International Monetary Fund Act 1979 (c. 29)

(1) All sums which the Government of the United Kingdom requires for the purpose of paying to the International Monetary Fund in accordance with the Fund’s Articles of Agreement— (a) subscriptions of such amounts as may from time to time be authorised by order of the Treasury in the event of proposals being made for increases in the United Kingdom’s quota under section 3(a) of Article III; (b) any sums payable under section 11 of Article V (maintenance of value of assets); (c) any sums required for implementing the guarantee required by section 3 of Article XIII (guarantee against loss resulting from failure or default of designated depository); and (d) any compensation required to be paid to the Fund or any member of it under Schedule J or K (withdrawal of members and liquidation), shall be paid out of the National Loans Fund. (2) The power of the Treasury to make orders under subsection (1)(a) above shall be exercisable by statutory instrument; and no such order shall be made until a draft of it has been laid before and approved by a resolution of the House of Commons. (3) All sums which the Government of the United Kingdom requires for the purpose of paying any charges payable to the International Monetary Fund under section 8 of Article V of the Fund’s Articles of Agreement shall be paid out of the Exchange Equalisation Account.

[ F1 (1) The Treasury may make loans to the International Monetary Fund in accordance with the Fund’s borrowing arrangements; but the aggregate amount outstanding in respect of the principal of loans under this section shall not exceed 1,700 million special drawing rights. (1A) For the purposes of subsection (1) above, a loan under this section, or repayment of such a loan, in any currency shall be treated as a loan or, as the case may be, repayment of the amount of special drawing rights which for the purposes of those arrangements is the value of the loan or repayment. ] (2) The Treasury may by order raise or further raise the limit on lending imposed by subsection (1) above. (3) The power of the Treasury to make orders under subsection (2) above shall be exercisable by statutory instrument; and no such order shall be made until a draft of it has been laid before and approved by a resolution of the House of Commons. (4) Sums to be lent under this section shall be issued out of the National Loans Fund. (5) In this section “ the Fund’s borrowing arrangements ” means arrangements made by the International Monetary Fund for enabling it to borrow the currency of any member of the Fund taking part in the arrangements. Textual Amendments F1 S. 2(1) and (1A) substituted by International Monetary Arrangements Act 1983 (c. 51, SIF 99:2) , s. 1