Commonwealth Numbered Acts

INTERNATIONAL MONETARY AGREEMENTS AMENDMENT ACT 1998 - SCHEDULE 1--Amendments

International Monetary Agreements Act 1947

1 Title

Omit " by reason of the Membership of Australia of the Fund and of the Bank ", substitute " in relation to Australia's membership of the Fund and Bank, or in relation to Australia's support of the Fund and its programs ".

2 After section 8B

Insert:

INTERNATIONAL MONETARY AGREEMENTS AMENDMENT ACT 1998 No. 28, 1998 - < SECT 8C Financial assistance by Australia in support of Fund programs (1) If:

(a) the Fund requests Australia to provide assistance to another country (the recipient country ) in support of a Fund program for the benefit of the recipient country; and

(b) the Treasurer is satisfied that at least one other government or organisation has provided, or intends to provide, financial assistance to the recipient country in response to a similar request from the Fund;

(2) An agreement under subsection (1) must provide for Australia to be able to require early repayment in the event of the suspension, or premature termination, of the Fund program.

(3) The Consolidated Revenue Fund is appropriated for the purposes of payments by Australia under, or in connection with:

(a) an agreement made under subsection (1); or

(b) a pre-commencement agreement referred to in subsection (4).

(a) the agreement was entered into on behalf of Australia before the commencement of this section, in response to a request by the Fund for Australia to provide assistance to the Republic of Indonesia or the Republic of Korea (the recipient country ) in support of a Fund program for the benefit of the recipient country;

(b) the agreement provides for Australia to lend money to the recipient country or to enter into a currency swap with the recipient country;

(c) the Treasurer is satisfied that at least one other government or organisation has provided, or intends to provide, financial assistance to the recipient country in response to a similar request from the Fund;

(d) the agreement provides for Australia to be able to require early repayment in the event of the suspension, or premature termination, of the Fund program.

INTERNATIONAL MONETARY AGREEMENTS AMENDMENT ACT 1998 No. 28, 1998 - < SECT 8D Public release and tabling of national interest statement (1) The Treasurer is to publicly release and table in each House of the Parliament a national interest statement relating to an agreement entered into by Australia under section 8C as soon as practicable after Australia has entered into the agreement.

(2) If a House of the Parliament is not sitting when the Treasurer publicly releases a national interest statement, he or she is to table the statement in that House of the Parliament as soon as practicable after it next sits.

INTERNATIONAL MONETARY AGREEMENTS AMENDMENT ACT 1998 No. 28, 1998 - < SECT 8E Contents of national interest statement A national interest statement under section 8D is to include:

(a) a description, in as much detail as practicable, of the nature and terms of the agreement; and

(b) the reasons why the agreement is in Australia's national interest, having regard, in particular, to foreign policy, trade and economic interests.

[ Minister's second reading speech made in--

House of Representatives on 12 March 1998

Senate on 30 March 1998 ]