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

At the 13th annual meeting of the African Development Fund, held in Harare in May 1986, it was agreed to initiate, with the participating States, a negotiating process for the provision of resources for the three-year period. 1988-90.

This process culminated, on 31 May 1988, in the adoption of Resolution F/BG/88/01, which establishes a general increase in the resources of the Fund of 2,250 million Units of Account, to invest, not only in sectors traditionally considered as priorities, such as agriculture, but also in new fields of intervention.

Spain, which has been a member of the African Development Fund since its founding, has participated in all of the overall resources of the Fund. In this fifth replenishment, the Spanish contribution would be 1,5677 per 100 of the total, which means a subscription of 35,273,250 Units of Account, equivalent to 5,178,818,106 pesetas.

The overall policy of maintaining our country's presence in development aid agencies and in Africa in particular advises participation in this increase in resources from the African Development Fund.

This Law is intended to authorize such participation.

Article first.

The Government is hereby authorised to take all appropriate measures to enable the Kingdom of Spain to participate in the Fifth Replenishment of the African Development Fund in the terms set out in Resolution F/BG/88/01, approved by the Board of Governors on May 31, 1988, which is presented as Appendix to this Law.

Article 2.

In accordance with the above Resolution, the Kingdom of Spain is authorised to make a new contribution to the African Development Fund for a total of 5,178,818,106 pesetas.

Third item.

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 Bank of Spain, and other existing provisions on the subject, disbursements necessary for the payment of such subscriptions.

ADDITIONAL DISPOSITION

The Ministers for Foreign Affairs and Economic Affairs and Finance are hereby authorised to adopt, within the framework of their respective powers, how many measures are necessary for the implementation of this Law.

FINAL DISPOSITION

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

BOARD OF GOVERNORS

Resolution F/BG/88/01 on the increase of the Fund's resources: Fifth general replenishment of resources (adopted by correspondence vote, 31 May 1988)

THE BOARD OF GOVERNORS

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

having regard to the report of the Board of Directors of 23 February 1988 on the implementation of Resolution F/BG/86/05 on the increase of the Fund's resources and, in particular, the recommendations made by the Board of Directors 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 the Annex, consider that the amounts contained therein and the conditions set out in this Resolution constitute an appropriate basis for the 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 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 general examination of the Fund's level of resources shows that it is appropriate to increase these resources considerably in order to meet the development needs of the most deprived and least developed countries. developed;

Acknowledging, moreover, that the consultations on the fifth general replenishment of resources have led to a consensus, according to which the level of operations desirable for the three-year period of the fifth replenishment justifies an objective of 2,250 million units of account of the Fund, without prejudice to other possible increases through new or additional subscriptions:

Accepts and approves the final report on the consultative meetings of the fifth general replenishment of resources, and accordingly,

Decides:

1. The Fund is hereby authorised to make the fifth general replenishment of its resources for the three-year period, which shall begin on 1 January 1988.

2. (a) The Fund shall be authorised to accept, from each of the participating States listed in the Annex attached to this Resolution, a subscription for an amount not less than that shown in the corresponding column of that Annex.

(b) No provision of this Resolution shall prevent in any way the acceptance by the Fund, with the agreement of the Board of Directors, of subscriptions and other resources exceeding that amount.

3. (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 an amount not less than which is set out in the Annex, expressed in the monetary unit prescribed therein.

(b) Subject to the provisions of point (c) of this paragraph, this instrument shall constitute a commitment by the participating State without reservation to pay such a 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 an unreserved subscription.

(c) On an exceptional basis, where a participating State is unable to enter into a commitment without reservation 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 request the opening of appropriations during the period of replenishment of the resources and to notify the Fund when the corresponding appropriations at each deadline they 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.

4. (a) The fifth general replenishment of resources shall enter into force when the participants have deposited in the Fund the instruments of subscription for a total amount equal to 45 per 100, at least, of the total amount of the subscriptions which are listed in the Annex to this Resolution, provided that the subscriptions accompanied by reservation for the fourth replenishment have been converted into unreserved subscriptions for more than two thirds of the amount of each of the they.

(b) The subscription instruments deposited on or before the date of entry into force of the replenishment of resources shall enter into force on that date, and the subscription instruments deposited at a later date shall enter into force on their respective filing dates.

5. (a) the disbursement for each subscription shall be made in currency freely convertible into three payments; the first payment shall be made no later than 1 October 1988, or no later than 30 days from the date of the entry into force of the instrument, the most recent date being chosen; subsequent payments must be made on the anniversary date of the entry into force of the subscription instruments. Without prejudice to the foregoing, all sums due after the dates specified above shall be paid on 31 December 1990 or at any later date decided by the Board of Directors. The payment for a subscription accompanied by a reservation shall be made within 30 days of the date on which the subscription becomes a subscription without reservation and the provisions relating to the subscription shall apply to it. anniversary dates previously contemplated.

(b) The total amount of each unreserved subscription shall be paid out in three equal or increasing annual payments, with the amount of the first payment amounting to at least 29 per 100 of the subscription; the second payment, at least, to 33 per 100, and that of the third party, to the balance of the subscription.

(c) Payments corresponding to subscriptions accompanied by a reservation shall be made in accordance with a timetable allowing them to be used for loan commitments and in the proposals set out in point (b) of paragraph 1. 6.

(d) All payments for each subscription must 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 Participating State, expressed in one of the expected monetary units and payable at par.

(e) For the first payments of all subscriptions made pursuant to this Resolution, a global amount shall be allocated to technical assistance, amounting to a maximum of 10 per 100 of the amount of the fifth replenishment. 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 ordinary lending operations.

(f) Participating States shall only be required to make payments when their subscription can be used for loan commitments, in accordance with paragraph 6 of this Resolution. However, any participating State may indicate, by a written statement addressed to the Fund, that it intends to make the disbursement by reducing the number of payments or by committing to fractions of a higher percentage, or on dates prior to those referred to in paragraphs (a), (b) and (c) above.

g) Any participating State may notify the Fund, if it so wishes, that its subscription should be considered an advance subscription which may be made available to it for commitments prior to entry into Replacement of the On the date of entry into force of the replacement, the amounts that have been made available to the Fund shall cease to be considered as advance payments.

6. (a) In order 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 pursuant to paragraph 5 (b) and may be used for such purposes in accordance with the following:

i) The first period: On the date on which the corresponding subscription instrument enters into force; in a proportional manner and provided that each subscription accompanied by a reservation and relative to the fourth replenishment has become in an unreserved subscription at a rate of more than two thirds of its total amount. However, where a subscription accompanied by reservation and relating to the fourth replenishment has not been fully converted into a subscription without reservation, any participating State may request the Fund to exclude from its commitments its (a) fraction of that time limit as long as such subscription has not been fully converted into a subscription without reservation.

(ii) The second term: from the date of entry into force of the instruments of subscription corresponding to 80 per 100 of the total amount indicated in the Annex, provided that this percentage includes all subscriptions which the participating States have declared as accompanied by reservation in accordance with the provisions of paragraph 3 (c) above, and provided that each subscription accompanied by reservation has been converted into an unreserved subscription for the third part of its total amount.

(iii) The third term: from the second anniversary of the entry into force of the corresponding subscription instrument, in proportion to the extent to which each subscription accompanied by reservation has become a subscription without reservation for more than one third of its total amount. Where any of the subscriptions accompanied by a reservation has not been fully converted into a subscription without reservation, any participating State may request the Fund to commit only its fraction of this time limit proportional, provided that all subscriptions accompanied by reservation have been converted into an unreserved subscription for more than two-thirds of their total amount.

(b) Subscriptions accompanied by a reservation may be used for loan commitments provided that one of them has been converted into an unreserved subscription, which must be at the rate of one third of the its total amount in each of the three years covered by the replacement.

(c) Any participating State may agree that the second and third terms of its subscription are used for the purposes of loan commitments in accordance with a more favourable schedule for the Fund than the one indicated in the paragraphs (a) and (b) above.

d) Without prejudice to the foregoing, if a participating State which has made a subscription accompanied by a reservation cannot, in a given year, release for the purposes of the loan commitments a period equivalent to that of 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 it intends to take to compensate for this insufficiency when making the payment of the deadline or the following deadlines; the precondition for the release of the second term of the subscriptions without reservation The second subparagraph of paragraph (a) (a) of this paragraph shall be amended to reduce that time limit in proportion to the amount of the subscription accompanied by a reservation which has been converted into a subscription without reservation.

7. If the delay in the submission of the subscription instruments or in the fulfilment of the conditions set out in subparagraph (a) of paragraph 6 of this Resolution during the reimposition of the subscription instruments implies or could imply a suspension of the loan operations of the Fund or to prevent any other form of achieving the objectives of the replenishment, the Fund shall convene a meeting of the representatives of the participating States to examine the situation and to study the means of meeting the conditions necessary for the resumption of its operations or for a significant realisation of the objectives of the replenishment.

8. (a) To determine the proportion of the total votes allocated to the participating States in accordance with Article 29 (3) of the Agreement and to the extent that the disbursement has been made, each increase in the subscription of a State the participant 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 entry into force of the Agreement. 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 Management Board shall be held during the annual Assembly of the Board of Governors of the Fund in 1989.

9. 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 the Fund as regards subscriptions Additional provisions provided for in this Resolution shall be, unless otherwise provided for in that Resolution, the same as those governing the initial subscriptions of the founding members made pursuant to Article 6 of the Agreement, except as regards the assessment of the additional subscriptions authorised by the This Article shall not apply to the provisions of this Article.

Article shall not apply to Articles 13 (1) and 13 (2) of the Agreement.

10. The subscriptions made pursuant to this Resolution, as set out in the Annex for each participating State, have been fixed on the basis of the monthly average of the daily exchange rates of the respective currencies with respect to the SDR. established by the International Monetary Fund for the six-month period ending on 31 October 1987.

Therefore,

I command all Spaniards, individuals and authorities, to keep and keep this Law.

Madrid, 11 May 1990.

JOHN CARLOS R.

The President of the Government,

FELIPE GONZÁLEZ MARQUEZ

ANNEX I

FAD-V operations medium-term assessment of the FAD-V operations

Objective

1. During the consultative meetings on the Fifth General Replenishment of the African Development Fund, the delegates adopted several decisions to guide the Fund's operations during the period of the FAD-V. They also estimated that the implementation of the FAD-V. could be facilitated in the medium-term assessment of these operations.

Eligibility and distribution of resources by countries

2. Management will report on:

(i) the concrete form in which the eligibility criteria for the resources set out in the report have been applied to the distribution of the resources of the FADV, both in terms of loans and resources intended for technical assistance;

(ii) the implementation of the BAD/FAD Joint Financing Policy, and

iii) the allocation of resources to each country, on the basis of the guidelines set out in the report.

Programming by country

3. The Directorate will report on the progress made both in the programming of the countries ' interventions, in accordance with the approach agreed in the report, and in the preparation of updated programme documents for all Member States. The evaluation of these developments will be carried out in the light of the plans set out by the Directorate for the preparation of the documents for programmes of category A countries, by the end of 1989.

Priority in terms of loans

4. The Directorate will report on the activities undertaken to translate into facts the importance attached to agriculture. One of the essential objectives of the Fund's operations is to cover the elementary needs of the most disadvantaged sections of the population of the countries which can benefit from their resources. The Directorate will therefore report on the volume of loans granted to alleviate poverty and develop criteria for determining the extent to which these layers of the population benefit from the Fund's financing. It will also analyse how the new areas of intervention (environment, population, role of women in development, etc.) are dealt with in the context of the Fund's ordinary operations.

Loan Instruments

5. The Directorate shall report on the share of resources allocated to project loans, on credit lines for development banks, on investment and sectoral rehabilitation loans, as well as on loans in favour of the reforms, including sectoral adjustment and structural adjustment loans. It will take stock of the part of the loans for reforms in the whole of the Fund's interventions and on the coordination of assistance with other multilateral and bilateral institutions.

Technical assistance

6. The Directorate shall report on the progress made in the field of technical assistance during the period of the FAD-V.

Quality of projects

7. The delegates expressed their concern about the need to increase the profitability of the Fund, in particular the measures financed in the social sector. The Directorate will therefore report on the measures taken to improve the quality of projects as foreseen in the report.

Date of assessment

8. After considering several possible dates for the mid-term evaluation, the delegates decided that the end of 1989 would be an appropriate period, which should coincide with the early stages of the FAD-VI consultations.

Summary of Contributions announced in The Hague *

Status	Contributions to UCF	Contributions to mon. national	Part in%
Bad	51.165,000	47.125,626	2,2740
Argentina	16.949.250	43,415,623	0.7533
Austria	28.174,500	427.322.472	1,2522
Belgium	38.250,000	1.712.375.159	1.7000
Brazil	27,711,000	1.445.629.609	1.2316
Canada	225,000,000	353.372,400	10,0000
China	36,948,768	162.810.091	1,6422
Denmark	66.375,000	545.210.290	2,9500
Finland	31.500,000	164.676.582	1.4000
France	190.125,000	1.368.675.653	8,4500
R. F. of Germany	202.500,000	436.699.148	9.0000
India	12,765,000	195.874,840	0.5673
Italy	183.181,500	285.731.851,500	8.1414
Japan	329.400,000	56.511.984.231	14,6400
Korea	15.664,500	14.952.606.919	0.6962
Kuwait	8.442.816	2.803,994	0.3752
Netherlands	54,000,000	131.142.294	2.4000
Norway	79,650,000	631.792.243	3,5400
Portugal	14,175,000	2.396.747.769	0.6300
Saudi Arabia	33.750,000	149,719.084	1,5000
Spain	35.273.250	5.178.818.106	1,5677
Sweden	101,250,000	764.246,644	4,5000
Switzerland	90,000,000	160.747.560	4.0000
UAE
	UK	68,744,250	49.817.721	3,0553
U.S.	265.924.886	315,000,000	11,8188
Yugoslavia	8.424,000	8.283,418.081	0.3744
	2.215.343,720	N. A./B. D.	98,4596
	34.656.280	N. A./B. D.	1.5404
	2,250,000,000	N. A./B. D.	100.0000

* The exchange rates used in this table are those provided by the IMF and present slight differences with respect to employees at the Hague meeting. These exchange rates were communicated to the Member States by the Secretary-General by letter of 20 January 1988.

Subscription to Fifth Replenishment *

Norway

United States

Yugoslavia

	Distribution of the load	Equivalent amount in UCF	Commitment Units	UCF Change Type	Amount to be
Bad (1) (2)	1.9035	42,827.365	DEG	0.921052	39.446.230
Argentina	0.7533	16.949.250	Austral	2.561507	43,415,623
Austria	1,2522	28,174,500	Austrian Chelin	15.166994	427.322.472
	Belgium	1.7000	38.250,000	Belgian Franco	44.767978	1.712.375.159
	Brazil	1.2316	27,711,000	Cruceiro	52.168078	1 .445 .629.609
Canada	10.4705	235.587.160	Canadian Dollar	1.570544	370,000,000
China	1,6422	36,948,768	Yuan	4.406374	162.810.091
	3.0000	67,500,000	Danish krone	8,214091	554.451.143
	Finland	1.4000	31.500,000	Finnish markka	5.227828	164.676.582
France	8.8870	199.957,500	French Franco	7,198820	1.439.458.050
Federal Republic of Germany (3)	9.0000	202.500,000	DM	2,156539	436.699.148
	India	0.5673	12,765,000	15,344680	15,344680		195.874,840
	8.6000	193.500,000	Lira	1.559.829194	301.826,949,039
Japan	14,6400	329,400,000	Yen	171.560365	56.511.984.231
	Korea	0.6962	15.664,500	Korean Won	954,553731	14.952.606,919
	Kuwait	8.442.816		Kuwaiti Dinar	0.332116	2.803,994
	Netherlands (2)	2.4000	54,000,000	Dutch guilder	2,428561	131.142.294
3.5400	79,650,000	Corona	7.932106	631.792.243
Portugal	0.6300	14,175,000	169,082735		2.396.747.769
Saudi Arabia	1,5000	33.750,000	Riyal	4,436121	149.719.084
Spain	1,5677	35.273.250	Peseta	146,819987	5.178.818.106
Sweden	4,5000	101,250,000	Swedish krone	7.548115	764.246.644
	4.0000	90,000,000	Swiss Franc	1,786084	160.747.560
Kingdom	3,5500	79.875,000	0.724682		57,883,975
United States
11,8189	265.924.891	US Dollar	1,184545	313,000,000
0.3744	8.424,000	Yugoslav Dinar	983,311738	8.283,418.081
Total	100.0000	2,250,000,000

Notes:

(1) Delegates have pointed out that there is a possibility that the contribution announced by the Bank will be replaced, in whole or in part, by other contributions made to that end.

(2) The Netherlands has agreed to provide a supplementary contribution of 5,000,000 guilders (2,058,832 UCF) to be excluded from its share of the burden. Management plans to use this amount to further reduce ADB's contribution.

(3) The contribution in DEG silk from 186.513.030.

* Because of the need to round the figures the results indicated in this table may not correspond exactly to an arithmetic operation that relates one column to another.