Chapter

RESOLUTIONS

Author(s):
International Monetary Fund
Published Date:
April 2007
Share
  • ShareShare
Show Summary Details

Resolution No. 61-1

Forthcoming Annual Meetings of the Boards of Governors—Proposed Dates for the 2007 and 2008 Annual Meetings in Washington, D.C.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 9, 2006 for a vote without meeting:

RESOLVED:

THAT the 2007 Annual Meetings shall be convened in Washington, D.C. on Sunday, October 21, 2007; and

THAT the 2008 Annual Meetings shall be convened in Washington, D.C. on Monday, October 13, 2008, which will be the Columbus Day public holiday in the United States.

The Board of Governors adopted the foregoing Resolution, effective July 17, 2006.

Resolution No. 61-2

Direct Remuneration of Executive Directors and their Alternates

Pursuant to Section 14(e) of the By-Laws, the 2006 Joint Committee on the Remuneration of Executive Directors and their Alternates on June 20, 2006 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on June 28, 2006 for a vote without meeting:

RESOLVED:

THAT, effective July 1, 2006, the remuneration of the Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be paid in the form of salary without a separate supplemental allowance, and such salary shall be paid at the annual rate of $212,980 per year for Executive Directors and $184,240 per year for their Alternates.

The Board of Governors adopted the foregoing Resolution, effective August 2, 2006.

Resolution No. 61-3

2006 Regular Election of Executive Directors

The Executive Board decided on July 7, 2006, to propose a draft Resolution of the Board of Governors, by which the Board of Governors would adopt: (a) the draft Regulations for the Conduct of the 2006 Regular Election of Executive Directors; and (b) the recommendations relating to the timing of the next regular election. The recommendation that there should continue to be nineteen elective Executive Directors requires that the draft Resolution be adopted by an eighty-five percent majority of the total voting power, as specified in Article XII, Section 3(b).

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 11, 2006 for a vote without meeting:

RESOLVED:

(a) In accordance with paragraph (b) of Resolution No. 59-3 adopted on August 18, 2004, which provides that “a Regular Election of Executive Directors shall take place in 2006”, the proposed Regulations for the Conduct of the 2006 Regular Election of Executive Directors are hereby adopted; and

(b) That the next Regular Election of Executive Directors shall take place in 2008.

The Board of Governors adopted the foregoing Resolution, effective August 1, 2006.

Resolution No. 61-4

2009 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund

The Governors of the Bank and the Fund for Turkey have invited the World Bank Group and the International Monetary Fund to hold the 2009 Annual Meetings of the Boards of Governors in Istanbul during the period of October 6 and 7. The Executive Directors have considered the assurances given by the Government of Turkey, have reviewed the proposed arrangements in Istanbul, and have noted that acceptance of the invitation would be in accordance with the traditional practice of meeting elsewhere than in Washington D.C. every third year.

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 17, 2006 for a vote without meeting:

RESOLVED:

THAT the invitation of the Government of Turkey to hold the Annual Meetings in Istanbul in 2009 be accepted; and

THAT the 2009 Annual Meetings be convened on Tuesday, October 6, 2009.

The Board of Governors adopted the foregoing Resolution, effective August 21, 2006.

Resolution No. 61-5

Quota and Voice Reform in the International Monetary Fund

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on August 31, 2006 for a vote without meeting:

WHEREAS, the Executive Board has submitted to the Board of Governors a report entitled “Quota and Voice Reform in the International Monetary Fund” (hereinafter the “Report”);

WHEREAS, the Executive Board has recommended a two-year reform program to enhance the credibility and effectiveness of the Fund, as described in the Report; and

WHEREAS, China, Korea, Mexico, and Turkey have requested increases in their quotas to better reflect their positions in the world economy and the Executive Board has recommended increases in the quotas of these members as a first step in the two-year reform program referred to above;

NOW THEREFORE, the Board of Governors hereby RESOLVES that:

1. The quotas of China, Korea, Mexico, and Turkey shall be increased to the amounts shown against their names in the Annex to this Resolution, provided that a member’s increase in quota shall not become effective unless the member in question has consented in writing to the increase and has paid to the Fund the full amount of such increase. Each member shall pay 25 percent of its increase either in special drawing rights or in the currencies of other members specified, with their concurrence, by the Fund, or in any combination of special drawing rights and such currencies. The balance of the increase shall be paid by each member in its own currency. Both the written consent and the payment of the increase shall be made not later than 30 days after the date of this Resolution; provided that the Executive Board may extend the period within which the consent and the payment may be made as it may determine.

2. The Executive Board is requested to reach agreement on a new quota formula to guide the assessment of the adequacy of members’ quotas in the Fund. Such a formula should provide a simpler and more transparent means of capturing members’ relative positions in the world economy. As a means of achieving this objective, consideration should be given to placing significantly higher weight on members’ gross domestic product, together with ensuring that other variables, in particular the openness of members’ economies, also play an important role. The Executive Board is requested to start discussions on a new quota formula that can command broad support soon after the Annual Meetings in Singapore, and to complete its work before the Annual Meetings in 2007, and not later than by the Spring 2008 meeting of the International Monetary and Financial Committee.

3. The Executive Board is requested, following the completion of its work as provided in paragraph 2 above, to recommend to the Board of Governors by the Annual Meetings in 2007 and no later than by the Annual Meetings of 2008 further increases in the quotas of those members that have requested that their quotas be increased, with a view to achieving a significant further alignment of members’ quotas with their relative positions in the world economy, based on the new quota formula; any such increases in quotas shall not become effective until the amendment of the Fund’s Articles of Agreement that is requested to be proposed under paragraph 4 has entered into force.

4. As an integral part of the reform program, and together with its recommendation for increases in quotas under paragraph 3, the Executive Board is requested to propose to the Board of Governors an amendment of the Fund’s Articles of Agreement that would: (a) provide for at least a doubling of the “basic” votes that each member possesses pursuant to Article XII, Section 5(a) of the Fund’s Articles of Agreement, and thereby at a minimum protect the existing voting share of low income countries as a group and (b) ensure that the ratio of the sum of the “basic” votes of all members to the sum of members’ total voting power remains constant following the increase under (a) above in the event of any subsequent changes in the total voting power of members. The Executive Board is requested to put forward a specific proposal by the Annual Meetings in 2007, and no later than the Annual Meetings in 2008.

5. In the context of general reviews of quotas conducted after the completion of the steps identified in paragraphs 2 and 3 above, the Board of Governors will consider distributing any increase in quotas with a view to achieving better alignment of members’ quotas with their relative positions in the world economy, while ensuring that the Fund has adequate liquidity to achieve its purposes.

6. The Executive Board is requested to act expeditiously to increase the staffing resources available to those Executive Directors elected by a large number of members whose workload is particularly heavy. The Executive Board is also requested to give consideration to the merits of an amendment of the Articles that would enable each Executive Director elected by a large number of members to appoint more than one Alternate Executive Director.

7. The Managing Director is invited to work closely with the Executive Board in developing the proposals pertaining to the reform package, and to have the staff complete the necessary technical work as expeditiously as possible. The Executive Board is requested to report to the Board of Governors on progress with the reform package by the time of the 2007 Annual Meetings.

Annex

Proposed Quota

(In millions of SDRs)
China8090.1
Korea2927.3
Mexico3152.8
Turkey1191.3

The Board of Governors adopted the foregoing Resolution, effective September 18, 2006.

Resolution No. 61-6

Financial Statements, Report on Audit, and Administrative and Capital Budgets

RESOLVED:

THAT the Board of Governors of the International Monetary Fund considers the Report on Audit for the Financial Year ended April 30, 2006, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 2007 and the Capital Budget for capital projects beginning in Financial Year 2007 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.

The Board of Governors adopted the foregoing Resolution, effective September 19, 2006.

Resolution No. 61-7

Amendments of Rules and Regulations

RESOLVED:

THAT the Board of Governors of the Fund hereby notifies the Executive Board that it has reviewed the amendments of Rules T-1(c), O-1, and I-6(4), which have been made since the 2005 Annual Meeting, and has no changes to suggest.

The Board of Governors adopted the foregoing Resolution, effective September 19, 2006.

Resolution No. 61-9

Appreciation

RESOLVED:

That the Boards of Governors of the International Monetary Fund and of the World Bank Group express their sincere appreciation to the Government and people of Singapore for their gracious and warm hospitality during these Annual Meetings;

That they express their gratitude for the outstanding facilities of the Suntec Singapore International Convention and Exhibition Center which were made available for the meetings; and

They express particular appreciation to the Governors and Alternate Governors for Singapore and to their associates for the many contributions they made toward ensuring the success of the 2006 Annual Meetings.

The Board of Governors adopted the foregoing Resolution, effective September 20, 2006.

    Other Resources Citing This Publication