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.

gold by the Fund shall be made with due regard to the costs of transport and anticipated requirements
of the Fund. In an emergency the Executive Board may transfer all or any part of the Fund's gold
holdings to any place where they can be adequately protected.

Section 3. Guarantee of the Fund's assets
Each member guarantees all assets of the Fund against loss resulting from failure or default on the part
of the depository designated by it.

Article XIV
Transitional Arrangements

Section 1. Notification to the Fund
Each member shall notify the Fund whether it intends to avail itself of the transitional arrangements in
Section 2 of this Article, or whether it is prepared to accept the obligations of Article VIII, Sections 2,
3, and 4. A member availing itself of the transitional arrangements shall notify the Fund as soon
thereafter as it is prepared to accept these obligations.

Section 2. Exchange restrictions
A member that has notified the Fund that it intends to avail itself of transitional arrangements under
this provision may, notwithstanding the provisions of any other articles of this Agreement, maintain
and adapt to changing circumstances the restrictions on payments and transfers for current
international transactions that were in effect on the date on which it became a member. Members shall,
however, have continuous regard in their foreign exchange policies to the purposes of the Fund, and,
as soon as conditions permit, they shall take all possible measures to develop such commercial and
financial arrangements with other members as will facilitate international payments and the promotion
of a stable system of exchange rates. In particular, members shall withdraw restrictions maintained
under this Section as soon as they are satisfied that they will be able, in the absence of such
restrictions, to settle their balance of payments in a manner which will not unduly encumber their
access to the general resources of the Fund.

Section 3. Action of the Fund relating to restrictions
The Fund shall make annual reports on the restrictions in force under Section 2 of this Article. Any
member retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4 shall consult the
Fund annually as to their further retention. The Fund may, if it deems such action necessary in
exceptional circumstances, make representations to any member that conditions are favorable for the
withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent
with the provisions of any other articles of this Agreement. The member shall be given a suitable time
to reply to such representations. If the Fund finds that the member persists in maintaining restrictions
which are inconsistent with the purposes of the Fund, the member shall be subject to Article XXVI,
Section 2(a).

Article XV
Special Drawing Rights

Section 1. Authority to allocate special drawing rights
To meet the need, as and when it arises, for a supplement to existing reserve assets, the Fund is
authorized to allocate special drawing rights in accordance with the provisions of Article XVIII to
members that are participants in the Special Drawing Rights Department.

Section 2. Valuation of the special drawing right
The method of valuation of the special drawing right shall be determined by the Fund by a seventy
percent majority of the total voting power, provided, however, that an eighty-five percent majority of
the total voting power shall be required for a change in the principle of valuation or a fundamental
change in the application of the principle in effect.


Article XVI
General Department and Special Drawing Rights Department

Section 1. Separation of operations and transactions
All operations and transactions involving special drawing rights shall be conducted through the
Special Drawing Rights Department. All other operations and transactions on the account of the Fund
authorized by or under this Agreement shall be conducted through the General Department. Operations
and transactions pursuant to Article XVII, Section 2 shall be conducted through the General
Department as well as the Special Drawing Rights Department.

Section 2. Separation of assets and property
All assets and property of the Fund, except resources administered under Article V, Section 2(b), shall
be held in the General Department, provided that assets and property acquired under Article XX,
Section 2 and Articles XXIV and XXV and Schedules H and I shall be held in the Special Drawing
Rights Department. Any assets or property held in one Department shall not be available to discharge
or meet the liabilities, obligations, or losses of the Fund incurred in the conduct of the operations and
transactions of the other Department, except that the expenses of conducting the business of the
Special Drawing Rights Department shall be paid by the Fund from the General Department which
shall be reimbursed in special drawing rights from time to time by assessments under Article XX,
Section 4 made on the basis of a reasonable estimate of such expenses.

Section 3. Recording and information
All changes in holdings of special drawing rights shall take effect only when recorded by the Fund in
the Special Drawing Rights Department. Participants shall notify the Fund of the provisions of this
Agreement under which special drawing rights are used. The Fund may require participants to furnish
it with such other information as it deems necessary for its functions.

Article XVII
Participants and Other Holders of Special Drawing Rights

Section 1. Participants
Each member of the Fund that deposits with the Fund an instrument setting forth that it undertakes all
the obligations of a participant in the Special Drawing Rights Department in accordance with its law
and that it has taken all steps necessary to enable it to carry out all of these obligations shall become a
participant in the Special Drawing Rights Department as of the date the instrument is deposited, except
that no member shall become a participant before the provisions of this Agreement pertaining
exclusively to the Special Drawing Rights Department have entered into force and instruments have
been deposited under this Section by members that have at least seventy-five percent of the total of
quotas.

Section 2. Fund as a holder
The Fund may hold special drawing rights in the General Resources Account and may accept and use
them in operations and transactions conducted through the General Resources Account with
participants in accordance with the provisions of this Agreement or with prescribed holders in
accordance with the terms and conditions prescribed under Section 3 of this Article.

Section 3. Other holders
The Fund may prescribe:

(i) as holders, non-members, members that are non-participants, institutions that perform
functions of a central bank for more than one member, and other official entities;

(ii) the terms and conditions on which prescribed holders may be permitted to hold special
drawing rights and may accept and use them in operations and transactions with participants
and other prescribed holders; and


(iii) the terms and conditions on which participants and the Fund through the General
Resources Account may enter into operations and transactions in special drawing rights with
prescribed holders.

An eighty-five percent majority of the total voting power shall be required for prescriptions under (i)
above. The terms and conditions prescribed by the Fund shall be consistent with the provisions of this
Agreement and the effective functioning of the Special Drawing Rights Department.

Article XVIII
Allocation and Cancellation of Special Drawing Rights

Section 1. Principles and considerations governing allocation and cancellation
(a) In all its decisions with respect to the allocation and cancellation of special drawing rights the
Fund shall seek to meet the long-term global need, as and when it arises, to supplement existing
reserve assets in such manner as will promote the attainment of its purposes and will avoid economic
stagnation and deflation as well as excess demand and inflation in the world.

(b) The first decision to allocate special drawing rights shall take into account, as special
considerations, a collective judgment that there is a global need to supplement reserves, and the
attainment of a better balance of payments equilibrium, as well as the likelihood of a better working of
the adjustment process in the future.

Section 2. Allocation and cancellation
(a) Decisions of the Fund to allocate or cancel special drawing rights shall be made for basic periods
which shall run consecutively and shall be five years in duration. The first basic period shall begin on
the date of the first decision to allocate special drawing rights or such later date as may be specified in
that decision. Any allocations or cancellations shall take place at yearly intervals.

(b) The rates at which allocations are to be made shall be expressed as percentages of quotas on the
date of each decision to allocate. The rates at which special drawing rights are to be cancelled shall be
expressed as percentages of net cumulative allocations of special drawing rights on the date of each
decision to cancel. The percentages shall be the same for all participants.

(c) In its decision for any basic period the Fund may provide, notwithstanding (a) and (b) above,
that:

(i) the duration of the basic period shall be other than five years; or

(ii) the allocations or cancellations shall take place at other than yearly intervals; or

(iii) the basis for allocations or cancellations shall be the quotas or net cumulative allocations
on dates other than the dates of decisions to allocate or cancel.

(d) A member that becomes a participant after a basic period starts shall receive allocations
beginning with the next basic period in which allocations are made after it becomes a participant
unless the Fund decides that the new participant shall start to receive allocations beginning with the
next allocation after it becomes a participant. If the Fund decides that a member that becomes a
participant during a basic period shall receive allocations during the remainder of that basic period and
the participant was not a member on the dates established under (b) or (c) above, the Fund shall
determine the basis on which these allocations to the participant shall be made.

(e) A participant shall receive allocations of special drawing rights made pursuant to any decision to
allocate unless:


(i) the Governor for the participant did not vote in favor of the decision; and

(ii) the participant has notified the Fund in writing prior to the first allocation of special
drawing rights under that decision that it does not wish special drawing rights to be allocated
to it under the decision. On the request of a participant, the Fund may decide to terminate the
effect of the notice with respect to allocations of special drawing rights subsequent to the
termination.

(f) If on the effective date of any cancellation the amount of special drawing rights held by a
participant is less than its share of the special drawing rights that are to be cancelled, the participant
shall eliminate its negative balance as promptly as its gross reserve position permits and shall remain
in consultation with the Fund for this purpose. Special drawing rights acquired by the participant after
the effective date of the cancellation shall be applied against its negative balance and cancelled.

Section 3. Unexpected major developments
The Fund may change the rates or intervals of allocation or cancellation during the rest of a basic
period or change the length of a basic period or start a new basic period, if at any time the Fund finds it
desirable to do so because of unexpected major developments.

Section 4. Decisions on allocations and cancellations
(a) Decisions under Section 2(a), (b), and (c) or Section 3 of this Article shall be made by the Board
of Governors on the basis of proposals of the Managing Director concurred in by the Executive Board.

(b) Before making any proposal, the Managing Director, after having satisfied himself that it will be
consistent with the provisions of Section 1(a) of this Article, shall conduct such consultations as will
enable him to ascertain that there is broad support among participants for the proposal. In addition,
before making a proposal for the first allocation, the Managing Director shall satisfy himself that the
provisions of Section 1(b) of this Article have been met and that there is broad support among
participants to begin allocations; he shall make a proposal for the first allocation as soon after the
establishment of the Special Drawing Rights Department as he is so satisfied.

(c) The Managing Director shall make proposals:

(i) not later than six months before the end of each basic period;

(ii) if no decision has been taken with respect to allocation or cancellation for a basic period,
whenever he is satisfied that the provisions of (b) above have been met;

(iii) when, in accordance with Section 3 of this Article, he considers that it would be
desirable to change the rate or intervals of allocation or cancellation or change the length of a
basic period or start a new basic period; or

(iv) within six months of a request by the Board of Governors or the Executive Board;

provided that, if under (i), (iii), or (iv) above the Managing Director ascertains that there is no proposal
which he considers to be consistent with the provisions of Section 1 of this Article that has broad
support among participants in accordance with (b) above, he shall report to the Board of Governors
and to the Executive Board.

(d) An eighty-five percent majority of the total voting power shall be required for decisions under
Section 2(a), (b), and (c) or Section 3 of this Article except for decisions under Section 3 with respect
to a decrease in the rates of allocation.

Article XIX
Operations and Transactions in Special Drawing Rights


Section 1. Use of special drawing rights
Special drawing rights may be used in the operations and transactions authorized by or under this
Agreement.

Section 2. Operations and transactions between participants
(a) A participant shall be entitled to use its special drawing rights to obtain an equivalent amount of
currency from a participant designated under Section 5 of this Article.

(b) A participant, in agreement with another participant, may use its special drawing rights to obtain
an equivalent amount of currency from the other participant.

(c) The Fund, by a seventy percent majority of the total voting power, may prescribe operations in
which a participant is authorized to engage in agreement with another participant on such terms and
conditions as the Fund deems appropriate. The terms and conditions shall be consistent with the
effective functioning of the Special Drawing Rights Department and the proper use of special drawing
rights in accordance with this Agreement.

(d) The Fund may make representations to a participant that enters into any operation or transaction
under (b) or (c) above that in the judgment of the Fund may be prejudicial to the process of
designation according to the principles of Section 5 of this Article or is otherwise inconsistent with
Article XXII. A participant that persists in entering into such operations or transactions shall be subject
to Article XXIII, Section 2(b).

Section 3. Requirement of need
(a) In transactions under Section 2(a) of this Article, except as otherwise provided in (c) below, a
participant will be expected to use its special drawing rights only if it has a need because of its balance
of payments or its reserve position or developments in its reserves, and not for the sole purpose of
changing the composition of its reserves.

(b) The use of special drawing rights shall not be subject to challenge on the basis of the expectation
in (a) above, but the Fund may make representations to a participant that fails to fulfill this
expectation. A participant that persists in failing to fulfill this expectation shall be subject to Article
XXIII, Section 2(b).

(c) The Fund may waive the expectation in (a) above in any transactions in which a participant uses
special drawing rights to obtain an equivalent amount of currency from a participant designated under
Section 5 of this Article that would promote reconstitution by the other participant under Section 6(a)
of this Article; prevent or reduce a negative balance of the other participant; or offset the effect of a
failure by the other participant to fulfill the expectation in (a) above.

Section 4. Obligation to provide currency
(a) A participant designated by the Fund under Section 5 of this Article shall provide on demand a
freely usable currency to a participant using special drawing rights under Section 2(a) of this Article.
A participant's obligation to provide currency shall not extend beyond the point at which its holdings
of special drawing rights in excess of its net cumulative allocation are equal to twice its net cumulative
allocation or such higher limit as may be agreed between a participant and the Fund.

(b) A participant may provide currency in excess of the obligatory limit or any agreed higher limit.

Section 5. Designation of participants to provide currency
(a) The Fund shall ensure that a participant will be able to use its special drawing rights by
designating participants to provide currency for specified amounts of special drawing rights for the
purposes of Sections 2(a) and 4 of this Article. Designations shall be made in accordance with the