BRETTON WOODS AGREEMENTS ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Approval of acceptance of Fund Agreement and Bank Agreement

   4   Financial provisions

   5   Status, immunities and privileges of the Fund and the Bank

   6   Amendment of Schedule and matters consequential on amendment

      SCHEDULE

 

THE BRETTON WOODS AGREEMENTS ACT

[Date of Commencement: 29th November, 1962]

Acts
1 of 1962,
53 of 1968.

LNs
77/1991,
93c/1998.

1   Short title

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

2   Interpretation

   In this Act-

   "the Bank" means the International Bank for Reconstruction and Development established under the Bank Agreement;

   "the Bank Agreement" means the agreement, for the establishment and operation of an international body to be called 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 tie United States of America in July, 1944, and of which the text of the Articles is set out in Part II of the Schedule;

   "the Fund" means the International Monetary Fund established under the Fund Agreement

   "the Fund Agreement" means the agreement, for the establishment and operation of an International body to be called 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, and of which the text of the Articles is set out in Part I of the Schedule;

   "the Membership Resolutions" means the resolutions adopted by the Board of Governors of the Fund and the Bank, respectively, specifying the terms and conditions upon which Jamaica shall be admitted to membership in the Fund and the Bank.

3   Approval of acceptance of Fund Agreement and Bank Agreement

   Acceptance by the Government of the Fund Agreement and the Bank Agreement is hereby approved.

4   Financial provisions

   (1) The Minister responsible for finance is authorised to pay for the account of Jamaica the amounts payable from time to time to the Fund and the Bank under the Membership Resolutions, the Fund Agreement and the Bank Agreement:

   Provided that the Bank of Jamaica may from time to time, subject to the terms of any agreement made by that Bank with the Government and except where payments are required to be made pursuant to subsection (2), pay from its own funds such of the amounts aforesaid as may be specified in the agreement.

   (2) The Minister responsible for finance may create and issue to the Fund or the Bank any such non-interest bearing and non-negotiable notes or other obligations as are provided for by section 5 of Article III of the Fund Agreement, and section 12 of Article V of the Bank Agreement, and any payments in respect of any such notes or obligations so created and issued shall be charged on the Consolidated Fund.

   (3) The Minister responsible for finance may borrow from any person, any sum or sums required for payments under this section and, for the purpose of such borrowing, he may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

   (4) The principal and interest of any securities issued under subsection (3) and the expenses incurred in connection with their issue shall be charged on the Consolidated Fund.

   (5) Subject to the terms of any agreement to the contrary made by the Bank of Jamaica with the Government pursuant to the proviso to subsection (1) any moneys received by the Government from the Fund or the Bank or raised by securities under subsection (3) shall be paid into the Consolidated Fund Account and shall form part of the Consolidated Fund and be available in any manner in which that Fund is available.

   (6) The Bank of Jamaica shall act as a depository for the holdings of currency of the Island and other assets of the Fund and the Bank.

5   Status, immunities and privileges of the Fund and the Bank

   The provisions of-

   (a)   sections 2, 3, 4, 5, 6, 7, 8 and 9 of Article IX of the Fund Agreement;

   (b)   sections 2, 3, 4, 5, 6, 7, 8 and 9 of Article VII of the Bank Agreement; and

   (c)   the first sentence of paragraph (b) of section 2 of Article VIII of the Fund Agreement,

shall have the force of law in the Island, subject to the proviso that nothing in section 9 of Article IX of the Fund Agreement or in section 9 of Article VII of the Bank Agreement shall be construed-

         (i)   as entitling the Fund or the Bank to import goods free of customs duty without any restriction on their subsequent sale in the country to which they were imported;

         (ii)   as conferring on the Fund or the Bank any exemption from duties or taxes which form part of the price of goods sold; or

         (iii)   as conferring on the Fund or the Bank any exemption from taxes or duties which are in fact no more than charges for services rendered.

6   Amendment of Schedule and matters consequential on amendment

   (1) Where any amendment to the Fund Agreement or the Bank Agreement is accepted by the Government, the Minister responsible for finance may by order amend the Schedule to this Act by including therein the amendment so accepted.

[53/1968 s 2.]

   (2) Any order made under this section may contain such consequential, supplemental or ancillary provisions as appear to the Minister responsible for finance to be necessary or expedient for the purpose of giving due effect to the amendment accepted as aforesaid and, without prejudice to the generality of the foregoing, may contain provisions amending references in this Act to specific provisions of the Fund Agreement or the Bank Agreement.

   (3) Every order made under this section shall be subject to negative resolution of the House of Representatives.

   (4) Where the Schedule to this Act is amended pursuant to this section any reference in this Act or any other instrument to the Fund Agreement or the Bank Agreement shall, unless the context otherwise requires, be construed as a reference to the Fund Agreement or the Bank Agreement, as the case may be, as so amended.

SCHEDULE

PART I
The Fund Agreement

TEXT OF ARTICLES OF AGREEMENT
OF THE INTERNATIONAL MONETARY FUND

   The Governments on whose behalf the present Agreement is signed agree as follows:

Introductory Article

[LN 77/1991.]

   (i)   The International Monetary Fund is established and shall operate in accordance with the provisions of this Agreement as originally adopted and subsequently amended.

   (ii)   To enable the Fund to conduct its operations and transactions, the Fund shall maintain a General Department and a Special Drawing Rights Department. Membership in the Fund shall give the right to participation in the Special Drawing Rights Department.

   (iii)   Operations and transactions authorised by this Agreement shall be conducted through the General Department, consisting in accordance with the provisions of this Agreement of the General Resources Account, the Special Disbursement Account, and the Investment Account; except that operations and transactions involving special drawing rights shall be conducted through the Special Drawing Rights Department.

ARTICLE I
Purposes

[LN 77/1991.]

   The purposes of the International Monetary Fund are:

   (i)   To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.

   (ii)   To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.

   (iii)   To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.

   (iv)   To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.

   (v)   To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.

   (vi)   In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members.

   The Fund shall be guided in all its policies and decisions by the purposes set forth in this Article.

ARTICLE II
Membership

[LN 77/1991.]

Section 1.   Original members

   The original members of the Fund shall be those of the countries represented at the United Nations Monetary and Financial Conference whose governments accept membership before December 31, 1945.

Section 2.   Other members

   Membership shall be open to other countries at such times and in accordance with such terms as may be prescribed by the Board of Governors. These terms, including the terms for subscriptions, shall be based on principles consistent with those applied to other countries that are already members.

ARTICLE III
Quotas and Subscriptions

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