JOHN CARLOS I

KING OF SPAIN

To all who present it and understand it.

Sabed: That the General Courts have approved and I come to sanction the following Law.

EXPLANATORY STATEMENT

The African Development Fund, created in 1972, aims to provide loans on concessional terms to lower-income African countries. Its members are the African Development Bank and twenty-four non-regional countries.

The Kingdom of Spain, which has been a founding member of the Fund since 1974, has participated in all its repositions of resources. The Spanish contribution to the sixth replenishment of resources was 5,364,225,035 pesetas, representing 1.62 per 100 of the total. This seventh replenishment includes, on the one hand, the collection of 1,329 million units of account from the Fund for the period 1996-1999. And, on the other hand, the collection of additional resources by a target amount of 500 million units of account of the Fund in the form of special subscriptions to the seventh replenishment for the same period.

Both reasons of a care nature and legitimate commercial policy interests advise the participation of Spain in this replenishment of resources.

This Law, whose purpose is to authorize such participation, is given under the jurisdiction of the Constitution, which the Constitution attributes exclusively to the State, in accordance with Article 149.1.3.a and 13.a, concerning relations between the two countries. and the foundations and coordination of the economy.

Article 1. Contribution to the African Development Fund.

1. The Government is hereby authorised to make a contribution on behalf of the Kingdom of Spain in the seventh replenishment of resources of the African Development Fund for a total of 3,969,729,331 pesetas, in accordance with the provisions of the Resolution F/BG/96/04, adopted by the Board of Governors of that institution on 23 May 1996, as well as a special contribution of a total of 1,200,000,000 pesetas, in accordance with the terms of Resolution F/BG/96/09 adopted, by means of a vote of Correspondence, on 30 September 1996, amending the previous one. Both resolutions are published as appendices to this Law.

2. These contributions will be borne by the budget allocations which, to this end, will be entered in the budgets of the Ministry of Economy and Finance.

Article 2. Payment of contributions.

1. The payments for each subscription of the contributions shall be denominated in pesetas and may be made in cash or in the form of non-negotiable and non-interest-bearing promissory notes, or similar obligations, payable to the view and to its value at par.

2. The subscription payments made in accordance with the provisions of Resolution F/BG/96/04 shall be made in three instalments. The first of these payments shall be made within a maximum of 30 days from the date of deposit of the corresponding subscription instrument. The second payment shall be made at the latest of the following dates: 30 June 1997, no later than 30 days from the date of effective entry into force of the said Resolution or within a maximum of 30 days of the date of entry into force of the said Resolution. from the date of deposit of the corresponding subscription instrument. The third payment shall be made by 30 April 1998 at the latest.

3. Payments under the special subscription to be made in accordance with Resolution F/BG/96/09 shall be carried out in two instalments. The first of these payments, equivalent to 35 per 100 of the total amount of the special subscription, must be made at the latest of the following dates: 30 June 1997, no later than 30 days from the date of entry into force. (i) effective implementation of the said Resolution or within a maximum of 30 days from the date of deposit of the relevant subscription instrument. The second payment, equivalent to 65 per 100 of the total amount of the special subscription, must be made by 30 April 1998 at the latest.

Article 3. Deposit entity.

For the purposes of the contributions authorised, the Bank of Spain shall carry out the functions of the depositary provided for in Article 33 of the Convention of the African Development Fund, both of the assets and the promissory notes necessary for the disbursement of the contributions, as well as the representative titles thereof.

Final disposition first. Faculty of development.

The Minister of Foreign Affairs and the Minister of Economy and Finance are hereby authorized to dictate, in the field of their respective powers, how many measures are necessary for the implementation of this Law.

Final disposition second. Entry into force.

This Law shall enter into force on the day following that of its publication in the "Official Gazette of the State".

Therefore,

I command all Spaniards, individuals and authorities to keep and keep this Law. Madrid, 27 November 1997.

JOHN CARLOS R.

The President of the Government,

JOSÉ MARÍA AZNAR LÓPEZ

APPENDIX I

Resolution F/BG/96/04 on the increase of the Fund's resources: seventh general replenishment of resources (adopted at the second plenary session of the 23rd Annual Meeting of the Board of Governors of the Fund on 23 May 1996).

The Board of Governors,

Having regard to Articles 2, 4, 7, 16, 19 and 23 of the Agreement of the African Development Fund (hereinafter referred to as "the Agreement");

having regard to the report of the Executive Board of 21 May 1996 on the implementation of Resolution F/BG/92/05 on the increase of the Fund's resources, and in particular the recommendations made by the Board of Directors, Executive on the basis of the consultations authorised in paragraph (b) of that Resolution and set out in that report;

Whereas, moreover, the governments of the participating States, listed in Annex I, consider that the amounts and terms contained therein, as well as the conditions set out in this Resolution, constitute an appropriate basis for the preparation of recommendations to their respective legislative bodies and they intend, if necessary, to ask those bodies to approve them in order to obtain authorisation to subscribe to the amounts shown in that Annex, understanding that no participating State can commit itself definitive before obtaining, if necessary, the approval of its legislative body;

Recognising that the examination of the Fund's level of resources shows that it is appropriate to increase these resources to meet the development needs of the member countries of the African Development Bank ("the Bank"), less developed and less developed;

Acknowledging, moreover, that the consultations on the seventh general replenishment ("seventh replenishment") of resources of the Fund have led to a consensus according to which the level of operations desirable for the three-year period of the seventh Reorder justifies a target of a thousand three hundred and twenty-eight million seven hundred and eighty-one thousand eight hundred and thirteen Units of Account (1.328.781.813 U. C.), without prejudice to other possible increases through new or supplementary subscriptions;

Convinced of the need to provide, by way of advance subscriptions likely to be used for credit commitments, a fraction of the amount of subscriptions made under the present Resolution before the entry into force of the seventh replenishment;

Accepts and approves the final report ("the Report") on the consultative meetings of the seventh general replenishment of resources, and accordingly,

Decides:

1. Increased Fund resources:

(a) The Fund shall be authorised to replace the seventh replenishment for the three-year period beginning on 1 January 1996.

(b) The Fund shall be authorised to accept, from each of the participating States listed in Annex I attached to this Resolution, a subscription for the amount specified for each participating State in the column corresponding to that Annex.

(c) No provision of this Resolution shall prevent, in any way, the acceptance by the Fund, with the agreement of the Executive Board, of subscriptions and other resources higher than those indicated in Annexes I and II of the Resolution.

2. Subscription by participating States:

(a) In order to subscribe in accordance with these provisions, each participating State shall deposit in the Fund a subscription instrument in which it officially confirms its intention to subscribe to the Fund. the amount set out in Annex I, expressed in the monetary unit corresponding to each participating State, to be determined in accordance with point 3.

(b) Without prejudice to point (c) of this paragraph, this instrument shall constitute, by the participating State which has deposited it, an unreserved commitment to pay the amount subscribed in accordance with the modalities and under the conditions laid down or provided for in this Resolution. For the purposes of this Resolution, this subscription shall be referred to as an "unreserved subscription".

(c) On an exceptional basis, where a participating State is unable to enter into an unreserved commitment on the basis of its legislative procedures, the Fund may accept a subscription instrument from that State. accompanied by a reservation according to which the payment of all the tranches of his subscription, with the exception of the first, shall be subject to the opening of budgetary appropriations with the commitment by that State to do so as soon as it reaches its reach. to obtain such opening at the rate specified in paragraphs 4 (c) and 8 (b) of this Resolution, and in the the payment dates referred to in paragraph 4, and to notify the Fund when the appropriations for each period have been opened. For the purposes of this Resolution, this type of subscription shall be called a subscription "accompanied by a reservation", but the reservation shall be deemed to have disappeared as soon as the appropriations have been opened.

3. Name of subscriptions: The subscriptions of the participating States shall be expressed in special drawing rights (SDR) of the International Monetary Fund, in a currency used for the valuation of the value of the SDR or in the currency of the State If it is freely convertible, however, if the economy of a participating State has experienced an inflation rate of more than 15 per 100 per year on average in the period from 1 January 1993 to 31%, December 1995, as determined by the Fund, its subscription shall be expressed in SDRs.

4. Paying subscriptions:

(a) The payments for each subscription shall be made in three instalments, in special drawing rights SDR, in any currency used for the valuation of the SDR or in any freely convertible currency acceptable to the Fund. Without prejudice to paragraphs 6 and 8, and unless otherwise decided by the Executive Board, the first of these payments shall be made by 31 January 1997 at the latest, or within a maximum of 30 days from the date of The second and third payments are to be made at the latest on 30 June 1997 and 30 April 1998 at the latest. By way of exception, if a participating State is, as a result of its legislative procedures, unable to make the payment of the first instalment on the date indicated in the second sentence of this paragraph, such payment shall be made in a maximum period of 30 days from the date of deposit of the relevant subscription instrument.

(b) Payments for subscriptions accompanied by a reservation shall be made within 30 days of the date on which the subscription concerned becomes unreserved and the provisions relating to the Payment dates referred to in this paragraph shall apply to each such subscription without reservation.

c) The total amount of each subscription with reservation or without reservation will be payable in three equal annual instalments.

(d) Any participating State may indicate, by a written statement addressed to the Fund, that it intends to advance payment dates or to reduce its number or to make larger payments whose fractions in percent do not are less favourable to the Fund than referred to in paragraphs (a), (b) and (c) above.

e) The payments for each subscription shall be made in cash or, at the choice of the participating State to make the payment, in the form of non-negotiable and non-interest-bearing promissory notes or similar obligations of the State participant, payable to the view and its value at par.

(f) Participating States shall only be required to make payments when their subscription can be used for loan commitments, in accordance with paragraph 8 of this Resolution.

5. Allocation for technical assistance: For the first payment of all subscriptions made pursuant to this Resolution, a global amount shall be allocated for technical assistance, amounting to a maximum of 7,5 per 100 of the total amount of the subscriptions listed in Annex I to this Resolution. This amount shall be used for the granting of grants, except in certain cases where technical assistance is reimbursable. Funds reserved for technical assistance under this paragraph and which are not committed for this purpose shall be reallocated to the ordinary operations of the Fund.

6. Entry into force: The seventh replenishment shall enter into force on the date on which the participating States have deposited in the Fund the instruments of subscription for an overall amount equal to at least 40 per 100 of the total amount of the subscriptions listed in Annex I to this Resolution (hereinafter referred to as the "date of entry into force").

7. Early subscriptions:

(a) In order to avoid any interruption in the Fund's capacity to commit appropriations prior to the entry into force of the seventh replenishment, and if the Fund has received subscription instruments from participating States whose subscriptions shall not less than 15 per 100 of the total amount of the subscriptions listed in Annex I to this Resolution, the Fund may, before the date of entry into force, consider as an advance subscription an amount equivalent to the first term of each subscription for which the corresponding deposit has been deposited instrument, unless the participating State provides otherwise in its subscription instrument.

(b) The terms and conditions applicable to the subscriptions referred to in this Resolution shall also apply to advance subscriptions; however, if the seventh replenishment had not entered into force before 28 February 1997, the Fund shall specify the date on which the advance subscriptions shall be paid by the participating States.

(c) If the seventh replacement has not entered into force on the date stipulated in paragraph (b) of this paragraph, the voting rights conferred by the advance subscriptions shall be allocated to each participating State which make an advance subscription as you make your payments, as if you have subscribed in accordance with this Resolution, and each participating State that does not make an advance subscription may exercise its priority rights in For the purposes of this Regulation, the following conditions shall apply:

(d) Without prejudice to the foregoing paragraphs, any participating State may notify the Fund, if it so wishes, that its subscription, or part thereof, should be considered as an advance subscription which may be at the disposal of the undertaking to enter into commitments before the level of the advance subscription referred to in subparagraph (a) of this paragraph is reached. At this 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 this Resolution.

8. Ability to contract commitments:

(a) To cover the loan commitments entered into by the Fund under its loan programme for the period referred to in paragraph 1 of this Resolution, all unreserved subscriptions shall be divided into three instalments. corresponding to payments payable under paragraph 4 (c) of this Resolution and may be used for such purposes in accordance with the following:

i) The first period: on the date of entry into force, provided that advance subscriptions may be used to enter into commitments before the date of entry into force, in accordance with paragraph 7 of this Resolution.

(ii) The second term: 31 May 1997 or the date of entry into force, whichever is the later, provided that the conditions set out in Annex II to this Resolution have been met; and

(iii) The third period: 31 March 1998 or the date of entry into force, whichever is the later, provided that the conditions set out in Annex III to this Resolution have been met.

b) Subscriptions accompanied by a reservation will be used to contract loan commitments as they are converted into unreserved subscriptions, which should be 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 authorise the use of the tranches of its subscription to contract loan commitments in accordance with a more favourable schedule for the Fund than the one referred to in paragraphs (a) and (b) previous.

(d) Subject to the foregoing, if a participating State has made a subscription accompanied by a reservation, and the subscription of which represents no less than 10 per 100 of the total amount of the subscriptions listed in the Annex I to this Resolution, may not, in a given year, release for the purposes of loan commitments a level equal to that of the corresponding tranche, as specified in paragraph (b) of this paragraph, that State shall indicate to the Fund the revised amount that will no longer be accompanied by a reservation, and the measures you intend to take to compensate for this insufficiency when making the payment of the following period or time limits. In such a case, the Fund shall promptly consult all other participating States. Each participating State may, in the course of the following 30 days, notify the Fund in writing that the commitment by the Fund for the second or third term, as appropriate, for the subscription of this participating State shall be reduced. in proportion to the extent to which that tranche of the subscription accompanied by a reserve remains subject to cross-compliance. A participating State shall be deemed to waive the exercise of this right if it does not notify the Fund in writing within the period specified above.

9. Enquiries: If during the seventh replenishment, the delays in the submission of the subscription instruments, in the unblocking of the subscription tranches to contract loan commitments, as stipulated in paragraph 8, or in the payment (a) the Fund shall, in respect of the financial assistance provided for in Article 1 (1) of the Financial Regulation, be made available to the Fund for the purposes of Article 1 (1) of the Financial Regulation. Meeting of the representatives of the participating States to examine the situation and study the means of fulfilling the conditions necessary for the resumption of its operations of the Fund or for a significant achievement of the objectives of the replenishment.

10. General aspects:

(a) To determine the proportional share of the total of the votes allocated to each participating State within the meaning of Article 29 (3) of the Agreement, and to the extent that the payment has been made, subscription of a participating State shall be added to the subscriptions already made in accordance with Articles 6 and 7 of the Agreement, on 31 March, 30 June, 30 September and 31 December of each year from the date of The entry into force of the Resolution.

(b) Each participating State shall accept the provisions of point (a) of this paragraph to the extent that its acceptance is required in accordance with Article 29 (3) of the Agreement.

c) For the purposes of applying Article 27 (6) (b) of the Agreement, the elections for the Executive Board shall be held during the Annual Meeting of the Board of Governors of the Fund in 1998.

(d) The rights and obligations of participating States making additional subscriptions pursuant to this Resolution, as well as those of any other participating State, of the Bank or of the Fund as regards the additional subscriptions provided for in this Resolution shall be (with the exception of provisions against this Resolution) the same as those governing the initial subscriptions of the founding members made in accordance with Article 6 of the Agreement. However, as regards the assessment of the additional subscriptions authorised by this Resolution, paragraphs 1 and 2 of Article 13 of the Agreement shall not apply.

e) The Executive Board shall take all measures necessary or useful for the effective implementation of this Resolution on the basis of the policy objectives and operational guidelines set out in the Report.

11. Exchange rates: The subscriptions made pursuant to this Resolution, as set out in Annex I for each participating State, have been fixed on the basis of the monthly average of the daily exchange rates of the currency for each participating State. State in respect of the SDR, established by the International Monetary Fund, for the six-month period, which ended on 31 December 1995.

ANNEX I

African Development Fund

7th Reposition Subscriptions

Participation

relative

-

Percentage/Amount that goes

to subscribe/Participants/Equivalent amount

in UC/Commitment Unit/Change Type

Argentina/0.235/3.120,000/Dollar USA/1,505138/4.696,031

Austria/1,000/13.287,818/Chelin Austrian/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 markka/6,466761/120.300.802

France/9,434/125.357.276/French Franco/7,431863/9331.638.103

Germany/9,000/119.590.363/German Marco/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/1.154,990397/10.681.222.424

Kuwait/1,250/16,609,773/Dollar USA/1,505138/25,000,000

Netherlands/3,000/39.863,454/Dutch Florin/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 portuges/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/4,000/53,151,273/Pound sterling/0,960006/51,025,541

United States/10,000/132.878.181/Dollar USA/1,505138/200,000,000

Total/79.646/1.058.318.925

Not subscribed/20,354/270.462,887

TOTAL/100,000/1.328.781,813

ANNEX II

Pre-use conditions for the second leg

The second tranche is conditional on progress made in the implementation of institutional reforms, including the approval by the Executive Board of an Action Plan that can be monitored and monitored. time-limits for the Special Study on governance and related matters and for the Special Review of certain aspects of the Bank's policies and operations, and the rigorous implementation of credit and cancellation policies loans.

ANNEX III

Pre-use conditions for the third leg

The third tranche will depend on the positive assessment made by the States participating in the mid-term review and on the progress made in the implementation of the main recommendations of the Special Study on the governance and related matters and the Special Review of certain aspects of the Bank's policies and operations.

The mid-term review will form the basis for the use of the third tranche. In this context, the following criteria must be positively assessed:

Running the loan cancellation policy and annual project portfolio reviews;

Significant improvement in the ratio of operating costs to administrative costs;

Conducting regular monitoring missions; 1-2 annual missions for each project. The management shall examine the financial impact of the increase in the number of monitoring missions;

The African Development Fund should be financially autonomous;

Setting targets on the amount of net income to be obtained by the Bank;

Rigorous application of credit policy as defined in section 6 of the Report; and

Strengthening of internal control measures in line with the Abuja Special Review.

APPENDIX II

Resolution F/BG/96/09 amending resolution F/BG/96/04 and authorizing special subscriptions for the seventh general replenishment of the Fund's resources (adopted, by means of a vote by correspondence, on 30 September 1996).

The Board of Governors,

Having regard to Articles 2, 4, 7, 9, 14, 15, 16, 19, and 23 of the African Development Fund's Constitutive Agreement (the "Fund");

having regard to its resolution F/BG/96/04, adopted on 23 May 1996, for which this Board authorised the seventh general replenishment of the Fund's resources (the "seventh replenishment") for a total target amount of one thousand three hundred Twenty-eight million seven hundred and eighty-one thousand eight hundred and thirteen Units of Account (1.328.781.813 U. C.);

Convinced of the need to carry out a special collective financing effort to increase the resources mobilised in the context of the seventh replenishment and thus strengthen the Fund's capacity to meet the the development of the eligible regional member countries of the African Development Bank (the "Bank") in the sense that this measure will be regarded as exceptional and will not, at all, constitute a permanent obligation for no participating State in the framework of future repositions of the resources of the Background;

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

Noticing with satisfaction that the participating States, whose list is listed as an annex to this Resolution, in addition to the subscriptions they intend to carry out in the title of the seventh replenishment, have decided to put For the purposes of the Fund's commitment during the period of the seventh replenishment, additional resources in the form of special subscriptions for a total target amount of 500 million units of account (500,000,000 U.C);

Noticing, moreover, that the aforementioned participating States intend to request, if necessary, their legislative bodies to authorize the aforementioned special subscriptions;

Recognising that special subscriptions made in the terms of this Resolution, in so far as the corresponding payment has been arranged, shall have the right to vote in accordance with Article 29 (3) of the Agreement Establishing the Fund ("Fund Agreement");

Decide the following:

1. Resolution F/BG/96/04 on the seventh replenishment (the "resolution") is amended as follows:

(a) Paragraph 1 of the resolution, entitled "Increase in Fund resources", is amended and worded as follows:

" (a) The Fund shall be authorised to replace the seventh replenishment for the three-year period beginning on 1 January 1996.

(b) The Fund shall be authorised to accept, from each of the participating States listed in Annex I attached to this Resolution, a subscription for the amount specified for each participating State in the column corresponding to that Annex.

(c) The Fund is authorised to accept from each of the participating States listed in Annex IV to this Resolution additional resources in the form of special subscriptions for the additional individual amount indicated for each participating Member State in the corresponding column of that Annex IV of that Resolution.

(d) No provision of this Resolution shall prevent in any way the acceptance by the Fund, with the agreement of the Executive Board, of subscriptions and other resources higher than those indicated in Annexes I and IV of the Resolution.

(e) For the purposes of Article 29 (3) of the Fund Agreement: (i) voting rights shall be attributed, in the form of special subscriptions, to the extent to which the payment has been made, to each participating State which make a special subscription and (ii) each participating State shall have the right to carry out an additional subscription for an amount allowing that participating State to retain the same proportional voting power as compared to the other Participating States.

(f) No participating State making a special subscription shall be obliged, on the occasion of a future general replenishment of the Fund's resources, to increase the proportional share of the total amount of subscriptions to it. then, for the sole reason that it has made a special subscription pursuant to this Resolution.

g) The Fund shall use the resources of the special subscriptions in accordance with the general policy objectives and the operational guidelines governing the affectation and commitment of the resources to the seventh replenishment. "

(b) Paragraph 4 of the Resolution, entitled 'Payment of subscriptions', is amended by the insertion of the following paragraph:

" g) The conditions and modalities applicable to the payment of subscriptions under this Resolution shall be applied in the same way to special subscriptions with the sole exception that payments under the terms of this Resolution Special subscriptions shall be made in two instalments of which the first, equivalent to 35 per 100 of the total amount of the special subscription in question, shall be paid on 30 June 1997 at the latest and the second instalment, equivalent to 65 per cent. 100 of the total amount of the special subscription in question will be paid on 30 April 1998 at the latest. "

(c) Paragraph 8 of the Resolution, entitled "Faculty for Contracting Commitments", is hereby amended with the insertion of the following paragraphs:

" (e) For the purposes of operational commitments, special subscriptions without reservation shall be divided into two tranches, corresponding to the tranches payable under paragraph 4 (g) of this Resolution. The first of the tranches referred to may be used for the purposes of operational commitments from the date on which the second tranche of the unreserved subscriptions may be used for the purposes of operational commitments in accordance with subparagraph (a) (ii) above, and the second tranche may be used for the purposes of operational commitments as from the date on which the third tranche of unreserved subscriptions may be used for the purposes of operational commitments in accordance with subparagraph (a) (iii) of this paragraph.

(f) Special subscriptions accompanied by reservation may be used for operational commitments when and to the extent that each special subscription accompanied by reservation becomes a special subscription without reservation; which would have to occur in two instalments of 35 per 100 and 65 per 100 of the total amount of each special subscription accompanied by reserve in 1997 and 1998 respectively.

g) Any participating State may authorise the use of the tranches of its special subscription for operational commitments in accordance with a more favourable schedule for the Fund than that set out in paragraphs (e) and (f) above. "

(d) Paragraph 10 of the Resolution, entitled "General aspects", is amended by the addition of the following paragraphs:

" (f) The Fund shall open and maintain a separate account for the special subscriptions made under this Resolution. This account shall show on a permanent basis the situation of the special subscriptions made under this Resolution and of the commitments made under the special subscriptions and the disbursements made from the resources of such subscriptions.

g) Special subscriptions made pursuant to this Resolution shall be administered by a committee (the "Executive Committee") composed of the Fund's directors representing the participating participating States and by the directors representing the Bank. The President of the Fund shall be the President of the Executive Committee. It shall have the power and the authority to make commitments which shall be financed from the resources of the special subscriptions, after consultation with the Executive Committee and subject to the procedure which may be established by the Executive Committee. "

e) The attached Annex forms an integral part of this Resolution and shall be numbered as Annex IV.

2. The amendments set out in this Resolution shall enter into force on the date of entry into force of this Resolution.

ANNEX IV

Special Subscriptions

Participation

relative to

contributions

specials

-

Percentage/Participation

relative

-

Percentage/Amount Equivalent

on UC/Amount that goes

to subscribe/Participants/Commitment Unit/Change Type

Argentina/0.235/0.000/0/Dollar USA/1,505/0

Austria/1,000/0.000/0/Chelin Austrian/15,113/0

Belgium/1,650/0.000/0/Franco Belgian/44,167/0

Brazil/0,520/0,520/2,600,000/Cruceiro/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 Marco/64,667/45.267,327

France/9,434/9,434/47,170,000/Franco French/7,432/350.560.978

Germany/9,000/5,500/27,500,000/German 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 Florin/2,407/0

Norway/3.540/3.540/17.700,000/Norwegian krone/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/Pound sterling/0,960/19.200.120

United States/10,000/0.000/0/Dollar USA/1,505/0

Total/80,146/55,875/279,375,000

Not subscribed/19,854/44.125/220,625,000

TOTAL/100,000/100,000/500,000,000