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The International Monetary Fund (Limit on Lending) Order 2020

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2020, ISBN 9780348209211

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

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.

International Monetary Fund

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 1979f1.

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:

Annotations to the whole text

Footnotes

f1

1979 c.29.

Contents

  1. 1Citation and commencement
  2. 2Increase in limit on lending
  3. 3Revocation
  4. Signature
  5. Explanatory note

1Citation and commencement

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.

2Increase in limit on lending

The limit on lending imposed by section 2(1) of the International Monetary Fund Act 1979f1 is raised to 22,912.32 million special drawing rights.

3Revocation

The International Monetary Fund (Limit on Lending) Order 2010f1 is revoked.

Signature

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.