CHAIR OF THE COUNCIL OF MINISTERS

1

Proposal for Resolution No 11 /XII

The Portuguese Republic is Party to the Agreement relating to the International Monetary Fund,

adopted in Bretton Woods, on July 22, 1944.

On December 15, 2010, the Assembly of Governors of the Monetary Fund

International adopted Resolution 66-2 on the 14 th General Review of Quotas, the Reformation

of the Executive Directory and other governance aspects of the said Fund.

As far as the reform of the executive directory is concerned, it stands out the passage to a directory

fully elected, to come to fruition through Amendment to the Agreement on the Monetary Fund

International. The Executive Office is currently composed of 24 Directors

executives, of which 5 are named (United States of America, Japan, Germany,

France and the United Kingdom), being the remaining elected.

To enter into force, the amendment to the Agreement concerning the International Monetary Fund

requires its acceptance by three fifths of the Member States, representing 85% of the power

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

Portuguese State.

Thus:

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:

CHAIR OF THE COUNCIL OF MINISTERS

2

Single Point-Aprove, for accession, the Amendment to the Agreement on the Monetary Fund

International on the Reform of the Executive Directory, adopted in accordance with

Resolution 66-2 of December 15, 2010 of the Assembly of Governors of the Fund

International Monetary, whose text, in the authenticated version in English language and respective

translation in Portuguese language, it publishes in annex.

Seen and approved in Council of Ministers of November 24, 2011

The Prime Minister

The Minister of State and Foreign Affairs

The Deputy Minister and Parliamentary Affairs