First reading of the Draft Resolution of the Riigikogu "Granting Consent for Increasing the Quota of the Republic of Estonia in the International Monetary Fund" (440 OE)
Session: 15th Riigikogu, 3rd sitting, plenary session.
Date: 2024-06-11 14:55
Participating Politicians:
Total Speeches: 5
Membership: 15
Agenda Duration: 4m
AI Summaries: 5/5 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
The Budget Committee and the Riigikogu discussed the first reading of Draft Resolution 440 concerning consent to increase the quota of the International Monetary Fund (IMF). The purpose of the draft resolution is to grant the Republic of Estonia consent to increase its IMF quota and to authorize the Bank of Estonia to carry out the necessary actions for the quota increase. Granting consent does not change the quota of the member state Estonia until the member state has agreed to it and the payment has been made. Amendments to IMF loan agreements will be introduced upon the termination of temporary crisis support. A strong justification for the quota increase highlights that the pandemic and Russian aggression in Ukraine have affected the entire IMF membership, and the increased quota helps secure the Fund's financing capacity.
Decisions Made 4
The Finance Committee unanimously decided to place the draft bill on the agenda for the first reading procedure on June 12.
Tanel Kiik shall be appointed as the Lead Coordinator (pursuant to the Board's agreement regarding the coordination of preparatory work for the first reading).
The conclusion of the first reading was confirmed following the proposal by the lead committee.
The deadline for submitting amendments was set for June 26th at 5:15 PM.
Most Active Speaker
The most active speaker was Tanel Kiik (pid 63JvL6tKBQE), who represented the leading committee and presented the committee's positions during the proceedings of the draft bill related to the Finance Committee. His position as a representative: other (not directly on the left or the right, but a representative role within the leading committee).
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi stated that we are maintaining a good pace and have reached the final item on today’s agenda—the first reading of Bill 440, submitted by the government, the aim of which is to increase Estonia’s quota in the International Monetary Fund. He then asked the honorable Minister of Finance, Mart Võrklaev, to take the Riigikogu podium once again for his report.
Rahandusminister Mart Võrklaev
AI Summary
The Riigikogu decides to approve the increase of Estonia's quota in the International Monetary Fund (IMF) and to authorize the Bank of Estonia to carry out the necessary procedures, increasing Estonia's quota by 121.8 SDR (approximately 150 million euros) and the total quota to 365.4 SDR (approximately 450 million euros). This increase will enhance our voting rights and access to loans, and will not affect the state budget.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi calls to the Riigikogu rostrum the member of the Finance Committee, good colleague Tanel Kiik, to introduce the positions of the lead committee.
Tanel Kiik
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Tanel Kiik provides an overview of the Finance Committee's discussion, during which a consensus decision was reached to place the draft bill on the agenda and appoint a representative for the lead committee.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi announced that the first reading of draft bill 440 has been concluded, the deadline for submitting amendments is June 26th at 5:15 PM, and the sitting has ended.