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: preamble the African Development Fund, created in 1972, aims at granting loans on concessional terms to lower income African countries. Its members are the African Bank of development and 26 non-regional countries.
Spain, which is a founding member of the Fund since 1974, has participated in all its reruns of resources. In this sixth replenishment, which includes acquisition of 2,650 million units of account of the Fund for the period 1991-93, Spain would help with the 1.62 per 100. The general policy of maintenance of the presence and the relative weight of our country in this type of multilateral institutions recommended the participation of Spain in this replenishment.
This law aims to allow such participation.
The Government is authorized to take whatever measures may be relevant to involve Spain in the sixth replenishment of resources of the African Development Fund on the terms provided in the resolution F/BG/91/05 adopted by the Board of Governors on May 8, 1991, which is presented as an appendix of the present law.
In accordance with the provisions of the aforementioned resolution, is warranted the implementation by Spain of a new contribution to the African Development Fund for an amount of pesetas (5.364.225.035) five thousand three hundred sixty-four million two hundred twenty-five thousand thirty and five.
The Bank of Spain is authorized so that, in accordance with article 21 of the Decree-Law 18/1962, June 7, nationalization and reorganization of the Bank of Spain, and other provisions in force on the matter, perform necessary disbursements for the payment of the quoted contribution.
Additional provision authorizing Ministers of Foreign Affairs and industry, trade and tourism to adopt, within the framework of their respective powers, many measures are called for the execution of what has this law.
Final provision this law shall enter into force the day after its publication in the Official Gazette.
Therefore, command to all Spaniards, private individuals and authorities, which have and will keep this law.
Madrid, 22 May 1992.
The President of the Government, FELIPE GONZALEZ MARQUEZ JUAN CARLOS R.
Appendix resolution F/BG/91/05 relative to the increase in the resources of the Fund: sixth general replenishment (adopted, through voting by correspondence, on May 8, 1991) the Board of Governors, seen articles 2, 4, 7, 16, 19 and 23 of the agreement establishing of the African Development Fund (hereinafter called);
WHEREAS the report of the Executive Board, on April 30, 1991, on the implementation of resolution F/BG/89/08 concerning the increase of the resources of the Fund and, in particular, recommendations made by the Executive Board on the basis of the consultations provided for in paragraph (b) of that resolution and listed in the cited report;
Considering also 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 the amounts listed for authorization to sign the amounts referred to in that annex understanding that any participating State can commit themselves definitively before having obtained, if necessary, the approval of the legislative body;
Recognizing that the comprehensive review of the level of resources of the Fund suggests should be increasing resources to address the needs of developing countries members of the African Bank of development (the) least developed and poorest;
Recognizing also that the consultations on the sixth replenishment (general) of the Fund's resources have led to a consensus that the desirable level of operations for the three-year period of the sixth replenishment justifies a target of two thousand six hundred fifty million units of account of the Fund (2.650.000.000 UCF), without prejudice to other possible gains through new or additional subscriptions;
Noting with satisfaction that the participating States listed in annex II of this resolution have agreed to put other resources available to the Fund in the form of extraordinary contributions by a total amount of sixty million four hundred thousand units of account of the Fund (60.400.000 UCF);
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 sixth replenishment commitment;
ACCEPTS and approves the final report on the consultative meetings of the sixth general replenishment, and consequently, decides: 1. increase of the resources of the Fund: to) the Fund is authorised to proceed to the sixth replenishment for the three-year period beginning 1. of January 1991.
(b) are authorized to fund to accept, for each of the States parties listed in annex I attached to this resolution, a subscription amounting to not less than as set out in the corresponding column of that annex.
(c) are authorized to fund to accept from each participating State listed in annex II to the present resolution, other resources in the form of extraordinary contribution amounting to not less than the number shown for each participating State contributing. These extraordinary contributions do not confer voting rights but, on the other hand, will be carried out in accordance with the same terms and payment terms than those applicable to subscriptions listed in annex I to 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 greater than those indicated in the annexes 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 an amount not less than as set out in annex I, expressed in the currency unit prescribed therein.
((b) without prejudice to the provisions of point (c)) of this paragraph, this instrument will provide the participating State a commitment without reservation to pay such subscription 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 considered one.
(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 a subscription instrument 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 of that State , with the commitment from that State to do everything in your power to get this opening at the rate specified in paragraphs 4 (d) and 8 (b) of the present resolution and the 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 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 SDRs (SDR) of the International Monetary Fund or in the currency of the participating State; However, if a participating State's economy had experienced an inflation rate higher than 15 per 100 annual average in the period 1987-1989, as determined by the Fund, your subscription will be expressed SDR or, at the option of that participating State, in a used for the estimation of the SDR currency, unless the participating State to take satisfactory provisions for the Fund that will allow to avoid the disadvantages posed by a subscription denominated in its national currency.
4. payment of subscriptions
(a) corresponding to each subscription payments shall be made in three installments, in DEG, 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 1992, or within a maximum period of 30 days from the date of entry into force, being able to choose is the last such dates; the second and third payments should be made, respectively, on January 31, 1993 and on 31 January 1994, 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 30 days from the date of deposit of the instrument of subscription.
(b) accompanied by a reserve subscription corresponding payments shall be made within a period of 30 days from the date on which such subscription becomes a subscription without reservation and shall apply the provisions on compliance dates specified in this paragraph.
(c) the total amount of each subscription without reservation must be paid in three equal annual payments or, at the option of each participating State, of increasing importance, and must amount to the amount of the first payment at least 29% of the subscription, the second payment at least to 33% and third through the balance of the subscription.
(d) payments corresponding to each accompanied by a reserve subscription shall be made in three equal annual installments.
(e) each participating State shall indicate, by a declaration addressed to the Fund, which intends to make the disbursement by reducing the number of payments or engaging in higher fractions, which are not less favourable for the background, or dates prior to those referred to in paragraphs (a), (b), (c) and (d) above written.
(f) subject to any provision made in accordance with the aforementioned exception in the restrictive clause of paragraph 3 above, corresponding to each subscription payments will be made in cash or, at the option of the participating State that must make the payment, in the form of non-negotiable ious and uninteresting, or similar obligations of the participating State, payable to view and its value at the same time.
(g) 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 to support the first payments of all the suscriciones carried out in accordance with the present resolution, shall be allocated to support a global amount that will rise a maximum 10% 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 where technical assistance is refundable. The funds reserved for the 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 sixth replenishment will enter into force when participating States have deposited in the background instruments of subscription for a total amount equivalent to 40 per cent, at least, of the total amount of the subscriptions listed in annex I to the present resolution. This date will be, at the latest on 30 September 1991 or any other date determined by the Executive Board (hereinafter,).
7 subscriptions in advance (a) in order to avoid any interruption of the Fund's capacity to commit credits before the entry into force of the sixth replenishment, and if the Fund has received instruments of subscription of participating States whose subscriptions sumaren not less than 20 percent 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, the sixth replenishment had not entered into force on 31 January 1992, the Fund require date in which advance subscriptions shall be paid by the respective participating States.
(c) if the sixth 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 regards 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 so desired, to your subscription, or part of it, should be deemed a subscription, advance 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. When this level is reached, 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 in this resolution.
8 faculty for commitments (a) to cover the loan commitments made by the Fund in the framework of its programme of loans for the period referred to in paragraph 1, all subscriptions without reservation will be divided into three periods corresponding to payments payable under paragraph 4 (c) 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: 1 January 1992 or on the date of entry into force, if this is later; and (iii) third period: 1 January 1993 or at the date of entry into force, if this is later.
(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 one-third of the total amount for each of the three years covered by the sixth replenishment.
(c) any participating State may authorize the use of the terms of your subscription to commitments of loan according to a calendar that is more favorable to the Fund than indicated in paragraphs (a) and (b) above.
(d) Notwithstanding the foregoing, if a participating State which made an accompanied by a reserve subscription, and whose subscription represent more than 10 per cent of the total amount of the subscriptions listed in annex I to the present resolution, could not, in a given year, release a period equivalent to one third of the total amount of your subscription for the purposes of loan commitments that State shall indicate to the Fund the revised amount, not already accompanied by a reservation, and the measures that it intends to take to compensate for this lack to effect the payment of the term or following periods. In this case, the Fund consulted quickly all those participating States which have expressed their desire to be consulted in this regard in its instruments of subscription. Each participating State has expressed this desire may, in the course of thirty days, notify the Fund in writing that the commitment by the bottom of the second or third time, as appropriate, subscription of this participating State shall be reduced proportionately insofar as such period 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 during the sixth replenishment delays in the submission of the instruments of subscription, unlock times subscription commitment loan as stipulated in section 8, or in the payment of subscriptions involve or they 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 sixth 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 its operations or to a significant achievement of the objectives of the replacement.
10. General aspects
(a) to determine the proportional part in the total of the votes allocated to the participating States in accordance with paragraph 3 of article 29 of the agreement and insofar as the disbursement 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 provisions in subparagraph (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 1992.
(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 evaluation of additional subscriptions authorized by this resolution shall not apply paragraphs 1 and 2 of article 13 of the agreement.
11 types of change 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 respective currencies with respect to the SDR, established by the International Monetary Fund, for the period of six months ending on December 31, 1990.
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