International Development Association (Further Payment) Act 1980
No. 10 of 1980
An Act to approve the making by Australia of a further payment to the International Development Association
[Assented to 8 April 1980]
BE IT ENACTED by the Queen, and 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 1980.
Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Interpretation
3. In this Act, “Agreement” and “Association” have the same respective meanings as they have in the International Development Association Act 1960.
Approval of making of further payment
4. Approval is given to the making by Australia to the Association of a further payment of an amount not exceeding $203,530,000, of which payment an amount not exceeding $307,758.60 is by way of an additional subscription to the Association under Section 1 of Article III of the Agreement.
Minister may notify Association of intention to make payment
5. The Minister may, on behalf of Australia, notify the Association of the intention of Australia to make the payment referred to in section 4.
Issue of securities
6. (1) To the extent to which the Association is prepared to accept from Australia, in place of a payment under section 4, promissory notes or similar obligations issued by Australia, the Treasurer may, on behalf of Australia, execute promissory notes or similar obligations payable to the Association.
(2) Section 6 of the International Development Association Act 1960 does not apply to a payment under this Act.
Appropriation
7. A payment under section 4, and any payment necessary to redeem a security issued under sub-section 6(1), shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.
Overview
The International Development Association (Further Payment) Act 1980 was enacted to facilitate an additional financial contribution by Australia to the International Development Association (IDA). This legislation was introduced to address the need for further financial support from Australia to the IDA, which is a part of the World Bank Group focused on reducing poverty by providing concessional loans and grants to the world’s poorest countries. Enacted by the Australian Parliament, the Act provides the formal approval for the government to make this additional payment, which is necessary to support the IDA’s mission and objectives. The policy objective is to ensure that Australia can continue to contribute to global poverty alleviation efforts through financial support to the IDA.
Scope and Application
The International Development Association (Further Payment) Act 1980 applies to the Australian government, specifically empowering the Minister to make a further payment to the International Development Association (IDA), which is a subsidiary of the World Bank Group. The Act authorises a payment of up to $203,530,000, with an additional subscription amount not exceeding $307,758.60. This Act provides the legal framework for Australia to honour its financial commitments to the IDA, thereby supporting global development initiatives. The Act's jurisdictional reach is national, as it pertains to the Commonwealth of Australia and its obligations under international agreements. There are no stated exclusions or exemptions within the Act itself; however, the issuance of promissory notes or obligations in lieu of direct payment is permitted, subject to the Association's acceptance, as detailed in the Act. The appropriation for these payments is drawn from the Consolidated Revenue Fund, which is designated for this purpose by the Act.
Key Provisions
The International Development Association (Further Payment) Act 1980 (sections 1 to 7) primarily serves to authorise the Australian government to make a specified payment to the International Development Association (IDA). Under section 4, the Act grants approval for Australia to make a payment not exceeding $203,530,000 to the IDA, with part of this amount constituting an additional subscription. The Minister, on behalf of Australia, is authorised to notify the IDA of this intended payment as per section 5. Additionally, section 6 allows the Treasurer to issue promissory notes or similar obligations if the IDA agrees to accept them in lieu of a direct payment. Importantly, this section excludes the application of section 6 of the International Development Association Act 1960 to the payment made under this Act. Finally, section 7 ensures that any payments made under this Act, including those needed to redeem issued securities, are funded from the Consolidated Revenue Fund.
The obligations imposed by the Act on the relevant parties, primarily the Australian government, include the notification of the IDA about the intention to make the payment (section 5), the execution of promissory notes or similar obligations if accepted by the IDA (section 6), and the appropriation of funds from the Consolidated Revenue Fund for the payment and any necessary redemption of issued securities (section 7). The Act provides a clear framework for these financial transactions between Australia and the IDA, ensuring that all actions are in accordance with the approved amount and method.
The Act does not explicitly detail specific offences, penalties, or consequences for non-compliance within its text. However, given the nature of the Act and its focus on financial obligations and appropriations, breaches of the requirements set out in the Act could potentially lead to legal consequences under broader financial and administrative laws of Australia. The lack of specific penalties within this Act suggests that compliance is expected to be ensured through other legislative and administrative mechanisms.