Key Benefits:
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:
Preamble
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-six non-regional countries.
Spain, which has been a founding member of the Fund since 1974, has participated in all its resource repositions. In this sixth replenishment, which contemplates the acquisition of 2.65 billion Units of Account of the Fund for the period 1991-93, Spain would contribute 1.62 per 100. The general policy of maintaining the presence and relative weight of our country in this type of multilateral institutions advises the participation of Spain in this replenishment of resources.
This Law is intended to authorize such participation.
Article 1.
The Government is authorized to take all appropriate measures to ensure that Spain participates in the Sixth Replenishment of Resources of the African Development Fund under the terms set out in Resolution F/BG/91/05 adopted by the Board of Governors on May 8, 1991, which is presented as an appendix to this Law.
Article 2.
In accordance with the above mentioned Resolution, Spain is authorized to make a new contribution to the African Development Fund for an amount of five thousand three hundred and sixty-four million two hundred Twenty-five thousand and five (5,364,225,035) pesetas.
Article 3.
The Bank of Spain is hereby authorized to, in accordance with Article 21 of Decree-Law 18/1962 of 7 June, on the nationalization and reorganization of the Banco de España, and other existing provisions on the subject, disbursements necessary for the payment of the said contribution.
Additional disposition
The Ministers for Foreign Affairs and Industry, Trade and Tourism are hereby authorised to adopt, within the framework of their respective powers, all measures necessary for the implementation of the law.
Final disposition
This Law will enter into force the day after its publication in the Official Gazette of the State.
Therefore,
I command all Spaniards, individuals and authorities, to keep and keep this Law.
Madrid, 22 May 1992.
The President of the Government,
FELIPE GONZÁLEZ MARQUEZ JUAN CARLOS R.
APPENDIX
Resolution F/BG/91/05 on the increase in resources of the Fund: sixth general replenishment of resources
(adopted, by correspondence vote, May 8
of 1991)
THE BOARD OF GOVERNORS,
HAVING REGARD to Articles 2, 4, 7, 16, 19 and 23 of the African Development Fund (hereinafter referred to as
CONSIDERING the report of the Executive Board of 30 April 1991 on the implementation of Resolution F/BG/89/08 on the increase of the Fund's resources and, in particular, the recommendations made by the Board Executive on the basis of the consultations provided for in paragraph (b) of that Resolution and set out in that report;
WHEREAS 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 the amounts mentioned in order to be authorised to subscribe to them. amounts set out in that Annex, understanding that no participating State can to be definitively committed before obtaining, if necessary, the approval of its legislative body;
RECOGNISING that the general examination of the Fund's level of resources shows that it is appropriate to increase these resources to meet the development needs of the African Development Bank (EIB) member countries.
FURTHER RECOGNIZING that the consultations on the sixth general replenishment (
) of Fund resources have led to a consensus that the level of operations desirable for the three-year period of the sixth replenishment justifies a target of two thousand six hundred and fifty million units of account of the Fund (2,650,000,000 UCF), without prejudice to other possible increases through new or supplementary subscriptions;
NOTING WITH SATISFACTION that the participating States listed in Annex II to this Resolution have agreed to make other resources available to the Fund in the form of extraordinary contributions for an amount Total of 60 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 liable to be used for credit commitments, a fraction of the amount of the subscriptions made under the present Resolution before the entry into force of the sixth replenishment;
ACCEPTS AND APPROVES the final report on the consultative meetings of the sixth general replenishment of resources, and accordingly,
DECIDES:
1.
Increased Fund Resources:
(a) The Fund is authorised to carry out the sixth replenishment for the three-year period beginning on 1. of January 1991.
(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 an amount not less than that shown in the relevant column of that Annex. Annex.
(c) The Fund shall be authorised to accept, from each participating State listed in Annex II to this Resolution, other resources in the form of an extraordinary contribution for an amount not less than that indicated for each State contributing participant. These extraordinary contributions shall not confer voting rights but, on the other hand, shall be made in accordance with the same terms and conditions of payment as those applicable to the subscriptions set out in Annex I to this 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 the Annexes to this Agreement. 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. amount not less than the amount shown in Annex I, expressed in the monetary unit prescribed therein.
(b) Subject to the provisions of point (c) of this paragraph, this instrument shall constitute, by the participating State, an unreserved commitment to pay such subscription in accordance with the modalities and in the conditions laid down or provided for in this Resolution. For the purposes of this Resolution, this subscription will be considered a .
(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 on the part of that State to do so as soon as it reaches its obtain such opening at the rate specified in paragraphs 4 (d) 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 will be called subscription 3. Naming of the subscriptions Subscriptions of participating States shall be expressed in special drawing rights (SDR) of the International Monetary Fund or in the currency of the participating State; 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 1987-1989, as determined by the Fund, its subscription shall be expressed in SDRs or, at the choice of that participating State, in a currency used for the valuation of the SDRs, unless the participating State makes satisfactory arrangements for the Fund which to avoid the disadvantages of a subscription denominated in its national currency. 4. Paying for subscriptions (a) The payments for each subscription shall be made in three instalments, in SDRs, 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 no later than 31 January 1992, or no later than 30 days from the date of entry into force. The second and third payments are to be made on 31 January 1993 and 31 January 1994 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 corresponding to a subscription accompanied by a reservation shall be made within 30 days of the date on which such subscription becomes a subscription without reservation and shall be applicable to them. provisions concerning the dates of compliance referred to in this paragraph. (c) The total amount of each unreserved subscription must be disbursed in three equal annual payments or, at the choice of each participating State, of increasing importance, with the amount of the first payment being promoted at least to the 29% of the subscription, the second payment at least 33% and the third payment to the subscription balance. (d) The payments for each subscription accompanied by a reservation shall be made in three equal annual instalments. (e) Any participating State may indicate, by a written statement addressed to the Fund, that it intends to effect the disbursement by reducing the number of payments or by committing to higher percentage fractions, which are not less favourable to the Fund, or on dates prior to those referred to in paragraphs (a), (b), (c) and (d) above. (f) Subject to any provision made in accordance with the proviso set out in the restrictive clause of paragraph 3 above, the payments for each subscription shall be made in cash, or, at the discretion of the State a participant who is required to make the payment, in the form of non-marketable and non-interest-bearing promissory notes, or similar obligations of the participating State, payable to the view and to its value at par. (g) 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. Assignment to technical assistance For the first payments of all the underpayments made pursuant to this Resolution, a global amount shall be allocated to technical assistance amounting to a maximum of 10% 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 sixth replenishment shall enter into force when the participating States have deposited in the Fund the instruments of subscription for an overall amount equal to at least 40% of the total amount of the subscriptions which are listed in Annex I to this Resolution. This date shall be no later than 30 September 1991 or any other date determined by the Executive Board (hereinafter referred to as 7. Early subscriptions (a) In order to avoid any interruption of the Fund's capacity to commit appropriations prior to the entry into force of the Sixth replenishment, and if the Fund has received subscription instruments from participating States whose subscriptions shall not less than 20% 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 Sixth replenishment had not entered into force on 31 January The Fund shall specify the date on which the advance subscriptions shall be paid by the participating States. (c) If the Sixth replenishment 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 assigned 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 a subscription, which may to be made available for commitments before the level of the advance subscription referred to in paragraph (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, all unreserved subscriptions shall be divided into three instalments corresponding to the 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, as long as advance subscriptions can 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: 1 January 1992 or at the date of entry into force, whichever is later; and (iii) The third period: 1 January 1993 or the date of entry into force, whichever is the later. (b) Subscriptions accompanied by a reservation will be used to contract loan commitments as they are converted into unreserved subscriptions, which should occur at a rate of one-third of their total amount during each of the three years covered by the Sixth replenishment. (c) Any participating State may authorize the use of the time limits for its subscription to contract loan commitments in accordance with a more favourable schedule for the Fund than the one indicated in paragraphs (a) and (b) previous. (d) Subject to the foregoing, if a participating State has made a subscription accompanied by a reservation, and whose subscription represents more than 10 percent of the total amount of the subscriptions listed in the Annex I of this Resolution, cannot, in a given year, release for the purposes of loan commitments a period equivalent to the third part of the total amount of its subscription, that State shall indicate to the Fund the revised amount, which shall no longer be accompanied by a reservation, and the measures you intend to take to compensate this failure to make the payment of the following period or time limits. In such a case, the Fund shall promptly consult all those participating States which have expressed their wish to be consulted on their subscription instruments. Each participating State which has expressed this wish 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 that State The participant shall be reduced in proportion to the extent to which the time limit for 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. Queries If, during the Sixth Reorder, delays in the submission of the subscription instruments, in the unblocking of the subscription periods to contract loan commitments in accordance with paragraph 8, or in the payment of the subscriptions will involve or could imply a suspension of the operations of loan or technical assistance of the Fund or to prevent any other way of achieving substantially the objectives of the Sixth replenishment, the Fund will convene a meeting of the representatives of the participating States to examine the situation and to study the means of fulfilling the conditions necessary for the resumption of its operations 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 the participating States pursuant to Article 29 (3) of the Agreement and to the extent that the disbursement 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 1992. (d) The rights and obligations of participating States making additional subscriptions pursuant to this Resolution, as well as those of any other participating State, the Bank or 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. 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 respective currencies with for the SDR, established by the International Monetary Fund, for the six-month period ending on 31 December 1990. (IMAGE 1 OMITIDA)
