LegalizeThe International Monetary Fund (Increase in Subscription) Order 2024
Made: 20th May 2024
Coming into force: 21st May 2024
The Treasury make the following Order in exercise of the power conferred by section 1(1)(a) of the Act.
Citation and commencement and extent
1
- (1) This Order may be cited as the International Monetary Fund (Increase in Subscription) Order 2024 and comes into force on the day after the day on which it is made.
- (2) These Regulations extend to the United Kingdom.
Increase in subscription
2
A further subscription of 10,077,600,000 special drawing rights to the International Monetary Fund by the Government of the United Kingdom is authorised.
Signed
Joy Morrissey — Amanda Solloway — Two of the Lords Commissioners of His Majesty’s Treasury — 20th May 2024
Explanatory note
(This note is not part of the Order)
EXPLANATORY NOTE
This Order authorises an increase in the amount of the United Kingdom’s subscription to the International Monetary Fund (the ″IMF″) in accordance with Resolution 79-1 of the Board of Governors of the IMF, which proposes an increase in the United Kingdom’s quota. Under Article III of the IMF’s Articles of Agreement, the subscription of each member is equal to its quota and a member must increase its subscription in order to increase its quota.
The increase is 10,077.6 million special drawing rights (″SDRs″), raising the subscription from 20,155.1 million to 30,232.7 million SDRs. An SDR is the unit of account used by the IMF. Its value can be found on the IMF’s website (www.imf.org).
The IMF’s Articles of Agreement, along with the text of Resolution 79-1 of the Board of Governors of the IMF, is available on the IMF’s website. Links to these documents are provided in the Explanatory Memorandum for these Regulations. The provisions of Resolution 79-1 and the IMF’s Articles of Agreement may also be obtained by application to the Treasury at 1 Horse Guards Road, London, SW1A 2HQ.
An impact assessment has not been produced for this Order as no, or no significant, impact on the private, voluntary, or public sector is foreseen.
Footnotes
[^f00001]: 1979 c.29.
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