The International Development Association (Additional Payments) Order 1969

Statutory Instruments

1969 No. 429

OVERSEAS AID

The International Development Association (Additional Payments) Order 1969

Laid before the House of Commons in draft

Made

18th March 1969

Coming into Operation

19th March 1969

Whereas it is provided in section 1(5) of the Overseas Aid Act 1968 that if Her Majesty's Government in the United Kingdom becomes bound by arrangements for the making of additional payments to the International Development Association, the Minister of Overseas Development may with the approval of the Treasury by order made by Statutory Instrument provide for the payment out of moneys provided by Parliament of any sums required by him for any of the purposes specified in that subsection:

Now, therefore, the Minister of Overseas Development in exercise of the powers conferred upon him by section 1 of the Overseas Aid Act 1968 and with the approval of the Treasury, hereby makes the following Order—

1.—(1) This Order may be cited as the International Development Association (Additional Payments) Order 1969 and shall come into operation on 19th March 1969.

(2) In this Order—

“the Association” means the International Development Association established by the Agreement;

“the Agreement” means the Articles of Agreement of the International Development Association dated 29th January 1960 and accepted on behalf of Her Majesty's Government in the United Kingdom on 14th September 1960;

the “Minister” means the Minister of Overseas Development.

(3) The Interpretation Act 1889 shall apply to the interpretation of, and otherwise in relation to, this Order as it applies to the interpretation of, and otherwise in relation to, an Act of Parliament.

2.  The Minister may make payment on behalf of Her Majesty's Government in the United Kingdom out of moneys provided by Parliament of an additional contribution to the Association of a sum equivalent to fifty-one million eight hundred and forty thousand United States dollars in the weight and fineness in effect on 1st January 1960, in accordance with arrangements made between Her Majesty's said Government and the Association.

3.  The Minister may make on behalf of Her Majesty's said Government out of moneys provided by Parliament any payment to the Association which may become payable under paragraph (a) of Section 2 of Article IV of the Agreement, as applied by the said arrangements.

4.  The Minister may redeem out of moneys provided by Parliament any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Association in accordance with the said arrangements or any provision of the Agreement applied by the said arrangements.

5.  Any sums received by Her Majesty's said Government from the Association in pursuance of the Agreement as applied by the said arrangements shall be paid into the Consolidated Fund.

R. E. Prentice

Minister of Overseas Development

18th March 1969

We approve,

Joseph Harper

E. Alan Fitch

Two of the Lords Commissioners of Her Majesty's Treasury

18th March 1969

EXPLANATORY NOTE

The Overseas Aid Act 1968 section 1(5) provides that if the Government of the United Kingdom becomes bound by arrangements for the making of additional payments to the International Development Association, the Minister of Overseas Development may, with the approval of the Treasury, provide by order for the payment out of moneys provided by Parliament of any sums required by him for any of the purposes specified in that subsection.

This Order provides for the payment of a sum equivalent to U.S. $51,840,000 as an additional contribution to the Association, for the payment of any sum which may be required to maintain the foreign exchange value of that contribution, and for the redemption of non-interest-bearing and non-negotiable notes issued by the Minister in payment of that contribution. The Order further provides that certain sums which may be received by the Government of the United Kingdom from the Association shall be paid into the Consolidated Fund.