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The International Monetary Fund (Limit on Lending) Order 2009

Type Statutory-Instrument

Publication 2009-07-08

State In force

Department Queen's Printer of Acts of Parliament

Source legislation.gov.uk

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Made: 8th July 2009

Coming into force in accordance with article 1(2)

Accordingly, the Treasury make the following Order:

Citation and commencement

1

(1) This Order may be cited as the International Monetary Fund (Limit on Lending) Order 2009.

(2) This Order comes 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 International Monetary Fund Act 1979² is raised to 12,470 million special drawing rights.

Revocation

3

The International Monetary Fund (Limit on Lending) Order 1997³ is revoked.

Signed

Tony Cunningham — Bob Blizzard — Two of the Lords Commissioners of Her Majesty’s Treasury — 8th July 2009

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order increases the total amount that the United Kingdom can loan the International Monetary Fund from 2,577 million to 12,470 million special drawing rights.

The limit was previously increased to 2,577 million special drawing rights by the International Monetary Fund (Limit on Lending) Order 1997 (S.I. 1997/1611), which is revoked by this Order.

Footnotes

1979 c. 29.

Subsections (1) and (1A) were substituted for subsection (1) as originally enacted by the International Monetary Arrangements Act 1983 (c. 51), section 1. The limit on lending was raised to 2,577 million special drawing rights by S.I. 1997/1611.

S.I. 1997/1611.

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