The International Development Association (Multilateral Debt Relief Initiative) Order 2006

• Citation: S.I. 2006/2323
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the International Development Association (Multilateral Debt Relief Initiative) Order 2006 and shall come into force forthwith.

Section 2 Interpretation

In this Order—

“the Agreement” means the Agreement establishing the International Development Association dated 29th January 1960 and accepted on behalf of the Government of the United Kingdom on 14th September 1960 ;

“the Association” means the International Development Association established by the Agreement;

“the Government” means the Government of the United Kingdom;

“the Resolution” means Resolution 211 entitled “International Development Association Additions To Resources: Multilateral Debt Relief Initiative” adopted by the Board of Governors of the Association on 21 April 2006.

Section 3 Relevant Payments

The Secretary of State may, on behalf of the Government, out of money provided by Parliament—

(a) make payments to the Association not exceeding £591.57 million in accordance with arrangements made between the Government and the Association in accordance with the Resolution; and

(b) make payment of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Association pursuant to the arrangements mentioned in paragraph (a).