PacLII Home | Databases | WorldLII | Search | Feedback

Papua New Guinea Consolidated Legislation
You are here:  PacLII >> Databases >> Papua New Guinea Consolidated Legislation >> International Financial Organizations Act 1975

Database Search | Name Search | Noteup | Download | Help

  Download original PDF

International Financial Organizations Act 1975

Chapter 86.

International Financial Organizations Act 1975.
Certified on: / /20 .


INDEPENDENT STATE OF PAPUA NEW GUINEA.


Chapter 86.

International Financial Organizations Act 1975.

ARRANGEMENT OF SECTIONS.

INDEPENDENT STATE OF PAPUA NEW GUINEA.


AN ACT

entitled

International Financial Organizations Act 1975,

Being an Act to enable Papua New Guinea to become a member of–

(a) the International Monetary Fund; and

(b) the International Bank for Reconstruction and Development; and

(c) the International Finance Corporation; and

(d) the International Development Association.

  1. INTERPRETATION.

In this Act, unless the contrary intention appears–

“Association” means the International Development Association;

“Association Agreement” means the Articles of Agreement for the establishment and operation of the Association, a copy of which is set out in Schedule 4;

“Bank” means the International Bank for Reconstruction and Development;

“Bank Agreement” means the Articles of Agreement for the establishment and operation of the Bank a copy of which is set out in Schedule 2;

“Corporation” means the International Finance Corporation;

“Corporation Agreement” means the Articles of Agreement for the establishment and operation of the Corporation as amended, a copy of which is set out in Schedule 3;

“Fund” means the International Monetary Fund;

“Fund Agreement” means the Articles of Agreement for the establishment and operation of the Fund, a copy of which is set out in Schedule 1;

“Membership Resolution” means the resolution adopted by the Board of Governors of the Fund, or of the Bank, or of the Corporation, or of the Association, as the case may be, specifying the terms and conditions on which Papua New Guinea shall be admitted to membership in the respective organization, a copy of which is set out in Schedule 5, 6, 7 or 8, as the case may be;

“the regulations” means the regulations made under this Act;

“this Act” includes the regulations.

  1. APPROVAL OF MEMBERSHIP OF FUND, ETC.

Approval is given to Papua New Guinea becoming a member of–

(a) the Fund; and

(b) the Bank; and

(c) the Corporation; and

(d) the Association.

  1. AUTHORIZATION FOR PARTICIPATION IN SPECIAL DRAWING RIGHTS DEPARTMENT.

[1]Papua New Guinea, as a member of the Fund, is authorized to become a participant in the Special Drawing Rights Department of the Fund and the Minister, or the person authorized by the Minister by instrument is authorized to execute and deposit with the Fund on behalf of Papua New Guinea an instrument specifying that Papua New Guinea–

(a) undertakes all the obligations of a participant in the Special Drawing Rights Department in accordance with its law; and

(b) has taken all steps necessary to enable it to carry out all its obligations as a participant in the Special Drawing Rights Department.

  1. DEPOSITORIES AND FISCAL AGENTS.

The Minister may, by notice in the National Gazette, designate the depository and fiscal agent in Papua New Guinea for all the holdings of Papua New Guinea currency of the Fund, the Bank, the Corporation and the Association.

  1. BORROWING, PAYMENT OF CHARGES AND APPROPRIATION.

[2](1) From time to time, the State may borrow in any manner approved by the Minister, any moneys required to meet its obligations under this Act.

(2) There is payable out of the Consolidated Revenue Fund which is to the necessary extent, appropriated accordingly, all sums required for the purposes of making from time to time–

(a) all payments or transfers to the Fund under the Membership Resolution and the Fund Agreement; and

(b) all payments or transfers or other adjustments on account of Papua New Guinea’s participation in the Special Drawing Rights Department of the Fund; and

(c) all payments required to be made to the Bank under the Membership Resolution and the Bank Agreement; and

(d) all payments required to be made to the Corporation under the Membership Resolution and the Corporation Agreement; and

(e) all payments required to be made to the Association under the Membership Resolution and the Association Agreement; and

(f) all payments of principal, interest and other expenses connected with any borrowing under Subsection (1).

(3) Notwithstanding any other law, the Minister may on behalf of the State, enter into any transaction with the Fund in relation to the purchase or sale of gold, currency or special drawing rights in accordance with the Membership Resolution and the Fund Agreement and all sums required to be paid to give effect to any such transaction, including all charges and interest payable in relation to such transactions, are payable out of the Consolidated Revenue Fund which to the extent necessary, is appropriated accordingly.

(4) The Minister shall, within 10 sitting days of the Parliament after the date on which the annual National Budget is presented to the Parliament, present to the Parliament a report setting out the details of all transactions entered into by him under Subsection (3) and the sums appropriated in relation to those transactions.

  1. ISSUE OF SECURITIES.

(1)[3] [4]Notwithstanding the Loans Securities Act 1960, or any other law, where the Minister considers it necessary, he may create and issue to the Fund, the Bank or the Association non-interest bearing and non-negotiable notes or similar obligations as provided for by–

(a) Section 4 of Article III of the Fund Agreement; and

(b) Section 12 of Article V of the Bank Agreement; and

(c) Section 2(e) of Article II of the Association Agreement.

(2) The sums payable under the notes or obligations created and issued under Subsection (1) are a charge on the Consolidated Revenue Fund.

  1. RECEIPT OF INCOME.

Any sums received by the State from–

(a) the Fund, including any amount of gold, currency or special drawing rights–

(i) paid or allocated to Papua New Guinea by the Fund; or

(ii) which may be otherwise acquired by Papua New Guinea in consequence of its participation in the Special Drawing Rights Department of the Fund; and

(b) the Bank or the Corporation on account of its subscription to the capital stock of the Bank or of the corporation; and

(c) the Association on account of Papua New Guinea’s subscriptions in the Association or of supplementary resources contributed by Papua New Guinea,

shall be credited to the Consolidated Revenue Fund.

  1. CERTAIN PROVISIONS OF AGREEMENTS HAVE THE FORCE OF LAW.

[5]The provisions of–

(a) the first sentence of Section 2(b) of Article VIII., Sections 2 to 9 of Article IX. and Article XXI(b) of the Fund Agreement; and

(b) Sections 2 to 9 of Article VII. of the Bank Agreement; and

(c) Sections 2 to 9 of Article VI. of the Corporation Agreement; and

(d) Sections 2 to 9 of Article VIII. of the Association Agreement,

have the force of law as if contained in this Act, and apply notwithstanding any other law of Papua New Guinea.

  1. NON-APPLICATION OF CERTAIN OTHER LAWS.

(1) The Investment Promotion Act 1992 does not apply to–

(a) the Fund; or

(b) the Bank; or

(c) the Corporation; or

(d) the Association.

(2) The Banks and Financial Institutions Act 2000 does not apply to the Bank.

  1. REGULATIONS.

The Head of State, acting on advice, may make regulations, not inconsistent with this Act, prescribing all matters that by this Act are required or permitted to be prescribed or that are necessary or convenient to be prescribed, for carrying out or giving effect to–

(a) this Act; and

(b) the Fund Agreement; and

(c) the Bank Agreement; and

(d) the Corporation Agreement; and

(e) the Association Agreement; and

(f) the respective Membership Resolutions.

SCHEDULE 1 – ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND.

ARTICLES OF AGREEMENT

9999_86_ACT_2001070100000000.png

9999_86_ACT_2001070100000001.png

9999_86_ACT_2001070100000002.png

9999_86_ACT_2001070100000003.png

9999_86_ACT_2001070100000004.png

9999_86_ACT_2001070100000005.png

9999_86_ACT_2001070100000006.png

9999_86_ACT_2001070100000007.png

9999_86_ACT_2001070100000008.png

9999_86_ACT_2001070100000009.png

9999_86_ACT_2001070100000010.png

9999_86_ACT_2001070100000011.png

9999_86_ACT_2001070100000010.png

9999_86_ACT_2001070100000011.png

9999_86_ACT_2001070100000012.png

9999_86_ACT_2001070100000013.png

9999_86_ACT_2001070100000014.png

9999_86_ACT_2001070100000015.png

9999_86_ACT_2001070100000016.png

9999_86_ACT_2001070100000017.png

9999_86_ACT_2001070100000018.png

9999_86_ACT_2001070100000019.png

9999_86_ACT_2001070100000020.png

9999_86_ACT_2001070100000021.png

9999_86_ACT_2001070100000022.png

9999_86_ACT_2001070100000023.png

9999_86_ACT_2001070100000024.png

9999_86_ACT_2001070100000025.png

9999_86_ACT_2001070100000026.png

9999_86_ACT_2001070100000009.png

9999_86_ACT_2001070100000027.png

9999_86_ACT_2001070100000028.png

9999_86_ACT_2001070100000029.png

9999_86_ACT_2001070100000030.png

9999_86_ACT_2001070100000031.png

9999_86_ACT_2001070100000032.png

9999_86_ACT_2001070100000033.png

9999_86_ACT_2001070100000034.png

9999_86_ACT_2001070100000035.png

9999_86_ACT_2001070100000036.png

9999_86_ACT_2001070100000037.png

9999_86_ACT_2001070100000038.png

9999_86_ACT_2001070100000039.png

9999_86_ACT_2001070100000040.png

9999_86_ACT_2001070100000041.png

9999_86_ACT_2001070100000042.png

9999_86_ACT_2001070100000043.png

9999_86_ACT_2001070100000044.png

9999_86_ACT_2001070100000045.png

9999_86_ACT_2001070100000046.png

9999_86_ACT_2001070100000047.png

9999_86_ACT_2001070100000048.png

9999_86_ACT_2001070100000049.png

9999_86_ACT_2001070100000050.png

9999_86_ACT_2001070100000051.png

9999_86_ACT_2001070100000052.png

9999_86_ACT_2001070100000053.png

9999_86_ACT_2001070100000054.png

9999_86_ACT_2001070100000055.png

9999_86_ACT_2001070100000056.png

9999_86_ACT_2001070100000057.png

9999_86_ACT_2001070100000058.png

9999_86_ACT_2001070100000059.png

9999_86_ACT_2001070100000060.png

9999_86_ACT_2001070100000061.png

9999_86_ACT_2001070100000062.png

9999_86_ACT_2001070100000063.png

9999_86_ACT_2001070100000064.png

9999_86_ACT_2001070100000065.png

9999_86_ACT_2001070100000066.png

9999_86_ACT_2001070100000067.png

9999_86_ACT_2001070100000068.png

9999_86_ACT_2001070100000069.png

9999_86_ACT_2001070100000070.png

9999_86_ACT_2001070100000071.png

9999_86_ACT_2001070100000072.png

9999_86_ACT_2001070100000073.png

9999_86_ACT_2001070100000074.png

9999_86_ACT_2001070100000075.png

9999_86_ACT_2001070100000076.png

9999_86_ACT_2001070100000077.png

9999_86_ACT_2001070100000078.png

9999_86_ACT_2001070100000079.png

9999_86_ACT_2001070100000080.png

9999_86_ACT_2001070100000081.png

9999_86_ACT_2001070100000082.png

9999_86_ACT_2001070100000083.png

9999_86_ACT_2001070100000084.png

9999_86_ACT_2001070100000085.png

9999_86_ACT_2001070100000086.png

9999_86_ACT_2001070100000087.png

9999_86_ACT_2001070100000088.png

9999_86_ACT_2001070100000089.png

9999_86_ACT_2001070100000090.png

9999_86_ACT_2001070100000091.png

9999_86_ACT_2001070100000092.png

9999_86_ACT_2001070100000093.png

9999_86_ACT_2001070100000094.png

9999_86_ACT_2001070100000095.png

9999_86_ACT_2001070100000096.png

9999_86_ACT_2001070100000097.png

9999_86_ACT_2001070100000098.png

9999_86_ACT_2001070100000099.png

9999_86_ACT_20010701000000100.png

9999_86_ACT_20010701000000101.png

9999_86_ACT_20010701000000102.png

9999_86_ACT_20010701000000103.png

9999_86_ACT_20010701000000104.png

9999_86_ACT_20010701000000105.png

9999_86_ACT_20010701000000106.png

9999_86_ACT_20010701000000107.png

9999_86_ACT_20010701000000108.png

9999_86_ACT_20010701000000109.png

9999_86_ACT_20010701000000110.png

9999_86_ACT_20010701000000111.png

9999_86_ACT_20010701000000112.png

9999_86_ACT_20010701000000113.png

9999_86_ACT_20010701000000114.png

9999_86_ACT_20010701000000115.png


Office of Legislative Counsel, PNG

  1. [1]Section 3 replaced by No. 30 of 1977, s1.
  2. [2]Section 5 amended by No. 1 of 1976 and No. 30 of 1977, s2.
  3. [3]Section 6(1) amended by No. 30 of 1977, s4.
  4. [4]Section 6(1) amended by No. 30 of 1977, s4.
  5. [5]Section 8 replaced by No. 30 of 1977, s5.

PacLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.paclii.org/pg/legis/consol_act/ifoa1975375