Commonwealth act

International Development Association (Additional Contribution) Act 1968

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

45 of 1968

Collection

act

Plain English Summary

1/10 complexity

This Act authorises Australia to make a one-off payment of up to $24 million US dollars to the International Development Association (IDA)—the part of the World Bank Group that provides low-interest loans and grants to developing countries.

What it means:

The payment: Australia can contribute up to the specified amount to help fund the IDA's development programs.
The source: The money comes from the Consolidated Revenue Fund (the government's central bank account).
The mechanics: The Act uses existing rules from the International Development Association Act 1960 (specifically Section 6) to handle how the payment is made—likely involving the issue of securities or promissory notes to the World Bank.

Essentially, this is straightforward budget legislation enabling Australia to fulfill its international commitment to provide additional funding to the World Bank's soft-loan facility for poor nations.

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Current sections

Direct links to the current provisions in International Development Association (Additional Contribution) Act 1968.

International Development Association (Additional Contribution) Act 1968

International Development Association (Additional Contribution)

No. 45 of 1968

An Act to approve the payment by Australia of a Further Contribution to the International Development Association.

[Assented to 19 June 1968]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

This Act may be cited as the International Development Association (Additional Contribution) Act 1968.

Commencement.

This Act shall come into operation on the day on which it receives the Royal Assent.

Approval of payment of farther contribution.

The approval of the Parliament is hereby given to the payment by Australia to the International Development Association of a further contribution not exceeding a sum equivalent to Twenty-four million United States dollars.

Appropriation.

Any payment under the last preceding section shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.

Issue of securities.

Section 6 of the International Development Association Act 1960 applies to any payment under this Act as it applies to payments under that Act.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 International Development Association (Additional Contribution) Act 1968