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International Monetary Arrangements Act 1983

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1 Loans to IMF.E+W+S+N.I.

In section 2 of the M1International Monetary Fund Act 1979 (loans to IMF up to a specified limit, which may be increased by order), for subsection (1) (which specifies a limit of £357,142,857) there is substituted—

(1)The Treasury may make loans to the International Monetary Fund in accordance with the Fund’s borrowing arrangements; but the aggregate amount outstanding in respect of the principal of loans under this section shall not exceed 1,700 million special drawing rights.

(1A)For the purposes of subsection (1) above, a loan under this section, or repayment of such a loan, in any currency shall be treated as a loan or, as the case may be, repayment of the amount of special drawing rights which for the purposes of those arrangements is the value of the loan or repayment..

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