1.-(1) This Order may be cited as the International Development Association (Third Replenishment: Interim Payments) Order 1971 and shall come into operation on 28th October 1971.

(2) In this Order-

"the Association" means the International Development Association established by the Agreement;

"the Agreement" means the Articles of Agreement of the International Development Association dated 29th January 1960 and accepted on behalf of Her Majesty's Government in the United Kingdom on 14th September 1960(2) .

(3) The Interpretation Act 1889 shall apply to the interpretation of, and otherwise in relation to, this Order as it applies to the interpretation of, and otherwise in relation to, an Act of Parliament.

2. The Secretary of State may make payment on behalf of Her Majesty's Government in the United Kingdom out of moneys provided by Parliament of additional contributions to the Association of sums not exceeding in the aggregate the equivalent of one hundred and three million six hundred and eighty thousand United States dollars in the weight and fineness in effect on 1st January 1960, in accordance with arrangements made between Her Majesty's said Government and the Association.

3. The Secretary of State may make on behalf of Her Majesty's said Government out of moneys provided by Parliament any payment to the Association which may become payable under paragraph (a) of Section 2 of Article IV of the Agreement as applied by the said arrangements.

4. The Secretary of State may redeem out of moneys provided by Parliament any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Association in accordance with the said arrangements or any provision of the Agreement applied by the said arrangements.

5. Any sums received by Her Majesty's said Government from the Association in pursuance of the Agreement as applied by the said arrangements shall be paid into the Consolidated Fund.

EXPLANATORY NOTE

The Overseas Aid Act 1968, section 1(5), provides that if the Government of the United Kingdom becomes bound by arrangements for the making of additional payments to the International Development Association, 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 any sums required by him for any of the purposes specified in that subsection. This power is now exercisable by the Secretary of State.

This Order provides for the payment to the Association of sums not exceeding the equivalent of US $ 103,680,000 as additional contributions to the Association not carrying voting rights, for the payment of any sum which may be required to maintain the foreign exchange value of such additional contributions, and for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State in payment of those additional contributions. The Order further provides that certain sums which may be received by the Government of the United Kingdom from the Association shall be paid into the Consolidated Fund.