Asian Development Bank (Special Funds Contributions) Amendment Bill 1976


Index

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.

Contact Officer and Copyright Details

Finance Industries Trade and Development
25 October 1976
Bills Digest Service
Information and Research Services

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ISSN 1328-8091
© Commonwealth of Australia 2006

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Published by the Parliamentary Library, 2006.

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