Statutory Instruments
International Monetary Fund
Made
8th July 2009
Coming into force in accordance with article 1(2)
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:
1.—(1) This Order may be cited as the International Monetary Fund (Limit on Lending) Order 2009.
(2) This Order comes into force on the day after the day on which it is made.
2. The limit on lending imposed by section 2(1) of the International Monetary Fund Act 1979(2) is raised to 12,470 million special drawing rights.
3. The International Monetary Fund (Limit on Lending) Order 1997(3) is revoked.
Tony Cunningham
Bob Blizzard
Two of the Lords Commissioners of Her Majesty’s Treasury
8th July 2009
(This note is not part of the Order)
This Order increases the total amount that the United Kingdom can loan the International Monetary Fund from 2,577 million to 12,470 million special drawing rights.
The limit was previously increased to 2,577 million special drawing rights by the International Monetary Fund (Limit on Lending) Order 1997 (S.I. 1997/1611), which is revoked by this Order.
Subsections (1) and (1A) were substituted for subsection (1) as originally enacted by the International Monetary Arrangements Act 1983 (c. 51), section 1.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.