The International Monetary Fund (Limit on Lending) Order 1997

Link to law:
Published: 1997-06-26

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Statutory Instruments
1997 No. 1611

The International Monetary Fund (Limit on Lending) Order 1997

26th June 1997

Coming into force
27th June 1997

(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 1979(1) (“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:

Title and Commencement

1.  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.

Increase in Limit on Lending

2.  The limit on lending imposed by section 2(1) of the 1979 Act is hereby raised to 2,577 million special drawings rights.

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.

1979 c. 29.