Law of Ukraine
“On Adoption of Amendments to the Articles of Agreement of the International Monetary Fund”
Date of entry into force:
November 20, 2012
Amendments to the Articles of Agreement of the International Monetary Fund on the Review of Quotas and Reform of the Executive Board (hereinafter referred to as “Amendments”) were adopted by the Resolution of the Board of Governors of the International Monetary Fund N 66-2 of December 15, 2010.
The Law envisages adopting the Amendments.
The Amendments envisage, among others, that:
- the quotas of members shall be increased;
- a member’s increase in quota shall not become effective unless that member has consented in writing to the increase not later than the prescribed date and has paid the increase in full within the prescribed period, provided that no member with overdue repurchases, charges, or assessments to the General Resources Account may consent to or pay for the increase in its quota until it becomes current in respect of those obligations;
- the NAB (New Arrangements to Borrow) Credit Arrangements are reviewed;
- following the first regular election of Executive Directors after the entry into force of the amendment of the Articles of Agreement approved under Board of Governors Resolution No. 63-2, an Executive Director elected by seven or more members shall be entitled to appoint two Alternate Executive Directors;
- the Board of Governors takes note of: 1) the commitment to reduce, as a means of achieving greater representation of emerging market and developing countries, the number of Executive Directors representing advanced European countries by two no later than the first regular election of Executive Directors, and 2) the commitment of the Fund’s membership to maintain an Executive Board consisting of 24 Executive Directors, and to review the composition of the Executive Board every 8 years.