INTERNATIONAL FINANCE CORPORATION AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION AGREEMENTS

CHAPTER 40:03
INTERNATIONAL FINANCE CORPORATION AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION AGREEMENTS

ARRANGEMENT OF SECTIONS

    SECTION

    1.    Short title

    2.    Interpretation

    3.    Acceptance of agreements

    4.    Financial and other provisions

    5.    Reserve Bank of Malawi authorized to act as depository

    6.    Regulations

9 of 1965

    An Act to provide for acceptance by Malawi of the international agreements for the establishment and operation of the International Finance Corporation and the International Development Association and to provide for matters related thereto or connected therewith

    Whereas on the 11th day of April, 1955, and on the 26th day of January, 1960, respectively, the Executive Directors of the International Bank for Reconstruction and Development approved Articles of the following respective Agreements, that is to say—

    (a)    an agreement (hereafter in this Act referred to as ‘‘the Finance Corporation Agreement”), which term shall be taken to include all subsequent amendments thereof, for the establishment and operation of an international body to be known as the International Finance Corporation (hereafter in this Act referred to as ‘‘the Corporation”); and

    (b)    an agreement (hereafter in this Act referred to as ‘‘the Development Association Agreement”), which term shall be taken to include all subsequent amendments thereof, for the establishment and operation of an international body to be called the International Development Association (hereafter in this Act referred to as ‘‘the Association”):

    And Whereas copies of the text of the articles of the Finance Corporation Agreement and the Development Association Agreement have been laid before the National Assembly:

    And Whereas it is expedient that Malawi becomes a member of the Corporation and of the Association and that provision be made for acceptance by Malawi of the Finance Corporation Agreement and the Development Association Agreement and for carrying out the obligations of Malawi thereunder:

    NOW, THEREFORE, be it enacted by the Parliament of Malawi—

1.    Short title

    This Act may be cited as the International Finance Corporation and the International Development Association Agreements Act.

2.    Interpretation

    In this Act, unless the context otherwise requires, ‘‘Minister’’ means the Minister for the time being responsible for the administration of the Act.

3.    Acceptance of Agreements

    The Minister, or such person as may be authorized by him in that behalf in writing shall be empowered on behalf of the Government of Malawi—

    (a)    to sign the Articles of the Finance Corporation Agreement and the Articles of the Development Association Agreement respectively; and

    (b)    to deposit with the International Bank for Reconstruction and Development instruments of acceptance of the Finance Corporation Agreement and of the Development Association Agreement stating that the Government of Malawi accepts in accordance with its law the respective Agreements and the terms and conditions prescribed under the Resolution of the Board of Governors of the Corporation relating to membership of Malawi in the Corporation and under the Resolution of the Board of Governors of the Association relating to membership of Malawi in the Association as the terms upon which the Government of Malawi shall be admitted to membership of the Corporation and of the Association.

4.    Financial and other provisions

    (1) There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act—

    (a)    all payments required to be made from time to time to the Corporation under the Finance Corporation Agreement and the Resolution of the Board of Governors of the Corporation relating to membership of Malawi in the Corporation; and

    (b)    all payments required to be made from time to time to the Association under the Development Association Agreement and the Resolution of the Board of Governors of the Association relating to membership of Malawi in the Association.

    (2) The Minister may, on behalf of the Government, create and issue to the Association such non-interest-bearing and non-negotiable notes or other obligations as are provided for by section 2 (e) of Article II of the Development Association Agreement, and any payments in respect of any such notes or obligations so created and issued shall be charged on and paid out of the Consolidated Fund.

    (3) For the purpose of providing any sums required for making any payments under this section, the Minister may, on behalf of the Government, raise loans by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as he may think fit and the principal and interest of such securities and the charges and expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund.

    (4) Any moneys received by the Government from the Corporation or the Association or raised under subsection (3) shall be paid into and form part of the Consolidated Fund and shall be available in any…