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The International Monetary Fund (Increase in Subscription) Order 1998

Type Statutory-Instrument

Publication 1998-07-28

State In force

Department Queen's Printer of Acts of Parliament

Source legislation.gov.uk

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Made: 28th July 1998

Coming into force: 29th July 1998

Now therefore, the Treasury, in exercise of the powers conferred on them by section 1(1)(a) of the 1979 Act and of all other powers enabling them in that behalf, hereby make the following Order:

Citation and commencement

1

(1) This Order may be cited as the International Monetary Fund (Increase in Subscription) Order 1998.

(2) This Order shall come into force on the day after the day on which it is made.

Increase in Subscription

2

A further subscription of 3,323,900,000 Special Drawing Rights to the International Monetary Fund by the Government of the United Kingdom is hereby authorised.

Signed

Jim Dowd — Jon Owen Jones — Two of the Lords Commissioners of Her Majesty’s Treasury — 28th July 1998

Explanatory note

(This note is not part of the Order)

This Order authorises an increase in the amount of the United Kingdom’s subscription to the International Monetary Fund in accordance with a proposal for an increase in the United Kingdom’s quota under section 3(a) of Article III of the Fund’s Articles of Agreement. (Under section 1 of Article III, the subscription of each member of the Fund is equal to its quota).

The increase is 3,323.9 million Special Drawing Rights, raising the subscription from 7,414.6 million to 10,738.5 million Special Drawing Rights.

Footnotes

The full text of the Articles of Agreement (including the first two sets of Amendments) is published as Treaty Series No. 83 (1978), Cmnd 7331. The text of the Third Amendment to the Articles is found in Cmnd 1343 of November 1990.

1979 c. 29.

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