International Monetary Agreements Amendment Act 1998 (Cth)
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The Parliament of Australia enacts:
This Act may be cited as the
International Monetary Agreements Amendment Act 1998 .
This Act commences on the day on which it receives the Royal Assent.
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
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 ”.
Insert:
(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;
then the Treasurer, on behalf of Australia, may enter into an agreement that provides for Australia to lend money to the recipient country or to enter into a currency swap with the recipient country.
(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).
(4) For the purposes of subsection (3),
pre-commencement agreement means an agreement that satisfies the following conditions:
(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.
(5) Payments referred to in subsection (3), and transactions in relation to those payments, are not liable to taxation under any law of the Commonwealth or of a State or Territory.
(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.
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.
A national interest statement tabled in the Parliament under section 8D shall stand referred for inquiry and report within two months of the reference to the Joint Standing Committee on Foreign Affairs, Defence and Trade constituted under resolutions of the Senate and the House of Representatives.
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(19/98)
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