MT
MALTA MEMBERSHIP OF THE INTERNATIONAL MONETARY FUND (SUCCESSOR AGREEMENT TO THE 2020 BORROWING AGREEMENT) ORDER
Statutory Text (3 Articles)
MALTA MEMBERSHIP OF THE INTERNATIONAL
MONETARY FUND (SUCCESSOR AGREEMENT TO THE
2020 BORROWING AGREEMENT)
SUBSIDIARY LEGISLATION 209.05
MALTA MEMBERSHIP OF THE INTERNATIONAL
MONETARY FUND (SUCCESSOR AGREEMENT TO
THE 2020 BORROWING AGREEMENT) ORDER
10th January, 2025
LEGAL NOTICE 2 of 2025.
The title of this order is the Malta Membership of the
International Monetary Fund (Successor Agreement to the 2020
Borrowing Agreement) Order.
It is hereby declared
(a)
that the Central Bank of Malta and the
International Monetary Fund shall be entering into a bilateral
agreement with a view to lend a denominated amount to the
Fund of Special Drawing Rights subject to the relevant
provisions of the Successor Agreement to the 2020 Borrowing
Agreement, in accordance with Section 1(i) of Article VII of
the Fund Agreement in the Schedule of the Malta Membership
of the International Monetary Fund Act;
(b)
that paragraph 2(a) of the Successor Agreement to
the 2020 Borrowing Agreement provides that the term thereof
shall expire when the International Monetary Fund Board of
Directors has determined that the two general conditions for the
effectiveness of quota increases under the Sixteenth General
Review of Quotas in accordance with paragraph 3 of the Board
of Governors Resolution No. 79-1, adopted on the 15th
December 2023 have been met, or on 31st December 2027,
whichever one is the earlier;
(c)
that the loan of a denominated amount to the Fund
of Special Drawing Rights by the Central Bank of Malta under
the Successor Agreement to the 2020 Borrowing Agreement
shall be equivalent to up to one hundred and twelve million
euro (€112,000,000);
(d)
that it is expedient that those arrangements under
the Successor Agreement to the 2020 Borrowing Agreement
shall be effective upon the entry into force, and in accordance
with the relevant provisions of the said Successor Agreement to
the 2020 Borrowing Agreement;
(e)
that the Successor Agreement to the 2020
Borrowing Agreement shall enter into force immediately upon
the signing thereof.
MALTA MEMBERSHIP OF THE INTERNATIONAL
MONETARY FUND (SUCCESSOR AGREEMENT TO THE
2020 BORROWING AGREEMENT)