The International Monetary Fund (Limit on Lending) Order 2020
S.I. 2020/1054 · Made 29 September 2020
International Monetary Fund
Made 29th September 2020
Coming into force 30th September 2020
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
Contents
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
Rebecca Harris
Maggie Throup
Two of the Lords Commissioners of Her Majesty’s Treasury
29th September 2020
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.