Regulatory Alerts1999-02-09 | Resolución 007/99Added · Updated
Resolution 007/99 Approving Payment of the Eleventh Quota Review to the International Monetary Fund
The Board of Directors of the Central Bank of Bolivia approves the payment of 45,300,000 Special Drawing Rights (SDRs) to the International Monetary Fund to cover Bolivia's increased quota under the Eleventh Quota Review. The payment is structured with 33,975,000 SDRs credited directly to the IMF's account at the Central Bank and 11,325,000 SDRs financed through a loan granted by the IMF at the request of the Ministry of Finance. The Presidency and General Management are tasked with executing this resolution.
BOARD RESOLUTION NO. 007/99 SUBJECT: PRESIDENCY - APPROVES PAYMENT OF THE ELEVENTH QUOTA REVIEW TO THE INTERNATIONAL MONETARY FUND
HAVING VIEWED: Law No. 1670 of the Central Bank of Bolivia of October 31, 1995. Resolution 53-2 of the Board of Governors of the International Monetary Fund of January 30, 1998. Supreme Decree No. 25258 of December 18, 1998. Note D.G.C.P. 015-016 U.D.P.E. OF. No. 085/99 of February 9, 1999. Note MH. D.M. No. 099/99 of the Ministry of Finance of February 11, 1999.
CONSIDERING: That Article 27 of Law 1670 states that the Central Bank of Bolivia may assume the representation of the State before international and multilateral organizations of a monetary nature. That according to Article 86 of Law 1670, the BCB may acquire and/or maintain participations in the capital of international financial entities of public law. That the International Monetary Fund, through Resolution No. 53-2, approved the Eleventh Quota Review of that international organization, establishing the increase of the quota assigned to Bolivia from SDR 126,200,000.- to SDR 171,500,000.-.
//2. R.D. Nº 007/99 That Supreme Decree No. 25258 approves the Fourth Amendment to the Articles of Agreement of the International Monetary Fund and adherence to the Eleventh Quota Review, authorizing the Central Bank of Bolivia to carry out the necessary actions to comply with the payment of the quota increase assigned to the country, on behalf of the Government of the Nation. That in response to the request submitted by the Ministry of Finance via note D.G.C.P. 015-016 U.D.P.E. OF. No. 085/99, a management action was carried out before the International Monetary Fund to obtain a loan intended for the payment of the foreign currency portion representing 25% of the total increase in the quota assigned to Bolivia, an action that has been favorably attended to by said international organization. That the Minister of Finance, through note M.H.D.M. No. 099/99, requests the Central Bank of Bolivia to make, on behalf of Bolivia, the contribution to constitute the increase established in the Eleventh Quota Review of the IMF.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve the payment of the Eleventh Quota Review to the International Monetary Fund for SDRs 45,300,000.- (FORTY-FIVE MILLION THREE HUNDRED THOUSAND SPECIAL DRAWING RIGHTS), under the following modalities:
- The equivalent in national currency of SDR 33,975,000.-, crediting Account No. 1 of the IMF at the Central Bank of Bolivia.
- SDR 11,325,000.-, through the use of the loan granted by the International Monetary Fund at the request of the Ministry of Finance.
//3. R.D. Nº 007/99 Article 2.- The Presidency and General Management are tasked with executing this Resolution.
La Paz, February 9, 1999
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G.
Juan Medinaceli Fernando Campero P.
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