Skip to content

Where are you from?

Choose your province and we will tell you how the deputies and senators you elected vote, one by one.

 

We remember it in this browser. If you create an account, we keep it there.
Sign in

Type a law, a topic, a person or a province.

What it is

Spain pays more money to the International Monetary Fund

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 28 October 1998. Introduced by: Gobierno.

Official title: Government bill for Spain's accession to various Agreements of the International Monetary Fund (originating from Royal Decree-Law 14/1998, of October 9).

Follow this law

Source: Congreso de los Diputados, file 121/000146· updated 11 Nov

Automatic summary, not yet reviewed

  1. Spain raises its quota in the International Monetary Fund to 3,048.9 million special drawing rights. The increase to pay, 1,113.5 million, is paid 25% in special drawing rights or foreign currency and the remaining 75% in national currency.
  2. Spain joins the new arrangements to borrow from the IMF, with a maximum financing commitment of 672 million special drawing rights. Decisions on fund disbursements are made by the Minister of Economy and Finance, after consulting the Bank of Spain.
  3. The ratification of the fourth amendment to the IMF's Articles of Agreement is authorized. Spain receives 268,572,777 special drawing rights as a new allocation.
  4. If the IMF needs additional resources, the Government may assume commitments to it worth up to 3,000 million dollars, through an agreement of the Council of Ministers.
  5. The State guarantees the Bank of Spain up to 170,000 million pesetas to back its participation in the multilateral financial aid to the Bank of Brazil, so that the Treasury never becomes a debtor of the Bank of Spain.
  6. The Bank of Spain pays the quota increase and finances the commitments to the IMF, which appear on its balance sheet as assets. The law takes effect the day after its publication in the Official State Gazette.

Who it affects

  • The Spanish State: It assumes the payment commitments to the IMF.
  • The Bank of Spain (Banco de España): It makes the payments and finances the obligations, which appear on its balance sheet as assets against the IMF.
  • The Minister of Economy and Finance: Decides fund disbursements under the new borrowing arrangements and adopts measures to apply the law.
  • The Council of Ministers (Consejo de Ministros): May approve additional commitments to the IMF of up to 3,000 million dollars.

Words worth knowing

Cuota (quota)
The contribution each member country of the International Monetary Fund must pay, which also determines its rights and obligations in the organization.
Derechos especiales de giro (special drawing rights)
An international unit of account created by the IMF that works as a reserve asset, similar to a currency used only within the organization.
Aval (guarantee)
A guarantee by which the State commits to pay a debt if the party that received it cannot pay.
Convenio constitutivo (Articles of Agreement)
The founding treaty of the International Monetary Fund, which sets its basic rules.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced28 October 1998Someone registers the text in the Congreso.
  2. Admitted10 November 1998The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendments13 November 1998Groups propose changes.
  4. Committee28 November 1998A committee goes through the text in detail.
  5. Plenary10 February 1999All 350 deputies vote.
  6. Senate18 February 1999The Senate can pass it, amend it or veto it.
  7. BOE24 March 1999It is published in the Official State Gazette (BOE) and comes into force.
See the 9 official steps on a timeline
Oct 1998Nov 1998Dec 1998Jan 1999Feb 199911. 28 October 1998: Presentación22. 10 November 1998: Comisión de Economía, Comercio y Hacienda Publicación desde 10/11/1998 hasta 13/11/199833. 10 November 1998: Calificación44. 13 November 1998: Comisión de Economía, Comercio y Hacienda Enmiendas desde 13/11/1998 hasta 28/11/199855. 28 November 1998: Comisión de Economía, Comercio y Hacienda Informe desde 28/11/1998 hasta 09/02/199966. 9 February 1999: Comisión de Economía, Comercio y Hacienda Dictamen desde 09/02/1999 hasta 10/02/199977. 10 February 1999: Pleno Aprobación desde 10/02/1999 hasta 18/02/199988. 18 February 1999: Senado desde 18/02/1999 hasta 24/03/199999. 24 March 1999: Concluido - (Aprobado con modificaciones) desde 24/03/1999 hasta 11/05/1999

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

The same initiative in the other chamber:

Published in the BOE: Act 13/1999, of April 21, on Spain's accession to various agreements of the International Monetary Fund.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

Read the full method · Report an error