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This is a Bill, not an Act. For current law, see the Acts databases.
INTERNATIONAL MONETARY AGREEMENTS AMENDMENT (FINANCIAL ASSISTANCE) BILL 2009
2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
International Monetary Agreements
Amendment (Financial Assistance) Bill
2009
No. , 2009
(Treasury)
A Bill for an Act to amend the International
Monetary Agreements Act 1947, and for other
purposes
i International Monetary Agreements Amendment (Financial Assistance) Bill 2009 No.
, 2009
Contents
1
Short title ............................................................................................ 1
2
Commencement .................................................................................. 1
3
Schedule(s) ......................................................................................... 2
Schedule 1--Amendme nts
3
International Monetary Agreements Act 1947
3
International Monetary Agreements Amendment (Financial Assistance) Bill 2009 No. ,
2009 1
A Bill for an Act to amend the International
1
Monetary Agreements Act 1947, and for other
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the International Monetary Agreements
6
Amendment (Financial Assistance) Act 2009.
7
2 Commence ment
8
This Act commences on the day on which it receives the Royal
9
Assent.
10
2 International Monetary Agreements Amendment (Financial Assistance) Bill 2009 No.
, 2009
3 Schedule(s)
1
Each Act that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
6
Amend ments Schedule 1
International Monetary Agreements Amendment (Financial Assistance) Bill 2009 No. ,
2009 3
1
Schedule 1
--
Amendments
2
3
International Monetary Agreements Act 1947
4
1 At the end of the title
5
Add ", or in relation to Australia's support of the World Bank
6
organisations and the Asian Development Bank and their
7
programs".
8
2 Subsection 3(1)
9
Insert:
10
Asian Development Bank means the Bank referred to in the Asian
11
Development Bank Act 1966.
12
3 Subsection 3(1)
13
Insert:
14
World Bank organisation means any of the following:
15
(a) the International Bank for Reconstruction and Development
16
referred to in the Bank Agreement;
17
(b) the International Development Association (referred to in the
18
International Development Association Act 1960);
19
(c) the International Finance Corporation (referred to in the
20
International Finance Corporation Act 1955);
21
(d) the Multilateral Investment Guarantee Agency (referred to in
22
the Multilateral Investment Guarantee Agency Act 1997);
23
(e) the International Centre for Settlement of Investment
24
Disputes (referred to in the International Centre for
25
Settlement of Investment Disputes (Privileges and
26
Immunities) Regulations 1991).
27
4 After section 8C
28
Insert:
29
Schedule 1 A mendments
4 International Monetary Agreements Amendment (Financial Assistance) Bill 2009 No.
, 2009
8CA Financial assistance by Australia in support of World Bank or
1
Asian Development Bank programs
2
(1) If, for a program of a World Bank organisation or of the Asian
3
Development Bank:
4
(a) that organisation or Bank requests Australia to provide
5
assistance to another country (the recipient country) in
6
support of the program for the benefit of the recipient
7
country; and
8
(b) the Minister is satisfied that at least one other government or
9
organisation has provided, or intends to provide, financial
10
assistance to the recipient country in response to the same or
11
a similar program of that organisation or Bank;
12
then the Minister, on behalf of Australia, may enter into an
13
agreement that provides for Australia to lend money to the
14
recipient country or to enter into a currency swap with the recipient
15
country.
16
Note:
The condition in paragraph (1)(b) would be satisfied if, for example,
17
the Minister is satisfied that the Asian Development Bank intends to
18
provide financial assistance to the recipient country in response to a
19
program of a World Bank organisation.
20
(2) For the purposes of paragraph (1)(b), disregard financial assistance
21
provided, or to be provided, by a World Bank organisation in
22
response to a program of another World Bank organisation.
23
(3) An agreement under subsection (1) must provide for Australia to
24
be able to require early repayment in the event of the suspension,
25
or premature termination, of the program referred to in
26
paragraph (1)(a).
27
(4) The Consolidated Revenue Fund is appropriated for the purposes
28
of payments by Australia under, or in connection with, an
29
agreement made under subsection (1).
30
(5) Payments referred to in subsection (4), and transactions in relation
31
to those payments, are not liable to taxation under any law of the
32
Commonwealth or of a State or Territory.
33
5 Subsection 8D(1)
34
After "8C", insert "or 8CA".
35