INTERNATIONAL DEVELOPMENT ASSOCIATION

                                       BOARD OF GOVERNORS



                                            Resolution No. 109

           Fifth Replenishment: Adjustment of Voting Rights of Australia, Ireland,
           Kuwait, the Netherlands, Norway, Saudi Arabia and the United Kingdom


    WHEREAS (a) Australia, Ireland, Kuwait, the Netherlands, Norway, Saudi Arabia and the
United Kingdom have made or agreed to make additional contributions to the Fifth Replenishment
of the resources of the Association (hereinafter referred to as the additional contributions);

   (b) it is proposed that voting rights be accorded to such members in respect of the additional
contributions on the basis hereinafter set forth;

    (c) the remaining members have waived their rights to subscribe, under the provisions of Article
III, Section 1(c), an amount which would enable each of them to maintain its relative voting power;

    NOW THEREFORE the Board of Governors resolves as follows:

    (a) the additional contributions shall be divided into subscriptions carrying voting rights and
        contributions not carrying voting rights as specified in the table shown below;
    (b) Australia, Ireland, Kuwait, the Netherlands, Norway, Saudi Arabia and the United Kingdom
        shall, in respect of such subscriptions, have the voting rights specified in the table shown
        below, calculated on the basis of one vote per $25 of each such subscription.

                                     Calculation of Additional Votes
                                                                               1
                              Additions to Contributions and Subscriptions
                                                                                      Additional
                                 Total                                               Subscription
              Country          Resources       Contributions Subscriptions              Votes
         Australia                  9,000           8,973.225       26.775                  1,071
         Ireland                    1,408           1,403.800        4.200                    168
         Kuwait                    20,000         19,940.475        59.525                  2,381
         Netherlands                8,600           8,574.400       25.600                  1,024
         Norway                     5,000           4,985.125       14.875                    595
         Saudi Arabia             100,000         99,702.400       297.600                11,904
         United Kingdom             1,500           1,495.525        4.475                    179



                                                                          (Adopted on November 2, 1978)



1
  Thousands of U.S. dollars equivalent, at IMF representative exchange rates of March 14, 1977, except for
the contribution and subscription of Saudi Arabia which are reflected at the April 11, 1978 rate of exchange.