Approves, For Membership, An Amendment To The Agreement On The International Monetary Fund Designed To Improve The Voice And Participation In The International Monetary Fund, Adopted In Accordance With The Resolution No. 63-2, April 28 2008, The House ...

Original Language Title: Aprova, para adesão, uma Emenda ao Acordo Relativo ao Fundo Monetário Internacional destinada a melhorar a voz e participação no Fundo Monetário Internacional, adoptada em conformidade com a Resolução n.º 63-2, de 28 de Abril de 2008, da Assembleia de Gov

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Read the untranslated law here: http://app.parlamento.pt/webutils/docs/doc.pdf?path=6148523063446f764c3246795a5868774d546f334e7a67774c336470626d6c7561574e7059585270646d467a4c316776644756346447397a4c334277636a45784d6931594c6d527659773d3d&fich=ppr112-X.doc&Inline=false

1 RESOLUTION No. 112/X through resolution No. 63-2, April 28 2008, the Assembly of Governors of the International Monetary Fund (IMF), adopted a proposed amendment to the agreement on the International Monetary Fund designed to improve the voice and participation in the International Monetary Fund, to which Portugal joined through Decree-Law No. 43338, 21 November 1960 concerning the representation of the Member States of the IMF, known for Voice and Participation on the Amendment. This initiative is part of the broader context of the reform of the IMF, initiated in 2004, on the occasion of your 60th birthday, and stems from the strategic discussion that has developed around the role of this institution in the new global economic context. Centered in particular in the area of governance, financial and institutional background, the proposed revision of the deal will materialize, in the short term, on reform of quotas and representation of the Member States, as well as in the development of a sustainable model for the Finance of the Fund, so as to raise the effectiveness, credibility and legitimacy of the institution, adapting it to the current external surroundings and the new challenges associated with the increasing globalization and economic and financial global interconnections. In both areas, the reforms decided imply amendments to the articles of the agreement on the International Monetary Fund, although with the adoption process and separate and autonomous approval among themselves. This proposed amendment to the agreement takes place, in particular, the tripling of basic votes of the Member States and the introduction of a mechanism to ensure that the added value of this type of votes will keep your fixed weight as a percentage of the total voting power, as well as the possibility of appointing a second Alternate Director (Alternate Executive Director) for two of the Constituencies elected and grouping the African countries. To be approved, the resolution of the Assembly of Governors of the IMF requires your acceptance by three-fifths of the Member States of the IMF, representing 85% of the voting power. It becomes therefore necessary to trigger the approval process by the Portuguese State.

2 like this: under d) of paragraph 1 of article 197 of the Constitution, the Government presents to the Assembly of the Republic the following resolution: to approve accession, an amendment to the agreement on the International Monetary Fund designed to improve the voice and participation in the International Monetary Fund, adopted in accordance with the resolution No. 63-2, 28 April 2008 , of the Assembly of Governors of the Fund, whose text, authenticated version in English, and its translation into Portuguese language published in annex.

Seen and approved by the Council of Ministers of 18 September 2008 the Prime Minister of State and Minister for Foreign Affairs the Minister of Parliamentary Affairs Minister Presidency