The International Fund for Agricultural Development (Fourth Replenishment) Order 1997

Statutory Instruments

1997 No. 2712

OVERSEAS DEVELOPMENT AND CO-OPERATION

The International Fund for Agricultural Development (Fourth Replenishment) Order 1997

Made

15th October 1997

Coming into force

15th October 1997

Whereas it is provided in section 4(1) of the Overseas Development and Co-operation Act 1980 (“the Act”)(1) that if the Government of the United Kingdom becomes bound by any arrangements for the making of any further payments to an international development bank beyond the initial subscription or other initial contribution to its capital stock, the Secretary of State may with the approval of the Treasury by order made by statutory instrument make provision for any of the purposes specified in that subsection;

And whereas a draft of this Order has been laid before the House of Commons in accordance with section 4(3) of the Act and has been approved by a resolution of that House;

Now, therefore, the Secretary of State, in exercise of the powers conferred upon her by section 4 of the Act and with the approval of the Treasury, hereby makes the following Order:

1.—(1) This Order may be cited as the International Fund for Agricultural Development (Fourth Replenishment) Order 1997 and shall come into force forthwith.

(2) In this Order—

“the Agreement” means the Agreement establishing the International Fund for Agricultural Development dated 13th June 1976 and ratified by the Government of the United Kingdom on 9th September 1977(2);

“the Fund” means the International Fund for Agricultural Development established by the Agreement;

“the Resolutions” means Resolution 87/XVIII of the Governing Council of the Fund on the Fourth Replenishment of the Fund’s resources, adopted on 26 January 1995, and Resolution 93/XIX of that Council, adopted on 17 January 1996, and Resolution 98/XX of that Council, adopted on 20 February 1997 (which amend Resolution 87/XVIII).

2.  The Secretary of State may make payment on behalf of the Government of the United Kingdom out of money provided by Parliament of an additional contribution to the Fund of a sum not exceeding £13,586,773 in accordance with arrangements made between the Government and the Fund in accordance with the terms of the Resolutions.

3.  The Secretary of State may out of money provided by Parliament make payment of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by her and accepted by the Fund in accordance with the Agreement or the said arrangements.

4.  Any sums received by the Government of the United Kingdom from the Fund in pursuance of the Agreement or the said arrangements shall be paid into the Consolidated Fund.

Clare Short

One of Her Majesty’s Principal Secretaries of State

1st October 1997

We approve,

Graham Allen

Jim Dowd

Two of the Lords Commissioners of Her Majesty’s Treasury

15th October 1997

Explanatory Note

(This note is not part of the Order)

This Order provides for the payment to the International Fund for Agricultural Development of additional sums not exceeding £13,586,773 as representing the contribution of the Government of the United Kingdom to the Fourth Replenishment of the resources of the Fund, and for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State in payment of the contribution. These additional sums are payable pursuant to Resolutions 87/XVIII, 93/XIX and 98/XX of the Governing Council of the Fund (which the Council adopted on 26 January 1995, 17 January 1996 and 20 February 1997 respectively). Resolution 98/XX inserts into Resolution 87/XVIII terms necessary for the implementation of the Replenishment, including terms as to the size of the contributions to be made by members of the Fund. The Order further provides that certain sums which may be received by the Government of the United Kingdom from the Fund shall be paid into the Consolidated Fund. The provisions of the Resolutions may be obtained by application to the Department for International Development, 94 Victoria Street, London SW1E 5JL.

(1)

1980 c. 63.

(2)

Cmnd. 7195.