EXPOSE REASONS

In order to improve the representation and participation of its member states, the International Monetary Fund (IMF) undertook, under the leadership of the Board of Governors, a reform of the Board of Directors concerning the election of the Directors and their alternates on the one hand, and the size and composition of that body, on the other hand.

The Amendment thus adopted, on 15 December 2010, pursuant to resolution 66-2, aims to strengthen the legitimacy of the IMF elections by improving the representativeness of its member countries.

Under this amendment, the number of directors, of twenty, in contrast to the former statute, will no longer be eligible for appointment. Now they will be elected every two years. The Council of Governments can increase or reduce the number by a majority of 85 per cent. However, their authority and status do not change.

This Amendment will enter into force, when the IMF formally notifies its acceptance by three-fifths of the Member States of 85 % of the total number of votes allocated.

Any question of interpretation of the provisions of these Statutes between, on the one hand, a Member State and the IMF, and on the other between Member States, may be referred to the Administrative Council for decision.

It is important for Senegal as a member country of the IMF, and in order to have a better representation in this institution, to ratify this Amendment.

This is the economy of this Act.

The National Assembly adopted, on Tuesday, 28 May 2013;
The President of the Republic enacts the following legislation:

Article 1. -The President of the Republic is authorised to ratify the Amendment of the Statute of the International Monetary Fund (IMF) on the reform of the Board of Directors.

This Law shall be enforced as the law of the State.

Done at Dakar, 6 June 2013

Macky SALL
By the President of the Republic:

The Prime Minister,
Abdoul MBAYE

ATTACHMENT 1

Proposal for an amendment of the Articles of Agreement of the International Monetary Fund on the reform of the Administrative Council

The Governments on whose behalf the present Statutes have been signed agree as follows:

1. The wording of Article XII, section 3 (b), is amended as follows:

" (b) Subject to the provisions of paragraph (c) below, the Governing Council shall be composed of twenty directors elected by the member States and chaired by the Director General."

2. The wording of Article XII, section 3 (c), is amended as follows:

" (c) For the purposes of each ordinary election of directors, the Board of Governors may, by a majority of eighty-five per cent of the total number of votes allocated, increase or decrease the number of directors referred to in paragraph (b) Above."

3. The wording of Article XII, section 3 (d) is amended as follows:

(d) Election of directors shall take place every two years, in accordance with the rules adopted by the Governing Council. These rules provide for a limit to the total number of votes that may be expressed in favour of the same candidate by more than one Member State. '

4. The wording of Article XII, section 3 (f), is amended as follows:

" (f) Directors shall remain in office until their successors are elected.

If the position of an administrator becomes vacant more than ninety days before the expiry of his term of office, another director shall be elected for the period remaining to run, by the Member States which had elected the previous administrator. The election shall be held by a majority of the votes cast.

As long as the position remains vacant, the deputy head of the previous administrator shall exercise his powers, except for the appointment of an alternate."

5. The wording of Article XII, section 3 (i), is amended as follows:

" (i) Each director shall have the number of votes counted for his or her election.

(ii) Where the provisions of section 5, paragraph (b), of this Article are applicable, the number of votes to be disposed of by an administrator shall be increased or decreased accordingly. Any administrator must express the votes he has at his disposal.

(iii) Where the suspension of the voting rights of a Member State is revoked under Section 2 (h) of Article XXVI, that Member State may agree with all the Member States which have elected an administrator as the votes which are Shall be expressed by that director, provided that, if no ordinary election of directors took place during the period of suspension, the administrator at the election from which the Member State had participated before the suspension of the Its voting rights, or its successor elected under the provisions of paragraph 3 (c) (i) of Annex L or Paragraph (f) above, shall be entitled to express the votes assigned to that Member State.

The Member State shall be deemed to have participated in the election of the administrator entitled to express the votes allocated to that Member State. '

6. The wording of Article XII, section 3 (j), is amended as follows:

" (f) The Governing Council shall adopt rules enabling a Member State to send a representative to any meeting of the Board of Directors where a request submitted by that Member State or a question relating specifically to it is considered."

7. The wording of Article XII, section 8. Is modified as follows:

" The Fund may, at any time, make informally known to a Member State its views on any matter arising in the application of these Statutes.

The Fund may, by a majority of seventy per cent of the total number of votes allocated, decide to publish a report to a Member State on its monetary situation or economic situation and their development, if they tend to Cause a serious imbalance in the international balance of payments of the Member States.

The Member State concerned shall have the right to be represented in accordance with Section 3 (f) of this Article.

The Fund shall not publish a report which would imply changes in the fundamental structure of the economic organisation of the Member States. '

8. The wording of Article XXI (a) (ii) is amended as follows:

" (a) (ii) For the decisions of the Governing Council on matters relating exclusively to the Special Drawing Rights Department, only the
Directors elected by at least one participating Member State have the right to vote.

Each of these directors may express the number of votes cast to the participating Member States whose votes contributed to their election. In order to determine whether a quorum is present or if a decision is taken by a majority required, only the presence of the directors elected by the Member States having the quality of participants and the votes allocated to the Member States shall be taken into account Having this quality."

9. The wording of Article XXIX (a) is amended as follows:

" (a) Any question of interpretation of the provisions of the questions of these Statutes which would arise between a Member State and the Fund or between Member States shall be referred to the Administrative Council for decision. If the question particularly affects a Member State, that Member State shall be entitled to be represented in accordance with Article XII, section 3 (f)."

10. The wording of paragraph 1 (a) of Annex D is amended as follows:

" (a) Each Member State or group of member States which instrucs an administrator to express the number of votes assigned to it shall appoint an adviser to the College, who shall be a Governor, a Minister of the Government of a Member State or a person of Comparable rank, and may appoint up to seven partners.

The Board of Governors, by a majority of eighty-five per cent of the total number of votes allocated, may change the number of members who may be appointed.

The councillor or associate shall sit until the summons of his successor or until the next ordinary election of the administrations if it takes place before the appointment."

11. The contents of paragraph 5 (c) of Annex D shall be deleted.

12. Paragraph 5 (f) of Annex D is renumbered as paragraph 5 (e) of Annex D and the wording of new paragraph 5 (e) is amended as follows:

" (e) Where an administrator is entitled to express the votes assigned to a Member State under section 3 (i) (iii) of Article XII, the adviser appointed by the group whose members have elected the administrator shall be entitled to vote and to express The votes allocated to that Member State.

The Member State shall be deemed to have participated in the appointment of the councillor entitled to vote and to express the votes allocated to that Member State. '

13. The wording of Annex E is amended as follows:

" Interim Provisions Relating to Directors "

1. From the entry into force of the provisions of this Annex:

(a) any director appointed in accordance with the former provisions of section 3, paragraph (b) (i), or section 3 (c), of Article XII and carrying on his duties immediately before the entry into force of this Annex, shall be Deemed to have been elected by the Member State having appointed it; and

(b) an administrator who expresses the number of votes of a Member State in accordance with the former provisions of Section 3 (i) (ii) of Article XII immediately before the entry into force of this Annex shall be deemed to have been elected by That Member State."

14. The wording of paragraph 1 (b) of Annex L is amended as follows:

" (b) appoint an alternate governor or governor, appoint or participate in the appointment of an alternate adviser or councillor, elect an administrator, or participate in his or her election."

15. The chapeau of paragraph 3 (c) of Annex L is amended as follows:

" (c) The administrator elected by the Member State, or at the election of which the Member State participated, shall cease to carry out its functions, unless that director is entitled to express the votes allocated to other Member States whose voting rights have not been Not suspended. In the latter case."