EXPLANATORY STATEMENT
INTERNATIONAL ORGANIZATIONS (PRIVILEGES AND IMMUNITIES) ACT 1963 TUVALU TRUST FUND (PRIVILEGES AND IMMUNITIES) REGULATIONS
Statutory Rules 1987 No 241 issued by the authority of the Minister of State for Foreign Affairs and Trade.
Section 13 of the International Organizations (Privileges and Immunities) Act 1963 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters requiring or permitted to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.
2. The Tuvalu Trust Fund Agreement was signed by Australia on 16 June 1987. The Agreement expresses concern that Tuvalu, one of the world’s smallest independent developing countries in terms of both land area and population, has few financial reserves and minimal revenue generating capacity and needs assistance to overcome special difficulties of remoteness and lack of natural resources. The Agreement therefore establishes a Trust Fund to provide the Government of Tuvalu with a reliable source of revenue.
3. The proposed Tuvalu Trust Fund (Privileges and Immunities) Regulations are necessary to implement Article 5 of the Agreement which specifies that the Trust Fund should enjoy both juridical personality and certain privileges and immunities.