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The International Fund for Agricultural Development (Initial Contribution) Order 1977

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EXPLANATORY NOTE

The Overseas Aid Act 1968 section 2(1) as amended by the International Finance, Trade and Aid Act 1977 section 7(2) provides that if the Government of the United Kingdom becomes bound by arrangements for the making of an initial contribution to an international development bank, the Minister of Overseas Development may, with the approval of the Treasury, provide by Order for the payment out of moneys provided by Parliament of sums required by him for any of the purposes specified in that subsection.

2.  The Order provides for payments from time to time in accordance with arrangements made with the International Fund for Agricultural Development of sums not exceeding in total £18 million, which is the initial contribution pledged by Her Majesty's Government to that Fund and for redemption of non-interest-bearing and non-negotiable notes issued by the Minister of Overseas Development in place of any amounts due by way of the initial contribution in cash. The Order further provides that certain sums which may be received by the Government of the United Kingdom from the Fund shall be paid into the Consolidated Fund.

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