CHAPTER 367
BRETTON WOODS AGREEMENT ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Interpretation

   3.   Acceptance of agreements and resolutions

   4.   Financial provisions

   5.   Certain provisions of agreements to have force of law

   6.   Bank of Zambia to be depositary

   7.   Regulations

      FIRST SCHEDULE

      SECOND SCHEDULE

      THIRD SCHEDULE

      FOURTH SCHEDULE

      FIFTH SCHEDULE

AN ACT

to make provision for acceptance by Zambia of the agreements for the establishment and operation of the International Monetary Fund and the International Bank for Reconstruction and Development; and to provide for matters related thereto.

[10th September, 1965]

Act 51 of 1965,

Act 7 of 1967,

Act 34 of 1969,

Act 6 of 1978,

Act 37 of 2010.

1.   Short title

This Act may be cited as the Bretton Woods Agreement Act.

2.   Interpretation

   (1) In this Act, unless the context otherwise requires—

“approved amendments of 1968” means the amendments to the Fund Agreement approved by the Board of Governors of the Fund in Resolution 23-5 of the 31st May, 1968;

“approved amendments of 1976” means the amendments to the Fund Agreement approved by the Board of Governors of the Fund in Resolution 31-4 of 30th April, 1976;

“approved amendments of 2008” means the amendments to the Fund Agreement approved by the Board of Governors of the Fund in Resolution 63-2 of 28th April, 2008, and Resolution 63-3 of 5th May, 2008;

[Ins by s 2 of Act 37 of 2010.]

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

“the Bank Agreement” means the agreement providing for the establishment and operation of the Bank;

“the Bank Resolution” means the resolution of the Board of Governors of the Bank relating to membership of Zambia in the Bank, the text of which is set out in the Second Schedule;

“the Fund” means the International Monetary Fund;

“the Fund Agreement” means the agreement providing for the establishment and operation of the Fund, and, save in section 3, includes the approved amendments of 1968, and the approved amendments of 1976;

“the Fund Resolution” means the resolution of the Board of Governors of the Fund relating to membership of Zambia in the Fund, the text of which is set out in the First Schedule read with the resolution of the Board of Governors of the Fund relating to increase in quotas of Fund members adopted on the 22nd March, 1976, the text of which is set out in the Fifth Schedule—

“Special Drawing Account” means the Special Drawing Account established to implement the special drawing rights facility in accordance with the approved amendments of 1968;

“Special Drawing Rights Department” means the Special Drawing Rights Department of the Fund established in accordance with the approved amendments of 1976.

   (2) If any amendment modifying the Bank Agreement enters into force before the signing of that Agreement, references in this Act to the Bank Agreement shall be construed as references to the Bank Agreement as modified by that amendment.

[S 2 am by Act 34 of 1969, 6 of 1978.]

3.   Acceptance of agreements and resolutions

The President is hereby authorised by instruments under his hand to empower such persons as may be named in such instruments, on behalf of the Government of Zambia—

      (a)   to sign the Fund Agreement and the Bank Agreement; and

      (b)   to deposit with the Government of the United States of America instruments of acceptance of the Fund Agreement and of the Bank Agreement executed by the President stating that—

      (i)   the Government of Zambia accepts in accordance with its law the Fund Agreement and the Bank Agreement and all the terms and conditions prescribed in the Fund Resolution and the Bank Resolution as the terms upon which Zambia shall be admitted to membership in the Fund and in the Bank respectively; and

      (ii)   the Government of Zambia has taken all steps necessary to enable Zambia to carry out all its obligations under the respective Agreements and Resolutions;

      (c)   to accept the approved amendments of 1968 and to execute and deposit with the Fund an instrument stating that the Government of Zambia undertakes in accordance with its law all of the obligations of a participant in the Special Drawing Account, and that it has taken all steps necessary to enable Zambia to carry out all such obligations;

[S 3(c) am by s 3 of Act 37 of 2010.]

      (d)   to accept the approved amendments of 1976 and to execute and deposit with the Fund an instrument stating that the Government of Zambia undertakes in accordance with its law all the obligations of a participant in the Special Drawings Rights Department, and that it has taken all steps necessary to enable Zambia to carry out all such obligations; and

[S 3(d) am by s 3 of Act 37 of 2010.]

      (e)   to accept the approved amendments of 2008 and to execute and deposit with the Fund, an instrument stating that the Government of Zambia has accepted the proposed amendment of the Articles of Agreement of the Fund to enhance voice and participation in the Fund and expand the investment authority of the Fund.

[S 3 am by Act 34 of 1969, 6 of 1978; s 3(e) ins by s 3 of Act 37 of 2010.]

4.   Financial provisions

   (1) There are hereby charged on and shall be paid out of the general revenues of the Republic—

      (a)   all payments required to be made from time to time to the Fund under the Fund Agreement and the Fund Resolution; and

      (b)   all payments required to be made from time to time to the Bank under the Bank Agreement and the Bank Resolution.

   (2) The Minister may, on behalf of the Government, create and issue to the Fund or the Bank, such non-interest bearing and non-negotiable notes or other obligations as are provided for by section 4 of Article III of the Fund Agreement and section 12 of Article V of the Bank Agreement; and any sums payable under any such notes or obligations so created and issued are hereby charged on and shall be paid out of the general revenues of the Republic.

   (3) For the purpose of providing any sums required for making any payments under this section, the Minister may, on behalf of the Government, raise loans by the creation and issue of securities bearing such rates of interest and subject to such terms and conditions as to repayment, redemption or otherwise as he may think fit; and the principal and interest of such securities and the charges and expenses incurred in connection with their issue are hereby charged on and shall be paid out of the general revenues of the Republic.

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