Law No. 2013-02 of 06 June 2013 Act No. 2013-02 of 06 June 2013 authorising the President of the Republic to ratify the amendment of statutes of International Monetary Fund (IMF) concerning the reform of the Board of Directors.
EXPLANATORY memorandum in order to improve the representation and the participation of its Member States, the International Monetary Fund (IMF), has undertaken under the leadership of the Board of Governors, a reform of the Board of Directors regarding the election of Directors and alternates on the one hand, the size and the composition of this body, on the other hand.
Amendment thus adopted, December 15, 2010, pursuant to resolution 66-2, aims to strengthen the legitimacy of the elections of the IMF by improving the representativeness of its member countries.
Under this amendment, administrators, number 20, unlike the old staff regulations, cannot be designated. Now they will be elected every two years. Council of Governments may, by the majority of 85%, increase or decrease their number. However their authority and their status does not change.
This amendment will enter into force, when the IMF will officially notify its acceptance by three-fifths of the Member States comprising 85% of the total voting power.
Any question of interpretation of the provisions of these articles of incorporation between a Member State and the IMF, and on the other hand between Member States, may be submitted to the Board of Directors for decision.
It is important for Senegal as a member of the IMF, and to have better representation in this Institution to ratify this amendment.
Such is the economy of this Act.
The National Assembly adopted at the meeting of Tuesday, may 28, 2013;
The President of the Republic enacts the law whose content follows: Article 1. -The President of the Republic is authorized to ratify the amendment of statutes of International Monetary Fund (IMF) on the reform of the Board of Directors.
This Act will be enforced as law of the State.
Made in Dakar, June 6, 2013 Macky SALL by the President of the Republic: the Prime Minister, Umrans attachment 1 proposed amendment of the statutes of the monetary international fund on reform of the Board of Directors the Governments on whose behalf these statutes were signed agree to the following: 1. the wording of article XII, section 3) is amended as follows: ' b) subject to the provisions of paragraph c) below, the Board of Directors is 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 majority of eighty five per cent of the total number of voting power, 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) the election of Directors is held every two years, in accordance with the rules adopted by the Board of Governors. These rules provide a limit to the total number of votes that could be cast 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 remain in office until their successors are elected.
If the office of a Director becomes vacant more than ninety days before the expiration of its mandate, another administrator is elected for the remaining period, by the Member States who had elected the previous administrator. The election takes place in the majority of the votes cast.
As long as the position remains vacant, the substitute of the previous administrator exercises the powers of it, except to appoint an alternate. ("5. the wording of article XII, section 3 i), is amended as follows: 'i) each Director has the number of votes, which counted for his election.
((ii) when the provisions of section 5, paragraph b) of the present article are applicable, the number of votes that would have disposed of an administrator should be increased or decreased accordingly. Any administrator should block casting ballots before it.
(iii) where the suspension of the voting rights of a Member State is revoked under section 2, paragraph (h)), Article XXVI, that Member State may agree with all Member States that have elected an administrator that the voices that are attributed to him are expressed by the administrator, subject to that, if no regular election of Directors took place during the period of suspension (((, the administrator in the election which the Member State had participated before the suspension of voting rights, or his successor elected under the provisions of paragraph 3 (c)) i) of Schedule L or subsection f) above, shall be entitled to express the voting power audit Member State.
The Member State shall be deemed to have participated in the election of the administrator the authority 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 which is considered an application by that Member State or a question concerning particularly. ' 7. the wording of article XII, section 8. is amended as follows: "the Fund may, at any time, informally a Member State its views on any matter that arises during the application hereof.
The Fund may, by majority of seventy per cent of the total number of voting power, decide to publish a report to a Member State on its monetary situation or its economic situation and their development, if they directly tend to cause a serious imbalance in the international balance of payments of Member States.
The Member State concerned has the right to be represented in accordance with section 3, paragraph f), of this article.
The Fund does not report which would involve changes in the basic structure of the economic organization of Member States publish. (("8. the wording of article XXI) ii) is amended as follows: ' a) ii) for decisions of the Board of Directors on matters concerning exclusively the Special Drawing Rights Department, only Directors elected by at least one Member State having the quality of participant have the right to vote. ''
Each of these directors may express the number of votes attributed to participating Member States whose votes have contributed to his election. To determine if a quorum is present or if a decision is taken to the required majority, it shall account to the presence of the directors elected by the Member States with the quality of participants and the votes allocated to the Member States with the quality. ("9. the wording of article XXIX) is amended as follows: ' a) any question of interpretation of the provisions of these statutes issues that would arise between any member and the Fund or between Member States is subject to the governing body for decision. '' If the issue particularly affects a Member State, that Member State has the right to be represented in accordance with section 3, paragraph (f)), of article XII. ("10. the wording of paragraph 1) Annex D is amended as follows: ' a) each State member or group of Member States that loads an administrator to express the number of votes allocated to it appoints to the College a Counsellor, who must be a Governor, a Minister of the Government of a Member State or a person of comparable rank, and may appoint more than seven associates. ''
A majority of eighty-five percent of the total number of voting power, the Governing Council may change the number of members who may be appointed.
The Advisor or associate serves up the summation of his successor or the next regular government election if it takes place before the appointment. ("11. the content of paragraph (c)), paragraph 5 of the annex D is deleted.
12. paragraph (f)), paragraph 5 of the annex D becomes e) paragraph 5 of Annex D and the wording of the new paragraph e) paragraph 5 is amended as follows: ' e) (when an administrator is empowered to express the votes allocated to a Member State pursuant to section 3 i) iii) article XII, Advisor appointed by the group whose members elected the administrator shall be entitled to vote and to express the voting power to. that Member State.
The Member State shall be deemed to have participated in the appointment of the authorized Advisor to vote and express the votes allocated to that Member State. "13. the wording of Schedule E is amended as follows: 'Interim provisions relating to directors' 1. Upon the entry into force of the provisions of this Annex: a) any Director appointed pursuant to the former provisions of section 3, paragraph b) i), or section 3, paragraph (c)), article XII and speaking in his office immediately before the coming into force of this annex, shall be deemed have been elected by the Member State with the appointed; and (b)) any Director who expresses the number of votes of a Member State under the former provisions of section 3, subsection i) ii), 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)) Annex L is amended as follows:
"(b) appoint a Governor or alternate Governor, appoint an advisor or a Deputy Adviser, or participate in their appointment, elect a Director, or participate in its election."
(15. the wording of the chapeau of paragraph 3 c) of Schedule L is amended as follows: 'c) administrator elected by the Member State, or to the election whereby the Member State took part, ceases to perform his duties, except if this administrator was entitled to express the votes allocated to other Member States whose voting rights have been suspended. In the latter case. »