The International Fund for Agricultural Development (Eleventh Replenishment) Order 2018

Draft Order laid before Parliament under section 11(5) of the International Development Act 2002, for approval by resolution of the House of Commons.

Draft Statutory Instruments

2018 No.

International Development

The International Fund for Agricultural Development (Eleventh Replenishment) Order 2018

Made

Coming into force in accordance with article 1

This Order is made in exercise of the powers conferred by section 11 of the International Development Act 2002(1)(“the Act”).

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).

“Relevant payment” in relation to such a bank includes a further payment to the bank required to be made by its members under any arrangements beyond the initial subscription or other initial contribution to the capital stock of the bank.

The International Fund for Agricultural Development referred to in this Order comes within the definition, in section 11(2) of the Act, of a “multilateral development bank”.

In accordance with section 11(4) of the Act, this Order is made 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 Fund for Agricultural Development (Eleventh Replenishment) Order 2018 and comes into force on the day after the day on which it is made.

Interpretation

2.  In this Order—

“the Fund” means the International Fund for Agricultural Development established by an agreement dated 13th June 1976 as ratified by the Government on 9th September 1977(2);

“the Government” means the Government of the United Kingdom; and

“the Resolution” means Resolution 203/XLI on the Eleventh Replenishment of the Fund’s Resources adopted by the Governing Council of the Fund on 14th February 2018.

Relevant Payments

3.  The Secretary of State may, on behalf of the Government—

(a) make payment of a further contribution to the Fund not exceeding £66,000,000 in accordance with arrangements made between the Government and the Fund 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 the Secretary of State and accepted by the Fund pursuant to the arrangements mentioned in paragraph (a),

in accordance with section 11 of the International Development Act 2002.

One of Her Majesty’s Principal Secretaries of State

We approve,

Two of the Lords Commissioners of Her Majesty’s Treasury

EXPLANATORY NOTE

(This note is not part of the Order)

This Order approves the making of a payment on behalf of the Government of the United Kingdom to the International Fund for Agricultural Development (“the Fund”) of a sum not exceeding £66,000,000 pounds sterling. The payment approved by this Order will be made pursuant to arrangements made between the Government and the Fund in accordance with Resolution No 203/XLI on the Eleventh Replenishment of the Fund’s Resources adopted by the Governing Council on 14th February 2018 (“the Resolution”). The Order also provides for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State pursuant to those arrangements.

An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

The provisions of the Resolution may be obtained by application to the Department for International Development, 22, Whitehall, London SW1A 2EG.

(1)

2002 c.1

(2)

Cmnd 7195; this Command Paper is available from The Stationery Office Limited.