International Development Association Act 2002

“Agreement” means the Articles of Agreement opened for signature at Washington on 24 September 1960 providing for the establishment and operation of the international body known as the International Development Association;

“Association” means the International Development Association established by the Agreement;

“membership resolution” means the resolution adopted by the Board of Governors of the Association specifying the terms and conditions upon which Singapore is admitted to membership of the Association.

Subject to subsection (2), all sums necessary for the purpose of making all payments of subscriptions and other contributions on behalf of the Government required to be made to the Association under the Agreement and the membership resolution are charged on and must be paid out of the Consolidated Fund.

The total subscription to the Association must not exceed the sum of one million United States dollars unless increased with the approval of Parliament signified by resolution.

To the extent to which the Association is prepared to accept from the Government notes or other obligations that are non-interest bearing and non-negotiable and that are payable at their par value on demand in place of any payment that the Government has made, intends to make or is required to make to the Association under section 4, the Minister may, with the concurrence of the President under Article 144(1) of the Constitution, create and issue to the Association, in such form as the Minister thinks fit and as is acceptable to the Association, any such notes or other obligations.

Any sums necessary to redeem any notes or obligations issued under subsection (1) is a charge on the Consolidated Fund.

For the purpose of providing any sums required for making payments to the Association under section 4, the Minister may, with the concurrence of the President under Article 144(1)(b) of the Constitution, raise loans, on behalf of the Government, by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as the Minister thinks fit.

The principal and interest of the securities issued under subsection (1) and any expenses incurred in connection with their creation and issue are charged on and must be paid out of the Consolidated Fund.

Despite anything to the contrary in any other written law, the provisions of the Agreement set out in the Schedule have the force of law.

Nothing in section 9 of Article VIII of the Agreement is to be construed as —

The Minister may, by notification in the Gazette, amend the Schedule in conformity with any amendments to the provisions of the Agreement set out in the Schedule which may subsequently be duly made and adopted.

The Minister may make regulations for carrying out or giving effect to the provisions of this Act.

All such regulations must be presented to Parliament as soon as possible after publication in the Gazette.