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 expands its financial commitment to the International Monetary Fund

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 9 October 1998. Introduced by: Gobierno.

Official title: Royal Decree-Law 14/1998, of October 9, on Spain's accession to various Agreements of the International Monetary Fund.

Follow

Source: Congreso de los Diputados, file 130/000056· updated 11 Nov

Automatic summary, not yet reviewed

  1. Spain increases its quota in the International Monetary Fund to 3,048.9 million special drawing rights. The payment of the increase, 1,113.5 million, will be made 25% in special drawing rights or foreign currency and the remaining 75% in national currency.
  2. Spain joins the New Arrangements to Borrow of the IMF, with a maximum financing commitment of 672 million special drawing rights. Decisions on fund disbursements will be 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 will receive 268,572,777 special drawing rights as a new allocation.
  4. If the IMF needs additional resources, the Government may assume commitments to it for up to 3,000 million dollars through an agreement of the Council of Ministers.
  5. The Bank of Spain pays the quota increase and finances the commitments under the New Arrangements and Article 4. All of this is recorded on its balance sheet as assets against the IMF and has no budgetary impact.
  6. The Minister of Economy and Finance may take the necessary measures to implement the rule, which enters into force the day after its publication in the Official State Gazette.

Who it affects

  • The Kingdom of Spain: Assumes new financial commitments to the IMF: a quota increase, participation in borrowing arrangements, and a new allocation of special drawing rights.
  • The Bank of Spain: Executes the payments and finances the commitments, which are recorded on its balance sheet as assets against the IMF.
  • The Minister of Economy and Finance: Decides on disbursements under the New Arrangements and takes the measures to apply the rule.
  • The Government (Council of Ministers): May approve additional commitments to the IMF of up to 3,000 million dollars.

Words worth knowing

Fondo Monetario Internacional (FMI)
International Monetary Fund (IMF): an international organization that lends money to countries in financial trouble to stabilize the world economy.
Derechos especiales de giro
Special drawing rights: an accounting unit of the IMF, similar to an international currency, used to measure quotas and loans between countries.
Cuota
Quota: the contribution each member country pays to the IMF, which determines its weight in the organization.
Real Decreto-ley
Royal decree-law: a rule with the rank of law that the Spanish Government can urgently pass in extraordinary situations.

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. Introduced9 October 1998Someone registers the text in the Congreso.
  2. Admitted27 October 1998The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenary27 October 1998All 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 4 official steps on a timeline
Oct 199811. 9 October 1998: Presentación22. 27 October 1998: Calificación33. 27 October 1998: Pleno Aprobación desde 27/10/1998 hasta 28/10/199844. 28 October 1998: Concluido - (Convalidado y tramitado como Proyecto de Ley) desde 28/10/1998 hasta 10/11/1998

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.

Published in the BOE: Royal Decree-Law 14/1998, of October 9, on Spain's Adhesion 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