HC Deb 31 January 1977 vol 925 c160

Queen's Recommendation having been signified—

Resolved, That, for the purposes of any Act of the present Session (hereinafter referred to as `the new Act') to make provision for the payment of further subscriptions to the International Monetary Fund and for raising the limit on loans under the International Monetary Fund Act 1962, to enable effect to be given to certain amendments of the Articles of Agreement of that Fund, to amend the Export Guarantees Act 1975, to make further provision about the finances of the Commonwealth Development Corporation and to amend section 2 of the Overseas Aid Act 1968, it is expedient to authorise—

  1. (a) any increase in the sums payable out of moneys provided by Parliament under section 10(3) of the National Loans Act 1968 which is attributable to provisions of the new Act increasing to not more than £550 million the aggregate amount which may be outstanding at any time in respect of advances made to the Commonwealth Development Corporation by the Minister of Overseas Development;
  2. (b) any increase in the sums payable out of moneys provided by Parliament under section 2 of the Overseas Aid Act 1968 which is attributable to provisions of the new Act extending the scope of that section so as to cover—
    1. (i) international development banks which are not wholly of a regional character, and
    2. (ii) all types of payments which fall to be made to such banks in pursuance of arrangements by which Her Majesty's Government in the United Kingdom becomes bound;
  3. (c) any increase in the sums payable out of moneys provided by Parliament under the Export Guarantees Act 1975 which is attributable to provisions of the new Act relating to limits set on the financial commitments of the Secretary of State under the Export Guarantees Act 1975;
  4. (d) with respect to sums debited to the Commonwealth Development Corporation's deferred liability account, the remission by the Minister of Overseas Development of the payment by the Corporation—
    1. (i) of all sums outstanding in respect of advances made to defray capital expenditure, and
    2. (ii) of such sums as that Minister may from time to time deem to be appropriate in respect of accumulated interest; and
  5. (e) any increase attributable to the new Act in the sums charged on, or payable into or out of, the Consolidated Fund or the National Loans Fund.—[Mr. Robert Stoddart.]