Explanatory note

The Overseas Aid Act 1968, section 1(5), provides that if the Government of the United Kingdom becomes bound by arrangements for the making of additional payments to the International Development Association, the Minister of Overseas Development may, with the approval of the Treasury, provide by order for the payment out of moneys provided by Parliament of any sums required by him for any of the purposes specified in that subsection. This power is now exercisable by the Secretary of State.

This Order provides for the payment to the Association of a sum equivalent to US $3,510,320 as an additional subscription carrying voting rights and of a sum equivalent to US $307,529,680 as an additional contribution not carrying voting rights (less any sum paid under interim arrangements and authorised by the International Development Association (Third Replenishment: Interim Payments) Order 1971). The Order also provides for the payment of any sum which may be required to maintain the foreign exchange value of that additional subscription and contribution, and for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State in payment of that additional subscription and contribution. The Order further provides that certain sums which may be received by the Government of the United Kingdom from the Association shall be paid into the Consolidated Fund.