International Development Association (Further Payment)
No. 34 of 1971
An Act to approve the making by Australia of a further Payment to the International Development Association.
[Assented to 17 May 1971]
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 (Further Payment) Act 1971.
Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Definitions.
3. In this Act, “the Agreement” and “the Association” have the same respective meanings as they have in the International Development Association Act 1960.
Approval of making of further payment.
4. The approval of the Parliament is hereby given to the making by Australia to the Association of a further payment of a sum equivalent to Forty-eight million dollars in currency of the United States of America, including a sum by way of an additional subscription to the Association under Section 1 of Article III of the Agreement equivalent to Five hundred and eighty-three thousand four hundred and forty dollars in that currency.
Appropriation.
5. A payment under the last preceding section, and any payment necessary to redeem a security issued under the next succeeding section, shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.
Issue of securities.
6.—(1.) To the extent to which the Association is prepared to accept from Australia, in place of a payment under this Act, notes or similar obligations issued by Australia, the Treasurer may, on behalf of the Commonwealth, execute notes or similar obligations payable to the Association accordingly.
(2.) Section 6 of the International Development Association Act 1960 does not apply to a payment under this Act.
Overview
The International Development Association (Further Payment) Act 1971 was enacted to provide parliamentary approval for Australia to make an additional payment to the International Development Association, a component of the World Bank Group. This Act was introduced to facilitate Australia's ongoing commitment to international development and poverty reduction efforts. The Act was assented to by the Queen on 17 May 1971, as enacted by the Australian Parliament, comprising the Queen, the Senate, and the House of Representatives. The primary policy objective of this legislation is to support the International Development Association in its mission to reduce poverty in middle-income and creditworthy low-income countries by approving the disbursement of financial contributions from Australia. This payment is intended to bolster the Association’s resources, thereby enabling it to provide further financial assistance to eligible countries for development projects.
Scope and Application
The International Development Association (Further Payment) Act 1971 applies specifically to the Commonwealth of Australia, authorising the making of a further payment to the International Development Association. The Act provides for the approval of a payment equivalent to Forty-eight million dollars in United States currency, including an additional subscription, and allows for the issuance of notes or similar obligations by Australia in lieu of a cash payment. The Act draws its definitions from the International Development Association Act 1960, clarifying that the terms "the Agreement" and "the Association" have the same meanings as those defined in the earlier Act. The payment is to be made out of the Consolidated Revenue Fund, with any necessary securities to redeem the payment also funded from this source. Notably, the Act excludes the application of Section 6 of the International Development Association Act 1960 to the payment made under this Act. The legislation extends its reach through the appropriation of funds from the Consolidated Revenue Fund and the issuance of securities, reflecting its intent to facilitate international financial commitments by Australia.
Key Provisions
The International Development Association (Further Payment) Act 1971 (Act) primarily provides for the approval and execution of a further payment by Australia to the International Development Association (IDA). Section 4 of the Act grants parliamentary approval for Australia to make a payment of forty-eight million dollars to the IDA, including an additional subscription of five hundred and eighty-three thousand four hundred and forty dollars. This Act also allows for the payment to be made either in cash or through the issuance of notes or similar obligations by Australia, as detailed in Section 6. The payment, and any necessary payments to redeem issued securities, is to be made from the Consolidated Revenue Fund, as stated in Section 5.
Under this Act, the primary obligation falls on the Australian government, particularly the Treasurer, to ensure that the approved payment is executed. The Treasurer is authorised to make the payment directly or through the issuance of notes or obligations, as per Section 6. Additionally, Section 5 mandates that the payment is to be sourced from the Consolidated Revenue Fund, ensuring that the financial resources are appropriately allocated for this purpose.
There are no specific offences, penalties, or civil or criminal consequences outlined in the Act for breaches of its provisions. The Act focuses on authorising and facilitating the payment process without imposing punitive measures for non-compliance. It is essential for the parties involved to adhere to the stipulated procedures to ensure the smooth execution of the payment as approved by Parliament.