Rządowy projekt ustawy o ratyfikacji Poprawki do Umowy o Międzynarodowym Funduszu Walutowym dotyczącej reformy Rady Wykonawczej, przyjętej przez Radę Gubernatorów Międzynarodowego Funduszu Walutowego Rezolucją Nr 66-2 w dniu 15 grudnia 2010 r.

The original members of the Fund shall be those of the countries represented at the United Nations
Monetary and Financial Conference whose governments accept membership before December 31,
1945.

Section 2. Other members
Membership shall be open to other countries at such times and in accordance with such terms as may
be prescribed by the Board of Governors. These terms, including the terms for subscriptions, shall be
based on principles consistent with those applied to other countries that are already members.

Article III
Quotas and Subscriptions

Section 1. Quotas and payment of subscriptions
Each member shall be assigned a quota expressed in special drawing rights. The quotas of the
members represented at the United Nations Monetary and Financial Conference which accept
membership before December 31, 1945 shall be those set forth in Schedule A. The quotas of other
members shall be determined by the Board of Governors. The subscription of each member shall be
equal to its quota and shall be paid in full to the Fund at the appropriate depository.

Section 2. Adjustment of quotas
(a) The Board of Governors shall at intervals of not more than five years conduct a general review,
and if it deems it appropriate propose an adjustment, of the quotas of the members. It may also, if it
thinks fit, consider at any other time the adjustment of any particular quota at the request of the
member concerned.

(b) The Fund may at any time propose an increase in the quotas of those members of the Fund that
were members on August 31, 1975 in proportion to their quotas on that date in a cumulative amount
not in excess of amounts transferred under Article V, Section 12(f)(i) and (j) from the Special
Disbursement Account to the General Resources Account.

(c) An eighty-five percent majority of the total voting power shall be required for any change in
quotas.

(d) The quota of a member shall not be changed until the member has consented and until payment
has been made unless payment is deemed to have been made in accordance with Section 3(b) of this
Article.

Section 3. Payments when quotas are changed
(a) Each member which consents to an increase in its quota under Section 2(a) of this Article shall,
within a period determined by the Fund, pay to the Fund twenty-five percent of the increase in special
drawing rights, but the Board of Governors may prescribe that this payment may be made, on the same
basis for all members, in whole or in part in the currencies of other members specified, with their
concurrence, by the Fund, or in the member's own currency. A non-participant shall pay in the
currencies of other members specified by the Fund, with their concurrence, a proportion of the increase
corresponding to the proportion to be paid in special drawing rights by participants. The balance of the
increase shall be paid by the member in its own currency. The Fund's holdings of a member's currency
shall not be increased above the level at which they would be subject to charges under Article V,
Section 8(b)(ii), as a result of payments by other members under this provision.

(b) Each member which consents to an increase in its quota under Section 2(b) of this Article shall
be deemed to have paid to the Fund an amount of subscription equal to such increase.

(c) If a member consents to a reduction in its quota, the Fund shall, within sixty days, pay to the
member an amount equal to the reduction. The payment shall be made in the member's currency and in
such amount of special drawing rights or the currencies of other members specified, with their

concurrence, by the Fund as is necessary to prevent the reduction of the Fund's holdings of the
currency below the new quota, provided that in exceptional circumstances the Fund may reduce its
holdings of the currency below the new quota by payment to the member in its own currency.

(d) A seventy percent majority of the total voting power shall be required for any decision under (a)
above, except for the determination of a period and the specification of currencies under that provision.

Section 4. Substitution of securities for currency
The Fund shall accept from any member, in place of any part of the member's currency in the General
Resources Account which in the judgment of the Fund is not needed for its operations and
transactions, notes or similar obligations issued by the member or the depository designated by the
member under Article XIII, Section 2, which shall be non-negotiable, non-interest bearing and payable
at their face value on demand by crediting the account of the Fund in the designated depository. This
Section shall apply not only to currency subscribed by members but also to any currency otherwise
due to, or acquired by, the Fund and to be placed in the General Resources Account.

Article IV
Obligations Regarding Exchange Arrangements

Section 1. General obligations of members
Recognizing that the essential purpose of the international monetary system is to provide a framework
that facilitates the exchange of goods, services, and capital among countries, and that sustains sound
economic growth, and that a principal objective is the continuing development of the orderly
underlying conditions that are necessary for financial and economic stability, each member undertakes
to collaborate with the Fund and other members to assure orderly exchange arrangements and to
promote a stable system of exchange rates. In particular, each member shall:
(i) endeavor to direct its economic and financial policies toward the objective of fostering
orderly economic growth with reasonable price stability, with due regard to its circumstances;

(ii) seek to promote stability by fostering orderly underlying economic and financial
conditions and a monetary system that does not tend to produce erratic disruptions;

(iii) avoid manipulating exchange rates or the international monetary system in order to
prevent effective balance of payments adjustment or to gain an unfair competitive advantage
over other members; and

(iv) follow exchange policies compatible with the undertakings under this Section.

Section 2. General exchange arrangements
(a) Each member shall notify the Fund, within thirty days after the date of the second amendment of
this Agreement, of the exchange arrangements it intends to apply in fulfillment of its obligations under
Section 1 of this Article, and shall notify the Fund promptly of any changes in its exchange
arrangements.

(b) Under an international monetary system of the kind prevailing on January 1, 1976, exchange
arrangements may include (i) the maintenance by a member of a value for its currency in terms of the
special drawing right or another denominator, other than gold, selected by the member, or (ii)
cooperative arrangements by which members maintain the value of their currencies in relation to the
value of the currency or currencies of other members, or (iii) other exchange arrangements of a
member's choice.

(c) To accord with the development of the international monetary system, the Fund, by an eighty-
five percent majority of the total voting power, may make provision for general exchange
arrangements without limiting the right of members to have exchange arrangements of their choice
consistent with the purposes of the Fund and the obligations under Section 1 of this Article.


Section 3. Surveillance over exchange arrangements
(a) The Fund shall oversee the international monetary system in order to ensure its effective
operation, and shall oversee the compliance of each member with its obligations under Section 1 of
this Article.

(b) In order to fulfill its functions under (a) above, the Fund shall exercise firm surveillance over the
exchange rate policies of members, and shall adopt specific principles for the guidance of all members
with respect to those policies. Each member shall provide the Fund with the information necessary for
such surveillance, and, when requested by the Fund, shall consult with it on the member's exchange
rate policies. The principles adopted by the Fund shall be consistent with cooperative arrangements by
which members maintain the value of their currencies in relation to the value of the currency or
currencies of other members, as well as with other exchange arrangements of a member's choice
consistent with the purposes of the Fund and Section 1 of this Article. These principles shall respect
the domestic social and political policies of members, and in applying these principles the Fund shall
pay due regard to the circumstances of members.

Section 4. Par values
The Fund may determine, by an eighty-five percent majority of the total voting power, that
international economic conditions permit the introduction of a widespread system of exchange
arrangements based on stable but adjustable par values. The Fund shall make the determination on the
basis of the underlying stability of the world economy, and for this purpose shall take into account
price movements and rates of expansion in the economies of members. The determination shall be
made in light of the evolution of the international monetary system, with particular reference to
sources of liquidity, and, in order to ensure the effective operation of a system of par values, to
arrangements under which both members in surplus and members in deficit in their balances of
payments take prompt, effective, and symmetrical action to achieve adjustment, as well as to
arrangements for intervention and the treatment of imbalances. Upon making such determination, the
Fund shall notify members that the provisions of Schedule C apply.

Section 5. Separate currencies within a member's territories
(a) Action by a member with respect to its currency under this Article shall be deemed to apply to
the separate currencies of all territories in respect of which the member has accepted this Agreement
under Article XXXI, Section 2(g) unless the member declares that its action relates either to the
metropolitan currency alone, or only to one or more specified separate currencies, or to the
metropolitan currency and one or more specified separate currencies.

(b) Action by the Fund under this Article shall be deemed to relate to all currencies of a member
referred to in (a) above unless the Fund declares otherwise.

Article V
Operations and Transactions of the Fund

Section 1. Agencies dealing with the Fund
Each member shall deal with the Fund only through its Treasury, central bank, stabilization fund, or
other similar fiscal agency, and the Fund shall deal only with or through the same agencies.

Section 2. Limitation on the Fund's operations and transactions
(a) Except as otherwise provided in this Agreement, transactions on the account of the Fund shall be
limited to transactions for the purpose of supplying a member, on the initiative of such member, with
special drawing rights or the currencies of other members from the general resources of the Fund,
which shall be held in the General Resources Account, in exchange for the currency of the member
desiring to make the purchase.


(b) If requested, the Fund may decide to perform financial and technical services, including the
administration of resources contributed by members, that are consistent with the purposes of the Fund.
Operations involved in the performance of such financial services shall not be on the account of the
Fund. Services under this subsection shall not impose any obligation on a member without its consent.

Section 3. Conditions governing use of the Fund's general resources
(a) The Fund shall adopt policies on the use of its general resources, including policies on stand-by
or similar arrangements, and may adopt special policies for special balance of payments problems, that
will assist members to solve their balance of payments problems in a manner consistent with the
provisions of this Agreement and that will establish adequate safeguards for the temporary use of the
general resources of the Fund.

(b) A member shall be entitled to purchase the currencies of other members from the Fund in
exchange for an equivalent amount of its own currency subject to the following conditions:

(i) the member's use of the general resources of the Fund would be in accordance with the
provisions of this Agreement and the policies adopted under them;

(ii) the member represents that it has a need to make the purchase because of its balance of
payments or its reserve position or developments in its reserves;

(iii) the proposed purchase would be a reserve tranche purchase, or would not cause the Fund's
holdings of the purchasing member's currency to exceed two hundred percent of its quota;

(iv) the Fund has not previously declared under Section 5 of this Article, Article VI, Section 1,
or Article XXVI, Section 2(a) that the member desiring to purchase is ineligible to use the
general resources of the Fund.

(c) The Fund shall examine a request for a purchase to determine whether the proposed purchase
would be consistent with the provisions of this Agreement and the policies adopted under them,
provided that requests for reserve tranche purchases shall not be subject to challenge.

(d) The Fund shall adopt policies and procedures on the selection of currencies to be sold that take
into account, in consultation with members, the balance of payments and reserve position of members
and developments in the exchange markets, as well as the desirability of promoting over time balanced
positions in the Fund, provided that if a member represents that it is proposing to purchase the
currency of another member because the purchasing member wishes to obtain an equivalent amount of
its own currency offered by the other member, it shall be entitled to purchase the currency of the other
member unless the Fund has given notice under Article VII, Section 3 that its holdings of the currency
have become scarce.
(e)
(i) Each member shall ensure that balances of its currency purchased from the Fund are
balances of a freely usable currency or can be exchanged at the time of purchase for a freely
usable currency of its choice at an exchange rate between the two currencies equivalent to the
exchange rate between them on the basis of Article XIX, Section 7(a).

(ii) Each member whose currency is purchased from the Fund or is obtained in exchange for
currency purchased from the Fund shall collaborate with the Fund and other members to
enable such balances of its currency to be exchanged, at the time of purchase, for the freely
usable currencies of other members.

(iii) An exchange under (i) above of a currency that is not freely usable shall be made by the
member whose currency is purchased unless that member and the purchasing member agree
on another procedure.


(iv) A member purchasing from the Fund the freely usable currency of another member and
wishing to exchange it at the time of purchase for another freely usable currency shall make
the exchange with the other member if requested by that member. The exchange shall be made
for a freely usable currency selected by the other member at the rate of exchange referred to in
(i) above.

(f) Under policies and procedures which it shall adopt, the Fund may agree to provide a participant
making a purchase in accordance with this Section with special drawing rights instead of the
currencies of other members.

Section 4. Waiver of conditions
The Fund may in its discretion, and on terms which safeguard its interests, waive any of the conditions
prescribed in Section 3(b)(iii) and (iv) of this Article, especially in the case of members with a record
of avoiding large or continuous use of the Fund's general resources. In making a waiver it shall take
into consideration periodic or exceptional requirements of the member requesting the waiver. The
Fund shall also take into consideration a member's willingness to pledge as collateral security
acceptable assets having a value sufficient in the opinion of the Fund to protect its interests and may
require as a condition of waiver the pledge of such collateral security.

Section 5. Ineligibility to use the Fund's general resources
Whenever the Fund is of the opinion that any member is using the general resources of the Fund in a
manner contrary to the purposes of the Fund, it shall present to the member a report setting forth the
views of the Fund and prescribing a suitable time for reply. After presenting such a report to a
member, the Fund may limit the use of its general resources by the member. If no reply to the report is
received from the member within the prescribed time, or if the reply received is unsatisfactory, the
Fund may continue to limit the member's use of the general resources of the Fund or may, after giving
reasonable notice to the member, declare it ineligible to use the general resources of the Fund.

Section 6. Other purchases and sales of special drawing rights by the Fund
(a) The Fund may accept special drawing rights offered by a participant in exchange for an
equivalent amount of the currencies of other members.

(b) The Fund may provide a participant, at its request, with special drawing rights for an equivalent
amount of the currencies of other members. The Fund's holdings of a member's currency shall not be
increased as a result of these transactions above the level at which the holdings would be subject to
charges under Section 8(b)(ii) of this Article.

(c) The currencies provided or accepted by the Fund under this Section shall be selected in
accordance with policies that take into account the principles of Section 3(d) or 7(i) of this Article. The
Fund may enter into transactions under this Section only if a member whose currency is provided or
accepted by the Fund concurs in that use of its currency.

Section 7. Repurchase by a member of its currency held by the Fund
(a) A member shall be entitled to repurchase at any time the Fund's holdings of its currency that are
subject to charges under Section 8(b) of this Article.

(b) A member that has made a purchase under Section 3 of this Article will be expected normally,
as its balance of payments and reserve position improves, to repurchase the Fund's holdings of its
currency that result from the purchase and are subject to charges under Section 8(b) of this Article. A
member shall repurchase these holdings if, in accordance with policies on repurchase that the Fund
shall adopt and after consultation with the member, the Fund represents to the member that it should
repurchase because of an improvement in its balance of payments and reserve position.

(c) A member that has made a purchase under Section 3 of this Article shall repurchase the Fund's
holdings of its currency that result from the purchase and are subject to charges under Section 8(b) of