Commonwealth Consolidated Acts

INTERNATIONAL MONETARY AGREEMENTS ACT 1947 - SECT 8C

             (1)  If:

                     (a)  the Fund requests Australia to provide assistance to another country (the recipient country ) in support of a Fund program for the benefit of the recipient country; and

                     (b)  the Treasurer is satisfied that at least one other government or organisation has provided, or intends to provide, financial assistance to the recipient country in response to a similar request from the Fund;

then the Treasurer, on behalf of Australia, may enter into an agreement that provides for Australia to lend money to the recipient country or to enter into a currency swap with the recipient country.

             (2)  An agreement under subsection (1) must provide for Australia to be able to require early repayment in the event of the suspension, or premature termination, of the Fund program.

             (3)  The Consolidated Revenue Fund is appropriated for the purposes of payments by Australia under, or in connection with:

                     (a)  an agreement made under subsection (1); or

                     (b)  a pre-commencement agreement referred to in subsection (4).

             (4)  For the purposes of subsection (3), pre-commencement agreement means an agreement that satisfies the following conditions:

                     (a)  the agreement was entered into on behalf of Australia before the commencement of this section, in response to a request by the Fund for Australia to provide assistance to the Republic of Indonesia or the Republic of Korea (the recipient country) in support of a Fund program for the benefit of the recipient country;

                     (b)  the agreement provides for Australia to lend money to the recipient country or to enter into a currency swap with the recipient country;

                     (c)  the Treasurer is satisfied that at least one other government or organisation has provided, or intends to provide, financial assistance to the recipient country in response to a similar request from the Fund;

                     (d)  the agreement provides for Australia to be able to require early repayment in the event of the suspension, or premature termination, of the Fund program.

             (5)  Payments referred to in subsection (3), and transactions in relation to those payments, are not liable to taxation under any law of the Commonwealth or of a State or Territory.