Affairs Directorate of this Ministry.

Dada in Bogotá, D. C., at two (2) days of the month of July of two thousand eleven (2011).

The Coordinator of the Internal Working Group of Treaties Directorate of International Legal Affairs,

ALEJANDRA VALENCIA GARTNER.

REASON EXPOSURE

The International Monetary Fund (IMF) was founded in 1945 with the aim of promoting international monetary cooperation, strengthening financial stability, facilitating international trade, promoting high employment and growth. sustainable economic and poverty reduction in the whole world.

The Republic of Colombia acceded to the IMF on December 27, 1945, which was empowered by Law 96 of 1945. Since its inception, the country has recognized the economic benefit of belonging to the institution, as well as the desirability of participating in an international organization with cooperative foundations. Indeed, the country fully shares the purposes of the IMF that have been stipulated since its creation after the end of the Second World War.

currently, the institution has 186 members, making the IMF a universal institution. The contributions of each country are expressed in Special Drawing Rights (SDR), and are equivalent to the size of the country's quota in the institution. As of May 16, 2011, the quotas of all the partner countries total 237,355.7 million DEG, of which the Colombian one amounts to 774.0 million DEG (as the quota is expressed in DEG, the value in dollars varies according to the exchange rate of the DEG. The SDRs represent a basket of currencies: dollar, euro, yen and pound sterling.

[El Tiempo] On four occasions, the IMF and Colombia have reached agreements that have involved the country having resources from the institution to be used in case of a contingency plan in the balance of payments. These agreements have sent a message of tranquility to the international financial community and have facilitated the flow of international resources to countries from different sources. Currently, until May 2013, the country has the possibility of disbursing approximately $6.2 billion under the form of the Flexible Credit Line.

On March 28 and April 7, 2008, the IMF Board of Governors adopted the amendments to the Constitutive Convention through Resolutions 63-2 and 63-3, which contain two reforms: 1. Increase the voting power and voice in the IMF. Member countries, and 2. It extends the investment powers of the IMF. These amendments are already approved and only have to be taken by the countries into their own legislation.

AMENDMENT AND JUSTIFICATION PROPOSALS

1. Amendment to increase the voice and participation of developing countries in the

In September 2006, the IMF's Board of Governors agreed to make a reform of the institution's quota and voice (voting power) structure, the ultimate goal of which was to increase the credibility and effectiveness of the institution. institution with a universal character.

governors stated that to achieve this goal, it was necessary to make significant progress in the realignment of the participation of the quotas in the IMF according to the participation of the countries in the world economy and to make, in the future, the quotas and the vote of the countries would be more consistent with the changes in the economic realities of the countries. Similarly, the reform should imply an increase in the voice of the low-income countries, in which the IMF plays a fundamental role as an economic policy adviser.

In March 2008, the Board of Governors approved a reform that was moving in the proposed direction, through Resolution number 63-2. Among others, a new formula was approved for the calculation of the quota of each country more transparent and simple, easy to apply and which produces greater acceptance among the members of the IMF. This new formula captures in a better way the relative position of countries in the world economy by taking into account as a fundamental variable the size of each country's GDP, measured in nominal terms and purchasing power parity. Similarly, the new formula includes an indicator of the degree of economic openness, an indicator that measures the variability of the economy and the level of international reserves.

However, in order for the poorest countries not to lose their share of total votes and in order to increase the voice and voting power of these countries, the Board of Governors also approved, as part of the reform package, tripling the size of the basic votes. The significant increase in the number of these votes mainly benefits the low-income countries given their relative size in the world economy. Currently, as determined by the IMF's founding articles, each country's voting power results from the sum of 250 votes (the basic votes), plus the votes representing a proportion of the size of the quota. With the reform, the basic votes are increased to 750, which, in addition to those of all the countries, represent 5.5% of the total votes. The reform of the IMF's founding articles proposes to keep this percentage constant.

The Board of Governors also supported the creation of an additional office in the offices of large constituents, where more than 19 countries are represented by a single chair on the Board. This means that the two African representations would now count on two positions of alternate executive director, rather than one as currently stipulated for the 24 chairs that make up the IMF's Executive Board. This is also given greater support to the poorest countries by increasing the voice of low-income countries.

The reform approved by the Board of Governors involves three amendments to the IMF's Constitutive Articles. The first is the creation of the additional position of the alternate executive director and the second refers to the basic votes. The third reform stems from the need to make the increase in basic votes consistent under a situation in which the Member State loses the right to vote.

2. Amendment to expand investment

During the annual meetings of the Board of Governors in October 2007, it became clear that the IMF had a more predictable and stable source of income to finance all its activities and that the spending regime was adjust to the availability. In fact, the projections of the moment showed an unbalanced institution's finances, with a deficit of 500 million dollars a year in the medium and long term.

The IMF has advanced spending adjustment with a real reduction of 100 million dollars a year on a permanent basis. The cuts were made effective from the fiscal year 2009, which involved a reduction of 13.5% in the size of the institution's budget.

On the other hand, in order to achieve a stable source of income, the Board of Governors through Resolution number 63-3 of April 2008, decided to support changes to the Constitutive Convention as its articles limit in an important way the manoeuvre of the Institution in the investment decisions of the liquidity in the different accounts. Changes to the items involve a new revenue model, among others, with the following considerations:

(a) The margin of manoeuvre for the decision-making of the IMF's liquidity investments is extended. In particular, it is proposed to extend the range of instruments available in the management of investments in the Investment Account and the Special Account for Pockets;

b) 403 metric tons of gold, accounting for an eighth of the total of the IMF's gold holdings, will be put up for sale. With the resources from this sale, a patrimony will be established whose yields must be used to finance the activities of the institution.

With respect to possible investments from the Investment Account and the Special Account for Pockets, the resolution approved by the Board of Governors supports changes to the articles of the IMF's Constitutive Convention in order to authorize a management of resource investments according to a strategy that takes into account risk criteria in a context of maximizing financial income.

The articles in force of the Constitutive Convention limit the range of investment decisions, as they only allow resources to be invested in obligations issued by a member country or an international body, with the additional condition of requiring the acceptance of the country whose currency is used in the investments. Moreover, the IMF is today obliged by the Constitutive Convention to invest in obligations denominated in DEG and in the currencies that are held in the Investment Account or in the Special Account of the Pockets. All these restrictions are intended to be removed by means of changes to the articles of the Constitutive Convention approved by the Board of Governors.

With respect to the sale of gold, the Board of Governors decided that all proceeds from this sale will enter the Investment Account and from there be invested according to the new criteria. The Conconstitutive Convention does not currently allow gold sales revenue to enter the Investment Account, as well as its performance. The consequence of this restriction is that it is impossible to finance the day-to-day activities of the IMF with a sale of gold or the yield produced by such a sale, which would be overcome by this modification.

Finally, it is important to mention that the Board of Governors supports the establishment of a new revenue model, different from that established by the Constitutive Convention, which requires that the day-to-day activities of the IMF be financed by the margin which the institution obtains in the intermediary of loans between the Member States. When the institution was created, this was the criterion that was used for the budget management. However, prior to the current crisis, during the period when few countries resorted to IMF resources, it was evident that this source of income was not stable enough to keep the Institution functioning properly. In other words, it was evident that the size of the IMF could not be accommodated over time to the ups and downs of global economic activity and that, in any case, the minimum size of the IMF needed a stable source of resources.

It is now expected that with the sale of gold and with less restricted investment policies, an additional source of income will be available that will allow it to operate normally. In addition, the intermediation proceeds will be more related to the risks implied by the credit operations and will fund these operations. Although the current economic crisis has increased the institution's income, it is expected that these revenues will be temporary as the economic recovery is expected to reduce again the number of countries that resort to financial support. by the IMF.

For the reasons stated, the National Government, through the Minister of Foreign Affairs and the Minister of Finance and Public Credit, requests the honorable Congress of the Republic to approve the Draft Amendment of the Constitutional Convention. International Monetary Fund to strengthen representation and participation in the International Monetary Fund, adopted on 28 March 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on 28 April 2008 2008, and the Draft Amendment to the International Monetary Fund's Constitutive Convention for extend the investment powers of the International Monetary Fund, adopted on 7 April 2008 and approved by the Board of Governors by Resolution number 63-3, adopted on 5 May 2008.

AMENDMENTS TO THE INTERNATIONAL MONETARY FUND ' S FOUNDING CONVENTION TO STRENGTHEN REPRESENTATION AND PARTICIPATION

1. Article XII (Organization and Direction) Section 3 (Executive Board), of the International Monetary Fund's Constitutive Convention, stipulated that:

a) Each executive director shall appoint an alternate with full powers to act in his place when he is not present. If the executive directors are present, the alternates may take part in the meetings, but without a vote.

Now the text of Article XII, Section 3, literal and) will be amended as follows:

e) Each executive director shall appoint an alternate with full powers to act in his place where he is not present, with the proviso that the Board of Governors may adopt rules that enable the Executive Director-elect by more than one number of Member States to appoint two alternates. Such rules, if adopted, may be amended only in an ordinary election of the executive directors and shall require the Executive Director who appointed two alternates to designate: (i) the alternate to act in place of the Executive Director where both alternates are absent and present, and (ii) the alternate who shall exercise the powers of the Executive Director in accordance with paragraph (f). When the directors who appointed them are present, the alternates may take part in the meetings, but without a vote.

2. Article XII (Organization and Direction), Section 5 (Voting), literal (a) of the International Monetary Fund's Constitutive Convention, stipulated that:

(a) Each member country shall have two hundred and fifty votes plus one additional vote for each portion of its quota equal to one hundred thousand special drawing rights.

Now, the text of Article XII, Section 5, literal a) will be amended as follows:

(a) The total number of votes in each member country shall be equal to the sum of their basic votes and the corresponding votes according to their quota.

i) The basic votes of each member country will be the number of votes resulting from the equitable distribution among all the member countries of 5.502% of the aggregate sum of the total votes of all member countries, with the The caveat that there will be no split basic votes.

ii) The votes corresponding to each member country according to its quota shall be the number of votes resulting from the allocation of one vote for each share of the quota equal to one hundred thousand special drawing rights.

3. Annex L (Suspension of the right to vote), paragraph 2o, of the International Monetary Fund's Constitutive Convention, stipulated that:

2. The votes allocated to that Member State shall not be issued in any body of the Fund. They shall not be included in the calculation of all the votes except in order to accept an amendment draft which relates exclusively to the Department of Special Drawing Rights.

Now, the text of paragraph 2 of Annex L will be amended as follows:

2. The votes allocated to that Member State shall not be issued in any body of the Fund. They shall not be included in the calculation of all the votes, except in order to: (a) accept an amendment bill which concerns exclusively the Department of Special Drawing Rights, and (b) calculate the basic votes according to the Article XII, Section 5 (a), (i).

AMENDMENTS TO THE INTERNATIONAL MONETARY FUND ' S FOUNDING CONVENTION TO EXTEND INVESTMENT POWERS

1. Article XII (Organization and Direction), Section 6 (Reserve, distribution of net income and investments), + + literal f), iii), of the International Monetary Fund's Constitutive Convention, stipulated that:

(f) (iii) The Fund may invest the holdings of the currency of a Member State that holds in the Investment Account in marketable debt securities of that country or in negotiable debt securities issued by financial institutions international. No investment will be made without the conformity of the country whose currency would be used for that purpose. The Fund may only invest in obligations expressed in special drawing rights or in the currency with which the investment is made.

Now the text of Article XII, Section 6 f) iii) will be amended as follows:

(f) (iii) The Fund may invest the holdings of the currency of a member country which it maintains in the Investment Account as determined in accordance with the regulations adopted by the Fund by a majority of 70%. of all the votes. The regulations adopted pursuant to this provision shall be in accordance with the provisions of the following points (vii), (viii) and (ix).

2. Article XII (Organization and Direction) Section 6 (Reserve, distribution of net income and investments), literal f), vi), of the International Monetary Fund's Constitutive Convention, stipulated that:

f) vi) The Investment Account shall be closed in the event of dissolution of the Fund or, before the Fund's dissolution, the amount of investments by a majority of seventy percent of the total votes may be closed or reduced. The Fund shall, by a majority of 70% of the total votes, adopt regulatory provisions for the administration of the Investment Account, which shall be in accordance with the provisions of (vii), (viii) and (ix).

Now, the text of Article XII, Section 6, literal f), vi) will be amended as follows:

f) vi) The Investment Account shall be closed in the event of dissolution of the Fund or, prior to the dissolution of the Fund, the amount of investments by a majority of 70% of the Fund may be closed or reduced. all votes.

3. Article V (Operations and Transactions of the Fund) Section 12 (Other transactions and transactions), literal h), of the International Monetary Fund's Constitutive Convention, stipulated that:

h) The Fund may invest as long as it does not employ it in the form specified in paragraph (f), the currency of a member country held in the Special Account for Debits in marketable debt securities issued by this country or by international financial institutions. The income of the investment and the interest it receives under paragraph (f) (ii) shall be entered into the Special Account for Periods. No investment shall be made without the conformity of the country with whose currency the currency is made. The Fund shall invest only in obligations expressed in special drawing rights or in the currency used in the investment.

Now, the text of Article V, Section 12 h) will be amended as follows:

(h) While not using it in the form specified in paragraph (f), the Fund may invest the currency of a Member State held in the Special Account for Periods as determined in accordance with the regulations adopted by the Fund by a majority of 70% of all votes. The income from the investment and the interest it receives under paragraph (f) (ii) shall be placed in the Special Account for Periods:

A k,) is added to Article V, Section 12 of the Constitutive Convention, which will be worded as follows:

k) Any time the Fund sells gold acquired by the body in accordance with paragraph c) after the date of the second amendment of this Convention, a part of the product equivalent to the purchase price of gold is place in the General Resources Account and the surplus shall be placed in the Investment Account to be used in accordance with Article XII, Section 6 (f). If, after 7 April 2008, but before the entry into force of this provision, the gold acquired by the Fund after the date of the second amendment of this Convention is sold to the date of entry into force of this provision and notwithstanding the limit laid down in Article XII, Section 6 (f) (ii), the Fund shall transfer from the General Resources Account to the Investment Account an amount equivalent to the proceeds of such sale, minus (i) the purchase price of the gold sold, and (ii) the part of the product of that sale that exceeds the purchase price that would have already been transferred to the Account Investments before the date of entry into force of this provision.

On September 21, 2009, the Acting Secretary of the IMF, Mr. G. Russell Kincaid, issued a certification that the texts are integral and authentic to the modifications on representation and participation, and on investment powers. Convention establishing the International Monetary Fund, presented by the Executive Directors according to Decision No 14085-(08/29) and Decision No 14092-(08/32), respectively₁. Mrs. Margarita Eliana Manjarrez Herrera, Coordinator of the Treaty Area of the International Legal Affairs Directorate of the Ministry of Foreign Affairs, also certified on 25 November 2009 that the reproduction of the text It is a faithful and complete photocopy of the text in Spanish of the draft amendment to the International Monetary Fund's Constitutive Convention.

FINAL REFLECTIONS

Representation and participation, increasing the power of the vote, which entails reform, do not affect Colombia and respond more to the need for some African countries that have chairs in the Executive Board and that, to balance their positions, they need two alternate directors. For its part, the reform on the expansion of the fund's investment powers and the net income or profits implies that they are allocated to a general reserve or a special reserve and that these will be distributed to the member countries with 70% of the the votes. In general, this majority is required to decide to do anything with the general reservation.

In the case that the decision is the distribution to the countries, the way to do this is to carry out the transfer in Special Drawing Rights (SDR), or in the country's own currency. To this end, the Convention speaks of opening an Investment Account in which resources obtained through transfers of gold sales or for investment in currencies that the countries maintain in the General Resources Account can be accumulated.

The amendment also states that the resources of the Investment Account should be made in the event of the dissolution of the IMF. Until now, these could not be available until the dissolution of the IMF was a fact. With the amendment it is established that before the dissolution, with a majority of 80% of the votes of the member countries, it can be decided what to do with those resources.

The amendment also adds a new paragraph, which sets out what should be done with the proceeds of gold sales. As you know, the price of that metal has increased substantially in recent years and it is foreseeable that these sales will imply an extraordinary profit. How they will apply the resources they get from these sales is different from the amendment. If the Fund decides to sell this gold it will have to distribute the product of its sale between the General Resources Account and the Investment Account: the value of the purchase price for the quantity sold goes to the first account and the surplus for a greater the sale price to the Investment Account.

Of the honorable Congressmen,

The Foreign Minister,

MARIA ANGELA HOLGUIN HANG.

The Minister of Finance and Public Credit,

JUAN CARLOS ECHEVERRY GARZON.

EXECUTIVE BRANCH OF PUBLIC POWER

PRESIDENCY OF THE REPUBLIC

Bogotá, D. C., November 17, 2009

Authorized. Submit to the consideration of the honorable Congress of the Republic for the constitutional effects.

(Fdo.) ALVARO URIBE VELEZ

The Foreign Minister,

(Fdo.) Jaime Bermudez Merizalde.

DECRETA:

Article 1o. Approve the "Draft Amendment to the International Monetary Fund's Constitutive Convention to Strengthen Representation and Participation in the International Monetary Fund" adopted on March 28, 2008 and approved by the International Monetary Fund. Governors by Resolution number 63-2, adopted on April 28, 2008, and the "Draft Amendment to the International Monetary Fund's Constitutive Convention to Expand the Investment Powers of the International Monetary Fund," adopted on 7 April 2008 and approved by the Board of Governors by Resolution number 63-3, adopted on 5 May 2008.

Article 2o. In accordance with the provisions of Article 1 of the 7th Act of 1944, the "Draft Amendment to the Convention Constitutive of the International Monetary Fund to strengthen the representation and participation in the International Monetary Fund" adopted on 28 March 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on 28 April 2008, and the "Draft Amendment to the International Monetary Fund's Constitutive Convention to extend the powers of the International Monetary Fund" Investment by the International Monetary Fund, adopted on 7 April 2008 and approved by the International Monetary Fund Governors by Resolution number 63-3, adopted on May 5, 2008, which is approved by Article 1 of this Law, will force the Republic of Colombia from the date on which the international link with respect to it is perfected.

Article 3o. This law applies from the date of its publication.

Dada en Bogotá, D. C., a los

Presented to the honorable Congress of the Republic by the Minister of Foreign Affairs and the Minister of Finance and Public Credit.

The Foreign Minister,

MARIA ANGELA HOLGUIN HANG.

The Minister of Finance and Public Credit,

JUAN CARLOS ECHEVERRY GARZON.

ACT 424 OF 1998

(January 13)

by which the follow-up to the international conventions signed by Colombia is ordered.

The Congress of Colombia

DECRETA:

Article 1o. The National Government through the Foreign Ministry will submit annually to the Senate and Senate Foreign Relations Committees, and within the first thirty days of the legislative period, which begins every 20 years. July, a detailed report on how the existing International Conventions signed by Colombia with other States are being complied with and developed.

Article 2o. Each dependency of the National Government responsible for implementing the International Treaties of its competence and requiring reciprocity in them, will transfer the relevant information to the Ministry of Foreign Affairs and the Ministry of Foreign Affairs. Second.

Article 3o. The full text of this law shall be incorporated as an annex to any and all International Conventions that the Ministry of Foreign Affairs presents to the Congress.

Article 4o. This law governs from its enactment.

The President of the honorable Senate of the Republic.

AMYLKAR ACOSTA MEDINA.

The Secretary General of the honorable Senate of the Republic,

PEDRO PUMAREJO VEGA.

The President of the honorable House of Representatives,

CARLOS SQUIRLA BALLESTEROS.

The Secretary General of the honorable House of Representatives,

DIEGO VIVAS TAFUR.

COLOMBIA-NATIONAL GOVERNMENT

Publish and execute.

Dada en Santa Fe de Bogota, D. C., on January 13, 1998.

ERNESTO SAMPER PIZANO

The Foreign Minister,

MARIA EMMA MEJIA VELEZ.

EXECUTIVE BRANCH OF PUBLIC POWER

PRESIDENCY OF THE REPUBLIC

Bogotá, D. C., November 17, 2009

Authorized. Submit to the consideration of the honorable Congress of the Republic for the constitutional effects.

(Fdo.) ALVARO URIBE VELEZ

The Foreign Minister,

(Fdo.) Jaime Bermudez Merizalde.

DECRETA:

ARTICLE 1o. C-134-14 > Approve the " Draft Amendment to the International Monetary Fund's Constitutive Convention to Strengthen Representation and Participation in the Fund International Monetary "adopted on 28 March 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on 28 April 2008, and the" Draft Amendment to the International Monetary Fund's Constitutive Convention " to extend the investment powers of the International Monetary Fund, " adopted on 7 April 2008 and approved by the Board of Governors by Resolution number 63-3, adopted on 5 May 2008.

ARTICLE 2o. C-134-14 > In accordance with the provisions of Article 1 or the 7th Act of 1944, the " Draft Amendment to the International Monetary Fund's Constitutive Convention for strengthen the representation and participation in the International Monetary Fund "adopted on 28 March 2008 and approved by the Board of Governors by Resolution number 63-2, adopted on 28 April 2008, and the" Draft Amendment of the Convention of the International Monetary Fund to extend the powers of Investment by the International Monetary Fund ", adopted on 7 April 2008 and approved by the Board of Governors by Resolution number 63-3, adopted on 5 May 2008, which, under Article 1 of this Law, is approved, will force the Republic of from the date on which the international link with respect to it is perfected.

ARTICLE 3o. C-134-14 > This law governs from the date of its publication.

The President of the honorable Senate of the Republic,

ROY MONTEALEGRE BARRIERS.

The Secretary General of the honorable Senate of the Republic,

GREGORIO ELJACH PACHECO.

The President of the honorable House of Representatives,

AUGUSTO POSADA SANCHEZ.

The Secretary General of the honorable House of Representatives,

JORGE HUMBERTO MANTILLA SERRANO.

REPUBLIC OF COLOMBIA

NATIONAL GOVERNMENT

Communicate and comply.

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

Dada in Bogotá, D. C., on June 11, 2013.

The Minister of National Defense of the Republic of Colombia, a delegate of presidential functions, by Decree number 1178 of 2013,

JOHN CARLOS PINZON BUENO

The Deputy Minister of Multilateral Affairs of the Ministry of Foreign Affairs, in charge of the functions of the Office of the Minister of Foreign Affairs,

PATTI LONDONO JARAMILLO.

The Technical Vice Minister of the Ministry of Finance and Public Credit, in charge of the Office of the Minister of Finance and Public Credit,

ANDRES RESTREPO MONTOYA.

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1. Congress Gazette number 1208 of 2010.