Bills Digest no. 2 1976
Asian Development Bank (Special Funds Contributions) Amendment Bill
1976
WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced
and does not canvass subsequent amendments. This Digest does not have
any official legal status. Other sources should be consulted to determine
the subsequent official status of the Bill.
CONTENTS
Passage History
Contact Officer & Copyright Details
Passage History
Asian Development
Bank (Special Funds Contributions) Amendment Bill 1976
Date introduced: 21 October 1976
House: House of Representatives
Portfolio: Foreign Affairs
Short Digest of Bill
The purpose of the Bill is to authorise
an agreement with the Asian Development Bank to transfer moneys previously
contributed by Australia under the Asian Development Bank (Special Funds
Contributions) Act 1970 (and repayments and interest on the loans made
with the money) from the Bank’s Multi-Purpose Special Fund to its Asian
Development Fund.
The Asian Development Fund will replace
the Multi-Purpose Special Fund (MPSF) as the main vehicle for the ADB’s
concessional lending to developing Asian countries. Contributions to
the MPSF were on a voluntary ad hoc basis and were frequently tied,
whereas contributions to the ADF are on an organised uniform basis and
must not be tied to procurement of goods and services from the donor
country.
Australia
supported the establishment of the ADF in 1973 and has contributed to
it. Our contributions to the MPSF were tied to procurement from Australia
but in August 1976, the Australian Government decided to untie the outstanding
balance of our MPSF contribution in order to facilitate its transfer
to the ADF.
Australia’s
contribution to the MPSF was in the form of promissory notes lodged
at the Reserve Bank encashable on demand.
All outstanding notes have been fully encashed
recently indicating that the money is being used by the ADB. The Bill
authorises a transfer to the ADF so that the administration and repayments
of the loans granted from Australia’s
contribution will be under the simplified arrangements of the ADF rather
than the MPSF.
Finance Industries Trade and Development
25 October 1976
Bills Digest Service
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ISSN 1328-8091
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