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The International Monetary Fund (Limit on Lending) Order 1997

S.I. 1997/1611 · Made 26 June 1997

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.

INTERNATIONAL MONETARY FUND

Made 26th June 1997

Coming into force 27th June 1997

Whereas:

(1)

A proposal has been made to increase the aggregate outstanding in respect of the principal of loans made by the United Kingdom to the International Monetary Fund in accordance with the Fund’s borrowing arrangements;

(2)

In accordance with section 2(3) of the International Monetary Fund Act 1979f1 (“the 1979 Act”), a draft of this Order has been laid before the House of Commons and has been approved by a resolution of that House;

Now therefore, the Treasury, in exercise of the powers conferred on them by section 2(2) of the 1979 Act and of all other powers enabling them in that behalf, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

1979 c. 29.

Contents

  1. 1Title and Commencement
  2. 2Increase in Limit on Lending
  3. Signature
  4. Explanatory note

1Title and Commencement

This Order may be cited as the International Monetary Fund (Limit on Lending) Order 1997 and shall come 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 1979 Act is hereby raised to 2,577 million special drawings rights.

Signature

Jon Owen Jones

Graham Allen

Two of the Lords Commissioners of Her Majesty’s Treasury

26th June 1997

Explanatory note

(This note is not part of the Order)

This Order increases the total amount which the United Kingdom can loan to the IMF from 1,700 million to 2,577 million special drawing rights.