Key Benefits:
JOHN CARLOS I,
KING OF SPAIN
To all who present it and understand,
Sabed: That the General Courts have approved and I come to sanction the following Law:
Article first.
Spain will participate in the third ordinary general increase in resources of the African Development Fund, to which effect will make the corresponding additional subscriptions in the terms set out in Resolution 9-82, adopted in Paris, on 3 February 1982, by the Member States of the African Development Fund, and entered into force on 12 November 1982, the translation of which is annexed to this Law, with the amount of 15 million eight hundred and sixty thousand units of account as defined in the first Article of the Agreement establishing the Fund African Development, published as an annex to Decree Law 1/1974 of 7 February, equivalent to 1 February 1982, date adopted to fix the change to 1,654,956,100 pesetas.
Article 2.
The payment of the Spanish subscription will be made in three equal annual instalments, under the conditions stipulated in the aforementioned Resolution, with the power to the Minister of Economy and Finance, if he considers it appropriate, to benefit from the payment facilities provided for in paragraph 5 (a) of that Resolution.
Article 3.
The payment will be made effective by the Banco de España, in accordance with the powers granted to it by the current regulations. The Banco de España may benefit from the payment arrangements provided for in paragraph 5 (d) of that Resolution.
Article 4.
The Ministry of Economy and Finance is empowered to adopt as many measures as are necessary for the implementation of the provisions of this Law.
Article 5.
This Law will enter into force the day after its publication in the Official Journal of the State.
Therefore,
I command all Spaniards, individuals and authorities, to keep and keep this Law.
Palacio de la Zarzuela, Madrid, 26 November 1983.-JUAN CARLOS R..-The President of the Government, Felipe González Márquez.
ANNEX
Resolution on the increase in resources of the Fund: Third General Reconstitution of Resources
THE BOARD OF GOVERNORS
Seen items 2., 4., 7., 8. and 23 of the Agreement on the establishment of the African Development Fund (hereinafter referred to as '
The Management Board's opinion, dated 1982, on the use of Resolution 05-80 on the increase of the Fund's resources, and in particular the recommendations made by the Council of Ministers, Administration reflected in that opinion, based on the consultations provided for in paragraph (b) of that Resolution;
Whereas, moreover, the governments of the participating States, listed in the attached appendix, are of the view that the total or significant amounts listed in that Appendix, as well as the conditions set out therein, Resolution, they are an appropriate basis for the elaboration of recommendations to their respective legislative authorities and since these governments intend to request, if relevant, the above legislative authorities the approval of the total amounts mentioned above, in order to obtain authorisation to subscribe to the amounts listed in the Appendix, well understood that no participating State can commit itself definitively before it has achieved, if necessary, the approval of its respective legislative authority;
Recognising that the general examination of the Fund's level of resources shows the desirability of considerably increasing these resources in order to meet with them the development needs of the Member States less gifted and less developed;
You have decided:
1. The Fund is hereby authorized to carry out the third general recovery of its resources for a three-year period beginning on 1 January 1982.
2. (a) The Fund is authorised to accept from each of the participating States, listed in the Appendix attached to this Resolution, the subscription of a quantity not less than that shown in the appropriate column of that Appendix.
(b) No provision of this Resolution in any way prevents the Fund, subject to the Agreement of the Board of Directors, from accepting additional subscriptions and other resources above this amount.
3. (a) To make a subscription in accordance with these provisions, each participating State shall deposit an instrument of subscription close to the Fund by confirming its intention to subscribe to the Fund a quantity not less than the in the Appendix, expressed in the commitment unit referred to the participant as set out in that Appendix. With the exception of paragraph (b) of this paragraph, this instrument shall have the commitment value without reservation of the participating State to which the subscription is concerned in accordance with the terms and conditions laid down or provided for in this Resolution. For the purposes of this Resolution the subscription will be considered
(b) By way of exception, if a participating State is unable to enter into a commitment without reservation for reasons of a legislative nature, the Fund may accept a subscription instrument from this participating State. (a) a reserve, consisting in that the payment of all instalments of its subscription, with the exception of the first, should be the subject of an opening of budgetary appropriations, stipulating the commitment to apply for this opening of appropriations during the period of reconstitution of the resources and reporting to the Fund once the credit for each section is open. According to the terms of this Resolution the subscription will be considered as
4. (a) The Third General Reconstitution of Resources shall take effect when the participating States have deposited near the Fund the instruments of subscription of a total amount equal to at least 45 per 100 of the total amount of the promises of the subscription listed in the Appendix to this Resolution.
(b) The subscription instruments deposited up to or before the date of entry into force of the replenishment of resources shall take effect on that date, and those deposited after that date shall take effect from their respective deposit dates.
5. (a) The payment for each subscription shall be made in freely convertible currency, in three instalments, the first of which shall take place before 1 October 1982, or within a maximum of 30 days from the date of entry into force of the in force of the subscription instrument, the most recent of the two dates being taken into account for this purpose; subsequent deliveries will take place on the anniversary dates of the entry into force of the instruments of subscription, however the sums due after the dates indicated above must have been paid before 31 December (a) December or any other subsequent date which the Board of Directors determines. The payment corresponding to a subscription provided will be carried out only to the extent that such subscription is processed without reservation and within a period of 30 days from the date on which the subscription is makes it without reservation and the provisions relating to the anniversary dates stated above will apply to you.
(b) The total of each unreserved subscription is payable in three annual, equal or increasing amounts, the first disbursement being at least equal to 29 per 100 of the subscription, the second payment for a quantity at least equal to 33 per 100 and the third equal to the balance of the subscription.
(c) The payments for each scheduled subscription of the reserve shall be made in accordance with a timetable which enables them to be available for the purpose of granting loans and in the proportions provided for in paragraph 5, (b)
(d) All payments for each subscription shall be made in cash or, at the choice of the participating State, which must make the payment, in non-negotiable and non-interest bonds, or similar obligations of the State participant, payable to the Fund at par.
e) A participating State shall not be required to make payments other than to the extent that its subscription is available for the purposes of granting loans in accordance with the provisions laid down in paragraph 6. of this Resolution. However, any participating State may, by means of a written statement addressed to the Fund, indicate that it intends to make the payments by reducing the number of deliveries or by engaging in tranches of a higher percentage, or on dates prior to those specified in paragraphs (a), (b) and (c) above.
f) Any participating State may, if it wishes, notify the Fund that its subscription, or a portion of its subscription, should be considered as an advance subscription, which may be made available to the Fund, for the purposes of granting of loans, before the entry into force of the Reconstitution. On the date of entry into force of the Reconstitution, any amount made available to the Fund shall cease to be considered as an advance payment.
6. (a) For the purpose of granting loans by the Fund under its loan program for the period referred to in paragraph 1, any unreserved subscription shall be divided into three tranches corresponding to the deliveries payable under (b), and may be used for the granting of loans, in accordance with the following:
(i) The first tranche: on the date on which the corresponding subscription instrument takes effect.
(ii) The second tranche: from the date on which the subscription instruments corresponding to the 80 per 100 of the total indicated in Appendix 1 have had effect; on condition that that percentage includes the whole of the subscriptions that the States propose to provide for reservation, and that, for subscriptions provided, the third part of the total amount of each one of them has been transformed into no reserve.
(iii) The third tranche: in the proportion in which the part of the subscriptions provided for which the reservation has been deleted is greater than two thirds of the total amount of each subscription.
(b) The subscriptions provided may be used for the granting of loans when and to the extent that they are processed without reservation, which should correspond to one third of the total amount of the subscription for each of the three years covered by the Reconstitution.
(c) Any participating State may allow the second and third tranches of its subscription to be used for loans, in accordance with a more favourable schedule for the Fund than the one referred to in paragraphs (a) and (b) above. statements.
(d) Without prejudice to the foregoing, if a participating State, which carries out a subscription provided as a reserve, is not in a position, in any one year, to make available, for the granting of loans, a Tranche equivalent to the third part of the total amount of its subscription, the State concerned shall indicate to the Fund what amount will be transformed into
7. If, during the reconstitution period, delays in the deposit of the subscription instruments or in addition to the preconditions provided for in paragraph 6 (a) of this Resolution, cause or threaten to cause (a) suspensions in the operations of loans from the Fund or in some way to achieve the objectives of the Reconstitution to a large extent, the Fund shall convene a meeting of representatives of the participating States to examine the situation and to study the means to implement the necessary conditions for the re-launch of the loan operations of the Fund or the realisation of a large part of the objectives of the Reconstitution.
8. (a) To calculate the proportion of votes to which a participating State may be entitled, in accordance with Article 29.3 of the Agreement, each additional subscription of that State shall be added, in so far as the payment has been made, to the subscription in accordance with the terms of Articles 6. and 7. of the Agreement on the establishment of the SDF, on 31 March, on 30 June, 30 September and 31 December of each year following the entry into force of the Resolution.
(b) Each participating State has approved the provisions of paragraph (a) of this paragraph, in so far as its conformity is required, in accordance with the terms of Article 29.3 of the Agreement.
c) In accordance with Article 27.6 (b), the elections to the Board of Directors shall take place during the annual Assembly of the Board of Governors of the Fund in 1983.
9. The rights and obligations of participating States making additional subscriptions, in accordance with this Resolution, as well as those of any other State participating in the Bank or the Fund as a result of subscriptions Additional provisions provided for in this Resolution shall be (unless otherwise stated) identical to those governing the initial subscriptions made by the founding members pursuant to Article 6. to the Agreement, except that, for the purposes of the additional subscriptions authorised by this Resolution, the provisions of Article 13.1 and 2 of the Agreement are hereby suspended and shall not apply.
10. The subscriptions made pursuant to this Resolution shall be determined in accordance with the exchange rates in force on 1 February 1982, as communicated by the International Monetary Fund, and as shown in the for each participant in the attached Appendix.
APPENDIX
Subscriptions in the third resource reconstitution
Participants * Equivalent amount in FUA (millions) * Obligation unit * Changes rates in FUA at 1-2-1982 * Amount to subscribe (in millions) *
ADB * 25.00 * Dollars USA * 1,0505 * 26,2625 *
Argentina * 7.62 * Weight * 10.100,9220 * 76.969,0250 * Austria * 12.50 * Austrian Chelin * 17,2084 * 215,1050 *
Belgium * 17.00 * Belgian franc * 41.9072 * 712,4224 *
Brazil * 12.50 * Brazilian Cruceiro * 140,535 * 1,756,6875 *
Canada * 80.00 * Canadian dollar * 1,2621 * 100,9680 *
Denmark * 34.70 * Danish krone * 8.0500 * 279,3350 *
Finland * 13.22 * Finnish markka * 4,68975 * 81,9985 *
France * 70.50 * French franc * 6.2598 * 441,3159 *
R. F. German * 98.00 * DEG * 0,921052 * 90,2631 *
India * 7.55 * Rupee * 9.6682 * 72,9949 *
Italy * 62.36 * Italian lira * 1.316.6254 * 82,104,7590 *
Japan * 133.26 * Yen * 242,5765 * 32.325.7440 *
Korea * 8.40 * Korean Won * 774,119 * 6.250,5996 *
Kuwait * 15.11 Dinar kuwait * 0.298488 * 4,5102 *
Netherlands * 22.16 * Dutch guilder * 2,6973 * 58.7722 *
Norway * 35.96 * Corona * 6,2278 * 223,9517 *
Saudi Arabia * 38.07 * US Dollar * 1,0505 * 39,9925 *
Spain * 15.86 * Peseta * 104,4378 * 1.654.9561 *
Sweden * 55.04 * Swedish krona * 5,9904 * 329,7116 *
Switzerland * 42.20 * Swiss franc * 1.9572 * 82,5936 *
United Kingdom * 43.00 * Sterling * 0.5621 * 24,1703 *
UEA * (4.76) * Dirham * 3,85665 * 18,3577 *
USA * 142.78 * US dollar * 1,0505 * 150,0000 *
Yugoslavia * 10.47 * Yugoslav Dinar * 45,8867 * 480,4340 *
