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INTERNATIONAL FINANCIAL ORGANIZATIONS ACT (CHAPTER 22:09)

INTERNATIONAL FINANCIAL ORGANIZATIONS ACT

Act 14/1980.

AN ACT to provide for the admission by Zimbabwe to membership in the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation and the International Development Association; and to provide for matters incidental to or connected therewith.

[Date of commencement: 12th September, 1980.]

1    Short title

This Act may be cited as the International Financial Organisations Act [Chapter 22:09].

                       2    Interpretation

In this Act—

“Association” means the International Development Association established pursuant to Articles of Agreement approved by the Executive Directors of the Bank in 1960;

“Association Agreement” means the Articles of Agreement providing for the establishment and operation of the Association. as amended;

“Bank” means the International Bank for Reconstruction and Development;

“Bank Agreement” means the agreement providing for the establishment and operation of an international body to be known as the International Bank for Reconstruction and Development which was drawn up at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire in the United States of America in July, 1944, as amended;

“Consolidated Revenue Fund” means the Consolidated Revenue Fund established by section 101 of the Constitution of Zimbabwe;

“Corporation” means the International Finance Corporation established pursuant to Articles of Agreement approved by the Executive Directors of the Bank in 1955;

“Corporation Agreement” means the Articles of Agreement providing for the establishment and operation of the Corporation, as amended;

“Fund” means the International Monetary Fund;

“Fund Agreement” means the agreement providing for the establishment and operation of an international body to be known as the International Monetary Fund which was drawn up at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire in the United States of America in July, 1944, as amended;

“Membership Resolutions” means the resolutions adopted by the Board of Governors of the Fund, the Bank, the Corporation and the Association, respectively, specifying the terms and conditions upon which Zimbabwe shall be admitted to membership in these organizations;

“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this.

                       3    Acceptance of membership

The Minister, or such person as may be authorized by him in writing, may accept membership in the Fund, the Bank, the Corporation and the Association on behalf of Zimbabwe by signing the originals of the Fund Agreement, the Bank Agreement, the Corporation Agreement and the Association Agreement and by executing and depositing, in the case of the Fund Agreement and the Bank Agreement, with the Government of the United States of America and, in the case of the Corporation Agreement and the Association Agreement, with the Bank, instruments of acceptance and other documents which may be required.

                       4    Participation in Special Drawing Rights Department of the Fund

Upon the admission of Zimbabwe to membership in the Fund, Zimbabwe may become a participant in the Special Drawing Rights Department of the Fund and the Minister may, for such purposes, execute and deposit with the Fund on behalf of Zimbabwe the instrument of participation stating that Zimbabwe undertakes all the obligations of a participant in the Special Drawing Rights Department of the Fund in accordance with the law of Zimbabwe and representing that Zimbabwe has taken all steps necessary to enable it to carry out all of the obligations of a participant in the Special Drawing Rights Department of the Fund.

                       5    Financial and other provisions

(1) There are hereby charged on and shall be paid out of the Consolidated Revenue Fund—

  • all payments required to be made from time to time to the Fund under the Fund Agreement and the respective Membership Resolution;
  • all payments required to be made from time to time in respect of Zimbabwe’s participation in the Special Drawing Rights Department of the Fund;
  • all payments required to be made from time to time to the Bank under the Bank Agreement and the respective Membership Resolution;
  • all payments required to be made from time to time to the Corporation under the Corporation Agreement and the respective Membership Resolution;

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