Statutory Instruments
2006 No. 2323
INTERNATIONAL DEVELOPMENT
The International Development Association (Multilateral Debt Relief Initiative) Order 2006
Made
14th June 2006
Coming into force
14th June 2006
This Order is made in exercise of the powers conferred by section 11 of the International Development Act 2002(“the Act”)( 1 ).
Section 11 of the Act provides that where the Government of the United Kingdom becomes bound to make a relevant payment to a multilateral development bank, the Secretary of State may make the relevant payment and other associated payments specified in section 11(3). The payments must be approved by an order made by the Secretary of State with the approval of the Treasury.
“Relevant payment” in relation to such a bank includes a further payment to the bank required to be made by the members under any arrangements beyond the initial subscription or other initial contribution to the capital stock of the bank.
In accordance with section 11(4) of the Act, this Order is made by the Secretary of State with the approval of the Treasury.
In accordance with section 11(5) of the Act, a draft of this Order has been laid before the House of Commons and approved by resolution of that House.
Accordingly, the Secretary of State for International Development makes the following Order:
Citation and commencement
1. This Order may be cited as the International Development Association (Multilateral Debt Relief Initiative) Order 2006 and shall come into force forthwith.
Interpretation
2. In this Order—
“the Agreement” means the Agreement establishing the International Development Association dated 29th January 1960 and accepted on behalf of the Government of the United Kingdom on 14th September 1960( 2 );
“the Association” means the International Development Association established by the Agreement;
“the Government” means the Government of the United Kingdom;
“the Resolution” means Resolution 211 entitled “International Development Association Additions To Resources: Multilateral Debt Relief Initiative” adopted by the Board of Governors of the Association on 21 April 2006.
Relevant Payments
3. The Secretary of State may, on behalf of the Government, out of money provided by Parliament—
(a) make payments to the Association not exceeding £591.57 million in accordance with arrangements made between the Government and the Association in accordance with the Resolution; and
(b) make payment of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Association pursuant to the arrangements mentioned in paragraph (a).
Hilary Benn
One of Her Majesty’s Principal Secretaries of State
24th May 2006
We approve,
Frank Roy
Alan Campbell
Two of the Lords Commissioners of Her Majesty’s Treasury
14th June 2006
Cmnd 1244