Malta Membership of the International Monetary Fund

L.N. 188 of 2019

MALTA MEMBERSHIP OF THE INTERNATIONAL

MONETARY FUND ACT

(CAP. 209)

Malta Membership of the International Monetary Fund

(Extension of the Loan Agreement) Order, 2019

IN EXERCISE of the powers conferred by article 8 of the Malta

Membership of the International Monetary Fund Act, the Minister for

Finance has made the following order

The title of this order is the Malta Membership of the Title.

International Monetary Fund (Extension of the Loan Agreement)

Order, 2019.

It is hereby declared

Declaration.

(a) that on the October 4, 2017 the Central Bank of Malta

and the International Monetary Fund entered into an agreement

with a view to lend to the Fund a Special Drawing Rights-

denominated amount subject to the relevant provision of the

Agreement and in accordance with Article VII, Section 1(i) of

Schedule (Section 2) of the Malta Membership of the Cap. 209.

International Monetary Funds (hereinafter referred to as "the

Loan Agreement").

(b) that paragraph 2(a) of the Loan Agreement provides

that the term thereof shall end on December 31, 2019; provided

that the International Monetary Fund may extend the term of the

Loan Agreement for one further year through December 31,

2020 by a decision of the Executive Board of the International

Monetary Fund, taking into account the Fund’s overall liquidity

situation and actual and prospective borrowing requirements,

and with the consent of the Central Bank of Malta;

(c) that on May 30, 2019 the International Monetary

Fund wrote to the Central Bank of Malta to inform it that on May

20, 2019 the Executive Board of the International Monetary

Fund approved a one-year extension of the terms of the Loan

Agreement, through end-2020;

(d) that the Central Bank of Malta granted its consent to

the International Monetary Fund for the one-year extension in

terms of paragraph 2(a) of the Loan Agreement;

(e) the Special Drawing Rights-denominated amount

being loaned by the Central Bank of Malta under the Loan

Agreement and the Extension of the Loan Agreement will

continue to be up to the equivalent of two hundred and sixty

million euro (€260,000,000).

€0.18