Search Legislation

The International Monetary Fund (Limit on Lending) Order 2020

 Help about what version

What Version

  • Draft legislation
 Help about opening options

Opening Options

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The International Monetary Fund (Limit on Lending) Order 2020 No. 1054

Draft Order laid before the House of Commons under section 2(3) of the International Monetary Fund Act 1979, for approval by resolution of that House.

Draft Statutory Instruments

2020 No.

International Monetary Fund

The International Monetary Fund (Limit on Lending) Order 2020

Made

***

Coming into force

***

This Order is made in the exercise of the powers conferred by section 2(2) of the International Monetary Fund Act 1979(1).

A draft of this Order has been laid before the House of Commons in accordance with section 2(3) of that Act and approved by a resolution of that House.

Accordingly, the Treasury make the following Order:

Citation and commencement

1.  This Order may be cited as the International Monetary Fund (Limit on Lending) Order 2020 and comes into force on the day after the day on which it is made.

Increase in limit on lending

2.  The limit on lending imposed by section 2(1) of the International Monetary Fund Act 1979(2) is raised to 22,912.32 million special drawing rights.

Revocation

3.  The International Monetary Fund (Limit on Lending) Order 2010(3) is revoked.

Name

Name

Two of the Lords Commissioners of Her Majesty’s Treasury

Date

EXPLANATORY NOTE

(This note is not part of the Order)

This Order increases the total amount that the United Kingdom can loan to the International Monetary Fund (“IMF”) from 18,657.38 million to 22,912.32 million special drawing rights (“SDRs”).

The limit was previously raised from 12,470 million to 18,657.38 million SDRs by the International Monetary Fund (Limit on Lending) Order 2010, which is revoked by this Order.

An SDR is the unit of account used by the IMF. Its value is calculated daily as a weighted average of the US dollar, euro, yen, Chinese renminbi and pound sterling. Its value can be found on the IMF’s website (www.imf.org).

An impact assessment has not been produced for this Order as no impact on the costs of business or the voluntary sector is foreseen.

(2)

Subsections (1) and (1A) were substituted for subsection (1) as originally enacted by the International Monetary Arrangements Act 1983 (c.51), section 1. The limit on lending was raised to 2,577 million special drawing rights by S.I. 1997/1611, then raised to 12,470 million special drawing rights by S.I. 2009/1830 and further raised to 18,657.38 million special drawing rights by S.I. 2010/1880.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Draft Explanatory Memorandum

Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources