Explanatory note

This Order authorises an increase in the amount of the United Kingdom’s subscription to the International Monetary Fund (the ″IMF″) in accordance with Resolution 79-1 of the Board of Governors of the IMF, which proposes an increase in the United Kingdom’s quota. Under Article III of the IMF’s Articles of Agreement, the subscription of each member is equal to its quota and a member must increase its subscription in order to increase its quota.

The increase is 10,077.6 million special drawing rights (″SDRs″), raising the subscription from 20,155.1 million to 30,232.7 million SDRs. An SDR is the unit of account used by the IMF. Its value can be found on the IMF’s website (www.imf.org).

The IMF’s Articles of Agreement, along with the text of Resolution 79-1 of the Board of Governors of the IMF, is available on the IMF’s website. Links to these documents are provided in the Explanatory Memorandum for these Regulations. The provisions of Resolution 79-1 and the IMF’s Articles of Agreement may also be obtained by application to the Treasury at 1 Horse Guards Road, London, SW1A 2HQ.

An impact assessment has not been produced for this Order as no, or no significant, impact on the private, voluntary, or public sector is foreseen.