INTERNATIONAL DEVELOPMENT ASSOCIATION (ADDITIONAL CONTRIBUTION).
No. 66 of 1963.
An Act to approve the payment by Australia of an Additional Contribution to the International Development Association.
[Assented to 30th October, 1963.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the International Development Association (Additional Contribution) Act 1963.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Approval of payment of additional contribution.
3. The approval of the Parliament is hereby given to the payment by Australia to the International Development Association of an additional contribution not exceeding a sum equivalent to Nineteen million eight hundred thousand United States dollars.
Appropriation.
4. Any payment under the last preceding section shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.
Issue of securities.
5. Section six of the International Development Association Act 1960 applies to any payment under section three of this Act as it applies to payments under that Act.
Overview
The International Development Association (Additional Contribution) Act 1963 was enacted to address the need for Australia to contribute additional funds to the International Development Association (IDA), a branch of the World Bank Group aimed at reducing poverty by providing low-interest loans and grants to developing countries. The Act was introduced by the Parliament of Australia, receiving Royal Assent on 30th October 1963. It explicitly approves the payment of an additional contribution by Australia to the IDA, not exceeding US$19,800,000, to be funded from the Consolidated Revenue Fund. The underlying policy objective is to support global poverty alleviation and economic development through financial contributions to international development initiatives. The Act also ensures the application of certain provisions from the International Development Association Act 1960 in relation to the issuance of securities for these payments.
Scope and Application
The International Development Association (Additional Contribution) Act 1963 pertains specifically to the authorisation and funding of an additional financial contribution from Australia to the International Development Association (IDA). This Act applies to the Australian government and its financial obligations towards the IDA, which is an arm of the World Bank Group aimed at reducing poverty by providing low-interest loans and grants to the world’s poorest countries. The Act authorises the Commonwealth to make a specific additional contribution not exceeding a sum equivalent to Nineteen million eight hundred thousand United States dollars, ensuring compliance with international development aid commitments. This legislation is geographically bound to the Commonwealth jurisdiction, and there are no stated exclusions, exemptions, or thresholds beyond the specified contribution amount. The Act came into operation on the day of Royal Assent, and any payments made under its authority are to be sourced from the Consolidated Revenue Fund. Furthermore, the provisions of the International Development Association Act 1960 apply to the issuance of securities for any payments made under this Act.
Key Provisions
The International Development Association (Additional Contribution) Act 1963, which received Royal Assent on 30th October 1963, allows Australia to make an additional financial contribution to the International Development Association (IDA), a component of the World Bank Group. Specifically, Section 3 of the Act grants parliamentary approval for Australia to pay an additional contribution to the IDA, up to a maximum of US$19,800,000. The funds for this contribution, as outlined in Section 4, will be drawn from the Consolidated Revenue Fund, which is designated for this purpose. Section 5 ensures that any payment made under Section 3 will be subject to the same provisions as those outlined in Section 6 of the International Development Association Act 1960, which addresses the issuance of securities for IDA payments.
The Act imposes a clear obligation on the Australian government to facilitate the payment of the specified additional contribution to the IDA. It mandates the appropriation of funds from the Consolidated Revenue Fund, ensuring that the financial resources are allocated appropriately for this international commitment. The application of Section 6 from the International Development Association Act 1960 to the payments under this Act means that the issuance of securities, if required, must comply with the conditions and procedures set out in the 1960 Act.
There are no explicit provisions in the International Development Association (Additional Contribution) Act 1963 detailing specific offences, penalties, or consequences for breaches of the Act. However, the statutory framework implies that any failure to comply with the appropriation of funds or the payment process could lead to legal scrutiny, given the formal nature of parliamentary approval and the appropriation of public funds. While the Act itself does not specify penalties, any breaches could potentially be addressed under general legislative compliance and financial management laws in Australia.