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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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Through Resolution No. 63-2 of April 28, 2008, the Assembly of Governors of the

International Monetary Fund (IMF), adopted a proposal for Amendment to the Agreement

On the International Monetary Fund aimed at improving the voice and participation in the

International Monetary Fund, to which Portugal acceded through the Decree-Law No 43338,

of November 21, 1960, concerning the representation of the Member States of the IMF,

known for Voice and Participation Amendment .

This initiative falls within the broader context of the IMF reform, initiated in 2004, by

occasion of its 60 th anniversary, and stems from the strategic discussion that has been coming to

to develop around the role of this institution in the new global economic context.

Focused in particular on the governance, institutional and financial field of the Fund, the

proposed revision of the Agreement will materialize, in the short term, in quota reforms and

form of representation of the states-members, as well as in the development of a

sustainable model for the Fund's finances, so as to raise the effectiveness, credibility and

legitimacy of this institution, adapting it to the current external enveloping and the new challenges

associated with the growing globalization and global economic and financial interlinkages.

In both areas, the decided reforms entail amendments to the Articles of Agreement

relating to the International Monetary Fund, although with process of adoption and approval

distinct and autonomous with each other.

Of this proposal to Amendment to the Agreement stems, in particular, the tripling of the votes-base

of the Member States and the introduction of a mechanism that ensures that the aggregate value

of this type of votes will keep its fixed weight as a percentage of the total voting power,

as well as the possibility of appointment of a second Supple Director ( Alternate

Executive Director ) for two of the Constituencies elected and who group the African Countries.

To be approved, this Resolution of the IMF's Assembly of Governors requires its

acceptance for three fifths of the IMF Member States, representing 85% of the power of

vote. It becomes therefore necessary to trigger the process of approval by the

Portuguese State.



Under the terms of the paragraph d) of Article 197 (1) of the Constitution, the Government presents to the

Assembly of the Republic the following motion for a resolution:

Approves, for accession, a Amendment to the Agreement Relative to the International Monetary Fund

intended to improve the voice and participation in the International Monetary Fund, adopted in

compliance with Resolution No. 63-2 of April 28, 2008, of the Assembly of

Governors of the said Fund, whose text, in the English-language authenticated version, and

respective translation in Portuguese language if they publish in attachment.

Seen and approved in Council of Ministers of September 18, 2008

The Prime Minister

The Minister of State and Foreign Affairs

The Minister of the Presidency

The Minister of Parliamentary Affairs