Law 49/1997, Of 27 November, Which Authorizes The Participation Of The Kingdom Of Spain In The Seventh Replenishment Of The African Development Fund.

Original Language Title: Ley 49/1997, de 27 de noviembre, por la que se autoriza la participación del Reino de España en la séptima reposición de recursos del Fondo Africano de Desarrollo.

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JUAN CARLOS I King of Spain to all that the present join together and act.


Know: That the Cortes Generales have approved and I come in to sanction the following law.


EXPLANATORY statement background African development, created in 1972, aims at granting loans on concessional terms to lower income African countries. Its members are the African Bank of development and 24 non-regional countries.


The Kingdom of Spain, which is a founding member of the Fund since 1974, has participated in all its reruns of resources. The Spanish contribution to the sixth replenishment of resources was 5.364.225.035 pesetas, representing the 1.62 per 100 total. This seventh replenishment includes, on the one hand, the capture of 1,329 million units of account of the Fund for the period 1996-1999. And, on the other hand, the acquisition of additional resources in an amount objective 500 million units of account of the Fund in the form of special subscriptions to title of the seventh replenishment for the same period.


Both reasons welfare as legitimate interests of trade policy recommended the participation of Spain in this replenishment.


This Act, whose purpose is to allow such participation is dictated by virtue of competence titles which the Constitution attributed exclusively to the State, in accordance with article 149.1.3. a and 13.a, referring to international relations and bases and the coordination of the economy.


Article 1. Contribution to the African Development Fund.


1 authorizes the Government to, on behalf of the Kingdom of Spain, made a contribution in the seventh replenishment of the African Development Fund in the amount of 3.969.729.331 pesetas, in accordance with provisions in the resolution F/BG/96/04, adopted by the Board of Governors of this institution on 23 May 1996, as well as a special contribution in the amount of 1.200.000.000 pesetas According to the terms of resolution F/BG/96/09 adopted, through voting by correspondence, on 30 September 1996, amending the previous. Both resolutions are published as appendices to this law.


2. the above-mentioned contributions will be borne charged to budgetary allocations which, to this end, shall be entered in the budget of the Ministry of economy and finance.


Article 2. Payment of contributions.


1. payments for each subscription of the contributions shall be in pesetas and may be in cash or in the form of non-negotiable ious and uninteresting, or similar obligations, payable to view and its value at the same time.


2. payments by way of subscription that is carried out in accordance with provisions in the resolution F/BG/96/04 will be held in three installments. The first of these payments must be made within a maximum period of thirty days from the date of deposit of the instrument of subscription. The second payment shall be made in the later of the following dates: June 30, 1997, within a maximum period of thirty days from the date of effective entry into force of the above-mentioned resolution, or within a maximum period of thirty days from the date of deposit of the instrument of subscription. The third payment shall be made on 30 April 1998, at the latest.


3. payments by way of the special subscription which is carried out in accordance with resolution F/BG/96/09 will be held in two installments. The first of these payments, equivalent to 35 per 100 of the total amount of the special subscription must be made in the later of the following dates: June 30, 1997, within a maximum period of thirty days from the date of effective entry into force of the above-mentioned resolution, or within a maximum period of thirty days from the date of deposit of the instrument of subscription. The second payment, equivalent to 65 per 100 of the total amount of the special subscription, must be made on 30 April 1998, at the latest.


Article 3. Depositary entity.


For purposes of the contributions which are authorized, the Bank of Spain will play the functions of depositary provided for in article 33 of the Convention articles of the African Development Fund, both assets and promissory notes necessary for the disbursement of contributions, as the representative of these titles.


First final provision. Faculty of development.


Authorising the Minister of Foreign Affairs and the Minister of economy and finance to they handed down, in the field of their respective competencies, many measures are called for the execution of what has this law.


Second final provision. Entry into force.


This law shall enter into force the day following its publication in the "Official Gazette".


Therefore, command to all Spaniards, private individuals and authorities which have and will keep this law. Madrid, 27 November 1997.


JUAN CARLOS R.


The President of the Government, JOSÉ MARÍA AZNAR LÓPEZ Appendix I resolution F/BG/96/04 concerning the increase in the resources of the Fund: Seventh general replenishment of resources (adopted at the second plenary session of the 23 annual meeting of Board of Governors of the Fund, May 23, 1996).


The Board of Governors, seen articles 2, 4, 7, 16, 19 and 23 of the agreement establishing of the African Development Fund (hereinafter 'the agreement');


Considering the report of the Executive Board, on May 21, 1996, on the implementation of the resolution F/BG/92/05 relative to the increase in the resources of the Fund and, in particular, recommendations made by the Executive Board on the basis of the consultations authorized in paragraph b) of that resolution and also contained in the report;


Considering, Furthermore, that the Governments of the participating States, listed in annex I, consider that the amounts and terms contained in the same, as well as the conditions set out in the present resolution, constitute a suitable basis for the elaboration of recommendations to their respective legislative organs and intend to, if necessary, ask those bodies that approve them to have authorization to sign the amounts referred to in that annex understanding that any participating State can engage in final form before obtaining, if necessary, the adoption of its legislative body;


Recognizing that it is clear from examination of the level of resources of the Fund should be to increase such resources to cope with the development needs of the Member countries of the African Development Bank ("the Bank") most deprived and least developed;


Recognizing, in addition, that the consultations on the seventh general replenishment («seventh replenishment") of the Fund have led to a consensus according to which the level of the desirable operations for the three-year period of the seventh replenishment justifies a target of thousand three hundred twenty-eight million seven hundred eighty and a thousand eight hundred thirteen units of account (1.328.781.813 U. C.), without prejudice to other possible gains through new or additional subscriptions;


Convinced of the need to provide, by way of advance subscriptions that can be used for credit, a fraction of the amount of subscriptions made by virtue of this resolution before the entry into force of the seventh replenishment commitment;


Accepts and approves the final report ("the report") on the consultative meetings of the seventh general replenishment, and consequently, decides: 1. increase of the resources of the Fund: to) the Fund is authorised to proceed to the seventh replenishment for the three-year period beginning on 1 January 1996.


(b) are authorized to fund to accept, for each of the States parties listed in annex I attached to this resolution, a subscription for the specified amount each participating State in the corresponding column of that annex.


(c) no provision of this resolution will prevent, in any way, the acceptance by the Fund, with the agreement of the Executive Board, subscriptions and other resources greater than those indicated in annexes I and II to the present resolution.


2 subscription by participating States: to) to make a subscription pursuant to these provisions, each participating State shall be deposited in the Fund an instrument of subscription in which officially confirmed their intention to subscribe to the Fund the amount contained in the annex I, expressed in the currency unit that corresponds to each participating State, to be determined in accordance with the provisions of point 3.


((b) without prejudice to the provisions of point (c)) of this paragraph, this instrument will be the participating State that has deposited it, a commitment without reservation pay the amount subscribed in accordance with the modalities and conditions stipulated or referred to in the present resolution. For the purposes of implementation of the present resolution, this subscription will be called a 'subscription without reservation".



(c) in exceptional cases, when a participating State is impossible to make a commitment without reservation because of their legislative procedures, the Fund may accept State an instrument of subscription accompanied by a reservation whereby the payment of all the sections of your subscription, with the exception of the first, will be subject to an opening of budget appropriations with the commitment from that State to do everything in its power to obtain such (opening at the rate specified in paragraph 4 c) and 8 b) of the present resolution, and on dates of payment referred to in paragraph 4, and notify the Fund when the credits corresponding to each term have been opened. For the purposes of implementation of the present resolution, this type of subscription is referred to as «accompanied by a reservation» subscription, but deemed that the reservation has disappeared as soon as the credits have been opened.


3 designation of subscriptions: subscriptions of participating States shall be expressed in special drawing rights (SDRS) of the International Monetary Fund, in a currency used for the estimation of the value of the SDR or in the currency of the participating State, if it is freely convertible; However, if a participating State's economy had experienced an inflation rate higher than 15 per 100 annual average in the period between 1 January 1993 and 31 December 1995, as determined by the Fund, your subscription will be expressed in SDRS.


4 payment of subscriptions: to) corresponding to each subscription payments shall be made in three installments, in special drawing rights SDRS, in any currency used for the estimation of the SDR or in any freely convertible currency acceptable to the Fund. Without prejudice to the provisions of sections 6 and 8, and unless contrary decision of the Executive Board, the first of these payments should be performed, at the latest, on 31 January 1997, or within a maximum period of thirty days from the date of entry into force, choosing whichever is later between such dates; the second and third payments should be made, respectively, on June 30, 1997 to April 30, 1998, at the latest. In exceptional circumstances, if a participating State would, as a result of the legislative process, unable to pay the first installment on the date indicated in the second sentence of this paragraph, such payment shall be made within a maximum period of thirty days from the date of deposit of the instrument of subscription.


(b) accompanied by a reservation subscriptions corresponding payments shall be made within a period of thirty days from the date in which the corresponding subscription pass without reserve and the provisions relating to payment dates referred to in this paragraph shall apply to each of these subscriptions without reservation.


(c) the total amount of each subscription with reservation or booking will be payable in three equal annual installments.


((((d) any participating State may indicate, by a declaration addressed to the Fund, which intends to advance the dates of payments or reduce their number or higher payments whose fractions in percentage are not less favourable for the Fund as contemplated in paragraphs written to), b), c) above.


(e) corresponding to each subscription payments will be made in cash or, at the option of the participating State which should make payment, in the form of non-negotiable ious and uninteresting, or similar obligations of the participating State, payable to the view and its value at the same time.


(f) the participating States are only obliged to make payments when your subscription is to be used for loan commitments, pursuant to the provisions of paragraph 8 of the present resolution.


5. allocation for technical assistance: first payment of all subscriptions made pursuant to the present resolution, be assigned to technical assistance a total amount, which will be, at most, to 7.5 per 100 of the total amount of the subscriptions listed in annex I to the present resolution. This amount will be used for the award of grants, except in certain cases in which technical assistance will be refundable. The funds reserved for technical assistance pursuant to this paragraph and which are not committed to such purpose will be reassigned to the ordinary operations of the Fund.


6. entry into force: the seventh replenishment shall enter into force on the date in which the participating States have deposited instruments of subscription in the Fund for a total amount equivalent to at least 40 per 100 of the total amount of the subscriptions listed in the annex I of the present resolution (called, hereinafter referred to as 'date of entry into force').


7 advance subscriptions: to) in order to avoid any interruption in the ability of the Fund to commit credits before the entry into force of the seventh replenishment, and if the Fund has received instruments of subscription of participating States whose subscriptions sumaren not less than 15 per 100 of the total amount of the subscriptions listed in annex I to the present resolution , the Fund may, before the date of entry into force, consider advance subscription basis an amount equivalent to the first term of each subscription for which has been deposited the corresponding instrument, unless the participating State provides otherwise in your subscription tool.


(b) the terms and conditions applicable to the subscriptions referred to in the present resolution shall apply also to advance subscriptions; However, if the seventh replenishment had not entered into force before the February 28, 1997, Fund shall at least date in which advance subscriptions shall be paid by the respective participating States.


c) if the seventh replenishment had not entered into force on the date stipulated in paragraph b) of this paragraph, the voting rights conferred by advance subscriptions shall be allocated to each participating State making an advance subscription as you make your payments, as if he had made a subscription in accordance with the present resolution, and each participating State not making an advance subscription may exercise their priority rights with respect to your subscription in the conditions specified by the Fund.


((d) without prejudice to the provisions of the preceding paragraphs, any participating State may notify the Fund, if desired it, that your subscription, or part thereof, be considered an advance subscription that can be put at the disposal of the same commitment before reaching the early subscription level referred to in paragraph a) of this paragraph. (To reach that level, the provisions laid down in paragraphs b)) and (c) of this paragraph shall apply to any amount made available to the Fund, in accordance with the provisions of the present resolution.


8 faculty commitment: to) to cover the loan commitments made by the Fund in the framework of its programme of loans for the period mentioned in paragraph 1 of this resolution, all subscriptions without reservation will be divided into three periods corresponding to payments payable under paragraph 4 c) of the resolution and may be used for such purposes in accordance with the following (: i) the first term: on the date of entry into force, provided advance subscriptions can be used to enter into commitments prior to the date of entry into force, in accordance with paragraph 7 of the present resolution.


(ii) the second deadline: 31 May 1997 or the date of entry into force, if this is later, provided that the conditions laid down in the annex have been fulfilled II to this resolution; and (iii) third period: 31 March 1998 or on the date of entry into force, if this is later, provided that the conditions laid down in the annex have been fulfilled III to this resolution.


(b) accompanied by a reservation subscriptions will be used to enter into loan commitments as they are becoming subscriptions without reservation, which should occur at the rate of, at least one-third of the total amount of each subscription during the years 1996, 1997 and 1998, respectively.


((c) any participating State may authorize the use of the sections of your subscription commitment loan according to a calendar that is more favorable to the Fund than indicated in paragraph a) and b) above.



(d) Notwithstanding the foregoing, if a participating State which made an accompanied by a reserve subscription, and whose subscription represent not less than 10 per 100 of the total amount of the subscriptions listed in annex I to the present resolution, could not, in a given year, releasing an amount equal to the corresponding section for the purposes of loan commitments (, as it is specified in paragraph b) of this paragraph, that State shall indicate to the Fund the revised amount not already accompanied by a reservation, and the measures that intend to take to compensate for this lack to make payment of the term or following periods. In such a case, the Fund consulted quickly all the other participating States. Each participating State may, in the course of thirty days, notify the Fund, in writing, that the commitment by the bottom of the second or third term, as appropriate, the subscription of this participating State shall be reduced proportionately in so far as this section of the accompanied by a reserve subscription follow subject to conditionality. Means a participating State to renounce the exercise of this right if not it notifies the Fund in writing within the above time limit.


9. queries: If during the seventh replenishment, delays in the submission of the instruments of subscription, unlock the sections of subscription commitment loan, as stipulated in section 8, or in the payment of subscriptions involve or could involve a suspension of technical assistance from the Fund or loan operations or prevent him from any other form of substantially achieve the objectives of the seventh replenishment the Fund shall convene a meeting of the representatives of the participating States to examine the situation and study the media fulfil the necessary conditions for the resumption of operations of the Fund or to a significant achievement of the objectives of the replacement.


10 General aspects: to) to determine the proportional part in the total number of votes attributed to each participating State, pursuant to paragraph 3 of article 29 of the agreement, and to the extent that the payment has been made, every increase of subscription of a participating State shall be added to subscriptions already carried out pursuant to the provisions of articles 6 and 7 of the agreement 31 March, 30 June, 30 September and 31 December of each year from the date of entry into force of the resolution.


((b) each participating State will accept the letter a) of this paragraph in so far as acceptance is required pursuant to paragraph 3 of article 29 of the agreement.


((c) for the purposes of the application of point (b)) of paragraph 6 of article 27 of the agreement, the elections for the Executive Board will be held during the annual Assembly of the Board of Governors of the Fund in 1998.


d) rights and obligations of participating States carrying out additional subscriptions pursuant to the present resolution, as well as the of any other participating State, the Bank or the Fund in what refers to the additional subscriptions set forth in the present resolution, will be (except provisions against contained in this resolution) that govern for initial subscriptions of the founders made pursuant to article 6 of the agreement. However, in regards to the estimation of the additional subscriptions authorized by this resolution shall not apply paragraphs 1 and 2 of article 13 of the agreement.


(e) the Executive Board shall take all measures that may be necessary or useful for the effective implementation of this resolution on the basis of the objectives of policy and operational guidelines set forth in the report.


11 types of change: the subscriptions carried out pursuant to the present resolution, indicated in annex I for each participating State, have been set on the basis of the monthly average of daily exchange rates of the currency corresponding to each State with regard to the SDR, established by the International Monetary Fund, for the six month period that ended on December 31, 1995.


Annex I background African of development subscriptions to the seventh replenishment participation relative - percentage / amount going to subscribe / participants / amount equivalent in UC / commitment unit / exchange rate Argentina / 0.235 / 3.120.000 / dollar USA / 1,505138 / 4.696.031 Austria / 1,000 / 13.287.818 / Austrian Schilling / 15,113265 / 200.822.317 Belgium / 1,650 / 21.984.900 / Belgian franc / 44,167155 / 968.360.453 Brazil / 0,520 / 6.909.665 / dollar USA / 1,505138 / 10.400.000 Canada / 4,000 / 53.151.273 / Canadian dollar / 2,039773 / 108.416.531 China / 1,642 / 21.818.597 / dollar USA / 1,505138 / 32.840.000 Denmark / 3,000 / 39.863.454 / Danish krone / 8,334069 / 332.224.779 Finland / 1,400 / 18.602.945 / Finnish / 6,466761 / 120.300.802 France / 9,434 / 125.357.276 / French franc / 7,431863 / 931.638.103 Germany / 9,000 / 119.590.363 / Deutsche Mark / 2,148600 / 256.951.854 India / 0,317 / 4.212.238 / Indian rupee / 50,248233 / 211.657.534 Italy / 4,000 / 53.151.273 / Lira / 2.413,871905 / 128.300.363.422 Japan / 9,500 / 126.234.272 / Yen / 147,086191 / 18.567.318.272 Korea / 0,696 / 9.248.321 / Korean Won / 1.154,990397 / 10.681.722.424 Kuwait / 1,250 / 16.609.773 / dollar USA / 1,505138 / 25.000.000 Holland / 3,000 / 39.863.454 / Dutch guilder / 2,406509 / 95.931.762 Norway / 3,540 / 47.038.876 / Norwegian krone / 9,469718 / 445.444.892 Portugal / 0,642 / 8.530.779 / shield Portuguese / 222,865984 / 1.901.220.509 Saudi Arabia / 1,500 / 19.931.727 / dollar USA / 1,505138 / 30,000,000 Spain / 1,620 / 21.526.265 / Peseta / 184,413286 / 3.969.729.331 Sweden / 4,000 / 53.151.273 / Swedish krona / 10,441800 / 554.994.957 Switzerland / 3,700 / 49.164.927 / Swiss franc / 1,754262 / 86.248.163 United Kingdom / 4000 / 53.151.273 / Sterling / 0,960006 / 51.025.541 United States / 10,000 / 132.878.181 / dollar USA / 1,505138 / 200,000,000 Total / 79,646 / not subscribed 1.058.318.925 / 20,354 / 270.462.887 TOTAL / 100,000 / 1.328.781.813 annex II prior conditions to the use of the second tranche second tranche is subject to the progress made in the implementation underway institutional reforms including the approval by the Executive Board of a Plan of action capable of monitoring and control, and time-bound for both the special survey on governance and related matters for the special review of certain aspects of the policies and operations of the Bank, and the rigorous implementation of policies of credit and cancellation of loans.


Annex III conditions precedent to the use of the third stage, the third stage will depend on the positive assessment made by the States participating in the mid-term review and the progress made in putting up the main recommendations of the special study on governance and related matters and special review of certain aspects of the policies and operations of the Bank.


The mid-term review will form the basis for the use of the third installment. In this context, must be positively evaluated the following criteria: execution of the policy of cancellation of loans and annual reviews of the portfolio of projects;


Significant improvement in the ratio between operational and administrative costs;


Realization of regular monitoring missions; 1-2 missions per year for each project. Management will review the financial implications of increasing the number of monitoring missions;


The African Development Fund should be financially autonomous;


Setting targets on the amount of net income that has to obtain the Bank;


Rigorous application of the credit policy as it is defined in paragraph 6 of the report; and strengthening of the internal control measures in line with the special Revision of Abuja.


Appendix II resolution F/BG/96/09 modifying resolution F/BG/96/04 and authorizing special subscriptions to title of the seventh general replenishment of resources of the Fund (adopted by vote by correspondence, on September 30, 1996).


The Board of Governors, seen articles 2, 4, 7, 9, 14, 15, 16, 19 and 23 of the agreement establishing of the African Development Fund (the «Fund»);


Considering its resolution F/BG/96/04, adopted on 23 May 1996, by which this meeting allowed the seventh general replenishment of the Fund (the "seventh replenishment») for a global amount objective thousand three hundred twenty-eight million seven hundred eighty and a thousand eight hundred thirteen units of account (1.328.781.813 U. C.);


Convinced of the need to carry out a special collective effort of financing to increase the resources mobilized within the framework of the seventh replenishment and strengthen the Fund's capacity as well needs funding to the development of the countries eligible regional member of the African Development Bank (the "Bank") in the well understood that this measure will be considered as exceptional and shall not constitute , at all, a permanent obligation for any participating State in the framework of future replenishment of the resources of the Fund;


Eager to mobilize an additional amount of concessional resources in support of the institutional reforms undertaken by the Bank;



Noting with satisfaction that the participating States, listed as an annex to the present resolution, in addition to the subscriptions that they intend to make to the title of the seventh replenishment, have decided to put additional resources in the form of subscriptions special for a global amount available to the Fund, for the purpose of commitment by the latter during the seventh replenishment period, half a billion units of account (500,000,000 U.C) objective;


Noting, on the other hand, than the above participating States intend to ask, if necessary, to their legislative bodies that authorize the aforementioned special subscriptions;


Recognizing that special subscriptions that are carried out under the terms of the present resolution, in so far as the corresponding payment has been arranged shall have right to vote in accordance with the articles the 29, 3 the IMF articles of agreement of the ('Fund Agreement');


Decides as follows: 1. resolution F/BG/96/04 the seventh replenishment («resolution») is hereby amended as follows: to) paragraph 1 of the resolution, entitled 'Increase in the resources of the Fund', is amended and worded as follows: «a) the Fund is authorised to proceed to the seventh replenishment for the three-year period beginning on 1 January 1996. '


(b) are authorized to fund to accept, for each of the States parties listed in annex I attached to this resolution, a subscription for the specified amount each participating State in the corresponding column of that annex.


(c) authorizes the Fund to accept from each of the participating States listed in annex IV to the present resolution additional resources in the form of special subscriptions for the additional individual amount indicated for each participating State Subscriber in the corresponding column of the abovementioned annex IV of the present resolution.


(d) no provision of this resolution will prevent in any way the acceptance by the Fund, with the agreement of the Executive Board, subscriptions and other resources above those indicated in annexes I and IV of the present resolution.


(((e) for the purposes of article 29, 3, of the agreement of the Fund: i) be attributed voting rights, by way of special subscriptions, in so far as the payment corresponding to each participating State making a special subscription has been made and ii) each participating State will be entitled to carry out a supplementary subscription by an amount enabling the participating State to retain the same proportional voting power compared to other participating States.


f) no participating State making a special subscription shall be required, on the occasion of a future general replenishment of the Fund, to increase the proportion of the total amount of subscriptions that are attributed to him, for the reason alone that made a subscription special by virtue of the present resolution.


(g) the Fund will use the resources of the special subscription in accordance with the general policy objectives and operational guidelines that govern the involvement and commitment of resources by way of the seventh replenishment.»


(b) paragraph 4 of the resolution, entitled «payment of subscriptions», shall be amended by the insertion of the following paragraph: «g) terms and conditions applicable to the payment of subscription pursuant to the present resolution shall apply in the same way special subscriptions with the sole exception that payments by way of special subscriptions will be made in two sections of which the first» equivalent to 35 per 100 of the total amount of subscription special in question, be paid on 30 June 1997, at the latest, and the second tranche, equivalent to 65 per 100 of the total amount of the subscription in question, will be paid on April 30, 1998, at the latest."


(c) paragraph 8 of the resolution, titled "College commitment", shall be amended by the present with the inclusion of the following paragraphs: «e) (for purposes of operational commitments, the special subscriptions without reservation will be divided into two tranches, corresponding to the payable sections by virtue of paragraph 4, g), of the present resolution. " (The first of the aforementioned sections may be used for the purpose of operational commitments from the date in which the second tranche of subscriptions without reservation can be used for the purpose of operational commitments in accordance with paragraph a) ii), and the second segment may be used for the purpose of operational commitments from the date in which the third installment of the subscriptions without reserve can be used for the purpose of operational commitments in accordance with ((paragraph a) iii) of this section.


(f) accompanied by reservation special subscriptions may be used for operational commitments when and where each accompanied by reservation special subscription becomes a special subscription without reservation; What would take place in two tranches of 35 per 100 and 65 per 100 of the total amount of each accompanied by reservation special subscription in 1997 and 1998, respectively.


«(((g) any participating State may authorise the use of the sections of your subscription for operational commitments according to a calendar that is more favorable to the Fund that laid down in paragraphs e)) and (f) above.»


(d) paragraph 10 of the resolution, entitled "General aspects", shall be amended with the addition of the following paragraphs: «f) the Fund will open and maintain a separate account for special subscriptions made pursuant to the present resolution. The account displays permanently the situation of special subscriptions made pursuant to the present resolution and the commitments made through special subscriptions and disbursements made from the resources of such subscriptions.


(g) the special subscriptions made pursuant to the present resolution shall be administered by a Committee (the "Executive Committee") composed of the directors of the Fund representing participating States subscribers and by the directors who represent the Bank. The President of the Fund shall be ex officio Chairman of the Executive Committee. You will have the power and authority to make commitments that will be financed with resources from the special subscriptions, after consultation with the Executive Committee and subject to the procedure which may be established by the Executive Committee."


(e) the annex forms an integral part of the present resolution and will be numbered as annex IV.


2. the amendments set forth in this resolution shall enter into force on the date of entry into force of this.


Annex IV Special subscriptions relative participation for special contributions - percentage / relative share - percentage / amount equivalent in UC / amount going to subscribe / participants / commitment unit / exchange rate Argentina / 0.235 / 0.000 / 0 / dollar USA / 1,505 / 0 Austria / 1,000 / 0.000 / 0 / Austrian Schilling / 15,113 / 0 Belgium / 1,650 / 0.000 / 0 / Belgian franc / 44,167 / 0 Brazil / 0,520 / 0,520 / 2.600.000 / stone / 1,505 / 3.913.359 Canada / 4,500 / 4,500 / 22.500.000 / Canadian dollar / 2,040 / 45.894.893 China / 1,642 / 1,642 / 8.210.000 / dollar USA / 1,505 / 12.357.183 Denmark / 3,000 / 0.000 / 0 / Danish krone / 8,334 / 0 Finland / 1,400 / 1,400 / 7,000,000 / Finnish / 64,667 / 45.267.327 France / 9,434 / 9,434 / 47.170.000 / French franc / 7,432 / 350.560.978 Germany / 9,000 / 5,500 / 27.500.000 / Deutsche Mark / 2,149 / 59.086.500 India / 0,317 / 0.000 / 0 / Indian rupee / 50,248 / 0 Italy / 4,000 / 4,000 / 20,000,000 / Lira / 2.413,872 / 48.277.438.100 Japan / 9,500 / 9,500 / 47.500.000 / Yen / 147,086 / 6.986.594.073 Korea / 0,696 / 0,696 / 3.480.000 / Korean Won / 1.154,990 / 4.019.366.582 Kuwait / 1,250 / 0.000 / 0 / dollar USA / 1,505 / 0 Netherlands / 3,000 / 0.000 / 0 / Dutch guilder / 2,407 / 0 Norway / 3,540 / 3,540 / 17.700.000 / Crown Norway / 9,470 / 167.614.009 Portugal / 0,642 / 0,642 / 3.210.000 / Portuguese Escudo. / 222,866 / 715.399.809 Saudi arabia / 1,500 / 1,500 / 7.500.000 / dollar USA / 1,505 / 11.288.535 Spain / 1,620 / 1,301 / 6.505.000 / Peseta / 184,413 / 1.200.000.000 Sweden / 4,000 / 4,000 / 20,000,000 / Swedish krona / 10,442 / 208.836.000 Switzerland / 3,700 / 3,700 / 18.500.000 / Swiss franc / 1,754 / 32.453.847 United Kingdom / 4,000 / 4,000 / 20,000,000 / sterling / 0,960 / 19.200.120 United States / 10,000 / 0.000 / 0 / dollar USA / 1,505 / 0 Total / 80,146 / 55,875 / not subscribed 279.375.000 / 19,854 / 44,125 / 220.625.000 TOTAL / 100,000 / 100,000 / 500,000,000

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